AGRICULTURAL RELIEF

725

Under the debenture plan, if in operation for the same period and
assuming that the price of the whole production is advanced equal to
the the debenture, and assuming the debenture rate to be one-half
of the tariff, then the producer would have received a gain in price
on the whole production of only $80,000,000, at a cost to the Government
 of 4 cents per pound or a total of $217,000 on the quantity
exported, or a net gain in the operation minus the cost to the Government
 of $79,783,000.
If the McNary-Haugen bill had been in operation in 1925, the
putter producer would have received the Copenhagen price of 80.425
plus the tariff of 8 cents and transportation of 1 cent, or a total of
80.515, instead of the New York price of $0.453, a gain of $0.062
minus the equalization fee on 1,195,000 pounds to be distributed
over the total production of 2,000,000,000 pounds, which would be
less than four-thousandths of 1 cent per pound. That 1s, the producer
 would have received a profit of $0.062 a pound on 2,000,000,000
pounds, or $124,000,000, less $0.062 on the 1,195,000 pounds exported
—3$74,090—or a net profit of $123,925,910.
Under the debenture plan, if in operation for the same period and
assuming that the price of the whole production is advanced equal to
the debenture, and assuming the debenture rate to be one-half of the
tariff, then the producer would have received a gain in price on the
whole production of only $80,000,000, at a cost to the Government of
% cents per pound or a total of $415,460 on the quantity exported, or
R net gain in the operation minus the cost to the Government of only
879,584,540.
If the McNary-Haugen bill had been in operation in 1926, the butter
producer would have received the Copenhagen price of $0.365 plus
the tariff of 12 cents and transportation charges of approximately
i cent, or a total of $0.495, instead of the New York price of $0.443,
a gain of $0.052 per pound or a total profit of $107,471,832. Imports
 were in excess of exports for the year, hence no equalization fee.
If the McNary-Haugen bill had been in operation in March, 1926,
the butter producer would have received the Copenhagen price of
$0.365 plus the tariff of 12 cents and transportation charges of approximately
 1 cent, or a total of $0.495, instead of the New York price
of $0.443, a gain of 5.2 cents per pound minus the equalization fee
on 298,317 pounds to be distributed over the total production of
133,992,000, which would be approximately $0.0001 a pound. That
is, the producer would have received a profit of $0.052 a pound on
133,992,000 pounds, or $6,367,584, minus $0.052 on the 298,317
»ounds exported—$815,512—or a net profit of $12,022,432.
Under the debenture plan, if in operation for the same period and
issuming that the price of the whole production is advanced equal to
he debenture, and assuming the debenture rate to be one-half of the
ariff, then the producer would have received a gain in price on the
whole production of only $124,005,960, at a cost to the Government
of 6 cents per pound, or a total of $316,800 on the quantity exported,
Or a net gain in the operation minus the cost to the Government o
SL ce vears 1924 to 1926, inclusive, operation in butter,
mder the equalization plan, the producers would have received
1fter deduction of the equalization fee, a net gain of $353,397,742,
vithout cost to the Government. Under the debenture plan, for