Agricultural marketing revolving fund

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Monograph

Identifikator:: 1830514946

URN:: urn:nbn:de:zbw-retromon-221271

Document type:: Monograph

Title:: Agricultural marketing revolving fund

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1930

Scope:: II, 39 Seiten

Digitisation:: 2022

Collection:: Economics Books

Usage license:: Get license information via the feedback formular.

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Document type:: Monograph

Structure type:: Chapter

Title:: Monday, december 15, 1930. Federal farm board. Statements of Alexander Legge, chairman; James C. Stone, vice chairman; and Chris L. Christensen, executive secretary

Collection:: Economics Books

AGRICULTURAL MARKETING REVOLVING FUND : Ma CHristENseN. We have actually collected $2,104,571.72 in- erest. . The CrarrmaN. Have any of them defaulted entirely in the pay- ment of interest? Mr. Lrge. There are a few cases where they have not been able to meet the interest. The Crmamman. What do you do with those fellows? Mr. Lrcee. So far, we have not done anything except to nurse them along so that they can eventually pay. There are some pretty good reasons for that. For instance. we had the bean growers’ associations before us this morning. They are going to be sold out unless we put up some more money. They are owing us some interest from last year. But the price of that wi has dropped. I think. from 6 cents to 3 cents per pound, The Cramrarax. What kind of security do you get? Mr. Lecce. We get warehouse receipts on the beans themselves, but they are rather negligible when the price drops as much as 50 per cent, as it has. The Cmamman. Is that because of an overproduction of beans throughout the world? Mr. Lecoe. Throughout the world; yes. They had a very heavy crop of beans this year. Although the crop in New York and Mich- ‘gan was not so heavy, the crop in the Western States was very heavy. The Cuamrmax. I want to ask you a further question. You are asking for $150,000,000 in this estimate. I want to see where we are in this matter, and how greatly you are in need of anv immediate help. Chelieve you stated you have a free balance of $2,000,000? Mr. CuristeNseEN. Yes. sir: that is correct as of December 13 1930. The CmarrmanN. And you have loans approved tentatively for $75,000,000 Mr. Liecoe. No; there are $75,000,000 of bank obligations against stabilization commodities which we are supposed to take up, but nobody is urging us to take them up. We expect to pay off a lot nf those obligations with a part of this money. The CusrMmax. Is there any present need for that at the moment? Mr. Lrace. Not all of it. The banks will be willing to carry us along, although it is not a good precedent to renew all of it. The CuarrMaN. Assuming that you pay that off out of the $150,- 000,000, if you should get it, von would have a balance remaining nf about $75,000,000. Mr. Lecee. Yes; we would use half of it. The CumatrmaN. In addition to that, to what extent will repay- ments come in? Mr. Lreoe. Normally, they should be coming in in considerable volume; but with this horrible market condition which is in existence now, where there seems to be no buying. or no immediate need, it is slow. ‘That is one thing that is tying up so much of the money, the fact that the stuff is not selling normally as it ordinarily would be at this time of the year. The CaairMaN. Have you made any estimate of how mu h money vould come in in the next two months from repavments? 12

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