About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

092754 1 (1970-03-23)

handle is hein.gao/gaobacwqs0001 and id is 1 raw text is: 



                      UNITED STATES GENERAL  ACCOUNTING OFFICE
         ' 0                   WASHINGTON,  D C. 20548

CIVIL DIVISION                                                     MAR  23 1970






     Dear Mr. Frick

          The General Accounting Office has made a review of the circumstances
     surrounding a decision made by the Department of Agriculture in June 1969
     to cescind an announcement involving a reduction in the Commodity Credit
     Corporation (CCC) price-support rate on wheat at Gulf port terminal ware-
     houses.  Our review included (1) an examination of selected aspects of
     the price-support regulation pertaining to the 1969 wheat crop, (2) a
     determination of the quantity of 1969 wheat crop stored at the Gulf as
     loan collateral, and (3) discussions with Department officials in
     Washington, D. C.

          The review indicated a need for CCC to adopt a policy providing for
     prompt elimination of inconsistencies, in price-support regulations,
     resulting from changes in freight or other factors.  Our comments on this
     matter follow.

     NEED TO ADJUST PRICE-SUPPORT
     RATES FQR CHANGED CIRCUMSTANCES
     WITH REASONABLE PROMPTNESS                                          re  6    u

          In a press release dated June 18, 1969, the Department of Agr' ulture
     announced a  roposed changef)in CCC wheat price-support regulationbreduc-
     ing the price-support rate for wheat at Gulf port terminal warehod es.
     The basic function of these warehouses is to accumulate grain for loading
     into ships.

          According to agency officials, the proposed change stemmed from an
     unexpected availability of substantial space at the Gulf for storing loan
     collateral.  Previously, space for wheat stored as loan collateral had
     not been available to any significant extent at Gulf ports.  Further
     explanations regarding the proposed change in regulation and its recision
     as provided by agency officials follows.

          The price-support loan rate at the Gulf exceeds the loan rate at
     interior points to the extent of the domestic interstate freight rate
     charged by railroads and handling charges.  Due to the availability of

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Already a HeinOnline Subscriber?

profiles profiles most