Word: pricing
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Dates: during 1960-1969
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...sides, at least 27 of them white civilians; the halt of practically all economic activity in rich Kivu province; and heavy damage to Bukavu, the mercenaries' stronghold. Last week the Organization of African Unity demanded that the mercenaries' home countries pay reparations to the Congo as the price of their release...
...Firm Price. The dollar is the only currency of a major world power that has escaped formal devaluation since the end of World War II. The U.S. supplies more than half of the gold in the London pool which was set up in 1961 to help stabilize the price of the metal within a few cents of its official U.S. price: $35 per oz. For 33 years that fixed price has been the cornerstone of the free world's international monetary arrangements. The U.S. is pledged to swap gold for dollars, at that price, to any foreign government that...
Apart from causing interest costs to rise, the mini-pound should benefit U.S. consumers. However, the price of British goods shipped abroad will fall not by the full 14.3% devaluation but from zero to about 10%, depending chiefly on how much of the final tab represents transportation, import duties, U.S. distribution and profit markups. Auto dealers expect to cut prices of British cars by 5% to 10% within weeks. On the other hand, importers predicted that the cost of a bottle of Scotch will drop only a few pennies-after the Christmas holidays. Devaluation will shave the profits of some...
...other devaluing countries. Sixteen precisely matched the 14.3% British devaluation: Barbados, Bermuda, Cyprus, Fiji, Gambia, Guyana, Israel, Ireland, Jamaica, Malawi, Malta, Mauritius, Nepal, Sierra Leone, Spain and Trinidad and Tobago. At first, Hong Kong lowered the exchange value of its dollar by a like amount, but the price of food (mostly imported from mainland China) and other goods promptly jumped between 7% and 20%, stirring so much discontent among the crown colony's largely Chinese population that some officials feared renewed political violence. At midweek, the Hong Kong government backed down by cutting the devaluation to a mere...
...Larger Sense. Devaluation may enable Britain to boost its exports (notably autos, appliances and aircraft) enough to erase a quarter of its trade deficit, but it will hit the pocketbook of every Briton. Grocers warned that food prices will rise at least 5%, starting with imported fruit, meat and vegetables. The cost of living normally jumps when food-importing Britain devalues. This time the price increases seem likely to touch off a new round of wage demands that Prime Minister Wilson, no longer armed with pay-freeze powers, will have trouble restraining. Promising that his complex web of economic restrictions...