The sale, he continued, would be made for cash at a minimum price equal to the world price, less the Government's carrying charges for eighteen months. Thus, the actual minimum price would be some $6 per bale below that of the world market.
Buyers, he added, must agree io store the cotton for a period of at least five years, as a reserve supply not to be drawn upon except in case of war.
He also stated that negotiations were underway with another country for a similar sale.
Senator Byrnes originally introduced the Enabling Bill authorizing the Commodity Credit Corporation to sell agricultural commodities abroad for reserve storage.—Reuter.
Government that id would ment dee.
Text read from the printed page and cleaned; old type leaves the occasional error.