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upon the submission of satisfactory evidence of exportation by the exporter, prior to January 1, 1946, of the cotton covered by such export sale; and

(b) The exporter must have sent to the Corporation, within 90 days after the date the Corporation receives notice of the export sale, a purchase order covering the cotton which he desires to purchase against such export sale, and the Corporation must have accepted such purchase order.

§ 295.3 Approved countries. Until and unless the Corporation otherwise announces, an approved country shall be a country to which cotton may be exported without violating the Trading with the Enemy Act, as amended, or any other statute, or any order or regulation issued pursuant thereto. Nothing in this offer shall be deemed to authorize the exportation of cotton in violation of any such statute, order, or regulation.

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§ 295.4 Price-(a) Base price. "base price" for any cotton shall be the average price per pound of Middling 15/16 inch white cotton on the 10 spot markets on the day Commodity Credit Corporation receives notice of the export sale of the corresponding cotton, plus 60 points, and less the amount of the export differential. "Corresponding cotton," as used herein, means the cotton sold for export which entitles the exporter to purchase a particular quantity of cotton hereunder.

(b) Export differential. For the purposes of determining the base price for any cotton, the export differential applicable to any cotton shall be the export differential announced by Commodity Credit Corporation and in effect at the time the Corporation receives notice of the export sale of the corresponding cotton.

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If the cotton is of a non-tenderable quality, the base price (after adjustment for location) shall be adjusted by the applicable premium or discount nounced by Commodity Credit Corporation and in effect at the time the Corporation receives notice of the export sale of the corresponding cotton.

(3) Compression differentials. If the cotton is uncompressed and delivered outside of the "zoned area" specified under the Corporation's 1944 Cotton Loan Program, the base price (after adjustment for location and quality) shall be reduced by 15 points.

If the cotton is compressed to high density, the base price (after adjustment for location and quality) shall be reduced by 20 points. [Subparagraph (3) added Dec. 6, 1944, 9 F.R. 14381]

Until The price per

(c) Purchase price. pound of any cotton purchased from the Corporation's stocks shall be the base price, plus or minus the following differentials:

(1) Location differential. If the cotton is located at one of the Group B warehouse locations for which no differential is applicable under Part 256 of this chapter, the base price will not be adjusted for location.

If the cotton is located at any other warehouse location, the base price shall be adjusted by the amount of the loca

NOTE: Supp. Announcement 1, Nov. 15, 1944, 9 F.R. 13799, provides in part as follows: otherwise announced, the export differential applicable under the program shall be 4 cents per pound of cotton, gross unpatched weight, and the premiums and discounts per pound, gross unpatched weight, applicable under the program to cotton of a non-tenderable quality shall be as shown in the schedule below.

Until otherwise announced, sales of Good Middling and better rain-grown cotton 18 inch and longer may not be registered under the program, exports of such cotton shall not entitle the exporters to any rights under the program, and such cotton is withdrawn from sale to exporters from Commodity Credit Corporation's stocks under the program.

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SCHEDULE 1-PREMIUMS AND DISCOUNTS FOR NONTENDERABLE QUALITIES OF COTTON

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White and extra white:

Spotted:

Tinged:

Yellow stained:

Gray:

NOTE: Premiums and discounts for qualities not shown above will be the average of the 10 spot markets for staple length 18 inches and shorter and Memphis for 1332 inches and longer on the day Commodity Credit Corporation receives notice of the export sale.

§ 295.5 Storage charges. Commodity Credit Corporation shall assume all storage charges on cotton purchased from the Corporation's stocks through the fifth day following the date the draft for the purchase price is drawn on the exporter, as provided in § 295.12. The purchase price shall be reduced by the amount of any such storage charges which have not been paid by the Corporation at the time of the delivery of the warehouse receipts representing the cotton, and such unpaid storage charges shall be paid by the exporter.

§ 295.6 Purchase orders. All purchase orders shall be submitted to the New Orleans Regional Office of Commodity Credit Corporation and shall be in the form prescribed by the Corporation. Purchase orders may be sent by mail or telegraph, but all purchase orders sent by telegram shall be confirmed in writing on the same day in the prescribed form. Each purchase order submitted by an exporter shall designate the export sale or sales against which the purchase is made. All purchase orders shall be considered in the order received at the New Orleans Regional Office. Upon receipt by the Corporation of any purchase order, a check of the stocks available for purchase shall be made. If all or any part of the cotton specified in the order is available for purchase, and the order is accepted by Commodity Credit Corporation, the exporter will be promptly notified by telegram of the Corporation's acceptance of the order as to such cotton. No cotton shall be regarded as purchased until the exporter receives such notification. If the purchase order is not accepted as to all or any part of the cotton, the exporter will be promptly notified by telegram and may order other cotton in substitution.

§ 295.7 Purchase and resale of exporter's cotton. If an exporter agrees to sell a quantity of lint cotton grown in the continental United States to a foreign purchaser for export to an approved country and the sale is registered as provided in § 295.8, and if Commodity Credit Corporation does not have available, or does not choose to sell, an equal quantity of cotton from its own stocks which is comparable in quality and growth to that desired by the exporter and which is otherwise suitable to meet the exporter's requirements, the exporter (in lieu of purchasing an equal quantity of cotton from the Corporation's

stocks) shall be eligible to sell to the Corporation and immediately repurchase from it that portion of the cotton exported in fulfillment of such export sale which is in excess of the quantity of cotton purchased from the Corporation's stocks against such export sale, subject to the following conditions:

(a) Such purchase and resale shall be deemed to have been made immediately prior to the exportation of such cotton.

(b) The price at which the cotton is purchased by the Corporation shall exceed the resale price to the exporter by an amount equal to the export differential announced by the Corporation and in effect at the time the Corporation receives notice of the export sale of such cotton.

(c) The exporter must have submitted to the Corporation satisfactory evidence that the cotton has been exported by the exporter prior to January 1, 1946.

(d) The purchase and resale shall be based on the unpatched gross weight of such cotton.

(e) The exporter must have submitted, within 90 days after the date of exportation of such cotton, a sale and repurchase invoice with respect to such cotton. Sale and repurchase invoices shall be submitted in duplicate to the New Orleans Regional Office of Commodity Credit Corporation and shall be in the form prescribed by the Corporation.

(f) Within 90 days after the date on which the Corporation receives notice of the export sale, the exporter must have submitted against such export sale a purchase request covering such cotton or a purchase order covering an equal quantity of cotton. Purchase requests shall be submitted to the New Orleans Regional Office of the Corporation and shall be in the form prescribed by the Corporation. Purchase requests may be sent by mail or telegraph, but all purchase requests sent by telegraph shall be confirmed by mail on the same day in the prescribed form. [Paragraph (f) added Dec. 6, 1944, 9 F.R. 14381]

§ 295.8 Registration of sales and other required documents. (a) Sales of raw cotton for exportation shall be registered under this subpart when, and only in the event that, the following requirements have been met:

(1) The sale must be made through an offer by the exporter to sell and an

acceptance of such offer by the foreign purchaser.

(2) The exporter's offer must be accepted subsequent to the date of this offer and to the date of the announcement of the export differential.

(3) The country to which the cotton is sold for export must be an approved country at the time the foreign purchaser accepts the exporter's offer to sell.

(4) In the case of sales for export to Canada and Mexico, such sales must be made directly to a cotton consuming establishment in such country.

(5) The exporter must send a notice of the export sale to the New Orleans Regional Office of Commodity Credit Corporation by telegram filed with the telegraph company not later than twenty-four (24) hours after the exporter receives the foreign purchaser's acceptance of his offer to sell.

(6) The notice of the export sale must state the name and address of the foreign purchaser, the number of pounds (gross weight) and the quality of cotton sold, the sales price, and the date and exact time the exporter received the foreign purchaser's acceptance of the offer to sell.

(7) There must be received by such Regional Office, within five (5) days after the date the notice of the export sale was received by the Corporation, copies, certified by the exporter as being true and correct, of the telegrams or cablegrams offering to sell the cotton and accepting the offer to sell. The date of registration of a sale shall be the date on which such certified copies are received by the Corporation.

(b) After the registration of each sale, the exporter must also furnish to the Corporation the following:

(1) There must be received by the New Orleans Regional Office, within twenty (20) days after the date the notice of the export sale was received by the Corporation, in the case of sales for export to Canada and Mexico, and within sixty (60) days after such date, in the case of sales to other countries, a copy of an unconditional sales contract covering the cotton sold, signed by both parties, and certified by the exporter as being true and correct.

(2) Such contract must show the sales price, the date of sale, the number of pounds (gross weight) and quality of

cotton sold, the month of delivery or sailing date, destination of shipment, and the names and addresses of the parties to the contract, and must call for the exportation of the cotton not later than December 31, 1945.

(3) Exporters must furnish to such Regional Office on each 5,000 bales of cotton sold for export, but in any event not less than once every two weeks, a certified statement, in duplicate, in the form prescribed by the Corporation, showing the grade and staple length (based on U. S. Standards) of the cotton which will be exported in fulfillment of such sales, even though the cotton was sold on types or description.

§ 295.9 Satisfactory evidence of exportation. Evidence of exportation of cotton, to be satisfactory hereunder, must meet the following requirements:

(a) If the cotton is exported to Canada or Mexico, the exporter shall furnish an authenticated landing certificate issued by an official of the Government of the country to which the cotton was exported, showing the place and date of landing and gross landed weight of the cotton, and the name and address of both the person who exported the cotton from the United States and the person to whom it is shipped.

(b) If the cotton is exported to any other country, the exporter shall furnish a certified copy of either an on board ship bill of lading or a shipmaster's receipt, showing, in either case, the number of bales, marks, and gross weight of the cotton loaded on board ship, the date and place of loading, name of vessel, destination of cotton loaded, and the name and address of both the person exporting the cotton and the person to whom it is shipped.

CODIFICATION: In § 295.9 (b), the words "a certified copy of" were inserted following the words "shall furnish", by Supp. Announcement 2, Dec. 6, 1944, 9 F.R. 14381.

(c) In every case, the exporter shall also furnish a certified copy of his export declaration showing that the cotton was produced in the continental United States and a certified reweight sheet of the warehouse from which the cotton is shipped for export, showing the number of bales and marks of the cotton and its gross unpatched weight. Such weight sheet shall constitute satisfactory evidence of the cotton's unpatched gross weight.

(d) The documents specified above must be filed with the New Orleans Regional Office of Commodity Credit Corporation not later than fifteen (15) days after the date of such exportation; and also, in those cases in which cotton is sold by the Corporation from its stocks in reliance upon the exporter's bond, not later than thirty (30) days after the month of delivery or sailing date shown on the certified copy of the sales contract filed with the Corporation.

(e) The exporter shall also furnish any additional evidence of exportation which may be requested by the Corporation.

(f) If cotton is loaded on board a vessel for shipment to an approved country and is damaged or destroyed while on board such vessel, the cotton shall be regarded as having been exported for the purposes of this program. [Paragraph (f) added Dec. 6, 1944, 9 F.R. 14381]

§ 295.10 Bond. The bond which must be furnished by each exporter in lieu of satisfactory evidence of exportation shall be in the form prescribed by the Corporation and shall be in an amount at least equivalent to 10 cents for each pound (gross weight) of cotton sold to the exporter for which, at any one time, satisfactory evidence of the exportation of the corresponding cotton to the approved country named in the sales contract has not been submitted to the Corporation. The surety on such bond must be a corporate surety approved by the Treasury Department of the United States.

§ 295.11 Liquidated damages. (a) In all cases in which (1) an exporter gives Commodity Credit Corporation notice of an export sale pursuant to § 295.8 and satisfactory evidence of the exportation, prior to January 1, 1946, of cotton in fulfillment of such export sale is not filed with the Corporation within the time specified in § 295.9 (d), or such extension of time as may be granted pursuant to subparagraph (b) (1) of this section, or (2) cotton as to which satisfactory evidence of exportation has been submitted reenters the United States or its possessions (other than the Philippine Islands) in the form of raw cotton, the exporter shall pay to the Corporation, as liquidated damages, the sum of 10 cents per pound for each pound of such cotton.

(b) Notwithstanding the provisions of paragraph (a) of this section, if Commodity Credit Corporation determines that the exporter was prevented from exporting cotton in fulfillment of any export sale of which the Corporation receives notice hereunder by acts of government, acts of God, lack of shipping space (claims of lack of shipping space must be supported by a letter from the War Shipping Administration showing that shipping space was unavailable for shipment of such cotton within the prescribed time), or other similar causes beyond the exporter's control,

(1) The Corporation may grant an extension of the time within which cotton may be exported in fulfillment of such export sale and satisfactory proof of such exportation may be submitted,

or

(2) If the Corporation does not grant an extension of time, or if such cotton cannot be exported due to any such cause within any such extension of time:

(i) The exporter may, if the Corporation has sold him cotton against such export sale, pay to the Corporation (in lieu of making payment of the amount provided in paragraph (a) of this section) an amount equal to the difference between the price paid to the Corporation for such cotton and the price for such cotton under the domestic sales program of the Corporation on the date the cotton was purchased from the Corporation; and

(ii) If the Corporation has not sold him cotton against such export sale, the exporter shall not be liable to the Corporation under paragraph (a) of this section and the exporter shall have no rights hereunder with respect to such export sale.

§ 295.12 Payment for and delivery of cotton. Within fifteen (15) days after the date of receipt of any purchase order which is accepted by Commodity Credit Corporation, the Corporation will present to the exporter a sight draft drawn on the exporter for the purchase price of the cotton, accompanied by warehouse receipts representing the cotton and properly endorsed so as to vest title in the exporter. Such draft must be paid by the exporter upon presentation.

§ 295.13 Class. All sales of 1944 crop cotton will be based solely upon the grade and staple length shown in the catalog, with no right of adjustment if the grade

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