Agricultural relief: Agricultural relief

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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:: 1831934884

URN:: urn:nbn:de:zbw-retromon-232132

Document type:: Volume

Title:: Agricultural relief

Volume count:: Pt. 6

Place of publication:: Washington

Publisher:: Gov. Pr. Off.

Year of publication:: 1928

Scope:: III S., S. 429 - 520

Digitisation:: 2022

Collection:: Economics Books

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

$40 AGRICULTURAL RELIEF Mr. KiLgore. Why, I think so. ; Mr. Fort. And, again, you would have to buy how many million bales to do it? Mr. KicoreE. Well, I estimate 3,000,000 bales as the maximum for an 18,000,000-bale crop such as 1926, our biggest crop, under such conditions. Mr. Fort. Three million bales at 16 cents? Mr. Kincore. I do not know; I say that is the maximum general estimate. Mr. Fort. Sixteen-cent cotton is $80 a bale, is it not? Mr. KiLcorE. Yes, sir. Mr. Fort. That is a total of $240,000,000; that is $80,000,000 from the revolving fund and the balance from the bank. Now, of that $80,000,000 how much do you contemplate might be lost in buying 3,000,000 bales of cotton at 16 cents from any experience you have had in the market? Mr. Kircore. I do not know; I would not want to guess. Mr. Fort. Have you had any experience to make you think any of it would be lost? Mr. Kincore. If it is stabilized too near the cost of production there is a chance to lose, but a greater chance under the loan bill than under the equilization fee. Mr. Fort. Would there be much loss, do you think? We have got to figure this thing in terms of prospects. We have got to guess, admit. From your knowledge of the business would there be any oss? Mr. KiLcore. I think the chances are with cotton stabilized at xe cents, with an 18.000.000-bale crop there would have been some 0SSs. Mr. Fort. How much—3 or 4 cents a pound? 1 Mz Kincore. I would be guessing purely, and I.do not want to o that. Mr. Fort. Somebody has got to guess. Mr. KiLcore. I know it. Mr. Fort. The board has got to guess if we do not. Let us do some guessing first. Mr. Kircore. There is this to be considered, if it costs 114 to 2 cents a pound to carry cotton a year, if you bought it at 17 cents and sold it at 18 cents after you had carried it a year, then you would have a loss. You would have to absorb 114 to 2 cents per pound on the cotton, or $7.50 to $10 a bale? Mr. Fort. Yes. Mr. Kincore. Now, if you carry that one or two years, then you would have to get a considerable increase above the cost of produc- tion price, or the purchase price, in order not to sustain a loss. Mr. Forr. What I am trying to get at, Doctor, is I am trying to figure how serious you think the losses to the Government might be under the Crisp bill? ~ Mr. KiLGorE. I think the way it operates if we take the sections in there where it says that they shall buy only when they do buy so as to sell and not to sustain a loss but to make profits—I think if y ou operate that way under the Crisp bill that you would buy down = ow that you would not have effective stabilization for the man who needed it most. and you likely would not sustain anv losses.

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