Page:United States Statutes at Large Volume 48 Part 1.djvu/57

 73d CONGRESS. SESS. I. CHS. 24, 25. MAY 3,12, 1933 . 31 certain judgment for $9,277,666 .17 entered in the office of the clerk of the District Court of the United States for the Southern District of California at Los Angeles on January 14, 1933, against the Pa n American Petroleum Company, a corporation, to release from claim or lien under said judgment such part or portions of the property and as sets of the said Pan Am erican Petro leum Compan y and the Richfield Oil Company of California, in such manner and with such reservations as shall seem to him proper and advisable, in con- sideration of payments to the United States to apply upon said judgment, of not less than the sum of $5,000,000, and in connection therewith to release any claims of the United States against pur- chasers of oil and petroleum products from the leases commonly kno wn as"E","I", and "G" leases, or also known as Visalia 010042, 010043, and 010097 leases in naval petroleum reserve num- bered 1, Kern County, California, and to consent, in the premises, to the assignment of other oil and gas leases in said naval petroleum reserve numbered 1, now part of the unmortgaged assets of Pan American Petroleum Company, with the concurrence of the Secre- tary of the Navy and to the assignment of other oil and gas leases, also p art of the u nmort gaged assets of Pa n Ame rican Petrol eum Company, of the United States outside the said naval petroleum reserve numbered 1, with the consent of the Secretary of the Interior, said assignments to be authorized only to assignees otherwise duly qual ifie d un der exis ting law s : P rov ide d, That the autho rity herein Approval not im_ granted is permissive only, and shall not be construed as a declara- plied. tion of approval by Congress of the compromise herein authorized to be made, an d that said a uthority shal l not be exerc ised by the o p laIIai~ of auth ority Attorn ey Gen eral u nless in hi s judg ment s aid compromise shall appear to him to be for the best interests of the United States. Approved, May 3, 1933. [CHAPTER 25 .1 AN ACT To relieve the existing national economic emergency by increasing agricultural may 12,1933. purchasing to raise revenue for extraordinary expenses incurred by [H, o [Pub u li e c , No .1 0.j rea son of spower, ch eergency, to provide emergency relief with respect to agri- cultural indebtedness, to provide for the orderly liquidation of joint-stock land banks, and for other purposes. Be it enacted by the Senate and House of Representatives of the Agricultural Adjust- United States of America in Congress assembled, nip Post, pp. 199, 354 . TIT LE I -AGR ICUL TURA L AD JUST MENT A .RICULTUR tL AD- JUSTMENT . DECLARATION OF EMERGENCY That the present acute economic emergency being in part the conse- Declaration o f emer . quence of a severe and increasing disparity between the prices of geIIcy . agricultural and other commodities, which disparity has lar gely destroyed the purchasing power of farmers for industrial products, has broken down the orderly exchange of commodities, and has seri- ously impaired the agricultural assets supporting the national credit structure, it is hereby declared that these conditions in the bas ic industry of agriculture have affected transactions in agricultural commodities with a national public interest, have burdened and obstructed the normal currents of commerce in such commodities, and render imperative the immediate enactment of title I of this Act.