Word: woole
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Dates: during 1950-1959
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...There Gibbon and Macaulay did their historical research, Boswell perfected the technique of biography, Carlyle studied the intricacies of the French Revolution (and complained of "my museum headache"). Young Charles Dickens came to study, Darwin to solidify his ideas for On the Origin of Species. Karl Marx gathered the wool which went into Das Kapital, most of which he wrote in the great, quiet, dome-capped Reading Room...
When Australia's wool auctions opened last week, world wool producers got a nice lift. Brisk bidding sent quotations as much as 5% higher than the closing prices last June, and about 25% above their early 1952 lows. But Australia's lively market Was not much consolation for U.S. wool growers, who are in what the Agriculture Department calls "a very depressed condition." Annual wool consumption within the U.S. has fallen from the postwar peak of 738 million lbs. in 1946 to 472 million lbs., and price supports on wool have cost U.S. taxpayers $92.2 million...
With 100 million lbs. of surplus wool, almost 40% of the 1952 U.S. clip, already in Government hands, the Commodity Credit Corp. may have to buy up to 40 million more pounds of wool this year. To dispose of this huge surplus, Assistant Secretary of Agriculture John H. Davis last week asked the Tariff Commission to recommend a 7?-a-lb. additional duty on imported wool. With this protection, Davis hoped that the CCC could avoid any new wool purchases this year, and perhaps rid itself of half its old holdings. Wool growers, who wanted something more like...
...accept it would be backtracking on the Administration's announced program to liberalize U.S. trade policies. To refuse it would be to jeopardize Republican votes in the thinly populated western sheep-raising states, and to aggravate CCC's surplus problems. And if he succumbed to pressure from wool growers to increase the fee from 7? to 12? or 15?, other industries might ask for more protection...
...more protection what the wool men really need? High-quality Australian wool, adding in the present tariff, now costs more than the domestic wool (see chart). Furthermore, wool users, who oppose a tariff increase, argue that any boost in domestic wool prices would actually be self-defeating. A rise in wool cloth prices would decrease consumption even further and increase the use of synthetic fibers...