Page:United States Statutes at Large Volume 55 Part 1.djvu/523

 PUBLIC LAWS-CH. 270-JULY 1, 1941 [CHAPTER 270] July 1 1941 AN ACT [H. R. 4972] To extend the life and increase the credit resources of the Commodity Credit [Public Law 147] Corporation, and for other purposes. Be it enacted by the Senate and House of Representatives of the Commodity Credit United States of America in Congress assembled, That section 7 of Corporation, exten- sion to June 30.1943. the Act approved January 31, 1935 (49 Stat. 4), as amended, is 15 U. S. C. §713. hereby amended by deleting from the first sentence thereof the term "June 30, 1941" and inserting in lieu thereof the term "June 30, 1943". Annal appraisal of SEC. 2. Section 1 of the Act approved March 8, 1938 (52 Stat. 15.s . c. 713a-1 . 107), as amended, is hereby amended by deleting from the second sentence thereof the term "on the basis of market prices at the time of appraisal" and inserting in lieu thereof the term "on the basis of the cost, including not more than one year of carrying charges, of such assets to the Corporation, or the average market prices of such assets for a period of twelve months ending with March 31 of each year, whichever is less;". Credit resources. SEC. 3. Section 4 of the Act approved March 8, 1938 (52 Stat. 108), 14 Stat. 782. 15 U.s. c. 713a-4. as amended, is hereby amended by deleting the term "$1,400,000,000" and inserting in lieu thereof the term "$2,650,000,000". Non-basodic agric- SEC. 4. (a) Whenever during the existing emergency the Secretary pansionofproduction. of Agriculture finds it necessary to encourage the expansion of pro- prc^antenance of duction of any non-basic agricultural commodity, he shall make public announcement thereof and he shall so use the funds made available under section 3 of this Act or otherwise made available to him for the disposal of agricultural commodities, through a com- modity loan, purchase, or other operation, taking into account the total funds available for such purpose for all commodities, so as to support a price for the producers of any such commodity with respect to which such announcement was made of not less than 85 per centum of the parity or comparable price therefor. The comparable price for any such commodity shall be determined and used by the Secre- tary for the purposes of this section if the production or consumption of such commodity has so changed in extent or character since the base period as to result in a price out of line with parity prices for basic commodities. Any such commodity loan, purchase, or other operation which is undertaken shall be continued until the Secretary has given sufficient public announcement to permit the producers of such commodity to make a readjustment in the production of the Term construed. commodity. For the purposes of this section, commodities other than cotton, corn, wheat, tobacco, and rice shall be deemed to be non- basic commodities. poeclaration of (b) It is hereby declared to be the policy of the Congress that the lending and purchase operations of the Department of Agriculture (other than those referred to in subsection (a)) shall be carried out so as to bring the price and income of the producers of non-basic commodities not covered by any such public announcement to a fair parity relationship with other commodities, to the extent that funds for such operations are available after taking into account the opera- tions with respect to the basic commodities and the commodities listed in any such public announcement and the ability of producers to bring supplies into line with demand. Approved, July 1, 1941. [55 STAT.

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