302 AGRICULTURAL RELIEF (¢) Whenever, prior to the commencement of a fiscal year of the United States, the President finds, from the report of the board hereinafter provided for or from any other source, (1) that the total amount of the export deben- tures which will be issued during such fiscal year will in his judgment exceed 50 per centum of the total amount of the tariff duties which will be collected during such fiscal year, and (2) that reductions in all export debenture rates are necessary in order to restrict such total amount of the debentures to 50 per centum of the total amount of tariff duties which will be collected—he shall, by proclamation issued less than thirty days prior to the commencement of such fiscal year, prescribe such reductions in the export debenture rates as he finds to be necessary. Such reductions shall becoine effective upon the com- mencement of such fiscal year and shall remain in effect throughout such fiscal year. At the end of such fiscal year the export debenture rates which were in effect immediately prior to the commencement thereof shall become effective again unless the President under the provisions of this act prescribes a change in such rates. The reductions under this subdivision in the export debenture rates shall be fair and equitable as between the debenturable commodities and products and shall be made with due regard for the comparative volumes of exports of such commodities and produc:s. (d) In order to prevent undue stimulation in the production of any de- benturable agricultural commodity, whenever the President finds prior to the beginning of a crop year from the report of (he board hereinafter provided for or from any other source, that the probable production of any debenturable agri- cultural commodity during such crop year will exceed the average annual pro- duction of such debenturable agricultural commodity for the preceding five years, he shall by proclamation prescribe that the export debenture rates for the commodity and the debenturable products of such commodity shall be ve- duced by the percentage fixed in subdivision (e) for the amount of the in- crease in production which the President finds will occur during such crop year. Such reductions shall become effective on the date fixed in such proclamation, not less than sixty days from the date of the issuance thereof, and shall re- main in effect throughout such crop year. At the end of such crop year the export debenture rates for such debenturable agricultural commodity and the debenturable products of such commodity which were in effect immediately prior to the commencement of such crop year shall become effective again unless the President under the provisions of this act prescribes a change in such rates. The term “crop year,” as used in this subdivision, means a twelve months’ period beginning at a time designated by the President. (e) Reductions in debenture rates under subdivision (d) of this section shall he made in accordance with the following percentages: (1) For an estimated increase in nroduction of less than 20 per centum, there shall be no reduction. (2) For an estimated increase in production of 20 per centum but less than 40 per cenium, there shall be a reduction of 20 per centum. (3) For an estimated increase in production of 40 per centum but less than 60 per centum, there shall be a reduction of 50 per centum. (4) For an estimated increase in production of 60 per centum but less than 380 per centum, there shall be a reduction of 75 per centum. (5) For an estimated increase in production of 90 per centum, or more, there shall be a reduction of 99 per centum. (f) In computing reductions in export debenture rates fractions of a cent less than one-eighth shall not be used. (g) Investigations to assist the President in determining, under subdivisions (a), (b), (c), and (d) of this section, the necessity for increases or reductions In export debenture rates, shall be made by the board under regulations pre- SN i. No proclamation under any such subdivision shall be issued by Soot oh dent until such an investigation has been made by the board and a such eo Submitted by the board to the President. In the conduct of any A oy ion the board shall give reasonable public notice of its hearings ‘asonable onnortunity to parties interested to be present and to be heard. ADMINISTRATIVE AND PENALTY PROVISIONS SEC. 8. (a) Pending the enactment of legislation providing a tariff duty on cotton, regulations requiring that metal tags or other appropriate markings be placed on all bales of cotton produced in foreign countries and allowed transit through the United States for exportation. mav be prescribed by the board.