The net economic and political effects of the arms embargo repeal and passage of the new neutrality law upon the United States, and upon the world, are bound to be enormous. ... 1. By repealing the arms embargo the US gives tangible evidence of its sympathy with Britain and France. Yet foreign opinion would make a grave mistake ... in assuming ... any more active participation in the war is now likely. ...

2. Normal peacetime exports may be expected to drop, and only the drastic needs of the Allied powers will find available an adequate volume of funds and shipping.

3. Major aircraft manufacturers and makers of various munitions products, may expect a considerable boom.

4. American shipping may expect a 30 per cent decline.

5. A wide variety of American producers - such as the apple growers - find a serious hole cut in their exports, while certain others - such as lard producers - find an expanded market.

The Monitor is looking back at the events of World War II.

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