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

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

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 Albert S. Goss, Master Washington State grange and member Executive Committee, national grange, Seattle, Wash.

Collection:: Economics Books

362 AGRICULTURAL RELIEF was the Pacific price agreement, in the case of wheat during the war period or immediately after the armistice. The result of the investigation, which occupies a good many pages, 1S to show that despite the very desperate efforts that were made by those who had entered into the agreements in a preliminary way the agree- ments broke down. That was true in both the Gulf price and in the Pacific price case. S0 far as I have been able to learn, there has been no charge of the existence of a successful price agreement In the case of wheat. Mr. MENGES. You say No successful price agreement was reached, therefore the price of all those fellows is the same, is it not? Mr. Stewart. Not absolutely the same, but it is a question of the buying margin. The buying margin as determined for export has been most graphically presented, I think, in studies which have been given publicity by the St. Lawrence-Great Lakes people, who have shown, I believe, for Beardstown, IIL, a normal cost differential of about 32 cents under the Liverpool price. Now, to be sure, that is subject to some personal equation as between exporters and to some fluctuation from one part of a year to another. It is a govern- ing fact, however, that one exporter must be able to meet the com- petition of other exporters. In the case of wheat I believe it is said that there are approximately 40 of the exporters engaged in the business in this country. In the case of cotton, I believe, it is alleged that in the Memphis market alone there are 170. I am not sure of that. Mr. Mences. 1 am asking about that, because 1 have had a little experience in that connection. Mr. Stewart. Is it your experience? Mr. Menges. My experience has been that what one pays they all pay. And so your proposition would not be any different to my way of thinking. Mr. Stewart. In other words, the presence of an export premium or even the presence of an export tax, which of course is the oppo- site, would make no substantial difference so far as the possibility for a price agreement or the impossibility of a price agreement is concerned. Mr. Forr. Doctor Stewart, is it not a fact that the actual compe- tition between the exporters is not upon the cash wheat but on the exchange? They do their buying generally on the exchange in futures, and, of course, will not pay more than the exchange price: is not that the fact? ‘Mr. Stewart. Yes; they contribute their share in the competitive bidding which determines prices in our markets. Turning now to the case of cotton, I have it directly from an exporter in Memphis that his buying margin and the buying margins he has to face con- stantly on the part of the others in the Memphis market is 3 cents a pound under Liverpool; and that he stood no chance month In and month out of cutting that margin, and that if he did so he would have to go out of business; that that figure prevails so far as that market is concerned. The point I want to reach is that the higher price which would be made possible by the presence of an export premium would pre- v with respect to those portions of the product which

Access restriction

Copyright

fullscreen: Export debenture plan (Pt. 5)

Multivolume work

Volume

Chapter

Table of contents

Download

Volume

Chapter

This page

Image fragment

Citation links

Citation recommendation