Appropriation for Retirement of 1933 Cotton Pool Participation Trust Certificates: Hearings ... 75th Congress, 3d Session, on the Estimate in House Document No. 535 and on H.J. Res. 6161938 - 31 pages |
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Page 4
... profit of 5.38 instead of the 6 cents which they might have taken in cash ? Mr. TAPP . No. Let me illustrate that in this way . Let us take a farmer who was offered a cash payment on say 10 acres of cotton . He would have gotten a cash ...
... profit of 5.38 instead of the 6 cents which they might have taken in cash ? Mr. TAPP . No. Let me illustrate that in this way . Let us take a farmer who was offered a cash payment on say 10 acres of cotton . He would have gotten a cash ...
Page 11
... profit . Mr. LAMKIN . The Government would have suffered a loss , because we would have produced probably a 15- or 16 - million - bale crop in 1933 and cotton would have been almost valueless . That is what would have happened . Mr ...
... profit . Mr. LAMKIN . The Government would have suffered a loss , because we would have produced probably a 15- or 16 - million - bale crop in 1933 and cotton would have been almost valueless . That is what would have happened . Mr ...
Page 12
... profit ; and in view of the fact that the Government is under no legal obligation to spend further money in this way ; tak- ing into consideration the fact that neither the House nor the House Committee on Agriculture approved this ...
... profit ; and in view of the fact that the Government is under no legal obligation to spend further money in this way ; tak- ing into consideration the fact that neither the House nor the House Committee on Agriculture approved this ...
Page 15
... profit . You stated just now that you had a loss of $ 450,000 . How do you har- monize those two statements ? Mr. TAPP . You are dealing with two accounts , Mr. Chairman . The profit of $ 1,800,000 was in the Secretary's account , and ...
... profit . You stated just now that you had a loss of $ 450,000 . How do you har- monize those two statements ? Mr. TAPP . You are dealing with two accounts , Mr. Chairman . The profit of $ 1,800,000 was in the Secretary's account , and ...
Page 17
... profit on their cotton above the 10 cents a pound . Their certificates were also taken up and canceled . So you had all of the obligations that the Government put out brought in and canceled with the exception of those people who still ...
... profit on their cotton above the 10 cents a pound . Their certificates were also taken up and canceled . So you had all of the obligations that the Government put out brought in and canceled with the exception of those people who still ...
Common terms and phrases
4-cent distribution acres of cotton Agricultural Adjustment Act BACON bales of cotton borrowed brown certificate Budget BUELL SNYDER C-5-I certificate canceled CANNON carrying charges cash option cash payment cents a pound cents per pound certificate holders CHAIRMAN CLARENCE CANNON Congress cotton option cotton pool participation cotton producers crop Department of Agriculture entitled estimate of appropriation farm bill Farm Board Farm Credit Administration figures Futures contracts gotten House committee JOHN TABER JOHNSON June 30 LAMKIN legislation lint cotton liquidated loss LOUIS LUDLOW LUDLOW MCMILLAN option contract option cotton Oscar Johnston participation trust certificates PEYTON plowed pool account pool members pool participation trust pooled cotton pounds of lint profit proposition retirement of cotton Secretary of Agriculture Secretary's account Secretary's cotton account selling Senator BANKHEAD Senator SMITH seven-eighths-inch Middling TABER TAPP third bite three bales took the cash transferred Treasury WIGGLESWORTH
Popular passages
Page 2 - The details of this supplemental estimate of appropriation, the necessity therefor, and the reason for its transmission at this time are set forth in the letter of the Acting Director of the Bureau of the Budget, transmitted herewith, with whose comments and observations I concur. Respectfully, FRANKLIN D. ROOSEVELT. BUREAU OF THE BUDGET. Washington, March X, 19&.
Page 29 - No; it is more than an accounting problem. It is an administrative problem. It is a matter for the Secretary of Agriculture to determine ultimately the extent to which certain items that are credited in the Secretary's so-called private account are pool items. My personal opinion, as manager of the pool and as a lawyer, is that when the pool is liquidated every dime over and above the amounts required to pay the Treasury of the United States the amount advanced and to pay the operating costs is entitled...
Page 3 - Agriculture may, in his discretion, from time to time make payments on said construction as the same progresses, but these payments, including previous payments, if any, shall not be more than the United States...
Page 25 - FOR IT, AND ESTIMATED LOSSES The following table shows the number of bales of spot and futures cotton delivered by the American Cotton Cooperative Association, the Staple Cotton Cooperative Association, and the Cotton Stabilization Corporation to the Farm Credit Administration, and transferred to the Secretary of Agriculture during 1933. The revolving fund, established under the Agricultural Marketing Act, had loans on this cotton. The following shows the cost of cotton, the credits applicable to...
Page 3 - Department to recondition building ways and provide equipment and facilities for the construction of naval vessels at navy yards, as authorized by the above-mentioned act. The estimates of appropriation submitted herewith are to provide funds toward the construction of naval vessels authorized by legislation enacted since the transmission of the Budget for the fiscal year ending June 30, 1930. I recommend that the estimates be transmitted to Congress. Very respectfully submitted, HM Lout).
Page 3 - Provided, That the Secretary of Agriculture may, in his discretion, from time to time transfer to the General Accounting Office such sums as may be necessary to pay administrative expenses of the General Accounting Office in auditing...
Page 24 - Government of the cotton delivered to the Secretary of Agriculture under the Agricultural Adjustment Act of 1933, I am enclosing a memorandum on this subject which I believe is self-explanatory.