AGRICULTURAL MARKETING REVOLVING FUND 
ACCOMPLISHMENTS OF BOARD 
, Thy Cuamman. Mr. Legge, can you tell us of any good you have 
done? 
Mr. Liecee. That is a pretty big order, Mr. Chairman. 
The Cramuan, I suspect that is true; but when this matter comes 
up on the floor there will be all sorts of questions from those who 
are in favor of the board, as well as from those who are trying to 
break it down. We ought to have some information so we can 
answer those questions. 
Mr. Lecce. As to what the final outcome will be we do not know. 
You can not say until the final close of your operations what your 
gains or losses may be. That is particularly true of grain. The 
grain market to-day is fully 20 cents above the world parity, or 
what wheat would bring if ‘it were exported. At the close of the 
market on Saturday, Liverpool wheat was 6934 while the Chicago 
market was 7014, and the transportation cost is 1514 cents. It may 
be that in the end the taxpayer will lose. As I say, we do not know 
what the outcome will be. In the meantime, we are consuming 
17,000,000 bushels per week, with the advantage of this difference 
in price, which means $2,500,000 to the wheat grower as compared 
with the export price. Therefore, at the present time the grower 
is getting that advantage. How much of that we will lose in the 
final clean-up of the stabilization operations is beyond us. We do 
not know about that. 
The Cumammman. Of course, that is dependent on world conditions, 
on transportation conditions, and other things. This thing is sup- 
posed to be built up on the theory that we will not sustain any con- 
siderable losses in its operation. Can you look into the future some 
Sih Jol tell us what the probability is with reference to these 
oans ? 
Mr. Leger. It will be just anybody's guess. All the time we 
are making some progress. You were speaking a moment ago of 
wheat, and I will say that for 62 consecutive months, up until last 
month, there was every month an increase in the visible supply of 
world and domestic wheat over the visible supply of world ‘and 
domestic wheat in the corresponding months of the previous year. 
That is, we have pyramided a surplus consecutively, every month, 
for 62 months. Now, in view of that, what has happened to the 
market is easy to understand. . The surplus has been building up, 
bigger and bigger, all the time, until the last month when, for the 
first time, it took a turn in the other direction. November showed 
the first decline in the world’s visible supply of wheat and also in 
the domestic supply of wheat, and in the North American supply 
of wheat. In November the tide turned, and began working in the 
pther direction. 
The CARMAN. With reports showing that the visible supply is 
decreasing, will you not have a corresponding increase in the price? 
Mr. Lecee. That has not come yet. There has been no increase 
in the price. The prices are artificially maintained. It is true to- 
day that, low as the Price is, it is artificially maintained, not only on 
wheat, but on other grains. 
The CrmairmaN. How is the price artificially maintained? 
Mr. Lecce. By the operations of the stabilization corporation.