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

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

Chapter

Document type:: Multivolume work

Structure type:: Chapter

Title:: Statement of Louis J. Taber, master national grange, Columbus, Ohio

Collection:: Economics Books

AGRICULTURAL RELIEF 311 Going on to wheat, for example, 10,000 bushels of wheat going abroad, upon which there is an export debenture value of 21 cents per bushel. They issue the cooperative a debenture certificate of £2,100, which is acceptable at New Orleans or other port for the payment of import duties. ~ Mr. AsweLr. Upon what—anything Mr. Taper. Upon anything upon which there is a tariff. Conse- quently the cooperatives get the Liverpool price for their wheat plus 21 cents; there goes back to the cooperative 21 cents minus the expense of cashing the debenture. Mr. KiNcHELOE. Let me interrupt you right there, because you are getting right down to the meat of this thing I have been thinking about. That assertion is all right where the deal is by cooperatives. But suppose I am a wheat grower out in Kentucky and I sell to another man, who exports it himself? Mr. Taper. Competition between exporters will give the farmer the added value. Mr. KincueLok. I am interested in this fellow who does not belong to the cooperative organization, not to any farmers’ organization, who sells to the individual who exports. How are you going to help him ? [ am merely seeking information. Mr. Taper. The cooperative can get 21 cents; the exporter can get 21 cents in debentures so the price level of wheat in America steps up to 21 cents. Why? The cooperative or the exporter can get the Liverpool price plus one-half the tariff. Mr. AsweLr. What would that mean if you were talking about the man who already sold it? Mr. Taper. If he sold before the operation of the law he might not participate. Mr. Kixcueroe. He would not participate; that is the trouble about it with me. There are a whole lot of these poor fellows who can not sit around until the 1st of July. They have got to eet some bread. I want that developed right here. Mr. Taser. I will develop it right now. Mr. KincaLeoe. All right. Mr. Taser. It would be in operation continuously after the 1st of July, or after the 1st of March, if that was the date stated in the law. Mr. Kixcurroe. You are dealing so far in the illustrations you have given with cooperatives, and I will agree with you if we could get 100 per cent of the farmers of this Nation to act as a unit they vould not need Congress or anybody else to assist them. Mr. Jones. Might I suggest there, if you will permit me to inter- polate, that in the last bill introduced, and which I see has not come up, I provide that the board may organize an export corporation as a sort of “mascot behind the door,” so that if those exporters get the full benefit or if there is not cooperative organization adequate for handling it, the board may give power to this export corporation and let it handle the product, limiting the debenture, if necessary. Mr. KiNcHELOE. Are you going to give the export corporation bower to buy all the certificates? Mr. Jones. Any of these commodities. R6160—28—SFR E. PT 5H—

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