Word: marketing
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Dates: during 1940-1949
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Unrealistic. The pound exchange rate is now fixed by Britain at $4.03. This rate has long been unrealistic in several senses. The easiest comparison is with free exchange rates in other countries. The pound now sells legally for $3.15 in New York and for $2.92 on the free market in Paris. These bargain pounds, however, cannot be legally taken into Britain (except for a ?5 tourist allowance), and cannot be used in open commercial transactions for British goods. A much better comparison supporting the argument that $4.03 is an unrealistic rate is the fact that $4.03 will buy more...
...Britain's high production costs. Get away from currency entirely and express these in man-hours per unit produced. The British product costs more than the U.S. product because British production is less efficient. No matter how she fiddles with the currencies, Britain cannot expand her U.S. market on a long-range basis until real costs are cut by more efficient machines, management and labor. The present crisis is a powerful pressure on British management and labor to become more efficient. Devaluation now would simply give them a temporary breathing spell and let them go on in the same...
...would. That would add several thousand more to the unemployment rolls. Meanwhile, in the U.S., the price drop brought cries from copper-state Congressmen for revival of the prewar tariff on U.S. copper imports. If it were reimposed, Chile would be shut from any big share of the U.S. market...
...They had been banking on the fact that U.S. grain elevators were so clogged with surplus wheat from last year (TIME, June 6) that farmers would not be able to store the bumper crop now being harvested-and thus get no Government support loans on it. Dumped on the market, the grain would drive prices lower...
...when Clement leaves the chairmanship and Operating Vice President James M. Symes (rhymes with whims), 51, will take over the throttle. An up-from-the-ranks man also, Jim Symes has great visions of the Pennsy's future, once hopefully proclaimed: "The railroads have a potential travel market that requires only tapping...