Washington, Mar. 29.
Declaring that "the cotton situation requires prompt and effective action," President Roosevelt yesterday outlined four objectives for the orderly disposal of surplus stocks now totaling 11,000,000 bales.
"Foreign cotton is underselling our cotton in world markets and is likely to continue to do so until we restore American cotton to a normal competitive position," Mr. Roosevelt said.
The four objectives as outlined by the President were:
1. The orderly merchandising of maintenance by the United States ofa fair share of tie world markets. '3. Protection of the producers incomes.
'4. Accomptishment of these aims with the least possible cost io the Federal Treasury.
"Various proposals are pending which aim at the retention and expansion of our foreign markets for cotton," the President revealed, "and also for the reduction of loan stocks. I believe the best plan would be an exporting programme which would include direct payment on all cotton exported during the life of the plan. Details of such a plan remain to be worked out but probably will include payment of $1.25 per bale to the producers who release their loan cotton on the market. A moderate payment also might be made on all cotton exported."
The President announced the proposed cotton relief plan from a specially prepared written statement. Later he said that the plan would not call for dumping cotton on the world market.—United Press.
Text read from the printed page and cleaned; old type leaves the occasional error.