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Show I GRfliK WIAlEf" I PUN DEFENDED Open Exchanges Best Says Julius H. Barnes Before Farmers' Committee CHICAGO, Nov. C. Jullua Bsrnss, former director general ot 1 1 -B i oited States) Grain corporation l'ri- H Bay appeared before the marketing h f-ommitif-. American 'arm Uu- B peau federation offcrinjt opinion and H JK"'Ktion on the KUbJecl of Rvnln BBBJ Marketing and outlining major Influ- BBBJ nocfl on price fluctuations on trad- BBBJ in hii statement Mr Barnes aald H that it was his firm cortifilon tbut B the present system of grain marKel- ItiK througn open t-xchanges by maln-B maln-B pining a high!? competitive market at BBBJ i at times, worked to the advantage of jvoth producer and consumer ami that J I oiuro trading was beneficial in thai H varnished insurance for traders against H destructive ionc mi eommltraeiits Itvhlch would of necessity be talien In wider margin" profits without eg-B eg-B haiiRe ('.edging. BBBJ Hi urged the development of a bst" BBBJ ot the great ox- B changes co-operation w'.th lliem in B ftaveloplng their full service and ellm- BBBJ taailng their ieiViU and abuses," -nil H pommended the committee for its tem- H per to "ia aside prejudice and pre- BBBJ uoiiv i onr-ptlonN in leuin truth about basic facts on which sound mar- H Ice-ling must proceed." 0OMPARA11VI DEL'LIN'I B Touching upon recent declines n H wheat prices which some agricultural B interests of the country' have claimed B are unwarranted by the existing sup- BBBJ plj anl demand Mr. Barnes said thai B the wheat producer had "escaped the B full effect of deflation" because of thcl H cushion" found n future trading. Ho B cited rbjruree tending to show that the BBBJ decline In Tbut from the peak of post B war price to the current level h;i. been B only IS per cent, as against decline I BBBJ of us per cent in potatoes f-, which I H there is no exchanpe market. Similar j H comparisons reveal declines of 55 per BBBJ cent in cottosi, M per cent In beans H mh! 4t per cet in barley, 'he statement BBBJ said. Indications th.it the deflation H la world wide in character and noli BBBJ confirmed to American farm products! H alone, Mr. Barnes said was found in I BBBJ die fact that Imported farm coniinod-i H itles such as sugar and coffee, fell off! RsRsH from r. to fit, upr cent duelna Lh, nn mm I I period. In answer io a question as to Whether Wheth-er it would be feasible for producers! to market their own crops. Mr I'arn. v! said the presont system maintained lower trade toil between producer and consumer that would be possible In any system which eliminated hedging and that In his opinion any organization organiza-tion of farmers for price fixing would not be decreed just by the American public. Particular emphasis was given the statement that co-operuihe effuri ol producers in local territories to eliminate elim-inate unfair practices where monopolies monop-olies existed were not to be icnfused with :i nation-wide marketing system which would itself constitute a monopoly. monop-oly. The former. Mr Barnes declared. Ie5 to be encouraged, is sound In economic eco-nomic principles and will succeed, while the latter is not sound. In that It 6ccks to establish market Influences other than the fundamental law ol SUpply and demand. CONSTRl OTTVE SUGGESTIONS. First among the constructive suggestions sugges-tions submitted by Mr. Harms as that exact and accurate Information on all phases that affect marketing and price, both national and worldwide, world-wide, verified, and endorsed ' by an organization or-ganization In whose judgment the producer pro-ducer hu confidence," be given farmers farm-ers io aid them in determining values. Efforts to Improve transportation facilities fa-cilities and Increased domestic consumption con-sumption were also mentioned as means by which markei Condition! might b.- made more favorable for Die producer The disorganisation of European finances fi-nances Is to some degree, responsible for the present light export deinan I and this, in turn is due to the 'Impossible 'Impos-sible atmosphere created for private j business by the world political situa tion," Mr. Barnes declared Reports that Mr. Barnes is said to head a JCO.000,000 corporation for exporting ex-porting grain were flatly denied before be-fore the committee |
