FLORIDA STATE MARKETING BUREAU
204 ST. JAMES BUILDING
JULY 1, 1939 TO JANUARY 1, 1941
Reading Time: 30 Minutes
THE STATE OF FLORIDA
Department of Agriculture
January 15, 1941.
Honorable Spessard L. Holland
Governor of Florida.
I am submitting herewith the Twelfth Biennial Report of the
Florida State Marketing Bureau.
Doubtless there are more people who come in contact with the per-
sonnel of the Florida State Marketing Bureau and their activities than with
any other State marketing department in this country.
The Commissioner and three Marketing Specialists are in the
field assisting farmers in marketing their products and solving their selling
problems Live Stock and Field Crop Marketing Specialist, Poultry and
Dairy Products Marketing Specialist, and Fruit and Vegetable Marketing
The Bureau headquarters is in Jacksonville, the gateway city of the
State. The Assistant Commissioner and the Market News Specialist, with
their alert and efficient assistants, have during this two-year period provid-
ed market news to producers who have an investment in land and equip-
ment of approximately $850,000,000. Some 3000 daily reports are mailed
from the Jacksonville office alone.
The Market Bureau, in cooperation with the U. S. Agricultural
Marketing Service, maintains a citrus market news station and eight or nine
vegetable market news stations in the heavy producing sections of the State.
The market news reports sent out through all these special stations on fruits,
vegetables, live stock, poultry, eggs and Sea Island cotton, aid very material-
ly in the sale of Florida products valued at no less than $125,000,000 annually.
The Assistant Commissioner, who stays in the office constantly, has
directed the Bureau's part in providing Federal-State shipping point inspec-
tion on 139,675 cars during the last two-year period.
The Marketing Commissioner has been constantly alert and active-
ly effective in bringing about marketing reforms. He and his assistants
have rendered valuable service in establishing and conducting the State
Their Biennial Report is brief, and concisely written. Details are
omitted so that it may be read entirely in a comparatively short time.
Hoping that it will be convenient for you to read the full report, I am
Very sincerely yours,
Commissioner of Agriculture.
January 11, 1941.
Honorable Spessard L. Holland
Governor of Florida
Chairman, Agricultural Marketing Board
Realizing that your time for reading the reports of all the various
State departments will be limited, that the rush of modern business and the
demands made upon public officials prevent the careful and entire reading
of voluminous reports, and that a busy official really has little time to
write them, we shall condense the Twelfth Biennial Report of the Florida
State Marketing Bureau into a brief, direct, concrete statement of its poli-
cies, major activities and services.
The Bureau is a well established department, one of the pioneer
Marketing Bureaus in the United States, this being its twenty-fourth year
of service. It has thoroughly demonstrated its indispensability to the agri-
cultural industry of Florida, and its usefulness and efficiency are attested
by the thousands regularly benefited by its help. Some of the major projects
of the department will be reported, organizational policy will be reviewed
briefly and a few remarks about the Bureau personnel will be included.
MARKET NEWS SERVICE
The Market News Service rendered by the Florida State Marketing
Bureau is a part of, and provided through cooperation with, the U. S. Agri-
cultural Market News Service, a nation-wide crop and live stock reporting
system, which gives market condition and price information on more than
one hundred agricultural commodities, over 7500 miles of leased wires. The
problem of selecting and broadening market outlets requires varied infor-
mation, providing accurate official data as to supply, demand, competition;
shipments by rail, boat and truck; passing, arrivals, unloads, acreage, stor-
age holdings, prevailing quotations, and other detailed market information
which individual farmers and even the larger marketing agencies are not
in position to collect for themselves.
The Florida State Marketing Bureau, under cooperative agreement
with the U. S. Agricultural Marketing Service, maintains a market news
service which is designed to adequately meet the grower and shipper re-
quirements by giving very complete and reliable market information from
Jacksonville, and from special field reporting stations located at Hastings,
Sanford, Pompano, Belle Glade, Lakeland, Plant City, Bradenton, Gaines-
ville, Trenton, and Thomasville, Georgia, covering citrus and non-citrus
fruits, nuts, vegetables, live stock, poultry, eggs, and Sea Island cotton,
these commodities having a representative investment in land and equip-
ment of $850,000,000. These regular daily seasonal reports cover products
valued at $125,000,000 annually, and we supply, when requested, special
supplementary single-shot information on hay, grain, syrup, tobacco, fish,
other seafoods, and miscellaneous farm products amounting in annual value
to approximately $25,000,000 a total volume of products valued at $150,-
000,000 annually. We are supplementing the comprehensive fruit and vege-
table market news setup in Florida with daily quotations covering poultry
and eggs in Florida's larger markets, and a special daily live stock report.
Truck passing are now being included in daily reports through the coopera-
tion of the State and Federal Departments of Agriculture. Telephone,
telegraph, radio, press and mail facilities are used in the distribution of
these market reports.
Florida has today the most modern and generally the best rounded
out market news service given to any State in the Union. Both the larger
home city and shipping point markets, and the principal northern markets
are included. It reaches more people daily, is beneficial to more shippers,
and aids them in marketing a volume of Florida products aggregating great-
er value than do perhaps the services of all other official agricultural agen-
cies combined. This service places farmers on an equal bargaining basis
with their customers and competitors. We constantly strive to broaden the
scope of this service and increase its efficiency, usefulness and economic
value to farmers. We are working now on some improvements and have
requested additional funds for enlarging the Market News Service, which
will make it even more comprehensive, prompt and essential.
FEDERAL STATE INSPECTION
Grade and condition inspection, based on Federal and State adopted
grades, has been applied during the last two years on 139,675 cars of Florida
fruits and vegetables. During the 1939-40 season 85,556 carlot equivalents
were inspected for grade or condition at Florida shipping points, which is
an all-time record of all States, the greatest number of cars ever inspected
in any State in any year, an annual increase since the service started in 1922
with 166 cars, of more than 5,000,;. There has been in effect a continuous
cooperative agreement between the Florida Market Bureau and the U. S.
Department of Agriculture for eighteen years. The Bureau's part in pro-
viding Federal-State shipping point inspection during the past two seasons
has been directed by the Assistant Commissioner. There has never been
an appropriation, State or Federal, for this service; it has been so managed,
and at low cost to the applicant, as to be self-supporting.
The continuous plant inspection of canned fruits and vegetables
has for the first time been initiated in Florida in December 1940, and studies
are in progress toward citrus juice grades. This service is already in great
demand and will doubtless expand in the near future.
FOR SALE, WANT AND EXCHANGE BULLETIN
The For Sale, Want and Exchange Bulletin, "the poor man's li-
brary", published semi-monthly by the State Marketing Bureau, now has
an average circulation of 25,000, without any solicitation having ever been
made for subscribers. It is posted in public offices, markets, warehouses,
etc; is read by no less than 100,000 people. Careful surveys have indicated
that the for sale, want and exchange listings in the Bulletin represent the
sale, purchase or exchange of Florida agricultural and horticultural prod-
ucts, farm implements, etc., aggregating a total value of from $8,000,000 to
$10,000,000 annually. This Bulletin carries interesting and instructive edi-
torials, and helpful information on various marketing subjects, and is widely
quoted editorially by the press of the State. It is one of the most popular
agricultural services in the State, specializing in the sale of items that other-
wise have limited market outlets, largely disposed of by means otherwise
unavailable, listed mainly by parties unable to absorb the cost of extensive
commercial publication advertising. It is mailed free of charge to the agri-
cultural people of the State, as a public service.
ACTIVITIES OF MARKETING SPECIALISTS
The Bureau employs several marketing specialists. The Market
News Specialist is in charge of the Jacksonville office market news work.
In connection with this assignment, he issues the most serviceable, benefi-
cial, and comprehensive annual reports on the shipments of Florida citrus,
non-citrus fruits, vegetables, etc., by rail, truck and boat, published by-any
State in the union. It shows volume, value, cost of production, packing,
transportation and marketing; gross value and net returns, both by, the
State as a whole and by individual counties, of all the important fruits and
vegetables in carlot equivalents. To give you an idea as to the magnitude
of this task, let me mention that Florida shipped out or utilized within the
State the equivalent of about 406,000 cars of fruits and vegetables valued at
$195,324,000 during the two seasons of 1938-39 and 1939-40, enough to make
a solid trainload from New York City to San Francisco. The Market News
Specialist also prepares exhibits and testifies at rate hearings, secures local
price quotations, and performs other duties.
The Livestock and Field Crop, Poultry and Dairy, and Fruit and
Vegetable Specialists, whose work is devoted principally to field activities,
have assisted directly in the marketing of live stock, wool, poultry, eggs,
dairy products, field crops, fruits, vegetables and nuts during the last two
years valued at $10,022,032, and they have also assisted indirectly in market-
ing these products with an estimated value of $36,177,300. These Specialists
have attended and assisted in 828 hog, cattle and poultry auction and coop-
erative sales; have attended and taken an active leading part in 2,282 meet-
ings, conferences and fairs; have assisted with 68 cattle, hog, poultry and
egg shows; and have rendered valuable aid to independent, cooperative and
State Farmers' Markets.
It would require many pages to tell you of the detailed activities of
these Specialists, even those new enterprises conducted by each within the
last two-year period, Egg Shows for the first time; Cattle Shows, exhibits
and grading demonstrations in various sections for the first time; Dairy
Shows; agricultural train assistance; special agricultural displays with
added attractions at fairs and public places not previously included; creation
of new market facilities; reporting by new systems and arrangements com-
modities and markets not before covered; service and information on new
proposed ports, methods of transportation, locker storage movement, and
many more. They are supplying a modern, streamlined State marketing
service designed to aid in the progress of Florida agriculture, without com-
petition to legitimate channels of trade, and with free, impartial help to all
equally and alike.
ACTIVITIES OF COMMISSIONER AND ASSISTANT COMMISSIONER
The Assistant Commissioner has remained in the office almost con-
stantly for more than 23 years; has directed the Bureau's part in providing
Federal-State shipping point inspection and market news service inside the
State; kept the books and records; bought all supplies and materials; super-
vised the printing of all bulletins, including the "For Sale, Want and Ex-
change"; directed most of the office work; collected and adjusted claims and
accounts; written several marketing books, grade booklets, market bulletins,
charts and reports which have been widely used, the latest book, "Produc-
tion, Distribution and Competition of Florida Vegetables" for the Florida
vegetable industry released in December 1940. He directs the handling of
most marketing service and advice from the main office; assumes the office
duties of the Commissioner and the Specialists when they are in the field,
and holds conferences with all people having business in the office, and by
personal contact and by letters, telephone and wire, assists in the distribu-
tion and marketing of millions of dollars worth of Florida farm products.
My duties as Commissioner, and Secretary of the Agricultural Mar-
keting Board, are both office and field work, advisory and supervisory.
Since the Bureau opened office July 2, 1917, I have unceasingly done, to the
best of my ability, all it has been humanly possible for me to do. I have
been invited to attend far more meetings and to make perhaps ten times as
many speeches as was possible. Since I have been Marketing Commissioner,
I have traveled approximately 1,000,000 miles and made no less than 2,500
speeches. I shall not prolong this report to give a detailed summary of my
activities for after a long period of honest and faithful service to the State,
I feel that my efforts are well known and my record established. I have
given the best administration at my command to the sane, conservative, con-
structive and reputable functioning of the Florida State Marketing Bureau.
I have guided the field work of the Marketing Specialists, and have gener-
ally supervised the many features of work done by the Bureau. I have
handled largely the public relations, important conferences and official in-
terviews in both the office and over the State at large, and these have been
numerous and exacting in the time allowed.
The Florida State Marketing Bureau was among the first such
State agencies to be created. General methods of policy were established
upon fundamental, conservative, impartial and comprehensive lines. The
original Board of Directors was eliminated by recommendation of the Board
itself, so well satisfied were they with the administrative policy and ability
of the Bureau management and personnel. In view of the Commissioner's
many years of experience in both practical farming and marketing, coop-
erative farm organization and general public service activity in many
States, and the practical commercial experience of the Assistant Commis-
sioner in accounting, cooperative and private mercantile firms and farmers'
marketing and purchasing organizations, as well as actual farming, the orig-
inal Bureau system of organization was predicated upon the team work of
these two men: The Commissioner to handle principally the field and
public-demand duties, outside work; the Assistant to handle the office
detail and management, inside work. The Bureau has progressed and ex-
panded under this basic principle of organization. The Commissioner and
Assistant, father and son, were appointed to so operate the Bureau by the
Commissioner of Agriculture in 1917. Marketing Specialists have been add-
ed to the force to supplement and substitute for a part of the Commissioner's
activities which became too extensive for any one individual to properly
handle, and the clerical force has necessarily been increased to help the
Assistant Commissioner handle routine detail office work. With the ex-
tension of market news, inspection, and other projects, the Assistant Com-
missioner has for the Bureau actively supervised these major projects, and
continued also in charge of the general office work. The service continues
now under this same idea of organization, after almost 24 years of practical
application. The Bureau of Florida modestly, but proudly, takes its top
rank among all similar state marketing departments, and is conceded by
impartial Federal observers to not only be one of the very first such Bureaus
organized, but one also of the most generally efficient agricultural depart-
ments functioning in the nation today.
As self-conclusive proof that initial plans of service of the depart-
ment were sound and that most needed by the Florida agricultural industry,
scarcely none of the original projects have had to be abandoned. Instead,
these various activities have continually been improved and enlarged. For
instance, The Bulletin, Market News, Inspection, Field Service. The de-
partment, however, has not been satisfied with mere dormant, cut-and-dried
in-the-rut type of existence or aggressive inactivity in any direction, but
has either started or set in motion the means of attaining many new State
or Federal services available to the Florida grower and shipper today. Some
of our achievements are capitalized upon today by other agencies, we have
the records and know the facts, but the point is: Not whether credit should
be given to the Bureau, but the accomplishments and advantages that inure
to the benefit of the Florida farmer.
It is perhaps timely to mention that the Bureau force, from top to
bottom, was carefully selected on the basis of experience and qualification.
Not one member of the force today was selected through or for political or
commercial considerations. We have, therefore, not been handicapped by
political pressure, and have steered the Bureau course away from such en-
tangling alliances. The service a department renders is directly propor-
tional to the ability of the personnel to provide it. Results are dependent
upon, and limited to, not only the qualification but the initiative and energy
of the departmental employees. While on first thought it may appear some-
what unusual to emphasize the personal element, along with the resume of
their activities I think it most appropriate to appraise the personnel compe-
tency in officially reporting their accomplishments. A word then about the
Commissioner, farm born, spent youth farming, teaching, in tim-
ber business. Educated in public schools, Southern Normal University in
Tennessee. Active 10 years Farmers Educational and Cooperative Union,
serving as State president, and member National Board of Directors. Travel-
led 45 States, organized scores of farmers' cooperative organizations and
locals. One of Committee drafting bill establishing the original Federal
Bureau of Markets. Organized National Association of Marketing Officials,
filled every office therein, is life honorary president. Secured national and
local agricultural legislation too numerous to mention here. Has served as
Commissioner of the Florida State Marketing Bureau since 1917, the longest
tenure of office of any Market Commissioner in the United States.
Assistant Commissioner, farm born and reared, 8 years general,
fruit and truck farming; while finishing school served as assistant manager
and accountant 3 years general cooperative farmers mercantile business.
In all 27 years practical experience in marketing, 2 states, both active sales
and administrative. In addition to school and commercial training has
taken special courses in law, commercial law, traffic and others. Has writ-
ten some eight books on Florida fruit and vegetable marketing.
Market News Specialist, 18 years experience in active Federal
market news work, field and terminal markets, in 16 different States, and
9 larger terminal markets, on 20 major fruits and vegetables. College de-
Marketing Specialist Livestock and Field Crops, farm born and
reared, college graduate, agricultural instructor, Agricultural Agent 2 years
Southern Railway, County Agent handling marketing, officer U. S. Army,
livestock marketing South Carolina Extension Service 9 years, in all 22
years experience in teaching, and marketing livestock and field crops in 3
Marketing Specialist Poultry and Eggs, born and raised on cotton
farm, graduate Clemson College and North Carolina University, graduate
assistant 1 year; taught agriculture 2 States 3 years, County Agent 8 years;
organized farmers credit union, built grain elevators and sweet potato stor-
age houses, and assisted cooperative purchase seed, fertilizer, etc. Handled
cooperative shipments poultry and eggs several years; field representative
cotton growers association 1 year; Marketing Specialist poultry and eggs,
and livestock North Carolina Division of Markets 3 years.
Marketing Specialist Fruits and Vegetables, farm born and reared
practical farmer 22 years, truck farming and mercantile business 16 years;
Florida County Agent 3 counties 7 years, district agent north, east and west
Florida 6 years; Assistant State Boys' Club Agent; publicity and field agent
peanut crushers association; wide experience cooperative organization,
judging and establishing agricultural exhibits, and in grade and standardi-
zation projects; 11 years experience Florida marketing fruits and vegetables.
Printing and Mailing: Foreman, 18 years experience consisting of
multigraphing, mimeographing, folding, press and linotype work.
Assistant, 15 years experience, service department Elliott Fisher
21/2 years, service manager Addressograph-Multigraph 31/2 years.
Assistant 5 years experience printing, mailing, general mechani-
Clerical Taught school 4 years, 5 years president Florida State
Farmers Union, 4 years Land Clerk Department of Agriculture, 2 years
farm superintendent Florida State Hospital, 5 years superintendent Boys'
Industrial School at Marianna, 3 years commercial organization.
Telegrapher, 35 years with Western Union, Postal, Associated
Press, large brokerage firms, ambassadorial cable code wires, experience
also leased wire circuits USDA, with alternate clerk handling Bureau as-
signment. Mentioned in memory, since death recently his alternate, ex-
perienced and trained under our telegrapher, succeeded him.
Stenographic, four one with 28 years general stenographic ex-
perience; one with 21 years shorthand, dictation, bookkeeping; one with 12
years general stenographic, filing, statistical and bookkeeping; one 16 years
typing, billing, general clerical, market news and inspection clerical work.
Applying with equal force and consistency is the work of the special
market news and inspection field forces. The representatives in charge are
joint Federal-State employees, holding Federal Civil Service appointments,
and have many years of special federally approved training and experience.
Brief qualification outline of a few of these field representatives
in charge of inspection and market news offices is included: (Note: Several
market news stations will not open until spring, employees in the interest
of economy carried only when service is actually provided).
Federal Supervising Inspector, in charge Federal-State Inspection,-
general farm and rural training; graduate Gordan College, and University
of Hard Knocks; varied experience fruits and vegetables 4 States; Assistant
to Chief Inspector, in charge State citrus maturity 2 years; in charge citrus
and vegetable Federal-State inspection, Florida West Coast 6 years; Super-
vising Inspector Florida and Georgia 2 years; Civil Service appointment
Marketing Specialist, U. S. D. A.
Supervisor Vegetable Inspection, general agricultural background,
attended North Carolina College Agriculture and Engineering; 8 years ship-
ping point inspection various points Florida to Pennsylvania; 7 years super-
visory experience Florida vegetable and citrus inspection; Agent Agricul-
tural Marketing Service, U. S. D. A.
Federal-State Representative, in charge Lakeland Citrus Market
News, Born and lived on farm until entering College. Graduate 4 year
Agricultural College Course, 7 years following supervised production vari-
ous farm crops and livestock in 5 States, 16 years experience in Federal
Market News and affiliated agricultural work including both field and
terminal markets ranging from Aroostook County Maine to Imperial Valley
California, and from Florida to the Canadian border, a total of 22 States.
Field Station activities include 19 major fruits and vegetables in 9 States.
Federal-State Representative, in charge Plant City, Bradenton and
Leesburg field offices, Raised on farm. B. S. degree in Agriculture. Taught
agriculture for two years in High School. Has 26 years experience with
Federal Market News, U. S. D. A., including 4 terminal markets and most
of the States from Minnesota to Florida.
Federal-State Representative, in charge Belle-Glade and Pompano
Vegetable Market News, Graduate Clemson College B. S. degree in Hor-
ticulture; 2 years as instructor in agriculture; 1/2 year with private produce
concern; 2 years shipping point inspection work in 6 States; 111/2 years ex-
perience in active Federal or Federal-State Market News work, field and
terminal markets, in 18 States and 10 large terminal markets.
Close cooperative relationship with the Federal Government for
a score of years is proof enough that service in preference to political per-
petuity has been our goal.
ECONOMICAL EXPENDITURE OF STATE FUNDS
Financial statement for the current two-year period is attached as
a part of this report. Funds appropriated by the Legislature have been
carefully and economically expended by the Bureau, and we have operated
within the appropriation limits without incurring deficits, in both the cur-
rent biennial period and all previous ones. A detailed report of every
expenditure made in the current biennial period, and of our financial re-
quirements for the ensuing biennium, specific to almost the sheet of paper
and pound of ink, was submitted to the Budget Commission. To offset
increasing cost of supplies, conservative and careful purchasing has been
practiced consistently. We have all along paid our way, bought only such
supplies as were essential and that could be immediately paid for. The
payroll of the Bureau, in aggregate number of employees or individual
salaries, has not exceeded the degree of propriety and legality.
SUMMARY AND CONCLUSION
There have been 24 marketing and shipping seasons since the Mar-
keting Bureau was established. All Florida soil products produced and har-
vested during this 24-year period have an approximate total value of
$3,100,000,000. Agricultural sales and purchases during that time have
amounted to no less than $2,200,000,000. We believe that the Marketing
Bureau has rendered some kind of beneficial service on as much as $1,800,-
000,000 of these sales and purchases, or an average for the entire 24 sea-
sons of $75,000,000. At present we are touching, with market news,
inspection, services of the Marketing Specialists, "For Sale, Want and Ex-
change Bulletin," marketing advice and assistance, and helping in the sale
and purchase of commodities valued at no less than $150,000,000 a year, and
we are proud of the record.
During the twenty-three and one-half years that I have been Com-
missioner of the Florida State Marketing Bureau, I have tried to guide it
by conservative principles of business and not arbitrary action, and to assist
in securing for Florida growers and shippers the opportunity to earn a suffi-
cient profit on the sale of their products to make them happier and their
The foregoing Twelfth Biennial Report of the Florida State Market-
ing Bureau is respectfully submitted to Your Excellency, with the under-
standing that any supplementary data you may require will be cheerfully
Very respectfully yours,
L. M. RHODES
Florida State Marketing Bureau,
Secretary, The Agricultural
FLORIDA STATE MARKETING BUREAU
Expenditures from July 1, 1939, to Jan. 1, 1941.
For Period July I, 1939, to July 1, 1940
APPROPRIATION for year ending July 1, 1940 ...... -.... $74,709.04
CREDIT 9-26-39 on sale of old type ...--...-...----- ........ ........ ---_ ... -----....... 43.05
TOTAL AVAILABLE ......-------......-.....---- .. -........_-................------.... $74,752.09
EXPENDITURES (12 months)
SALARIES .... .............................------------------- -........................-..... $34,840.24
NECESSARY AND REGULAR EXPENSES:
PRINTING ----..------.......--..----------.....................----............ $10,267.64
Maintenance of equipment and supplies, such
as paper, envelopes, ink, etc. for issuing
daily market reports, bulletins, etc.
ADDRESSOGRAPH --..............--------................--.......... 1,085.31
Upkeep and supplies.
POSTAGE ... --------...--......--------........------....................... 2,160.26
General office mail, semi-monthly bulletins,
market reports, daily mail reports from
Miami, Tampa and 8 road guard stations,
TELEGRAPH - - ...............-............ 2,234.44
General office, leased wire maintenance,
special field station relays, etc.
STATIONERY AND OFFICE SUPPLIES ..... 1,341.48
Office equipment, rating agency subscrip-
tions, trade directories, typewriters, station-
ery, ink, stencils, water, miscellaneous.
TELEPHONE -------------. ....... -------------559.20
Monthly regular, and long distance.
TRAVELING EXPENSES _.... .._--------_...... 7,471.87
Commissioner and 4 Marketing Specialists,
RENTAL ......................... ... ... .... ....... ........ 2,400.00
MARKET NEWS .--..-..-..-....----------.......................---..... 10,995.14
Daily reports, 8 field stations, general $38,515.34 $73,355.58
TARIFF COMMISSION ----------.......................................-----------------------......................----.. 1,229.10
CREDIT CARRIED FORWARD to year July 1, 1940-July 1, 1941 ..- ---...- $ 167.41
For Period July 1, 1940 to Jan. 1, 1941
APPROPRIATION for year ending July 1, 1941
Unexpended balance brought forward from 1939-40
TOTAL AVAILABLE ....-.-. .....-....... ............................
EXPENDITURES (6 months)
SALARIES -. $17,586.72
NECESSARY AND REGULAR EXPENSES:
PRINTING .. ........... $1,717.37
ADDRESSOGRAPH ------ 11.87
POSTAGE --- .. ...... 1,035.35
TELEGRAPH -. ... .---------.-..- 567.89
STATIONERY AND OFFICE SUPPLIES 1,230.34
TELEPHONE ....--- ...........------------------------- 235.25
TRAVELING EXPENSES .......---------------.... 4,315.19
RENTAL .. ........ .-------- 1,400.00
MARKET NEWS -------........----. 3,721.36 $14,234.62
TARIFF COMMISSION -..------.--.- ----------
CREDIT BALANCE AVAILABLE for remaining six months period
......-.. ..- $74,709.04
-- ...-.---.--- $74,876.45