AGRICULTURAL RELIEF 113

Mr. BLespok. Not for six years; not since I have been president
of the association.

Mr. Apkins. But, that is your major business?

Mr. BLEDSOE. Absolutely.

Mr. Apkins. And you are one of the leading spirits, are you not,
in your local cotton cooperative?

Mr. BLepsok. I happen to have been president of the association
for about six years.

Mr. Apkins. How large an area does that association cover?

Mr. BLEpsoE. Well, the delta of the Mississippi, about 4,000,000
acres.

Mr. Apkins. And about what per cent of the total cotton crop
do you think is marketed now through the cooperatives?

Mr. BLEpsoE. Through our cooperative?

Mr. Apkins. Yes; yours, if you know,

Mr. BLEpsoE. About 30 per cent; 28 to 30 per cent.

Mr. Apkins. Of the entire cotton production?

Mr. BLEpsok. In that area.

Mr. ApkiNs. Yes; in that area.

Mr. BLEDSOE. Yes, sir.

Mr. Apkins. Now, that being true, there is not anything that
would cause you, in any of your opinions or answers to questions, as
to this pending legislation that would embarrass you to give your
frank opinion?

Mr. BLEpsoE. No, sir.

Mr. Apkins. In other words, you are here primarily in the
interest of your major business?

Mr. BLEDSOE. Yes, sir.

Mr. Apkins. Of growing cotton?

Mr. BLEDsoE. Yes, sir.

Mr. Apkins. Now, this bill, as you understand it is for the
purpose of handing the surplus in a way that will sort of stabilize
production and prices, and you will notice a clause in this bill which
provides in the event that wheat, corn, or any other commodity, if
the cooperatives do not have the facilities for handling it that the
board may employ some other agency,

Now, take, for.instance, corn. They might not have the storage
capacity to take care of the surplus in corn, and it will be necessary
to go to some private agency, to employ it to render that service.
Could this insurance feature be applied in that event?

Mr. BLEDSOE. No, sir. You have to deal in average prices, and
the cooperative is the only agency.

Mr. Apkins. Who determines that?

7 Mr. BrepsoE. I have discussed that quite at length with Mr.
ort.

Mr. Apkins. It is based on the world’s market?

Mr. BLEDSOE. Absolutely on the world’s market.

Mr. Apkins. All right. Take this concrete proposition. If
you decide an identical operating period on corn—you talk in terms
of cotton, but we think in terms of corn—with an identical operating
period on corn, and we are going to buy this corn and take it off the
market, it would be taken at the world’s prices at that time?

Mr. BLEpsoE. You mean be insured?

Mr. ADKINS. Yes.