m 



P 



Butter and cheese set aelde . The War Food Administration has reserved U5 

 percent of JuXy and 30, percent of August "butter production and 60 percent of July 

 and August Cheddar cheese production for direct war usee. Civilians will receive 

 atout the same quantity of "butter from July and August production as from May and 

 June production, "but they are expected to get somewhat more Cheddar cheese from July 

 and August production than the average supply that has "been available to them in the 

 past 12 months. 



i ' ■ " 



Incentive payments for harvesting seeds . The House of Representatives has 

 approved a fund of $12f million for incentive payments for the harvesting of seeds 

 of grasses and legumes. 



Army trucks and agricultural machinery for farmers . James F. Byrnes, War Mo- 

 bilization Director, said that 10 thousand surplus amy trucks and an unstated amount of 

 surplus agricultural machinery now at fioiay depots are ready for disposal to farmers 

 under allocations to he "based on information obtained by state and county Agricul- 

 tural Adjustmont Adminietration conmiittees. 



What others say . Claude Wlckard, Secretary of Agriculture, said that peace- 

 time farm production of 50 percent more than prewar levels is a decided poseibility 

 and may pose a serious surplus problem. He was talking to regional directors of the 

 Farm Credit Administration at Kansas City June 15. Mr. Wlckard thought that the 

 greatly increased production after the war is a wonderful prospect but wondered what 

 we are going to do with that quantity of farm products. Even with a normal increase 

 in our population, there would still be about 10 percent of our production left for 

 export. This would be more than we exported before the war. 



Chester Bowles, Price Administrator, asked industry to price its postwar 

 output low enough to tap mass markets. He indicated that it is only these markets 

 that keep our vast production capacity in operation and that unless industry follows 

 this policy vigorously there is little prospect of maintaining a high level of na- 

 tional income and production. He argued for flexibility in the price structure, 

 although continuing to seek stability of the general price level while maintaining 

 a reasonable balance of the price level with costs. 



Leonard Spangenberg, vice president of Babson's Reports, said June 19 that 

 history's worst depression is scheduled for 1950. He predicted excellent business for 

 three or four years after the war but said, "You can't legislate out a depression, 

 for the law of supply and demand is on the statute books for keeps." He named good 

 stocks and real estate as best current Investments. 



U. S. Income and its use in 19^4-3 . The following table of statistics gives 

 a comparison of incomes received by people of the United States in 19^3 and 19^2 and 

 how people used their incomes. ^ 



Full year 

 / 191^2 19^3 



1. Income, expenditures and taxes (in bllllonfl of dollars) 

 of individuals 

 Total Income payments II6.6 1U2.3 



Personal taxes (federal, state 



and local) 6«6 , 1°'?. 



Income after taxes (disposable income) 110.0 12li-.0 



Spent on goods and services 82.0 91*0 



Inccxne over taxes and spending (a) 28,0 33*0 



