AGRICULTURAL RELIEF

Mr. Fort. And that is your justification for suggesting the equal-
ization fee on the pansnapeTaiiye,

Mr. BLEpsoe. Let me go a little further.

Mr. Fort. Just answer that question; you can answer that
question. . Lo.

Mr. BLzpsor. Yes; but even if the majority of growers were
in cooperatives and only a few of the growers were not, the co-
operative would have to carry the surplus for the other few; the
outsiders would have a big advantage, for while the cooperative will
pay the storage, interest, etc., the noncooperators would share all
the benefits.

Mr. Fort. And you think the noncooperator ought to be held
in line to help pay his expenses through this equalization fee
arrangement?

Mr. BLEpsor. To pay the storage charges, ete.

Mr. Fort. You think by aiding the cooperatives in this feature
and through these various schemes, it would help the price at harvest
time for the noncooperators?

Mr. BrLepsok. That is right.

Mr. Fort. That is your idea, but if it operates that,way, from
an \psurance standpoint, doesn’t it hit at the validity of your figure?

Mr. BrLepsor. No.

Mr. Fort. It eliminates, to some extent, the harvest time dip,
and consequently he difference will be less.

r. BLEpsor. Nevertheless the advance has got to be enough
to take care of the carrying charges. © ©

Mr. Fort. Yes; the advance has got to be enough to take care
of the storage—the average advance.

Mr. BLepsok. If a speculator is going to enter into this——

Mr. Fort (interposing). Wait a minute. I want your figures. I
don’t want any theory, but I want your figures. Your figures show
that the average weighted price at delivery season is 56.6 cents lower

a ho average Joie price during the crop season.

. BLEDSOE. No, sir.

Mr. Fort. On your commodity?

Mr. BLepsok. No.
tn pk Jor. Well, what is that 56.6 cents; I haven’t got that thing

Mr. BLepsok. I will have to go back. I want to state that care-
fully so you will understand it.
uy Fort. Well, that is what I understood it to be. What is that
conn DLEDSOE. The 56.6 cents represents the loss ratio during a 20-
otind. whereby tha ner words, the loss that occurred during that

’ e 1 ;
average delivery seasonal i . that b Ne $ tha TS on roe
oped in the 20 years, and it gives ou al ati i 5.6 cents.

Mr. Fort. The ing ot ho 2 0Ss ra 1.0 96.6 cents.
price throughout the o 1s the amount by which the average
Helivery coro! rop season is less than the average price at the

Mr. BLEDSOE Over a i

: period of 20 years

Mr. : ‘ .

ur i Don, So that on that basis, the actual price of cotton through-
» the entire year is less than the igh ice
delivery season average weighted price at the