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 367 the scale which is included in the Ketcham bill, and taking the sta- tistics of actual exportation from month to month during—— Mr. Kercaam. I do not think that is the point I had in mind. Mr. STEwART. I think I will reach it in a minute. During the last six years. It becomes evident that there would be a seasonal fluctua- ‘ion in the way the export debentures are issued. Now, if it ever so happened that you should put in such high rates or make the debenture applicable to so many commodities that you would issue more debentures during one month than there are duti- able goods coming in immediately thereafter, then you would set up what would be called a monthly overissue. Now, a monthly over- issue might require that the exporters would have to wait a month, or that the importers who purchased the export debentures then would have to wait a month, or maybe two months,, before they could use them. Debentures do not bear interest. It would be necessary, therefore, to discount the instrument because of the fact that it bears no interest. However, at the rates of debenture indicated I think it would be perfectly clear to anyone analyzing it that there would have been no discount during the last six years in which there would have been even a monthly overissue. Mr. Jones. Those figures were made from the schedules in the Adkins bill, were they not? Mr. Stewart. No. Mr. JoNEs. Are they not the figures that Mr. Adkins inserted in the record as coming from you about a month or six weeks ago, or did you see that? Mr. Stewart. What happened was that S. S. Knight, of Petaluma, Calif., made up some estimates at certain rates, and just for the sport of it I used those rates. Mr. Jones. The reason I broke in here was the fact that those rates and the schedules he put in the record were on a much higher basis than the ones here. Mr. STEWART. Yes. Mr. Jones. And I wondered if you made your graph from the old rates. Mr. KiNcHELOE. You say that will not show in six years where there was a monthly overissue of debentures in excess of the imports? Mr. Stewart. I think if you would take one month, which I can not recall off hand, in which there was the nearest equality between the amount of dutiable goods coming in duty paid compared with the amount of debentures being received by exporters that there would be twice, or at least half again, as much demand for the deben- tures as there would be supply of them. Mr. KincueLoe. That is based on all dutiable goods coming in ander the Fordney-McCumber bill, is it not? Mr. STewaRT. Yes; at those rates, which are higher than the rates in the Ketcham bill. whereas our tariff has been producing an aver- age of over $45,000,000 a month during the last several years, reach- ing $50,000,000 a month, or a little better than $600,000,000 last year, debentures issued would not have exceeded $15,000,000 a month. It would seem that while there is a difference in seasonal character you need not anticipate monthly overissue if there is a conservative use of this agency. It is like many other principles. if abused it can

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