Economic essays

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Monograph

Identifikator:: 1753623200

URN:: urn:nbn:de:zbw-retromon-136107

Document type:: Monograph

Title:: Economic essays

Place of publication:: New York

Publisher:: Macmillan

Year of publication:: 1927

Scope:: viii, 368 S.; Ill., graph. Darst.

Digitisation:: 2021

Collection:: Economics Books

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Document type:: Monograph

Structure type:: Chapter

Title:: The holding movement in agriculture / Jesse E. Pope

Collection:: Economics Books

THE HOLDING MOVEMENT IN AGRICULTURE 275 Third, the promise that the paper should be retired when the particular need for it had passed has not been kept. Coffee valorization has been a most fruitful source of inflation, with the result that it is directly responsible for the growing demoraliza- tion of Brazilian industry and the chief obstacle in the way of improvement in the Brazilian exchange situation. This unstable exchange has brought ruin and distress to all the other industries in Sao Paulo’ but their just protests against the intolerable situation created by the selfish demands of a single industry have fallen on deaf ears; for the Government has found itself more and more at the beck and call of a cabal of selfish and rapacious growers who persistently demand higher prices for their product but make no attempt to restrict their production. While, on the surface of things, the Brazilian volarization seems to have been successful in that up to this time it has brought higher prices to growers, even a little investigation below the surface reveals the fact that this slight filip to price has been secured at an awful cost. To the advocates of the Holding Movement in the United States, Brazilian coffee valorization should be, not a light house marking the entrance to a safe harbor, but a whistling buoy marking a dangerous reef. The War brought unprecedented prosperity to the Cuban sugar planters, but, as in the case of other industries, the subsequent deflation brought about a erisis. During the War sugar was subject to much regulation, as regards both consumption and prices. As a result, conditions in the industry became highly artificial, and the collapse, therefore, was most profound. By the late autumn of 1920 the price of Cuban raw sugar had fallen to an almost unprecedented level. In an attempt to meet the crisis the Cuban Sugar Commission was formed. This Com- mission declared that its purpose was the stabilization of raw sugar prices. It immediately indicated what it meant by stabili- zation by advancing the price of raw sugar about a cent a pound. It announced that this new price should be the minimum export price and notified the New York Exchange that trading in sugar "That the coffee planters themselves do not always escape the evil consequences of valorization, is shown by a statement from a correspond- ent who had intimately studied the situation of the planters. He says, ‘As to the Defense Politicians, people are now beginning to realize that instead of their being a help their policies have only created a lot of misery in that many planters have fallen into the hands of usurers. (Ibid., Dec., 1926, p. 1598.)

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