Show oJ 1 NEED CREDIT TO BUY WHEAT F s. s ast at Appropriation Asked 1 1 for Use in iii Marketing ing II V 1919 Crop 1 I II II I I I Washington Ft Feb It Ie If the United 11 Sites is I to sell Its surplus wheat to toi i allies this year rear tho ho transaction I I 1st It be on a credit basis basl Julius Barnes kd It of tho rho food administrations administration's grain grain told toM the House How e ral al committee to today at hearings s on 1 to provide a n. method for car- car ng out the governments government's guaranteed Ico co ot of S 2 G a n bushel for tor tho 1919 Ico scat eat crop crOl I fhe he allies have havo not the financial ab 1 I to ray pay cash for tor the wheat wheal It was and tho the United States ov- ov ment will have ha to extend further At present the treasury has no noner vcr ner to make loans to the allies after aller co tco i f s declared although h Congress is I Ico n a treasury request to 11 he to extend tho the unused portion put of oC credits already for war wal loans loan to allies to-allies allies Co for 1 co ico time purchases In this country I I Con res for tor Fund hands Ur r. r Barnes In concluding his In ny today recommended that Conss Con- Con ss appropriate to tl- tl the tho marketing of or tho new flaw crop d II ivo ho tho the President broad powers wheat and trading cr er th the export of or this country He lie sal said sald It t was I ry P to prot protect ct the millers n against loss there be lie a dangerously bp low lowel lowel el cl of oC flour ClouT available as tho o of guarantee drew to a elo close c ne l 1 1 1920 The rile witness 5 declared that except for tor forI torI I I by the treasury in the last las yen year re might have been a debacle In wheat guarantee because tho the la law v tile the guarantee c did not She give 5 meals of at making it effective He Ile Hed d 11 money CS Y advanced b by the treasury foreign foreign- o-cl o n governments for fo the tho pur pur- ise lse of oC grain Ja C gavel the corporation c capital l l ssan to market J ild co not obtain In Iny 1 crop It IM y other way having lIa no borrowing A we The capital of or th the itc be e said will l c returned to tos with ordinary interest s treasury treasury- en the or U n Is dissolved ot ed and andIs Is lt possible that th much of or the 1000 asked to finance the new crop U it be returned cd bent I IK la on rom the 1 bushels of or wheat II d I wheat flour which the Sarin cor- cor ration atlon had om rm hand Mr Barnes Bane sal said bushels had been resold to millers leaving the nl of oC H bushels of oC r wheat on hand hantI to moot meet demands for Cor the remainder of or tills this crop year car which are aro estimated at nt bushels Out- Out sido of or the grain corporations holdings there stocks In III tho the country country coun coun- tT try of or about bushels bushel no said and an H estimated amount still lUll to como come from Crom the farms of oC not more than 10 bushels Mr Ir Barnes said that lucre thero was wall no In Indication In- In at present that thero would bo be n a re reduction lINSon In tho the price of or bread It will bo ho Impossible to continuo continue the plo present ent personnel of oC the grain corporation corporation corporation corpo corpo- ration Mr Barnes believes as ng nil all tho the officials desiro to return to private en en- en Ho lie expressed the belief that tho rho food administration would bo be out of oC existence before tho the 1 1919 19 wheat heat har har- vest est Mr 11 Barnes said that the tho grain corporation corporation cor cor- believed a 0 concerted buying agency In America or abroad for tor tho thu purchase of oC American products might almost force a concentrated soiling selling agency for Cor protection self of oC our own I prod productions IIo Ho said neither he nor Mr Ir hoover Jr had nn any form torm of oC legislation to urge and amI that suggestions ho made mado wore melc merely y to cover con the tho principles of oC op operating operating op- op be devel devol developed methods that might later I |