Depression
In 1923 the almost monopoly position of the Mint as supplier to foreign (non-empire) countries was lost as the Royal Mint was given permission to supply to the world market, although the Mint continued to supply the Royal Mint. During The Depression profits were minute and after shareholder revolt the Mint was taken out of the hands of the Heaton family in May 1935. From this time the production of coins became a small part of the overall business of non-ferrous metal sheet and tube production. Coinage accounted for 10-20% of the business from 1940-64. World War II again demanded quantities of brass sheet and copper tube for ammunition and aluminium-brass cylinder linings for Rolls-Royce aeroplane engines. Bomb damage and the effects of continuous production for the war left the factory run-down. It was unable to supply new minting machinery to the Royal Mint in 1948, but did provide the necessary drawings.
Read more about this topic: Birmingham Mint
Famous quotes containing the word depression:
“The term clinical depression finds its way into too many conversations these days. One has a sense that a catastrophe has occurred in the psychic landscape.”
—Leonard Cohen (b. 1934)
“Mental health data from the 1950’s on middle-aged women showed them to be a particularly distressed group, vulnerable to depression and feelings of uselessness. This isn’t surprising. If society tells you that your main role is to be attractive to men and you are getting crow’s feet, and to be a mother to children and yours are leaving home, no wonder you are distressed.”
—Grace Baruch (20th century)
“Every age yearns for a more beautiful world. The deeper the desperation and the depression about the confusing present, the more intense that yearning.”
—Johan Huizinga (1872–1945)