Show giovanm Government ent Offers loans to woollen an act known as the agricultural adjustment act of 1938 bad had just juat been passed setting up for the purpose of making noni recourse loans to growers through the commodity credit cr pora horation po ration tiou on 1037 and 1938 wools russell wilkins of merrion and wilkins sheep and wool COmBi combile lr slon company who has been in washington D 0 in the the interests of the wool growers for the past two weeks reported by telephone saturday morning ile ho stated started that the value basis stipulated fed in the act upon which loans will be made are arc all on a clean ba basis wool delivered boston and are arc representative of about 00 to 05 per cent of 0 current market prices for example an ail territory wool shrinking 70 per cent would haye have a loan value in the grease of about 14 34 3 4 to 15 cents per pound in the west on the basis of BO 50 cents per pound dean clean landed boston including incidental costs inherent to tho the loan mr wilkins reported that the loans will be made through dished financial agencies such as banks and loan companies now new in exi stance siance they will bear an interest rate of 4 per cent and the final maturity date has teen been set as of slay may 1039 1939 ile he said that it willbe will be necessary for tho the wools to be in 14 a 41 third par tys hands when loans are ard made and that certain points including ogdon ogden and denver had been designated as places for the accumulation and storage of these them wools this la Is the initial announce anent of ti a definite loan value schedule and there are arc yet many details to be worked ou out it will possibly be several days before the machin ory cry la is finally sot set up and all arrangements range ments completed making the loans actually available to the growers wilkins stated |