GENERAL FARM PROGRAM 



1135 



as well as we do. We have a difficult time mo-ving that wool at any 

 of tSe favorable advantages that a private trader in that commodity 

 would have. 



. Mr. Hill. One other question. When you put those figures in the 

 record, can you bring us up somewhere near to the 1st of January or 

 the 1st of May this year with the amount of wool you have in storage 

 in pounds? 



Secretary Bkannan. Yes; we can do that. 



Mr. Hill. So, we can tell somewhere near whether the $19,000,000 

 is for I year or whether it is not. In other words, then, the figures 

 will be worth something. We do not know what you have on hand 

 or the price the wool is apt to sell at. 



Secietary Bkannan. Let me say that we are prepared to answer 

 all of these questions to the best of our ability. 



Mr. Pace. Mr. Secretary, of course, you realize we cannot spend 

 too much time on past losses, but I will ask that you have prepared 

 and submitted by tomorrow morning a statement of losses and so 

 forth and the supplies up to as late a date as possible. 



Secretary Brannan. We can come up fairly currently on that. 



(The information referred to is as follows:) 



Wool: Eslimated distribution ^ of wool-purchase program results from April 1943 

 through April 30, 1949, and valuation reserve for ivool in inventory as of April 30, 

 1949, according to clips for 1947 and prior years, 1948, and 1949 



Clip years 



Program loss | Program loss Program loss 

 from April 1943 .from Jan. 1, 1948 from Jan. 1, 1949 

 to Dec. 31, 1947 ,to Dec. 31, 1948 2 to Apr. 30, 1949 2 



Valuation re- 

 serve as of Apr. 

 30, 1949 3 



Total loss and 

 reserve 



1947 and prior-year 

 clips 



1948 clip 



1949 clip 



$56, 885, 492. 42 



56, 885, 492. 42 



$17,930,194.91 $2,066,713.06 

 1,144,480.53 2,066,713.06 



$4, 219, 000. 00 



3, 164, 000. 00 



731, 000. 00 



$81, 101, 400. 39 



6, 375, 193. 59 



731, 000. 00 



19, 074, 675. 44 4, 133, 426. 12 



8, 114, 000. 00 



88, 207, 593. 98 



1 The total loss shown represents the amoimt actually recorded for the whole period, but the distribution 

 according to clip has been estimated on the basis of pounds bought, sold, and in inventory and does not 

 represent recordings of losses against programs in the records of the Commodity Credit Corporation. 



2 Distributed on basis of pounds of wool sold according to clips. 



' Distributed on basis of pounds of appraised wool in inventory according to clips. 



Mr. Hope. Is there any way of breaking that down so as to show 

 the losses for the wool clip of any particular year? The reason I ask 

 that question is that we have a statement from the Secretary as to 

 what it would cost to support the price of wool by the payment plan 

 for a year. 



Is there any way that these figures can be broken down by years so 

 that we can make a comparison as to the difference in the cost of 

 supporting wool by one method as compared with the other method? 



Mr. Pace. Mr. Woolley says that can be done. 



Secretary Braxnan. It can be done, but, Mr. Hope, the reason I 

 felt at liberty to use the $19,000,000 figure is because it is a continuing 

 figure. We have been in that area for the last several years, which 

 would indicate that that woidd just about average out for any specific 

 year. That is the reason I felt at liberty to use the figures. 



(The information referred to is as follows:) 



The total appraised and unappraised wool on hand April 30, 1949, was 86,- 

 583,252 pounds. Assuming no marked changes in wool prices generally, the 



