696 GEXERAL FARM PROGRAM 



Mr. Hughes. So as to know before they plant their wheat or 

 make preparations whether or not they are going to have to go 

 under market quotas in the event tliey pass. 



Mr. Sutton. I beheve all of the men in this group are Farm 

 Bureau representatives. Did you sit in on the National Farm 

 Bureau meeting when they adopted the resolution endorsing the 

 Aiken bill, the Agricultural Act of 1948, and the preceding statement 

 the day before you made the recommendation? 



Mr. Hughes. M-liat meeting do you refer to? 



Mr. Sutton. The meeting where they adopted the resolution 

 endorsing the Agricultural Act of 1948 for flexible price supports. 



Mr. Hughes. I was present at the meeting. I was not a voting 

 delegate nor had anything to do with that particular part of the 

 determination of policy. 



IVIr. Sutton. But you were at that meeting when the matter was 

 discussed? 



Mr. Hughes. I was at the meeting. 



Mr. Sutton. I have asked this before and never gotten an answer. 

 Was that a unanimous decision by the Farm Bureau? 



Mr. Hughes. I am afraid I cannot answer that question, because 

 I was forced to leave before the actual voting was done on that issue. 

 I returned to Washington 



Mr. Sutton. But being present at that time, I would like to ask 

 this. I know they are going to ask me the reason I am asking and 

 will carry on a little over there when I do ask the question, but was 

 the Board of Trade of Chicago or the Board of Trade of Omaha 

 sitting in on that meeting? 



Mr. Hughes. I would not know. 



Mr. Sutton. I gather you are for the flexible price support on 

 wheat set out in the Aiken bill. 



Mr. Hughes. In my personal opinion, yes. 



Mr. Sutton. Do you not think that will make the price of wheat 

 fluctuate up and down to where the board of trade can actually 

 speculate, which is what this committee does not want it to do and 

 uhat the better farmers all object to? 



Mr. Hughes. I do not believe it would. You have that regard- 

 less of whether you have the mandatory support or flexible support. 

 It is based on supply. I could refer you to a break of 10 cents in a 

 day in recent months, for instance, when we have a mandatory rate. 



Mr. Sutton. In recent months? 



Mr. Hughes. Yes — very recently. I believe it was either in 

 January or February that it broke about 15 percent in 2 days. 



Mr. Sutton. And we have had occasions before when there was 

 speculation by the board of trade and others, with the result that the 

 farmers caught the brunt of it. 



Mr. Hughes. Yes. 



Mr. Sutton. Do not you think, if wo have a flexible price on wheat, 

 corn, and the other basic commodities, we are still going to have a 

 fluctuation in price and also speculation by big business, with the 

 result that the farmer is stil] going to catch a slap in the hack? 



Mr. Hughes. I imagine you would to some extent. However, I do 

 not believe you would avoid that by the institution of mandatory sup- 

 ports. 



