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:
“Geez, if I could get through to you, kiddo, that depression is not sobbing and crying and giving vent, it is plain and simple reduction of feeling. Reduction, see? Of all feeling. People who keep stiff upper lips find that it’s damn hard to smile.”
—Judith Guest (b. 1936)
“The chief lesson of the Depression should never be forgotten. Even our liberty-loving American people will sacrifice their freedom and their democratic principles if their security and their very lives are threatened by another breakdown of our free enterprise system. We can no more afford another general depression than we can afford another total war, if democracy is to survive.”
—Agnes E. Meyer (1887–1970)
“That terrible mood of depression of whether it’s any good or not is what is known as The Artist’s Reward.”
—Ernest Hemingway (1899–1961)