ECA SPENDING AUTHORITY
Cuts Proposed For Next Year Surplus Farm Commodities As Substitute NZPA—Copyright WASHINGTON, Rec. 8 p.m. * Mar. 20. The House Foreign Affairs Committee voted today to cut 1,000,000,000 dollars from the Economic Co-opera-tion Administration’s authorisation for the 1951 fiscal year, and to substitute the equivalent value of surplus farm commodities. Acceptance of the cut would reduce the 1951 cash spending authority of the ECA to 1,950,000,000,000 dollars. Mr John Kee, chairman of the committee, said he opposed the proposal because it would hamstring the ECA and cripple the domestic price support programme. “While on its face value it would seem to save 1,000,000,000 dollars a year, to my mind it does not save anything for the Government,” he said.
The proposal actually would increase costs, because the ECA could buy more food commodities for that amount than the Agriculture Department could. The ECA bought at market price, while the Agriculture Department had to buy at 90 per cent, of parity under the price support programme.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/ODT19500322.2.38
Bibliographic details
Otago Daily Times, Issue 27345, 22 March 1950, Page 5
Word Count
167ECA SPENDING AUTHORITY Otago Daily Times, Issue 27345, 22 March 1950, Page 5
Using This Item
Allied Press Ltd is the copyright owner for the Otago Daily Times. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence. This newspaper is not available for commercial use without the consent of Allied Press Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Log in