Lancaster farming. (Lancaster, Pa., etc.) 1955-current, July 15, 1972, Image 7

Below is the OCR text representation for this newspapers page. It is also available as plain text as well as XML.

, PT-10, SP-320
buy—compare the simplicity of HESSTON
l-in-Hand, Pa. Phone 717-656-7926
Gibbons Road
If you’re snoozin’on your savings,
mil provide a better night’s sleep,
plus highest bank interest!
Those lumps in your mattress are a
shame as well as a pain.
Because, while you loss and turn, your
savings could be earning the highest
bank interest in America!
And tho same is true if Iho rales you’re
receiving elsewhere are less than paid
here. Which is the case wilh some other
area banks that have lowered their in
We pay percent on passbook sav
ings accounts; 5 percent on six-months
U.S., Russia Sign
3-Year Grain Pact
Secretary of Agriculture Earl
L Butz last week hailed a three
year agreement to sell $750
million of grain to the Soviet
Union as a major achievement in
international relations and
agricultural trade. “This large
purchase will make the Soviet
Union the second largest buyer of
U. S grain, and can open the way
for even more meaningful trade
between the two countries in the
years ahead,” Butz said.
“The Russian people want
more animal protein in their
diets. To get it, they must in
crease their livestock production
beyond the capacity of their
farms and climate to provide
feed grain,” Butz observed “We
have an unequalled ability to
raise generous quantities of feed
grains in this Nation, and we can
assure the Soviet Union of a
steady export supply of feedstuffs
in the years to come.”
The Soviet Union will have the
option to meet its purchase
commitment with wheat, corn,
barley, grain sorghum, rye or
oats. The Russian government
has agreed to purchase at least
$2OO million of these grains
during the first year from August
1, 1972 to July 31, 1973, and has
made a firm commitment to take
delivery on $750 million of gram
over the three-year period
“This sale contributes to the
objective of this administration
to create an expanding U S.
agriculture. It comes on top of a
history-making Soviet purchase
of $l5O million of feed grain last
fall and adds to U S. farm ex-
certificates; a big s'/> peicent on one
year certificates; <ind <1 whopping S:IA5 :I A
percent on two-year certificates.
For example, $5,000 kept wilh us for
two years earns an impressive $287 50
per year.
Why “lump it” anymore- on your
mattress or elsewhere? Banking at Farm
ers National Bank of Quarryville means
“banking the way you’d do it”.
And we think you’d pay, as wo do, the
highest bank interest in America!
Farmers National Bank of Quarryville
ports, which have been running
at record levels,” Butz said. This
new sale will increase our grain
exports by an average of about 17
per cent annually over the next
three-year period
“Increased exports of this
magnitude move us toward our
national goal of an expanding
agriculture and of bringing
farmers more income from the
market place,” he said.
The purchase of grain by the
Soviet Union will be made
through private U. S grain
traders, however, the Depart
ment of Agriculture will offer the
Soviets credit through its
Commodity Credit Corporation at
the going interest rates and
regular terms. The Soviet Union
will repay any loans in three
annual installments, with the
total amount of credit out
standing at any time not to ex
ceed $5OO million.
A discussion of credit terms
was the mam thrust of grain
negotiations headed by Butz in a
trip to Moscow in early April At
that time, Butz met with Soviet
Communist Party chief Leonid I
Brezhnev In May, President
Nixon continued the grain
discussions with Brezhnev at the
Summit Meeting The agreement
reached this week brought those
Banking the way you’d do it
Mi'inlx I I f'lbial I)i po, 1 Insm him (,ui poi.ition
Lancaster Farming, Saturday. Jul
negotiations to a successful
“As we traveled in Soviet
agricultural areas in April, it was
obvious that the Russian wheat
crop had been severely damaged
by a combination of cold winter
weather, lack of snow cover and
drouth,” Butz said “The Russian
Minister of Agriculture, Vladimir
V Matskevich, was frank in
discussing winterkill damage, as
was Communist chairman
Brezhnev in my meeting with
“Whereas winterkill has no
doubt contributed to the Soviet
purchase this week, that nation
has a longer-term need,” Butz
added “The Soviet citizens have
been promised a 25 per cent in
crease in the animal protein
component of their diets during
the current five-year plan To
meet that goal, it will be
necessary for the Soviet
government to import feed gram
to build up Russian livestock
“The gram sale is mutually
beneficial to both sides The
Soviet citizens will be able to eat *
better U. S farmers will be able
to sell more gram, plant more
acreage, and get more income
from the market It will aid our
U S balance of payments And
this will lay the groundwork for
enlarging our over-all trade with
the Soviet Union in peaceful
commercial cooperation,” Butz
Try A Classified Ad
If Pays!