Lethbridge Herald, The (Newspaper) - November 1, 1972, Lethbridge, Alberta
46 TH8 LETHBRIDGE HERALD Wednesday, November 1, 197J Soybean crops add to income American farmers are smiling By SETH KING New York Times Service CALLENDER, Iowa One of the new delights Garland C. Hanson has found this fall is a battery powered calculator he can carry around in his pocket. It gives him an instant read- Ing on the dollars this year's soybean crop is going to yield and these readings are all com- ing up golden. As lie stood beside the round, corrugated storage bins in his wide yard, watching the golden streams of soybeans pouring from his farm wagons, Hanson calculated that the new wonder crop was going to add at least a third to his income in a har- vest year that is as good in both yield and prices as he can re- member. The department of agricul- ture agrees. Its latest esti- mates, published Oct. 12, placed the 1972 American crop at 1.3 b i 11 i o n bushels, 13 per cent higher than last year's record total. This is based on an average per-acre yield for the United Stales of 2B.7 bush- els, an increase over 1971's rec- ord total of 27.0. Wilh lliis suinmer's grain sales to the Soviet Union add- ed to further increases in world demand for soybeans, the agri- culture department estimates that exports this year will lo- lal more than 500 million bush- els, an increase of at least 20 per cent over last year's 423 million bushels. The pressure of demand and the low carry-over from last year's huge crop are pushing prices to a recordi high and the department is predicting that this season's average price for the United States will be from 5 to 10 per cent abeve last year's excellent average price of a bushel. "Beans are my big money crop Hanson told a vis- itor. "We've always before been corn farmers in my family. We're still in com, of course. But now we're moving up to planting half of our land in beans. Some years beans bring more than corn and if we didn't have lo rotate with corn, we might be growing even more beans than now." Mr. Hanson, a cheerful, ath- letic man whose bright blue eyes and wind-reddened com- plexion point up his Norwegian ancestry, knows there is noth- ing new about the fact that soybeans arc grown in Iowa. He has been planting them since 1248, when lie started helping his father run the family farm here in Webster County in cen- tral part of the state. "In those days, soybeans were looked on as just some- thing to plant nn acres we had lo hold the corn off he said. "Then you'd be lucky to gel 30 or 40 bushels to an acre and they were paying barely S2 a bushel for Uiose beans." Recently, as the soybean har- vest in the upper micVJle west neared its peak, Hanson's yields were running above 45 bushels to tbe acre. Some Iowa farmers to the north of here were averaging 50 bushels an acre. But w h a t really brought smiles were Ihe prices farmers wore gelling for those yields. Even with a record harvest in sight, country elevalors in Iowa were paying as much as a bushel for beans, well above last year's average of And if any more cheer were needed, it could be found in Ihe soy- bean prospecls for Ihe coming year. As world demand has risen steacVly, the the amount of soybeans unused from the previous year has dwindled. The agriculture department over from the lasl year of only 72 million bushels, down 27 pel- cent from 1971. The carry-over was less than one-quarter the size of that in 1969, when the unused soybeans reached a peak of 324 million bushels and market prices dropped well be- low the government loan price of The largest cash crop in the United States in terms of pro- (Vjction is corn, which was valued in 1971 at billion. The value of soybeans and wheat for the year were billion and billion, respec' lively. However, in terms of sales, which discounts the value at the grain used by the grower for feed, soybeans and corn were almost equal last year. The value of corn was billion against 53.3 billion for soy- beans. In terms of exports, soybeans are exceeded in volume by both corn and wheat. Last year 588 million bushels of wheat, 506 million bushels of corn and 423 million bushels of soy beans were exported. In c'ollar value, however, soy- bean exports last year were higher than both corn and wheat. The value of soybeans exported was billion, com- pared wilh ?991 million for wheat and million for com. SIMPSONS hears Fabulous Savings Right in the Palm of Your Hand! B-C. hni-.hinT louche... linrd lather gloves in venous longlns. fully pinu" sewn with Rollon Ihijmbs. To ctRicrmlnn qlovo slro. measura arouruj fullest part of clenched right hand, deluding ihumh (illfill-hwidfid, nw.ure loll Number clinches Is your s'zo. 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The wreck has already yielded worth of sil- ver coins and Cowan says it may contain coins worth million. Silver from Cowan's find has been sold in London and New York and more sales ?re lined up. And he is on the trail of two new wrecks which he expects will lead to new ad- ventures. The story began in 1966 when Cowan gave up his thriving law practice and, wilh some capital in the bank, "dropped out to look for other experiences." He tried other jobs, managing a fashion pho- tographic studio and Journal- ism. An assignment from the newspaper The Financial Times changed his career, taking him lo the Stilly Isles where a learn of Royal Navy officers already was diving for Ireasure. SANK IN 1743 The Stilly Isles have long been a favorite hunting place for fortune seekers. They are surrounded by some of the most dangerous waters in Eu- rope where over the years ships of many countries have gone to the bottom. The divers sought the hulk every treasure-hunter in Brit- ain dreamed of finding: the 500-lon Dutch East Indiaman Hollandia. This little ship set sail from Holland July 3, 1743, bound for Batavia (now her hold brimming with guilders in iously estimated at million to million at present-day values. Ten days laler In bad weather she hit Gunner Rock So Japan discovers Handling success can be difficult Bv JOHN CUNNIFF Business Analyst NEW YORK (AP) Japan, whose economy continues to grow at the faslest rate of any major industrial counlry, is finding thai success sometimes is as hard to handle as failure. Witli its gross national prod- uct expanding at more than 10 per cenl a year since Lhc mid- 1950s, compared with three to six per cent for most other countries, the Japanese are achieving domestic prosperity but creating antagonis ms abroad. The expansion has teen en- hanced greatly by the enthusi- asm wilh which the Japanese send Uieir goods lo Ihe far cor- ners of the earth, outselling and underbidding foreigners. But that propensity for ex- porting has not been mntchcd by a comparable interest in the products and investments of for- eigners. It is considerably more difficult to sell to (he Japanese thnn it is lo buy from them. The result is an enormous Irade surplus and an export mo- mentum that the Japanese seem unable lo stop. And if the silua- llnn isn'l corrected, the market place ILiolf might act to force n yen revaluation. It might occur this way: So long ns the trnde surpluses con- tinue (he yen romnins strong nnd desirable. You dim'l have lo take Japan's word for it; I hose surpluses testify lo il. They amount lo lOUs. Other countries become upset at the situation. They insist thai Japan open its markets to their goods to help redress the imbal- ance. And Lhey insist that Japan artificially restrict exports. Otherwise, llicy say, they will insist that Japan recognize Ihe market is telling Ihe world, that the yen is really worth more than its face value. They might insist, that a greater value be declared for il. A revaluation would make Japanese goods more expensive abroad and, depending upon the method in which the revaluation is carried oul. tend lo make for- eign goods less expensive in Japan. Thus, the imbalance would lend lo diminish. Prior lo this, however, the speculators will be active. Sen- sing a revaluation, they begin buying yen, hoping In pocket the difference. And in buying yen they put upward pressure on the price of the yen. To stop this activity, which might disnipt their domestic economy nnd securities mar- kcl.s, the Japanese might have lo bow to realilies and raise the price. Bits and pieces of the scena- rio already aro shaping up. The Hank of Japan, says Morgan Guaranty Trust, was obliged to absorb billion from yen- buyers. Tlii.t doesn't mean lhal a revaluation Is Inevitable, how- ever. The Japanese revalued by lf> per cent last December and nron'l anxious to do so twice in n year. off St. Agnes Island and sank with no survivors. Cowan showed the naval of- ficers a history book he and his wife Zelide had found lell- ing Ihe slcry of the Hollandia and the germ of an idea was bom: lo look for the ship as a full-time proposition. In 1967 the hunt began in earnest. But looking for a treasurs ship is not done overnight. Says Cowan: "It took almost three years' research before we were even ready to make our main effort." STUDIED BACKGROUND Zelide became the chief researcher. She re- mained in London, looking at maps, reports and books about the life and limes of MB Dutch East India Company la a dozen museums. Meanwhile the divers, two crewmembers and two exploring in 100 feel of water off the Island of Annet where the most relia- ble reports said the ship was last seen. They had no luck. Then Cowan got hold of s proton magnetometer, a de- vice which locales metal ob- jects by changes In a mag- netic field. "Time after time the divers and I look this thing out and lime after time it did not work- At the end of 1970 money and morale were run- ning low. "In 1971 I got the team to- gether again. We started s c a r c h i n g the latesl area where we believed Ihe Hollan- dia had sunk. "Then on Sepl. 16 Ihe mag- netomeler started to give out the telltale hum that it had found metal and lire divers" wenl over Ihe side. "A few days later we had It. A cannon wilh Iho anchor and insignia of Ihe Dutch East India Company and the name Hollandia. We had found her." They worked on the WTeck every good weather day, even in winler. CEMENTED TO ROCKS "The coins themselves cemcnled into the rocks by lime and had lo he chipped away lo bring them to Ihe surface and then chipped again." Last April 18 at Sotheby's the haul, cleaned and present- able, reached Cowan says: "Everyone asks how we could make such a sacrifice, (o give up such n sensible, secure life. But really it has been fun for nil of us. "Certainly none of us arc in II purely for Ihe money. The search cost me lo launch nnd after paying per- centages to the Dutch govern- ment and the British receiver of wreck there is about enough to give us a comforta- ble living, that's nil." After Ibc excitement of the ITollandln, Cownn nnd his wife have managed lo locnle Iwn new nrouml Brit- ish shores, one ncross the world. They nro keeping llwlr locations secret.