BALES OF CCKLE BASIS Mr. Secretary, we mured you here to tease for years this committee has operated as almost a one route the wilderness, insisting that the Commodity Credit Corporate charter authorized the sale of these commodities which the Government was holding off of the market. We have consistently pointed out that the charter of the Corporation not only authorized sale of those commodities on a competitive basis, but contemplated it. You will recall that for several years we had discussions with you and your Department as to why you didn't use that authority. As I recall it, your answer was that you were not fully aware that the authority existed. This is a matter of record. The statement on cotton was made by yourself after it was shown that you were selling all other 19 commodities competitively but you were holding the cotton off the world market, reducing acreage of American markets all at the same time on cotton, when it was being expanded in foreign countries. We had an investigation which showed the interest of the Bank of America in California; Anderson and Clayton and other big operators. I would like to have the highlights of that investigation to be disclosed in the record. (The highlights are as follows:) In those countries outside of the Western Hemisphere which show important Increases in agricultural production, the main contribution made by U.S. private capital appears to be the introduction, sales, or financing of modern agricultural Id processing machinery, U.S. improved varieties of cottonseed, hybrid corn, other seeds, and the furnishing of technical assistance. Mexico, where U.S. investments are largely credited with the very great in cotton production since 1950-51 it is reported that a majority of the ns are owned or controlled by American interests. Many U.S. cotton her establishing new gins or buying up the few remaining MexicanThe Murray Co. of Texas, Inc., a large gin machinery manuexports to Mexico in 1955 will include 40 complete cotton DON & TOM STEE e world's largest merchandiser of cotton, had an Mexican plants and equipment as of July 31, es in Peru, Brazil, Argentina, Paraguay, ston & Co. include 15 cotton com 112 cotton gins, the majority of Marton & Co. operations in Nat the growth of the activities of this Any, Em makes enberg sted that growths. operates 8 ually. subsidiaries ico and expects 1954-55. Meir locations and a rs and cooperative t1000 bales of atemala, sidiary |