Word: woole
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Dates: during 1950-1959
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...seriously, "transferable sterling," which the British accept from European and other "soft currency" countries who cannot pay them in dollars, was selling in New York at $2.40, a discount of 14% on the official rate of $2.80. At this rate, slick continental operators could buy Malayan rubber or Australian wool (telling the British it was for their own account), then transship it straight to New York and undersell Britain's direct, dollar-earning sales. This "leak" in Britain's tight control on sterling-into-dollar exchange was a potent cause of sterling's devaluation in September...
...blamed on rearmament alone, though commercial and strategic stockpiling accounted for some of it. Britain's hasty attempt to find oil somewhere else than Iran, for example, would cost $300 million a year. Even more serious was the drop in the world price of sterling commodities such as wool, rubber and tin, with no commensurate drop in the price of dollar commodities...
...until last week. At the Printemps department store, a sort of French Macy's, Parisian women who used to snigger at British "tow sack" styles were causing a mild riot, buying English dresses almost as fast as they could be shipped in, despite a 52% French duty. The wool dresses were ordinary, low-priced utility numbers that could be bought off the peg in modest shops in Birmingham or Liverpool. In Paris none sold for more than 10,000 francs...
From Berker's twelve-acre factory in Plymouth came 3,000 wool dresses in 24 sizes (the French offer only eight) that had been snatched up by a Printemps buyer, Prince Alexander Galitzine. "The styles are in sober taste," he carefully explained, "but go well with gay French accessories." Bestselling color: post-office red. Bestselling style: red wool bodice with red and black check skirt...
...that didn't stop the buying. "A new era has begun," burbled a fashion writer. At first Designer Hartnell thought it would be like "delivering a million tons of coal to Newcastle." Berker said: "We are there to stay." Parisian customers conceded: "Those English have a way with wool...