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

124 AGRICULTURAL RELIEF a tariff of 42 cents, and freight 8 cents on wheat from Canada to Min- neapolis the price might be raised 50 cents as up to the level of the tariff wall. fe have a tariff and freight of 50 cents a bushel. Now, it does not require a sharp pencil to figure out the equalization fee if you have 800,000,000 bushels to market. We are familiar with the prices at Winnipeg. We buy wheat from Canada. Canada is receiv- ing now a premium on wheat because of the 50-cent pool of about 10 cents. But to be conservative, we will say the board would advance the price only 50 cents. The purpose of the bill is to give the domestic producers the benefit of the tariff, and that is the very thing provided “1 the bill. So we advance the price 50 cents a bushel. 1 think all agree that if they get 50 cents a bushel extra price on 600,000,000 bushels that would give $300,000,000. If only 100,000,000 bushels are exported the profit would be on the 700,000,000 bushels $350,- 000,000. The 100,000,000 bushels is sold at the world price, at no profit or less. There you have the profit. If 200,000,000 bushels exported of the 800,000,000 less the profit would be $300,000,000, or 3714 cents a bushel profit. If only 100,000,000 bushels are ex- ported you have 433 cents a bushel profit. Mr. Taner. It is not difficult at all, if you go on the theory of auto- matic collections and no evasions. Unfortunately, Mr. Chairman, I have been acquainted with farmers in almost every State of the Union, and if you have a notion there is going to be automatic-collec- tion of the equalization fee you are due for a mighty rude awakening: The Cuamrmax. I think many underestimates the intelligence of the farmer. I think they will be benefited by the equalization fee; if so, they will not object to its benefits. Mr. Taper. Mr. Chairman. I do not want to argue the equaliza- tion fee. The Carman. I have confidence in the American farmer. Mr. TaBer. So have I. The Crmamrman. I have confidence in our Government, but I also believe it is necessary in writing a bill to specify as far as possible what is to be expected. Mr. Jones. May I ask the chairman in that connection if in his figures he is taking into consideration the 75,000,000 or 80,000,000 bushels of wheat which the farmer sold as feed and the 87,000,000 bushels which the Department of Commerce estimates is used for eed ¢ The Cramman. There is always a carry-over, I understand. But my figures are based on 800,000,000 bushels in excess of the carry- over and wheat used for seed and food. Mr. Jones. If you assume he does not use any for seed or feed. vou eliminate that. The Crarrman. Eliminate that and you would have out of a 900,- 000,000 crop less than 100,000,000 carry-over, seed and feed, 800, 000,000 to sell. We all appreciate the larger the crop the larger the export, and the larger the equalization fee and the less the profit. Everybody understands that. os Jom Mr. Chairman, just one word in conclusion. I want ank the committee for their courtesy; and I want to make it very clear that I have not intended to make any statement that has any reflection on any member of this committee or on any person

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