Word: silks
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Dates: during 1940-1949
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...them. In short, trade must be developed. Before the war, in a typical year like 1938, Japan imported U.S. goods worth $260,667,000, sold the U.S. $123,836,000. How much of the prewar imports U.S. business could buy, or would want to, nobody knew. The market for silk was drastically reduced (TIME, May 26). For some time, at least, it looked as if trade in other items -fish, tea, cotton piece-goods, agar-agar, pottery, toys-would be small...
...Trib still sees silk-hatted Wall Street bankers lurking around every State Street corner, and redcoats behind every red oak tree. (In 1943, its publisher solemnly told a Detroit audience that after World War I he had helped the U.S. General Staff work out plans to repel an invasion from Canada by 300,000 British regulars.) But even when it is up to no good, Colonel McCormick's xenophobic "World's Greatest Newspaper" is one of the last, anachronistic citadels of muscular personal journalism...
...mission wants to find out what Japan can make, what raw materials will be needed, and how material imports can be financed. Then, some time this summer, it hopes to lift the ban on private trade. Even then, trade will be strictly regulated, and bulk commodities like tea, raw silk, and cotton goods will still be handled by the U.S. Commercial...
...Surplus Silk. U.S.C.C. has already badly snarled Japan's exports of raw silk by paying no attention to the fickle taste of U.S. women. After five silkless years, they had learned to like Nylon better than silk in stockings, slips and girdles. Nor did U.S.C.C. mind its economic law. The first silk shipments sold at an average of $9.79 a pound. But as more silk came into the U.S. the auction price skidded until it hit $4.70 last February. Manufacturers who had been caught in the falling market stopped buying. To protect them, U.S.C.C. pegged the price average...
U.S.C.C. has tried to curtail silk imports into the U.S., but General MacArthur has insisted that it is up to U.S.C.C. to solve the problem of selling it. As one way, U.S.C.C. and the International Silk Guild plan to spend nearly $1,000,000 in an advertising campaign intended to regain silk's lost prestige with American women. This should help. But drastically lowered prices, barred until the end of the year, may be the only way to move the stockpile. Then the bottom may drop out of the retail price of silk goods...