Having narrowly escaped permanent freezing by the vetoed Fulmer bill (TIME, Aug.11), the vast U.S. cotton surplus last week began to melt, sent a glacial trickle towards a potentially vast war market. The Department of Agriculture announced that 1,500,000 bales of Government-owned, 1937-crop cotton are now available for export at 13¼ a lb., 4¢ below the current market price.
At season's beginning (Aug.1), Commodity Credit Corp. was the world's biggest cotton owner ever. Of its 6,126,482 bales, 4,778,321 are from the 1937 crop, have now cost the Government (including carrying charges) 12.2¢ a Ib. Now CCC can...
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