Mr. Anderson. I notice that the 1918 guaranty runs only to
May 1, 1919. Do you anticipate any difiiculty as the result of that?

Mr. Barnes. It is June 1. Is it not, Mr. Glasgow?

Mr. Glasgow. What was the question ?

Mr. Anderson. The price guaranteed for the year 1918 runs
until May 1 ?

Mr. Glasgow. I think it is later than that. I think it is about
June 1.
Mr. Anderson. I think we have all overlooked that.
Mr. Glasgow. I think it is June 1. I have the proclamation
here, I think. Here is the proclamation. For 1918:

"Upon condition that said wheat is offered for sale before the 1st
day of June, 1919."

That is the proclamation — the 1st day of June, 1919.
Mr. Andersqn. It was the Congressional guaranty that was
hmited to May 1 ? ,

Mr. Glasgow. Yes, sir; and then the guaranty for 1919 under the

?roclamation of the President runs to the 1st day of June, 1920.
'ou wlU find a copy of the proclamation transmitted with the
original memorandum we sent up here.
WHEAT PRICE GUAEANTEED BY CONGKESS. 215

Mr. Anderson. I had in mind the date fixed by the congressional
guaranty. Mr. Barnes, I would like to return, if I may, for a few
moments to a matter which we were discussing a moment ago.
It seems to me that if we do not get the world's basis before the end of
June, 1920, we then have on hand a large surplus to dispose of on the
basis of the world's price, and we get caught both going and coming,
and we get all of this artificial situation for nothing.
Mr. Barnes. It might work out that way.
