132

AGRICULTURAL RELIEF
Mr. BLepsor. No. Take the concrete proposition of cotton on
the New Orleans Cotton Exchange; that during the time of delivery
to the association the average price would not be more than the
average price during the time of sale.

Mr. KincHELOE. I think that would be sound from the point
of view of the cooperatives, to restrict it to them.

Mor. BLEDSOE. I think that is as sound as it can be made.

Mr. KincueLoE. For you men, yes.

Mr. BLepsoE. Mr. Fort, don’t you think my statement clears
it up?

Mr. Fort. From an insurance angle, but not from the other
angle, Mr. Bledsoe. N

Mr. BLEDpsoE. It is a straight insurance proposition.

Mr. Fort. It makes it an actuarial proposition.

Mr. KiNcHELOE. I am not caring about that; you are here asking
us to have the Federal Government insure you against loss.

Mr. BLepsoE. It won’t lose, if you put 1t on the average basis.

Mr. KincueELoE. I understand that, but supposing you don’t
put it on that?

Mr. BLepsoE. Oh, yes; I want to do that.

Mr. KincHELOE. I am talking about when a loss comes, a loss
coming in five years out of the 20 years you have been talking about.

Mr. BrLepsoE. Yes.

Mr. KincaeLoE. What I am talking about is after the corporation
is protected, and according to the amendment, your amendment in
the bill, this would be paid by the board who represents the Govern-
ment.

Mr. Jones. But the losses in those five years would be taken care
of by the gains during the other period.

Mr. BLeEpsok. It is insurance that the average price during the
delivery season would not be greater than the average price during
the time of selling.

Mr. Fort. That would be an insurable proposition, because it is
an actuarial proposition, but I think it goes further. I don’t think
you can simply write insurance on that without a good deal of study.
It would, however, eliminate the gamble on judgment and make it
simply a gamble on figures.

Mr. BLepsoe. We don’t want to take the selling price of a co-
operative at the time he desires to sell; you average it.
oi: FORT. I think a good deal of study would have to be given

at.

Mr. BLEDsoE. I think it is a sound proposition.

Mr. Fort. It is an insurable proposition.

Mr. KincHELOE. I don’t care anything about actuarial terms; I
don’t know much about the insurance business, although I am in-
surance poor, but what I am interested in is the Government having
a say about when you are going to turn loose your products, when
will be the best time, and who will know.

r. BLEDSOE. Well, gentlemen, I might answer that by sayin
on I Bwe the highest priced salesmen we can get whe mabe 5

Mr. KincrELOE. We all know it would b ing i
you could get this, but I am interested in Uncle NR ag oe

paying these losses. We know there are likely to be losses, and