AGRICULTURAL RELIEF

685

been in operation the cattleman would have received the Argentine price plus
the tariff of 114 cents plus the cost of transportation to the port of entry, say
4 cents, or a total of 11.1 cents, instead of the average Chicago price of approxi-
mately 10 cents, a gain of 1.1 cents less the equalization fee

CATTLE. 1926

The average Buenos Aires price for steers: Choice in the ve 26 w
or 5.16 cents per pound, and if the bill had been in nd i bi a
would have received the Argentine price plus the tariff of 2 cents, plus the cost
of transportation to the port of entry, say, 4 cents, or a total of 11.16 cents
instead of the average Chicago price of approximately 9.46 cents less the equal
ization fee.
BUTTER FROM DEPARTMENT OF AGRICULTURE, YEAR ENDED JUNE 30
POUNDS

1924 ---
1925. . ..-. ww
1926. ooo cememmmmmmocececmcememanna
1927 meee.

Production

2, 000, 000, 000

2, 000, 000, 000

2, 066, 766, 000
‘Nn

Exports !

5, 425, 000
8, 354, 000
5, 180, 000
5 046. 000

Imports !

29, 466, 000
7, 189, 000
6, 440, 000

10. 710. 000

Net
imports

24, 041, 000
1,160, 000
¥ 664 000

Net
pxports

“7317195. 000

PRICES

[ow

192,
1926.
1997

New
Tork

V 40g

London
‘Danish

($0. 417)
(- 448)
L394
. 392

Copen-
hagen

$0. 397
. 425
. 365
.3aF

Tariff

0. 08
08
12

Freight

50. 0)
.01
.01

Minus
qualiza-
tion fee

30. 000037
"00016

Net profit
per pound

Total
profit

$0. 061 $122, 000, 000
. 061963 | 123, 925,910
.052 6. 952. 072

l! Not available.

If the bill had been in operation in 1924, the butter producer would have
received the Copenhagen price of $0.397 plus the tariff of 8 cents and transporta-
tion charges of approximately 1 cent, or a total of $0.487, instead of the New
York price of $0.426, a gain of $0.061 per pound, or a total profit of $122,000,000.
Imports were in excess of exports for the year 1924, hence no equalization fee.
All that would have been necessary to insure the advance would have been to
regulate the importations as provided in the bill.

If the bill had been in operation in 1925, the butter producer would have
received the Copenhagen price of $0.425 plus the tariff of 8 cents and transporta-
tion of 1 cent, or a total of $0.515, instead of the New York price of $0.453, a
gain of $0.062 minus the equalization fee on 1,195,000 pounds to be distributed
over the total production of 2,000,000,000 pounds, which would be less than four-
thousandths of 1 cent per pound. That is, the producer would have received a
profit of $0.062 a pound on 2,000,000,000 pounds, or $124,000,000, less £0.062
on the 1,195,000 pounds exported—$74,090—or a net profit of $123,925,910.

If the bill had been in operation in March, 1926, the butter producer would
have received the Copenhagen price of $0.365 plus the tariff of 12 cents and
transportation charges of approximately 1 cent, or a total of $0.495, instead of
the New York price of $0.443, a gain of 5.2 cents per pound minus the equaliza-
tion fee on 298,317 pounds to be distributed over the total production of 133,992,-
000, which would be approximately $0.0001 a pound. That is, the producer
would have received a profit of $£0.052 a pound on 133,992,000 pounds, or
$6,367,584, minus $0.052 on the 298.317 pounds exported—%R15.512—or a net
profit of $12.022.432.