AND RAW MATERIALS HEARINGS BEFORE THE COMMITTEE ON AGRICULTURE AND FORESTRY SIXTY-EIGHTH CONGRESS FIRST SESSION ON S. 2710 A BILL TO FINANCE THE EXPORTATION OF AMERICAN RAW MATERIALS APRIL 2 AND 3, 1924 Printed for the use of the Committee on Agriculture and Forestry EXPORTATION OF AGRICULTURAL PRODUCTS AND RAW MATERIALS WEDNESDAY, APRIL 2, 1924 UNITED STATES SENATE, COMMITTEE ON AGRICULTURE AND FORESTRY, Washington, D. C. The committee met, pursuant to call, at 10 o'clock a. m., in room 326 Senate Office Building, Senator George W. Norris presiding. Present: Senators Norris (chairman), McNary, Capper, Gooding, Ladd, Harreld, McKinley, Smith, Ransdell, Kendrick, Harrison, Heflin, Ralston, and Johnson. Present also: Senator Nathaniel B. Dial, of South Carolina. The CHAIRMAN. We were to consider this morning Senator Dial's bill, S. 2710. I will ask the reporter to put the bill in the record. (The bill referred to is here printed in full, as follows:) [S. 2710, Sixty-eighth Congress, first session] A BILL To finance the exportation of American agricultural products and raw materials Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Secretary of the Treasury, the Alien Property Custodian, and three additional persons, who shall be the directors first appointed as hereinafter provided, are hereby created a body corporate and politic in deed and in law by the name, style, and title of the "Alien Property Trade Investment Corporation, herein called the corporation, and shall have succession for a period of five years, or for a less period if the President of the United States by proclamation shall fix an earlier date for the dissolution of the corporation. SEC. 2. That the authorized capital stock of the corporation shall not be in excess of $150,000,000, all of which shall be subscribed by the Alien Property Custodian, and such subscription shall be subject to call in whole or in part upon the vote of three-fifths of the board of directors of the corporation, with the approval of the Secretary of the Treasury, at such time or times as may be deemed advisable, and the Alien Property Custodian is hereby authorized to withdraw from the Treasury of the United States said sum of $150,000,000, or so much thereof as may be necessary for the purpose of making payment upon such subscription when and as called, out of money deposited in the Treasury of the United States by the Alien Property Custodian pursuant to the provisions of the trading with the enemy act, or out of the interest or other income earned on such deposits prior to March 3, 1923: Provided, That those whose property created the fund so deposited consent, through their respective governments, to such use of said moneys. Receipts for payments by the Alien Property Custodian for, or on account of, such stock shall be issued by the corporation to the Alien Property Custodian, and shall be evidence of stock ownership. SEC. 3. That the management of the corporation shall be vested in the board of directors, consisting of the Secretary of the Treasury, who shall be chairman of the board, the Alien Property Custodian, and three other persons to be appointed by the President of the United States, by and with the advice and consent of the Senate. No director, officer, attorney, agent, or employee of the corporation shall in any manner, directly or indirectly, participate in the determina 1 |