CABINET MEETING, FRIDAY, JUNE 16, 1950
10:00 am
McGrath absent
Tobin absent
Johnson absent
Perlman for McGrath
Early for Johnson
ACHESON
Recent English paper on position on sovereignty is a foolish document and in many respects is foreign to our views - but it has been magnified by the press and certain members of Congress out of all proportion to its seriousness.
BRANNAN
C. C. C. inventory is now at the highest dollar figure in our history $2,011,000,000. In October of this year will probably reach 3 billion dollars. However unless we have bumper crops it will reduce as we go into next year. Inventory however is in storable commodities and will not result in heavy loss. It is a fact that such storage has stabilized our agriculture economy.
THE PRESIDENT
Asked if some of this inventory could not be used to stabilize the now rising prices of farm products.
BRANNAN
The law provides that inventories can't be put back in market unless it is sold at parity plus carrying charges plus 5%. With present indications of short wheat and corn crops the inventories on hand will offset any serious spiral in farm product prices.
SAWYER
Appeared before Senate Committee on R. F. C. investigation. Anderson a member of the Board is testifying against the President's program to revamp the R. F. C.
THE PRESIDENT
Suggested that instead of sending up slate of members of R. F. C. all of whose appointments expire end of June that Congress provide 60 day extension of deadline until transfer to Commerce can be accomplished and new policy determinations by the Secretary of Commerce be accomplished.
10:40