The Lancaster news. [volume] (Lancaster, S.C.) 1905-current, 1922-03-07

or depreciation due to use or wear
OF buildings. machinery and equip
ment or to the action OF the ele-
ments. nor shall any claim be made
for losses In or diminution OF
quantity OF tools aud supplies due to
upkeep and maintenance during the
period between the date hereof and
the date OF delivery OF possession of
said property; 1t being further un-
derstood that no inventory OF the
! property need be taken, but that
| due care will be exercised by the
United States in preserving and
safeguarding the aforesaid real and
personal property intact until pos
session thereof passes to the COM
pany II any part or parts OF the
aforesaid plants necessary for prop
er operation Of same have been re-
moved by the United States, said
part or parts shall be returned when
possession OF said plants passes to
the company. Deeds OF conveyance
OF real property shall warrant the
title to be good and unincumbered.
IA. The company agrees to op-
crate Nitrate Plant No. 2 at the ap-
proximate present annual capacity
OF its machinery and equipment in
the production OF nitrogen and other
fertilizer compounds ,said capacity
being equal to approximately one
hundred ten thousand (11O,00o)
tons OF ammonium nitrate per an
num) throughout the lease period,
except as 1t may be prevented by
strikes, accidents, fires or other
causes beyond its control. and fur
ther agrees:
(a) To determine by research
whether by means Of electric fur
mace methods and industrial chemis-
try there may be produced on a COM
mercial scale fertilizer compounds
OF higher grade and at lower prices
than fertilizer-using farmers have
in the past been able to obtain, and
to determine whether in broad
way the application of electricity
and industrial chemistry may ac-
complish for other industries.
(b) To maintain Nitrate Plant
No. 2 in its present state of readi-
ness or its equivalent, for imme-
date operation, in the manufacture
OF materials necessary in time OF
war for the production OF explosives
Is. In order that the farmers
may be supplied with fertilizers at
fair prices and without excessive
profits. the company agrees that the
maximum net profit which it shall
make in the manufacture and sale
OF fertilizer products at Nitrate
Plant No. shall not exceed eight
per cent (S per cent? Of the actual
annual cost OF production thereof
In order that this provision knay' be
carried out the company agrees to
the creation of board OF not more
than nine co. voting members
chosen as follows: The three CD
leading representative farm organi-
zations. national In fact. namely:
The American Farm Bureau Fedora
tion. the National Grange, the Far
mers Educational and Cooperative
Union OF America Cor their success
sors) shall each designate not more
than seven (7) candidates for said
board. The President shall nomfn-
ate for membership on this board
not moro than seven (7) Of these
candidates. selected to give repre-
sentation to each OF the above men
toned organizations, said nomina-
tions to be made subject to confirm
alton by the senate. and there shall
be two voting members OF said board
selected by the company. A repre-
sentative OF the Bureau OF Markets.
Department OF Agriculture. or its
legal successor, to be appointed by
the President. shall also be a MEM
ber OF the board serving in an ad-
visory capacity without the right
to vote. The said board shall de-
termine what has been the cost OF
manufacture and sale of fertilizer
products and the price which has
been charged therefor, and IL nee
essary for the purpose Of limiting
the annual pront to eight per cent
g per cent? as aforesaid. shall
regulate the price at which said fer
tiliser may be sold BY the company.
For these purposes. said board shall
have access to the books and records
OF the company at any reasonable
time. The said board shall also de-