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BARTER COTTON FOR RUBBER WASHINGTON, D. C, May 22.— The United States and Great Britain, it was learned today, are nearing a tangible agreement for an exchange of one million bales of American government-held cotton for a commensurate amount of rubber. Senator Byrnes, Democrat, South Carolina, author of a barter proposal designed to reduce this governments 11,500,000-bale supply of surplus loan cotton, has been informed by the United States Department of State that arrangements have been going forward in London for the swap. Great Britain, Byrnes has been told, is currently working to increase temporarily its rubber production to offset the outgo of rubber involved in the barter so as not to send up the world price unduly. Only a simple bill, releasing the government-held cotton for the barter, will be necessary to effect it when the impending tangible agreement is concluded, according to Byrnes. Passage of such legislation through Congress was already assured.
