Agricultural relief: Agricultural relief

Bibliographic data

Multivolume work

Identifikator:: 1831932415

Document type:: Multivolume work

Title:: Agricultural relief

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Collection:: Economics Books

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Volume

Identifikator:: 1831934280

URN:: urn:nbn:de:zbw-retromon-232071

Document type:: Volume

Title:: Agricultural relief

Volume count:: Pt. 2

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Scope:: III S., S. 70 - 179

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Statement of Matt Grennan, Rock Falls, Ill.

Collection:: Economics Books

AGRICULTURAL RELIEF whole 20 years, and there would have been $100,000,000 more, in collecting the $1, than you had to expend in losses? Mr. BLEpsoe. That shows in the statement. Co Mr. Jones. To be more exact, I think it is $107,000,000. In other words, the 56 cents, during the twenty year period, taking the whole average, would have paid all of the losses and expense, and you would have in the fund $107,000,000 left over, and the grower would have the average price for the entire year, instead of taking what it was for the average period during the selling season at a lower price. Mr. BLEDSOE. Yes, for the 19 year period. Mr. KercaaMm. Tell me this: Have you made any computations to indicate what the loss is by reason of the fact that the cotton growers during that same period did not receive that price? Mr. BLEDSOE. I can not tell you what they received. I could tell you what they would receive, by taking the total baleage reported by the Department of Agriculture and taking the prices indicated by the New Orleans Cotton Exchange. I can give you that answer, but as to what they did receive I can not say. I want to call this to your attention, Mr. Jones, you did find in that statement the profits shown—but, from that profit would have to be taken the storage, insurance, and interest that was paid. Mr. Jones. Yes; but, that would not use up the entire fund; you would still have money left over in the 20 years if the cotton had been sold, as it actually was; they would have gotten the yearly average instead of the season average; and at the same time you would have paid all the losses and had money left over in the fund for the whole twenty years. Mr. BLEpsoE. Yes. I want to call your attention to another item that would be in there. It costs something to leave that weight on, and not take it off the future exchanges; naturally with the insurance plan in operation all of those prices would have been higher; in other words, the average would have been higher, because you do not have so much weight in your harvest surplus season. There are two surpluses, the harvest surplus, which comes at the time of harvest, and the annual surplus, the amount that is left over at the end of the year. Mr. Kercuam. Going back to the question I asked you a moment ago, it would be quite a problem to work the proposition out that I proposed for the whole 20-year period. Take your figures, what would have been the result had your plan been in operation this last year? What would have been the saving to the producer of cotton on that price he received for the whole year? Mr. BLEDSOE. During this present period, now? This year is not completed.. You will find out that this decline comes on the aver- age—let us take last year; that is a completed season. You will remember we had to take a decline of six and one-half cents, thereby there would have been an apparent loss in the insurance fund, but when you finish the season out there was no loss last year, although my market declined six and one half cents: and the underwriters Mr. KETcHAM. (Interposing) I am not talking about the under- Wer; I am talking about the producers. hr BLEDSOE." Well, they would have gotten a better average {10

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