Page:United States Statutes at Large Volume 49 Part 1.djvu/811

 766 Rice-special rule. Weight to which tax rate to be applied. Sugar-special rule. Tax rate applied to direct-consumption sugar. Vol. 48, p. 671. Higher rates. Wheat prem iums. Computation of cur- rent average farm price. Vol.48,p.36; U. S. C.,p.160. "Fair excha nge value" construed. Ascert ainment of cur- rent averag e farm price and fair exchange value. Cu rre nt proc essi ng tax not affected hereby. Vol.48,p.36; U.S. C.,p.160. Processing" con- strued as to rye and ba rley . 74TH CONGRESS . SESS. I. CH . 641. AUGUST 24, 1935 . " RICE-- SPECIAL RULE "(7) In the case of rice, the weight to which the rate of tax shall be applied shall be the weight of rough rice when delivered to a processor, except that, where the producer processes his own rice, the weight to which the rate of tax shall be applied shall be the weight of rough rice when delivered to the place of processing . " SUGAR-SPeCIAL RULE `` (8) In the case of sugar beets or sugarcane the rate of tax shall be applied to the direct-consumption sugar, resulting from the first domestic processing, translated into terms of pounds of raw value according to regulations to be issued by the Secretary of Agriculture, and in the event that the Secretary increases or decreases the rate of tax fixed by paragraph (2) of this subsection, pursuant to the provisions of paragraph (6) of this subsection, then the rate of tax to be so applied shall be the higher of the two following quotients The di fference between the cur rent ave rage far m price and the fair exchange value (A) of a ton of sugar beets and (B) of a ton of sugarcane, divided in the case of each commodity by the average extraction' therefrom of sugar in terms of pounds of raw value (which av era ge extraction shall be determined from available statistics of the Department of Agriculture) by paragraph (2) of this subsection or adjusted pursuant to the provisions of paragraph (6) of this subsection shall in no event exceed the amount of the reduction by the President on a pound of sugar raw value of the rate of duty in effect on January 1, 1934, under paragraph 501 of the Tariff Act of 1930, as adjusted to the trea ty of commer cial recipr ocity conclu ded b etween the U nited States and the Republic of Cuba on December 11, 1902, and/or the provisions of the Act of December 17, 1903, chapter 1. " WHEAT PREMIUMS "(9) In computing the current average farm price in the case of wheat, premiums paid producers for protein content shall not be taken into acc ount ." SEC. 13 . Subsection (c) of section 9 of the Agricultural Adjust- ment Act, as amended, is amended to read as follows "(c) For the purposes of part 2 of this title, the fair exchange value of a commodity shall be the price therefor that will give the comm odity the sa me pu rchasi ng pow er, wi th re spect to art icles farmers buy, as such commodity had during the base period specified in section 2 ; and, in the case of .all commodities where the base period is the pre-war period, August 1909 to July 1914, will also reflec t intere st payme nts per acre on farm ind ebtednes s secure d by real estat e and tax p ayment s per acre on farm real estat e, as contrasted with such interest payments and tax payments during said base period ; and the current average farm price and the fair exchange value shall be ascertained by the Secretary of Agriculture from available statistics of the Department of Agriculture. The rate of tax upon the pro cessing of any c ommodity, in eff ect on t he date on which this amendment is adopted, shall not be affected by the adoption of this amendment and shall not be required to be adjusted or altered, unless the Secretary of Agriculture finds that it is necessary to adjust or alter any such rate pursuant to section 9 (a) of this title ." SEC. 14 . (a) Paragraph (1) of subsection (d) of section 9 of the Agricultural Adjustment Act, as amended, is amended by inserting following the word " wheat " in the two instances in which it occurs, a comma, and the following : " rye, barley,"
 * the rate of tax fixed