EXHIBIT F



 BTJDGET

 CODE AUTHORITY
 for the
 LADIES' HAAIMBAG INDUSTRY



1. Title of Code Authority: Code Authority Ladies' Handbag Industry.

2. Address: 347 Fifth Avenue, 7Tew York, N. Y.

3. Budgetary Period: From March 26, 1935 to March 25, 1936. (12 Months)
 (If the NRA is not extended by Congress on or about June 16, 1935,
 the budget wil. be effective to that date only.)

4. Effective Date of Code: March 26, 1934.

5. Assessments are based on 1/4 of 1% of the sales of manufacturers and
 manufacturing jobbers. Contractors are not assessed. The sales for
 the industry are estimated at $45,000,000. At. the rate of 1/4 of 1%,i
 the assessments will amount to $112,500.

 The rate of 1/4 of mentioned above applies to the new budget for
 the forth-coming year. This is a reduction from the former rate of
 1/3 of' 1% in effect throughout the first year of operation.

 The method of collecting the assessments it as follows: Labels are
 sold to the manufacturers and manufacturing jobbers at the rate of
 $2.50 per thousand labels. This total amount is credited as an ad-
 vance against the assessments. In the following month after rourchase|
 of labels, the manufacturer reports his sales at 1/4 of 1%, avnlies
 his advance credited to him at the time of purchase, and remits for
 the difference, or'is credited by the Code Authority, defending uoon
 whether the difference' is due to' the Code Authority or due to the
 manufacturer. In the latter case, he applies this credit on his
 next purchase of labels.

 The record of labels sold applicable to last year's budget is as fol
 lows:
 Estimate of Label Sales from March 26, 1934
 to June 18, 1934 (date of first sale) 10,000,000 la.
 Number of Labels actually sold from June 18, 1934
 to January 3L,:1935 .. 25,262,200 ,I
 Estimated February 1, 1935 to March 25, 1935 6 000000 "'
 Total Labels for Old Budget Period 41,262,200. !'|

 The estimate for the new budget for the period March 26, 1935 to
 March 25, 1936 is 65,000,000 labels. This estimate is divided into :
 45,000,000 of the labels sold to the present members of the industry. *
 and 20,000,000 to be sold to the two new groups, Imitation Leather &


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