718

AGRICULTURAL RELIEF

butter, and cattle. The net profit to the producers has been calcu--lated
 on the assumption of the whole crop being marketed, no allowances
 having been made for seed, food, and carry-over. (For instance,
the net profit to the producers of wheat for the crop year 1926-27
has been calculated to be $266,737,446, assuming that the entire
crop of 871,691,000 bushels had been marketed. If, say 100,000,000
bushels are used for seed, food, and carry-over, the equalization fee
would be $0.1066 instead of $0.94, and the net profit would be
$226,614,139, instead of $266,737,446.)
For the purpose of comparison, I am also showing certain tables
prepared, indicating the gain in prices to producers and cost to the
ig Treasury under the debenture plan that has been discussed
ately.

Wheat

[From Department of Agriculture]

Crop year

Production

Net exports

1923-24
1924-25
1925-26
1926-27. _

Bushels
191, 797, 381
362, 627, 000
R32, 305, 000
371, 691, 000

Bushels
128, 473, 000
251, 915, 000
92, 371, 000
205. 944, 000

Prices, No. 1 dark northern at Minneapolis and No. 1 northern at Winnipeg—
Profits under the equalization plan ( McN ary-Haugen bill)

i mp

aT

Minne- | wyippi.
apolis per

Tariff

i Freight

y Net
Equalize-:
 profit per!
tion fee | *y chel

Total profit

1023-24. .
1924-25. . -
1925-26. . - -
1926-27 _ .

T 00

$0. 47
+

$0.03
03
LOC
or

30. 034
. 154
. 034
004

30.171
. 376
.276
. 306

$140, 148, 364
394, 347, 752
929, 716, 180
266, 737, 446
960. 949. 742

Tolal.coswsn ~wmmuns

Profits under the debenlure plan

1923-7
1924:
1925-%.
1096-27 _ _ .

fear

Production
(bushels) |

791, 797, 381
362, 627, 000
332, 305, 00C
271 691. 000

Exports
(bushels)

128, 413, 000
251, 915, 000
92, 371, 000
905. 744. ONO

Gain of 21
cents per
bushel on
whole production


166, 277, 45(
150 £7
4, 784, 051
an (AR O°

Cost to
Government,
| 21 cents on
exports

126, 979, 330
2, 902, 150
.9, 397, 910
a ONR 240

49 484 630

Net gain

$139, 208, 120
128, 249, 520
155, 386, 140
129 R48, 870
£62 783. 650

Assuming that the tariff is made effective, and the price brought
up to the level of the tariff wall, if the McNary-Haugen bill had been
in operation and the whole crop marketed during the crop year of
1923-24, the wheat grower would have received the Winnipeg price
of $1 plus the tariff of 42 cents and transportation charges of 3 cents,
or a total of $1.45, instead of the Minneapolis price of $1.24, a gain
of 21 cents per bushel, minus the equalization fee to cover the lower