Full text: Agricultural marketing revolving fund

what might have happened, speaking from the standpoint of the 
:otton producer, if they had not taken that action. 
Mr. Parker. I do not know. That is a great big subject, but we 
have had bad situations in the past. In 1926 we had a 18,000,000 
bale crop, a far larger crop than anybody expected. 
Mr. Bucmanax. When you had that 18,000,000 bale crop you 
also had an enormous consumption of cotton practically all over 
the world, while last year the consumption fell off in the whole 
world, and it has fallen off again this year. It is a matter of under- 
consumption that has affected the price of cotton rather than an 
oversupply of cotton. 
Mr. Parker. Yes; there has been a lack of consumption. 
Mr. Bucnaxan. We ave speaking now about a sixteen-and-a-half 
million-bale crop, and that has been about the average for the past 
five years. 
Mr. Paxxer. You must bear in mind that last year there was a 
greater proportion of cotton of foreign growth and a smaller pro- 
portion of American-grown cotton. 
Myr. BucHavan. Yes; that is because cotton production in other 
sountries is going up while ours is going down. 
Mr. Parker. Were not our cotton farmers advised to plant short 
staple cotton in order to beat the boll weevil? 
Mr. BucnaxNax. I do not know what they were advised to do, 
but they planted about half and half short staple cotton, which 
served to ruin the spinable quality of our American cotton. We 
ruined a good market for our own cotton in that way. 
Mr. Parker. That is one of the factors that has a large influence 
on it. There is no question about that, but, on top of that, the 
normal marketing machinery upon which the cotton trade has 
neretofore relied is not functioning normally now. 
Mr. Dickinson. Is there any greater stagnation with reference 
to cotton than there is with reference to many other agricultural 
sommodities, or can you speak with reference to other commodities? 
Mr. Parxer. They are all suffering. 
Mr. Wirriams. We can answer only for cotton. 
Mr. Breuaxax. Is there not a world economic condition that is 
jepressing the market for all kinds of commodities? 
Mr. Parker. Yes; but that does not alter the statement that I 
am trying to make. ‘We believe there is an economic stagnation and 
an economic depression, but there is in this country a marketing 
machinery which would normally be picking up cotton, financing 
it, and carrying it to the consumer. That machinery is not func- 
tioning to-day, or it is not adequately functioning. It is function- 
ing in a very small way. That is the point I am trying to make 
before the committee. We hope that some way can be found to 
adjust all these matters. We are hoping that some way can be 
found to revitalize this enormous buying power. We think that if 
this buying power, with its facilities, could be brought into normal 
functioning, a great deal of this cotton would disappear. which 
will never disappear without it. . 
Mr. Byrxs. What percentage of the cotton production is con- 
trolled by the cooperatives or what percentage is in storage? 
Mr. Parker. I do not know.

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