Word: merchant
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...will come out of World War II with the biggest merchant marine in the world. Its merchant fleet will comprise more than half the total tonnage afloat in the world today-40,000,000 tons of dry cargo vessels (the equivalent of 4,000 Liberty ships), to say nothing of tankers and passenger ships. What will the U.S. do with it all? U.S. citizens over 30 can well remember the pictures of U.S. ships rusting in clusters after World...
Last week shrewd, balding Lewis W. Douglas, who as Deputy Administrator of War Shipping helped to operate the U.S. merchant fleet during the most critical period of the war (May 1942 to April 1944), came up with an answer. Said he (in the Atlantic Monthly): sell three-fourths of it at auction...
...Douglas, now back at his job as president of Mutual Life Insurance Co. of New York, is no wild-eyed New Dealer, and never was. His reasoning: private U.S. enterprise cannot operate a big U.S. merchant marine without Government subsidy. The cost of subsidizing a fleet of even 20,000,000 tons would be upwards of $200,000,000 a year, would put the U.S. hip-deep in the shipping business. Such commercial entanglements, said Douglas, lead governments to nationalism and "its natural offspring the totalitarian state." Such a tremendous involvement in shipping would inevitably lead the U.S. into competition...
...each to sell at $3. But on March 19 twenty of the least desirable suits might have been marked down to $2 each; a few to $1, just to get them off the shelves. Result: the composite average of these three prices would be $2. Then on reorders the merchant's selling price would be frozen at cost...
Clearly, said worried Mr. Malsin, under these circumstances no merchant could afford to rebuild inventories. Mr. Bowles, worried too, said he would think it over...