724 AGRICULTURAL RELIEF $339,435,000, at a cost to the Government of $1,560,000, or a net gain after deducting the debentures of only $337,875,000, in contrast to the $1,088,144,800 under the equalization plan. - In other words; under the debenture plan the producers would have received less than one-third as much as under the equalization plan. Butter from Department of Agriculture, year ended June 30 POUNDS 5 %5. me 2 Production | 2, 000, 000, 000 2, 000, 000, 000 2 066, 766, 000 Exports! 425, C00 -, 384, 000 3, 180, 000 = 046. 000 Imports! 29, 466, 000 7,189, 000 6, 440, 000 10, 710, 000 Net Net imports exports 24,041,000 1ocooemno----271,195,000 1,160,000 --cveeenennn 5. 664,000 oo meeeo-Profits under the equalization plan PRICES a... i, 927 __ 1927 Total for vears..... New York no London Danish) ($0. “17 (41 34 202 Copenhagen BO. £07 42° . 36 26H Tarift 0. 06 .0€ 12 Freight $0. 01 01 01 Minus aqualization fee J. 000037 "00016 Net profit per pound 30. 061 , 061963 052 Total profit 122, 000, 000 123, 925, 910 107. 471. 832 253. 397, 742 1 Not available. Assuming that a debentured rate on butter were in force under the debenture plan equal to one-half the tariff the net gain or profits under the debenture plan would be as follows: Y ear BB em—————E— 1997 ee mmm————— Production Pounds 2, 000, 000, 000 2, 0600, 000, 000 2, 066, 766, 000 Exports Pounds 3, 425, 000 * 384, 000 5, 280, 000 a 046. GON Jain of one-1alf of tariff on whole sroduction $80, 000, 000 80, 000, 000 24. 005. 960 284. 005. 960 Cost to Yovernment in jebentures on exports 5217, 000 415, 460 216. |&0N 949. 260 Net gain $79, 783, 000 79, 584, 540 192 2R9. 1A0 929 756. 700 Total for three vears._._._.--. a —————————— 1 Not available. If the McNary-Haugen 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 transportation 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 heen to reculate the importations as provided in the bill.