Word: sugaring
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Dates: during 1940-1949
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...nature, the Wall Street Journal is the mouthpiece of the potbellied, silk-hatted financiers of New Masses cartoons. But the Journal insists that its loyalty to big business is not blind. On his editorial page last week, Editor William Grimes, a 1947 Pulitzer Prizewinner, tartly told the sugar industry that there was a sour taste to the industry-sponsored Sugar Act of 1948 (see BUSINESS...
Backed by a powerful domestic sugar-growers' lobby, the Sugar Act of 1948 was quietly ushered through Congress; until the final stages, it hardly drew a fly. But last week, just a few days before the House-approved bill was sent to the Senate,* an angry buzz was heard. Cried the Wall Street Journal: "A legal monopoly [for which] the consumer is to pay." Charged the New York Times: "A cartel! Written by the sugar industry for the sugar industry...
...sugar-growers expect a surplus in a few years, the bill tied sugar prices to the cost of living, thus extending a form of parity to sugar-growers. Sugar prices could not go down, no matter what the supply till everything else did too. Industrial users estimated that this will keep prices about 3? a pound higher than in an uncontrolled market. Bakers figured that it would add $30,000,000 a year to the nation's bill for cake alone...
...bill] represents the very antithesis of the policy which the nations of the world, under the leadership of the United States, laid down at London and have been seeking to implement at Geneva." With the U.S. stand on wool (TIME, June 2) already blocking agreement at Geneva, the restrictive sugar bill was more evidence that the U.S. was all in favor of freeing world trade-as long as it did not disturb any Congressman's constituents...
...Congress also whacked $500,000 off a $710,000 appropriation for sugar rationing, causing the Department of Agriculture this week to end rationing of industrial use of sugar...