Publisher's Synopsis
Excerpt from Financing Agriculture During the Emergency
The more orderly marketing of our crops, which is neces sary to meet the changed conditions of the consuming foreign markets and of our own markets, is one of the subjects which may well occupy the attention of this meeting. We must recognize the necessity of selling our agricultural products more gradually than we did in former years, and the cor responding necessity of carrying our commodities for a longer period of marketing. We need the machinery that will make possible a twelve months' marketing of our annual produc tion. If we provide financing for the gradual marketing of our commodities, we will be doing only what any sensible merchant would do in handling his business.
Before the war, the bulk of our agricultural exports went forward within a short period after the harvest, but this is no longer the case; and we have here a concrete problem which calls for careful consideration. To be specific, in the years before 1914, about eighty per cent of the cotton exported and I believe this to be true also of other agricultural prod ucts - was sent abroad during the six months after the open ing of the harvest. In recent years, the figures indicate that only fifty per cent of our annual exports have gone forward in the same period. In other words, the foreigner is not buy ing ahead, and we must carry our agricultural products for a longer period. This fact must be recognized and our financing activities and our warehousing facilities must be organized to meet it. It may mean longer rediscounts with the Federal Reserve System, or it may mean new agencies if these longer rediscounts are not deemed suitable to the strue ture of that System.
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