Agricultural relief: Export debenture plan

Export debenture plan (Pt. 5)

Bibliographic data

Multivolume work

Identifikator:: 1831932415

Document type:: Multivolume work

Title:: Agricultural relief

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Collection:: Economics Books

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Volume

Identifikator:: 1831934671

URN:: urn:nbn:de:zbw-retromon-232129

Document type:: Volume

Title:: Export debenture plan

Volume count:: Pt. 5

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Scope:: III S., S. 299 - 427

Digitisation:: 2022

Collection:: Economics Books

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Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Statement of Jesse Newsom, of Indiana

Collection:: Economics Books

AGRICULTURAL RELIEF 113 Mr. Apkins. Well, I say, you have the board? Mr. TaBer. We have the nonsalaried ex officio officers. The issu- ance of the debentures is just a simple proposition. Mr. Apxkins. I understand about the debenture. Have you ever thought of this—and that is an objection I found raised when I was conferring with different people before, everybody was for the de- benture as far as farm organizations is concerned. Here was the situation: The exporting, as you know, is all done on a very close margin, because of competition; that unless the farmers organized an export company themselves there is a chance for very little of this debenture to get back. Suppose you were an exporter and I was an importer. If I was an importer I would not bother with debentures, unless you made it an object; I would just pay the import tariff and ¢o on. So that the colusion that might be entered into and would be, no doubt, since competition is pretty severe, that a good part of these debentures would be divided between the exporter and the importer and very little of it seep back so that it would become necessary, in order for the farmer to get the full benefit of your debenture, to organize a farmers’ export corporation. Have you thought of that? Mr. Taner. We have thought of that, Mr. Adkins. I am not sure whether you are asking a question or making a speech. Mr. Apkixs. I only want to present my idea so that you may un- derstand. If you can provide it in better form for the record, I will be glad for you to do that. Mr. Taser. We have given that matter serious consideration, and Mv. Jones in his bill has given a suggestion. Experience indicates that your fears would be groundless. Mr. Apkixs. I would like him to answer that. Mr. Taser. We have given very careful consideration as to whether there was need for an export corporation to see that the fee gets back to the farmer. And the experience in other countries and the exporting experience in this country indicates that there is not the necessity for such a corporation that the farmer would get substan- tially the full rate of the fee just the same as he would—— Mr. Apxixs. The reason I asked that question is that I asked Doc- tor Stewart if he had any figures from any economist on what it would probably cost on the exports during the last year. what it would cost the Government and what the benefit to the farmer would be; and he sent me the figures from a man by the name of S. S. Knight—and I presume good authority or Doctor Stewart would not have sent them to me; and he took six of our leading commodities for 10 months of 1927, and I incorporated the figures in my remarks before the House; and he showed that there would be an increase of value to the farmer of $136,000,000 on wheat, for instance. But I notice from his figures that there would be an increase of $168,- 000,000, and that would be 21 cents a bushel. That is half of the tariff —21 cents a bushel on the entire 800,000,000 bushels of wheat that he estimates was in the country. He goes on and states that there would be a benefit to society of $312,000,000. That would be going on the theory that the farmer would get that entire 21 cents, and going on the theory that there would be, perhaps it is fair to state, around a hundred million bushels that would be used for seed and feed on the farm. which would be quite an item taken out,

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