21 



And if I can just cite you one example that sort of undermines 

 that, I am a commodities trader. And this year alone has been the 

 most dramatic year in commodities prices in the history of this 

 country. Normally, corn trades between 2 and $3 a bushel, and it 

 stays there fairly consistently. This year, we not only broke the 

 benchmark of $4 a bushel, we went right through $5.36 a bushel. 

 And yet corn keeps trading. Well, that was a huge increase. 



Three years ago, white proso millet, which is one of the largest 

 seeds used and most popular seeds used in birdseed, went from 4 

 to $7 a hundred weight, where it usually trades to $27 a hundred 

 weight. For corn to do what white millet did, it would have to go 

 to $15 a bushel, which would be a national disaster. 



And yet at the same time, birdseed sales, which are not tracked 

 accurately enough to give you definite figures, but the industry 

 says during that same period they grew eight percent. And our fig- 

 ures, which are accurate, we grew 40 percent during the same pe- 

 riod. So the effect of this drastic change in price didn't really have 

 the impact on sales that we might have guessed. And the proposed 

 user fee levels that this initiative presents, we think that the ef- 

 fects would be negligible. 



Mr. TORKILDSEN. If I may, Chairman, just a quick follow-up. I 

 mean, when you are talking about some basic commodities, I can 

 understand that. I mean, there may not be a great elasticity of de- 

 mand. Some of these items though almost certainly will have 

 lower-priced alternatives available probably on the same store shelf 

 so I am not sure the two are similarly comparable, but I do appre- 

 ciate your comment. And I would be happy to let the questions 

 progress. Thank you. 



Mr. Saxton. Thank you very much. Mr. Longley. 



Mr. Longley. Thank you, Mr. Chairman. I would like to pick up 

 on your comment, Mr. Eubanks, and maybe could you discuss what 

 is happening — to do with the ranch lands in Texas and give me 

 maybe some examples of how the State is diversifying, using a pri- 

 vate sector model? 



Mr. Eubanks. Yes. I would love to. Among the legislation the 

 State of Texas passed in the last session, and, as you know, we 

 meet only every other year in the State of Texas, was a constitu- 

 tional amendment which extends to private landowners the same 

 ad valorem tax benefit as received for an agricultural exemption if 

 you maintain your land for wildlife. Now we have ranchers who 

 want to start making conversions, lowering stocking rates, and ex- 

 panding into tourism. 



Well, let me give you an example of one ranch. Consider the King 

 Ranch, a rather immense ranch in the State of Texas. Ranch offi- 

 cials have stated that the future of the King Ranch is in resource- 

 based activities, such as resource-based tourism. They believe this 

 for a very simple reason. Cattle raising, agriculture, and oil and 

 gas revenues are going to pay the bills to keep that ranch in exist- 

 ence. Profits are going to come from recreation. 



The ranch that adjoins the King, the Kennedy Ranch, has 

 500,000 acres. It is owned by the Catholic Diocese of Corpus Chris- 

 ti. Ther Kennedy Ranch is already expanding into nature-based 

 tourism, again, with the same basic approach. This is a menu or 



