EXTEND NATIONAL WOOL ACT OF 1954

EXHIBIT O

37

Duties collected on wool and wool manufactures imported into the United States

Estimated on the basis of 26.0 percent, the average of compound duties collected from Jan. 1, 1953, through Mar. 31, 1956.

Estimated on the basis of 26.3 percent, the average of compound duties collected during the first 6 months of 1954.

NOTE.-Compiled from data furnished by the Treasury Department.

Prepared by Livestock and Dairy Division, Commodity Stabilization Service, Jan. 22, 1958.

EXHIBIT P

Projections of payments under wool payment program and duty collections available for payments through the 1958 marketing year with incentive price at 62 cents for the 1958 marketing year

1 Assuming no payments will be required to support the price of mohair.

At $3,000,000 for each 1 cent the national average price received by growers for wool is below the incentive level of 62 cents.

Assumes 130,000,000 pounds were sold during the first 5 months of the marketing year when the price received by growers as reported each month averaged 54.5 cents, and that 100,000,000 pounds (balance of the 1957 clip and early marketings from the 1958 clip) will be sold the last 7 months of the marketing year at an average price of 48 cents per pound. Price reported for December 1957 was 46.4 cents and for January 1958 was 45.2 cents. The weighted average for the year will depend, of course, upon the relative quantities mar keted each month. With the decline in prices, the quantities marketed during the latter part of the current year may be curtailed.

Assumes imports of raw wool during the 1957 marketing year will be 25 percent less than a year earlier (actual down 21 percent first 8 months) and that stocks at end of year will continue at their present level about in line with consumption (about 25 percent below their usual levels of recent years and equal to only 20 weeks' mill consumption). Also assumes imports of raw wool during the 1958 marketing year will increase to about 50 percent over those of the 1957 marketing year in order to supply the mill requirements with no increase in stocks at the end of the year. In arriving at these assumptions on imports of raw wool, mill consumption during the 1957 marketing year is projected at 16 percent below that of the 1956 marketing year (actual down 27 percent first 8 months). It is expected to increase cyclically during the 1958 marketing year and for that year be about 8 percent greater than for the 1957 marketing year. The figures take into consideration liquidation of the CCC-owned wool and assume that imports of other animal fibers and wool manu. factured items will continue at their levels of the past 2 years.

Prepared by Livestock and Dairy Division, Commodity Stabilization Service, Jan. 31, 1958.

EXHIBIT Q

Payments under the National Wool Act of 1954-Wool payments for the 1955 marketing year through Oct. 31, 1957

Prepared by Livestock and Dairy Division, Commodity Stabilization Service, Jan. 8, 1958.