DailyTimeCapsule brief
November 6, 1937
On November 6, 1937, milk prices surged by a significant three cents a quart, marking a cumulative increase of 15% over just five months. This increase was attributed to heightened payments to farmers, reflecting ongoing economic pressures in the agricultural sector. In the realm of finance, the Senate was informed by federal aides that the Guaranty Trust Company had failed to implement decimalization, which had implications for banking practices across the nation. Concurrently, Australia celebrated a notable victory in its political landscape as the Labor Party secured one seat in Parliament and three in the Senate, indicating a shift in the political dynamics of the time. Globally, these events unfolded against a backdrop of economic recovery from the Great Depression, with countries grappling with policies to stabilize their economies.
Key developments
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On November 6, 1937, Borden and Sheffield announced a retail price rise of one cent per quart for milk, following a three cent increase over the previous five months. This hike is attributed to additional payments made to farmers. The Consumers' Protective Committee criticized the increase, while agencies approved the new price scale.
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On November 6, 1937, a Senate hearing brought to light the failures of Guaranty Trust in introducing decimal figures in their financial records. Government printer G. Ortleb testified that the printed records contained accurate figures, contradicting charges against the bank. President Truman vocally defended Guaranty Trust against these allegations, raising questions about accountability in financial reporting.
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In the parliamentary elections of November 6, 1937, the Australian Labor Party achieved significant victories. They secured one seat in the House of Representatives and three in the Senate. This marked a crucial moment in Australian politics, enhancing the Labor Party's influence during the late 1930s.
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