Word: rubbers
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Dates: during 1940-1949
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Reason for the slide was the news that Britain would tighten her controls over foreign exchange. Late last month her new rules went into effect. No Briton can now export rubber, tin, Scotch whiskey, jute or furs to the U. S. unless he is paid either 1) in dollars, or 2) in sterling bought at the official Norman rate. Since these products are an important share of British ex ports to the U. S., practically dominate the U. S. supply for them, many a U. S. importer had no further use for free sterling, deserted the Black Bourse...
...jute, tin, rubber, fur and whiskey buyers, the new rules made little difference. But for other goods, the de clining free pound was the same sort of mixed blessing as would be a reduction in U. S. tariffs. British custom tailors with clients in New York began calling attention to the availability of fine English woolens. U. S. fabricators, fearing increased imports from Britain, took alarm. The U. S. cotton market jittered as Bombay prices cheapened in relation to domestic ones. Alarmed too were some U. S. exporters who compete with Britons in foreign markets, especially when the British & Latin...
...Army & Navy Munitions Board would have one less strategic material to worry about if U. S. industry could manufacture a cheap and reliable substitute for rubber. For 97% of the U. S.'s crude rubber (1939 imports 497,212 long tons) comes over 10,000 miles of sea from the Middle East, where commerce raiders might romp in wartime...
...Washington at 2:40 p.m. Mr. Welles entered the State Department, strode into the big, paper-cluttered office of his chief, Cordell Hull. Twenty-nine minutes later Mr. Welles, his face settled into its mask of boredom, Mr. Hull, with his patient, pallbearer's air, stepped along the rubber mat of the White House entrance; the gleaming glass-&-bronze doors swung wide under the hands of the blue-uniformed Negro doorman. Hats & coats taken, Messrs. Hull and Welles stepped into the whirring little elevator, creaked up to the oval second-floor study where sat Franklin Roosevelt at the huge...
...Rubber sausage casings...