OCR Text |
Show age allowance of 7 cents per bushel at the maturity of the 19-41 19-41 loan on April 30, 1942, if he wheat is delivered to the Commodity Com-modity Credit Corporation. Under the provisions by which loans are extended for another year, the producer will be entitled to an additional allowance of 5 cents per bushel on farm stored" excess wheat, provided the wheat is delivered de-livered to the Commodity Credit Corporation. Farmers May Get Loans on Excess Marketing Wheat Cache county wheat growers who have wheat in excess of their marketing quotas were reminded re-minded this week that excess wheat placed in approved storage stor-age is eligible for a government loan. In general the same provisions !that apply to the usual wheat loans apply to loans on excess wheat, Mr. Christensen evplained. The wheat must be stored in acceptable storage either on the farm or in a public warehouse. In the case of warehouse storage, a warehouse receipt will be put as collateral. A chattel mortga will be given in the case of farm storage. The loan on the excess wheat ! does not relieve the producer of j the necessity of providing a guar- i antee for payment of the penalty in the event that he should later j tun-, the whsr.t ever to he Com- ; modity Credit Corporation or j market it in any other way while . j it is subject to quota restrictions. ', T.'.e producer may do this by putting up a bond for the amount i of the penalty or by depositing j with the county committee cash equal to the penalty to be held in j i escrow. J Atpnonzo Christensen, chairman of the County AAA Committee, explained that the main purpose of the marketing quota is not to collect the marketing penalty but to encourage producers to hodl excess wheat off the market as a means of maintaining the price for the bulk of the crop. For this reason Alphonzo said the government is offering producers who have excess wheat a loan on. this portion of their crops as an inducement for them to store the excess. The rate of excess wheat, as specified in the law. is 60 percent of the full loan rate ottered to AAA coopsr-aters coopsr-aters er about 49 cents for Cache cot::; ty. Mr. Christensen said that a new provision extends the loan on excess wheat until April 20, 1943. This applies to wheat stored on farms or in approved warehouses Producers storing excess wheat on farms are entitled to a stor-: |