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

Collection:: Economics Books

AGRICULTURAL RELIEF 365 Mr. Kincueroe. Of course, they are negotiable. What do you think, Doctor, would be the real market value of those? . Mr. Stewart. The latest word which I have from Sweden was a letter dated December 15, 1927, indicating that the grain-import certificates had been par most of the time. The writer was T. O. Klath, our commercial attaché at Stockholm. My recollection is that he said they had been above par part of the time. Mr. KincHELOE. Why is that? Mr. Stewart. That is surprising and it is a peculiar feature in Swedish practice which would not apply here. Mr. KincaELOE. What I mean is at par—a hundred cents—I mean vou have a debenture; you are an exporter and I am a big importer. Why should I pay you as much as a hundred cents for that deben- ture; because, if I am going to do that. I might as well just go on and pay 100 cents into the customshouse. Mr. Stewarr. An importer will buy a draft; will buy American exchange if abroad. If he can get his debentures from approxi- mately the same source, and if there is no more risk involved during the time the debentures are in his possession until he can dispose of them in lieu of duty. then he will take debentures readily. Under those circumstances it would require a discount of no more than a couple of dollars a thousand. Mr. KincuELOE. I am going to pay a hundred cents for it. There is no inducement to take it. Mr. Stewart. I am not wishing to contend that he would. I am reporting the fact stated in the Swedish letter. It was a surprise to me. Mr. KixcueroE. When you said “ par ” a while ago. in speaking of the sale of these debentures in America, you meant par less the dis- zount for handling them ? Mr. Stewart. I should have said approximately par. That word “approximately ” I would be glad to analyze with you. Mr. KiNncHELOE. You did not mean a hundred cents on the dollar when you said “ par”? Mr. AswerL. He said at a premium. Mr. Jones. He said at a premium because of the peculiar provi- sions of that law. Mr. Stewart. There is a redemption feature in Sweden which is not provided in the United States which makes the certificates some- 'imes stand above par. Mr. AsweLL. You said “above premium ” part of the time. did vou not? Mr. Stewart. Yes; but that feature would not be apropos to the discussion here, Mr. KincuEeLoE. I was wanting to get your opinion whether there youd not be a glut on the market and probably be a great deal less than par. Mr. Stewart. You have to make a distinction between what the exporter would get for his debenture and what the importer would pay for it. Mr. KincHELOE. Absolutely. Mr. Stewart. If a middleman has to intervene there will be some brokerage. There are some vorts 1n the United States with respect

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