AGRICULTURAL RELIEF 
whole 20 years, and there would have been $100,000,000 more, in 
collecting the $1, than you had to expend in losses? 
Mr. BLEpsoe. That shows in the statement. Co 
Mr. Jones. To be more exact, I think it is $107,000,000. In other 
words, the 56 cents, during the twenty year period, taking the whole 
average, would have paid all of the losses and expense, and you would 
have in the fund $107,000,000 left over, and the grower would have 
the average price for the entire year, instead of taking what it was 
for the average period during the selling season at a lower price. 
Mr. BLEDSOE. Yes, for the 19 year period. 
Mr. KercaaMm. Tell me this: Have you made any computations 
to indicate what the loss is by reason of the fact that the cotton 
growers during that same period did not receive that price? 
Mr. BLEDSOE. I can not tell you what they received. I could tell 
you what they would receive, by taking the total baleage reported 
by the Department of Agriculture and taking the prices indicated by 
the New Orleans Cotton Exchange. I can give you that answer, 
but as to what they did receive I can not say. 
I want to call this to your attention, Mr. Jones, you did find in 
that statement the profits shown—but, from that profit would have 
to be taken the storage, insurance, and interest that was paid. 
Mr. Jones. Yes; but, that would not use up the entire fund; you 
would still have money left over in the 20 years if the cotton had 
been sold, as it actually was; they would have gotten the yearly 
average instead of the season average; and at the same time you 
would have paid all the losses and had money left over in the fund 
for the whole twenty years. 
Mr. BLEpsoE. Yes. I want to call your attention to another item 
that would be in there. It costs something to leave that weight on, 
and not take it off the future exchanges; naturally with the insurance 
plan in operation all of those prices would have been higher; in other 
words, the average would have been higher, because you do not have 
so much weight in your harvest surplus season. There are two 
surpluses, the harvest surplus, which comes at the time of harvest, 
and the annual surplus, the amount that is left over at the end of the 
year. 
Mr. Kercuam. Going back to the question I asked you a moment 
ago, it would be quite a problem to work the proposition out that I 
proposed for the whole 20-year period. Take your figures, what would 
have been the result had your plan been in operation this last year? 
What would have been the saving to the producer of cotton on that 
price he received for the whole year? 
Mr. BLEDSOE. During this present period, now? This year is not 
completed.. You will find out that this decline comes on the aver- 
age—let us take last year; that is a completed season. You will 
remember we had to take a decline of six and one-half cents, thereby 
there would have been an apparent loss in the insurance fund, but 
when you finish the season out there was no loss last year, although 
my market declined six and one half cents: and the underwriters 
Mr. KETcHAM. (Interposing) I am not talking about the under- 
Wer; I am talking about the producers. 
hr BLEDSOE." Well, they would have gotten a better average 
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