The Jones County news., 1921-09-15

By EDWARD a clAeN
Washington Seemingly nft'als ~
government dlrteily taArka uith ths
svort 10 Administering itc AsfitultNfS'
relief act which Was passed ay ccn.
gress end approved - iNe s'scsi.ieo'
recently. hciicAe that she IexlsiauoA
Is TO bring some y iho results Witch
are desired. fsxpcrlenee al0no preh.
ably win detersnlhr the outccme. pti
the War Finance corporation Is PLAN
ming the work aud ls expressing tnu.
hdence ih real Accomplishment
Eugene Mover, Jr is tho managing
director of The War Finance corpo-
ration. His views on the agricultural
relief act ought to be of interest. for
I his organization Is charged with the
I work Of lts administration His Views,
70 be approved, or perhaps combatted,
according 70 the viewpoint. are as fol-
lows
''The agricultural relief act Is a
measure Of great Significance 20 our
agricultural interests. IL is very
constructive piece Of legislation. and,
la my opinion is thoroughly workable
from the Administrative point Of view.
II recognizes the new conditions ex-
listing In our international and domes-
tic trade and aims 70 meet these CON
ditions by giving the War Finance
corporation power TO assist In financ-
ing the carrying Of agricultural COM
modlties until they can be marketed
IN an orderly why.
THE Inability and unwilllngness Of
foreign merchants and manufacturers
to purchase the greater part Of their
requirements for the years during the
period Immediately following the bar
vesting Of our crops, as they are ac-
customed TO do IN normal times,
coupled with the failure OF our own
merchants and manufacturers to car
ry normal stocks, has brought about
situation which makes It necessary
for us TO market our staple agricul-
tural products over longer period
than usual.
Cotton Situation an Example.
"This situation Is clearly indicated
In the following extract from a report
from an investigator Of the Depart.
ment Of Agriculture, who is now in
Europe studying the markets there fol
American agricultural products:
"rhe cotton merchants over here II
the countries visited do not think I
sound business for American shipper
or banks TO advance too much credi
/ to the cotton mills. They say tina
the mills can arrange the necessar
G credits with local banks TO buy cotto
If only they can show an outlet 70
, the goods; that extending liberal cred
It from America will tend to increas
the risks assumed by the mill and ma!
lead to speculative ventures on tn,
part Of the MILLS.
1.-THE merchants point out that milli
should buy cotton only MS they ar'
able TO sell goods prohtahly and theI
that the mill should cover its require
ments with cotton close at hand. They
80 SO far as 20 say that the merchant
should sell cotton on call for the mill
10 fix the price when the goods are
sold. This suggestion seems unsount
to me, as it involves too great a risk
for the seller. making him take
chances which rightfully fall on the
manufacturer But at any rate the
suggestion that reasonable stocks
should be placed IN the leading Euro
pean markets and hedged In dollars
seems sound.
Exchange Rate lnterfercs.
"The price can be fixed when the
sale is consummated and at a rate OF
exchange which is taken into consid
Grafton when the price is determined
These merchants point out that they
cannot carry large stocks as in former
years as change in the rate Of ex
change might cause serious losses,
and that therefore they must Of neces
sity buy cotton only as 1t Is needed
II they follow ont this plan II vii
mean safe business TO European mills
but a slow and long drawn-out cottoI
season back in America, and cottoI
growers might as well make thei
plans TO market their crop gradual.
as the demand warrants.
"The pressing need at the presen
time, therefore, is for additional IA
cilitles to finance our staple agricul
tural products so that they can b
marketed more gradually than for
merly. The agricultural relief &C
aims to provide these facilities alon
sound lines, and In way that Wi
be helpful not only TO the producer
J themselves, but also 70 the who'll
business Of the country.
1T should be clearly understoo
, that the act Is an emergency measur'
, designed 10 meet the nbnornal cond
tions now confronting u.s. Ezperieue
In connection with It's adusiniasrafioi
however, should enable ua to 0efe
. mine to what extent. II any. ndd
! tional financial machinery 81 ps
manent character is necessary - tab
. care OF the marketing of our afnpl
! agricultural products ~ an prdsfi
way under normal conditions"
Conference on Unemployment
There VIII be held IN Wazisiol
/. ton shortly meeting o. men
make what is called IAN intensi'