The board vailing prices for the commodity covering a period of years of sufficient length to serve as a basis to calculate the risk and fix the premium for the insurance. The agreements shall require payment of premiums so fixed and shall include such other terms as, in the judgment of the board, are necessary. may make advances from the revolving fund to meet obligations under any insurance agreement, but such advances together with the interest thereon shall, as soon as practicable, be repaid from the proceeds of insurance premiums. ADMINISTRATIVE APPROPRIATION SEC. 12. For expenditures in executing the functions vested in the board by this act (including salaries and expenses of members, officers, and employees of the board and per diem compensation and expenses of the commodity committees), incurred prior to July 1, 1930, there is hereby authorized to be appropriated the sum of $1,500,000. No part of the moneys appropriated in pursuance of this authorization shall be available for expenditures, including loans and advances, for the payment of which the revolving fund or insurance moneys are authorized to be used. AVOIDANCE OF DUPLICATION SEC. 13. (a) The board shall, in cooperation with any governmental establishment in the Executive branch of the Government, including any field service thereof at home or abroad, avail itself of the services and facilities thereof in order to avoid preventable expense or duplication of effort. (b) The President may by Executive order direct any such governmental establishment to furnish the board such information and data as such governmental establishment may have pertaining to the functions of the board; except that the President shall not direct that the board be furnished with any information or data supplied by any person in confidence to any governmental establishment in pursuance of any provision of law or of any agreement with a governmental establishment. (c) The board may cooperate with any State or Territory, or department, agency, or political subdivision thereof, or with any person. (d) The board shall, through the Secretary of Agriculture, indicate to the appropriate bureau or division of the Department of Agriculture any special problem on which a research is needed to aid in carrying out the provisions of this act. (e) The President is authorized, by Executive order, to transfer to or retransfer from the jurisdiction and control of the board the whole or any part of (1) any office, bureau, service, division, commission, or board in the executive branch of the Government engaged in scientific or extension work, or the furnishing of services, with respect to the marketing of agricultural commodities, (2) its functions pertaining to such work or services, and (3) the records, property, including office equipment, personnel, and unexpended balances of appropriation, pertaining to such work or services. EXAMINATION OF BOOKS AND ACCOUNTS OF BOARD SEC. 14. Vouchers approved by the chairman of the board for expenditures from the revolving fund pursuant to any loan or advance or from insurance moneys pursuant to any insurance agreement, shall be final and conclusive upon all officers of the Government; except that all financial transactions of the board shall, subject to the above limitations, be examined by the General Accounting Office at such times and in such manner as the Comptroller General of the United States may by regulation prescribe. Such examination, with respect to expenditures from the revolving fund pursuant to any loan or advance or from insurance moneys pursuant to any insurance agreement, shall be for the sole purpose of making a report to the Congress and to the board of expenditures and of loan and insurance agreements in violation of law, together with such recommendations thereon as the Comptroller General deems advisable. MISCELLANEOUS PROVISIONS SEC. 15. (a) As used in this act, the term "cooperative association means any association qualified under the act entitled "An act to authorize association of producers of agricultural products," approved February 18, 1922. Whenever in the judgment of the board the producers of any agricultural commodity are not organized into cooperative associations so extensively as to render such cooperative associations representative of the commodity, then the privileges, assistance, and authority available under this act to cooperative associations, shall also be available to other associations and corporations producer-owned and producer-controlled and organized for and actually engaged in the marketing of the agricultural commodity. No such association or corporation shall be held to be producer-owned and producer-controlled unless owned and controlled by cooperative associations as above defined and/or by individuals engaged as original producers of the agricultural commodity. (b) It shall be unlawful for any member, officer, or employee of the board to speculate, directly or indirectly, in any agricultural commodity or product thereof, or in contracts relating thereto, or in the stcok or membership interests of any association or corporation engaged in handling, processing, or disposing of any such commodity or product. Any person violating this subdivision shall upon conviction thereof be fined not more than $10,000, or imprisoned not more than ten years, or both. (c) It shall be unlawful (1) for any cooperative association, stabilization corporation, clearing house association, or commodity committee, or (2) for any director, officer, employee, or member or person acting on behalf of any such association, corporation, or committee, to which or to whom information has been imparted in confidence by the board, to disclose such information in violation of any regulation of the board. Any such association, corporation, or committee, or director, officer, employee, or member thereof, violating this subdivision, shall be fined not more than $5,000, or imprisoned not more than five years, or both. (d) That the inclusion in any governmental report, bulletin, or other such publication hereafter issued or published of any prediction with respect to cotton prices is hereby prohibited. Any officer or employee of the United States who authorizes or is responsible for the inclusion in any such report, bulletin, or other publication of any such prediction, or who knowingly causes the issuance or publication of any such report, bulletin, or other publication containing any such prediction, shall, upon conviction thereof, be fined not less than $500 or more than $5,000, or imprisoned for not more than five years, or both: Provided, That this subdivision shall not apply to the members of the board when engaged in the performance of their duties herein provided. (e) If any provision of this act is declared unconstitutional, or the applicability thereof to any person, circumstance, commodity, or class of transactions with respect to any commodity is held invalid, the validity of the remainder of the act and the applicability of such provision to other persons, circumstances, commodities, and classes of transactions shall not be affected thereby. (f) This act may be cited as the "agricultural marketing act." Approved, June 15, 1929. An act approved on March 4, 1931, contained a section, to be effective immediately, in which the agricultural marketing act was amended by adding the following as a subdivision of section 15: (g) As used in this act, the term "agricultural commodity" includes, in addition to other agricultural commodities, crude gum (oleoresin) from a living tree, and the following products as processed by the original producer of the crude gum (oleoresin) from which derived: Gum spirits of turpentine and gum rosin, as defined in the naval stores act, approved March 3, 1923. APPENDIX B TABLES RELATING TO LOAN OPERATIONS TABLE 1.—Disposition of applications for loans, classified by commodities, from July 1, 1930, to June 30, 1931 In addition, the board received and/or considered applications for loans submitted by nationals and/or regionals from member associations which, classified by commodities, were disposed of as shown in the table below: TABLE 2.—Disposition of applications for loans (expressed in dollars), classified by commodities, from July 1, 1930, to June 30, 1931 Cotton stabilization... Grand total.. Dollars 93, 885, 633. 33 1,566, 000.00 1, 265, 000. 00 40, 021, 411. 06 40,000.00 380, 500.00 7,548,000.00 438,000.00 200,000.00 1, 001, 300. 00 1, 527,000.00 1,473, 000.00 605, 000. 00 265, 272. 15 150, 000. 00 5, 531, 800.00 19, 222, 500.00 Dollars 85, 921, 230. 68 12, 389, 200. 00 832, 000. 00 7, 350, 000. 00 790, 800.00 Dollars 2, 595, 402. 65 66,000.00 6, 403, 680. 00 353,000.00 40,000.00 343,000.00 8,000.00 1,500, 000. 00 30, 000. 00 628, 030.26 85,000.00 60, 000. 00 20,000.00 160, 000.00 37,500.00 190,000.00 43,000.00 150, 000. 00 4,000.00 100, 000. 00 40,000.00 50,000.00 106, 500.00 929, 000. 00 1,323, 000. 00 150, 000. 00 5,431, 800. 00 15, 347, 357. 21 207, 303, 951. 80 178, 919, 587. 60 1150, 000, 000. 00 120, 318, 855. 05 194, 939, 195. 97 191, 049, 453. 86 552, 243, 147. 77 490, 287, 896. 5119, 575, 833. 94 21, 717, 917. 32 150, 000. 00 5,511, 500.00 1 $15,000,000 of the amount applied for on this application was approved on June 30, 1930, as set forth in previous report. In addition, the board received and/or considered applications for loans in the following amounts submitted by nationals and/or regionals from member associations which, classified by commodities, were disposed of as shown in the table below: 2 TABLE 3.-Disposition of applications for loans, classified by sections of the act under which loans were requested, from July 1, 1930, to June 30, 1931 In addition, the board received and/or considered applications for loans submitted by nationals and/or regionals from member associations which, classified by sections of the act, were disposed of as shown in the table below: TABLE 4.-Disposition of applications for loans (expressed in dollars), classified by sections of the act, July 1, 1930, to June 30, 1931 Grand total... Dollars 95, 377, 258. 21 Dollars Dollars 6, 997, 191. 15 1, 492, 000. 00 8,000.00 83, 893, 615. 42 11,078, 642. 79 207, 303, 951. 80 178, 919, 587. 60 19, 575, 833. 94 1344, 939, 195. 97 311, 368, 308. 91 Dollars Dollars Dollars 766,000.00 25,000.00 5,426,500.00 2,076, 030. 26 25, 000. 00 305,000.00 100, 000. 00 85,000.00 3, 147, 030. 26 150, 000.00 5,511, 500.00 18, 570, 887. 06 552, 243, 147.77 490, 287, 896. 51 19, 575, 833. 94 21, 717, 917. 32 150, 000. 00 5,511, 500.00 1 $15,000,000 of the amount applied for by Cotton Stabilization Corporation was approved on June 30, 1930. In addition, the board received and/or considered applications for loans in the following amounts submitted by nationals and/or regionals from member associations which, classified by sections of the act, were disposed of as shown in the table below: 2 |