Conflicting Aspects of Cotton Control Program
Drastic Reduction of the cotton acreage harvested in the United States in 1933 and 1934 has accomplished the desired objective of raising prices paid to producers and of bringing under control the large surplus of American cotton overhanging world markets. While the carryover at the beginning of the current cotton year on August 1, 1934, was still twice as great as the average for the ten years 1921–1930. the prospect of a much smaller crop this year than last promised to cut the surplus more nearly to normal levels by next summer. In spite of the large continuing carryover, current prices are approximately double those prevailing in the crop year preceding application of the adjustment program. The higher yield ...