720 AGRICULTURAL RELIEF bushels, or an equalization fee of $0.094, a net profit of $0.306 per bushel, and a total profit of $266,737,446. Under the debenture plan, if in operation for the same period and assuming that the price of the whole production is-advanced equal to the 21 cents debenture, then the producers would have received a gain in price on the whole production of only $183,055,110, at a cost. fo the Government of 21 cents per bushel in debenture, or a total of $43,206,240 on the quantity exported, or a net gain in the operation minus the cost to the Government of only $139,848,870. For the four years’ operation under the equalization plan the wheat growers would have received, after deduction of the equalization fee a net gain of $960,949,742, within expense to the Government. Under the debenture plan, for the same four years, the wheat growers would have received a net gain of $705,268,280, at a cost to the Government or the Federal Treasury of $142,484,630, or a net gain after deducting the debentures of only $562,783,650, in contrast with the $960,949,742 under the equalization plan. Corn Production. _. Exports, 1924 Exports, 1925 Exports, 1926 Exports, 1927__ 3, Bushels 000, 000, 000 23, 000, 000 5, 000, 000 ro, 819, 000 3, 721, 000 Prices of corn—Profils under the equalization plan [Chicago prices by Department of Labor, and Buenos Aires prices by Department of Agriculture] pm—ies—reeerea iii Year Chicago | price Buenos Aires nrice Export tax . Ocean Tariff | freight Equalization fea | Net | profit per] Total profit bushel 1924 ee 1925 — ena 1926. oo 1927 i Zeer 30. 972 1.038 . 759 0 BR1 $0.83 $0.01 Tee, Lo L67 S01 tert Lol $0. 1. . 15 .15 .15 $0. 1.34; 31.10% $0.001 $0.129 1ikgl 1.21%] .0003 . 1742 Jl Lea] 0017 . 1818 1 .9414l .o0076 ' .1115 $387, 000, 000 522, 627, 500 480, 861, 009 208. 551. 533 17 anuary-November, 1927. Profits under the debenture plan aar 1€24 imeem ma—————-I mm memes SRR ot mm 1926 _ oo. ee emmam——an 10927 ee emmmmceoam matal eo Production Bushels ,300,414,000 916,961,000 2,692,217,000 D TRAE.2R8.000 Exports Bushels 23, 000, 000 5, 000, 000 19, 819, 000 18. 721, 000 Gain of 7% nents bushel on whole production $173, 206, 050 218, 172, 075 201, 916, 275 Mme Q71 ANT R02. REG. + Cost to Government of $0.075 on exports 81, 725, 000 375, 000 , 486, 425 404. 075 rt ROO Gain 3171, 481, 050 218, 397, 075 200, 429, 850 27. 567, 525 na7 876. 500 — If the McNary-Haugen bill had been in force in 1924 the corn crower would have received the Argentine price of 83 cents, plus the tariff of 15 cents, plus the export tax, which was 1.54 cents in February, 1926, 1.03 cents in March, and 0.46 cent in April, or say 1 cent, and the ocean freight to Baltimore or New York, say 1114 cents, the