Page:United States Statutes at Large Volume 62 Part 1.djvu/1281

 80TH CONG. , 2D SESS.-CH. 827-JULY 3,1948 1251 "(F) Notwithstanding the provisions of subparagraphs (A) and Hearing8 respecting (E), if the parity price for any agricultural commodity, computed eomputaioneth of as provided in subparagraphs (A) and (E) appears to be seriously out of line with the parity prices of other agricultural commodities, the Secretary may, and upon the request of a substantial number of interested producers shall, hold public hearings to determine the proper relationship between the parity price of such commodity and the parity prices of other agricultural commodities. Within sixty days after commencing such hearing the Secretary shall complete such hearing, proclaim his findings as to whether the facts require a revision of the method of computing the parity price of such commodity, and put into effect any revision so found to be required. "(2) 'Parity', as applied to income, shall be that gross income from "Parity." agriculture which will provide the farm operator and his family with a standard of living equivalent to those afforded persons dependent upon other gainful occupation. 'Parity' as applied to income from any agricultural commodity for any year, shall be that gross income which bears the same relationship to parity income from agriculture for such year as the average gross income from such commodity for the preceding ten calendar years bears to the average gross income from agriculture for such ten calendar years." (b) By amending paragraph (3) (A) of subsection (b) to read 52tS.tt . 1301 (b) as follows: (3)(A). "(A) 'Carry-over', in the case of corn, rice, and peanuts for any "arry-over ," corn, marketing year shall be the quantity of the commodity on hand in the ce, p anuts United States at the beginning of such marketing year, not including any quantity which was produced in the United States during the calendar year then current." (c) By amending paragraph (3) (B) of subsection (b) to read St. 1301 (b as follows: (3)(B). "(B) 'Carry-over' of cotton for any marketing year shall be the "i . ry-ov.r," cot- quantity of cotton on hand within the United States at the beginning of such marketing year, which was produced in thie United States prior to the beginningl of the calendar year then current, plus the quantity on hand within the United States at, the beginnling of such marketing year which was produtced outside thOe nIllted States." (d) ly striking out paragraph (10) of subsection (b) and inserting 524toty41. in lieu thereof the following: o "(10) (A) 'Nornal supply' in the case of corn, cotton, rice. "Normal'urinppl' wheat, and peanuts for any marketing year shall be (i) the esti- cat.ant pellaut mated domestic consumption of the commodity for the marketing year ending immediately prior to the marketing year for which normal supply is being determined, plus (ii) the estimated exports of the commodity for the marketing year for which normal supply is being determined, plus (iii) an allowance for carry-over. The allowance for carry-over shall be the following percentage of the sum of the consumption and exports used in computing normal supply: 7 per centum in the case of corn; 30 per centum in the case of cotton; 10 per centum in the case of rice; 15 per centum in the case of wheat; and 15 per centum in the case of peanuts. In determining normal supply the Secretary shall make such adjust- ments for current trends in consumption and for unusual condi- tions as he may deem necessary. "(B) 'Normal supply' in the case of tobacco shall be a normal I"Nornal su pply ," year's domestic consumption and exports, plus 175 per centum of a normal year's domestic consumption and 65 per centum of a normal year's exports as an allowance for a normal carry-over." (e) By amending paragraph (16) of subsection (b) to read as 52. 8 '"stl 301 b follows: (I). "(A) 'Total supply' of cotton, wheat, corn, rice, and peanuts for any oton tlwht.,o,. rice, pemnut. 62 STAT.]

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