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DEBT
CEILING
INCREASE
HEARINGS
BEFORE THE
COMMITTEE ON FINANCE
UNITED STATES SENATE
EIGHTY-FIFTH CONGRESS
SECOND S E S S I O N
ON
H. R. 9955
AN ACT TO P R O V I D E FOR A T E M P O R A R Y I N C R E A S E I N
THE PUBLIC DEBT
JANUARY 27, 28, F E B R U A R Y 4 AND 7, 1958
P r i n t e d for the use of the Committee on F i n a n c e
UNITED STATES
GOVERNMENT PRINTING OFFICE
21297
WASHINGTON : 1958
C O M M I T T E E ON F I N A N C E
HARRY F L O O D : 3YRD, Virginia, Chairman
ROBERT S. KERR, Oklahoma
EDWARD MARTIN, P e n n s y l v a n i a
J . A L L E N F R E A R , J R . , Delaware
J O H N J. WILLIAMS, Delaware
R U S S E L L B, LONG, Louisiana
R A L P H E. F L A N D E R S , Vermont
GEORGE A. SMATHERS, Florida
GEORGE W. MALONE, Nevada
CLINTON P . ANDERSON, New Mexico
FRANK CARLSON, K a n s a s
WALLACE F . B E N N E T T , U t a h
P A U L H. DOUGLAS, Illinois
W I L L I A M E. J E N N E R , I n d i a n a
A L B E R T GORE, Tennessee
E L I Z A B E T H B. SPRINGER, Chief Clerk
II
CONTENTS
Pa*e
1
T e x t of H. R. 9955
STATEMENTS
Anderson, Hon. R o b e r t B., Secretary of t h e Treasury
2
Brundage, Hon. Pereival F., Director of t h e Bureau of t h e Budget, Executive Office of t h e President; accompanied b y Maurice H . Stans, D e p u t y
Director; William F . McCandless, Assistant Director for Budget R e view; a n d Samuel M. Cohn, Chief, Fiscal Analysis, Bureau of t h e
Budget
106, 243, 419
EXHIBITS
Analysis of unexpended balances—by organization unit a n d account
title
Agriculture D e p a r t m e n t
Commerce D e p a r t m e n t
Defense D e p a r t m e n t — C i v i l functions
Defense D e p a r t m e n t — M i l i t a r y functions
District of Columbia
Executive Office of t h e President
F u n d s appropriated to t h e President
.
General Services Administration
Health, Education, a n d Welfare D e p a r t m e n t
Housing a n d H o m e Finance Agency
I n d e p e n d e n t Offices
Interior D e p a r t m e n t
Judiciary
Justice D e p a r t m e n t
Labor D e p a r t m e n t
Legislative branch
Post Office D e p a r t m e n t
State D e p a r t m e n t
Treasury D e p a r t m e n t
Appropriations, 1959 estimate
Budget expenditures—semiannual (fiscal years 1955-59)
Budget receipts—semiannual (fiscal years 1955-59)
Budget surplus or deficit—semiannual (fiscal years 1955-59)
Changes in t h e purchasing power of the dollar and deficit financing, 1 8 7 3 1957
C o m m i t m e n t s m a d e by Federal representatives to t h e Joint Federal-State
Action Committee
Consumer prices and t h e purchasing power of t h e dollar, 1913 t o M a y 1957_
Consumer prices and t h e purchasing power of t h e dollar, 1873, and 1913-57.
Consumer prices, purchasing power of t h e dollar, a n d selected factors
affecting prices, 1939-57
Currency being generated abroad from all United States programs, free use
and otherwise
Decreases and increases in expenditures, 1959, compared with 1958, a s
shown in 1959 budget document
D e b t limitation under section 21 of t h e Second Liberty Bond Act as
amended—history of legislation
_
D e b t of Federal Government agencies not guaranteed as t o principal and
interest by t h e United States, December 31, 1957
Dollar expenditures under t h e M u t u a l Security Program
Expenditure increases
in
123
164
172
187
179
224
130
133
156
191
160
138
199
127
210
212
123
215
216
219
413
10
11
10
31
114
51
73
35
394
391
5
83
426
411
IV
CONTENTS
Page
Expenditures of pre-use currencies in fiscal year 1959 by such programs as
E x p o r t - I m p o r t Bank, Defense Family Housing, Foreign Agricultural
Service, General Services Administration, M u t u a l Security, S t a t e D e p a r t m e n t , United States Information Service, etc
416
E x p o r t - I m p o r t Bank of Washington
271
G r o w t h of t h e b a n k in t e r m s of capital structure and lending a u t h o r i t y .
400
L o a n s in default, fully reserved on books, a n d losses charged off, as of
December 31, 19571
311
S t a t e m e n t of delinquent loans
313
S t a t e m e n t of loans delinquent as of December 31, 1957, u n p a i d a t
J a n u a r y 30, 1958, E x p o r t - I m p o r t participation only
312
E x p o r t - I m p o r t Bank loan of December 21, 1956 to the United K i n g d o m .
257
Forecast of cash balance a n d debt, J a n u a r y 1958-June 1959, based on
constant operating cash balance of $3.5 billion (excluding free gold)
7
F u n d s for foreign aid
.
444
High a n d low balances in certain m o n t h s and balances on selected dates
in T r e a s u r y t a x a n d loan accounts in commercial banks
72
Increases in expenditures between 1958 and 1959
398
I n t e r n a t i o n a l B a n k for Reconstructional Development, establishment of__
260
S t a t e m e n t of loans, December 31, 1957
261
S t a t e m e n t of subscriptions to capital stock
432
I n t e r n a t i o n a l Cooperation Administration, authorization of Development
Loan F u n d
314
Allocations, J a n u a r y 1 t o J u n e 30, 1957, under credits previously
authorized
314
I n t e r n a t i o n a l Finance Corporation, organization of
266
S t a t e m e n t of operational investments approved, December 31, 1957_
267
I n t e r n a t i o n a l M o n e t a r y Fund, establishment of
268
Exchange transactions a n d s t a n d b y arrangements
269, 270
Income and expenditure
430
Quotas and subscription of member currencies and gold
431
Leeway under $278 billion t e m p o r a r y s t a t u t o r y debt limit—Allowing for $3
billion balance, including $500 million from unused free gold
21
Letters:
Anderson, H o n . R o b e r t B., Secretary of t h e Treasury, t o chairman,
J a n u a r y 28, 1958
21
Baird, H o n . Julian D . , Under Secretary of t h e Treasury, t o H o n .
P a u l H . Douglas
_"
82
Davies, Homer G., to chairman, J a n u a r y 31, 1958
443
H a y d e n , H o n . Carl, t o chairman, J a n u a r y 24, 1958
240
Loan c o m m i t m e n t t o France
254
Long-range commitments a n d contingencies of the United States Governm e n t as of J u n e 30, 1957
__.
84
M a r k e t a b l e maturities in 1958 (excluding regular and tax-anticipation
bills)
9
Marketable maturities, J a n u a r y 1958 through December 1958
7
National Advisory Council on International M o n e t a r y a n d Financial
Problems, establishment of
255
New obligational authority
412
New p r o g r a m s , estimated expenditures for fiscal year 1959
390
Public debt outlook
8
Public debt subject to s t a t u t o r y limitation and operating cash b a l a n c e - 92
Relationship of United States liability on stock of I n t e r n a t i o n a l Bank to
public debt limit
90
Report on Foreign Currencies in Custody of the Treasury D e p a r t m e n t
(currencies acquired by t h e United States, principally intergovernmental
agreements, without purchase with dollars) for the period J u l y 1, 1957,
t h r o u g h September 30, 1957, Treasury D e p a r t m e n t Fiscal Service,
Bureau of Accounts
447
Role of t h e Bureau of t h e Budget in reducing expenditures
233
Specific p r o g r a m cuts in the 1959 budget
26
S u m m a r y of balances available at start of the fiscal year 1959
414
S u m m a r y of balances available at start of year (based on existing and
proposed legislation)
225
S u m m a r y analysis of unexpended balances (by budget document chapters) _
122
CONTENTS
S u m m a r y s t a t e m e n t submitted by Hon. George W. Malone
Treasury cash balance problem
Treasury comments on proposal t h a t Congress enact legislation permitting
b a n k s t o p a y interest on balances in Treasury t a x and loan accounts,
J a n u a r y 24, 1958
Unexpended balances
United States Government subscriptions to financial institutions making
loans abroad
Volume of Treasury m a r k e t financing (excluding weekly rollover of bills) _ _
Weekly statistics on United States deposits in selected New York banks,
J a n u a r y 1953 t o August 1955
Weeklv statistics on United States deposits in selected New York banks,
September 5, 1956, through M a y 1, 1957
Weekly statistics on United States deposits in selected New York banks,
August 17, 1955, t h r o u g h September 5, 1956
V
Page
97
8
62
414
400
9
56
61
59
DEBT CEILING INCREASE
MONDAY, J A N U A R Y 27, 1958
UNITED STATES SENATE,
COMMITTEE ON FINANCE,
Washington^ D. C.
The committee met, pursuant to call, at 10 a. m., in room 312, Senate
Office Building, Senator Harry Flood Byrd (chairman) presiding.
Present: Senators Byrd (chairman), Kerr, Frear, Anderson, Douglas, Long, Martin, Williams, Flanders, Malone, Carlson, and Bennett.
Also present: Elizabeth B. Springer, chief clerk.
Hon. Eobert B. Anderson, Secretary of the Treasury; Julian Baird,
Under Secretary for Monetary Affairs, Department of the Treasury;
William T. Heffelfinger, Fiscal Assistant Secretary; and Paul Wren,
assistant to the Secretary, Department of the Treasury; and Eobert
P. Mayo, Chief, Debt Analysis Staff, Department of the Treasury.
The CHAIRMAN. The committee will come to order.
The committee has now under consideration House bill 9955, for the
purpose of increasing the debt limit on a temporary basis until June
20,1959, by $5 billion.
(The bill H . E . 9955 is as follows:)
[H. R. 9955, 85th Cong., 2d sess.]
AN ACT To provide for a t e m p o r a r y increase in t h e public debt limit
Be it enacted by the Senate and House of Representatives
of the United
States
of America in Congress assembled, That, during the period beginning on t h e d a t e
of the enactment of t h i s Act and ending on J u n e 30, 1959, t h e public debt limit
set forth in t h e first sentence of section 21 of the Second Liberty Bond Act, a s
amended, shall be temporarily increased by $5,000,000,000.
Passed t h e House of Representaties J a n u a r y 23,1958.
Attest:
R A L P H R. ROBERTS,
Clerk.
The CHAIRMAN. NOW, Mr. Secretary, the committee and I are
pleased to welcome you, for I believe this is your first appearance as
Secretary of the Treasury, and, personally, I want to express my
respect for you and my confidence in you. I feel certain it is shared
by every member of the committee.
I n the days ahead of us we shall look forward to your appearances
l>efore the committee, because all of us realize that we have very difficult fiscal problems confronting us.
So you ma}^ proceed, sir, and make your statement.
1
2
DEBT CEILING
INCREASE
STATEMENT OF HON. KOBEKT B. ANDEESON, SECRETARY OF THE
TBEASUEY
Secretary ANDERSON. Thank you, Mr. Chairman.
I should first like to read a statement, a copy of which I think has
been given to each member of the committee.
H. R. 9955, which was passed by the House of Representatives and
is now before your committee for consideration, provides a temporary
increase from $275 billion to $280 billion until June 30, 1959, in the
statutory limitation on the public debt.
I sent to each member of the committee a copy of my statement
(with accompanying tables and charts) before the House Ways and
Means Committee on January 17. I am attaching the same exhibits
and would like to reviewT them briefly with you this morning.
Before doing so, however, I want to emphasize again that the
need at this time for a debt limit increase is based on:
1. T h e fact that cash balances have been running distressingly low,
as I will show in detail later.
2. There is need for more flexibility for more efficient and economical
management of the debt.
3. Even with a balanced budget there will still be large seasonal
fluctuations in receipts which make operations under the $275 billion
limitation most difficult.
I would like to direct your attention to table I, which summarizes
the various changes in the statutory debt limitation during the past
40 years.
Previous changes made in the debt limitation consistently provided
larger margins between the outstanding debt and the successive limits
than now exist or which would result from the temporary increase
under consideration.
Chart 2 compares the debt outstanding in recent years with the debt
limit. I should like here to call your attention particularly to the
fact that the Treasury operated very close to the $275 billion limit
during the fiscal year 1954, but to keep under the limit we had to adopt
relatively costly expedients.
There was somewhat more leeway under the temporary debt increase to $281 billion during the fiscal year 1955, but in the fiscal year
1956 the debt was very close to the limit during a substantial part of
the winter. There was a little greater margin under the limit a year
ago, but, as the chart depicts, during the past several months the
Treasury has been extremely close to the debt limit.
You will note that we normally have sufficient margin under the
debt limit on June 30 of each year and that it is during the winter
when the limit is the most restrictive.
One of the most serious difficulties encountered by the Treasury in
operating under the present limitation is the problem of c a r d i n g out
our financing in an orderly and economical manner. A large portion
of our public debt is made up of securities with relatively short
maturity.
More than $25 billion of Treasury bills mature within the next 90
days and more than $50 billion of Treasury certificates, notes, and
bonds are coming due in the calendar year 1958.
DEBT CEILING
INCREASE
3
I should like here to call your attention to charts 3 and 4. Chart
3 shows that our first maturity in calendar 1958 is on February 14
and that we have some further maturities almost every month during
the rest of the year. Maturities on chart 3 total $50.2 billion, of which
$21.3 billion is held by Federal Reserve banks and Government investment accounts.
The figures on this chart do not include $3 billion of tax anticipation bills which we expect to pay off in March, nor do they include
$22 billion of regular 90-day Treasury bills which we normally turn
over 4 times a year.
Chart 4 shows the total volume of Treasury financing that has
taken place in recent years, which again excludes the regular Treasury
bills that w^e roll over quarterly. The total, for example, in 1957 was
$65.5 billion, of which we were able to extend $8.8 billion beyond 1
year in 1- to 5-year notes, and $1.3 billion in 12- and 17-year bonds.
Some part of this debt is coming due each month, so that at all times
the Treasury is faced with substantial refunding problems. An objective of sound fiscal policy is to extend the maturity of newT issues
whenever opportunities are available, so as to avoid concentrating too
large a portion of the public debt in the area of short maturities.
During the past several months, we have been able to issue only relatively small amounts of longer maturities on two occasions.
We should be able to take advantage of any such favorable opportunities that may arise in the period ahead of us. Under the present
debt limit, we are not able to take full advantage of such opportunities by selling long-term issues in advance to retire part of the maturing issues. The need for temporary ovelapping of the debt will be
explained later. We will still experience in fiscal year 1959 a continuation of seasonal peaks in the collection of corporate income taxes.
These collections of corporate taxes are gradually being leveled off,
but there are still large seasonal fluctuaticftis. Under these circumstances, it is necessary for the Treasury to borrow large sums of money
in the July-December period to meet expenditures, and to pay off
such borrowings in the January-June period, even in years when we
have balanced budgets.
I should like to direct your attention to charts 5, 6, and 7.
Chart 5 shows quite vividly the seasonal peaks and valleys of the
Federal budget. This clearly indicates the extent to which heavy
Treasury borrowing is required during each July through December
budget deficit period in anticipation of a budget surplus in the following spring.
Chart 6 is illustrative of the fact that in recent years there is loss
marked seasonal movement in budget expenditures than in receipts,
and, if you look at chart 7 in relation to chart 6, you see the reason
for the big seasonal swing in the Government's deficit or surplus position. Chart 7 reflects the way in which taxes flow into the Treasury.
As I have said, some of this unevenness is being ironed out slowly as
a result of the corporate-tax collection change under the Revenue
Code of 1954, but still it has a way to go.
I t is difficult to make precise month-to-month forecasts which reflect all cash operations of the Government, including collection of a
great many types of revenues, the rates of expenditures under the
program of each agency, the issuance and retirement of our public-
4
DEBT CELLING INCREASE
debt obligations, and all of the multitude of operations reflected in
the total inflow and outflow of the Treasury. We have, however, attempted such estimates of the public debt and cash balances, based
upon our best judgment at this early date, and I am submitting for
your information these figures in the attached table 3. These figures
are based on the assumption that for an operation of this size we should
have cash on hand equal to at least 12 clays' expenditures—about $3.5
billion. We have assumed this balance at the middle and at the end
of each month with the full realization that between these dates the
cash might be below or above this level by a substantial amount. This
margin is necessary to keep the Treasury in a strong position to meet
wide fluctuations in expenditures and to minimize our vulnerability
to slow collections because of weather conditions affecting the mails or
other conditions beyond our control.
I n addition to this moderate working balance, we are of the opinion
that a reasonable margin for contingencies and provision for flexibility in financing is very important in the public interest. What we
mean by "flexibility" involves a rather technical explanation, but I
will try to make it clear. For example, if we go into the market to
refund an outstanding issue, regardless of the terms of the new issue,
we must take into consideration the fact that in the normal course of
business certain holders of these securities will need cash. Others will
decide that the terms of the new securities do not meet their particular
investment requirements and therefore they too will take payment for
their maturing securities in cash. So long as the debt margin is very
narrow, and cash balances low, the Treasury has to estimate carefully
what this attrition (maturing securities presented for cash payment)
will be so as not to be in a position where the Treasury could not
make payment for all maturing obligations presented. This might
mean that the coupon rate on the new securities would have to be
more generous than would otherwise be required. If the attrition
proves to be greater than anticipated, the Treasury has to go back into
the market almost immediately to restore working balances, even before the previous issue has been distributed properly. This threat of
a new issue hanging over the market creates uncertainty in the minds
of investors and keeps the market for United States Government
securities in a weak position. I t also unreasonably handicaps the
normal financing operations of States, municipalities, and private
businesses.
If, on the other hand, a cash offering is included in the refunding
program and the market were to improve between the date of announcement of new United States Government financing and the date
the books close, the attrition might be substantially less than anticipated. I n such event, the Treasury must calculate that it runs the
risk of inadverently exceeding the limit for a short period.
While we subscribe fully to the principle that every expenditure
should be scrutinized carefully in the interest of the maximum economy and efficiency, the ability to pay our bills is not the sole consideration in this problem. However, in our opinion an increase of $5
billion is necessary to provide adequate working balances, flexibility,
and a modest provision for contingencies that we deem essential to
prudent and economical debt management.
DEBT CEIUING INCREASE
5
I t should also be m a d e clear t h a t t h e p o r t i o n of t h e requested increase in t h e d e b t l i m i t t h a t is r e q u i r e d for needed flexibility w o u l d
n o r m a l l y be utilized only a t t h e t i m e of l a r g e new financing, a n d t h e n
for a s h o r t p e r i o d . I t can best be described as a n o v e r l a p p i n g o p e r a t i o n needed u n t i l t h e proceeds a r e used e i t h e r for a t t r i t i o n or t h e
v o l u n t a r y r e t i r e m e n t of T r e a s u r y bills or o t h e r m a t u r i n g debt.
I w o u l d like t o r e p e a t , M r . C h a i r m a n , m y p l e d g e to t h e m e m b e r s
of t h e C o m m i t t e e on W a y s a n d M e a n s of t h e H o u s e t h a t —
We of the Treasury assure you and the members of this committee and the
Congress that we will exert all of our abilities to achieve the utmost economy
in Government operations and to manage the public debt as best we can in the
national interest.
( T h e tables and c h a r t s r e f e r r e d t o are as f o l l o w s : )
TABLE 1.—Debt limitation under sec, 21 of the Second Liberty Bond Act, as
amended, history of legislation
Sept. 24, 1917:
Sec. 1 (40 Stat. 288) authorized bonds in the amount
of
* $7, 538,945, 400
Sec. 5 (40 Stat. 290) authorized certificates of in- 2
debtedness outstanding (revolving authority)
4, 000,000, 000
Apr. 4,1918:
Amending sec. 1 (40 Stat. 502), increased bond au- x
thority to
12, 000,000, 000
Amending sec. 5 (40 Stat. 504), increased authority 2
for certificates outstanding to
8, 000,000, 000
July 9, 1918: Amending sec. 1 (40 Stat. 844), increased
bond authority to
* 20, 000, 000, 000
Mar. 3,1919:
Amending sec. 5 (40 Stat, 1311), increased authority 2
for certificates outstanding to
10, 000, 000, 000
New sec. 18 added (40 Stat. 1309), authorized notes
in the amount of
* 7, 000, 000,000
Nov. 23, 1921: Amending sec. 18 (42 Stat. 321), increased
note authority to outstanding (establishing revolving 8
authority)
7, 500,000,000
June 17, 1929: Amending sec. 5 (46 Stat. 19), authorized
Treasury bills in lieu of certificates of indebtedness, 2
no change in limitation for the outstanding
. . . 10, 000, 000, 000
Mar. 3, 1931: Amending sec. 1 (46 Stat. 1506), increased
bond authority to
* 28, 000, 000, 000
Jan. 30, 1934: Amending sec. 18 (48 Stat. 343), increased 2
authority for notes outstanding to
10, 000, 000, 000
Feb. 4,1935 :
Amending sec. 1 (49 Stat. 20), limited bonds outstand- 2
ing, establishing revolving authority to
25, 000,000, 000
New sec. 21 added (49 Stat. 21) consolidated authority for certificates and bills (sec. 5) and authority for notes (sec. 18). Same aggregate amount 2
outstanding
1
20, 000, 000, 000
New sec. 22 added (49 Stat. 21) authorized United
States savings bonds within authoritf of sec. 1.
May 26, 1938: Amending sees. 1 and 21 (52 Stat. 447),
consolidated in sec. 21, authority for bonds, certificates
of indebtedness, Treasury bills and notes (outstanding
bonds limited to $30,000,000,000). Same aggregate total 2
outstanding
45, 000, 000, 000
July 20, 1939 (53 Stat. 1071) : Amending sec. 21, removed
limitation on bonds without change total authorized
outstanding of bonds, certificates of indebtedness, Treas- 2
ury bills and notes
45, 000, 000, 000
See footnotes at end of table, p. 6.
6
DEBT CEILIXG
INCREASE
TABLE 1.—Debt limitation
under sec. 21 of the Second Liberty
amended, history of
legislation—Continued
J u n e 25,1940 (54 Stat. 526) : SEC. 302. Sec. 21 of the Second
Liberty Bond Act, a s amended, is hereby further amended by inserting " ( a ) " after '"21." and by adding a t t h e
end of such section a new p a r a g r a p h as follows :
" ( b ) I n addition to the a m o u n t authorized by the preceding p a r a g r a p h of this section, any obligations authorized by sections 5 and 18 of this Act, as amended,
not to exceed in t h e aggregate $4,000,000,000 outstanding a t any one time, less any retirements made from t h e
special fund made available under section 301 of t h e
Revenue Act of 1940, may be issued under said sections
to provide the T r e a s u r y with funds to meet any expenditures made, after J u n e 30, 1940, for the national defense,
or to reimburse the general fund of the T r e a s u r y therefor, any such obligations so issued shall be designated
'National Defense Series'."
Feb. 19, 1941 (DO Stat. 7) : Amending sec. 21, to r e a d :
"Provided, T h a t the face amount of obligations issued
u n d e r the a u t h o r i t y of this Act shall not exceed in the
aggregate $65,000,000,000 outstanding a t any one time."
E l i m i n a t e s separate a u t h o r i t y for $4,000,000,000 of National Defense Series obligations
Mar. 28, 1942 (56 Stat. 189) : Amending sec. 21, increasing
limitation to $125,000,000,000
Apr. 10, 1943 (57 Stat. 63) : Amending Sec. 21, increasing
limitation to $210,000,000,000
J u n e 9, 1944 (58 Stat. 272) : Amending sec. 21, increasing
limitation to $260,000,000,000
Apr. 3, 1945 (59 Stat. 47) : Amending sec. 21 to r e a d : "The
face amount of obligations issued under a u t h o r i t y of this
Act, and the face a m o u n t of obligations guaranteed as to
principal and interest by the United States (except such
g u a r a n t e e d obligations a s may be held by t h e Secret a r y of t h e T r e a s u r y ) , shall not exceed in the aggregate $300,000,000,000 outstanding at any one time"
J u n e 26, 1946 (60 Stat. 316) : Amending sec. 21, decreasing
limitation to $275,000,000,000 and adding, "the c u r r e n t
redemption value of any obligation issued on a discount
basis which is redeemable prior to m a t u r i t y a t t h e
option of the holder thereof shall be considered, for
t h e purposes of this section, to be the face amount of
such obligation"
Aug. 28, 1954 (68 Stat. 895) : Amending sec. 21, effective
Aug. 28, 1954, and ending J u n e 39, 1955, temporarily
increasing limitation by $6,000,000,000
J u n e 30,1955 (69 Stat. 241) : Amending Aug. 28, 1954, act,
by extending until J u n e 30, 1956, increase in limitation to
J u l y 9, 1956 (70 Stat. 519) : Amending act of Aug. 28,
1954, temporarily increasing limitation by $3,000,000,000,
for period beginning on J u l y 1,1956, and ending J u n e 30,
1957, to
1957: Effective J u l y 1, 1957, temporary increase terminates
and limitation reverts, u n d e r act of J u n e 26, 1946, to
1
2 Limita' ion on issue.
3 Limitation on outstanding.
Limitation on issues less retirements.
Bond
3
2
Act,
as
4, 000, 000, 000
65, 000, 000, 000
2
125, 000, 000, 000
2
210, 000, 000, 000
2
260, 000, 000, 000
2
300, 000, 000,000
2
275, 000, 000, 000
2
281, 000, 000, 000
2
2 8 1 , 000, 000, 000
2
278, 000, 000, 000
2
275, 000, 000, 000
7
DEBT CEILING INCREASE
TABLE 2.—Marketable maturities
January 1958 through December 1958 z
[In millions of dollars]
F e b . 14.
M a r . 15
A p r . 1__
A p r . 15DoJ u n e 15.
Do.
Do.
A u g . 1_Oct. 1__
D e c . l._
D e c . 15.
Total amount
outstanding
D e c . 31, 1957
Security (issue date)
M a t u r i t y date
3 % percent certificate ( F e b . 15, 1957)
2J/2 percent b o n d (June 2, 1941)
V/2 percent exchange n o t e (Apr. 1, 1953)___
Special bill (Aug. 21, 1957)
3J-6 percent certificate ( M a y 1, 1957)
2% percent n o t e (Dec. 1, 1955)
2% percent b o n d (July 1, 1952)
2% percent b o n d of 1958-63 (June 15, 1938)»
4 p e r c e n t certificate (Aug. 1, 1957)
\YL percent exchange n o t e (Oct. 1, 1953)
3% p e r c e n t certificate (Dec. 1, 1957)
2Yi percent b o n d ( F e b . 15, 1953)
$10,851
1,449
385
1,751
2,351
4,392
4,245
919'
11, 519'
121
9,83&
2,368
Total
50,179
1
P a r t i a l l y tax e x e m p t ; callable J u n e 15, 1958.
2 E x c l u d e s $22,100,000,000 of regular weekly T r e a s u r y bills a n d $3,000,000,000 t a x a n t i c i p a t i o n bills d u e
M a r . 24, 1958.
TABLE 3.—Forecast of cash balance and debt, January 1958-June 1959, based on
constant operating cash balance of $3.5 billion {excluding free gold)
[In billions]
Operating balance, Federal
Reserve b a n k s
a n d depositaries (excluding free gold)
1958—Jan. 31 _
F e b . 15F e b . 28.
M a r . 15
M a r . 31
A p r . 15A p r . 30.
M a y 15.
M a y 31.
J u n e 15.
J u n e 30.
J u l y 15.
July 31.
Aug. 15.
A u g . 31.
Sept. 15.
Sept. 30.
Oct. 15_.
Oct. 31_.
N o v . 15.
N o v . 30.
Dec. 15Dec. 3 1 .
1959—Jan. 15..
Jan. 31-.
F e b . 15.
F e b . 28M a r . 15.
Mar. 31.
A p r . 15.
A p r . 30.
M a y 15.
May31_
J u n e 15.
J u n e 30.
$3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
3.5
Public debt
subject to
limitation
$275. 0
275.6
274.9
276.2
270.4
271.8
272.2
272.5
272.1
273.9
269.3
271.6
272.6
273.5
273.6
275. 2
271. 3
273. 4
274.7
275. 3
275.0
277.1
275. 3
276.9
276.1
276.8
275. 4
276.6
271.3
272.8
273.1
273.4
273.1
274.9
269.3
Allowance
to p r o v i d e
flexibility
in financing
a n d for
contingencies
$3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3,0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
Total public
debt limitation r e q u i r e d
$278.0
278.6
277.9
279.2
273.4
274.8
275.2
275.5
275.1
276.9
272.3
274.6
275.6
276.5
276.6
278.2
274.3
276.4
277.7
278.3
278.0
280.1
278.3
279.9
279.1
279.8
278.4
279.6
274.3
275.8
276.1
276.4
276.1
277.9
272.3
N O T E . — W h e n t h e 15th of a m o n t h falls on S a t u r d a y or S u n d a y , t h e figures relate to t h e following business d a y .
8
DEBT CEILING
INCREASE
CHART 1
-THE TREASURY CASH BALANCE PROBLEM.
|$ea.
Monthly Averages. Pisco! 1948-58
Operating
Gash Balance
m
fra*Q>
Operating Cosh Balance Q% % of
Budget Expenditures
j i *4<
lis!|Budget Expcndifurcs]
1948
'52
'55
*58
*
1948
$2
'55
Fiscal Y«on
*
CHART 2
.PUBLIC DEBT OUTLOOK.
*Bil.h
Legal
28i\
r
-^-
.
274.4
1956
—
1957
Fiscal Years
'58
HfUiMillllli.U
1958
1959
DEBT CEILESPG INCREASE
CHART 3
MARKETABLE MATURITIES IN 1958.
Including Regular and Tax Anticipation Bills
11.5
[IBil.
10.9
98
<y-? Federal
Reserve Bonks*
f
.AHOther
Investors
44
42
24
i!5.J
1.4
2.4
4£
42
18 p ^
, 7 ih2i
3 3 / 8 % 2'/ 2 % » t o
CI
Bd. E.Nt.
Feb. 14 Mor.15 Apr.I
Sp. 3fe%
Bill C I .
^ Apr. I S - 1
Z\%
Nt.
'
m
fc 69
.1
2%X 2%%
Bd.
Bd.
June 15
'
4%
CI.
Aug.!
|24l
33/4% 2 , / 2 %
CI
Bd.
Dec. I Dec. 15
lifc%
ENt.
Oct. I
*Including Government Investment Accounts.
CHART 4
VOLUME OF TREASURY MARKET FINANCING
(Excluding Weekly Roll-Over of Bills)
]*Bil.|
65.5
E2ZZ2 1.3
5-10 Year Bonds*
60 [
8.8 ~*0ther Notes
51.6
^ 2 . 7
Long-Term Bonds.
469
40 h
6.1
375
3.0
9.3
47.5]
31.4
31.0
20 \
26.5
^ Certs.
ondShort
Notes"
8.9J
"~ Seasonal
•
24.7
El 1.4 J
rv^l
1947
49
'51
'53
'55
— Calendar Years —
*Notes originally 20months or less to maturity.
'57
10
DEBT CEILING
INCREASE
CHART 5
.BUDGET SURPLUS OR DEFICIT-SEMIANNUAL.
Fiscal Years 1955-'59
$BlO
Budget Surplus
•5r
•7.33
JulyDec
JulyDec.
JulyDec.
JulyDec
Jan.June
Jan.June
-5.7
-6.1
-68
-7.9
-5
JulyDec.
JanJune
Jan.June
Jan.June
K+6.64
+ 6.43
-9.31
Budget Deficit
-IOL
'56
1955
'57
'59
'58
CHART 6
BUDGET EXPENDITURES-SEMIANNUAL.
Fiscal Years 1955-'59
JulyDec.
Jon.June
— 1955—'
JulyDec.
v
Jon.June
—1956—'
JulyDec.
Jan.June
^—1957—'
JulyDec.
v
Jan.June
1958
'
JulyDec.
v
Jan.June
1959—'
DEBT CEILING INCREASE
H
CHART 7
BUDGET RECEIPTS-SEMIANNUAI
Fiscal Years 1955-59
1
JulyDec.
Jon.June
—1955—^
JulyDec.
'
'56
Jan.June
JulyDec.
' '
Jan.June
'57
JulyDec.
' '
Jan.June
'58
JulyDec.
' '
JanJune
59
'
The CHAIRMAN. Thank you, Mr. Secretary.
Now, Mr. Secretary, it is my recollection that the first debt ceiling
was established in 1917. The ceiling was $4 billion.
Is it not true that prior to World W a r I specific authorizations
had to be given by Congress for every bond issuance ?
Secretary ANDERSON. That is correct, sir.
The CHAIRMAN. I n other words, an act had to be passed in order
to issue bonds each time they were issued ?
Secretary ANDERSON. Yes, sir. Under the Constitution, the Congress has the power to borrow money on the credit of the United
States.
The CHAIRMAN. I S it not true that prior to 1917 our national debt
was about $1 billion ?
I think that is correct, and that there was no need of a limitation
on the total amount of bond issues because prior to World W a r I
there was virtually no public debt.
What I want to emphasize is that historically Congress has controlled the Federal debt by statutory limitations of one form or
another.
Secretary ANDERSON. That is correct, sir.
The CHAIRMAN. And the same situation, I think, exists in practically all of the States and localities, namely, that a State is limited
by its constitution or otherwise in the amount of money it can borrow
and localities are likewise limited.
I simply make that as a statement of historical fact because some
people think that a ceiling, a debt ceiling by Congress has no place in
our economy.
21297—58
2
12
DEBT CEILING INCREASE
Secretary ANDERSON. Mr. Chairman, if I may, in the statement
which I submitted to the House Ways and Means Committee, I outlined a pretty detailed history of the debt situation.
The CHAIRMAN. Yes; that is in the table, is it not ?
Secretary ANDERSON. N O ; it is not in the table. Well, it is, in Dart.
But the whole history of how this delegation has been given from
the Congress to the Secretary of the Treasury is set out in the House
Ways and Means Committee statement.
Senator KERR. There is attached to your present statement the debt
limitation history of legislation.
Secretary ANDERSON. F o r 40 years; yes, sir.
The CHAIRMAN. YOU are familiar with the fact that, in 1953, in
January, I think it was, the year of 1953, Mr. Humphrey, the then
Secretary of the Treasury, asked for an increase in the public debt
from—increase in the public debt ceiling from—$275 billion to $290
billion.
Secretary ANDERSON. Yes, sir.
The CHAIRMAN. That was passed by the House at the $290 billion
figure. I t then came before the Senate Finance Committee, as some
members of the committee will recall, and after very exhaustive hearings, notwithstanding the fact that the Secretary of the Treasury,
Secretary Humphrey, said there wrould be a panic, that we could not
pay our bills, the committee rejected, in toto, this $15 billion increase.
There was no panic and wre paid our bills.
Then, a year later, Mr. Humphrey asked for $10 billion increase
on a permanent basis, and that likewise passed the House, and, in lieu
of that, and I happen to have offered the amendment, the Senate, on
August 24, 1954, adopted a temporary increase of $6 billion, which
made the total debt limit $281 billion. That limit was continued for
2 years, and the following year it was reduced by $3 billion, and then,
on July 1 last, with the approval of Mr. Humphrey, the $3 billion
increase was permitted to expire.
In other words, continuation of that $3 billion increase was not
asked by the administration, Mr. Humphrey, or you.
I remember you wrote me a letter saying that you hoped very much
it would not be necessary to ask for it.
I simply bring that out to show the history of the conditions now
confronting us.
I would like for you to cite for the committee, in as much detail
as you can, the conditions that have changed since August, when both
you and Mr. Humphrey acquiesced in the expiration of this temporary
$3 billion, that now make necessary an increase of $5 billion which
you request on a temporary basis to expire on June 30, 1959.
Secretary ANDERSON. Senator Byrd, in the—when I assumed this
responsibility in July, one of the first studies I made was with reference to the ability of the Treasury to operate within the debt limit.
At that time, it was anticipated that we would have a substantial
surplus during the fiscal year 1958.
There has, of course, been a decline in revenues from what was anticipated back last summer, and we are now anticipating a small
deficit.
This results from about $868 million additional expenditures that
are planned by the Department of Defense, as well as a decline of
about $1,100 million in revenues.
DEBT CEIUING INCREASE
13
I t was not without misgivings that I undertook to operate within
the $275 billion debt limit last year. I w^as motivated, first, by the
fact, that any request for the increase of the debt limit would have
had to come at the very end of the Congress, and it was with some reluctance that I wanted to come and ask for this debt ceiling without
having, personally, a little more experience in trying to live within it.
If the Senator will recall, I did say in my letter that we would make
every effort to live within the debt limit, but that it might very well
be necessary to resort to some more costly expedients.
We have, since that time, borrowed money for the Federal National
Mortgage Association on two occasions from the public, in part because of the necessity of maintaining reasonable balances, and in part
because the statute with reference to the Federal National Mortgage
Association indicates that we should, from time to time, seek funds
from the public.
I would say, therefore, that, preliminarily, the changed conditions
which I would cite in response to your question are moving from what
was anticipated to be a surplus condition to a deficit condition, because of the decline in revenues and increased expenditures.
Senator MARTIN. Mr. Chairman, would it be all right to interject
a question there ?
The CHAIRMAN. Senator Martin.
Senator MARTIN. I think a little bit of the detail on the decline of
expected revenues would be helpful to our committee.
Secretary ANDERSON. YOU will remember, Senator Martin, that
we make what is called the midyear review of September or October
of each year, and at that time we anticipated that the revenues would
be about $100 million under the revenues which were anticipated at
the time of the submission of the budget in January.
However, there has been a subsequent decline in the revenues, so
that we are now anticipating about $1,200 million less for the end of
the fiscal year, June of this year, than was anticipated at the time the
budget was formed in January of 1957.
Senator MARTIN. Is that a general decline, or is it particularly from
corporations or individuals ?
Secretary ANDERSON. For the most part, it is a decline in individual
income tax.
The CHAIRMAN. Isn't it true for the next year, the next fiscal year,
yor- -^timate an Wrease?
Secretary ANDERSON. That is correct.
The CHAIRMAN. Something like $3 billion ?
Secretary ANDERSON. $2 billion.
The CHAIRMAN. $2 billion?
Secretary ANDERSON. Yes, sir.
The other thing, Senator Byrd, that I think influences me is this:
I n the first place, I am sure in my own mind that the Treasury ought
to maintain reasonable working balances in cash.
What is reasonable? The minds of men might very honestly differ
on this subject. But it has occurred to me that, in an operation where
approximately $400 billion flows, on an annual basis, in and out of
the Treasury, and where we spend on an average of $1,500 million
each 5 working days, it woud not be an unreasonable request to maintain an average working balance equal to about 12 days' expenditures
or $3,500 million.
14
DEBT CEILING
INCREASE
A t the same time, with the management of the debt as large as it
is, and calling this year for some $50 billion of refinancing other than
the $22 billion in 90-day bills, and $3 billion in tax-anticipation bills,
that some reasonable flexibility would put us in a position of doing a
much better job so far as the country is concerned.
There is one other factor. I t seems to me that, in a country of this
size and in an operation of the kind in which we are engaged, there
ought to be some reasonable margin for contingencies.
I have in mind, for example, that technological breakthroughs in
our military organization might make it desirable to procure some
of the weapons of our protection much more rapidly.
I have in mind the fact that as we make a budget and as Ave project
our expenditures on the budget of the message, this Congress may
very well make changes in those rates of expenditures.
And I have in mind that even though we do our very best in trying
to judge the way in which the economy of the country will move,
judging for 17 and 18 months ahead is a difficult question, and I recognize all of us can be fallible about that.
The CHAIRMAN. I would like to simplify the fiscal situation for
this fiscal year: The original budget estimated that the surplus on the
30th of next June would be a billion and a half.
Senator KERR. May I understand that better ?
The CHAIRMAN. When the budget was presented for the current
year, it was estimated that there would be a billion and a half surplus.
Senator KERR. I n this current
The CHAIRMAN. Current budget year.
Now it is estimated that there will be a $500 million deficit. So
that is a $2 billion difference.
Now, you were compensated in part for that by selling the F N M A
bonds for $802 million so your actual shortage on your estimate of
this year is about $1.2 billion, isn't that correct ?
Secretary ANDERSON. T O that extent Treasury working balances
are protected but the $800 million does not go against the deficit.
The CHAIRMAN. The $800 million was included within the debt ceiling when it was originally loaned, when you originally bought the
F N M A bonds and those bonds were sold then and you have got the
cash for them ?
Secretary ANDERSON. And part of the securities were retired within
the ceiling.
The CHAIRMAN. But you got cash, you got $802 million in cash
which was previously held for the Treasury ?
Secretary ANDERSON. That is correct, sir.
The CHAIRMAN. S O the difference there is now a question for this
fiscal year of $1.2 billion. I n other words you estimated a billion and
a half surplus, you now estimate a $500 million deficit, that is a difference of $2 billion.
You got $802 billion from a source that had heretofore been under
the debt limit so you actually have a shortage of $1.2 billion on
your cash balance under the debt limit; that is correct, is it not?
Secretary ANDERSON. S O far as operating balance is concerned.
The CHAIRMAN. That is for this fiscal year?
Secretary ANDERSON. Yes.
DEBT CEILING
INCREASE
15
The CHAIRMAN, If you are asking for $5 billion you must contemplate a deficit for other years. I t seems to me that your request
is not justified miles you think there would be a substantial deficit in
the next fiscal year ?
Secretary ANDFRSON, Senator Byrd, even though you do not operate
with a deficit, you still have the periods during which you collect your
taxes in the latter half of the year and you are paying your bills
whenever they are presented, part of them will be presented during
the period.
The CHAIRMAN. I know, but that has existed, Mr. Secretary, for a
long time and the condition is better now than it was because these
peaks and valleys are being ironed out.
Secretary ANDERSON. There will still be about 2 years.
The CHAIRMAN. But they are in much better condition in that respect. That was the point Mr. Humphrey made,
Secretary ANDERSON. Yes.
The CHAIRMAN. NOW—it was over a period, when the
Secretary ANDERSON. Five-year period.
The CHAIRMAN. Three years have expired and the condition has been
improved since Mr. Humphrey first asked for an increase in the debt
limit.
Secretary ANDERSON. YOU have 3 years.
The CHAIRMAN. But there is not as much variation as before.
You are catching up with it, by advancing payments.
Secretary ANDERSON. There is a slight decrease in the variation;
yes.
"
_
\
The CHAIRMAN. Well, there is considerable decrease. I want to
make it clear that I shall vote for necessary increases in military funds,
but what disturbs me is that you are evidently contemplating a continuation of this deficit spending beyond this fiscal year, although the
budget submitted indicates a $500 million surplus on June 30, 1959.
Secretary ANDERSON. Even if we have a budgetary surplus of $500
million in 1959 we are still going to have some very difficult periods
if in fact we should maintain reasonable working balances and have
some flexibility within the ceiling of the debt.
If you will refer to table I I I , for example, Senator Byrd, this would
be based upon the assumption that you would operate pretty well
within the budgetary limitations, but if you will look at the right hand
figures you will notice that on March 15, for example, if we have a
working balance of three and a half billion or 12 days expenditures,
we will have under the current circumstances a public debt that is
above the amount which is currently authorized of $275 billion—we
will be $1.2 billion above—and if we have the provision for flexibility,
then we are right up against the $280 billion that we are suggesting,
or $279.2 billion.
Senator KERR. That is $0.6?
Secretary ANDERSON. Yes $276.2 billion before the allowance.
Now, then, to the extent that circumstances worsen, either because
we do not collect as much revenue or to the extent to which we are in
error in anticipating the amount of bills that we are going to have to
pay, our circumstances will be that much worse off.
Senator KERR. January 15 shows $279.9 ?
Secretary ANDERSON. Yes, sir.
16
DEBT CEILING
INCREASE
The CHAIRMAN. That situation has existed, of course, for some
time. We have operated under it.
You are aware of the fact that there exists today $70 billion unexpended appropriated balances ?
Secretary ANDERSON. Yes, sir.
The CHAIRMAN. I s it not true that the only protection that Congress has got, the people have got, against the wasteful expenditures,,
lies in the debt limit ?
I mean that is practically the only check on expenditures now ?
Secretary ANDERSON. Senator Byrd, it is certainly one of the primary checks, and I subscribe to the philosophy of having a debt limit,
and of making requests for increases in the debt limit upon a limited
basis, and of having the limit reviewed by this Congress from time
to time.
I think it is a healthy thing.
The CHAIRMAN. YOU approve of the principle of a temporary increase requiring action by the Congress ?
Secretary ANDERSON. I do, sir.
The CHAIRMAN. Let's proceed a little further: Of course, no one
argues you should not have a substantial balance; I have never argued
that at all.
The question is the amount of the balance and also the fact that we
must bear in mind that the cash balances in the banks do not bear
interest. That was all discussed at the time that Mr. Humphrey
made his request in 1954.
Congress is in session a good part of the time and the ceiling can
be increased in the case of an emergency.
On the basis of conditions as you see them now, do you estimate
a deficit for fiscal year 1959 ?
Secretary ANDERSON. Senator Byrd, I do not.
Let me say, of course, that, when you are in the budget process, one
has to make a judgment of what is going to happen to the economy
for a period of 17 or 18 months ahead, and it would be a much simpler
thing, from my point of view, if those judgments could be made
within a range of a few millions or hundreds of millions of dollars.
The budget process is such that we finally have to come down to
making what are precise judgments in the realization—at least, so far
as I am concerned—that no one of us is probably wise enough to pick
out precisely the amount of revenue that w^e will collect that far
ahead.
I should like to point out to the Senator some of the factors which
went into our thinking in trying to make the budget, the estimates
which we have made with reference to our receipts. And that is a
realization that we have come to the end of a very strong period of
capital investment.
Since 1946 we have had a capital investment in this country of more
than $300 billion. This is an amount of money that would be equal
to the cost of World W a r I I .
A great portion of that capital investment was made within recent
years. By the very process of capital investment, plant expansion,
and that sort of thing, businessmen plan, build, and expend not only
precisely what they need for a given moment but for something beyond
that.
DEBT CEUiEN© INCREASE
17
I think during the past several months we have seen a period in
which we have run toward the end of one of these great expansion
periods.
Then comes a period of readjustment in the business cycle, and the
business community makes arrangements for the kind of things it has
done in the past.
Now then, on a relatively short term from the statistical evidence
which has been offered, and which has been available to us, from the
kind of people that I see and talk with, I think that a good many adjustments in output and inventories and materials have been made.
During the last several months the balance in the inventory picture
has, I think, improved substantially.
There has been a very prompt and responsive adjustment in the yield
of stocks and bonds and in interest rate levels.
Credit availability is adjusting to provide more opportunities for
investment in new projects.
There is apparently some increase in residential housing with elements of strength in the period ahead.
As there has been some decline in the requirements for private
investment, there has been a step up of certain State and local programs.
The defense spending will be stepped up, and such programs as the
highway programs and the like will be coming more into being.
The retail-sales situation, which I am sure the Senator is aware of,
has demonstrated a relatively high confidence in the American people
during this period.
Now on a longer range we have a growing population in the country,
and a population that is constantly trying to improve its standard of
living, constantly increasing demands.
We have an exceedingly large research and development organization in all kinds of companies that are going to open up new opportunities by science and technological advances in ways of making things.
We have a labor force that is growing at the rate of about threequarters of a million workers per year. The output per man-hour
in the nonf arm sector of our activity has gone up at a rate of about
2!/2 percent per year.
We have developed over the years a financial system that provides
not only cushions but capable flexibility of meeting varying demands.
And I think that perhaps as important as anything else is a willingness, demonstrated by fiscal agencies, to utilize whatever mechanisms
are at their command to be of as much assistance as they can in this
kind of a situation.
Now we have an economy that has been operating between 430 and
440 billions of dollars a year on a gross national-product basis.
During the past, for example, between 1954 and 1955, personal income went up from about $278 billion to $305 billion. From the
period 1955 to 1956 it went up from $305 billion to $327 billion.
During the period 1956 to 1957 it went up from $327 billion to
roughly $343 billion.
Even if there is an increase in 1958 of something less than half of
that rate we think there is reasonable judgment supporting a belief
that we would have a $2 billion increase in taxes over the period, and
I say this because, Senator, I fully realize that no man can find things
18
DEBT CEILING
INCREASE
precisely but in order to give you the background of the kind of things
that have gone into the problem.
The CHAIRMAN. YOU are not disturbed about the fact that the reports indicate that the corporation income has declined in the second
and third quarter of the fiscal year ?
Secretary ANDERSON. Yes, sir; I am disturbed every time I read a
report
The CHAIRMAN. Personal income also has shown a substantial
decline ?
Secretary ANDERSON. Well, the percentage decline in personal income has been relatively small.
The CHAIRMAN. But you are convinced from what you know now,
that in 1959 we will end up with a balanced budget ?
Secretary ANDERSON. I would want to say that I have confidence
that during the fiscal year 1959 we will assume a reasonable rate of
sustainable growth that would justify our belief that we would have
a $2 billion increase in income receipts.
Now, the existence or not of a balance at the end of that period,
would, as the Senator knows, depend upon how well our judgments
prove to be correct and the rate at which we spend money.
The Senator has pointed out that we have not only what is being
asked for for new obligational authority, but Ave have quite a substantial amount from prior appropriations, and we in the Treasury would
not be able precisely to control those expenditures.
The CHAIRMAN. Well, the executive branch of the Government can ?
Secretary ANDERSON. Yes, sir.
The CHAIRMAN. Let's go back to the discussion of deficit spending
just once more.
We have lost, as you know, more than one-half of the purchasing
power of the dollar since 1940.
During that period we had net deficit spending of $225 billion.
Do you think that was a major cause of the loss of the purchasing
power of the dollar ?
Secretary ANDERSON. I always find it difficult to select the proper
adjective.
I would say that I think it is a very important factor, Senator.
The CHAIRMAN. I S it the most important factor ?
Secretary ANDERSON. Senator Byrd, I would not want to say categorically that it is the most important.
I think one simply has to weigh the fact that we have an economy
that is so large and so complex and affected by so many different forces,
that it is very difficult to reduce it to the terms of saying "These are
the most important things in order"—but I certainly agree with the
Senator
The CHAIRMAN. YOU would put it near the top of the list ?
Secretary ANDERSON. This is one of the most important.
The CHAIRMAN. The alternative of asking for an increase in the
ceiling would be to reduce some so-called nonessential expenditures
or not necessary expenditures.
Do you think the present budget has made any headway in that
direction ?
Secretary ANDERSON. There are, of course, a number of areas in
which a number of programs have been reduced and in which there
are less expenditures expected.
DEBT CEILING
INCREASE
19
One of them is the actual expenditures from the Export-Import
Bank. While it was never a part of the expenditure program, there
has been a considerable revision in the way that we are approaching
the school problem rather than to approach it from construction.
The CHAIRMAN. Construction though, was not approved by Congress ?
Secretary ANDERSON. N O , sir; I say it was not. I say simply there
was a difference in approach.
A great deal, of course, is dependent on what happens to the decision
of the Congress with reference to the postal service, which was taken
into our calculations.
Public assistance grants would be down.
The CHAIRMAN. A t that point is it a sound budgetary procedure
to include as a cash receipt in the budget an increase in postal rates
which have not yet been enacted by Congress ?
Secretary ANDERSON. I t seems to me that in making our calculations, wThich are calculations for what we would expect, that we must
take into consideration that the recommendations which are made
by the President would succeed.
Now, whether or not they actually do succeed, of course, varies the
total result.
The CHAIRMAN. What do you estimate as the total reduction in the
budget in the so-called domestic civilian expenditures as compared
with the budget of the current year ?
Secretary ANDERSON. Senator Byrd, I do not have that figure; we
would be glad to get it for jou.
The CHAIRMAN. We will get it from the Budget Director when he
comes before the committee.
I n regard, Mr. Secretary, to this $500 million of gold which is being
held by the Treasury, Mr. Humphrey, as you will recall, sold $500
million.
Secretary ANDERSON. Yes, sir.
The CHAIRMAN. I S there any objection to using that gold that is
lying dormant ?
Secretary ANDERSON. I would have no objections to its use if it became necessary.
The CHAIRMAN. Then you have got a cash asset, so to speak, that
you can realize on at any time to the extent of $500 million in addition to the figures you have presented to the committee ?
Secretary ANDERSON. That is correct, you could utilize your gold.
The CHAIRMAN. YOU see no objection to using it?
Secretary ANDERSON. There would be no objections.
The CHAIRMAN. W h a t would be the consequences of a continuing
inflation and a further decline in the purchasing power of the dollar %
Secretary ANDERSON. Well, if you purchased goods at the same rate
or at an accelerated rate and if inflation continued, you would simply
get less for what you purchased.
Therefore, if you were going to have a quantity of goods as presently contemplated, you would be paying more, and the squeeze on
the Treasury payments would be even greater.
The CHAIRMAN. If they have lost one-half of the purchasing power
of the dollar in the past 17 years, suppose we lost one-half again of
the purchasing power of the present dollar.
20
DEBT CEILING
INCREASE
Would that create a very disastrous situation ?
Secretary ANDERSON. I t would be a very disastrous and undesirable
situation, Senator.
The CHAIRMAN. I n other words, any further loss in the purchasing
power of the dollar would possibly have very bad consequences ?
Secretary ANDERSON. I w^ould certainly think we ought to make
every effort to avoid any additional losses.
The CHAIRMAN. Our total tax revenue from all sources, State and
National and local, social security taxes, etc., amounts to $112,687
million.
That is a correct figure, I think.
Is that a burden that you think the American people can indefinitely stand? This is the local taxes, the State taxes, everything that
is paid in cash in the way of taxes.
Secretary ANDERSON. Senator Byrd, I would certainly hope that
the time will come when the tensions which exist in the world, and the
problems with which the Nation and the rest of the present world are
confronted are such that we can alleviate a part of this burden, and
I am sure that it would be helpful in developing our own standards
of living and our own way of life if those burdens could be alleviated.
The CHAIRMAN. I t is a very large burden in relation to that?
Secretary ANDERSON. Yes, sir.
The CHAIRMAN. Just one more question.
I think you and I agree on the fact we have two fronts here; we
have a military front which we must keep up and on the other front
we must maintain a strong economy in this country.
Secretary ANDERSON. I agree with you, sir.
The CHAIRMAN. Mr. Secretary, I want to present to the committee
and to you a plan with respect to the increase in the debt limit of $278
billion, which is based on Treasury figures.
The only difference is that it allows for 3 billion cash on hand
instead of three and a half, which is contemplated in the administration proposal, and it utilizes the $500 million in gold.
I won't ask you to pass judgment on it today but I want to submit
it to you for your consideration and ask as to whether or not the
figures in this table I have prepared are accurate.
I t shows substantial leeways, some as high as $12 billion at one
time.
The lowest is approximately $5 billion for a temporary period,
if you get $278 billion, keep $3 billion on hand, and use the gold.
Of course, I have in mind always that Congress can change the
ceiling if the necessity arises, so I would like to submit this proposal
to you and have your comment before the committee takes action. I
wish especially that you would check the accuracy of these figures
which I feel certain are correct because they are based on your
estimates.
I will ask that copies of the table be passed to the members of the
committee and also to the press.
DEBT CEILING
21
INCREASE
(The document referred to is as follows:)
Leeway under $278 "billion temporary statutory debt limit—Allowing
billion balance^ including $500 million from unused free gold
for $3
(Based on Treasury estimates of outstanding debt subject to limit, operating cash balance, and unusep
free gold)
[In billions]
Date
Leeway under
Outstanding
$278 billion
d e b t subject
limit (comto l i m i t
posed of $3
(adjusted t o
billion cash
maintain a
balance including u n c o n s t a n t $3
billion cash used free gold,
and u n u s e d
balance)
debt authority)
2d
half, fiscal y e a r
1958Jan. 31,1958
Feb.15
F e b . 28
M a r . 15.
M a r . 31
Apr. 15
Apr. 30
May 1 5 - .
May 31..
J u n e 15
J u n e 30
Fiscal y e a r 1959:
J u l y 15, 1958-_
J u l y 31 . __
Aug. 15-.
Aue\ 3 1 - _
S e p t . 15 _.
Sept. 30
$274.0
274.6
273.9
275.2
269.4
270.8
271.2
271.5
271.1
272.9
268.3
270.6
271.6
272.5
272.6
274.2
270.3
$7.0
6.4
7.1
5.8
11.6
10.2
9.8 j
9.5
9.9
8.1
12.7
10.4
9.4
8.5
8.4
6.8
10.7
Leeway under
O u t s t a n d i n g $278 billion
d e b t subject l i m i t (composed of $3
to l i m i t
(adjusted to billion cash
balance inmaintain a
cluding unc o n s t a n t $3
billion cash used free gold,
and u n u s e d
balance)
debt authority)
Date
Fiscal y e a r 1959—Con.
Oct. 15
Oct. 31
N o v . 15
Nov. 30
Dec. 15
Dec. 31
Jan. 15,1959
Jan. 31
Feb. 15
F e b . 28
M a r . 15
M a r . 31
Apr. 15__
Apr. 30
___
M a y 15
M a y 31
J u n e 15
__
J u n e 30
$8.6
7.3
6.7
7.0
4.9
6.7
5.1
5.9
5.2
6.6
5.4
10.7
9.2
8.9
8.6
8.9
7.1
12.7
$272. 4
273.7
274.3
274.0
276.1
274.3
275.9
275.1
275.8
274.4
275. 6
270.3
271.8
272.1
272.4
272.1
273.9
268.3
(The following letter was subsequently submitted by the Secretary
of the Treasury commenting on the chairman's plan as printed above:)
THE
SECRETARY OF T H E TREASURY,
Washington,
Hon.
HARRY P.
D. C, January
28, 1958.
BYRD,
Chairman, Senate Finance Committee, Washington, D. C.
MY DEAR MR. CHAIRMAN : The figures contained in the statement submitted
by you during my testimony yesterday on H. R. 9955, a bill to amend the statutory debt limit, showing the estimated outstanding public debt subject to the
limitation, adjusted on the basis of maintaining a $3 billion cash balance, including gold, reconcile with the figures contained in table 3 furnished to the
committee in my testimony.
I would like to point out that the figures in your table showing leeway under
a $278 billion limitation, including a $3 billion cash balance, including gold, are
predicated upon cash balances of $1 billion less than the cash balances projected
by the Treasury. The cash balance figures projected by the Treasury of $31/£
billion excluded gold of $500 million.
I would also like to point out that the actual cash balances of the Treasury
during this projected 18-month period ahead will vary from the assumed constant figures shown in Treasury table 3. Our cash balances will be influenced
by decisions during this period in the future concerning the manner and amounts
of securities that may be issued to raise cash or the securities that may be
issued to refund maturing securities. They will also differ because of the need
to keep high end-of-month balances during some months to meet heavy expenditures which are concentrated during the first week or 10 days of the following
months. In each month of the year, heavy expenditures occur during the first
few days for social security and other benefit and pension payments, and in
some months certain classes of taxes are not payable to the Treasury until the
22
DEBT CEILING
INCREASE
last half of the month. These monthly swings in the T r e a s u r y ' s cash balances
can be a n y w h e r e from $1 billion to $3 billion between the end of 1 month until
the middle or end of the following month.
For example, between J u n e 30 and July 15, 1956, the T r e a s u r y ' s cash balance
w a s reduced from $5.7 billion to $4.2 billion with practically no change in t h e
public debt, a n d was further reduced by July 31 to $3.5 billion w i t h o u t any
change in t h e public debt, a decrease of $2.2 billion. The T r e a s u r y ' s balance
on November 30, 1956, amounted to $5.1 billion and on December 15 it amounted
to $3.2 billion, a drop of $1.9 billion with only $0.1 billion reduction in t h e public
debt. I n addition, the cash balance w a s reduced from $6.7 billion on September
30, 1957, to $4.3 billion on October 15, a decrease of $2.4 billion, accompanied by
a reduction of $0.4 billion in the public debt. Swings of this n a t u r e a r e occurring
constantly throughout the year.
W e are, Mr. Chairman, fully appreciative of your desire to encourage as much
economy a s possible in the expenditure of our public funds and t h e motivation
wiiich underlies your proposal. We share with you a m u t u a l concern of being
economical in our operations.
We should like to r e i t e r a t e our assurances to you and the members of your
committee t h a t if the debt limit is extended as we have asked, wTe will not relax
our efforts or our influence to achieve our common objective. We continue to
believe, however, t h a t our request for t h e $5 billion increase in the debt limit
is under all considerations in the public interest. We have sincerely tried to
d e m o n s t r a t e our reasons for this belief to the members of your committee.
W e cannot bring ourselves to conclude t h a t the debt limit which you suggest
would, in the opinion of the T r e a s u r y and in the judgment of t h e T r e a s u r y
experts whom we have asked to examine your suggestion with us, provide sufficient allowances for a reasonably needed flexibility in financing and for contingencies in addition to the responsibility for meeting our projected budgetary
payments.
We recognize, of course, t h a t there is always the additional consideration of
t a k i n g into account m a r g i n s of error which necessarily m u s t go into our calculations in long-range projections. We must, as well, realize the change of
p r o g r a m i n g and the r a t e of expenditures t h a t may occur because of the judgm e n t s of the Congress or the judgments of other D e p a r t m e n t s of t h e Government
which, more directly t h a n we, influence our r a t e of payments.
W e sincerely hope t h a t you and your committee will continue your examination of our proposals and t h a t you will find them reasonable a n d p r u d e n t .
W i t h w a r m e s t regards, I am
Sincerely yours,
ROBERT B. ANDERSON,
Secretary
of the
Treasury,
The CHAIRMAN. Thank you, Mr. Secretary.
Senator K e r r ?
Senator KERR. Mr. Secretary, is it your opinion that this requested
increase in the debt limit, if granted, could result in savings of interest
on the public debt ?
Secretary ANDERSON. I think it could, sir.
Senator KERR. I t is your opinion that the additional flexibility it
would give you in determining percentagewise whether issues could
be shorter term or longer term could be of material benefit to the
Treasury in meeting its responsibility for the management of the
public debt?
Secretary ANDERSON. I think it would give us a kind of flexibility
that would be advantageous from the standpoint of the dollars which
might be saved, and I think that it would be advantageous also from
another point of view: We have one great market in this country,
made up of many, many segments to which people resort to finance
all kinds of operations.
The numbers of times which the Federal Government has to go to
that market, whether for refinancing or for cash or for whatever pur-
DEBT CEILING
INCREASE
23
pose, is a disturbing element in market arrangements, which would be
made by citizens, individuals, States, all other people.
If, therefore, we had a margin of flexibility so that we might run
larger risks at the time of our financings, or to deal in larger volumes
of financing at one time, we would, I hope, be able to get some better
balance in the debt, and by utilizing the market less frequently, we
would be less of an impediment to other elements of our business
w^orld than we are currently.
Senator KERR. Then is it safe for me to assume that you agree with
me that the Treasury in the management of the public debt can have
a decided influence on the rate of credit on the public debt?
Secretary ANDERSON. Well, from our point of view^, of course, I
conceive it to be my duty to manage the debt as economically as we
-can and therefore to try to determine not what market conditions
ought to be but what market conditions are. Neverheless, if I have
to take into account the rate at which I might get attrition, then I
have to be influenced to some extent by the offering, by calculating
the rate so it can minimize that attrition, if I do not have the
flexibility.
Senator KERR. Flexibility ?
Secretary ANDERSON. That is right.
Senator KERR. Then am I correct in assuming that you agree with
me that the Treasury can be effective in the matter of havmg influence on the interest rates paid by the Treasury on the public debt ?
Secretary ANDERSON. Yes; in the way in which I have stated.
Senator KERR. I S it a fact that lack of the greater debt limit has
resulted in the past fiscal year in expenses which would not otherwise
have occurred in connection with operations of the Defense Department where they found it necessary to terminate contracts or stretch
out contracts or adopt a new time schedule for outstanding contracts?
Secretary ANDERSON. Senator Kerr, I have never tried to tell any
department what theSenator KERR. I am not asking what you tried to tell them.
Secretary ANDERSON. Yes.
Senator KERR. I am just asking you as to the facts about what the
situation was.
Secretary ANDERSON. I am sure that the actions, not only of the
Defense Department but others, have taken into account the nearness
that we were to the debt limit and have been governed in making some
of their decisions by the fact that we were this close.
Senator KERR. With the least possible result that costs were increased in connection with contracts either that had to be terminated
•or a new time schedule effected.
Secretary ANDERSON. That is correct, sir. And not only that, but
the schedules would be modified.
Senator KERR. N"OW, it has been indicated to me, and I am sure you
know, or I hope you know whether it is true or not, and I would like
to know whether it is true or not, that there have been times when the
Defense Department, even though they did not terminate or partially
terminate or implement a new time schedule on contracts, have had
to be slow in the payment to contractors furnishing equipment and supplies to the Defense Department.
24
DEBT CEILING
INCREASE
Secretary ANDERSON. I think that what actually happened was to
decrease by some 5 or 6 percent the amount of progress payments on
certain of the contracts.
Senator KERR. Well, that was put into effect after the contracts
were let, and which had been let on either specifications or accepted
understandings that the progress payments would be made at the
higher rate.
Secretary ANDERSON. Yes, sir.
Senator KERR. And that resulted in the contractors having to go
more into the market for money and oftentimes at a higher carrying
charge to them than they had contemplated, which was then reflected
in an increased cost to the Defense Department if it were a cost-plus
contract.
Secretary ANDERSON. That is correct.
Senator KERR. Is it also true that under the directives of the Budget,
the Defense Department and other agencies of the Government have
had to postpone starting of work for which Congress had appropriated
the money at later periods in this fiscal year so that they might bring
about the result that a part of the liability would mature in a subsequent fiscal year instead of this fiscal year ?
Secretary ANDERSON. The extent to which this has been done I do
not know, but I am sure that judgments have been made of this nature
because of the closeness that we were to the debt limit.
Senator KERR. NOW you use a figure of $2 billion in connection with
the budget, the balanced aspect of the budget for fiscal 1959 as compared to this year. That was not your estimate of what the surplus
would be, but that was your estimate of what the increased revenue
would be.
Secretary ANDERSON. That is correct, sir. We assumed that corporation collections would be about the same and that individual income
tax will be up.
Senator KERR. Well, howT much of that result did you figure would
come from the 5-cent postage stamp ?
Secretary ANDERSON. Well, so far as the income tax revenues are
concerned, it would not be effected by the postage-stamp rate. But
as far as arriving at whether or not we would be able to meet our
expenditures out of our current revenues, we took into consideration
the postal rate moreover.
Senator KERR. The estimated surplus of how much for the year?
How much was used ?
Secretary ANDERSON. $500 million.
Senator KERR. Was based on Congress fixing postage stamp costs
at 5 cents instead of 3 cents, was it not?
Secretary ANDERSON. That is correct.
Senator KERR. Was it not also based on an assumption that there
would be some difference brought about by congressional action in
the handling of the highway funds ?
Secretary ANDERSON. I do not believe that the highway funds were
figured in that calculation.
Senator KERR. W a s there not a proposal to shift certain taxes now
going into the highway trust fund ?
Secretary ANDERSON. Oh, yes, sir.
Senator
KERR.
Being in the general revenue fund ?
DEBT CEIMN1G INCREASE
25
Secretary ANDERSON. There was a proposal to take out the costs of
collecting the highway funds. A n d then, of course, the costs of the
jet fuel would be shifted to the construction of airport facilities.
Senator KERR. And thereby decreasing the trust fund for highways
by that amount ?
Secretary ANDERSON. By that amount.
Senator KERR. And making that amount
Secretary ANDERSON. Available.
Senator KERR. Conditional in a general revenue fund?
Secretary ANDERSON. Making it available for other purposes; yes,
sir.
Senator KERR. Was that $500 million surplus not also based on the
assumption that Congress would change the law and pay for those
highways now being built out of the general revenue fund through
the public lands out of this trust fund ?
Secretary ANDERSON. Yes, sir.
Senator KERR. I n other words, $500 million surplus was based upon
a number of assumed contingenices for which there is no positive
assurance of their being results.
Secretary ANDERSON. I t was based upon the assumption that the
recommendations in the budget message, would be carried through,
and of course that is subject to the determination of Congress.
Senator KERR. But without action of the Congress, then those
assumptions, of course, would not be valid ?
Secretary ANDERSON. That is correct, sir.
Senator KERR. NOW, it was also based on an assumption that there
would be certain restrictions by the Congress in nondefense spending,
was it not ?
Secretary ANDERSON. Yes, certain programs were reduced.
Senator KERR. Such as benefits to veterans, and what else ?
Secretary ANDERSON. Well, there is quite a list of them.
Senator KERR. Would you give them to us ?
Secretary ANDERSON. There were reductions in programs in a
number of things—public assistance.
Senator KERR. H O W much did the President estimate the Congress
would reduce public assistance in order to make that $500 million
surplus possible ?
Secretary ANDERSON. About $13 million.
Senator KERR. And would you give me the other assumed reductions
in nondefense spending?
Secretary ANDERSON. Yes, sir. There is a list of a great many here.
I would be glad to supply the Senator with a complete list.
Senator KERR. May I have it?
Secretary ANDERSON. Yes, sir.
Senator KERR. I am going to put it into the record. I just want to
look at it at this time.
The CHAIRMAN. I would just like to state to the committee that the
Budget Director will appear before it.
Senator KERR. Eeduction of $342 million to the Export-Import
Bank; $11 million reduction in the assistance for public schools in
federally impacted areas; $702 million, improvement in the postal
service; $150 million reduction in Veterans' Administration operations ; $27 million reduction in Federal Housing Administration; $22
26
DEBT CEILING
INCREASE
million reduction in miscellaneous housing; $29 million reduction in
small business operations; $129 million reduction in veterans' benefits;
$6 million reduction in veterans' hospital care and hospital construction ; $9 million, miscellaneous veterans' services; $4 million reduction
in veterans' insurance and indemnities; $365 million in Commodity
Credit Corporation; $62 million reduction in Farmers' Home Administration ; and other items totaling $1,999 million.
I would like for that tabulation to appear in this record at this
place, Mr. Chairman.
The CHAIRMAN. Without objection, it will go in the record.
(The tabulation referred to is as follows:)
Specific program cuts in the 1959 budget
[In millions of dollars]
Fiscal years
Change
1958 estimate | 1959 estimate
Export-Import Bank
Foreign information and exchange
Assistance for schools in Federal areas
Public assistance
Postal service
Urban renewal
Federal Housing Administration
Veterans' Administration: Housing functions
Miscellaneous housing
Highways (in the budget)
Small Business Administration
Federal Civil Defense Administration
Veterans' readjustment benefits
Veterans' hospital care and hospital constructionVeterans insurance and indemnities
Miscellaneous veterans services
Commodity Credit Corporation
Soil bank (exclud ing conservation)
Farmers' Home Administration
Interior: Power marketing agencies
St. Lawrence seaway
Forest resources
Fish and wildlife resources
Recreational resources
Mineral resources
Federal financial management
Central personnel management
Total.
393
141
223
.,822
686
61
-53
145
-1
38
92
67
866
846
44
171
>,745
620
270
41
44
171
65
78
63
508
124
51
139
212
1,809
-16
56
-80
-5
-23
7
63
64
737
840
40
162
2,380
604
208
38
19
169
58
73
56
507
10, 270
8,276
-342
_2
-11
-13
-702
—5
-27
-150
-22
-31
-29
-3
-129
-6
-4
-9
-365
-16
-62
-3
-25
-2
-7
-5
-7
-1
-16
Senator KERR. Can you remember when any other budget was ever
given to the Congress and a surplus predicted on the assumption
that Congress would reduce the benefits and programs that it had
implemented and had been carrying on by the amount of $1,994
million ?
Secretary ANDERSON. I frankly do not have in mind sufficiently
other budgets to compare them, Senator.
Senator KERR. If it should happen that the revenues estimated or
as estimated, and Congress in its wisdom or lack of wisdom, but in
the exercise of its constitutional power, decided to have the same
program of governmental operation in fiscal 1959 that it had in fiscal
1958, then instead of there being $500 million surplus, there would be
a $1.5 billion deficit, would there not ?
Secretary ANDERSON. Yes.
DEBT
CEILING
INCREASE
27
Senator KERR. I n the event the revenues are not as estimated and
Congress continues its same program, then the deficit would be increased to the extent that the revenues failed to meet up to the
assumptions.
Secretary ANDERSON. T O the extent that we are incorrect in our
revenue estimates, the problem is increased, yes, sir.
Senator KERR. NOW, the President has repeatedly stated that there
would be a decided upturn in the business activity and dynamics of
the economy during the second half of 1958 ?
Secretary ANDERSON. Well, as I recall, he has said sometime during the year.
Senator KERR. And that, of course, is the beginning of fiscal 1959.
Secretary ANDERSON. Yes, sir.
Senator KERR. And his estimates of revenue are based upon the
accuracy of his belief and forecast that there would be a decided
upturn in the business activity of the Nation.
Secretary ANDERSON. That is correct, sir.
Senator KERR. NOW, if one has the decided conviction that there
will not be a decided upturn in the economy of the country, then
he would do well to contemplate the extent of the difference that
that would make in the forecast of revenue, is that correct?
Secretary ANDERSON. One would be required to.
Senator KERR. Then the President's estimated $500 million surplus
was also based upon the assumption that Congress would appropriate
no more money for defense than he has recommended for fiscal 1959?
Secretary ANDERSON. That is correct, and also that the rate of expenditures t by the Department of Defense would be as anticipated,
because in addition to new obligational authority, there is this
holdover.
Senator KERR. YOU mean the holdover obligation ?
Secretary ANDERSON. Yes, sir.
Senator KERR. Which, if the Defense Department became of such
a critical nature that the administration decided to try to meet it by
stepped-up expenditures, would adversely affect that estimated
surplus ?
Secretary ANDERSON. Yes; and it would, of course, make the debtlimit problem very important, if the upswing
Senator KERR. I am getting around to that.
Secretary ANDERSON. Yes; pardon.
Senator KERR. I am getting around to that. Now, I am not asking
you to agree with my belief as to what the business conditions in the
next fiscal year will be, nor am I asking you to agree with my belief
of what the Congress will do, but I would like to ask you this question:
Is there not in your mind, as you ask for this increased debt limit, some
element of contemplation on your part of the possibilities that I have
referred ?
Secretary ANDERSON. There is.
Senator KERR. Or your awareness of the possibility?
Secretary ANDERSON. There is, Senator. I think we have to take
into consideration—this is precisely one of the things we talk about
in contingencies: W h a t will be the program changes made by Congress ; what will be the actual rate of expenditures that either circumstances or fortuituous technological breakthroughs and this sort of
21297—58
3
28
DEBT CEILING
INCREASE
thing make possible; what will be the expenditures under flexible programs when we are committed to purchase surplus commodities; and
that sort of thing ? And these are the sorts of imponderables that, it
seems to me, justify us in asking for some reasonable margin for taking
care of the contingencies in the debt limit.
Senator KERR. I will say, Mr. Secretary, that I congratulate you
upon what I believe to have been the part you played in reversing the
deadly, type-credit causes of this administration, the reversals that
have moved in the last few months to tend to correct some of the more
critical evils of the hard-money-type credit and high-interest-rate
policies of your predecessor. And I congratulate you upon what I
think is the tremendous saving that you are going to have a p a r t in
bringing about in the cost of serving the public debt.
I wish I could share the optimism of your Chief that what has been
done would result in this decided upturn in the economy, but I think
that you got there too late to effect so great a reversal in such a short
time.
Now, your estimate of the deficit for this fiscal year is how much ?
Secretary ANDERSON. $400 million.
Senator KERR. If you had the conviction that I do, that it would be
nearer $1 billion than $400 million, you would base your estimate on
the requirement for the increase in the national debt limit accordingly,
would you not?
Secretary ANDERSON. That would be an additional consideration.
Senator KERR. NOW, the chairman asked you about the amount of
deficit spending that has occurred in the last 17 years. W h a t was that
amount, Senator?
The CHAIRMAN. $225 billion.
Senator KERR. $225 billion, and related it to the reduction in the
value of the dollar as compared to the 1940 dollar. Can you tell us
what part of that deficit spending occurred prior to 1946 ?
Secretary ANDERSON. I think we have those tables.
Senator KERR. I want to tell you there is a man that has come to
the rescue of both Secretaries in this committee countless times. H e
is an indispensable man. He is a living refutation on the part of
some that there is no indispensable man.
Secretary ANDERSON. I can say to you, Senator Kerr, that I am
not unaware of the importance and capability of Mr. Mayo.
Senator KERR. I want to tell you right now that if this fellow
Benton gets hold of him, he will commercialize him into a greater
encyclopedia than the Britannica.
Secretary ANDERSON. The deficit starting back in 1940 w^as $3,918
million; 1941, $6,159 million; 1942, $21,490 million; 1943, $57,420
million; 1944, $51,423 million; 1945, $53,941 million; 1946, $20,676
million.
Senator KERR. NOW, Mr. Mayo, could you tell us how much those
figures total ?
Secretary ANDERSON. YOU want to add them up.
Mr. MAYO. Well, we can do it.
Secretary ANDERSON. The debt, Senator Kerr, went from $40,440
million in 1939 to $269,422 million in 1946. That would be roughly it..
DEBT CEILING
INCREASE
29
Senator KERR. All right. Now, in other words, most of that $225
billion deficit spending occurred prior to June 30,1946 ?
Secretary ANDERSON. Yes, sir.
The CHAIRMAN. Would you mind adding the loss in the purchasing
power of the dollar at that same period ?
Senator KERR. That is what I am going to ask him right there.
That is the exact question I want to ask him.
The CHAIRMAN. I think they should be shown together, so I want
Mr. Mayo to give that.
Senator KERR. NOW, would this dollar be comparing the present
dollar to the 1939 dollar, or the 1940 dollar ?
Mr. MAYO, They are approximately the same, Senator.
Senator KERR. All right. I would like to know now what that
dollar's value was each of these years.
Secretary ANDERSON. All right, sir. We will get the chart. Senator Kerr, we do not have it in those terms. Could we supply that
to you and the committee ?
Senator KERR. I believe that fellow has either got it or
Secretary ANDERSON. Can get it.
Senator KERR. Can give it to us right now.
Secretary ANDERSON. Suppose he works it out here for us.
Senator KERR. I have no doubt that his memory capacity and ability is far greater than yours, Secretary.
Secretary ANDERSON. H e will work them back.
Senator KERR. I know he will.
The CHAIRMAN. Well, you are working them by the year, are you
not, Mr. Mayo?
Mr. MAYO. A S a matter of fact, if there is a copy handy of the
monetary hearings last summer, they are already in there. I didn't
bring that along with me.
The CHAIRMAN. I would like to see first, the deficit, and then,
in the next column, how much the purchasing power of the dollar
was.
Mr. MAYO. Yes, sir.
Senator KERR. And
then, Mr. Secretary, I want you to ask him to
give us the value of the 1940 dollar as compared to the 1873 dollar.
Secretary ANDERSON. All right, sir; we will be glad to get that one
for you. This chart does not show it by years, which is what you
have requested. I t shows that the 1939 dollar had declined to about
90 cents, slightly above 90 cents, by 1941.
Senator KERR. W h a t page is that on ?
Secretary ANDERSON. Page 292.
Senator ANDERSON. The chart is on page 338, is it not ?
Mr. MAYO. T h a t is just the index again, gentlemen.
Secretary ANDERSON. That is the Consumer Price Index. You
would have to work it back from the Consumer Price Index.
Mr. MAYO. We have it in here the other way, if I can just put my
finger on it.
Senator KERR. What page is the one you were talking about on ?
Secretary ANDERSON. 292 is the one I was talking about. Senator
Kerr, if you will look on page 418.
30
DEBT CEILING
INCREASE
Senator KERR. 418. I knew that boy Mayo would come up with
it. Now, Mr. Mayo, I am going to ask you to help me a lot more
here before we are through; 1939 is taken as the standard in this table
on page 418, is it not?
(The table which appeared on page 418 of the printed hearings
on the Investigation of the Financial Condition of the United States
is inserted in the record of this hearing on page 51.)
Senator MALONE. I t is 1937 to 1939.
Senator
KERR. I S
that correct, Mr. Mayo ?
Mr. MAYO. Yes; 1939 is correct, sir.
Senator KERR. Well, this shows that the purchasing power of the
1939 dollar was 71.2 cents in 1946, does it not?
Secretary ANDERSON. Yes, sir.
Senator
KERR.
That in May 1957 it was 49.7?
Secretary ANDERSON. Yes, sir, 49.7.
Senator KERR. NOW I would like for Mr. Mayo to tell us percentagewise the decrease from 1939 to 1946 and from 1946 to 1957, in
May?
Mr. MAYO. From 1939 to 1946, percentagewise, is a decline of 29
percent.
Senator KERR. Twenty-nine percent ?
Mr. MAYO. And from 1946, which was 71 cents
Senator KERR. 71.2 cents.
Mr. MAYO. To 50 cents.
Senator KERR. I t was 49.7, was it not ?
Mr. MAYO. That is correct. That is another 22 cents, then.
Senator KERR. Well, that is 22 cents, but how much is that percentagewise to the 71.2?
Mr. MAYO. That is a little less than a third. I t is about a 30-percent decline, Senator.
Senator KERR. I n other words, there has been a greater percentage
of decline in the purchasing power of the dollar since that deficit
spending than occurred during that deficit spending, has there not?
Mr. MAYO. Yes, sir, I think that is correct.
Secretary ANDERSON. There has.
The CHAIRMAN. The Chair would like to ask, though, that there
be put into the record the amount of the deficit spending and, opposite that figure, the loss of the purchasing power of the dollar for
each of these years.
Senator KERR. I am going to put that in.
The CHAIRMAN. The Senator from Oklahoma is speaking on another basis.
Senator KERR. I am just drawing some conclusions, Mr. Chairman,
from the very table that you want put into the record, and asking
the witness if they are correct.
The CHAIRMAN. This table does not include the deficit spending.
Senator KERR. Well, but the Chairman has given it to us himself.
The Chairman and the Secretary has given it to us.
The CHAIRMAN. I would like the Senator from Oklahoma to read
that, and at the same time show the loss of the purchasing power of
the dollar in each year.
DEBT CEILING
31
INCREASE
Senator KERR. Then we will include in the record at this point a
tabulation of the deficit spending per year by year beginning with
1940 through 1957.
Senator BENNETT. Before you leave, that, Senator
Senator KERR. Yes.
Senator BENENTT. What I understood the chairman wanted was
a single table combining these two, showing on the same line the year,
the amount of deficit spending, and the amount of the decline in the
dollar, year by year, so that m one sweep of the eye wre can see the
relationship year by year.
May I ask that the table be prepared in that w^ay ?
Senator KERR. The Senator may ask that another table be prepared in that way, and I will be glad to have it in the record. I presume he is willing for me to have the tables in the record the way I
have designated them.
The CHAIRMAN. One table called the Kerr table and another table
called the Bennett table and have both appear in the record.
Senator KERR. And a third called the Byrd table.
Senator BENNETT. May I ask that they all appear in the same place
as nearly as possible ?
Senator KERR. A S nearly as the consummation of the size and the
printing will permit.
The CHAIRMAN. Without objection, that will be followed.
(The tables referred to are as follows:)
Changes in purchasing
power of the dollar and deficit financing,1 1873-1957
Value of t h e
Consumer
dollar (calprice index
(1947-49 = 100) e n d a r year
1939=100)
1873
1913
1939
1946
1957
37.0
42.3
59.4
83.4
120.2
160.5
140.4
100.0
71.2
49.4
C h a n g e in value of t h e
dollar
Cents
-20.1
-40.4
-28.8
-21.8
Percent
-12.5
-28.8
-28.8
-30.6
2
P u b l i c d e b t , J u n e 30
A m o u n t outstanding
Billions
$2.2
1.2
40.4
269.4
270.5
Dollar
change
Billions
-$1.6
-4-39.2
+229.0
+1.1
i As reflected in changes in the public debt.
2
As compiled by the Bureau of Labor Statistics except for 1873, which is based on a series published by
the Federal Reserve Bank of New York.
Senator KERR. NOW, then, I note here on page 418 of the investiga-r
tion hearings last summer that in 1913 the purchasing powder of the
actual dollar was 40 percent above what it was in 1939; is that correct,
Mr. Mayo?
Mr. MAYO. T h a t is correct.
Senator KERR. Then I would ask you to tell me how much decrease
there had been, percentagewise, in the purchasing power of the dollar
from 1913 to 1939 ?
Mr. MAYO. Again, about 30 percent.
Senator BENNETT. Fifty percent.
Secretary ANDERSON. I t is about 40, is it not ?
32
DEBT CEILING INCREASE
Senator BENNETT. 1.4271.
The CHAIRMAN. I do not believe even so great a man as Mr. Mayo
could get these figures so quickly, so I think he should have an opportunity to go over the figures before they are printed in the record.
Senator KERR. All he has to do is a mathematical calculation.
Mr. MAYO. Thirty percent.
Senator KERR. I think the 30 percent is correct; yes. I n other words,
then, the reduction in the purchasing power of the dollar from 1913
to 1939 was approximately 30 percent; is that right, Mr. Mayo?
Mr. MAYO. Yes, sir.
Senator KERR. From
1939 to 1946, through 1946, it was approxi-
mately 29 percent ?
Mr. MAYO. Yes, sir.
Senator KERR. From
19*56 through 1957, it is approximately 30
percent ?
Mr. MAYO. That is correct, using the later year as the base in each
case.
Senator KERR. NOW, then, what is the reduction in the purchasing
power of the 1913 dollar in this, the year of our Lord 1958?
Mr. MAYO. Well, the dollar is currently worth approximately 49
cents as against $1.40 in 1913. That is a reduction, then, of just
roughly, about two-thirds.
Senator KERR. About two-thirds?
Mr. MAYO. Yes, sir.
The CHAIRMAN. Will
the Senator from Oklahoma yield just a
minute ?
Senator KERR. Yes.
The CHAIRMAN. Price controls operated in some of these years,
and that held down the inflation, so I think for proper consideration
the years in which price controls were in effect should be noted because, naturally, the inflation would not be as great in those years
as it was when there was no control. So please note that, Mr.
Mayo, in your table.
Mr. MAYO. All right, sir.
Senator KERR. NOW, then, the answer to the question as to the value
of the dollar today relative to the 1913 dollar is what?
Mr. MAYO. I t is down about two-thirds.
Senator KERR. I t is about 33 cents ?
Mr. MAYO. Yes.
Senator KERR. Well,
then, the question that the distinguished chairman asked the Secretary a while ago as to what would be the effect if
there was as much depreciation of the dollar in the next 17 years as
there has been in the last 17 years might have some light thrown on it
by figuring what has happened in 1958 as compared to 1913, might it
not?
Mr. MAYO. Yes.
Senator KERR. Because
there has been just as much decrease in the
value of the dollar in 1958 compared to 1913 as there will have been
in another 17 years as compared to 1939 if the decrease in the next 17
years is just as much as it has been the last 17 years ?
Mr. MAYO.
Yes.
DEBT CEIDING INCREASE
33
Senator KERR. That is correct ?
Mr. MAYO. On that assumption, yes, sir; that is right.
Senator KERR. Well, are my assumptions valid; are they in accordance with the figures you have given me ?
Mr. MAYO. T h a t is right, on the basis of those figures.
Senator KERR. I might say that I share the concern of the chairman
about inflation and I am just as much interested in it as he and as the
Secretary. B u t you would not say that our economy today is in a disastrous condition as compared to 1913, would you, Mr. Secretary ?
Secretary ANDERSON. NO, sir.
The CHAIRMAN. I think you ought to add to that the debt of 1913
and the debt of today. We had virtually no debt in 1913.
Secretary ANDERSON. The question, as I gathered from the chairman
a while ago, was a more rapid decline in the value of the dollar than
is now indicated, so that the more rapid the decline the more severe
would be the problem.
Senator KERR. NOW, I think, Mr. Secretary, if you have Mr. Mayo
get it for us, we will find that the 1913 dollar was just as much depreciated compared to the 1873 dollar as the 1939 dollar was as compared
to the 1913 dollar. And yet, though we were debt free in 1913, economic disaster had not descended upon us by reason of the fact that
the value of the 1913 dollar was as much below 1873 as 1939 was below
1913.
Secretary ANDERSON. Yes, sir.
Senator KERR. I would not, for the world, minimize what I regard
as the importance of maintaining the stability of the value of the
dollar. And I want to say, Mr. Chairman, that we could restore the
value of the 1939 dollar if the people were of a mind to do so. I think
Congress would have to be working for $5,000 a year, would they not?
Was that not the salary in 1939 ? Some of you boys were here.
Labor would have to be working for 25 cents an hour. The farmer
would have to be selling his cotton for 7 or 8 cents a pound. I n other
words, the only way that you could restore the value of the dollar to
the 1939 level would be to reduce the value of the things you use the
dollar to buy to their 1939 level; would it not, Mr. Secretary ?
Secretary ANDERSON. There always has to be a relationship between
the volume of money and the volume of goods.
Senator KERR. NO ; I am talking about the value now.
Secretary ANDERSON. Yes,
Senator KERR. The only way that you could restore the value of the
1939 dollar would be to restore the price level of things for which the
dollar was used to purchase to the 1939 levels ?
Secretary ANDERSON. If you were going to do it just at one swoop,
that would be the way you would do it.
Senator KERR. Well, if you were going to do it in two swoops, that
is the only way you could do it, is it not ?
Secretary ANDERSON. Yes, sir.
Senator KERR. SO, when we talk about restoring the value of that
dollar, I think it is well that we bear in mind the specifications of
what we are talking about.
Secretary ANDERSON. Yes, sir.
34
DEBT CEILING
INCREASE
Senator KERR. And I am not now taking the position either for or
against, Mr. Chairman. I am just exploring the fundamentals that
would be required. Now, Mr. Mayo, you will get us the relative value
of the 1873 dollar to the 1958 dollar?
Mr. MAYO. Yes, sir. I will get that.
(Data referring to the 1873 dollar are shown on the tables in
response to the requests of Senator Kerr and Senator Frear.)
The CHAIRMAN. Will the Senator yield ?
Senator KERR. Yes.
The CHAIRMAN. 1 would like Mr. Mayo's table to show whether or
not, in the history of this country, we lost 48 percent of the purchasing power of a dollar in 12 years; whether this ever occurred in
the history of this country before except in the period from 1940 to
1952.
Mr. MAYO. All right, sir.
(The material referred to is as follows:)
T h e table in response to t h e request of Senator F r e a r indicates a decline in
the purchasing power of t h e dollar from 1913 to 1920 of slightly more t h a n half.
I n other words, t h e 1920 dollar w a s only worth 49.4 cents in comparison with
the 1913 dollar. T h e year 1920, however, represented a temporary peak in t h e
price level a n d throughout t h e remainder of the twenties t h e dollar w a s w o r t h
approximately 57 cents in reference to its 1913 value.
The CHAIRMAN. D O you have more questions ?
Senator KERR. Yes. I want to get to that question here before we
go any further.
The CHAIRMAN. I just want to see a complete picture here. I do
not know anybody who is advocating going back to the 1939 dollar,
but there are many people deeply concerned with the continuing
inflation and decrease in the purchasing power of the dollar.
Consumer prices, purchasing power of the
Consumer prices
Calendar years
193919401941.
Purchasing power
of dollar i
', and selected factors affecting prices,
Money supply
Factors affecting prices
Price
index
(1947-49
=100)
Percent
change
In cents
Change
59.4
59.9
62.9
100.0
99.2
94.4
-0.8
-4.8
illions
$36.2
42.3
48.6
Billions
+0.8
+5.0
Change
+6.1
+6.3
+10.8
85.2
-9.2
62.9
+14.3
19431944.
74.0
75.2
+6.2
+1.6
80.3
79.0
-4.9
-1.3
1945.
76.9
+2.3
77.2
-1.8
79.6
90.4
102. 3
+16.8
+10.8
+11.9
1946.
83.4
+8. 5
71.2
-6. 0
110.0
+7.7
1947.
95.5
+14.5
62.2
-9.0
113.6
+3.6
1948-
102.8
+7.6
57.8
-4.4
111.6
-2.0
1949.
101.8
-1.0
58.3
+.5
111.2
-•4
1950-
102.8
+1.0
57.8
-.5
117.7
+6.5
1951.
1952.
111.0
113.5
+8.0
+2.3
53.5
52.3
-4.3
-1.2
124.5
129.0
+6.9
+4.5
1953.
1954.
1955.
114.4
114.8
114. 5
+•8
+.3
-.3
+1.5
51.9
51.7
51.9
-.4
-.2
130.5
134.4
138.2
139.7
+1.5
+3.9
+3.8
+1.5
120.2
+3.4
1942.
+.2
1956.
1957.
J As measured by BLS consumer price index, assuming purchasing power at 100 cents
In 1939.
2 Fiscal year ending June 30 of year shown,
a Currency outside of banks and demand deposits adjusted, end of December.
1939-57
3
138.2
Defense program initiated. Heavy industry started sharp rise.
General inflation began, accompanying rising deficit and industrial
boom.
All-out war effort greatly increased deficit. Price controls, rationing
and other restrictions initiated, but only after sharp price rise.
War production at peak. Money supply rising sharply but inflation
held down by wartime restrictions, savings bond sales, reduction
in private debt.
Index appeared to show inflation still under control as war ended, but
inflationary pressures evidenced by increasing black markets.
Controls became virtually ineffective after June 1946, and prices
began steep rise. Demand increased by wartime shortages.
Continued steep rise due to delayed effect of wartime deficits and
goods shortages, combined with great wartime increase in money
supply.
Prices reached peak at midyear. Later decline reflected downturn
in business, substantial budget surplus, and leveling out in money
supply.
Price decline, notably for farm products, reflected business recession
and sharp expansion in farm output, with continued leveling out
in money supply.
Korean invasion brought speculative buying boom. Bank credit
sharply expanded, aided by market sales of Treasury bonds to
Federal Reserve at supported prices.
Price rise, particularly in 1951, due to speculative boom, a marked
increase in bank credit, and a sharp rise in labor costs accompanying the war program.
(Moderating of inflationary pressures reflected progress in controlling
Government expenditures and reducing the deficit, effective credit
control under free Federal Reserve action, and effects of the 1954
business recession, in spite of an increase in the money supply.
The moderate advance in prices, despite restrictive monetary policies,
reflected a widespread demand for bank credit and investment
funds, a rise in labor costs, continued upward adjustment in slowmoving prices, and programs to improve prices of farm products.
The price advance slackened after midyear, reflecting less active
demand, and increased supplies of various products.
{
NOTE.—Most stringent price controls were in effect from 1942 through June 1946, with
more limited controls in effect both before and after this period and during the height
of the Korean conflict in 1951 and 1952.
Source: Department of Labor, Treasury Department, and Federal Reserve Board.
36
DEBT CEILING
INCREASE
Senator MALONE. Mr. Chairman, I would like to see the new Senator from West Virginia sworn in. I t is about 12 o'clock, and some of
us would like to ask some questions of the witness. I wonder if we
could come back after, say, 2 o'clock ?
The CHAIRMAN. Some Senate Finance Committee bills are going* to
be taken up today.
Mrs. Springer, could you arrange that for 2 o'clock and let us
meet this afternoon? I would like the members of this committee
to be on the floor at 2 o'clock. If we have an afternoon session, we
might meet here at 3.
Is that satisfactory ?
Secretary ANDERSON. Yes, sir.
Senator KERR. Well, Mr. Secretary, I want to thank you, sir, for
your frank and able answers to the questions, and I want to say to
you that I think your request for an increase in the debt limit is
reasonable, and if I shared the chairman's optimism as to what the
revenues were going to be next year and the expenditures were not
going to be
The CHAIRMAN. Wait one minute. The chairman has not indicated
any optimism. My questions to the Secretary did not indicate any
optimism. I t was the Secretary who indicated optimism.
Senator KERR. I believe I have in a table here before me, MrChairman
The CHAIRMAN. The Senator from Oklahoma should understand
those figures were based on figures furnished by the Secretary of
the Treasury.
Senator KERR. Well, now, in making your proposal you accepted
them.
The CHAIRMAN. I accept them. I accept them, and I show by these
figures that they have got a comfortable balance all the way through
on their own figures.
Senator KERR. I think in doing so you have exercised an undue
optimism, because I do not think the figures are realistic.
The CHAIRMAN. I never said the figures were my estimates.
Senator KERR. I did not say that you did.
The CHAIRMAN. Well, you said I was optimistic in my figures.
There are no figures I could take except those that were presented
by the Treasury Department, of course.
Senator KERR. YOU see, the Senator from Oklahoma has not been
limited in the figures.
The CHAIRMAN. The Senator from Oklahoma is never limited.
Senator KERR. H e has reached some conclusions based upon what
he thinks are going to be the results.
The CHAIRMAN. Entirely satisfactory.
Senator WILLIAMS. I suggest we have incorporated in the record
the Kerr estimate of the r e v ^ u e for next year.
Senator KERR. The Kerr estimate is in the record. I estimated we
would have nearer $1 billion deficit than the one the administration
is estimating. And I am estimating you will have a $2 billion deficit
next year, instead of a $500 million surplus in fiscal year 1959. And
I believe we will have to raise this debt limit to $280 billion and come
back next year and have an emergency before us. And if we are in
that situation, I think it will result in higher interest rates, both in
DEBT CEILilNG INCREASE
37
the Treasury and to private borrowers, and I think you will be in the
situation where the Budget Bureau will be running your business instead of the Congress, just like it has been for the last 18 months.
The CHAIRMAN. Senator Williams.
Senator WILLIAMS. Are you going to proceed a while, Mr.
Chairman ?
The CHAIRMAN. We might as well proceed.
Senator BENNETT. Mr. Chairman, before the Senator begins, I think
the question has been raised. Theoretically, the Eepublican members
of the committee should be there to greet the new Senator who will be
sworn in, and I assume as soon as the preliminaries are over
The CHAIRMAN. Gentlemen, that is right.
Senator BENNETT. I wonder if we had not better adjourn now until
3 o'clock?
The CHAIRMAN. We will adjourn now until 3 o'clock.
(Whereupon, at 12:05 p. m. the committee recessed, to reconvene
at 3 p. m., the same day.)
AFTERNOON SESSION'
Present: Senators Byrd (chairman), Frear, Long, Anderson, Douglas, Williams, Flanders, Malone, Carlson, and Bennett.
- The CHAIRMAN. We will come to order.
Senator Anderson ?
Senator ANDERSON. Mr. Secretary, I repeated to your predecessor
a remark made by a famous Texan who lived down in Houston, named
Jesse Jones, that we would never be able to pay off the national debt.
We could only water our currency and gradually get rid of it that way
and we would have less relative value.
Someone figured out that we paid half the national debt already
by the reduction in the value of the dollar.
Do you think that the starting in again of deficits might start off
another little wave of reducing the value of the dollar ?
STATEMENT OP HON. ROBERT B. ANDERSON, SECRETARY OF THE
TREASURY—Resumed
Secretary ANDERSON. Well, I don't think you can overlook the fact
that the excessive creation of debt does contribute to a decline in the
value of the dollar.
Senator ANDERSON. Don't you also think, Mr. Secretary, that a
debt limit has been helpful in holding the line against these deficits ?
Secretary ANDERSON. I agree with that, sir.
Senator ANDERSON. I surely do. I have strongly supported the
thing that he chairman did when he stood firm against an increase
in the national debt. I do not mean to say that I have prejudged
this case or am deciding it now, but the position of the chairman appealed to me very strongly.
Out in our part of the country, Mr. Secretary, a cotton farmer took
his cotton acreage out from under the soil bank and got a check of
$209,000 from the Government for doing it. He turned around and
took some new land, put it under cultivation, and planted over twice
as much cotton as he had before.
38
DEBT CEILING
INCREASE
I thought it was very, very, foolish. I won't ask you as a Cabinet
officer to comment on whether it was foolish or not, but I think if we
had a firm limit on the national debt wTe might eventually get rid of
some of the idiotic things we have done under the farm program, this
cotton deal being one of them, and that is why I am somewhat interested in it.
I am very much interested in what effect this increase in the national debt wrould have on our defense spending.
I think it is on rather loose defense spending. This is not the time
nor place to decide how loose it has been, but I took out of Business
Week for December 21 a page that says: "There is magic in missiles"— and it lists the fact that, as of October 4, taking the values of
October 4 of certain stocks, that Aerojet General has gone up 32.5
percent between October 4 and December 16.
I do not have to tell you what the general pattern of stocks has been
during that period.
Secretary ANDERSON. Yes.
Senator ANDERSON. I have just had an appraisal made of an insurance company of which I am an officer, and we operated reasonably well as far as operations were concerned, but we lost money on
the most conservative investments you could imagine.
So, I assume most all stocks have probably moved down during this
time.
Douglas Aircraft, however, between these dates moved up 21.8 percent ; General Dynamics, 24.6 percent; the Martin Co., 24.1 percent;
and North American Aviation, 46.3 percent since October 4.
Mr. Secretary, it is my opinion that missiles contracts have been
largely responsible for that. Don't you believe that, if we increase
this national debt, the missiles contracts may flow like water around
Washington for a while ?
Secretary ANDERSON. I t would seem to me that the emphasis which
is placed on procurement of missiles is going to be governed more
by the recommendations which are made to, and the appropriations
which are made by, the Congress with reference to the necessity for
this kind of a weapon in order to insure protection of the country
than by the debt limit.
The debt limit relates primarily to the problem that is created after
the contracts are made and when payments begin, because we are
concerned with the rate at which money flows into the Treasury from
our receipts and the rate at which the money flows out, either to pa}7
for progress payments or to pay for the finished articles.
Now, there is not any doubt but what the number of contracts
which are made now will have an effect on the rate at which this
money is expended. But it will be a delayed effect rather than an
immediate one.
Senator ANDERSON. Mr. Secretary, I am not trying to single out
this company, but this is a Douglas Aircraft booklet, Seventeen Years
of Missiles Systems, and starting off to show the Marks and then into
the Corporals and the Aerobees, and, on very nice paper and very
good printing, the Sparrows, the Nike-Ajax, the Honest John, the
Genie—formerly known as the Dingdong—the Thor, and Nike-Hercules, the Sparrow I I , and so forth.
DEBT CEILING
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39
These are the things which have shoved up Douglas Aircraft earnings, and there is a tremendous drive on for more and more missiles.
I t seems to me that $5 billion more will be an open invitation for
this to continue.
The Joint Committee on Atomic Energy has been conducting hearings and we have had, I think, every expert that we could lay our
hands on come in and talk about large missiles, the extremely longrange missiles, and so forth.
We had men from every branch. We had people from the National
Committee for Aeronautics and many other groups. Not one of them
said that above a certain level you should depend upon anything but
nuclear fuel. Yet, within the last few days, and I will try to stay
away from classification—and I am sure I will succeed—but within
the last few days, a project has been proposed, and, I believe, endorsed, for the construction of a new type of engine that wvill develop
several times the power of the Atlas engines, and not a single expert
wdio was before the joint committee says it is feasible.
Not a single rocket man who has studied this project says it is
feasible, but here is a chance for some company to get some more
contracts, and, if we increase the debt limit, don't you feel it will
create an easier atmosphere in which to get these contracts ?
Secretary ANDERSON. Senator Anderson, nobody is more interested
than I am, or we in the Treasury in spending our funds wisely. I
have said in my statement to the committee—and I would reiterate
to you—that if this $5 billion debt-limit extension is given to us,
insofar as it is possible, Ave will not relax any efforts to insure the
economic and wise expenditure of our funds.
What we have here is a problem that has already been created, with
a very large amount of money available through appropriations for
all kinds of expenditure purposes. This Congress will create some
more, in its judgment, whatever you decide is the right amount.
But what it finally gets down to in our request is that we believe
that, if bills are presented to the Treasury to be paid, we must pay
them. This is something that the good faith and credit of the United
States requires. We have to make the best judgment we can, not of
the rate that we judge people ought to spend their money, but at the
rate which they are going to spend their money and in which they wTill
be putting the bills up to the window for us to pay.
On this kind of a basis, it seems to us that asking for the equivalent
of 12 days' expenditures, which is about a $3,500 million operating
balance, is a rather prudent, a rather modest request, and that asking
for the remaining funds is a matter of taking care of contingencies,
providing for the discovery of new techniques, providing for what
may happen in our economy, and what may happen as a result of the
judgment of the Congress.
I do not want to be unreasonable. I do not want to try to make the
job of the Treasury easy. I would not purport to come to this committee and say, "Let's just do away with the debt limit." I think it is
a useful tool. But it seems to us that what we are saying is, "Give us
this much latitude; let us see how well we can handle our bills, how
well we can manage the debt," and 18 months from now we will be
back, saying either "We do not need the increase" or "We do" b a W
upon our capabilities.
40
DEBT CEILING
INCREASE
I would like to point out, for example, some figures on local Government agencies—and the figures which I have here are taken from
the Bureau of the Census and they cover only the beginning and the
end of the year balances and there may be wide swings as there are in
our case.
We have been maintaining seven-tenths of a month's expenditures
as an average cash balance.
State governments on the average maintain balances of 2.3 times
expenditures. That is based on their monthly expenditures.
Cities mantain an average ratio of 2.2. If you include in that all
school districts or local subdivisions, all local governments as a group
maintain about 3.1 times their average normal expenditures.
What we are seeking here is just a reasonable amount of latitude
to accomplish both our responsibility of paying our bills and in the
management of the debt in providing for moneys.
Senator ANDERSON. Mr. Secretary, I know what your personal attitude is and what your official attitude would be. You would have no
fears of criticism on that score from me and you know it.
Secretary ANDERSON. Surely.
Senator ANDERSON. But I do maintain that there may be a good
influence in not just automatically lifting the debt ceiling, but in
possibly looking for places where money might be saved and. I think
if the debt ceiling is not raised too suddently you might find some of
those places.
I n the farm program the conservation reserve in 1956, your State
of Texas and my State of New Mexico together got more conservation
reserve money than all the rest of the Nation put together.
B u t nonetheless, that will not be the situation this year. We only
spent about $30 million that year, nationwide, in the conservation
part of the soil bank.
This year is a recommendation we spend $450 million. Now if you
leave the debt ceiling on, the Department of Agriculture might say,
"Well, maybe we do not have to spend that $450 million on the conservation reserve. Maybe there is a different type of farm program
that might do the job just a little bit on it."
That is all I am saying on these missiles. If the experts who
testified before the Joint Committee are right, then I know that this
proposal to increase the motors in the Atlas missile 3, 4, or 5 times,
whatever it may be, I will be careful about that situation, but whatever it is, I know it is folly. I t cannot possibly succeed, and the
people who propose it must know it cannot possibly succeed.
But the strange fact is that the Atomic Energy Commission supplies the nuclear fuel and there is no private profit motive in that
so we get a lot of proposals to build another type of motor when
every witness testifies that once you get over the range that the Atlas
is designed to cover, you had better go to nuclear fuel.
We had a few million dollars, a few paltry million dollars, chopped
out of the nuclear fuel project and we will add a hundred times that
much in this project alone.
I am only saying that I believe if the debt limit is not raised we
might be able to find some spots that would trim some of this money
on it. Here is a market letter dated January 24 which talks about
thiokol and its solid fuel possibilities, and it says that in statistical
terms the story goes like this:
DEBT CEILING INCREASE
41
"Sales $1.1 million in 1948; $28 million in 1957. Earnings $52,000 in 1948; $1.4 million in 1957." This indicates why we realize
that they are interested in these solid fuels.
I don't know what the military will say about their problems. But
you get interesting correspondence. I have been sending some things
out to nuclear scientists and asking for their comments and I got
one back the other day from a man who pointed out that Northrop
had a plane plant at Anaheim, Calif., I do not know this to be true—
1 have not been to Anaheim in a long time—it is brandnew, completely
equipped. The service that was going to use it decided not to use
it. Firestone Tire & Rubber Co. missiles section wanted to buy it
or lease it but they were dealing with the wrong branch of the military services and they could not have it so they had to go elsewhere
and finally all the equipmnet stood idle for a full year and then was
sold to a private company.
But the Northrop Co. asked for—that had this fuel, and got money
to build a whole new plant at Hawthorne and an office plant in Beverly
Hills.
I n private business you would have recommended that they take
a look at the plant again and if you have a debt limit that holds
them down you are going to say to these people "Find out where
your dollars are going."
Secretary ANDERSON. Senator, if I may, whatever the debt limit may
be, I would certainly be one of those who subscribes to the belief that
we ought to examine into each of our expenditures to be sure that they
are fruitful and that they produce what we really expected from them.
Senator ANDERSON. I know that you would, because I have watched
your services when you were watching them.
You and I are familiar with the Navaho project.
Secretary ANDERSON. Yes, sir.
Senator ANDERSON. When the Navaho project was abandoned at the
cost of—well the official figure is $725 million, I think it was over a
billion dollars, but anyhow $700 million was thrown away on the
Navaho. They did not use the plant out there, they turned around and
told General Motors to build a new plant costing $55 million up in
Wisconsin and moved people up there from the California situation.
I am only trying to say to you, Mr. Secretary, that I constantly feel
if we put some sort of limit on the debt ceiling that you could say,
"Well, we cannot afford that sort of thing."
I n the discussions in the last few days someone told me that there
was a proposal to put a missile weighing 300 pounds on the moon, and
that somebody is seeking a contract to do it.
Yet, in an independent study, made many years ago, a study was
paid for to put a 300-pound missile on the moon, worked out all the
details, that has been filed, and a new plan is now going to be developed
to cover the same sort of ground.
I pointed out to people in the joint committee that there had been a
project world series which proposed to put a 2,200-pound missile into
the sky. Actually, it was 1,180-pound scientific weight, exactly what
the Russian missile, the second one, weighed. This study was made in
1956, in March. I t was called "Studies in ballistic test vehicles and
analyses of problems associated with the advanced reconnaissance
satellite."
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DEBT CEILING
INCREASE
Nobody in the Department can find the study.
General Betts, who was before our joint committee, is Mr. Holaday's assistant. He had never heard of it. I mentioned it to the Secretary of Defense; he had not heard of it. I understand that; he could
not possibly be familiar with all the past history.
But the studies are made and put away and then a new firm is given
a million dollar or $5 million contract to make the study over again.
I am just hopeful the debt limit will keep that sort of thing from taking
place. I don't say that it will.
I just want to go to missiles together with you again and then stop.
Here is the Newsweek magazine for, I guess, this last week. I t has
a full-page ad about a missile that cannot miss, the Talos missile, a
Navy missile.
I t has a full-page ad about the Sidewinder, a Navy missile, a big
story about a Navy missile in it.
These, I presume, are public relations jobs that the Navy has worked
up but it mentions Sidewinder. Sidewinder is a very interesting missile but it is an air-to-air antiaircraft missile and we have five of them
now coming along with this. We have certainly a very good one in
the Genie, the MB one, an excellent missile. If you stop and ask
a military man what Sidewinder will do that Genie won't you have
trouble getting an answer.
But in the Falcon missile which is air-to-air, an antiaircraft
missile, I visited the White Sands Proving Grounds and found
that there were 250 people working on the design of them.
I t shocked me to think that many were working on it. When I
checked the payroll I found that 2,500 people were working for
Hughes out in Beverly Hills on it and you ought to look to see what
the product has been of those several hundred millions of dollars
spent on the Falcon missile which now is not a very good missile.
I just say to you, Mr. Secretary, for what it is worth that I believe
if we kept the debt limit pretty tight this sort of expenditure could
not take place.
The Honest John missile was a pretty good missile. We finished it
and built the Little John, which has somewhat slighter weight and
little less mileage and then standing right up beside it is the Lacrosse.
While the missiles are different, you find out what the mission of the
missile is, and there is not much difference.
A newspaper the other day carried a headline "Navy Polaris soars
in test firing."
Mr. Secretary, you and I know that the Navy Polaris did not
soar, did it? I t not only did not soar, but it cannot soar. I t does
not exist and it won't soar for at least 2 years.
This is a press agent job for the sake of what—to keep the missiles program rolling, and I am just afraid that we are going to
keep on getting these jobs foisted on us as long as there is money to
be had out of the public till and if we chopped it off it might not
happen.
If you read the story, it is a cleverly worded story by somebody;
it says that the components soared.
Well, a component could be a cotter pin, a bolt, a nut, anything else
could be a component. [Laughter.]
DEBT
CEILING
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43
But the Polaris, as you well must know, because you were connected with defense, even with the speedup is not scheduled for a long
time to come.
Yet there was a full page ad of it in the magazines just a short
time ago pushed on them by the public relations departments of our
Government, and I am just merely saying if we might hold this down
a little bit, we might not have to increase to much and we might save
some of the money to go on.
We have several different kinds of missiles, and I do not see any
end, if we just turn them loose.
We made a decision between Jupiter and Thor, then had to back
up, started both going again.
Now somebody says that Polaris will supplant them both. We had
Atlas decided upon, then they decided to go with Titan also because
Atlas might fail, and there just is not enough money in the country
to keep going with all these programs.
AVe have got millions and millions of dollars for missiles this year
but when you have got a list, these are not secret, this was published
in a magazine, but if you look at the manufacturers you get a clue as
to wdiy Honest John had to be replaced by Little John, because
Douglas and Hercules Powder had Honest John, and Emerson Electric got Little John. And the one that is just like them, Lacross, it
got over to Martin, Thiokol, and Federal Manufacturing. Everybody has to have a little piece of the show. I went into a barbershop
the other day and the barber said "We certainly are busy—the missiles men are in town/' [Laughter.]
I am just trying to say that some of us who believe that may be one
way of getting the missiles men out of town again would be to hold
the debt limit where it is.
Secretary ANDERSON. Senator, I would not try to justify all of the
separate programs in the missile or any other field with which I am
not fully familiar. I would say, however, sir, that while I believe
very strongly in the debt limit as an instrument of restraint, as an
instrument of making us take a second look, of evaluating what we
are spending our money for, it seems to me that programs of this sort
will not quickly be revised and even if they are revised there will
be costs incurred in the revision and in the closing of them, and that
our efforts here are based upon just the realization that experience has
taught us that we are going to have about this level of expenditures
under the programs as they now exist.
That we do face in a country as big as ourselves problems which
no one can foresee, and that we do need to have these reasonable
balances.
I would not ask that the balances be so great as to encourage people to believe that there was any amount of money available and that
the need for economy had ceased.
What we try to do here is to say 12 days is a modest amount, it is
a modest balance, and that the balance which we are asking for flexibility in debt management is a modest balance, a prudent one, and
that the restraining influence of the debt limit still ought to weigh
very heavily upon us and as far as I am concerned I am sure it will.
Senator ANDERSON. A S I say, I recognize you need to have money
to pay your bills, any responsible business has to have it.
23 297—58
4
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DEBT CEILING INCREASE
Secretary ANDERSON. Yes, sir.
Senator ANDERSON. And I do think there is a restraining influence
in the debt limit. There are many of us who think the missiles program is going to get completely out of hand and you will never be
able to get close to a balanced budget if we do not stop it before it
gets out of hand.
When the able chairman of this committee and I sat in a briefing
at the White House last December, I did not, I thought, get—it did
not seem to me there were very good answers to the question of why
we had to have several types of the same missile but just as soon as
the Army got one, the Air Force and the Navy had to have one, and
constantly the same thing takes place. I just do not believe we can
afford all these things and we could cut them out as I think we ought
to cut the many hundreds of million dollars out of the farm program,
then we might get our fairly satisfactory balance in the future.
Senator WILLIAMS. Will the Senator yield for a question?
As I understand it you are for an advanced missile program, but
as I understand it you do not want the debt ceiling to reach the moon
ahead of the satellite.
Senator ANDERSON. I think the Senator from Delaware has it about
right. I think if we would sit down and take a look at the missiles
we would realize the problem that faced us in the constant development of these fancy missiles. I went to a briefing at the Army's area
in the White Sands Proving Grounds. White Sands Proving Grounds
is part of a proving ground that is used by the Army, the Navy, and
the Air Force.
The Army has its installation at White Sands, and the Air Force
has its installation at Holloman Airbase but they are a very few miles
apart, air distance, and they are all using the same base steadily. I
had just taken a very careful look at what I used to be the Ding
Dong which became the Genie which now becomes the MB-1 and it is
a very, very fine air-to-air missile.
I t is an exceptionally good missile and everything that I think the
Air Service could wTant, and I asked the briefer, the man who was
in charge of the briefing to tell me what Army missile was equivalent to the Genie and he did not know what the Genie was.
I said "Well, then, tell me what the equivalent to the M B - 1 is."
He did not know what the MB-1 was. He is almost 20 miles away
from the base where it is fired steadily, but he had not heard of it. He
is in another branch of the service.
There was a three-star general sitting beside me who came out from
Washington to see the briefing went on all right. He had never heard
of either one of them and, if we knew what the other branch of the
service had, we might not make the requirement for a brandnew
missile, just precisely the same task over and over again.
I honestly believe we can squeeze an awful lot of money out of the
missiles programs and if we did we might be able to do what the chairman persuaded the Government to do before; namely, live within
that debt limit.
Thank you, Mr. Chairman.
I t is probably extraneous, but T cannot help but feel we can, possibly, save money.
DEBT CEIIJESBG INCREASE
45
The CHAIRMAN. Thank you Senator.
Senator WILLIAMS. Mr. Anderson, first, I want to say I realize
your problem and am willing to go along with whatever increase in
the debt ceiling may seem to be justified. But, in connection with arriving at that decision, I am wondering did the debt ceiling last—
the fact that we let this temporary increase in debt ceiling of $3 billion
expire June 30, you remember; did the expiration of that temporary
debt ceiling hinder Government expenditures during the past 6
months to such an extent that our defense preparedness lagged more
than would have been the case had you had a greater leeway ?
Do you think there was any cutback in such expenditures, based
upon the fact that you did not have adequate leeway ?
Secretary ANDERSON. Senator Williams, I would not be able to
answer your question in detail. I would simply say to you that from
time to time I have felt it incumbent upon me to call the attention,
not only of the Department of Defense but of all the other departments of Government, that we wTere very close to the debt ceiling,
and that, while we all realize that we must perform those functions
which are essential to this country, we ought to perform them in the
consciousness that we faced 1 or 2 alternatives, either that our expenditure programs not move forward so rapidly as to exhaust our balances, or we would have to face the problem of recalling the Congress
to ask that the debt limit be increased.
Senator WILLIAMS. D O you think there was any cutback as a result
of that feeling ?
Secretary ANDERSON. Yes. I think there was some. I think there
was some increased requirements for the investment of private capital
on progress-payment contracts. And I think
Senator WILLIAMS. D O you think the missile program was cut back
as a result of that situation ?
Secretary ANDERSON. I have no reason to say that I think the missile program was cut back; no, sir.
Senator WILLIAMS. Thank you.
The CHAIRMAN. I would like to say, in that connection, the White
House admitted that the ceiling had nothing whatever to do with it.
Secretary ANDERSON. Yes.
The
CHAIRMAN.
With the situation regarding missiles.
Secretary ANDERSON. Yes.
Senator WILLIAMS. I n order that we may find out about this, what
have been the expenditures during this current fiscal year up to date
in the military appropriations, military expenditures, and how do
they compare with the expenditures for the preceding year for the
same period ?
Secretary ANDERSON. YOU are talking about cash expenditures ?
Senator WILLIAMS. I am talking about cash expenditures; yes, sir.
Secretary ANDERSON. Let me get the Treasury report.
Senator WILLIAMS. A S of the most recent date that you have, and
what date is that?
Secretary ANDERSON. This is from July through December 31,
1957. F o r total military functions, July to December 1957, the expenditures were $19,359 million.
Senator WILLIAMS. That is from July 1 until December 31 ?
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DEBT CEILING
INCREASE
Secretary ANDERSON. Yes, sir.
Senator WILLIAMS. All right.
Secretary ANDERSON. And the corresponding period for the fiscal
year 1957, $18,375 million.
Senator WILLIAMS. May I have those figures again?
Secretary ANDERSON. F o r the fiscal year 1958 to date, which would
be the current fiscal year.
Senator WILLIAMS. Yes.
Secretary ANDERSON. $19,358 million.
Senator WILLIAMS. Yes.
Secretary ANDERSON. And for the corresponding period in fiscal
year 1957, $18,375 million.
Senator WILLIAMS. I n other words, you spent $1 million more in
the last 6 months of 1957 than you spent in the last 6 months of 1956
in the Military Establishment ?
Secretary ANDERSON. Approximately $1 billion; yes, sir.
Senator WILLIAMS. And you have spent more than if you had it?
Secretary ANDERSON. I do not know how much of an increase there
wrould have been.
Senator WILLIAMS. If we act on the assumption that they held
back, then the other line of reasoning is that you would have increased it over and above that extra billion ; is that right ?
Secretary ANDERSON. Well, you must remember that I would not
be able to measure the total effect which the debt ceiling had in restraining those expenditures. Now, I will say this to you, that,
shortly after coming into this Office, and shortly after Mr. McElroy
assumed his responsibilities, there was some additional expenditure
planned for the Department of Defense for the remainder of this
fiscal year of about $868 million.
Senator WILLIAMS. That is true.
But they will develop mostly in the next 6 months, will they not?
Secretary ANDERSON. For the most part.
Senator WILLIAMS. For the most part ?
Secretary ANDERSON. Yes, sir.
Senator WILLIAMS. But for the last 6 months of last year were
about a billion higher than the preceding year ?
Secretary ANDERSON. A t that rate; yes, sir.
Senator WILLIAMS. What is your cash on hand as of today, sir?
Secretary ANDERSON. I t is about $2 billion. We were just
Senator WILLIAM. Here is the last report, January 16 report, which
was about $2.6 billion, if I remember correctly.
Secretary ANDERSON. On January 22, Federal Reserve funds were
$454 million, and tax and loans around $1,345 million would be, the
sum of those 2, about $1.8 billion.
Senator WILLIAMS. May I have that report I just gave you there?
Isn't this your net balance of all your accumulated right here, which
would be $2.6 billion?
Secretary ANDERSON. The Treasurer's balance figure which you are
looking at w^as $2.9 billion on January 22, Mr. Heffelfinger tells me,
including uncollected balances
Senator WILLLVMS. What was last, year's figure?
DEBT CEILING
INCREASE
47
Secretary ANDERSON. The actual figure on the left is Federal Reserve banks
Senator WILLIAMS. H O W does that compare with the last year ?
Secretary ANDERSON. Of the same date ?
Senator WILLIAMS. The preceding year. Yes.
Secretary ANDERSON. January 15, 1957, approximately $1.3 billion.
Senator WILLIAMS. And it is how much this year ?
Secretary ANDERSON. Approximately $2 billion.
Senator WILLIAMS. Approximately $2 billion. I n other words you
have $700 million more this year in cash than of a comparable date
last year?
Secretary ANDERSON. That is correct, sir. The debt limit, of course,
as you knowT, was $3 billion higher then.
Senator WILLIAMS. Well, the fact you spent about a billion dollars
more in the military than you spent in the comparable 6 months, the
preceding 6 months, and your cash has increased by $700 million and
you have leeway in your national debt, I think, of about $800 million,
plus the drawing fund that you would have if you would sell some
more F N M A mortgages, I think there has been adequate money to
finance the payments of the debt during the past 6 months.
Secretary ANDERSON. Yes, we have made the payments.
Senator WILLIAMS. YOU have been able to make your payments and
have not been squeezed necessarily ?
Secretary ANDERSON. I would not say we have not been squeezed; we
have been very close to the limit—within a few hundred million dollars
of the limit.
Senator WILLIAMS. D O you think a greater leeway would have been
easier to have floated long-term debt, given you more
Secretary ANDERSON. Yes, I think it would, sir.
Senator WILLIAMS. YOU think it would.
How much long-term debt was floated during 1957?
Secretary ANDERSON. Well, we had in the latter part of 1957 two
long issues. Two issues of a half-billion each
Senator WILLIAMS. The point I am making is, those were both longterm issues and floated during the last half of 1957; weren't they ?
Secretary ANDERSON. That is correct. They wrere in small amounts.
Senator WILLIAMS. And the debt ceiling expired on June 30 ?
Secretary ANDERSON. That is correct.
Senator WILLIAMS. I n the preceding year in which you had the
higher debt ceiling, the preceding fiscal year, were there any long-term
bond issues floated?
Secretary ANDERSON. I do not think so.
Senator WILLIAMS. Were there any 2 years prior to that? 1954-55
were the last ones prior to this year ?
Secretary ANDERSON. July of 1955.
Senator WILLIAMS. S O I just wondered if really this debt ceiling had
proved to be the handicap, because the only long-term issues that had
been floated in the last 4 years were done after this lapsed in the last
half of last year?
Secretary ANDERSON. Senator Williams, the point here is that market opportunities come from time to time in which you feel, first of
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DEBT CEILING
INCREASE
all, that the rate of interest at which money is procurable is reasonable,
and, secondly, that there is money available for that kind of investments, where you could have some long-term investments.
Now then, what we are saying is that when those opportunities
do present themselves, we want to be in a position and should be in a
position, in our judgment, to take advantage of extending as much of
the debt as we can.
Senator WILLIAMS. I think that is correct.
Secretary ANDERSON. Yes.
Now during the periods in which there is a great demand for investment funds from all kinds of industries, where interest rates are
rising and where the availability of money is less, those opportunities
simply do not present themselves.
Senator WILLIAMS. W e were speaking a moment ago that some
of the spending had been curtailed as a result of the ceiling ?
Secretary ANDERSON. Yes.
Senator WILLIAMS. $275 billion ceiling.
Do you know of any particular departments in which—or any
specific projects which were curtailed ?
Secretary ANDERSON. The only one that comes to mind immediately
is the requirement by the Department of Defense of their contractors
to invest, as I recall, about 5 percent more of their funds in the development of their materials which they were selling to the Government.
I n other words, by reducing the amount of the progress payments
which were being made.
Senator WILLIAMS. I S that order still in effect ?
Secretary ANDERSON. S O far as I know it is.
Senator WILLIAMS. If the debt ceiling were raised would it be
reversed ?
Secretary ANDERSON. NO, sir.
Senator WILLIAMS. I t would still remain in effect ?
Secretary ANDERSON. I t would remain in effect.
This, as .1 understand it, was a decision of a permanent policy by
the Department of Defense.
Senator WILLIAMS. That was my understanding and it had no connection with the debt.
Secretary ANDERSON. I t s timing may have had a connection with
the debt ceiling.
Senator LONG. Might I ask that question be answered again because
I am trying to follow the witness and I think it is a very important
statement to the committee.
Secretary ANDERSON. Senator Long, if I get what you want answered again, it was the question that the Department of Defense has
contracts in which it makes progress payments as work is performed
and it was a decision of the Department of Defense that they would
decrease the amount of progress payments that were made from time
to time by something like 5 percent.
As the progress payments are decreased the manufacturer is then
required to invest more of his own funds in the development of the
materials up to the point that it is a finished airplane or a finished missile or whatever it is, and is delivered to the Government, at which time
you pay it all off.
DEBT CELLING INCREASE
49
Senator LONG. S O he gets just as much money but he must advance
some of his own money, at least a higher percentage of his own money,
in fulfilling his contract ?
Secretary ANDERSON. That is correct.
Now, then, as Senator Williams asked, was this something that
would be reversed if the debt ceiling were increased, and I said I do
not think so.
I think it wTas there as a permanent policy.
NowT, there is this side effect that the manufacturer, if he is on a
cost-plus basis, will, of course, go into the market to get whatever additional funds he may need for his own investment, and then the cost of
that additional money becomes a part of the cost of the finished product which, of course, is paid for at the time you get the final product.
Senator WILLIAMS. But the point I was making was that it was my
understanding that was a policy and one which would be continued
regardless ?
Secretary ANDERSON. Yes, that is correct.
Senator WILLIAMS. And one which was inaugurated regardless of
the situation ?
Secretary ANDERSON. Yes.
The CHAIRMAN. YOU feel they were getting a larger percentage
than they should be getting, I assume.
Secretary ANDERSON. I t was the decision of the Department of Defense.
The CHAIRMAN. Based not upon the debt limit but because they
thought that manufacturers were getting a larger percentage of their
costs ?
Secretary ANDERSON. Yes.
The CHAIRMAN. Before the article or whatever it was, was finished,
is that correct ?
Secretary ANDERSON. That is correct.
The CHAIRMAN. And that is the reason they changed the policy ?
Secretary ANDERSON. I would think that the timing of the change
was probably influenced by the tightness of our situation but that is
correct.
Senator WILLIAMS. The question was raised by the chairman this
morning as to the connection between deficit spending and inflation,
and I think it was brought out that the dollar since 1913 had dropped,
lost two-thirds of its value, was that correct ?
Secretary ANDERSON. T h a t is correct.
Senator WILLIAMS. And that one-third of the value was lost between the period of 1940 and 1946.
Is that correct ?
Secretary ANDERSON. One-third of it ?
Senator BENNETT. From-^one-third of the value lost after 1913 was
lost between 1946 and 1956, not 1940 and 1946.
Senator WILLIAMS. Yes, 1940 and 1956.
Senator BENNETT. Eight.
Senator WILLIAMS. NOW, my question was this, when was the other
one-third lost ?
Secretary ANDERSON. Well, this is the schedule right here.
50
DEBT CEILING
INCREASE
Senator BENNETT. YOU cannot answer that question, John, because
they kept shifting bases this morning.
Senator WILLIAMS. That is the reason I want to get on base, I got
caught between, and if I read this chart on page 418 of this hearing
right, and all of our talk this morning was centered around the 1939
dollar, was it not ?
And you started back in 1918, the 1939 dollar, assuming that to be
a hundred, was valued at 140 percent, is that correct?
Secretary ANDERSON. That would be correct, yes, sir.
Senator WILLIAMS. A dollar forty, and we lost—what was that
worth in 1920, that dollar ?
Secretary ANDERSON. I do not have the figure for 1920.
Senator WILLIAMS. I t is on page 418, Mr. Anderson.
Senator BENNETT. I t was worth seventy cents.
Secretary ANDERSON. Seventy cents, 69.3.
Senator WILLIAMS. I n other words, we lost—the value of the dollar
lost two-thirds of its value since 1913.
One-third of it was lost in the World W a r I period or that 8-year
period and the other one-third was lost between the period of 1940
and up to the present time, is that right?
Secretary ANDERSON. Yes.
Senator WILLIAMS. And between those periods it was a relatively
stable dollar.
I n fact I think the dollar actually increased in value a little bit.
Secretary ANDERSON. During the period of the twenties it did
increase.
Senator WILLIAMS. During the period of the twenties it increased
in value ?
Secretary ANDERSON. Yes, sir.
Senator WILLIAMS. And your drastic drop was in the two areas
about half of it taking place from 1913 to 1920 ?
Secretary ANDERSON. That is correct.
Senator WILLIAMS. And the other half of the drop taking place
beginning with 1940 and ending up to the present time, but the bulk
of it ending in 1952 and 1953, isn't that correct ?
Secretary ANDERSON. That is correct.
Senator WILLIAMS. I think this chart, we do not want to duplicate this, Mr. Chairman, if this was not the one incorporated in the
record, I would like to see this same chart which appears on page
418 of the monetary hearings inserted in the record of this hearing.
Mr. MAYO. That particular chart has not yet been introduced in
this record.
The CHAIRMAN. Without objection, it will be placed in the record
at this point.
DEBT
CEILING
51
INCREASE
(The document is as follows:)
Consumer
prices
Consumer prices
(1947-49 =
100)
C a l e n d a r y e a r av>
erages:
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
42.3
42.9
43.4
46.6
54.8
64.3
74.0
85.7
76.4
71.6
72.9
73.1
75.0
75.6
74.2
73.3
73.3
71.4
65.0
58.4
55. 3
57.2
58.7
59.3
and the purchasing
poioer of the dollar, 1918 to
Purchasing power
of the dollar
|
1939=$1
1934 = $1
$1. 404
1. 385
1.368
1.274
1.083
.924
.803
.693
.778
.830
.815
.812
.792
.786
.801
.810
.810
.832
.914
1.017
1.074
1.038
1.012
1.002
$1,351
1.333
1.318
1.227
1.044
.890
.773
.668
.749
.799
.785
.782
.763
.756
.771
.781
.781
.801
.880
.979
1.034
1.000
.975
.964
Consumer prices
(1947-49=
100)
date
Purchasing power
of t h e dollar
1939 = $1
Calendar year av
erages—Con.
1937
1938
1939
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
Months:
M a y 1956
M a y 1957
1934 = $1
61.4
60.3
59.4
59.9
62.9
69.7
74.0
75.2
76.9
83.4
95.5
102.8
101.8
102.8
111.0
113.5
114.4
114.8
114.5
116.2
$0. 967
.985
1.000
.992
.944
.852
.803
.790
.772
.712
.622
.578
.583
.578
.535
.523
.519
.517
.519
.511
$0. 932
.940
.963
.955
.909
.820
.773
.760
.744
.686
.599
. 556
. 562
. 556
.515
.504
.500
.498
.500
.492
115.4
119.6
.515
.497
.496
.478
Source: D e p a r t m e n t of L a b o r a n d d e r i v e d c o m p u t a t i o n s .
Senator W I L L I A M S . Because it does give a complete breakdown
from the year 1913 all the way through, and I am like the chairman,
I cannot help but feel that there is a decided connection between
deficit spending and the value of the currency, and in speaking of
the value of the dollar, the question was raised about it being impracticable to roll it back to the 1939 level.
Have you heard any suggestion of anyone connected with the administration or anyone connected wTith the Government of trying to
roll it back ?
Secretary ANDERSON. NO, sir.
Senator W I L L I A M S . Isn't the concern to hold it stable ?
Secretary ANDERSON. I think the concern is to be sure it does not
depreciate further.
Senator W I L L I A M S . Just for the record, do you in studying the historical record of other countries in dealing with inflation, do you
know of any country in which there has been serious or catastrophic
inflation developed that such a catastrophe was not first preceded by
a series of unbalanced budgets ?
Secretary ANDERSON. Well, my recollections of the details of the
history would be such that I would not want to say this categorically.
I am sure that imbalance in payments has been a characteristic of
those countries in which there has been great inflation. I t has always has been a contributing factor substantially.
Senator W I L L I A M S . And you feel that in order to manage this debt
you would need the full 5 billion, do you, Mr. Secretary ?
52
DEBT CEILING
INCREASE
Secretary ANDERSON. Senator Williams, I honestly do. I have
studied the problem as conscientiously as I can from the standpoint
of trying to be modest about the increase.
As I said to the chairman earlier, certainly we can pay the bills
of the Government with something less than this, if the expenditures
do not radically exceed those we anticipate and if the revenues are
collected at something approximating the rates which we are assuming.
I do not want to jeopardize any savings that can be made in this
country. I would simply emphasize that we have three considerations : One, the maintenance of reasonable balances to pay our debts.
Two, the maintenance of sufficient margins of flexibility that we
can take full advantages of all opportunities that come to get the debt
in better balance.
And, finally, to have a reasonably prudent amount which we can
call upon for contingencies.
Now the minds of men can differ. This is not an effort to make
my job easy, but it is something that we have tried to regard as a
modest approach to our problem.
Senator WILLIAMS. I might say that I recognize our responsibility
to give you the means whereby you could manage the debt and pay
the bills, and it is our responsibility here to give consideration to that
at the time we authorize those expenditures.
Secretary ANDERSON. Surely.
Senator WILLIAMS. And not pass it on to you, the responsibility.
But how would you feel about using, say we had this 4 or 5
billion dollar debt, using a portion of that leeway to finance a tax
reduction ?
Secretary ANDERSON. Well
Senator WILLIAMS. I n other words, I will put the question this
way: Do you, I think there is a question which has been raised as
to whether you would favor tax reduction under certain circumstances ?
Secretary ANDERSON. Yes.
Senator WILLIAMS. Well, suppose we had a circumstance where
we were operating at a deficit, which we would be if there was a
period of high unemployment.
Would you further that and utilize a portion of this national-debt
leeway to finance a tax reduction in such a period as that ?
Secretary ANDERSON. Senator Williams, the point at which the
debt ceiling would be set would not be the determining factor in
my own judgment, as to the advisability of tax reductions.
As a matter of my own thinking, I believe that we ought, so far
as it is possible, to pay for our current expenditures out of current
earnings and particularly at a time when the operation of the economy is at relatively high levels, it is undesirable to add to the debt
and to the burdens of future generations.
I have said, however, that it is conceivable to me that economic
circumstances might be such as to warrant the utilization of a
reduction in taxes as a fiscal instrument to improve the growth and
development of the economy of the country.
I do not believe that that time is here now.
DEBT CEILING
INCREASE
53
I would arrive at that judgment more by the conditions of the
economy than I would by the debt limit.
Senator WILLIAMS. Should such an event arise wherein you felt
that the tax reduction under those circumstances was justified, would
your request have to be accompanied with a corresponding increase
in the debt to finance that or would you have adequate leeway under
this 5 billion to do it, assuming it came this year ?
Secretary ANDERSON. Of course that would be a question t h a t
would be dependent upon the size of any reduction, but if the expenditures remained relatively high
Senator WILLIAMS. YOU could not get much of a tax reduction
of less than $2 billion for it to do anybody any good ?
Secretary ANDERSON. If the expenditures were going to be high
and the revenues were going to be low and you were going to have
a tax reduction—and utilize it as a fiscal instrument—then you would
have to have more increase in the debt ceiling in order to borrow the
money to accomplish it.
You would have to tie the two together.
Senator WILLIAMS. I n other words, I saw the question raised and
the reason I was bringing it up, was I saw the suggestion made that
one purpose of getting this $5 billion was to get the necessary leeway
for a couple of billion dollars tax reduction if later on it was decided
upon. I did not think it wTas true but I wanted to get it on the
record.
Secretary ANDERSON. • I t has not gone into our thinking, Senator.
Senator WILLIAMS. I t was not. If there was such a tax reduction
authorized later it would be accompanied by an increase corresponding in the debt ?
Secretary ANDERSON. I t would if expenditures remained at a high
level.
Senator WILLIAMS. And you think this is needed for any program
other than that?
Secretary ANDERSON. That is our judgment, sir.
Senator WILLIAMS, I have no further questions.
The CHAIRMAN. Senator Frear ?
If you will pardon the Chair for just one moment.
I would like Senator Douglas' attention to this because he took a
great interest in this—in 1953 at the time of the first request for the
increased debt limit, one of the reasons, I think, why the Senate
Finance Committee rejected it was the high balances on hand?
Secretary ANDERSON. Yes, sir.
The CHAIRMAN. And I see that on January 9, 1958 you submitted
to me a statement that indicates that at certain periods you expect to
have $5 billion and $6 billion on hand which is not drawing interest
and deposited in banks.
What assurance has the committee got that you will not have over
$3 bifcon on hand ?
Secretary ANDERSON. These are figures which relate to the middle
and the end of each month, and there will, Senator Byrd, be fluctuations between those periods, both up and down.
There will be periods in which it will be in excess and there will be
periods when it will be lower, and the $3.5 billion is an arbitrary
balance.
51
DEBT CEILING
INCREASE
I would not by any means want to represent
The CHAIRMAN. I t may be $6 billion or $7 billion.
Secretary ANDERSON. I t could because the shift would be very great.
The CHAIRMAN. That is in the banks without any interest paid on it ?
Senator Douglas will recall there was a very great debate in the
Senate, and that makes the possibility of it that much greater if you
get the full amount of the increase that you ask for.
Secretary ANDERSON. There are those fluctuations and they come in
particularly when there is a heavy taxpaying period, and then the
balances decline as you have noted into relatively small figures, even
within the 2 weeks period.
The CHAIRMAN. Senator Douglas, do you have any questions on
this?
Senator DOUGLAS. I took the figures of the New York clearing house
which are weekly figures on the Government balances. I took them
from the New York Times over a period of some years, from 1953
through early 1957 for each of the banks and I put them into the Congressional Record, I believe last year, with the letters A, B, C, et cetera
for the banks rather than specifically identifying the banks.
I can only say that in some banks the balances never fell below
many millions of dollars. Even during the weeks of the greatest
withdrawals there would still be a balance in some banks running
into the millions of dollars. When I took the lowest figure for each
bank, i. e., the lowest figure of bank A, during this period of years,
and the lowest figure for all of them in any week during this period
of years and totaled them the result was a very large sum of interestfree deposits.
I think, I mentioned to you privately when you wrere confirmed
last summer, my concern about this matter. We now have some tentative figures for clearinghouses of other cities and this whole question I think is a very serious one.
Secretary ANDERSON. Senator Douglas, I do not have your concern about this situation. I n the last few weeks Mr. Baird and I
have had 2 or 3 conversations with Mr. Campbell. We have been
studying it, and there are these considerations, among others: The
balances are spread over about 11,000 banks in the country. They
run from periods during which they are relatively high to periods
when they are fairly low.
I think I said in my testimony to the House Ways and Means
Committee that sometime in February we expect all of the balances
in the country that are in the hands of the banks, uncalled for, that
is uncommitted, to get down possibly as low as $250 million or $275
million.
Senator DOUGLAS. YOU mean the total ?
Secretary ANDERSON. Yes, sir; the uncalled balances.
The CHAIRMAN. That would not be true if you increased the debt
limit?
Secretary ANDERSON. I beg pardon, sir.
The CHAIRMAN. That would not be the case if there were an increase in the debt limit.
Secretary ANDERSON. N O , sir; if we had some additional borrowings, it would not. This would be one of these tight periods.
DEBT CEILING
INCREASE
55
Senator DOUGLAS. I am not maintaining that you should keep the
total deposits down to $275 million.
Secretary ANDERSON. I know that.
Senator DOUGLAS. I agree that would be a dangerous point. But I
am merely reenforcing what Senator Byrd pointed out at the time,
namely, that you have billions of dollars of deposits in banks, and
while it is true that small banks have small amounts, it is also true
that big banks have tremendous amounts and this is interest-free
money.
As practical men we knowT that one of the great abuses in banking
is the use of interest from deposits of public funds—of local funds,
county funds, and State funds. I believe we have had some experiences in Illinois in this respect and this is a political football.
I do not say nationally, but I mean locally.
As I understood it the justification that was originally advanced
so far as the interest-free deposit of national funds is concerned, was
that it would merely offset the unpaid services which banks performed
for the Government, and during the period of the war, I quite well
grant that they did perform a great many unpaid services in the floating of bonds and so forth and so on.
But certainly the volume of these unpaid services has declined as we
have moved away from war emergency into a financial situation which
has become approximately stabilized.
If you go into this matter, as you apparently are doing, I think you
will find that there are real opportunities, either of cutting down the
total balances or if you insist on depositing them to have some of them,
at least, in time deposits on which interest could be collected.
Secretary ANDERSON. Senator, there are 2 or 3 other factors that we
are weighing. One of them is that most of these deposits simply represent a shift in the deposits from their other customers to the tax and
loan accounts.
I n other words, in the process of tax collections, in the process of
buying securities, there is a shift from a demand deposit of a customer
who either pays his tax or who buys a Government security so that it
is shifted from the customer's account over to the tax and loan account
until it is called for.
If you took the same total deposits in banks during those periods,
there would not be very much change. They are both on demand, the
customer's account is on demand until he buys the security, or until he
pays the tax.
The money is then shifted by the bank over into the tax and loan
accounts which is the same money in the same bank. I t is in a different
account now. I t is on demand because it is on our demand.
Senator DOUGLAS. Yes; but there is a very large hard core of the
deposits which you never demand. I think if you would take the
record say of a hundred leading banks in the country—I won't say to
take the records of 11,000 banks—but take the records of a hundred
leading banks in the country and see what was the lowest weekly
deposit for each, and then get the totals.
Secretary ANDERSON. I don't think we have it on the full hundred.
Senator DOUGLAS. A S I say, I will submit a tear sheet in the record
on this material I put in on the New York banks.
Weekly statistics on United States deposits in selected New York banks, January
1953 to August
1955
[In thousands]
Date
1953
Jan.
7
14
21
28
Feb.
4
11
18
25
Mar.
4
11
18
25
Apr.
1
8
15
22
29
May
6
13
20
27
June
3
10
17
24
July
1
8
15
22
29
Aug. 5
12
19
26
Sept.
2
9
16
23
30
Oct.
7
14
21
28
A
B
$17,260
14,186
12,384
12,344
12,621
12,881
13,826
13,098
11,038
7,960
7,072
11,260
9,876
7,994
6,010
4,625
3,106
15, 322
15, 439
9,336
6,373
6,649
18. 610
9,418
7,326
8,919
5,853
11,360
40, 049
35, 845
32, 402
28,035
24,763
23, 445
20, 875
16, 208
13,378
12, 065
12,157
10, 268
7,710
6,424
7,377
$29,493
23,891
21, 775
21, 745
23,971
25,328
33, 592
35,113
31, 569
23,762
23,937
32, 788
35,715
30, 271
24,177
18,437
12,458
18,149
17,026
20,078
18, 526
11, 275
15, 832
24, 857
27,122
22, 998
29, 546
83, 654
75, 225
71,109
63,163
61, 554
61,170
56,193
44,485
39, 687
40,126
43,860
40, 638
31,008
25, 651
20, 779
C
$149,462
102,605
94,839
94,861
97, 201
97,321
109,788
110,037
100,088
81, 252
108,007
243, 598
220,306
150, 410
104, 271
79,990
59, 283
94, 982
90, 563
80,118
69, 560
60, 795
90. 852
79, 977
134.057
155, 528
110, 753
139, 296
378, 434
342, 872
316, 553
277, 951
261, 248
252, 694
252, 548
228, 800
205, 277
201, 967
336, 274
314, 541
245,181
203, 425
161, 861
D
$77, 732
61, 697
53, 588
52, 292
59,198
61, 631
68,952
67,135
59, 562
43,781
47,056
89, 650
96,616
76, 727
49,373
30, 855
20,748
53, 761
49, 392
42,167
36, 381
23,155
14,100
26, 657
50,231
63,912
49,666
48,040
109, 783
98, 942
98, 041
92. 720
98, 048
104, 736
111, 138
102, 645
91, 709
92,112
107,048
105, 624
82, 069
67, 983
68,358
E
$112,322
69,924
61,126
59,619
73,121
77,695
97,165
95,443
82, 609
58,113
67,243
139, 206
123, 705
85, 745
56,133
37,641
25, 561
83,335
79, 401
65,338
49, 510
25,179
13,159
24,077
70, 847
99, 763
58,105
79, 450
267, 421
239, 434
229,371
207, 298
206, 560
206, 428
201, 503
185, 336
164, 004
173,162
239, 637
213, 770
159, 787
149, 816
126,377
. F
$58,239
47,604
49, 241
53,095
57, 231
60, 223
71,053
73,069
72,574
58,498
53,397
81,981
79,645
65, 569
53,859
51,589
38,138
40,528
34, 405
42, 023
39, 997
33,135
43, 416
33,190
50, 987
62, 871
49, 451
52, 349
128, 578
117, 459
110,037
100, 269
107,028
106, 377
99, 887
82, 646
74, 778
81,341
82, 627
76, 868
59, 774
46, 031
41, 734
G
$63,318
36,205
34,485
34,659
36, 678
37,989
45,102
49,635
43, 584
31,101
42, 849
111,981
94,679
64,141
40,008
31,179
21,914
30, 484
24, 315
24,143
25,151
14,311
8,579
15,302
46, 002
68, 854
40, 460
39, 828
126, 972
114. 869
107,376
94,604
92, 537
95, 648
90, 993
76,415
64, 984
86, 930
93,047
82,318
60, 714
52, 967
48, 285
H
$16,229
14, 376
13,723
14,116
15,674
16,914
21,615
22,412
20,940
1,649
17,144
22,150
21,395
18, 704
18,250
16,684
11,256
11, 681
10, 014
12, 234
11, 804
8, 047
5, 595
8,352
13,009
13, 525
12,045
13, 206
25, 991
23, 977
22, 833
21, 970
24,155
24, 942
24,019
19, 950
19, 821
21, 067
23,181
24,030
19, 566
16, 084
12,924
I
J
$39, 341
23,851
20,376
20, 681
26, 648
27,999
32, 293
31,071
26, 599
18, 268
21, 228
47, 772
45,049
31, 292
18, 859
11,454
8,477
25, 992
22, 672
27, 429
26, 651
18, 704
27, 032
20, 819
44, 927
41, 605
23,138
69, 311
214,199
193, 471
179,116
154, 903
137, 490
128, 853
118,167
103, 502
97,121
85,114
83, 767
81,117
59, 702
53, 981
45, 699
$61, 773
45, 512
39,692
38,806
43,455
45, 866
51,309
49,671
43,488
32,061
35,184
65, 506
58,350
42, 307
29,813
21,106
14,309
22.377
19, 691
20, 718
17, 535
10, 576
6, 012
12, 749
29, 962
38, 409
25, 871
39, 558
137, 657
124, 200
117, 213
103,153
96, 965
100, 425
103, 559
88, 737
77, 635
75, 001
74, 689
68, 320
51, 485
37, 736
29, 672
K
$149,028
95,849
83,029
83, 562
101,239
109, 775
130,649
130,096
115, 522
84,674
98,719
216,051
205,363
153,982
105,019
71,693
52, 517
107,177
98, 975
107, 477
94, 313
61, 592
64, 602
57,487
115, 736
143, 778
91,993
117, 476
357, 741
327, 733
317, 460
283, 885
281, 882
281, 479
268, 603
235, 711
208, 619
222, 688
253, 937
230,032
204,392
192, 506
162? 657
w
o
&
t—i
o
o
>
Nov.
4
10
18
24
2*|
Dec.
9
16
23
30
1954
in.
6
13
20
27
Feb.
3
10
17
24
Mar. 3
10
17
24
31
7
Apr.
14
21
28
May
5
12
19
26
2
June
16
23
30
July
7
14
21
28
4
Aug.
11
18
25
Sept. 1
8
1953
15
22
29
6
Oct.
13
20
27
6,771
19, 735
28, 486
25, 694
19, 496
34, 393
54, 750
53, 655
151,439
168, 788
207, 475
195, 267
77, 384
87, 737
103, 270
96, 411
126,
146,
175,
159,
666
610
034
912
40, 603
54, 355
77, 039
79, 380
46, 239
58, 746
74, 850
73, 217
12,609
15,054
21, 218
21, 945
48,138
63,429
81, 330
73,472
31,
45,
64,
60,
716
672
237
700
155, 440
191, 289
244. 679
223, 978
13, 579
8,582
8, 056
8,263
32,
24,
27,
27,
512
478
472
888
145, 541
115, 253
115,650
120, 833
65, 228
48, 988
50, 726
51,610
96,
67,
65,
65,
944
400
784
833
62,
55,
59,
61,
52,
37,
42,
44,
488
555
664
208
16. 051
14,159
16, 242
17, 814
43,
29,
29,
29,
501
888
732
414
37, 650
29,117
31, 344
32,198
144, 057
104, 411
104, 793
107, 070
7,438
4,784
4,642
4, 570
5,184
5,648
6,561
7,364
6,196
4,170
5,430
8,962
10,445
9,903
6,874
5,779
8,941
12, 695
8,112
20,388
28,014
23,637
15, 889
9,469
7,087
9,121
10,277
8,516
6,903
5,588
10, 545
13, 594
14, 084
13,106
11, 260
9,233
24,662
16, 829
16, 865
17,081
18, 628
18,273
23,945
26,878
24,330
17, 218
21, 751
34,110
38, 727
39, 778
28,274
22,850
19,180
14,932
9,416
29,837
41, 385
37,000
28, 931
20,356
23, 643
33,434
35, 721
30,050
24, 776
20,148
29, 650
34,157
37, 627
37, 858
34, 674
29, 905
125,234
96,953
95,798
95,904
103,658
97,176
107,186
112, 382
117,011
93,644
100,678
157, 923
167,856
173,073
119,824
101,841
92,532
94, 780
79,827
128, 502
156, 283
158,625
132,202
106,683
123, 619
196,364
216, 451
170, 060
133, 547
115, 647
166, 454
196,174
197, 377
182,044
168,168
154, 499
50,800
35,086
34,842
34, 748
46,383
46, 596
55,307
57,124
60,457
46,364
54,545
78,193
87,942
91,855
66,481
53,995
76,581
112,394
73,713
92, 754
99,308
89,875
67,215
47,917
51,381
86,029
94, 891
72, 274
54, 477
44, 582
74, 805
86, 731
88, 853
83, 442
76, 815
68,340
63,544
42,656
42,228
41,688
54,134
55,124
62,940
69,023
68,789
49,372
60,423
108,627
114,205
110,382
69,072
51,661
43, 569
52,943
40,384
98,454
128,537
119, 719
88,872
58,805
74,057
137,242
145, 540
99, 550
67,049
51, 914
124, 695
165, 388
167, 660
154, 341
137,208
117, 988
55,947
39,438
44,053
45,680
46,825
44,284
55,311
63,781
63,870
49, a44
56,419
76,455
74,962
78,972
65,113
56, 592
51,111
41,784
25, 571
52,474
72,633
71,509
56,467
42,405
47,447
71,699
75, 855
63, 985
52, 346
44, 296
58, 588
68,488
73,269
72, 839
76, 859
70, 740
41,821
29,251
30,042
31,999
32,969
32,030
38,189
44,712
43,214
33,492
36,894
92,040
96,362
86,210
47,068
38,812
35,145
33,091
24,224
42,302
54,892
51,878
39,390
26,163
57,874
90, 924
93, 826
64, 853
48, 358
41, 293
53, 950
59, 949
61, 507
62,160
58, 342
54,173
16,295
11,858
12, 513
13,037
13,121
12,981
16,546
18,320
21,296
17,870
19,243
25,132
24, 952
24,718
19,712
16.503
14,570
16,129
13,153
20,823
23,477
21,140
16,352
13,040
12, 940
17,318
20, 365
19,073
17,222
14, 516
15, 991
15, 368
19, 435
21,082
20, 458
18,124
26,303
16,597
16,363
17,067
22,898
24,377
28, 745
29,979
28,224
19,096
21,183
36,812
35, 974
34,545
21, 586
16,153
42,986
86, 725
58, 731
66,085
69,556
59,840
41,931
26, 720
34,131
47, 831
50, 885
37,022
26, 742
22, 894
47,150
58, 080
56, 478
51, 647
45, 402
38, 477
37,456
27,872
27,915
27, 821
35,035
34, 685
40,645
42,032
38, 506
27,191
32,227
53,399
55,521
50, 985
31,592
24,694
22,732
28,584
20,116
45, 664
58, 827
58,138
45,348
33, 340
32, 949
50,454
54, 998
43, 333
34, 490
28, 274
51, 425
61, 878
64,008
59, 456
55, 982
52, 214
100,899
68, 557
67,442
68,806
88,858
88,226
107,015
112,667
104,876
74, 749
88,199
171,701
187,053
178, 727
108,866
83,886
77.307
85,719
59,377
98,167
175, 581
160, 712
118,863
83,028
111,683
197,077
208, 387
145, 476
100,495
82, 211
167, 507
212, 691
210, 760
193, 582
172,016
147,853
6,900
7,946
7,978
22, 221
30,470
27, 986
24, 807
23, 342
25, 877
26, 729
61, 350
79, 668
70, 731
62,277
128,282
128, 537
132, 760
247, 408
288,163
261, 580
236,888
52, 542
58, 759
58, 816
119, 322
142,039
148, 638
131,237
85, 403
79, 842
78, 474
186, 475
239,115
207, 535
179, 767
56,059
61,161
63, 665
90,239
96, 290
86, 838
77, 618
38, 959
43, 559
44, 705
78, 985
92,144
82, 851
75,193
15,417
17, 691
19,027
26,042
27,957
82, 779
72, 468
28, 572
29, 964
29,405
73, 781
95, 683
72, 413
63, 467
40, 683
40, 806
4.1,103
72,145
83, 847
216, 573
192,697
110,108
110, 906
113, 679
210, 449
248, 021
167, 805
146, 580
See footnotes a t end of table.
245
492
963
596
w
o
I
3
d
>
Weekly statistics on United States deposits in selected New York banks, January 1958 to August 1955—Continued
00
[In thousands]
Date
Nov.
3
9
17
23
Dec. 1
8
15
22
29
1955
Jan.
5
12
19
26
Feb.
2
9
16
23
Mar. 2
9
16
23
30
Apr.
6
13
20
27
May 4
11
18
25
June 1
8
15
22
29
July 6
13
20
27
Aug. 3
10
1
2
D
E
F
A
B
$21, 822
20, 275
27, 343
29,124
26, 232
21, 673
17, 078
13, 970
11,812
$58,113
55, 444
58, 773
57, 096
52, 768
45, 844
38, 490
36,151
31, 969
$225, 601
212, 470
238, 404
229, 230
214, 208
193, 649
166, 450
146, 209
136,125
$131,311
128, 723
134, 442
126, 883
122, 009
110, 386
94, 881
88, 008
77, 907
$172,277
166,133
179,174
165,048
150, 051
129, 575
105, 013
88, 441
74, 339
$72, 845
70, 731
79,132
78, 959
77, 010
71, 743
63, 248
59, 450
54, 433
$69,381
67, 269
66,310
64, 992
62,165
55, 618
44, 765
45, 317
41, 807
9,028
6,096
4,960
8,789
8,693
7,992
8,130
8,497
7,368
5, 365
4,491
6, 640
5,282
12, 551
12, 380
10, 378
9, 850
11,361
10, 840
13, 329
17, 536
15, 098
10, 924
6,276
5, 953
7, 867
8,040
5,393
8.317
14, 032
11,871
8,852
26, 721
18, 037
13, 703
14, 458
17, 790
18, 221
21, 863
25, 590
24, 515
19, 597
19, 200
31, 053
27, 330
3
132, 091
103, 070
86, 393
95, 012
111,819
115, 839
123,174
126,184
128, 696
119, 467
114, 501
157,674
154, 059
325,107
314, 838
261, 624
246,127
262, 786
248, 825
232, 058
213,807
198,317
174, 017
134,855
151, 084
198, 804
223,660
160, 504
227. 773
293,095
268, 798
222, 503
75, 524
54, 395
39, 083
42, 336
52, 018
55, 905
62, 436
71, 690
72, 329
66, 878
61, 249
80, 332
69, 931
142, 665
130, 551
105,838
101, 066
113.952
109, 458
104, 096
100, 432
95, 465
80, 779
60, 639
72, 421
82, 571
98, 840
76, 765
86, 736
105, 874
107,108
93, 070
67, 806
47,134
33, 025
60, 264
78, 985
82, 863
83, 311
80, 277
78, 672
64, 272
56, 318
74, 676
63, 387
199, 439
197, 743
157,660
144, 631
163, 623
155, 929
155, 909
158, 875
139, 040
106, 941
67, 051
75, 998
104, 514
116,158
78,125
122, 415
164. 017
155, 373
130, 289
49, 926
36, 896
29, 369
34, 839
37, 709
38, 571
44, 296
49, 024
51, 456
47, 990
46, 697
58, 346
48, 921
84, 811
77, 635
64,184
61, 490
67, 215
65, 446
68, 370
67,114
66, 360
59,156
45, 752
51, 999
38, 202
66, 685
53, 207
63,233
70, 787
58, 202
52, 887
42, 345
30, 446
23, 848
27,112
32, 539
35, 006
35, 663
42, 657
42, 679
35,159
29, 674
48, 945
42, 986
88, 630
82, 866
70, 339
69, 330
79, 975
78, 783
75, 628
67, 700
60, 005
56, 618
34, 594
41,177
61, 321
65, 574
43,156
50, 866
101, 910
90, 545
75, 629
()
C
No listing was made for the week due to newspaper strike.
Merged with bank D.
5
G
Merged with bank K.
i Merged with bank C.
H
(2)
K
I
J
$72, 242
70, 659
82, 679
78, 806
71, 038
60, 363
48, 310
40, 560
33, 800
$60, 785
58, 711
68, 252
66, 417
64, 725
61,142
51, 830
46, 456
40, 774
$186,970
181, 675
191, 390
181, 258
173,183
155, 629
130, 561
118,187
104,099
27, 841
18,197
12,189
22, 991
29, 688
31, 404
32, 848
30, 713
29, 349
24, 700
22, 714
30, 013
39, 563
88, 690
4 85, 089
34, 638
23, 419
16, 865
26, 594
32, 214
33,160
35, 680
37, 548
40, 056
35, 614
34, 743
46, 313
113,268
138, 610
153, 024
68, 420
64,154
71, 542
67, 867
57, 667
44, 264
44, 765
41, 418
31, 682
35, 583
45, 407
55, 602
39, 563
49,180
58, 593
54, 512
45, 404
91,042
63, 005
48, 336
61, 476
82, 284
89, 634
97, 590
103, 073
103, 323
86, 491
84, 231
126,127
43, 633
302,162
277, 837
224, 795
212, 675
233,159
233,117
262, 523
321, 250
288, 617
222, 741
142, 099
148,147
200, 633
203, 707
136, 504
209, 956
333,922
299, 612
241,911
()
Source: New York Times.
W
O
E
o
O
>
Weekly statistics on United States deposits in selected New York banks, Aug. 17, 1955, through Sept. 5, 1956
[In thousands]
A
Date
1955
Aug. 17
24
31
Sept.
7
14
21
28
Oct.
5
11
18
26
1955
Nov. 2
9
16
22
30
Dec. 7
14
21
28
1956
Jan. 4
11
18
25
Feb. 1
8
15
21
29
Mar. 7
14
21
28
Apr. 4
11
18
25 1
C
D
E
F
G
J
L
K
M
N
0
Q
P
R
Total
$3,834
2,982
2,957
2,508
1,652
81, 805
59, 281
55, 068
67,164
84, 558
83,017
114, 781
96,152
$120,242
107,297
103,127
94, 554
64,419
51, 507
64, 247
72,129
80, 770
147, 542
124,284
$56, 574
57, 869
59, 415
57, 687
44, 829
41, 264
50, 994
57, 386
54,106
71, 213
59,312
$66, 581
63,165
61, 659
59,210
40,916
33, 742
45, 061
53,116
57, 656
94, 733
81, 289
$45, 623
43, 486
44, 538
47, 390
36,180
30, 717
37, 649
40,144
38, 372
55, 765
46, 785
$225,177
210,197
202,180
180,015
126, 677
101, 521
130, 477
146, 469
146, 602
230, 475
195, 284
$102, 999
96, 291
92, 907
80, 966
56,188
48, 439
60, 271
66, 500
74, 855
134, 715
113, 534
$17, 532
16, 877
17, 670
16, 329
12, 455
12,273
12, 583
13, 213
14,179
25, 114
21,607
$35, 614
36,056
34, 283
28,117
18, 614
17, 629
21, 609
22,135
24, 878
49, 962
45, 675
$71,227
57, 540
54,370
50, 797
35,003
17, 462
22, 562
29, 469
45, 014
100, 758
85, 322
$4, 858
3,789
3,568
2,814
1,788
1,213
1,202
1,105
3, 569
11, 469
9,863
$5,303
4,606
4,389
3,488
2,679
2,375
2, 445
2, 253
3, 396
8,227
7,094
209, 751
185, 882
184, 428
186, 954
172,306
152, 818
114,882
159, 411
150, 806
92, 667
84, 205
83, 515
88, 261
81, 844
75, 259
54, 352
52, 586
53, 679
121, 685
109, 276
104, 829
104, 466
92, 227
69,058
40, 756
165, 833
154, 894
57, 457
50, 340
55, 466
60, 797
58,044
51,950
39, 721
42, 922
43, 304
72,136
60, 415
53, 869
58, 853
54, 419
45,127
26, 904
22, 221
25, 400
46, 834
41,180
41, 945
44, 229
42, 007
39, 674
27, 666
36, 881
36, 005
183, 520
159, 267
161, 943
168, 074
153, 840
129, 783
85, 493
86,106
87, 355
107,908
94, 769
92, 373
94,125
84, 251
63,156
37, 869
31, 518
33, 073
19, 634
16, 046
16, 547
17, 326
16, 005
12, 022
7,767
23, 766
22,113
41, 321
33, 669
33, 531
34, 613
30, 745
24, 505
15, 591
15, 858
15, 767
77, 358
64, 424
58, 206
54, 675
47,109
35, 511
19, 528
50,786
46, 870
7,998
5,771
4,467
4,103
3,540
2,234
1, 049
5, 859
4,454
4, 359
4, 271
3, 873
3,164
2,309
4,466
4,168
5,664
4, 063
3,243
2,838
2,407
1,480
156,116
113, 659
78, 923
62, 845
73, 719
86, 439
81, 090
101, 344
114, 949
123, 295
90, 022
89, 768
275, 236
263, 848
194, 415
168,113
166,357
63,427
46, 389
28, 538
23, 620
35, 088
42, 874
40, 756
60,582
67, 791
69, 290
45, 731
88, 949
121, 762
116, 514
83,839
71, 910
73,316
147,143
75, 378
32, 361
21,444
33, 212
46,178
40, 343
52, 659
57, 948
57, 572
32, 554
89, 560
138, 917
126, 492
87,030
72,117
73, 551 •
44, 315
28, 447
20, 417
17, 580
21, 668
25, 268
29,159
45, 374
51, 078
51, 392
38, 751
68, 009
85, 977
87, 572
50, 458
43, 764
44,996
31, 363
23, 792
17, 290
17, 040
21, 562
24, 386
17,911
31,807
36, 617
35, 316
19, 375
58, 676
92, 685
73,064
61, 861
53,007
57, 600
36, 859
21,414
12,104
9,715
15, 273
19, 370
17, 524
27, 555
32,153
37,616
26, 278
58, 358
85, 868
74, 827
50, 938
44, 080
43, 772
95, 915
64, 236
42, 908
36, 538
57, 427
70, 301
68, 994
101,817
112, 292
108,150
69, 477
165,168
264, 696
250, 689
170, 926
142, 220
144,415 •
38, 532
26, 662
17, 606
13, 210
22, 249
30,122
32, 237
50, 530
54, 870
56,124
36, 337
96, 013
152, 383
134,173
89, 379
74, 516
73,938
16, 968
9,695
3, 550
2, 679
4,073
5,165
6,165
9,122
9,082
8,209
6,088
14, 869
19, 521
19, 035
12, 983
11,135
• 11,591
14, 956
7,200
3,534
2, 637
4,316
6,906
9,641
17, 808
19, 696
18,928
12, 000
34, 201
50, 884
44, 909
28, 528
22, 647
22, 728
45, 579
26, 815
12, 998
8,194
13, 526
19, 941
15, 706
18, 338
21, 643
24, 741
14, 798
34, 273
58,135
61, 484
45, 510
37, 997
37,155
650
410
169
119
544
3, 205
1,787
2,141
1,133
505
295
586
1,209
1,026
1,078
1,807
2, 341
2,193
1,840
1,755
3,037
3, 460
3,753
2,652
2,159
2, 572
238
96
172
257
180
110
400
536
283
232
201
321
285
239
239
$8, 798
8,558
8,259
6,937
4,876
4,053
4, 393
4,286
7,663
13, 414
11, 562
$203, 322
186, 584
180, 910
174,489
133,452
112,026
130, 042
152, 699
167, 616
259, 348
222, 682
$92, 222
90,008
9,927
7, 866
7,441
8,582
7,785
5,521
3,410
33,199
31, 050
22, 713
12, 231
3, 278
1, 941
2, 597
2,952
2, 523
3, 996
3, 881
2, 985
3, 783
8, 602
10, 692
9, 433
6, 289
5, 585
6,050 1
88, 792
872
855
857
2,571
8,128
6, 989
$1,059,906
985, 305
959, 024
887,106
639,009
530,161
651, 554
746, 319
804, 264
1, 325, 644
1,127,434
©
W
ttf
H
O
995
888
687
598
461
229
446
632
560
414
345
346
635
3,268
2,948
1,059,710
921, 627
906,162
932,167
850, 402
711, 282
477, 932
729, 816
708, 320
719, 882
459, 248
274, 419
217, 953
306,012
382, 446
365,062
524,070
585,191
596, 455
397, 461
910,161
1, 361, 049
1, 266, 674
885, 507
749, 834
758, 626
w
0
§
a
S3
>
w
m
Or
CO
Weekly statistics on United States deposits in selected New York banks, Aug. 17, 1955, through Sept. 5,
1956—Continued
[In thousands!
Date
May
2
9
16
23
29
June 6
13
20
27
July 3
11
18
25
Aug. 1
8
15
22
29
Sept. 5
A
C
$7, 204 $211, 848
7,146
211, 294
37, 490
203, 094
8,570
206, 321
7, 995
207, 349
8,168
180, 388
6,770
128, 071
6, 889 120, 607
7,917
201, 316
10, 724
236, 989
8,602
190, 865
7,588
155, 342
6, 362 128, 259
6,139
123, 232
5,829
111,421
7,910
146, 816
23, 209
286, 716
21, 243
258, 593
17, 583
233, 303
D
$99,153
100, 860
104, 211
115, 909
116, 518
98, 781
66, 861
68, 744
92, 350
106, 906
87, 071
69, 361
55, 291
58, 441
58, 435
75, 563
161,845
145, 795
134,116
E
$109, 888
114, 211
113, 642
120, 624
119, 627
93, 456
58, 886
58,130
105, 265
122, 041
96, 338
75, 901
58, 298
55, 526
55, 994
73, 641
166, 797
147, 887
134, 137
F
$56, 640
56,933
64, 015
73, 041
74, 607
63, 606
46,169
47, 740
61, 007
69, 568
55, 033
46, 559
37, 344
34,432
30, 603
47, 076
103, 963
94, 845
86, 956
G
$75,034
75, 763
71, 099
78, 471
78, 833
59, 686
36, 536
42, 372
97, 284
102, 008
72, 908
58, 942
49, 361
42, 643
33, 260
35, 070
83, 405
75, 470
70, 473
J
K
$59, 772 $194, 246
197, 276
60,125
59, 523 204,163
62, 511 218, 948
220,463
62, 041
175, 610
54, 076
36, 560 113, 646
116, 417
36,403
62, 777 200, 326
73, 534 221, 850
56, 337 170, 335
135, 209
43,649
34,150
105, 930
33, 023
101, 723
29, 513
95, 259
36, 944
136, 484
74, 835 319,142
66, 202 285, 691
66, 503 251, 077
L
$96, 953
97, 787
97, 997
105, 442
107, 361
85, 480
56, 826
57, 941
93, 750
108, 566
82, 876
63, 850
52, 393
48, 334
41,481
57, 851
140, 098
125, 029
110,894
M
$16, 435
17, 894
19,455
20, 706
19, 208
18, 210
13, 756
14,617
15, 582
16, 692
12, 099
10, 358
8,736
8,544
8,005
11, 391
27,101
25, 035
24, 266
N
$30, 489
30, 318
32, 770
37, 624
37, 375
27, 286
16, 676
19,159
33, 893
37, 240
28, 095
21,402
16, 446
16, 516
14, 758
22, 624
57,460
51, 314
44,172
0
$54, Oil
57,162
51,815
48,409
47, 498
40, 844
26, 065
18,455
32, 506
44, 514
42, 349
32, 464
24, 235
24, 369
24, 692
33,481
83, 025
72, 892
65, 811
P
Q
$356
337
319
298
268
248
227
533
1,369
2, 003
1,717
1,440
1,129
1,313
1,610
3,825
13, 485
12, 074
9,771
$3, 285
3,285
3,948
4,306
3,966
3,364
2,673
3,062
2,947
2,807
1,981
1, 576
1,278
1,314
1,425
3,325
8,649
7,813
6, 376
R
Total
$252
209
184
167
149
121
75
55
38
34
23
17
14
70
130
547
2,371
2,127
1,720
$1, 015, 566
1, 030, 600
1, 033, 725
1,101, 347
1,103, 258
909, 324
609, 797
611,124
1, 008, 327
1,155,476
906, 629
723, 658
579, 226
555, 629
512,415
692, 548
1, 552,101
1, 392, 010
1, 257,158
o
3
Q
W
Source: New York Times.
Weekly statistics on United States deposits in selected New York banks, Sept. 5, 1956, through May 1, 1957
[In thousands]
A
Date
1956
Sept. 5
12
19
26
Oct.
3
10
17
24
31
Nov.
7
14
20
28
Dec.
5
12
19
26
1957
Jan.
Feb.
Mar.
Apr.
May
2
9
16
23
30
6
13
20
27
6
13
20
27
3
10
17
24
1
K
C
D
E
$17, 583 $251,077 $233, 303 $134,116 $134,137
10, 494
166, 614
90, 939
90, 306
167, 275
8,912
145,134
145, 577
72, 308
79, 411
9,389
171,917
163, 659
95, 262
85, 486
8, 950
185, 042
112,628
195, 223
95.375
144, 241
144, 966
6,305
S3, 838
70,093
9,027
100, 986
108, 924
47, 820
86, 923
22, 866
65, 772
76, 436
114,149
30, 558
17, 348
64, 800
127, 772
78, 323
32, 871
13, 825
72, 999
90, 622
105, 594
47, 007
9,813
63, 705
82, 526
74,102
38, 417
15, 774
97, 500
96, 338
130, 629
50,098
15, 698
90, 360
83,124
134, 367
42, 528
10, 695
93, 481
88, 098
111,579
43, 007
4,437
64,106
69, 614
63, 735
25, 911
30, 064
71,339
149,027
47, 366
88, 771
48, 826
86, 695
214, 364
52. 544 142, 235
39, 308
19,626
3,448
1,211
1,175
2,079
2,102
3,239
3,423
3,422
2,522
5,756
7,356
18,224
12,983
9, 428
8,091
8,010
79,388
53,038
30,071
20, 691
25,813
54,868
27, 721
62, 620
69,243
76,454
49,127
122,477
163,181
233,124
151,269
111, 486
104,275
127,492
186, 778
124,568
68, 842
51,203
50,063
76,771
55,125
71,223
71,048
89, 808
68,570
123, 738
162, 671
234,991
168, 363
131, 587
117,119
135,143
53,908
42, 778
24,851
12,371
14,522
24,Oil
18, 775
41, 732
45,458
51,376
32,396
75,383
93, 678
175,339
119,280
86, 671
76,012
85,200
116,322
63,442
21,649
11, 600
10,690
37,488
16,306
32,033
35, 745
41,408
23,957
62,898
89,572
173,612
122, 887
88, 951
75, 779
87, 725
i As reported in source. Detail does not add to total.
Y
$86, 956
62,514
61,607
70,869
76,783
56, 816
41,206
27,965
26,967
27, 412
26,594
56,961
58, 872
51,199
32, 285
34, 271
39,361
G
$70, 473
49, 424
41,172
51, 837
62,621
49, 460
46, 378
62, 899
55,123
44, 252
29, 230
38,441
39, 434
37, 005
22,186
18, 814
24,796
36,740
23,748
24,834
16,401
14,652
8,801
10,718
9,828
12,764
8,387
19,030
15,984
14,287
6,702
31,671
15,403
33,364
21,840
32,491
27,715
23,384
15,862
45,878
59,427
50,371
92,798
102,708
129,647
76,071
84,287
58,144 1 62,678
51,968
59,068
55,466
60, 739
L
H
$66, 503 $110, 894
50, 753
73, 242
45, 354
63, 555
52, 467
74, 927
57,947
83, 977
42, 854
62, 700
65, 925
42, 603
148,071
27, 877
126,396
28, 336
95, 333
38, 354
61, 309
35,685
114, 531
163,387
176,308
125, 315
128,504
92, 092
55,141
41, 387
25,146
30. 327
23,754
35,940
24, 736
17,117
8,801
5,241
6,396
27,723
13,200
21,288
21,223
30,754
20,433
46, 281
63,876
95,515
65,235
47, 611
40,790
49,273
37,187
27,009
14,358
8,838
7,319
23,353
13,633
32, 439
37,039
36, 689
20,599
52, 908
69, 871
146,259
103, 795
74, 040
64,389
70,934
M
$24, 266
16, 624
16, 684
17, 710
17, 728
13, 255
10, 922
9,539
7,815
9,944
9,988
36,487
40,224
27, 944
11, 200
18, 757
25, 494
N
$44,172
27, 913
27, 087
32, 357
36,123
25, 298
26, 489
43, 649
37, 706
31,170
21, 851
62,419
66, 383
49, 340
21,186
57,715
94,706
0
P
R
Q
$6, 376
4,240
4,425
4,828
4,569
3,136
2,209
1,473
1,628
2,935
3,118
3,612
2,958
2,098
1,082
1,574
1,842
$65, 811
43, 891
28, 639
31, 261
37, 802
29, 687
26, 834
36, 729
31, 815
31, 001
22,015
60, 925
66,168
48, 648
20, 821
7,473
6,992
$9, 771
5,724
3,789
3, 536
3,329
2,284
6,581
30,104
14, 568
9,894
6,209
4,058
2,580
1,511
74,466
21,962
10,668
11,694
33,900
12,321
2,757
6,700
8,278
5,362
3,689
1,916
1,919
6,335
3,031
6,262
10,494
17,067
6,465
4,271
7,239
8,799
15, 038
6,955
8,021
15, 894
6,898
6,375
11, 546
15,921
3,382
5,178
11,335
11,604
24, 938
13,859
13,540
34,038
23,007
21,776
58,939
43,298
14,059
38, 256
31,875
10, 515 1
26,974 1 23,214
9,426 ! 23,253 , 19,586
11,477
27,205
26,323
69
65
99
102
130
1,742
1,079
2,629
2,401
2,574
2,291
1,346
1,793
1,442
2,613
2,307
1,403
325
518
607
628
441
365
328
327
3,625
4,445
5,564
3,692
2,606
2,208
2,599
564
122
68
381
378
813
632
Total
$1, 720 $1, 257.158
860, 952
999
744, 316
662
866,144
639
978, 698
601
735, 340
407
623,109
282
i 718, 273
186
651, 583
115
620, 418
76
484, 609
47
931,190
30
944, 339
20
785, 213
12
433, 670
15
580,779
13
797, 629
12
10
7
2
1
1
1
1
1
1
1
1
1
81
8,050
7,012
5,172
4,402
4,429
a
707,032
447,830
213,690
143,149
149, 358
329, 553
189,670
347,628
373,795
426,709
277,703
649,291
869,092
1,447,674
999, 505
739,442
656,694
752,342
Source: New York Times,
<3>
62
DEBT CEILING
INCREASE
Senator DOUGLAS. I am not indicting them. That is, I concealed
their identity by giving them letters rather than names.
Secretary ANDERSON. I, frankly, have been studying the problem,
as I have indicated. I have not yet been persuaded that it is to the
Government's net advantage to pay for the services rather than to
charge interest of some kind on the tax and loan accounts.
We have asked Mr. Campbell to reexplore that problem and I haveasked Mr. Baird to do it.
Mr. Baird has brought up to date a memorandum of his latest thinking which I will be glad to supply, and there is a secondary problem,
of course.
One of the services which the banks render, of course, is the issuance
of savings bonds and that sort of thing, and in addition to banks you
have a large number of commercial institutions that do it as well.
So that you run into the additional complication that if you set up
a standard of compensating the banks for this kind of service then
do you compensate comparable commercial people who are now just
charging this as part of their overhead or taking on some additional
burden ?
(The memorandum referred to is as follows:)
TREASURY COMMENT ON PROPOSAL T H A T CONGRESS E N A C T LEGISLATION P E R M I T TING B A N K S T O P A Y INTEREST ON BALANCES I N TREASURY T A X AND LOAN A C COUNTS, JANUARY 24,
1958
I. BACKGROUND
Exhibit 1, attached hereto, contains a brief history of t h e t a x and loan accounts
and a s u m m a r y of c u r r e n t operating procedures. Exhibits 2, 3, and 4 contain
d a t a reflecting the volume of transactions in the accounts during t h e calendar
year 1957. Exhibit 5 reflects t h e fluctuations in t a x and loan account balances
by showing t h e high and low balances in the accounts during each month of
calendar year 1957.
II.
PROBLEMS INVOLVED I N REQUIRING BANKS TO PAY INTEREST ON TAX AND LOAN
ACCOUNTS
A. Interest rate on Government
securities
Experience h a s shown t h a t when banks a r e permitted to m a k e payment by a
deposit credit in their t a x and loan account for the purchase price of Government
securities, t h e r a t e s of interest paid on such issues a r e less t h a n otherwise would
be paid if the funds did not clear through t h e account. For example, t h e r e is
listed below information with respect to eight different issues of T r e a s u r y bills,
which is self-explanatory:
Special issues eligible for payment by credit in t a x and loan a c c o u n t :
Rate
D a t e of i s s u e :
(percent*
Oct. 17, 1956
2.686
Nov. 16, 1956
2.617
Dec. 17, 1956
2.585
May 27, 1957
2.824
Regular weekly issues not eligible for payment by credit in t a x and loan
account:
D a t e of i s s u e :
Oct. 18, 1956
3.080
Nov. 15, 1956
2.979
Dec. 20, 1956
3.331
May 31, 1957
3.245
I t is reasonable to assume t h a t any payment of interest on balances in t a x a n d
loan accounts would be reflected in higher interest r a t e s which it would be necess a r y for the T r e a s u r y to pay on Government securities. This would be particularly significant during periods of heavy borrowing as occurred during World
War II.
DEBT CEILING INCREASE
63
B. Effect on volume of transactions in tax and loan accounts
Should the Congress enact legislation requiring banks to pay interest on
balances in tax and loan accounts, the volume of funds cleared through the
accounts would possibly be materially reduced. The greater part of credits in
tax and loan accounts represents transfers from accounts of customers of banks
and, therefore, does not represent "new" money to the banks. It stands to
reason that many banks, rather than take the money out of their customers'
accounts and immediately credit same in their tax and loan accounts and pay
interest on such balances, would discontinue clearing the funds through the tax
and loan accounts and take advantage of the "float" in their favor which results
when their customers make payments by check either to Federal Reserve banks
or directors of internal revenue. Such action on the part of banks would defeat
the purpose for which tax and loan accounts are maintained and as a result
would create many problems for the Treasury.
C. Determination of earning value to banks of Treasury tax and loan account
balances
The wide fluctuations in the balances in tax and loan accounts as reflected
in exhibit 5 make the earning value of the balances highly questionable for
the majority of banks. Most banks are not in a position to invest the fluctuating
portions of the account for the short time that the funds are available to them.
It is significant to note, also, that balances with member banks are subject to
reserve requirements of the Federal Reserve Board averaging approximately
10 percent and subject to insurance assessments of the Federal Deposit Insurance Corporation.
I I I . PROBLEMS ENCOUNTERED I N ALLOWING CREDIT TO B A N K S FOR SERVICES RENDERED
TO T H E GOVERNMENT FOR W H I C H T H E Y ARE NOT O T H E R W I S E COMPENSATED
The recommendation of the Comptroller General that present laws be amended
to permit the banks to pay interest on balances in tax and loan accounts is
coupled with the proposal that credit be allowed banks for services performed
for the Government for which they are not otherwise compensated. This proposal contemplates the payment of fees to banks for services rendered the
Government. In his audit report to the Congress covering the Office of the
Treasurer of the United States for the fiscal year ended June 30, 1954, the
Comptroller General mentioned the following services performed by banks for
which they were not compensated :
1. The sale and issuance of United States savings bonds.
2. The handling of withholding, social security, and excise tax deposits.
3. The distribution to bank customers of announcements and the receipt
of subscriptions for other Government securities.
4. The furnishing of confidential information to the Internal Revenue
Service regarding large currency transactions and interest payments.
5. The issuance of bank drafts.
Other functions performed by banks such as the cashing of Treasury checks
without charge against individual payees are not included in the services set
forth above. Many banks look upon the cashing of Treasury checks as a service
to the Government and do not make a charge against the individual payees of
the checks. On the other hand, a substantial number of banks throughout the
country do make a charge against individuals for cashing Treasury checks.
Should a system of paying fees be adopted, the question would be raised immediately as to whether or not the cashing of Treasury checks without charge is a
service for which the banks should be paid.
The Comptroller General's recommendation provides that the fees to which
banks would be entitled for services rendered the Government would be credited
against the interest charged the banks on balances in tax and loan accounts.
This would not be possible in all cases inasmuch as there are approximately
14,500 banks throughout the country which render services to the Government,
but only 11,000 of such banks maintain tax and loan accounts on their books.
Also, other financial institutions and commercial concerns render some of the
services mentioned by the Comptroller General. The payment of fees could not,
of course, be limited to those banks which maintain tax and loan accounts on
their books.
Comments with respect to the payment of fees to banks for rendering the five
services mentioned by the Comptroller General in his report to the Congress
covering the Office of the Treasurer of the United States for the fiscal year 1954
are set forth below:
64
DEBT CEILING INCREASE
1. The sale and issuance of United States savings bonds.—The attached statement, exhibit 2, shows that banks issue at least 59 percent of all savings bonds
sold. Banks absorb substantial amounts of expenses not only in connection with
the actual issuance of savings bonds, but also in advertising and sponsoring the
program in their local communities. It would be impossible to place a dollar
value on the services rendered by banks throughout the country in connection
with the savings-bonds program. The sale and issuance of savings bonds is
not confined to banks. There are approximately 8,000 commercial concerns
throughout the country which also act as issuing agents for the bonds. If it
were decided to reimburse banks for expenses incurred in connection with the
savings-bonds program, it would be necessary to give the same consideration
to the other 8,000 agents.
2. The handling of withholding, social security, and excise tax deposits.—The
Comptroller General, in his report to the Congress, estimates that the cost to
banks of rendering this service is 5 cents per transaction. If it were decided
to pay banks a fee for this service, I am sure they would be able to prove conclusively that their expenses (tellers' time in accepting payments, preparation
of transmittal letters to Federal Reserve banks, and postage) in connection
with the handling of each transaction greatly exceed 5 cents.
3. The distribution to bank customers of announcements and the receipt of
subscription for other Government securities.—Banks distribute announcements
and receive subscriptions for the purchase of marketable securities and they
handle matured marketable securities for redemption or for exchange into new
issues. Banks also render considerable assistance to the Treasury in the weekly
sale and distribution of Treasury bills. Treasury bills are usually issued with
maturities of 91 days, with an issue maturing each week for 13 consecutive weeks.
The proceeds of these bills are not deposited in tax and loan accounts. In
bidding for Treasury bills many subscribers submit their tenders through banks,
the banks check with dealers on possible bid ranges and enter their customer's
bid for the amount requested. It would not be feasible to pay banks fees for
rendering these services.
4. The furnishing of confidential information to the Internal Revenue Service
regarding large currency transactions and interest payments.—The Comptroller
General, in his report to the Congress, stated that these services are of value
to the Government but he had no basis for estimating the amount of expenses
incurred by banks in rendering the services. The Treasury also is not in a
position to accurately estimate the amount of such expenses. It is important
to point out that financial institutions, other than banks, also render these
services. It is conceivable that, if banks and other financial institutions were
paid a fee for rendering the services, the cost to the Government would run into
a very large sum of money.
5. The issuance of bank drafts.—In order to facilitate the transmission of
miscellaneous collections made by public officers to Federal Reserve banks and
branches for credit in the account of the Treasurer of the United States, arrangements have been made with approximately 2,300 banks throughout the
country to issue bank drafts to Government officers in exchange for their collections. The terms and conditions under which the bank drafts are issued are
set forth in our Bank Draft Procedure Manual, copy attached as exhibit 6.
Treasury balances are maintained with approximately 2,000 of the banks as a
basis for rendering the service, the other 300 banks having elected to render the
service without the benefit of a Treasury balance. These 300 banks could at
any time request and receive a Treasury balance based upon the volume of drafts
they are furnishing Government officers. The compensation to banks for issuing
drafts is now being taken care of under a procedure which has been in effect
for the past several years. The present procedure has proved to be satisfactory
in every respect.
Should the Congress enact legislation requiring banks to pay interest on balances in tax and loan accounts and providing for the compensation of banks and
other commercial concerns, either on a fee basis or reimbursement of actual
expenses, for services rendered the Government, it would, of course, be necessary
for the Treasury to obtain additional employees to handle the tremendous
volume of work involved. How many additional employees ultimately would be
required to (1) handle the collection of interest on balances in tax and loan
accounts; and (2) review, settle, and pay claims of banks for services rendered,
only time and experience would tell.
DEBT CEILING INCREASE
65
IV. C O N C L U S I O N S
The payments to banks and other agents for services rendered plus the substantial additional administrative expenses of the Treasury and increased
interest payable by the Treasury on public-debt obligations would, in the opinion
of the Treasury, exceed the interest collected on balances in tax and loan
accounts. The question of expenses, while very important, is not the primary
consideration. The Congress has provided a flexible means of regulating the
Treasury's money flow by authorizing the Secretary to maintain deposits with
banks and to withdraw such deposits as they are needed for Government expenditure. The exercise of this authority requires the application of a great
deal of judgment and discretion. It cannot be reduced to a mechanical process
and the depositary services rendered by banks cannot be reduced to a dollar
value.
EXHIBIT 1
OPERATION OF SPECIAL DEPOSITARIES (TAX AND LOAN ACCOUNTS)
The system of special depositaries originated during World War I. The first
Liberty Loan Act of 1917 provided that banks purchasing securities issued
under terms of the act, for their own account or for the account of their customers, could deposit the proceeds from such purchases into special accounts
known as war loan accounts. Until 1935, deposits in these accounts were not
subject to reserve requirements. Originally the banks were required to pay
2 percent interest on such deposits. However, this was considerably below prevailing interest rates at that time. In the early 1930's, this interest rate was
lowered and then eliminated entirely along with interest payments on other
demand deposits in keeping with the provisions of the Banking Act of 1933.
During the 1930's, receipts from the sale of Government securities were relatively small and comparatively little use was made of the war loan accounts.
The heavy borrowing requirements of the Federal Government accompanying
World War II provided a need for the Treasury to utilize more fully the war
loan accounts. The act of April 13, 1943 (57 Stat. 65) suspended, for the
duration of hostilities plus 6 months, all reserve requirements and Federal
deposit insurance assessments against balances in these accounts. The accounts
were again subject to reserve and insurance requirements after June 30, 1947.
Following World War II, the Congress provided for wider uses of these accounts by authorizing the Treasury to use them for processing certain tax
receipts. Beginning w^ith March 1948, the banks were permitted to credit to
these accounts receipts of withheld income taxes, which previously had been
turned over to the Federal Reserve banks monthly or more frequently. On January 1, 1950, the Treasury revised the system for deposit of witheld income taxes
and extended the provisions for deposit to war-loan accounts to include deposits
of payroll taxes from the old-age insurance program. The war-loan accounts
were renamed "tax and loan accounts" on January 1, 1950.
Other taxes have since been made eligible for deposit in these accounts.
Under a special arrangement, large quarterly payments (checks of $10,000 or
more) of income and profits taxes, may be deposited in tax and loan accounts
when, and to the extent, that the funds are not immediately needed by the
Treasurv. This arrangement was first provided for quarterly tax payments of
March 1951.
Beginning in July 1951, railroad retirement taxes became eligible for deposit
to these accounts. In July 1953, certain excise tax payments became eligible.
It must be borne in mind that deposits are not made by the Treasury into
these accounts. Deposits to the tax and loan accounts occur in the normal course
of business under a uniform procedure applicable to all banks whereby customers
of banks deposit with them tax payments and funds for purchase of Government
securities. In most cases the transaction involves merely the transfer of money
from a customer's account to the Government's account in the same bank. On
occasions, to the extent authorized by the Treasury, banks are permitted to deposit in these accounts proceeds from subscriptions to public debt securities
entered for their own account as well as for the accounts of their customers.
The working cash of the Treasury is held in the Federal Reserve banks and
branches. The Treasury draws upon these balances for its daily disbursements.
As these balances become depleted they are restored in part through various receipts deposited directly to the Treasurer's account at the Federal Reserve banks.
66
DEBT CEILING INCREASE
However, a large part of the receipts to these accounts is derived by calling in
(transferring) funds from the tax and loan accounts in commercial banks.
In brief, the tax and loan account system permits the Treasury to leave funds
in the banks and in the communities in which they arise until such time as the
Treasury needs these funds for its operations. In this way, the Treasury achieves
a balancing effect not obtainable by any other known device, and thus discharges
its primary fiscal responsibility of so handling its money as not to affect unduly
the economy.
Special depositaries are divided into three groups as follows:
Group A: Those banks whose tax and loan account balance is less than
$150,000. Withdrawals from these banks are made less frequently than from
banks in the other two groups. There are 9,582 banks in this group.
Group B : Those banks whose tax and loan account balance is $150,000
or more, except those banks which are included in group C. Withdrawals
from group B banks are usually made at least twice each week. The frequency of withdrawals from this group of banks will vary depending upon
the need for funds at the Federal Reserve banks. There are 1,340 banks in
this group.
Group C: Those banks having total deposits amounting to $500 million or
more as shown by the latest "call" reports of the bank supervisory authorities. Calls for withdrawals of balances with group C banks are usually
made at the same time as calls on group B banks. However, calls on group C
banks are subject to later adjustment by way of an increase, decrease, or cancellation on any particular day that Treasury closing balances in the Federal
Reserve banks are expected to deviate substantially from the desired level.
There are 45 banks in this group.
The Treasury, to the extent possible, gives advance notice of withdrawals to
the three groups of banks.
EXHIBIT 2
Percent of tax and loan credits to total deposits for period January to
December 1957
[In millions]
Total
deposits
U. S. Government securities:
Other marketable public debt issues J . _
Income and social security employment taxes withheld by
employers, railroad retirement taxes withheld by employers,
and certain Federal excise taxes- . _ _
Certain cash payments of individual and corporation income
taxes, represented by checks of $10,000 and over, eligible for
deposit
_ - . _ _ - _ _ . .._ _ . . . - . __
Total
1
Excludes regular weekly issues of Treasury bills.
Tax and loan credits
Amount
Percent of
total
$4, 604
15, 083
$2, 725
14, 965
59.2
99.2
45, 550
27, 974
61.4
4,093
4,093
100.0
69, 330
49, 757
71.8
67
DEBT CEILIXG INCREASE
EXHIBIT 3
Tax and loan credits for period January
to December
1957
[In millions]
U . S. G o v e r n m e n t securities I n c o m e a n d
social securi t y employm e n t taxes
withheld b y
Other m a r employers,
ketable
railroad reSavings
tirement
public d e b t
taxes w i t h bonds
issues
held b y e m ployers, a n d
certain
Federal
excise taxes
Month
$304
233
227
227
240
214
246
215
197
202
195
223
F e b r u a r y _.
March
April
._
May
. _ _. -_ __ __- . . . .
June
_
__ __ _ _ _ _ _ _ _
July
August
_ ._
September
October
D e c e m b e r . _ __
__ __
..
Total
_._
2,922
1,693
2,692
1,334
1,030
548
$1,171
3,014
2,757
1,192
3,015
2,906
1,247
3,002
2,862
1,222
2,824
2,762
14,965
27,974
$3, 261
1,485
2,725
Individual
a n d corporation income
taxes represented b y
checks of
$10,000 a n d
over
Total
2,086
137
$1,475
3,247
8,092
1,442
4,740
5,207
4,552
4,910
5,751
2,759
4,049
3,533
4,093
49, 757
$1, 847
23
EXHIBIT 4
Tax and loan accounts for period January
to December
1957
[In millions]
Month
Deposits
Month
Withdrawals
$3,238
2,381
4,208
3,838
3,938
5,443
5,801
Deposits
August
September,
October
November.
December..
January,.
February.
March
April
May
June
July
$1, 475
3,247
8,092
1,442
4,740
5,207
4, 552
High and low balances
in tax and loan accounts
December 1957
Withdrawals
4,411
3,265
6,004
3,037
4,033
4,910
5,751
2,759
4,049
3, 533
Total
49, 757
49, 597
EXHIBIT 5
during
the period January
to
[In millions]
Month
January
___
February
March
April
__
__
May
June
_
July
August
__ _
September...
October-..
__
November
December
_.
Day
__
_ ___
__ _
___ __
._
__
__
_
...
__ __
. __
___ _
_
___
___ __
__ ___
_ __
2
28
28
1
28
21
3
23
27
1
29
24
High
$2, 872
2,027
6,078
5,596
4,509
5,027
6,294
3,920
5,886
5,755
3,583
3,589
Day
16
11
13
18
15
17
31
15
16
28
13
13
Low
$856
813
1,038
3,253
2,240
2,050
2,833
1,078
1.353
2,286
1,638
1,710
68
DEBT CEILING
INCREASE
B A N K D R A F T PROCEDURE M A N U A L
TREASURY DEPARTMENT,
OFFICE OF T H E SECRETARY,
Washington,
D. C, January
7,1949.
Fiscal Service—Bureau of Accounts
GENERAL PROCEDURE
1. Purpose of procedure.—The
purpose of this procedure is to facilitate t h e
transmission of miscellaneous collections made by public officers to F e d e r a l
Reserve b a n k s and branches for credit in the account of the T r e a s u r e r of t h e
United States.
2. Banks authorized
to furnish
bank drafts to Government
officers.—The
T r e a s u r y , a t a location where Government officers h a v e need of banking facilities for t h e purpose of exchanging their collections for a bank draft, will authorize a bank-holding designation as a depositary a n d financial agent of t h e
Government to render the desired service. T h e use of bank drafts facilitates t h e
transmission of collections to regional offices for subsequent deposit to the credit
of the T r e a s u r e r of the United States.
3. Title of banks holding such authorization.—Banks
authorized to furnish
drafts a r e referred to as "bank draft depositaries."
4. Type of collections to be exchanged.—Bank
draft depositaries will receive
from Government officers their collections consisting of currency, coin, local a n d
out-of-town checks, postal money orders and postal notes, a n d issue in exchange
therefor a d r a f t d r a w n in favor of the T r e a s u r e r of the United States.
5. Description
of the draft.—The draft should be payable only to t h e Treasu r e r of t h e United States and should be drawn on a F e d e r a l Reserve bank or
branch of the district in which the bank is located, or on a correspondent bank
located in the same city as such F e d e r a l Reserve bank or branch. The drafts
m u s t be presented to t h e Government officers a t the time of presentation of
their collections.
6. How checks presented in exchange for drafts will be endorsed.1—The
following form of endorsement and notation will be placed on checks, postal money
orders, a n d postal notes by Government officers subject to this p r o c e d u r e :
On face of check:
"This check is in payment of an obligation to the "United States and m u s t be
p a i r a t par. N. P . Do not wire nonpayment.
"(Government
agency)"
On reverse of check:
" P a y to t h e order of
in exchange for a
" ( N a m e and location of bank)
d r a f t d r a w n payable to the T r e a s u r e r of the United States.
"(Date)
" ( N a m e and title of Government
officer)"
Uncollectible
checks
7. Action on part of bank.—If a check (which w a s included in t h e funds exchanged for a d r a f t ) is uncollectible, the bank will notify the Government officer
concerned, giving such information a s may be available regarding t h e uncollectible item.
8. Reimbursement
to bank for amount of uncollectible checks.—The b a n k will
be reimbursed by the Government officer originally presenting t h e check for t h e
amount of t h e uncollectible item. T h e r e is a t t a c h e d a copy of T r e a s u r y F o r m
No. 448 (bank's acknowledgment of cash redemption of uncollected c h e c k ) .
1
In some instances checks presented in exchange
banks. If such banks disregard the notation on t h e
a t par, the checks should be treated as uncollectible
will be reimbursed by the Government officer as noted
for drafts will be d r a w n on n o n p a r
face of the checks and refuse to r e m i t
items and t h e bank issuing the d r a f t
in sec. 8.
69
DEBT CEIUING INCREASE
C O M P E N S A T I O N OF B A N K S FOR F U R N I S H I N G B A N K DRAFTS
9. Policy of the Treasury in compensating
hank draft
depositaries.—Deposit a r i e s a r e compensated for their services through the m a i n t e n a n c e of balances
w i t h such depositaries and a r e permitted to purchase 2 percent depositary
bonds to be held as security for t h e balances. 2 T h e a m o u n t s of t h e balances
maintained with depositaries a r e based upon the average monthly dollar a m o u n t
of drafts furnished. T h e following schedule shows the amounts of balances to
which depositaries a r e entitled upon the basis of t h e average monthly dollar
amounts of drafts f u r n i s h e d :
Amount of Treasurer's balance to
Average monthly dollar a m o u n t of drafts furnished by
be allocated bank
bank d r a f t depositary :
draft depositary
$1 to $3,000
$2,000
$3,001 to $5,000
3, 000
$5,001 to $8,000
4, 000
$8,001 to $12,000
— 5, 000
$12,001 to $16,000
6, 000
$16,001 to $20,000
7, 000
$20,001 to $30,000
8, 000
$30,001 to $40,000
0, 000
$40,001 to $50,000
10, 000
$50,001 to $70,000
12, 000
$70,001 to $100,000
15, 000
I t is believed t h a t this schedule of compensation will be equitable, however,
if due to u n u s u a l circumstances a t a particular point, a bank is of the opinion
t h a t the schedule is not equitable and will so advise the T r e a s u r y , t h e m a t t e r will
be given prompt consideration. As indicated, t h e schedule does not apply in
cases where t h e dollar volume of drafts furnished exceeds a monthly average of
$100,000. Such cases will be given individual consideration with a view to
arriving a t a basis of compensation t h a t is equitable from both the standpoint
of the bank and the Treasury.
10. Periodic adjustment
of Treasurer's
"balance.—Government
agencies using
the facilities of the bank will furnish the T r e a s u r y with information as to t h e
monthly dollar amount of drafts obtained from the bank. T h e T r e a s u r y will
review such information and, applying the schedule outlined above, will adjust
the T r e a s u r e r ' s balance periodically, not less frequently t h a n twice per year.
11. Procedure to be followed in establishing
Treasury balance.—The
Treasu r e r ' s balance, when computed a s above, is placed to t h e bank's credit on t h e
books of the T r e a s u r e r of t h e United States, and upon t h e basis of t h e b a n k ' s
subscription, t h e funds a r e used to purchase a 2-percent depositary bond in like
amount. T h e bank will acknowledge credit by signing a t r a n s c r i p t (form 18)
prepared and forwarded by t h e Treasury. F u r t h e r reports on form 18 will be
submitted by the bank on t h e last business day of each month and at such other
times as m a y be requested by t h e Treasury. T h e balance in t h e T r e a s u r e r ' s
account will not be w i t h d r a w n prior to t h e expiration of 30 days' w r i t t e n notice
from the United States T r e a s u r y .
12. Notice of withdrawal
or amendment
of provisions of this
manual.—The
Fiscal Assistant Secretary of the T r e a s u r y m a y waive, w i t h d r a w , or amend a t
any time, or from time to time, any or all of the provisions of this m a n u a l .
Notice of such changes will be given by an a p p r o p r i a t e amendment or supplement
to this manual.
E. F . BARTELT,
Fiscal Assistant
Secretary.
2
Depositary bonds may be redeemed at par and accrued interest, at any time, at the
option of the United States or the depositaries and financial agents, in whole or in part,
upon not less than 30 nor more than 60 days' notice in writing given by either party to
other other. The 2 percent depositary bonds are issued in registered form only in the
name of the Treasurer of the United States in trust for the depositaries and financial
agents to which they are allotted, and are not transferable. Checks covering interest on
the bonds are forwarded semiannually on June 1 and December 1. Such interest is subject to all Federal taxes now or hereafter imposed. The bonds are subject to estate, inheritance, gift, or other excise taxes, whether Federal or State, but are exempt from all
taxation now or hereafter imposed on the principal or interest thereof by any State, or
any of the possessions of the United States, or by any local taxing authority.
70
DEBT CEILING
INCREASE
The CHAIRMAN. I do not think the banks should be compensated.
They are getting the business. The business is going through them.
I don't believe they should be compensated for it. I do not want to
take Senator F rear's time, but last September you had $6.7 billion in
cash, and I wonder if it would be possible to furnish the committee
with a statement of how many banks would you say, Senator Douglas \
Senator DOUGLAS. I would say take a hundred of the largest banks
which had the largest deposits, take the deposits, for example, of
September 30, and what you estimate they will have on March 31
under the old ceiling, because this figure, this table you gave me, I
imagine, was prepared on the old ceiling, was it not, January 9'?
Secretary ANDERSON. Yes.
The
CHAIRMAN.
1958?
Secretary ANDERSON. Yes.
The CHAIRMAN. Then on June 30 under the old ceiling without the
increase you have got $6.1 billion estimated on hand.
Now that is a large amount of money to leave in the banks without
the payment of interest, and I think the banks have this business
going through them and they are compensated in that way.
Secretary ANDERSON. Well, the way it is done, is that we notify
The CHAIRMAN. I know, but I am speaking of the way it gets into
the banks.
I t is put in by the taxpayers, is it not ?
Secretary ANDERSON. That is really just a transfer within the banks.
The CHAIRMAN. That is right.
Secretary ANDERSON. If you go to a bank
The CHAIRMAN. I do not see that the banks are entitled to special
consideration for what they do, any more than all of us who are in
business and deduct the social security and pay it to the Government,
we are not paid anything.
Secretary ANDERSON. I am not talking about that kind of compensation.
The kind of compensation we were talking about is the services
which they give to us in issuing savings bonds or things of that sort,
and the service, of course, which they give in the cashing of Treasury
checks, and a whole line of services.
Now, as I understood when this issue was raised by Mr. Campbell,
the Comptroller General, it was raised on the basis that instead of
leaving the money on demand and not paying interest, that you make
some interest charge and that because you were making an interest
charge you then set up a scale of payments for the services, which
the banks would render on behalf of the Treasury, so that you either
let them have the money in the banks, in the tax and loan accounts
or you pay for the services.
Senator WILLIAMS. Might I ask a question in connection with t h a t :
You say that this money is merely transferred in the same bank but
the bulk of this money to which we are referring here are payments
of income taxes and corporation taxes, are they not ?
Secretary ANDERSON. I t is both that and the sale of securities.
Senator WILLIAMS. That is right.
Secretary ANDERSON. Checks of $10,000 or more, I think
Seantor WILLIAMS. But a lot of it would be revenue, normal payment
of taxes that you are speaking of transferring.
DEBT CEILING
INCREASE
71
Secretary ANDERSON. Yes. The total last year was more than $49
billion deposited all told, and of that $15 billion came from the sale
of marketable Government securities.
Senator WILLIAMS. And the other 35
Secretary ANDERSON. $28 billion came from income and socialsecurity taxes, and individual and corporate income taxes $4 billion.
Senator WILLIAMS. But, speakings—that is about 31
Secretary ANDERSON. Well, there are $2 billion—$2.7 billion for
savings bonds.
Senator WILLIAMS. Well, all right. But the procedure is that the
people in the areas, we will say, for instance the Chicago area, you
have your district office in Chicago, for all of the immediate areas surrounding that for a hundred miles, the people w^ill send their checks
to the Director of Internal Revenue, the payment of their taxes, that
would be deposited in the banks on which the checks are drawn.
They would be deposited in the central banks in the area of Chicago
or Wilmington or New York; is that not true ?
Secretary ANDERSON. The process, as I understand it, Senator Williams, is that on checks over $10,000, there is an arrangement between
the Treasury, the Federal Reserve, and the banking system.
Senator WILLIAMS. And coming back to the bank upon which they
are drawn ?
Secretary ANDERSON. And coming back to the bank upon which they
are drawn.
The CHAIRMAN. Senator Douglas, can you add any information
that the Chair has not suggested that you would like to have from the
Secretary ?
Senator DOUGLAS. Have you requested the Secretary to furnish
these figures
The CHAIRMAN. Mr. Secretary, I am taking some of these largest
amounts, March 31, of this present year, and June 30, and September
30 of last year, the hundred of the largest banks having these deposits
and from that information we can work clown to others.
I think it is a matter that we should go into because there is quite
a lot of interest involved.
Secretary ANDERSON. I would .like, if I may, to have some reasonable flexibility in preparing this statement.
For example, I don't see very well how we can do it in any time
forward. I t would have to be backward. We would have to do it
from a past date.
The CHAIRMAN. Yes, I recognize that.
You estimate that March 31 you will have $5 billion in cash.
Secretary ANDERSON. Those are the estimates but how they would be
distributed I do not know.
The CHAIRMAN. YOU could not furnish that as against the particular bank ?
Secretary ANDERSON. NO. Then again, Senator, take January of
1957, last year, on the 2d day of January there was $2,872 million
in deposit in these banks.
On the 16th, 14 days later there was $856 million, so that you had
had a drop of $2 billion in a 12-day period.
So I would think if we were going to try to work out some kind of
typical figures
72
DEBT CEILING INCREASE
The CHAIRMAN. Well, suppose we say on June 30, 1957, July 15,
1957, and then we will come around to September 30 and December 31.
All of the figures are based on the $275 billion limit.
Secretary ANDERSON. That is correct.
(The information requested is as follows:)
High and low balances in certain months and balances on selected dates in
Treasury tax and loan accounts in commercial banks
[Deposits are not made by the Treasury into the tax and loan accounts. The deposits to the accounts
occur in the normal course of business under a uniform procedure applicable to all banks whereby customers of banks deposit with them tax payments and funds for purchase of Government securities. The
transactions involve merely the transfer of money from a customer's account to the Government's account
in the same bank. On occasions, to the extent authorized by the Treasury, banks are permitted to deposit in these accounts proceeds from subscriptions to public debt securities entered for their own account
as well as for account of their customers. The Treasury makes withdrawals on a uniform percentage
basis from the tax and loan accounts in these large banks, and proportionately from tax and loan accounts
in other banks, for transfer to its operating accounts in the Federal Reserve banks to meet day-to-day
disbursements.]
[In thousands]
Commercial
banks with
total deposits of
$500,000,000 or
m o r e for all
depositors
Date
1957:
J u n e 17- _ - _ - - _
J u n e 21 _ ___
June30
July 3
July31
S e p t . 16
S e p t . 27
S e p t . 30
D e c . 13
D e c . 24
D e c . 31
_
___
_ _.
_ __
__.
__ __ . _ . _
__
_..
_ .
$692, 837
2, 681, 463
2,130, 706
3, 334, 742
1. 051, 870
443, 809
2, 741, 964
2, 708, 633
576, 838
1, 685, 983
1, 220, 726
All o t h e r t a x
a n d loan
depositaries
$1, 357, 448
2, 345,083
1, 951,069
2, 959, 657
1, 780, 987
908, 958
3,144, 438
3,108, 919
1,133, 652
1, 903, 454
1,862, 952
Total
$2,050, 285
5,026, 546
4,081, 775
6, 294,399
2, 832, 857
1, 352, 767
5, 886, 402
5, 817, 552
1, 710, 490
3, 589, 437
3,083,678
The CHAIRMAN. NOW you are asking for $5 billion more?
Secretary ANDERSON. That is correct.
The CHAIRMAN. I t is reasonable to think those balances would be
increased ?
Secretary ANDERSON. Yes.
The CHAIRMAN. I apologize again to Senator Frear.
We will go into this matter further.
Senator FREAR. N O apologies are necessary, Mr. Chairman.
Mr. Secretary, not in defense of the commercial banking fraternity
of this country, but I have some sympathy for what you said for what
banks do for the Federal Government.
I n the little town where we live there is an Air Force base, and I
have known several times when the money for the payroll was not
available and did not arrive in time and when they called on the local
bank to supply the cash, and that came out of their own account.
Of course, they recognized the Federal Government ought to be
good for it but there were times when they had several days of out-ofpocket money.
But they do perform services in selling bonds and paying for bonds,
and also collecting the social security and using them as a depositary
and we recognize the fact, too, that when they have deposits there they
loan some money to get some interest oil.
So it is a two-way street. Not only on behalf of the Government
or on behalf of the bank.
DEBT CEIUING
73
INCREASE
I like to be in line with people and like to be up to date and modern.
I do not want to be indicted for not living up to the agreement and I
would like to ask Mr. Mayo a couple of more requests.
If you took the hearings on page 418 of part 1 of the Investigation
of the Financial Conditions of the United States, and you used as a
basis for your dollar 1939, would it be a great deal of trouble if you
used the basis of 1873 and 1913 and put them down just alongside of
these columns so that you would have the three corresponding figures
and then we could start, as Senator Williams or Senator Byrd has
suggested, we know when it is every year the basis on which the dollar
is worth, if that is an unreasonable request and takes too much
time
Mr. MAYO. NO ; we can do it easily.
(The information requested is as follows:)
Consumer
prices and the purchasing
power of the dollar, 1873, and
1913-57
C o n s u m - P u r c h a s i n g p o w e r of t h e dollar
er prices
(194749=100)
1939=$1 1913=$1 1873=$1
C a l e n d a r year averages:
1873
1913
1914
1915
1916
1917
1918
1919
1920
1921
1922
1923
_
1924
1925
-_
1926
_
1927
__
1928
1929
_
1930_ _
1931
- _
1932
1933- __ __
1934
1935
_.
1936
1937- _
1938
_
1939
19401941
_
__.
1942
1943_-1944
1945
1946
1947
1948
1949
_
1950
1951
1952
_1953
1954
1955
1956
1957
-
- - -__
--
-
__
-__ _-
_ _
-
„_
_
—.
-
137.0
42.3
42.9
43.4
46. 6
54. 8
64.3
74.0
85.7
76.4
71.6
72.9
73.1
75.0
75.6
74.2
73.3
73.3
71.4
65.0
58.4
55.3
57.2
58.7
59.3
61.4
60.3
59.4
59.9
62.9
69.7
74.0
75.2
76.9
83.4
95.5
102.8
101.8
102.8
111.0
113.5
114.4
114.8
114.5
116.2
120.2
$1. 605
1.404
1.385
1.368
1.274
1.083
.924
.803
.693
.778
.830
.815
.812
.792
.786
.801
.810
.810
.832
.914
1.017
1.074
1.038
1.012
1.002
.967
.985
1.000
.992
.944
.852
.803
.790
.772
.712
.622
.578
.583
.578
.535
.523
.519
.517
.519
.511
.494
$1.143
1.000
.986
.975
.908
.772
.658
.572
.494
.554
.591
.580
.579
.564
.560
.570
.577
.577
.592
.651
.724
.765
.740
.721
.713
.689
.701
.712
.706
.672
.607
.572
.562
.550
.507
.443
.411
.416
.411
.381
.373
.370
.368
.369
.364
.352
$1.000
.875
.862
.853
.794
675
.575
.500
.432
.484
.517
.508
.506
.493
.489
.499
505
. 505
518
569
634
.669
.647
. 630
.624
.603
.614
.623
.618
.588
.531
.500
.492
.481
.444
.387
.360
.363
.360
.333
.326
.323
.322
.323
.318
.308
1
Based on a series published by the Federal Reserve Bank of New York and converted to base 1947-49= 100
by U. S. Bureau of Labor Statistics.
Source: Department of Labor and derived computations.
74
DEBT CEILING
INCREASE
Senator FREAR. Put that down at the bottom of your list.
We are talking about additional authorized for Export-Import
Bank for just a while this morning Mr. Secretary, and I believe there
is a request in for additional lending authority for $2 billion, and if
that is granted, how will that affect your debt ?
Secretary ANDERSON. I don't think that the immediate effect on the
budget will be adverse, that is because these will be commitments
which will be made, but until the money is actually drawn there is
usually quite a lapse of time even though the authority is there.
Senator FREAR. But it is contingent ?
Secretary ANDERSON. Yes; sooner or later.
Senator FREAR. And you have to take it into account in your debt
ceiling ?
Secretary ANDERSON. Yes.
The CHAIRMAN. What agency is that, Senator ?
Secretary ANDERSON. The Export-Import Bank.
Senator FREAR. Export-Import Bank. I know you are going to be
called upon to increase their borrowing authority by $2 billion.
Secretary ANDERSON. That is correct.
Senator FREAR. Just suppose now, Mr. Secretary, that such a thing
might happen that your request for increasing the debt ceiling did not
find the affirmative action in Congress, what would be your alternative?
Secretary ANDERSON. Well, if there was no increase, if we remained
at $275 billion, and the revenues were down, and the expenditures
were up for any purpose, we would, of course, have to first utilize
the free gold which we have, $500 million, and we would as we have
done in the past, sell some securities in the market, such as the F N M A
securities, which normally the Treasury would hold, would sell
those
The CHAIRMAN. H O W many of those have you got and how
many
Secretary ANDERSON. We have exhausted those now.
The CHAIRMAN. The FNMA's.
Now those issued after 1954 do not go through the banks; do they ?
Secretary ANDERSON. By F N M A ?
The CHAIRMAN. Under the debt ceiling.
Secretary ANDERSON. Those that are currently bought by F N M A ?
They accumulate them up to a certain amount, say one or two hundred million dollars. Then they go into the market and sell their
own securities and pay us off.
But we have to carry them until they get to that point on their
secondary mortgage purchases.
The eight hundred-odd million dollars referred to this morning is
in the management and liquidation account, and this is simply a question of do we hold the FNMA's notes, which are financed under the
debt limit, or do they sell securities in the market \
So that it is not a matter of budget concern, it is a matter of who
holds the debt.
Senator WILLIAMS. Might I ask a question I
Plow many more of those do you have now ?
Secretary ANDERSON. I think we have exhausted those. Just about
at the exhaustion point.
DEBT CEILING
INCREASE
75
Then of course if we utilize the gold, and the anticipations were
such that we were going to have difficulties, we would simply have
to ask the Congress at that time to increase our borrowing authority.
Senator FREAR. Well, this is probably hypothetical, but suppose
they did not increase it, even when you come down here in an emergency and do not increase it, what alternative would you have then ?
Secretary ANDERSON. YOU simply could not write the checks.
Senator FREAR. YOU could not pay your bill, that is right.
Senator FREAR. YOU are in default and in the eyes of the foreign
nations you probably would be in bankruptcy?
Secretary ANDERSON. Yes; even in the eyes of the American customer who did not get his check paid.
Senator FREAR. I just wanted to go further and say regardless of
in the eyes of the foreign nations when we got down to some mail
carrier who did not get his check or some civil servant who did not
get his check, I think it wTould be closer to home than that.
I can assure you, Mr. Secretary, I am not looking forward to any
condition like that happening but I share what the chairman has
said in his desire to maintain that debt ceiling sort of as a regulatory
instrument that we do not obligate ourselves more than we can take
in or more than our revenues, and expenditures are limited to our
revenues except under certain particular instances, and in those times,
I really believe that the Congress should be the authority which should
say whether we would spend this money or whether we would not.
Xow I rocognize, too, that I think you people downtown can tell
us a thing or two about the way we appropriate money up here.
After we appropriate it, why, of course there are no strings, you can
go ahead and spend it. So maybe there are a few things we ought to
get into a huddle on ourselves up here and dictate a few things around
the table and say if we are a little more considerate in how we authorize
the expenditures of money your problems may be a little less difficult.
I thank you for your testimony, and I appreciate it, and I, along
with the rest of the members of this committee, I think, Mr. Secretary,
have great faith and confidence in you.
Secretary ANDERSON. Thank you, sir.
Senator FREAR. Even though good men, including you and myself,
may have differences of opinion, we still have something in common.
Secretary ANDERSON. Absolutely, sir.
The CHAIRMAN. Senator Flanders?
Senator FLANDERS. Mr. Secretary, I had in my mind some questions
along the same line as Senator Frear, but we have been telling ourselves for the years I have been on this committee that we ought to
have this limit on the debt, the debt ceiling, rather closely held so
as to keep us from "going haywire."
I ain wondering on whom the effect of the closely calculated debt
limit is expected to fall. Primarily, it would seem to me that those
who should take warning that we are approaching the debt limit
would be Senators and Kepresentatives, but I never heard—I was
never sure—that the approaching disappearance of the margin was
ever having much effect on appropriations or legislation in general,
and probably we are the ones who should most take warning from the
approach to the debt limit.
76
DEBT CEILING
INCREASE
The second—and here is perhaps where we have a right to expect
it to be observed—the second would be the administration in making
up its budget and its requests for appropriations.
Mr. Chairman, to what extent have you seen any evidences on the
part of any administration—Democratic, Eepublican, present, past,
or future—that the debt limit was a deciding element in the request
for appropriations ?
The CHAIRMAN. I have not observed that, but I would say, however, that the unexpended balances, $70 billion of unexpended balances, cannot be spent unless it is within the debt limit.
Senator FLANDERS. That is one place where it has its effect. And
then when the unfortunate Secretary of Defense or the Secretary of
the Army, the Navy, or the Air Force, comes up and we hear that
this money has not been spent, then the unfortunate Secretaries are
landed on like a ton of bricks, because the intentions of Congress in
appropriating this money have not been carried out, and "Why
didn't you do i t ? "
And so they go on the griddle.
And last, we come down, sir. to you. I have aways been interested
in the atmosphere that normally, let us say, permeates the hearings
when any responsible officer of the Government is before any committee, whether the House or the Senate, under Democratic or Republican chairmen, that he is on the griddle.
Sometimes the temperature is comparatively mild, and he is merely
being seared; and sometimes he is being "frizzled." But the question
arises in my mind as to—I would follow along in my thoughts the
same line that Senator Frear pursued: W h a t can you do about it?
Are you anything but a helpless pawn on a chessboard where the
moves are being made by others? What can you do about it?
Secretary ANDERSON. Well, Senator, if someone presents us with
the bill, the only thinoj we can do is pay it, and to pay it as long as
there is money wTith which to pay it.
Now, it is a part of my responsibility to keep my colleagues in the
Government advised as to how near we are to the debt limit, so that
those agencies which have a more direct control over their expenditures will make their plans with an awareness of this tight situation.
If, however, we got to a position where there was not an adequate
amount of cash on hand and if I had no borrowing authority under
the public debt limit to borrow, my recourse would be to come back
to this committee and say, "Gentlemen, this is the position we are in,
and in order to maintain the full faith and credit of the country,
which is our primary consideration, we must have some more borrowing authority."
Senator FLANDERS. Well, that, I think, is a fair statement of the
position that you would be in. Under those circumstances, T would
not be inclined to put the heat on you for coming back, provided you
had done all these other things that are possible.
Now, I picked up some words from your verbal testimony this
morning. You asked for a reasonable flexibility for a much better
job for the country. I have not heard all the testimony, but I was
wanting to interpret that in terms of, say, a much better job for the
country, that is, general, and in terms of saving money.
DEBT CEILING
INCREASE
77
And if I have understood what you have said in answer to Senator
Williams and to Senator Frear, and others, you really feel that you
could, both from the long-run task of placing long-term bonds and
the short-run task of getting, immediately getting, better interest
rates, save money if you had more leeway so that you could place
the securities in the market at the most favorable time, and not have
your hand forced.
That is what you have been saying, is it not ?
Secretary ANDERSON. With one additional factor, and that is that
when market opportunities present themselves, to put some of the
debt in longer term securities.
Senator FLANDERS. Yes.
Secretary ANDERSON. I n order to secure a better balance.
Senator FLANDERS. Yes.
Secretary ANDERSON. YOU would be in a position to better market
those securities without fearing that you would have an attrition so
high that you would either not be in a position to pay off the bonds,
or if you did pay them off while you were still distributing the longterm bonds in the market, we would be going right back into the
market to take shorter term maturities, thereby competing with the
very people whom we have tried to sell the long-term bonds to.
Senator FLANDERS. I think that is clear.
Now, Mr. Chairman, I missed the description of this sheet here
which you distributed to us this morning, and I am wandering what
the difference is between the last column on table 3 here, and the
middle column of this sheet which you have distributed. W h a t is the
difference?
The CHAIRMAN. The first difference is that the gold is not included.
Senator FLANDERS. That is $500 million.
Secretary ANDERSON. That is right.
The CHAIRMAN. $500 million. And then, Mr. Anderson thinks it
should be $3.5 billion minimum on hand. My figures provides for $3
billion minimum.
Senator FLANDERS. That adds up to $1 billion difference.
The CHAIRMAN. The other difference is that the limit I propose
would be $278 billion instead of $280 billion. The righthand column
shows the amount of leeway under the $278 billion limit, including the
$3 billion cash balance and using the gold, and unused debt authority.
And you will note, for instance, in April they will have, April 15,
$11 billion; and June 30 is $12 billion. Now, there are some low
points. The lowest point is approximately $5 billion in the next 18
months, and I am using as a base the figures which came from the
Treasury.
I think Secretary Anderson, will—I asked him this morning to confirm whether or not these figures were based upon Treasury figures
with the changes that I have mentioned.
Secretary ANDERSON. I am sure they are, sir. I frankly have not
been able to study them.
The CHAIRMAN. I am sure they are. I had them very carefully
prepared. I do not want to argue the case right nowT.
Senator FLANDERS. Mr. Chairman, I have not heard the discussion—unfortunately, I have not been able to be here all the time—
78
DEBT CEILING
INCREASE
I have not heard in the discussion any judgment given by the Secretary as to the advantages or the dangers of reckoning in or more drastically using our gold reserve in determining the debt limit.
If that has been done, I missed it, either by absence or lack of comprehension.
Secretary ANDERSON. Senator Byrd asked me this morning, sir, if
I could see any reason of substance why we should not utilize the
gold. This is an amount of gold which was acquired originally when
the value of the gold dollar was changed in 1934.
At that time we had about $2.8 billion as an increment in the
change in the value.
That gold has been utilized to supply money to the Exchange
stabilization fund and to the International Monetary F u n d ; and in
November of 1953, when there was one of these tight periods, $500
million of gold remaining in the general fund was used.
I stated to Senator Byrd that I had no objection of substance to
utilizing the gold. I t is an additional amount of money that we
can always utilize when circumstances require. And if we had gotten
into tighter periods or if we get into tighter periods, this is one of
the things we always keep in the back of our mind, you can always
sell this much gold and utilize it.
The CHAIRMAN. YOU would use it if you need it.
Secretary ANDERSON. Yes.
The CHAIRMAN. But }Tou regard it as a cash quick asset, that
is the point I made.
Secretary ANDERSON. I t is the point
The CHAIRMAN. That is the point I made, that he could use it at
any time and get the $500 million.
Secretary ANDERSON. You could issue a gold certificate to the
Federal Reserve and, of course, they would deposit the amount to
your account, The gold would still be part of the Nation's gold stock.
Senator FLANDERS. If these things can be done, they still raise the
question in my mind as to what the practical effect of a close margin
is. Will it affect Senators? Will it affect appropriation demands
from the administration? Will it affect the use of appropriations?
Just what way does the tight ceiling work 1 What is the machinery, what is the mechanism? And I think perhaps, since the chairman and I have hitherto always been of one mind in that matter, and
I presume I still am, that I ask for a little speech from the chairman
on that subject instead of asking you.
Secretary ANDERSON. All right, sir.
Senator FLANDERS. But I have begun to wonder about when you
have a responsible Treasurer, not Treasury, but a responsible Secretary of the Treasury, and I think we have had, both in you and your
predecessor, what does the tight ceiling do for the country and to you ?
That is the basic question.
And the question is whether that is to be in the form of a speech from
the Senator or of a brief from the Secretary of the Treasury. Maybe
we have been getting the answers here today, but I am not so sure about
the practical effectiveness of the tight ceiling as I have been in years
past when I tried to figure out logically just how it works.
I just will go on to one more point I wanted to raise, and this is in
a way on the sideline, but it has been brought u p : We have here on
DEBT CEILIING INCREASE
79
this page 418 of the investigative hearings consumer prices and the pur€hasing power of the dollar, 1913 to date. And of course the consumer prices as they are worked out by the Bureau of Labor Statistics are the standard way of measuring the purchasing power of the
dollar. It measures it in consumers' terms, and that is where it hurts,
and the basis of that calculation changes every few years.
I believe they have automobiles in it now, and they certainly did
not have automobiles in it back in 1873, about which we have been
talking.
Perhaps, Mr. Chairman, I might ask our own expert, Mr. Mayo,
whether there is anything in that continuously changing composition
of the basis for the purchasing power of the dollar which invalidates
the relationships, say, between 1873 and 1956, just to use the 2 extremes, 1957 or 1958, the 2 extremes we have been talking about.
Mr. MAYO. Well, I would not pretend to be an expert on the cost
of living index going all the way back to 1873, but I do know that
prior to 1913 the only figures that are available are not Government
figures. They are figures that have been prepared in connection with
various private studies which have been made for specific purposes.
They were based on such figures as were available in the public
press, on the price of pork, the price of a restaurant meal, and odd
bits of information which are in no way standardized.
Therefore, I think the point is well raised as to the difficulty of
making a statistical comparison back into the 19th century when your
figures are on a rather tenuous base.
Senator FLANDERS. Mr. Chairman, there are at least two of us here
who once were not in the Senate—I am one of them, the other is
Senator Douglas. When neither of us were in the Senate, many
years ago, I was much intrigued by a book on prices written by Doug] as and Director. Do you remember that book %
Senator DOUGLAS. Yes, very well.
Senator FLANDERS. SO that I sit here with the presupposition that
Senator Douglas is also an authority, and may I have permission to
catechize a member of the committee as to that question I have just
been asking as to the comparability of prices over that long range?
Sentaor DOUGLAS. I will be very glad to try to answer such questions, but I would remind you of the rule that the farther you are
from, the brighter you are, and I am very close at hand and therefore
I cannot be regarded as an expert.
Senator FLANDERS. I, sir, having been foiled and completely defeated in my endeavors, will cease asking questions.
The CHAIRMAN. The hour is getting late, and I do not assume we
can finish this afternoon. Senator Long, do you desire to go ahead ?
Senator LONG. I have only about 1 question or 2, Mr. Chairman.
Mr. Secretary, in regard to the question Senator Anderson asked,
it seems to me the answer lies in greater unification of the services.
What, if anything, can you do about that as one of the President's
Cabinet ?
Secretary ANDEBSON. Well, this is certainly not one of my primary
responsibilities, and I think I could do nothing, except opinions might
be asked from time to time, and there have been none asked up to this
point.
80
DEBT CELLING INCREASE
Senator LONG. I assume there are some discussions of economy in
the military when the Cabinet meets from time to time.
Secretary ANDERSON. That is right.
Senator LONG. YOU were formerly Secretary of the Navy, and you
know something about those problems.
Secretary ANDERSON. Yes.
Senator LONG. Have you expressed an opinion on those matters
from time to time ?
Secretary ANDERSON. Oh, yes. All such matters, Senator, whether
they relate to expenditures of the Defense Department or other departments, are reviewed in the light of what will be the impact on
the country, on industries, on our tax collections, upon other programs, how much of our total money will be utilized in their programs, this sort of thing.
Senator LONG. YOU personally feel we could make considerable
economies if we can force upon the services greater unification in the
research and development of their new weapons ?
Secretary ANDERSON. Without trying to impose my judgment on
the military department, I would think that any organization which
was as large, as widespread as that organization can constantly be
improved by people who are working at it so that you do have tighter
controls, more sharing of information, better utilization of common
facilities, and that sort of thing.
Secretary LONG. One thing that concerns me very much about our
fiscal picture is that we are going to have to continue to maintain
a rate of economic growth if we are going to continue to have a balanced budget, based on our present tax structure. Do these figures
you have presented to us include the assumption that the economy
will continue to expand ?
Secretary ANDERSON. These figures are based upon the same judgments which went into our calculations of what the revenues would
be for the fiscal year ending 1959, which would be a $2 billion expansion.
Senator LONG. Eight now, the economy is in something of a downturn or a moderate slump. Do you have any further thoughts about
the predictions that this economy will recover from that slump during the next 2 or 3 months and again increase in production of income ?
Secretary ANDERSON. I think this morning, before you were here,
Senator Long, I went over with Senator Byrd the number of factors
which had gone into our judgment in giving rise to a belief that
there would be an upturn in our economy.
I have not tried to pinpoint precisely the time or month in which
it would take place. But without reviewing those matters which
went into the record earlier this morning, I do believe that the economy will reassert itself.
Senator LONG. D O you feel that a general reduction in the level of
interest rates would tend to increase construction and increase economic activity ?
Secretary ANDERSON. Of course, the rate at which you can borrow
money, and the availability of the credit, they are both important
factors in construction as well as other capital investments.
DEBT CEILING INCREASE
81
I think, however, if you look at the decline in the interest rates
which have taken place since last October 14, it has been a very significant decline; in fact, almost a dramatic decline.
Senator LONG. I t would seem to me that insofar as it has declined,
it probably has helped to retard what otherwise would have been a
more abrupt slump in the economy now.
I personally know of groups who explained to me that the reason
they are calling off their expansion plans is because they felt the
cost of interest money was too high, and so that contributed to the
slump.
You are, are you not, about the principal Cabinet member who
would be looked to to advise the President with regard to this interestrate problem ?
Secretary ANDERSON. I would think perhaps as much as anyone
else in the Cabinet. He would also counsel with the Council of Economic Advisers and others. But this is the sort of thing, Senator
Long, that we discuss on an informative and exchange-of-information basis in the arrangements which now exist for meetings between the President, myself, the Chairman of the Federal Reserve
Board, the Chairman of the Council of Economic Advisers, so that
each of us in the performance of our separate responsibilities will
have the thinking and the collective judgment and the weighing of
the effect of the statistical charts which all of us have available to us.
Senator LONG. Do you—I am not sure I got the answer I wanted to
the question, at least that I got a direct answer to the question.
Do you feel that a further reduction in the general level of interest
rates would contribute to economic growth at this time ?
Secretary ANDERSON. Let me put it this way: I think any reductions in the cost of money and increases in the availability of money
contribute to the willingness of people normally to make investments,
if other circumstances of the economy are such as to make them believe they are worth while.
Senator LONG. DO you see any reason why those factors would not
react in just such same fashion as that at the present time?
Secretary ANDERSON. I would think they would so react.
Senator LONG. Thank you very much.
That is all, Mr. Chairman.
The CHAIRMAN. The committee will adjourn until 10 o'clock tomorrow morning.
Senator DOUGLAS. May I, before we adjourn, ask the Secretary a
question ?
The CHAIRMAN. Yes, sir.
Senator DOUGLAS. At this
time I would apologize, both to the chairman and the Secretary, for not being here earlier in the day, and to
assure them it was not intended to be a discourtesy to him but simply because of other committee meetings.
What I would like, Mr. Chairman, if I may ask the Secretary, is
a list of all Federal programs which lend, spend, or grant funds which
are not included under the present debt limitation. As I understand if there are various borrowings of organizations owned by the
Government which are not included under the formal debt limit, and
I would like to mention a few, and I am not at all certain that they
are all-inclusive:
82
DEBT CEILING
INCREASE
First, military housing under the so-called Capehart program.
Second, the lease-purchase agreements which are a method of avoiding the appropriations process, and provide for public buildings and
facilities.
Third, the highway program.
Fourth, the United States share of the St. Lawrence seaway expenses.
Fifth, the obligations of the Commodity Credit Corporation.
Sixth, F N M A sales of securities to the public.
Now, there may be others, but what I am trying to get at primarily
is that I believe we should have a complete list of those activities, the
extent to which commitments have already been made and in which
future commitments are likely to be made, and the rates of interest
which are paid on these. I think we should have these because in many
cases when you remove a program from the debt ceiling you have to pay
an interest rate which is in excess of what the interest rate would be on
direct Federal borrowing, and this may not be the best policy for the
Federal Government to pursue.
What I am trying to get at is that we should know the true nature
of the Federal debt and the extent to which the present administration
has avoided increases in the debt limitation by other methods of borrowing, which turn out to be more costly to the taxpayer.
I wondered, Mr. Secretary, if you could furnish us with this information.
Secretary ANDERSON. Yes; I can.
Senator DOUGLAS. Personally, I would like to have it before 1 am
finally to vote on the question of increasing the debt limit itself.
Secretary ANDERSON. Yes; we will try.
The CHAIRMAN. D O you understand clearly what Senator Douglas
wants ?
Secretary ANDERSON. I was explaining to the chairman that we are
preparing for a financing which will take place which will occupy my
time tomorrow morning, and that I am then scheduled to go down to
New Orleans on Tuesday afternoon and to make two speeches, which
wxould not bring me back this week. So, I was wondering if there
would be a way of my either getting through early in the morning or
later this afternoon and furnishing some additional information. If
there is not, of course, I will accommodate myself to the wishes of the
committee.
(The material referred to follows:)
J A N U A R Y 30.
Hon.
1958.
P A U L H. DOUGLAS,
United States
Senate,
Senate Office Building, Washington, D. C.
M Y DEAR SENATOR : I am replying for Secretary Anderson to the request you
m a d e in the debt-limit hearings Monday afternoon for "a list of all F e d e r a l
p r o g r a m s which lend, spend, or g r a n t funds which a r e not included under t h e
present debt limitation."
As you know, practically all of t h e operations of t h e United States Government—including budgetary a s well as trust-fund operations—are reflected in t h e
public debt of the United States or, to a very minor extent, in debt obligations
g u a r a n t e e d by the United States. These public-debt and guaranteed obligations
totaled $275,002 million on December 31, 1957, ($274,564 million subject to t h e
s t a t u t o r y limit and $438 million not subject to the l i m i t ) . In addition, t h e r e
w e r e $6,221 million of securities and issued by F e d e r a l Government agencies
which a r e not guaranteed by the United States Government on the same date, a s
listed in the a t t a c h e d table.
83
DEBT CEIUENG INCREASE
In addition to these two categories, there is a t h i r d category which may be
called t h e long-range commitments a n d contingencies of t h e United S t a t e s
Government. A copy of t h e regularly prepared T r e a s u r y s t a t e m e n t on this
subject, a s of J u n e 30, 1957, is also enclosed with this letter. To t h e extent t h a t
any of t h i s l a t t e r group of items actually result in cash disbursement by t h e
F e d e r a l Government it would be reflected directly in budget expenditures a n d
therefore in t h e public debt or guaranteed obligations.
In t h e discussion t h e other day, you mentioned specifically six items which
occurred to you a s examples of borrowings t h a t were outside of t h e debt limit.
Your first item w a s military housing mortgages, which a r e initially obligations
of t h e Department of Defense. These mortgages a r e also insured by t h e F e d e r a l
Housing Administration, a n d are, therefore, included in t h e list of long-range
commitments a n d contingencies. To t h e extent t h a t any of these mortgages a r e
purchased by t h e Federal National Mortgage Association in i t s special-assistance
program, they a r e paid for out of FNMA funds which a r e reflected a s p a r t of
budget expenditures and therefore in t h e public debt. As of J a n u a r y 25, 1958,
FNMA h a d purchased $13 million of military housing mortgages a n d h a d approximately $400 million in outstanding commitments. By comparison, purchases
and commitments for military housing mortgages outstanding by private financial
sources totaled $147 million.
Lease-purchase contracts involve long-range commitments by t h e General
Services Administration a n d t h e Post Office Department. T h e program, however,
is still very small. As of December 31, 1957, only 1 contract for $1.7 million h a d
been completed by GSA, and 4 by t h e Post Office Department, totaling $0.5 million.
By J u n e 1959, GSA expects to have 76 buildings, costing some $297 million, u n d e r
purchase contract on which the future a n n u a l payments for principal and interest
during t h e contract period will amount to $23 million.
The highway program h a s been operating a t a surplus a n d t h e surplus funds
h a v e been invested in special issues of Government securities which a r e p a r t
of t h e public debt. If in t h e future, t h e highway fund should ever need to exercise its s t a t u t o r y a u t h o r i t y to borrowT temporarily from t h e Secretary of t h e
Treasury, t h e T r e a s u r y would be called on a t t h a t time to provide funds which i t
in t u r n would borrow a s p a r t of t h e public debt.
The United States' s h a r e of t h e cost of t h e St. Lawrence seaway is being
financed by St. Lawrence Seaway Development Corporation borrowing directly
from t h e United States T r e a s u r y ($83 million outstanding on December 31, 1957)
so t h a t this is already reflected in the public debt.
This is also t r u e in regard t o t h e expenditures of t h e Commodity Credit Corporation, which currently owes t h e T r e a s u r y almost $13 billion, money which
the T r e a s u r y in t u r n h a s h a d to borrow directly. I n addition, t h e Commodity
Credit Corporation h a s a n obligation to purchase approximately $250 million of
loans to f a r m e r s from commercial banks which will not be reflected in t h e public
debt until such time a s Commodity Credit Corporation is actually required t o t a k e
over such loans.
I hope t h a t t h e m a t e r i a l which we a r e providing you with this letter will be
sufficient to answer your inquiry satisfactorily.
Sincerely yours,
J U L I A N B. BAIRD, Under
DeM of Federal Government agencies not guaranteed as to principal
by the United States, Dec. 31,1957
Federal home loan b a n k s 1
Federal land b a n k s 1
Federal intermediate credit b a n k s 2
B a n k s for cooperatives 2
F e d e r a l National Mortgage Association :
Secondary m a r k e t o p e r a t i o n 2
Management a n d liquidation 3
Total, nonguaranteed agency debt
1
2
3
U. S. Government capital investment wholly repaid.
P a r t i a l l y owned by TJ. S. Government.
Wholly owned by U. S. Government.
Source : Office of t h e Secretary of t h e T r e a s u r y .
Secretary.
and
interest
Millions
$826
1,599
886
222
1,315
1,372
6, 221
84
DEBT CEILING
INCREASE
LONG-RANGE COMMITMENTS AND CONTINGENCIES OF T H E U N I T E D STATES
GOVERNMENT AS OF J U N E 30,
1957
T h e attached statement covers the major financial commitments of the United
States Government, except the public debt outstanding and those involving
r e c u r r i n g costs for which funds a r e regularly appropriated by the Congress and
a r e not yet obligated, such a s aid to States for welfare programs and participation in employee-retirement systems. The statement is segregated into four
categories, namely ( a ) loans guaranteed and insured by Government agencies,
(6) insurance in force, (c) obligations issued on credit of the United States,
and (d) undisbursed commitments, etc.
T h e items appearing in this statement are quite different from t h e direct debt
of t h e United States. They a r e programs of a long-range n a t u r e t h a t m a y or
may not commit the Government to expend funds at a future time. T h e e x t e n t
to which the Government m a y be called upon to meet these commitments varies
widely. T h e liability of the Government and the u l t i m a t e disbursements to be
m a d e a r e of a contingent n a t u r e and a r e dependent upon a variety of factors,
including t h e n a t u r e of and value of t h e assets held as a reserve a g a i n s t t h e
commitments, t h e trend of prices and employment, and other economic factors.
Caution should be exercised in any attempt to combine t h e amounts in t h e
s t a t e m e n t w i t h the public debt outstanding, for t h a t would involve not only
duplication, but would be combining things which a r e quite dissimilar. As
indicated by the enclosed statement, there a r e $98.1 billion of public-debt securities held by Government and other agencies as p a r t of the assets t h a t would
be available to meet future losses. T h e following examples illustrate the need
for extreme caution in using d a t a on the contingencies and other commitments
of t h e United States Government.
1. T h e F e d e r a l Deposit I n s u r a n c e Corporation had insurance outstanding as
of J u n e 6, 1957, amounting to $119 billion. The experience of the F e d e r a l Deposit I n s u r a n c e Corporation h a s been most favorable. D u r i n g t h e period this
Corporation h a s been in existence, premiums and other income h a v e substantially exceeded losses, which h a s permitted the retirement of T r e a s u r y and
F e d e r a l Reserve capital amounting to $289.3 million (all repaid to T r e a s u r y ) ,
and the accumulation of $1.8 billion reserve as of J u n e 30, 1957. T h e Corporation's holdings of public-debt securities as of t h a t date amounted to $1.9 billion,
which a l r e a d y appears in the public-debt total. Out of $233.4 billion of assets
in insured b a n k s as of J u n e 6, 1957, $61.6 billion a r e in public-debt securities
(also reflected in the public d e b t ) . The assets, both of insured banks and t h e
Federal Deposit I n s u r a n c e Corporation, as well as the continued income of t h e
Corporation from assessments and other sources, stand between insured deposits
and the Government's obligation to redeem them.
2. T h e face value of life insurance policies issued to veterans and in force
a s of J u n e 30, 1957, amounted to $44.2 billion. This does not represent t h e Government's potential liabilities under these programs since some of these policies
will probably be permitted to lapse and future premiums, interest, and t h e
invested reserves amounting to $6.8 billion of public-debt securities should cover
the normal mortality risk.
3. Under the F e d e r a l Reserve Act of 1913, as amended, F e d e r a l Reserve notes
a r e obligations of the United States which as of J u n e 30, 1957, amounted to $25.8
billion. The full faith and credit of the United States is behind the F e d e r a l
Reserve currency. These notes a r e a first lien against the $51.4 billion of
assets of the issuing Federal Reserve banks which includes $23 billion of Government securities already included in the public debt. These notes a r e specifically secured by collateral deposited with t h e F e d e r a l Reserve agents which,
as of J u n e 30, 1957, amounted to $16.9 billion in Government securities a n d
$11.8 billion in gold certificates.
85
DEBT CEIMNiG INCREASE
Long-range
commitments
and contingencies
of the United
as of June 30,1951
[In millions of dollars]
C o m m i t m e n t or contingency a n d agency
L o a n s g u a r a n t e e d or insured b y G o v e r n m e n t agencies:
Agriculture D e p a r t m e n t :
Commodity Credit Corporation
__
._
- F a r m e r s ' H o m e A d m i n i s t r a t i o n : F a r m t e n a n t mortgage insurance
fund
_ _ _
_C o m m e r c e D e p a r t m e n t : F e d e r a l M a r i t i m e B o a r d a n d M a r i t i m e Administration
_
.
E x p o r t - I m p o r t B a n k of W a s h i n g t o n , . _
H o u s i n g a n d H o m e F i n a n c e Agency:
Federal H o u s i n g A d m i n i s t r a t i o n :
P r o p e r t y i m p r o v e m e n t loans
__
M o r t g a g e loans
_
__ _ _
. - _ _ _ _
Office of t h e A d m i n i s t r a t o r : U r b a n renewal fund
Public Housing Administration _
_
_ _ __
I n t e r n a t i o n a l Cooperation A d m i n i s t r a t i o n : I n d u s t r i a l guaranties 5
Small Business A d m i n i s t r a t i o n
_
...
Treasury Department:
R e c o n s t r u c t i o n F i n a n c e C o r p o r a t i o n (in liquidation) __
Defense P r o d u c t i o n A c t of 1950, as a m e n d e d _
_ IT. S. Information Agency: Informational media g u a r a n t i e s _._ _ _ __ _
Veterans' Administration
_ __
Defense P r o d u c t i o n Act of 1950, as a m e n d e d
_ _
T o t a l loans g u a r a n t e e d or insured b v G o v e r n m e n t agencies
T o t a l insurance in force
_. .
_
_
___
__
T o t a l postal savings certificates
__ _ _
O t h e r obligations: F e d e r a l R e s e r v e notes (face a m o u n t )
T o t a l u n d i s b u r s e d c o m m i t m e n t s to m a k e f u t u r e loans
Gross
a m o u n t of
commitment
or contingency
Public debt
securities
held b y
Government
and other
agencies
1360
2 158
36
25
4 282
20, 022
108
2,891
118
6
__
. --
(3)
56
429
67
6 18
10
16, 782
307
?252
3
8118, 931
485
1,919
s 61, 578
36, 704
275
2,904
42, 594
1,608
5,604
1,200
200,092
73, 480
e
_____
_.
U n d i s b u r s e d c o m m i t m e n t s , etc.:
T o m a k e future loans:
Agriculture D e p a r t m e n t :
Commodity Credit Corporation _
_
_
D i s a s t e r loans, etc., revolving f u n d . _ _
_ _
______
F a r m e r s ' H o m e Administration: Loan programs
._
R u r a l Electrification A d m i n i s t r a t i o n . . _
_
Defense D e p a r t m e n t : L o a n to P e r u 5_
E x p o r t - I m p o r t B a n k of W a s h i n g t o n : R e g u l a r lending activities
H o u s i n g a n d H o m e F i n a n c e Agency:
Office of t h e A d m i n i s t r a t o r :
College housing loans _
___ _ _
Liquidating programs
_ _ _ __
P u b l i c facility loans__
. __
U r b a n r e n e w a l fund
_ __
Public Housing Administration
_ _ __ _ _
_
Interior Department:
B u r e a u of C o m m e r c i a l Fisheries: Fisheries loan fund_ . __ _ _
Defense M i n e r a l s E x p l o r a t i o n A d m i n i s t r a t i o n : Defense P r o d u c t i o n A c t of 1950, as a m e n d e d . . .
__
_
I n t e r n a t i o n a l Cooperation A d m i n i s t r a t i o n : L o a n s to foreign countries 5
_
__ _ _ _ _ _
_ ___
S m a l l Business A d m i n i s t r a t i o n . . ___ _
Treasury Department:
R e c o n s t r u c t i o n F i n a n c e Corporation (in liquidation)
Defense P r o d u c t i o n A c t of 1950, as a m e n d e d . .
...
F e d e r a l C i v i l Defense A c t of 1950, as a m e n d e d . . . __ ___
V e t e r a n s ' A d m i n i s t r a t i o n ( v e t e r a n s ' direct loan p r o g r a m )
footnotes at end of tablet
Government
41,130
I n s u r a n c e in force:
Agriculture Denartment: Federal Crop Insurance Corporation., _ _
E x p o r t - I m p o r t B a n k of W a s h i n g t o n
_. _ _ _ _ _ _
. . . _ __ _
F e d e r a l D e p o s i t I n s u r a n c e Corporation
_ _ _ _ _ _
H e l d b y insured commercial a n d m u t u a l savings b a n k s
_
Federal H o m e L o a n B a n k B o a r d :
Federal Savings a n d L o a n I n s u r a n c e C o r p o r a t i o n .
. __ __
H e l d b y insured i n s t i t u t i o n s
__
_.
..
Veterans' Administration:
N a t i o n a l service life i n s u r a n c e _ ._. _
U n i t e d States G o v e r n m e n t life i n s u r a n c e .
___
__.
Obligations issued on credit of t h e U n i t e d States:
P o s t a l savings certificates:
U n i t e d States P o s t a l Savings S y s t e m
C a n a l Zone P o s t a l Savings S y s t e m
States
1,462
»6
1,459
7
1, 488
25,837
1,466
i° 23,035
1
1
27
760
2
1,536
(3)
199
11
161
245
2
6
985
52
2
6
3
35
4,034
86
DEBT CEILING
Long-range
commitments
INCREASE
and contingencies
of the United
as of June 30, 1951—Continued
States
Government
Gross
amount of
commitment
or contingency
• Public debt
j securities
j held by
< Government
! and other
| agencies
fin millions of dollars]
Commitment or contingency and agency
Undisbursed commitments, etc.—Continued
To purchase mortgages:
Agriculture Department, Farmers' Home Administration, Farm
tenant mortgage insurance fund. _
Housing and Home Finance Agency, Federal National Mortgage
Association:
Management and liquidating functions
Secondary market operations. _
_ ..._ .
Special assistance functions._- _ _ _ . . _ _
__ .
(3)
j
3
()
!
201 i
336 !
537 !
To guarantee and insure loans:
Agriculture Department, Farmers' Home Administration, Farm
Commerce Department, Federal Maritime Board and Maritime
Administration
___ __
Housing and Home Finance Agency, Federal Housing Administration
_
- _ _ . _ _ . .
_
Defense Production Act of 1950, as amended.. - _ _ _ _ _ - _
Unpaid subscriptions: International Bank for Reconstruction and Development, .- _-_
.-- _- --- ---
6
35 ;
3,434 ;
99
3 574 '
2. 540 i
1
The Corporation finances part of its activities by issuing certificates of interest to private lending agencies.
The
outstanding amount of $86 million as of June 30, 1957, is included in this figure.
2
Includes accrued interest of $2 million.
s4 Less than $500,000.
Represents the administration's portion of insurance liability. The estimated amount of insurance
in force and loan reports in process as of June 30, 1957, is $1,061 million. Insurance on loans shall not exceed
105percent of the total amount of such loans.
The Export-Import Bank of Washington acts as agent in carrying out this program.
6
Includes loans sold subject to repurchase agreements and deferred participation agreements.
7
Represents estimated insurance coverage for the 1957 crop year.
s Figures are as of June 6, 1957.
9
Excludes accrued interest.
10
Includes public debt securities amounting to $16,905 million that have been deposited with the Federal
Reserve agents as specific collateral.
NOTE.—The above figures are subject to the limitations and precautionary remarks, as explained in the
note attached to this statement.
The CHAIRMAN. Senator Malone lias some rather extended questions, I think, judging by the number of books he had there. So he
left with the assurance that he would be the first one to examine you
tomorrow.
Senator BENNETT. How many other witnesses are we going to hear,
Sir. Chairman ?
The CHAIRMAN. The only other one I know of is the Budget Director.
Senator LONG. Is it possible, Mr. Chairman, to notify Senator
Malone that the committee plans to stay in session somewhat longer
to accommodate him ? ^ I recall on the trade hearings I sat with Senator Malone until midnight.
The CHAIRMAN. Would there be any harm clone if it was not acted
upon until next Monday ?
Secretary ANDERSON. NO, sir: I do not think so.
(Off the record.)
The CHAIRMAN. We will meet at 0 o'clock in the morning.
Senator BENNETT. May I dispose of mine tonight, Mr. Chairman ?
DEBT CEILING
INCREASE
87
The CHAIRMAN. Senator Bennett.
Senator BENNETT. I am sure by this time everything is in the record, but perhaps I can clarify 1 or 2 things.
Earlier this morning, the adequacy of your estimates of income
and expenses was questioned, with the inference that the deficit would
probably be greater in 1959 than the present budget plans for.
If that were true, would that not suggest all the more need for
flexibility in your position ?
Secretary ANDERSON. Not only the need for flexibility, but the
actual need for being able to meet our expenditures.
Senator BENNETT. SO that the uncertainty of the present situation
is a potent argument for the necessity of a greater margin between
your present situation and the actual debt
Secretary ANDERSON. I t is indeed.
Senator BENNETT (continuing). Limit.
The other thing I would like to get into the record:
A great deal of time has been taken today developing the idea that
you. as the Secretary of the Treasury and manager of the fiscal affairs of the country, are being used as an involuntary instrument in
the interest of economy.
I think it has been brought out that Congress appropriates more
than it should sometimes, and it has been brought out that the executive department has a backlog of some $70 billion of appropriated
funds, and the inference—well, more than the inference; the rather
plain statement has been made over and over again that it is desirable
to keep the debt ceiling right down on top of your head so that you
become an involuntary control on those of us who really initiate, who
really create, the problems.
I t seems to me that whatever value that may have, we have ignored
the fact that you do have an affirmative responsibility in your situation, which is to manage the public debt as cheaply and as successfully, advantageously, as possible.
Now we have a choice here. I think we are setting up a choice.
Is your affirmative responsibility to be sacrificed in order that under
some circumstances your involuntary usefulness may be increased?
And I feel that it would be shortsighted for us to assume that your
affirmative responsibility should be scuttled or at least endangered
in this kind of situation.
During the hearings last summer, a great deal was made of the fact
that the public debt is becoming increasingly short, that there had not
been enough long-term issues during the past two years, and the process of attrition of time was shortening up the debt.
Do you feel, as part of your responsibility, you should be attempting
constantly at least to replace that attrition, if not to lengthen out the
present average life of the debt ?
Secretary ANDERSON. Senator, I feel very strongly that we ought
to take full advantage of every opportunity the market gives us to
extend and thereby better balance the debt, not only from the standpoint of doing it as economically as we can during periods wdien
interest costs are perhaps not as high as at others, but for another
very important reason:
We, ever}' time we go to the market—and when I say "we," I am
talking about the United States Government—with any kind of
security, we compete in the whole market process with others who
88
DEBT CEILING
INCREASE
are seeking funds, and to that extent we make more difficult the
financing of private businesses, more difficult the financing of local
subdivisions, States, municipalities. And I think we have the dual
responsibility, in trying to take advantage of these opportunities, both
to get this thing in better balance so that you do not go so frequently,
as w^ell as to t r y to do it more economically if the opportunities come.
Senator BENNETT. I think that is a very important phase of it. I
would like to return to the other one briefly for a minute, however.
A point has been made that during the preceding 2 years, the years
of your predecessor, there were no long-term bonds sold. You have
sold two small issues. Would you say that the present situation may
be more favorable to you in carrying out your responsibility to
lengthen the average of the debt than the situation your predecessor
faced in those two years ?
Secretary ANDERSON. Senator, I would not at all want to be unresponsive to your question. I would like to respectfully suggest
that we are very close upon some financing, and I would like to defer
any direct answer of what I believe until that is over.
Senator BENNETT. Let me rephrase the question: When or to the
extent that the present situation would seem to offer an opportunity
for a lengthening out of the debt, would a very tight debt limit make
it impossible for you to take advantage of that situation ?
Secretary ANDERSON. I t would make it impossible or exceedingly
difficult to take advantage of it, yes, sir.
Senator BENNETT. I think those are all my questions.
Excuse me, may I ask one more.
Earlier today the record shows or you reported that last fall, if I
remember correctly, you disposed of or you used the F N M A as a device
to give you a little more leeway in you ceiling.
Secretary ANDERSON. Yes.
Senator BENNETT. And the record shows that you have exhausted
that source, practically exhausted that source of leeway.
Secretary ANDERSON. Yes.
Senator BENNETT. YOU have $500 million worth of gold which, if
sold, would do the same thing.
Secretary ANDERSON. I t would be exhausted.
Senator BENNETT. I s that the last resource you have ?
The CHAIRMAN. There is some silver, and so forth, about a couple
of hundred million. [Laughter.]
Secretary ANDERSON. YOU have some silver, and then you have
some leeway under the CCC, for instance, but it is a very awkard
situation.
Senator BENNETT. But it is an awkward situation.
Secretary ANDERSON. Yes.
Senator BENNETT. And it seems to me if we say to you, "Sell that
$500 million worth of gold," we are putting you in a position where, in
the event of a contingency or an emergency, then you have got no very
readily available source of cash left.
Secretary ANDERSON. I really have no place to go except to come
back and ask for an increase in the debt limit.
Senator BENNETT. I t seems to me the Government of the United
States, big as it is, should not come right up to the last ultimate resource before it gives you some flexibility in carrying out your responsibility. I s that a fair statement ?
DEBT CEXDINiG INCREASE
89
Secretary ANDERSON. That is a fair statement, and we have felt that
in seeking this $5 billion of increase, that we are approaching our
problem modestly and prudently, and not asking just for unneeded
amounts of money or unneeded borrowing authority.
Senator BENNETT. Did anybody ask you earlier to indicate for the
committee, as I think for the House committee, the added cost in
interest that the F N M A transaction represented ?
Secretary ANDERSON. NO one has asked. I have those figures.
The spread is about one-half to five-eighths of 1 percent difference.
Senator BENNETT. On $800 million.
Secretary ANDERSON. $800 million.
Senator WILLIAMS. Will the Senator yield for a question at that
point ?
Senator BENNETT. Yes.
Senator WILLIAMS. Mr. Secretary, do you think it would be wise
to go back to the old provision whereby the Government, I mean the
Treasury Department, sold these as Government bonds and to cancel
the authority of these agencies to sell them direct, as we did, because
unquestionably we could save this one-half or five-eighths of a percent, and while these bonds that are being sold do not have a direct
Government guaranty, there is a moral commitment there which we
all recognize.
Secretary ANDERSON. Well, certainly it would be cheaper if they
were all direct obligations of the United States. If, however, you attempted to put all of the obligations which are not the direct obligations of the United States under the same blanket, then we would certainly have to be asking for a much larger increase in the debt ceiling
than we are asking for.
Senator WILLIAMS. I recognize that. I just wonder, if the Senator
would yield again, would you advise we face that situation, take an
inventory and reevaluate our debt ceiling to cover it, and bring them
all in under and sell them as Government bonds?
Secretary ANDERSON. I would not say I have reached a firm conclusion. I t is a matter in which Mr. Baird and I and other members
of the Department are studying it very carefully.
Senator WILLIAMS. And you would not care to make a recommendation ?
Secretary ANDERSON. Not at this moment, sir.
Senator BENNETT. I appreciate the Senator's bringing that up.
I do not have the figures before me, but I have the impression that
over in another committee a feeling is developing the Treasury has
no obligation involving F N M A funds, so the Treasury should reinstate its earlier obligation, FNMA's loaning authority should be increased; because of the Treasury once having had $800 million and
sold them, now they ought to give us $800 million more of Treasury
funds so we can have that much more money to loan. So if they were
definite Federal obligations, you would avoid that particular pressure.
The CHAIRMAN. Of course, they do not come under the debt limit,
since 1954.
Senator BENNETT. N O . But, Mr. Chairman, there are people who
are anxious to see F N M A buy more mortgages who say, "Well, there
is no Federal money in F N M A now. There was $800 million there last
year. The Treasury should be willing to take $800 million more
worth of F N M A funds and thus increase their loaning authority, put
it under the debt limit."
90
DEBT CEILING
INCREASE
The CHAIRMAN. That does not come under the debt limit by law,
am I correct ?
Secretary ANDERSON. I t does not come under the debt limit.
The CHAIRMAN. Not since 1954.
Senator BENNETT. But to the extent you provide money for F N M A
directly, that comes under the debt limit.
Secretary ANDERSON. Yes. But we go out and market those to the
public in order to get the public holding the bonds instead of the
Treasury.
The CHAIRMAN. But that is a small amount on a temporary basis,
is it not ?
Secretary ANDERSON. Yes, sir. You see, we have two funds in the
FNMA. One is this liquidation account, and those are the funds
which were referred to recently in the $800 million.
Now, in the secondary mortgage market they call on us from time
to time for funds with which to buy mortgages.
The CHAIRMAN. That is a revolving fund.
Secretary ANDERSON. Revolving. When they accumulate it they
go to the public and sell it.
Senator BENNETT. I am through.
Senator WILLIAMS. On the World Bank bonds, those are sold
direct to the public by the World Bank and are not counted in the
national debt, is that not correct ?
Secretary ANDERSON. That is correct.
Senator WILLIAMS. But they do carry a legal Government guaranty.
Secretary ANDERSON. U p to a certain amount.
Senator WILLIAMS. U p to $2.5 billion.
Secretary ANDERSON. Yes.
Senator WILLIAMS. I n other words, we definitely guarantee those
just as we do every Government bond that is issued, is that not true?
Secretary ANDERSON. Well, there is not perhaps the same legal
situation, but it is an obligation.
Senator WILLIAMS. Well, is there not a legal obligation ? I am just
asking the question. Does not the law say that the Treasury Department will furnish up to $2.5 billion ?
Secretary ANDERSON. They can call on the Secretary of the Treasury and you are obligated to put it up.
Senator WILLIAMS. YOU are obligated to put the money up. So it
is a guaranty.
Secretary ANDERSON. Well, when you get down to this choice of
words, you get legal significances.
Senator WILLIAMS. I think we asked you for some further explanation on that. Do you have that report ready? The last time you
were up here, I think we asked for a compilation.
Secretary ANDERSON. That is when I was visiting with you. We
do not have that material.
Mr. BAIRD. We will give you that, Senator.
(The information requested is as follows:)
R E L A T I O N S H I P OF UNITED STATES LIABILITY ON STOCK OF INTERNATIONAL
TO PUBLIC DEBT L I M I T
BANK
The articles of agreement of the I n t e r n a t i o n a l Bank for Reconstruction and
D?velopment, of which the United States became a member p u r s u a n t to the
Bretton Woods Agreements Act of 1945, provide t h a t 80 percent of the stock
DEBT CEILING
INCREASE
91
subscription of each member country is subject to call by the bank only to meet
obligations of t h e bank for funds borrowed or on loans g u a r a n t e e d by it. T h e
subscription of the United States to the I n t e r n a t i o n a l Bank is $3,175 million, so
t h a t the 80 percent obligation is $2,540 million, a t the m a x i m u m . Members a r e
liable to call regardless of the currency in which the obligation of the bank to
be met is expressed, but payments on any call may be made, a t the option of
t h e paying member, in gold, in United States dollars, or in the currency required to discharge the obligations of the bank for which the call is made.
T h e 80 percent portion is not a specific g u a r a n t y or security applying to any
p a r t i c u l a r obligations of the bank. In fact, the bank's articles provide t h a t all
bonds issued or guaranteed by the bank must bear on their face a conspicuous
statement to t h e effect t h a t they a r e not an obligation of any government, except as t h e government may be liable as a borrower on the p a r t i c u l a r security.
The aricles of agreement also provide t h a t when calls a r e made on t h e 80
percent subscription, they shall be in uniform proportion on all shares. If a
call did not yield the funds necessary to meet the obligations of the bank then
due because all the members did not respond to the call, the bank would be required to m a k e further calls until the necessary amounts h a d been collected
from the members which did pay.
Another factor which makes the exact amount of a member's actual liability
on the 80 percent subscription very uncertain is t h a t no call would be m a d e unless the bank h a d in fact suffered serious defaults on its outstanding loans. To
date all payments on loans to the bank have been made as they fell due. Moreover, the bank h a s very substantial reserves which would be utilized before calls
were made on the stock subscriptions.
Thus t h e liability of a member of the I n t e r n a t i o n a l Bank on the 80 percent
subscription is highly contingent as to both amount and time when it might
take effect. I t is clear t h a t this liability is not subject to section 21 of the
Second Liberty Loan Act, as amended (31 U. S. C , section 757b).
Senator CARLSON. Mr. Chairman, before we adjourn, if I may have
a moment. I will not be able to be here in the morning, and therefore
I want to say that I appreciate very much the fine statement of the
Secretary today, and I think most everything has been asked in the
wTay of questions.
I t is an interesting history to me to watch this debt limit increase.
I happen to have checked the tables, that is, table 1, and I note that
I was a member of the House Ways and Means Committee May 26,
1938, when the debt limit w^as $45 billion, and I followed it on
through.
In 1941 we stepped it up to $65 billion; in 1942, $125 billion; 1943,
$210 billion; 1944, $260 billion; 1945, $300 billion; and in 1946 back
to $275 billion.
Then I left the House of Representatives in January 1947 and they
did not raise the debt limit until 1954 when I got back on this committee, and it was $281 billion; 1955, $281 billion; 1956, $278 billion;
1957, $275 billion, and now it is before us again for a $5 billion
increase.
So I have had an interesting experience in following this debt limit.
I want to ask the Secretary, and I appreciate his problems, after
all, Congress builds the expenditures of this Government; you do not
do that. Under our Constitution, you handle our debt, our Federal
debt.
Now, you have stated to this committee that you think you should
have available funds for expenditures which would be $3.5 billion,
or 12 days' expenditures.
In these past years of all these debt limits that I have mentioned,
what has been the situation in the Treasury? Have they had greater
leeway or less ?
21297—58
7
92
DEBT CEILING
INCREASE
Secretary ANDERSON. Very much larger leeway.
Senator CARLSON. Well, I very well remember back in the House
Ways and Means days when they had many times what you are requesting today, and I would be pleased, Mr. Chairman, if they would
put that in the record. I do not want to take the time of the committee this evening, but I remember some of those discussions, and sometimes we had billions of dollars in cash, hundreds of millions of
dollars in cash and billions in leeway, and I would like to have that
placed in the record.
Secretary ANDERSON. We have those figures, and we will be glad
to put them in the record.
Senator CARLSON. I think it would be interesting.
Secretary ANDERSON. All right, Senator.
(The information referred to follows:)
Public debt subject to statutory limitation and operating cash balance
[In billions]
Date
Statutory
limitation
June 30—
1936 i._„
1937 i—_
1938 i..„
1939 i_._.
1940
1941
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
Dec. 31, 1957
Jan. 27, 1958.
$45.0
45.0
45.0
45.0
2 49.0
65.0
125.0
210.0
260.0
300.0
275.0
275.0
275.0
275.0
275.0
275.0
275.0
275.0
275.0
281.0
281.0
278.0
275.0
275.0
D e b t outstanding
subject to
limitation
Balance
issuable
under
limitation
$32.8
35.9
36.9
40.4
43.2
49.5
74.2
140.5
208.1
268.7
268.9
257.5
251.5
252.0
256.7
254.6
258.5
265.5
270.8
273.9
272.4
270.2
274.6
274.5
$12.2
9.1
8.1
4.6
5.8
15.5
50.8
69.5
51.9
31.3
6.1
17.5
23.5
23.0
18.3
20.4
16.5
9.5
4.2
7.1
8.6
7.8
.4
.5
Operating
cash balance^
including
gold
$2.4
1.1
1.8
2.4
1.2
2.0
2.4
8.&
19.6
24.3
14.2
3.2
4.8
3.2
5.3
7.1
6.4
4.2
6.2
5.2
5.7
5.1
3.1
2.5
i Congress limited the amount of bonds outstanding. The figures include the following for bonds on the
dates when such limitation was in effect:
Date
J u n e 30—
1936
1937
1938
1939
.
Limitation
A m o u n t of
b o n d s outstandingsubject to
limitation
$25.0
25.0
30.0
30.0
$18.4
21.9
24.3
28.4
Balance
issuable
$6.6
3.1
5.7
1.6
2
Includes authorization for national-defense purposes in act approved June 25, 1940, of notes, certificates,
and bills in an aggregate amount of $4 billion outstanding at any one time, less any retirements made from
the special fund made available under sec. 301 of the Revenue Act of 1940. No securities issued under this
authority were outstanding on June 30, 1940. The act approved Feb. 19, 1941, eliminated the separate
authority for $4 billion of national defense series obligations.
DEBT CEILING
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93
Senator CARLSON. Second, there was some discussion this morning
about your using the anticipated postal revenues in case Congress
should vote 4- or 5-cent postage rates.
Now, Congress has not voted that, and if we pass the postal-pay
bill which is on the Calendar of the Senate, and as I understand will
be up for consideration soon, the deficit in 1959 will be $701 million
in the Post Office Department, and if we add to it this $320 ^ million
in the postal pay bill which is now on the Calendar, the deficit will
be well over a billion dollars. That will add further to your difficulties ; will it not ?
Secretary ANDERSON. Yes, sir.
Senator CARLSON. I believe the President recommended pay increases of $1,052 million for postal, classified, and military. Do you
remember if that is correct ?
Secretary ANDERSON. I do not remember the particular figure, but
it is in that neighborhood.
Senator CARLSON. I think that is the correct figure. The President
recommended $160 million for an increase in postal pay.
Now, anything we vote in excess of $160 million, I assume will become a pattern for the other employees of the country, classified and
military, which I think, Mr. Chairman, has possibilities of greatly
adding to the problems of the Secretary in this program. And we,
in Congress, have a responsibility not only in that phase, but I personally feel that we must do everything we can to help the Secretary
in his problems in this financing of our national debt to the best
advantage.
Secretary ANDERSON. Thank you, sir.
Senator CARLSON. I thank you, Mr. Chairman.
The CHAIRMAN. We have our own responsibilities, too, not to pass
these bills if they are going to add to the debt.
Mr. Secretary, are you going to call Senator Malone?
Secretary ANDERSON. I will call Senator Malone and be in touch
with you.
The CHAIRMAN. What is the latest hour you can stay here tomorrow
morning ?
Secretary ANDERSON. My meeting is set up for 11 o'clock.
The CHAIRMAN. Does any other Senator desire to question the
Secretary ?
Senator Jenner.
Senator BENNETT. H e is out of town.
The CHAIRMAN. H e is very much interested in this debt ceiling.
Secretary ANDERSON. I will go see Senator Malone now.
The CHAIRMAN. If Senator Malone desires to question you in person, the committee will meet tomorrow morning at an hour which
will be agreeable with both you and Senator Malone. If, perhaps,
Senator Malone is satisfied with the testimony thus far, it will not
be necessary to meet tomorrow. I shall be glad to allow Senator Malone to submit a statement in the record in lieu of his interrogation
of you if he so desires.
Secretary ANDERSON. I will go to his office immediately and so
advise him.
The CHAIRMAN. Will you notify Mrs. Springer of the agreement
reached ?
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DEBT CEILING
INCREASE
(111 accordance with permission granted by the chairman, the following remarks made by Senator Malone at the end of the hearing
on January 28, 1958, and summary statement of views subsequently
submitted, appear at this point in the record.)
Senator MALONE. NOW, Mr. Chairman, I want to say at the outset
that I think it is utterly impossible to consider one particular part
of this arrangement that has been going on now for 25 years to attack
the social and economic structure of this country, that it is utterly
impossible considering them one at a time and giving them the proper
weight. The first thing we did was in 1933, and was when we followed
England and other foreign nations off the gold standard and utterly
abandoned any attempt at holding the purchasing power of the dollar.
Since that time, no attempt has been made by any administration,
including our own, to hold the purchasing power of the dollar. We
give it lipservice, but when we cut it loose from the gold standard
we cut the only mooring it had, just like cutting the mooring of a
balloon, and there is no place for it to go but up. Inflation has continued over this 24- or 25-year period and it will continue to go up,
which means, of course, that all of the pensions and the savings and
everything in the country are destroyed.
Now, with that one particular thing wre priced ourselves out of
the world markets almost immediately. So we are entirely priced
out of the markets of the world now except to the extent that we
furnish a subsidy or give them money ahead of time to buy the goods.
That is where your $70 billion went—into building plants there to
compete with our goods with cheap labor, shipped back here under
the virtually free-import system that we adopted in 1934; and to build
dollar credits. Under my questioning of Secretary Humphrey in
part 1 of the parent testimony and of Mr. Martin in part 3, it was
brought out that if all the dollar credits in Europe and Asia were
converted, as they could easily be so that they could demand gold
for their dollar credits, we would have only $5.7 billion of gold left.
Now here we are using part of the gold for this debt. But we
better figure out whether we own it or not. I t is reported to us each
year that we have $22 billion or $24 billion in storage, but nothing
is said about who owns it.
Now, they testified that they could stop payment in gold but also
admitted readily that that would depress the American money on international markets and probably cause a severe depression in the United
States.
Now, in 1934, the Congress passed the 1934 Trade Agreements Act
and transferred to the Executive the constitutional responsibility of
Congress to regulate foreign trade and the national economy with
full authority—and this is the gimmick—that even when the Tariff
Commission (which is just a "chore boy," a messenger boy; they have
no authority whatever) recommends to the President that an industry,
a part of it or all of it, is threatened to be distributed among foreign
nations by our free imports policy, that—and Secretary Dulles testified to this, sitting right in this chair in 1953 when they extended
the 1934 Trade Agreements Act to June 1958—the President must, or
may, consider whether or not by the sacrifice of a part or all of an
industry, be it textiles, machine tools, minerals, or one of more than
5,000 other industries and materials—if by the sacrifice of all or a
DEBT CEILDvG
INCREASE
95
part of that industry he can further our international policy of
treaties and agreements; then he must or may do that. I n other
words, there is a gimmick there that never was in the Constitution
of the United States.
Also, the same Mr. Dulles testified that in 1947 they organized
General Agreement on Tariffs and Trade and transferred the constitutional responsibilities of Congress to regulate foreign trade and
the national economy to Geneva under that GATT—General Agreement on Tariffs and Trade—and that they then could make these
multilateral trade agreements. And there, again, Mr. Chairman, is
another gimmick. They make these agreements; they lower the
tariffs of the United States on important things and will lower the
tariffs on some of their material; but as long as they are short of
dollar balance, they do not have to keep the agreements, and you are
short of dollar balance until you are all living alike; in other words,
you just divide the wealth of the United States of America.
So from 1947 to the present time—first, 34 and now 37 foreign
competitive nations have been, and are, sitting there dividing the
markets of the United States among them, and the markets of the
United States are gone. So we are living on a war economy.
Now we want to hop that up to $42 or $44 billion because that is the
only thing we are living on, the purchases of the materials that we
manufacture in the United States through our own economy, our own
$42 or $44 billion. If you quit spending that money for 60 days at that
rate, you are out like a light; everyone knows that.
Now, the third thing is the billions to Europe. That started with
the Marshall plan, so ably outlined by the chairman this morning. I t
did not really start with the Marshall plan; it started with the $3,750
million to England in 1946, which was going to be the last. That was
going to be the last; everything was going to run rosey in Europe
from then on. But Mr. Marshall made a speech at Harvard in 1947
in which a paragraph appeared—I doubt if the old man knew it was
there himself—where he said, "We should help them get on their feet
by certain cash payments/' The Prime Minister of England took that
ball on the first bounce and within 30 days let us know just howT much
it w^as going to cost us. And the chairman is right; it was supposed to
be $15 billion in a 5-year program, of which the senior Senator from
Nevada on the floor in 1948 said, "Once we start it it will become permanent" ; and it has.
The Secretary of State sat right in that witness chair and testified
it must be permanent. And that is when you gave him the money last
year. This year I hope we have him here again and let him explain it.
Now, the fourth thing, there are four organizations, Mr. Chairman,
that are operating for one thing, and that is to finance American corporations and individuals and others to build plants in foreign nations
and use the cheap labor and send the stuff back here through the free
importing policy. Those four are, according to Mr. Martin who testified on page 1,593 of part 3 of the hearings under my questioning: the
Export-Import Bank, the International Bank, the International Monetary Bank, and the International Finance Corporation. The ExportImport Bank w^e finance entirely; the other three we finance up to 36
percent, but actually we put in the only real money. The other is their
thin paper money. So that as a matter of fact we finance all four of
96
DEBT CEILING
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them—for one purpose, and that is to loan money and to finance American organizations and corporations and individuals to go to foreign
nations and build these plants and send this stuff back with the $2-aday labor or 50-cent labor, whatever it is.
Now, with those four organizations operating, it is, in effect, a pincer
movement, Mr. Chairman, to destroy the economic and social structure
of this Nation—and it is much nearer destruction now than many of
the Senators, I am sure, realize.
One thing I believe the Senators should realize, and of course they
must. If they do not vote for it, an administration cannot do it. So
there is no reason to blame an administration for spending $70 billion
on foreign nations in 10 or 12 years. There is no reason to blame
an administration for keeping up 3 missile organizations over these
last years and 5 air corps, because if Congress did not vote for it they
could not do it.
Now, Mr. Chairman, everyone who studies it knows that at least
$15 billion a year is spent in obsolete material and in billions to Europe,
our 3 missile organizations, and the 5 air corps. We have an Air
Corps, a Navy air corps, an Army air corps, a Marine air corps, and
a Coast Guard air corps; we need one air corps. We have 3 missile
organizations, and, of course, everyone realizes we need 1. And here
we have, in addition to that, foot soldiers in 73 nations throughout the
world, all "dead" when the fight starts; because, if they are not in the
way, they will cut them off like MacArthur did the J a p s out on those
isolated islands. And if they are cut off that way, they will starve
just like chinchbugs in Kansas.
Now, Mr. Chairman, I want to close by saying I have seen every nation in the world, and I did not go for social purposes. I t took 11
years. The last trip was for two months and a half behind the socalled Iron Curtain in 1955 and when they finally turned me loose I
traveled 14,000 miles in Russia. I was in every one of the Socialist
Republics, took pictures in their manufacturing plants, where they are
building their dams on the Volga River, and all over. I held an
interview there that was widely used here, although sometimes misquoted, and when I got back on the Senate floor in 1955, I said in
speeches three things: (1) that in a very reasonable time Russia would
make itself self-sufficient in the area under its control in everything
they need for war or peace; (2) there would be no successful revolt;
(3) all the power in the Eastern Hemisphere has moved to Russia.
There is no power in Europe, there is none in England, none in
France, The empire colonial system is dead.
Then I said, Mr. Chairman, if these three things are true—and I
believed them to be, and I do as of this minute—then wTe must make
our system work. The Russians, whether we like it or not, are making theirs work. Ours is not working. We are sitting here on the
Senate floor and on the House floor by the votes of our people. Yet
there is no more chance of you holding that debt limit to $275 billion
than there is flying to the moon in the morning. And the chairman
understands that just as well as does the senior Senator from Nevada.
I t is a question of how much you are going to give in each time.
That is all.
I admire the senior Senator from Virginia, the longtime chairman
of this committee, for his attempt to hold it down. But after our
DEBT CEIUING INCREASE
97
votes—I say ours because of my ineffectual attempts to prevent it on
the Senate floor—the majority of the Senators have voted consistently
for the four things that I have talked about as a pincers movement to
destroy us and as long as they do, they will be sitting here doing
exactly what they are doing, year after year.
We heard three times from Secretary Humphrey this same story
that we heard from Secretary of the Treasury Anderson yesterday.
Is that not true ? And each time all this committee could do was to
accede to his request to a certain extent; is that not right ?
The CHAIRMAN". Eight.
Senator MALONE. NOW, then, in my humble opinion, Mr. Chairman,
unless we realize that there is something wrong in Denmark with all
of the State Department palaver that we are going to surround Russia and contain Russia—well, you might as well contain me in Nevada,
or you in Virginia. So all he did was give them time to get ready.
Now, if you will go deep enough into this national defense thing,
you will find what I say is true. You can make this hemisphere selfsufficient for war and peace. You can defend it from North America,
and that is the only place from which you can defend it. Because
we are going to get run out of Europe in 2 years, and maybe much
sooner, because they wTill tell you that their security is threatened if
our stuff is allowed to stay there.
So, Mr. Chairman, with the privilege of rearranging what I have
said, I am going to close now. But I want to close by saying again
that when, in this committee or on the Senate floor, we allow these
things to come one at a time and are overwhelmed by it without considering the picture, then this is only the beginning of the end. I t
has been going on 25 years. I t did not start yesterday. The Eisenhower administration did not start it. I t is simply carrying on what
it inherited. That is the worst thing you can say about it.
I am very fond of the President. I have a fine personal relationship with him. The fact that I have never voted for any of these billions of dollars to Europe and funny money and free trade, free imports, that are destroying the American jobs and American investments—does not alter that and I always tell him first. I have a visit
with him, and he knows exactly how I am going to vote.
But I agree with the chairman now. As long as the Senators of
the United States go out on that Senate floor and vote for all of these
things I have mentioned, they have no alternative here than to do
what the Secretary of the Treasury requests.
(The summary statement subsequently submitted by Senator
Malone follows:)
SUMMARY STATEMENT OF SENATOR GEORGE W. MALONE
Abraham Lincoln, in referring to what he regarded as a preconceived plan,
once said:
"We cannot absolutely know that all these exact adaptations are the result
of preconcert. But when we see a lot of framed timbers, different portions of
which we know have been gotten out at different times and places and by different
workmen, and when we see these timbers joined together, and see they exactly
make the frame of a house or a mill, all the tenons and mortises exactly adapted
to their respective places, and not a piece too many or too few—in such a case,
we find it impossible not to believe that all worked upon a common plan or draft
drawn up before the first blow was struck."
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A PRECONCEIVED
PLAN
Mr. Chairman, there is little doubt that there was a preconceived plan to
divide the wealth (markets and cash) of this Nation among the nations of the
world, and to make us dependent upon foreign nations across major oceans for
the critical minerals and materials without which we cannot fight a w^ar or live
in peace.
In 1933 this Nation followed England off the gold standard and adopted a
managed currency which could only result in inflation and the pricing of this
Nation out of the world markets. The following year the Congress passed the
1934 Trade Agreements Act (so-called reciprocal trade) which transferred to
the President this constitutional responsibility of Congress and gave him full
authority to place it in the hands of competitive foreign nations at Geneva,
Switzerland where it now resides. At Geneva these nations are now dividing
our markets among themselves and thereby causing unemployment here and
making us dependent upon them for important critical materials necessary for our
security while we are living on a "war economy."
In 1946 the $3% billion loan to England, the Marshall plan in 1948, succeeded
by EGA and mutual security, started a program of direct division of the wealth,
which the Secretary of State now testifies must be permanent. Under this plan
more than $60 billion has been transferred to foreign nations.
The Constitution has continually been modified by treaty—as, for example,
the status of forces treaty—and these modifications altogether have finally
taken form as a plan for the destruction of the United States through amending
the Constitution without submitting it to the people as has been guaranteed
by that document,
The plan constitutes international socialism at its worst and can only result
in complete international social and economic control of the United States of
America, together with a severe curtailment of our established wage living
standards. The Secretary of the Treasury has testified that he represents only
one part of the plan.
W A G E S , I N S U R A N C E , P E N S I O N S , SAVINGS REDUCED BY I N F L A T I O N
A continued managed currency means a continued inflation. Continued inflation means a continued reduction in wages, insurance, pensions and savings
through reduction in purchasing power of the dollar.
As President Lincoln well said :
"In such a case we find it impossible not to believe that all worked upon a
common plan or draft drawn up before the first blow was struck" to internationalize the social and economic structure of the United States.
George Washington, relative to evading the Constitution, said in his farewell
address that:
"If in the opinion of the people, the distribution or modification of the constitutional powers be in any particular wrong, let it be corrected by an amendment
in the way which the Constitution designates. But let there be no change by
usurpation for though this, in one instance, may be the instrument of good, it
is the customary weapon by which free governments are destroyed."
The Constitution plainly says in article I, section 8 that:
"Congress shall have the power * * * to coin money, regulate the value
thereof, and of foreign coin * * * "
On December 23, 1913, the Congress passed the Federal Reserve Act, setting
up the Federal Reserve Commission and transferring to that body the management of the Nation's currency.
THE
SECRETARY FAVORS A MANAGED
CURRENCY
The Secretary of the Treasury, Mr. Humphrey, testified that he favored the
continuation of the managed currency system and that the Federal Reserve
Commission had the power to determine the amount and kind of currency in
circulation and to fix the stock exchange margin.
Congress only recourse would be to amend the Federal Reserve Act.
The Secretary testified that he had the power to fix the rate of interest to be
paid on Government bonds, which influenced the interest to be paid on private
funds and bonds, and that foreign governments can secure our gold through
dollar balances, for $35 per ounce and sell it on the open world market for any
price they can get.
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99
The Secretary further testified that he would not change the present ''managed
currency" system regulated under the Treasury and the Commission, as long
as the unsettled international situation prevailed.
Since troubled times have been the established condition in Europe and Asia
for centuries the situation is not likely to change.
The record, however, is that a strong nation has always led in establishing
a sound currency and that weaker nations have followed their example—the
United States in 1879 and 1900 and England in 1916.
Regardless of that record the Secretary still maintained that we should retain
our presently managed currency.
D U T I E S OR T A R I F F S
The Constitution is explicit in article I, section 8, that:
"The Congress shall have the power to lay and collect taxes, duties, imposts,
and excises * * * to regulate commerce with foreign nations, and among the
several States * * *."
The Congress passed the 1934 Trade Agreements Act and transferred to the
President its constitutional responsibility to regulate our national economy and
foreign trade and, with it, gave him the full authority to transfer that responsibility to Geneva, Switzerland, where at this time 34 foreign competitive nations,
through multilateral treaties under the GATT (General Agreement on Tariffs
and Trade) are dividing the American markets among themselves.
GOLD OWNED BY U N I T E D STATES AND I N OUR P O S S E S S I O N
The Secretary of the Treasury testified that we have stored in various depositories in this country including Fort Knox, $22,406 million in gold.
A statement from the Treasury specified that $16,200 million of dollar credits
are owned by foreign nations and individuals—and that it is customary to honor
these dollar credits of foreign nations in gold when presented for payment.
It is generally known that the individually owned dollar credits can be readily
converted to nation-owned credits and therefore subject to redemption by gold
payments.
The Secretary testified that he can, of his own volition, refuse gold payments
for foreign-offered dollar credits but that, in the absence of an international
emergency such as war, the effect of such a refusal to honor the American
dollar credits would be depressing on the foreign exchange.
Further testimony showed that if all foreign dollar credits were honored by
gold payhients in the customary manner we would then have $6.2 billion of gold
remaining in the United States Treasury to back the $27.4 billions of outstanding
currency, which is not up to the required 25 percent by law.
T H E GOLD STANDARD
Mr. Chairman, on April 1, 1957, I introduced Senate bill 1775 which provides
in part:
"That notwithstanding any other provision of law, gold in any form, mined
subsequent to the enactment of this act, within the United States, its Territories,
and possessions may be melted, smelted, concentrated, or otherwise treated so
as to prepare it to be sold, or held and stored as is, or has been customary with
gold, and it may be bought, held, sold, or traded upon the open market within
the United States, its Territories, and possessions for any purpose whatsoever
without the requirement of licenses and it may be exported without the imposition of duties, excise taxes, the requirement of licenses, permits, or any restrictions whatsoever."
Then on April 16, I introduced Senate bill 1897 which provides in part:
"AH money of the United States, including money issued by banks, shall
be maintained on a parity with the standard gold dollar by freedom of exchange
at its value with standard gold bullion or coin at the United States Treasury."
SECTION 3 3 6 — T H E 1 9 3 0 T A R I F F ACT
The 1934 Trade Agreements Act as extended expires in June of 1958. If it is
not renewed then, Congress automatically resumes its constitutional responsibility to regulate foreign trade and the national economy and the American
workingmen and producers are back in business under section 336 of the 1930
Tariff Act headed "Equalization of Costs of Production" ;
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"If the Commission /finds it shown by the investigation that the duties expressly fixed by statute do not equalize the difference in the cost of production
of the domestic article and the like or similar foreign article when produced in
the principal competing country, the Commission shall specify in its report such
increases or decreases in rates of duty expressly fixed by statute (including
any necessary change in classification) as it finds shown by the investigation to
be necessary to equalize."
DUTIES OR T A R I F F S
Mr. Chairman, on January 7, 1957, I introduced Senate bill 28, which if passed
would return the regulation of our foreign trade and national economy to the
Tariff Commission, an agent of Congress, under the 1930 Tariff Act.
Under the heading "Declaration of Policy," the following language is to be
found in section 1 of my Senate bill 28.
DECLARATION OF POLICY
SECTION 1. It is declared to be the policy of the Congress—
(a) to facilitate and encourage trade with foreign nations on the basis of fair
and reasonable competition.
(b) to maintain an investment climate through the principle applying equally
to the whole country.
(c) to provide necessary flexibility of import duties thereby making possible
appropriate adjustments in response to changing economic conditions.
(d) to assure the accomplishment of these objectives by returning to the
provisions of the Constitution (art. 1, sec. 8) in the control over American
import duties now subject to international agreements.
On page 3 of the bill, in subparagraph (2) of subsection (b) of section 3, the
Commission is authorized and directed, among other things—
(2) to prescribe, upon termination of any foreign-trade agreement, that the
import duties established therein shall remain the same as existed prior to
such termination, and such import duties shall not thereafter be increased or
reduced except in accordance with this act.
It is also provided, in subparagraph (1) of section 3 (b), that the Commission is authorized and directed—
(1) to terminate as of the next earliest date therein provided, and in accordance with the terms thereof, all the foreign-trade agreements entered into by
the United States pursuant to section 350 of this act.
That is to say, the 1930 Tariff Act.
Section 4 (a), under the heading "Periodic Adjustment of Import Duties,"
provides as follows:
"Periodic Adjustment of Import Duties
"SEC. 4 Title III, part II, section 336, of the Tariff Act of 1930 is hereby
amended to real as follows :
" 'SEC.
336. Periodic adjustment of import duties
" 4 ( a ) The Commission is authorized and directed from time to time,
and subject to prescribe and establish import duties which will, within
equitable limits provide for fair and reasonable competition between domestic articles and like or similar foreign articles in the principal market or
markets of the United States.' "
Mr. Chairman, Senate bill 28 would broaden the Commission's scope to allow
it to compensate for a foreign nation's manipulation of currency in terms of the
dollar and its general maneuvering for trade advantages that are detrimental
to the United States.
It will be noted that neither a high nor a low tariff is the objective of the
regulation. The objective is a tariff continually adjusted in a spirit of fair and
reasonable competition, to take the profit out of the cheap foreign labor at the
water's edge and then, when any nation approached our American standard of
living wages, free trade with that nation would be almost automatic and
immediate.
The common objective is free trade. The problem is how to attain that
creditable ambition without destroying our own standard of living.
Congress is our legislative body. It cannot shift the responsibility. The
Constitution distributes the powers among the three branches of Government
and it is no defense for Senators and Congressmen to say that the President
recommends specific legislation or that propaganda has wrongly influenced public
opinion. Legislative decisions are theirs alone to make.
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INCREASE
ENCOURAGING A M E R I C A N I N V E S T M E N T S ABROAD
Under t h e 1934 T r a d e Agreements Act, as extended to J u n e 1958, t h e 34 foreign
GATT nations based at Geneva continue to divide between themselves t h e American m a r k e t s , and this can do no less t h a n encourage American capital investm e n t s abroad, under the policy of importing the products of foreign "sweatshop
labor."
T h e American owned foreign plants not only produce for foreign consumption
but these products produced by t h e low living s t a n d a r d labor a r e imported h e r e
u n d e r t h e lowered duties or tariffs.
T h e Secretary testified t h a t t h e Import-Export B a n k entirely financed by
American t a x p a y e r s up to $5 billion is to encourage through low-interest longterm loans t h e export of American capital to t h e low-wage foreign nations.
H e f u r t h e r testified t h a t t h e I n t e r n a t i o n a l Monetary F u n d — t h e I n t e r n a t i o n a l
Bank of Construction and Development, and the I n t e r n a t i o n a l Finance Corporation all a r e set up with t h e avowed objective of encouraging American capital
to move into t h e foreign cheap labor countries t o furnish their m a r k e t s and to
import the low-cost labor product to compete with the product of our higher
s t a n d a r d of living wages and t h e higher cost of doing business in this Nation.
We a r e committed up to $5 billion for the Import-Export B a n k and for 35 percent of the financing of the other three organizations. The three are independent corporations managed in each case by a Board of Directors and the
control rests with the foreign nations board members.
All of these corporations a r e in addition to the I n t e r n a t i o n a l Cooperation
Administration ( m u t u a l security) which doles out the $4 to $5 billion dollars
annually appropriated by Congress for gifts of cash and goods to foreign nations.
T H E P A T T E R N LEADS TO I N T E R N A T I O N A L S O C I A L I S M
The entire p a t t e r n , from the abandonment of the gold s t a n d a r d in 1933, the
passage of the T r a d e Agreements Act in 1934, the t r a n s f e r to Geneva in 1947
of the constitutional responsibility of Congress to regulate our foreign trade,
and the inception of the four .corporations to encourage American capital to
invest in foreign low-wage s t a n d a r d nations—the m u t u a l security giveaway
program—is to distribute American m a r k e t s and dollars among t h e lower wage
living s t a n d a r d European a n d Asiatic nations.
I t all a d d s u p to i n t e r n a t i o n a l socialism in i t s worst form. T h e United States
is the only producing nation in the world today t h a t does not protect its own
working men and investors by a duty or tariff, by import a n d exchange permits,
or both.
F r e e t r a d e will only become feasible when the flexible duty or tariff (provided
in art. I, sec. 8 of the Constitution) is adjusted on imports to take the profit
out of foreign sweatshop labor a t the w a t e r ' s edge. Then such foreign nations
would allow their wage s t a n d a r d of living to increase, create a m a r k e t w i t h i n
their own borders, and the common objective of "free t r a d e " would be reached
automatically.
R E S O L U T I O N S , FOREIGN TRADE AND N A T I O N A L ECONOMY
Mr. Chairman, it h a s long been my conviction t h a t it is necessary for men of
like mind on sound currency, foreign t r a d e and the national economy to work
through t h e r own political p a r t i e s and then join forces on the floor of
Congress.
Accordingly, I quote the resolutions by t h e Nevada Republican State Central
Committee in December 1956—the 10 Western States Republican Conference
in May 1957—and the Young Republican 48-State Conference in J u n e 1957, from
the Congressional Record.
"THE
NEVADA
REPUBLICAN
STATE
CENTRAL COMMITTEE, DECEMBER 15,
1958
" I N T H E SENATE OF T H E U N I T E D STATES,
"Wednesday,
February
21, 1951.
"Mr. MALONE. Mr. President, on December 15, 1956, the Republican State
Central Committee met in Fallon, Nev. and passed the following resolution reaffirming the three basic principles of Government embodied in the Constitution
of t h e United States.
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" 'The Republican P a r t y of the State of Nevada strongly advocates the r e t u r n
to constitutional government by adopting the following principles which h a v e
been t h e basic tenets of t h e Republican P a r t y since its inception more t h a n 100
years ago.
" 'We believe the Republican P a r t y m u s t advocate a free m a r k e t for gold, w i t h
removal of all restrictions upon its purchase, sale, and ownership, and a r e t u r n
to t h e t r a d i t i o n a l hard-money s t a n d a r d using gold and silver certificates redeemable in the respective metals.
" 'We believe t h e Republican P a r t y m u s t urge t h e Congress of the United
S t a t e s to resume its constitutional responsibility of regulating foreign commerce through t h e adjustment of duties, imposts, and excises, through its agent,
t h e Tariff Commission, and allow the so-called Reciprocal T r a d e Act, which
t r a n s f e r r e d such responsibility to the President, to expire in 1958.
" 'We believe the Republican P a r t y should urge Congress to respect the r i g h t s
of t h e individual States in all those m a t t e r s which have been historically matt e r s of State concern.'
"THE
REPUBLICAN
REGIONAL
CONFERENCE,
10
WESTERN
STATES,
M A Y 3-4,
1957
" I N T H E SENATE OF T H E U N I T E D STATES,
''Wednesday,
May
15,1951.
" T E N W E S T E R N STATES, M A Y 4, 1 9 5 7
"Mr. MALONE. Mr. President, on May 4, 1957, the Republican regional conference, a t Salt L a k e City, Utah, including the States of Arizona, California, I d a h o ,
Montana, New Mexico, Nevada, Oregon, Utah, Washington, and Wyoming,
unanimously passed a resolution urging the Congress of t h e United States
to 'allow the 1934 T r a d e Agreements Act to expire in J u n e 1958.'
"Mr. President, I ask unanimous permission to include in the Record, as a
p a r t of my remarks, the resolution passed by the Salt L a k e City conference.
" T h e r e being no objection, the resolution 1 was ordered to be printed in t h e
Record, a s follows:
"FOREIGN TRADE AND T H E N A T I O N A L ECONOMY
" ' W h e r e a s 34 foreign, competitive nations a r e sitting in Geneva, Switzerland,
regulating our foreign t r a d e through m u l t i l a t e r a l t r a d e agreements u n d e r the
auspices of t h e General Agreements on Tariffs and T r a d e ; and
" 'Whereas this distribution of our foreign t r a d e between such foreign competitive nations is being carried on under the 1934 T r a d e Agreements Act, as
extended (so-called reciprocal t r a d e ) : and
" 'Whereas under this act more t h a n $30 billion of American capital h a s been
invested in such foreign low wage s t a n d a r d of living nations to compete in
American labor and investors in the textile, livestock, mining, crockery, glass,
precision i n s t r u m e n t machine tool, chemical and electrochemical, a n d several
h u n d r e d other fields: Therefore be it
" 'Resolved, T h a t t h e 10 State Republican regional conference, including the
States of Arizona, California, Idaho, Montana, New Mexico, Nevada, Oregon,
Utah, Washington, and Wyoming urge the Congress to resume its constitutional
responsibility of regulating foreign t r a d e and the national economy through t h e
adjustment of t h e duties, imposts, a n d excises (Art. I, sec. 8) through i t s agent,
t h e Tariff Commission, a n d allow the 1934 T r a d e Agreements Act to expire in
J u n e 1958'."
" T H E YOUNG REPUBLICAN NATIONAL FEDERATION, J U N E 20-22,
1957
" I N T H E SENATE OF T H E UNITED STATES
"YOUNG REPUBLICAN NATIONAL FEDERATION CONVENTION PLATFORM
FOREIGN TRADE
"Mr. MALONE. Mr. President, the National Convention of t h e Young Republican National Federation, representing the 48 States of the Union, w a s held in
Washington on J u n e 20-22,1957.
1
The word resolution was stricken in the adoption by the conference.
DEBT CEILING DECREASE
lOS
"Mr. President, I ask unanimous consent to h a v e printed a t this point in t h e
Record a resolution relating to foreign trade, which is a p a r t of t h e platform
of the Young Republican National Federation for 1957 and 1958.
"There being no objection, t h e resolution w a s ordered to be printed in the
Record, a s follows:
"IMMEDIATE KEVIEW OF TAEIFF LEGISLATION
" 'We know t h a t behind t h e shield of our collective defense arrangement, there
m u s t be growth and development or t h a t shield will be a paper one. We support
t h e a d m i n i s t r a t i o n in its advocacy of t r a d e policies which promote the interchange of goods to m u t u a l advantage. Under no condition, however, should
such a n interchange of goods be to the detriment of our American industrial,
mining, processing, and developing segments of the economy, ending with a
r e s u l t a n t loss in operation and income to both employer and employee. F u r thermore, we call for an immediate review of tariff legislation to bring relief
to hard-hit American industries.'
"CONGRESS TO RETAIN CONTROL
" 'We believe effective control over foreign t r a d e and t h e t r a d e agreements
program should be retained in t h e Congress.' "
YOUNG R E P U B L I C A N OFFICERS FOR 1 9 5 7 - 5 8
J o h n Ashbrook, chairman, Johnstown, Ohio.
J e r r i Kent, cochairman, Johnson, Tenn.
F r e d L. Dixon, treasurer, Washington, D. C.
Roseann Biwer, secretary, W a u k e s h a , Wis.
Sally Liston, assistant secretary, Phoenix, Ariz.
Homer Jackson, auditor, Birmingham, Ala.
YOUNG R E P U B L I C A N N A T I O N A L FEDERATION REGIONS BY STATE AND TERRITORIES
Region I : Maine, New Hampshire, Vermont, Massachusetts, Rhode Island,
Connecticut.
Region I I : New York, New Jersey, Pennsylvania, Delaware.
Region I I I : Virginia, Kentucky, District of Columbia, Maryland, West
Virginia.
Region I V : South Carolina, Georgia, Florida, Tennessee, P u e r t o Rico.
Region V : Ohio, Indiana, Illinois, Michigan.
Region V I : Alabama, Louisiana, Mississippi, Arkansas, Texas, Canal Zone.
Region V I I : Missouri, Nebraska, Kansas, Iowa, Oklahoma.
Region V I I I : North Dakota, South Dakota, Minnesota, Wisconsin.
Region I X : Alaska, Oregon, Washington, Idaho, Montana.
Region X : California, Nevada, Arizona, H a w a i i .
Region X I : Utah, New Mexico, Wyoming.
OTC AND ITO
The Organization for T r a d e Cooperation (OTC) now before t h e W a y s and
Means Committee of the House and the Finance Committee of the Senate is a
successor to t h e I n t e r n a t i o n a l T r a d e Organization ( I T O ) rejected by t h e Congress in 1951.
I t is a "trick" bill. If approved, Congress would approve t h e regulation of
our foreign t r a d e and the national economy by the 34 foreign competitive n a t i o n s
a t Geneva under the General Agreement on Tariffs a n d T r a d e . If Congress
does not approve it the Geneva regulation continues u n d e r the 1934 T r a d e
Agreements Act as extended to J u n e of 1958 a n d now in effect.
CONGRESS REGAIN I T S C O N S T I T U T I O N A L R E S P O N S I B I L I T Y
Congress can regain its constitutional responsibility to regulate foreign t r a d e
and the national economy through allowing the 1934 T r a d e Agreement* Act to
expire in June, 1958.
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T H E CONTEST
T h e contest is between the American workingmen a n d investors working for
American wages and paying American taxes, as opposed to the i n t e r n a t i o n a l
investor paying t h e foreign low s t a n d a r d of living wages and no American taxes.
T h e Congress can stop inflation and r e t u r n to honest money t h r o u g h a reorganization of the F e d e r a l Reserve System.
T h e Congress can stop amending the Constitution by t r e a t y or executive agreement (such as the S t a t u s of Forces T r e a t y ) by the simple expedient of withholding approval or by the adoption of an amendment to t h e Constitution prohibiting such procedure.
By proper future legislation Congress can stop the u s u r p a t i o n of t h e r i g h t s
of the States.
. I t is high time t h a t the Members of Congress in both the Senate and t h e House
take a long look a t the 24-year picture t h a t they have built through passing socalled emergency legislation a piece a t a time (as A b r a h a m Lincoln so aptly said
more t h a n 100 years ago "all * * * exactly adapted to their respective places")
thereby destroying the Constitution and with it the United States of America.
(Whereupon, at 5 p. m., the committee adjourned subject to call.)
DEBT CEILING INCREASE
T U E S D A Y , J A N U A R Y 28, 1 9 5 8
UNITED STATES SENATE,
COMMITTEE ON FINANCE,
Washington, D. G.
The committee met, pursuant to recess, at 10:15 a. m., in room 312,
Senate Office Building, Senator Harry Flood Byrd (chairman) presiding.
Present: Senators Byrd (chairman), Kerr, Frear, Anderson, Martin,
Williams, Jenner, Malone, Gore, and Bennett.
Also present: Elizabeth B. Springer, chief clerk.
Percival F. Brundage, Director of the Bureau of the Budget.
The CHAIRMAN. The committee will come to order.
Mr. Brundage, will you come forward, sir, and take a seat.
Mr. Brundage, we are very happy to have }^ou before us as Director
of the Budget and we thank you for coming. You have been asked to
come here to testify today in connection with the administration's
request for a temporary increase in the statutory debt ceiling of $275
billion to $280 billion expiring June 30, 1959.
This is a request on which the Director of the Budget should
be heard.
When we speak of the budget, most people think in terms of
appropriations and expenditures. Actually, a budget must have two
sides—the revenues and expenditures.
I believe one of the fundamental weaknesses of our deliberations
on the fiscal problems in Congress is that we seldom are able to consider the budget as a whole, the receipts and expenditures at the
same time. Consideration of both sides of the budget simul taneously
in connection with this debt-ceiling proposal is certainly very desirable.
Now, before I ask you some questions, I want to compliment you
on the improvement you have made in the presentation of the summary and detailed material in the budget document. I reserve the
right, however, to disagree with some of the recommendations. But
I do want to commend you for the more comprehensive summary
tables, the more concise detail, and the arrangement of the budget.
All of this is greatly improved; and the material is much better
presented.
Senator M A R T I N . Mr. Chairman, before you proceed with your
questions, may I make just a brief statement. It is not a question,
and it is not intended as a criticism or anything of that kind. But,
Mr. Chairman, I have often thought that we are not doing our full
duty as a Congress without having before us, before we submit
anything to the President for his approval, the complete appropriations, along with as complete an analysis of revenues as is possible
to make. We would not submit appropriations to the President
for approval until we felt that we had sufficient revenues to take care
105
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DEBT CEILING
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of them, or we had come to the conclusion that additional deficit
financing was unavoidable. It seems to me that that is a responsibility that Congress has, but it is impossible to carry that out unless we
have before us all of the appropriations before any of them are sent
to the President for approval.
That is no more criticism of the Executive than it is of Congress,
but it is the way we have been doing these things since the beginning
of this Government.
Now, some of the States give the governor an opportunity to veto
certain items, but I am not so sure whether that is entirely sound,
because the expenditures are really a responsibility of Congress.
Thank you very much.
The CHAIRMAN. Thank you, Senator Martin.
I am going to ask you a question which on yesterday I directed
to the Secretary of the Treasury. I do this because I think an
answer by the Director of the Bureau of the Budget also should be
part of the record. I t is a question frequently directed at me in
recent days since this request for the debt increase, following the
receipt of the President's message.
The question is: Why is it necessary to increase the debt ceiling
by $5 billion in the next 18 months when you estimate there will be
a surplus in the fiscal year 1959?
STATEMENT OF PERCIVAL F. BRUNDAGE, DIRECTOR OF THE
BUREAU OF THE BUDGET
Mr. BRUNDAGE. Mr. Chairman, members of the committee, I am
very happy to have an opportunity to appear before your committee
to support the recommendations of the Secretary of the Treasury for
an increase of $5 billion in the temporary debt ceiling. I do not think
there is any magic in an exact amount of $5 billion, but that is the
amount that I would recommend. During the last 6 months it has
become clear that it is uneconomic for the Treasury to be obliged to
refinance with such a narrow margin as at present, with the many
uncertainties facing us today, and the fluctuating way in which our
receipts come in and our expenditures have to be made as between
weeks and as between months.
I really believe it would be more economical to be able to finance
in advance of maturity dates and to maintain larger cash balances.
I will be glad to discuss this particular issue a little more, or shall
I go ahead with the general question?
The CHAIRMAN. YOU may go ahead and finish your statement first.
Mr. BRUNDAGE. I would also like to report to this committee that
since last year we have striven constantly to reduce programs that
are not required by law, to hold down proposals for new programs,
and to eliminate nonessential Government expenditures. I am attaching a list of the various proposals which were included by the President
in his budget message this year.
With the support of the Congress and the adoption of such measures,
it will be impossible, in my opinion, to keep the numbers of personnel
from continuing to increase and to keep the expenditure dollars from
continuing to mount.
I have arranged these proposals under certain headings, Mr. Chairman. The first heading is "Proposals to increase receipts."
DEBT
CEILING
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INCREASE
107
CHARGES
In the budget message, the President indicated his belief that when
the Government provides a service conferring a special quasi-commercial benefit on identifiable individuals or groups above and beyond the
benefits to the public generally, it is our belief that it should charge
the beneficiaries for the special service, rather than place the full
burden of the cost on the general taxpayer. Accordingly, the President made several proposals in the field of "user charges."
1. Postal service.—In every year since the close of World War I I ,
the postal service has incurred large deficits which have placed heavy
and unfair burdens on taxpa}^ers to the advantage of large users of the
mails.
In view of present and prospective postal deficits, legislation to
authorize adequate postal rates has become one of the most urgent
items of unfinished business before the Congress. To provide revenues which will more adequately meet present needs, the President
proposes that the postal legislation now pending before the Congress
be amended, primarily by establishing a 5-cent letter rate on all
except local letters. This increase over last year's recommendation
is needed to cover part of the cost of the pay increase and other rising
costs. The recommended increases should result in an addition of
$700 million to postal revenues in the fiscal year 1959. With the postal
pay adjustment we are recommending, there will still be a postal
deficit of approximately $144 million.
Senator ANDERSON. Mr. Chairman, do you intend to have questions
throughout, or only at the end?
The CHAIRMAN. If the committee will agree, I think it probably
would be better for Mr. Brundage to finish his statement and then
ask the questions or whatever you wish.
Senator ANDERSON. Well, the statement is made that they charge
the beneficiaries for the special services rather than place the full
burden on the general taxpayer. Then you turn and recommend an
increase in the letter rate. Is it the letter rate that has been causing
the deficits, or is it the junk mail and the newspapers and magazines?
Mr. BRUNDAGE. Well, it is both, sir. The first class does not——•
Senator ANDERSON. Then, why did he not recommend both?
Mr. BRUNDAGE. Well, we are. We are recommending increases all
along the line, sir.
The CHAIRMAN. Could you give a fuller explanation of the different
classifications in which you recommend increases. You only mention
here the first-class mail.
Senator CARLSON. Mr. Chairman, I might say that the Postmaster
Genera] is testifying right at this moment before that committee, and
he is going into detail. I attended the hearing the other morning, but
I thought that I ought to come up here this morning. 1 am on both
committees. But he has gone into that in quite a bit of detail, and he
is being questioned down there this morning.
Senator ANDERSON. We can get that testimony.
Mr. BRUNDAGE. The rate is before the Senate, sir. And this is the
only change from last year. It is the same bill with a change in the
firsi-class from 4 cents to 5 cents for out-of-town mail. The other
provisions are the same in the rate bill which was passed by the House
and is before the Senate committee.
21297—58
S
108
DEBT CEILING
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2. Aviation.—-Mr. Chairman, the Federal Government provides a
wide range of special services benefiting private users of the airspace.
I t is increasingly appropriate that these users pay their fair share of
the costs. The cost of new facilities alone will total $1 billion over the
next few years and annual operating costs to the Federal Government
of about $200 million at present are likely to be doubled in 5 years.
As first steps toward this end, it is proposed that a tax of 3% cents a
gallon be levied on jet fuels and that taxes on aviation gasoline be
increased to 3% cents a gallon from the present 2 cents, with increases
of three-fourths cent per year for 4 years in both taxes up to 6% cents a
gallon. The receipts from taxes on aviation gasoline, which now go
into the highway trust fund (3 cents per gallon of which 1 cent is
later refunded), should be kept in the general revenues to help finance
the operations of the airways.
I might say, Senator Anderson, that I was trying to boil this down
so as not to take too much of your time.
Senator ANDERSON. I realize you are.
Mr. BRUNDAGE. I am glad you made that point about the postal
rates, because the recommended increases are not only for first-class
mail.
3. Other.—The budget message also recommended that legislation
be enacted to raise patent fees, and to charge employers of longshoremen for the costs of administering disability compensation.
In addition, all Government agencies have recently been instructed,
at the President's direction, to prepare legislative proposals generally
designed to remove present restrictions or limitations on their authority
(1) to recover full cost to the Government of services that provide
special benefits to individuals or groups and (2) to obtain a fair market
value for the use or sale of federally owned resources or property.
These proposals will cover all areas in which existing legislation prohibits charges or fees, and areas in which existing legislation is silent
on the subject of charges but where the agency considers an expression of congressional policy desirable prior to initiating charges.
Examples of areas of Government activity which are being considered
are licensing; use of water navigation aids and facilities; publications;
maps and navigation charts; recreation and tourist facilities; grazing;
oil, gas, and mineral leasing; and mining claims.
Senator M A R T I N . Mr. Chairman, just to clarify what you mean,
could I ask does "use of water navigation aids and facilities" mean
probably tolls for locks and dams?
Mr. BRUNDAGE. Well, there are very substantial benefits demanded by segments of the population, as you know, in opening
waterways and keeping them open, in the signals, and all kinds of
service to navigation.
Senator M A R T I N . That answers it.
Mr. BRUNDAGE. I t is being studied; yes.
Senator M A R T I N . That answers it.
Mr. BRUNDAGE. By enactment of the President's recommendations
in the 1959 budget and of additional proposals which I expect will be
made to the Congress—that is, as soon as our studies are completed—
we can move closer to a more equitable system of fees and charges
throughout the Government.
DEBT CEILING INCREASE
109
Interest rates.—Another important change which is part of the general user charge considerations, is the need for adjusting interest rates
in Federal credit programs.
The President is recommending the enactment of legislation which
would permit greater flexibility for the Government in setting interest
rates on loans it makes in the future, and which would require that,
insofar as consistent with the purposes of each program, all of the costs
involved be paid by the borrowers. Such legislation, by removing or
reducing hidden subsidies, would make a significant contribution
toward better fiscal management. It would also produce some added
income.
Moreover, for loan-guaranty programs, the Government should be
authorized to permit interest rates high enough to attract private
lenders. The President is suggesting that all statutory limitations or
ceilings placed on interest rates be reviewed, and that authority be
provided to vary the rates for guaranteed or insured loans in line with
market conditions and under proper safeguards.
Programs affected by the recommendations on interest rates include
the following:
1. College housing loans.—This program was authorized in 1950; to
June 30, 1957, S668 million has been committed. Private financing
of college housing should be encouraged by (1) replacing the subsidized
interest rates required by the present statutes with rates no less than
the Government's cost, (2) authorizing Federal guaranties of college
housing obligations which do not have Federal tax exemption, and
(3) prohibiting direct loans where private funds are available on reasonable terms.
We have been advised that as a result of the interest rate formula
provided in the present law private financing has been almost dried up.
2. Special assistance mortgage purchases.—This includes such things
as housing for military personnel under the Capehart Act and cooperative housing. The special assistance program was authorized in
1954; to June 30, 1957, $361 million has been committed. Repeal of
the statutory requirement that all purchases by the Federal National
Mortgage Association be made at par and authority for increases in
interest rates on several types of mortgages—Capehart housing
mortgages limited to 4 percent, for instance—will encourage private
financing and reduce future reliance on the Association. Action on
these recommendations will stimulate the building industry and
provide more home units.
3. Rural electrification and telephone loans.—The electrification program was authorized in 1936, the telephone program in 1950. To
June 30, 1957, $4 billion has been committed. The sources of capital
available to the Rural Electrification Administration system would
be broadened by legislation (1) to assist both electric and telephone
borrowers to obtain financing from private sources where the security
is adequate and the loans can be repaid within a reasonable time,
and (2) to adjust interest rates on future loans to meet the Government's costs.
PROPOSALS TO REDUCE
EXPENDITURES
On the expenditure side, adjustments are proposed in various programs which will result in savings in future years after a suitable time
for amending State and local budget procedures has been allowed and
110
DEBT CEILIXG
INCREASE
after due notice to affected individuals. Among the programs i n volved are the following:
A. First, there are programs where shifting emphasis or changing
needs lessen future requirements for specific types of Federal assistance..
1. Agriculture conservation program.—This program was authorized
in 1936. To June 30, 1957, $4.4 billion has been spent, excluding
crop-reduction payments in early years. The budget recommends
that a program level of $125 million be authorized for the 1959 crop
year, one-half the amount authorized for the 1958 program. This
amount, together with other public efforts in support of soil-and-water
conservation, will permit cost-sharing payments for the more permanent soil-and-water conservation practices that are needed to maintain
an adequate agricultural resource base. Those practices which are a
part of usual and required annual farming methods or which return
immediate benefits to the farm are properly the responsibility of the
farmer, rather than of the Government.
2. Grants for hospital construction.—This program (Hill-Burton) w^as
authorized in 1947 and has met the most urgent postwar shortages.
Appropriations totaling $1.2 billion are estimated through the fiscal
year 1959. The Federal program should now be modified to meet only
the most urgent situations with emphasis on specialized hospitals.
3. Veterans1 pensions.—Expenditures for this purpose increased from
$883 million in the fiscal year 1956 to $951 million in 1957. Further
increases are anticipated in 1958 and 1959 to $1,046 million and $1,142
million, respectively. These pensions meet needs not related to theveteran's period of service, but rather to the general hazards faced b}^
all people, that is, ill health and fluctuations of income. The President will transmit a message on veterans' affairs to the Congress with
recommendations for specific adjustments and improvements in veterans programs which will enable us to discharge our national responsibilities to veterans with the greatest possible equity to all concerned.
B. Second, there are programs where the administration proposes
an increase in State and local participation and a decrease in the
Federal proportion, but with no reduction in the total combined
outlay.
In two cases, recommended by the Joint Federal-State Action
Committee, it is proposed that the Federal share be eliminated
beginning in the fiscal year 1960, with accompanying revenue adjustments.
At our last meeting of the Joint Federal-State Action Committee,
it was concluded that since all the legislatures did not meet in 1959,
recommendations could not be made effective in fiscal 1959 and would
have to wait until 1960 so as to enable the States to pick up the
responsibility.
1. Grants for construction of waste-treatment facilities.—This program
was authorized in 1956; appropriations through the fiscal year 1959
are estimated to total $140 million. You will recall the original
authorization was $500 million over a 10-year period. Expenditures
are estimated to be $31 million in 1958 and $51 million in 1959.
2. Grants for vocational education.—Expenditures
for this program
which was first authorized in 1917 total about $699 million through
June 30, 1957. Expenditures of $41 million are estimated in both
1958 and 1959.
DEBT CEILING
INCREASE
111
In four other cases, it is proposed that the Federal proportion
gradually be reduced.
1. Public-assistance grants.—Expenditures
for these grants on an
accrual basis are estimated to increase from $1,462 million in 1956
to an estimated $1,824 million in 1959. During this period the
Federal share of the total will have increased from 54.0 percent to
55.7 percent. This should gradually be reduced to 50 percent.
The increase was largely due, you may recall, to an increase of the
Federal share to 80 percent of the first $30.
2. Urban renewal planning and capital grants.—Expenditures
for
these grants (net of repayments of temporary loans) were $39 million
in 1957 and are estimated to be $61 million in 1958 and $56 million
in 1959. The urban-renew^al program is well under way throughout
the Nation and the States and local communities should assume a
share of the administrative responsibilities and financial costs more
nearly commensurate with the benefits which their citizens receive.
The budget recommends that in the future the local communities
should share in the costs of planning from the start.
I might say that the Joint Federal-State Action Committee has
also accepted the recommendation that the States assume more
responsibility for this program.
In addition, the present formula under which the local agency pays
for one-third and Federal capital grants pay for the remaining twothirds of the net project cost should be changed by providing for
annual reductions, so that by the fiscal year 1962 the Federal Government would contribute not more than 50 percent of the cost of local
projects.
3. Grants for schools in federally affected areas.—Expenditures
for
these grants totaled $1,064 million from 1950 to June 30, 1957 to help
provide schools in areas in which rapidly growing Federal establishments were imposing a heavy load on existing facilities.
The communities have been developed, stores have come in, and
the amount ot taxable property has increased during this period.
In the future, we are suggesting that Federal payments be limited
to cover the children of families living and working on Federal
property. Expenditures for construction, and for maintenance and
operation of schools under this program are estimated to be $212
million in 1959.
4. Natural disaster relief.—From 1950 through the fiscal year 1957
$70 million has been spent for natural-disaster relief. The governors
of the Federal-State Action Committee have agreed to recommend
that the States absorb annual losses up to fixed amounts. Expenditures are estimated to be $18 million in 1959.
C. Next we have programs where proposals are designed to free
the agricultural economy from excessive controls.
1. Greater flexibility in agricultural price
supports.—Expenditures
for Commodity Credit Corporation price-support operations (net)
are estimated to be $2.4 billion in 1959. The President has sent a
special message to the Congress recommending changes in existing
legislation so that the Secretary of Agriculture will be authorized to
establish price supports for basic crops consistent with the increased
productive capacity of our agriculture.
As the Secretary of Agriculture has pointed out, we have been
going through a farm revolution much like the industrial revolution
112
DEBT CEILING
IXCRE^^
of 50 to 100 years ago, and the yield has been doubled, practically, in
the last
Senator G O R E . I might suggest that revolution is going to get worse.
Mr. BRUNDAGE. (2) Soil bank acreage reserve.—The acreage reserve
was authorized in 1956; through the fiscal year 1959 the total cost is
estimated to be $1.4 billion. Expenditures are estimated to be $405
million in 1959. I t is proposed in the budget to terminate the acreage
reserve at the end of the 1958 crop year. An increase of $125 million
is recommended in the soil-bank conservation reserve program for
the 1959 calendar year since more material and lasting benefits are
obtained, per dollar spent, from this part of the soil bank.
D. Another recommendation which should hold down budget totals
is that no new projects be started in fiscal 1959 for construction of
water-resource projects by the Corps of Engineers and the Bureau of
Reclamation, in view of the high level of current spending resulting
from the large number of new projects started during the last 3 years.
E. Finally, certain previously recommended legislation is not being
requested in the fiscal year 1959. Examples are general aid for school
construction, major medical care insurance for Federal employees, and
certain other grant programs.
The CHAIRMAN. All right, sir.
Mr. BRUNDAGE. I have gone over these recommendations, Mr.
Chairman, because I thought that your committee, in dealing with the
debt limit and the budget, the finances, were entitled to know how we
were doing our best in trying to hold down the total of expenditures»
The CHAIRMAN. Yes. Mr. Brundage, do you have an itemized
statement of the dollar savings which would result from these particular recommendations in fiscal year 1959.
Mr. BRUNDAGE. Well, it is awfully hard to convert it into dollars.
The principal savings will come over the years, presenting the increases
which would ordinarily occur. But we feel that there would be many
billions of savings over the next 10 years.
The CHAIRMAN. But you must have made some studies about it?
Mr. BRUNDAGE. Yes.
The CHAIRMAN. YOU
should know what the savings would be in
the coming budget year. Have you not got such a list?
Mr. BRUNDAGE. We have an item—•—
Senator K E R R . I think the Secretary put it in the record yesterday,
did he not, Mr. Chairman? Did Mr. Anderson not put that in the
record yesterday at my request?
The CHAIRMAN. I do not think that was the complete list. I may
be mistaken about it. At any rate, that was the personal view of the
Secretary of the Treasury.
Mr. BRUNDAGE. We have lists of items.
Senator K E R R . He had a list of items of one billion nine hundred
and some million dollars, and giving the detailed sources or designated
places of proposed savings.
The CHAIRMAN. Well, the Budget Director is the person to furnish
that information. I am just wondering whether he has it available.
Mr. BRUNDAGE. I do not think I have it, but I would be glad to
work on it, Senator.
The CHAIRMAN. The estimates were given by the Secretary of the
Treasury and may have extended beyond the 1 year too.
DEBT CEILING INCREASE'
113
Mr. BRUNDAGE. Yes, sir; there is a list of a great many items. I
would be glad to supply the Senator with a complete list.
(The requested information was subsequently furnished by Mr.
Brundage in a prepared statement which he read into the record of the
hearings on February 4, 1958. See p. 243.)
Senator K E R R . May I have it?
Mr. BRUNDAGE. Yes,
sir.
Senator KERR. The record of the hearing yesterday shows a tabulation of $1,999 million.
The CHAIRMAN. I would like to obtain the information from the
Budget Director.
Mr. BRUNDAGE. I have not had a chance to speak with the Secretary.
The CHAIRMAN. H O W did the Secretary of the Treasury get it if
you did not have it?
Mr. BRUNDAGE. Well, I have not spoken with the Secretary of the
Treasury about this list, and I do not know what the list is. I do
not think we gave him one. I do not recall it.
The CHAIRMAN. I t is very strange that the Secretary of the Treasury
would say you have reduced the budget $1,999 million if you do not
know of the details that would bring that reduction about.
Senator K E R R . Will the Senator yield right there for a moment?
Mr. BRUNDAGE. If you will let me see it, I may know.
Senator K E R R . YOU gave Congress your estimated budget for
1959, and on the basis of certain assumptions
Mr. BRUNDAGE. Yes, sir.
Senator K E R R . YOU said or
indicated or estimated that there would
be a $500 million, surplus.
Mr. BRUNDAGE. That is right, Senator.
Senator K E R R . NOW, as I understood the Secretary yesterday, he
had merely tabulated the items that were in the estimate of reductions
and expenditures recommended for 1959 as compared to 1958.
Mr. BRUNDAGE. Oh, well, I could give you that as compared with
1958.
Senator K E R R . Is that not your question, Mr. Chairman?
The CHAIRMAN. Yes. Where the decreases that you made in the
1959 budget compared to 1958; and then I would like a statement of
the increases.
Mr. BRUNDAGE. That would be easy. I thought you wanted the
particular savings that would be attributed to any one specific proposal. That would be a little more difficult since the budget estimates
reflect spending under past commitments as well as proposed program
changes.
The CHAIRMAN. Well, how are you going to get the total if you do
not know the specific savings? You have first got to start with the
specific savings on a specific item to get the total.
Mr. BRUNDAGE. We can show you what we are estimating to be
spent in 1959 as compared to what we have estimated for 1958 and
what we actually spent in 1957. You can have that comparison any
way }^ou want it.
The CHAIRMAN. D O you mean in generalities, or itemized?
Mr. BRUNDAGE. I mean you can have it in as much detail as you
want.
The CHAIRMAN. The detail I would want is reductions in the budget
of 1959 as compared with 1958, then increase in the budget for 1959
as compared with 1958.
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DEBT CEILING INCREASE
I t seems to me that it is important for this committee to know
this in consideration of the pending bill. The President stated in
Oklahoma City that he was going to cut the nonessential spending,
wherever it was possible to do it, to make up for the increased costs
in the missile field, and so forth. He likewise told the congressional
leaders on December 3 at the White House in very emphatic language
that he intended to do that.
Mr.
BRUNDAGE. Yes,
sir.
The CHAIRMAN. W h a t I want to know is where these cuts have
been made; the recommendations for them, rather.
Mr. BRUNDAGE. Where they are proposed; yes.
The CHAIRMAN. In a specific fashion. What you have read to us
is not specific.
And in addition to that, I would like to know whether this Joint
Federal-State Action Committee agreed to certain cuts in the Federal
grants; as I understand it, that is predicated on the release of certain
taxation to the States?
Mr.
BRUNDAGE. Yes,
sir.
(The material referred to follows:)
COMMITMENTS MADE BY FEDERAL REPRESENTATIVES TO THE JOINT FEDERALSTATE ACTION COMMITTEE
In reference to your inquiry concerning commitments made by the Federal
representatives to the Joint Federal-State Action Committee, I should like to
refer the members of the Senate Finance Committee to pages 1 through 14 of
progress report No. 1 of that Committee. These pages constitute the official
report of that Committee. A reading of this report will indicate that no commitments have been made with reference either to functions to be shifted or tax
adjustments to be made thereby. With particular reference to your inquiry
as to the proposals concerning the local telephone tax on page 11 of that report
the following statement is made:
"LOCAL TELEPHONE SERVICE TAX
"The Joint Federal-State Action Committee believes that the local telephone
service tax is a logical revenue source for State and local governments. It recommends, therefore, that the Federal tax on local telephone service be changed so
as to provide a 40-percent tax credit to those States enacting a 4-percent local
telephone tax, not counting taxes already levied prior to the adoption of the credit
device. This T would mean that the Federal liability under the local telephone
service tax w ould be discharged to the extent of 40 percent for any taxpayer
paying this amount of tax to his State government. At the end of 5 years, the
Federal levy should be reduced 4 percentage points automatically.
"The Joint Federal-State Action Committee recommends that—
" 1 . The President request Congress to take necessary action to provide up to
a 40-percent Federal tax credit against the Federal local telephone service tax
for States enacting or increasing such taxes, the credit arrangement to last for
5 years at which time the Federal tax will automatically be reduced by 4 percentage points.
"2. The governors and the legislatures of the several States take necessary
steps to avail themselves of this additional revenue source."
This report consists of several recommendations to the President and the
governors of the various States. In their letter of transmittal the Cochairmen
of the Committee said:
"The purpose of filing our first report at this time is to permit early action.
The Committee urges that those recommendations requiring legislative implementation be transmitted to the Congress and State legislatures for consideration
at their next sessions/'
Quite clearly congressional action would be required, and is recommended,
before there could be agreement to relinquish this or any other tax. The potential
tax impact to the Federal Government is $148 million. This is the only tax on
which an action recommendation is made.
DEBT CEILING INCREASE!
115
T h e President's position concerning t h i s r e p o r t is covered in p a r t b y t h e following from his budget message:
" P r u d e n t limitation of Federal activities cannot alone meet t h e whole problem
of overcentralization. T h e continued strength of our Federal system also depends upon reinforcing t h e administrative and fiscal ability of t h e States to carry
o u t their responsibilities. Accordingly, I suggested at t h e governors' conference
a t Williamsburg, Va., in J u n e of 1957, t h a t an action group be established t o
m a k e recommendations on t h i s and other aspects of the problem. A J o i n t FederalS t a t e Action Committee consisting of 10 governors and of representatives of t h e
executive branch of t h e Federal Government was subsequently created.
" T h e initial progress report of this Committee, made last m o n t h , recommends
complete transfer of two programs to t h e States together with t h e simultaneous
relinquishment of a portion of t h e local telephone service t a x which t h e Federal
G o v e r n m e n t now collects. These programs are vocational education and t h e
construction of waste t r e a t m e n t facilities. Legislative proposals to carry out
these and future recommendations of the Committee will be t r a n s m i t t e d to t h e
Congress. An orderly readjustment requires time for action by b o t h t h e Congress
a n d t h e State legislatures. Consequently, t h e effect of the proposed transfers on
expenditures and revenues of t h e Federal Government will occur beginning in
1960. The report also recommends increasing t h e degree of State responsibility
in three other programs: u r b a n renewal planning; natural disaster relief; a n d
regulating and promoting peaceful uses of atomic energy, particularly for health
a n d safety.
"Cooperation of this n a t u r e is a highly desirable and, in m y judgment, a long
overdue experiment in public administration a n d finance. T h e success of t h e
venture depends upon further cooperation among the executive branch, the Congress, t h e governors, the legislative bodies of the States, and t h e local governments
involved. As for this administration, I can say t h a t the executive branch is eager,
as well as willing, to do its p a r t to insure t h a t success."
If t h e Congress should approve these recommendations, it would t h e n be up to
t h e States further to implement t h e recommendations by affirmative action.
Such State action most probably would follow congressional action in view of t h e
fact t h a t most State legislatures do not meet this year.
The CHAIRMAN. That should be set forth also, because that would
result in a loss in revenue, is that right?
Mr. BRUNDAGE. Well, the revenue would be relinquished along with
the anticipated reduction in expenditures for the first year, that is,
currently. As a matter of fact, in most of these programs the savings
will be in the future in holding down increases, because, as I pointed
out last year, as you may recall, that due to the legislation and the
programs which have been approved and the necessities for national
defense and for interest charges, that it is a very difficult, if not impossible, matter to make an}^ more substantial cuts in current expenditures without legislation and without——•
The CHAIRMAN. YOU are talking about expenditures in the next
fiscal year?
Mr. BRUNDAGE. Yes; that is right.
The CHAIRMAN. YOU must have somewhere in your records an
estimate of what you have saved for the next fiscal year.
Mr. BRUNDAGE. What we hope to save, what we are proposing to
save.
The CHAIRMAN. What savings your recommendations would produce.
Mr. BRUNDAGE. We have a lot of that information in the budget
document, of course, and it is arranged by programs and by departments. You can have it any way you like.
The CHAIRMAN. D O you have an itemized list of savings that
you recommended?
Mr. BRUNDAGE. I will be glad to submit for the record the tables in
the budget and with annotations, that is, arranged, as I say, both by
departments and by programs.
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DEBT CEILING
INCREASE
The CHAIRMAN. Well, could you not read it off; it is not a long list,
is it?
Mr. BRUNDAGE. Well, the summary shows the difference in
estimated expenditures between 1958 and 1959. I t shows that from
the funds appropriated to the President, the mutual security expenditures are estimated to be $3,868 million in 1958 as compared with
$3,749 million in 1959, an increase of about $120 million.
In the other funds appropriated to the President, there is a decrease
from $405 million in 1958 to $302 million in 1959, a decrease of about
$100 million.
Senator KERR. In what?
The CHAIRMAN. What was that reduction in?
Mr. BRUNDAGE. Those are the various other funds appropriated to
the President, primarily for expansion of defense production.
Senator WILLIAMS. Do you have an estimate, Mr. Bundage, as
to what the budget would be, assuming Congress did not enact any of
these legislative recommendations?
Mr. BRUNDAGE. Well, I would guess $1 billion more.
Senator WILLIAMS. How much?
Mr. BRUNDAGE. I would guess if we do not get any of our proposal,
it would be about $1 billion more.
The CHAIRMAN. But that is a guess. The Secretar}' of the Treasury
says that there were savings of $1,999 million and you say $1 billion.
I thought that you would come prepared today to give an itemized
list of these savings as well as the increases in the budget as compared
to last year that you recommended. Of course, you are not responsible
for what Congress does.
Senator ANDERSON. HOW can we take action on this, Mr. Chairman,
before we have something like that before us?
The CHAIRMAN. I do not think we can.
If you would like more time, Mr. Brundage, to get that presentation
of it, like you are reading it now does not provide the information
in a way that we can understand.
Mr. BRUNDAGE. I thought that you wanted to know the reduction
in what we are proposing in
The CHAIRMAN. Yes, you have given some of it in a fashion here.
You have put it in your statement, but it is not complete, so we cannot
estimate what are the actual savings.
What we are concerned about, of course, is the question of increasing the ceiling. Now, expenditures in the period involved is one of
the factors in the question of increasing the ceiling.
Mr. BRUNDAGE.
Yes.
The CHAIRMAN. Statements that savings have been made in this
budget have been highly publicized. I would like to know where the
savings are in an itemized way and where the increases are. The
increases in the budget, as you well know, must be considered together
with the savings, is that not right?
Mr. BRUNDAGE. I will be glad to prepare and submit it any way
you like, Mr. Chairman.
The CHAIRMAN. For proper consideration of this bill we need this
information and some of us are not on the Appropriations Committee.
I t would be very interesting to know exactly what saving would
result from certain specific things. We would like to know also
what commitments have been made to the Federal-State Committee
DEBT CEILING
INCREASE
117
with respect to elimination of Federal taxes in connection with
reducing certain State grants, grants to the States.
Mr. BRUNDAGE. Those will not affect 1959, as I explained.
The CHAIRMAN. But they are commitments, are they not?
(The requested information was subsequently furnished by Mr.
Brundage in a prepared statement which he read into the record of
the hearings on February 4, 1958. See p. 243.)
Exactly how are those commitments made? I do not understand
just how anybody can commit the Congress to give up taxes. I am
not criticizing what you are attempting to do, but what valid commitment can be made for elimination of the telephone tax or some other?
Mr. BRUNDAGE. Well, the governors cannot commit their legislatures either. I t is all a question
The CHAIRMAN. Does it have to be done simultaneously?
Mr. BRUNDAGE. Of our recommendation.
Well, any surrender of ours would obviously not be made until
Congress had approved and until the State legislatures had approved
reductions.
The CHAIRMAN. Would not the Congress have to approve the elimmination of taxes too?
Mr. BRUNDAGE. Oh, yes.
The CHAIRMAN. That would
all have to be done at one time, is that
not correct?
Mr. BRUNDAGE. Congress would have to approve the reduction in
the expenditures and also the transfer of the revenue.
The CHAIRMAN. And also Congress would have to act at the same
time. I do not suppose that there would be any other way to do it,
and of course nobody can guarantee that this would be done.
Mr. BRUNDAGE. N O , sir; these are all proposals or recommendations.
The CHAIRMAN. Does the Joint Federal-State Action Committee
include governors?
Mr. BRUNDAGE. Yes; it is composed of the representatives of the
governors and of representatives of the Federal Government.
The CHAIRMAN. D O they speak for the governors?
Mr. BRUNDAGE. Well, they speak for the governors' conference, and
they are going to recommend when they go back to their respective
legislatures.
The CHAIRMAN. In a rough estimate, what reduction in Federal
taxes would be required to match the proposed reduction in grants?
Mr. BRUNDAGE. Well, the ones that we have actually discussed
came to something over $100 million.
The CHAIRMAN. That includes such items as the telephone tax, and
what else? Is the telephone tax in it?
Mr. BRUNDAGE. This is a proposal to transfer up to 40 percent of
the telephone tax on local calls. We were not proposing to surrender
any revenue except as they take over expenditures.
And as I say, it is not proposed to be effective before 1960, and it is
subject, of course, to approval of the Congress in both respects.
The CHAIRMAN. Well, the Treasury sat in on these conferences, did
they not?
Mr. BRUNDAGE. Yes; the Secretary of the Treasury is Chairman of
the Committee.
The CHAIRMAN. T O what extent did he commit the Government to
reduction in Federal taxes?
118
DEBT CEILING
INCREASE
Mr. BRUNDAGE. Well, he made it clear that he was speaking only
for the executive branch, representatives of the President appointed
to this Joint Federal-State Action Committee, and the governors
made it quite clear that they were just speaking for the governors'
conference.
The CHAIRMAN. AS I understand you, Mr. Brundage, you are not
prepared today for what the committee requires. There is no use of
reading over the budget; that is not sufficient for our purposes.
What we want is a direct statement signed by you, delivered by you
in person, as to these savings, item by item, because that is the only
way we can get at it; and then another statement of the increases you
have made in the budget, item by item.
Mr. BRUNDAGE. Yes,
The CHAIRMAN. And
sir.
then also I would like to know what these
agreements are that are being made with the States. I am not
opposing it, but I just do not see how anybody can commit Congress
to release certain taxes and transfer them to the States on a permanent basis. I do not think it can be done.
Is that the pleasure of the committee?
Senator M A R T I N . Mr. Chairman, I think the thing that you suggest
there is very important, that we have those three different items,
and compiled in separate tables, and then we would all have them.
There is a congressional responsibility there. There is no question
that any Federal taxes transferred to the States will require an act
of Congress.
B u t on these things, Mr. Chairman, you will remember you and I
were on a committee, 10 years ago, trying to do this very thing.
I t ought to be done. We worked on it. I think we met 2 or 3
different years, but nothing }^et has been done about it.
The CHAIRMAN. IS it the pleasure of the committee to interrogate
the Budget Director on other points or wait until we get his tables on
these savings? I thought perhaps we could get that this morning,
but as I understand it, you have not got that made up yet.
Mr. BRUNDAGE. N O , not in the form in which you asked for it.
The CHAIRMAN. I think it is vitally important to the whole question
of raising the debt limit, because a reduction of nonessential expenditures would be a way to avoid an increase in the debt ceiling, is that
not right?
Mr. BRUNDAGE. Well, we think that—we have made provision for
what can be done administratively, and these proposals that I was
outlining were those that we thought we should have the support of
the Congress in. That is why I presented it in that way.
The CHAIRMAN. There is a statement you can put in. What you
can do administratively, and likewise what is required of Congress.
With that breakdown we could get a clear picture of the matter.
And you have made quite substantial increases, have you not, in
certain items of the budget? You could likewise give that to the
committee.
Mr. BRUNDAGE. There are some increases; yes. I will separate it
for you, be glad to.
Senator WILLIAMS. HOW much do you have in this year's budget
to take care of salary increases?
Mr. BRUNDAGE. We are proposing the salary increases recommended, in essence, by the Cordiner Committee for the military, and
DEBT CEILING INCREASE
119
applying the same principles to the civilian; in other words, we are
increasing particularly the higher skilled, the ones that are more competitive with private industry, and then a general residual increase of
about 6 percent down along the line, civilian and military. Military
is limited to those that have been enlisted for 2 years.
Senator WILLIAMS. What effective date did you take into consideration that these might be put in?
Mr. BRUNDAGE. Well, we are assuming July 1. We are giving effect
for the wiiole fiscal year of 1959, but not for 1958.
Senator WILLIAMS. But not for 1958?
Mr. BRUNDAGE. Not for fiscal 1958.
The CHAIRMAN. HOW long would it take, Mr. Brundage, to get that
information in itemized form?
Mr. BRUNDAGE. Well, we have it all in the budget document. It is
the compiling. We have all kinds of lists.
The CHAIRMAN. I know you have got all kinds of lists. But we
want the particular list of where you are going to cut these expenses.
Senator ANDERSON. I think we ought to find out what things are
going to be suggested, what savings are within the power of the
Federal Government to do, and then go on to the things that the
Congress ought to do.
Senator M A R T I N . Mr. Chairman, should there not be two separate
lists?
Senator ANDERSON. There ought to be one list that shows what the
administration proposes to do, and then one list that shows the burden
placed on Congress.
Senator WILLIAMS. With the projected savings listed on each one of
them.
Senator ANDERSON. That is exactly right.
(The requested information was subsequent^ furnished by Mr.
Brundage in a prepared statement wliich he read into the record of
the hearings on February 4, 1958. See p. 243.)
Senator ANDERSON. NOW, the postal pay increase, I think, is very
definitely tied to this increase in postal revenues. I t is a matter of
the budget. If you do not get any money, maybe we ought to look
at it. You mentioned a while ago, the Senator from Pennsylvania,
that there might be some tie between appropriations and revenue
measures. Some of us have been advocating for years that no appropriation bill becomes final until the final survey of receipts. And
that it has to be reduced or adjusted.
You have soil-bank payments down here. In 1957, the Department of Agriculture paid, I think, $169 million to reduce the production of corn by acreage reserve payments, and got 200 million additional bushels of corn. Why was not the program stopped then?
Why stop it in 1959? We know it is no good. That is something
the administration can do now without the Congress. And I think
we ought to have a list of the things the administration proposes to
do to equalize what the chairman of the committee pointed out was
clearly outlined, that there is an effort to meet the extra costs of
these missiles by Government savings.
The CHAIRMAN. YOU were at the White House when the President
emphasized
Senator ANDERSON. Certainly I wras there, and that is why I
pointed out at that time all these missiles. Here is an article in the
120
DEBT CEILING
INCREASE
magazine called Planes, the December 1957 issue, and the first paragraph is worth reading. I t talks about the missiles have been the
logical supplement to conventional airpower, and says:
T o d a y there are 43 announced missile projects underway, divided into 4
categories: Air to air, 7 projects; air t o surface, 7 projects; surface t o air, 10
projects; and surface to surface, 19 projects.
Now, I go deer hunting. I know there are 20 different kinds of
deer rifles, different calibers, different makes. But one gun does the
job if I shoot straight. And I do not need to take all 20 guns with me.
Senator M A R T I N . M a y I break in? Will you yield just a moment?
Senator ANDERSON. Yes, sir.
Senator M A R T I N . YOU are making an awfully good point there.
The whole thing in defense is the personnel, and we have not heard
a single word asserted relative to personnel in this matter of defense
that we are now discussing, where we are contemplating increasing
the budget by 2 or 3 billion. If you do not have the proper personnel,
the man that can shoot straight, it does not make any difference
how good a gun he has or anything else, we are not going to have
good defense.
Senator ANDERSON. Mr. Brand age, I am not trying to be critical
of you. I know you are a good, conscientious Budget Director and
did a good job on that program. But we can save all the money
we need for the missiles program out of the missiles program. All
we have got to do is chop down the things everybody knows are no
good. But someone comes along and says: "Well, the Navy has one
that does it; why should not the Army have one, or the Air Corps?"
I asked a man in charge of some Navy work when he was talking
about the Talos missile, which is a pretty good missile. I said: "Is
the Army using it?" "Well, they plan to." "Air Corps going to
use it?" "Well, Air Corps has got their own."
And that is the whole story. Everybody has got to have his own
gun, but he cannot take his own gun; he cannot just take a Winchester, he has got to have a Savage 30-30; he has got to have a
270 and a 308, and he has got to have every kind, when all he needs
is just one of them. And it applies all the way along the line.
If they are not going to do that, then I think they ought to come
in and tell us where they are going to save. They could save it in
the missiles program itself to take care of all the missiles work. If
they are not going to do it, I think they ought to come in here and
tell us where they are going to do it.
Mr. Chairman, the Army developed some time ago an atomic
cannon.
The
CHAIRMAN.
Yes.
Senator ANDERSON. The Army was pretty well told when they
brought it before the Joint Commission on Atomic Energy that we
could see no possible use for it. They went right ahead and spent
several—well, I do not know whether it is still classified or not. Let
me say they spent a quarter of a million dollars on it in the equipment and the shells. You find out how many of them are in use
today. They put them over in Germany because they did not dare
face the people in this country and tell them about it. The last
report came in and said it is the only mobilized roadblock that has
ever been developed. Did they stop there? No; they have gone
DEBT CEILING
INCREASE
121
ahead with another device now that the Navy has asked for that
the Navy knows it can never use, a shell that there is no gun to fire
it in and has not been since they put the battleships in mothballs.
But millions and millions and millions have to be poured out in that.
I would like to know where they are going to save this money. I t
is not too hard to find places to do it.
Senator GORE. I am going to oppose balancing the budget by diverting funds from the highway trust fund, Mr. Brundage. You propose
to divert $68 million a year from the highway trust fund, while at the
same time the President talks about the necessity for building better
roads and Mr. Tallamy says it is going to be necessary to stretch the
13-year program to a 20-year program. And when we actually measure all of the facts, it looks more nearly like a 25-year stretchout than
a 20-year stretchout.
You had better find someplace to balance your budget other than
out of the highway trust fund.
Mr. BRUNDAGE. Well, we were proposing to transfer this gas tax
on aviation fuel.
Senator G O R E . I know what you propose; I am just telling you I
am going to oppose it.
Mr. BRUNDAGE. Well, there is no particular reason why an airplane
should pay a tax on its fuel in order to build roads. T h a t was the
fmrpose of the suggestion.
Senator GORE. Well, that is not the only diversion you propose.
Senator B E N N E T T . Mr. Chairman.
The CHAIRMAN. Senator Bennett.
Senator B E N N E T T . D O you, as chairman of the Committee on
Nonessential Expenditures, have a breakdown of the unexpended
balances in terms of the agencies or services or programs?
The CHAIRMAN. Yes,
sir.
Senator B E N N E T T . Could that be revised and brought in for the
record of this committee?
Senator K E R R . He has got it in a very revised condition.
The CHAIRMAN. The aggregate is about $70 billion.
Senator B E N N E T T . I know the total, but do you have the breakdown? Yesterday a great deal was made of the fact that this $70
billion is hanging over our head, and I think for the record we should
know how that is allocated among the various departments and
agencies, if possible. Should I properly ask the chairman if that can
be supplied?
The CHAIRMAN. I shall be pleased to furnish the information you
desire.
Senator M A R T I N . I think that is very important.
(The material referred to follows:)
Summary: Analysis of unexpended balances (by budget document chapters)
to
[In t h o u s a n d s ]
Fiscal year 1959
B a l a n c e , start of
fiscal year 1957
(actual)
Balance, start of
fiscal year 1958
(estimated)
Balance, s t a r t of
fiscal year 1959
(estimated)
Budget document chapters
Unobligated
Legislative b r a n c h
The Judiciary
E x e c u t i v e Office of t h e P r e s i d e n t
F u n d s a p p r o p r i a t e d to t h e P r e s i d e n t
I n d e p e n d e n t offices
G e n e r a l Services A d m i n i s t r a t i o n
Housing and H o m e Finance Agency
D e p a r t m e n t of A griculture
D e p a r t m e n t of C o m m e r c e
D e p a r t m e n t of Defense, m i l i t a r y functions
D e p a r t m e n t of Defense, civil functions^.
D e p a r t m e n t of H e a l t h , E d u c a t i o n , a n d
Welfare
D e p a r t m e n t of t h e I n t e r i o r
D e p a r t m e n t of Justice
D e p a r t m e n t of L a b o r
P o s t Office D e p a r t m e n t
D e p a r t m e n t of S t a t e
D e p a r t m e n t of t h e T r e a s u r y
D i s t r i c t of C o l u m b i a . .
Allowance for contingencies
Total,
Total
Unobligated
Total
Unobligated
Total
Total
770
050
602
009
35Q, 150
7, 860, 685
63, 076
5,179, 793
2,230, 789
165,012
34, 446, 770
362, 728
39,145, 400
685, 410
23, 457, 321
470, 009
16, 321, 679
230, 742
9, 584, 921
65, 364
33, 794, 472
347, 387
890, 774
346, 857
19, 775
8,399
219,310
77, 895
2, 876, 532
39,815
200, 000
2, 792, 905
583,154
230,190
465, 033
1,121
207,187
8, 618,926
35,829
1, 339, 000
2,192, 917
433, 436
214, 739
447, 025
1,121
180, 705
8, 540,001
660, 686
229,229
13, 098
5. 376
-16,980
47, 795
50, 694
10,380
47,917
29, 354
10,228
1,388
9,403
4, 293
2,786,235
38,035
830, 024
254, 931
19, 928
21, 031
231, 453
56, 582
2, 889, 490
38, 035
400, 000
69, 202,070
72, 452, 201
49, 670, 963
24, 262, 847
28, 482, 516
67, 223, 206
693, 380
8,960, 847
459, 988
4,136, 728
231, 935
2, 229,139
410.611
8. 377, 938
145, 534
5, 654, 423
2, 845, 937
174, 341
$157,125
2,716
688
3. 547, 903
11, 861, 009
349, 604
8, 617, 546
4, 509, 078
667, 546
15, 358, 097
140, 766
40, 208, 675
327,127
13, 235, 271
163, 258
36,910,197
351, 330
10, 344,116
150, 407
146, 207
164, 293
9,979
3,857
22,190
14, 360
2, 852,142
30, 887
601, 559
311,585
18,198
89,397
213, 769
43, 587
2,926, 880
30, 887
144, 679
160, 698
12, 064
2. 967
17, 240
16, 883
2,809, 214
37, 687
769,344
351,185
17, 899
8.165
212, 735
92, 525
2,894, 339
37, 687
103, 528
103,098
11, 083
303
14, 240
10, 648
2, 787, 869
39, 815
68, 845, 992
Unobligated
$121, 842
3,161
800
3, 344, 318
11,701,797
270, 538
8,580,411
3, 556, 494
760, 512
$181, 752
2,734
692
4, 944, 312
10,931, 532
530, 803
6,905,113
3,070, 480
633,168
73, 007, 244
Balances
of prior
authority
$41,542
2.716
660
3,184, 639
1, 357, 415
138,152
319.765
1, 389, 957
275, 302
50
1, 356, 900
7, 866. 357
275,128
4, 872, 091
1, 328, 350
360, 981
$144,032
N e w obligational
authority
Balance, s t a r t of
fiscal year 1960
(estimated)
$84, 631
42,912
11,103
985, 244
6. 914, 653
274, 838
134, 912
3, 591. 379
527. 788
$195,145
2,275
743
4, 880, 932
11,100, 569
881,843
5, 540, 058
2, 047, 000
3, 587,015
$147,454
$103, 491
Requested
n e w obligational
authority
E s t i m a t e d expendit u r e s from—
$98,
46,
11,
3, 948,
639
073
875
600
I', 2lT 428
335,
638,
4,106,
951,
27, 229
$49, 873
1,139, 000
w
H
O
o
o
w
>
LEGISLATIVE
BRANCH
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
New obligational
author- New obli- Balances
gational of prior
ity
author- authority
ity
Organization unit and account title
Unobligated
Total
Unobli-
Total
Unobligated
Total
Balance, start
of 1960
Unobligated
Total
o
SENATE
Current authorizations
$4,815
6,484
$6,600
$22, 288
$19,150
9,021
8,810
8,900
41,811
36,200
$650
$6,700
3
o
9,000
o
HOUSE OF R E P R E S E N T A T I V E S
Current authorizations
__
M
_.
>
A R C H I T E C T OF T H E CAPITOL
Current authorizations:
Office of the Architect of the Capitol:
Salaries
Contingent expenses
_
Capitol Buildings and Grounds:
Capitol Buildings
__.
Capitol Grounds
Subway transportation, Capitol and Senate Office Buildings.
Senate Office Buildings
_
_
Legislative garage
House Office Buildings
$19
103
1
132
•
2
243
50
234
40
9
10
894
318
6
1,822
42
1,283
844
296
6
1,642
40
1,178
50
22
132
2
100
180
2
105
LEGISLATIVE BRANCH—Continued
to
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITIE-Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Organization unit and account title
Unobligated
Total
Unobligated
Total
Fiscal year 1959
Balance, start
of 1959
Unobligated
Total
Balance, start
of 1959
Estimated expenditures from—
New obligational
author- New obli- Balances
ity
gational of prior
author- authority
ity
Unobligated
Total
w
a
A R C H I T E C T OF T H E CAPITOL—Continued
Current authorizations—Continued
Capitol Buildings and Grounds—Continued
Acquisition of property, construction and equipment, additional House Office Building:
Liquidation of contract authorization
_
Contract authorization
Capitol Power Plant
. . , ,„
Additional office building for the United States Senate:
Liquidation of contract authorization
Extension of the Capitol:
Liquidation of contract authorization
Contract authorization
Changes and improvements, Capitol Power Plant:
Contract authorization
Capitol Building, Senate and House roofs and chambers
Reconstruction, repair, alteration, and improvements, Capitol Grounds
_
_
3
$669
95,000
149
$47
85,000
89
1,310
13,864
5,250
4,962
37,600
1,236
1,196
14
$38,548
50
19 !
$1,886
77,500 J
200
I
$5,745
85,000
162
$62,406
1,058
10,592
88
1,588
1,500
4,990
37,600
14,839
25,600
16,609
25,600
3,225
25,600
14,820
25,600
6,315
3,051
1,196
14
2,221
730
2,732
730
681
730
2,043
730
476
20
19
21
}
1
$24,386
$1,769
$1, 557
i $12,146
$55,000
212
88
88
25,600
8,505
25,600
200
2,043
J.
]
730
Library buildings and grounds:
Structural and mechanical care.
Furniture and furnishings
Total, Architect of the Capitol
583
26
361
25
135,043
163,136
129,515
148,086
92,730
275
20
747
90
477 |
65
124,985
7,264
6,379
587
587
270
25
275
20
35,062 I
37,834
90,808
BOTANIC G A R D E N
Current authorizations:
Salaries and expenses
Relocation of greenhouses
13
Total, Botanic Garden..
972
13
15
19
374
90
59
195
413
120 |
32
4
307
129
34
5
376
«
LIBRARY OF CONGRESS
Current authorizations:
Salaries, and expenses
_
Copyright Office: Salaries and expenses
Legislative Reference Service: Salaries and expenses
Distribution of catalog cards: Salaries and expenses
Increase of the Library of Congress:
General increase of the Library of Congress
Increase of the law library
Books for the Supreme Court..
_
_
Books for the blind: Salaries and expenses
_
Organizing and microfilming the papers of the Presidents: Salaries and expenses
Intra govern mental funds:
Advances and reimbursements
Total, Library of Congress.
325
78
54
180
21
5
123 |
34
5 I
252 I
17
13
349
95
55
184 J
375
90
59
195
6,154
1,274
1,258
1,778
120 |
33
4
420
128 ,
34
4
307
320 |
90
30
1,355
50 I
1,071
406
394
1,667
1,586
5,742 |
1,181
1,192 |
1,554
199 I
58 I
26 I
979 !
224
O
H
3
CO
4
46 j
347
12,309 j
10,977
1,228 I
to
LEGISLATIVE BRANCH—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
ts3
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Balance, start
of 1959
Fiscal year 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obli- Balances
ity
gational of prior
authorauthority
ity
Balance, start
of 1960
Unobligated
Total
W.
Hi
GOVERNMENT PRINTING OFFICE
O
Current authorizations:
Printing and binding
Salaries and expenses, Office of the Superintendent of DocuIntragovernmental funds:
Government Printing Office revolving fund
Total, legislative branch
$4,971
$2,646
$3,231
$10,700
$7,990
$2,530
$3,410
404
379
347
3,295
2,982
346
314
& • •
$12,382
11,717
$14,261
13,667
$10,761
11,461
12,382
17,092
14,261
16,692
10,761
15,039
13,995
147,454
195,145
144,032
181,752
103,491
157,125
$6,415
128,654
12,385
$44,362
139,046
11, 737
$18,215
111, 330
14,487
$56,349
111,330
14,073
$3,994
88,736
10,761
147,454
195.145
144,032
181,752
103,491
-1,639
$12,039
19,900
10,972
1,237
12,039
13,624
98,639
84,631
41,542
49,873
121,842
$41,440
103,830 | $98,639
11,855
$84,631
RECAPITULATION
Enacted or recommended in this document:
Appropriations
Revolving and management funds: Intragovernmental funds..
Total, legislative branch
1
.
.
157,125
98,639
84,631
(
$88 *$21,760
$41,542 | 37,746
89,835
I 12,039 110, 247
41,542
Excludes capital transfer (payment of profits to Treasury), in 1959 of $3,200 thousand. ' Excludes amounts no longer available in 1959 of $4,548 thousand.
49,873
121,842
a
w
GQ
THE
JUDICIARY
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands]
Balance, start
of 1958
Balance, start
of 1957
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obli- Balances
gational of prior
ity
author- authority
ity
Balance , start
of 1960
Unobllgated
Total
td
S U P R E M E COURT OF T H E U N I T E D STATES
Current authorizations :
Salaries
Printing and binding, Supreme Court reports
Miscellaneous expenses
Care of the building and grounds
Automobile for the Chief Justice
Total, Supreme Court
S
-
_
$57
35
9
241
1
$57
48
8
88
$59
40
9
10
1
$1,249
90
74
317
6
$1,191
50
66
305
5
$58
40
9
10
1
$58
40
8
12
1
342
200
119
1,736
1,617
118
119
16
20
22
308
285
22
23
120
73
SI
700
648
51
C O U R T OF CUSTOMS AND P A T E N T APPEALS
Current authorizations:
Salaries and expenses
CUSTOMS COURT
Current authorizations:
Salaries and expenses
.
_
52
. r;1 •• • j e s a
3
THE JUDICIARY—Continued
to
ANALYSIS OF UNEXPENDED BALANCES—Continued
QO
BY ORGANIZATION UNIT AND ACCOUNT TITLE-Continued
[In thousands]
Balance, start
of 1958
Balance, start
of 1957
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obligational
ity
authority
Balances
of prior
authorizations
Balance, start
of 1959
Unobligated
Total
O
g
C O U R T OF CLAIMS
Current authorizations:
Salaries and expenses
Repairs and improvements
Total, Court of Claims
..
___
$42
2
$38
$45
$813
9
$765
9
$45
$18
44
38
45
822
774
45
48
219
646
345
326
28
310
735
344
295
28
362
147
183
48
988
8,967
18,012
4,528
2,784
1,058
48
988
241
37
9,358
19,291
4,988
3,098
1,101
241
37
391
1,279
460
314
43
109
128
2,035
2,636
1,855
2,384
109
128
180
252
COURTS OF A P P E A L S , D I S T R I C T COURTS, AND
O T H E R J U D I C I A L SERVICES
Current authorizations:
Salaries of judges
_
Salaries of supporting personnel
Fees of jurors and commissioners
Travel and miscellaneous expenses
Administrative Office of the United States courts. _
Air conditioning courtrooms, offices, and other rooms
Salaries of referees (indefinite special account)
^
38
151
a
Proposed for later transmission (under existing legislation):
Salaries of judges..
Fees of jurors and commissioners
Travel and miscellaneous expenses
Salaries of referees (indefinite special account)
E xpenses of referees (indefinite special account)
Total, courts of appeals, district courts, and other judicial
services
Total, the judiciary.
300
430
59
65
75
1,753
2,404
2,480
300
430
59
65
75
42,507
39,588
2,480
2,275
2,734
2,716
46,073
42,912
2,716
$2,275
$2,734
$1,787
$46,073
$42,912
$1,787
2,919
= = =
3,161
RECAPITULATION
Enacted or recommended in this document;
Appropriations
;
Proposed for later transmission:
Appropriations
Total, the judiciary.
S3
929
2,275
2,734
2,716
$3,161
a
3,161
Q
929
46,073
42,912
2,716
E
S
o
w
>
1
EXECUTIVE OFFICE OF THE
PRESIDENT
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands]
Balance, start
of 1958
Balance, start
of 1957
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obli- Balances
gational of prior
ity
author- authority
ity
Balance, start
of 1960
Unobligated
Total
C O M P E N S A T I O N OF T H E P R E S I D E N T
Current authorizations:
Compensation of the President
$150
$150
T H E W H I T E HOUSE O F F I C E
Current authorizations:
Salaries and expenses..
$131
$102
$129
2,052
1,920
$113
$148
126
145
145
1,500
1,310
140
195
SPECIAL P R O J E C T S
Current authorizations:
Special projects
E X E C U T I V E MANSION AND GROUNDS
Current authorizations:
Executive Mansion and Grounds
Addition to Executive Mansion
Total, Executive Mansion and Grounds
18
89
415
394
16
21
$50
11
56
16
$89
89
107
50
67
16
415
394
16
21
_-
B U R E A U OF T H E B U D G E T
Current authorizations:
Salaries and expenses
-
-.
192
195
210
4,205
3,981
209
225
—
15
14
15
375
360
15
15
18
14
42
700
658
42
42
COUNCIL OF ECONOMIC ADVISERS
Current authorizations:
Salaries and expenses
NATIONAL S E C U R I T Y COUNCIL
Current authorizations:
Salaries and expenses
_
w
O F F I C E OF D E F E N S E MOBILIZATION
Current authorizations:
Salaries and expenses
Defense rental areas division—
O
137
149
4
126
2
2,420
2,275
120
2
151
137
153
128
2,420
2,275
122
151
_
Total, Office of Defense Mobilization
125
o
P R E S I D E N T ' S ADVISORY C O M M I T T E E ON
G O V E R N M E N T ORGANIZATION
Current authorizations:
Salaries and expenses
o
-
2
2
3
58
55
3
3
692
688
11,875
11,103
660
800
w
m
P R E S I D E N T ' S COMMISSION ON VETERANS'
PENSIONS
Current authorizations:
Salaries and e x p e n s e s . . - _ - - - f c - ^ . ^ - - _ . . ^ - _ i . . ^ - i . - . ^ - . . - - ^ .
Total, Executive Office of the President
_—.
15
89
743
50
co
EXECUTIVE OFFICE OF THE PRESIDENT—Continued
CO
to
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE-Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Balance, start
of 1959
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
Fiscal year 1959
Estimated expenditures from—
New obligational
author- New obligational
ity
authority
Balances
of prior
authorizations
Balance, start
of 1959
Unobligated
Total
O
m
RECAPITULATION
s
Enacted or recommended in this document:
$89
$743
$50
$692
$688
$11,875
$11,103
$660
$800
a
F U N D S A P P R O P R I A T E D TO T H E
PRESIDENT
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands]
Balance, start
of 1958
Balance, start
of 1957
Fiscal year 1959
Balance, start
of 1959
Organization unit and account title
Unobligated
Unobligated
Total
Total
Unobligated
Balance, start
of 1960
Estimated expenditures from—
Total
New obligational
author- New obli- Balances
of prior
gational
ity
authorauthority
ity
Unobligated
Total
o
D E F E N S E AID
Current authorizations:
Defense aid, special fund
.. _ _
$256
$256
$83
$218
$83
$83
22,774
29,268
13,123
20,284
18,122
27,284
$83
$83
I
DISASTER R E L I E F
Current authorizations:
Disaster relief
_
$18,000
9,284
55
70
E M E R G E N C Y F U N D FOR T H E
PRESIDENT
Current authorizations:
Emergency fund for the President, national defense.
40
275
55
$1,000
$930
>
a
E X P A N S I O N OF D E F E N S E PRODUCTION
Public enterprise funds:
Revolving fund, Defense Production Act:
Cash
_.
Authorization to expend from debt receipts.
Total, expansion of defense production
262,276
13,811
956,271
470,725
34,675
805,570
170,502
34,769
435,700
262,276
970,082
470,725
840,245
170,502
470,469
|
271,864
271,864
r
1
59,499
34,619
163,986
59,499
198,605
00
CO
F U N D S APPROPRIATED TO THE PRESIDENT—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
CO
BY ORGANIZATION UNIT AND AGCOUNTTITtE-Coiitmued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Balance, start
of 1959
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
Fiscal year 1959
Estimated expenditures from—
New obligational
author- New obligational
ity
authority
Balances
of prior
authority
Balance, start
of 1960
Unobligated
Total
to
H
EXPENSES OF MANAGEMENT
IMPROVEMENT
Current authorizations:
Expenses of management improvement
O
$135
$ 238
$519
$528
$289
$323
$279
$44
MUTUAL SECURITY
Current authorizations:
Military assistance:
Military assistance1
|
Common-use items
_
Defense support:
Defense support
Defense support, Europe
,
Defense support, Near East and Africa
Defense support, Asia
_
Defense support, Near East, Africa and South
Asia.
Mutual defense financing, defense support,
economic and technical assistance, Europe..
Mutual defense financing, defense support, economic and technical assistance, Formosa and
the Associated States of Cambodia, Laos, and
Vietnam
'
O
to.
195,500
1,958,171
538,800
2,000,402
1,117,462
36,000
1,065,601
25,000
w
1,093,124
1,846,000
339,822
809,601
575,000
234, 601
Economic, technical, and other assistance:
Developmen t assistance
Technical cooperation, general authorization
United Nations expanded program of technical
assistance
Technical cooperation programs of the Organization of American States
Special assistance, general authorization...
Special assistance in joint control areas in Europe,
Intergovernmental Committee for European
M igra t ion.
United Nations refugee fund
Escapee program
United Nations children's fund
United Nations Relief and Works Agency
North Atlantic Treaty Organization
Ocean freight charges, United States voluntary
relief agencies
_
Control Act expenses
General Administrative expenses
Atoms for peace
President's fund for Asian economic developmentDefense support, Latin America
Development assistance, American Republics and
non-self-governing territories of the Western
Hemisphere
..
Development assist ance, Asia
Development assistance, Near East and Africa..
Economic and technical assistance, defense support, Asia and Pacific, other than Formosa and
the Associated States of Cambodia, Laos, and
Vietnam)
Economic and technical assistance, Near East
and Africa..
Foreign research reactor projects
Mutual security loans, Export-Import Bank of
Washington
_
_
Ocean freight charges, surplus agricultural commodities
Palestine refugee program
Special economic assistance, India and Pakistan.
Special Presidential*fund
F U N D S APPROPRIATED TO THE PRESIDENT—Continued
CO
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE-Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Organization unit and account title
Unobligated
Total
Unobligated
Total
Fiscal year 1959
Balance, start
of 1959
Unobligated
Total
Balance, start
of 1960
Estimated expenditures from—
New obligational
author- New obll- Balances
ity
gational
of prior
| authorauthority
ity
Unobligated
Total
W
o
M U T U A L SECURITY—Continued
O
Public enterprise funds:
Development loan fund (current appropriation)
Foreign investment guaranty fund:
$100,000
$69,210
Authorization to expend from debt receipts
_
Proposed for later transmission (under proposed legislation):
Military assistance. __
_. _
$159,071
$105,177
$2,028
199,072
89,577
$280,000
2,628 1
199,072
407,311
3,877,465
869,426
4,074,211
-900
1
1
1
$474
$180,474
70,377
3,528
199,072
$354,000
310,000
240,000
74,483
218,505 j 3,041,716 | 3,940,000
978,483
2,889, 626
225,517
1371,000
555,000
410,000
550,517
296,368
3,131,305
P R E S I D E N T ' S SPECIAL I N T E R N A T I O N A L
PROGRAM
Current authorizations:
President's special international program
'
628 '
2,073
3,024 '
6,610 '
3,110 '
6,321 '
o
>
W
$1,800,000
865,000
650,000
625,000
Economic, technical, and other assistance
Development loan fund..
Total, mutual security
$99,526
7,600 1
5,831 '
4.711 *
200 1
3,379
REFUGEE RELIEF
Current authorizations:
Refugee relief
184
1,510
MISCELLANEOUS
Current authorizations:
Assistance to Greece and Turkey
Obligations, defense aid, liquidation lend-lease
program
United Nations Relief and Rehabilitation Administration
1
Total, miscellaneous—
Total, funds appropriated to the President
1,730
1,630
100
1,530
26
22
4
18
1,757
1,652
104
4,880,932
1,356, 900 4,944,312
$361,894 $3,751,779
331,486 1,115,342
$780,998 $3,902,967
575,902 1,004,642
13,811
36, 703
693,380
410,611
3,547,903
3,948, 600
985, 244 3,184,639
$8,600
$6, 761 $3,184,639
1,548
356,150
3,344,318
RECAPITULATION
Enacted or recommended in this document:
Appropriations
Authorizations to expend from debt receipts
Revolving and management funds: Public enterprise funds
Proposed for later transmission:
Appropriations
Total, funds appropriated to the President
693.380
4,880,932
1,356,900
4,944,312
$50, 532 $2,595,734
634,772
260,079
100,000
410,611
|
I
317,397
3,547,903
|
$283 i $876,122
363,058
1 129,876
3,940,000
978,483
3,948.600
985,244
474
218,621
225,517 11,886,517
3,184,639
356,150
3,344,318
i Excludes outstanding common-item order reservations accounted for as balances under Department of Defense—Military Functions.
CO
INDEPENDENT
OFFICES
CO
00
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands]
Balance, start
of 1957
Balance, start
ofl958
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obli- Balances
of prior
gational
ity
authorauthority
ity
Balance, start
of 1960
Unobligated
Total
w
w
O
s
ADVISORY C O M M I T T E E ON W E A T H E R
CONTROL
Current authorizations:
Salaries and expenses
a
.
$55
$113
%
o
w
w
>
w
AIRWAYS MODERNIZATION BOARD
Current authorizations:
Salaries and expenses
$10.592
$35,000
$18,600
$9,400
$17,592
ALASKA I N T E R N A T I O N A L RAIL AND
HIGHWAY COMMISSION
Current authorizations:
Salaries and expenses.
$6
10
10
AMERICAN BATTLE M O N U M E N T S
COMMISSION
Current authorizations:
Salaries and expenses
118
154
194
1,250
1,090
130
224
M
Construction of memorials and cemeteries
Dedication of World War II memorials
1
Total, American Battle Monuments Commission.-
$7,423
10.316
119
123
7, 542
$6,124
8,556
3,374
7,306
10, 557
6,124
8,710
3,374
7,500
1,250
622,191
728, 746
308,029
700,445
584, 226
65,287
843,847
492,388
2,298,000
375, 810
197
197
341
341
445
445
3,000
4,306
1,090
3,130
4,530
1,466,153
843,847
220,000
831,847
272,388
ATOMIC E N E R G Y COMMISSION
Current authorizations:
Operating expenses
Plant acquisition and construction
Public enterprise funds:
Defense production guaranties.
Intragovernmental funds:
Advances and reimbursements
Proposed for later transmission (under proposed
legislation):
Plant acquisition and construction
-64
$509
509
ft
54
Total, Atomic Energy Commission
376,007
1,351,134
308, 370
3, 514
5,490
47,138
1, 285,066
65, 732
1,336,680
43, 241
45,141
120,000
20,000
2,418,000
1,486,153
100,000
1,063, 783
509
13,855
1,756
1, 204, 744
CENTRAL INTELLIGENCE AGENCY
Current authorizations:
Construction
__.
52,861
31, 286
CIVIL SERVICE COMMISSION
ft
>
w
w
Current authorizations:
Salaries and expenses
Investigat ions of United States citizens for employment by international organizations
Annuities, Panama Canal construction employees
and lighthouse service widows
Intragovernmental funds:
Investigations. „
_
Total, Civil Service Commission
w
J
1,066
1,007
1,061
18,420
17,289
1,061
1,131
42
44
47
383
346
47
37
176
298
190
2,328
2,141
190
187
3, 712
3,545
3,607
3,768
3,488
3,073
3,712
4,829
3,607
5,117
3,488
4,371
21,131
19, 776
55
3,570
3,018
1,353
3,570
4,373
CO
CO
INDEPENDENT OFFICES—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE-Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Balance, start
of 1959
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
Fiscal year 1959
Estimated expenditures from—
New obligational
author- New obli- Balances
gational
of prior
ity
authorauthority
ity
Balance, start
of 1960
Unobligated
Total
COMMISSION ON CIVIL RIGHTS
Current authorizations:
Salaries and expenses
$750
COMMISSION ON G O V E R N M E N T
SECURITY
Current authorizations:
Salaries and expenses. _
$135
$160
$52
COMMISSION ON I N C R E A S E D INDUS
T R I A L USE OF A G R I C U L T U R A L PRODUCTS
Current authorizations:
Commission on Increased Industrial Use of Agri-
9
$675
$75
COMMISSION ON I N T E R G O V E R N M E N T A L RELATIONS
Current authorizations;
Salaries and expenses
.
_.
1
_.._..
D I S T R I C T OF COLUMBIA AUDITORIUM
COMMISSION
Current authorizations:
Salaries and expenses -
__
6
-
E X P O R T - I M P O R T BANK OF WASHINGTON
Public enterprise funds:
Export-Import Bank of Washington fund:
1,024
Cash
.
.
_____
_
Authorization to expend from debt receipts. _ _ 2,039,776 2, 793, 500 $1,323,078
Liquidation of certain Reconstruction Finance
88
78
Proposed for later transmission (under proposed
legislation):
Export-Import Bank of Washington fund (authorization to expend from debt receipts) __
Total, Export-Import Bank of Washington
2,039,864
2, 794, 524 1,323,156
g
43,704
2,822,000
$806,853
$1, 500
55,500
$2,856
2,440,400
59
-6,117
1,356
$595,255 12,362,400
45
o
(2)
o
2,000,000
2,000,000
2,865, 704
2,806,912
4,443,256
1,800,000
2,000,000
50,883
2,395,300
4,363,756
109
1,137
1,247
-2,006
-30
343
•378
<3
FARM CREDIT ADMINISTRATION
Permanent authorizations:
Administrative expenses (indefinite special account)
Public enterprise funds:
Federal Farm Mortgage Corporation: Federal
Farm Mortgage Corporation fund:
Cash
Authorization to expend from debt receipts
984
1,084
1,137
1,247
1,137
1,247
2,539
499,705
2,593
499, 705
1,073
499, 735
1,120
499,735
532
573
i Excludes capital transfer in 1959 of $22,500 thousand.
» Excludes capital transfer of $7 thousand and unobligated balance no longer available
of $6,110 thousand in 1959.
2,125
2,016
- 3 Excludes capital transfer of $2,200 thousand and unobligated balance rescinded of
$30 thousand in 1959.
rf^
INDEPENDENT OFFICES—Continued
to
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Fiscal y e a r 1959
Balance, s t a r t
of 1957
Balance, s t a r t
of 1958
Balanc< 3, s t a r t
of 1 960
Balance, s t a r t
of 1959
E s t i m a t e d expendi t u r e s from—
Organization u n i t a n d a c c o u n t title
Unobligated
Total
Unobligated
Total
Unobligated
Total
N e w obligational
N e w obliauthorgational
ity
authority
Balances
of prior
authority
Unobligated
Total
w
O
FARM CREDIT
ADMINISTRATION—Con.
Public enterprise funds—Continued
Federal i n t e r m e d i a t e credit b a n k s :
F e d e r a l i n t e r m e d i a t e credit b a n k s i n v e s t m e n t
fund
_
O p e r a t i n g fund:
Cash
A u t h o r i z a t i o n t o e x p e n d from d e b t receipts
F e d e r a l i n t e r m e d i a t e credit b a n k s r e v o l v i n g fundP r o d u c t i o n credit associations i n v e s t m e n t f u n d . .
A g r i c u l t u r a l m a r k e t i n g revolving fund
F a r m C r e d i t A d m i n i s t r a t i o n revolving fund
T o t a l , F a r m Credit A d m i n i s t r a t i o n
$111,498
273,382
37,300
$112,048
273,382
37,300
35,865
60, 765
35,865
60,765
1,022,038
1,022,742
$40,000
$10,000
$40,000
$40,000
58,130
38,600
58,130
38,600
57,930
44,326
57,930
44,326
638,675
638,832
143,925
144,076
$2,125
4,653
4,244
19,400
18,000
$40,000
$to,ooo
$600
-5,000
57,330
49,326
57,330
49,326
$2,016
-6,327
148,136
148,281
15,000
5,756
3,000
4,244
F E D E R A L CIVIL D E F E N S E
ADMINISTRATION
Current authorizations:
Operations
Emergency supplies and equipment
„
2,887
26, 720
2,653
39, 244
6,053
12,244
si
o
1
Research and development
Federal contributions
Salaries and expenses, civil defense functions of
Federal agencies.
,
Public enterprise funds:
Civil defense procurement fund
Proposed for later transmission (under proposed
legislation):
Civil defense assistance to States
Total, Federal Civil Defense Administration...
6,929
8, 993
8,866
16, 729
9,043
14, 022
18,875
4,171
59, 659
1,500
17,000
10, 794
34,030
986
937
4,400
1,000
9,694
24,030
4,500
10,000
607
286
2,953
13.834
25,030
4,374
27,439
4,905
86,273
19,486
54, 658
22
26,000
20,000
67,800
41, 756
912
915
6,000
21, 766
912
58, 936
F E D E R A L COAL M I N E SAFETY BOARD
OF R E V I E W
H
Current authorizations:
Salaries and expenses
2
2
2
70
68
2
2
F E D E R A L COMMUNICATIONS
COMMISSION
Current authorizations:
Salaries and expenses
O
a
_.
399
344
450
8,950
8,450
500
450
F E D E R A L D E P O S I T INSURANCE
CORPORATION
Current authorizations:
Investment in Federal Deposit Insurance Corporation (authorization to expend from debt receipts). 3,000,000
£|
o
w
w
>
3,000,000
3,000,000
3,000,000
3,000,000
3,000,000
3,000,000
3,000,000
356
1,000,000
1,000,000
FEDERAL H O M E LOAN B A N K BOARD
Public enterprise funds:
Federal Home Loan Bank Board revolving fund:
346
315
Cash
_
274
317
345
265
Authorization to expend from debt receipts.
1 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000 1,000,000
-46
320
CO
INDEPENDENT OFFICES—Continued
4*
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Balance, start
of 1958
Balance, start
of 1957
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obli- Balances
gational
of prior
ity
authorauthority
ity
Balance, start
of 1960
Unobligated
Total
o
M
F E D E E A L H O M E LOAN BANK
B OARD—Continued
Public enterprise funds:—Continued
Federal Savings and Loan Insurance Corporation:
Revolving fund:
Cash
Authorization to expend from debt receipts
Home Owners' Loan Corporation fund
Total, Federal Home Loan Bank Board
s
o
$252,883
750,000
2,003,228
$257,812
750,000
626
$270,218
750,000
2,008,755
2,020,533
$275,979
750,000
566
$290,620
750,000
2,026,891
2,040,885
$297,175
750,000
501
-$43,125
2,047,950
-43,166
5
$313,363 * $320,847
750,000
750,000
436
2,063,719
2,071,603
F E D E R A L M E D I A T I O N AND CONCILIATION SERVICE
Current authorizations:
Salaries and expenses...
208
187
178
$3,695
$3,474
178
221
275
281
320
6,385
5,922
288
495
F E D E R A L P O W E R COMMISSION
Current authorizations:
W
Permanent authorizations:
Payments to States under Federal Power Act (indefinite special account) _
_...
Proposed for later transmission (under existing legislation):
Salaries and expenses
33
Total, Federal Power Commission
40
40
10
10
41
325
370
6,426
5,922
338
536
314
335
6,025
5,675
335
350
F E D E R A L T R A D E COMMISSION
Current authorizations:
Salaries and expenses
204
F O R E I G N CLAIMS S E T T L E M E N T
COMMISSION
Current authorizations:
Salaries and expenses
Payment of Korean claims
Total, Foreign Claims Settlement Commission
O
50
565
50
33
3
O
33
63
50
565
515
50
50
1,519
1,560
2,190
38,300
35,546
2,190
2,754
G E N E R A L ACCOUNTING OFFICE
Current authorizations:
Salaries and expenses
HISTORICAL AND MEMORIAL
COMMISSIONS
Current authorizations:
Alexander Hamilton Bicentennial Commission
Booker T. Washington Centennial Commission
Boston National Historic Sites Commission
Corregidor Bataan Memorial Commission, salaries
and expenses
„
Franklin Delano Roosevelt Memorial Commission.
10
I Excludes capital transfer of $19,453 thousand and unobligated balance no longer available of $60 thousand in 1959.
INDEPENDENT OFFICES—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITIE-Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
New obligational
author- New obligational
ity
authority
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
Balances
of prior
authority
Balance, start
of 1960
Unobligated
Total
o
HISTORICAL AND MEMORIAL
COMMISSIONS—Continued
Current authorizations—Continued
Jamestown-Williams burg-Yorktown Celebration
Commission
John Marshall Bicentennial Celebration Commission
Theodore Roosevelt Centennial Commission .
Woodrow Wilson Centennial Celebration Commission
Total, historical and memorial commissions
3
$21
$57
5
$98
$21
27
179
252
101
$38
$41
$33
$3
$8
38
43
35
3
8
15
169
217
INDIAN CLAIMS COMMISSION
Current authorizations:
4
4
5
$178
$172
5
6
685
916
1,043
17,500
16,468
1.043
1,032
INTERSTATE COMMERCE COMMISSION
Current authorizations:
I N T E R S T A T E COMMISSION ON T H E
POTOMAC RIVER BASIN
Current authorizations:
Contribution to Interstate Commission on the
Potomac River Basin
NATIONAL ADVISORY C O M M I T T E E FOR
AERONAUTICS
Current authorizations:
Salaries and expenses
Construction and equipment
Construction and equipment (liquidation 0 f contract authorization)
Construction and equipment, unitary plan
Proposed for later transmission (under existing legislation):
Salaries and expenses
Construction and equipment
13,221
6,150
25,946
8,379
6,624
28,717
18,545
6,624
46, 412
80,480
26,220
72,500
500
6,000
19,000
14.815
8,604
53,132
9
34
763
787
o
500
6,280
500
2,000
4,280
a
Total, National Advisory
Aeronautics
Committee for
14,008
33,992
8.647
36,138
23,025
59,816
106, 700
73,000
27.500
14,815
66,016
NATIONAL CAPITAL HOUSING
AUTHORITY
GO
W
Current authorizations:
Maintenance and operation of properties
$2
$6
$46
2,350
1,120
$35
$6
$11
NATIONAL CAPITAL P L A N N I N G
COMMISSION
Current authorizations:
Salaries and expenses
Salaries and expenses, Washington regional mass
transportation survey
Land acquisition, National Capital park, parkway, and playground system
M
o
w
w
$973
1,340
$1,206
600
INDEPENDENT OFFICES—Continued
00
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obli- Balances
gational
of prior
ity
authorauthority
ity
Balance, start
of 1960
Unobligated
a
to
Total
o
NATIONAL CAPITAL P L A N N I N G
COMMISSION—Continued
O
Proposed for later transmission (under proposed
legislation):
Land acquisition, National Capital park, parkway, and playground system
Total, National Capital Planning Commission.
$973
$1,436
$1,206
$2,541
$99
a
w
$3,000
$751
$751
$3,000
3,614
2,121
1,506
3,614
$615
425
9,985
9,390
425
595
30
20
520
250
490
230
30
20
30
20
NATIONAL LABOR RELATIONS BOARD
Current authorizations:
Salaries and expenses...
.
548
521
.
NATIONAL M E D I A T I O N BOARD
Current authorizations:
27
10
31
20
Salaries and expenses, National Railroad Adjustment Board
35
Total, National Mediation Board
72
50
525
475
50
50
100
1,295
1,195
100
100
22,422
2,259
140,000
82,800
14,800
2,000
1
NATIONAL SCIENCE FOUNDATION
Current authorizations:
Salaries and expenses...
,
International Geophysical Year
Public enterprise funds:
Research and development of rubber program
Intragovernmental funds:
Advances and reimbursements.
Proposed for later transmission (under existing legislation) :
Salaries and expenses
Total, National Science Foundation.
183
32,374
9,010
33,786
1,553
17,337
604
64,822
$46
259
120
9
8,000
8,000
32,557
42,981
18,890
604
32,681
140,000
82,800
24,800
O
46
65,081
NATIONAL S E C U R I T Y TRAINING
COMMISSION
O
a
Current authorizations:
Salaries and expenses
P E R M A N E N T C O M M I T T E E FOR T H E
OLIVER W E N D E L L HOLMES DEVISE
Permanent authorizations:
Oliver Wendell Holmes devise fund (indefinite
special account)
_
P R E S I D E N T ' S ADVISORY COMMISSION
ON P R E S I D E N T I A L O F F I C E SPACE
Current authorizations:
Salaries and expenses
434
434
434
405
405
13
60
358
358
INDEPENDENT OFFICES—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Balance, start
of 1957
Fiscal year 1959
Balance, start
of 1959
Balance, start
of 1958
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obliity
gational
authority
Balances
of prior
authority
Balance, start
of 1960
Unobligated
Total
R E N E G O T I A T I O N BOARD
Current authorizations:
Salaries and expenses
$224
$157
$206
$2,900
$2, 755
$150
$152
SAINT L A W R E N C E SEAWAY DEVELOPM E N T CORPORATION
Public enterprise funds:
Saint Lawrence Seaway Development Corporation
fund:
Cash
Authorization to expend from debt receipts
$30,428
4,850
89,000
$9,201
180
56,700
$25,363
280
47,600
19,000
$17,763
280
28,600
Total, Saint Lawrence Seaway Development
Corporation
30,428
93,850
9,201
56, 880
25,363
47,880
19,000
17,763
28,880
SECURITIES AND E X C H A N G E
COMMISSION
Current authorizations:
Salaries and expenses
327
298
498
7,100
6,600
498
500
S E L E C T I V E SERVICE SYSTEM
Current authorizations;
Salaries and expenses . _. _ _
_.
1,848
2,402
2,747
723
906
2
2,384
3,047
837
795
42
12,167
28,000
25,316
SMALL BUSINESS ADMINISTRATION
Current authorizations:
Salaries and expenses
- ..
Salaries and expenses, small defense plants activitiesPublic enterprise funds:
Revolving fund
Revolving fund, small defense plants activities
Liquidation of Reconstruction Finance Corporation loans
__Proposed for later transmission (under proposed
legislation):
Salaries and expenses
Revolving fund
...
Total, Small Business Administration
6,768
1,369
43,866
1,256
4,109
108
64,443
16, 450
68, 947
-25,591
33
158
-82
40
2,596
2,428
-5,028
8,170
46,003
4,135
65,391
2,800
50,000
1,904
40,000
53,308
2,607
»2,206
896
41,063
19,046
72, 212
52, 800
41,904
21,484
2,607
56,374
1,451
455
34,952
81
7,355
5,712
180
34,265
100
3,066
1,674
1,588
1,443
345
5,000
80
1,651
110
29,952
87
36,939
9,029
7,300
6,868
3,166
31,800
15
375
360
15
SMITHSONIAN I N S T I T U T I O N
Current authorizations:
Salaries and expenses
- __
_
Additions to the Natural History Building
Museum of History and Technology. _ .
Salaries and expenses, National Gallery of Art
Intragovernmental funds :
Total, Smithsonian Institution
1,147
...
888
923
2,245
81
34,557
25
40
16
39
913
3,513
34,573
36,873
35,800
111
34,445
SUBVERSIVE ACTIVITIES CONTROL
BOARD
Current authorizations:
Salaries and expenses..
_
9
14
* Excludes capital transfer of $4,100 thousand and unobligated balance no longer available of $1,150 thousand in 1959.
15
INDEPENDENT OFFICES—Continued
to
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE-Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obligational
ity
authority
Balances
of prior
authority
Balance>. start
of 1960
Unobligated
Total
bd
o
T A R I F F COMMISSION
Current authorizations:
$70
$87
$85
$1,810
$1,720
$85
$90
52
62
60
1,481
1,417
55
69
a
TAX COURT OF T H E U N I T E D STATES
o
Current authorizations:
Salaries and expenses
in
T E N N E S S E E VALLEY A U T H O R I T Y
Public enterprise funds:
Tennessee Valley Authority fund
._
Proposed for later transmission (under proposed
legislation):
Tennessee Valley Authority fund (authorization
to expend from debt receipts)
Total, Tennessee Valley Authority.
$83,954
83,954
129,902
129,902
$6,095
6,695
102,434
102,434
-$36,028
-36,028
62,465
62,465
16,850
16,850
125,000
13,000
141,850
29,850
29,802
29,802
-$15,501
• 30,600
66,000
112,000
50,499
142,600
U N I T E D STATES I N F O R M A T I O N AGENGY 1
Current authorizations:
Salaries and expenses,
._.
Acquisition and construction of radio facilities
Public enterprise funds:
Informational media guaranty fund:
Cash _
Authorization to expend from debt receipts
Total, United States Information Agency
105,000
5,032
5,983
15,580
6,428
5,139
25,422
5,865
2,529
24,522
4,965
9.239
37
19 437
5,472
77
15,013
2,538
7
12,937
15,222
41,482
10,611
46,377
5,067
42,431
110,032
8,677
8,800
2,500
36,000
7,000
100
3,500
2,500
81,900
1,900
29,022
5,597
18,600
2,500
-12
2,625
7
19
JO, 312
83,800
23,713
7
44,950
149, 582
140,682
8,800
8,900
21, 481
707,100
75,798
2,136
3, 232,000
717,960
51,100
1,250
9,145
18,881
670,100
69,398
2,031
3,228,500
715,560
50,997
1,250
1,375
2,500
36,000
6,050
100
3,500
3,184
1,310
2,600
37,000
7,350
105
3,500
» 2,400
U50
V E T E R A N S ADMINISTRATION
Current authorizations:
General operating expenses
Medical administration and miscellaneous operating expenses
Inpatient care
_ ._
Outpatient care
_
Maintenance and operation of supply depots...
Compensation and pensions _
Readjustment benefits
.
Veterans' insurance and indemnities
_
Grants to the Republic of the Philippines
Construction of hospital and domiciliary facilities—
Major alterations, improvements, and repairs
Military and naval insurance
National service life insurance
Servicemen's indemnities
Automobiles and other conveyances for disabled
veterans
Military and naval family allowance
Permanent authorizations:
9,075
7,744
7,967
1,705
33,466
6,873
83
4,902
5,169
25,031
7,663
3,071
34,514
6,698
92
28,562
10,385
300
89,664
4,104
140
4,075
14,822
300
131,332
6,199
145
4,053
14, 955
10
123,418
4,876
726
7,793
5,680
10
150,374
7,314
713
7,767
5,819
920
1,426
850
10
1,377
10
-581
104,942
2,880
651
556
158,551
4,507
651
556
150
234
684
r
66,967
* 136,232
(77)
(r)
(7)
()
(7)
570
« Excludes capital transfer in 1959 of $2,063 thousand,
34, 596
Represents transfers between accounts.
570
o
3
O
6
INDEPENDENT
OFFICES—Continued
C7I
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Fiscal year 1959
Balance, s t a r t
of 1957
Balance, s t a r t
of 1958
Balance, start
of 1960
Balance, s t a r t
of 1959
E s t i m a t e d expenditures from—
Organization u n i t a n d a c c o u n t title
Unobligated
VETERANS
Total
Unobligated
Total
Unobligated
Total
N e w obligational
authorN e w obliity
gational
authority
Balances
of prior
authority
Unobligated
Total
W
H
O
ADMINISTRATION—Continued
Public enterprise funds:
C a n t e e n service revolving fund
D i r e c t loans to v e t e r a n s a n d reserves (authorization to e x p e n d from d e b t receipts)
R e n t a l , m a i n t e n a n c e , a n d repair of q u a r t e r s . _
Soldiers' a n d sailors' civil relief
V e t e r a n s special t e r m insurance fund
Vocational r e h a b i l i t a t i o n , revolving fund
Intragovernmental funds:
S u p p l y fund
_
_
__ _.
Total, Veterans Administration
T o t a l , i n d e p e n d e n t offices
_
$3,037
$5,501
$3,105
$5,622
$2,453
152,972
4
-2,879
446
12,466
607
180, 277
4
637
446
20,912
609
203, 478
2
- 4 , 924
447
22,211
317
252, 861
6
1,120
447
35,068
317
40,841
2
-7,230
442
34, 573
318
108,310
2
2,012
442
49, 459
318
2,705
14, 285
- 3 , 358
8,646
-1,837
8,340
299,094
442,354
396, 754
569,470
178, 825
8,960,847 11,100, 569
7, 866, 357 10, 931, 532
-$535
$5,191
8,377,938 11,861,009
• 73,092
2
1,049
432
62,899
318
-615
-1,172
8,955
77,541
157, 519
349,911
963
10
-13,440
8,211,428
6,914,653
« $4,927
53,692
2
-11,613
432
46,754
318
-4,882
399, 573 .$4,968,122 $4,899,344
$2,139
1,357,415
7,860,685 11,701,797
l-H
o
RECAPITULATION
Enacted or recommended in this document:
Appropriations
Authorizations to expend from debt receipts..
Revolving and management funds:
Public enterprise funds
Intragovernmental funds
Proposed for later transmission:
Appropriations
Authorizations to expend from debt receipts..
Total, independent offices..
588,665
7,755,623
1,756,317
8,605,459
630,011
6,790,960
1,849,182
8,396,349
297,473
5,628,250
1,835,991
7,361,675
610,117
6,442
720,858
17,935
445,121
265
673,480
12, 521
446,084
1,651
634,140
11,413
4,480
2,000,000
17, 790
2,000,000
324, 551
95,655
64,818
8,960, 847 11,100, 569 7,866,357 10,931, 532 8,377,938 11, 861,009
8, 211,428
6,914,653
1,357,415
7,886,877 6,818,998
8 Excludes capital transfer in 1959 of $799 thousand.
• Excludes unof ligated balance no longer available in 1959 of $40,100 thousand.
88, 248 1,614,865
5,419,369 7,226,610
1,292, 597
484,670
2,398
io 584,110
11,973
1,866,000
152, 239
2,112,000
11, 701, 797
io Excludes capital transfers of $51,122 thousand, unobligated balance no longer available
of $47,420 thousand, and unobligated balance rescinded of $30 thousand in 1959.
a
%
O
s
o
GENERAL SERVICES
ADMINISTRATION
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fiscal year 1959
Balance, start
of 1959
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Balance, start
of 1960
Estimated expenditures from—
Total
New obligational
author- New obli- Balances
ity
gational of prior
author- authority
ity
Unobligated
Total
R E A L P R O P E R T Y ACTIVITIES
Current authorizations:
Operating expenses, Public Buildings Service __ __
Repair and improvement, federally owned buildings
Sites and expenses, purchase contract projects
.
Payments, public buildings purchase contracts
__
Construction, United States Court of Claims and Federal
Office Building, Washington, D . C
_
Construction, United States Mission Building, New York,
N. Y
.
Construction, public buildings
Hospital facilities in the District of Columbia. ,
_.
Hospital facilities in the District of Columbia (liquidation of
contract authorization)
_
Miscellaneous accounts:
Acquisition of land and building, Chicago, Illinois
Additional court facilities
_
__
__
Construction of public buildings, public buildings
Construction, purchase, remodeling and designing, buildings outside the District of Columbia, public buildings
Defense public works, community facilities._
$865
11, 582
7,057
$4,115
13,329
13, 952
13,871
2,640
5,300
1,000
1,000
637
1
1
3
157
5
157
313
$11, 373
3,652
5,930
$10,643
30, 308
12,954
11, 793
$11,373
175
150
$4, 785 $138,500 $137,000
44,308
50,000
25,000
24, 454
20,000
1,000
7
1, 265
693
1,755
5,794
1,200
1,000
3,975
1,500
$3, 700
25,000
14,000
7
$2, 585
44, 308
29,454
572
200
1,500
)
(
$295
20
130
2,475
255
1,794
12
12
4,000
1
1,000
1,000
281
159
159
12
12
Federal Supply and Records Building
General Accounting Office Building
Operating expenses
Remodeling the Congress Street Post Office, Chicago,
Illinois
Renovation and improvement of federally owned buildings
outside the District of Columbia
__
Repair, preservation, and equipment, outside the District
of Columbia
.—
Sites and planning, public buildings outside the District of
Columbia
__
United States Post Office, Chicago, Illinois
United States Post Office and Courthouse, Nome, Alaska..
Permanent authorizations:
Expenses, disposal of surplus real and related personal property (indefinite special account)._
Public enterprise funds:
Cost of maintenance, repair, etc., of improvements, public
buildings
Maintenance, etc., Layfayette Building, Washington, D. C ,
public buildings
Intragovernmental funds:
Buildings management fund-..
Construction services, public buildings
_
—
Advances and reimbursements, real property activities
Proposed for later transmission (under existing legislation) :
Operating expenses, Public Buildings Service
Total, real property activities
_
-
1
1
1
2
507
6 I
1
348
427
15
27
27
27
284
334
50
31
363
300
63
400
400
9
w
o
4
615 I
61
1,100
1,134
55
110
1,134
57
284
284
1,213
400
1,000
600
134
564
543
5,661
129
31,994
557
557
-560
557
1557
35
543
35
35
-32
33
2 32
3
6,640
138
35
7,236
311
15
6,367
118
7,067
342
-100
20
6,467
88
7,167
200
200
o
%
o
>
w
7,886
90,480
31,133
78,277
19,102
90,440
166, 793
48, 512
5,480 !
19,500
5,220
18,500
200
800
13,692
436
178
15,000
15,000
242
-23
4
15,444
39,980 '
215,940
322
PERSONAL P R O P E R T Y ACTIVITIES
Current authorizations:
Operating expenses, Federal Supply Service
...
Expenses, supply distribution
_
Intragovernmental funds:
General supply fund
,
Administrative expenses, foreign aid procurements
Advances and reimbursements, personal property activities..
Total, personal property activities
1
Ex eludes capital transfer in 1959 of $560 thousand.
3
Excludes capital transfer in 1959 of $35 thousand.
247
891 [
220
726
-190
643
79
532
1
11,652
471
160
14,698
607
716
13,492
474
12,283
16,967
13,966
8
38,720
Excludes capital transfer in 1959 of $1,200 thousand.
1,223
307
1,091
17,350
499
3 12,250
459
174
17,849 1
14,281
GENERAL SERVICES ADMINISTRATION—Continued
ANALYSIS OP UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fisca] year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
New obligational
1 author- New obli- Balances
gational of prior
ity
author- authority
ity
Total
Balance, start
of 1960
Unobligated
Total
R E C O R D S ACTIVITIES
Current authorizations:
Operating expenses, National Archives and Records Service
$41
$393
$1
$344
$337
$7, 650
$7,270
$330
$387
77
87
2,000
1,865
85
137
T R A N S P O R T A T I O N AND U T I L I T I E S ACTIVITIES
Current authorizations:
Operating expenses, Transportation and Public Utilities
Service
Proposed for later transmission:
Operating expenses, Transportation and Public Utilities
Service
_._
_
53
5
Total, transportation and utilities activities
53
77
5
92
2,000
1,865
90
137
70,000
60,000
90,000
132, 561
D E F E N S E MATERIALS ACTIVITIES
Current authorizations:
Public enterprise funds:
Abaca fiber program.,
,
_
389,030
767,306
198, 560
407. 561
$76,663
212, 561
5,296
6,163
4,562
4,889
4,593
4,885
577
$4,016
4,308
Defense p r o d u c t i o n g u a r a n t i e s , defense materials procurem e n t activities
T o t a l , defense m a t e r i a l s activities
GENERAL
-749
5,324
5,157
60,000
89, 828
9,340
142,026
190
14
3,677
3,644
3,941
3,875
4,596
4,408
398,003
777,113
207,063
416,325
85, 852
221, 854
70,000
14
200
180
171
180
500
500
250
250
250
18,401
10,773
24, 564
6,638
11, 601
12,469
9,865
7,819
13,995
12,305
12, 408
8,091
- 1 , 287
-715
15, 285
12,660
13, 695
* 8, 756
64
131
78
471
138
64
551
123
-100
7
56
651
* 115
29,418
31, 684
24, 648
18,813
26, 614
21,437
200
190
-1,831
28,001
23,227
459,988
881,843
275,128
530, 803
145, 534
349, 604
335, 770
274,838
138,152
63,076
270, 538
$412,212
2,640
$820, 279
5,300
$222,838
$479, 585
$88,938
$296, 620
$741
$216, 895
38,750
6,386
41, 612
14,652
33,151
19.139
27,026
24,192
36,081
20, 515
30,384
22,389
37,875
I 24,460
• 32, 505
' 21,138
63,076
270, 538
ACTIVITIES
C u r r e n t authorizations:
Salaries a n d expenses, Office of A d m i n i s t r a t o r
A d m i n i s t r a t i v e operations
R e f u n d s u n d e r Renegotiation A c t (interest)
Public enterprise funds:
F e d e r a l Facilities C o r p o r a t i o n fund
_
R e c o n s t r u c t i o n F i n a n c e C o r p o r a t i o n l i q u i d a t i o n fund
Intragovernmental funds:
A d m iriistrative operations fund ....
..-,__.
W o r k i n g capital fund
T o t a l , general activities
20
_.
....
.
T o t a l , General Services A d m i n i s t r a t i o n . .
10
RECAPITULATION
Enacted or r e c o m m e n d e d in t h i s d o c u m e n t :
Appropriations
. ___ . .
Contract authorizations...
_
_
Revolving a n d management funds:
P u b l i c e n t e r p r i s e funds
I n t r a g o v e r n m e n t a l funds _
Proposed for later t r a n s m i s s i o n :
_
_
[
|$335, 770
.
$274, 838
_
* Excludes capital transfer in 1959 of $50 thousand.
* Excludes capital transfer in 1959 of $1 thousand.
459,988
881,843
275,128
530,803
145, 534
349, 604
{. _
205
205
T o t a l , G e n e r a l Services A d m i n i s t r a t i o n
$137,947
335, 770
274,838
• Excludes capital transfers in 1959 of $645 thousand.
T
Excludes capital transfers in 1959 of $1,201 thousand.
138,152
HOUSING AND HOME FINANCE AGENCY
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Balance, start
of 1959
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
Fiscal year 1959
Estimated expenditures from—
New obligational
author- New obliity
gational
authority
Balances
of prior
authority
Balance, start
of 1960
Unobli-
Total
O F F I C E OF T H E A D M I N I S T R A T O R
Current authorizations:
Salaries and expenses
Urban planning grants
Permanent authorizations:
Housing studies (contract authorization)
Public enterprise funds:
Operations, college housing loans fund:
Cash
.
Authorization to expend from debt receipts.
Operations, public facility loans:
Cash
Authorization to expend from debt receipts.
Public works planning fund
Revolving fund (liquidating programs)
_
Urban renewal fund:
Cash
Contract authorization
Authorization to expend from debt receipts.
Community disposal operations fund
$2,371
$372
2,726
J, 191
$815
2,375
$435
3,575
500
$8, 850
3, 500
$7,!
725
$420
2,375
1,000
$1, 500
298, 717
3,784
383,888
341,538
18,637
522,143
260,347
21,454
532,144
97
99,500
3,398
23,145
370
99,500
4,385
24,212
88,357
5,435
18,438
424
98,600
10,687
19,043
67,632
935
12,435
1,142
82,600
10,468
10,052
497,449
800,871
59,144
583,000
952,000
57
638,734
682,869
1,646
65,953
743,000
947,000
1,978
787,234
521,474
835
17,849
1,093,000
937,000
1,859
$1,258
2,775
$2, 500
24,279
310,144
219,175
24,300
8,500
8,100
-22,010
53,268
-15,030
2,500
37,371
685
8.722
1,842
57,600
10,868
17,062
545,634
329,849
1,724
14,581
1,043,000
937,000
21,889
Proposed for later transmission:
Operations, college housing loans fund (authorization to expend from debt receipts)
_.
Urban renewafcapital grants (contract authorization)
_
Total, Office of the Administrator
1,725, 548 2,113, 438
1,652,392
2,712, 258
500,000
51
500,000
500,000
500,051
500,000
1,779, 708 2, 431,975
200, 000
198,897
200, 000
200, 000
200,000
200, 000
1, 325, 382
2,814, 798
500,000
500.000
421,850
8,712
270, 598
F E D E R A L FLOOD I N D E M N I T Y
ADMINISTRATION
Public enterprise funds:
Investment in flood indemnity operations (authorization to expend from debt receipts) _ ___
Administrative expenses
__
500,000
Total, Federal Flood Indemnity Administration,
500,000
W
500,000
500,000
500,000
F E D E R A L NATIONAL MORTGAGE
ASSOCIATION
Public enterprise funds:
Loans for secondary market operations (authorization to expend from debt receipts)
Special assistance functions fund:
Cash
Authorization to expend from debt receipts
Management and liquidating functions fund:
Cash and U. S. securities
__
Authorization to expend from debt receipts. _„__
Proposed for later transmission:
Special assistance functions fund (authorization to
expend from debt receipts)
O
1,346, 766 2, 313, 000 2, 313, 000
905, 519
905, 519 1,346,766
530,336
21
549, 573
239,178
314
575,374
17,925
11,731
17,944
23,339
274
36, 589
274
Total, Federal National Mortgage Association. 1, 453, 780 1,484, 788 1, 609, 557 1,959,317
See footnotes at end of table.
O
251,397
200
944,374
1
35,837
66,446
11
292, 875
f
-164,000
90,000
2, 600, 234 3,324, 020
2,303.000
10,000
90,000
138,875
2,303, 000
o
w
8 200
w
>
{..._
i
44,157
j
40,902
* 635,174
76,446
(fi)
1,608
90,000
2,389, 667
3,104, 820
HOUSING AND H O M E FINANCE
AGENCY—Continued
0>
to
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Fiscal year 1959
Balance,"start
of 1959
Balance, s t a r t
of 1958
Balance, s t a r t
of 1957
Balance, s t a r t
of 1960
E s t i m a t e d expenditures from—
O r g a n i z a t i o n u n i t a n d a c c o u n t title
Unobligated
Total
Unobligated
Total
Unobligated
Total
N e w obligational
authorN e w obliity
gational
authority
Balances
of prior
authority
Unobligated
Total
w
o
FEDERAL HOUSING
ADMINISTRATION
Public enterprise f u n d s :
Federal H o u s i n g A d m i n i s t r a t i o n fund
PUBLIC HOUSING
$363, 068
$449,060
$434, 680
$504, 873
$583, 387
$587, 738
-$30,003
« $654, 293
o
w
w
ADMINISTRATION
Public enterprise f u n d s :
Low-rent public housing program fund:
Cash.
A u t h o r i z a t i o n t o e x p e n d from d e b t receipts
Intragovernmental f u n d s :
Limitation on administrative a n d nonadministra-
i>
IP
594, 332
29, 862
1, 462, 000
548,146
Total, Public Housing Administration-..
Total, Housing a n d H o m e Finance Agency
32, 905
1, 459, 000
396, 924
38,129
[ $126,200
1, 459, 000
$126, 200
-10,457
|
1 377,006
* 47, 500
1, 459, 000
752
752
710
910
$521, 155
594,332
1,492, 772
548,146
1, 492, 615
396, 924
1, 497,881
126, 200
126, 200
- 9 , 705
377,006
1,506, 500
4,136, 728
5, 540, 058
4,872,091
6, 905,113
5, 654, 423
8, 617, 546
638, 050
134, 912
319, 765
5,179, 793
8,580,411
RECAPITULATION
Enacted or recommended in this document:
Appropriations
Authorizations to expend from debt receipts.
Contract authorizations
Revolving and management funds:
Public enterprise funds
Intragovernmental funds
Proposed for later transmission:
Authorizations to expend from debt receiptsContract authorizations
Total, Housing and Home Finance Agency.
$2,371
3,610,268
497,449
26,640
$3,098
4,819, 484
583,000
$2,191
4,181,808
639, 234
133, 566
910
48,858
$4,010
5,970,312 $4, 815,647
788,734
743, 500
186, 581
710
50,042
$3,190
7,351, 505
1,094, 500
) $148,050
$134,912
$319,765
167,599
752
52,033
490,000
4,136, 728
5, 540,058
4,872,091
6,905,113
5,654, 423
8,617, 546
$4,179,121
548,134
638,050
134,912
319,765
8
$4,033
6,856, 211
1,045,500
9
184,667
200, 505
200,000
290,000
200,000
5,179,793
8,580,411
O
i Excludes capital transfer (repayment of investment to Treasury) in 1959 of $25,000
thousand.
2 Excludes capital transfer (repayment of investment to Treasury) in 1959 of $15,000
thousand.
3 Excludes capital transfer (payment of dividend to Treasury) in 1959 of $5,125 thousand.
* Excludes unobligated balance no longer available (authorization to expend from
debt receipts) in 1959 of $11,200 thousand.
5 Excludes unobligated balance no longer available (authorization to expend from
debt receipts) in 1959 of $154,000 thousand.
« Excludes net debentures retired (authorization to expend from debt receipts) in 1959
of $9,097 thousand.
7
Excludes capital transfer (payment of property receipts to Treasury) in 1959 of $1,086
thousand.
8
Excludes amounts no longer available in 1959 of $174,297 thousand.
8
Excludes capital transfers in 1959 of $46,211 thousand.
3
G
O
D E P A R T M E N T OF
AGRICULTURE
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Balance, start
of 1959
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
Fiscal year 1959
Estimated expenditures from—
New obligational
author- New obli- Balances
gational of prior
ity
author- authority
ity
Balance, start
of 1960
Unobligated
Total
A G R I C U L T U R A L R E S E A R C H SERVICE
Current authorizations:
Salaries and expenses
„
State experiment stations-.
Diseases of animals and poultry
Animal disease laboratory facilities
Research facilities
__
$7
__
-
__
221
786
Salaries and expenses, Bureau of Agricultural and Industrial
Chemistry, Agricultural Research Administration
Salaries and expenses, Bureau of Animal Industry, Agricultural Research Administration...
>
Salaries and expenses, Bureau of Dairy Industry, Agricultural
$9,591
45
720
224
1,948
40
$15,765
277
$14,499
305
911
16,468
817
49
$2, 529
$16,372
159
205
15,668
17
4
$120, 203 $104, 500
30,430
30,604
$14,615
152
125
8,000
17
$1,279
$17,460
181
80
7,668
4
150
1
10
Salaries and expenses, Bureau of Human Nutrition and Home
39
Intragovernmental funds:
264
322
383
286
1
342
322
1,278
13,090
16,425
33,336
2,871
32, 747
150,807
134,930
22,909
352
322
1. 631
25,715
1
E X T E N S I O N SERVICE
Current authorizations:
Cooperative extension work, payments and expenses
812
1,484
2,512
60,159
58, 797
1,480
2,394
37
41
64
578
505
64
73
34
56
-3
59
37
75
120
578
61
132
4,282
6,275
4,648
156
4,693
12,500
6,096
45
5,765
21,050
6,172
45
7,000
72,280
14,000
13,220
335
10,000
66, 700
6,000
6,900
300
3,000
4,700
14,000
6,100
45
3,500
6,645
15,050
6,392
40,032
109,835
82,900
28,345
38,622
F A R M E R COOPERATIVE SERVICE
Current authorizations:
Salaries and expenses
Intragovernmental funds:
Advances and reimbursements
_
Total, Farmer Cooperative Service
505
SOIL CONSERVATION SERVICE
Current authorizations:
Conservation operations
Watershed protection
Flood prevention
Water conservation and utilization projects
Great Plains conservation program
Total, Soil Conservation Service
AGRICULTURAL CONSERVATION PROGRAM
SERVICE
Current authorizations:
Agricultural conservation program
Emergency conservation measures
Total, Agricultural Conservation Program Service
W
2,604
1,740
126
7,150
1,583
16
8,749
15,361
4,470
23,334
10,839
10, 839
O
35
10,500
O
W
Q
>
17
56,582
16
3,069
22,556
3,069
14, 556
235,000
217,444
14,556
17,556
17
56,582
3,085
25,625
14, 556
235,000
217,444
14, 556
17,556
2,766
3,180
3, 264
2,820
3,381
367
49
890
890
32,355
1,160
99,125
875
890
AGRICULTURAL M A R K E T I N G SERVICE
Current authorizations:
Marketing research and service.._
Payments to States, Territories, and possessions
School lunch program
._
_._
_
Agricultural Marketing Act
Research and Marketing Act of 1946
1
34 J
II
35,292 1
1,160
100,000
Ox
1
DEPARTMENT OF AGRICULTURE—Continued
ANALYSIS OF UNEXPENDED BALANCES— Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Fiscal year 1959
Balance, start
of 1957
Balance, start
of 1959
Balance, start
of 1958
Balance, start
of 1960
E s t i m a t e d expenditures from—
O r g a n i z a t i o n u n i t a n d a c c o u n t title
Unobligated
AGRICULTURAL MARKETING
Unobligated
Total
Unobligated
Total
Unobligated
Total
SERVICE—Continued
Permanent authorizations:
Perishable Agricultural C o m m o d i t i e s Act fund (indefinite
special account)
- . -R e m o v a l of s u r p l u s agricultural commodities (indefinite)
Intragovernmental f u n d s :
T o t a l , Agricultural M a r k e t i n g Service, .
FOREIGN
Total
N e w obligational
a u t h o r - N e w obli- Balances
gational
ity
of prior
authorauthority
ity
AGRICULTURAL
_
$304
244,701
245, 005
$335
293,554
297,105
$312
297,949
$343
318,074
20
72
298, 281
322, 559
$309
300,000
$350
320,125
$680
227, 850
$329
132
$350
150,000
$309
300,000
81
1
$351
320,125
51
324, 761
364,982
132,969
154,126
771
002
4,002
3, 428
662
574
771
602
4,002
3, 42S
662
574
300,309
300,309
324,798
SERVICE
Current authorizations:
500
Intragovernmental f u n d s :
2
T o t a l , Foreign Agricultural S e r v i c e . .
568
( r O M M O D 1 T Y KXCH
A XOE
A U T H 0 R IT V
Current authorizations:
Salaries a n d expenses.SOIL BANK
832
38
39
39
PROGRAMS
Current authorizations:
ConS<Tvat ion reserve p r o g r a m :
A u t h o r i z a t i o n to expend from d e b t r e c e i p t s .
Curren t appropriation
Acreage reserve p r o g r a m :
A u t h o r i z a t i o n to e x p e n d from d e b t r e c e i p t s .
Current appropriation
1,003
1,340
350, 000
349,638
1,212
75,042
330,000
329,962
75,034
46
16, 226
76,382
680,000
679,600
76, 246
536
117
4,614
71
877
39, 715
76,000
39,665
74,130
52
800
1,947
30,000
30,000
14, 627
T o t a l , soil b a n k p r o g r a m s
COMMODITY STABILIZATION
1,599
15, 610
SERVICE
O
Current authorizations:
Acreage a l l o t m e n t s a n d m a r k e t i n g q u o t e s
Sugar Act program
P e r m a n e n t authorizations:
R e i m b u r s t merit to C o m m o d i t y C r e d i t Corporation, N a t i o n a l
Wool Act (indefinite)
Intragovernmental f u n d s :
A d m i n i s t r a t i v e expenses, sec. 392, Agricultural A d j u s t m e n t
A c t of 1938
Local a d m i n i s t r a t i o n , sec. 388, A g r i c u l t u r a l A d j u s t m e n t Act
of 1938
Proposed for later transmission ( u n d e r proposed legislation):
Acreage a l l o t m e n t s a n d m a r k e t i n g q u o t a s
T o t a l , C o m m o d i t y Stabilization S e r v i c e .
S3
177
1,350
986
2,364
2, 422
-1,401
2,422
1,401
3,837
5,128
5,052
7,020
7,817
-1,800
7,817
1,800
-2,200
4,014
i Excludes u n o b l i g a t e d b a l a n c e expiring in 1959 of $77,850 t h o u s a n d .
2
10, 497
6,038
14,115
11,187
143, 415
138, 394
-100
11, 091
5,117
>
DEPARTMENT OF AGRICULTURE—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT A N D ACCOUNT TITLE—Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Balance, start
of 1959
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
Fiscal year 1959
Estimated expenditures from—
New obligational
author- New obli- Balances
ity
gational of prior
authorauthority
ity
Balance, start
of 1960
Unobligated
Total
w
o
C O M M O D I T Y C R E D I T CORPORATION
Public enterprise funds :
Commodity Credit Corporation fund:
Cash
-- - - - --$163,991
$39,349
$44,682
$29, 459
$34,994
[$1,760,400 $1, 760,400 $524, 355
810,000 $316,967 1,117,000 $2,031,130 2,678,000
1 $1,462,631 2,158,000
J " '
Proposed for later transmission (under proposed legislation):
75,000
-163,991
839, 459
316,967 1,161, 682 2,031,130 2, 717,349 1, 760,400 1, 760, 400
-75,000
599, 355 1, 462, 631 2,117, 994
Intragovernmental funds:
Proposed for later transmission (under proposed legislation):
Sales of surplus agricultural commodities for foreign cur-28,000
Total, Commodity Credit Corporation
-163,991
839,459
95,000
316,967 1,161, 682 2,031,130 2,689,349 1,760,400 1,760,400
-123,000
694,355 1,462,631 1,994,994
F E D E R A L CROP INSURANCE CORPORATION
Current authorizations:
1,511
1,514
236
6,377
6,141
235
237
o
Public enterprise funds:
Federal Crop Insurance Corporation fund
Total, Federal Crop Insurance Corporation
486
24,833
27,863
6,141
721
24,833
28,100
9,019
206, 000
8,450
22,000
559
345, 000
170
649, 703
811,262
215,019
30,450
345, 559
170
650,272
2,030
403,360
1,677
175,000
174,300
1,300
12. 200
1,676
390,139
1,430
391,160
1,790
- 1 , 783
44,447
38,282
4,127
1,505
3
o
434,167
>
15,294
16,133
21,538
21,768
25,501
28,349
15,294
17,644
21,538
23,282
25, 501
28, 585
55,023
415
696,621
171,570
414
931, 703
25,670
559
810, 703
55,023
697,036
171,570
932,117
25,670
1,332
6,960
430,139
23,387
433,312
1,437
400,139
33,679
28,033
42,448
36,499
6,377
RURAL E L E C T R I F I C A T I O N ADMINISTRATION
Current authorizations:
Salaries and expenses
Loans (authorization to expend from debt receipts)
Total, Rural Electrification Administration
569
F A R M E R S ' H O M E ADMINISTRATION
Current authorizations:
Loans (authorization to expend from debt receipts):
Farm ownership, farm operating, and soil and water conservation
Farm housing
Salaries and expenses
Public enterprise funds:
Disaster loans, etc., revolving fund
Farm tenant-mortgage insurance fund (authorization to expend from debt receipts)
1,345
29, 089
27,300
o
40,416
Total, Farmers' Home Administration
37, 707
1,712
603
2,651
1,301
3,327
1,272
3,550
2,045
1,272
43,460
46,615
466,469
487,470
445,914
444,838
207,639
203,645
14,665
438, 713
ft)
ft
OFFICE OF T H E G E N E R A L COUNSEL
Current authorizations:
Salaries and expenses
a
_
125
130
135
3,043
2,890
135
153
118
126
171
2,661
2,490
171
171
OFFICE OF T H E SECRETARY
Current authorizations:
Salaries and expenses
Intragovernmental funds:
Working capital fund, Department of Agriculture
Total, Office of the Secretary.
'
246
408
252
264
241
316
246
526
252
390
241
487
2,661
2,490
-32
249
348
139
249
519
CO
DEPARTMENT OF AGRICULTURE—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fiscal year 1959
Balance, s t a r t
of 1959
Balance, start
of 1960
E s t i m a t e d expenditures from—
Organization u n i t a n d a c c o u n t title
Unobligated
OFFICE OF
Total
Unobligated
Total
Unobligated
Total
N e w obligational
a u t h o r - N e w obli- Balances
gational
ity
of prior
authorauthority
ity
Unobligated
Total
INFORMATION
Current authorizations:
Salaries a n d expenses
__ __ .
$585
$350
$368
$1,367
$990
$360
$385
33
34
36
772
737
33
38
10, 805
9,946
92, 680
23, 099
80, 900
15,350
10,600
7,150
11 985
10 545
50
662
15
19
137
35
106
28
50
300
10
10
60
2
700
575
40
310
8
16
125
30
80
20
50
592
15
3
137
5
26
g
3,275
4,500
2,000
LIBRARY
Current authorizations:
Salaries a n d expenses
FOREST
.__
.
. .
SERVICE
Current authorizations:
F o r e s t r o a d s a n d trails
$600
24,000
10, 727
24,000
42
233
19
186
165
$337
8, 270
3
268
50
532
15
119
137
$850
Acquisition of l a n d s for n a t i o n a l forests:
43
36
200
Assistance to S t a t e s for tree p l a n t i n g
7,942
1,035
Permanent authorizations:
E x p e n s e s , b r u s h disposal (indefinite special account)
2,032
3,656
7,606
1,598
2,676
3,125
2,216
2,350
$1,756
3,425
R o a d s a n d trails for S t a t e s , n a t i o n a l forests fund (indefinite
special account)
_
Miscellaneous p e r m a n e n t a p p r o p r i a t i o n s :
Forest fire p r e v e n t i o n (indefinite special a c c o u n t ) .
P a y m e n t to M i n n e s o t a (Cook, L a k e , a n d St. Louis Counties) from t h e n a t i o n a l forests fund (indefinite special
account)
P a y m e n t s d u e counties, s u b m a r g i n a l land program, F a r m
T e n a n t A c t (indefinite special account)
P a y m e n t s to school funds, Arizona a n d N e w Mexico, act
of J u n e 20, 1910 (receipt l i m i t a t i o n ) (indefinite)
P a y m e n t s to S t a t e s a n d Territories from t h e national forests
fund (indefinite special a c c o u n t )
D e v e l o p m e n t a n d i m p r o v e m e n t of ranger dwelling, T o n t o
N a t i o n a l F o r e s t (indefinite special account)
Intragovernmental funds:
W o r k i n g c a p i t a l fund, F o r e s t Service
Advances and reimbursements
_.
P r o p o s e d for later t r a n s m i s s i o n :
F o r e s t protection a n d utilization
T o t a l , F o r e s t Service
T o t a l , D e p a r t m e n t of A g r i c u l t u r e
394
2,821
489
4,562
4,072
10,789
7,400
3,389
4,072
9
18
5
7
7
15
8
7
7
48
48
425
425
129
129
26,969
26, 969
1
1
1
-446
83
27,121
50,887
231, 935 2,047,000
3,368
1,422
15
27,458
197
3,463
1,463
-50
400
400
31,020
159,714
133,876
24,475
497
1,513
2,253
32,383
1,328,350 3,070,480 2,845,937 4, 509,078 4,106,602 3,591,379 1,389,957 2,230, 789 3, 556,494
RECAPITULATION
E n a c t e d or r e c o m m e n d e d i n t h i s d o c u m e n t :
Appropriations
A u t h o r i z a t i o n s to expend from p u b l i c d e b t receipts
Contract authorizations
. .
. _ . . .
Revolving and management funds:
P u b l i c e n t e r p r i s e funds
I n t r a g o v e r n m e n t a l funds - . . .
. . . _ _.
Proposed for later t r a n s m i s s i o n :
Appropriations
._
R e v o l v i n g a n d m a n a g e m e n t funds: P u b l i c enterprise funds
T o t a l , D e p a r t m e n t of A g r i c u l t u r e . - -
$253, 625 $418, 225
-107,636 1, 513, 580
24,000
24,000
57, 422
4,524
231, 935 2,047,000
f $303,344 »$445, 627
1,852,940 3, 200,829
>$4,108,902 $3,593, 579 $1,219,557
57,868
6,247
95,784
11,478
71, 276
780
105, 469
12, 528
400
-28,000
i Excludes unobligated balance expiring in 1959 of $77,850 thousand.
83, 902
7,293
$330,021 $442,337 $316, 942 $524, 206
934, 214 2, 520,881 2, 456,939 3,894,475
<
[
-2,300
- 2 , 200
1,328,350 3,070,480 2,845, 937 4, 509,078 4,106, 602 3,591,379
400
170,000
73,407
1,098
102, 644
5,494
-100
-198,000
1,389,957 2, 230, 789 3,556, 494
DEPARTMENT
OF
COMMERCE
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Unobligated
Total
Total
Unobligated
Total
New obligational
author- New obli- Balances
gational of prior
ity
author- authority
ity
Balance, start
of 1960
Unobligated
Total
GENERAL ADMINISTRATION
Current authorizations:
Salaries and expenses
Intragovernmental funds:
Advances and reimbursements
Working capital fund
Public enterprise funds:
Aviation war risk insurance revolving fund
Defense production guaranties.
_
Total, general administration
$102
__
$115
$154
17
178
$191
14
147
6
6
6
6
160
303
197
282
47
189
54
$126
$129
$2, 745
12
116
$124
5
—6
>_..
$2, 576
129
254
2,745
2,570
129
90
271
154
350
115
8,920
7,300
7,000
395
8,529
7,090
6,530
371
221
45
85
115
$171
$95
12
i 100
6
6
101
289
BUREAU OF T H E CENSUS
Current authorizations:
Salaries and expenses
_
1958 censuses of business, manufactures, and mineral industriesEighteenth decennial census
Census of governments
Census of agriculture
_
Censuses of business, manufactures, and mineral industries..
118
915
1,818
737
2,126
897
166
939
47
155
25
25
441
319
735
24
Intragovernmental funds:
Advances and reimbursements
T o t a l , B u r e a u of t h e C e n s u s
CIVIL AERONAUTICS
-.„_
__
.._._
_.
.-
2,555
3,141
1,128
1,384
90
915
23,615
22, 520
491
17,531
6,972
25,547
16,866
11,952
77,003
35,470
19,700
146,607
230,000
175,000
201,170
26,700
18,830
93,300
129,000
138
747
63,000
2,500
1,962
45, 500
138
509
36
1,200
964
36
236
8,000
6,000
70
2,500
6,318
1,519
ADMINISTRATION
C u r r e n t authorizations:
Operation and regulation _
E s t a b l i s h m e n t of a i r - n a v i g a t i o n facilities
Grants-in-aid for a i r p o r t s ( p e r m a n e n t contract authorization)
_._
O p e r a t i o n a n d m a i n t e n a n c e , W a s h i n g t o n N a t i o n a l Airport
Construction, Washington National Airport O p e r a t i o n a n d m a i n t e n a n c e of p u b l i c airports, T e r r i t o r y of
Alaska
_.
33,294
2,782
42,500
77
2,959
58,803
1,098
96,144
126
2,213
60,553
33
1,382
43
255
67,970
50,553
29,700
201,607
146,500
538
238
C o n s t r u c t i o n a n d d e v e l o p m e n t , a d d i t i o n a l W a s h i n g t o n air14,631
142
80
-3
Intragovernmental funds:
Advances and reimbursements.
_
C u r r e n t authorizations:
Salaries a n d expenses
P a y m e n t s to air carriers
.
10, 500
12,318
70
22, 318
351
52
27
68,457
112,647
83, 778
211,601
96,023
17,099
292
23,244
1,853
225
440
-1,692
17,099
23,536
1,853
665
-1,692
319,116
471,700
230, 796
172,383
339
6,100
40, 750
5,720
40,750
339
46,850
46,470
339
118,523
387,637
BOARD
_ -
...
T o t a l , C i v i l Aeronautics B o a r d _ . _ _
_. _
i Excludes capital transfer in 1959 of $11 thousand.
6,991
11
9
92
, .
Total, Civil Aeronautics Administration.-.
CIVIL AERONAUTICS
33,591
527
84
-
339
380
-3,581
-3,581
380
DEPARTMENT
OF
COMMERCE—Continued
ANALYSTS OF UNEXPENDED BALANCES^Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE-Continued
[In thousands]
Fiscal year 1959
Balance, s t a r t
of 1958
Balance, start
of 1957
Balance, start
of 1959
E s t i m a t e 1 expenditures from—
Organization u n i t a n d account title
Unobligated
COAST A N D GEODETIC
Total
Unobligated
Total
Unobligated
Total
N e w obligational
a u t h o r - N e w obli- Balances
ity
gational
of prior
authorauthority
ity
Balance, start
of 1960
Unobligated
Total
SURVEY
C u r r e n t authorizations:
$724
3.679
2
$10,640
$109
$1,050
5,329
$11,750
$3.679
$935
4, 580
$1,225
749
3,679
4, 405
109
6,379
11.750
10. 640
5.515
1.974
500
7,6.50
7,000
500
650
$583
C o n s t r u c t i o n of a s u r v e y i n g s h i p ,
( ' o u s t r u c t i o n a n d e q u i p m e n t , geomagnetic station
T o t a l , Coast a n d Geodetic S u r v e y
,
$19
53
19
636
BUSINESS A N D D E F E N S E SERVICES
ADMINISTRATION
Current authorizations:
Salaries a n d expenses
Proposed for later transmission:
Salaries a n d expenses
_
Intragovernmental funds:
Advances and reimbursements . .
446
20
....,,. .
T o t a l , Business a n d Defense Services A d m i n i s t r a t i o n
557
25
30
4
25
476
561
520
20
7, 0.50
7,000
520
650
OFFICE OF AREA
DEVELOPMENT
Current authorizations:
Salaries a n d expenses.
395
BUREAU OF FOREIGN
COMMERCE
Current authorizations:
Salaries a n d expenses
E x p o r t control
Proposed for later transmission:
E x p o r t control
156
101
T o t a l , B u r e a u of F o r e i g n C o m m e r c e
OFFICE OF BUSINESS
382
188
117
257
191
126
305
317
2,448
199
7
162
119
3,060
2,900
5,508
5,178
160
ECONOMICS
Current authorizations:
1, 317
Salaries a n d expenses
Intragovernmental f u n d s :
Advances and reimbursements
$3
T o t a l , Office of Business E c o n o m i c s . MARITIME
..„ .,...
80
1,317
ACTIVITIES
Current authorizations:
Ship construction
Operating-differential subsidies
Salaries a n d expenses
_
Maritime training
State marine schools,
W a r S h i p p i n g A d m i n i s t r a t i o n liquidation
R e p a i r of reserve fleet vessels
Contract authorization
C o n s t r u c t i o n fund
R e p a i r of reserve fleet facilities
S h i p c o n s t r u c t i o n (liquidation of contract a u t h o r i z a t i o n ) .
Vessel operations functions
.
58
78,993
4,685
827
7,000
135, 588
4, 685
892
188
59
6,583
1,730
7,000
44
13,336
161, 764
20,392
460
7,000
7,357
208,182
20, 392
346
263
156
9,998
823
7,000
92
7,432
106
19,313
177,182
771
272
106
92
106
160, 000
120,000
15, 050
2,394
660
3, 000
120,000
13, 725
2,170
535
52,000
1, 225
215
95
1,900
$18,313
282,182
871
281
136
92
DEPARTMENT OF COMMERCE—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE-Contiimed
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Balance, start
of 1959
Organization unit and account title
Unobligated
Total
Unobli-
Total
Unobligated
Total
Fiscal year 1959
Estimated expenditures from—
New obligational
author- New obli- Balances
gational of prior
ity
author- authority
ity
Balance, start
of 1960
Unobligated
Total
w
o
M A R I T I M E ACTIVITIES—Continued
Public enterprise funds:
Federal ship mortgage fund_
Vessel operations revolving fund
War risk insurance revolving fund
Total, maritime activities
3
$148
26, 926
233
$148
24,038
235
$475
3,767
377
$475
346
15,379
609
$844
15,817
557
123. 775
194, 526
201,592
262, 819
36,145
203,645
4,059
3,973
4,753
5,332
5,421
5,270
$298,104
$139,430
$927
-4, 571
-176
$2, 917
16, 656
766
$2,917
17,388
733
o
51, 615
38, 652
310, 704
>
-628
6,086
I N L A N D WATERWAYS CORPORATION
Public enterprise funds:
Inland Waterways Corporation fund
PATENT OFFICE
Current authorizations:
Salaries and expenses
BUREAU OF P U B L I C ROADS
Current authorizations:
Federal-aid highways (liquidation of contract authorization).
1, 543
130
1,373
1,900
19,000
17,000
1,900
2,000
Federal-aid highways (contract authorization)
_
11,939,233 3,100,084
Forest highways (liquidation of contract authorization)
11
1,281
Forest highways (contract authorization)
22,069
39, 250
Public lands highways (liquidation of contract authorization).
740
Public lands highways (contract authorization).
3,323
3,625
Inter-American Highway. _
_
_
30,147
64, 227
Reimbursement to the highway fund, District of Columbia.
Woodrow Wilson Memorial Bridge..
557
557
Construction, operation, and maintenance of roads, Alaska:
Appropriation
2,497
8,155
Contract authorization
_
_
2,835
1,540
Access roads (act of Sept. 7, 1950)
4,156
Elimination of grade crossings
_
319
389
Surveys and plans
32
32
Testing and research laboratory
__
Tongass Forest highways, Alaska
_
7
War and emergency damage, Territory of Hawaii
83
Proposed for later transmission:
Inter-American Highway
Total, Bureau of Public Roads..
_
1,999,412 3,225,870
(2)
1,570
6,583
200
14,321
2, 779
46, 250
728
3,725
49, 524
200
14,878
1,134
4,999
380
580
580
1,418
2,924
130
278
200
1,024
50
150
1,024
50
150
27,997
29,997
1,000
51, 250
40
700
2,692
36, 524
25,000
415
13,877
5,260
(2)
(2)
11, 524
255
8,617
ft
w
H
o
10,000
53,223
126,415
31, 732
107,147
32,064
10,000
550
10,000
805
30,141
3
o
1—1
NATIONAL BUREAU OF STANDARDS
Q
Current authorizations:
Expenses
Plant and equipment
Construction of facilities
Construction of laboratories:
Appropriation
Liquidation of contract authorization
Purchase and installation of betatron
Intragovernmental funds:
Working capital fund
Advances and reimbursements
Total, National Bureau of Standards
* Balance rescinded.
830
16?
814
895
156
268
337
1,140
412
340
48
62
1,368
217
90
1
2
9,645
21
• 5,907
327
8,048
17
3,924
235
5,386
7,858
10,564
8,101
8,718
6,113
5,386
9,533
11,500
600
12,100
10,000
283
10,283
1,187
217
90
1,681
317
1,968
4,271
5,890
3,462
4,271
7,888
DEPARTMENT OF COMMERCE—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
00
BY ORGANIZATION UNIT A N D ACCOUNT TITLE—Continued
[In thousands]
Fiscal year 1959
Balance, s t a r t
of 1957
Balance, s t a r t
of 1958
Balance, s t a r t
of 1959
Balance, start
of 1959
E s t i m a t e d expenditures from—
Organization u n i t a n d account title
Unobligated
WEATHER
Total
Unobligated
Total
Unobligated
Total
N e w obligational
author- N e w obli- Balances
gational
of prior
ity
authorauthoriity
zations
Unobligated
BUREAU
Current authorizations:
Salaries a n d expenses
E s t a b l i s h m e n t of meteorological facilities.._.
Intragovernmental f u n d s :
Advances and reimbursements
Total, Weather Bureau
T o t a l , D e p a r t m e n t of C o m m e r c e .
$3,499
8,181
$4, 777
7,181
$40,000
275
$4, 215
6,827
$2,032
25
159
11,948
2, 057
11,839
995
12,118
40, 275
2, 229,139 3, 587,015
360, 981
633,168
174, 341
667, 546
951,009
$182,693 $355, 864
2, 004, 919 3,195, 294
$247,949
95, 370
$482,810
132, 475
$55,980
90, 590
$453,943
182, 942
9,378
8,284
13,367
4,516
22, 253
5, 518
22, 488
8,153
$2, 704
310
3,014
$34, 317
$4, 483
2,500
$155
275, 302
RECAPITULATION
Enacted or recommended in this document:
Appropriations
Contract authorizations
R e v o l v i n g a n d m a n a g e m e n t funds:
P u b l i c enterprise funds
I n t r a g o v e r n m e n t a l funds
Proposed for later transmission:
Appropriations
T o t a l , D e p a r t m e n t of C o m m e r c e . .
» E x c l u d e s capital transfer in 1959 of $11 t h o u s a n d .
$83,112
50, 553
>$937. 949
31,372
10,155
28, 400
7,457
$524, 888
$275, 282
26, 431
4,366
13,060
2, 229,139 3, 587,015
633,168
174, 341
667, 546
951, 009
550
527, 788
275,302
DEPAKIMENT
OF D E F E N S E — M I L I T A R Y
FUNCTIONS
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands)
Balance, start of 1957
Organization unit and account title
Unobligated
Balance, start of 1958
Unobligated
Total
Balance, start of 1959
Unobligated
Total
Fiscal year 1959
New
obligational
authority
Total
Balance, start of 1960
Estimated expenditures from—
New
Balance of
obligational prior authority
authority
Unobligated
Total
O F F I C E OF T H E S E C R E T A R Y OF
DEFENSE
Current authorizations:
Salaries and expenses
Office of Public Affairs: Salaries and
expenses.
Advanced Research Projects Agency:
Salaries and expenses
__ . _.
Proposed for later transmission (under
existing legislation) :
Advanced Research Projects Agency:
Salaries and expenses
Total, Office of the Secretary of
Defense
$880
$1,064
$1,187
$15,900
$15,050
$762
$1,275
31
40
43
500
451
40
52
340,000
194,109
5,000
$40,000
145, 891
40,000
147,218
5,000
911
1,104
6,230
356, 400
209,610
5,802
475
12, 426
588
8,755
638
21,155
18, 620
30,000
17,990
18,000
510
13,500
I N T E R S E R V I C E ACTIVITIES
Current authorizations:
Claims
Contingencies
._
758
19,655
DEPARTMENT OF DEFENSE—-MILITARY FUNCTIONS—Continued
00
O
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
B a l a n c e , s t a r t of 1957
Balance, start of 1958
B a l a n c e , s t a r t of 1959
Unobligated
Unobligated
Unobligated
E s t i m a t e d expenditures from—
Organization u n i t a n d a c c o u n t title
INTERSERVICE
Balance, s t a r t of 1960
Fiscal year 1959
Total
Total
Total
New
obligational
authority
Unobligated
Total
New
Balance of
obligational prior authority
authority
w
H
o
ACTIVITIES—Con.
Currant authorizations—Continued
$3,179
31
C o u r t of M i l i t a r y A p p e a l s
Interservice activities
accounts:
$15,000
5,300
45
6,200
$33,374
17, 940
49
1,951
1,600
451
13,081
509
38,066
1,500
509
18,000
$1,105
12,888
21,638
$27,440
26
$23,374
19, 440
48
6,200
$85,000
600,000
380
$60,000
596,200
334
miscellaneous
9,521
$2,027
4,911
11, 631
6,445
55, 694
27, 215
62, 547
10,255
3,311
24, 315
5,737
56,066
$5,605
74, 929
22,042
M i l i t a r y c o n s t r u c t i o n , foreign c o u n t r i e s .
Public enterprise f u n d s :
Acquisition, rehabilitation, and rental
of W h e r r y A c t h o u s i n g
Proposed for later transmission ( u n d e r
proposed legislation):
74,894
34,929
50,000
42,112
20, 526
176, 088
90,487
202, 767
27,647
159,391
784,000
734,636
94,952
11,581
20, 066
29,929
(s)
3 20,000
3
o
>
$2,450
C o n s t r u c t i o n of s h i p s , M i l i t a r y Sea
T o t a l , interservice activities
I
22,743
133,803
W
D E P A R T M E N T OF T H E A R M Y
Current authorizations:
Military personnel
, . . _,
J
Operation and maintenance.... „ „„„.„_._
:,009
Reserve personnel
__!
Army National Guard
..-.
Research and development
28,552
Procurement of equipment and missiles.. 2,524,767
National Board for Promotion of Rifle
Practice-.-Alaska Communication System:
Operation and maintenance
610
Construction
1,361
Military construction, Army
303,306
Military construction, Army Reserve
24,228
Forces
Preparation for sale or salvage of military property (indefinite special account)
Miscellaneous expired accounts
Public enterprise funds:
I
Defense housing
Intragovernmental funds:
Army industrial fund
562,448
Army management fund—
j
1,000
Army stock fund
859,853
Advances and reimbursements.
—
5,408
Proposed tor later transmission (under
proposed legislation):
Military personnel
Reserve personnel
j
Army National Guard
i
Military construction, Army
|
Total, Department of the A r m y . . .
See footnotes at end of table.
4,319,542
175,257
685,660
18,917
52,696
310,102
5,635,948
-7,636
63,163
33,828
1,595,891
191,126
886,092
38,267
59,859
308,232
4,085,669
100,079
20,780
428,300
184,126
931,009
41, 467
66,559
302,084
2,838,278
52
2,625
1,361
712,172
35
857
161,262
1,068
1,268
501,634
56,889
28, 076
71,273
599
131,262
1,133
768
451,634
8,801,135
563
790
963
461,874
1,091
679, 245
3,608
260,629
782
536,093
5,322
386,032
1,000
774, 879
835
187,402
782
720,291
1,942
6, 951,819
300
220
5,500
4,700
1, 900, 632
5,812, 782
180,000
665,000
32,000
60,000
227,000
1,091,000
20,000
164,000
12,000
8,000
320,000
162,000
12,000
8,000
35,000
i, 036,000
6,549, 920
69,350
25,780 I
173,300
800
100
290,000
35,000
22,000
440
3,021,734
3,145,000
2, 327,000
153,000
240,000
233,000
210,000
81,273
1,983
1,871
337,584
2,802
791,379
15, 797
3,105,200
3,040,000
185,000
298,000
471,000
1,405,000
21,076
2,000
-400
590 |
-253,000
500
333,963
1,000 |
619,821
185
131,262 j
2,330,080
1,376,926 I
DEPARTMENT
OF D E F E N S E — M I L I T A R Y
FUNCTIONS—•Continued
00
to
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT A N D ACCOUNT TITLE—Continued
[In t h o u s a n d s ]
B a l a n c e , s t a r t of 1957
Balance, start of 1958
Balance, s t a r t of 1959
Unobligated
Unobligated
Unobligated
Balance, s t a r t of 1960
Fiscal year 1959
E s t i m a t e d expendit u r e s from—
Organization u n i t a n d a c c o u n t t i t l e
Total
Total
Total
New
[obligationalj
authority
Unobligated
Total
New
B a l a n c e of
obligational prior authority
authority
M
o
w
D E P A R T M E N T OF T H E NAVY
Current authorizations:
M i l i t a r y personnel, N a v y
R e s e r v e personnel, N a v y
N a v y personnel, general expenses
M i l i t a r y personnel, M a r i n e C o r p s
R e s e r v e personnel, M a r i n e C o r p s
Marine Corps procurement
M a r i n e C o r p s troops a n d facilities
Aircraft a n d related p r o c u r e m e n t
Aircraft a n d facilities.
S h i p b u i l d i n g a n d conversion
S h i p s a n d facilities
P r o c u r e m e n t of o r d n a n c e a n d a m m u n i tion
O r d n a n c e a n d facilities
M e d i c a l care
Civii engineering
...
Research a n d d e v e l o p m e n t
Servicewide s u p p l y a n d finance
Servicewide operations
_
_
$5,293
314,102
7,710
2,022, 229
912, 976
4,371
2,432
19,002
202
$40,661
14,719
16,482
26,122
3, 266
786, 522
59,098
5, 540,154
266,335
2, 549,850
264,115
486,822
56, 427
3,240
31,005
332,187
15,693
18,188
$3,994
387,132
4,068
1, 790, 263
955,907
6,006
157,412
4, 528
22, 725
748
$47, 795
15,927
16,572
35, 630
4, 759
741, 925
47,833
5,096, 750
279, 219
3,109, 559
248, 454
484,098
69, 059
4,675
24, 424
351, 228
15,205
26, 099
$4, 988
259,097
2,005
1,441, 562
1,217
1,026,030
8,991
49,279
1,839
2,998
22, 725
700
$61, 795
16,695
19,711
40,079
5, 759
548, 571
51,329
4,779,272
267, 436
3, 587, 284
265, 946
367, 689
60,059
6,375
26, 267
321, 959
16, 240
28, 499
$2,301,818
84,735
86, 305
593,606
23,000
30,000
168, 252
2,069,105
840, 548
1, 381,000
789, 238
460,235
149, 850
88, 532
126,554
641,045
312,637
113,257
$2, 255,000
68, 000
73, 500
557,000
18, 500
131,000
250,000
650,000
120,000
611, 000
$135,000
15,500
9,500
33,000
4,000
175,000
35, 000
1, 850,000
190,000
1,187,000
183, 000
87,835
115,000
81, 900
106,000
339, 800
294,000
90,000
258,365
37,000
5,100
20,000
260, 000
16,000
20,000
$1,988
96,097
5
1,284,667
217
859,530
7,391
36,514
839
$73, 613
17, 930
121,716
43,685
6,259
» 398, 571
' 52,181
i 4, 710,594
J 264,767
i 3, 654, 784
i 259, 584
i 463,124
i 56,909
7,907
i 25,221
363,204
i 18,127
31, 750
o
w
w
>
m
Na ?al petroleum reserves.
Military construction, Navy
Construction of ships.
,
Contract authorization
.
Military construction, Naval Reserve
Forces
Ordnance for new construction
Contract authorization
Preparation for sale or salvage of military property (indefinite special account)
Construction, water supply facilities,
San Diego, Calif
F acilit ies
Increase and replacement of naval vessels, armor, armament, and ammunition
Increase and replacement of naval vessels, construction and machinery
Public works, Bureau of Yards and
Docks.,.
Research
Permanent authorizations.
Ships' stores profits (indefinite special
account) -.
Public enterprise funds;
Defense housing
Laundry service. Naval Academy
Intragovernmental funds:
Marine Corps stock fund
Naval working fund
Navy industrial fund
Navy management fund
Navy stock fund
Proposed for later transmission:
Undei existing legislation:
Shipbuilding and conversion.
Procurement of ordnance and ammunition
Research and development
See footnotes at end of table.
185,795
40,557
18,428
2,788
540,617
77, 730
18,428
35,397
8,112
21,000
47,077
19, 790
21,000
177,927
142,927
25,725
12, 725
157
473,049
13,214
1,882
798
1, 443
24,477
4,392
1,123
1,882
1.683
157
308,000
4,000
14,000
2,000
15,000
13, 877
1,115
240
30,927
1, 725
1,323
877
238
30
O
175
175
6
6
2,227
120
62,186
7,029
774,430
61,795
373,293
80,262
24,866
296,803
168,962
505,202
347
77
33,321
6.318 |
850,687
52,896 |
95,941
10,477
2,392
923
30
2,227
165,049
9,214
2, 303
2, 303
o
-330
27
459
29
» 561
>
53,530
10,341
147,661
101, 233
342,328
-17,000
4,500
-8,000
55,251
-40,000
26. 621
3,818
587,687
3,896
76, 718
i 6 50,530
5,841
155,661
45,982
1271,078
276,000
60,000
7,000
216,000
28,800
5,200
28,800
5,200
2,303
2,303
580
54
681
118
29,521
6,318
632,687
12,896
130,968
116,000
8,100
8,100
91
CO
DEPARTMENT
OF D E F E N S E — M I L I T A R Y
FUNCTIONS—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE-Continued
[In thousands]
B a l a n c e , s t a r t of 1957
Balance, s t a r t of 1958
B a l a n c e , s t a r t of 1959
Unobligated
Unobligated
Unobli
gated
Fiscal y e a r 1959
Balance, s t a r t of 1960
E s t i m a t e d expendit u r e s from—
Organization u n i t a n d a c c o u n t title
Total
Total
Total
New
obligational
authority
New
B a l a n c e of
obligational prior authority
authority
Unobligated
Total
DEPARTMENT OF T H E
NAVY—Continued
Proposed for later t r a n s m i s s i o n - C o n .
U n d e r proposed legislation:
M i l i t a r y personnel, N a v y _.
R e s e r v e personnel, N a v y
M i l i t a r y personnel, M a r i n e C o r p s - .
R e s e r v e personnel, M a r i n e Corps .
Military construction, N a v y . .
Military construction, N a v a l Reserve
Forces
T o t a l , D e p a r t m e n t of t h e N a v y . .
$5,008,280
$12,320,023 $4,578,325 $12,067,192
$121,000
4,000
20,000
1,000
281,500
$117,400
3,900
19,700
1,000
45,000
$84,500
236,500
8,000
2,000
4,000
6,000
$3,908,410 $11,956,898
10, 720,000
6,060, 955
$4,852,045
3,139,656
11,653,448
10,647,374
2, 010,021
415,106
849,042
5,888,800
2,146,000
719,000
4,100,000
1, 305,000
575,000
380,000
3,335,000
5,317,000
849,000
340,000
733,000
2,882,434
531,192
40,000
J 9, 554,174
t 2,522,021
414,106
881,042
$3,600
100
300
DEPARTMENT OF THE
AIR FORCE
C u r r e n t authorizations:
Aircraft a n d missile p r o c u r e m e n t _ . , . . . .
A ircraft a n d missile s u p p o r t .
Research a n d d e v e l o p m e n t
Operation a n d maintenance
_
4. 594,099
752,025
38, 763
10,120
13, 206, 746
2,001, 918
473, 968
1, 288, 566
4, 556,846
422,129
76,600
9,336
12,232,016
2, 203, 321
469,399
886, 253
3, 376, 534
391,092
40,000
Military personnel
Reserve personnel
Air National Guard
-.
Military construction, Air Force
-.
Contingencies.
Preparation for sale or salvage of military
property (indefinite special account) _.
Special procurement
Replacement of personal property soldIntragovernmental funds:
Air Force industrial fund
Air Force management fund
Air Force stock fund
Advances and reimbursements
Proposed for later transmission:
Under existing legislation:
Aircraft and missile support
Research and development
Under proposed legislation:
Military personnel
Reserve personnel
Air National Guard
-.
Military construction, Air Force
Total, Department of the Air Force.
Proposed for later transmission:
Department of Defense: Amount anticipated to be "reserved" from proposed 1959 "Military assistance" appropriations fot orders to be placed
with the Department of Defense (this
sum is excluded from the amounts
shown in the "Analysis of unexpended
balances" for "Military assistance")..
344,163
367,012
457
6,006
12,826
251, 747
7,105
115,226
328,491
23
111, 008
6,832
84, 482
1, 435, 856
112,608
7,832
94, 482
267,012
6,237
6,104
100,461
7,120
54,473
194,208
60
81,328
1,000
140,461
180,000
6,009,749
18,910, 518
40,208,675
5, 544,725
13,235,271
17,687,315
36,910,197
4, 507,427
10,344,116
3,737,000
50,500
238,100
3,625,000
41,000
165,000
115,000
8,000
71,000
795,000
109,608
9,332
96, 582
470,856
12, 000
10,200
1,800
30
1,878
268
11
1,265,856
1,878
298
11
1,878
388
21
30, 000
Total, Department of DefenseMilitary Functions
_.. 15,358,097
See footnotes at end of table.
110,169
5,538
50, 551
1, 320,897
863
81,652
11,041
234,208
60
-40
10,010
19,000
303,000
10,000
303,000
10,000
467,000
16,511,-
34,446,770
182,000
3,000
12,600
955,000
178,700
2,800
4,500
75,000
18,044,000
39,145,400
23,457,321
81,497
1,000
127,461
81,692
1,031
215,208
60
o
467,000
267,012
3,300
200
8,100
880,000
9,038,800
3,930, 596
15,249, 469
1,075,000
1,075,000
9,584,921
33,794,472
16,321,679
w
w
3
o
>
00
C7I
D E P A R T M E N T OF D E F E N S E — M I L I T A R Y
FUNCTIONS—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In t h o u s a n d s ]
B a l a n c e , s t a r t of 1957
Balance, start of 1958
B a l a n c e , s t a r t of 1959
Unobligated
Unobligated
Unobligated
Balance, start of 1960
Fiscal year 1959
E s t i m a t e d expendit u r e s from—
Organization u n i t a n d a c c o u n t title
Total
Total
Total
New
jobligational
authority
Unobligated
Total
;6,129, 764
'$29,423,603
22, 716
1, 863, 667
* 31,394
1,623, 375
1, 568,774
2,716,100
New
Balance of
obligational prior auauthority
thority
RECAPITULATION
Enacted or r e c o m m e n d e d in t h i s document:
A ppropriations
$12,340, 551 $37, 494, 625 $10,861, 730 $34,998, 835
39, 428
Contract authorizations
39,428
Revolving and management funds:
75, 758
120
76, 256
P u b l i c e n t e r p r i s e funds
97
2,297, 783
2, 674, 502
1,835,107
I n t r a g o v e r n m e n t a l funds
2,978,021
Proposed for later t r a n s m i s s i o n :
Appropriations
T o t a l , D e p a r t m e n t of
Military Functions
>$36,848,300 $22, 585,321 $15, 432,273
23, 466
2,197, 925
36, 691
1,892, 471
326,000
1,095.000
2, 297,100
872,000
10,344,116
34,446,770
39,145, 400
23, 457,321
899,000
Defense—
15, 358, 097
40,208, 675
13, 235,271 '7 36,910,197
i E x c l u d e s a m o u n t s r e p r e s e n t i n g deliveries against prior year c o m m o n i t e m orders
s h o w n on t h e t a b l e a t t h e end of t h e c h a p t e r .
2 E x c l u d e s capita] transfer of $550 t h o u s a n d in 1959.
3 E x c l u d e s capital transfer of $450 t h o u s a n d in 1959.
* E x c l u d e s capital transfer of $1,000 t h o u s a n d in 1959.
$7, 796, 725 $31, 422, 608
» Reflects transfers b e t w e e n accounts.
6
I n c l u d e s $2,642,320,000 of m i l i t a r y assistance
? I n c l u d e s $2,251,611,737 of m i l i t a r y assistance
s I n c l u d e s $2,298,889,737 of m i l i t a r y assistance
s I n c l u d e s $2,281,191,737 of m i l i t a r y assistance
fund
fund
fund
fund
16, 321, 679
reservations.
reservations.
reservations,
reservations.
9, 584, 921 8 33,794,472
DEPARTMENT OF D E F E N S E — C I V I L FUNCTIONS
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands]
00
Balance, start
of 1957
M
CO
Balance, start
of 1958
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obli- Balance
gational of prior
ity
authorauthority
ity
Balance, start
of 1960
Unobligated
Total
a
o
D E P A R T M E N T OF T H E ARMY
3
CEMETERIAL EXPENSES
Current authorizations:
Salaries and expenses
Entombment of unknown Americans of World War II and
Korea
.
$1,178
$1,248
$1,163
$159
159
59
1,391
159
1,407
1,222
6,915
5,800
1,159
1,178
1,200
92,020
2,955
1,181
1,262
181,187
23,477
644
8,615
5,445
2,108
209,282
17,678
704
13,866
2,888
217,062
18,528
889
14,581
7,800
449,920
100,000
11, 200
57,000
7,000
290, 700
83,000
10, 315
46,500
2,500
187,350
18,000
885
12,000
1,188
188,932
17, 528
889
13,081
7
866
100
86
14
14
241
6
288
14
789
$1,391
Total, cemeterial expenses
$6,915
$5,800
$1,100
59
O
w
RIVERS AND HARBORS AND FLOOD CONTROL
Current authorizations:
General investigations
_
Construction, general
Operation and maintenance, general
._
General expenses ...
Flood control, Mississippi River and tributaries.
United States Section, Saint Lawrence River Joint Board of
Engineers
_
Niagara remedial works
$709
60,698
10,573
$1,680
87,815
1,305
4,160
GO
DEPARTMENT OF D E F E N S E — C I V I L FUNCTIONS—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Fiscal year 1959
Balance, s t a r t
of 1958
Balance, s t a r t
of 1957
Balance, s t a r t
of 1959
Balance, start
of 1959
E s t i m a t e d expenditures from—
Organization u n i t a n d a c c o u n t t i t l e
Unobligated
DEPARTMENT
OF T H E
Total
Unobligated
Total
Unobligated
Total
N e w obligational
a u t h o r - N e w obli- Balances
gational
of prior
ity
authoriauthorzations
ity
Unobligated
Total
ARMY-Continued
R I V E R S AND H A R B O R S AND F L O O D C O N T R O L — C o n t i n u e d
Permanent authorizations:
P a y m e n t s to States, F l o o d Control Act of 1954 (indefinite
special account)
.
Rivers and harbors and flood control, special expense funds:
H y d r a u l i c mining in California, debris fund (indefinite
special account)
_
_
M a i n t e n a n c e and operation of d a m s and other improvem e n t s of navigable waters (indefinite special account)
Intragovernmental f u n d s :
R e v o l v i n g fund, Corps of Engineers
A d v a n c e s and reimbursements, rivers and harbors and flood
control-. .
_
Proposed for later transmission (under existing legislation):
Operation and maintenance, general
$1, 472
$1, 472
$1,461
$1. 461
3
3
14
17
152
152
152
7,956
28.295
6, 570
4
4
$1,500
$1,500
$1, 500
$1,500
$1.500
$1,500
152
150
150
150
150
150
150
29,620
6,289
29,673
6,299
29,673
7,949
252,955
5,000
83,537
245,984
110^.058
275.182
102, 899
290.285
5,000
627,670
$137,601
227, 399
ADMINISTRATION, RYURYV ISLANDS
Current authorizations:
Administration
Construction of utility systems.
291
Total, administration, Ryukyu Islands
344
893
291
219
2,442
2,862
2,110
1,901
3,150
6,000
2,987
2,200
213
800
9,150
5,187
1,013
2,000 I
!7,597
4,800
19,250
14,437
4,286
2,675
2,633
562
425
327 I
12,709
-474
10,916
2,000
PANAMA CANAL
Current authorizations:
Canal Zone Government:
Operating expenses
_
Capital outlay
_
_
_
Panama Canal Bridge
Public enterprise funds:
Panama Canal Company: Panama Canal Company mnd__.
Total, Panama Canal
239
15,017
_r
30,880
22.868
36,284
666
54
2.633
889
425
39,531
17,305
36,554
43,542
18,025
40, 501
11.789
11,439
11, 439
50
11,389
21,398
3,146
MISCELLANEOUS ARMY ACCOUNTS
Current authorizations:
Civilian relief in Korea
Permanent authorizations:
Payment to claimants, disaster at Texas City, Texas, Department of the Army (indefinite)
Public enterprise funds:
Defense production guaranties
Total, miscellaneous Army accounts
30
25, 733
26,256
11.789
1,541
2,540
1,918
1,918
2,503
2,503
-405
2,908
13,942
13,942
-355
14,297
4,909
27,274
28,?796
13, 707
13. 737
4,503
6,878
5, 594
7,969
D E P A R T M E N T OF T H E NAVY
Public enterprise funds:
Defense production guaranties
„
5, 397
DEPARTMENT OF D E F E N S E — C I V I L FUNCTIONS—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
CO
O
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
lln thousands]
Balance, start
of 1957
Balance, start
of 1958
Balance, start
of 1959
Fiscal year 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obli- Balance
gational of prior
ity
author- authority
ity
Balance, start
of 1960
Unobligated
Total
w
DEPARTMENT OF THE AIR FORCE
O
Permanent authorizations:
Wildlife conservation, etc., Eglin Field Reservation (indefiPublic enterprise funds:
Defense production guaranties. _.
Total, Department of the Air Force
__
Total, Department of Defense—Civil Functions
$17
$18
$16
$17
$15
$15
7,485
7,485
9,257
9,257
10,557
10, 557
7,502
7,503
9,273
9,274
10,572
10,572
28
140,766
327,127
163,258
351,330
150,407
362, 728
. $104,260
$251,045
$117,051
$263,035
$108,784
$273,472
$28
$23
$1
$19
$19
-1,193
11,750
11, 750
23
-1,192
11,769
11, 769
685,410
470,009
230,742
65,364
347,387
[ $28,094
$260,631
|$685,410
$470,009
$225,742
J 30,971
[ 6,299
57 083
29,673
65,364
347,387
RECAPITULATION
Enacted or recommended in this document:
Appropriations....Revolving and management funds:
Public enterprise funds
Intragovernmental funds
_
Proposed for later transmission:
_
28, 546
7,960
47,783
28,299
39,637
6,570
58,675
29,620
35,334
6,289
54,583
29,673
5.000
Total Department of Defense—Civil Functions
140,766
327,127
163,258
351,330
150,407
362, 728
5,000
685,410
470,009
230, 742
ft
o
>
DEPARTMENT OF HEALTH, EDUCATION, AND W E L F A R E
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands]
Balance, start
of 1957
1
Balance, start
of 1958
Fiscal year 1959
Balance, start
of 1959
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Balance , start
of 1960
Estimated expenditures from—•
Total
New obligational
author- New obli- Balances
gational
of prior
ity
authorauthority
ity
Unobligated
Total
ft
w
o
w
A M E R I C A N P R I N T I N G HOUSE FOR T H E
BLIND
3
o
Current authorizations:
Education of the blind
_
$400
M
$400
o
F O O D A N D DRUG ADMINISTRATION
Current authorizations :
Salaries and expenses
_
Salaries and expenses, certification, inspection, and
other services (indefinite special account)
Intragovernmental funds:
Advances and reimbursements
Total, Food and Drug Administration.-
>
$308
$640
724
$397
$697
9,410
8,650
$650
$807
$385
521
$415
551
1,255
1,119
136
$415
551
385
918
415
1,248
10,665
9, 769
786
415
1,358
318
2,975
2,582
318
98
640
1,130
F R E E D M E N ' S HOSPITAL
Current authorizations:
Salaries and expenses
_
308
276
393
\
l.—=
CO
DEPARTMENT
OF H E A L T H , EDUCATION, AND W E L F A R E — C o n t i n u e d
CD
ANALYSIS OF UNEXPENDED BALANCES- Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE--Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obliity
gational
authority
Balances
of prior
authority
Balancti, start
ofl 960
Unobligated
Total
w
Hi
o
OALLAUDET COLLEGE
Current authorizations :
Salaries and expenses .
Construction-
$2,131
$6
2,243
2,131
2,249
. ___ .-
$2,612
$9
4,191
2,612
4,200
$1,944
$9
2,992
$785
123
$785
100
$2,800
$57
$9
215
1,944
3,001
908
885
2,800
57
224
o
O
Total, Gallaudet College
-
>
HOWARD UNIVERSITY
Current authorizations:
Salaries and expenses__
.
Plans and specifications._
Construction of men's dormitory (liquidation of
contract authorization)
__ _
Contract authorization
Construction of buildings
_
Construction of administration building (liquidaConstruction of auditorium-fine arts building
(liquidation of contract authorization)
41
97
119
15
105
33
8
105
16
1,353
286
1,923
1,353
286
5,418
244
735
1,661
1,292
735
2,581
583
722
735
1,194
28
64
1,611
1,611
1,611
1,611
4,000
171
(163)
1,311
860
3,850
171
100
5
8
155
11
572
125
572
398
163
796
1,311
860
Construction of biology-greenhouse (liquidation of
contract authorization)
__
Contract authorization
Construction of law school (liquidation of contract
authorization)
Contract authorization
_
Total, Howard University
50
421
134
421
540
53
540
6,253
10,096
421
15
421
4,687
6,793
1,313
4,221
4,171
4,021
33,750
33,750
2,375
705
1,996
O F F I C E OF EDUCATION
Current authorizations:
Promotion and further development of vocational
education
.
Further endowment of colleges of agriculture and
the mechanic arts
_
Grants for library services
Assistance for school construction
_
Salaries and expenses
President's Committee on Education Beyond the
High School
.
.._
Payments, to school districts
Salaries and expenses, White House Conference on
Education
Permanent authorizations:
Colleges for agriculture and the mechanic arts
Promotion of vocational education, act Feb. 23,
1917 (indefinite) —
__.
Intragovernmental funds:
Advances and reimbursements . _ . .
Proposed for later transmission:
Under existing legislation:
Assistance for school construction
Under proposed legislation:
Assistance for school construction
Payments to school districts
Promotion of science and general education
Total, Office of Education
20
12, 098
86, 335
260
19,103
610
118, 956
1,128
8,000
32
25, 869
10, 360
100
60, 656
1,078
2,502
3,000
850
7,950
2,502
3,000
800
7,197
33,800
100
47,800
1,078
12,906
753
28, 500
5,300
10
2
12,098
96,967
4
19,103
146,619
8,000
2,550
2, 550
7,138
7,138
2
2
53,000
44,800
148,636
20,500
110,000
145, 500
2,000
88, 000
75,000
333, 740
221,937
8,200
18,500
22,000
70, 500
122, 280
138,159
DEPARTMENT OF HEALTH, EDUCATION, AND WELFARE—Continued
CO
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Balance, start
of 1958
Balance, start
of 1957
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obli- Balances
of prior
gational
ity
authoriauthorty
ity
Balance, start
of 1960
Unobligated
Total
w
o
OFFICE OF VOCATIONAL
REHABILITATION
Current authorizations:
Grants to States and other agencies. Training and traineeships...
.
Salaries and expenses
Proposedforlater transmission (under existing legislation) :
Grants to States and other agencies ...
_. _
$161
82
85
$341
309
97
$569
466
111
$50,600
4,800
1,400
$49,231
4,134
1,269
$569
466
111
$1,369
666
131
>
W
100
Total, Office of Vocational Rehabilitation
"
100
328
747
1,246
56,800
54,634
1,246
2,166
303
33
516
44
1,088
59
22,889
2,165
21, 370
2,100
1,030
50
1,577
74
155
161
166
356
281
556
6,500
4,400
5,386
2,500
4,050
4,660
250
540
4,000
381
742
PUBLIC HEALTH SERVICE
Current authorizations:
Assistance to States, General
Grants and special studies, Territory of Alaska...
Construction, mental health facilities, Territory of
Alaska
.
Control of venereal diseases. ... _
t-H
o
Communicable disease activities
Sanitary engineering activities
.
Grants for waste treatment works construction
Grants for hospital construction.
Salaries and expenses, hospital construction services.Hospitals and medical care
Foreign quarantine activities
Indian health activities
Contract authorization
_
_.
Construction of Indian health facilities
General research and services, National Institutes
of Health
National Cancer Institute
Mental health activities
National Heart Institute
Dental health activities
Arthritis and metabolic disease activities
Allergy and infectious disease activities
Neurology and blindness activities
Grants for construction of health research facilities-.
Operations, National Library of Medicine
Retired pay of commissioned officers
Salaries and expenses
Surveys and planning for hospital construction
Construction of biologies standards laboratory
building
__.
Construction of surgical facilities
Buildings and facilities, Cincinnati, Ohio
Construction of animal quarters
._
Construction of dental research building
Construction of library facilities
Construction of research facilities
General office building
Grants to States for poliomyelitis vaccination
Construction of housing facilities for animals
Public enterprise funds:
Operation of commissaries, narcotic hospitals
200
339
$79,663
3,641
1,558
6
213
1,569 j
3,500
3,500 I
2,437
33,396
35,110 I
64
18
29 I
430
1,860
63,156
264,591
93
3,593
279
5,252
616
12,970
6,200
12.815
45,000
75.000
1,320
44,309
3,983
39, 609
616
2,374
5,695
10,400
5,000
8,000
1,227
40,500
3,740
34,134
616
759
441
1,966
26,596
141
2, 641
7,497
4,150
3,912
534
1,811
1,619
2,410
35, 596
191
398
498
17, 742
55,923
37,697
34, 712
6,293
20, 592
17,497
20,727
30,000
1,415
1,600
5,325
15, 550
48, 370
32, 700
31, 240
5, 600
18, 000
15, 560
18, 200
10,000
1,220
1,600
4,710
$79,050
9,473
1,815
6,212
2,473
1,989
1
260
1,289
280 |
736
49,156
240, 391
93
3,681
253
4,853
616
U , 840
189,534 i
69 {
2, 275 I
170
3,876
678 I
4,691
1, 205 |
3,163 I
1,8!
2,393 I
126 I
1,090 j
524
1,511
105
1
1
406
3,429
1,630
61
704
70
330
874
169
507
16
425
1,530
29
19
405
1,800
46,100
104,000
93
3,500
220
5,050
530
$45, 330
2,475
57,056
227,591
93
3 902
302
5,677
616
7,344
8,000
1,450
5,330
3,500
2,360
400
1, 200
1,240
1,700
30,000
160
2 603
2,316
3, 237
25,596
226
450
663
1,429
1,540
1,200
500
1,040
60
129
50
129
10
193
75
118
30
-2
3, 383
9,720
5,647
5,024
827
229
20
32
DEPARTMENT
O F H E A L T H , E D U C A T I O N , AND W E L F A R E — C o n t i n u e d
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE-Continued
[In thousands]
Balance, start
of 1958
Balance, start
of 1957
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
New obligational
author- New obli- Balances
gational
of prior
ity
authorauthority
ity
Total
Balance, start
of 1960
Unobligated
Total
PUBLIC H E A L T H SERVICE—Continued
Intragovernmental funds:
National Institutes of Health management fund
Service and supply fund
Working capital fund, narcotic hospitals.
.
Total, Public Health Service
$4
-5
$577
64
$1, 200
657
49
$347,342
220, 779
45,991
374,937
3,154
2,400
700
87
125
87
110
5
$553
31
$497
54
$550
28
$650
29
$577
46
$1,200
661
44
123,760
258,065
115,903
364,675
91,120
420,969
$522,089
726
700
417
5
SAINT ELIZABETHS HOSPITAL
Current authorizations:
Salaries and expenses
_
Major repairs and preservation of buildings and
grounds
Construction, continued treatment building
Construction and equipment, treatment and cafe
teria building..*
Miscellaneous accounts:
Building for storerooms, etc
Construction and equipment, treatment building.
634
301
812
76
20
264
1
317
147
1
198
754
15
20
Construction and equipment, maximum security
building
_
Total, Saint Elizabeths Hospital
SOCIAL SECURITY ADMINISTRATION
Current authorizations:
Grants to States for public assistance
Salaries and expenses, Bureau of Public Assistance.
Salaries and expenses, Children's Bureau
Salaries and expenses, White House Conference on
Children and YouthGrants to States for maternal and child welfare _.
Salaries and expenses, Office of Commissioner . . .
Public enterprise funds:
Operating fund, Bureau of Federal Credit Unions..
Intragovernmental funds:
Advances and reimbursements
Total, Social Security Administration
O F F I C E OF T H E SECRETARY
Current authorizations:
Salaries and expenses
Salaries and expenses, Office of Field Administration.__
Salaries and expenses, Office of the General CounselSurplus property utilization
___
Civil defense activities
_ .
Defense community facilities and services..
Intragovernmental funds:
Working capital fund
~ _.
Advances and reimbursements _
Total, Office of the Secretary....
Total, Department of Health, Education, and
Welfare
665
18
965
5,655
630
1,782
1,188
6,997
1,355
3,366
2,597
1,355
769
236,153
101
101
308,005
119
120
1,806,400
2,040
2,013
1, 498, 400
1,881
1,880
308,000
119
115
308,005
159
138
25
150
41,500
314
135
41,500
278
229,183
92
94
1
17
630
15
36
25
25
678
678
698
705
631
12
678
230,074
698
412
237,498
-93
651
213
631
-216
213
309,133
1,852,417
1, 543,858
308, 379
630
i 694
216
630
» 309, 263
95
112
135
1,819
1,615
135
204
117
39
21
4
78
43
33
2
78
161
47
35
2,418
505
632
2,239
453
585
161
47
35
179
52
47
84
248
36
103
271
4
105
267
2
84
660
103
621
105
647
$5,374
146,207
601,559
144,679
769,344
103,528
890,774
2,792,905
-8
119
275
2
$4,892
370
119 1
759
2,192,917
660,686
47,917
* 830,024
DEPARTMENT OF HEALTH, EDUCATION, AND WELFARE—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY OHGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Balance, start
of 1958
Balance, start
of 1957
Balance, start
of 1959
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
$143,598
1,247
$597,982
1,925
$142,127
1,156
$765,468
1,772
$101, 567
583
$832,393
2,211
Fiscal year 1959
Balance, start
of 1960
Estimated expenditures from—
New obligational
author- New obliity
gational
authority
Balances
of prior
authority
Unobli-
RECAPITULATION
Enacted or recommended in this document:
Appropriations
Contract authorizations
Revolving and management funds:
Public enterprise funds
Intrago vemmental funds
Proposed for later transmission:
Appropriations
Total, Department of Health, Education, and
Welfare
i Excludes capital transfer in 1959 of $50 thousand.
(
572
^$2,516,905 $2,027, 917
705
947
715
734
1,370
650
728
146,207
601,559
144,679
769,344
103,528
$615, 786
681
2,389
53,100
$45,935
I
165,000
44,900
890, 774 2,792, 905 2,192, 917
660,686
276,000
650
760
47, 917
DEPARTMENT
OF THE
INTERIOR,
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION TTNIT AND ACCOUNT TITLE
[In thousands]
Balance, start
of 1957
Fiscal year 1959
Balance, start
of 1959
Balance, start
of 1958
Estimated expenditures from—
New obligational
author- New obli- Balances
gational of prior
ity
author- authority
ity
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
Balance , start
of 1960
Unobligated
Total
D E P A R T M E N T A L OFFICES
Current authorizations:
Office of Saline Water
Office of Oil and Gas
Office of the Solicitor
Office of Minerals Mobilization.
Acquisition of strategic minerals
Total, departmental offices
..
$444
55
283
19
412
$825
550
2,873
262
$400
520
2,723
255
$400
30
150
9
412
$468
55
282
19
$1,838
$390
25
144
11
3,137
1,838
3,707
1,213
4,510
3,898
1,001
824
4
6
35
32
3
6
16,284
98
14,022
98
21,000
9,170
12,800
9,075
9,200
95
13,022
98
$376
34
123
17
_..
_
..-
550
COMMISSION OF F I N E ARTS
Current authorizations:
Salaries and expenses
BONNEVILLE POWER ADMINISTRATION
Current authorizations:
Construction m,- ,-- -r
$4,644
24,832
31
399
DEPARTMENT OF THE INTERIOR—Continued
o
o
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE-Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Organization unit and account title
Unobligated
Total
Unobligated
Total
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
1
New obligational
| author- New obli- Balances
gational of prior
Unobli- 1 Total 1 ity
author- authority
gated
ity
Balance, start
of 1960
Unobligated
Total
o
w
B O N N E V I L L E P O W E R ADMINISTRATION—Con.
K-t
Permanent authorizations:
Continuing fund for emergency expenses (indefinite special
Total, Bonneville Power Administration
$116
$500
$326
$500
$500
$500
5,060
25,363
725
16,882
500
14,620
$30,170
$21,875
$9,295
134
50
190
50
190
50
663
50
126
50
735
50
$500
$500
500
13,620
50
72
50
50
122
792
794
SOUTHEASTERN P O W E R ADMINISTRATION
Current authorizations:
Operation and maintenance
_. . Continuing fund (indefinite special account)
. .
Proposed for later transmission (under existing legislation):
Operation and maintenance
_
Total, Southeastern Power Administration .
67
50
184
50
1,052
1,193
469
176
50
307
847 !
1,374 J
67
735
663
257
S O U T H W E S T E R N P O W E R ADMINISTRATION
Current authorizations:
Construction
td
815 !
580 1
o
%
o
w
w
>
w
Operation and maintenance
_
_ - _^^-_.,
C o n t i n u i n g fund (indefinite special account)
_..
Total, Southwestern Power Administration
BUREAU OF LAND
975 |
4,405
920 1
4,060
60
290
300
55
1,208
1,147
2,587
5,380
4,980
930
1,092
2, 057
600
167
4,185
4,658
282
20,940
4,435
786
17,945
2,336
440
3,025
3,828
260
248
4,155
2,929
368
1
2
3
10
2
3
10
50
50
11,065
1
238
11,065
1
238
46
987
300
47
885
300
1,352
2,226
769
1,747
2,220
305
1,732
4,158
451
2, 309
203
2,457
4,448
230
1
MANAGEMENT
Current authorizations:
M a n a g e m e n t of l a n d s a n d resources. _
Construction.
...
R a n g e i m p r o v e m e n t s (receipt l i m i t a t i o n ) (indefinite)
._
P e r m a n e n t authorizations:
E x p e n s e s , sale of t i m b e r , etc., o n reclamation lands (indefinite
special account)
_
L e a s i n g of grazing l a n d s (receipt limitation)
P a y m e n t s to O k l a h o m a (royalties) (receipt limitation)
P a y m e n t s to Coos a n d D o u g l a s C o u n t i e s , Oregon from receipts, Coos B a y W a g o n R o a d g r a n t l a n d s (indefinite special
account)
_
P a y m e n t s t o c o u n t i e s , Oregon a n d California g r a n t lands (indefinite special a c c o u n t )
_
P a y m e n t s to S t a t e s (grazing fees)
_
_
P a y m e n t s to S t a t e s (proceeds of sales) (receipt l i m i t a t i o n ) .
P a y m e n t s to S t a t e s from grazing receipts, etc., p u b l i c l a n d s
o u t s i d e grazing districts (indefinite special account)
P a y m e n t s to S t a t e s from grazing receipts, etc., p u b l i c lands
w i t h i n grazing d i s t r i c t s (indefinite special a c c o u n t ) . .
P a y m e n t s t o S t a t e s from grazing receipts, etc., p u b l i c l a n d s
w i t h i n grazing d i s t r i c t s , miscellaneous (indefinite special
account)
P a y m e n t s t o S t a t e s from receipts u n d e r M i n e r a l Leasing Act
(indefinite special a c c o u n t )
._
_
P a y m e n t s t o T e r r i t o r y of A l a s k a , i n c o m e a n d proceeds, Alaska
school l a n d s (indefinite special a c c o u n t ) .
.
P a y m e n t s t o A l a s k a , coal leases (indefinite special account)
P r o p o s e d for later tic r e m i s s i o n (under existing legislation):
M a n a g e m e n t of l a n d s a n d resources
.
__
T o t a l , B u r e a u of L a n d M a n a g e m e n t
60 I
1,153
300
1
1
1
w
o
I
59
O
88
85
85
183
98
85
85
59
43
43
261
218
43
43
2
1
4
10
6
4
4
30,388
29,388
25
90
3
90
1
22
22
15
121
2,525
6,566
2,512
7,287
767
9,401
68,487
61,893
>
1,000
22
22
100
21
7,367
248
8,628
t>0
O
DEPARTMENT OF THE INTERIOR—Continued
to
ANALYSIS OF UNEXPENDED BALANCES—Continued
o
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fiscal year 1959
Balance, start,
of 1959
Organization unit and account title
Unobligated
Total
Unobligated
Balance». star
of 1960
Estimated expenditures from—
Total
Unobligated
New obligational
author- New obli- Balances
ity
gational of prior
author- authority
ity
Total
Unobligated
Total
W
O
BUREAU OF INDIAN AFFAIRS
w
Current authorizations:
Education and welfare services:
Appropriation
Permanent contract authorization.
Construction
__.
Road construction and maintenance (liquidation of contract
authorization):
Appropriation _.
_
Permanent contract authorization
General administrative expenses
_
Payment to Menominee Tribe of Indians
Distribution of funds of the Creek Indians
Payment to Klamath Tribe of Indians
Miscellaneous accounts:
Payment to Pine Ridge Sioux Tribe of Indians
Payment to Indians, States, counties, etc., act of June 11,1940.
$7,416
11,107
$3,539
420
2,042
10,610
1,695
14,185
197
$909
5
13,156
146
$4,808
396
2,924
6,914
2,414
14,685
218
148
13,122
75
3,874
14,685
399
100
85
2
2
539
147
2
147
2
509
12
$49,987
$9,813
13, 773
6,486
3,827
8,914
1
11,874
i
3,450
200
250
Payment to Sioux Indians for property losses, act of May 3,
$1,841
$9,393
J $57,469
420
3,827
17,000
13,374
13,000
3,048
100
(
{
[
$50
6
21
21
w
t3
402
100
100
85
6
o
3,227
10,974
13,063
399 J
200
$7,482
50
Redemption of restricted Indian property subject to taxation
_
Relocation of Yankton Sioux Tribe, Bureau of Indian
Affairs
Fulfilling treaties with Columbias and Colvilles.
_
Fulfilling treaties with Winnebagoes
Payments to Shawnee and affiliated Delaware Indians,
Oklahoma, act of Dec. 22, 1927
.._
Payment to Indians of Klamath Agency, Oregon
Payments to Indians of Round Valley Reservation, California, for lands..
Payment to absentee Shawnees, for lands
Permanent authorizations:
Claims and treaty obligations
_
Other miscellaneous permanent appropriations (indefinite
special accounts):
Acquisition of lands and loans to Indians in Oklahoma act
of June 26,1936
_
Indian arts and crafts fund
Operation and maintenance, Indian irrigation systems
Power systems, Indian irrigation projects
Purchase of land for Rocky Boy's Reservation, Montana..
Colorado River Indian reservation, northern reserve
Colorado River Indian reservation, southern reserve.Public enterprise funds:
Revolving fund for loans..
_
Total, Bureau of Indian Affairs
5
107
3
3
107
3
3
2
3
1
2
3
3
3
3
3
3
3
3
3
3
2
3
2
3
2
3
2
3
2
3
2
3
1
2
1
2
1
2
1
2
1 |
2
1
2
|
1
51
1
51
1
1,844
2,022
1,132
16
7
140
10
10
3,000
1,487
126
406
2,527
1,059
100
12
53
11
13
11
59
2
2,125
1,102
11
38
16
7,833
7,946
7,676
7,676
29,350
44,439
44,511
25,181
57,702
96,119
150
30, 749
855
69,236
4,088
199
1,001
1,186
86,885
3,662
207
944 1
603
174
4, 752
123,237
27,500
4,164
300
1,518
67,851
5,462
271
444
2,268 1
9,770
935
11
13
11
1,831
622
2,636
1,132
j
53
7
140
100 i
12
w
w
o
1,788
651
2,983
1,154
2
o
M
ft
874
6,802
6,802
74,389
39,559
9,305
36,251
3,804
66,812
21,538
3, 929 !
1,496
67, 757
5,462
271
100
22
94
970
56, 519
5,962
200 1
3,800
w
w
w
BUREAU OF RECLAMATION
Current authorizations:
General investigations
Construction and rehabilitation..
Operation and maintenance
General administrative expensesEmergency fund
Loan program
See footnotes at end of table.
982
I
200 1
235
344
5,970
to
o
DEPARTMENT OF THE INTERIOR—Continued
to
o
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE-Continued
[In thousands]
Balance, start
of 1958
Balance, start
of 1957
|
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Fiscal year 1959
Total
New obligation^
author- New obli- Balances
ity
gational of prior
author- authority
ity
Balance, start
of 1960
Unobligated
Total
W
H
O
BUREAU OF RECLAMATION—Continued
w
Permanent authorizations:
Disposal of Coulee Dam community (indefinite special
$84
$200
$66
3,200
3,200
600
600
$84
$134
Colorado River dam fund, Boulder Canyon project:
Payment of interest on advances from the Treasury (indefiPayments to States of Arizona and Nevada (indefinite
special account)
Operation, maintenance, and replacement of project works,
North Platte project (Gering and Fort Laramie, Goshen
and Pathfinder irrigation districts) (indefinite special ac$18
$L8
$73
$73
41
41
81
81
641
581
803
1,868
506
4,870
$58
58
Payment to Farmers' irrigation district (North Platte project, Nebraska-Wyoming) (indefinite special account)..
4
8
125
30
$32
32
650
2 500
6,437
8
125
Public enterprise funds:
Continuing fund for emergency expenses, Fort Peck project,
650
1,500
500
5,012
38,425 1 31,988
-1,300
5, 012 *
a
I n t r a g o v e r n m e n t a l funds*
Advances and reimbursement
Proposed for later t r a n s m i s s i o n :
U p p e r Colorado R i v e r B a s i n fund
_
T o t a l , B u r e a u of R e c l a m a t i o n
_
GEOLOGICAL
1,000
1,000
32,583
76,024
32,443
91,970
202,415
132, 270
2,108
4,593
36, 750
35,800
98,415
5,553
77,103
SURVEY
Current authorizations:
S u r v e y s , i n v e s t i g a t i o n s , a n d research
P e r m a n e n t authorizations:
P a y m e n t s from proceeds, sale of w a t e r , M i n e r a l Leasing Act
of 1920, sec. 40 (d) (indefinite special account)
—
Intragovernmental funds:
Advances and reimbursements.
10
10
10
11
59
125
1,268
568
3,386
T o t a l , Geological S u r v e y .
BUREAU OF
2,000
400
0
200
486
5,172
36, 751
35,800
2,200
3,923
18,339
5,900
15,100
4,915
723
1,095
1,000
3,348
939
33
102
4,000
1,171
3,450
1,115
762
121
2,067
1,648
3,624
3,952
150
300
MINES
C u r r e n t authorizations:
C o n s e r v a t i o n a n d d e v e l o p m e n t of m i n e r a l resources
H e a l t h a n d safety
_.Construction
G e n e r a l a d m i n i s t r a t i v e expenses
D r a i n a g e of a n t h r a c i t e m i n e s
_>_
Public enterprise funds:
D e v e l o p m e n t a n d o p e r a t i o n of h e l i u m properties
Intragovernmental funds:
Advances and reimbursements
T o t a l , B u r e a u of M i n e s
NATIONAL PARK
H
o
8,171
2,060
413
1,652
63
8,492
4,171
3,559
1,069
795
128
6,067
5,045
5,559
7,267
2,164
5,601
91
146
168
439
185
300
16,859
21,560
15,142
20,386
7,243
17,519
25,334
21,015
10,070
3,492
1,749
1,862
14,011
14,632
12,000
12,400
13,375
10,450
6,500
1,125
1,350
7,500
8,500
1,634
406
5,785
44
8,500
4,599 J
...
1,244
723
o
o
>
in
SERVICE
C u r r e n t authorizations :
See footnotes a t e n d of table.
5,415 I
956
1,118
9,671
1,110
1,281
12,900
1,881
2,062
2,411
205
M a n a g e m e n t and protection
M a i n t e n a n c e a n d r e h a b i l i t a t i o n of physical facilities
Construction
_
D E P A R T M E N T OF THE INTERIOR—Continued
to
o
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITIE-Continued
[Irv thousands]
Balance, start
of 1957
Fiscal year 1959
Balance, start
of 1959
Balance, start
of 1958
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
New obligational
author- New obli- Balances
ity
gational of prior
authorauthority
ity
Total
Balance, start
of 1960
Unobligated
W
W
Total
O
NATIONAL PARK SERVICE
Continued
w
i-H
Current authorizations—Continued
Construction (liquidation of contract authorization)..
.
Permanent contract authorization
._
General administrative expenses..
Permanent authorizations (indefinite special accounts).
Educational expenses, children of employees, Yellowstone
National Park_.
Operation, management, maintenance, and demolition of
federally acquired properties. Independence National Historical Park
_
_
Payment for tax losses on land acquired for Grand Teton
National Park
Purchase of Great Onyx and Crystal Cave properties, Mammoth Cave National Park
.
Intragovernmental funds:
Advances and reimbursements .. .....
.......
.
Total, National Park Service
$28,667
$8,769
37,852
87
$35, 257
7
9
$14,740
40,053
70
$34,022
9
4
$50, 631
130
}
$31,578
J
$1,258
72
a
J. .
1 '"
3 $12,386
130
$1,330
7
4
29
$4
H
27
15
26
28
28
28
92
92
139
29,020
34
40
129
66
93
15
33
26
26
28
28
28
28
29
29
42
42
1
1
11
3?
34,185
58,645
42,003
70,363
67
67
10
30
28
2
37,628
68,517
2
40,479
31,623
41,682
H
FISH AND W I L D L I F E SERVICE
BUREAU OF SPORT FISHERIES AND WILDLIFE
Current authorizations:
Management and investigations of resources
Construction
,
General administrati ve expense
.
Miscellaneous: Upper Mississippi River Wildlife Refuge.,,,..
Permanent authorizations:
Expenses for sales, etc., in refuges. Migratory Bird Conservation Act (indefinite special account)
Federal aid in fish restoration and management (receipt limitation, general account) (indefinite special account)
Federal aid in wildlife restoration (indefinite special account)..
Management of national wildlife refuges (indefinite special
account)
Migratory bird conservation account (receipt limitation)
(indefinite)
__.
Payments to counties from receipts under Migratory Bird
Conservation Act (indefinite special account)
Intragovernmental funds:
Advances and reimbursements
_
Total, Bureau of Sport Fisheries and Wildlife
2,794
1,236
3, 272
1
3,024
1,839
5,370
1
11
9,336
28,804
2,747
10,473
8,293
21,635
1,584
5, 716
9,119
24,962
1,026
4,309
37
440
243
506
284
3,441
4,700
4,091
5,074
2,736
4,374
11,963
1, 458
7M
10,388
1,000
651
1,812 I
2,500
63 ,
10
5,000
16,055
750
750
3, 250
13,250 ]
1,800
1,450
350
4,500
3,800
1,300 |
600
600
28
16,706
35,087
14,468
44,229
11,385
18
904
642
957
300
1,091
357
18
6,321
500
175
5,448
500
157
547
915
2,182
1,025
278
4,178
4,650
,150
42,159
BUREAU O'F COMMERCIAL FISHERIES
Current authorizations:
Management and investigations of resources_._
._
Construction
_
General administrative expenses
—
Administration of Pribilof Islands (receipt limitation, annual
indefinite)
Permanent authorizations:
Promote and develop fishery products and research pertaining
to American fisheries (indefinite).Public enterprise funds:
Fisheries loan fund
Intragovernmental funds:
Advances and reimbursements......
Total, Bureau of Commercial Fisheries.
See footnotes at end of table
167
2,677
3,777
1,212
4,127
6,728
8,624
845 i
300 |
18
450 !
255 i
356
1
2,847
4,273 I
9,584 |
15,354
1,626
1,915 I
13,828 I
11,280
!,693 |
DEPARTMENT OF THE INTERIOR—Continued
bo
o
ANALYSIS OF UNEXPENDED BALANCES—Continued
00
BY ORGANIZATION UNIT A N D ACCOUNT T I T I E - C o n t i n u e d
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obli- Balances
ity
gational of prior
authorauthority
ity
Balance, start
of 1960
Unobligated
Total
8
td
H
FISH AND W I L D L I F E SERVICE—Continued
O
OFFICE OF THE COMMISSIONER OF FISH AND WILDLIFE
Current authorizations:
Salaries and expenses
______
$29
_____
$7
$308
$300
$7
$8
o
MISCELLANEOUS ACCOUNTS
Current authorizations:
Management of resources _
_
__._
._
Investigations of resources
._ __
_ _ __ __ __
Construction
_ _
__
_
General administrative expenses
Total, Fish and Wildlife Service
OFFICE OF T E R R I T O R I E S
Current authorizations:
Administration of Territories
Trust Territory of the Pacific Islands _ _
Alaska public works
Care and custody of Alaska insane, Governor of Alaska «.
Virgin Islands public works....
_
_.
_.
Permanent authorizations:
Internal revenue collections for Virgin Islands (indefinite
E
$17
1,137
$812
733
1,814
44
20,707
42,763
o
_.*
W
$24,052
59,612
4,840
154
8
11,935
3,174
363
42-1
366
47
6
9,151
71
371
$12,911
57,367
56,295
31,034
25,240
1,604
148
6
7.688
2,100
4,715
4,000
2,050
4,709
1,700
65
6
5,000
278
346
68
3,000
3,000
$4,800
56,883
133
6
4,988
(7)
Public enterprise funds:
Alaska Railroad revolving fund
_
Loans to private trading enterprises, Trust Territory of the
Pacific Islands
Virgin Islands Corporation:
Revolving fund
Operating fund
Total, Office of Territories.
14,005
17,140
10,032
14,050
151
151
241
241
1,456
1,338
55
1,609
463
28
20,815
31,205
15, 422
24,428
7,442
1,789
10, 717
2,515
3,923
269
-33
262
463
361
11. 382
130
167
13, 945
11, 589
7,788
2,500
2,375
125
|
8,202
8
262
1,906
183
474
6,091
14, 248
O F F I C E OF T H E SECRETARY
Current authorizations:
Salaries and expenses
Intragovernmental funds:
Working capital fund
Advances and reimbursements..
236
262
1
311
9
232
3
139
20
235
281
250
160,698
351,185
103, 098
224
18
-1
236
251
226
17
251
479
29,354
254,931
w
H
Total, Office of the Secretary..
Total, Department of the Interior..
164, 293
311, 585
2,500
346,857
583,154
433, 436
O
U
RECAPITULATION
O
Enacted or recommended in this document:
Appropriations
_
Contract authorization
Revolving and management funds:
Public enterprise funds
Intragovernmental funds.
Proposed for later transmission:
Appropriations
Total, Department of the Interior.
39, 749
$226,386
52,458
$77,026
48,413
$250,110
55,134
32,143
34, 786
473
43,995
1,946
>$583,154
28,685
420
21,891
435
$433,436
164,293
311,585
160,698
351,185
103,098
$228,062
30, 955
1,112
17,333 1126,913
911
401
1,188
i Excludes unobligated balance rescinded in 1959 of $3,622 thousand.
a Excludes capital transfer in 1959 of $1,300 thousand.
s Excludes unobligated balance rescinded in 1959 of $6,667 thousand.
< Excludes unobligated balance no longer available in 1959 of $4 thousand.
» Excludes unobligated balance no longer available In 1959 of $5 thousand.
• Excludes unobligated balance no longer available in 1959 of $500 thousand.
f $11, 620 '$203,217
io 23,869
$33, 628 $247, 866
47,144
65, 736
1,167
433,436
229,229
29,354
' Excludes unobligated balance no longer available in 1959 of $278 thousand.
* Excludes capital transfer in 1959 of $40 thousand.
• Excludes unobligated balance no longer available in 1959 of $786 thousand.
» Excludes unobligated balance rescinded in 1959 of $10,289 thousand.
» Excludes capital transfer In 1959 of $1,340 thousand.
254,931
fcO
o
D E P A R T M E N T OF J U S T I C E
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In t h o u s a n d s ]
Fiscal year 1959
Balance, s t a r t
of 1957
Balance, s t a r t
of 1958
Balance, s t a r t
of 1959
Balance, start
of 1960
E s t i m a t e d expenditures from—
O r g a n i z a t i o n u n i t a n d a c c o u n t title
Unobli-
Total
Unobligated
Total
Unobligated
Total
N e w obligational
a u t h o r - N e w obli- Balances
gational
of prior
ity
authorauthority
ity
Unobli-
Total
LEGAL ACTIVITIES AND GENERAL
ADMINISTRATION
Current authorizations:
Salaries a n d expenses, general a d m i n i s t r a t i o n
Salaries a n d expenses, general legal activities
Salaries a n d expenses, A n t i t r u s t D i v i s i o n
Salaries a n d expenses, U n i t e d S t a t e s a t t o r n e y s a n d m a r s h a l s .
Fees a n d expenses of witnesses
Salaries a n d expenses, claims of persons of J a p a n e s e ancestrySpecial t e m p o r a r y a t t o r n e y s a n d a s s i s t a n t s
P r o p o s e d for later t r a n s m i s s i o n ( u n d e r existing legislation):
Fees a n d expenses of witnesses
T o t a l , legal activities a n d general a d m i n i s t r a t i o n .
F E D E R A L BUREAU OF
C u r r e n t authorizations:
Salaries a n d expenses
$170
877
283
739
36
19
33
$200
1,155
225
821
60
10
15
$286
1,377
236
1,161
43
24
$3,200
11,350
3, 800
20,430
1,800
210
$2,918
10,033
3,572
19,409
1, 753
187
$281
1,222
227
972
41
24
8
3,160
2,157
INVESTIGATION
i,8()2
4,437
4,888
102, 500
4, 862
$287
1,472
237
1, 210
49
23
I M M I G R A T I O N AND NATURALIZATION SERVICE
Current authorizations:
3,317
2,671
3,979
49,600
45,510
3, 937
33,000
1,500
2,800
30,876
798
2,423
2,065
1,302
370
$224
2,128
702
377
-2,238
10,004
» 4,045
4,132
F E D E R A L PRISON SYSTEM
Current authorizations:
Salaries and expenses, Bureau of Prisons
Buildings and facilities
__
Support of United States prisoners
__
Intragovernmental funds:
Federal Prison Industries, Incorporated: Prison industries
fund.-.
Total, Federal Prison System
Total, Department of Justice
-
__
$245
2,018
927
428
$896
2,034
1,502
368
$425
2,069
1,302
370
9,734
3,549
11,168
4,401
10,658
4,007
9,979
6,922
12,064
8,305
11,083
7,748
37,300
34,097
1,499
10, 228
7,252
9,979
18,198
12,064
17,899
11,083
19, 775
230,190
214, 739
13,098
10,228
19,928
$245
9, 734
$14,649
3,549
$896
11,168
$13,498
4,401
$425
10,658
$15,743
|$230,190
4,007
$214,739
$13,073
}
$224
1 10,004
$15,883
i 4,045
10,228
19,928
RECAPITULATION
Enacted or recommended in this document:
Appropriations
_
Revolving and management funds: Intragovernmental funds.
Proposed for later transmission:
Appropriations.
_
__ . .
Total, Department of Justice
1
25
9,979
18,198
12,064
Excludes capital transfer (payment of dividend to Treasury) In 1959 of $2,200 thousand.
17,899
11,083
19, 775
25
230,190
214,739
13,098
DEPARTMENT OF LABOR
to
to
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fiscal year 1959
Balance, start
of 1959
Estimated expenditures from—
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
New obligational
author- New obli- Balances
ity
gational of prior
author- authority
ity
Balance, start
of 1960
Unobli-
Total
ft
w
O
OFFICE OF T H E S E C R E T A R Y
Current authorizations:
Salaries and expenses
Intragovem mental funds r
Working capital fund
Advances and reimbursementsTotal, Office of the Secretary
E
i—*
$51
$52
$48
87
69
$1,556
$1,503
$48
-73
$6
169
$3
220
139
118
92
-~2
1,656
$53
$71
142
71
1,503
266
928
76
OFFICE OF T H E SOLICITOR
Current authorizations:
Salaries and expenses
127
2,121
74
1,004
BUREAU OF LABOR STANDARDS
Current authorizations:
Salaries and expenses.
BUREAU OF V E T E R A N S ' R E E M P L O Y M E N T
RIGHTS
Current authorizations:
Salaries and expenses
19
20 '
542 I
522 J
20
20
o
BUREAU OF A P P R E N T I C E S H I P AND TRAINING
Current authorizations:
Salaries and expenses
......_
._
200
193
250
3,900
3,545
250
275
201
11
126
126
11
29,445
53,229
3,414
101
2,108
283
2,913
99
3,966
1,225
310
140
329,300
19,000
27,800
1,339
314,554
18,025
27,490
1,253
3,966
150
310
140
355
BUREAU OF E M P L O Y M E N T SECURITY
Current authorizations:
Salaries and expenses..
_
Grants to States for unemployment compensation and employment service administration
Unemployment compensation for veterans
Unemployment compensation for Federal employees
Salaries and expenses, Mexican farm labor program
Public enterprise funds:
Farm labor supply revolving fund
Intragovernmental funds:
Advances and reimbursements
_
Total, Bureau of Employment Security
...
3,217
620
1,084
2,593
371
911
2,964
6,515
$303
835
303
6,487
14,746
2,050
310
86
-880
1,317
1,715
3,697
1,317
18,907
2
o
3,837
87,550
377, 565
361,448
BUREAU OF E M P L O Y E E S ' COMPENSATION
Current authorizations:
Salaries and expenses
w
H
o
I—I
-
141
137
193
2,811
67,000
2,616
57,000
193
195
141
137
193
59,811
59,616
193
195
381
460
500
7,572
7,068
480
524
14
66
42
40
14
447
502
540
_
Employees' compensation fund (indefinite)
Total, Bureau of Employees' Compensation..
o
w
>
w
BUREAU OF LABOR STATISTICS
Current authorizations:
Salaries and expenses
_
Intragovernmental funds:
Advances and reimbursements
Total, Bureau of Labor Statistics
40
7,572
7,068
520
524
WOMEN'S BUREAU
fcO
Current authorizations:
Salaries and expenses.
32
20
25
462
436
25
26
CO
to
DEPARTMENT OF LABOR—Continued
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Balance, start
of 1959
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Total
Fiscal year 1959
Estimated expenditures from—
1 Balance, start
of 1960
New obligational
author- New obli- Balances
ity
gational of prior
authorauthority
ity
Unobligated
Total
H
O
M
WAGE A N D HOUR DIVISION
Current authorizations:
Salaries and expenses
O
_
_
__
Total, Department of Labor
$600
$480
$3,857
89,397
$2,967
8,165
$3,217
$88,076
$2,593
$7,125
$303
$497
$10,500
$9, 970
8,399
465,033
447,025
5,376
[$465,033
$447,025
$5,376
465,033
447,025
5,376
$530
$497
$1,388
21,031
RECAPITULATION
Enacted or recommended in this document:
Appropriations
Revolving and management funds:
Public enterprise funds
Intragovernmental funds
Total, Department of Labor
. _
. _. .
...
$19,103
$7,380
620
20
1,084
237
371
3
911
129
$303
835
178
3,857
89,397
2,967
8,165
303
8,399
i
$1,388
1,715
21?
1,388
21,031
I—I
o
POST OFFICE
DEPARTMENT
ANALYSIS OF UNEXPENDED BALANCES
BY ACCOUNT STTLE
[In thousands]
Fiscal year 1959
Balance, s t a r t
of 1957
Balance, s t a r t
of 1958
E s t i m a t e d expenditures from—
A c c o u n t title
Unobligated
Total
Balance, s t a r t
of 1960
Balance, s t a r t
of 1959
Unobligated
Total
Unobligated
Total
N e w obligational
a u t h o r - N e w obli- Balances
gational
of prior
ity
authorauthority
ity
Unobligated
Total
0
w
O
Public enterprise funds:
Pcstalfund
P r o p o s e d for later t r a n s m i s s i o n :
Appropriations
_ ___
$22,190
$213,769
$17,240
$212,735
$14,240
$219,310
$676,121
$676,121 - $ 1 6 , 9 8 0
$9,403 i$231,453
T o t a l , P o s t Office D e p a r t m e n t . . .
22,190
213, 769
17,240
212,735
14,240
219,310
-675,000
-675,000
1,121
1,121
-16,980
9,403
231,453
E n a c t e d or r e c o m m e n d e d in t h i s d o c u m e n t :
Appropriations.
R e v o l v i n g a n d m a n a g e m e n t f u n d s : P u b l i c enterprise f u n d s . . .
Proposed for later t r a n s m i s s i o n :
Appropriations
_.
$676,121
$22,190
22,190
$213, 769
213, 769
$17,240
17,240
Excludes balance no longer available (repayment to Treasury) in 1959 of $4,837 thousand.
o
m
>
RECAPITULATION
T o t a l , P o s t Office D e p a r t m e n t
3
o
._
$212,735
212, 735
$14,240
14,240
$676,121
-$16.980
$219,310
219,310
-675,000
-675,000
1,121
1,121
-16,980
$9,403 i $231,453
9,403
231,453
to
Or
DEPARTMENT
OF STATE
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT A N D ACCOUNT TITLE
[In t h o u s a n d s ]
Fiscal year 1959
Balance, s t a r t
of 1957
Balance, s t a r t
of 1958
Balance, s t a r t
of 1959
Balance, start
of 1960
E s t i m a t e d expendi t u r e from—
Organization u n i t a n d a c c o u n t title
Unobligated
ADMINISTRATION
OF FOREIGN
Unobligated
Total
Unobligated
Total
Unobligated
Total
AFFAIRS
Current a u t h o r i z a t i o n s :
Salaries a n d expenses
Representation allowances.
Acquisition of b u i l d i n g s a b r o a d
E m e r g e n c i e s in t h e d i p l o m a t i c a n d consular service
P a y m e n t to Foreign Service r e t i r e m e n t a n d d i s a b i l i t y f u n d . A d m i n i s t r a t i v e expenses ( m u t u a l security)
,._
Extension a n d remodeling, State D e p a r t m e n t Building
G o v e r n m e n t In occupied areas
__-_
P e r m a n e n t authorizations:
R e p l a c e m e n t of personal p r o p e r t y sold a b r o a d (indefinite
special a c c o u n t )
_
__
Intragovernmental funds:
Advances and reimbursements
Proposed for later t r a n s m i s s i o n ( u n d e r existing legislation):
Salaries a n d e x p e n s e s . -..
A d m i n i s t r a t i v e expenses ( m u t u a l security)
T o t a l , a d m i n i s t r a t i o n of foreign affairs.
Total
N e w oWi-|
gational
a u t h o r - New obli-j Balances
gational
of prior
ity
authorauthority
ity
$4,439
$4, 780
108
12,586
464
$1,537
$1,864
119
18,972
1,323
43, 811
89
1,658
773
$750
5,782
$2, 652
100
17, 472
748
$105,000
1,000
18,560
1,000
2,025
$101,800
800
12,000
600
2,025
$200
100
11,000
325
1,127
34,787
10
1,127
18,230
4
$750
2,422
$5, 652
200
12,972
823
16,557
6
164
274
77
292
116
113
84
135
342
133
333
248
45
203
150
5,606
20,985
66,803
6, 574
57,410
150
4,577
3,450
132,393
120,885
1,127
31, 294
37,624
I N T E R N A T I O N A L ORGANIZATIONS AND
CONFERENCES
Current authorizations:
Contributions to international organizations
Missions to international organizations
..—
International contingencies
_—
Proposed for later transmission (under existing legislation):
Contributions to international organizations
International contingencies
_.
212
123
272
1,183
85
495
607
1,763
31
73
4,110
114
37
258
77
40,309
1,365
1,800
1,193
45,989
43,474
1,091
30
70
1,510
60
41
178
40
505
1,570
1,000
470
1,480
950
30
70
,508
325
616
291
605
1,620
150
Total, International organizations and conferences
691
100 I
150
41,889
1,700
2,400
707
122
214
150
I N T E R N A T I O N A L COMMISSIONS
Current authorizations:
International Boundary and Water Commission, United
States and Mexico:
Salaries and expenses
Operation and maintenance
Construction
_
Rio Grande emergency flood protection
American sections, international commissions
Passamaquoddy tidal power survey
International fisheries commissions
Restoration of salmon runs, Fraser River system, International Pacific Salmon Fisheries Commission.....
Total, international commissions
_
4,775
114
01
4,921
115
3,962
114
68
1,300
50
50 I
34
174
40 I
53
75
53
53
fc 197
4,775
1.433
1,972
5,676
5,416
1,906
11,875
20,800
9,000
10,500
4,891
5,310
35
9,212
20
499
900
505
849
505
818
2,891
3,997
2.^09
2,980
1,563
1,905
3,425
14,129
3,114
15,759
EDUCATIONAL E X C H A N G E
Current authorizations:
International educational exchange activities
Educational aid for China and Korea.._
Permanent authorizations:
Educational exchange fund, payments by Finland*-World
War I debt (indefinite special account)
_._,
Educational fund, interest payments by the Government of
India (indefinite special account)
Total, educational exchange
11,930
2,(
14,598
450
1.050 i
21,199
9,000
12,000
DEPARTMENT OF STATE—Continued
to
ANALYSIS OF UNEXPENDED BALANCES—Continued
00
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fiscal year 1959
Balance, start
of 1959
New obligational
author- New obli- Balances
gational of prior
ity
authorauthority
ity
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Balance . start
of 1960
Estimated expenditures from—
Total
Unobligated
Total
W
Q
OTHER
Current authorizations:
Rama Road, Nicaragua
.
Cleveland Pan American Games
_
Salaries and expenses, Philippine Rehabilitation
Permanent authorizations:
Payment to the Republic of Panama
Total, other
__
$438
$2,556
__
..
Total, Department of State
$2,273
100
$3,317
100
8
$573
$2,717
$1,500
$1,217
5
4
1
$1,930
$1,930
o
438
2,556
2,373
3,425
573
2,722
1,930
1,930
1,504
14,360
43,587
16,883
92,525
10,648
77,895
207,187
180, 705
47,795
$14,225
135
$43,245
342
$16,750
133
$92,192
333
$10,606
42
$77,347
[$202,610
248
$177,255
$47,495
1,218
$4, 293
56,582
$4,293
$55, 252
203
RECAPITULATION
Enacted or recommended in this document:
Appropriations
Revolving and management funds: Intragovernmental funds.
Proposed for later transmission:
Appropriations
- Total, Department of State
14,360
43,587
16,883
92,525
10,648
300
4,577
3,450
300
77,895
207,187
180, 705
47, 795
|
1,127
4,293
56, 582
TREASURY
DEPARTMENT
ANALYSIS OF UNEXPENDED BALANCES
BY ORGANIZATION UNIT AND ACCOUNT TITLE
[In thousands]
Balance, start
of 1957
Balance, start
of 1958
Fiscal year 1959
Balance, start
of 1959
Organization unit and account title
Unobligated
Unobligated
Total
Unobligated
Total
Balance, start
of 1960
Estimated expenditures from—
New obligational
author- New obli- Balances
gational
of prior
ity
authorauthority
ity
Total
Unobligated
Total
O F F I C E OF T H E SECRETARY
Current authorizations:
Salaries and expenses
Investment in International Finance Corporation:
Authorization to expend from debt receipts
$35,168
Investment in International Bank for Reconstruction and Development: Authorization to expend
from debt receipts
2,540,000
Permanent authorizations:
Expenses of administration of settlement of War
Claims Act of 1928 (indefinite special account)...
2
Federal control of transportation systems (indefinite special account)
61
Public enterprise funds:
Liquidation of corporate assets: Reconstruction
17,886
Finance Corporation liquidation fund .
Civil defense loans: Civil defense program fund:
Cash
245,356
Authorization to expend from debt receipts
1
Excludes capital transfer in 1959 of $15,274 thousand.
$121
$129
$150
$3,068
$2,924
$147
$147
35,168
2,540,000 $2,540,000
2,540,000 $2,540,000
$2,540,000
2,540,000
3
4
4
2,540,000
3
3
4
3
4
61
56
56
50
50
6
44
44
26, 547
5,634
10, 550
420
4,619
-14,636
330
13,981
123
248,070 1 246,290
62
248,935
246,548
1 246,844
51
249,233
17
1
51
249,090 J
14
-143
J
TREASURY DEPARTMENT—Continued
to
ANALYSIS OF UNEXPENDED BALANCES—Continued
bO
o
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
!
Balance, s t a r t
of 1957
Balance, s t a r t
of 1958
1
O r g a n i z a t i o n u n i t a n d a c c o u n t title
Unobligated
OFFICE
OF T H E
Total
Unobligated
Fiscal year 1959
Balance, s t a r t
of 1959
Total
Unobligated
Total
Balance, start
of 1960
E s t i m a t e d expenditures from—
N e w obligational
N e w obliauthority
gational
authority
Balances
of prior
authority
Unobligated
Total
O
SECRETARY—Continued
Intragovernmental f u n d s :
A d v a n c e s and reimbursements, Office of t h e Secretary
o
$3
$2,850,093 $2, 791,983
2, 799, 739 $2, 787, 021 $2, 793,964
$3,085
$2,938
223
2,635
28
3,110
17,340
2,880
14,649
6,633
25,150
5,000
2
6,633
25,150
5,000
2
- $ 1 4 , 6 2 3 $2, 787, 222 $2, 793, 4H0
B U R E A U OF A C C O U N T S
Current authorizations:
Salaries and expenses
Salaries and expenses, D i v i s i o n of Disbursements
Claims judgments, and private relief acts
Permanent authorizations:
Interest on u n i n v e s t e d funds (indefinite)
Public enterprise f u n d s :
F u n d for p a y m e n t of Government losses in shipm e n t (current appropriation)
217
2,923
4,006
237
2,790
440
223
2,635
28
229
2,692
140
158
94
113
44
63
100
6
44
94
113
140
3,625
94
7,259 1
44
2,949
57,335
M,320
2,930
94
3,034
o
BUREAU OF THE PUBLIC DEBT
Current authorizations:
Administering the public debt
4,734
4,194
4,052
44,600
40,450
4,100
4,102
411
419
571
17,950
17,326
569
626
O F F I C E OF T H E T R E A S U R E R
Current authorizations:
Salaries and expenses
Public enterprise funds:
Check forgery insurance fund
_
Total, Office of the Treasurer
-2
44
27
17,326
567
44
653
48,000
45, 558
3,127
300
4,286
4,971
48,000
45, 558
3,127
300
4,286
16,240
325,500
309,700
14, 790
17,250
61,750
61, 750
20
20
24
24
45
28
44
25
24
435
45
447
44
596
17,950
300
2,392
300
6,059
300
4,971
300
BUREAU OF CUSTOMS
Current authorizations:
Salaries and expenses
_
Intragovernmental funds:
Advances and reimbursements..
_
25
Total, Bureau of Customs
300
2,392
300
6,084
I N T E R N A L R E V E N U E SERVICE
Current authorizations:
Salaries and expenses
_
Permanent authorizations:
Refunding internal revenue collections, interest
(indefinite)
Coconut oil tax, collections for American Samoa
(indefinite special account)
Internal revenue collections for Puerto Rico
(indefinite special account)
..
Total, Internal Revenue Service.
_
14, 930
15,115
1,609
1,821
1,900
20,000
18,100
1,900
1,900
16,539
16,936
18,140
407,270
389, 570
J6,690
19,105
TREASURY DEPARTMENT—Continued
to
fcO
ANALYSIS OF UNEXPENDED BALANCES—Continued
BY ORGANIZATION UNIT AND ACCOUNT TITLE—Continued
[In thousands]
Fiscal year 1959
Balance, start
of 1959
Balance, start
of 1958
Balance, start
of 1957
Organization unit and account title
Unobligated
Total
Unobligated
Total
Unobligated
Balance, start
of 1960
Estimated expenditures from—
Total
New obligational
author- New obli- Balances
gational
ity
of prior
authorauthority
ity
Unobligated
Total
to
o
BUREAU OF NARCOTICS
Current authorizations:
$225
$224
$159
$3, 780
$3,545
$235
U N I T E D STATES S E C R E T SERVICE
$225
. ,
149
33
6
171
37
12
162
54
14
3,461
865
293
3,308
831
275
163
163
149
33
12
153
34
12
Permanent authorizations:
Contribution for annuity benefits, White House
Total, United States Secret Service
230
220
188
4,782
4,577
194
199
835
457
366
4,300
3,918
366
382
BUREAU OF T H E M I N T
5
o
Current authorizations:
Current authorizations:
Salaries and expenses -- -Permanent authorizations:
Minor coinage profits, etc (indefinite
o
special
130
130
322
322
200
200
350 ,
150
200 |
200
200
%
Silver profit fund (indefinite special account)
Total, Bureau of the Mint
155
155
282
282
200
200
475
275
200
200
200
285
1,120
604
1,061
400
766
5,125
4,343
766
400
782
-353
5,497
16
4,461
-1,592
1,633
473
-2,399
1,160
BUREAU OF E N G R A V I N G AND P R I N T I N G
Intragovernmental funds:
Bureau of Engraving and Printing fund
COAST GUARD
Current authorizations:
Operating expenses
Acquisition, construction, and improvements.
Retired pay
_
Reserve training
_
Intragovernmental funds:
Coast Guard supply fund
Coast Guard yard fund
Advances and reimbursements
10,899
22,072
14,602
89
615
14,973
24,053
23,993
102
1,318
176
24,053
18,889
102
1,318
171,700
16,000
27,800
11, 500
147,647
-8,153
27,698
10,182
24,053
9,825
102
1,318
13
24,053
33,217
102
1,318
W
Total, Coast Guard
1,583
791
2,395
2,150
133
1,135
64
2,507
1,741
779
697
2,402
2,284
13,273
42,056
16,172
53,714
1,652
49,048
227,000
177,374
7,800,000
7,800,000
8,618,926
8,540,001
216
721
558
3
2,186
1,563
36,235
574
62,439
50,694
2,786,235
2,889,490
f
$761
2,786,844
$91,176
2,789,233
468
-1,838
i 4,172
4,909
2,786,235
2,889,490
s
o
I N T E R E S T ON T H E P U B L I C D E B T
Interest on the public debt
_
_ _
Total, Treasury Department
2,852,142
2,926,880
2,809,214
2,894,339
2,787,869
2, 876,532
$11, 547
$66,615
2,820, 524 2,823,238
$15,936
2,786,290
$929
$85,914
2, 788, 935 2,786, 548
$76,365
2, 789,090
a
RECAPITULATION
Enacted or recommended in this document:
Appropriations
__
Authorizations to expend from debt receipts
Revolving and management funds:
Public enterprise funds
Intragovernmental funds
Total, Treasury Department
>$8,618,926 $8,540,001
__
_
18,050
2,021
26,852
10,175
5,773
1,215
10,753
8,737
508
-116
4,758
6,319
2,852,142
2,926,880
2,809,214
2,894,339
2,787,869
2,876,532
i Excludes capital transfer in 1959 of $15,274 thousand.
$50,694
<
I
8,618,926
8,540,001
50,694
to
CO'
DISTRICT OF
fcs2
COLUMBIA
to
ANALYSIS OF UNEXPENDED BALANCES
tin thousands]
Balance, start
of 1957
Balance, start
of 1958
Balance, start
of 1959
Account title
Unobligated
Current authorizations:
Federal payment to District of Columbia
Loans to District of Columbia for capital outlay, highway
fund
Loans to District of Columbia for capital outlay, water fundLoans to District of Columbia for capital outlay, sanitary sewage works fund
Total, District of Columbia..«
Total
Unobligated
Total
Unobligated
Total
Fiscal year 1959
Estimated expenditures from—
New obligational
author- New obli- Balances
gational of prior
ity
author- authority
ity
$27,229
Balance, start
of 1960
Unobligated
Total
w
$27,229
$9,357
18,780
$9,357
18, 780
$14,757
20,180
$14, 757
20,180
$21, 238
17, 577
$21, 238
17, 577
2,750
2,750
2,750
2,750
1,000
1,000
30,887
30, 887
37,687
37, 687
39,815
39, 815
35,829
27,229
$30,887
$30,887
$37,687
$37,687
$39,815
$39,815
$35,829
$27,229
$24, 738
13, 297
$24,738
13,297
10,380
38,035
38,035
$10,380
$38,035
$38,035
$2,000
7,380
5,500
3,100
1,000
o
RECAPITULATION
Enacted or recommended in this document:
Appropriations
o
SUMMARY OF BALANCES AVAILABLE AT START OF YEAR
Based on existing and proposed legislation
[In millions]
1957 actual
Description
BALANCES OF AUTHORIZATIONS ENACTED
IN THIS DOCUMENT
Appropriations:
Legislative branch
_
_
The judiciary
Executive Office of the President-Funds appropriated to the President:
Mutual security
__
_
Other
Independent offices:
Atomic Energy Commission
Veterans Administration
_
Other
General Services Administration
Housing and Home Finance Agency
_
Department of Agriculture
Department of Commerce
Department of Defense—Military Functions
Department of Defense—Civil Functions
^^A
Department of the Interior. _.
Department of Justice
__
Department of Labor
Department of State
Treasury Department
_.
District of Columbia
Total appropriations.
'Less than one-half million dollars.
1.HT «•!*„•.«
Obligated
1958 estimate
Unobligated
Obligated
1959 estimate
Unobligated
Obligated
1960 estimate
Unobli-
Obligated
Unobligated
OR RECOMMENDED
2
1
.__
_.
_
_
__-
$38
3
1
(*)
3,380
10
338
24
3,109
13
975
90
103
408
1
165
173
25,154
147
376
130
83
412
2
254
183
12, 341
104
977
90
153
257
2
112
235
24,137
146
31, 415
0)
14, 552
(0
$22
3
1
$37
2
1
764
17
2,531
14
175
147
223
2
330
248
10,862
117
1,271
116
152
208
3
207
398
23, 626
165
317
56
7,797
109
29
22
65
109
123
149
7*1
102
173
13
5
76
70
77
1
214
15
7
67
75
34
30, 232
13,505
29, 840
8,908
AKA
131
14
85
29
55
$18
(,)
2
Cd
H
o
14
1,104
131
292
216
4
142
488
23,294
233
660
191
16
19
51
90
27,833
•
B
(1)
£
•-
o
$67
21
i
£j
d
303
83
6,130
28
;>
g
0)
6,734
SUMMARY OF BALANCES AVAILABLE AT START OF YEAR—Continued
to
Based on existing and proposed legislation—Continued
fcO
[In millions]
1957 actual
Description
Obligated
1958 estimate
Unobligated
Obligated
1959 estimate
Unobligated
Obligated
1960 estimate
Unobligated
Obligated
Unobli
BALANCES OF AUTHORIZATIONS ENACTED OR RECOMMENDED
IN THIS DOCUMENT—Continued
Authorizations to expend from debt receipts:
Funds appropriated to the President:
Mutual security
Other
Independent offices:
Veterans Administration
Other...
___
Housing and Home Finance Agency
Department of Agriculture
_
Treasury Department
Total authorizations to expend from debt receiptsContract authorizations:
Legislative branch
General Services Administration
Housing and Home Finance Agency.
Department of Agriculture
Department of Commerce
Department of Defense—Military Functions
Department of Health, Education, and WelfareDepartment of the Interior
Total contract authorizations.
g
trJ
,
_
-
694
263
335
$105
471
$109
265
171
$129
104
$70
59
27
823
1,209
1,021
3
153
7,603
3,610
-108
2,821
49
1,556
1,788
1,587
3
203
6,588
4,182
934
2,786
67
1,666
2,536
1,438
3
41
5,587
4,816
2,457
2,787
19
1,788
2,677
1,348
2
54
5,365
4,179
1,853
2,787
4,467
14, 411
5,412
15,269
6,084
15,949
6,067
14,367
498
548
1,190
1,304
129
3
497
24
2,005
39
1
40
2,738
89
111
105
639
37
150
894
306
789
92
91
434
1,017
51
671
638
o
a
g
Revolving and management funds:
Legislative branch
Funds appropriated to the President:
Mutual security
Other.
Independent offices:
Atomic Energy Commission
_
Veterans Administration
Other
General Services Administration
Housing and Home Finance Agency
Department of Agriculture
Department of Commerce
Department of Defense—Military Functions
Department of Defense—Civil Functions
Department of Health, Education, and WelfareDepartment of the Interior
Department of Justice
Department of Labor
___
_
Post Office Department
_
Department of State
Treasury Department
Total revolving and management funds..
Total balances of authorizations enacted or recommended in this document
_
BALANCES OF AUTHORIZATIONS PROPOSED FOR LATER TRANSMISSION
Appropriations:
The judiciary
_
_
_
Funds appropriated to the President: Mutual security
_
_
Independent offices:
Atomic Energy Commission
__Other
General Services Administration
_
Department of Agriculture
_
i Less than one-half million dollars.
12
(»)
11
0)
26
96
11
107
29
-6
0)
4
-6
1
192
16
6C0
45
27
62
42
2,978
37
1
29
10
1
22
(0
183 |
35
100
184 I
35
37
161
-4
118
46
3
29
420
57
50
72
42|
67
-8
133 I
34
-292
43
2
2,221
42
1
22
11
0)
C1)
33
208
-1
138
43
-462
42
1
11
-7
1
195
(9
13
18
427
52
49
64
18
2,374
46
1
35
11
10
-7
1
205
l
()
17
0)
(0
11
2]
28
0)
14
0)
0)
-232 i
49 I
2I
10
-6 ]
1
222 I
(9
1
37
450
62
52
75
31
,886
37
1
18
10
1
o
V)
-1
221
3,902
252
3,133
553
3,078
543 I
37,408
35,603
36,048
32,801
36,910
28, 952
35,114 I
1,661
2,681
24,420
o
226
100 I
52
0)
0)
to
bO
to
to
SUMMARY OF BALANCES AVAILABLE AT START OF YEAR—Continued
Based on existing and proposed legislation—Continued
00
[In millions]
1957 actual
Description
Obligated
Unobligated
1958 estimate
Obligated
Unobligated
1959 estimate
Obligated
1960 estimate
Unobligated
Obligated
Unobligated
BALANCES OF AUTHORIZATIONS PROPOSED FOR LATER TRANSMISSION—Continued
Appropriations—Continued
(0
Department of Defense—Military Functions
$769
5
53
1
$326
$10
1,147
$1
1,569
119
0)
0)
200
Total appropriations. . - .»
..-_-
-
----
Authorizations to expend from debt receipts:
Independent offices
Total authorizations to expend from debt receipts
Contract authorizations:
Housing and Home Finance Agency
Revolving and management funds:
Department of Agriculture
1,042
-
.-
330
3,490
1,796
2,000
246
90
1,866
200
2,000
336
2,066
200
-28
Total balances of authorizations proposed for later transmission
Total balances available at start of year
o
1
400
(»)
$37,408
$35,603
$36,048
$32, 801
-198
1,014
2,330
3,628
4,063
37, 924
31,282
38,742
28,482
o
w
RECAPITULATION
Appropriations
-.
Authorizations to expend from debt receipts..
Contract authorizations
Revolving and management funds
$31,415
4,467
1,304
221
$14,552 |
14,411
2, 738
3,902
$30,232
5,412
150
252
$13,505
15,269
894
3,133
$30,882
6,084
434
525
$9,238
17,949
1,017
3,078
$31,323
6,403
671
345
$8, 530
16,433
838
2,681
Total balances available at start of year.
37,408
35,603
36,048
32,801
37,924
31,282
38,742
28,482
1
Less than one-half million dollars.
Source: Budget document for fiscal year 1959.
W
O
2
3
o
w
8
to
CO
230
DEBT CEILING
INCREASE
Senator J E N N E R . Mr. Chairman, since this is a sort of a free-for-all,
I would like to get my two bits in. I have just come from the Post
Office Committee, and I know that in these considerations there has
been some anticipation of increase of postal rates and also increase of
postal employees' pay. And I personally think from the tenor of
that committee, that both are going to be done. But the amount, I
think, is probably another question. Whether you have a 5-cent
first-class stamp or whether you have a 4-cent stamp, that is going
to make a great deal of difference in the overall picture. But when
we stop to consider what Senator Anderson of New Mexico has said,
plus all the other statements, we realize that the second largest item
of our budget is interest on our debt, and we are here considering
increasing this debt $5 billion.
You might also stop to consider it is awful to be broke and it is
awful to be dead, but it is a hell of a note to be both dead and broke.
And when you combine them with being both dead and broke, you
are in an awful shape. And that is where we are heading. We
could be both dead and broke.
Senator B E N N E T T . Mr. Chairman, may I try to enlighten the
atmosphere?
Since the hearings began yesterday my mind has reverted to an old
story, the story of the situation in which the barkeeper was at one end
of the bar and the proprietor was at the other, and Bill Jones came in
for a drink of beer, and the barkeeper yelled to the proprietor, "Is
Jones good for a glass of beer?" and the proprietor says, "Has he had
i t ? " The barkeeper says "Yes." The proprietor then replies, "Well,
then, he is good for it." Well, we are working in the large sense on the
glass of beer that has alread}^ been had. And it is too late, in a sense,
for the proprietor to say, "No, Jones cannot have credit on the beer
he has already drunk."
Senator J E N N E R . I t is not too late to take a reappraisal of these
things, the duplication and waste and the extravagance. When we are
trying to support and take care of the whole world and we cannot really
take care of ourselves, it is time we took a look at these things.
Senator ANDERSON. We are just talking about contracts in the
missiles program that are far more expensive than any other things
that we have developed. We have got three different types of antitank
missiles. I t is just possible we might not be using tanks at all. j
Senator BENNETT. The control of that is behond the Secretary of the
Treasury in his responsiblity to manage the debt.
Senator ANDERSON. Yes, but if the debt limit is kept on, there may
be some control on the military that we do not have now. I t is going
to be pretty hard to go against any of these military expenditures.
Senator M A R T I N . Mr. Chairman, may I observe that it might ease
the feelings of the distinguished Senator from New Mexico: I t has
always been that way. By the time we get the equipment of offense
or defense completed, it is obsolete. I t has always been that way in
military affairs. Military things are the most wasteful matters that
have ever been considered in worldwide affairs.
Senator MALONE. Mr. Chairman.
The CHAIRMAN. Senator Malone.
Senator MALONE. I waited too long yesterday to question Mr.
Anderson, because I find that he had two speaking engagements in
Missouri, and he came to my office after it was over and he asked,
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"Would you let me off?" and what could I do? I did have something
to say to Mr. Anderson.
So I am going to ask permission, Mr. Chairman, after we are
finished with Mr. Brundage today, to sum up some of the things,
that if I had had the opportunity, I would have asked Mr. Anderson,
and maybe some of the answers from his predecessors might fit in.
In the meantime, to join this melee, I was going to ask if I could
question Mr. Brundage just a minute.
The
CHAIRMAN. Yes,
sir.
Senator MALONE. Mr. Brundage, I am sorry I do not know your
background. What is it?
Mr. BRUNDAGE. I was in public accounting all my life, Senator.
Senator M A L O N E . Well, I have read your statement, and I will
not duplicate what the Senator from New Mexico has said. He is
absolutely correct. There are probably three or four hundred places
in the United States where the shift in population has made it impossible for local people to keep up with schools and expenses, therefore
you have about as much chance of changing that as you have of flying
to Europe without a pair of wings in about the next 10 minutes, I
think.
Then I might mention to you something that I read here, that ybu
are going to charge for all Government property. And you assume,
of course, being in the accounting business, that all of the public
lands belong to all of the people, and therefore should be sold in
accordance with their present value. Well, I have some news for you.
One way that the Congress has tried to develop public lands is to-make
them available to people who live on them and who will develop them,
and that was the livestock enlargement of the Homestead Act, and
the mining claims on locations.
So I see in your youth and innocence you have suggested all these
things be charged for. Now, I think if you had consulted some of
the leaders of the administration who deny that they want a mineral
leasing act—you now are suggesting that the mining claims be charged
for in accordance with whatever they may find on them, which means
leasing, and could only mean one thing, in accordance with the
values found.
Now, I can go on—I will not go too far here. There is just the Rural
Electrification. You want that written off. You want the matter of
the veterans' pensions—and I might review for you the action of this
committee last fall. I doubt if you would read anything of the kind.
I t would be tedious to you. But it was proposed by the administration, and I think will be again, that a pension to a disabled veteran
be figured on his disablement—loss of an arm or an eye, or he got a
little gas or something—and there are methods by which the Veterans'
Administration figure those things. And that handicaps this man in
getting a job. So they have a veterans' preference. He probably
gets a much poorer job than he would get if he did not have this
disability.
So now you propose that when he does get a job and }^ou charge
him the same social security to go into the Government and be
repaid then in benefits, that you deduct whatever he is drawing in a
pension from the social security.
Now, this committee brought the bill back from the Senate floor
and denied that business, because the disability is paid on account
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of a disability of his ability to earn a living. And his social securitypays in just like anybody else. There is absolutely no connection.
Now, you can go on to other things, but I think the Chairman has
picked it up. But it reminds me of what an old timer once said:
"There is no one wiio can talk quite so convincingly on the subject
than somebody entirely unhampered by the facts." And I hate to
p u t this against your record, but in reading this thing, it just seems to
me like a 10-year-old school child had written it out without any
consideration whatever of what has gone before for nearly 40 years in
veterans legislation, social security (for a shorter time, but well
established) and there is some attempt, the attempt of this Congress,
to try to equalize the expense on a small community when suddenly
the Government says that something must be done in that community.
Apparently you know nothing about those things except that it
looks good on paper. So I hope when you come back that we get
another opportunity to question you about some of the things that
you have suggested here, and you can depend on it that we will;
because I will not wait too late next time so that you have a speaking
engagement some place.
Mr. BRUNDAGE. Well, I will be glad to answer. Senator, some of
your comments
Senator M A L O N E . Answrer about the veterans. What do you think
about that?
Mr. BRUNDAGE. Did you read the report of the Bradley Commission?
Senator M A L O N E . I have read everything on veterans for 40 years.
I was in the First World War, and I am one of the ones that had an
opportunity and did participate in building veterans' hospitals
throughout the country and securing some kind of benefits for these
veterans. When wTe came back from World War I in 1919, you could
not get a veteran in a hospital with a shoehorn, because there wTas no
place for him. Nowr you can get them in hospitals.
No one denies some of these things may be abused. That is a matter
of administration, another part of your own administration now that
your man is in there. I t is not a matter of cutting these benefits out.
I t is a matter of administration.
Mr. BRUNDAGE. Well, the portion of the Bradley Commission's
recommendations that related to disability of service-connected cases
wras dealt with by the Congress in the legislation last year. But they
did not deal with, and the President did not submit, any recommendation with respect to the non-service-connected cases, and that is
what we were talking about here.
Senator M A L O N E . Were you in one of these wars? I presume
you were.
Mr. BRUNDAGE. World War I.
Senator M A L O N E . Yes. That was mine.
Well, I can tell you a little story. I t may relate to non-serviceconnected cases. When a man is in the Army or in the armed services
for 2 or 3 years and he caves in later, in my opinion he is entitled to
eat and to have his kids go to school—not to live in luxury.
In France, where I presume you were in 1919, I had a battery
of field artillery, and some of the privates or the enlisted men thought
these officers should not be officers. So we had a pretty smart colonel,
and he suggested we play a game of football, the officers against the
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enlisted men. The dirt was about 6 inches deep. I t was mud when it
rained. And they had a 60-minute football game, and I think I was
about 1 of 3 or 4 that played the 60 minutes. Nobody scored, because
nobody paid a r ^ attention to the football. Whenever it was snapped,
everybody just got somebody. So they carried them off one after
the other. I attended a reunion of that regiment about 6 or 7 years
ago, and I understand that 19 men are drawing compensation as
a result of that football game. I am not one of them, however; but
I could well have been.
So I think it is the nth degree of something, and it must be ignorance,
that makes people believe that a man that does not have it on his
service record did not get hurt in that war. And you fellows will
continue to harp about that, no doubt, for the next 20 years until
they are all dead, but I do not think you are going to get away with
it. Aud that is something else I will question you about when you
come back.
Mr. BRUNDAGE. All right.
The CHAIRMAN. What is the pleasure of the committee? How long
will it take, Air. Brundage, to get this information?
Mr. BRUNDAGE. I imagine a couple of days.
The CHAIRMAN. Then, together with that, it would be interesting
for you to give a memorandum as to what authority you have to
reduce expenditures in the various departments, say, through more
economical administration, and so forth. You have such authority,
I presume?
Mr. BRUNDAGE. YOU mean the Bureau of the Budget?
The CHAIRMAN. Through the Bureau of the Budget.
(The material referred to follows:)
R O L E OF THE B U R E A U OF THE B U D G E T IN R E D U C I N G
EXPENDITURES
General.—In general, to control and reduce future expenditures it is necessary
to control and reduce t h e obligations which precede them. If obligations are
not controlled or reduced, there exists only t h e possibility of delaying—not
eliminating—expenditures. If obligational authority is reduced, it m a y not
result in an equivalent reduction of spending in the same fiscal year since there
is often a substantial timelag between the incurring of t h e obligations and t h e
making of t h e expenditures to liquidate them.
Control over obligations and the resulting expenditures is exercised not only
through t h e budget and appropriation process, b u t also through the legislative
process. I n addition, due regard for economy and efficiency in t h e manner in
which the Government is organized, and in which it conducts its affairs, has an
effect on expenditures in the long run.
General position of the Bureau.—By Reorganization Plan No. 1, effective J u l y 1,
1939 (5 U. S. C. 133t note), the Bureau of the Budget was transferred to t h e
Executive Office of t h e President. This change was made because, in the words
of the President's message transmitting the reorganization plan to the Congress,
"it is necessary for the President to have direct access to these managerial agencies
in order t h a t he m a y have t h e machinery to enable him to carry out his constitutional responsibility^, and in order t h a t he m a y be able to control expenditures,
to increase efficiency, to eliminate overlapping and duplication of effort. * * *"
Under Executive Order 8248, dated September 8, 1939, issued p u r s u a n t t o this
reorganization plan, the Bureau was assigned certain functions as a coordinating
staff agency for the President. Among the important functions assigned to t h e
Bureau by this order are those of assisting the President by clearing and coordinating d e p a r t m e n t a l advice on proposed legislation and by making recommendations as to Presidential action on legislative enactments; conducting research in
t h e development of improved plans of administrative management, and advising
t h e d e p a r t m e n t s and agencies with respect to improved organization and practice;
supervising and controlling the administration of the budget; and aiding the
234
DEBT CEILING
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President t o bring about more efficient and economical conduct of G o v e r n m e n t
service.
I n carrying out t h e functions referred to in t h e preceding paragraph, t h e B u r e a u
acts as a staff a r m of the President. Through t h e legislative clearance process,
it assists t h e President in making his recommendations on legislation which will
ultimately play a large p a r t in determining the size and character of t h e programs
for which expenditures will be made. Similarly, in making organization a n d
m a n a g e m e n t studies, t h e Bureau assists t h e President to reduce expenditures b y
insuring t h a t t h e Government's affairs are conducted in the most efficient a n d
economical manner.
Functions of the Bureau with respect to appropriations.—The
Bureau's functions
with respect to appropriations have a bearing upon expenditures in two w a y s :
First, in connection with the President's budgetary recommendations as to t h e
total of expenditures in any particular fiscal year; and, second, in connection with
t h e timing of expenditures in any particular fiscal year or from one fiscal year t o
another. With respect to t h e first, under t h e provisions of t h e Budget a n d
Accounting Act, 1921, as amended (31 U. S. C. 16), t h e Bureau has a u t h o r i t y
" t o assemble, correlate, revise, reduce, or increase t h e requests for appropriations
of the several d e p a r t m e n t s or establishments." T h e actions of the Bureau to
reduce expenditures through the budget-preparation process are effected in it
recommendations to the President and are reflected in t h e budget as approved and
t r a n s m i t t e d by him to the Congress. This authority is not, in fact, as broad as
it might seem a t first glance because so m a n y of our programs—such as v e t e r a n s '
pensions, interest on the public debt, and m a n y others—are not controllable
through t h e budget process.
With respect to t h e second, the Director of the Bureau of t h e Budget is required
by law to apportion funds for use by executive agencies, and he has a limited s t a t u tory a u t h o r i t y to establish reserves (sec. 3679, Rev. Stat., as amended, 31 U. S. C.
665). F u n d s which are reserved p u r s u a n t to this a u t h o r i t y are not available
for use by t h e agencies.
I n addition to t h e specific s t a t u t o r y authority to establish reserves, t h e B u r e a u —
in its general role as a staff a r m of the President—has been responsible for carrying
out such instructions as might be issued from time to time by the President with
respect to reductions in expenditures. Compliance with such instructions has
resulted, of course, in some reductions in expenditures, b u t it is difficult to ascertain in any particular instance how much of a reduction is a t t r i b u t a b l e to such
instructions a n d how much to other program factors.
Senator M A R T I N . Mr. Chairman, I would like to make just a little
explanation.
I asked a question a while ago relative to locks and dams, whether
it was the intention to charge tolls for their use. Mr. Chairman,
that means a lot to us in Pennsylvania. But if we start a policy of
that kind, and do it all over the United States, I would not object.
Now, Senator Gore, you have been over it in an airplane, and you
know what it means to us. If we do those things all over the United
States, I would not object. M y community will object very seriously,
and I will object very seriously unless it is done all over the country.
Senator M A L O N E . Mr. Chairman, I might say what I just neglected
to say, that apparently with the $4 billion this year we will have spent
over $70 billion in Europe and Asia now since World War I I in
things and doing things which you object to being done here. So
apparently what you are trying to do is to carry on the principle
started under the Roosevelt administration, carried through the
Truman, and now through ours, to do even^thing for foreign nations,
building their schools, their roads, their projects, and write it all off,
but stop doing anything for the United States of America. And that
is another place where we part company. I have not yet voted for
any of the $70 billion, and I am not about to. I think it is the craziest
thing on earth, and I believe that if the people of the United States
had seen these projects and know what you are building throughout
the world as I and many other members of this committee have seen
DEBT CEILING
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235
them, I think the people would move on Washington. I do not
think they would even wait for an election.
Now, that is what you are proposing. You have that in your
budget.
Mr. BRUNDAGE. YOU have asked me—may I ask a question?
What is a nonessential Federal expenditure?
Senator M A L O N E . I do not know of any that is going on right now,
if they are being expended and administered properly. The nonessential here is an essential in, we will say, Iran. One hundred
million dollars means nothing to you people. You write it off tomorrow. I see France is here now to get another $300 million. They
will get it without a doubt. To do what? Carry on their Socialist
government. You do not ask them what they are going to do with
it. What these people do, fight for leadership to get this money, so
that the top people get it.
They have just had a little upset in Venezuela. They would not
be fighting for this ownership so much if there was not so much
American money.
I have been all over Venezuela. I went out on Maracaibo Lake,
went up to Bolivar Mountain, where they are whittling off the iron
from the top; out to the manganese deposits; I have been to every
nation in the world, and I have seen these things you are doing. And
I want to tell you they are an insult to human intelligence. But you
want to substitute these programs all over the world for, say, keeping
up our schools, where you send in this thing double and triple and
make the population 10 times as much as it was before so that the
local taxpayers cannot do it; you would take it away from them and
put it in Guam or some other seaport, and you do not even know
what they are doing with the money. You cannot know.
I do know what they are doing with it, because it took me 11 years
to visit all these places, everyone of them. And they were not social
calls.
Senator ANDERSON. Mr. Chairman, I had intended when we got
down to questioning on these schools and Hill-Burton funds, and so
forth, to call Mr. Brundage's attention to a story in the Washington
Sunday Star of January 19: "Russia's Syrian Deal is Model of Efficiency." All these things that Russia is doing for Syria are the
things that we want done in the United States for communities that
are in real trouble. And I am just hopeful that our Government could
do as well by our people as Russia is going to do by the Syrians.
It is pretty hard to talk about stopping the Hill-Burton funds to
schools and other things in areas where this sudden impact of population has produced problems that the local community cannot solve.
The mayor of the local community for Grants, N. Mex., has phoned
my office time after time when I was in New Mexico this summer,
saying, "We cannot get it done, you fellows are so smart in Washington, come out and tell us what we can do to keep these schools open."
There is no easy answer to it. They cannot build houses, because
the uranium mills' proposal is to mill all this ore in 7 years. You
cannot get an FHA loan and amortize it in 7 years. And they have
had very difficult situations.
I believe the Bureau of the Budget should take those problems in
mind and talk about these reductions and look for reductions in areas
where I think there are very substantial reductions possible. As I say,
21297—58
16
236
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the order to build a type of shell for which there is no gun, the gun being
in mothballs and probably never to be revived, is the type of waste I
think we can well do without.
Senator MARTIN. Yes, there is much of that.
The CHAIRMAN. Mr. Brundage, now you understand what the
committee wants? We want one column of the savings that you are
making through more efficient administration etc. And in this respect., you, of course, recognize your responsibility. You are asking
Congress to appropriate $72.5 billion in new spending authority to be
added to $70 billion remaining unspent in old appropriations. But
the actual spending of that money is in the executive branch of the
Government, and there lies the responsibility for efficient and economical administration through which great savings that can be made
independent of any legislation on the part of Congress.
We first want to know how much you have reduced this budget as
compared to last year's budget by savings through efficiency and
economy, which you have the power to require. And then, secondly,
the savings that you recommend which require legislation. We want
these savings itemized.
Mr. BRUNDAGE. Could I ask your interpretation—and I am doing
this in all seriousness—as to what is a nonessential Federal expenditure?
The CHAIRMAN. I would say first it is an expenditure that is not incumbent upon the Federal Government.
Mr. BRUNDAGE. By law?
The CHAIRMAN. By law or otherwise.
While we are on this subject, let's take a moment to look at the
governmental structure in this country. In addition to the Federal
Government, there are 48 State governments, and some 3,000 local
governments. Under our system, these State and local governments
have definite responsibilities. And, with very limited exceptions, such
as the emergency situation mentioned by Senator Anderson, for instance, Federal overlapping is nonessential.
When 1 came to the Senate, in the middle of the depression when we
had all sorts of emergency agencies, there were 23 programs through
which the Federal Government was paying $1.8 billion a year to States
and individuals. Now there are 85 of those programs, and through
them the Federal Government is spending $6.5 billion.
I ask you to consider this increase against the background of the
colossal Federal debt with which we are wrestling, along with other
aspects of the Federal fiscal situation.
When I came to the Senate the Federal debt was $16 billion. Now
it will be $280 billion if this bill is passed. When I came to the Senate our Federal tax bill was $4 billion. Now you are asking Federal
tax collections totaling $74.4 billion.
Senator J E N N E R . Well, Mr. Chairman, are you eliminating the
foreign aid and economic aid in your statement to Mr. Brundage?
The CHAIRMAN. I regard foreign economic aid as an area where
there are tremendous nonessential expenditures, but in view of conditions confronting us, we must make heavy military expenditures for
the protection of these foreign nations as well as ourselves.
We have spent, as you know, $62 billion on foreign aid, military
and economic. I know^ much has been wasted in the most extravagant
way. I went over to Denmark, and learned that we had given $100
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237
million to Denmark to pay on its public debt. Now, do 3^0 u regard
that as an essential expenditure?
Mr. BRUNDAGE. Well, I do not know the details.
The CHAIRMAN. That is a fact.
We gave to Denmark $100 million to pay on its public debt, and
we added it to our public debt. There is no question about it. I saw
the records in Copenhagen.
Now, these are some examples in response to your question. And
let me say, further, to you, sir, that there is inefficiency and extravagance and duplication of effort all through the Government. I think
you will agree with me. There is a great deal of it, especially in the
military branch.
Mr. BRUNDAGE. We have certainty been working to eliminate that.
The CHAIRMAN. We want a statement of what you have done in all
areas. We want your action translated into dollars and cents so we
can see what you have saved. The military is infiltrated with waste.
I t is naturally a wasteful operation, I understand that. And I am
for a strong military defense, directed in the proper fashion. But
we must put first things first, and that goes for the military. I
do not think you will deny that there is great extravagance through
all the branches of Government.
I do not say that it can be run like a private business. I have
never argued that. But I think a lot of this waste can be cut out,
and it is incumbent upon administrative officials to do it.
When we define nonessential Federal expenditures, we might
properly include whole programs and projects, but the definition
should not be limited to entire items. There may be considerations
of degree.
I will illustrate with a personal example. Automobile transportation is essential to me for proper attention to my duties in Washington
and my responsibilities and business in Virginia. But, Chevrolet
transportation is completely adequate. I drive a Chevrolet. Cadillac
transportation would be nonessential. I don't own a Cadillac. A
Cadillac would cost three times as much initially, and then it would
cost three times as much to maintain and operate. The difference
in the cost of using a Chevrolet and using a Cadillac would be a nonessential expenditure.
There are a great many Chevrolet activities in the Federal Government riding around in chauffeured Cadillacs.
Now, if that answers your request for my interpretation of nonessential expenditures, I would like to return for a moment to the
subject of foreign aid.
When the Marshall Plan was proposed, we were told that it was
a 4-year operation limited to some $15 billion. We had the assurances
of those in authority that it would expire in 4 years. Here it is extended for years and years. It was started in 1946, was it not?
Mr. BRUNDAGE.
Yes.
The CHAIRMAN. I think it was.
Senator ANDERSON. No; 1947.
The CHAIRMAN. 1947. Now it has gone 11 }^ears, and apparently
it is a permanent part of the budget of this country.
Senator MALONE. Mr. Chairman, right around that while you are
on it.
The CHAIRMAN. I could elaborate further, but I think I made
myself clear.
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DEBT CEILING INCREASE
Senator Malone.
Senator MALONE. YOU are talking about Secretary Dulles sitting
right there the last time $4 billion went through and said, "This
must be a permanent program."
I might also mention just one other thing. We have been keeping
West Germany in the style to which they would like to become
accustomed, and a year ago they loaned to the World Bank at 4 percent interest $100 million in gold that we had given them already.
I do not suppose you know anything about that. You would have
no way of knowing. That is what I mentioned earlier in the game.
But somebody must know something about it in the administration.
I doubt if it is the fellow that is the head of EGA. I do not think he
knows anything about it. They change them every 2 years.
Mr. BRUNDAGE. There is no aid going to West Germany now.
Senator J E N N E R . Maybe we can get something from them.
Senator M A L O N E . We gave them plenty of aid. So they loaned it
back at 4-percent interest.
You see, you are a little late in catching up with it. This is a year
ago. But you still have $4 billion in this thing for aid, do you not?
I think it is nearer $70 billion that we put out to these nations.
Mr. BRUNDAGE. Nothing but military aid for Europe, I believe.
Senator M A L O N E . What is the $300 million that France wants now?
They just sent a good friend of mine over here. I met him when I
was there in 1947—a Frenchman, and a smart one, smarter than anyone we will get in government, I will guarantee. And he will get the
$300 million, I will guarantee. Why I cannot tell you.
Mr. BRUNDAGE. We have nothing in the budget for it.
The CHAIRMAN. Mr. Brundage, is it not true that about half of the
Federal expenditures each year are paid out of balances in appropriations enacted in some prior year?
Mr. BRUNDAGE. Well, they use up the previous appropriation first
before the}' go on the current.
The CHAIRMAN. I understand, but I mean to show that the control
of the expenditure budget
Mr. BRUNDAGE.
Yes.
The CHAIRMAN. Has passed from Congress to the executive branch.
Is it not true that up to half of the expenditures in fiscal year 1959
will be made from appropriations which are not before the appropriation committees and Congress this year?
Mr. BRUNDAGE. That is about the proportion.
The CHAIRMAN. SO, therefore, the Congress has practically lost control of the annual rate of expenditure. And that makes it more incumbent upon the executive branch to cut the waste and inefficiency.
Senator J E N N E R . Mr. Chairman, has the Congress not lost control
of the budget? The responsibility belongs on the Congress. That is
one of the powers that we still have. We have not given it away.
That is the control of the purchases. And it is up to us to exercise
our authority and stop this foolishness. We cannot go on this way.
There is no need to harangue the executive department of Government.
They might click here, there and beyond, but we buy this stuff, and
we have been buying it year after year. And it is our fault, and we
can stop it and nobody else can.
But I do not want to see a bill like this. I t do not know the details
of this. I do not want to see a bill like this railroaded through this
DEBT CEILING INCREASE
239
committee and rushed onto the floor, as a great emergency. We have
been living with panic buttons ever since I can remember; it is one
emergency after another.
But I again reiterate my simple statement: I t is awfully bad to be
broke and awfully bad to be dead, but it is worse to be both.
The CHAIRMAN. Just one word about these unexpended balances.
I think they constitute one of the greatest obstacles to a more efficient
expenditure of the funds appropriated. This loss of annual expenditure
control by Congress began in 1946; no, I suppose it was before that.
Senator K E R R . That was when we lost control of Congress.
The CHAIRMAN. Previously we were appropriating mainly on a
current and contract basis. For long-term projects we would make
a contract. For instance we would contract for a battleship and we
would appropriate the }^early payments on that battleship. Congress
had a chance each year to go over it and see if they wanted to continue to build that battleship. This practice was replaced by the
policy of appropriating in full in advance. I think the Congress did
it. I do not think the administration had any responsibility for the
change. I t was done by the Congress and originated in the House,
if I am correctly informed. There it was decided that it would be
more economical to appropriate the full amount in advance for multiyear projects like airplanes and battleships, and so forth, even though
they would not be constructed during the year in which the appropriation was made. That is the way it started. It has grown and grown
until now we have approximately $70 billion of unexpended balances,
and we appropriate $72.5 billion more, or would under this budget.
And that makes it more important, because it makes available for
expenditures actually about some $140 billion, so far as appropriations
plus balances are concerned.
I am right about that; am I not? There woukl be total authorization for Federal agencies to spend $140 billion, if it were physically
possible to do it?
Mr. BRUNDAGE. Well, our proposals for 1959 indicate that $49.7
billion will be out of new obligational authority requested, and $24.3
billion out of balances for prior authorizations.
The CHAIRMAN. I t is one-third.
Mr. BRUNDAGE. And let me sa}^ also that I have supported, as you
know, bill number S. 8002 which would, I think, help to bring control
of expenditures back.
The CHAIRMAN. I know you have. I would like to add to what
Senator Anderson said that the Senate three times passed a single
appropriation bill and provided in that bill for a limitation of expenditures so they would know exactly what they were authorizing to be
expended annually, but the House has never agreed to it. We need
a fundamental reform, it seems to me, of our whole budgetary system;
you will agree with that?
Mr. BRUNDAGE. I should know. I have been working on that for
a number of years and strongly believe in what Senator Martin says.
The CHAIRMAN. We should have one bill before us; then we could
add up the totals; and we could put the expenditure total alongside
an estimate of revenues in the bill so we would know what we were
doing. As it is now, Congress does not know whether they are voting
for a budget in balance or out of balance.
Mr. BRUNDAGE. I agree with that very strongly.
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DEBT CEILING
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The CHAIRMAN. Appropriations bills come up at different times,
and at no one time can they be consolidated to show the overall
picture. In addition, they are in terms of appropriation, not annual
expenditures.
Senator MALONE. Mr. Chairman, I have a letter here from Carl
Hayden, enclosing a copy of a letter that he has written the chairman
that has to do with the post office. If it is not a part of the record,
I will ask that it be made a part of the record.
The CHAIRMAN. Without objection, it will be made a part of the
record.
(The letter of January 24, 1958, from Senator Carl Hayden to
Senator Byrd, is as follows:)
U N I T E D STATES SENATE,
C O M M I T T E E ON A P P R O P R I A T I O N S ,
January
Hon.
G E O R G E W.
24, 1958.
MALONE,
United States Senator,
Senate Office Building, Washington, D. C.
D E A R G E O R G E : I trust t h a t you m a y agree t h a t there is some merit in my l e t t e r
to Senator Byrd, a copy of which is enclosed.
Yours ver}^ sincerely,
CARL
HAYDEN.
U N I T E D STATES SENATE,
C O M M I T T E E ON A P P R O P R I A T I O N S ,
January
Hon.
H A R R Y F.
24, 1958.
BYRD,
Chairman, Committee on Finance,
United States Senate, Washington, D. C.
D E A R H A R R Y : The fact t h a t your committee must give consideration to thebill, H. R. 9955, to increase the public-debt limit by $5 billion, impels me to point
out t h a t nothing of t h a t kind would have to be done if the operations of t h e Post
Office D e p a r t m e n t had been financed on a break-even basis during t h e past 12
years. Instead, t h a t D e p a r t m e n t has incurred t h e following deficits each year:
1946
$129, 000, 000 1953
$650, 000, 000
206, 000, 000 1954_
399, 000, 000
1947_
277, 000, 000 1955_
363, 000, 000
1948_
577, 000, 000 1956_
464, 000, 000
1949_
545, 000, 000 1957_
522, 000, 000
1950_
565, 000, 000
1951720, 000, 000
1952_
Total
5, 400, 000, 000
I have listed these figures for two purposes:
1. To show t h a t if these deficits had not been incurred your committee
would not be required to recommend t h e e n a c t m e n t of H. R. 9955.
2. To express t h e hope t h a t the members of your committee m a y join with
other Senators to insure t h a t hereafter t h e Post Office D e p a r t m e n t will be
authorized to collect sufficient postage to pay its operation expenses.
Unless this is done, the indications are t h a t , depending upon t h e cost of proposed
p a y increases, t h e deficit for t h e present fiscal year could be anywhere from $700
million to $900 million.
Yours very sincerely,
CARL
HAYDEN.
Senator M A L O N E . Mr. Chairman, in the absence of a chance to
question Mr. Anderson, I would like to have included as a part of the
record the summary I made last year following my examination of
former Treasury Secretary George Humphrey, which covers the
field, and have it appear following the Secretary of Treasury's testimony.
The CHAIRMAN. Without objection, that will be done.
DEBT CEILING
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241
Senator M A L O N E . NOW, Mr. Chairman, I will also ask permission
to amend the record so that I can make a summary statement, if that
is all right with the chairman.
The CHAIRMAN. That is satisfactory.
Senator MALONE. I am glad that the chairman is sending Mr.
Brundage back to bring in something that may be at least real and
beyond that which was in his speech this morning.
Now, everyone knows that we will be fighting the next war in the
air and under the sea, with radar and with long-range planes. Right
at this moment the American hemisphere can be defended from North
America.
If they wanted to save that $15 billion by just stopping nonessential
expenditures and take $5 billion of it and put it into long-range planes
(such as the B-52) and into missile development, the missiles taking
the place of the planes wherever and whenever General Twining and
the others agree that they should, then you can save $10 billion and
not raise, but lower, the national debt and lower the taxes.
However, if the Congress votes this time for the $4 billion or $5
billion foreign aid on top of the other useless expenditures, extends a
free import bill, makes money available to continue to finance organizations and individuals to go abroad and send this stuff back, then
the Senators and Representatives, themselves, are contributing to the
downfall of the United States of America.
There is no need to retain Mr. Brundage, as far as 1 am concerned,
with his testimony. If we took all of his recommendations, it has all
gone in the first bill that he would give foreign nations in the same
recommendation; therefore, I think they are really unimportant.
(The remarks subsequently made by Senator Malone, as amended,
are placed in the record following the interrogation of the Secretary
of the Treasury, in accordance with permission granted by the chairman. See p. 94.)
The CHAIRMAK. The committee is adjourned subject to the call of
the Chair.
(Whereupon, at 12:15 p. m., the committee adjourned.)
DEBT CEILING INCREASE
TUESDAY, FEBRUARY 4, 1958
U N I T E D STATES SENATE,
COMMITTEE ON FINANCE,
Washington, D. C.
The committee met, pursuant to recess, at 10:15 a. m., in room 312,
Senate Office Building, Senator Henry Flood Byrd (chairman)
presiding.
Present: Senators Byrd, Kerr, Frear, Anderson, Martin, Williams,
Jenner, Malone, Gore, and Bennett.
Also present: Elizabeth K. Springer, chief clerk.
The CHAIRMAN. The committee will come to order.
The committee is continuing its consideration of a bill temporarily
to increase the statutory Federal debt limit.
At the previous session, Mr. Brundage, you were requested by the
committee to bring in an itemized list of reductions in expenditures
and the increases in expenditures. Will you please proceed, sir, with
your statement?
STATEMENT OF HON. PERCIVAL F. BRUNDAGE, DIRECTOR,
BUREAU OF THE BUDGET, ACCOMPANIED BY MAURICE H.
STANS, DEPUTY DIRECTOR; WILLIAM F. McCANDLESS, ASSISTANT DIRECTOR FOR BUDGET REVIEW; AND SAMUEL M. COHN,
CHIEF, FISCAL ANALYSIS
Mr. BRUNDAGE. Mr. Chairman and members of the committee, in
response to your request last Thursday, I am submitting a statement
summarizing the changes in expenditures from the fiscal year 1958
to the fiscal year 1959, separating the decreases which require legislation and those which can be made without modification of existing
legislation, except action by Congress on appropriations. The analysis shows, separately, both increases and decreases for the various
agencies. I t was compiled from the budget document. For all
agencies except the Department of Defense, we analyzed the appropriation accounts with changes of more than $500,000; that is, those
which would round to more than $1 million. For the Department of
Defense, we analyzed cost categories which are more informative on
types of procurement and give approximately the same result in total.
The analysis shows decreases in expenditures from 1958 to 1959
totaling $3,709 million. The increases from 1958 to 1959 amount to
$4,858 million. Thus, net budget expenditures are estimated to
increase $1.1 billion, from $72.8 billion to $73.9 billion.
The total decreases from 1958 which this analysis shows is $1,715
million greater than the tabulation of $1,994 million which Secretary
of the Treasury Anderson submitted to this committee, for 2 main
243
244
DEBT CEILING
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reasons. His list excluded major national-security programs, and it
was taken by categories from the summary tables. Within these
categories, our detailed analysis shows that there were both increases
and decreases, which partly offset each other.
Decreases below 1958 requiring legislation are:
Postal-rate increase, which will reduce the postal deficit by $700
million.
Proposed transfer of the financing of forest and public land highways,
$31 million.
School assistance in federal^ affected areas, $7 million.
In addition, as a partial offset to the hundreds of millions we are
spending on new airways facilities, legislative action will be required:
To retain in the general fund, rather than transfer it to the highway
fund, trust the present tax on aviation gasoline, $46 million.
To raise that tax to 3% cents and levy a 3%-cent tax on jet fuel
$16 million.
If our recommendations for modifications in existing programs are
not accepted, estimated expenditures for 1959 could be increased by
$175 million for the acreage reserve of the soil bank and $35 million for
school grants in federally affected areas.
All these together add up to approximately $1 billion, which I
referred to last week, in addition to our request for extension of
present tax rates for another year.
The reductions below 1958 proposed by administrative actions, or
where no legislation is required, are:
Decreased expenditures for defense support in mutual-security
program, $60 million.
Reduced purchases for strategic materials and civil-defense stockpiles, $180 million.
Decrease in net loans by Export-Import Bank, $343 million.
Veterans 7 Administration, direct-loan program ends, $150 million.
Decline in eligibility of veterans for Korean war readjustment
benefits, $103 million.
Reduction in Agriculture, principally CCC, $651 million.
Reductions in number of uniformed forces, Defense, $328 million.
Reduced procurement of conventional weapons, Defense, $615
million.
Other decreases—they are detailed on the attached statement— add
up to $541 million.
Senator ANDERSON. 1 would like to understand how they cut this
$651 million to the CCC. I thought they were going to spend more
next year, not less.
Mr. BRUNDAGE. There is a little more detail which is attached to
the table.
Senator ANDERSON. Will it show, state how the $651 million is cut?
Mr. BRUNDAGE. That is explained. It is on page 4 of the tables.
The largest reduction, $432 million is in CCC, reflecting decrease
in expected purchases of commodities, and the soil-bank acreage
reserve shows a decrease of $117 million, reflecting decision to terminate the program at the end of the 1958 crop year, and the Farmers'
Home Administration loan disbursements are decreased by $55
million.
Senator ANDERSON. And would it be your understanding that a
decrease in the termination of the program in 1958, so they wouldn't
DEBT CEILING
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245
have to pay out their money at the end of this year, would reduce
the 1959 fiscal situation?
Mr. BRUNDAGE. Yes.
Senator ANDERSON. I
thought it would become effective next fiscal
year.
Mr. BRUNDAGE. Well, it will affect 1960 more than 1959, but it
would affect 1959 by that amount.
Senator WILLIAMS. The cancellation is supposed to come into
effect at the end of the calendar year, whereas the fiscal year runs
over until June; is that where the difference is?
Senator ANDERSON. It is all fiscal 1959, is it not?
Mr. BRUNDAGE. But it runs until June of 1959.
Senator ANDERSON. YOU don't do it on a per month basis. Well, I
didn't mean to interrupt the meeting.
Senator M A R T I N . Are we going to ask questions. Mr. Chairman?
The CHAIRMAN. I would suggest this procedure to the committee;
first, that, we would get a complete itemization of the $3,709 million.
Do I understand that you took as a basis the figures given by the
Secretary of the Treasury?
Mr. BRUNDAGE. N O ; we made it up ourselves.
The CHAIRMAN. These figures which you have given here as
itemized don't appear to total $3,709 million.
Mr. BRUNDAGE. Oh, yes; the}^ do.
The CHAIRMAN. Where is that shown?
Mr. BRUNDAGE. The table is attached.
Senator J E N N E R . Mr. Chairman, here
is an item, for example,
""Decrease in net loans by Export-Import Bank," $343 million.
Now, yesterday, I believe, the Committee on Banking and Currency
reported out a bill proposing a $2 billion increase in export loans by
the Export-Import Bank; in other words, increasing the authorization
from $5 billion to $7 billion. Naturally, you couldn't have taken that
into consideration.
Mr. BRUNDAGE. Oh, yes, indeed. They figured that, by June 30,
1959, their authority would have been entirely committed. You see,
the $2 billion is an authorization. Now, they estimate that they
are going to make loans and collect loans, and this $343 million is a
net figure. And they estimate that, in balance, they are going to
collect as much in 1959 as they are going to loan. They expect to
loan, I think, something like $400 million or $500 million, but they
expect to collect on previous loans, you see.
Senator WILLIAMS. If they are going to collect as much as they are
going to loan out, why do they need additional borrowing authority?
Senator J E N N E R . Yes; that is what I didn't understand.
Mr. BRUNDAGE. Well, they have to have authorization in order
to make commitments; that is what Mr. Waugh told me. I raised
the same question when he asked for it.
Senator WILLIAMS. I S this extension of old authority or additional
authority?
Senator B E N N E T T . It is additional authority.
Mr. BRUNDAGE. It is additional authority. You see, they start
negotiating the loans a good many months before the}^ actually
establish the credit and make any cash available.
Senator M A L O N E . What are most of these loans that they make;
what kind of loans?
246
DEBT CEILING INCREASE
Mr. BRUNDAGE. They are all commercial loans.
Senator M A L O N E . T O whom are they made, what type of people
and for what purpose?
Mr. BRUNDAGE. Well, they will loan, we will say, to the Indian
railroads to buy locomotives and rails in the United States. They
are all dollar loans.
Senator M A L O N E . I t sounds like a wonderful deal, but you go
along and cut down for domestic purchases, and so on, so it doesn't
make an awful lot of sense to me.
Mr. BRUNDAGE. They are required by law to be for domestic
purchases; under Export-Import, they can't buy abroad.
Senator MALONE. Let me ask you this. Aren't they set up principally to loan money, or do they loan money to corporations and
people that are going in business in these foreign nations.
Mr. BRUNDAGE. Yes.
Senator B E N N E T T . They
also loan money to American producers
who are selling their American products abroad.
Senator M A L O N E . And how do they sell their products abroad? Do
they do it like the Department of Agriculture, for example?
Senator B E N N E T T . N O . Their people are competing in the foreign
markets with their products.
Senator M A L O N E . Let me continue with this question for a while,
if you don't mind.
Senator B E N N E T T . GO ahead.
Senator M A L O N E . What I want to know from you, now, is what
type of loans do they make to people, corporations and others, going
in business in foreign countries?
Mr. BRUNDAGE. All kinds of commercial loans.
Senator M A L O N E . What for? So that they can go in business in
these cheap-labor countries and produce not only for the market
there but here as well? All the testimony of the Government officials,
added up, is that it is going to be our market that they would sell
in. They sell this same stuff back here, don't they, that they produce abroad?
Mr. BRUNDAGE. Well, they will buy machinery, all kinds of equipment, and consumer goods.
Senator M A L O N E . That is true. I know }rou are only on one side
of it, and I am going to have to ask all these questions in order to get
the information. For example, they loan money to people in this
country to go into the textile business in Japan; is that true?
Mr. BRUNDAGE. Well, they would loan money against the bill of
lading for shipments of machinery.
Senator M A L O N E . That is true. In other words, the best textile
machinery; the Export-Import Bank loans to Americans, or anybody
else, who take that machinery to Japan and use 17-cent-an-hour labor
and ship the textiles back here. Now, is that true or not?
Mr. BRUNDAGE. I t is quite possible.
Senator M A L O N E . SO, it sounds very good to have the taxpayers of
the United States loaning mone} r to buy machinery in this country,
but you stop there. No information ever comes out in this committee
unless you take it out with a corkscrew.
What happens after that, when you go into these cheap-labor countries? They get the money; they borrow it from the taxpayers of
the United States, American producers, largely, and put it into Japan,
DEBT CEILING
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247
South Africa, any place in the whole world, and use the labor with
going wage there, and then, under our free-trade policy, send the stuff
back here; is that true, or not?
Mr. BRUNDAGE. I think it is being done, but I think that is better
than to buy the machinery in Japan or in England or in Eussia——
Senator M A L O N E . I didn't ask you for your opinion at all. I asked
you if that is true.
Mr. BRUNDAGG.
Yes.
Senator MALONE. That is all I want to know.
Senator J E N N E R . What I don't understand is how we get a decrease
of $343 million, and yet the proposed bill that was reported out yesterday increases the authorization for $5 billion to $7 billion. I don't
quite understand that.
Senator M A R T I N . Would the Senator yield there? I think this is
very important, because these are questions that we must answer on
the floor.
I would like an explanation as to whether it is possible by certain
administrative work that it may not all be used.
Isn't that what you are trying to get at?
Senator JENNER. Yes.
Mr. BRUNDAGE. Well, Mr. Waugh could probably give you a more
technical answer. But my understanding of it is that Congress gave
the Export-Import Bank a certain authorization to go ahead and
make loans, and they have quite a lot of loans outstanding, as you
know. And in preparing their budget submission to us, they said
that, "We are going to run out of borrowing—of loaning authority,"
and they have to borrow from the Treasury in order to loan, "before
wre get very far into 1959, so we are going to need more authority."
And I said, exactly as you said, "How does that gee up with your
estimate that you expect to collect substantially all you are going to
loan?"
And they said that, "During this year, that is, during 1958, we
loaned more than we collected, because we had this big British loan
where they drew down $250 million, and several other large loans, but
we have maturities coming in 1959, so we expect to collect substantially
what we anticipate loaning. However, we can't go ahead with our
negotiations, with our loan negotiations—and we have to do it from
6 months to a year or 18 months ahead, in order to send the representatives abroad and look into it—unless we have more authority."
Senator J E N N E R . I can understand the need for additional loaning
authority, the $2 billion, but what I don't understand is how we are
going to have a decrease of $343 million when they say they have to
have an additional loaning authority to keep operating?
Mr. BRUNDAGE. This is merely a decrease between the amount of
the net loan disbursements which they expect to make in fiscal 1958,
and the amount that they expect to make in fiscal 1959.
Senator WILLIAMS. D O I understand that this is just a temporary
affair, where they are going to be caught with this jam, and that
repayments will come in a little later in the year, and they think they
will be back on an even keel later?
Mr. BRUNDAGE. I don't know just how much is outstanding. You
see, there is a $3.2 billion outstanding (estimate for June 30, 1959) in
loans on which the interest and repayments will be coming in.
Senator WILLIAMS. H O W much of a guaranty do you have with them
without this last $2 billion?
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DEBT CEILING
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Senator FREAR. The present authority is $5 billion.
The CHAIRMAN. They are going to increase it to $7 billion.
Isn't that true, that this new authority would be an authorization
to spend directly out of debt receipts for additional loans, and once
this authorization is enacted, the expenditure is beyond the control of
Congress?
Mr. BRUNDAGE. It is the authority to borrow from the Treasury
and to make loans; yes, sir.
The CHAIRMAN. It is referred to as spending out of the debt. They
can loan up to $7 billion. Now, what is the total of the loans to date?
Mr. BRUNDAGE. They have, according to this estimate in the budget
$5 billion statutory authority, loans outstanding of $3.2 billion, and
the undisbursed loan commitments are $1.7 billion, so that comes to
$4,952 million, you see.
The CHAIRMAN. Did the administration advocate the passage of
the bill?
Mr.
BRUNDAGE.
Yes.
The CHAIRMAN. With the new authorization there would be a
balance of $3 billion that the Export-Import Bank could loan.
Senator ANDERSON. $2 billion.
Mr. BRUNDAGE. $2 billion.
Senator FREAR. But they have $1 billion undisbursed.
Mr. BRUNDAGE. T h a t is a commitment.
Senator FREAR. I t is a commitment, but undisbursed?
Mr. BRUNDAGE. That is right. $1.7 billion.
The CHAIRMAN. Let's see if we can get it straight as to whether or
not there is any necessity for it. Assuming that your figures here are
accurate, and it does not come back to Congress for further check b y
the Appropriations Committees, they could have outstanding at any
one time loans up to $7 billion if this bill is passed; isn't that right?
Mr. BRUNDAGE. That is right.
The CHAIRMAN. These loans would come out of our Federal debt,
so to speak, no matter whether we have a deficit or a surplus, they
can pay it out of the debt, is that correct?
Mr. BRUNDAGE. That is correct.
Senator ANDERSON. Could we have how much they had unused
last year?
Mr. BRUNDAGE. In reply to Senator Anderson's inquiry, as of
June 30, 1957, the end of the last fiscal year——
Senator ANDERSON. H O W much was committed?
Mr. BRUNDAGE. The authority was $5 billion still, the loans outstanding were $2.6 billion, undisbursed loan commitments were $1.5
billion.
Senator ANDERSON. That is $4.1 billion?
Mr. BRUNDAGE. SO they had just under $900 million unused
authority.
Senator ANDERSON. $4.1 billion against the ceiling of $5 billion.
What is the situation June 30, 1958?
Mr. BRUNDAGE. We estimate that the loans outstanding will be
$3.1 billion.
Senator ANDERSON. $3.2 billion you gave a minute ago.
Mr. BRUNDAGE. That is at the end of 1959. $3.1 billion is June 30 r
1958. The undisbursed commitments are $1.6 billion.
Senator ANDERSON. $1.6 billion.
DEBT CEILING
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249
Mr. BRUNDAGE. And the unused authority will be $300 million,
and then at the end of 1959, if we don't get this additional authorit}^,
the loans will be $3.2 billion, the commitments would be $1.7 billion.
Senator ANDERSON. NOW, looking at that picture, how do you anticipate a reduction in the debt?
Mr. BRUNDAGE. Well, the actual collections, as I say
Senator ANDERSON. YOU and I are both familiar with figures. Your
own figures show the debt is going to rise from $2.6 billion to $3.1
billion to $3.2 billion, plus commitments that rise from $1.5 billion to
$1.6 billion to $1.7 billion.
If your debts keep increasing, and your commitments keep increasing, how do you make your saving?
Senator J E N N E R . Apparently they don't need this additional authorization, or they apparently intend to go ahead and spend some
money.
Senator ANDERSON. They may need the authorization the way they
are going, but when you are increasing your commitments steadily,
how can you put in a budget reduction? You can't inflate and decrease
at the same time in any books I ever read.
I say, Mr. Chairman, that the commitments go up $500 million
one year and $100 million the next year in actual loans, and rising,
upon their estimates, a hundred million a year each year.
Now, if it is rising steadily, how does it fall, simultaneously? It is
like Joshua commanding the sun to stand still. But this commands
the sun to stand still and to rise and set at the same instant.
Senator M A L O N E . Does the Senator from New Mexico remember
Lord Keynes' remark, "The more you are—the more you are?"
Senator ANDERSON. I never could understand that.
Senator J E N N E R . Maybe in this figure representating anticipated
collections' they are going to have more collections than loans.
Senator ANDERSON. If so, the level of loans drop.
Mr. BRUNDAGE. May I give you the figures, Senator?
The loan program, that is, for the advancing of loans in fiscal 1958,
is $900 million, and we anticipate collections of $300 million, or an increase of $600 million in outstanding loans and commitments, in case
it will
Senator ANDERSON. Those are the exact figures you give us. You
said June 30, 1957, $4.1 billion, and June 30, 1958, $4.7 billion, so
that is $600 million, which balances with what you gave.
Mr. BRUNDAGE. That is right.
Senator ANDERSON. HOW does it reduce total expenditures?
Mr. BRUNDAGE. The 1959 figures, the loans are going up, are estimated to go up—of course, this is just a projection—$766 million,
and we are expecting to collect $395 million, plus interest of $109
million, and plus recovery of prior year obligations of $131 million, or
a total recovery of $636 million as against $766 million.
Senator ANDERSON. SO, it would be $130 million?
Mr. BRUNDAGE. $130 million, as against the previous year of $600
million and something.
So, our decrease of 300 is the difference between the net loans we
made—we expect to make—in 1958, and the loans that we expect to
make in 1959.
Senator WILLIAMS. If I understand you corrcetly, in answering one
of Senator Anderson's questions in connection with the June 30, 1959,
250
DEBT CEILING
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figure, you said that these were estimates based on the assumption
that Congress did not approve the extra $2 billion.
Now, if we approve the extra $2 billion, will your June 30, 1959,
estimate change?
Mr. BRUNDAGE. N O ; we took that into consideration. Actually,
they don't expect to use that up before June 30, 1959, but if they are
going to stay in business, they have to make these exploratory commitments, you see.
Senator WILLIAMS. May I ask this question. As of this moment,
how much of this $5 billion did the Treasury put up?
Mr. BRUNDAGE. AS of today, I would think that it would—I think
that they have already made the payment on the British loan. I
would say probably all but $500 million, they probably put up $4.5
billion, including undisbursed commitments which are charged against
the $5 billion authorization.
Senator WILLIAMS. They put up about $4.5 billion, and you are
going to have to put up the other $500 million later, during the fiscal
year?
Mr. BRUNDAGE. N O ; we only anticipate another $200 million between now and June 30 in cash, but we anticipate that we will be committed, you see, by June 30
Senator WILLIAMS. But in 1959, }^ou will have to put up how much?
Mr. BRUNDAGE. We think that we will use up practically all of our
uncommitted authorization.
Senator WILLIAMS. YOU will have to put up $50 million between
now and the end of 1959?
Mr. BRUNDAGE. If we are going to stay in business, we have to make
commitments beyond that.
Senator WILLIAMS. That gets back to Senator Jenner's question,
which I can't understand either. If from today until the end of fiscal
1959, you are going to have to put up additional $500 million, how
can you save $343 million? I just can't understand it.
Senator M A L O N E . More debt.
Senator WILLIAMS. If you are going to have to put up an additional $500 million in the next 15 months, how can you save $343
million during the same period?
Mr. BRUNDAGE. Because we expect to have collections.
Senator WILLIAMS. Then you are going to have to put up the $500
million in addition to the collections? I am speaking from a Treasury
standpoint, not from the standpoint of the Export-Import Bank, from
the Treasury Department standpoint, they are expecting to put up an
additional $500 million; is that correct?
Mr. BRUNDAGE. Yes; but they are getting collections.
Senator WILLIAMS. That is $500 million in addition to collections;
isn't it?
Mr. BRUNDAGE. They are collecting altogether on loans about $400
million, and interest of $100 million, and recovery of prior obligations
of $130 million, so altogether, they collect $636 million, which will
become available during fiscal 1959.
Senator WILLIAMS. Yes; but you are still going to have to put out
additional money.
Senator ANDERSON. Mr. Williams, I know, is a very good businessman. You are an auditor, are you not, Mr. Brundage?
Mr. BRUNDAGE.
Yes.
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Senator ANDERSON. I t is not fair to say that the terminology you
used is completely incorrect when you say "decrease in net loans."
I think I understand what your figure is. Ordinarily we increase
$500 million a year. This year, we are going to increase $130 million,
therefore, the investment of what we might ordinarily call venture
capital is smaller this year than it was last.
Mr. BRUNDAGE. Yes.
Senator ANDERSON. I t wasn't a decrease in net loans?
Mr. BRUNDAGE. I t is a decrease in net loans made.
Senator ANDERSON. N O ; it is decrease in expansion of
loans; is it
not?
Senator WILLIAMS. It is decrease in comparison to what you have
been doing in previous years.
Senator ANDERSON. Previously we have been jumping at the rate
of about $500 million a year, but next fiscal year, we are going to
jump only $132 million, so that is $343 million less than the year
before.
Mr. BRUNDAGE. I think that is correct.
Senator ANDERSON. But it isn't a decrease in loans.
Mr. BRUNDAGE. Loans made.
The CHAIRMAN. H O W much do you estimate the Export-Import
Bank will draw from the Treasury?
Senator ANDERSON. It really is not a decrease in net loans.
Mr. BRUNDAGE. In new loans—no, that wouldn't—in net loans
made would be better.
Senator M A L O N E . I would like to ask you, are these Mr. Waugh's
figures which were submitted to you?
Mr. BRUNDAGE. Yes.
Senator M A L O N E . Is Mr.
Waugh the same one that used to work
for the State Department?
Mr. BRUNDAGE. He was Economic Assistant Secretary.
Senator M A L O N E . And he is the same one that they sent to Geneva
to work on GATT and make reductions in the United States tariff so
that we would further divide the American market with the foreign
nations; isn't he?
Mr. BRUNDAGE. I don't know that. He was a banker in the
Middle West before he came down here.
Senator M A L O N E . I don't know what he was before he came here,
but he has never made any sense since he has been here, and I am
trying to ask you if he is the same man that started with the State
Department, and also gave the same kind of testimony that you are
giving now, and then was sent to Geneva to work on multilateral trade
agreements to further divide American markets with foreign nations
on the theory that the less markets of our own we have the better off
we are.
Mr. BRUNDAGE. I haven't kept track of what he did, but he was
Assistant Secretary of State for Economic Affairs.
Senator M A L O N E . Then he is the one, and therefore, I am not
surprised at the figures that they have given.
Now, this is the same thing. This intrigues me, the phrases that
you folks cook up, ''exploratory commitments".
Now, what do you mean by "exploratory commitments"?
Mr. BRUNDAGE. Well, if any bank is approached by customers for
a loan, and he says, "I would like to borrow for a certain project/'
21297 O—58
17
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then the bank has to investigate it. When you make a loan in a small
town in this country, all of the information is readily available. When
it is dealing in business abroad, it is a lot more complicated and takes
more time. But it is the same type of thing.
Senator MALONE. In other words, it takes more time for this bank
to determine if you loan money to a corporation here to go in business
abroad, it takes a little more time to figure out whether he can use
that $2 labor and produce the goods and send them back here cheaper
than you can make the goods here. I t takes a little time for that;
doesn't it?
Mr. BRUNDAGE. Well, it takes time to explore the project and see
if it is a good business risk.
Senator MALONE. I understand that. Now, then, the State Department has been in the habit of making commitments of loans and
gifts to foreign nations, and then they come down to Congress with
these loans and gifts already promised, and they just say, "Well, if
the Congress doesn't support us, of course, our foreign relations
would deteriorate/' So, this is about the same thing. What we have
to do is give them authority to go ahead on a $7 billion basis instead
of a $5 billion basis.
Mr. BRUNDAGE. Well, it is a sound basic banking operation, as
against a grant or soft loan.
Senator M A L O N E . Of course it is sound, because you say it is, and
because the State Department says it is. But we have sat here for
12 years and watched the national debt almost double, and all of
you are making money. Sometimes it is a little hard to figure out
how you are making money and still come back for a debt limit raise
about every 2 or 3 years—come back for more money. A bank thai;
is making money pays dividends, they don't come back for moro
money.
Mr. BRUNDAGE. They are paying interest to the Treasury on
their borrowing.
Senator M A L O N E . Yes, of course, but they don't pay any money
back. I t seems kind of odd.
Mr. BRUNDAGE. I t is cash, but then it goes out in new loans,
because business all over the world is expanding.
Senator M A L O N E . Of course. And of course you have to expand
this business so that these American corporations can go to these
nations where the labor is about 10 percent up to 30 percent of what
it is here, and then with the low water transportation and the very
low duties and tariffs now, they can ship the stuff back here and throw
the American workingmen out of jobs and destroy the American
investments. Doesn't it work that way, too?
Mr. BRUNDAGE. Well, that isn't the way I would describe it. We
have the capital just now, just like England had the capital when we
were a colonial country, and I suppose when they sent capital over
here we competed with the people back in England.
Senator MALONE. I am glad you brought that up. We were a
colonial nation, and they wouldn't allow us any manufacturing in
1776. We thought we broke away from that, but now we are back
in the colonial deal again, and there is where the free ride and the
funny business comes in, from London. I don't think Russia is the
danger. I don't think the State Department goes home at night
without calling London. So, you are loaning all this money to these
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253
cheap-labor countries to make this stuff and bring it back here. And
all you have to do is look at your figures, look at textiles and machine
tools and minerals and all the rest of them. The only ones that are
working are the ones where we are spending $44 billion a year for
national defense to keep up the economy. All you have to do is
to read the New York Times and all the rest of them and they will
say, "You must have this money to keep up your economy/' But
the further you go with that principle, the tougher it is for the workingman and the investor of America.
All I am trying to do is get you to say what you believe. You are
a part of this outfit and what you believe you have a right to believe.
And Mr. Waugh is a part of it. Lord Keynes was a part of it. And
now we wake up with a $300 billion debt, with all the private debt in
the U. S. double, and we are richer than we have ever been. The
only thing is that we don't realize our throats have been cut. We just
haven't tried to turn our heads any lately. And one day we are
going to take a nose-dive that will make that 1929 one look like a
baby, with all of your money invested in foreign nations and the
foreign nations have got our market which they now have, and your
estimates for $2 billion to expand that situation.
Now, you have three other organizations, you have a World Bank,
International Bank, one of them organized by Harry Dexter White.
Altogether there are four organizations.
We finance the Export-Import Bank entirely. The other 3 we
finance 36 percent—you check this and see if I am right. But we
put in the only real money. We put in the dollars, they put in that
funny paper, overpriced in terms of the dollar. So, what we are
doing is financing four organizations to destroy our own investments
in the United States of America. And you are coming back here
asking for $2 billion more. And, of course, your explanation makes
about the same amount of sense Mr. Waugh's used to make when he
came down and said, "We ought to divide these markets further,
because we will be richer."
And now, Mr. Waugh is at the top of this bank, isn't he?
Mr. BRUNDAGE. He is president of the bank.
Senator M A L O N E . I am glad to know where he is.
Senator M A R T I N . If Senator Malone is through, there are some
things that I think ought to be clarified.
On page 3, you say——
The CHAIRMAN. I would like to ask one more question.
Senator M A R T I N . Yes, I am sorry.
The CHAIRMAN. Have you got a list of the loans of the ExportImport Bank?
Mr. BRUNDAGE. I don't have the detailed loans, no, sir.
The CHAIRMAN. Could you furnish the committee with a list of
these loans?
Mr. BRUNDAGE. Outstanding as of last June or today, or what
time?
The CHAIRMAN. AS of today. And likewise, a list of the
commitments.
(This information is incorporated in the data subsequently submitted by Mr. Brundage which appears on pp. 260-386.)
And then, I would like to ask a question about this last loan to
Great Britain. That was made suddenly, was it not?
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Mr. BRUNDAGE. Oh, the credit was granted a year ago, I think.
The CHAIRMAN. And the total credit was how much?
Mr. BRUNDAGE. I t was $500 million.
The CHAIRMAN. And what was the reason for that loan?
Mr. BRUNDAGE. Well, it was to support—they were having a run on
sterling, as I recall it.
The CHAIRMAN. I understood it was an emergency. Because I
happen to know that they called on us in December suddenly for the
$250 million, that is correct, isn't it?
Senator F R E A R . You granted them it, the Export-Import Bank
granted a $500 million loan on which they have drawn $250 million?
Mr. BRUNDAGE. That is correct.
The CHAIRMAN. And then, they called suddenly for the balance
of it?
Mr. BRUNDAGE. N O , they haven't called for it.
Senator WILLIAMS. They have called for half of it?
Mr. BRUNDAGE. They have only drawn half of it; yes, sir.
The CHAIRMAN. They have only drawn half of it. But didn't they
want the total amount in December?
Mr BRUNDAGE. N O .
Senator B E N N E T T . That was the first drawing, Mr. Chairman.
Mr. BRUNDAGE. That was the only drawing that they have made.
The CHAIRMAN. I have got it very definitely that they desired the
total amount at that time to help the sterling bloc, to maintain the
value of the English pound. Now, do you think that is a proper
Mr. BRUNDAGE. There was some discussion, but they only took
half of it.
The CHAIRMAN. D O you think that is a good bankable loan?
Mr. BRUNDAGE. I do, from what I have heard of it.
The CHAIRMAN. To make loans to other countries in order to maintain their currency?
Mr. BRUNDAGE. Well, it is a loan against pledged British wealth.
The CHAIRMAN. IS that the type of loan that we have been making?
Take France, where the franc has gone down so much, and other
countries, are we loaning those countries money in order to stabilize
their currency?
Mr. BRUNDAGE. Well, there is an outstanding French loan, but we
haven't loaned France, I don't believe, anything last year, and are
not proposing to loan them anything new.
(Mr. Brundage later supplied the following information:)
One loan commitment to France for $46 million was made in t h e calendar year
1957, b u t no disbursements were made against it. This loan was to Air F r a n c e ;
it was not made for the purpose of stabilizing the French currency.
The CHAIRMAN. Who finally passes upon these loans, the ExportImport Bank?
Mr. BRUNDAGE. There is a committee, and then it goes before the
National Advisory Council, which is chaired by Treasury.
The CHAIRMAN. Who has the final approval?
Mr. BRUNDAGE. They have to be approved by the National
Advisory Council, which, as I say
The CHAIRMAN. What is the National Advisory Council?
Mr. BRUNDAGE. Well, it is an interdepartmental committee, it was
chaired by the Treasury, it was represented by State.
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255
(The material requested is as follows:)
T h e National Advisory Council on International M o n e t a r y a n d Financial
Problems was established by the Congress in t h e Bretton Woods Agreements Act
(59 Stat, 512, 22 U. S. C. sees. 286, 286b), approved July 31, 1945, which provides
t h a t "Sec. 4 (a) I n order to coordinate t h e policies and operations of t h e representatives of the United States on the fund and the bank and of all agencies of
the Government which make or participate in making foreign loans or which
engage in foreign financial, exchange or monetary transactions, there is established
in the National Advisory Council on International M o n e t a r y a n d Financial
Problems (hereinafter referred to as the 'Council'), consisting of t h e Secretary of
the Treasury, as Chairman, t h e Secretary of State, the Secretary of Commerce, t h e
Chairman of the Board of Governors of the Federal Reserve System, t h e President
of the E x p o r t - I m p o r t Bank of Washington, and during such period as t h e Foreign
Operations Administration shall continue to exist, the Director of t h e Foreign
Operations Administration."
Senator ANDERSON. Would it be possible to find out that the reason
Britain only got half of it was because we only had half? You couldn't
loan $500 million on top of $4.9 billion, could you?
Mr. BRUNDAGE. We have given the credit out of the $5 billion
authorization.
Senate B E N N E T T . May I comment to my colleague from New
Mexico that the full $500 million is calculated in the commitments
which add up to the $4.9 billion.
Senator ANDERSON. In the $1.7 billion? So it is already in there.
Senator WILLIAMS. That is my understanding, and that leads up
to the next question, which was on my mind before. The Treasury
is committed to furnish this money if they call for it?
Mr. BRUNDAGE. That is right.
Senator WILLIAMS. And then, after they furnish it, it becomes a
part of the national debt?
Mr. BRUNDAGE. That is right.
Senator WILLIAMS. NOW, forget for the moment all about the
question for the additional $2 billion. How much more call can be
made on the Treasury to meet this $1.7 billion of commitments?
Does that mean, assuming we stop as we are, that they are committed
for the $1.7 billion, that you would have $1.7 billion to put up during
the next 15 months?
Mr. BRUNDAGE. If it was all called, yes, we would; yes.
Senator WILLIAMS. YOU are operating on the assumption that it
will be called—you said it was $4.9 billion—it will be committed as of
June 30, 1959?
Mr. BRUNDAGE. It will be committed, but I don't think it will be
all called.
Senator WILLIAMS. YOU don't think it will be disbursed at one
time?
Mr.
BRUNDAGE. N O .
Senator WILLIAMS. D O you think that a very great percentage of
it will be disbursed?
Mr. BRUNDAGE. I might say it is a line of credit. Well, they
estimate as closely as they can, based on the calculation for each
individual credit line, just how it is going to be drawn down, and that
is how we make up our statement.
Senator WILLIAMS. Based upon that estimate, do you think they
need to build additional credit?
Mr. BRUNDAGE. I think it is a wise thing to give it to them, yes;
I don't know whether they need to build $2 billion or $2.5 billion or
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$1.8 billion or anything like that, but I think it is a wise thing, if you
think it is a good program, if you want to keep them in business, I
think we ought to give them $2 billion.
Senator WILLIAMS. Forgetting for the moment whether it is a good
program or not, I am speaking about the needs of the program; based
on the estimates of June 30, 1959, they wouldn't be using any of this
additional $2 billion—and that is based upon their own estimates—
and if they won't be needing any of that 15 months from now, why
give them an additional $2 billion at this time?
Mr. BRUNDAGE. Because they can't negotiate any loans if they are
at the end of their authority; they have to stop.
Senator WILLIAMS. They can negotiate on the basis that payments
are coming in faster than they are paying out, can't they? A lot of
people in business have to negotiate on the basis of incoming revenues.
Senator MALONE. But they couldn't make a definite commitment
without us making it higher first. And I think that is what Mr.
Waugh is after.
Mr. BRUNDAGE. They feel that they cannot negotiate unless they
have more flexibility.
Senator WILLIAMS. When you furnish the chairman's list of loans,
can you put on there the date the loans were made, and, where they
are delinquent, the extent?
Mr. BRUNDAGE. Surely.
The CHAIRMAN. And, Mr. Brundage, will you also state the justification for the loan. Now, the justification for the British loan, as
I understand, was to help stabilize if possible the British pound; is
that correct?
Mr. BRUNDAGE.
Yes.
(This information is incorporated in the date subsequently submitted by Mr. Brundage which appears on pp. 260-386.)
The CHAIRMAN. I S that a policy of the Export-Import Bank?
You take in a great big territory when you start to stabilize the
currency of the nations, especially nations that heretofore haven't
paid their debts to us.
Senator J E N N E R . I didn't think, Mr. Chairman, the ExportImport Bank made loans to governments; I thought that came from
the International Monetary Fund.
The CHAIRMAN. But it has made this loan to Great Britain.
Senator FREAR. I don't know whether this will throw any light
on it or not. I agree with what you and the Senator from Indiana
have said; I don't think it is the policy of the Export-Import Bank
to loan under such circumstances, but I believe in this instance the
loan was made to England at the request of the State Department
to make this loan. And the only money that was available apparently
at that time was in the Export-Import Bank, and they called upon
the Export-Import Bank to make the loan, and for that loan there are
British securities to secure the loan that are held in this country.
Senator J E N N E R . Following that same line of reasoning, why
wouldn't it have been the proper loaning agency to go to the International Monetary Fund and have all the nations chip in and increase
that fund and loan to the British
Senator F R E A R . I am not on the witness stand, I just wanted to
throw a little light on this. And I wanted not to justify it, but to
tell you that the Export-Import Bank didn't seek this loan, but
they were requested to make the loan.
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257
Senator MALONE. This will be the same thing as the $3.75 billion
that we gave England in 1946 and the $4 billion or $5 billion since.
The whole record of Government for 25 years is, wherever there is
any money approved by Congress, somebody like Waugh has control
of it, and they commit it some place outside of this country, so the
only chance Congress has is just not to go ahead and give you fellows
a chance to spend it.
I know you are sold on an international Socialist deal, that the more
they produce over there and bring in here and the more workingmen
that are on the street and the more investors that lose their money,
the better off we are. Your whole setup would prove that. And I
am not through questioning you yet on some of the things that you
have here. You wanted to cut down on American production and
put it abroad. I t has been the policy for 25 years, and Congress has
voted for it. They cannot blame you or the President, they cannot
blame any one of the three Presidents. If Congress does not vote
for it he cannot do it. They cannot divide our domestic markets
among all the nations of the world, they cannot divide the cash of
the American taxpayers among all the nations of the world, unless
Congress votes for it.
Mr. BRUNDAGE. We cannot expand our exports, if we don't either
expand our imports or lend money.
Senator M A L O N E . Your exports, that is what we are paying for.
Every hundred pounds of wheat you send to Cuba costs the taxpayers $1.35, and you call it foreign trade. I could go on, but this
is not the place for it. I hope you are back when this matter comes up.
Mr. BRUNDAGE. May I read this paragraph from page 131 of the
budget; I think it may throw some light on this question:
From time t o time the bank, t h a t is, t h e E x p o r t - I m p o r t Bank, is called upon
t o provide financial assistance to meet emergency situations adversely affecting
normal trade between the United States a n d another country. Such loans m a y
t a k e t h e form of credit to a foreign central b a n k or other bank or financial institution t o provide dollar exchange for a wide range of United States exports, credits
t o fund commercial arrearages resulting from dollar-exchange difficulties, or
credits t o assist in financing purchases in t h e United States required for reconstruction abroad following a national disaster.
In 1957 a $500 million credit was authorized to the United Kingdom, secured
by collateral, to meet dollar requirements for goods and services to be obtained
in the United States.
The CHAIRMAN. What interest is being paid on this?
Mr. BRUNDAGE. The estimate of emergency credit authorizations
for 1958 is $60 million. Emergency credits in 1959 will be financed
out of the $2 billion increase in authority proposed for later transmission.
The CHAIRMAN. Is that to England also?
Mr. BRUNDAGE. There isn't any country defined.
The CHAIRMAN. You said emergency credit estimated
Mr. BRUNDAGE. N O ; that 60 isn't England.
The CHAIRMAN. What interest would England pay on this loan?
Mr. BRUNDAGE. I don't know what the rate is.
The CHAIRMAN. Can your staff give it to us?
Mr. B E N N E T T . Mr. Chairman, that was discussed at the committee
yesterday. M y memory is that it is 4 percent.
(Mr. Brundage supplied the following information for the record:)
T h e E x p o r t - I m p o r t Bank Loan of December 21, 1956, to t h e United Kingdom
carries an interest rate of 4}i percent on the a m o u n t s disbursed.
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Mr. ANDERSON. Could he submit, Mr. Chairman, the part of the
charte^ of the Export-Import Bank that lets the bank make loans to
stabilize foreign currencies?
The CHAIRMAN. I think that is very important.
(The material requested follows:)
In response to this inquiry, the President of the E x p o r t - I m p o r t Bank has
provided the following information:
" W e understand t h a t you were asked w h a t power t h e E x p o r t - I m p o r t Bank
has under its s t a t u t e to m a k e loans in support of the currency of a foreign country,
a n d t h a t the question referred specifically to our $500 million credit to t h e United
Kingdom, authorized on December 21, 1956. This credit was made, to use t h e
language of section 2 (a) of the E x p o r t - I m p o r t Bank Act of 1945, 'to aid in
financing and to facilitate exports and imports and the exchange of commodities
between the United States or any of its Territories or insular possession and any
foreign country or the agencies or nationals thereof,' and this language was
incorporated in t h e loan agreement with the United Kingdom. In other words,
this loan was made t o finance exports to t h e United K i n g d o m . "
Mr. ANDERSON. I S that in the powers granted to them?
The CHAIRMAN. Have there been other instances where the ExportImport Bank has made loans to stabilize foreign currencies?
Mr. BRUNDAGE. Well, it was to pay for exports, it said here from
this country. I think the French loans were the only ones, I recall;
those were several years ago.
The CHAIRMAN. AS I recall, the Export-Import Bank was not
established to make loans to other countries.
Mr. BRUNDAGE. I t was established to encourage exports.
The CHAIRMAN. Are a majority of the loans made to individual
firms?
Mr. BRUNDAGE.
The CHAIRMAN.
Yes.
Mr. Brundage, will you be kind enough, then,
to furnish that data as to the loans outstanding, as to the commitments, and, likewise, the losses that have occurred, and the rates of
interest, and then add to it what Senator Anderson has just mentioned
in regard to the bank's authority to make loans for stabilizing currencies?
(This information is incorporated in the data subsequently submitted by Mr. Brundage which appears on pp. 260-386.)
Senator WILLIAMS. Does the Export-Import Bank pay the Treasury
Department any interest on this money that you put out?
Mr. BRUNDAGE. The Export-Import Bank has paid interest to
the Treasury equivalent or greater than the interest that the Treasury
is paid on its debt from the beginning. And they have a substantial
surplus.
The CHAIRMAN. Would you add to that statement the other
facilities that overlap, to some extent, the Export-Import Bank?
Aren't there several others working in more or less the same field of
international banking?
Mr. BRUNDAGE. I will try to cover that.
The CHAIRMAN. Would you be good enough to give the committee
a list?
(This information is incorporated in the data subsequently submitted by Mr. Brundage which appears on pp. 260-386.)
Mr. MCCANDLESS. The International Bank, the International
Monetary Fund, I think, would bear some relation; the development
loan fund of ICA is in the same field. And I don't think of anything
else. Those are the ones I think of, Mr. Chairman.
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259
The CHAIRMAN. Would you be in a position to furnish the same
information for these other banks, Mr. Brundage?
Mr. BRUNDAGE. Could I take the latest available data? I think
I probably have the compilation as of the end of December.
The CHAIRMAN. I think it is very important to get a complete and
current picture. We are making a very large direct authorization,
and we are making a lot of loans, and some of them are soft. We
don't know whether they are going to be collected or not, and I think
we ought to get a complete picture.
Mr. BRUNDAGE. What I could do is give you the details, as of
December, with an account of any substantial changes since then.
The CHAIRMAN. And also the commitments
Senator F R E A R . Mr. Chairman, I think the interest rate which was
talked about excludes $1 billion, does it not? The Export-Import
Bank pays to the Treasury the interest at what is the average rate of
your 6- to 7-year obligations or 6- to 7-year period, less an interest on
$1 billion; they do not pay interest on the initial $1 billion.
Mr. BRUNDAGE. That is the capital; yes.
Senator FREAR. The capital; that is right. But they do pay the
interest, as you have figured it, on a 6- to 7-year term.
Senator BENNETT. And they do pay dividends on the capital.
Senator F R E A R . They pay dividends on the $1 billion, which is
about 2% percent.
Senator MALONE. Mr. Chairman, do I understand now that you are
asking Mr. Brundage to give us the full information on the ExportImport Bank, the International Bank, the International Monetary
Fund, and the International Finance Corporation, which are the four
organizations that are set up especially to encourage American investments abroad, to manufacture the stuff there with the cheap labor and
bring it back into this country? I am very much interested in knowing exactly what you are doing. It is awfully hard to get information.
And one other thing, Mr. Chairman. They all testify to making
money, but they all come back for more money. And then they come
back as soon as we give them this $2 billion (and under the questioning
of the Senator from Delaware, if they take this credit it is another $2
billion that the debt limit must go up) and they come in through
another man the Secretary of the Treasury, and ask for a bulge in
the debt limit. If the Senators vote for this they have no choice—
if they vote on the Senate floor to spend the money, as they have in
the last 24 years; isn't it just a perfunctory matter to ask for a raise
in the debt limit then?
Mr. BRUNDAGE. Well, it is one of the important factors, of course
to be considered in the debt limit, but it is not directly related, it is,
indirectly related.
Senator M A L O N E . When Congress says that you may have the
money, then what would you do, sit around in this committee and
just vote to hold your finger on the snout of the tea kettle while you
are building up the fire.
That is the alternative; isn't it?
Mr. BRUNDAGE. YOU can make a line of credit with restrictions on
the dates that you can draw down the loan.
Senator M A L O N E . That isn't what I asked you at all. If Congress
votes for what you are asking for, and they vote for all the appropriations, for $4 billion to go to Europe and Asia as gifts practically, they
260
DEBT CEILING
INCREASE
vote to keep this $15 billion you have been wasting a year in obsolete
material for national defense, and then they come in here and showthat in order to do what you have already voted for we need a raise
in the debt limit. We can either vote for it or sit here and hold our
finger on the snout of the teakettle and get it burned off; can't we?
Mr. BRTJNDAGE. That is one way of looking at it.
Senator M A L O N E . In other words, it is just a matter of form that
you fellows come in and say, "we want a raise in the debt limit, after
we have already voted for the things that make it necessary/'
The CHAIRMAN. YOU understand, Mr. Brundage, what the committee wants is all operations related to the Export-Import Bank, and
as full a report as possible on the items.
Now, we have completed the discussion of the other reductions?
Are there further questions?
(The material referred to follows:)
T H E I N T E R N A T I O N A L B A N K FOR R E C O N S T R U C T I O N AND
DEVELOPMENT
T h e International Bank for Reconstruction a n d Development was established
in 1947 in accordance with t h e Bretton Woods agreement. I t is an international
agency t o make loans for reconstruction or economic development projects in
m e m b e r countries. Loans are made either t o member governments or, with a
government g u a r a n t y , t o enterprises.
T h e b a n k has 64 members each of whom is represented on t h e Board of Governors which meets annually. Current decisions are made by the 16 executive
directors representing major contributors, or groups of members.
T h e b a n k ' s capital is subscribed by members in general proportion to their
economic strength. Two percent of member contributions are in gold or dollars
freely available to t h e b a n k ; 18 percent is in the members' own currencies which
m a y be used only with the consent of the member; 80 percent of t h e subscription
m a y be draw r n by t h e bank only if needed to cover bank obligations. T h e b a n k
m a y a n d does supplement subscriptions by public or private sale of its own bonds.
As of December 31, 1957, t h e bank had available for lending, paid in subscriptions of $756 million in gold or United States dollars a n d $564 million in other
m e m b e r s ' currencies, $1,269 million proceeds of borrowings, and $785 million in
repayments, sale of loans and other proceeds of operations. Available funds
totaled $3,375 million, of which $2,547 had been disbursed on loans.
Attached is a copy of a s t a t e m e n t of I B R D loans as of December 31, 1957,
received from t h e bank.
Statement of Loans—December 31, 1957
29
66
96
111
155
156
AU
AU
AU
AU
AU
AU
Equipment for development
Equipment for development
Equipment for development
Equipment for development
Purchase of aircraft
Equipment for development
.
.
.
.
.
J. 22,
Jury 8,
Mar. 2,
Mar. 18,
Nov. 15,
Dec. 3,
Orlglml
VmclmJu*
1950
1952
1954
1955
1956
1956
1955-1975
1957-1972
1957-1969
1958-1970
1964-1966
1959-1972
4M%
4*%
4%%
4H%
4%%
4%%
'&£*
TOTAL
AUSTRIA (Guarantor)
VeriwiidgeaeUschaft, Draukraftwerke 102
VerbundgeseUschaft, Drauknftwerke 148
Vorarlberger Illwerke
118
Vorartberger Illwerke
179
VertNind«eseUachaft,Donaukraftwerkel49
12,000,000
10,000,000
10,000,000
3,571,429
21,000,000
July
Sept.
June
Oct.
Sept.
19, 1954
21, 1956
14, 1955
10, 1957
21, 1956
1959-1979
1959-1976
1960-1979
1960-1979
1960-1981
4M%
5%
4%%
S%%
BE
BE
BE
BE
Waterways and port improvements
t. 13, 1951
Dec. 14, 1954
Sept. 10, 1957
1953-1969
1957-1976
1965-1969
1963-1972
4V4%
4V4%
4H%
5%%
Belgian Congo Development
Highway construction and
Port and highway development
Sept. 13, 1951
Nov. 27, 1957
June 26, 1957
1957-1976
1961-1976
1961-1977
4V4%
6%
5H%
65 BR
75 BR
92 BR
Railway rehabilitation
Highway rr
Railway rehabilitation
June 27, 1952
Apr. 30, 1953
Dec. 18, 1953
1955-1967
1954-1959
1959-1969
4H%
AV*%
4H%
12,500,000
3,000,000
12,500,000
11
11
95
25
64
76
93
Elec
Electric power development
Electric power development
Electric power development
Electric power development
Electric power development
Elec
Jan. 27,
Jan. 18,
Feb. 24,
May 26,
June 27,
July 17,
Dec. 18,
1953-1974
1955-1976
1955-1974
1954-1975
1957-1977
1957-1973
1958-1974
4V4%
414%
4%%
4<A%
4Vt%
5%
5%
TOTAL
75,000,000
15,000,000
18,790,000
15,000,000
25,000,000
7,300,000
10,000,000
56,571,429
REUOIUM (Guarantor)
Belgian Congo
Belgian Congo
Ruanda-Urundi
Equipment for steel and power industries .
Usinas Eletricas Paranapanema
Rangoon Port Commiationers
BR
BR-S
BR
BR
BR
BR
BR
.
.
.
.
.
1949
1951
1954
1950
1952
1953
1953
Railway development
May 4, 1956
140 BA
Port development .
May 4, 1956
1960-1976
101 CE
Electric power dew
Jury
9, 1954
1959-1979
5
153
6
49
83
171
172
Electric power development .
Electric power development .
Agricultural development
Exploration for and use of w
Construction of paper and p
Coale
Coalc
Mar. 25, 1948
Nov. 1, 1956
Mar. 25, 1948
Oct. 10, 1951
Sept 10, 1953
Jury 24, 1957
July 24. 1957
1953-1968
1960-1976
1950-1955
1955-1961
1958-1970
1963-1972
1962-1972
37,794,028
13,192,000
S 88,411,972
43,003,000
44,882,000
44,100,000
9,230,000
50,000,000
279,626,972
182,000
153,000
Note!
Fomento A Papdes;
Fomento A Schwi
Fomento A Lota
CH
CH
CH
CH
CH
CH
CH
178
44.800,000
CO
CO
CO
CO
Highway cc
Highway construction ai
Apr. 10,
Aug. 26,
Sept 10,
June 6,
1951
1952
1953
1956
1954-1961
1957-1978
1956-1963
1959-1971
16,000,000
30.000,000
20,000,000
2,082,198
—
—
—
7,917,802
1,999,822
—
—
3,273,473
600,000
2,500,000
1,725,680
25,018,946
12,310,153
!8,411
3,271,243
1,047,000
281,000
5,075,411
3.552,243
4fc%
67,698,116
14,400,000
16,290,000
13,274,320
o
I
32,535,234
10,389,000
881,054
12,500,000
a
75,000,000
15,000,000
18,790,000
i—i
w
166,485,003
2,586,05
5,350,000
831,484
4,518,516
14,000,000
2,187,095
11,812,905
3,018,579
16,331,421
4%%
513,000
298,000
1,745,000
633,000
13,500,000
15,000.000
2,500,000
1,300,000
20,000,000
12,200,000
445,544
43
68
84
144
35,748,729
w
^T6TAL~
e m u (Guarantor)
Fomento 4 Endesa
Fomento & Endesa
281,981,271
3,571,429
7,050,234
Note >
Note 3
194,090,000
J 100,000,000 S
50,000,000
54,000,000
54,500,000
6,190,509
17,290,762
12,600,000
9,818,000
9,847,000
16,000,000
30,000,000
20,000,000
10,000,000
160,800.000
MtAZn. (Guarantor)
Brazilian Traction (1st
Brazilian Traction (2nd
Brazilian Traction
Sao Francisco Hidro El
Com. Estadual Energia
309,000
317,730,000
AUA Electric p
AUA Electric power development .
AUA Electric power development .
AUA Electric power development .
AUA Electric power development .
14
48
107
174
1,280,028$ 7,794,000
6,996,000
2,146,000
9,118,000
3,252,000
0,400,000
—
—
—
—
—
$ 100,000,000 $
50,000,000
54.000,000
54,500,000
9,230,000
50,000,000
3H%
4%%
4%%
4%%
16,500,000
25,000,000
14,350,000
16,500,000
4,232,429
6,897,000
353.000
3,099,000
3,389.000
141,456
20,000,000
12,100,000
9,500,000
13,500,000
2,534,799
2,500,000
854,456
4,197,591
12,200,000
9,600,000
^664^^*627792
2,342,000
8,803,000
24,647,000
11,251,000
16,500,000
16,500,000
18,326,431
14,350,000
9,703,168
6,673,569
6,796,832
to
STATEMENT OF LOANS-DECEMBER
Original
COLOMBIA (Guarantor)
Caja de Credito
Caja de Credito
Calda* Hidro-EJoc. Co.
Hidroelectrica del Rio Lebrija
Ferrocarriles Nacionales
18
108
38
113
39
54
119
CO
CO
CO
CO
CO
CO
CO
tzs*
(Including
74,559 J 2,925,441 $ 2,000,000 $ 2,000,000
—
—
3,000,000
1,000,000
—
482,000
148,000
148,000
~
—
—
—
—
368,000
194,000
194,000
~
330,200
84,800
84,800
—
—
866,000
—
Electric power development
Electric power development
National railways project
Aug.
Dec.
Nov.
Mar.
Dec.
Nov.
June
1949
1954
1950
1955
1950
1951
1955
1952-1956
1957-1961
1954-1970
1959-1975
1952-1971
1954-1972
1958-1980
Agricultural development and light industry
Sept. 18, 1956
1958-1963
4*4%
3,000,000
40,000,000
Agricultural development
Agricultural development
Electric power development
19,
29,
2,
24,
28,
13,
15,
to
to
31, 1937 (co
TOTAL
147 CR
3 DE
ECUADOR (Guarantor)
Com. Ejec. Vialidad (Guayas)
Empresa Electrica Quito, S. A.
Empresa Electrica Quito, S. A.
Post-war reconstruction
Aug. 22, 1947
1953-1972
414%
Sept. 20, 1957
Nov. 1, 1957
1962-1977
1959-1961
5%%
6%
Highway construction
Electric power development
Electric power development
Feb. 10, 1954
Mar. 29, 1956
Sept. 20, 1957
1958-1964
1959-1976
1962-1977
4%%
4*4%
5% "J
Coastal highway project
Oct. 12, 1954
(959-1966
4'/i"c
176 EC
181 EC
Highway maintenance and construction
Railway improvements
94 EC
137 EC
177 EC
104 ES
.
14,454,641
Electric power development
Dec. 14, 1949
1954-1975 4V*m,
Highway
rehabilitation
Foreign exchange for Development Bank .
Telecommunications
Highway construction and improvement .
Sept.
Sept.
Feb.
June
1950
1950
1951
1957
1956-1911
1956-1971
1956-1971
1961-1977
Equipment for timber production .
Oct. 17,1949
1950-1951
Aug. 1,1949
. Apr. 30,1952
Nov. 13, 1952
Mar. 24, 1955
May 22, 1956
1953-1964
1955-1970
1955-1970
1958-1970
1959-1976
TOTAI
31
32
42
166
ET
ET
ET
ET
21 Fi
FINLAND (Guarantor)
Bank of Finland
Bank of Finland
Bank of Finland
Bank of Finland
Mortgage Bank of Finland Oy
16 FI
61 FI
70 FI
112 FI
142 FI
.
Power, wood processing and limestone
Power, wood processing and agriculture
Wood processing
Power and wood processing
Electric power development
.
13,
13,
19,
28,
2,601,000
1 FR
100 FR
131 FR
Post-war reconstruction
Railway improvement
Electric power development
May 9,1947
June 10, 1954
Aug. 26, 1955
1952-1977
1956-1966
1957-1975
___
124 GU
Highway construction and maintenance
141 HA
Highway maintenance
135 HO
12,545,000
__
—
-97,869
5,000,000
15,000,000
23,500 000
3%
2,300,000
4%
4*4%
4*4%
4*4%
4*4%
12,500,000
20,000,000
3,479,464
2,000,000
1,500,000
_
1,415
—
21,873,197
1,819,092
1,180,908
35,514,000
—
1959-1970
4*4%
18,200,000
1959-1967
4*4%
2,600,000
Highway maintenance
Dec. 22, 1955
1957-1964
4*4%
4,200,000
46 IC
53 IC
69 IC
Electric power development
Agricultural development
Fertilizer plant
June 20, 1951
Nov. 1, 1951
Aug. 26, 1952
1956-1973
1956-1973
1954-1969
4*4%
4*4%
4*4%
2,450,000
1,008,000
854,000
79 IC
80 IC
Agricultural development
Construction of radio transmitter building.
Sept. 4,1953
Sept. 4,1953
1958-1975
1954-1966
1,350,000
252,000
5,914^000 ~
-
_
-
11,492,000
"^.342",b00~
1,250,000
_
—
1,491,000
4,514,000
1,806,000
1,355,000
13,509,000
1,491,000
21,184,000
—
825,000
2,102,131
1,559.010
—
—
2,288,000
280,000
-•
12,545,000
Z587,981
—
8,087,335
15,412,665
8,001,000
16,506,000
3,055,743
9,712,000
14,720,000
12,500,000
20,000,000
3,478,049
10,743,041
3,468.646
1,256,959
11,531,354
51,994,743
52,291,867
12,788,313
"
16,892,000
609,000
334,000
219,620,000
5,886,000
9,276,000
250,000.000
7,091,567
10,000,000
31,975,000
17,835,000
234,782,000
267,091,567
576,000
239,000
17,624,000
12,775,325
5,424,675
2,187,000
134,344
2,465,656
3,328,000
2,001,087
2,198,913
2,254,000
949,200
705,000
2,450,000
1,008,000
854,000
872,000
w
h-l
30,342,000
909,000
724,000
413,000
O
3
2,102,131
~
2,939,990
3,494,000
422,306
334,567
May 7, 1956
867,000
867,000
53,000
486,000
194,000
145,000
250,000,000
7,500,000
10,000,000
July 29, 1955
5%
4*4%
89,332,244
H
23 645,000
TOTAL
lx)TAL
2,634,000
8,512,019
TOTAL
.
i9,658,CX
5,000,000
3,530,000
4,254,041
2,600,000
w
w
197,000
4",
4'",
4n;
5H f ;
4*4%
4*4%
4**%
—
2,000,000
2,900,000
4,500,000
2,038,000
1,985,000
15,034,000
8,500,000
5,000,000
5,000,000
JOTAL
FRANCE (Guarantor)
Credit National
Overseas Railways Administration
Electricite et Gaz d'Algerie
4,226,800
—
TOTAl
22 ES
7,092,8(
$
—
3
o
%
STATEMENT OF LOANS—DEC E M BE R 31, 1957 (continued)
Dal, of
17
19
23
72
167
168
169
170
Indian Iron ft Sted Company
Indian Iron ft Sted Company
Tata Group of Hydro Companies
Tata Group of Hydro Companies
LCI.CL
The Tata Iron and Sted Co., Ltd.
The Tata Iron and Sted Co., Ltd.
Air-India International Corp.
IN
IN
IN
IN
IN
IN
IN
IN
71 IN
159 IN
106 IN
164 IN
109 IN
146 IN
182 IN
161 IN
«AN
160 IRN
*AQ
26 IRQ
ITALY (Guarantor)
Casta per il Mezzogiorno
Casta per il Mezzogiorno
Casta per il Mezzogiorno
Railway rehabilitation
Agricultural development
. .
Electric power devdopment
Damodar multi-purpose project
Railway improvements
Railway improvements
Railway improvements
Railway improvements
.
.
.
.
.
Iron and sted expansion
Sted expansion
Electric power development
Electric power development
Devdopment of private industry . .
Expansion of sted production facilities.
Expansion of sted production facilities .
Purchase of aircraft
Original
18, 1949
29, 1949
18, 1950
23, 1953
12, 1957
12, 1957
12, 1957
12, 1957
1950-1964
1952-1956
1955-1970
1956-1977
1961-1972
1961-1972
1961-1972
1961-1972
Dec. 18, 1952
Dec. 19, 1956
Nov. 19, 1954
May 29, 1957
. Mar. 14, 1955
. June 26, 1956
. Nov. 20, 1957
Mar. 5,1957
1959-1967
1960-1967
1958-1974
1960-1975
1960-1969
1959-1971
1960-1971
1965-1966
Aug.
Sept
Apr.
. Jan.
July
July
July
July
(Including
4%
m%
4%
4H%
5H%
5H%
5H%
5tt%
4%%
5%
4%%
5H%
4H%
4%%
5Vi%
S 34,000,000 S
10,000,000
18,500,000
19,500,000
24,000,000
19,110,000
11,200,000
35,700,000
TOTAL
372,610,000
Jan. 22, 1957
1959-1962
5%
75,000,000
Construction of a flood control project
June 15, 1950
1956-1965
3%%
12,800,000
4V4%
5%
4M%
5%
10,000,000
10,000,000
70,000,000
74,628,000
5%
4H%
4«%
5%
5%
SYt%
21,500,000
11,200,000
7,500,000
5,300,000
8,100,000
20,000,000
4,300,000
7,000,000
Devdopment Plan for Southern Italy .
Devdopment Plan for Southern Italy .
Power, irrigation and industrial projects
Devdopment Plan for Southern Italy .
10, 1951
6, 1953
1,1955
11,1956
1956-1976
1958-1978
1958-1975
1959-1976
89 JA
90 JA
91 JA
133 JA
136 JA
157 J A
158 JA
173 J A
Electric power devdopment
Oct. 15, 1953
Electric power devdopment
Oct 15, 1953
Electric power devdopment
Oct. 15, 1953
Construction of sted plate mill . . . . Oct. 25, 1955
Industrial projects
Feb. 21, 1956
Construction of sted strip mill . . . .
Dec. 19, 1956
Land reclamation
Dec. 19, 1956
Multi-purpose project
Aug. 9, 1957
1957-1973
1957-1973
1957-1973
1958-1970
1958-1971
1960-1971
1959-1971
1961-1977
. Oct.
. Oct.
June
. Oct.
6,323,511 $
2,263,000
1,130,000
433,000
13,446,583 S 8,298,535
4,940,813
4,940,813
4,357,000
1,420,000
—
—
31,500,000
20,000,000
16,200,000
9,800,000
10,000,000
75,000,000
32,500,000
5,600,000
Short termfinancingfor devdopment plan .
50 IT
88 IT
117 IT
150 IT
1,200,000 S
2,796,187
1,779,500
9,000,000
32,500,000
-
16,255,687
6,506,054
10,149,511
6,293,946
312,000
28,195,396
5,000,000
-
14,659,348
-
$
13,029,906
—
11,233,500
10,067,000
24,000,000
19,110,000
11,200,000
35,700,000
$ 32,800,000 $
7,203,813
16,720,500
924,679
9,575,321
17,849,471
6,150,529
11,255,588
7,854,412
10,329,834
870,166
19,861,060
15,838,940
—
29,320,000
18,968,000
14,836,000
9,800,000
10,000,000
72,645,000
59,040,106
10,191,075
14,669,430
3,826,983
7,918,217
10,000,000
15,959,894
285,509,406
197,182,592
126,671,721
70,000,000
56,000,000
19,000,000
-
6,293,946
9,437,000
10,000,000
62,400,000
69,525,000
10,000,000
10,000,000
46,031,536
33,626,670
17,425,712
8,908,626
5,385,389
4,409,000
6,811,000
18,748,000
4,300,000
20,576,348
10,450,320
6.456,389
5,076,479
6,735,554
14,007,061
1,710,009
328,168
123,521
1,151,446
5,992,939
2,589,991
6,671,832
367,328
26,632,672
19,828,925
5,330,570
12,373,017
1,881,783
_
—
—
22,368,464
36,898,330
1,071,000
791,000
1,076,000
1,252,000
D (Guarantor)
mftGnution
•a ft Comision
Financkra ft Comision
12
13
56
24
33
103
ME
ME
ME
ME
ME
ME
Electric power devdopment; irrigation
Aug. 25, 1955
1961-1980
4%%
Sted mill and railroads
Aug. 28, 1947
1949-1972
4V4%
Electric power development
Electric power development
Electric power devdopment
Electric power development
Development of small industrial projects .
Railway rehabilitation
Jan.
Jan.
Jan.
Apr.
Oct
Aug.
6, 1949
1953-1973
6,1949 July 1, 1950
11,1952
1955-1977
28, 1950
1953-1975
18, 1950
1952-1957
24, 1954
1959-1969
4%%
4V4%
4V4%
4Vi%
3&%
4H%
JTOTAL "
Vereenigde Schvrt. My.
HoUand-Amerika Lyn
•» Lloyd
KLM Royal Dutch Airlines
7,7a
8
9
10, 10a
15
163
NE
NE
NE
NE
NE
NE
59 NE
24,100,000
10,000,000
29,700,000
26,000,000
10,000,000
721,000
—
2,244,700
10,000,000 (Refunding)
—
752,000
2,031,000
9,472,112
527,888
3
o
Aug. 7. 1947
May 25, 1948
1954-1972
1953-1954
4tf%
414%
eofS.S. Raid and S.S. Roebiah . July 15, 1948
Purchase of S.S. Almkerk
July 15, 1948
Purchase of S.S. Alblasserdijk . . . .
July 15,1948
Purchase of S.S. Friesland and S.S.Drente . July 15, 1948
Post-war industrial reconstruction . . . July 26, 1949
Capital for industry, transport and
1949-1958
1949-1958
1949-1958
1949-1958
1952-1964
3-9/16%
3-9/16%
3-9/16%
3-9/16%
4%
2,000,000
2,000,000
4,000,000
15,000,000
TOTAL
244,000,000
16,6:
2.904,000
2,403,0<
3,968,300
2,013,300
2,868,000
2,307,000
989,000
1,438,000
3,976,000
61,000,000
• 60,8^000
828,000
431,000
289,000
¥.696,982
84,900,000
19,472,112
—
5.555,588
—
13,119,300
4,440,300
4,000,000
2,000,000
2,000,000
4,000,000
4,000,000
2,000,000
2,000,000
56,585,199
35,341,199
57,024,000
58,329,746
2,670,254
~ 122,653,000
137,393,333
5,934,555
103,317,212
Purchase of aircraft
3,500,000
7,548,015
o
7,251,000
JAPAN (Guarantor)
830,000
749,680
1,043,611
100,000
213,000
w
H
107.680,801
4,000,000
2,000,000
2.000,000
4,000,000
7,451,985
15,000,000
7,000,000
~~236~,45l,985
to
CO
STATEMENT
Lamm
45
52
81
82
NI
NI
NI
NI
Highway construction
7
Construction of grain storage facilities .
Highway construction
Electric power development
OF
LOANS—DECEMBE R
Date of
Original
(i*cl*H«t
June 7, 1957"
. Oct. 29. 1951
Sept. 4,1953
Sept. 4,1953
1954-1961
1954-1962
1957-1963
1955-1963
4V»%
4H%
4W%
4%%
June 7, 1951
July 8, 1955
Aug. 26, 1955
May 22, 1956
1954-1958
1958-1975
1959-1971
1958-1975
1957-1967
1959-1976
4>4%
4>4%
4W%
Apr. 8, 1954
Apr. 19, 1955
May 3,1956
1957-1974
1960-1975
1961-1976
4%%
4%%
4%%
31.
1957
(contin
MCAKAOUA (Guarantor)
44 NI
Emp. Nal. Luz y Fuerza
Emp. N«l. Luz y Fuerza
Inttituto de Fomento National
Autoridad Portuaria de Corinto
FAKBTAN
Agricultural development
121 N I
154 N I
Electric p o w e r d e v e l o p m e n t
Electric p o w e r d e v e l o p m e n t (Supplemental)
122 NI
130 NI
143 NI
Electric power development
Agricultural development
Port construction and development
97 NO
115 NO
138 NO
General development
General development
Electric power development
.
.
July 8, 1955
N o v . 15, 1956
4%
4%%
22,984.000
25,000.000
25,000,000
727984,000
60 PAK
62 PAK
180 PAK
Railway rehabilitation
Agricultural development
Railway improvements
Mar. 27, 1952
June 13, 1952
Oct. 18, 1957
1954-1967
1954-1959
1961-1973
4H%
4W%
6%
27,200,000
3,250,000
31,000,000
99
120
125
126
185
Natural gas pipeline
June 2, 1954
Electric power development
June 20, 1955
Construction of paper and pulp mill . . Aug. 4,1955
Port construction and development
. . Aug. 4, 1955
Financing of private industry . . . .
Dec. 17, 1957
1956-1974
1957-1970
1956-1970
1960-1980
1962-1972
4%%
4H%
4H%
4Y*%
5«%
14,000.000
13,800,000
4,200,000
14,800,000
31,000,000
935,600
997.000
Note J
—
25,000,000
25,000,000
6,231,499
—
—
18,768,501
13,394,617
4,200,000
3,925,243
10,874,757
54,980,021
22^69,979
2,328,235
_
735,600
997,000
—
(Guarantor)
Sui Gas Transmission Co.
Karachi Electric Supply Corp.
Kamaphuli Paper Mill*, Ltd.
Trustee* of the Port of Karachi
P. I. C. I. C.
PAK
PAK
PAK
PAK
PAK
TOTAL
123 P A N
Institute de Fomento Economics
86 PAN
87 PAN
Highway
rehabilitation
Agricultural development
Construction of grain storage facilities .
57 PE
67 PE
98 PE
raw (Guarantor)
Banco de Fomento Agropecuario
Banco de Fomento Agropecuario
105 PE
162 PE
116 PE
35,200,000 ~
77 SA
134 SA
178 SA
s o u ™ AFRICA
3,180,8C
Sept. 25, 1953
. Sept. 25, 1953
1955-1960
1955-1961
4H%
4H%
TOTAL
4,698,426
4,519.191
3,371,000
4,378,820
113,371
1,350,000
507,000
1,174,000
17,504,000
4,317,000
2,410,528
1,300,000
1,700,000
13,959,098
3,407,509
—
—
—
4,040,902
1,592,491
4,251,771
4,999,771
1,338,235
2,457,827
—
3,661,765
42,173
31,572,9611
9,337,331
1954-1960
1H%
Port development . . .
Agricultural development
Agricultural development
Irrigation project . . .
Highway maintenance
Apr. 12, 1954
Apr. 5, 1955
Aug. 5, 1955
1954-1967
1954-1959
1956-1961
1959-1980
1958-1964
4V4%
4K%
4K%
4*4%
Agricultural development
Agricultural development
Construction of cement plant
Nov. 12, 1954
Mar. 13, 1957
Apr. 19, 1955
1957-1963
1959-1965
1958-1970
4V4%
5V4%
4H%
Electric p<
Nov. 22, 1957
1960-1982
Expansion of transport facilities.
Expansion of transport facilities.
Expansion of transport facilities
Jan. 23,
Aug. 28,
Nov. 28,
Oct. 1,
1956-1965
1955-1963
1958-1966
1960-1967
1951
1953
1955
1957
64,307,558
4,200,000
255,528
353,750
134,000
4VA%
(9.701
21,000,000
1%%
4«%
4V4%
5M%
805,000
439,250
392,000
496,000
683,000
410,000
439,250
292,000
748,000
1,101,000
310,000
5,000,000
5,000,000
2,500,000
TOTAL~
183 PH
6,780,042
July 12, 1955
Dec. 7, 1951
Agricultural d e v e l o p m e n t
4.200,000
112 SO.OO0
405,383
4.200,000
743,278
21,000,000
20,000,000
30,000,000
25,200,000
25,000,000
16,000,000
14.107,000
25,200,000
23,000,000
20,000,000
30,000,000
25,200,000
(Guarantor)
Electricity Supply Commission
Electricity Supply Con
TOTAL
160,200,000
2,810,000
42,662,580
22,995,580
135,200,000
25,000,000
STATEMENT OF LOANS—DECEMBER 31, 1957 (con
*£T
Rai
Irrigation project
Port construction and development
Oct. 27, 1950
Oct. 27, 1950
Oct. 27, 1950
1954-1966
1956-1971
1954-1966
3%%
4%
3W%
Railway rehabilitation
Port construction and
Multi-purpose project
Aug, 9, 1955
O c t 12, 1956
Sept. 12, 1957
1958-1970
1958-1971
1963-1982
4H%
4%%
5%%
Construction of grain storage facilities
Port construction and development
Port construction and development
Seyhan Dam multi-purpose project
July 7, 1950
July 7, 1950
Feb. 26, 1954
June 18, 1952
1954-1968
1956-1975
1956-1975
1957-1977
3H%
414%
4H%
4%%
3,900,000
12,500,000
3,800,000
25,200,000
58 SR
74 NR
110 EA
Electric power development
Railway development
Railways and harbors
Feb. 27, 1952
Mar. 11, 1953
Mar. 15, 1955
1956-1977
1956-1972
1958-1974
4yt%
4M%
4*%
28,000,000
14,000,000
24,000,000
145 RN
Electric power development
June 21, 1956
35 TH
36 TH
37 TH
D (Guarantor)
State Railway of Thailand
Port Authority of Thailand
Yanhee Electricity Authority
128 TH
131 TH
173 TH
. . . .
$
4,400,000
TU
TU
TU-S
TU
189,000 $
796,000
275,000
189,000
—
275,000
S
2,187.000
15,453,000
3,207,000
S
3.000,000 S
18,000.000
4,400,000
12,000,000
3,400,000
66,000,000
106,800,000
27
28
28
63
624,000 S
1,751,000
918,000
3.000,000 S
66.000,000
3,293,000
2,549,000
688,000
831,000
237,000
3,068,000
11,669,000
3,563,000
22,844,000
3,812,707
12,500,000
1,580,064
22,103,537
22,339,000
10,995,653
16,027,000
28,000,000
14,000,000
24,000,000
87,293
—
2,219,936
740,463
TUMCIY {Guarantor)
Industrial Development Bank
Industrial Development Bank
UNITED KINGDOM (Guarantor)
Southern Rhodesia
Northern Rhodesia
East Africa High Commission
Federal Power BoardRhodesia and Nyasaland
94,000
30 UR
132 UR
152 UR
20 YU
51 YU1
73 YUj
Power and telephone development .
Electric power development
Electric power development
Equipment for timber production .
Power, mining, transport, industrial,
agricultural and forestry projects
.
Aug. 25, 1950
Aug. 29, 1955
Oct. 25, 1956
1955-1974
1958-1975
1961-1981
4V*%
4%%
5%
33,000,000
5,500,000
25,500,000
Oct. 17, 1949
/Oct. 11,1951
. \Feb. 11, 1953
1950-1951
1955-1976
1956-1978
3%
4H%
4%%
2,700,000
28,000,000
30,000,000
.
.
5,567,000
3,004,347
7,973,000
1,906,000
1,178,000
—
27,098,347
3,084,000
26,400,000
4,846,000
25,500,000
2,700,000
2,406,000
1,192,000
GRANLVTOTALS $3,480,147,893 $ 227,274,429 $ 86,168,278 $ 204,820,031 S 346,990,579 5146,108,352
Less exchange adjustments
—
25,594,000
28,808,000
52,614,894,576
w
14,795,077
65,204,923
80,795,077
65,204,923
33,000,000
4,724,354
6,060,304
—
775,646
19,439,696
43,784,658
20,215,342
3
o
52.546,983,372 $ 619,721,814
a
2,700,000
28,000,000
29,929,202
8,879,412
o
$2^06,0!5J64
een signed, but the
K borrower and guarantor, if any, take certain
179 AUA
I N PAK.
181 EC
182 IN
183 PH
466,714
150.000
118,000
15,000,000
987,000
» This includes J8.247.764 of ell
SUMMARY OF CURRENCIES REPAYABLE ON EFFECTIVE LOANS
(Expressed in United States Currency)
Amount
Repayments
Currency
Repayable
and Sales
Australian Pounds
$
6,846,017
J
—
Austrian Schillings
2,574,887
28,576
Belgian Francs
19,583,990
2,820,715
Canadian Dollars
104,955,622
14,621,264
Danish Kroner
4,289,579
244,235
Deutsche Marks
48,054,896
1,195,061
French Francs
35,192.036
1,629,331
Iranian Rials
667,782
—
Irish Pounds
500,000
—
Italian Lire
19,367,606
1,006,451
Japanese Yen
9,876,656
1,463
Luxembourg Francs
603,864
103,864
Mexican Pesos
5,845,350
49,635
Netherlands Guilders
39,257,297
1,729,934
Norwegian Kroner
1,634,077
67,788
Pounds Sterling
120,483,743
9,280,530
South African Pounds
7,952,555
8,962
-Swedish Kronor .
13,206,989
612,918
Swiss Francs
132,999,752
18,811,905
United States Dollars
1,971,198,582
480,111,463
Venezuelan Bolivares
1,839,045
—
Yugoslav Dinars
53,047
—_
52,546,983,372
$532,324,095
Undisbursed Balance of Effective Loans
Receivable from Purchasers on Account of Effective Loans
Sold or Agreed to be Sold
19,486,515
$551,810,610
Exchange Adjustments
Effective Loans Held by Bank
Effective Loans
Held by Bank
$
6,846,017
2,546,311
16,763,275
90,334,358
4,045,344
46,859,835
33,562,705
667,782
500,000
18,361,155
9,875,193
500,000
5,795,715
37,527,363
1,566,289
111,203,213
7,943,593
12,594,071
114,187,847
1,491,087,119
1,839,045
5J.047
$2,014,659,277
619,721,814
$2,634,381,091
19,486,515
$2,614,894,576
8,879,412
$2,606,013,164
to
266
DEBT CEILING INCREASE
INTERNATIONAL FINANCE
CORPORATION
The International Finance Corporation (IFC) was organized in July 1956
under the aegis of the International Bank for Reconstruction and Development
to provide a more flexible means for encouraging private investment abroad in
profitmaking enterprise. Its membership comprises 53 countries with an aggregate subscribed capital of approximately $93 million. The total authorized
capital is $100 million. The Corporation's articles of agreement require all
payments on account of subscribed capital to be made in United States dollars
or gold. The purpose of the Corporation is to stimulate economic development
in less-developed member countries and in dependent overseas territories of
member countries, by investing, without Government guaranty, in productive
private enterprises in association with private investors who can provide competent
management.
The Corporation may not make equity investments, but it nevertheless has
considerable latitude in choosing the types of investment most suitable for a
particular operation. The pattern of its investments will normally be intermediate between loan capital on the one hand and share capital on the other, and
will generally provide for a moderate fixed rate of interest plus some additional
return depending upon profits, if any. Some investments will carry some rights
to share in ownership which the Corporation can sell to private investors and
thus realize appropriate gains. The Corporation will therefore endeavor to
obtain convertible debentures, subscription warrants, or some other form of
rights to obtain capital stock or shares. It will be the intention of the Corporation, within the limits of its charter, to keep its policies and procedures flexible,
and to review and modify them as suggested by experience or changing conditions.
In its choice of various eligible investment proposals, the Corporation will be
guided, among other criteria, by the extent to which it can promote the investment of additional private capital, by the expected profitability of the investment considering the risks involved, and by the degree to which the investment
helps to diversify and increase the attractiveness of its portfolio to private
investors.
INTERNATIONAL F I N A N C E
Statement
CO
i
en
Country and obligor
of operational investments approved, Dec. 81, 1957 {expressed in United States
Operational
investment
No.
Date of—
Terms
Australia: Duncan's Holdings, L t d . . .
Sept. 27,1957 i
Brazil: Siemens do Brazil Cia. de
Electricidade.
June 20,1957 2
Chile: Empresa Minera de Mantos
Blancos, S. A.
Aug. 20,1957 2.
Fixed interest 7 percent per annum and contingent interest based on earnings; maturities
1961-67; option on shares equivalent to 100
percent of investment.
Fixed interest 6 percent per annum; maturities
1968-72; option on shares equivalent to 100 percent of investment.
Fixed interest 7 percent per annum and conditional payments based on dividends; maturities 1964-68; option on shares equivalent to 50
percent of investment.
Fixed interest 7 percent per annum and contingent interest based on earnings; maturities
1961-67, half in Mexican pesos and half in
dollars; option on shares equivalent to 40 percent of investment.
Fixed interest 7 percent per annum and contingent interest based on earnings; maturities
1960-66, half in Mexican pesos, half in dollars;
option on shares equivalent to 50 percent of
investment.
00
11
CORPORATION
00
Mexico: Engranes y Productos Industrieles, S. A.
1-ME
Bristol de Mexico, S. A
2-ME
1 Initial agreement.
Aug. 12,19571.
Sept. 27,1957 2.
Sept. 10,19571.
Nov. 6, 1957 2..
2
Final agreement.
Purpose
currency)
Original
amount
Funds not
yet eligible
for withdrawal by
obligor
Modernization of
lumber mills.
$660,000
$660,000
Manufacture of
electrical equipment.
Industrial plant
expansion.
2,000,000
2,000,000
2,200,000
2,200,000
do
Aircraft repair shop.
Held by
IFC
o
600,000
520,000
$600,000
520,000
3
a
I
w
w
268
DEBT CEILING INCREASE
T H E INTERNATIONAL MONETARY FUND
The International Monetary Fund is an international agency established in
1947 in accordance with the Bretton Woods Agreement. It operates as a pool
of gold and currencies, contributed by its members, available for purchase by
members to tide them over temporary balance of payments difficulties. The
fund has 64 members who have subscribed $1,674 million of gold, $2,421 million
of convertible currencies, and $4,047 equivalent of nonconvertible currencies.
The United States subscription is $2,750 million of the total of $9,016 million.
Subscriptions are determined by the fund on the basis of the economic strength
and foreign situation of the member country.
Fund policies are established by a Board of Governors on which each member
is represented and has a vote generally proportional to its subscription and
which meets annually. Operations are governed by the Board of 17 Executive
Directors representing members with the major subscriptions or groups of
members.
Exchange transactions with the fund take the form of a member's purchase
from the fund of the currencies of other members for an equivalent amount of
the member's own currency. Fund resources are available to eligible members
on an essentially short term and revolving basis to provide members with temporary assistance to contribute to the solution of their payments problems.
Members may also obtain standby arrangements that assure a member that
drawings upon fund resources up to specified limits and within an agreed period
may be made without reconsideration of the member's position at the time of
the drawing. Drawings upon fund resources are not confined to meeting specific
and defined types of payments problems. A member's entitlement to draw or
to make a standby arrangement is determined after consideration of its circumstances, and its likely ability, with the help of fund resources, to overcome its
problems within a short period. Fund purchases of a member's currency are
expected, as a general rule, to be repurchased within a period not exceeding 3 to 5
years or reduced by the purchase of the member's currency by another member.
The following charges are made for transactions: A service charge of one-half
of 1 percent for the purchase of a currency from the fund with the buying member's
currency; and a charge payable on the fund's holdings of a currency that exceed
100 percent of the member's quota. The rate of charge rises in two dimensions;
the larger the member's drawings relative to its quota, and the longer the period
during which the fund holds the member's currency. Charges on transactions
effected in 1954 or later are:
Charges in percent per annum for each period
in which holdings are in excess of quota by
(percent)
Period of time
0to50 50 to 75
Service charge
0 to 3 months.
3 to 6 months .
Y2 to 1 year....
1l to \y2 years..
l A to 2 years..
2 to iy2 years..
7>A to 3 years..
3 to ZlA years..
V/2 to 4 years..
4 to 4A years..
0.5
0
2.0
2.0
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0.5
0
2.0
2.0
2.5
3.0
3.5
4.0
4.5
5.0
0.5
0
2.0
2.5
3.0
3.5
4.0
4.5
5.0
3 months..
6 months..
1 year.
1 ^ years..
2 years ...
2H years .
3 years
3H years..
4 years
4A years..
Average effective rates in
percent per annum for
holdings in excess of
quota by (percent)
0to50 50 to 75 75 to 100
2.00
2.00
2.00
2.00
2.12
2.30
2.50
2.71
2.04
3.17
2.00
2.00
2.00
2.17
2.38
2.60
2.83
3.07
3.31
2.00
2.00
2.25
2.50
2.75
3.00
3.25
3.50
Compared to former charges, those now in effect are higher on transactions
outstanding for short periods (except for periods of less than 3 months for which
present charges are the same or lower). Charges are normally paid in gold, but
when a member's reserves are below half its quota charges may be paid partly
in the member's currency. A charge of one-fourth of 1 percent per annum is
made for standby arrangements but, should the country make a purchase during
the period of the standby arrangement, this charge is generally credited against
the service charge for the transaction, up to a maximum of one-fourth of 1 percent of the transaction.
The fund's holdings of currencies are deposited with the central bank or other
depository in each member country. For that part of the fund's holdings of a
currency that exceeds what the fund considers to be a normal working balance,
DEBT
CEILING
269
INCREASE
m e m b e r s m a y s u b s t i t u t e for deposit nonnegotiable n o n i n t e r e s t b e a r i n g d e m a n d
securities. T h e t e r m ' ' c u r r e n c y , " as used in t h i s note, includes b o t h balances
with depositories a n d t h e s e securities.
T h e following t a b l e shows fund t r a n s a c t i o n s in 1956 a n d 1957 a n d t h e c u m u l a tive t o t a l of t r a n s a c t i o n s w i t h m e m b e r s since t h e e s t a b l i s h m e n t of t h e fund.
T h e gross t o t a l s show t h e a m o u n t s of other m e m b e r currencies p u r c h a s e d b y
m e m b e r s ; t h e n e t t o t a l s show those purchases n e t of r e p a y m e n t s in gold or
dollars, i. e., m e m b e r obligations t o t h e fund o u t s t a n d i n g on D e c e m b e r 3 1 , 1957.
INTERNATIONAL MONETARY
Exchange
FUND
transactions and standby arrangements
(through Dec. 31, 1957,
expressed in millions of United States dollars)
amounts
Cumulative total
to date
Member
19571
Gross
Member's drawings and their repayment by repurchases or by other countries' drawings:
Argentina
Australia
_.
Belgium
_
Bolivia
Brazil
Burma
_
Chile
Colombia
Costa Rica
Cuba
Czechoslovakia 3 . . .
_
_
_.
Denmark
_
_
Ecuador
___
Egypt
El Salvador
Ethiopia
Finland....
France.
Haiti
Honduras
_.
India
Indonesia
Iran
_
_
_.
Israel
Japan.
Mexico
_._
Netherlands
Nicaragua...
Norway
Paraguay
Peru
Philippines. _.
Turkey
._
Union of South Africa
United Kingdom
Yugoslavia
_
_.
Drawings
Repurchases
Other countries' drawings
Net drawings. _.
Drawings outstanding
Standbys agreed
Drawn
_
Expired..
—
.__
Amounts available..
Member's repurchases on subscription account: Total
75.0
(2)
2 3.0
-28.0
15.0
2-.2
2 12.5
3 -.7
15.0
2.5
2 -45. 0
-12.5
40.0
7.8
»1.9
0)
l.~5
5.0
50.0
2 1.0
37.5
18.7
(2)
12.5
3-.7
34.0
5.0
15.0
-2.5
262.5
1.0
3.8
200.0
3.8
125.0
2 68.8
2 1.9
2 3.5
2
()
"V 561." 5
(2)-9.0
693.0
-113
972.0
-59
579
814
1,077
21
1
1,117
-41.1
903
1,717
183
416
4
880
-9.1
Net
75.0
50.0
83.0
6.5
206.0
15.0
52.3
25.0
1.2
47.5
6.0
44.2
5.0
33.0
2.5
.6
9.5
387.5
1.0
6.3
300.0
70.0
46.0
3.8
249.0
45.0
144.1
6.1
9.6
6.4
0
15.0
48.5
10.0
861.5
9.0
2,881.0
3-951
-203
75.0
0
50.0
2 6.5
75.0
15.0
2 31.0
2 25.0
0
25.0
3 2.6
34.0
5.0
30.0
0
0
0
262.5
1.0
2 3.8
200.0
55.0
25.3
3.8
125.0
0
2 68.8
2 3.8
0
2 5.5
20
15.0
21.5
0
2 561.5
0
1, 727.0
< 1, 727
1,378
465
33
2880
-135. 7
i In addition, in January 1958, Turkey repurchased $4 million of its currency with dollars, Yugoslavia
$22.9 million and other currencies with dinars, and a standby arrangement was agreed with
Surchased
ranee permitting purchases of up to $131,250,000 or other currencies with francs through January 1959.
2 Standby in effect at end of period and not drawn or not fully drawn. See table on standby arrangements.
3
Former member. Payments made on settlement of Czechoslovakia's debt to the fund are included as
if there were a member's repurchase.
« Net member drawings plus outstanding debt of Czechoslovakia.
NOTE.—For this table repurchases (or other countries' drawings) of its currency by a member are considered first as repayments of drawings and reported in the top section of the table; only when repurchases
(or other countries' drawings) equal to drawings have been completed are they considered as repayments on
subscription account and reported in the bottom section of the table. The fund's official accounts make
no such division of repurchases.
270
DEBT CEILING INCREASE
INTERNATIONAL
Standby arrangements
MONETARY
FUND
(amounts expressed in millions of United States dollars; as of
Nov. 80, 1957)
A m o u n t available
Member
D a t e of
agreement
Expiration
date
Amount
agreed
Dec. 31,
1955
A g r e e m e n t s in effect:
N o v e m b e r 1956.
Bolivia
... _
Chile
April 1956
Colombia...
J u n e 1957..-.
Honduras. - .
. . . N o v e m b e r 1957.
M a r c h 1957
i
India,
... ..
N e t h e r l a n d s _.
. . . S e p t e m b e r 1957.
Nicaragua
October 1957
Paraguay . Julvl957..
Peru..
.
F e b r u a r y 1954...
United Kingdom
D e c e m b e r 1956 A g r e e m e n t s expired:
Belgium
J u n e 1952..-. . . .
D e c e m b e r 1956. _
Cuba.
do
Finland
..
October 1956
France
. ...
Iran
_ ..
M a y 1956
April 1954... . . .
Mexico
N o v e m b e r 1956.
Total
D e c e m b e r 1957. .
M a r c h 1958
J u n e 1958
M a v 1958
M a r c h 1958
S e p t e m b e r 1958.
Aprill958
J u l y 1958
F e b r u a r y 1958...
D e c e m b e r 1958 .
7.5
35.0
25.0
3.75
72.5
68.75
7.5
5.5
12.5
738. 53
J u n e 1957
do
J u n e 1953
October 1957
N o v e m b e r 1956October 1955
M a v 1957
. .
Dec. 31,
1956
4.5
35.0
12.5
12.5
738.5
50.0
12.5
5.0
262.5
17.5
50.0
3.75
50.0
50.0
12.5
1, 377. 78
62.5
Dec. 31,
1957
3.5
16.3
25.0
0
68.8
3.8
2.0
12.5
738.5
262.5
1.9
1,117.4
870.3
E X P O R T - I M P O R T B A N K OF W A S H I N G T O N — S T A T E M E N T O F L O A N S AND A U T H O R I Z E D
CREDITS
INDEX
Terminated credits.
ACTIVE CREDITS
Africa:
Egypt.
Ethiopia.
Liberia.
Portuguese East Africa.
Portuguese West Africa.
Union of South Africa.
Asia:
Afghanistan.
China.
India.
Indonesia.
Iran.
Iraq.
Israel.
Japan.
Pakistan.
Philippines.
Saudi Arabia.
Syria.
Thailand.
Turkey.
Canada:
Canada.
Europe:
Austria.
Belgium.
Denmark.
Finland.
France.
Germany.
Greece.
Iceland.
Italy.
Netherlands.
Norway.
Poland.
Europe—Continued
Portugal.
Spain.
Sweden.
United Kingdom.
Yugoslavia.
Latin America:
Argentina.
Bolivia.
Brazil.
Chile.
Colombia.
Costa Rica.
Cuba.
Ecuador.
El Salvador.
Guatemala.
Haiti.
Honduras.
Mexico.
Nicaragua.
Panama.
Paraguay.
Peru.
Uruguay.
Venezuela.
Miscellaneous Latin America.
Oceania:
Australia.
New Zealand.
M iscellaneous-general:
Exporter credit lines—United States capital
equipment.
Summary:
Loans and authorized credits.
Loans certified under Displaced Persons Act of
1950.
Loans transferred from R F C .
Insurance on exports.
271
DEBT CEILING INCREASE
E X P O R T - I M P O R T B A N K OF W A S H I N G T O N
Terminated
credits, loans fully repaid, as of June 30, 1957
Disbursed and repaid
Credits
authorized
Country
Interest
Cancellations
a n d expirations
By eximbank
B y commercial b a n k s a t
E I B risk
AFRICA
Egypt
Ethiopia
Liberia
Morocco
P o r t u g u e s e W e s t Africa
Southern Rhodesia
$210,000.00
3, 500,000. 00|
4,000,000. 00
70, 596. 82]
1,167,000. 00
40,000.00
40,000. 00
1,102, (XX). 00
40,000. 00
T o t a l , Africa
8,987,596.82
1,669,759.39
$210,000. 00
277, 759. 39
$2, 722, 240. 61
4,000,000. 00!
30, 596. 82
65,000.001
$500,000. 00
$214, 815. 57
518, 644. 85
731. 40
12, 704. 67
6,817,837. 43
500,000.00
746,896. 49
ASIA
China
India..
Indonesia
Iran
Iraq
Japan
Philippines
Saudi Arabia
Thailand
Turkey
_
._
T o t a l , Asia
171,943, 329. 99
16,270, 000.00
100,000, 000.00)
27, 514, 000.00
100, 000.00
255,158, 121. 05
25,850, 000.00
9,000, 000.00
1,286, 000.00;
43,435, 360.00
4,550,357. 86 157,074,015. 08 10,318, 957. 05 21,089, 647.38
16,270,000.00
100,000,000.00]
13,928. 26
27,051,570. 61
222,398. 75
240,030. 64
100, 000.00
15,379,939. 56 87,185, 698. 38,152, 592, 483.113, 659, 968. 73
13,171. 23
25,600,000.00
250,000. 00
9,000,000.00
1,286,000.00
15,415,504. 03
28,019,855.97
2, 975,123. 77
650, 556,811. 04 214,653, 372.06 272, 751,968.18163,151,470. 80 27, 751,839.37
CANADA
Canada
375,665,000. 00 192, 550,000. 00 183,115,000.00
3,832, 573. 26
EUROPE
Austria
Belgium
C zechoslo v a k i a
Denmark
Finland
France
Germany
Greece..
Hungary
Iceland
Italy
Latvia...
Netherlands.
Norway
Poland
Portugal
R u m a n i a . __
Spain
Sweden.
United Kingdom
Yugoslavia
20,255,000.00
38,800,000. 001
23, 728,931. 61
10,007,600.001
32,636,773. 92
345,260,000.00
67,603,412. 93
7,700,000.00
2,375,000.00
1,004,140.00
86, 549,976. 65
1,903,000.00
109,878,142. 50
11,000,000.00
12,906,742. 52
5,500,000.00
50, 000.00
40,101,371. 78
17,181,500.00
22,500,000.00
517, 667. 00
38,412,399. 74
1,602,566. 52
18,351,179. 91
3, 221,310. 62
38,800,000.00
569, 709.01
5,384,692.62 17,393,457. 98
950, 781. 01
137.63
3, 717. 00]
10,003, 883.00
2, 882. 43
816, 217. 63
15,681,109. 80 16, 952, 781. 69
64, 233,849. 891 280,838,811. 28
187,338. 83 6, 574,905. 56
3,577, 265.29
903, 217. 07
64,021, 588. 64
4, 559. 00
7,700, 000. 001
2,375, 000.00]
32, 716. 26
414, 140.00
590,000.00
7,994, 260. 391 37, 603,069. 34 40, 952, 646. 92 4, 910, 263. 75
56 99
1,892, 217. 97
10, 782. 03
4,593, 596. 70 104,498,146. 60
786,399. 20 12,690, 781*. 07
221, 387. 79
10, 552,000.21
20,895. 09
226, 612. 00
3, 511,233. 85
9,359,330. 941
36,177. 73 1,372, 437. 24
131,820. 51
1, 270,865. 65
4,229, 134. 35
50, 000.00
2, 766,069. 45
23, 766, 561. 50 13, 568, 740. 83! 1, 618,038. 45
10, 915,500.00
179, 973. 81
2,155,000.00 4,111,000.00
22, 500,000.001
517, 667.00
38, 412,399.74
1,903,820.09
Miscellaneous, E u r o p e 895,871,658. 65 204,943, 798. 46 596,107,363. 98 94,820,496. 21 34,645,047. 21
Total, Europe
LATIN AMERICA
Argentina
Bolivia
Brazil..
Chile
Colombia
C o s t a Rica
Cuba
D o m i n i c a n R e p u b l i c . _.
Ecuador
E l Salvador
Guatemala
Haiti
Honduras
Mexico
Nicaragua..
Panama
Paraguay
Peru
96,072, 300. 00
95, 682,300.00
4,
004. 50
2,390, 489. 02
243.
26
244,415,
158,803, 337. 55
61,178, 988.10|
8,913,824. 74
46,147, 565. 44
18,965, 524.07
1, 787,000. 00|
1, 512,392. 71
90, 560,035. 31
34,391, 561. 95|
3,402, 000.00]
118, 067. 58
2,437, 620.00
2,157, 620. 001
1,824, 500.00
348, 500.00
735, 000.00
735, 000.00
8,350, 000. 00j
2, 670,000.00
2, 766,000.00
1,766,000.00
105, 883,355. 75
41, 696,249. 58
5, 593,800.00
943, 800. 00
7,000, 000.00
2,012, 296.12
000.00
4,800, 000.00
1,600,
40,991, 950. 001 38, 898,587. 761
390, 000.00
2, 492,515. 481
49,393, 495. 47 36,218,410.24]
26, 576,055. 52! 25,689,107. 84
15,177, 541. 37 12, 004, 500.00]
223,728. 67
50 878. 62
30,130! 973. 36 26,037, 500. 00]
283,932. 42
3,000, 000.00
280, 000.00
1,476,000.00
28,376. 44
128,474.96
9,370,736. 02
5,029, 564. 74
2,074, 519. 63
4,954.06
2,069, 946. 84
558,115. r
25, 507.
418,201. •<•
5,680,000.00
1,000,000.00
44, 757,024. 34 19,430,081.83
4,000,000. 00!
650,000.00
4,987, 703. 88
3,000,000.00
200,000.00
2,093,362.24
1,473,853.
82,772.',
7, 684,817. 36
1,025,575.84
642,080. 21
876,016. 78
264,411. 09
272
DEBT CEILING INCREASE
E X P O R T - I M P O R T B A N K OF W A S H I N G T O N
Terminated
credits, loans fully repaid, as of June 30,
1957—Continued
Page 1
Disbursed and repaid
Country
Credits
authorized
Cancellations
and expirations
By eximbank
By commercial banks at
EIB risk
Interest
LATIN AMERICA—COn.
Uruguay
_
. .
Venezuela
Miscellaneous Latin
America...
Total, Latin America.
$17,149,140.00 $14,322,935. 00
53, 760,300. 00 42, 702, 554.11
123,838,693. 92
97,370, 933. 75
923,576,496.28
568,001,973.94
1,750,000.00
1, 750,000. 00
25,000. 00
450,000. 00
250,000. 00
250,000.00
725,000.00
275,000. 00
7, 500,000.00
7, 500,000.00
4,932,098. 73
1,000,000.00
$2,826, 205.00
8,359, 567. 54 $2,698,178. 35
$238, 812. 65
1,334, 773. 63
6,389, 533. 86
3,820,174. 35
20,078, 226. 31
224,749, 549.13 130,824,973. 21 37,151, 684. 92
OCEANIA
Australia
OTHER COUNTRIES
Jamaica
Puerto Rico
Virgin Islands..
Total, other countries
25,000. 00
450,000. 00
60, 536. 42
450,000.00
60, 536. 42
VARIOUS COUNTRIES
Various countries
MISCELLANEOUS
Special exporter-importer
credits
_
29,916. 56 3,902,182.17
40,848.42
Total, terminated
credits
2,869, 564,661. 52 1,192,343,903.85 1,284,021,635. 28 393,199,122.39 104, 229,426.09
Terminated exporter credit
930, 500.00
lines
_
_.
24,380,000.00
T&ttsr
E X F O R T - U M K C T I A M C Of
WMMNOTON
2.
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
December M.
°sr
i
Z2ZZJ?£Z£)
Owe
(U,-nS.T^Ml»-.,
Aw—
1 / 2 /
""EKHS."-
Awouw
EqwvDwe
wSbiZi
"SASST
s~
Ouawwiwj
R«W«
•agiftsrwr
1<K7.
U--TAT10H
VUOk
Eavpt:
F e r t i l i z e r and C h e m i c a l
l j ) d y » t r i e s o f Egypt
U n i t e d S p i n n i n g *• W e a v i n g
Equipment
for
fertilizer
7-16-47
429
Co.,
688
T e x t i l e equipment
( W h l t l n M a c h i n e Works)
6-
9-55
Total
$
7.250,000.00
$
%
$
7.250,000.00
$
7.250.000.00
$
i
1.728.713'.64
30.000.00
653.55
29.344.45
3.689.78
25.656.67
1.330.64
7,280,000.00
653.55
7.279.346.45
7.253.689.78
25.656.67
1.730.044.28
S
(tfiloola:
faperl il
Ethiopian
Government
742
A i r c r a f t and
facilities
aviation
9-19-55
24.000,000.00
20.700.000.00
6-30-58
3.300.000.00
400.000.00
6-30-58
4.600.000.00
504.750.00
1.350.000.00
302.100.00
75.164.38
Liberia:
ftepubl Ic o f
4»9
Liberia
Do
497
Do
5?6
Highway c o n s t r u c t i o n
W a t e r s u p p l y and sewerage
Htqhway c o n s t r u c t i o n
protects
1-11-51
5.000.000.00
6-14-51
1.350.000.00
1-20-55
15.000.000.00
12.400.000.00
21.350.000.00
12.800,000,00
Total
6-30-58
2.600.000.00
8.550.000.00
806.850.00
4.095.250.00
1.047.900.00
190,871.01
2.600.000.00
24.270.«
7,743,150.00
464,641.86
o
R a i l w a y c o n s t r u c t i o n and
531
Marine dtesel
engines
frSI-1
I*
infl 77
HO 1 M 14
1 * n m
o
S3
Union o f South A f r i c a :
Various mining companiesUnallotted
Mining equipment,
W
1/
Do
Daqqafonteln Mines,
Do
Blyvooruitzlcht
Ltd.
Ltd.
Solo Mining
Do
Western Reefs E x p l o r a t i o n
Development C o . . L t d .
do
498-B
do
498-B
do
498-C
do
498-C
do
498-D
do
*»98-a
do
4*8-*
do
6-28-51
2.051.588.93
1,154,148.60
1.154.148.60
356.851.82
.797.296.78
87.311.65
1-10-52
7,851.614.85
7,851,614.85
2.777.O54.O0
5.074,560.85
1,167,381.73
728,053.86
728,053.86
214,753.51
513,300.35
58.817.32
1-10-52
6,819.017.49
6,819,017.49
2.411.832.47
4.407.185.02
997.813.35
767.529.33
767.529.31
226.397.6)
541,131.70
69.612.78
1-10-52
9.289,004.01
9,289.004.01
3.285.447.16
6.00J.556.8S
1.348.901.05
1.011.310.56
1.011.310.96
298.305.52
713.005.04
1-10-52
6,661,882.39
6,661.882.39
1.732.096.53
4.929.785.86
138.412.31
998.386.2$
2.051.588.93
Co.,
and
Do
S t l l f o n t e l n Cold H l n l n a C o . .
Do
K8-A
materials,
Ltd.
•-,*-€
do
1.236.798.57
1.236.798.57
81.700.79
981.466.2t
*
74.523.58
to
See footnotes em Bag* 3 0 .
00
EXPORT-IMPORT RANK OF WASHINGTON
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
«*r
S^LT^Z;
AFRICA -
Ul.OU.UMtD BAUO.CE
Cuorr. Aimio.ii.D
Due
( f a ^ T ^ L w )
A — . J /
2/
°-Btssa-
A™^.
"
t^uyD^
£SbSk
STATGTOTLOA^
"i&ftr
Rep^i
O U M ^ . ,
'<£"
8.648.935.32 S
1.482,992.98
continued
R a n d f o n t e l n E s t a t e s Gold
Co., Wltwatersrand. Ltd.
Mining
Mining equipment,
4 9 8 - F and s e r v l c e s
materials,
9-25-52
$
11,687,767.36
5
11,687,767.36
$
3,038,832.04
$
1,151,118.01
1,151,118.01
221,896.12
929.221.89
73.625.22
11,536,976.12
U.536,976.12
1,885,118.69
9.651.857.43
1.275.270.50
1,285,676.73
60,148.15
1,225.528.58
52.508.51
2,388,379.41
620,981.20
1.767.398.21
285.947.17
Do
V i r g i n i a Orange F r e e S t a t e
Gold Wining C o . . L t d .
498-F
do
498-r,
do
Do
Vogelstrulsbult
Areas. Ltd.
44tt-r,
do
9-28-56
1,285,676.73
498-h
do
10-30-52
2,388,379.41
1,873,861.59
1,873,861.59
361,000.64
1.512.860.95
110.293.86
11-13-52
4,751.372.63
4.751.372.63
1,021,468.54
3.729.904.09
587.470.51
651.421.05
651.421.05
91.393.28
560.027.77
27.356.07
5-27-53
5,830,688.06
5.830,688.06
990.712.96
4.839.975.10
728,906.27
1,478,108.76
1.478,108.76
139.670.94
1.338.437.82
53.027.11
6-24-53
5.828,568.75
5.828.568.75
990.352.90
4.838.215.85
725.414.10
1.597.810.21
1.597.810.21
150.981.85
1.446.628.36
57.264.46
880.662.84
880.662.84
228.973^24
651.689.60
108.251.07
102.690.79
102.690.79
19.795.24
82.895.55
6.570.45
46.533.61
46.533.61
12.098.82
34.434.79
5.251.40
11.400.20
11.400.20
2.197.53
9.202.67
719.71
Do
Lulpaards V l e l
Gold
Mining
Estate t
Do
Ltd.
Lease,
do
do
498-|
do
498-.I
do
498-.1
do
498-K
do
498-K
do
498-1
do
"•98-1
do
'•98-M
do
498-H
do
498-N
do
8-
5-53
130,903.61
130,903.61
34.035.08
96.868.53
15.512.85
"•98-0
do
8-
5-53
116.041.16
116.041.16
30,170.76
85r870.40
12,181.53
21,194.94
21,194.94
4.085.66
17.109.28
1.125.05
5,842,211.63
5.842.211.63
1.253.246.03
4.588.965.60
620.793.83
1,296.258.52
1.296.258.52
185.556.29
1.110.702.23
69.076.10
416,380.31
416,380.31
238,212.79
178,167.52
41,119.34
Mining
Do
The A f r i k a n d e r
498-H
'•98-1
Gold
Welkom G o l d M l n l n q C o . .
Do
P r e s i d e n t Steyn Gold
Co..
Ltd.
10-30-52
Ltd.
8-
5-53
8-
5-53
^98-0
Do
Ltd.
498-p
Oo
E a s t Champ d ' O r G o l d M i n i n g
Co.,
Ltd.
Government G o l d M i n i n g A r e a s
(Hodderfonteln) Consolidated,
498-P
do
498-Q
do
498-R
do
1-25-54
638,200.05
638,200.05
180,661.99
457,538.06
62,414.96
498-S
do
3-
4-54
3,601,062.29
3,601,062.29
859,219.99
2,741,842.30
333,591.56
223,386.81
223,386.81
30,771.95
192,614.86
9,691.85
4-
8-54
3,301,546.79
3.301,546.79
416,875.29
2,884,671.50
189.754.74
1,218,270.11
1,218,270.11
57,713.52
1.160.556.59
46.038.72
5-
6-54
287,509.46
287.509.46
37,685.75
249.823.71
19.536.95
283,624.92
283.624.92
13.449.98
270.174.94
10.138.07
Harmony G o l d M i n i n g C o . ,
Dominion Reefs
(Klerksdorp)
Do
West D r l e f o n t e l n G o l d
Co.,
Ltd.
Ltd.
Ltd.
498-S
do
498-T
do
8-13-53
10-
8-53
Mining
498-T
do
L t d . 498-U
do
498-u
do
Do"**
D o o r n f o n t e l n Gold Mining C o . .
Do
Vaal Reefs E x p l o r a t i o n
Mining C o . . L t d . ,
do
and
S t t l f o n t e l n Gold Mining C o . .
Do
Ltd.
49&-V
do
11-
4-54
4,109,942.55
4.309.942.55
358.979.21
3.950.963.34
327.846.11
498-w
do
12-23-54
1,414,683.95
1,414.683.95
240,373.94
1.174.310.01
97.344.81
498-v
do
167.145.90
167.145.90
15.798.85
151.397.05
4.789.54
Sea footnotes an page 30.
7-
5-56
U
°"ES"
L,U,T
"""'
EXPORT-IMPORT BANK OP WASHINGTON
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
C.EMTS AuTHO.IMD
SZ^T^S
"its"
(E» I * ^ " <*<*,)
D.K
Amoun.
C
1/ 2/
UNDISBURSED B.LANCI
"BE--™
A™™.
STATUS or LOANS
fepiryD,*
Eri'miJXk
"if tft Sir
Rcp»,d
Ou„u„d,ng
s
u
°" u riEvH£ /g '
R
C IDIT
L
"""T'°"
AFRICA - continued
Mining equipment, materials,
4q8-x and services
1-27-55 5
384,701.96
$
$
T
B'uffelsfonteln Gold Mining Co.,
Ltd.
Do
Do
975.34
1,409,087.93
1,409,087.93
117,364.27
1,291,723.66
54,525.51
do
3-10-55
752,946.15
752,946.15
15,448.55
737,497.60
21,312.87
do
7- 2-57
126,584.82
126,584.82
9-29-55
5,004,719.96
5,004,719.96
WH-7
30,579.86
2- 3-55
^«-7
1*98-1
f-A-f!
498-1
530
319,335.83 $
29,738.60
do
Total
65,366.13 $
3,103.35
wa-Y
**98-l
-B-fl
U98-1
-B-(2
498-1
-C
$
32,841.95
do
Merrlesprult (Orange Free State)
Hartebeestfonteln Gold Mining
384,701.96
32,841.95
!*9&-X
Blyvoorultzlcht Gold Mining
126,584.82
2,458.19
416,847.85
4,587,872.11
248,727.68
305,615.04
32.73
217,207.20
5.050,063.51
145,452.90
10-17-57
305,615.04
305,615.04
do
i 0-25-56
5,267,270.71
5,267,270.71
do
7- 9-57
2,016,010.43
1,448,180.00
12-31-58
567,830.43
567,830.43
10,080.43
7- 9-57
910,197.83
342,850.00
12-31-58
567,347.83
567,347.83
9,597.83
do
Power f a c i l i t i e s for production of strategic materials
7-10-52
19.600,000.00
1.991.307.42
17.608.692.58
2,281.124.40
151.078.540.01
2,051,588.93
1,791.030.00
147.235,921.08
29.336,693.37
117,899.227.71
15,645,227.05
220,820.648.73
6,600,034.86
35.310.676.86
178,909,937.01
38,161,341.87
140,748.095.14
19,605.247.62
19,600.000.00
w
w
H
o
w
o
o
S3
GO
to
to
EXPORT-IMPORT BANK OF WASHINGTON
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
c «
Dm AUTrWIZlO
r
,0-u..-.-„„»»-.,
,b
r.F!,NANCt° , h
D.,,
)
An».m
1/ 2/
UNDIS.UR.tD BALANCI
"•tzzzsr-
A™,..,
December 3 1 , 1957
STATU, of LOAM
S ^
Ex^D.*
Dub bv Other.
Ouulandiog
lUp-d
'Er
"ft^SttDT/c'
L.MITATK*.
ASIA
Afqhanlstan:
Royal
iovernment o f
Afqhanlstan
470
ssa
Do
C o n s t r u c t i o n o f dam and c a n a
Helmand R i v e r V a l l e y
development
11-23-49
4-29-54
Total
China:
Y u n g l l Chemical I n d u s . L t d . (Bank
o f C h i n a and R e p u b l i c o f C h i n a )
Republic of
China
Construction of
21,000,000.00
1,200,000.00
16.000.000.00
4,243.750.00
396
12-31-58
21,000,000.00
$
21.000.000.00 $
4,112,240.98
17.300.000.00
$
17.300.000.00
1.024.015.04
38,300,000.00
38,300,000.00
5.136.256.02
$
chemical
2-20-46
m
$
39,500,000.00
3-21-45
Do
?
1.200.000.00
360
Do
s
18,500.000.00
395
do
G e n e r a t i n g equipment and
14,565,745.91
1.434.254.09
1.216.000.00
218.254.09
375.419.41
4.243.750.00
2.372.690.00
1.871.060.00
630.613.65
2-20-46
2.600.000.00
59.052.45
2.540,947.55
2.540.947.55
190.048.96
2-20-46
8.800.000.00
517.780.83
8.282.219.17
8.282.219.17
281.871.12
Do
398
2-20-46
16.650.000.00
16.650.000.00
16,650,000.00
839.020.73
Do
399
3-U-46
1.500.000.00
1.500.000.00
1.500.000.00
61.976.99
Total
India:
National
%
49,793,750.00
15.142.579.19
34.651.170.81
3,588,690.00
w
H
o
2,378,950.86
p
For
Rayon C o r p o r a t i o n , L t d .
rayon t i r e
cord
plant
I'll
Sundatta Cotton-Seed
Solvent extraction
Utilisation,
60.000.00
Ex
60,000.00
1.860.000.00
1,860,000.00
equipment
3-29-57
Jlng
12-31-57
Machinery Co.)
Total
o
Indonesia:
Republic of
Indonesia -
U n a l l o t t e d 47?
Do
Do
Do
Development
projects
2- 8-50
1.055.366.99
1.055.366,99
472-A
7-27-50
32.100.000.00
920.000.00
472-B development
Dredging equipment,
472-C
Railroad rehabilitation
472-D
9-21-50
260r000.00
10-19-50
6.700.000.00
383.000,00
17.100,000,00
11-
3-50
31.180.000.00
4.004.808.00
260.000.00
33.408.00
6-31-58
6.31J.OOO.O0
806.208.00
5.510.792.00
896,465.15
1,741.774,18
8-31-58
15.358.225.82
1,960,200.00
13,398,025.82
1,936,676.94
3,700.00
3-31-58
3.123.168.00
395.558.91
3-31-58
27.175.192.00
.
226,592.00
4.987.185.27
42.933.31
448,678.4B
Do
Electrification
program
Do
472-F
Do
472-G F o r e s t development
Do
472-H Marine
Cement
engines
plant
Do
472-1
Do
472-J A i r c r a f t
See footnotes on page 30.
proqram
and e q u i p m e n t
1-25-51
3,585.700.00
3.582,000.00
458.832.00
7-26-51
978,933.01
978.933.01
125.688.00
853.245.01
104.504.71
3- 6-52
1,820.000.00
1.820.000.00
233.784.00
1.586.216.00
207.251.17
_6rj4=5J_
14.700.000.00
2.887.132,44
3-31-58
11.812.867.56
1.203.480.00
10.609.387.56
551.990.65
7.500.000.00
7.500.000.00
3-31-58
5-17-56
178.855.58
EXPOtT-IMraftT BANK OF WASHMGTON
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
CumAummD
£z^r*££S
I*?'
(E.pJDTta'^.h..,)
D«
Arnou.. y
UNOH.UUED BALANC*
2/
°-isffia-
A»»m
December 31, 1957.
STATUI 0, LOAN.
E,p^D««
l-SSuZk
Rcp~l
"W-Hr
^SSE*°
Ouuunding
R
•g^^&ff
1 cCiim
L.M.T.TOH
ASIA - Indonesia - continued
472-K
Do
Republ c of Indonesia
W-i
964
$
11- 1-56
11-16-56
A i r c r a f t and spare parts
(Convalr Division of General
Dynamics Corp.)
9-30-58
6.477.000.00
6.477.OO0.00
9-30-58
6-30-58
1.781.000.00
1.781.000.00
101,781.000.00
24,448.973.61
11- 4-54
24.000.000.00
24.000.000.00
12-31-58
7-25-56
5.000.000.00
2.545.711.26
12-31-58
180,000.00
1-31-58
11-22-57
Total
$
$
i
77.332.026.39
9.600.000.00
$
i
67.732,026.39
10,150,625.01
627.534,06
2.454.288.74
1.342.47
1.261.734.10
13,963.01
1,204.89
,
577
Diesel locomotives, parts.
577-B
2.454,288.74
0
w
w
H
Diesel locomotives and
1 ran Techno Corp.
(Bank Mel 11)
The HI Hard Company, L t d .
577-C
884
Do
747-3
Do
7^7-6
Diesel White Co.. L t d .
Diesel White Company, Ltd.
(Bank Pars. Teheran, Iran)
663-3
643-1
Agricultural equipment
(Allls-Chalmers Mfg. Co.)
Truck chassis
Diesel engines
(Mack Trucks, I n c . )
Truck chassis and equipment
(Mack Trucks, I n c . )
Diesel engines
(Cummins Diesel Exp. Corp.)
Motor truck chassis
(The White Motor Co.)
7- 9-57
1-29-57
Earth moving equipment
580-1* (LeTourneau-Westlnqhouse Co.!
580-6
do
Earth moving equipment
£88-4 (Thew Shovel Co.)
Material handling equipment
684-1 (Iowa Manufacturinq Co.)
Do
Do
Do
263,943.08
6 056 92
7-19-56
21,000.00
4- i*-57
304,000.00
55.44
20,944.56
53,742.49
9-13-56
36,000.00
11,000.00
12-31-57
81.000.00
81.000.00
Total
Ibrahim J . Saad t F t l s
(Elle 1 . Saad. et a t )
180,000.00
53.892,000.00
6,112.36
1-31-58
6.981.55
250.257.S1
250,257.51
25,000.00
25.000.00
36.000.00
7-31-58
37,731,544.76
16,154,342.88
105,321.37
16.049.021.51
611.247.41
5-18-56
160,000.00
5,039.74
154,960.26
46,689.16
108.271.10
7.351.74
12-20-56
50,000.00
2,244.34
47.755.66
7.959.31
39.796.35
1,341.09
5-18-56
50,000.00
10,085.05
4- 1-58
39.914.95
39.914.95
4-30-57
230.000.00
140.387.00
4-30-58
89.613.00
83.6i3.OO
490.000.00
Total
7,284.08
150.472.05
332,243.87
54,648.47
277.595.40
8,692.83
70.000.000.00
14.374.068.88
55.625.931.12
14.029.288.08
9.514.698.48
2.086.753.78
7.447.944.70
2.061.662.09
25.000.000.00
5.056.554.90
19.943.445.10
5.132.620.64
4.998.743.90
1.234.937.97
3.763.805.93
1.016.110.03
4S&-A
1-19-49
70.000.000.00
45&-B
3- 9-49
9.535.241.00
Do
4$8-C
3-16-49
25.000.000.00
Do
458-D
3-23-49
5.000.000.00
458-E
9- 7-49
5.464.757.00
5.464.757.00
1.095.560.89
4.369.196.11
968.342.87
45>F
10-26-49
20.000.000.00
20.000.000.00
3.817.297.73
16.182.702.27
3.608.374.83
114.998.199.38
27.665.174,15
107.333.025.23
Do
x
Do
Total
See footnotes on page 30.
135.000.000.00
1.256.10
1.800.62
2.118.889.98
w
s
a
3
o
50.000.00
Do
544.52
O
26.816.398.54
1
to
EXPORT-IMPORT BANK O F W A S H I N G T O N
7.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
Co
Omu
l ° — " " " ^ l
ASIA -
Caiorrj AuTOoniztD
IB"
(E.p~^.T™DMlraa)
A-™, J/ 11
D.,c
C
STATU or LOAN.
UNOUBUUID BALANCE
TK£ES"-
Amoun.
Expiry Dale
•SIM.
Rrpaid
^ E I S R ! * "
Ouuu„d,»g
V
s
^^£uc'
continued
Jao-nBank oF
Jaun
712
Cotton
Do
ILL*
do
Do
815
do
)o
815-*
)o
928-/
)o
928-f
3o
K a n s a l E l e c t r i c Power Company
(Japan Development Bank)
Do
Tokyo E l e c t r i c
947
2Z5_
903
Power
Company
7«S
Do
Chubu E l e c t r i c
8-23-56
do
Agricultural
commodities
Co.
do
Turbo g e n e r a t i n g u n i t
( I n t e r n a t i o n a l Gen. E l e c . C o .
do
$
55.600.000.00 5
17.454.04
58,300.000.00
7 7 . 6 H .3**
1.700.000.00
7-
3.60O.OO0.O0
2-57
104.979.3s
4.400.000.00
8-23-56
do
Cotton
Turbo g e n e r a t i n g u n i t
(Westlnghouse E l e c . l n t l .
944
Power
7-21-55
$
$
3-31-58
48,968.137.45
3-31-58
60.000.000.00
60.000.000.00
7-31-58
3-
8-56
11.000.000.00
3-21-57
4.250.000.00
8.647.034.36
1-15-59
4.250.000.00
3-15-60
5.897.146.48
1-15-59
12-31-58
5-56
10.000.000.00
9-12-57
4.800.000.00
4.800.000.00
l2-n--i7
6,700.000.00
6,700.000.00
55.495.020.61
$
4.382.545.96
21.082.548.86
1.695.706.07
1,488.496.43
111,400.000.00
2.000,000.00
$
58,222,388.66
4.293.9'
2.0O0.000.0C
$
4,382.545.96
9-13-57
4-
55.495.020.61
102.261.11
2.111.503.57
27.419.44
37.139.839.80
766.311.69
1.593.444.96
640.85
2.111.503.57
62.431.862.55
62.431.862.55
352.965.64
352.965.64
1.946.98
2.102.853.52
2.102.853.52
6.26O.71
3,908.272.60
5.897.146.48
Company
do
Do
Kyushu E l e c t r i c
97fl._
Power
Company
do
Turbo g e n e r a t i n g
1-15-60
unit
5-15-59
II-I4-";;
%?
Tohoku E l e c t r i c
Power
Company
932
F u j T l r o n f. S t e e " C o . , L t d .
( I n d u s t r i a l Bank o f J a p a n )
J a p a n A i r L i n e s Company, L t d .
(Japan Development Bank)
Yawata
Iron
Pakistan
Do
*• S t e e l
Co.,
International
9?5
Expansion of steel m i l l
A i r c r a f t and spare p a r t s
(Douglas A i r c r a f t C o . . I n c . )
864
do
96<)
EKDanslon o f
7-23-57
8" 1=51,
M-21-56
5.000,000.00
7,300.000.00
7,300.000.00
10,300.000.00
10,300,000.00
12-31-59
7.7OO.OO0.00
7.7OO.OOO.OO
JL2=^3=56_
16.500.000.00
16.500,000.00
6-J0-6I
J 2-13-57
26.000.000.00
26.000.000.00
12-31-60
6.315.427.30
Ltd.
steel
mill
661-1
6-23-55
900.000.00
32.828.8j
661-4
!J-21-56
1.017.000.00
1.309.80
423.967.000.00
4.738.477.33
Airlines
95?
Government o f
Turbo g e n e r a t i n g u n i t
( I n t e r n a t i o n a l Gen. E l e c . C o . ,
A i r c r a f t and spare
(Lockheed A i r c r a f t
parts
Corp.)
Aircraft
parts
10-
9-57
2.828.000.00
10-
9-57
456.500.00
867.171.17
1.015.690.20
226.772.852.60
183.398.743.30
2.628.000.00
7-31-58
456.500.00
7-31-58
Pakistan)
954
and spare
3.284.500.00
9.056.926.77
578.114.19
289.056.98
169.281.70
846.408.50
41.098.66
22.720.78
81.809.772.43
110.645.897.64
2.570.791.16
36,666,328.42
L, U ,TAT,ON
EXPORT-IMPORT BANK OF WASHINGTON
8.
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
December
" • ^ ^
(&»»«.-,-«,-.,
CR
NEoMT
0
. * . ™ »
D„«
AmounH/ 2/
*V£ZSZ.™
ExpuyD,*
A™»„.
iKbJZk
D
»,bEiiSiik"
Re,-ud
Ouuundin*
"€™°
^U'KJTOKTWC'
3 1 . 1957.
L,M,TVnON
ASIA - continued
PhlVlDDines:
National Power Corp.
(Reoubllc of the Phi 1loclnes)
L i t t o n Spinning & Weaving Mi l i s ,
Development of hydroelectric
1-31-52 $
5'5
669
(Draper Corp.)
20,000.000.00 $
14-28-55
1,048,000.00
8-18-55
1,800,000.00
7- 1-54
112.000.00
1.921.63
$
$
364,6X16.94
4-30-58
112.000.00
6-30-58
2.214.473.85 $
17,783,604.52 $
683,393.06
54,763.85
628,629.21
34,348.06
1,800,000.00
202,500.00
1,597,500.00
125,806.90
63.000.00
35.^260.00
2,633.44
19.998.078.37
$
2,416.594.69
Construction of t i r e and
Goodrich International Rubber
China Banking Corporation -
$
293,806.86
(Participation In
(ext. of $180,000 l Purchased from
(EiB by a Commerc al Bank for Its
(own account and Isk.
Machinery, equipment,
538-A
Approved transactions:
538-A
La Peria. Inc.
538-A
-2
538-A
Latex Products Co.. Inc.
-3
538-A
-4
Continental Hanufacturlna Corp.
538-A
-5
538-A
-6
538-A
-7
538-A
-8
Central Macaroni Co.. Inc.
Philippine Bank of Commun1 cat Ions 538-B
Bakery equipment
Equipment f o r production of
2-15-56
99.000.00
740.00
6-30-58
98.260.00
9-14-56
90.000.00
462.66
6-30-58
89.537.34
1.136.48
Equipment for production of
Equipment for production of
thread
1-14-57
23.000.00
2-27-5?
34.000.00
10-30-57
83.000.00
6-30-58
21.863.52
164.96 1 6-30-58
33.835.04
33.835.04
82.034.83
6-30-58
965.17
965.17
407.68
80.04
81.366.18
Equipment for production of
w
w
H
11-14-57
Equipment for mayonnaise
plant
Equipment for manufacture of
11-26-57
19.000.00
19.000.00
6-30-58
18,624.00
l_L2- 4=51.
22,000.00
22,000.00
6^0-58
22,000,00
7- 1-54
31.000.00
31.000.00
6-30-58
3- 2-55
81,000.00
O
Machinery, equipment,
a
538-B Equipment to enlarge
6-30-58
80.730.61
25.000.00
55,730.6„!
5,678.39
538-B Equipment for expansion of
538-B Power equipment for t e x t i l e
6-30-58
406.25
181^465,75
538-B Equipment for production of
Mahogany Products i P h l l ) Inc.
Equitable Banking Corporation -
538-B
Equipment for veneer plant
-5
Machinery, equipment,
538-C
87,434.24
11-25-57
35,000.00
35,000.00
34.535.00
6-30-58
>
IP
7- 1-54
538-C
-1
6-30-58
Machinery, equipment,
Prudential Bank l Trust Company -
6-30-58
7- 1-54
538-D
538-D Equipment for production of
-2
ribbons
United Laboratories, Inc.
538-D Equipment for production of
-3
538-D Equipment for processing and
-4
538-D Equipment for production of
1-11-56
4- 4-57
95,000.00
11.431.91
41,000.00
See footnotes on page iu.
6-30-58
204,721.47
16,167.00
188,554.47
3,001.26
6-30-58
30.000.00
10,000.00
20j)00t00
1,784.32
9.166.66
83,645.8i
2,287.45
6-30-58
83.568.09
83,568.09
545.58
6-30-58
3.89JL72
94J..00
10,536.30
32.481.30
fcO
CO
EXPORT-IMPORT B A N K OF W A S H I N G T O N
STATEMENT OF LOANS A N D
9.
AUTHORIZED CREDITS
December
:C»?,T
""-—'"'>'—«-'
NA N
E
D,K
(Fxp<,n^, i „ p. ,"„,h^ ,
ASIA - P h U I o p i n e s - c o n t i n u e d
R e h a b i l i t a t i o n Finance CorporationMachinery, equipment.
Unallotted
iiS=£
P h i l i p p i n e Bank o f Commerce do
538-F
bja-F
_Z^-bS4_
M-26-54
Equipment f o r e x p a n s i o n o f
sugar r e f i n e r y
11-22-57
A m ou„, U 2 /
S
2.000.000.00
^SST"'
E,pi,y D3,c
w...
2.000,000.00
6-30-58
69.000.00
6-30-58
70.000.00
70,000.00
6-30-58
250.000.00
25O.0OO.O0
6-30-58
69.000.00
$
£ 1 ^
D
i. b Ei6?i c "
lUp^d
$
$
S '
Ouuundin,
$
&w-
L
"
3 1 . 1957.
mn
°"
to
00
o
J
69.246.15
538-F
1253H-F
-1
Eastern T e x t i l e | l i l l S , I n c .
S e c u r i t y Bank a n d T r u s t Company
Unallotted
Synthetic Textile
Co., I n c .
S.nlf>
Machinery,
-
12-12-57
111.000.00
111.000.00
6-30-58
2-28-56
219,000.00
219,000.00
6-30-58
445.06
6-30-58
90.554.94
73.148.42
538-G
Manufacturers
A l r c o n d l t l o n l n q equipment
538-G M a c h i n e r y , e q u i p m e n t , and
Inc
"2
538-G M a c h i n e r y
American Wire &
Republic o f the
P h i l i p p i n e Banks
C e n t r a l Bank o f
Unallotted
do
equipment,
538-G
6-57
Cable Co.
Philippines- Unallotted
the P h i l i p p i n e s
.9-17-56
42,000.00
2-25-57
91,000.00
98.ooo.oo
24.851.58
6-30-58
-J=_8=56_
3.500.000.00
3.500.000.00
12-31-57
-
4.230.813.84
4.230.813.84
12-31-57
9-57
788,427.44
788.427.44
H-18-57
1.199,474.39
-3
777
2-27-57
Phi 1 1 p p l n e
42,000.00
42.000.00
744.11
90.554.94
and e q u i p m e n t f o r
banks
216.65
8.511.32
o
-
do
ILhh
8-
3-56
M
777-A
Internationa.
P. F l o r o
Textile
Mills. Inc.
10777^A
-2
777-A
i. S o n s . I n c .
1.199.474.39
J2=llr58.
12-31-58
a
11-22--57
777-A
-4
777-A
do
777-A M a c h i n e r y ,
do
equipment,
12-
9-57
12-31-58
Irl70r410.00
12-11-57
256,544.57
do
12-20-57
26.590.21
26,590.21
do
12-20-57
29,000.00
29,000.00
12-31-58
do
12-20-57
48,350.00
48.350.00
12-31-58
do
12-20-57
31.843.00
31.843.00
12-31-58
"
con-
777-A
Marlkina
Electric
Cotabato L i q h t
Pacific
Pearl
t
Liqht
Power
Button
-?
Company
777-A
-8
777-A
Company
Craft
777-A
-10
777-A
-11
York,
Port Area Branch, Manila
777-*
M a n u f a c t u r i n g Company
Bank and T r u s t Company,
P e o p l e s Bank a n d T r u s t
Manila - U n a l l o t t e d
See f o o t n o t e s
o n page
12-31-58
12-31-57
-
J 7 hi
PhlllDDlne
Commercial
12-31-58
S-
Equipment f o r p r o c e s s i n g
vegetable o i I s
Economic development t h r o u g h
9-56
375.275.64
I0-29=5J_
124.724.36
777-C
10-12-56
500.000.00
I22=C
10-12-56
500.000.00
375.275.64
6-30-58
124.724.36
6-30-58
Company,
JO.
500.000.00
b-30-58
124T724.36
EXPORT-IMPORT BANK OF WASHINGTON
10.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
)ecember 3 1 . 1Q57.
U
(C-™«.-,«-*-.l
ASIA -
Philippines
Public
-
and P r i v a t e
» ^ ° r X * ~
tfoU"
D.«
Entities
2/
-
777
F i r e s t o n e T i r e t Rubber Company,
Philippines
P h i l i p p i n e s Long D i s t a n c e
T e l e p h o n e Company
Economic development
C o n s t r u c t i o n o f rubber
factory
3- 8-56 $
777-F C o n s t r u c t i o n
42,500.000.00
tire
777-E a n d t u b e
11-21-56
11-23-56
program
"TSSESST"
$
A™u„,
$
2.000.000.00
5.500.000.00
92,848.000.00
1.921.63
E.piry D.K
R^ud
^EISRIIT
EKblZk
'Sis?
Ouuunding
1- 3-46
25.000.000.00
7-20-50
15.000.000.00
42.500,000.00
6-30-58
2.000.000.00
3-31-58
5.500.000.00
3-31-60
69.033.585.64
$
$
S
S
S
L,M,T.TIO«
S
23.812.492.73
2.686.582.68
15.000.000.00
10.000.000.00
10.000.000.00
10.232.483.60
4.767.516.40
1.364.000.00
3.403.516.40
997.991.72
40.000.000.00
25.232,483.60
14.767.516.40
11.364.000.00
3.403.516.40
2.997.991.72
2-10-56
105.000.00
2.629.38
102.370.62
78.750.00
8-16-51
1,071.340.00
31.510.00
4- 7-55
1.250.000.00
Total
Saudi
Amoun. 1 /
continued
21.125.910.05
2.606.461.28
747.773.58
Anibia:
386
Public
2,000,000.00
works and development
48?
Do
Total
w
H
SyriaWater w e l l
drilling
( $ 5 2 , 5 0 0 p u r c h a s e d f r o m EIB by a
( C o m m e r c i a l Bank f
( a c c o u n t and r i s k .
rigs
683-1
Thai l a n d :
Klnqdom o f
504
Thailand
Cargo v e s s e l s
Steam and d i e s e l
646
S.
609-4 ( M a s s e y - H a r r l s - F e r q u s o n , 1 n c . )
Diesel
R. M o t o r s
Company. L t d .
tractors
2-28-57
87.500.00
87.500.00
2,408,840.00
119.010.00
4,750.000.00
576
Etlbank
(Republic o f
Turkey)
628
378,120.00
661.710.00
176.564.76
125,000.00
1.125.000.00
60.539.84
2.289,830.00
503.120.00
1.786.710.00
237.104.60
1.799.858.17
357.936.96
4.235.000.00
1.270.500.00
2.964.500.00
233.702.35
3.208.000.00
4.764.358.17
591.639.31
578,003.75
140.664.059.10
402.504.162.22
54.110.285.13
40,738,529.79
i- e q u i p m e n t
Total
Do
2
o
1,039.830.00
1.250,000.00
generating
S l a m Cement Company. L t d .
o
Grain s t o r a g e and h a n d l i n g
e q u i p . ( C o l o m b i a n S t e e l Tank
Co.)
Coal w a s h i n g p l a n t
(McNally P l t t s b u r q
Mfq.Corp.)
I I - 4-54
3-17-55
Total
1.012.641.83
9- 1-58
4.235.000.00
3.737.358.17
o
578.003.75
11-15-58
896.182.00
896.182.00
9.881.182.00
1.908.823.83
7.972.358.17
366,390,752.49
534.111.294.55
954,811.272.00
45.252,298.19
10-18-56
50,000.00
5,120.00
44,880.00
14,960.00
29,920.00
2.462.81
12-20-56
23.000.00
1.443.89
21.556.11
5.706.11
15.850.00
980.22
73.000.00
6.563.89
66.436.11
20.666.11
45.770.00
9.056,926.77
CANADA
General
Petroleums o f Canada, L t d .
Do
849
Deep w e l 1
B73
and
drillIng
equipment
rig
00
See f o o t n o t e s
o
EXPORT-IMPORT BANK O F W A S H I N G T O N
II.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
CJ.-T
c
< "™"«"»p-™««~)
"
•
s
.
^
"
-
™
A™ U „, 1,
D..c
2/
"•SESS.-
Amoun,
E.p.ryD,*
D
iSSbftk
", b Ei&Kr
R C p*d
s
Ouuund..*
00
bo
ysg^W
L.M.T.T.ON
EUROPE
Austria:
Creditanstalt-Bankvereln
(Reoubllc of Austria)
647
Less:
647-A
Brueder Teich ( O e s t e r r e l c h i s c h e s
C r e d i t - l n s t l t u t . A . G.)
77B
Credltanstalt-Bankverein,
O e s t e r r e i c h i s c h e L a e n d e r b a n k . A . G . 895
and C r e d i t - l n s t l t u t , A . G .
Less:
Oesterrelchlsch-Alpine
MontanqeselIschaft
(Republic of Austria)
913
Do
913
lambacher F l a c h s s p l n n e r e i
(Bank
f u e r C b e r o e s t e r r e i c h und S a l z b u r q ) 956
Cotton
4-
Advances by
Cotton
Advances
by
Steel-mill
S
6,000^000.00 $
2.425.644.38
3.574.355.62
34,031.50
$
$
$
2.895,200.75
34,031.50
$
645.123.37
$
$
$
1.653,848.23
67.780.60
i73.78O.OO
3.308.96
133.387.32
15.080.42
118.306.90
4,417.268.52
229.692.12
4.187.576.40
480.27
2.004.782.79
6.015.204.63
71.569.83
1,886,475.89
$
aluminum
3-15-56
1,000,000.00
826,220.00
4-15-58
173,780.00
2-21-57
8j000,000.00
500.000.00
7,500,000.00
3,449,344.16
4-30-58
4,550,655.84
244.772.54
4.305.883.30
4-25-57
20,000,000.00
20,000,000.00
10-31-57
8,150.000.00
8,150,000.00
7-15-62
10-24-57
16.500.00
16.500.00
5-31-58
participants
equipment
do
Text 1le
7-55
participant
Equipment f o r
foil
plant
machinery
40,240,855.62
Total
3.194,116.70
34,031.50
72r.890.00
7-15-62
w
7.374,864.05
32,186,836.70
645,123.37
721.890.00
H
O
BelgiumKingdom o f
Belgium
383
U. S . p r o d u c t s ( l e n d - l e a s e
termination)
U. S . goods a n d s e r v i c e s
384
Van T h u y n e ' s
N.V.
Concrete
9-11-45
55.000.000.00
55.000.000.00
22.000.096.00
32.999.904.00
_9=l'^45_
45.000.000.00
45.000.000.00
19.500,000.00
25.500.000.00
100,000.000.00
41,500,096.00
58.499,904.00
20.000,000.00
8.666.666.72
11.333.333.28
12.725,513.70
b l o c k machine and
11-29-57
886-1
38.000.00
38.000.00
100,038,000.00
38,000.00
•-.11=58,
o
w
Denmark:
U. S . goods and
services
7-13-45
370
Ceorg E.
Automatic
Mathiasen,
steam
20,000.000.00
4.343.141.63
generators
7-24-56
4.500.00
886.50
3.613.50
3.613.50
151.47
Do
744-4
do
9-13-56
4.300.00
97.00
4,203.00
4.203.00
170.41
Do
744-5
do
11-16-56
7.800.00
57.75
7.742.25
7,742.25
302.08
Do
744-6
do
5-10-57
6.300.00
81.00
6.219.00
3,109.50
3.109.50
143.89
Do
71*4-7
do
6-14-57
4.000.00
44.50
3.955.50
1,977.75
1.977.75
94.21
Do
744-8
8- 1-57
3.350.00
37.00
3.313.00
744-3
do
Steam g e n e r a t o r s , h e a t e r s , t
7 4 4 - 9 d y n a m o m e t e r s ( C l a y t o n M f q . C o . j)
Do
8-22-57
Total
F i n n i s h American Trading
20.000.00
3.656.00
20.050.250.00
1.203.75
100.000.000.00
7.596.783.99
7 CQ6 Tfl* QO
3.656.00
9-30-58
3.313.00
16.344.00
20.045.390.25
16.344.00
20.000.00
8.687,312.72
11.358.077.53
4.344,003.69
92.403.216.01
19.403.216.01
73.000.000.00
31.814.624.20
94.903.216.01
21.383.216.01
73.520.000.00
32,433.621.27
Corp.
2,500.000.00
421
Reconstruction
451
618,997.07
and
11- 3-48
>
EXPORT-IMPORT BANK Of WASHINGTON
12.
STATEMENT O F L O A N S A N D AUTHORIZED CREDITS
C
VS"
%ZZLTJ2^
us
,Clr£!Z' c "
D,, c
A-noun. 1 /
2/
U. S. products (lend-lease
9-11-45 $ 550.000.000.00
IB?
U. S. goods and services
404
Do
Soclete Industrielle de Hecanique
^-SSKS.™
$
Amoun.
Exp^D,*
$
$
6-19-46
650.000.000.00
9- 6-56
20,000^000.00
6.000.000.00
14.000,000.00
8.381,212.19
2.514.363.68
5.866,848.51
6-30-58
46.000.000.00
46.000.000.00
6-30-61
1.260.000.000.00
51.866.848.51
^EliS!*"
E^mb^k
550.000.000.00
$
)ecember 31 , 1957.
R e p*d
^S?S'D
Ouuuu.ding
Uc u
" ^3"
L T ON
"""
$ 206.437.500.00 $ 343.562.500.00 $ 117.067.723.75
650.000.000-.00
156.390.000.00
493.610.000.00
184.486.406.24
11.618.787.81
3.485.636.32
8.133.151.49
6.393.05
1.366.76
5.026.29
845.305.651.49
301.559,156.28
Equipment for automobile
«?V
Le :
"
Advance by participants
11,618,787.81
3.485.636.32
8.133,151.49
Jet a i r c r a f t , spare engines
Compagnle Natlopale Air France
9-12-57
945
Aircraft)
Total
GHubschrauber-Vertrlebs
G.ra.b.H.
1.208.133.151.49
362.827,500.00
123.595.89
61.798.14
Helicopters and spare parts
404.11
759
12- 8-55
124.000.00
£9.0-
6-28-56
10,000.000.00
1-18-57
4.000.000.00
It.000.000.00
14.124,000.00
4,000,404.11
61.797.75
7.826.51
1,975,524.00
5,332.49
61,798.14
2.037.321.75
13.159.00
August Thyssen-Huette, A. G.
Hanlmex, Handelsgesel1schaft fur
Import and Export. N.B.H.
882
Agricultural products
Total
8.024.476.00
6-30-59
8,024,476.00
1.975.524.00
2,099,119.89
O
Greece:
1- 9-46
25.000.000.00
10,436.687.39
S89
12-16-54
625.000.00
37.12
ssi
11- 8-56
390
Plralkl-Patralkl
Industrie
C. Pavlou S- Company
U. S. products and services
Text!le machinery
Ex enslon per ding
5.327.50 11-30-57
115.000.00
25.740.000.00
Total
14,563.312.61
10.436,724.51
5.327.50
2.839.843.78
11.723.468.83
3.911.008.II
624.962.88
312.481.44
312.481.44
19.678.44
624.962.88
3.152.325.22
12.145.622.77
3
109.672.50
109.672.50
14,672,985.11
w
3.930.686.55
O
Ir-Lnd-
CO
Rafmaansveita Reykjavl
579-4
11- 5-57
115.000.00
10- 1-47
3,150.000.00
115.000.00
2-15-59
I s t l t u t o Mobil I are Itallano
417-0
42.660.55
3.107.339.45
2.520.000.00
587.339.45
618.877.64
Shlpyards149,075.36
Do
417-F Shlpyards-Cantlerl Rtuniti
10- 1-47
2.000.000.00
2.000.000.00
1.600.000.00
400.000.00
Do
417-0
10- 1-47
500.000.00
500.000.00
400.000.00
100,000.00
101,335.33
Do
417-H
10-23-47
9.000.000.00
9,000,000.00
7,200,000.00
1.800,000.00
1,909,334.17
417-1
10-23-47
3,634.661.04
3.634,661.04
2,910,661.04
724,000.00
1,350.000.00
1.350.000.00
1,080,000.00
1,300.000.00
1.300.000.00
1.040,000.00
260,000.00
263.847.21
3.000.000.00
2.400.000.00
600.000.00
586.326.26
Do
«
Do
See footnotes on page 30.
417-L
417-M
10-23-47
355,635.88
755,095.19
!
272,545.84
to
00
CO
E X P O t M M P O t T SANK OF WASHINGTON
13.
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
Cwi>m AUTBO.II£ D
°fir
i C ^ ^ ^ ^ o ^ ,
EUROPE -
Italv
-
,E,po^" A N C I D u««.)
D..c
A — J /
UNDUUUID BALAN<3
C
J/
"B!£5S."»
Expiry.**
An*.*
December 3 1 . 1 9 5 7 .
STATU, or LOAM
fcSJbXk
D
Rcpud
«bEiBR»r
OuUUndia,
SF
UC
1$KEH£"
to
00
L,U,TATK>N
continued
4 1 7 - V Small
Do
C
417-Y " n d e a u l ^ n t
Do
528
Less:
metallurgical
M a c h i n e r y and
Industry
m a t e r l S , S
$
$
$
23.391.781.19
18.713.581.19 $
4.678.200.00 $
584.906.33
584.906.33
467.946.33
116.960.00
119.732.86
5-49
15.919.872.70
15.919.872.70
12.736.072.70
3.183.800.00
2.424.168.57
6-12-52
4.720.500.00
1.180.125.00
3.540.375.00
3.537.697.54
2.478.262.50
1.059.435.04
309.502.48
1,563,279.23
41,592.35
10-15-U7
417-1
Do
10-23-47
1-
S
23.391.781.19
2.677.46
$
4.401.763.36
special
662-A
Italian
Industrial
firms-
66?-C
2,000,000.00
£62=0.
5.000,000.00
Machinery
6-30-58
Ex : e n s l o n pe
7-31-57
and e q u i p m e n t
( i f f I t H t o Mpbl1lare
FIAT. S.p.A.
87?
w l i T - ^ n o S n t l ^ s ' o ? " .
A i r c r a f t and s p a r e p a r t s
A i r c r a f t and s p a r e p a r t s
(Lockheed A i r c r a f t C o r p . )
Equipment f o r a u t o m o b i l e
L e s s : Advance by
Equipment
Do
1
755
Itallano)
w
1-31-58
6 6 2 - F M a c h i n e t o o l s and e q u i p m e n t
-
1,986,278.66
5.000.000.00
662-E
Istltuto Mobillare Itallano
A l i t a l i a - LI nee A e r e e I t a l l a n e
Soclfita per Azlonl
( I s t l t u t o Moblllare Itallano)
1.947.065.96
participants
5-18-56
2,500.000.00
936.720.77
6-30-58
12-18-56
1.500.000.00
1.500.000.00
6-30-58
11-10-55
6.355,000.00
4.749.555.75
6-30-58
7-12-56
6.200.000.00
1.563.279.23
O
w
1,605.444.25
M
F
6.200.000.00
— 9 - 1 3 - 5 6 . __.JJi.JlBQAS2*00_
1,000.000.00
9.000,000.00
2,609.037.39
260,904.31
2.348.133.08
6-lQ-5_8
5.000.000.00
5.000.000.00
3-15-59
739,095.69
6.651.866.92
7,390.962.61
82.465.79
739.095.69
6.651.866.92
82.465.79
f o r automobile
911
7-2J-57
116.226.596.26
6.245.411.23
15.533.572.65
94.447.612.38
58,430.243.76
o
w
36.017.368.62
Netherlands:
U. S. products
Kinqdom o f
Netherlands
(lend-lease
380
9-11-45
50.000.000.00
50.000.000.00
19,732,661.00
9-11-45
50.000.000.00
50.000.000.00
21.111.333.38
100.000,000.00
100,000,000.00
4l.06s.994.18
U . S . goods and s e r v i c e s
Do
381
Total
26.666.666.62
Norway
U . S . goods and
services
7-13-45
369
S. Hammer A / S
(Den N o r s k e C r e d l t b a n k )
848
T h e r m o p l a s t i c e x t r u d i n g mach
(Modern P l a s t i c M a c h . C o r p . )
10-18-56
Total
50.000,000.00
4.200.00
49.05
4.150.95
518.87
1.632.08
707.64
50.004,200.00
49.05
50.004.150.95
25.000.518.85
25.003.632.10
10,824.440.53
40,000,000.00
9.624.000.00
30.376.000.00
10.865.751.99
Poland:
Republ I c o f
Poland
<402
See footnotes on p
Coal
a
c a r s and
locomotives
4-24-46
40,000,000.00
14.
EXPOCT-iMFORT SANK OF WASHINGTON
STATEMENT
sn«°^s
C
"NloD"
(Ei
F.NANCD ^
)
Amount/
D.K
2/
C
OF LOANS A N D AUTHORIZED CREDITS
"ESJ£SSS. A N D
A™.,
E.pio.n.*
December 31. 1957.
Dbb by Othtn
iSSJbSk
Rep^d
Ouuundin,,
1 ™
"=F I
L.M.T.TIO,
EUROPE - continued
Portuqal:
Transportes Aereos Portugueses,
S.A.R.L.
56,
A i r c r a f t and spare parts
(Lockheed A i r c r a f t Corp.)
6- 3-54 $
1,931.000.00 $
242.00
$
$
1.930,758.00
$
$
1.139,686.00 $
791.072.00 $
163.206.59
$
Spain:
Companla Electrlca de Langreo
S. A. Hidroelectrtca Espanola
Manufactures Metal leas Hadrilenas
S. A. [Spanish Banks)
Junta Je Enerqla Nuclear
Red Naclonal de los Ferrocarr!les
Esparto es (RENFE) (Government of
Spain)
Thermal power unit (Westinghouse Elec. I n t l . et al)
Thermal power units
( I n t l . Gen. Elec. Co.)
participants
Less; Advances by
568
7-15-54
1,250,000.00
218,891.89
1,031,108.11
70S
7- 7-55
8,500,000.00
1.469.356.25
7.030.643.75
12,120.00
7,018,523.75
10-14-54
1,200,000.00
960.000.00
240,000.00
149,624.00
1-31-58
385jOOO.OO
43,475.59
8-21-58
10-17-57
8,000.000.00
8,000.000.00
10- 1-59
9-15-55
888.000.00
W*
844
i>!>!)
Steel m i l l equipment (Westinghouse Elec. I n t l . et al)
Advances by participants
Atomic rese
h r actor
Diesel locomotives, t o o l s ,
and equipment
10-11-56 ,_
48,965.24
90,376.00
31,631.60
341,524.41
982,142.87
224.42
7.018,523.75
368,187.01
58.744.1*0
2.246.85
341.524.41
4,240.32
760.770.00
38.864.15
43.475.59
Steam boilers and equipment
579-1
429.00
887.571.00
141.65
582.358.35
126.801.00
w
w
H
O
Boiler unit and equipment
Empresa Naclonal Calvo Sotelo de
579-1
11-17-55
26.46l.l4
9.861.085.62
w
248.994.87
r—I
<:-. rf.n-
o
Tournapul1
Unlted Kingdom:
Dollar requirements for
Government of the United Klnqdom
874
12-21-56
500.000.000.00
Wt
8-10-50
55.000.000.00
2.444.356.045.63
See footnotes on page 30.
250,000.000.00
55.000.000.00
28.556.432.68
365.966.816.95
2,048.472.333.75
1.360,462.25
to
9,750.000.00
45.250,000.00
12.237.293.75
586.876.468.74
1.462.956.327.26
440.438.095.25
765.365.59
00
Ox
E X P O f t T - I M K M T BANK O F W A S H I N G T O N
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
Oecember
(0
C
„*,«»*«.>
iTT
<b,J^T£Li««.)
D.«
9-18-46
495
Harbor barges
R e f i n a n c e purchase o f e q u i p ,
mfg. In U. S .
Equipment f o r p r o d u c t i o n o f
t u n g s t e n and s u l p h u r
S26
Steel
A,™.,!/
2/
C
"BEB5."-
* ™ «
Expiry Dale
Rep«i
^EISSUT
iSSbfZk
Ouuundin,
"(TSKjSSW
%£HF
1\.
15.
to
1957.
00
L,M,™,ON
LATIN AMERICA
Argentina:
A g e n d a de T r a n s p o r t e s Moore-Mc
Cormack, S . A . ( M - H c C . L i n e s , I n c . ) 4 0 8
C o n s o r t i u m o f A r q e n t l n e banks
Socledad H l n e r a A r g e n t i n a , S. A .
( C e n t r a l Bank o f A r q e n t l n a )
Socledad M i x t a S l d e r u r g l a
Government o f A r q e n t l n a
Government o f A r g e n t i n a
Private Sector - Unallotted
Celulosa A r g e n t i n a , S. A .
(Banco I n d u s t r i a l de l a R e p u b l l c a
A r g e n t na)
477
$
2I0.000.0C S
5-17-50
1 2 5 , 0 0 0 000 00
4-26-51
5 , 0 0 0 000 0 0
3-10-55
5.214.80
$
$
28.530.126.87
204,785.20
$
$
194.545.94 $
10.239.26 $
38.587.949.28
57,881,923.85
20,409.584.33
5,000,000.00
3.125.000.00
1,875.000.00
679,090.73
4.585.51
6 0 , 0 0 0 000 00
56,723,372.14
12-31-60
3.276,627.86
3,276.627.86
5-56
8 5 . 0 0 0 000 00
80.372.275,00
6-30-58
4.627,725.00
4.627.725.00
9-10-56
B?6-B Equipment and s e r v i c e s
8 2 6 - B Equipment f o r p u l p and p a p e r makinq f a c i l i t i e s
-1
12-20-57
8 , 5 0 0 000 00
8.500.000.00
6 . 5 0 0 000 00
mill
equipment
326-A T r a n s p o r t a t i o n
equipment
11-
2 9 0 . 2 1 0 000 0 0
6.5OO.0OO.00
28.535.341.67
42.342.85
96,469,873.13
*
17,727.075.33
26.348.355.00
12-31-59
152.095.647.14
109.579,011.19
41.907.495.22
67.671.515.97
3.928.900.00
4.571.100.00
2.570.622.48
21.135.603.42
44.075.430.33
w
Bolivia:
Corp. B o l i v i a n o
Equipment
de Fomento
for
petroleum
Vf
Vi
Do
467
Highway
construction
do
Cochabamba-Santa
3- 6-42
8,500.000.00
8.500.000.00
3- 6-42
10.320.000.00
10.320.000.00
1.319.411.80
9.000.588.20
3.864.114.80
10-28-49
18.400.000.00
18.400.000.00
2.364.713.10
16.035.286.90
3.339.240.03
3-31-55
4.700.000.00
4.674.108.61
300.541.48
a
w
H
Cruz-
Wi
25.891.39
2-28-58
4.674.108.61
Trucks
7-28-55
718
T r u c k s and
36.000.00
805.31
35.194.69
23.463.13
11.731.56
2.326.76
192.000.00
425.40
191.574.60
95.787.30
95.787.30
11.296.13
42,120.877.90
7.732.275.33
34.388.602.57
10.088.141.68
trailers
9-
1-55
25.891.39
42,148.000.00
O
Br.,11C l a . S l d e r u r g l c a Maciona1-Banco
do B r a s l l ( R e p u b l i c o f B r a z i l )
Do
6-19-40
31.092.558.18
do
6-19-40
13,907.441.82
481
do
7-20-50
25.000.000.00
770
do
2-
35.000.000.00
269
?69
Cla.
V a l e do R i o D o c e , S . A .
Cla.
V a l e do R i o D o c e , S . A .
Cla.
V a l e do R i o D o c e , S . A .
Cla.
Brasll
Cla.
Central
Steel
ml 11 e q u i p m e n t
13,907.441.82
25.000.000.00
--..JlJ9Z*2ZL-3i
6-30-59
1-27-45
358
R a i l w a y and m i n i n g
2-19-47
7.500.000.00
6-16-55
3.920.000.00
22.100.703.12
5.571.491.04
1.027.939.68
8.056.011.72
2.062.311.25
22.937.688.75
4.024.585.90
2.707.742.05
9.860.135.98
2.707.742.05
5.000.000.00
1.431.527.27
3.568.472.73
456-A
12-22-48
2.336.000.00
456^C
12-22-48
121.839.00
456-D
12-22-48
158.149.00
12-22-48
147.000.00
12-22-48
1.013.012.00
7.499.876.32
3.250.000.00
4.249.876.32
2.518.165.79
435.555.68
2.082.610.II
133.723.36
124.464.18
2.211.535.82
1.782.368.00
429.167.82
528.659.66
3,084.73
118.754.27
92.963.16
25.791.11
24.984.77
158.149.00
120.667.69
37.481.31
35.287.78
m.712.22
111.712.22
626.382.74
386.629.26
309.286.63
123.68
Ex e n s I o n per
1.401.834.21
12-31-57
E x p a n s i o n o f m i n i n g and
694
8.991.855.06
12.879.502.14
materials
418
de E n e r g l a
1-56
31.092,558.18
1.725.630.16
Eletrlca
Brasllelra
de F o r c e
Cla.
F o r c a e L u z de M l n a s
Cla.
F o r c a e Luz M o r d e s t e do
Urals
Cla.
Energla E l e t r l c a
ViM
do
36.913.35
21.246.26
Rio
456-1
See f o o t n o t e s on page 3 0 .
77.342.63
80.464.97
EXPORT-IMPORT BANK OF WASHINGTON
STATEMENT
SSZ.'T^SS
LATIN AMIRICA - Brazil - continued
Cla. Paullsta de Forca e Luz
(B.E.P. Co.)
Do
Cla. Forca e Luz do Parana
(B.E.P. Co.)
Cla. Bras 1 l e i r a de Energia
Eletrica (B.E.P. Co.)
Cla. Forca e Luz de Hinas Gerals
(B.E.P Co.)
Cla. Forca e Luz de Nordeste do
Brasll (B.E.P. Co.)
Cla. Energia E l e t r i c a da Behfa
(B.E.P. Co.)
Cla. Central Brasllelra de
Forca liletrlca (B.E.P. Co.)
Cla. Paullsta de Estradas
C,
NloU"
(E.
^,NANC*D.h
C
)
'
456-1 Electric power development
52V#
do
A^KHiB,
D.«
12-22-48
$
1 / 2/
3.179.000.00 $
6- 5-52
29.938.000.00
"8K£SS3.*,,D
A™™,
, 152,476.21
E,p.ry D. K
$
$
930,000.00
29,008,000.00
$
2,425,577.00 $
600,946.79 $
'Sff
726.907.22
1,409,550.00
27,598,450.00
3.891,705.01
do
6- 5-52
4,357.000.00
161,000.00
3-31-58
4,196,000.00
182,850.00
4,013,150.00
450,096.24
6- 5-52
3,137,000.00
159,000.00
3-31-58
2,978,000.00
138,250.00
2,839,750.00
300,247.56
523-C
do
6- 5-52
1,593,000.00
314,000.00
3-31-58
1,279,000.00
59,000.00
1,220,000.00
141,936.05
523-E
do
6- 5-52
504.000.00
100,000.00
3-31-58
404,000.00
20,200.00
383,800.00
72,897.89
S23-F
do
6- 5-52
855.000.00
228.000.00
3-31-58
627.OQ0.00
25,950.00
601,050.00
71.451.43
do
6- 5-52
756.000.00
108.000.00
3-31-58
6- 5-52
7.000.000.00
523-£
902
2\\
Import of tropical products
409
267.40
8,364,392.64
648,000.00
31,250.00
616.750.00
72.904.83
6.999.732.60
1,000,792.24
5,998,940.36
1,305.260.55
4,435,607.36
4,435,607.36
3-21-57
12,800.000.00
6-12-39
1.117.049.28
1.117.049.28
989.069.09
9-18-46
115.000.00
115.000.00
115.000.00
10-26-49
3.806.200.00
3.806.200.06
3.401.150.23
405.049.77
633.741.02
9- 4-52
71,340,795.03
16.280.987.60
55,340.795.03
16.28O.987.6O
39,059.807.43
7.078.548.78
7.078.548.78
48.262.246.25
16.280.987.60
31.981.258.65
5.901.689.51
1,980.263.22
3.921.426.29
2,181,152.68
1.255.943.38
925,209.30
211,449.06
12-15-58
127.980.19
" C M U ^ W C
L.M,TvnoN
s
8.357,203.55
5.474.48
W
H
27.449.99
Ferries and converted LST
O
Equipment for cement plant
Production of manganese ore
533
Less: Credit c e r t i f i e d by D.M.P.A.
Cla. Metalurglca Barbara (Banco
536
Companhta Docas de Santos
(Banco Nac. do Des. Econ.)
Admlnlstracao do Porto Rio de
Janeiro (Banco Nac. do Des.Econ.)
Banco Naclonal do Desenvolvimento
$
Outturn,
do
466
Banco Naclonal do Desenvolvimento
EconomIco-Una 1 lotted
Banco Naclonal do Desenvolvimento
Rq-id
.'t b ElJRuk"
523-t
Clmento Aratu, S.A. (Cla. Nac. de
Industrie e Comerelo de Hlnerlos
S. A.
3,026,523.79
3-31-58
Diesel locomotives, and
Do
Di
EXb^k
December 3 1 . 1957.
523-C
f24
Hoore-HcCormack (Havegacao) S. A.
(M-McC. Lines. I n c . )
Empress I n t l . de Transportes Ltda.
16.
OF LOANS AND AUTHORIZED CREDITS
611
Cast Iron pipe plant
Equipment for port
improvements
3,847.32
10-10-52
2,185,000.00
7-19-56
17,786,000.00
17,786,000.00
6-30-60
811-A
do
4-U-57
4,875,000.00
4,875,000.00
6-30-60
811-8
do
4-15-57
875,000.00
875,000.00
6-30-60
811-C
do
4-15-57
1,464,000.00
1.464.C00.00
6-30-60
p
Q
O
GO
1,241.47
Do
State of Mlnas Gerals
( N a t l . Treasure of Brazil)
??7
529
541
Do
Agricultural equipment
Agricultural equipment,
606
Refinance purchase of equipment mfq. In U. S.
do
10-10-52
18,000.000.00
17.963.641.56
36.358.44
16.530.98
15,430,000.00
2,533.641.56
1,306,858.52
7- 3-52
5.000.000.00
4,983,469.02
1,000,000.00
3,983.469.02
147,216.93
2-21-53
300.000.000.00
300,000,000.00
140,824,832.07
159.175.167.93
37.945.578.85
75.000.000.00
45.000,000.00
2- 9-55
30.000.000.00
45.000,000.00
4.694.794.52
38.000.000.00
30.122.501.52
7.877.498.48
8.661.790.99
3.109.218.75
2.202.363.26
906.855.49
238.959.93
2.444.437.50
23.437.50
16.293.67
Lloyd Bras 1 leiro
S. A. Empresa de Vlacao Rio
S. A. Empresa de Vlacao Rto
^76
551
Slfi
9-11-45
A i r c r a f t and spare parts
(Lockheed A i r c r a f t Corp.)
10-30-53
3.110.000.00
781.25
8-30-56
Railway equipment
Equipment for railroad
Do*
1 - 5-56
764
Less: Advances by participants
Servlcos Aereos Cruzeiro do Sul
4.457.283.29
470.676.58
3.986.606.71
470.676.58
19.154.323.42
5-15-58
15.167.716.71
15,167.716.71
15.167.716.71
15.167.716.71
574.950.17
583.111.98
82.739.74
3.218.094.54
A i r c r a f t and spare parts
561
5-25-54
I.g4-;,noo.oo
.
* »
<i
i.oirt^nA.ta
1.360.594.71
to
GO
EXPORT-IMPORT BANK O F W A S H I N G T O N
17.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
December 3 1 .
"ST
<C«™,„„ „ , » „ * „ ,
(Ex
*»*»<*» ^^
D.«
Styrene (basic p l a s t i c
materials) plant
C l a . B r a s l l e l r a de E s t l r e n o
( I n d u s t r l a Pneumatlcos F i r e s t o n e ,
S. A. et a l )
544
Fonqra P r o d u t o s Q u l m l c o s , S .
586
Equipment and
597
S t e e l m i l l machinery & e q u i p .
(R.W.Hebard t A s s o c i a t e s , I n c .
Siderurqlca
Belqo-Mlneira,
A.
S.
A.
Wire drawing
materials
Cla.
Grain
336
Do
(Banco Sul A m e r i c a n o do B r a z i l )
781
C e n t r a l s E l e t r l c a s de M l n a s G a r a l s
S , A . (Banco N a c . do O e s . E c o n . )
807
Government o f B r a z i l
810
C l a . H l d r o - E l e t r l c a do Sao F r a n c i s c c
S . A . (Banco N a c . do D e s . E c o n . )
81?
F a b r l c a N a c i o n a l de V a g o e s , S . A .
8|4
C i a . N a c . de Navegacao C o s t e I r a
?°t0rbUS"ll
storage
A.
A.
857
Ollnda,
S.
1
Improvements
Reactivation of
Do
Acos VI H a r e s , S . A . (Banco
N a c i o n a l do D e s e n v o l v l m e n t o )
S o c . T e c n i c a de F u n d i c o e s G e r a i s ,
S . A . (Banco N a c . do D e s . E c o n . )
C i a . B r a s l l e l r a de M a q u i n a r l a
922
Cla.
Distrlbuidora
A i r c r a f t and s p a r e p a r t s
(Douqlas A i r c r a f t Co.)
Semi-trailers
construction
$
754.000.00
3-31-59
392.63
39,169.83
129.000.00
287.33
iSMl.
$
1,746.000.00
"S&ISr
$
5
$
299.607.37
691,270.17
322.588.00
'S£ D
Ouuundiag
R^d
1.746.000.00
$
173.869.83
299.607.37
14.5M.47
368,682.17
20.818.91
940
5-56
128.712.67
40,000.00
400,000.00
42
1-31-58
21.452.10
360,000.00
107.260.57
7.519.13
360.000.00
IO.089.86
6-57
69,600.00
3-22-56
1 , 2 5 0 , 0 0 0 00
7-13-56
1 1 , 4 0 0 , 0 0 0 00
7-19-56
1 0 0 . 0 0 0 . 0 0 0 00
7-19-56
1 5 . 0 0 0 . 0 0 0 00
69,600.00
12-31-57
6,613.962.16
1-31-60
1,250,000.00
1,250,000.00
15.^17.10
4.786.037.84
4.786.037.84
45.982.80
14.500,000.00
J-U-61
500.000.00
500.000.00
1.746.066.82
1.746.066.82
8-56
2 . 7 5 0 . 0 0 0 00
2,140.549.43
A g r i c u l t u r a l equipment
(Allls-Chalmers Mfq. Co.)
and
Des.
Econ.)
de M a t e r i a l
Ferro-
Equipment
11-15-56
6 . 9 0 0 , 0 0 0 00
376,558.25
4-26-57
1 0 , 0 0 0 , 0 0 0 00
10,000,000.00 I
12-31-59
5-31-57
3 , 7 5 4 , 0 0 0 00
3 , 7 5 4 , 0 0 0 00
6-30-59
5-31-57
5 4 1 , 0 0 0 00
5 4 1 , 0 0 0 00
6-30-59
_J_-3J^58
265.700.57
6,068.44
6-30-58
6,523,441.75
821,885.11
5.701.556.64
160.707.67
8-22-57
2 , 3 2 0 , 0 0 0 00
2 , 3 2 0 , 0 0 0 00
12-31-58
9-
5-57
2,558.000
00
2 , 5 5 8 , 0 0 0 00
U-15-59
10-
9-57
6 6 , 3 0 0 00
6 6 . 3 0 0 00
2-28-58
10-
9-57
3 2 . 1 0 0 00
3 2 . 1 0 0 00
3-31-58
11-29-57
2 . 4 0 0 00
2.400 00
5-31-58
of
A.
973
Celubagaco I n d u s t r l a e Comerelo,
S . A . (Banco N a c . do D e s . E c o n . )
Companhia E l e t r l c a C a l u a
A-2
See footnotes on page 3 0 .
do
[Tagasse paper p u l p p l a n t
( N o b l e & Wood M a c h i n e C o . )
a
12-31-57
5,320,000.00
5,320,000.00
1-15-60
12-23-55
540,000.00
89,027.00
9-30-58
o
85
I 2 3 U L L
Cobrasma-Rockwe 11 E l x o s S .
P
2.199.710.00
spare
for manufacture
w
H
o
343.750.00
A.)
Convair a i r c r a f t
2.883.291.31
604.326.55
609.450.57
12-31-58
Brasllelra
$
100,000.000.00 _ i 2 - J i - 6 0
Convair)
Cla.
L,M.T«T,0»
83.986.49
57
Agro-Industrial
S e r v t c o s A e r e o s C r u z e i r o do S u l ,
GwKjrmJDjEyS'
of
A i r c r a f t and s p a r e p a r t s
(Douglas A i r c r a f t C o . , I n c . )
S p a r e e n g i n e s and p a r t s
( u n i t e d A i r c r a f t E x p o r t Corp
For e x p a n s i o n o f s t e e l
965
de Sao P a u l o , S .
$
E,p.^D,K
merchant
943
951
8-
11-
for
Amoun.
730,440.00
17 55
E x p a n s i o n o f power f a c i l i t i e s
M a n u f a c t u r e o f t r u c k s and
Equipment
do'SraslMNaH^TreasTof
B r a z i l ) 914
Lolde Aereo N a c i o n a l , S . A .
921
(Banco N a c . do D e s . E c o n . )
2,500,000.00
^"SP^^V"0
elevators(Black
856
P a n a l r do B r a s l l , S .
Fosforlta
1-27-55
2-24-55
(Allls-Chalmers Mfq. Co.)
Plant for production of
automotive bearings
Construction of hydroelectric
Railroad
$
2/
11-26-54
4Sintering plant
(John E . G r e e n a w a l t )
de Armazens G e r a l s do E s t a d o c
3-53
|/
to
00
00
machines
784
C i a . B r a s i l e l r o de U s i n a s M e t a l u r l r « » (Hlme-Comerclo e I n d . . S . A . ) 615
P r e f e l t u r e M u n i c i p a l do P o r t o
0
6-
Amoun.
1957.
'•50,973.00
450,973.00
1,746.21
EXPORT-IMPORT BANK OF W A S H I N G T O N
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
U
Fosforita
Brazil
Olinda,
S.
-
P
'-Jfc0'1
S^TP^S
LATIN AMERICA -
S
™
^
'
D.,c
A—-,]/
"TOSS."
1/
$
Dump t r a i l e r s
tractors
S . A . ( B a n c o da
S. A . ,
Industria
Engenharia
Provincla l i l -
S.
S o t r e q S . A.
737-
S.
e
12
n
A.)
I m p o r t a d o r a de F e r r a g e n s , S . A .
(Banco N a c . do D e s . E c o n . )
M a r i n , Representacoes e Comerclo,
S . A . (Banco N a c . do D e s . E c o n . )
(Banco Nac. do D e s . E c o n . )
Parana Equipamentos, S. A ,
(Banco N a c . do D e s . E c o n . )
Vemag S / A , V e l c u l o s e M a q u l n a s
$
9-
5-57
64,000.00
3-31-58
11-
5-57
93.000.00
93,000.00
1-31-58
73714
73715
73716
73717
Diesel t r a c t o r
(Caterpillar Tractor
Co.)
II-
5-57
6,300.00
6,300.00
2-28-58
(Caterpillar
Co.)
11-15-57
89.000.00
89.000.00
2-28-58
D i e s e l t r a c t o r s S- a t t a c h m e n t s
( C a t e r p i l l a r T r a c t o r Co.)
11-22-57
14,800.00
14,800.00
2-28-58
11-29-57
22,100.00
22,100.00
3-31-58
12-
5-57
29.900.00
29.900.00
3-31-58
12-13-57
38.000.00
4-30-58
38.000.00
Ex e n s I o n pen d i n g
11-30-57
Tractor
do
(Caterpillar
Tractor
do
T r a c t o r s and
graders
Co.)
$
$
$
$
s
9-
5-57
w
A.)
958-1
Disk plowing harrows
(Rome Plow Company)
11-
5-57
36,000.00
36.000.00
1-31-58
E s t a b e l e c l m e n t o s James F r e d e r i c k
C l a r k . S . A . (Banco N a c . do D e s .
Econ.)
958-2
Disk plowing harrow
(Rome Plow Company)
1!-
5-57
550.00
550.00
2-28-58
958-3
Disk plowing harrows
(Rome Plow Company)
11-15-57
30.000.00
30.000.00
1-31-58
15.300.00
15.300.00
2-28-58
(Banco da P r o v i n c l a do R i o G r a n d e
do S u l , S . A . )
Sotreq S. A.
S.
de T r a t o r e s
3
a
w
e
958-4
do
11-15-57
958-5
do
11-22-57
1.200.00
1.200.00
2-28-58
11-29-57
4.400.00
4.400.00
3-31-58
5-57
13.800.00
13.800.00
3-31-58
12-13-57
do
Diesel t r a c t o r s S attachments
( A I l l s - C h a l m e r s M f g . Co.)
11-29-57
24.000.00
24.000.00
4-30-58
18.900.00
18.900.00
5-31-58
75.000.00
2-28-58
A.)
I m p o r t a d o r a de F e r r a g e n s ,
Martin,
R.VM.VINU C.IO.T
L,MIT*TK„.
9
L i o n , S. A . , Engenharia e
I m p o r t a c a o (Banco do Commerclo e
I n d u s t r i a de Sao P a u l o , S . A . )
Salles,
° ^! T HNV S '
tractors
609-5
Hundo S .
U N
'^SKS?
Ou^nding
Rq~d
A.)
lil-
de T r a t o r e s
Diesel
)il-
e
de Sao P a u l o ,
E s t a b e l e c l m e n t o s James F r e d e r i c k
C l a r k . S . A . (Banco Nac. do Oes.
Econ.)
Salles,
•^ASssr
220.800.00
4-19-57
Lion,
S A
E,pi,yD, K
A**™,
continued
A.
M o t o r g r a d e r s and
Flgueras,
W M ' O F Lo»«
UNDU1UU1D B;U.A*CE
C M „rr. AUTHOHMD
Representacoes
S.
A.
e Comerclo,
9.58-6
O s c a r Amortm, C o m e r c l o S . A .
(Banco N a c . do D e s . E c o n . )
Parana Equlpamentos, S. A.
958-7
958-8
Cla. Dlstrlbuldora Agro-Industrial
( B a n c o do Commerclo e I n d u s t r i a
961-1
de Sao P a u l o , S . A . )
A l a g g l o , S . A . (Banco de C r e d l t o
Raal d . M l n a s G e r . U . S . A . )
do
Disk plowing harrows
(Rome Plow Company)
T r a c t o r s and h a r v e s t e r com5 8 7 - 5 b i n e s ( M l n n e a p o l l s - M o l l n e Co.
Total
12-
12-10-57
47.756.337.37
929,120,795,13
L
See f o o t n o t e s on p a g e
30.
230,190.890.01
634.631.149.07
16.542.418.68
246.031.852.51
405.141.715.24
89.766.201.76
27.139.055.60
fcO
00
CO
EXPORT-IMPORT BANK O F W A S H I N G T O N
19.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
December 3 1 .
°SS"
I » « « ^ I « M
Corporaclon
de Fomento de
l E,pon£."
A CID
"
U,
D.K
)
Am oun.
1/
2/
^ISSffiS."-
Am-ui.
Exp^D*.
aSMk
"SEISR!*"
lu^id
C u
" ^""£v g '
0««»din«
s
6.696.760.00
4.960.479.66
1957.
to
o
CO
L-T.TIOH
Is
S
Refinance
purchase o f
10-
Do
46S
374502
Do
Do
Rallway and
equipment
de A c e r o d e l
Paciflco
(CAP)
CI a .
S a l I t r e r a de T a r a p a c a y
IV
10-26-49
S t e e l - m i l l equipment
Equipment f o r f e r r o -
Hot s t r i p m i l l e q u i p m e n t
Equipment f o r n i t r a t e
808
C l a . de A c e r o d e l P a c i f l c o ,
(CAP) ( R e p u b l i c o f C h i l e )
S.
A.
898
5-49
25.000.000.00
1.083.000.0C
17.220.240.00
23.917.000.00
construction
50J
Cia.
S
equlp-
464
Do
do
S t r i p r o l l i n g equipment,
open h e a r t h f a c i l i t i e s
2.750.000.00
2.750,000.00
460,000.00
2.290.000.00
497.430.91
58.000.000.00
58,000,000.00
13.228.991.20
44.771.008.80
16.690.757.63
1.000.000.00
500.000.00
500.000.00
73.177.87
2.000.000.00
1.338.720.80
661.279.20
43.794.50
3.750.000.00
3.750.000.00
22.075.34
918.590.84
918.590.84
8-
9-51
8-
9-51
1.150.000.00
150.000.00
3-31-58
2-
2-56
3.550.000.00
1.550.000.00
6-30-58
7-19-56
16.000.000.00
12.250.000.00
6-30-58
7-19-56
11.851.000.00
10.932.409.16
6-30-58
2-28-57
16.000.000.00
16.000.000.00
6-30-60
265.000.00
and
7-18-57
12.500.000.00
153.501.000.00
w
12.500.000.00
1.083.000.00
40.882.409.16
36.164.39
111.535.590.84
38,357,952.00
73.177.638.84
23,403.930.94
11,375,593.70
219,507.82
2.561,662.94
8,363,300.00
41,598.48
265.000.00
o
Colombia:
Republic of
Colombia
296
construction
296-A
do
Do
442-A
do
Do
442-C M a t e r i a l s
Do
Do
Republic of Colombla-Corporadon
Republic of
San D i e g o S .
Eropresa de E n e r g l a
Industrie
11.595.101.52
1-41
8.404.896.48
11.595.101.52
8,404,898.48
o
5-24-50
2.500.000.00
219.565.16
2.280,434.84
1,650,000.00
6W,434.84
340.479.41
4-13-48
5.500.000.00
122.545.79
5.377.454.21
4.600.000.00
777.454.21
879.842.78
442-D R a i l r o a d spare p a r t s
R i v e r dredge t r e l a t e d e q u i p
( E l l l c o t t Machine C o r p . )
Construction for grain
480
2-21-51
105.000.00
26.971.38
78.028.62
63.000.00
15.028.62
10.030.25
o
3-17-55
840.000.00
255.000.00
585.000.00
135.000.00
450.000.00
20.211.25
w
6-29-50
2.200.000.00
25.805.45
2.174.194.55
1.540.000.00
634.194.55
260.128.66
V>?
6-28-44
3.000.000.00
3.000.000.00
3.000,000.00
490
1-11-51
1.503.389.00
1.473.609.11
1,252,711.20
679,466.76
683,451.59
942.400.00
809,067.00
135.625.76
199.993.10
40.000.00
6y»
Goods and s e r v i c e s
Electrtca,
501,753.83
220,897.91
for
182,652.24
hotel
6-52
942.400.00
3-22-56
200.000.00
7-18-57
20.250.000.00
3-
S.A.
Production of
Artefactos
refrigeration
780
Individually
6.90
159,993.10
7.266.21
and Banco
Refinance
930
588-1
See f o o t n o t e s on page
29f779.89
Indus.
A.
C o l o m b i a n * de
Glottman
1-41
5-
reconstruction
for
517
J.
5-
C o l o m b l a - C o n s e j o Adm.
C a j a de C r e d l t o A g r a r l o ,
Hotel
Highway
Do
30.
purchase o f
do
Powe r shove1s
(Thew S h o v e l C o . )
Power s h o v e l s
U.
S.
7.000.310.01
12-31-57
13.249.689.99
39.750.000.00
39.750.000.00
4-8-55
70.800.00
16.243.38
27.278.32
27.278.30
54.556.62
149.795.51
89.877.30
13.249.689.99
95.334.36
39.750.000.00
84.400.68
59.918.21
4.183.06
2.258.02
E X f O t T - I M F O I T I A N K OP W A S H I N G T O N
20.
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
C
%£ZZ.T£ZZ
LATIN A F R I C A - C o l o m b i a - c o n t i n u e d
D e p a r t m e n t o de C u n d l n a m a r c a and
SS"
U. S. Psooucn AND S U V I O I
c
D~
1 Road r o l l e r s and
6 6 W (The G a l l o n I r o n
,.!nlng. equipment
accessories
Vorks)
A-o*»y
J 2-22-55
5
*ttE5ZLM
2/
8).000r00
$
13.837.50
Amou-,
E.PUTD-C
$
"Z&vsr
iE£b&
$
41.04
67.162.50
December 3 1 .
$
Repud
s
O o ^ b .
J
32.958.96
67,162.50 $
32.958.96
'S^F
1.611.90
"c^K^t/?
$
1957.
L Tvno
"" "
S
329.57
Steam b o i l e r a n d e q u i p m e n t
9-29-55
STi-l
M o t o r g r a d e r s and
10-27-55
Olesel generator
Cla.
C o l o m b i a n * de
Electrlcldad
56.000.00
473.15
55,526.85
9.254.47
46,272.38
1.922.90
19.801.00
31.808.54
2.451.66
71.060,341.65
10.578.746.45
rollers
nnn-1
39.589.87
sets
WM
3-29-56
232.000.00
700.00
117.692.388.41
780.764.00
231.300.00
61.523.815.26
7.000.310.01
9.404.85
231.300,00
48,387,499.14
38.850.972.75
c« t . m
M a t e r i a l s and s e r v i c e s f o r
Inter-Amarlcan
Highway
TA
Llneas Acreas C o s t a r r l c e n s e s ,
S.A.
m
and s p a r e p a r t s
11-26-54
L e s s : Advances b y
participants
Macional
H
225.000.00
lr937.79
Cla.
w
95.066.54
Aircraft
673,062.21
334,217.38
338,844.83
24,281.57
de F u e r z a y L u z ,
Elerfrlc
I n s t l t u t o C o s t a r r l c e n s e de
r l c l d a d ( R e p u b l i c o f Costa
ElectRica)
622
M i n i s t r y o f P u b l i c Works
670
S o c l a t a K a l i a n * de C o l o n l z z a x l o n e
A q r l c o l a (SICA) (Bovernment o f
Costa R i c a )
Dn-r
enu.—nt
Diesel e l e c t r i c generating
sets (Nordberq M f q . Co.)
Dump t r u c k s
(Mack M o t o r T r u c k C o r p . )
891
Beech, y F a i t ,
Ltda.
and
Concrete
3-3
O
55
3-55
1.023.000.00
73.348.80
949.651.20
379.860.48
569.790.72
32.372.68
4-28-55
243.000.00
106.21
242,893.79
161.929.20
80.964.59
6.539.28
2-14-57
161.000.00
103.171.52
1.246.03
3-
57.828.48
3-31-58
103.171.52
a
9.632.12
mixers
959
10-31-57
1-31-58
(Banco de C o s t a R i c a a t a t )
Farm t r a c t o r s
and equipment
fiS2=2
11-29-55
Motor t r u c k s and
Do
M a c h i n e r y and T r a c t o r s ,
Ltd.
Truck
and
8-
6-57
8-
6-57
8,524.47
3.716.81
26,283.19
10-31-58
30,000.00
278.76
1,068.47
64.40
16.100.00
15.871t44
228.56
7-23-57
15,871.44
2-28-58
de S e g u r o s )
M a c h i n e r y and T r a c t o r s ,
Ltd.
T r a c t o r s , e a r t h moving e q u i p .
717HJ
4-18-57
Jotal
118.310.51
21.551,930,11
"
r^,,,,.
44.714.97
Dump t r u c k s
747-fl
( I n s t l t u t o Naclonal
4-56
tractors
747-9
Ltd*,
5Seml-trallers
Z2fcJ
Do
Beeche F a i t ,
3-31-58
parts
747-1
90.685.76
6.303r880T27
4-30-58
34.787.82
13,261,756.88
3.098.33
1,895,607.20
230.42
2,683,820.16
12.473,543,92
4,044,004.24
1.200.000.00
2.800.000.00
369.534.24
300.000.00
3.609.85
150.000.00
5,159,632.12
3-J9-51
r,lhin.
PHmader.
S
A
L e s s : Advances by
participants
4.000.000.00
4.000.000.00
791
L e s s : Advances b y
participants
300.000.00
300.000.00
to
See footnotes on page 30.
CO
EXPOtT-IMPO*T BANK OF WASHINGTON
21.
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
*xr
l * — ' f — *
LATIN AMERICA - Cuba -
Fabric* Nacional
de
Cuioin AUTHOWZID
»•»•'"•?£«&—«~
DM*
An™.,
$
T r a c t o r s and e q u i p m e n t
Implemented
Shovels, cranes, e t c .
6 5 2 - 5 (Deere » Co.)
T r a c t o r s and a g r i c u l t u r a l
652-4
E a r t h moving e q u i p , t g e n e r a 737-8
Powe Equipment C o . , S . A .
( W i l l i a m A . Powe)
Powe M a c h i n e r y C o . , S . A .
Do
Powe Equipment C o . , S . A .
Operadora
"^sussf
"&TVTUI 0 . LOAM
ExiwyD.lt
"if-EiiST
££hXk
Ouuu.Hli^
Rep^d
to
CO
bo
1
&E£°
U
C ^ r r ^ W c '
L-T«,ON
continued
5-
CI a .
A ™ U « , I / J /
U N M I U U I D BALANO
_
Central
do
C e n t r i f u g a l machinery
Jaguey
3-56
150.000.00
$
ding
160.000.00
2-28-58
163.507.78
140.392.84
2-28-58
Semi-trailers
S. A.
Do
828-2
$
%
5-23-57
300.000.00
293.399.42
5-31-58
6-14-57
150.000.00
150.000.00
6-30-58
160.000.00
23.n4.94
3.507.78
6,600.58
19.607.16
263.08
160.000.00
300.000.00
6,600.58
150.000,00
15.000.00
Traflco y Transporte,
$
$
5-31-57
160,000.00
2-24-56
$
$
17.500.000.00
Ex
150,000.00
15.000.00
549.53
(• a c c e s s o r i e s
do
II-
8-56
Total
24.200.00
125.40
39.738.207.71
154.920.08
24.074.60
18.243.792.26
21.316.380.50
23.114.94
7.628.00
16.446.60
149.37
248.458.01
21.091.037.43
3.377.119.64
w
w
H
EcuadorMunicipality
of
o
Quito
4-22-42
6-24-54
328-A
Municipality
of
3.650,000.00
Guayaquil
328
do
4-22-42
1.32
5.300.000.00
5.300.000.00
8.791.900,00
31*1
do
10-
8-47
1,175,308.21
2.830.755.98
a
4.166.127.26
2,720.000.00
2,720,000.00
390,123.56
2r 320,676.44
308,779.84
%
o
w
w
588,734.35
Ju9fiQ»QOjO_.QQ
250.000.00
250,000.00
2-28-58
Do
4 7 1 - B Ral Iway e q u i p m e n t
R e h a b i l i t a t i o n of water
12-14-49
1.500.000.00
1,500,000.00
381.290.35
1,118.709.65
256.794.05
Do
1*71-0
6-14-51
500,000.00
500,000.00
106.863.28
393.136.72
82.818.64
Do
471-E
3-20-52
800,000.00
Do
471-F
7-31-52
165.000.00
165.000.00
16.012.04
148.987.96
12.754.06
2.499.995.40
166.666.36
2.333.329.04
213.299.78
367,579.47
60,000.00
307,579.47
12,344.89
308f571.52
51,428.59
257,142.93
8,420.20
167.720.00
16,772.00
150,948.00
1,973.04
36.429.936.49
11.479.213.08
24.950.723.41
7.056.375.78
500
741
Improvement o f G u a y a q u i l
and Q u i t o a i r p o r t s
do
Sugar m i l l machinery
t
de V l a l l d a d de
7-19-51
2.500.000.00
1-10-57
280.000.00
9-15-55
900.000.00
2-23-56
3|0.000.00
10-11-56
168.000.00
5- 9-57
97.000.00
335.000.00
4.60
280,000.00
7-31-58
11-30-58
1.428.48
la
845
Cla. Azucarera Valdez, S. A .
( R . f a . 1 . Valdez, et » l )
335.000.00
equip
773
Comlte E j e c u t l v o
1-56
11-
471-G
800.000.00
916.
Sugar m i l l machinery I e q u i p ,
( F u l t o n I r o n Works C o . !
38.746.900.00
See f o o t n o t e s on page 3 0 .
97.000.00
22f542.98
2.294.420.53
4-lQ-58_
>
E X P O t M M K M T SANK OF WASHINGTON
STATEMENT
<
IK"
i£Z^Tt£Z%
LATIN AM-RICA -
U
-*'"TS5S£?»"V"-
D«*
e
An~u«_L/.2./
"S«VS5."»
OF LOANS A N D AUTHORIZED CREDITS
&WD«.
/Wa-
•SSbSk
December 3 1 . 1 3 5 7 .
Rep~d
^ E S S * "
o»«.„d»,
1™'
Pan L i d o . S . A .
8^1
( B a n c o de C o m e r e l o de E l S a l v a d o r ) SSI
O l s t r i b u l d o r a de A u t o n o v i l e s , S . A .
Bfi5
(Dona S e c u n d l n a Poaa v d a . de
Rossotto e t a l )
O l s t r i b u l d o r a de A u t o n o v i l e s ,
(Banco A q r l c o l a C o n e r c l a l de
El S a l v a d o r , e t a l )
Baking equipment
(Francoeur t C o . , I n c . )
T i r e recapping plant
( U . S . Rubber I n t e r n a t i o n a l )
Bus b o d i e s
( B l u e B i r d Body C o . )
9-19-56
$
5.625.00
?
$
277.06
5.347.94
S
2.487.44 S
2.860.50 $
238.63
10-25-56
19.200.00
2,925.00
16.275.00
2.712.50
13.562.50
777.13
12- 3-56
2.•'100.00
366.88
2.033.12
1.284.00
749.12
94.83
1-18-57
11.1*00.00
1.483.27
9.916.73
4.250.01
5.666.72
378.31
2,889.65
RAO
( B l u e B i r d Body C o . )
Ml
1.007.51
6.742.49
3.852.84
904
do
3-22-57
2.525.00
327.88
2.197.12
941.61
1,255.51
76.74
Do
905
do
3-22-57
7.460.00
8.00
7.452.00
2.794.50
4.657.50
222.48
Do
906
do
Do
V>
B<
H
HIlos
C l a . H l n e r a de H u e h u e t e n a n g o ,
$
S.A.
Do
H . de S o l a e
UMV,vno»
continued
S.A.
1-18-57
do
Soap t g l y c e r i n e m f g . e q u i p .
(The S h a r o l e s C o r e )
Materials
3-22-57
8.800.00
5- 9-57
9 . 8 0 0 .DO
2-15-57
1
1.108.83
7.691.17
3.296.01
4.395.16
279.47
1.254.84
8.545.16
2.441.48
6,103.68
241.18
37.500.00
37.500.00
112.460.00
46,259.27
w
O
E
42,140.14
66.200.73
a
and e q u i p m e n t
f>17
CementOS N o v e l l a , S . A .
1.238.897.60
R46
Comercial MacDonaId
Acetylene
generator,
compres727.41
Motor
(Guatemala)
C l a . G u a t e m a l t e c a de M a q u l n a r l a ,
ltd..
7- 5-56
Agricultural
Do
G u a t e m a l t e c a de M a q u l n a r l a ,
169.123.01
54.608.77
7-31-58
1.115.38
82.21
42.26
19.123.01
95.391.23
1.250.67
15O.000.00
i
machinery
v^-l
Agricultural
Cla.
1.197.59
114.514.24
t r u c k s a n d equipment
619-1
9-22-55
67.366.65
10.011.86
1-31-58
10-27-55
416.822.11
45.913.80
5-31-58
17.366.65
39.988.14
1.478.07
50.000.00
370.908.33
216.822.13
154.086.20
10.078.57
200.000.00
85.100.00
42.550.00
42.550.00
3.545.29
571.780.98
1.796.135.37
114.116.59
1,813.175.50
27.132.709.47
2.944,123.79
57.354.79
CO
machinery
717-1
Asphalt mixing plant
t
equip.
581-2
11-
1-56
85.100.00
Stanley)
F . Kong e H l j o s ,
Plant
Ltda.
for shortening t
salad
6S4-1
8-15-57
165.000.00
165.000.00
12-31-58
Inc.)
Total
Daveloppement
2,645.336.79
Agrlcole
Development o f
Irrigation
Total
See f o o t n o t e s o n page 3 0 .
1,886.01
275.534.43
2,310.561.56
57,354.79
r u b b e r and
and a g r i c u l t u r a l
Ex ens I o n pen
3,054,115.03
28,945.884.97
CO
CO
to
EXKMT-IMFOKT BANK OF WASHINGTON
STATEMENT OF LOANS A N D
C„,
%£ZLT£Z%
LATIN AMERICA -
c of
T
(&.ponL'""IC,D«h=«.)
D«c
Honduras
821
920
Farm m a c h i n e r y
(Allls-Chalmers Mfg. Co.)
T r a c t o r s and e q u i p m e n t
(Allls-Chalmers Mfg. Co.)
Construction of
9-
b w t a
$
"
t££b&
R^-id
"SMifSr
$
i
December 31, 1957.
ST»TUIO»LOAM
\
3.358.50
13.641.50
7,227.00
6,414.50
526.65
75.00
5.425.00
775.00
4,650.00
63.40
4-11-57
91,200.00
For e x p a n s i o n o f s u g a r
8-
1-57
69.750.00
563.700.24
1,000,000.00
24.881.50
7-15-J8
69.750.00
436.299.76
2,211,700.74
8.002.00
436.299.76
1.002.27
517.114.26
1.592.32
1.000.000.00
equlpment-
w
3-21-45
Do
379
Do
Nueva C l a . E l e c t r l c a
427-A Chapala. S. A.
10-
Do
427-D RalIway
12-
3-47
7,000,000.00
7.000.000.00
6.663.947.37
336,052.63
1.305.636.37
Do
4 2 7 - E Two sugar mi 11s
12-
3-45
5,000,000.00
5.000.000.00
4,750r000.00
250,000.00
897.499.27
Do
2-11-48
6,000,000.00
5.500.000.00
3.645.235.00
1,854.765.00
1,120,503.81
2-
2-49
1,515.750.00
1.515.750.00
985.238.97
530.511.03
324.352.56
8-
3-49
12,900,000.00
2.657.80
12.897.342.20
9.028,139.54
3,869,202.66
7,301.796.63
100.000.00
4.90Q.000.00
1,460,000.00
2,940,000.00
524,958.78
2.740.000.00
616,951.69
2.123.048.31
493,722.53
3-21-45
equipment
1-47
20.000.000.00
3.500.000.00
Do
4 2 7 - G Ammonium s u l f a t e p l a n t
T e m p i c o - C I u d a d Madero
4 2 7 - H W a t e r works
Rai iway e q u i p m e n t 4 2 7 - J Mexican N a t i o n a l R a i l w a y ^
Railway equlpment427-K F e r r o c a r r i l del P a c l f l c o
Do
4 2 7 - L Coal m i n e e q u i p m e n t
Do
487-A Falcon
Do
4 8 7 - B A n z a l d u a s Dam
12-15-50
2.000.000.00
Do
4 8 7 - C Yaqu] A l t o Canal
S t e e l - m i l l equipment4 8 7 - D A l t o s H o m o s de M e x i c o
R e h a b i l i t a t i o n o f Mexican
487-E National Railways
R e h a b i l i t a t i o n of Mexican
487- F RalIway
12-15-50
17.500.000.00
Do
Do
Do
Do
Do
Do
Do
Do
C i a . Fundi d o r a d e F l e r r o y A c e r o
de M o n t e r r e y , S . A .
Do
H e x ! c a n G u l f S u l p h u r C o . and CI a .
do
C l a . Mlnera Fernandez,
S. A.
Dam and power
plant
487-G Telecommunications system
S t e e l - m i l l equlpment4 8 7 - H H o j a l a t a y Lamina
Rehabilitation of
487-1 Mexican National Railways
539
Bar and r o d c o m b i n a t i o n
801
Steel
494
Sulphur
494
do
P r o d u c t i o n o f manganese
concentrates
505
See footnotes on page 30.
mill
equipment
plant
mill
8-
3-49
5.000,000.00
4-
5-50
2,740,000.00
JlrJirSP-,
5-31-51
8-
11.500,000.00
•> «•:* 7 6 4 fl6
150.000.00
500,000.00
235.390.98
2.000.000.00
12-31-58
430.000.00
9-15-58
8-
2-51
5.000,000.00
500.000.00
9-15-58
3-
6-52
1.440.000.00
3.600,000.00
10-11-56
23.260,000.00
11-20-52
4.500,000.00
6-28-56
42.000.000.00
4-12-51
3.972,500.00
12-23-55
1.027,500.00
o
17,500,000.00
1,513,366.74
3,486,633.26
4,500.000.00
1,800,000.00
2,700,000.00
159,535.28
1.440.000.00
960,000.00
480,000.00
129,629.94
3,600.000.00
2,700,000.00
608,579.97
19.100.000.00
19.100.000.00
269.506.86
3r375r000.00
626.305.50
5.000.000.00
51.000.000.00
12-18-52
O
8,448,456.77
11.264.609.02
2-51
8-23-51
..._ ._
U-T.TIO.
1 ,000,000.00
11-30-59
21,450.00
..
CD
$
s
5,500.00
1,650,000.00
'cwSjnxu^c'
'^S£°
CX«-KW
i
17.000.00
1,650,000.00
RalIway
A™».„,
"
5-56
2.761.700.00
S. A.
Tsasa-
$
1-17-57
mill
c
2/
AUTHORIZED CREDITS
UNOU.ui^B.1j*a
5-23-57
Total
Flnanclera,
A — ,J /
Crawler t r a c t o r s w i t h b u l l d o z e r s ( A I l l s - C h a l m e r s Mfg.Co.
879
H l n l s t r y of Finance
908
CI a . A z u c a r e r a H o n d u r e n a , S . A .
(Banco N a c . d e Fomento de H o n d u r a s ) 9 3 4
Mexico:
Naclonal
'""""
$
continued
Honduras
H a q u l n a r i a y A c c e s o r l o s , S . de
R. L . .Banco N a c l o n a l de Fomento)
Maquinaria y A c c e s o r l o s , S. A.
(Banco N a c l o n a l de Fomento)
Republ
C w m Atmro.iiio
4.160.000.00
6-15-58
4.500,000.00
41.390.821.25
12-14-60
1,125.000.00
609,178.75
609.178.75
3,972,500.00
23,975,290.25
682,597.90
1,027,500.00
1.027,500.00
P.1,667.84
661,337.16
74,795.67
E X P O t T - U e V O t T B A N K OP W A S H M O T O N
24.
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
December 3 1 .
°Hr
S^.Tp^S
LATIN AM-RICA - M e x i c o - c o n t i n u e d
Pen A m e r i c a n S u l p h u r Company end
A z u f r e - , Panama r l c a n a . S . A . de C . V . 5 1 6
Empaques de C e r t o n T i t a n , S . A .
( V a l o r n I n d u s t r l a l e s . S . A . e t e ! ) 585
DS V,CU
J*°^T»<£ "
2-21-52
Sulphur p l a n t
Machinery, supplies,
786
Do
79*
do
Paper c o n t a i n e r p l a n t
(Sandy H i l l I r o n t B r a s s )
611
Steel
702
do
Sheet g l e s s r e a n n e e l l n g e q u l |
( S u r f a c e Combustion C o r p . )
al)
714
Piano. S. A.
P i a n o de M e x i c o , S .
mill
$
4,414,000.00
equipment
w
&wQ«.
$
s
and
££&.
S
4.414.000.00
11-26-54
788.000.00
32.479.43
755.520.57
4-5-56
1.000.000.00
7.575.30
992.424.70
5-18-56
250,000.00
2-17-55
662.000.00
6-30-55
2,055.000.00
7-21-55
37.100.00
1957.
u
"SESoV-
*—«i/i/
Dtfe
Do
Le C o n s o l l d a d a . S . A .
Hojalete y lamina. S. A.
(Valores I n d u s t r l a l e s . S.A. e t
Vldrlo
Vldrlo
US
250,000.00
"t&tir
iUerid
$
1.751.666.69 $
217.835.41
Ouuuadu,
«5£S££Cff
^^S"'
2.662.333.31 $
637.742.52
537.685.16
70.265.92
992.424.70
31.591.09
UMT.TIOH
5-30-58
7.434.72
2.00
654.565.28
327.291.34
327.273.94
69.579.73
2.055.000.00
128.437.50
1.926.562.50
128.633.81
37.098.00
17.518.50
19.579.50
2.434.09
720.000.00
144.000.00
A.
767
S.
A. e t
al)
A c e r o s de C h i h u a h u a , S . A .
(Cla.
776
Compenla E l e c t r l c a M e x l c a n a
Norte, S. A. (Norte)
Compenla E l e c t r l c a M e x l c a n a
Rolling mill
( E . W. B l i s s
equipment
Co.)
8-11-55
720.000.00
576.000.00
38.058.89
6-15-60
S33.000.00
533.000.00
4.094.65
6-15-60
1.216,000.00
1,216,000.00
del
760-A
12-
8-55
7.072.000.00
6.539.000.00
del
Compenla E l e c t r l c a M e x l c a n a
del
Compenla E l e c t r l c a M a c 1 o n e 1 ,
Compenla de E l e c t r l c i d a d
r—I
de
535.000.00
760-E
Compenla E l e c t r l c a de h e r I d a ,
S. A . (Merlda)
Cla.
Industrial Electrlca
do
7W-F
12-
8-55
822r720.00
a
6-15-60
4*8*8
Cooperative Manufacturer
de
Cement p l a n t
TeenIce
Flnanclera, S.
Do
I n d u s t r i a l , S.
17
equipment
44 00
(Naclonal
1 8 9 8 81
A.)
803
A.
Cement p l a n t e q u i p m e n t
( F u l l e r Co.)
B o t t l i n g machinery t e q u i p .
6-28-56
217.500.00
214,088.00
3,412.00
10,584.00
181,504.00
4.2S8.10
816
Evaporating
equipment
824
9Textile
4,406.6;
6-56
8V»
Malta. S. A.
Banco N a c l o n a l de C r e d l t o
8^6
Aorlcola. S. A.
Banco N a c l o n a l de C r e d l t o A g r l c o l a
F l o u r m i l l equipment
( A l l l s - C h a l m e r s M f q . Co.)
T r a c t o r s *• a g r l c . m a c h i n e r y
(Mlnneepol1s-Mol1ne Co.)
fltf
927
o
w
w
w
machinery
2.794.14
5.588.29
370.97
7.200.00
1.604.80
5.595.20
2.944.80
2.650.40
264.07
4-56
4.800.00
867.37
3.932.63
1.573.06
2.359.57
211.23
10-10-56
5.000.000.00
156.070.61
4.843.929.39
4.843.929.39
167.117.81
6-14-57
5.000.000.00
500.000.00
500,000.00
8 V)
Do
w
o
760-B
do
M i x i n g machine and
9-28-56
10-
4,500,000.00
3-
1-58
8.382.43
loader
2 27? 4 0
Plastic extruder
(Modern
BS7
853
Cementos P o r t l a n d M o c t e z u m a . S . A . 8S8
P a s t e u r ) z a d o r a de l o s P r o d u e t o r e s
de L e c h e . S . A .
«?9
See f o o t n o t e s o n page
30.
T e x t i l e loons
10-26-56
(Draper Corp.)
C l i n k e r m i l l and equipment
( K e n n e d y - V a n Saun M f q . S E n q r . ) 1 1 - 1 6 - 5 6
Pasteurizing plant
11-16-56
(Roberts Engineering Co.)
i ,<;w. oo
48-45
2,501.55
625.14
7,700.00
20.00
7,680.00
7,680.00
12.500.00
116.67
12.383.33
6,000.00
6,000.00
1,876.21
102.81
1.696.16
10,687.17
592.25
2.666.64
3.333.36
341.25
138.58
CO
Ox
25.
to
December 31. 1957.
CO
EXPOftMMPOrr BANK OF WASHINGTON
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
(c™^-- ,—*«.,
•
C
KT
LATIN AMERICA - Mexico - continued
Abastecedora de Construce(ones de
(topo^^^Ml**.)
Cfttom Au-nKMtiziD
D.«
A™U„.J/
2/
c
*g£E5£.um
Electric furnace
M™,
E«pbyD«i«
!=£&&
Dab by Othcn
s
861
R«p«i
$
1.614.75 $
Outstanding
7.094.81 $
1=
v
^X!l£p?
L.M.T»no»
457.64
en N. C. de C. V. (Fomento de
Banco Naclonal de Credlto Agrlcola
S. A. fNac. F i n . . S. A.)
878
Frigorlflcos America, S. A.
Prefabricated buildings
Naclonal Flnanclera, S. A.
(United Mexican States)
Chapultepec, S. A.
Steel-mill equipment-
m
1-11-57
89.000,00
320.00
88,680.00
8,868.00
1-29-57
4.350.00
51.48
4,298.52
716.42
2- 7-57
16.000.000.00
7q t 8l2.00
Ice manufacturing plant
887
12,300.000.00
1-15-59
3,700,000.00
Hydraulic pipe line dredge
150,510.00
V- 7-57
Constructors Malta, S. A.
Omnibus de Mexico, S.A. de C.V.
(Banco Naclonal de Fomento
Cooperatlvo, S.A. de C.y.)
80 00
171 720 00
224.50
156,775.50
404
(The Flxlbte Co.)
4-11-57
157,000.00
Cla. Papelera Maldonado, S. A.
(Jorge Maldonado, et al)
923
Equipment for paper mill (The
Sandy Hill Iron ( Brass Work- 1 6- 7-57
620,000.00
Zinc Naclonal. S. A.
929
(Bowen Engineering, Inc.)
941
350,000.00
350.000.00
10-31-58
Cerveceria Moctezuma. S. A.
W-
140.000.00
140,000.00
6-30-58
201.000.00
201,000.00
5-31-58
116.700.00
116,700.00
2-28-58
95.328.00
70.646.25
3-31-58
Do
Trlplay de Parral, S. A.
(Naclonal Flnanclera. S. A.)
Homes y Valdes. S. A.
7- 9-57
Tin can plant
8-23-57
Conveyor machinery
(Alvey ConveYOr Mfq. Co.et al (10-24-57
Pasteurizers
(BarrY-Vehmlller Machinery Ccj J 12-10-57
968
Equipment for manufacture of
plywood (E.V. Prentice Co.)
12-10-57
967
Construction equipment
640-1 (Koehrlnq Inter-American Co.) 6-27-55
Agricultural equipment
9- 1-55
599-1 (New Holland Machine Co.)
5-30-58
130.646.25
5.907.72
608,683.25
608.683.25
5.633.08
15.855.00
15.855.00
w
w
o
w
Q
24.681.75
19,277.15
599-2
Land levelers,graders,dl tell636-1 ers, etc. (Eversman Mfq. Co.)
7-20-56
7,000.00
9-22-55
21,406.13
616- ?
1-12-56
24,999.48
do
11.316.75
15,855.00
26.129.25
4,556.23
o
w
7-31-58
8-11-58
Land levelers and scrapers
21,000.00
616-4
Agricultural sprayers fc equip
748-1
Abastecedores de Maqulnarla. S. A. 667-1 jnachlnery ( J . I . Case Co.)
Concretos Premezclados de Mlxcoac,
631-1 (Blaw-Knox Company)
S. A.
Truck-mounted concrete mixers
Concretos Alta Reslstencla,
750-1 (Construction Machinery Co.)
S. A. de C. V.
Transcrete truck mixers
750-2 (Construction Machinery Co.)
Do
Concretos Alta Reslstencla S.A. de
C.V. (Banco dePTsls.S.A. de C.V.) 750-3
do
Truck-mounted concrete mixers
Do
750-4 (Construction Machinery Co.)
Power shovels t earth moving
588-3 equipment (Thew Shovel Co.)
Diesel and gas engines
Pozos v Equlpos del Paclflco. S.A. 663-? (Cummins Enqlne Co.. Inc.)
Maqulnarla General del Occident*,
Tractors, equip.,t generators
737-3
Maqulnarla Diesel, S, A.
(Justo A. Ordrlozola)
do
737-*
Land l e v e l e r i , graders, etc.
636-3
See footnotes on p
' 9-27-56
10- 6-55
126,437.05
10-28-55
12,580.00
52.055.21
11- 3-55
44,500.00
40.00
6- 5-56
45.500.00
260.00
129.00
_7-lk£8_
(
(
8,380.10
349.60
66,001.74
675.00
1,676.02
34,761.01
6,704.08
26.18
2,761.60
12.230.40
8,037.12
4.193.28
524.63
44.460.00
22,230.00
22.230.00
1.42B.49
45.240.00
I5.O8O.OO
30.160.00
2.361.16
47.871.00
7,978.50
39.892.50
1.104.31
59.779.53
17.761.28
42.018.25
2.333.55
90,000.00
3,863.01
200,000.00
2-28-57
48.000.00
11-22-57
46,000.00
1-27-56
75.000.00
75.000.00
1-31-58
2-28-56
107.761.28
47.981.75
4-30-58
3- 9-56
277,683.37
261.583.24
3-31-58
16.100.13
2.681,37
13.416.76
5-18-56
277.171.86
77.405.99
8-31-58
199.765.87
77.171,86.
122.594.01
10-11-58
21rqq4.66
46.000.00
2-28-58
75.000.00
I
EXPOItT-IMPOUT RANK Of WASHINGTON
26.
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
SZIE.^SS
HST
(E.poJDr*"^..^)
Power shovels,cranes,dragline
5-17-56
Cane shredder, etc.(Gruendler!
6-14-56
723-1 Crusher & Pulverizer Co.)
Agricultural 6 al1 led equip.
8-16-56
578-5 (The Oliver Corporation)
SI 7-4
S. C. de EJidatarlos y Obreros del
Industrial Avlcola "Santa Rosa"
wo., 1 / 2 /
D~
$
120.000.00
32.000.00
$
6.200.00
9-27-56
78.285.16
2- 7-57
167.197.95
2- 8-57
16.400.00
Amoun.
S
120.000.00
E»p^D.«
9-30-58
1.432.11
150.000.00
8- 9-56
Agricultural Implements
587-4 (Mlnneapolls-Mollne Co.)
Tractors, earth moving equip.
Agromecanlca, S. A.
(Alfred B. Holt)
737-5 (CaterDlllar Tractor Co.)
Polishing machine and
Productora Ferretera Hexlcana, S.A
$60-1
Germain ( Associates, Inc.)
Industrial, S. A.)
°-Btt2Ba-
150.000.00
s
$
s
S
Out-ndin,
R«p*d
S
£g™£ff
15.401.22
15.166.67
1,280.46
Ext ens Ion pen
58.574.21
9-30-57
6.180.00
2.060.00
4.120.00
360.08
1-31-58
48.44
150.000.00
75.000.BO
19.710.95
3.285.16
l6 f 425.79
162.306.50
17.197.95
145.108.55
2.284.56
16,351.56
2,725.27
13,626.29
371.79
150,000.00
Industrial warehouse truck
w
H
Water purification equipment
Diesel engines and generator
664-5 sets (Harnlschfeqer Corp.)
54.000.00
12-31-57
Total
320,593.790.92
Nlcaraqua:
Empresa de Luz y Fuerza Eletrica
S. A. (Republic of Nlcaraqua)
ministry of Finance
Banco Naclonal de Nlcaraqua
120,000.00
Lift trucks and parts
Cervecerla Moctezuma, S. A.
Abastecedores de Haqulnarla, S. A.
1957.
L,M,TVnON
S
£
30.567.89
11-30-58
20.00
4.891.45
Dub. by Othen
iSShXk
$
December 3 1 .
u
496
54.000.00
1,428.586.04
Diesel power qenerator
5-24-51
600.000.00
870
Inter-American Highway
Motor graders *• Traxcavators
(Caterpillar Tractor Co.)
Tractors and attachments
578-3 (The Oliver Corp.)
12-12-56
2.000.000.00
917
5-16-57
38.200.00
38.200,00
300.000.00
225.709.32
2.938.200.00
263,909.32
9-29-55
Total
1-31-59
89.546,461.47
229.375.182.37
243,561.04
600.000.00
2.000.000.00
95,993.652.74
133.625.090.67
31.434.866.35
300.000.00
300.000.00
95.513.53
23.975.290.25
o
s
o
6-30-59
2,000.000,00
17.582.54
56.708.14
43.878.60
30.412.08
2.684.99
617.582.54
56.708.14
343,878.60
330,412.08
98.198.52
w
w
{>
PanamaFinancing unfunded
AaDubl.c of Panama
7 26-51
712 811 02
Construction of
6-14-57
Tournapulls with scrapers
Empresas Pananenus, S. A.
1,530.&it
Tractors and equipment
603-2 (Mas sey-Ha r r1s-Fe rguson. 1 nc.) 4-26-56
Toi*L
.
30.000.00
30.000.00
14.403.000.00
33.530.84
12.850.000.00
1.519.469.16
712.811.02
3.000.000.00
2.938.800.48
806.658.14
271.492.44
Paraguay:
RapublIc of Paraguay
m
Hlqhway construction
5-18-42
3.000.000.00
Do
570
Asuncion water supply system
9- 2-54
7.000.000.00
1.719.333.96
6-15-5*8
5.280.666.04
5.280.666.04
129.845.28
691
Reconstruction of airport
6- 9-55
800.000.00
16.674.83
8-31-58
783.325.17
783.325.17
9.738.63
6.000.00
10.800,000.00
1.736.008.79
6.125.190.73
1.210.577.46
1.676.502.45
«
Do
Total
See footnotes on page 30.
9.063.991.21
2.938.800.48
61.199.52
1.670.502.45
to
CO
EXPORT-IMPORT B A N K OF W A S H I N G T O N
27.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
C.torr. AirmoiuztD
C
W"
(O——.-!«—)
LATIN AMERICA -
4»3
547
627
Z i n c r e f i n e r y t power e q u i p .
Copper m i n i n g and r e f i n i n g
equipment (Toquepala)
H o s p i t a l equipment (American
H o s p i t a l Supply C o r p . )
<m
Peru
Carrocerlas Hetallcas.
$.
do
3-50
4-54
3-11-55
Rayon P e r u a n a , S .
Fertilizer
A.
Industrial
Fllotex.
A . Y f- W l e s e . S . A .
C o n s o r c l o de E q u l p o s de
S.
Yarn dyeing machinery
A.
«?•»
Construc-
"S-Aisr
sS£b&
!Up~i
o..-™),,.
*i?Hr?!l*D
u
o"SS£KrBff
L.MTAT.O,
S.A.
(Frederlco
Hermanos, S .
C.
I.330.000.0C
2-28-56
32.000.00
899
910
1*..,
Low bed m a c h i n e r y t r a i l e r s
( H a r t I n Machine C o . )
T e x t i l e loom*
(Crompton t Knowles C o r p . )
M a c h i n e r y and e q u i p m e n t f o r
suaar m i l l (The S q u l e r C o r p . )
B o t t l e - w a s h i n g machinery
( B a r r y - M e h m l l l e r Export
Sales Co.)
Bottle-f1lllng
Textile
Textll
81.200.00
280.000.00
8-
16,500.000.00
$
$
$
40.439.437.82
16.500.000.00 $
2.804.856.16
40.439.437.82
439.437.82
1.248.800.00
561.600.00
687.200.00
56.659.55
31.971.42
15.985.72
15.985.70
1.708.04
5
1-58
28.58
1.550.000.00
1.550.000.00
6-28-56
66.000.00
65.250.00
8-31-56
4.600.00
1.547.20
3.052.80
3.052.80
9-
6-56
3.120.00
964.56
2.155.44
1.539.60
615.84
62.66
Jl1-16-56
33.200.00
66.80
33.133.20
4.141.65
28,991.55
702.61
16,500.00
.30
16.499.70
1.375.03
15,124.67
758.02
1,550,000.00
136.96
1-56
o
S.
S.
F i s h meal
A.
A.
Bus body
2-19-57
3-
Ex ens I o n p e n d i n g
6.000.00
8-31-57j
6.000.00
1-57
11.280.00
9.600.00
731.000.00
3-28-57
731.000.00
4-18-57
30.000.00
30.000.00
4-18-57
7.500.00
7,500.00
8-15-57
9.800.00
9-13-57
48.000.00
Do
Socledad A g r l c o l a "Pucala"
Ltda.,
3-15-57
3-31-58
36.000.00
3-31-58
60.831.23
5-31-58
48,000.00
machinery
TournapulIs
6-28-56
580-5 (LeTourneau-Mestlnghouse Co.)
Tournatractor
^8010
(LeTourneau-Wastlnghouse Co.) 1 2 - 1 3 - 5 7
Power p l a n t e q u i p m e n t
181-1 ( W b r t h l n g t o n C o r p . )
9-29-55
C o n c r e t e m i x e r s on t r u c k s
10- 4-56
581-4 (Worthlngton Corp.)
30.
9.800.00
plant
r
S. A.
C o n s o r c l o de E q u l p o s de
C o n s t r u e d o n , S . A . (Banco G i b s o n .
S. A.)
1
machinery
122.694.95
S.A.
9-30-58
parts
Agricultural
Peruana,
3
o
1,680.00
machinery
9rt
Cla.,
Carrocerlas Hetallcas,
See f o o t n o t e s o n page
6-30-58 $
•&-30-61
equipment
911
A . F a b r l c a Mac 1one1
Comerclal I n d u s t r i a l
(Banco C o n t i n e n t a l )
4.300,000.00
60.000.000.00
A.
A.
894
Fabrltex Peruana, S . A.
( F i n a n c i e r s Peruana. S. A . )
Socledad A g r l c o l a "Pucala" L t d a . ,
S . A . ( S t o c k h o l d e r s o r Comm. Bank) 9 0 7
t
$
Holl)
Ferreyros y C l a . S .
Enrique Ferreyros
$
bodies
Aluminum e x t r u s i o n
H a n u f a c t u r a de H e t a l e s y A l u m l n l o
20,800,000.0C
100.439.437.82
280.000.00
12Bus
$
dlesel
«6fl
S.
E.puyD. t t
(Gastor
A s p h a l t p l a n t and e q u i p m e n t
(Barber-Greene A m e r i c a s . I n c .
Concrete batching p l a n t
Bus c h a s s i s w i t h
Enrique
A ™ -
plant
fi<>0
Nlcollnl
^SKES.""
to
CO
00
producing mach.
Sulphuric acid
y Metales,
2/
1-57
8-
774
A.
811-
798
Cla.
A-m-J/
STATU, or LOAN.
continued
S o u t h e r n P e r u Copper C o r p o r a t i o n
Banco C e n t r a l de R e s e r v e d e l P e r u
( R e p u b l i c o f Peru)
Republic o f
D«w
(E.ponS.T^..^,
Uxomunuo BALAKCX
16,000.00
13.000.00
13.000.00
18.922.29
42.941.43
15,441.09
558.91
52.694.95
9.168.77
1.526.39
6.433.84
9,007.25
813.96
2-28-58
225.000.00
420.00
56,145.00
168,435.00
7,606.50
51,700.00
40.00
51,660.00
19,372.50
32,287.50
2,838.47
53.300.00
20.00
53.280.00
6.660.00
46.620.00
1.234.93
224,580.00
70.000.00
IXPOtT-IMKJtT BANK OF WASHINGTON
28.
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
BtZZLT^ZZS
"VT
(E,
F NANC,D
'
„.„,
D«
*™»±/2/
C
^K£5SS."»
Amou«
Expi^D.*
December 31. 1957.
"ts&Er
iS&Ek
.Up-d
OMUdu*
SsF
cijXgHTUBUC
LuTATO
" "
LATIN AMERICA - Peru - continued
Clam shell excavator
7-14-55 $
664-1
24.000.00 $
723.00
Warehouse truck
$
5
$
23.277.00 $
737-i
*
3.900.00
3.900.00
3.900.00
741.581.60
168.918.33
3-31-58
572.663.27
6-27-57
73.400.00
2-28-58
31.102.43
31.102.43
1-11-57
30.000.00
42.297.57
Ext
11.230.57
9-30-57
18.769.43
18.769.43
23.600.37
23.600.37
165.20
30.000.00
1-31-58
1.019.462.35
60.058.426.38
3.417.838.95
800.100.00
6.400.800.00
Agricultural and Industrial
11*6-:
1.029.19
3- 8-56
Fire engines and pumps
La Comerclal Intportadora, S. A.
7.759.00 $
6- 6-57
Tractors and generators
Enrique Ferreyros I Cla., S. A.
15.518.00 t
241.581.60
331.081.67
12.995.65
500.000.00
and Chemical Corp.)
A. y F. Wlese, S. A.
Fire fighting equipment
Water pumps ( related equip.
Juan Hagot, S. A.
Turbine and centrifugal pump
15.000.00
Total
139.225.814.37
192.167.94
77.955.757.70
60.787.090.30
290.798.43
w
w
o
Uruquay:
7.200.900.00
Do
331
Do
345
Do
345.
do
2- 2-43
1S9.600.00
2- 2-43
19,840.400.00
C. A.
102.200.00
1.996.31
2,066.600.00
68.800.00
439,917.56
6.934.500.00
7,723,200.00
6,571,800.00
3,239,147.55
4,094,468.57
4.094,468.57
Tractors and power units
11-10-55
587-1
Total
,
VeneiueIa
Hotel Tamanaco,
57.400.00
2.135.400.00
159.600.00
17.705.000.00
279,001.10
2,118,232.58
4,799,100.00
110.000.00
110.000.00
32.110.000.00
17.815.000.00
7,360,500.00
E
o
ft
Goods and services for
C. A. la Electrlcldad de Caracas
Electrical equipment
469
Republic of Venezuela,
680,668.29
Quarlco River Dam Constructlc
Cla. Anonlma Venezolana de
8M
Lorenzo Bustlllos M. 1 Cla. Sues.
auo
4,882.48
Industrial trailers
Lorenzo Bustlllos H. t Cla. Sues.
tools (Inqersol1-Rand Co.)
10-11-56
Wood I metal working mach.
(John D. Williams Export Con .) 10-11-56
Generators t welding equip.
10-11-56
(Hobart Brothers)
Industrial trailers
"SImar" Socledades Industrlales
Asphalt batching plant
Do
84|
Do
84?
Do
843
84.34
6,365.61
3,182.80
6.250.00
2.381.69
3.868.31
2.578.88
1.289.43
210.64
3.450.00
385.30
3.064.70
1.532.36
1.532.34
115.83
6.100.00
1.536.90
4.563.10
1.521.03
3.042.07
156.86
286.85
1.308.87
847
Descuento)
to
See footnotes on page j u .
CO
zo
EXPOrMMPOKT BANK OF WASHINGTON
29
STATEMENT OF LOANS AND AUTHORIZED CREDITS
c
mr
'£ZZLT££Z*
LATIN AMI RICA -
Venezuela -
Do
Venezolanas,
F"".*""
k
ta»
I W
\j
y
*TSKS£r»
Amoon,
Expiry Date
luSbS.
^EftKr
Repud
Ouuundit^
LmrTATO
,N
^^TODT/C'
^25??
00
o
o
continue
896
Aerovlas
(F
December 31. 1957.
Heavy construction and earth
moving equipment
(LeTourneau-Westinghouse Co.
897
2-28-57 %
32.599.26 t
8,399.17
2-28-57
I9.5A0.9G
3,202.60
5-16-57
1.200.000.00
$
i
24.200.09
$
i
12.599.26 S
8.040.90
10.338.30
11.600.81 S
2.297.40
674.51
s
i
263.40
Aircraft and spare parts
S.A.(AVENSA)
918
1.200,000.00
1-31-59
17,500.00
5-11-58
3.500,000.00
7-31-59
Airplane Corp.)
Crushing equipment t asphalt
6-14-57
C . A . V e n e z o l a n a de P u l p a y Papel
C"la. A n o n . La
de C a r a c a s
Electrlcldad
C . A d r a n z a *• C i a . . S . A .
S . A . Eugene C a p u c l o y C l a . ,
S o c l e d i d Tecnlca y Comerclal
S . A . Eugene C a p u c l o y C l a .
9?6
6-14-57
3.500.000.00
620-1
5-23-55
184.100.00
2.758.78
181.341.22
72.536.48
8-11-55
94.488.59
75.000.00
19.488.59
19.488.59
3- 9-56
98.801.35
_2_.6i'.'0
8-30-57
65.000.00
19.685.71 .
1-19-56
115,028.40
Construction of paper mill
Steam boiler
(Babcock (Wilcox Co.)
Tractors * related equipment
6 0 9 - 1 (Massey-Harrls-Ferquson.lnc.
Tractors and earthmovers
5 8 0 - ; (LeTourneau-Westinghouse Co.
D r i l l s , air compressors and
5 8 0 - 8 related equipment
(LeTourneau-Westinghouse Co.
Power shovels, draglInas.etc
(Baldwln-Llme-Hamllton Corp.)
Truck and Industrial scales
6 4 2 - 2 (Fairbanks. Horse t Co.)
617-1
Comanll.
C. A .
37.500.00
9-10-57
Total
84 r 97l.64
31.000.00
31.000.00
17.071,605.50
286.960.76
108.804.74
9,162.94
376.62
-I-1LT5L
96.150.25
18.801.35
77.348.90
1,452.73
i^3J-58
<»5.314.29
340.70
44.971.59
6.27
JfcJfc58_
30,056.76
15^028.40
15.028.16
1,428.55
4.295.298.18
9.782.421.12
2.157.415.17
1.219,449.22
115.037.47
63.328.09
4.844.808.45
7.644.537.91
bd
80.000.00
o
100,000.00
3
a
••71
559
American t Foreign
Power
939
Total
Total
Latin
See f o o t n o t e s on page
America
30.
do
Construction programs of
subsidiaries
2-15-50
1,821,616.92
5- 6-54
1,054,457.55
8-22-57
1,451,195.09
6-10-58
48,804.91
2,919,420.08
25.000.000.00
II.000.000.00
12-31-59
14.000.000.00
29.878.074.47
2.939.420.08
12.451.195.09
14.000.000.00
«7.459.30
386.945.01
2.237.251.203.48
101.457.426.33
663.964.821.97
1.392.614.635.14
79.214.J20.04
508.610.229.25
1.500.000.00
51.709.38
1.672.67
14.000.000.00
134.083.34
14,100.514.29
1*2.779.«
963.218.725.91
213,546.901.64
o
103.290.910.75
EXPORT-IMPORT BANK OF W A S H I N G T O N
30.
STATEMENT OF LOANS AND AUTHORIZED CREDITS
%-r
Srr^r^^"
i E . , « . F r * T .h
D«c
i
* — • ! /
if
^s^r-
A»™.
E.p.ry D.K
£t£l±
D
December 3 1 ,
Rcf-d
",bEi6§!ir
OUUu»di««
'€"
u
°^vH£™
1957,
L'»™.o-
OCEANIA
State of
South
Equipment
Australia
for
uranium mining
$
$
5.937.509.27
$
$
1.941.565.52 $
3.995.943.75 $
655.030.39
$
$
New Z e a l a n d :
Materials, equip.,t
serv.,for
2-11-54
556
Agricultural
and
16.000.000.00
9-
1-55
96.554.48
208.507.11
\J
Total
participation
Total
authorizations
I n some c a s e s c e r t a i n
In
c r e d i t s by o t
o
88.507.11
23.445.52
1.849.49
2.038,507.11
11,073,445.52
809,759.46
807.909.97
16.208.507.11
96.554.48
13.032.562.93
22,146,016.18
1,000,000.00
96,554.48
18.970,072.20
79,389.70
3,980,072.63
15,069.389.27
1.464,789.85
5,879,458,186.22
184,872.755.95
1,431.729.622.75
4.173.144,708.76
89,711,098.76
1.278.313.337.70
2,984,542.469.82
729.168,762.52
2.869.564.6^1.52
1.19J.l4l.901.85
2.984,542,469.82
833.398,188.61
210.395.363.90
:redlt
11.050.000.00
79.389.70
79.389.70
8.959.418.211.64
segments
have b e a n f u l l y
3-31-58
3.000.000.00
8.749.022.847.74 1.377.216,659.80
Add:
1.950.000.00
32.562.93
13.000.000.00
3.000.000,00
Industrial
578-7
1.677.220.757.67
1.284.021.615.28
1.431.729.622.75
5,'t57.166,344.04
482,910,221.15
2.955.534.095.37
120.000.00
o
104.229.426.09
144.794.806.13
3
Q
repaid
red I t
2J
2/
Each c r e d i t
a u t h o r i z e d on a
extent
principal
that
Interest
I s compounded
Is
revo
repaid
quarterly
>asls
Is
limited
> d l t becomes
t o a maximum
reavallabia.
ided t o a u t h o r i z e d
credits.
CO
o
£ x £ £ H I £ £. £ R J L £ 1 I i I H £ i - H N 1 1 £ £ S T A J i i
CAPITAL
I M I f H n
THE FOLLOWING PAGES NOS. 32 to 35 REFLECT EXPORTER CREDIT LINES AND TRANSACTIONS THEREUNDER.
THE LINES ARE NOT INCLUDED IN TOTAL AUTHORIZATIONS OF THE BANK AND THEY ARE AVAILABLE ONLY TO
THE EXTENT THAT THE BANK AUTHORIZES SPECIFIC OR REVOLVING CREDITS TO FINANCE TRANSACTIONS
THEREUNDER COVERING EXPORT SALES OF U. S. CAPITAL EQUIPMENT.
DETAILS OF THE TRANSACTIONS ARE
SHOWN IN THE STATEMENT OF LOANS AND AUTHORIZED CREDITS UNDER THE SPECIFIC COUNTRIES TO WHICH
THEY APPLY.
TRANSACTIONS UNDER THE CREDIT LINES ARE INCLUDED IN TOTAL AUTHORIZATIONS AND ARE
CHARGEABLE AGAINST THE BANK'S LENDING AUTHORITY.
XPOtT-IMPOUT BANK O F WASHINGTON
EXPORTER
CREDIT
32.
LINES
December 3 1 . 1 9 5 7 .
The O l i v e r
N M « or E X F C T E .
°as?T
Corporation
S78
579
leTourneau-Westlnqhouse
Worthlnqton
Co.
Corporation
Barber-Sreene
580
581
TotXSZS,
T r a c t o r s and
equipment
D.«
Steam q e n e r a t l n q equipment
Heavy e a r t h m o v i n g e q u i p m e n t
and r e l a t e d I t e m s
Power p l a n t s ; p u m p i n g a n d
e l e c t r i c a l equipment
Paving and c o n s t r u c t i o n
W
Company
587
A^u,.,
•nSESS.
*JL*
Expiry D . *
An™-.
JkStl
A g r i c u l t u r a l machinery,
Implements, t r e l a t e d items
11-10-54 $
'•.132.385.71 $
11-10-54
6.177.652.50
11-18-54
11-18-54
3.699.587.92
4-3O-58
1.641.500.00
*t. 5 3 7 . 1 9 6 . 3 0
4-30-58
3.455.224.36
597.051.35
3,040,796.84
7-31-58
379.090.71
'•.377.618.81
626.500.00
3.752.657.50
5-31-58
400.381.31
778,507.11
$
$
50,145.47 $
1.469.929.35
11-26-54
567.550.00
170.100.00
482.450.00
5-31-58
85.100.00
12-16-54
2.586.576.93
"+56.576-93
2,280.000.00
5-31-58
69.230.06
136,097.84 $
Company
588
Construction
E a r t h and m a t e r i a l s
593
Air
599
Farm m a c h i n e r y a n d
Slashing and o t h e r
compressors
Implements
textile
600
equipment1"5
754.556.62
575.000.00
12-30-54
225.000.00
1 - 6-55
150.000.00
1-27-55
762.468.79
1-27-55
55.000.00
274.700.00
""*
w o r k i n g and
7-31-58
575.000.00
E x t ens i o n p e n I n g
575.000.00
8-31-56
132.385.71 $
'•"^SET""
53.857.60 S
TSIlSSU^ESu'™
4.534.48 $
LmrrvnoN
^TESSJJT"
345.709.32 $
4.000.000.00
67.248.39
1.043.80
6.000.000.00
177.652.50
1.347.803.70
80.224.36
298.866.35
10.965.79
182.623.83
3.375.000.00
224,580.00
377.618.81
247.3W.50
23.055.32
1.538.69
4.000.000.00
42.550.00
42.550.00
3.545.29
85,000.00
525.000.00
86,576.93
27,278.32
27.278.30
25.59^.56
39.9I*».95
2.257.79
150.000.00
2,500.000.00
2.567.70
95.143.38
42.941.43
27.278.30
700.000.00
575.000.00
moving
591
Metal
12-16-54
12-30-54
and pumping
590
B a t s o n - l o o k Company
U n i t e d E n g i n e e r i n g and Foundry
" oTl^r°
55.526.85
67,193.27
The Thew S h o v e l
p, ,
agricultural
"
170.000.00
23.958.02
'.25.000.00
5-31-58
150.000.00
5-31-58
746.808.64
5-31-58
55.000.00
6-30-58
, x , l , , r v
, r-
-.oo 0 0
225.000.00
8.297.87
750.000,00
150.000.00
6.382.80
9.277.35
12.468.79
3,191.36
677.96
m
td
55,000.00
o
5-31-58
forming
250.000.00
2-10-55
607
Agricultural
and o t h e r
Agricultural
and
60R
dredging
Truck
Company
417,988.59
2-17-55
594,860.50
75,000.00
2-24-55
450,000.00
2-24-55
225,000.00
Textlle
machinery
2-24-55
1,500,000.00
619
Motor t r u c k s and t r a i l e r s
E l e c t r i c power and
I n d u s t r i a l steam b o i l e r s
3- 3-55
318,641.22
126,000.00
3 - 3-55
2.272,536.48
184,100.00
620
629
6V
615
636
Baldwln-Llma-Haml1 ton
5.619.488.59
613
6?5
Company
5-31-58
6-30-58
450.000.00
2-17-55
614
6?4
Blaw-Knox
45O.OOO.OO
5.544.000.00
2-17-55
Road b u i l d i n g a n d m a i n t e n a n c e
equipment
Asphalt mixing plants,paving
and r e l a t e d equipment
61?
The B a b c o c k & Wi1 c o x Company
S p a r k l e r M a n u f a c t u r i n g Company
700,000.00
Corporation
637
6^8
6Vr
640
641
9-30-58
26,500.00
700,000.00
5,600.000.00
450.000.00
19.488.59
19.488.59
376.62
342.500.00
74.860.50
2.124.61
139.50
machinery,
610
The H u b e r - W a r c o Company o r
Kenworth Motor
26.500.00
Industrial
609
Dredges,
700,000.00
f
andUequI>^mentre
" t e r S
M a t e r i a l s h a n d l i n g equipment;
c o n s t r u c t i o n machinery
T u r b i n e t y p e v e r t i c a l pumps
C o n s t r u c t i o n , s t e e l , and
o t h e r I n d u s t r i a l equipment
Heavy m a t e r i a l h a n d l i n g
equipment and systems
T r a c t o r drawn f a r m equipment
Construction equipment,
a t t a c h m e n t s , and accessories
G r a i n d r y i n g and h a n d l i n g
equipment and r e l a t e d Items
Agricultural
Implements,
motor t r u c k s , and machinery
Heavy e q u i p m e n t f o r
c o n s t r u c t i o n and pavlnq
Paper m i l l m a c h i n e r y and
520,000.00
7-31-58
450^000.00
8-31-58
74.860.50
6-30-58
2 2 5 , 0 0 0 00
E x t s n s l o n pen l i n g
1 , 5 0 0 , 0 0 0 00
6-30-57
300,000 00
5-31-58
Ext
2 , 0 9 1 . 1 9 5 26 ' 6 - 3 0 - 5 7
3-10-55
45.000.00
4 5 . 0 0 0 00
7-31-58
3-10-55
1.500.000.00
1,500.000 00
6-30-58
75.000 00
6-30-53
520.000.00
450,000.00
18,641.22
18,641.22
181,341.22
72,536.48
187.05
108,804.74
9,162.94
j
2 2 5 , 0 0 0 00
!
1 L 5 0 0 , 0 0 0 00
3 0 0 , 0 0 0 00
107.358.78
2 , 2 0 0 , 0 0 0 00
2,758.78j
4 5 . 0 0 0 00
1
3-17-55
75.000.00
3-17-55
2,408,037.12
12,580.00
2,395,806
72
8-31-58
3 5 0 , 0 0 0 00
8-31-58
2 5 . 0 0 0 00
7-3'l-58
3-24-55
350,000.00
J-24^55
137.378.90
112.378.90
Jrlbi5_
1.615.028.40
321.028.40
1 . 3 8 0 , 0 0 0 00
10-31-58
Ext •nslon pending
135.000
6-30-57 1
3-31-55
135.000.00
3-31-55
10.019.123.01
169.123.01
9 . 8 5 0 . 0 0 0 00
6-30-58
3-31-55
570.328.00
271,328.00
4 7 5 , 0 0 0 00
8-31-58
350.000.00
7-31-58
3-31-55
|
1 . 5 0 0 . 0 0 0 00
7 5 . 0 0 0 00
12,230.40
8,037.12
4,193.28
524.63
11,909.80
37.378.90
13,464.60
1,933.57
30.056.76
15,028.40
15.028.36
1,428.55
114,514.24
19.123.01
95.391.23
1.250.67
20,328.00
4.353.75
1,151.**
349.60
2 , 4 0 0 , 0 0 0 00
3 5 0 . 0 0 0 00
38,933.70
1 0 0 . 0 0 0 00
86.000.00
1 . 6 0 0 . 0 0 0 00
135.000.00
24,681.75
10.000.000.00
176,000.00
550.000.00
350.000.00
CO
o
00
EXPOKT-tMKMT BANK OF
00
WASHINGTON
33.
EXPORTER CREDIT LINES
December 3 1 .
NA 1 or EX
"
f,m
Twites,
"KT
'°,Tl*
Diesel
F a i r b a n k s , H o r s e ( Company and
engines,
D.U
Anx™,
S
Motor
T^SSSS-
Aoxx.„,
Exp^D.*
s:zzro
.."fewR-l
E.,^h.„k
generators.
t r u c k s and
2.100,000.00
$
2.100,000.00
-E-31-58. J
i
"" a ^?r.r ND,N °
associated
l
EE%™£
CA
Rt
?."w™„rD
o
a.™™'""
$
$
s
._
p
1957.
643
General
Motors
649
4-
7-55
650
4-
7-55
900.000.00
4-
7-55
10.012,108.72
296.108.72
9.900.O00.OO
4-
7-55
7.624,591.24
464.591.24
7.200.000,00
Overseas
Transportation,
power
C.
A.
Agricultural
Inc.
1
Soap and f a t
The Emsco M a n u f a c t u r i n g
Company
657
S a b l n S t . G e r m a i n «• Assoc la t e s . l n c
The M a r l o n Power S h o v e l Company
and s u b s i d i a r y
Cummins E n g i n e C o . , I n c . »
subsidiary
V e r t i c a l t u r b i n e and a x i a l
f l o w p r o p e l l e r pumps
B l a s t c l e a n i n g e q u i p m e n t and
660
machinery^
661
and
equljment
hand 11nq e q u i p m e n t
D i e s e l and gas e n g i n e s .
663
664
665
The G a l l o n
I r o n Works ( M f o .
Co.
attachments
and
accessories
666
and
400,000.00
Ext ens ion pen l i n g
400,000.00
6-30-57
4-21-55
100,000.00
100,000.00
4-21-55
352.725.27
16^400.00
4-21-55
^28-5i_
1.200.000.00
1,887,000.00
847.761.28
82,000.00
1,887,000.00
173.761.28
4-28-55
1.605,395.30
458.500.00
1.378.322.79
1-31-59
250.000.00
24.000.00
250,000.00
8-31-58
879.801.00
280,203.20
761.028.96
7-31-58
118.772.04
10-31-58
8,380.10
* r28-55,
•JbM-55Water,
678
O l i v e r M a c h i n e r y Company
C o n t i n e n t a l Copper ( S t e e l
Industries. Inc.
679
The T . L . S m i t h Company
Westlnghouse A i r Brake
681
680
682
and
Co.,
E a r t h moving equipment
C o n c r e t e m i x e r s and r e l a t e d
equipment
Railroad construction, mlnInq.
and- d r l 11 I n q e q u i p m e n t
C r u s h i n g and
t
16,351.56
1.200.000.00
9-30-58
( 3 4 , 1 3 8 . 6 3 Canceled)
7-31-58
674.000.00
985,690.20
114.779.53
5,036,437.05
mjm^S-
Heavy m a c h i n e t o o l s
T r u c k and t r a c t o r e q u i p m e n t ,
686
Power e x c a v a t o r s ,
717,395.89
47.761.28
1,135,465.48
67.018.25
63,962.64
19,801.00
98.971.04
4.063.56
36,437.05
37.944.79
100,000.00
48.44
350,000.00
82.000.00
1.200,000,00
Non-Revolving
800.000.00
2.190.35
W
H
O
173.072.51
3
24.000.00
161.431.16
66,001.74
2
o
8-31-58
5-16-55
150j_000.00
150,000.00
10-31-58
150,000.00
5-16-55
475,000.00
475,000.00
12-31-58
475.000.00
10-31-58
775.000.00
5-19-55
775.ooo.oo
775.000.oo
5-19-55
130.000.00
Canceled
130.000.00
5-19-55
325,000,00
325.000.00
8-31-58
5-19-55
85.000.00
85.000.00
12-31-58
85.000.00
5-26-55
6.100.000.00
6.100.000.00
10-31-58
6.100.000.00
5-26-55
1.378.750.00
105.000.00
5-26-55
600.000.00
230.000.00
6-
2-55
800,000.00
6-
2-55
700,000.00
6-
2-55
1.700.000.00
6-
9-55
425.000.00
1.276.322*18.
325.000.00
9-30-58
102.370.62
370,000.00
1-31-58
89.613.00
800,000.00
10-31-58
1.700.000.00
10-31-58
cranes,
687
692
389.72
78.750.00
23,620.62
material
684
685
13,626.29
_S=3J=5B_
I Lewis Machine Tool
i
867,171.17
2,725.27
related
P a p e r - m a k i n g m a c h i n e r y and
component p a r t s
P r o - f a b r i c a t e d metal
bulldlnqs. etc.
Woodworking and p a c k a g i n g
683
Iowa M a n u f a c t u r i n g
Glddlngs
400.000.00
_5r-_fc55_
Steam t u r b i n e s
&77
I
1
9-30-58
II-3O-58
336,373.71
240,000.00
676
Company,
10.000.000.00
j
..-fc-fc55_
673
I r o n Works
Manufacturing
184,000.00
and
67?
Belolt
Butter
2.260.01
85,878.49
s e w a g e , and w a s t e
Diamond c o r e d r i l l
Co.
80.353.14
Industrial
671
Turbine
12,108.72
110.469.73
4-21-55
>28-55
Agricultural
De L a v a l
92,461.86
5-31-58
4-14-55
65?
Corporation
_2ril=58_
processing
654
Wheelabrator
04
825,000.00
653
& Sanger,
41
8-31-58
machinery,
65?
Wurster
467.041 .04
900,000.00
genera-
651
John D e e r e ,
33.000.00
H a n d l i n g equipment and
I n d u s t r i a l rubber equipment
185.000.00
89.613.00
4.126.39
2.629.38
1,300,000.00
a
EXPORT-IMPORT BANK OF WASHINGTON
EXPORTER CREDIT LINES
N««<**»WT«
Towmotor C o r p o r a t i o n
LINES AUTHORED
Cffo,T
and
ftttES
Fork
lift
trucks,
Industrial
6-16-55
693
S
400.000.00
s
Aunount
S
Expiry D.le
400,000.00
1-31-59
120.000.00
6-30-58
10.000,000.00
12-31-58
90,000.00
9-30-57
Road m a i n t e n a n c e and
695
Ford Motor
698
Comoany
"«W
700
Universal
W i n d i n g Company
701
T r u c k s , t r a c t o r s , and
r e l a t e d equipment
Centrifugals L related equipment f o r p r o d u c t i o n o f suqar
C r a n e s & s t e e l m i l l equipment
T e x t i l e e q u i p m e n t and
c o i l w l n d l n q machinery
701.
Metal
fabricated
710
711
S t e e l and w i r e p r o d u c t s
processlnq machinery
Fork l i f t trucks, Industrial
t r a c t o r s , and h o i s t s
716
C r u s h i n g and
722
F r a z a r &• H a n s e n , L t d .
G r u e n d l e r C r u s h e r and
P u l v e r i z e r Company
Proctor
and
724
Fruehauf T r a i l e r
Company
Mine S a f e t y A p p l i a n c e
Company
H. W. B u t t e r w o r t h «• Sons Company
Dresser
Lumber m i l l and a g r i c u l t u r a l
machinery
C r u s h i n g and p u l v e r i z i n g
Industries. Inc.
I n d u s t r i a l d r y l n q equipment
T r u c k s , t r a i l e r s , and t r u c k
725
728
Safety
729
T e x t i l e machinery
P o u l t r y r a i s i n g and t o b a c c o
c u r l n q equipment
Engines, compressors, w e l l d r l 1 l l n q equipment
Food and f e e d p r o c e s s i n g
T)0
7V
equipment
733
7V»
B u f f a l o F o r g e Company and
735
7^6
I n d u s t r i a l h e a t i n g and a i r
c o n d i t i o n i n g equipment
Weldlnq equipment
A g r i c u l t u r a l and c o n s t r u c t i o n
737
Tubular
products;
739
Steam c l e a n e r s , a n d
746
equlpment
747
Motor t r u c k s
Food p r o c e s s i n g
C
^zzzr
$
s
""K^TS?"
$
400.000.00
120.000.00
6-23-55
10,000.000.00
6-30-55
105,000.00
6-30-55
400.000.00
400,000,00
10-31-58
400,000.00
6-30-55
1,100,000.00
15.000.00
120.000.00
10,000.000.00
15.000.00
15.000.00
90.000.00
549.53
1,100.000.00
1,100,000.00
10-31-58
7-55
125.000.00
125.000.00
11-30-58
125,000.00
7-21-55
300.000.00
300.000.00
10-31-58
300,000.00
7-21-55
1.750.000.00
7-21-55
75.000.00
7-21-55
600,000.00
7-21-55
872.643.25
684,500.00
1-31-58
7-28-55
650.000.00
650.000.00
12-31-58
650.000.00
200,000.00
24.300.00
1.750.000.00
1-31-58
51.399.63
2-28-58
600,000.00
11-30-58
191.000.00
8-
4-55
8-
4-55
200.000.00
200,000.00
10-31-58
8-
4-55
250,000.00
250,000.00
11-30-58
8-11-55
65,1*01.22
8-11-55
8-11-55
300,000.00
8-18-55
550.000.00
8-25-55
300.000.00
8-25-55
102.060.00
8-25-55
32.000.00
300.000.00
1.300.000.00
1.750,000.00
23,600.37
23.600.37
165.20
699.63
75.000.00
600,000.00
3.900.00
22,61*3.25
22,643.25
3,900.00
318.42
2,856.75
850.000.00
300,000.00
6,735.60
6,200.00
315.000.00
250,000.00
Canceled
30,567.89
293,264.40
1-31-59
550,000.00
1-31-59
300.000.00
1-31-58
95,880.00
Ext
1,300,000.00
15,1*01.22
15,166.67
1,280.46
1,432.11
snsion p e n d i n g
11-30-57
50,000.00
300.000.00
6,735.60
6,735.60
300.000.00
550,000.00
300.000.00
1-31-58
6.180.00
2,060.00
4,120.00
360.08
20.00
100.000,00
315.000.00
1.300.000.00
ling
11-30-57
9-
1-55
205.000.00
205.000.00
11-30-58
9-
8-55
210.000.00
210.000.00
9-30-58
210.000.00
9-
8-55
450.000.00
450.000.00
450,000.00
1-31-58
9-8-55
100.000.00
100.000.00
1-31-58
9-15-55
10.558.555.24
7.717.900.00
12-31-58
9-15-55
1.000.000.00
1.000,000.00
1-31-58
9-22-55
90,000.00
90,000.00
2-28-58
17U599.75
Ext
800,000.00
1-31-58
3.061.455.24
205.000.00
100.000.00
1.363.132.50
558.555.21*
804,577.26
29.953.00
220.800.00
10,000.000.00
1.000.000.00
90.000.00
generators,
224.363.00
748
'SS"
drilling
743
The Elmco C o r p o r a t i o n
Mack T r u c k s , I n c . and
s
""—^r-
materials
723
Schwartz
s:?£zm
fire-fighting
709
A e t n a - S t a n d a r d E n g i n e e r i n g Company
The Y a l e i. Towne M a n u f a c t u r i n g
?m
products
70H
Motorized
$
/
AS'Sffi'
Ex„!L.k
6-23-55
7-
707
December 3 1 , 1957.
AMOUNT DIS.U«,ED
BALANCE A v » I L A » L X
T£"^«
A™™.
D««
57.813.00
1*9.107.25
24,363.00
lng
9-22-55
800.000.00
9-29-55
2,870,036.34
1.306,714.97
2,013.662.29
1-31-58
618,309.52
120,036.34
498^273.18
17.991.94
450,340.92
2.750,000.00
1,300.675.00
32,700.00
1.268.650.00
2-28-58
20.79^.43
675.00
20,119.43
65.72
675.00
1.300.000.00
11-30-56
800.000.00
and
CO
EXPOftT-MPOtT BANK Of WASHINGTON
35.
EXPORTER CREDIT LINES
N»Uio»Ex».T«
C
W
^ =
A"»«
D.«
Construction equipment, and
10-20-55
7"?o
$
305.288.50 $
10-27-55
1.500.000.00
12- 1-55
300.000.00
Ti*
12- 8-55
400.000.00
76?
12-23-55
150.000.00
T£ZZZ»
184,000.00 $
660.000.00
Industrial alr-conditlonlng
Pan American Trade Development
763
Amoun,
121.717.50
E.„,yD.«
December 3t. 1 ? 5 7 .
E»°L„ k
1-31-58 ?
93.111.00 $
A?KS
44,460.00 $
"•T^r45,288.50 $
p ,o
- '£?r N r° , N C
92.282.50 $
C
TxZZZZ'ZSZJ™
4.893.96 %
~zzz£r
429.00 $
660.000.00
1.500.000.00
1-31-58
Ext ens Ion pen
300.000.00
2-28-57
L,M„«T,ON
260.000.00
1.500.000
00
300,000
00
400.000
00
00
400.000.00
Ext
150.000.00
9-30-57
150,000
250.000.00
4-30-58
250.000
00
4-30-58
175.000
00
Agricultural and Industrial
2-28-57
ling
Towboats, barges, and
300.000
00
Goulds Pumps. Incorporated
768
Water systems and pumps
1-26-56
300.000.00
300.000.00
5-31-58
300.000
00
Pratt ( Whitney Co., Inc.
3-22-56
400.000.00
400,000.00
5-31-58
400.000
00
Shanzer Hanufacturlnq Company
779 Machine tools and equipment
Elevating, conveying, and
7»7 drylnq machinery
4-19-56
50.000.00
Canceled
50.000
00
Jacuzzi Brothers. Inc.
7»«>
Water pumplnq equipment
5- 3-56
300,000.00
300,000
00
790
Trucks and related equipment
5- 3-56
320.000.00
5- '•-56
110.000.00
792
795
45.000.00
60.000.00
15.000.00
7-31-58
320.000.00
6-30-58
320.000
00
50.000.00
9-30-58
110.000
00
5-10-56
250.000.00
250.000.00
6-30-58
250.000
00
5-31-56
300.000,00
300.000.00
6-30-58
300.000
00
7-20-56
10.000.000.00
9-14-56
184,412.23
99.700.00
JLL-_8=56_
685f000.00
232.000.00
1-29-57
1*00,000.00
16.850.00
381.150.00
2-28-58
1-29-57
21*0,000.00
38,000.00
202,000.00
2-28-58
240.000.00
Electrical equipment and
8?8.
270,000.00
o
10.000.000.00 JIr2£r58
177.7
Ext
89.632.31 11-30-57
94,779.92
19.412.23
75.367.69
469.11
10.000.000
00
4,920.08
165.000
00
232.000.00
685.000
00
400.000
00
to
O
Cotton ginning machinery.
685.000,00^ 12- 1-58
Purification * conditioning
885
Equipment for manufacturing
flfift
Heat treating equipment, and
2-28-58
888
Water pump systems and
1,000,000.00
958
Al1ls-Chalmer$ Hanufacturlnq Co.
961
966
Agricultural equipment
Agricultural, construction.
Industrial equipment, etc.
Hydraulic turbines, pumps.
10-31-57
200.000.00
11-14-57
10.000,000.00
12-10-57
18,900.OOj
300.000.00
180.067,460.58
Total active exporter credit lit
125.250.00
17.708.540.61
214.833.33
4.700.764.30
179.852.627.25
13.007,776.31
74.750.00
11-30-58
200,000.00
9.981,100.00
11-30-58
10,000,000.00
300.000.00
12-31-58
166,844,850.94
300.000.00
6,691,055.74
2,029,171.93
3,117.856.47
5,602,371.20
277.382.11
4,700.764.30
175.780,000.00
214.833.33
166,844,850.94
175,565,166.67
to
I
36.
EXPORT-IMPORT BANK OF WASHINGTON
SUMMARY STATEMENT OF LOANS ANfr AUTHORIZED CREDITS
December 31, 1957.
$8,959,418,211,64
Authorizations
Authorizations taken over by others, without recourse to Eximbank, cumulative:
Latin America
Europe
Area
$ 28,376,568.27
168,018,795.63
14.000.000.00
Asia
210,395,363.90
1,377,216,659.80
Cancellations and expirations
Export-Import
Bank Funds
$482,910,221.15
5,940,076,565.19
Repayments
2,520,759,667.38
434,774,427.99
2,955,534,095.37
Outstanding loans
2,936,406,676.66
48,135,793.16
2,984,542,469.82
Authorizations not disbursed
1,431,729,622.75
Total of outstanding loans and balance of authorizations
not disbursed
4,416,272,092.57
Lending authority assigned by Bank under provisions of
Public Law 30 - 83rd Congress - for cotton insurance
Uncommitted lending authority
o
Disb, by others
at EIB Risk
$5,457,166,344.04
Di sbursements
W
o
50,000,000.00
533,727,907.43
CO
O
EXPORT-IMPORT BANK O F W A S H I N G T O N
37.
STATEMENT OF LOANS A N D AUTHORIZED CREDITS
December 3 1 . 1 9 5 7 .
CERTIFIED BY OPA AND DMPA
C
VS"
< G - " ' " ~ " •—">«•>
AFRICA
Rhodesia
Congo B o r d e r
Power
DP-6
D.«
, E . ^ T ™ — ,
Power f a c i l i t i e s for
p r o d u c t i o n o f copper
the
& cobal
A —
"TS^oV"
$
*»»««
E.p.ryD...
iSEbXk
$
22.400.000.00
R^d
^Ei&SlST
Ouuund.n,
^^r'H^8'
s
1-
B-53 $
22.400.000.00
4-
2-53
5.500.000.00
5.500.000.00
5.500.000.00
6-17-53
540.000.00
540.000.00
540.000.00
68.659.08
6.040.000.00
6.040.000.00
6.040.000.00
549.881.70
$
4.321.472.93 $
18.078.527.07 $
GO
O
00
L».rrvn„»
2.432.731.46
CANADA
Equipment
Molybdenite Corporation
Canada. L i m i t e d
Total
of
DP-8
t development
cost
P r o d u c t i o n o f molybdenum
d l s u l p h i d e and b i s m u t h
Canada
I n d u s t r l a e C o m e r c l o de
S. A.
481.222.62
w
w
Mlnerlos,
DP-4
P r o d u c t i o n o f manqanese
DP-1
Two s i s a l
OP-2
Zinc processing
ore
4-52
71.340.795.03
55.059.807.43
16.280.987.60
16.000.000.00
16.000.000.00
55.340.795.03
39.059.807.43
16.280.987.60
7.078.548.78
7.078.548.78
48.262.246.25
31.981.258.65
16.280.987.60
5.901.689.51
3.921.426.29
1.980.263.22
1-10-52
202,260.00
141.605.00
60.655.00
28.733.40
31.921.60
1,981.21
6-19-52
337.500.00
117.500.00
117,500.00
9-
o
Cotes de F e r
Corp.
processing
plants
Mexico:
Zinc N a c l o n a l . S.
Total
A.
Latin
plant
America
49,951.10
16.820.747.60
141.605.00
16,679.142.60
166,211.40
16.312,909.20
45.260,747.60
141.605.00
45.119.142.60
10,727,706.31
14,391,416.27
§
2.032.197.53
w
w
P r o d u c t i o n o f c o p p e r and
Canceled 4 - 2 4 - 5 3
British
East A f r i c a :
Kllembe M i n e s .
Uganda
Ltd.
DP-3
P r o d u c t i o n o f copper
cobalt
and
8-21-52
7.500,000.00
7.500.000.00
Total
terminated
28.500.000.00
28.500.000.00
Grand
Totals
73.760.747.60
28.64J.6O5.O0
Canceled
45.119.142.60
10.727.706.33
34.391.436.27
5.014.810.69
11-12-53
38.
EXPORT-IMPORT BANK OF WASHINGTON
December 31, 1957.
Liquidation of loans transferred as of June 30, 1954 from
Reconstruction Finance Corporation under
Reorganization Plan No. 2 of 1954
Description of Obligations
Republic of Ecuador
RFC-1
Promissory Note dated 3-30-42
for $124,626.58
Newfoundland Railway
RFC-2
Promissory Notes of various
dates for $1,944,355,50
Banco de .Credfto da Borracha RFC-3
(Amazon Credit Bank of Brazil)
60,000 shares of capita] stock
Par value 60,000,000 Brazilian
Cruzeiros
Republic of the Philippines
RFC-4
2 Promissory Notes of various
dates for $60,000,000.00
German Bonds and Stocks
RFC-5
German Government and Municipalities External Loans and
Mortgage bonds and stocks
charged off by R.F.C.
Totals
Outstanding
Balance
June 30, 1954
$
53,258.24
427,098.00
3,000,000.00
42,000,000.00
1.00*
$45,480,357.24
Repayments
$
25,217.30
427,098.00
-P-
Unpaid
Balance
$
Income
Collected
28,040.94
-03,000,000.00
21,000,000.00
21,000,000.00
31,468.42
1.00
$21,483,783.72
$24,028,041.94
$
O
9,217.93
18,751.69
CEILI]
Obi Igor
Credit
No.
-0-
2,891,301.39
-0-
i
8
$2,919,271.01
* Securities charged off by R.F.C. carried at $1.00 Book value
at time of transfer - Exlmbank has collected $31,468.42 In
partial liquidation thereof.
00
o
CO
39.
December 3 1 ,
1957.
310
UN
INSURANCE ON EXPORTS - UNDER PUBLIC LAW 3 0 , 8 3 r d CONGRESS
Cotton
Country
P o H c l e s V a l i dated
No. o f
No. o f
Amount
Bales
Policies
P o l i c i e s Extended
No. o f
No. o f
Bales
Policies
Amount
Expi r a t i o n s
No. o f
Policies
Amount
No. o f
Bales
U n e x p i r e d P o l i c; I e s
No. o f
U No. o f
Amount ~
Policies
Bales
ASIA
India
Japan
Total Asia
1
_L2
20
7,929
_o~
_ii
8,118
59
189
37,392
$
_J
1,393,743
$
-03.234.081
-018.646
1
3,234,081
18,646
68
$
37,392
^lOE.^O
189
2?, 77*
4,142,922
23,961
-011
-0$
_ 484,902
-02,80?
484,902
2,803
w
EUROPE
]/
O
3,086,331
79,130
366,413
4,112,987
-0-0-010.527.326
-017,851
550
1,700
23,335
-0-0-0~
60.290
156
7
4
495
18
23
182
5
10
1
446
3,796,938
161,774
76,256
18,538,380
502,245
857,964
8,149,389
166,411
389,874
37,754
18.692.433
23,190
971
449
106,948
3,087
4,041
47,103
1.035
2,328
200
107.010
11
-0-032
-07
14
-0-0-0-
214,862
-0-01,258,414
-0139,174
606,795
-0-0-0-
583
19,522,806
111,788
1,347
51,369,418
296,362
113
4,049,636
23,670
642
22,756,887
130,434
1,415
55,512,340
320,323
124
4,534,538
26,473
16,527
971
449
96,502
2,537
3,241
27,260
1,035
2,328
200
9,995.^8
57,191*
66
-0-0110
6
9
122
-0-0-02Z0
877
35,896,248
208,244
897
37,289,991
216,362
Belgium
Denmark
France
Germany, Western
G reece
Italy
Netherlands
Norway
Sweden
Switzerland
United Kingdom
101
7
4
417
12
21
74
5
10
1
225
2,661,181
161,774
76,256
16,710,463
423,115
630,725
4,643,197
166,411
389,874
37,754
Total Europe
Grand Total
1,350,619
-0-
8,062
_o-
-o-
Maximum allowed t o any one Country $10,000,000
SUMMARY
Public Law 30, 83rd Congress - Insurance Authorizations
Amount a l l o t t e d to Cotton Program
$50,000,000
Less: Unexpired P o l i c i e s - cotton
4.534.538
$4^.46,5.462
$100,000,000
1,399
-0-07,405
-0900
3,492
-0-0-
_o10.474
&
O
E X P O R T - I M P O R T B A N K OF W A S H I N G T O N
Loans in default, fully reserved on books, and losses charged off, as of Dec. 31, 1957
Loan
No.
Country
Brazil
Mexico
Poland
Portuguese West Africa
Uruguay
Venezuela
Miscellaneous
Do
._.
_.
._
233
338
141
319
333
441
187
187
Date declared
in default
Borrower
May 16,1945
American-Brazilian Corp.
Dec. 31,1955
Fred Leighton, Inc~- __
Mar. 27,1940
Account 4140: Unconverted Dutch
florins
_
Dec. 6,1946
Chas. B. McDaniel, Jr _
do._
Talleres Graficos Sur, S. A
S. & S. Construction Co. de Venezuela, C. A
July 3,1952
John F. Fitzgerald, Jr_.
__ Dec. 10,1947
Home Plan Corp
._
.. . . _ . __ Dec. 30,1944
Total
Original
amount in
default
Recoveries
of principal
$142,980.19
72, 485. 55
3,491.96
65, 000.00
66,074.32
278, 345. 72
30, 377.36
1, 218.04
$15, 000.00
15,000.00
2,374.35
33,495.33
56, 567.27
6,000.00
8,064.68
659, 973.14
136, 501. 63
Amount
charged off
$57,485.55
1,117.61
31, 504.67
9,507.05
272, 345.72
22,312.68
1, 218.04
395,491.32
Balance in
default fully
reserved
$127,980.19
127,980.19
o
RECAPITULATION
Total defaulted loans
Less recoveries of principal.
Balance reserved and charged off
Source: Office of the Treasurer, Accounts Division.
$659,973.14
136, 501.63
523,471.51
a
to
M
i>
CO
312
Statement
DEBT OETLING INCREASE
of loans delinquent as of Dec. 81, 1957, unpaid at Jan. 30, 1958,
Import Bank participation only
Country
Credit
No.
Bolivia
China
Colombia
Egypt
Mexico
. .
Interest
Total
732
395-399
$13,683.90
9, 454, 288. 55
$1,197.34
8, 087,196. 79
$14,881.24
17, 541, 485.34
649-1
666-2
688
10, 986.40
26, 865. 00
18, 320.06
1, 419. 49
2,149. 20
182. 76
12, 405. 89
29,014. 20
18, 502. 82
295
159, 362.20
26,083.89
185, 446.09
457
179,020. 55
820,979. 45
1,000,000. 00
1821
1821
494
1, 596. 50
812. 50
89.80
30.47
375,272.79
1, 686. 30
842. 97
Haiti
Honduras
Principal
2,162, 899. 79
1, 787, 627.00
98, 958. 43
505
622, 495. 59
523, 537.16
730-1
2 587-1
2 587-1
Peru.
Total
1AOFC.
2 Agent.
1, 294. 65
1,030.00
12,178, 424.47
144, 59
60.16
25.76
9, 413. 790. 92
1,174. 59
21, 592, 215.
39
60.16
1, 320. 41
Export-
Remarks
D u e D e c . 2, 1957.
D u e from Oct. 3, 1949 to Oct. 1,
1957. I n t e r e s t h a s n o t b e e n
taken into earnings.
D u e A p r . 4 a n d Oct. 4, 1957.
D u e F e b . 28 a n d A u g . 30, 1957.
D u e S e p t . 17, 1956, M a r . 15,1957,
a n d Sept. 16, 1957.
D u e M a r . 15, 1957, J u n e 15, 1957,
a n d Sept. 15, 1957.
D u e M a r . 16, 1957 a n d S e p t . 16,
1957.
D u e D e c . 27, 1957.
D u e D e c . 23, 1957.
D u e J u n 30, 1956, D e c . 31, 1956,
J u n e 30,1957, a n d D e c . 31,1957.
I n t e r e s t h a s n o t been t a k e n
into earnings.
D u e J u n e 30, 1955 t h r o u g h D e c .
31, 1957. I n t e r e s t from J u n e
30,1955 h a s n o t been t a k e n i n t o
earnings.
D u e D e c . 30, 1957.
D u e D e c . 21,1957.
D u e D e c . 30,1957.
Statement of delinquent
Country
Credit
No.
1
395
2 396
3
397
*398
8
399
R e p u b l i c of C h i n a
do
do
do
__.do.-_
Total
-
Past-due
interest
T o t a l delinquencies
$535,670.00
$587,044. 26
$1,122,714.26
1,651,618. 55
2,288,000.00
4,329,000.00
650,000.00
756, 541.07
2,111,673.07
4,249,171.24
382, 767.15
2,408,159.62
4,399,673.07
8, 578,171. 24
1,032, 767.15
8,087,196. 79
17,541,485. 34
Disbursements
Principal
balance
$4,243,750.00
$1,871,060.00
2,540,947.55
8,282,219.17
16,650,000.00
1,500,000.00
2,540,947.55
8,282,219.17
16,650,000.00
1,500,000.00
33,216,916.72
30,844,226.72
9,454,288. 55
Delinquent
principal
» Credit 395: During March 1948 Export-Import Bank entered into an agreement with
the Republic of China to assist their purchase of 10 war-built United States coastal-cargo
vessels. The terms of the agreement mortgaged the ships to Export-Import Bank. The
sale was in accordance with the Merchant Ship Sales Act of 1946. The Nationalist Government of China is operating only 4 of these vessels and the principal and interest repayments are currently paid as to them. 3 of the stated vessels were sold by the Republic
of China to the Kingdom of Thailand in November 1951. We extended a loan to the
Kingdom of Thailand (credit No. 504) in the amount of $1,071,340 to assist in the financing.
Arrearages to Export-Import Bank on the 3 vessels were paid up. Loan service on the
3 vessels is current. 3 vessels were surrendered by their crews to Communist China.
The United States district court in Baltimore rendered a judgment in favor of ExportImport Bank on June 12,1957, in the amount of $1,283,211.22 to recover from the insurers
the loss of 3 vessels caused by the barratry of the masters and crews. The judgment
draws interest at 6 percent from date of entry, June 12, 1957. Appeal has been taken.
Payments on the notes as to these three vessels are in arrears.
2 Credit 396: This credit was extended to the Republic of China in February 1946 to
assist its recovery from heavy war damages. Loan proceeds were utilized to purchase
12 vessels and 4 tankers from the United States War Shipping Administration. Such
loans as of Dec. 31, 1957
Remarks
I n s t a l l m e n t s d u e from Oct. 3, 1949, to Oct. 1,
1957, inclusive.
Do.
Do.
Do.
Do.
I n t e r e s t h a s n o t been t a k e n into earnings.
vessels were to be used for transport facilities for China's general cargo trade and to provide
movable storage facilities for petroleum products.
3 Credit 397: This credit was established in February 1946 to purchase United States
generating equipment and engineering services to replace war-destroyed generators and
other facilities relating to power production and distribution.
* Credit 398: This credit was established in February 1946 to provide transportation
equipment and materials to rehabilitate broken lines in communication and poor railroad facilities resulting from war damage.
« Credit 399: This credit was established in March 1946 to provide United States equipment, materials, supplies, and services to rehabilitate coal mines and reestablish maximum production. (Coal production before the war estimated at 34,000,000 tons).
w
•-3
o
g
REPUBLIC OF CHINA—TERMINATED CREDITS
Disbursed and repaid
Interest collected
Source: Office of the Treasurer.
$167,392,972.13
21,089,647.38
J*
g
00
GO
314
DEBT CEILING INCREASE
DEPARTMENT OF STATE, INTERNATIONAL COOPERATION
ADMINISTRATION
DEVELOPMENT LOAN FUND
Beginning in 1958, the Mutual Security Act authorized a development loan
fund to make loans, credits, or guaranties to nations, organizations, persons, or
other entities to encourage the economic development of friendly nations. The
fund is to be administered so as to support and encourage private investment
and enterprise and is not to compete with private investment capital or the
activities of the Export-Import Bank and the International Bank for Reconstruction and Development. Before making any loan, the management of the fund
considers the availability of financing from other free-world sources and ascertains
the soundness and feasibility of the activity to be financed.
The basic financial terms and conditions for the operation of the fund are
determined, after consultation with the National Advisory Council on International Monetary and Financial Problems, by a loan committee consisting of the
Deputy Under Secretary of State for Economic Affairs, acting as chairman, the
Director of the International Cooperation Administration, and the President of
the Export-Import Bank. The fund is administered by a manager appointed
by the President.
Loans for projects which would normally be of a profit-earning nature will be
at rates of interest and for maturities comparable to Export-Import Bank terms
for similar projects. Loans for other purposes, generally loans to governments
for basic investments which do not directly produce revenue such as bridges,
dams, or irrigation projects, will be for terms up to 40 years at rates sufficient to
cover the current cost of money of similar term to the Treasury. Repayments
of principal and interest in either case may be in dollars or in foreign currency,
as specified in the loan agreement.
As yet the fund has approved no loans. $1.3 billion applications are on hand
most of which have been received in recent weeks. These are now under review.
Allocations, Jan. 1 to June 30, 1957, under credits previously authorized
Purpose
Country and obligor
Africa—Union of South Africa:
West Dreifontein Gold Mining 1Co.1
Doornfontein Gold Mining Co.
Latin America:
Argentina: Government of Argentina i
Brazil:
Banco Nacional do Desenvolvimento
Economico.
Do
Do
-.
Total
1
Increase.
Amount
Mining equipment, materials, and services.
. . . do
._
$291,612
109, 725
Transportation equipment
28, 845, 000
Mobile power equipment
4, 875, 000
..
do
do
_.
875, 000
1, 464,000
36, 460, 337
21297 0—5S
21
316
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U. S. Products Financed
(Participating Exporters in Parentheses)
Date
|
Amount
Egypt:
F e r t i l i z e r and Chemical Industries of
Egypt
429
Equipment for f e r t i l i z e r plant
7-16-47 $
Egyptian Spinners
(Barclays Bank D.C.O.)
675
Textile equipment
(Whitin Machine Works)
5- 6-55
United Spinning & Weaving Co., S.A.E.
688
Alhadissa Trading Company of Egypt
580-2
do
Earth moving equipment
(LeTourneau-Westinghouse Co.)
7,250,000.00
60,000.00
6- 9-55
30,000.00
11-10-55
150,000.00
Total
7,490,000.00 1
Ethiopia:
Imperial Ethiopian Government
742
A i r c r a f t and aviation f a c i l i t i e s
9-19-55
489
Highway construction
1-11-51
5,000,000.00
Do
497
Water supply and sewerage system
6-14-51
1,350,000.00
Do
596
Highway construction projects
1-20-55
24,000,000.00 1
Liberia:
Republic of Liberia
Total
15,000,000.00
21 ,350,000.00
Morocco:
587-2
Tractors and implements
(Minneapolis-Moline Co.)
9-29-55
70,596.82
531
Railway construction and equipment
8-28-52
17,000,000.00
651-1
Marine diesel engines
(Gen. Motors Overseas Corp.)
4-27-56
Revolved
100,000.00
3.274.50
103,274.50
Various mining companies - Unallotted
498
Mining equipment, materials, and services
6-28-51
4,507,134.87
West Rand Consolidated Mines, L t d .
498-A
do
1-10-52
3,326,165.52
498-A
do
498-B
do
498-B
do
498-C
do
498-C
do
Etablissements J. P. Frendo
Portuguese East Africa
Republic of Portugal
Portuguese West A f r i c a
Casa Americana Comercial, S.A.R.L.
Union of South A f r i c a :
Do
Daggafontein Mines, L t d .
Do
Blyvooruitzicht Gold Mining Co., Ltd.
Do
1,154,148.60
1-10-52
7.851,614.85
1-10-52
6,819,017.49
728,053.86
767,529.33
DEBT CEILING
ANP
317
INCREASE
LOANS
5
Status of
Disbursed
Balance
p
$
7,250,000.00 $
Loans
Repaid
5,075,000.00 $
Repayment Terms
Outstanding
2,175,000.00
Int.
Principal Installments
(Semiannually - Quarterly - Monthly)
3 1/2
6
8 Sa. beg. 7-1-52
2 Sa. beg. 7-1-57
(Nonpayment due to blocked exchange
%
(Credit canceled)
29,346.45
($653.55 of c r e d i t canceled)
29,346.45
(Credit canceled)
7,2 79,346.1+5
21,600,000.00
2,1*00,000.00
1,100,000.00
3,900,000.00
1,350,000.00
5,075,000.00
2,400,000.00
5
408,000.00
3,492,000.00
3 1/2 36 Sa. beg. 6 mos. a f t e r date of
note
265,200.00
1,084,800.00
3 1/2 36 Sa. beg. 1 y r . a f t e r date of
note
800,000.00
l4,200rOQQvOO
800,000.00
15,300,000.00
6,050,000.00
673,200.00
30,596.82
30,596.82
40 Sa. beg. 12-1-57
4 3/4 35 Sa. beg. 30 mos. a f t e r date of
note
5,376,800,00
Repaid
($40,000.00 of c r e d i t canceled)
12,452,207.62
12,452,207.62
50,269.18
2,204,346.45
4
40 Sa. beg. 4-15~58
($4,547,792.38 of c r e d i t canceled)
40 Quar. beg. 3"31-54
53,005.32
3,274.50
49,730.82
3,326,165.52
1,019,094.77
2,307,070.75
4
1,154,148.60
298,495.81
855.652.79
4
36 Quar. beg. 3-31-55
7,851,614.85
2.405,634.77
5,445,980.08
4
40 Quar. beg. 3~31-54
4,507,134.87
728,053.86
177,183.86
550,870.00
4
36 Quar. beg. 3~31-55
6,819,017.49
2,089,260.08
4, 72V,757.41
4
40 Quar. beg. 3~31-54
767,529.33
186,790.92
580,738.41
4
36 Quar. beg. 3~31-55
318
DEBT 0E1ILING INCREA&E
6
CURRENT
CREDITS
Credits A u t h o r i z e d
Credit
No.
Country and O b l i g o r
(Guarantors in Parentheses)
Union o f
South A f r i c a
-
498-D
and
Do
Gold M i n i n g C o . ,
Ltd.
Do
R a n d f o n t e i n E s t a t e s Gold M i n i n g
Wttwatersrand, Ltd.
Co.,
Do
V i r g i n i a Orange F r e e S t a t e G o l d
Co., Ltd.
Mining
Do
Vogelstruisbult
Gold M i n i n g A r e a s ,
Ltd.
Do
Luipaards Vlei
Co., L t d .
Estate
& Gold
Mining
Do
Welkom G o l d M i n i n g C o . ,
Ltd.
Do
President
Steyn Gold M i n i n g C o . ,
Ltd.
Do
Ellaton
Gold M i n i n g C o . ,
Ltd.
Do
Babrosco Mines
(Proprietary)
Ltd.
Do
The A f r i k a n d e r
Lease,
New K l e r k s d o r p
Ltd.
Gold E s t a t e s ,
Ltd.
Do
Harmony G o l d M i n i n g C o . ,
Ltd.
Do
East
Champ d ' O r
Gold M i n i n g C o . ,
Government G o l d M i n i n g A r e a s
(Modderfontein) Consolidated,
Dominion Reefs
(Klerksdorp)
Ltd.
Ltd.
Gold M i n i n g C o . ,
Do
Doornfontein
Gold M i n i n g C o . ,
Do
J
Amount
Mining equipment, m a t e r i a l s ,
and
services
1-10-52 $
9,289,004.01
498-D
do
498-E
do
498-E
do
498-F
do
498-F
do
498-G
do
498-G
do
9-28-56
1,285,678.30
498-H
do
10-30-52
2,388,379.41
498-H
do
498-1
do
11-13-52
4,751,372.63
5-27-53
5,830,688.06
6-24-53
5,828,568.75
498-1
do
498-J
do
498-J
do
498-K
do
498-K
do
498-L
do
498-L
do
498-M
do
498-M
do
498-N
1,011,310.56
1-10-52
6,661,882.39
9-25-52
11,687,767.36
10-30-52
11,536,976.12
1,236,798.57
1,151,118.01
1 , 8 7 3 , 8 6 1 ' . 59
651,421.05
1,478,108.76
1,597,810.21
880,662.84
8-
5-53
8-
5-53
46,533.61
do
8-
5-53
130,903.61
8-
5-53
116,041.16
8-13-53
5,842,211 .63
i+98-O
do
1+98-0
do
498-P
do
1+98-P
do
i+98-Q
do
i+98-R
102,690.79
11,400.20
21,194.94
1,296,258.52
10-
8-53
416,380.31
do
1-25-54
638,200.05
1+98-S
do
3-
4-54
3,601,062.29
i+98-S
do
i+98-T
do
4-
8-54
3,301,546.79
5-
6-54
Ltd.
Do
West D r i e f o n t e i n
Date
continued
Western Reefs E x p l o r a t i o n
Development C o . , L t d .
Stilfontein
U . S . Products Financed
(Participating Exporters in Parentheses)
Ltd.
Ltd.
i+98-T
do
i+98-U
do
i+98-U
do
223,386.81
1,218,286.20
287,509.46 J
283,629.02
319
DEBT CEILING INCREASE
AND
LOANS -
Continued
Status of
Undisbursed
Balance
Disbursed
$
9,289,004.01 $
Loans
Repaid
2,846,032.50 $
Repayment
Terms
Int.
Principal Installments
(Semiannually - Quarterly - Monthly)
6,442,971.51
4
40 Quar. beg. 3-31-54
Outstanding
%
1,011,310.56
246,119.02
765,151.54
4
36 Quar. beg. 3~31-56
6,661 ,882.39
1,429,078.14
5,232,804.25
4
40 Quar. beg. 3"31-55
1,236,798.57
177,044.69
1,059,753.88
4
36 Quar. beg. 3-31-56
11,687,767.36
2,507,209.25
9,180,558.11
4
40 Quar. beg. 3-31-56
1,151,118.01
164,779.77
986,338.24
4
36 Quar. beg. 3-31-56
11,536,976.12
1,411,411.88
10,125,564.24
4
40 Quar. beg. 9-30-56
1,285,678.30
4
36 Quar. beg. 9-30-57
1,876,034.60
4
40 Quar. beg. 3-31-55
1,285,678.30
2,388,379.41
512,344.81
1,873,861.59
268,078.63
1,605,782.96
4
36 Quar. beg. 3-31-56
4,751,372.63
809,084.77
3,942,287.86
4
40 Quar. beg. 9-30-55
651,421.05
60,329.52
591,091.53
4
36 Quar. beg. 9-30-56
5,830,688.06
735,702.22
5,094,985.84
4
40 Quar. beg. 3~31-56
1,478,108.76
69,150.73
1,408,958.03
4
36 Quar. beg. 3-31-57
5,828,568.75
735,434.83
5,093,133.92
4
40 Quar. beg. 3~31-56
1,597,810.21
74,750.75
1,523,059.46
4
36 Quar. beg. 3~31-57
880,662.84
188,915.94
691,746.90
4
40 Quar. beg. 3"3l-55
102,690.79
14,699.92
87,990.87
4
36 Quar. beg. 3-31-56
46,533.61
9,982.22
36,551.39
4
40 Quar. beg. 3-31-55
11,400.20
1,631.88
9,768.32
4
36 Quar. beg. 3~31-56
130,903.61
28,080.87
102,822.74
4
40 Quar. beg. 3-31-55
116,041.16
24,892.59
91,148.57
4
21,194.94
3,034.00
18,160.94
4
36 Quar. beg. 3~31-5,6
5,842,211.63
992,671.07
4,849,540.56
4
40 Quar. beg. 9-30-55
1,296,258.52
122,487.35
1,173,771.17
4
36 Quar. beg. 9-30-56
416,380.31
227,261.40
189,118.91
4
40 Quar. beg. 3-31-55
638,200.05
151,347.17
486,852.88
4
40 Quar. beg. 12-31-54
3,601,062.29
638,055.69
2,963,006.60
4
30 Quar. beg. 3-31-56
223,386.81
15,235.12
208,151.69
4
26 Quar. beg. 3"31~57
3.301,546.79
275,183.09
3,026,363.70
4
40 Quar. beg. 9-30-56
1,218,286.20
287,509.46
283,629.02
24,876.69
Do
1,218,286.20
4
36 Quar. beg. 9-30-57
262,632.77
4
39 Quar. beg. 9-30-56
283,629.02
4
36 Quar. beg. 9-30-57
320
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U. S. Products Financed
(Participating Exporters in Parentheses)
Date
Amount
Union of South Africa - continued
4,309,942.55
do
2-23-54
1,414,683.95
do
7- 5-56
167,195.90
498-X
do
1-27-55
384,701.96
498-V
S t i i f o n t e i n Gold Mining Co., L t d .
498-W
498-W
Do
Freddies Consolidated Mines, Ltd.
Mining equipment, materials, and services
1- 4-54 $
Vaal Reefs Exploration and Mining Co.,
Ltd.
498-X
do
Blyvooruitzicht Gold Mining Co., L t d .
498-Y
do
2- 3-55
1,409,087.93
Merriespruit (Orange Free State) Gold
Mining Co., L t d .
i+98-Z
do
3-10-55
752,946.15
5,004,719.96
Do
32,841.95
Hartebeestfontein Gold Mining Co., L t d . 498-1-A
do
9-29-55
Buffelsfontein Gold Mining Co., Ltd.
498-1-B
do
10-25-56
6,549,263.46
E l e c t r i c i t y Supply Commission
530
7-10-52
19,600,000.00
Power f a c i l i t i e s f->>- production of
strategic m a t e r i a l .
Total
151,457,692.34
Total A f r i c a
221,471,563.66
Afghani Stan:
Royal Government of Afghanistan
Do
470
Construction of dam and canal
558
Helmand River Valley development
11-23-49
4-29-54
21 ,000,000.00
18.500.000.00
39,500,000.00
Total
China:
Yungli Chemical Indus. Ltd. (Bank of
China and Republic of China)
360
Construction of chemical plant
Republic of China
395
Cargo vessels
3-21-45
16,000,000.00
2-20-46
4,243.750.00
2-20-46
2,600,000.00
Generating equipment and engineering
servi ces
2-20-46
8,800,000.00
398
Railway repair materials
2-20-46
16,650,000.00
399
Equipment, materials, and supplies for
coal mining
3-13-^6
1 ,500,000.00
Do
396
Do
397
Do
Do
do
49,793,750.00
Total
India:
National Rayon Corporation, L t d .
713
Rayon spinning machines
7-21-55
270,000.00
Sundatta Cotton-Seed U t i l i s a t i o n , Ltd.
(Eastern Bank L t d . , Bombay, India)
792-1
Solvent extraction equipment
(The French Oil M i l l Machinery Co.)
3-29-57
60,000.00
Total
330,000.00
j
1
DEBT CEILING
ANP
LQANS ~
321
INCREASE
Continued
9
Status of
Undisbursed
Balance
Disbursed
Repayment Terms
Outstanding
Int.
%
$
r
Loans
Repaid
1,282,030.00
Principal Installments
(Semiannually - Quarterly - Monthly)
4,309,942.55 $
177,729.74 $
4,132,212.81
4
40 Quar. beg. 3-31-57
1,414,683.95
178,501.39
1,236,182.56
4
40 Quar. beg. 3~3'-56
167,195.90
7,821.97
159,373.93
4
36 Quar. beg. 3-31-57
384,701.96
48,540.81
336,161.15
4
40 Quar. beg. 3~31-56
32,841.95
1,536.46
31,305.49
4
36 Quar. beg. 3-31-57
1,409,087.93
58,106.76
1,350,981.17
4
40 Quar. beg. 3-31-57
752,946.15
15,448.55
737,497.60
4
40 Quar. beg. 9~30~56
5,004,719.96
206,380.35
4,798,339.61
4
40 Quar. beg. 3-31-57
5,267,233.46
4
40 Quar. beg. 3~31-58
4
30 Sa. beg. 2-16-56
5,267,233.46
19,600,000.00
1,478,597.00
18,121,403.00
5,789,164.87
145,668,527.47
23,114,029.75
122,554,497.72
42,739,^34.05
173.933,683.68
28,896,10).07
145,037,582.61
21 ,000,000.00
2),000,000.00
3 1/2 36 Sa. beg. 10-20-58
2.400,000.00
16,100,000.00
16,100,000.00
4 1/2
2,400,000.00
37,100,000.00
37,100,000.00
1,434,254.09
1 ,029,000.00
4,243,750.00
2,340,6)0.00
405,254.09
4
Do
14 Sa. beg. 5~5~52
($14,565,745.9) of credit canceled)
1 ,903,140.00
3 1/2 40 Sa. beg. 10-1-48
2,540,947.55
2,540,947.55
3 1/2 20 Sa. beg. 10-1-51
($59,052.45 of c r e d i t canceled)
8,282,219.17
8,282,219.17
3
50 Sa. beg. 10-1-51
($517,780.83 of credit canceled)
16,650,000.00
16,650,000.00
3
50 Sa. beg. 10-1-51
1 ,500,000.00
1,500,000.00
3
30 Sa. beg. 10-1-51
34,651,170.81
3,369,610.00
31,281 ,560.81
(Credit canceled)
60,000.00
60,000.00
322
DEBT CEILING
INCREASE
10
CURRENT
CREDITS
Credits A u t h o r i z e d
Country and O b l i g o r
(Guarantors In Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters In Parentheses)
Date
Amount
Indonesia:
Republic of
Indonesia
Republic of
Indonesia
-
Unallotted
472
Development
4 72 -A
Transportation
projects
Do
472-B
Telecommunications
Do
472-C
Dredging equipment,
2-
program
8-50 $
7-27-50
development
harbor
construction
1,755,366.99
32,100,000.00
9-21-50
260,000.00
0-19-50
6,700,000.00
Do
472-D
Railroad
rehabilitation
Do
472-E
Aircraft
and e q u i p m e n t
Do
472-F
Electrification
Do
472-G
Forest
development
Do
472-H
Marine
engines
3-
Do
472-1
Cement
plant
6-24-53
14,000,000.00
Do
472-J
Aircraft
5-17-56
7,500,000.00
Do
472-K
Telecommunications
Do
472-L
Diesel
program
program
program
17,100,000.00
6,023,000.00
1-25-51
3,585,700.00
7-26-51
and e q u i p m e n t
locomotive
3-50
1-30-50
1-
equipment
1-
equipment
6-52
978,933.01
1 ,820,000.00
1-56
1,700,000.00
1-16-56
6.477.000.00
Total
100,000,000.00
I ran:
Government o f
Iran -
Unallotted
Do
577
Economic
577-A
Diesel
tool s
equipment,
and
4-54
34,000,000.00
8-11-55
14,000,000.00
7-25-56
5,000,000.00
780,000.00
C o t t o n g i n and a c c e s s o r i e s
( N i c h o l s - M o r r i s Corp.)
8-31-56
18,000.00
884
A g r i c u l t u r a l equipment
( A l l i s - C h a l m e r s M f g . Co.)
1-29-57
180,000.00
747-2
Truck chassis
(Mack T r u c k s ,
5-18-56
270,000.00
21,000.00
Highway
751
Electric
I b r a h i m Kermanshahchi
(Bank B a z a r g h a n i , Teheran)
8I9
I r a n Techno C o r p .
(Bank M e l l i )
The M i l l a r d Company, L t d .
(Hossein Mirdamadi, et a l )
Diesel
1parts,
0-20-55
577-B
(Bank Me M i )
Do
Bongaha B a r g h
development
locomotives,
equipment
power g e n e r a t i n g
equipment
Inc.)
Do
747-3
Diesel engines
(Mack T r u c k s , I n c . )
7-19-56
Do
747-6
T r u c k c h a s s i s and e q u i p m e n t
(Mack T r u c k s , I n c . )
4-
4-57
257,500.00
663-3
Diesel engines
(Cummins D i e s e l
9-13-56
25,000.00
White C o . ,
Ltd.
Exp.
Corp.)
Total
54,551,500.00
I rag:
I b r a h i m J . Saad & F i I s
( E l i e I . Saad, e t a l )
Do
580-4
580-6
E a r t h moving equipment
(LeTourneau-Westinghouse
do
5-18-56
160,000.00
12-20-56
50,000.00
Co.)
J
DEBT CEILING
AND
LOANS ~
Continued
11
Status of
Undisbursed
Balance
$
323
INCREASE
1,755,366.99
$
$
920,000.00
Loans
Repayment Terms
Repaid
Disbursed
Outstanding
3,041,904.00
260,000.00
25,368.00
234,632.00
383,000.00
6,317,000.00
610,944.00
5,706,056.00
1,741,774.18
15,358,225.82
1,485,456.00
13,872,769.82
6,023,000.00
587,592.00
3,582,000.00
348,168.00
2,187,132.44
%
Principal Installments
(Semiannually - Quarterly - Monthly)
$
31 ,180,000.00
3,700.00
Int.
28,138,096.00
Advances of $72 m i l l i o n are repay5,435,408.00 >3 1/2 able in 30 Sa. beg. 3-1-56
Advances in excess of $72 m i l l i o n
3,233,832.00
are repayable in 26 Sa. beg. 3-1-58
978,933.01
95,448.00
883,485.01
1 ,820,000.00
177,576.00
1,642,424.00
11 ,812,867.56
827,544.00
10,985,323.56
77,332,026.39
7,200,000.00
70,132,026.39
7,500,000.00
1,700,000.00
6,^77.000-00
22,667,973.61
To be determined
3*+, 000,000.00
900,785.11
13,099,214.89
13,099,214.89
5
14 Sa. beg. 9-1-58
4,800,000.00
200,000.00
200,000.00
5
10 Sa. beg. 6-1-59
(Credi t canceled)
(Credi t canceled)
180,000.00
263,9^3.08
43,990.55
219,952.53
20,944.56
3,490.79
17,453.77
13,584,102.53
47,481.34
13,536,621.19
154,960.26
20,862.44
134,097.82
($6,056.92 of credit canceled)
($55.44 of credit canceled)
257,500.00
i
25,000.00
40,163,285.11
50,000.00
($5,039.74 of credit canceled)
324
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
Dote
Amount
1 rag - continued
1brahim J . Saad & Fi1s
(Elle 1 . Saad, et al)
Do
588-4
Earth moving equipment
(Thew Shovel Co.)
5-18-56 $
684-1
Material handling equipment
(Iowa Mfg. I n t l . Sales, Inc.)
4-30-57
Total
50,000.00
230,000.00
490,000.00
1srael:
State of 1srael
458-A
Agricultural
Do
458-B
Transportation
3- 9-49
9,535,243.00
Do
458-C
Housing materials
3-16-49
25,000,000.00
5,000,000.00
production
1-19-49
70,000,000.00
Do
458-D
Telecommunications equipment
3-23-49
Do
458-E
Port development
9- 7-49
5,464,757.00
Do
458-F
Industrial development
10-26-49
20.000,000.00
Total
135,000,000.00
Japan:
569
Cotton
7-22-54
60,000,000.00
Do
712
do
7-21-55
55,600,000.00
Do
712-A
do
Do
815
do
8-23-56
58,300,000.00
Do
815-A
do
8-23-56
1,700,000.00
3- 8-56
11,000,000.00
Bank of Japan
Kansai E l e c t r i c Power Company
(Japan Development Bank)
Do
775
903
4,400,000.00
Turbo generating unit
(Westinghouse Elec. I n t l . Co.)
do
Turbo generating unit
(international Gen. Elec. Co.)
Tokyo E l e c t r i c Power Company
(Japan Development Bank)
785
Chubu E l e c t r i c Power Company
(Japan Development Bank)
797
Kyushu E l e c t r i c Power Company
(Japan Development Bank)
823
Turbo generating unit
(Westinghouse Elec. I n t l . Co.)
Japan Air Lines Company, L t d .
(Japan Development Bank)
863
A i r c r a f t and spare parts
(Douglas A i r c r a f t Co., Inc.)
Do
Mitsubishi Nippon Heavy Industries,
L t d . (The Mitsubishi Bank, Ltd.)
Do
Total
864
663-1
663-4
do
do
Diesel engines
(Cummins Diesel Export Corp.)
do
3-21-57
4,250,000.00
4- 5-56
10,000,000.00
6-14-56
9,000,000.00
9- 6-56
8,500,000.00
11-21-56
7,700,000.00
12- 3-56
16,500,000.00
6-23-55
900,000.00
11-21-56
1,017.000.00
248,867,000.00
|
DEBT CEILING
ANP
LOANS -
Continued
13
Status of
Undisbursed
Balance
$
325
INCREASE
50,000.00
$
Loons
Repayment Terms
Repaid
Disbursed
$
Outstanding
Int.
%
Principal Installments
(Semiannually - Quarterly - Monthly)
$
230,000.00
330,000.00
154,960.26
20,862.44
134,097.82
70,000,000.00
11,381,239.89
58,618,760.11
9,534,698.48
1,679,086.97
7,855,611.51
25,000,000.00
3.987,699.70
21,012,300.30
1,021,201.38
3,977,542.52
5,464,757.00
861,903.10
4,602,853.90
20.000.000.00
2.962.975.59
17.037.024.41
134,998,199.38
21,894,106.63
113,104,092.75
59,900,590.35
59,900,590.35
55,495.020.61
54,182,525.33
1,312,495.28
4,382,545.96
3,596,856.99
785,688.97
1,434,672.66
56,865,327.34
41,052.82
56,824,274.52
4,293.92
1,695.706.08
1,695,706.08
8,998,740.89
1,259.11
1,259.11
J
24 Sa. beg. 3-1-54 except
>3 1/2 $722,168.92 which is payable
in 24 Sa. beg. 3-1-55
($1,800.62 of c r e d i t line canceled)
Repaid
($99,409.65 of c r e d i t canceled)
3 1/8 Drafts at 12 mos.
($122,433.43 of credit canceled)
Do
3 3/4 Drafts at 12 mos.
Do
5
34 Sa. beg. 3-15-59
($2,000,000.00 of c r e d i t canceled)
4,250,000.00
5 1/2 34 Sa. beg. 6-1-60
8,000,000.00
5
34 Sa. beg. 3-15-59
($2,000,000.00 of credit canceled)
8,500,000.00
5
34 Sa. beg. 3-15-59
($500,000.00 of c r e d i t canceled)
5
34 Sa. beg. 8-1-59
8,498,767.79
1,232.21
1 ,232.21
7,700,000.00
16,500,000.00
867,171 .17
90.874.20
926.125.80
63,977,349.46
180,134,978.63
433,585.66
433,585.51
118,154,611.15
61,980,367.48
926.125.80
($32,828.83 of c r e d i t canceled)
326
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
Date
Amount
Phi 1ippines:
National Power Corp.
(Republic of the Philippines)
515
Development of hydroelectric power
1-31-52 $
Various Philippine lending
i n s t i t u t i o n s - Unallotted
538
Machinery, equipment, materials, and
services
1-13-52
China Banking Corporation
538-A
20,000,000.00
do
7- 1-54
550,000.00
500,000.00
Philippine Bank of Communications
538-B
do
7- 1-5*4
Equitable Banking Corporation
538-C
do
7- 1-54
500,000.00
Prudential Bank & Trust Company
538-0
do
7- 1-54
500,000.00
Rehabilitation Finance Corporation
538-E
do
7- 1-54
2,000,000.00
Philippine Bank of Commerce
538-F
do
11-28-54
500,000.00
Security Bank and Trust Company
538-G
do
2-28-56
450,000.00
Republic of the Philippines Unallotted
777
3- 8-56
46,000,000.00
Central Bank of the Philippines
777-A
do
8- 3-56
10,000,000.00
The F i r s t National City Bank of New
York, Port Area Branch, Manila
777-B
do
8- 9-56
500,000.00
Commercial Bank and Trust Company,
Manila
777-C
10-12-56
500,000.00
Economic development
Machinery, equipment, materials, and
services
Peoples Bank and Trust Company, Manila
777-0
10-12-56
500,000.00
Firestone Tire & Rubber Company of the
Philippines
777-E
Construction of t i r e and tube factory
11-21-56
2,000,000.00
Philippine Long Distance Telephone
Company
777-F
Equipment and materials
11-23-56
5,500,000.00
L i t t o n Spinning & Weaving M i l l s , Inc.
669
Text i l e machinery
(Draper Corp.)
4-28-55
1,048,000.00
Goodrich International Rubber Company
727
Construction of t i r e and tube factory
8-18-55
do
1 .800.000.00
92,848,000.00
Total
Saudi Arabia;
Kingdom of Saudi Arabia
Do
386
Raw materials and equipment
) - 3-46
1+82
Public works and development projects
7-20-50
25,000,000.00
15.000.000.00
40,000,000.00
Total
Syria:
Ayoubi & Co.
683-1
Water well d r i l l i n g rigs
(Joy Manufacturing Co.)
2-10-56
105,000.00
DEBT CEILING
ANP
327
INCREASE
LOANS - - Continued
Status of
Undisbursed
Balance
$
Disbursed
Loam
Repaid
_____^
Outstanding
Int.
%
19,998,078.37 $
1,706,315.96 $
335,^+67.53
214,532.47
159,890.60
340,109.40
S
18,291,762.41
4
40 Sa. beg. 7-16-55
($1,921.63 of c r e d i t canceled)
48,000.00
166,532.47
4
20 Sa. beg. 6 mos. a f t e r date of
note
40,500.00
299,609.40
4
Do
4
Do
500,000.00
200,242.07
299,757.93
5,000.00
294,757.93
2,000,000.00
500,000.00
408,639.47
41,360.53
Repayment Terms
Principal Installments
(Semiannually - Quarterly - Monthly)
41,360.53
4
Do
4
Do
4
Do
4
Do
46,000,000.00
1
10,000,000.00
4 1/2 10 Sa. beg. 6 mos. a f t e r date of
note
500,000.00
5
Do
500,000.00
5
Do
500,000.00
5
Do
2,000,000.00
5 1/2 16 Sa. beg. 2 y r s . a f t e r date of
agreement
5,500,000.00
5 1/2 12 Sa. beg. 4-15-60
383,554.16
664,445.84
1 ,800,000.00
180,000.00
69,487,793.83
23,358,284.54
2,027,690.34
21,330,594.20
10,000,000.00
9,000,000.00
1,000,000.00
3
3.630,766.40
3 1/2 22 Sa. beg. 2-15-55
($10,232,483.60 of credit canceled)
4.767,516.40
6,513.85
1 •.1*36,750.00
657,931.99
5
Advances of $965,000.00 payable in
6 Sa. beg. 8-1-57- Advances in
excess of $965,000.00 payable in
5 Sa. beg. 2-1-58
1 .620.000.00 5 1/2 16 Sa. beg. 11-15-57
14,767,516.40
10,136,750.00
4,630,766.40
102,370.62
52,500.00
49,870.62
10 Ann. beg. 12-31-48
($15,000,000.00 of c r e d i t canceled)
($2,629.38 of c r e d i t canceled)
328
DEBT CE'JXING INCREASE
CURRENT CREDIT?
Credits A u t h o r i z e d
Credit
No.
Country end O b l l o o r
(Guarantors I n Parentneses)
U . S . Product, Financed
(Participating Exporter! I n Parentheses)
Dote
Amount
Thai l a n d :
Kingdom o f
Thailand
Si am Cement Company,
Ltd.
S . R. M o t o r s Company,
Ltd.
Do
8-16-51 $
1,071,340.00
4-
7-55
1,250,000.00
D i e s e l s h o v e l s and s p a r e p a r t s
( M a r l o n Power S h o v e l C o . )
2-10-56
82,000.00
D i e s e l t r a c t o r s and e q u i p m e n t
(Massey-Harrls-Ferguson, Inc.)
2-28-57
87,500.00
504
Cargo
vessels
646
Steam a n d d l e s e l g e n e r a t i n g u n i t s
related services
661-1
609-4
and
2,490,840.00
Total
Tti r k e y :
407-0
State
seaways a n d
Do
407-Q
State
railways
Do
I4O7-R
State
seaways a n d
Do
576
G r a i n s t o r a g e and h a n d l i n g
( C o l o m b i a n S t e e l Tank C o . )
628
Coal w a s h i n g p l a n t
(McNally P i t t s b u r g Mfg.
Republic of
Etlbank
Turkey
(Republic of
Turkey)
harbors
harbors
equipment
1-26-49
431,263.64
5-25-49
3,750,000.00
5-25-49
4,250,000.00
500,000.00
4-54
4,235,000.00
3-17-55
896,182.00
11-
Corp.)
14,062,445.64
Total
Total
General
778,038,535.64
Asia
Petroleums o f
Canada,
Ltd.
Do
Total
849
Deep w e l l
873
Pump, e n g i n e s , c o n v e r t e r s , a n d e q u i p m e n t
drilling
rig
10-18-56
50,000.00
12-20-56
23.000.00
73,000.00
Canada
Austria:
1+30-1
Creditanstalt-Bankverein
(Republic of Austria)
O e s t e r r e i c h i s c h e Laenderbank, A.
(Republic of A u s t r i a )
G.
430-LBB
Capital
goods
do
Credi t a n s t a 1 t - B a n k v e r e i n
(Republic of Austria)
Do
Do
647
Less:
647-A
647-B
Cotton
A d v a n c e s by
Brueder Teich ( O e s t e r r e l c h i s c h e s
C r e d i t - l n s t i t u t , A . G.)
778
Equipment
895
Less:
Cotton
A d v a n c e s by
Creditanstalt-Bankvereln,
O e s t e r r e i c h i s c h e Laenderbank, A.
and C r e d i t - l n s t i t u t , A . G.
G.
7-31-47
700,000.00
7-31-47
190,000.00
7-55
6,000,000.00
2,425.644.38
2,921,195.69
653,159.93
3-15-56
1 ,000,000.00
2-21-57
8,000,000.00
500.000.00
7,500,000.00
4participant
f o r aluminum f o i l
participants
plant
]
DEBT
CEILING
329
INCREASE
ANP LOANS - Contim-d
Status of
Undisbursed
Balance
$
Disbursed
$
1,039,830.00 $
1,026,336.81
223,663.19
Loans
Repaid
346,610.00 $
55,000.00
Repayment Terms
Outstanding
Int.
%
FVfncfpoi installments
(Semiannually - Quarterly - Monthly)
693,220.00
3 1/2 33 Sa. beg. 4-1-52
($31,510.00 of c r e d i t canceled)
971.336.8!
5 1/2 20 Sa. beg. 7-1-57
(Credit canceled)
87,500.00
2,066,166.81
3»l t )63.19
898,232.10
500,000.00
401,610.00
1,664,556.81
Repaid
431,263.64
431,263.64
3,712,844.42
3,712,844.42
3,351,767.90
1,725,000.00
1,626,767.90
3 1/2 24 Sa. beg. 9~1~52
4 1/2 20 Sa. beg. 3-1-59
4,235,000.00
847,000.00
3,388,000.00
4 1/2 10 Sa. beg. 9-1-56
Re pa i d
($37,155.58 of c r e d i t canceled)
5 1/2 10 Sa. beg. 1 y r . from date of
note
896,182.00
2,29/+,i*l1+-10
11,730,875.96
6,716,108.06
5,014,767.90
201,691,979.30
529,980,652.33
170,021,329.96
359,959,322.37
44,880.00
6,800.00
38,080.00
($5,120.00 of credit canceled)
21.556.11
1.902.11
19.654.00
($1,443.89 of c r e d i t canceled)
66,436.11
8,702.11
57,734.00
696,560.53
696,560.53
76,333.54
76,333.54
2,895,200.75
645,123.37
612,054.95
36,217.85
Repaid
($3,439.47 of c r e d i t canceled)
Repaid
($113,666.46 of credit canceled)
2,283,145.80
608,905.52
86,890.00
913,110.00
86,890.00
7,864,888.71
500.000.00
7,364,888.71
135,111.29
135,111.29
135,111.29
135.IM.29
3 1/2 Drafts at 18 mos.
($34,031.50 of c r e d i t line canceled)
Do
Do
5 1/4 14 Sa. beg. 4-15~59
4 1/4 Drafts at 18 mos.
330
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors in Parentheses)
Credit
No.
U. S. Products Financed
(Participating Exporters in Parentheses)
Date
Amount
Austria - continued
Oesterreichisch-Alplne
Montangesel1schaft (CredltanstaltBankvereln and Oesterreichlsche
Laenderbank, A. G.)
913
Steel m i l l equipment
4-25-57 $
20,000,000.00
32,964,355.62
Total
Belgium:
Kingdom of Belgium
Do
383
U. S. products (lend-lease termination)
9-11-45
55,000,000.00
384
U. S. goods and services
(war reconstruction)
9-U-45
45,000,000.00
100,000,000.00
Total
Denmark:
Kingdom of Denmark
370
U. S. goods and services
(war reconstruction)
7-13-45
20,000,000.00
Georg E. Mathiasen, Aktleselskabet
744-2
Automatic steam generators
(Clayton Manufacturing Co.)
6- 5-56
3,800.00
Do
744-3
do
7-24-56
4,500.00
Do
744-4
do
9-13-56
4,300.00
Do
744-5
do
11-16-56
7,800.00
Do
744-6
do
5-10-57
6,300.00
Do
744-7
do
6-14-57
4.000.00
20,030,700.00
Total
I
Finland:
Finnish American Trading Corp.
(Bank of Finland)
421
Expansion of Industries
Republic of Finland
453
Reconstruction and development projects
2-19-47
2,500,000.00
11- 3-48
100,000,000.00
102,500,000.00
Total
France:
Republic of France
Do
Societe I n d u s t r i e l l e de Mecanique et
Carrosserie Automobile (SIMCA)
Total
382
U. S. products (lend-lease termination)
9-11-45
550,000,000.00
404
U. S. goods and services
(war reconstruction)
6-19-46
650,000,000.00
822
Less:
Equipment for automobile plant
Advance by participants
9- 6-56
20,000,000.00
6.000.000.00
14,000.000.00
1,214,000,000.00
|
DEBT CEILING
ANP
LOANS -
Continued
Status of
Undisbursed
Balance
$
331
INCREASE
20,000,000.00
$
Loans
Outstanding
$
$
28,277,998.71
Repayment Terms
Repaid
Disbursed
Int.
%
Principal Installments
(Semiannually - Quarterly - Monthly)
5 1/2 27 Sa. beg. 8-15-62
4,535,219.48
1,421,166.87
3,114,052.61
55,000,000.00
20,166,768.00
34,833,232.00
2 3/8 60 Sa. beg. 7-1-46
15,000,000.00
15,000,000.00
15.000^000.00
15,000,000.00
3,000,000.00
12,000,000.00
15.000.000.00
Repaid
10 Sa. beg. 9-3O-56
3
3 1/2 10 Sa. beg. 9~30-6l
100,000,000.00
38,166,768.00
6,666,666.67
6,666,666.67
6,666,666.66
6,666,666.67
1,333,333.39
3,717.00
3,717.00
2,470.50
61 ,833,232.00
5,333,333.28
6,666,666.66
Repaid
10 Sa. beg. 12-31-56
3
3 1/2 10 Sa. beg. 12-31-61
Repaid
($83.00 of c r e d i t canceled)
($886.50 of c r e d i t canceled)
3,613.50
1,806.75
1,806.75
4,203.00
2,101.50
2,101.50
($97.00 of c r e d i t canceled)
7,742.25
3,871.13
3,87U2
($57.75 of c r e d i t canceled)
3,829.50
3,829.50
4.000.00
6,470.50
20,023,105.25
8,011,496.44
12,011,608.81
2,500,000.00
1,814,000.00
686,000.00
22,403,216.01
20,000,000.00
50.000,000.00
17,603,216.01
4,800,000.00
20,000,000.00
50,000.000.00
94,903,216.01
19,417,216.01
75,486,000.00
550,000,000.00
197,270,500.00
352,729,500.00
2 3/8 60 Sa. beg. 1-1-47
650,000,000.00
142,285,000.00
507,715,000.00
3
18,269,4)0.98
5.480.823.30
12,788.587.68
1,730,589.02
519.176.70
1.211.412.32
12,788,587.68
1,201,211,412.32
21297 0—58
22
1,730,589.02
519.176.70
1.211.412.32
339,555,500.00
861,655,912.32
4
16 Sa. beg. IO-I5-5I
2 1/2 12 Sa. beg. 3-15-53
11 Sa. beg. 9-15-58
3
3 1/2 21 Sa. beg. 9-15-63
($7,596,783.99 of credit canceled)
40 Sa. beg. 1-1-52
5 1/2 20 Sa. beg. 7-15-58
332
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
Date
[
*-"
Germany:
8-55 $
124,000.00
Hubschrauber-Vertrlebs G.m.b.H.
(Commerz-Und Disconto-Bank, A. G.)
759
Helicopters and spare parts «
(Bell A i r c r a f t Corp.)
August Thyssen-Huette, A. G.
(Kreditanstalt f u r Viederaufbau)
800
Steel m i l l equipment
6-28-56
10,000,000.00
Hanimex, Handelsgesellschaft fur
Import and Export, M.B.H.
882
A g r i c u l t u r a l products
1-18-57
4,000,000.00
12T
14,124,000.00 [
Total
Greece:
390
U. S. products and services
589
T e x t i l e machinery
(Draper Corp. et a l )
Public Power Corporation
(Bank of Greece)
796
Thermal power plant
(Westlnghouse Elec. I n t l . Co.)
C. Pavlou & Company
(National Bank of Greece & Athens)
855
Gum naval stores plant
(Applied Engineering Co.)
Kingdom of Greece
Piraiki-Patraiki
S. A.
Industrie de Coton,
I - 9-46
25,000,000.00
12-16-54
625,000.00
6-14-56
7,200,000.00
11- 8-56
115,000.00
32,940,000.00
Total
Iceland:
County of Selforsshreppur
(LandsbankI Islands)
866
Diesel tractor
(American Tractor Corp.)
12- 3-56
940.00
Husavikurbaer, Husavlk
(Utvegsbanki Islands)
875
Power crane and excavator
(Schield Bantam Co.)
r2-3l-56
1,100.00
Hafnarsjoour, Siglufjaroar
(Utvegsbankt Islands)
876
Power crane
(Schield Bantam Co.)
12-31-56
2,100.00
4,140.00
Total
Italy:
M7-D
Shlpyards-Ansaido
10- 1-47
3,150,000.00
Do
417-E
Sh i pya rd s-Ode ro-Te r n I - 0 r1ando
10- 1-47
800,000.00
Do
417-F
Shlpyards-Cantierl
10- 1-47
2,000,000.00
Do
417-C
Sh i pya rds-Nava1meccan t ca
Do
1*17-H Steel m i l l s - l l v a . A l t i Fornl
I s t l t u t o Mobiliare I t a l l a n o
(Government of I t a l y )
Rlunltl
10- 1-47
500,000.00
10-23-47
9,000,000.00
Do
417-»
Steel m l l l s - T e r n l
10-23-47
3,634,661.04
Do
417-L
Steel mills-Da Inline
10-23-47
1.350,000.00
Do
M7-M
Steel » H l s - C o r n l g l tano
10-23-47
1,300,000.00
Do
417-N
Steel mills-Lombarde Falck
10-23-47
3,000,000.00
Do
M7-*
Hedlum metallurgical
10-15-^7
23.39V.781.19
Industry
DEBT CEILING
AND
LOANS -
Continued
Status of
1
333
INCREASE
Undisbursed
Balance
1$
Disbursed
t
9,115,291.00
Loans
Repaid
123,595.89 $
37,079.04 $
Repayment Terms
Outstanding
rYincipal Installments
(Semiannually - Quarterly - Monthly)
$404.H of c r e d i t canceled)
5
22 Sa. beg. 1-31-60
5 1/4 Drafts at 6 and 9 mos.
4,000,000.00
13,115,291.00
%
86,516.85
884.709.00
884,709.00
Int.
1,008,304.89
37.079.04
971,225.85
4,368,993.78
7,281,656.31
2,912,662.52
2.621,393.78
1,747,600.00
7,281,656.31
2,912,662.52
624,962.88
156,240.72
468,722.16
2 1/2 20 Sa. beg. 9-30-51
20 Sa. beg. 9-30-61
3
3 1/2 10 Sa. beg. 9-30-71
($10,436,687.39 of c r e d i t canceled)
($37.12 of c r e d i t canceled)
(Credit canceled)
1
*
\i5.000.00
1.15.000-00
.15,3.88,275.49
2,777,634.50
12,410,640.99
(Credit canceled)
Do
Do
3,107.339.45
2.362,500.00
744,839.45
3 1/2 20 Sa. beg. 3-15-50
($42,660.55 o f c r e d i t canceled)
799,926.78
600,000.00
199,926.78
3 1/2 20 Sa. beg. 3-15-50
($73.22 of c r e d i t canceled)
2,000,000.00'
1,500,000.00
500,000.00
3 1/2 20 Sa. beg. 3-15-50
SQO,.0u0-X)i0:
375.000.00
9., 000,000. 00
6,750,000.00
2,250,000.00
3 1/2
3,634,661 .04
2,72!9!,<&6l .04
905,4)00.00
3 1/2
Do
1,3-50vOO0vQC
1 ,«012,50fl-<00
337,500-00
3 Ml
Do
Do
4 25.000.00 3 V 2
Do
Do
975,000.00
325,000.00
3 1/2
3,000,000.00
2,250,000.00
750,000.00
3 1/2
Oo
23.391,781.19
•17,544,4331.49
5,547,750.00
3 J/2
Do
1,300,000.00,
334
DEBT CEIILING INCREASE
CURRENT
CREDITS
Credits A u t h o r i z e d
Country and O b l i g o r
(Guarantors in Parentheses)
Italy
-
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
Date
Amount
continued
I s t l t u t o Mobiliare Itallano
(Government o f I t a l y )
417-V
Small
metallurgical
industry
0-23-47 $
Do
417-Y
Miscellaneous materials
5-49
15,919,872.70
Do
528
Less:
A i r c r a f t and s p a r e p a r t s
A d v a n c e s by p a r t i c i p a n t s
6-12-52
4,720,500.00
1.180.125.00
3,540,375.00
Do
662-A
M a c h i n e r y and s p e c i a l
e q u i pment
4-21-55
6,000,000.00
Do
662-B
Italian
related
5-26-55
2,555,000.00
Do
662-C
M a c h i n e r y and e q u i p m e n t
6-30-55
2,000,000.00
Do
662-D
6-30-55
5,000,000.00
Do
662-E
Machinery
Do
662-F
Machine
872
M a c h i n e t o o l and s t e e l
1nnocent i , S . p . A .
Aerolinee Itallane
InternazionalI
( 1 s t i t u t o Mobi1Iare I t a l i a n o )
755
A i r c r a f t and s p a r e p a r t s
(Douglas A i r c r a f t Co.)
L i nee A e r e e I t a l l a n e , S . p . A .
( I s t i t u t o Mobiliare Itallano)
806
A i r c r a f t and s p a r e
(Lockheed A i r c r a f t
FIAT, S.p.A.
( I s t i t u t o Mobiliare
827
Less:
E q u i p m e n t f o r a u t o m o b i l e and s t e e l
Advance by p a r t i c i p a n t s
Istituto
Mobiliare
Italiano
Italiano)
industrial
services
and e q u i p m e n t
584,906.33
1-
manufacturing
firms-machinery
and
do
and e q u i p m e n t
for
chemical
plant 8-11-55
1,945,000.00
5-18-56
2,500,000.00
12-18-56
1,500,000.00
11-10-55
6,355,000.00
7-12-56
6,200,000.00
9-13-56
10,000,000.00
1 .000.000.00
9.000.000.00
t o o l s and e q u i p m e n t
mill
equipment
-
parts
Corp.)
plant
111,226,596.26
Total
Netherlands:
Kingdom o f
Netherlands
Do
380
U. S. p r o d u c t s
381
U. S . goods and s e r v i c e s
(war r e c o n s t r u c t i o n )
(lend-lease
termination)
9-11-45
50,000,000.00
9-11-45
50,000,000.00
100,000,000.00
Total
Norway:
Kingdom o f
Norway
S . Hammer A / S
(Den N o r s k e C r e d i t b a n k )
369
U. S. goods and s e r v i c e s
(war r e c o n s t r u c t i o n )
81+8
T h e r m o p l a s t i c e x t r u d i n g machine
(Modern P l a s t i c Mach. C o r p . )
7-13-45
50,000,000.00
10-18-56
4,200.00
50,004,200.00
Total
Poland:
A c c o u n t 4140
Unconverted Dutch
141
Cotton
10-21-36
212
C o t t o n and c o p p e r
11-
166,742.52
florins
N a t i o n a l Economic Bank
(Republic o f Poland)
3-38
6,000,000.00
|
335
DEBT CEILING INCREASE
AND
LOANS — Continued
23
Status of
Undisbursed
Balance
$
Disbursed
$
584,906.33 $
Loans
Repaid
438,706.33 $
Repayment Terms
Outstanding
146,200.00
Int.
%
Principal Installments
(Semiannually - Quarterly - Monthly)
3 1/2 20 Sa. beg. 3-15-50
15,919,872.70
11,940,122.70
3,979,750.00
3 1/2
3,537,697.54
2,124,225.00
1,413,472.54
3 1/2 10 Sa. beg. 9-15-54
($2,677.46 of c r e d i t canceled)
Do
436,101.64
5,563,898.36
5,563,898.36
4 5/8 10 Sa. beg. 9-15-57
1,512,578.11
1,042,421.89
1,042,421.89
4 5/8 10 Sa. beg. 10-15~57
665,728.76
1.334,271.24
1,334,271.24
4 3/4 16 Sa. beg. 9-15-57
3,532,380.79
1,467,619.21
1,467,619.21
4 3/4 16 Sa. beg. 10-15-57
991,812.05
953.187.95
953,187.95
1,268,825.96
1,231,174.04
1,231,174.04
1,500,000.00
4 3/4
Do
4 3/4 14 Sa. beg. 9-15-59
5 1/2 16 Sa. beg. 9-15-58
6,355,000.00
6,200,000.00
8,224,494.31
822,450.00
7,402.044.31
1,775,505.69
177.550.00
1.597.955.69
29,864,471.62
81,316,713.41
1.775.505.69
177.550.00
1.597.955.69
5 1/2 10 Sa. beg. 9-15-58
50,601,746.26
30.714,967.15
50,000,000.00
18,066,049.00
31,933,951.00
2 3/8 60 Sa. beg. 1-1-47
16,666,666.67
16,666,666.67
16.666.666.66
16,666,666.67
5,000,000.05
11,666,666.62
16.666.666.66
Repaid
10 Sa. beg. 6-30-56
3
3 1/2 10 Sa. beg. 6-30-61
100,000,000.00
39.732,715.72
60,267,284.28
50,000,000.00
23.611,111.09
26,388,888.91
4,150.95
4,150.95
50,004,150.95
23,611,111.09
166,742.52
166,742.52
3,344,491.33
3.344,491.33
3
36 Sa. beg. 6-30-49
($49.05 of c r e d i t canceled)
26,393.039.86
Repaid
Repaid
($2,655,508.67 of c r e d i t canceled)
336
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors in Parentheses)
Credit
No.
U. S. Products Financed
(Participating Exporters in Parentheses)
Date
Amount
Poland - continued
Repub 1Ic of Poland
402
Coal cars and locomotives
4-24-46 $
40.000.000.00
46,166,742.52
Total
Portugal:
Transportes Aereos Portugueses,
S.A.R.L.
563
A l r c r a f t and spare parts
(Lockheed A i r c r a f t Corp.)
6- 3-5*
1,931,000.00
568
Thermal power unit
(Westinghouse Elec. I n t l . et al)
7-15-51
1,250,000.00
705
Thermal power units
( I n t l . Gen. Elec. Co.)
Advances by participants
7- 7-55
8,500,000.00
Spain:
Compania E l e c t r l c a de Langreo
S. A. HJdroelectrfca Espanola
Less:
Manufactures Hetallcas Hadrilenas S. A.
(Spanish Banks)
1.469.356.25
7,030,643.75
Steel m i l l equipment
(Westinghouse Elec. I n t l . et a l )
Advances by participants
10-14-51
Less:
10-11-56
574
1,200,000.00
960.000.00
240,000.00
385,000.00
Junta de Energla Nuclear
844
Atomic research reactor
Cta. Espanola de Petroleos, S. A.
A-4
Rotary dryer for ammonium sulphate
2-23-56
3,500.00
I n s t i t u t o Naclonal de Industrie
579-1
Steam boilers and equipment
(Combustion Engineering Inc.)
9-15-551
888,000.00
Empresa Naclonal Calvo Sotelo de
Combustibles Liquldos y Lubricantes
579-3
Boiler unit and equipment
(Combustion Engineering Inc.)
11-17-55
582,500.00
S. A. Sanlleh!
752-1
K n l t t l n g machines
(Textile Machine Works)
5-10-56
152,000.00
127,000.00
J . Rossell , S. A.
752-2
do,
5-10-56
Med las Sacma, S. A.
752-3
do
5-10-56
127,000.00
Manufacturas Antonio Gassol, S. A.
752-4
do
5-10-56
102,000.00
F. y. F. Marimon, S. A.
752-5
do
5-10-56
50,600.00
Hijo de Manuel Vallhonrat
752-6
do
5-10-56
50,600.00
Miguel G i l , S. A.
752-7
do
5-10-56
25,400.00
Miguel Bosch, S. A.
752-8
do
5-10-56
Total
25,400.00
11,039,643.75
Sweden:
AB Norrkoplngs T r l c o t f a b r i k A l b .
607-1
Kni t t i n g machine
(Karl Lieberknecht, Inc.)
874
Dollar requirements for materials and
equipment
2-23-56
26,500.00
12-21-5*
500,000,000.00
United Kingdom:
Government of the United Kingdom
\
DEBT CEILING
AND
337
INCREASE
LOANS — Continued
Status of
Undisbursed
Balance
Loans
Repaid
&
40,000,000.00 $
8.756.000.00 $
Repayment Terms
Outstanding
31.244,000.00
Principal Installments
(Semiannually - Quarterly - Monthly)
40 Sa. beg. 1-15-52
12,267,233.85
($242.00 of credit
7,018,523.75
149,624.00
canceled)
7,018,523.75
90,376.00
385,000.00
Note due
(Credit
63,403.50
12-21-58
canceled)
($429.00 of credit
canceled)
582,500.00
(Credit
canceled)
Do
Do
Do
85,997.50
(Credit
500,000,000.00
canceled)
10 Sa. beg. 3 yrs. after dates of
notes
338
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors in Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
Date
Amount
Yugoslavia:
Government of Yugoslavia
484
Materials and equipment
8-10-50 $
55,000,000.00
2,391,957,878.15
Total Europe
Argentina:
Agenda de Transportes Moore-McCormack,
S. A. (M-McC. Lines, Inc.)
408
Harbor barges
9-18-46
210,000.00
Consortium of Argentine banks
477
Refinance purchase of equipment manufactured In U. S.
5-17-50
125,000,000.00
Socledad Mlnera Argentina, S. A.
(Central Bank of Argentina)
495
Equipment for production of tungsten and
sulphur
4-26-51
5,000,000.00
Sociedad Mixta Siderurgia Argentina
626
Steel m i l l equipment
3-10-55
60,000,000.00
Government of Argentina - Unallotted
826
Equipment and services
9-10-56
15,000,000.00
826-A
Transportation equipment
11- 5-56
85.000.000.00
Do
290,210,000.00
Total
Bolivia:
315
Equipment for petroleum development
Do
315
Highway construction
Do
467
Do
645
Corp. Bollvlana de Fomento
(Republic of Bolivia)
RepublIc of Bolivia
Do
3- 6-42
8,500,000.00
3- 6-42
10,320,000.00
10-28-49
18,400,000.00
Cochabamba-Santa Cruz- Montero Highway
construction
3-31-55
4,700,000.00
718
Trucks
(Studebaker-Packard Corp.)
7-28-55
36,000.00
732
Trucks and t r a i l e r s
(Mack Trucks, Inc.)
9- 1-55
192,000.00
do
42,148,000.00
Total
Brazil:
Cia. Siderurgica Nacional-Banco do
Brasil (Republic of Brazil)
269
Steel m i l l equipment
6-19-40
19,958,850.62
Do
269
do
6-19-40
25,041,149.38
Do
481
do
7-20-50
25,000,000.00
Do
770
do
2- 1-56
35,000,000.00
Cia. Vale do Rio Doce, S. A.
(Republic of Brazi1)
358
Rai1 way equipment
1-27-45
5,000,000.00
Cia. Vale do Rio Doce, S. A.
(Natl . Treasury of Brazi1)
418
Railway and mining materials and services
2-19-4-
7,500,000.00
Cia. Vale do Rio Doce, S. A.
(Banco do Brasi1)
540
Diesel-electric
12-24-52
1 ,070,677.00
locomotives
|
DEBT CEILING
ANP
IQANS "
Continued
27
Status of
Undisbursed
Balance
$
Disbursed
Loans
Repaid
Repayment Terms
Outstanding
Int.
%
$
586,547,063.51
'
339
INCREASE
55,000,000.00 $
8,250,000.00 $
46,750,000.00
1,776,628,860.40
544,834,007.28
1,231,794,853.12
204,785.20
184,306.68
20,478.52
96,469,873.13
33,764,455.62
62,705,417.51
5,000,000.00
2,500,000.00
2,500,000.00
Principal Installments
(Semiannually - Quarterly - Monthly)
3 1/2 28 Sa. beg. 7-16-54
4
20 Sa. beg. 10-6-48
($5,214.80 of c r e d i t canceled)
3 1/2 20 Sa. beg. 6-30-54
($28,530,126.87 of c r e d i t canceled)
4
8 Sa. beg. 12-31-59
60,000,000.00
5
36 Sa. beg. 12-31-59
15,000,000.00
5
Payable 18 y r s . a f t e r date of note
85.000.000.00
5
28 Sa. beg. 4 y r s . a f t e r date of
note
4
16 Sa. beg. 12-31-56
160,000,000.00
25,891.39
25,891.39
101,674,658.33
36,448,762.30
65,225,896.03
8,500,000.00
3,878,900.00
4,621,100.00
10,320,000.00
1,269,411.80
9,050,588.20
18,400,000.00
2,264,713.10
16,135,286.90
4,674,108.61
4,674,108.61
Do
4 3/4 34 Sa. beg. 6-30-58
35,194.69
17,597.35
17,597.34
($805.31 of c r e d i t canceled)
191,574.60
68.U19.50
123,155.10
($425.40 of c r e d i t canceled)
42,120,877.90
7,499,041.75
34,621,836.15
19,958,850.62
7,738,927.51
12,219,923.11
4
36 Sa. beg. 10-1-47
25,041,149.38
12,821,226.44
12,219,922.94
4
25,000,000.00
1,627,266.00
23,372,734.00
4
5
30 Sa. beg. 1-15-61
5,000,000.00
1,322,302.48
3,677,697.52
4
40 Sa. beg. 9-1-50
7,499,876.32
3,000,000.00
4,499,876.32
3 1/2 28 Sa. beg. 8-12-51
($123.68 of c r e d i t canceled)
854,332.78
854,332.78
35,000,000.00
3 1/2 36 Sa. beg. 1-15~57
3 1/2
Do
36 Sa. beg. 8-1-55
Repaid
($216,344.22 of credit canceled)
340
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
Date
Amount
Brazi1 - cont inued
Cia. Vale do Rio Doce, S. A.
(Banco Nac. do Des. Econ.)
694
Expansion of mining and shipping
faci1ities
Cia. Brasil de Energia E l e t r i c a
( B r a z i l i a n E l e c t r i c Power Co.)
456-A
E l e c t r i c power development
Cia. Energia E l e t r i c a da Bahia
(B.E.P. Co.)
456-B
Cia. Central B r a s i l e i r a de Forca
E l e t r i c a (B.E.P. Co.)
6-16-55 $
3,920,000.00
12-22-48
2,336,000.00
do
12-22-48
423,000.00
456-C
do
12-22-48
121,839.00
Cia. Forca e Luz de Minas Gerais
(B.E.P. Co.)
456-D
do
12-22-48
158,149.00
Cia. Forca e Luz Nordeste do Brasil
(B.E.P. Co.)
456-E
do
12-22-48
147,000.00
Cia. Energia Eletrica Rio Grandense
(B.E.P. Co.)
456-1
do
12-22-48
1 ,013,012.00
Cia. Paulista de Forca e Luz
(B.E.P. Co.)
456-L
do
12-22-48
3,179,000.00
523-A
do
6- 5-52
29,663,000.00
Cia. Forca e Luz do Parana
(B.E.P. Co.)
523-B
do
6- 5-52
4,357,000.00
Cia. B r a s i l e i r a de Energia Eletrica
(B.E.P. Co.)
523-C
do
6- 5-52
3,412,000.00
Cia. Forca e Luz de Minas Gerais
(B.E.P. Co.)
523-D
do
6- 5-52
1 ,593,000.00
Cia. Forca e Luz de Nordeste do Brasil
(B.E.P. Co.)
523-E
do
6- 5-52
504,000.00
Cia. Energia Eletrica da Bahia
(B.E.P. Co.)
523-F
do
6- 5-52
855,000.00
Cia. Central B r a s i l e i r a de Forca
E l e t r i c a (B.E.P. Co.)
523-G
do
6- 5-52
756,000.00
6-22-50
8,817,600.00
6- 5-52
7,000,000.00
Do
Cia. Paulista de Estradas de Ferro
479
Railway equipment
do
Do
524
Do
902
Diesel locomotives, and railroad equipment
3-21-57
12,800,000.00
American-Brazilian Corp., N. Y.
233
Import of tropical products
6-12-39
1,117,049.28
National Treasury of B r a z i l Central Railways of Brazil
359
E l e c t r i c a l equipment
(Electrical Export Corp.)
2-12-45
4,500,000.00
Moore-McCormack (Navegacao) S. A.
(M-McC. Lines, Inc.)
409
Harbor barges
9-18-46
115,000.00
Empresa I n t l . de Transportes Ltda.
(Mineracao Geral. do Brasil Ltda.)
466
Ferries and converted LST vessels
(Higgins, Inc.)
10-26-49
3,806,200.00
Cimento Aratu, S.A. (Cia. Nac. de
Cimento Portland, S.A.)
478
Equipment for cement plant
(Allis-Chalmers Mfg. Co.)
5-24-50
3,142,500.00
|
DEBT CEILING
AND
LOANS - - Continued
Status of
Undisbursed
Balance
$
341
INCREASE
•.641,257.55 $
Disbursed
2,278,742.45 $
Repayment Terms
Loans
Repaid
217,777.91 $
Outstanding
2,060,964.54
559,983.82
Int.
Principal Installments
(Semiannually - Quarterly - Monthly)
5
18 Sa. beg. 6-15~57
%
4 1/2 20 Sa. beg. 3-l~50
($124,464.18 of credit canceled)
2,211,535.82
1 ,651,552.00
259,416.68
259,416.68
118,754.27
86,140.18
32,614.09
4 1/2 20 Sa. beg. 3-1-50
($3,084.73 of c r e d i t canceled)
158,149.00
111,811.35
46,337.65
4 1/2 20 Sa. beg. 3~1~50
111,712.22
103,929.00
7,783.22
386,629.26
286,586.69
100,042.57
4 1/2 20 Sa. beg. 3-1-50
($626,382.74 of credit canceled)
3,026,523.79
2,247,553.00
778,970.79
4 1/2 20 Sa. beg. 3-1-50
($152,476.21 of c r e d i t canceled)
1,472,000.00
28,191,000.00
704,775.00
27,486,225.00
700,000.00
3,657,000.00
91,425.00
3,565,575.00
4 1/2
Do
647,000.00
2,765,000.00
69,125.00
2,695,875.00
4 1/2
Do
413,000.00
1 ,180,000.00
29,500.00
1,150,500.00
4 1/2
Do
100,000.00
404,000.00
10,100.00
393,900.00
4 1/2
Do
336,000.00
519,000.00
12,975.00
506,025.00
4 1/2
Do
131,000.00
625,000.00
15,625.00
609,375.00
4 1/2
Do
8,657,421.20
8,657,421.20
6,999,732.60
500,792.24
Repaid
($163,583.32 of credit canceled)
4 1/2 38 Sa. beg. 6-15-58
Repaid
($160,178.80 of c r e d i t canceled)
6,498,940.36
12,800,000.00
4 1/2 16 Sa. beg. 3-1-50
($35,287.78 of c r e d i t canceled)
4 1/2 14 Sa. beg. 6-15-57
($267.40 of credit canceled)
5 1/2 20 Sa. beg. 3~15~59
In d e f a u l t , f u l l y reserved
1,117,049.28
989,069.09
3,798,607.14
3,798,607.14
115,000.00
108,104.87
6,895.13
3,806,200.00
3,161,712.33
644,487.67
4 1/2 17 Sa. beg. 7-25-50
3,055,843.50
2,750,259.15
305,584.35
4 1/2 10 Sa. beg. 2-15-53
($86,656.50 of c r e d i t canceled)
127,980.19
Repaid
($701,392.86 of credit canceled)
4
20 Sa. beg. 6-25-48
342
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U. S. Products Financed
(Participating Exporters in Parentheses)
Date
Amount
L A T I N A M E R I C A - continued
Brazi1 - cont inued
Industria e Come reio de Minerios S. A.
533
Less:
Production of manganese ore
Credit c e r t i f i e d by D.M.P.A.
Cia. Metalurgica Barbara (Banco Nac.
do Desenvolvimento Econ. et al)
536
Cast i ron pi pe plant
Banco Nacional do Desenvolvimento
Economico - Unallotted
811
Equipment for port improvements
Banco Nacional do Desenvolvimento
Economico
811-A
Companhia Docas de Santos
(Banco Nac. do Des. Econ.)
9- 4-52 $
71,265,567.20
16.254.935.17
55,010,632.03
10-10-52
1,860,000.00
325,000.00
7-19-56
17,786,000.00
do
4-11-57
4,875,000.00
811-B
do
4-15-57
875,000.00
Administracao do Porto Rio de Janeiro
(Banco Nac. do Des. Econ.)
811-C
do
4-15-57
1,464,000.00
Banco Nacional do Desenvolvimento
Econ. ( N a t l . Treasury of Brazil)
525
Rai1 way equipment
6- 5-52
8,600,000.00
537
Agricultural equipment
10-10-52
18,000,000.00
State of Minas Gerais
(Natl . Treasury of Brazi1)
529
Agricultural equipment, materials, and
services
7- 3-52
5,000,000.00
Banco do Brasi1, S. A.
541
Refinance purchase of equipment manufactured in U. S.
2-21-53
300,000,000.00
2- 9-55
75,000,000.00
9-11-45
38,000,000.00
10-30-53
3,110,000.00
8-30-56
3,950,000.00
Do
Do
606
do
Lloyd Brasilei ro
(Banco do Brasi1)
376
Cargo steamers
S. A. Empresa de Viacao Rio Grandense
(Banco do Brasi1)
551
A i r c r a f t and spare parts
(Lockheed A i r c r a f t Corp.)
S. A. Empresa de Viacao Rio Grandense
(Banco Nac. do Des. Econ.)
818
Estrada de Ferro Santos a Jundiai
560
Rai1 way equi pment
(General Railway Signal Co.)
5-20-54
320,000.00
764
Less:
Equipment for railroad improvement
Advances by participants
1- 5-56
19,625,000.00
437.360.78
19,187,639.22
Servicos Aereos Cruzeiro do Sul L t d .
(Banco do Brasi1)
561
A i r c r a f t and spare parts
(General Dynamics Corp.)
5-25-54
1,945,000.00
Cia. B r a s i l e i r a de Estireno
( i n d u s t r i a Pneumaticos Firestone, S. A.
et al)
544
Styrene (basis plastic materials) plant
6- 3-53
2,500,000.00
Fongra Produtos Ojjimicos, S. A.
586
Equipment and materials
11-26-54
300,000.00
Siderurgica Bel go-Mineira, S. A.
597
Steel m i l l machinery and equipment
(R. W. Hebard & Associates, Inc.)
1-27-55
730,440.00
784
Wire drawing machines
(R. W. Hebard & Associates, Inc.)
4- 5-56
129,000.00
615
Sintering plant
(John E. Greenawalt)
2-24-55
400,000.00
Do
Do
Cia. B r a s i l e i r o de Usinas Metalurgicas
(Hime-Comercio e I n d . , S. A.)
do
J
DEBT CEILING
ANP
IPANS -
Continued
Status of
Undisbursed
Balance
$
343
INCREASE
20,250,000.00 $
20,250,000.00
Disbursed
51,015.567.20 $
16.254.935.17
34,760,632.03
1 ,860,000.00
321,152.68
^__^
Loans
Repayment
Outstanding
Int.
47,835,753.81
16.254.935.17
31.580,818.64
4 1/2 Due 12-31-65
3,179,813.39
930,000.00
138,443.38
930,000.00
182,709.30
Repaid
3.179,813.39 $
%
12 Sa. beg. 12-15~54
4
5 1/2 10 Sa. beg. 12-15-55
($3,847.32 of c r e d i t canceled)
26 Sa. beg. 7-15-61
17,786,000.00
5
4,875,000.00
5
Do
875,000.00
5
Do
1,464,000.00
5
Do
8,598,758.53
Terms
Principal Installments
(Semiannually - Quarterly - Monthly)
8,598,758.53
4
14 Sa. beg. 12-15-57
($1,241.47 of c r e d i t canceled)
433,697.88
17,566,302.12
12,860,000.00
4,706,302.12
4
7 Sa. beg. 6-8-55
266,663.81
4,733,336.19
500,000.00
4,233,336.19
4
10 Sa. beg. 3-15-57
300,000,000.00
118,664,321.83
181,335,678.17
45,000,000.00
3 1/2 81 Mos. beg. 9-30-54
45,000,000.00
4
11 Mos. beg. 5~31-6l
($30 m i l l i o n of credit canceled)
4
24 Sa. beg. 4-29-49
38,000,000.00
28,898,200.70
9,101,799.30
3,109,218.75
1,813,710.92
1,295,507.83
($781.25 of credit canceled)
3,950,000.00
320,000.00
|
7,573,015.77
437.360.78
7,135,654.99
12,051,984.23
12,051,984.23
12,051,984.23
12,051,984.23
1,943,706.69
754,000.00
1,155.21
120,000.00
1,069,038.72
874,667.97
1,746,000.00
1,746,000.00
298,844.79
298,844.79
5
20 Sa. beg. 6-15-58
($1,293.31 of c r e d i t canceled)
5 5/8 $1,746,000.00 payable in 18 Sa.
beg. 6-1-58. $754,000.00 payable
in 16 Sa. beg. 6-1-59
5 1/2 15 Sa. beg. 5"9"58
691,270.17
276,504.00
414,766.17
($39,169.83 of c r e d i t canceled)
128,712.67
8,580.84
120,131.83
($287.33 of c r e d i t canceled)
280,000.00
280,000.00
344
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors in Parentheses)
Credit
No.
U. S. Products Financed
(Participating Exporters in Parentheses)
Date
Amount
Brazl1 - continued
Motor buses
(Evans «• E d e l l , Inc.)
3-17-55 $
1,222,000.00
Prefeitura Municipal do Porto Alegre
(Banco do Rio Grande do Sul)
616
Alba, S. A.
769
' 1-26-56
1,325,000.00
Cia. de Armazens Gerais do Estado de
Pernambuco (Banco Nac. do Oes. Econ.)
776
Grain storage elevators
(Black, Sivalls 6- Bryson, I n t e r n . Corp.)
3- 8-56
1,650,000.00
Bimetal, S. A.
(Banco Sul Americano do Brazil)
781
Plant for production of automotive
bearings
3-22-56
1 ,250,000.00
S. A. Industrias Votorantlm
805
T e x t i l e spinning equipment
(Whitin Machine Works)
6-29-56
600,000.00
Centrais Eletrlcas de Mlnas Gerais,
S. A. (Banco Nac. do Des. Econ.)
807
Construction of hydroelectric power
facilities
7-13-56
11,400,000.00
' Equipment for methanol plant
Government of Brazil
810
Railroad improvements
7-19-56
100,000,000.00
Cia. Hidro-Eletrica do Sao Francisco,
S. A. (Banco Nac. do Des. Econ.)
812
Expansion of power f a c i l i t i e s
7-19-56
15,000,000.00
Fabrica Naclonal de Vagoes, S. A.
(Banco Nac. do Oes. Econ.)
814
Manufacture of trucks and road r o l l e r s
7-30-56
2,403,000.00
Cia. Nac. de Navegacao Costelra
(United States of Brazil)
856
Reactivation of merchant vessels
1 1 - 8-56
2,750,OdO.OO
Panalr do B r a s l l , S. A.
(Banco da America, S. A. et al)
857
Ai reraft and spare parts
(Douglas A i r c r a f t Co.)
11-15-56
6,900,000.00
Produtos Qulmicas "Elekelroz", S. A.
(Banco do Brasi 1)
862
Sulphuric acid plant
(Panam. Consulting Co., Inc.)
11-21-56
33,300.00
Fosforlta Olfnda, S. A.
(Banco Nac. do Des. Econ.)
912
Semi-trailers
(Martin Machine Company)
4-19-47
23,500.00
Cia. Urbanlzadora da Nova Capital do
Brasll ( N a t l . Treas. of Brazil)
914
Equipment for construction of B r a s i l i a
4-26-57
10,000,000.00
Loide Aereo Nacional, S. A.
(Banco Nac. do Des. Econ.)
921
Ai r c r a f t and spare parts
(Douglas A i r c r a f t Co., Inc.)
5-31-57
3,754,000.00
922
Spare engines and parts
(United A i r c r a f t Export Corp.)
5-31-57
541,000.00
Celubagaco Industrla e Comercio, S. A.
(Banco Nac. do Des. Econ.)
A-2
Bagasse paper pulp plant
(Noble £• Wood Machine Co.)
12-23-55
540,000.00
Municipality of Porto Alegre
(Banco do Rio Grande do Sul)
665-1
Truck-mounted excavator
(insley Manufacturing Corp.)
7- 9-56
24,000.00
Companhia E l e t r l c a Calua
(Banco B r a s l l e i r o de Descontos)
651-2
Generator sets
(General Motors Corp.)
7-13-56
184,000.00
Fosforita Ollnda, S. A.
(Banco Nac. do Des. Econ.)
591-1
Dump t r a i l e r s
(Athey Products Corp.)
4-19-57
170,000.00
737-7
Motor graders and tractors
(Caterpillar Tractor Co.)
4-19-57
220,800.00
Do
Do
931,665,337.53
Total
Chile:
Corporacion de Fomento de la
Produccion (Republic of Chile)
Do
37^
Steel-mill equipment
9-11-45
48,000,000.00
411
Industrial equipment
10-16-46
6,700,000.00
|
1
DEBT CEILING
AND
LOANS ~
Continued
Status of
1
345
INCREASE
Undisbursed
Balance
1$
Disbursed
$
1,221,577.43 $
Loans
Repaid
143,714.96 $
Repayment
Outstanding
Int.
%
Terms
Principal Installments
(Semiannually - Quarterly - Monthly)
($422.57 of c r e d i t canceled)
1,077,862.47
(Credit canceled)
1,650,000.00
597,733.37
652,266.63
652,266.63
5 1/2 10 Sa. beg. 8-15-58
(Credit canceled)
8,920,921.7**
2,479,078.26
2,479,078.26
5
Repayments beg. 7-15-61
100,000,000.00
15,000,000.00
1 ,940,348. 00
462,652.00
462,652.00
5
26 Sa. beg. 8-I5-6I
5
10 Sa. beg. 10-15-58
5 1/2
2,750,000.00
1,536,934.15
24 Sa. beg. 7-15-61
8 Sa. beg. 11-30-57
5,363,065.85
5,363,065.85
(Credit canceled)
23,500.00
5 1/2 24 Sa. beg. 5-1-60
10,000,000.00
3,754,000.00
541,000.00
540,000.00
(Credit canceled)
184,000.00
170,000.00
220,800.00
259,300,666.70
638,065,085.33
221,710,641.78
416,354,443.55
48,000,000.00
11,666,491.20
36,333,508.80
6,700,000.00
5,325,000.00
1,375,000.00
4
40 Sa.. beg. 6-15-51
3 1/2 20 Sa. beg. 7-15-51
346
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
Date
|
Amount
L A T I N AMER IC A - continued
Chile - continued
8-31-4S $
1,200,000.00
463
Machinery and equipment for rayon plant
Do
464
Refinance purchase of equipment manufactured in U. S.
10- 5-4S
25,000,000.00
Do
465
Railway and construction equipment
10-26-49
2,750,000.00
Do
485
Road building machinery, equipment, and
supplies
8-17-50
1,800,000.00
10,000,000.00
Corporacion de Fomento de la
Produccion (Republic of Chile)
Do
502
Steel-mill equipment
8- 9-51
Do
503
Equipment for ferro-manganese plant
8- 9-51
1,150,000.00
Chi lean State Railways
(Rep. of Chile)
410
RaiIway equipment
10-16-46
5,000,000.00
Cia. de Acero del Paclfico (CAP)
771
Hot s t r i p m i l l equipment
2- 2-56
3,550,000.00
Anglo-Lautaro Nitrate Corporation
808
Equipment for n i t r a t e production
7-19-56
16,000,000.00
Cia. Sal i t rera de Tarapaca y
Antofagasta
809
7-19-56
11,851,000.00
Cia. de Acero del Pacifico, S. A.
(CAP) (Republic of Chile)
898
Strip r o l l i n g equipment, and open hearth
facilities
2-28-57
16,000,000.00
Cia. Minera Santa Barbara
619-1
Trucks and t r a i l e r s
(Kenworth Motor Truck Co.)
4 - 3-56
126,000.00
do
149,127,000.00
Total
Co1omb i a:
5- 1-41
11,458,40!.52
Do
296-A
do
5- 1-41
8,541,598.48
Do
442-A
do
5-24-50
2,500,000.00
Do
442-C
Materials for reconstruction
4-13-48
5,500,000.00
Do
442-0
Railroad spare parts
2-21-51
105,000.00
Do
634
River dredge and related equipment
( E l l i c o t t Machine Corp.)
3-17-55
840,000.00 1
Republic of Colombia-Corporacion de
Defense de Productos Agricolas
480
Construction for grain storage
6-29-50
2,200,000.00
Republic of Colombia-Compania Nacional
de Navegacion, S. A.
486
Freight and passenger vessels
8-24-50
645,000.00
Republic of Colombia-Consejo Adm. de
los Ferrocarriles Nac. de Col.
352
Railway equi pment
6-28-44
3,000,000.00
490
Diesel e l e c t r i c locomotives
1-11-51
1,503,389.00
346
A g r i c u l t u r a l development
7- i - 4 ;
14,500,000.00
Repub 1ic of Colombia
Do
Caja de Credito Agrario, Indus, y
Minero (Republic of Colombia)
296
Highway construction
DEBT CEILING
AND
LOANS ~
347
INCREASE
Continued
35
Status of
Undisbursed
Balance
Disbursed
$
r
1,200,000.00 $
Loans
Repayment
Repaid
1,200,000.00
Outstanding
Int.
%
$
Terms
Principal Installments
(Semiannually - Quarterly - Monthly)
Repaid
15,306,880.00
8,610,120.00
3 1/2 16 Sa. beg. 4-30-52
($1,083,000.00 of c r e d i t canceled)
2,750,000.00
345,500.00
2,404,500.00
4
1 ,800,000.00
1,800,000.00
10,000,000.00
1,562,500.00
8,437,500.00
4
600,000.00
450,000.00
150,000.00
4
5,000,000.00
5,000,000.00
23 917,000.00
550,000.00
24 Sa. beg. 1-31-56
Repaid
32 Sa. beg. 6-15-55
6 Sa. beg. 9 - H - 5 4
Repaid
14 Sa. beg. 1-31-59
2,950,000.00
600,000.00
600,000.00
5
15,500,000.00
500,000.00
500,000.00
5 1/2 27 Sa. beg. 30 mos. a f t e r date of
note
11,851,000.00
5 1/2
16,000,000.00
5 1/2 30 Sa. beg. 3~31-6l
46,851,000.00
21297 0—58
Do
Repaid
($107,358.78 of credit canceled)
18,641.22
18,641.22
101,085,641.22
42,675,012.42
58,410,628.80
11,458,401.52
11,128,643.70
329,757.82
4
8,541,598.48
8,322,100.00
219,498.48
4
2,280,434.84
1,525,000.00
755,434.84
3 1/2 20 Sa. beg. 7-IO-5I
($219,565.16 of c r e d i t canceled)
5,377,454.21
4,325,000.00
l ,052,454.21
3 1/2 20 Sa. beg. 3~> 0~5l
($122,545.79 of c r e d i t canceled)
78,028.62
57,750.00
20,278.62
585,000.00
60,000.00
525,000.00
2,174,194.55
1 ,320,000.00
854,194.55
Do
3 1/2 20 Sa. beg. 4~9~52
($26,971.38 of c r e d i t canceled)
($255,000.00 of c r e d i t canceled)
4
10 Sa. beg. 8-1-54
($25,805.45 of c r e d i t canceled)
Repai d
645,000.00
645,000.00
3,000,000.00
2,980,184.14
19,815.86
1,473,609.11
1,102,372.30
371,236.81
14,500,000.00
3,508,200.00
10,991,800.00
23
24 Sa. beg. 10-10-45
4
16 Sa. beg. 5-5-50
3 1/2 11 Sa. beg. 9-16-53
($29,779.89 of c r e d i t canceled)
4
20 Sa. beg. 7-15-52
348
DEBT CEILEXG
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U. S. Products Financed
(Participating Exporters in Parentheses)
Date
Amount
|
1
Colombia - continued
Hotel San Diego S. A.
(Banco de la Republica)
365-8
Goods and services for hotel construction
4-27-49 $
3,057,600.00
517
Refinancing hotel obligations
3- 6-52
942,400.00
Empresa de Energia E l e c t r i c a , S. A.
(Banco de la Republica)
518
Hydroelectric plant
3-27-52
2,600,000.00
Hilanderia T i t a n , Ltda.
(Banco Industria Colombiano)
566
T e x t i l e equi pment
(Whitin Machine Works)
7- 8-54
78,000.00
Industria Colombiana de Artefactos,
S. A. (ICASA) ( J . Glottman, S. A . ,
J . Glottman i n d i v i d u a l l y and Banco
de Bogota)
780
Production of r e f r i g e r a t i o n equipment
3-22-56
200,000.00 I
Leonidas Lara e H i j o s , Ltda.
588-1
Power shovels
(Thew Shovel Co.)
4- 8-55
70,800.00
Do
Do
588-5
8- 9-56
65,000.00
Do
668-1
Heavy r o l l e r s and attachments
(Acme 1ron Works)
8- 9-56
21,000.00
Departmento de Cundinamarca
664-2
Power shovels
(Harnischfeger Corp.)
8- 4-55
180,000.00
Departmento de Cundinamarca and
Departmento de Provisiones
666-2
Road r o l l e r s and accessories
(The Gal ion Iron Works)
12-22-55
81,000.00
Departamento de Boyaca
649-1
Mining equipment
(Goodman Manufacturing Co.)
9-22-55
33,000.00
Ingenio Central C a s t i l l a , Ltda.
579-2
Steam b o i l e r and equipment
(Combustion Engineering, Inc.)
9-29-55
56,000.00
Grancolombiana de Agendas, Ltda.
666-1
Motor graders and r o l l e r s
(The Gal Ion 1ron Works)
10-27-55
91,199.41
640-2
Construction equipment
(Koehring Inter-American Co.)
10-27-55
60,000.00
581-2
Diesel generator and equipment
(Worthington Corp.)
1-12-56
64,500.00
581-3
Diesel generator sets
(Worthington Corp.)
3-29-56
232,000.00
789-1
Pumps
(Jacuzzi Bros., Inc.)
6- 5-56
15,000.00
Do
Cia. Colombiana de Electricidad
Do
E. A. Rosado & C i a . , Ltda.
Do
58,640,888.41
Total
Costa Rica:
Republic of Costa Rica
Do
Lineas Aereas Costarricenses, S. A.
(Republic of Costa Rica)
Cia. Nacional de Fuerza y Luz, S. A.
330
Materials and services for highways
4-22-42
7,000,000.00
75^
Inter-American Highway construction
11- 3-55
9,540,000.00
584
11-26-54
900,000.00
Less:
A i r c r a f t and spare parts
(General Dynamics Corp.)
Advances by participants
618
E l e c t r i c power equipment
3- 3-55
225.000.00
675,000.00
2,500,000.00
DEBT CEILING INCREASE
AND
LOANS - - Continued
37
l _
1
349
Undisbursed
Balance
r
Status
Disbursed
of
Loans
Repaid
Repayment
Int.
Principal Installments
(Semiannual 1/ - Quarterly - Monthly)
2,463,066.57
4
36 Sa. beg. 3~7"54
4
Outstanding
$
3,057,600.00 $
942,400.00
675,734.00
266,666.00
[
2,600,000.00
650,000.05
1,949,999.95
77,411.74
77,411.74
43,654.90
54,556.62
594,533.43 $
Terms
%
7 Sa. beg. 6-10-55
4 1/2 28 Sa. beg. 3-11-54
Repaid
($588.26 of credit canceled)
20,000.00
136,345.10
5 1/2 10 Sa. beg. 1 y r . after date of
note
40,917.48
13,639.14
($16,243.38 of credit canceled)
(Credit canceled)
Do
89,877.31
($30,204.49 of credit canceled)
67,162.50
67,162.50
($13,837.50 of credit canceled)
32,958.96
32,958.96
($41.04 of credit canceled)
55,526.85
55,526.85
($473.15 of credit canceled)
40,410.13
($39,589.87 of credit canceled)
149,795.51
51,609.54
59,918.20
11,199.41
(Credit canceled)
64,141.31
64,141.31
231,300.00
23,130.01
($358.69 of credit canceled)
208,169.99
($700.00 of credit canceled)
(Credit canceled)
43,654.90
7,160,000.00
57,654,529.46
37,191,235.77
20,463,293.69
6,985,000.00
1,376,599.62
5,608,400.38
3 1/2 80 Quar. beg. 1—1—51
($15,000.00 of credit canceled)
2,380,000.00
53,343.00
2.326,657.00
4 1/2 30 Sa. beg. 5-1-57
673.062.21
266,717.27
2,500,000.00
406,344.94
2,500,000.00
($1,937-79 of credit canceled)
5 1/4 16 Sa. beg. 6-3O-58
350
DEBT CEILING
INCREASE
38
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors in Parentheses)
Credit
No.
U. S. Products Financed
(Participating Exporters in Parentheses)
Date
|
Amount
L A T I N A M E R I C A - continued
Costa Rica - continued
I n s t i t u t o Costarricense de Electricidad
(Republic of Costa Rica)
622
Diesel e l e c t r i c generating sets
(Nordberg Mfg. Co.)
3- 3-55 $
Ministry of Public Works
670
Dump trucks
(Mack Motor Truck Corp.)
4-28-55
243,000.00
Societa Italiana de Colonizzazione
Agricola (SICA) (Government of Costa
Rica)
892
A g r i c u l t u r a l development
2-14-57
161,000.00
Machinery and Tractors, Ltd.
652-2
Farm tractors and equipment
(Deere 6- Company)
11-29-55
30,000.00
7**7-l
Motor trucks and parts
(Mack Trucks, Inc.)
5- 4-56
devolved
30,000.00
9.809.99
39,809.99
737-6
Tractors, earth moving equipment
( C a t e r p i l l a r Tractor Co.)
Do
Machinery and Tractors, L t d .
(Alvaro and Carlos Gonzalez)
1 ,023,000.00
150,000.00
Total
21 ,361,809.99
Cuba:
24,000,000.00
4.000.000.00
20,000,000.00
Cuban E l e c t r i c Company
493
Less:
E l e c t r i c a l machinery
Advances by participants
3-29-51
Compania Cubana Primadera, S. A.
791
Less:
Equipment for wallboard plant
Advances by participants
5- 3-56
1 ,500,000.00
300.000.00 1
1,200,000.00
Compania Riera, Toro & Van Twistern,
S. A.
578-4
A g r i c u l t u r a l equipment
(The 01iver Corp.)
12-13-55
60,000.00
Fabrica Nacional de Implementos
Agricolas, S. A.
609-3
Tractors and equipment
(Massey-Harris-Ferguson, Inc.)
5- 3-56
150,000.00
Compania Riera, Toro 6- Van Twi s t e r n ,
S. A.
637-2
Shovels, cranes, e t c .
(Baldwin-Lima-Hami 1 ton Corp.)
1-12-56
22,000.00
Powe Equipment Co., S. A.
(William A. Powe)
652-5
2-24-56
160,000.00 1
Powe Machinery Co., S. A.
(William A. Powe)
652-4
Tractors and a g r i c u l t u r a l
(Deere & Company)
2-24-56
160,000.00
Do
737-8
Earth moving equipment and generators
( C a t e r p i l l a r Tractor Co.)
5-23-57
300,000.00
Do
737-9
do
implements
6-14-57
150,000.00
Cia. Operadora Central Jaguey Grande,
S. A. (Antonio Goroztiaga)
699-1
Centrifugal machinery
(Hepworth Machine Co.)
10-11-56
15,000.00
Distribuidora Mack de Cuba, S. A. &
Trafico y Transporte, S. A.
747-4
Heavy-duty truck tractors
(Mack Trucks, Inc.)
10-11-56
108,000.00
Trafico y Transporte, S. A.
(Amador Odio P.)
828-1
Semi-trailers and accessories
(Brown T r a i l e r s , Inc.)
10-11-56
75,500.00
Do
Total
828-2
do
do
11- 8-56
24.200.00
22,424,700.00
DEBT CEILING
AND
LOANS ~
351
INCREASE
Continued
Status of
Undisbursed
Balance
$
Disbursed
$
Loans
Repaid
949,651.20 $
284,895.36 $
242,893.79
161,929.20
Repayment Terms
Outstanding
Int.
%
($73,348.80 of credit canceled)
664,755.84
($106.21 of credit canceled)
80,964.59
161,000.00
Principal Installments
(Semiannually - Quarterly - Monthly)
5 1/2
8 Ann. beg. 2 y r s . a f t e r date of
note
22,300.64
7,699.36
22,300.64
10,380.06
29,429.93
9,809.99
19,619.94
13,782,337.77
2,153,294.44
11,629,043.33
24,000,000.00
4,000,000.00
20,000,000.00
800,000.00
800.000.00
23,200,000.00
3.200,000.00
20,000,000.00
5
40 Sa. beg. 12-15-56
900,000.00
180,000.00
720,000.00
6
10 Sa. beg. not later than 3-21-59
150,000.00
7,489,079.42
600,000.00
120.000.00
480,000.00
900,000.00
180,000.00
720,000.00
(Credit canceled)
150,000.00
Do
160,000.00
138,953.43
21,046.57
21,046.57
300,000.00
150,000.00
15,000.00
3,750.00
11 ,250.00
Do
70,705.32
1
1,378,953.43
70,705.32
($4,794.68 of c r e d i t canceled)
($125.40 of credit canceled)
24.074.60
3.615.55
20.459.05
20,850,826.49
7,365.55
20,843,460.94
352
DEBT CEILING
INCREASE
CURRENT
CREDITS
Creolts Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
Date
Amount
L A T I N A M E R I C A - c ontinued
Dominican Republic:
Atlas Commercial Co. C. por A.
666-3
Motor graders
(Gallon Iron Works 6- Mfg. Co.)
7-19-56 $
328
Water supply system
4-22-42
4,000,000.00
102,000.00
Ecuador:
Municipality of Quito
(Republic of Ecuador)
Do
Municipality of Guayaquil
(Republic of Ecuador)
Republic of Ecuador
328-A
do
6-24-54
3,650,000.00
328
do
4-22-42
5,300,000.00
12-18-42
8,791,900.00
343
Highway construction
Do
432
do
Do
432-A
do
Do
432-B
Do
471-A
do
Highway maintenance
10- 8-47
2,720,000.00
9-16-53
4,980,000.00
1-10-57
250,000.00
12-14-49
I ,500,000.00
12-14-49
1 ,500,000.00
Do
471 -B Railway equi pment
Do
471-D
Rehabilitation of water supply system
6-14-51
500,000.00
Do
471-E
Ambato power f a c i l i t i e s
3-20-52
800,000.00
Do
471-F
Water supply and sewer system
7-31-52
165,000.00
Do
471-G
Latacunga water supply system
11- 1-56
335,000.00
Do
500
Improvement of Guayaquil and Quito
ai rports
7-19-51
2,500,000.00
Do
500-A
do
1-10-57
280,0"0.0C
Do
741
do
9-15-55
900,000.00
2-23-56
310,000.00
10-11-56
168,000.00
5- 9-57
97,000.00
Sociedad Agricola e Industrial
773
Sugar m i l l machinery and equipment
(Fulton 1ron Works Co.)
Comite Ejecutivo de Vialidad de la
Provincia del Guayas
845
Dredge
( E l l i c o t t Machine Corp.)
Cia. Azucarera Valdez, S. A.
(Rafaela Valdez, et a l )
916
Sugar m i l l machinery and equipment
(Fulton Iron Works Co.)
38*. 746,900.00
Total
El Salvador:
9-19-56
5,625.00
Tire recapping plant
(U. S. Rubber International)
10-25-56
19,200.00
865
Bus bodies
(Blue Bi rd Body Co.)
12- 3-56
2,400.00
880
Buses
(Blue Bird Body Co.)
1-1P-5;
11,400.00
Pan Lido, S. A.
831
Baking equipment
(Francoeur & Co., Inc.)
Samuel Quiros
(Banco de Comereio de El Salvador)
851
Distribuidora de Automoviles, S. A.
(Dona Secundina Poma vda. de Rossotto
et al)
Distribuidora de Aut omoviles, S. A.
(Banco Agricola Come r c i a l de El
Salvador, et al)
(
DEBT CEILING
AND
LOANS ~
353
INCREASE
Continued
Status of
Undisbursed
Balance
Repayment
Outstanding
$
$
r
Loans
Repaid
Disbursed
%
$
Terms
Principal Installments
(Semiannually - Quarterly - Monthly)
(Credit canceled)
4, 000,000.00
1,649,201.00
2,350,799.00
3 1/2 60 Quar. beg. 12-15-51
3,650,000.00
449,339.00
3,200,661.00
4 1/2 60 Quar. beg. 3 mos. a f t e r date of
note
5,300,000.00
2,643,700.54
2,656,299.46
3 1/2 54 Quar. beg. 6-15-51
8,771,070.10
4,021,930.23
4,749,139.87
4
80 Quar. beg. 5-1-50
($20,829.90 of credit canceled)
2,720,000.00
336,953.44
2,383,046.56
3 1/2 Quar. 20 y r s .
4,980,000.00
463,912.82
4,516,087.18
5
5 1/4
250,000.00
Quar. 15 y r s .
Do
1 ,500,000.00
319,404.71
1,180,595.29
3 1/2 80 Quar. beg. 8—1-51
1 ,500,000.00
349,152.57
1,150,847.43
3 1/2 80 Quar. beg. 2-1-51
500,000.00
96,503.01
403,496.99
3 1/2 80 Quar. beg. 5~1~52
3 1/2 Quar. 20 y r s .
800,000.00
165,000.00
12,928.40
152,071.60
2,499,995.40
83,333.18
2,416,662.22
285,673.50
30,000.00
255,673.50
3 1/2 80 Quar. beg. 8-1-55
3 1/2 Quar. 20 y r s .
335,000.00
4 3 A 60 Quar. beg. 1-1-57
($4.60 of c r e d i t canceled)
5 1/4 60 Quar. from date of note
280,000.00
614,326.50
Int.
5
60 Quar. beg. 1-1-57
308,571.52
308,571.52
($1,428.48 of credit canceled)
167,720.00
167,720.00
($280.00 of c r e d i t canceled)
97,000.00
2,376,326.50
36,3^8,030.52
10,456,358.90
25,891,671.62
5,3^7.94
1,243.72
4,104.22
16,275.00
16,275.00
($277.06 of c r e d i t canceled)
($2,925.00 of c r e d i t canceled)
2,033.12
535.00
1,498.12
($366.88 of c r e d i t canceled)
9,916.73
1,416.67
8,500.06
($1,483.27 of c r e d i t canceled)
354
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
Date
J
Amount
L A T I N A M E R I C A -continu ed
El Salvador - continued
Distribuidora de Automoviles, S. A.
(Banco Agricola Comercial de El
Salvador, et al)
881
Buses
(Blue Bi rd Body Co.)
1-18-57 $
7,750.00
2,525.00
Do
904
do
3-22-57
Do
905
do
3-22-57
7,460.00
Do
906
do
3-22-57
8,800.00
Do
915
do
5- 9-57
9,800.00
H. de Sola e Hijos
893
Soap and glycerine manufacturing equipment (The Sharpies Corp.)
2-15-57
37,500.00
Republic of El Salvador
Ministry of Public Health
A-5
Hospital equipment
2-28-56
98,500.00
210,960.00
Total
Guatemala:
Cia. Minera de Huehuetenango, S. A.
(Curtis F. Corzelius)
617
Materials and equipment for lead wiring
Cementos Novella, S. A.
(Estuardo Novel l a , et al)
761
Fabrica de Gases I n d u s t r i a l s
3- 3-55
500,000.00
Cement plant equipment
12-22-55
1,240,000.00
81+6
Acetylene generator, compressor, e t c .
(Southern Oxygen Co.)
10-12-56
Automotriz de Guatemala, Ltda.
578-1
Tractors and attachments
(The Oliver Corporation)
8-11-55
60,000.00
Republic of Guatemala
633-1
Microwave system
(International Gen. Elec. Co.)
7-28-55
675,000.00
Comercial MacDonald (Guatemala) S. A.
639-1
Motor trucks and equipment
( I n t ' i . Harvester Export Co.)
7- 5-56
150,000.00
Cia. Guatemalteca de Maquinaria, Ltda.
652-1
Agricultural machinery
(Deere & Company)
9-22-55
^evolved
50,000.00
7,807.48
57,807.48
737-1
Agricultural machinery
( C a t e r p i l l a r Tractor Co.)
10-27-55
tevolved
200,000.00
120.862.24
320,862.24
583-2
Asphalt mixing plant and equipment
(Barber-Greene Company)
II-
Do
Cia. Guatemalteca de Maquinaria, Ltda.
(G. W. Daniels & Wi1 son Stanley)
1-56
1 ,925.00
85,100.00
3,090,694.72
Total
Haiti:
Societe Haitiano-Americaine de
Developpement Agricole
(Republic of H a i t i )
295
Development of rubber and other tropical
products
5- 1-41
5,000,000.00
Republic of Haiti
457
I r r i g a t i o n and a g r i c u l t u r a l development
12-29-48
27.000,000-00
Total
32,000,000.00
DEBT CEILING
ANP
IQANS "
INCREASE
355
Continued
43
Status of
Undisbursed
Balance
Disbursed
Loans
Repaid
Repayment Terms
Outstanding
Int.
%
p
$
6,742.49 $
1,926.42 $
Principal Installments
(Semiannually - Quarterly - Monthly)
4,816.07
($1,007.51 of credi t canceled)
($327.88 of credit canceled)
2,197.12
313.87
1 ,883.25
7,452.00
931.50
6,520.50
($8.00 of credit canceled)
7,691.17
1 ,098.67
6,592.50
($1,108.83 of c r e d i t canceled)
9,800.00
37,500.00
(Credit canceled)
47,300.00
57,655.57
7,465.85
50,189.72
499,943.80
187,607.07
312,336.73
1 ,238,897.60
1 ,238,897.60
1,197.59
364.80
6
3 beg. 12-1-57
($56.20 of credit canceled)
5 1/2 10 Sa. beg. 2-1-58
($1,102.40 of c r e d i t canceled)
($727.41 of credit canceled)
832.79
(Credit canceled)
Do
57,369.05
92,630.^5
57,369.05
452.69
57,354.79
7,807.48
49,547.31
82,145.52
238,716.72
120,862.24
117,854.48
85,100.00
21,275-00
63,825.00
2,178,579.55
337,916.59
1,840,662.96
5,000,000.00
1 ,550,500.00
3,449,500.00
175,229.16
3,066,305.22
23,933,694.78
262.675.50
23,671,019.28
3,066,305.22
28,933,694.78
1,813,175.50
27,120,519.28
3
40 Quar. beg. 9-15-57
3 1/2 50 Sa. beg. 9-16-60
356
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
Date
J
Amount
L A T I N A M E R I C A -continued
Honduras:
Maqulnaria y Accesorios, S. de R. L.
(Banco Nacional de Fomento)
821
Farm machinery
(Allis-Chalmers Mfg. Co.)
9- 5-56 $
Maquinaria y Accesorios, S. A.
(Banco Nacional de Fomento)
920
Tractors and equipment
(Al1is-Chalmers Mfg. Co.)
5-23-57
5,500.00
17,000.00
Republic of Honduras
879
Construction of Inter-American Highway
1-17-57
1 ,650,000.00
Ministry of Finance
908
Crawler tractors with bulldozers
(Allis-Chalmers Mfg. Co.)
4-11-57
91 ,200.00
Maquinaria y Accesorios, S. de R. L.
(Commercial Bank)
640-4
Dumptors and power shovel
(Koehring Inter-American Co.)
3-29-56
66,000.00
1 ,829,700.00
Total
Mexico:
Nacional Financiera, S. A.
(United Mexican States)
Do
323
Steel-mill equipmentAltos Hornos de Mexico
4-10-42
8,000,000.00
362
Railway equipmentMexican National Railways
3-21-45
19,000,000.00
Do
379
E l e c t r i c power project
3-21-45
20,000,000.00
Do
427-A
Nueva Cia. Electrlca Chapala, S. A.
10- 1-47
3,500,000.00
Do
427-D
Railway equipment
12- 3-47
7,000,000.00
Do
427-E
Two sugar m i l l s
12- 3-45
5,000,000.00
Do
427-G
Ammonium sulfate plant
2-11-48
6,000,000.00
Do
42 7-H Tampico-Ciudad Madero water works
2- 2-49
1,515,750.00
Do
427-J
Rai1 way equipmentMexican National Railways
8- 3-49
12,900,000.00
Do
42 7-K
Railway equipmentFerrocarril del Pacifico
8- 3-49
5,000,000.00
Do
U27-L
Coal mine equipment
4- 5-50
2,740,000.00
Nacional Financiera, S. A.
(United Mexican States) Unallotted
487
Development of a g r i . , transp., communications, and e l e c t r i c power
8-31-50
29,700,00 0.00
Nacional Financiera, S. A.
(United Mexican States)
487-A
Falcon Dam and power plant
12-15-50
11,500,000.00
f+87-B
Anzalduas Dam
12-15-50
1 ,000,000.00
1 ,000,000.00
12-15-50
17,500,000.00
Do
Do
i+87-C
Yaqui Alto Canal
Do
487-D
Steel-mill equipmentAltos Hornos de Mexico
5-31-51
5,000,000.00 |
Do
48 7-E
Rehabilitation of Mexican National
RaiIways
8- 2-51
51 ,000,000.00 |
5,000,000.00
Do
487-F
Rehabilitation of Mexican ,Rai1 way
8- 2-51
Do
l+87-G
Telecommunications system
3- 6-52
1,440,000.00
Do
487-H
Steel-mi 11 equipmentHojalata y Lamina
12-18-52
3,600,000.00
DEBT CEILING
AND
LOANS "
357
INCREASE
Continued
45
Status of
Undisbursed
Balance
$
Disbursed
$
13,641.50 $
Loans
Repaid
2,409.00 $
Repayment Terms
Outstanding
Int.
%
Principal Installments
(Semiannually - Quarterly - Monthly)
($3,358.50 of c r e d i t canceled)
11,232.50
5,500.00
1 ,650,000.00
91,200.00
(Credit canceled)
1,746,700.00
11,232.50
13,641.50
2,409.00
7,500,000.00
7,500,000.00
19,000,000.00
18,800,000.00
200,000.00
4
20 Sa. beg. 6-30-48
20,000,000.00
9,075,000.00
10,925,000.00
4
40 Sa. beg. 10-31-50
3,150,000.00
2,681,365.36
468,634.64
3 1/2 20 Sa. beg. 6-30-50
($350,000.00 of c r e d i t canceled)
3 1/2 20 Sa. beg. 12-31-48
Repaid
($500,000.00 of credit canceled)
7,000,000.00
6,319,394.74
680,605.26
5,000,000.00
4,500,000.00
500,000.00
5,500,000.00
3,354,505.00
2,145,495.00
3 1/2 20 Sa. beg. 11-14-48
3 1/2 20 Sa. beg. 6-3O-5I
($500,000.00 of c r e d i t canceled)
3 1/2 20 Sa. beg. 12-31-51
1,515,750.00
909,451.68
606,298.32
12,897,342.20
8,383,272.43
4,514,069.77
3 1/2 20 Sa. beg. 6-30-51
($2,657.80 of c r e d i t canceled)
4,900,000.00
1,715,000.00
3,185,000.00
3 1/2 20 Sa. beg. 6-30-54
($100,000.00 of credit canceled)
2,740,000.00
523,432.81
2,216,567.19
3 1/2 24 Sa. beg. 8-15~55
(Credit canceled)
11,264,609.02
2,388,097.11
8,876,511.91
3 1/2 24 Sa. beg. 7-16-58
1,000,000.00
1,000,000.00
5
17,500,000.00
3,710,000.00
13,790,000.00
5,000,000.00
1 ,196,400.08
3,803,599.92
1,050,000.00
49,950,000.00
17,570,000.00
32,380,000.00
500,000.00
4,500,000.00
1 ,575,000.00
2,925,000.00
1,440,000.00
840,000.00
600,000.00
3,600,000.00
720,000.00
2,880,000.00
3 1/2 24 Sa. beg. 7-15-54
($235,390.98 of credit canceled)
Do
3 1/2 24 Sa. beg. 7-15~54
4
20 Sa. beg. 11-6-53
3 1/2 20 Sa. beg. 6-22-54
3 1/2
Do
3 1/2 12 Sa. beg. 1-26-54
4 1/2 20 Sa. beg. 12-31-55
358
DEBT CELLING INCREASE
CURRENT
CREDITS
Credits A u t h o r i z e d
Credit
No.
Country and O b l i g o r
(Guarantors in Parentheses)
LATIN
AMERICA
Mexico -
Amount
- conti nued
A.
C i a . F u n d i d o r a de F i e r r o
M o n t e r r e y , S. A .
y A c e r o de
Do
M e x i c a n G u l f S u l p h u r Co. and
A z u f r e r a M e x i c a n a , S. A .
Cia.
Do
Minera
S.
A.
Empaques de C a r t o n T i t a n , S. A .
( V a l o r e s 1 n d u s t r i a l e s , S. A . e t
Rehabilitation
Rai1 ways
539
Bar and r o d c o m b i n a t i o n
801
Steel-mill
494
Sulphur
S.
equipment
do
P r o d u c t i o n o f manganese
516
Sulphur
585
Machinery,
786
M a c h i n e r y , s u p p l i e s , and e q u i p m e n t
(Sandy H i l l I r o n t B r a s s Works)
plant
A c e r o s de C h i h u a h u a , S. A .
( C i a . F u n d i d o r a de C h i h u a h u a , S . A . e t
del
S. A .
de T a m p i c o ,
S. A .
Mexicana,
2-21-52
4,414,000.00
supplies,
and e q u i p m e n t
11-26-54
788,000.00
4-
5-56
1 ,000,000.00
do
5-18-56
250,000.00
equipment
2-17-55
662,000.00
do
6-30-55
2,055,000.00
75,000.00
726
Rolling mill
( E . W. B l i s s
8-11-55
720,000.00
Power c o n s t r u c t i o n
al)
glass
plant
equipment
Co.)
program
12-
8-55
7,072,000.00
do
12-
8-55
6,781,000.00
760-C
do
12-
8-55
4,931,000.00
760-D
do
12-
8-55
2,354,000.00
760-E
do
12-
8-55
535,000.00
760-F
do
12-
8-55
1 ,360,000.00
3-29-56
1 ,820,000.00
783
Electric
788
M a c h i n e r y and e q u i p m e n t
b o t t l e caps
802
Cement p l a n t e q u i p m e n t
( F . L. S m i d t h 6- C o . )
al)
de Cemento
'
750,000.00
1-20-56
760-B
•
1 ,027,500.00
8-23-51
Sheet
Centro,
Cooperativa Manufacturera
P o r t l a n d , S. C. L .
(Nacional F i n a n c i e r a , S
See footnotes at end of tab /
12-23-55
767
Mexicana del
F a b r i c a s M o n t e r r e y , S. A .
( V a l o r e s 1 n d u s t r i a l e s , S. A . e t
3,972,500.00
A.
Compania E l e c t r i c a
S. A . ( C e n t r o )
Electrica
26,000,000.00
it-12-51
37,100.00
760-A
Cia. Industrial
S. A . de C. V .
6-28-56
7-21-55
Norte,
de M e r i d a ,
4,500,000.00
Sheet g l a s s r e a n n e a l i n g e q u i p m e n t
( S u r f a c e Combustion Corp.)
Mexicana del
Compania E l e c t r i c a
(Merida)
11-20-52
71^
Compania E l e c t r i c a
S. A . ( N o r t e )
Compania de E l e c t r i c i d a d
S. A . ( T a m p i c o )
Steel-mill
702
V i d r i o P i a n o de M e x i c o , S. A .
(Fomento de I n d u s t r i a y C o m e r c i o S.
et al)
Nacional,
concentrates
23,260,000.90
al)
A.
Compania E l e c t r i c a
(Nacional)
0-11-56 $
mill
505
611
Compania E l e c t r i c a M e x i c a n a
S u r e s t e , S. A . ( S u r e s t e )
National
plant
794
S. A .
H o j a l a t a y L a m i n a , S. A .
( V a l o r e s 1 n d u s t r i a l e s , S. A . e t
Mexican
al)
Do
La C o n s o l i d a d a ,
of
V.
Do
Piano,
48 7-1
494
Fernandez,
Pan A m e r i c a n S u l p h u r Company and
A z u f r e r a P a n a m e r i c a n a , S. A . de C.
Vidrio
Date
continued
N a c i o n a l F i n a n c i e r a , S.
( U n i t e d Mexican S t a t e s )
Cia.
U . S . Products Financed
(Participating Exporters in Parentheses)
power
equipment
for
production
of
4-26-56
100,000.00
6-28-56
75,500.00
|
DEBT CEILING
AND
LOANS ~
Continued
Status
Undisbursed
Balance
$
359
INCREASE
23,260,000.00
of
Loans
$
$
4,500,000.00
Repayment
Repaid
Disbursed
Outstanding
$
926,000.00
3,574,000.00
5
20 S a . b e g .
6-15-59
5
20 S a . b e g .
6-15-55
5
30 S a . b e g .
6-15~6l
5
7 Sa. b e g .
6-3O-56
1,027,500.00
6
Demand
745,000.00
83,662.84
661,337.16
5
9 Sa. b e g . 6-30-54
($5,000.00 of c r e d i t
4,414,000.00
1,371,333.36
3,042,666.64
5
12 S a . b e g .
755,520.57
143,418.97
612,101.60
5
1,027,500.00
400,000.00
Principal Installments
(Semiannually - Q u a r t e r l y - M o n t h l y )
%
3,972,500.00
26,000,000.00
3,972,500.00
Terms
Int.
canceled)
8-10-55
1/2 10 S a . b e g . 9 - 3 0 - 5 6
($32,479.43 of c r e d i t
canceled)
600,000.00
600,000.00
250,000.00
654,565.28
160,198.60
163,654.32
1,894,801.40
37,098.00
11,335.50
5
1/2
1,894,801.40
5
1/2 16 S a . b e g .
($2.00 of
25,762.50
72,000.00
34 S a . b e g .
5
6,781,000.00
5
Do
4,931,000.00
5
Do
2,354,000.00
5
Do
535,000.00
5
Do
1,360,000.00
5
Do
5
Do
985,833.29
834,166.71
834,166.71
(Credi t
75,500.00
credit
canceled)
648,000.00
7,072,000.00
canceled)
10-15-57
75,000.00
75,000.00
720,000.00
8 Sa. b e g . 6 - 3 0 - 5 6
($7,434.72 of c r e d i t
490,910.96
12-15-60
canceled)
360
DEBT CEILING
INCREASE
48
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U. S. Products Financed
(Participating Exporters in Parentheses)
Date
Amount
L A T I N A M E R I C A - continued
Mexico - continued
Cooperat i va Manufacturer de Cemento
Portland, S. C. L.
(Nacional Financiera, S. A.)
803
Cement plant equipment
(Fuller Co.)
6-28-56 $
Tecnica I n d u s t r i a l , S. A.
(Cerveceria Cuauhtemoc, S. A.)
816
B o t t l i n g machinery and equipment
(Barry Wehmlller Export Sales)
8-30-56
34,125.00
Cerveceria Cuauhtemoc, S. A.
835
Brewhouse equipment
(The Phaudler Co.)
9-28-56
43,200.00
Sosa Texcoco, S. A.
821+
Evaporating equipment
(Whiting Corp.)
9- 6-56
17,700.00
Textiles Monterrey, S. A.
830
Textile machinery
(Saco-Lowell Shops)
9-19-56
12,000.00
Malta, S. A.
834
Flour m i l l equipment
(Allis-Chalmers Mfg. Co.)
9-28-56
7,200.00
Banco Nacional de Credito Agricola,
S. A.
836
Tractors and a g r i c u l t u r a l machinery
(Minneapolis-Moline Co.)
10- 4-56
4,800.00
Banco Nacional de Credito Agricola,
S. A. (Nac. Financiera, S. A.)
838
Beef and dairy c a t t l e
10-10-56
5,000,000.00
217.500.00 !
Do
927
do
6-14-57
5,000,000.00
Do
871
Agricultural tractors
(Minneapolis-Moline Co.)
12-18-56
55,000.00
Government of the State of Sonora
(Nacional Financiera, S. A.)
839
Pump and diesel engine equipment
(Fairbanks, Morse £• Co.)
0-11-56
30,000.00
Pavimentos, S. A.
850
Mixing machine and loader
(Equipment Supply Co.)
0-19-56
6,000.00
Mil p r i n t
852
Plastic
0-26-56
2,550.00
de M e x i c o , S. A .
extruder
(Modern Plastic Machinery Corp.)
Textiles del Norte, S. A.
853
Textile looms
(Draper Corp.)
0-26-56
7,700.00
Cementos Portland Moctezuma, S. A.
858
Clinker m i l l and equipment
(Kennedy-Van Saun Mfg. £. Engr.)
1-16-56
12,500.00
Pasteurizadora de los Productores de
Leche, S. A.
859
Pasteurizing plant
(Roberts Engineering Co.)
1-16-56
6,000.00
Abastecedora de Construcciones de
Tampico Jose Mandelbaum y Cia. S. en
N. C. de C. V. (Fomento de Tampico.S.A.)
861
E l e c t r i c furnace
(Lectromelt Furnace Co.)
1-21-56
9,500.00
Banco Nacional de Credito Agricola
S. A. (Nac. Financiera, S. A.)
878
Prefabricated buildings
(Butler International Co.)
1-11-57
89,000.00
F r i g o r i f i c o s America, S. A.
(Ramiro G. Uranga et a l . )
883
Ice manufacturing plant
(Roberts Engineering Co.)
1-29-57
4,350.00
Nacional Financiera, S. A.
(United Mexican States)
887
Stee1—mi 11 equipmentAltos Hornos de Mexico
2- 7-57
16,000,000.00
Ingenio La Joya, S. A.
(Banco de Industrial y Comercio, S.A.)
890
Steam turbines
(Murray 1ron Works Co.)
2-14-57
33,400.00
Chapultepec, S. A.
(Jose de J. Clark Flores)
900
Hydraulic pipe line dredge
(El 1icott Machine Corp.)
3- 7-57
150,510.00
Constructora Malta, S. A
(Trebol Compania Construe t o r a , S. A.)
901
3-15-57
171,800.00
do
DEBT CEILING INCREASE
AND
LOANS ~
Continued
49
Status of
Undisbursed
Balance
$
361
3,412.00 $
Repaid
Disbursed
214,088.00
30,467.26
Repayment Terms
Loans
Outstanding
$
$
3,656.08
Int.
%
Principal Installments
(Semiannually - Quarterly - Monthly)
214,088.00
26,811.18
($3,657.7^ of credit canceled)
(Credi t canceled)
17,626.57
2,203.33
8,382.43
15,423.24
($73.^3 of credit canceled)
8,382.43
($3,617.57 of c r e d i t canceled)
5,595.20
1,177.92
4,417.28
($1,604.80 of c r e d i t canceled)
3,932.63
786.53
3,146.10
($867.37 of c r e d i t canceled)
4,843,929.39
4,843,929.39
5,000,000.00
5
5
4 Ann. beg. 12-1-57
($156,070.61 of credit canceled)
4 Ann. beg. 11-1-58
(Credit canceled)
Do
5,304.60
1,515.60
2,501.55
3,789.00
($695.40 of c r e d i t canceled)
2,501.55
($48.45 of c r e d i t canceled)
($20.00 of c r e d i t canceled)
7,680.00
3,840.00
3,840.00
6,000.00
1,333.32
4,666.68
12,500.00
9,500.00
88,680.00
88,680.00
($320.00 of credit canceled)
4,298.52
4,298.52
($51.48 of c r e d i t canceled)
5 1/2 30 Sa. beg. 1-15-60
16,000,000.00
(Credit canceled)
150,510.00
171,720.00
12,542.50
137,967.50
171,720.00
($80.00 of credit canceled)
362
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits A u t h o r i z e d
Credit
No.
Country and O b l i g o r
(Guarantors in Parentheses)
LATIN
Mexico -
AMERICA
J
Amount
- cor t i n u e d
C i a . P a p e l e r a M a l d o n a d o , S.
(Jorge Maldonado, et a l )
Bosques de C h i h u a h u a ,
Montes y V a l d e s ,
V.
A.
S. de R.
L.
S. A .
Servicio Agricola,
Motor coaches
(The F l x i b l e C o . )
923
Equipment f o r paper m i l l
(The Sandy H i l l I r o n t B r a s s
Swivel
640-1
C o n s t r u c t i o n equipment
(Koehring Inter-American
599-1
S.
636-1
clam c a r r y
S.
A.
Equipos A g r i c o l a s ,
Abastecedores
A.
A.
de M a q u i n a r i a ,
S.
A.
P r e m e z c l a d o s de M i x c o a c ,
Concretos A i t a
C. V.
Resistencia,
S. A .
S.A.
de
Do
lift
6-
2-28-56
Co.)
6-27-55
Revolvec
75,000.00 1
15.246.00
90,246.00
9 - 1-55
Re v o l vec
10,000.00
4.638.68
14,638.68
ditchers,
750-2
Transcrete truck mixers
( C o n s t r u c t i o n Machinery Co.)
&*
5-56
45,500.00
2-28-57
48,000.00
11-17-55
135,000.00
12-22-55
22,700.00
do
D i e s e l and gas e n g i n e s
(Cummins E n g i n e C o . , I n c . )
737-3
T r a c t o r s , equipment,
(Caterpillar Tractor
M a q u i n a r i a General
(Kemper M a r l e y )
Pacifico,
del
M a q u i n a r i a D i e s e l , S.
( J u s t o A. O d r i o z o l a )
S.
Occidente,
A.
A.
S.
A.
12,580.00
44,500.00
663-2
Pozos y E q u i p o s d e l
10-28-55
3-55
Power s h o v e l s and e a r t h m o v i n g
(Thew Shovel C o . )
A.
90,000.00
23.760.74
11 3 , 7 6 0 . 7 4
1-
588-3
S.
10- 6-55
Revo)ved
Truck-mounted concrete mixers
( C o n s t r u c t i o n Machinery Co.)
Hydraulic
(El 1 i c o t t
Equipos,
2,700.00
750-1
610-1
S. A .
9-27-56
Concrete mixers
( B l a w - K n o x Company)
Warehouse t r u c k s and e q u i p m e n t
(The Y a l e & Towne M f g . C o . )
Compania C o n s t r u c t o r a ,
10,000.00
2,499.74
12,499.74
631-1
machinery
711-1
A.
1-12-56
Revolved
A g r i c u l t u r a l and i n d u s t r i a l
( J . 1 . Case Co.)
E x c a v a t o r s and r e l a t e d
( B u c y r u s - E r i e Co.)
S.
7,000.00
10,000.00
7.609.05
17,609.05
667-1
687-1
Cuauhtemoc,
7-20-56
9-22-55
Revolved
A g r i c u l t u r a l s p r a y e r s and e q u i p m e n t
(Food Mach. & C h e m i c a l C o r p . )
Equipos Mecanicos,
Cerveceria
2,700.00
7*48-1
750-3
A.
etc.
do
C o n c r e t o s A l t a R e s i s t e n c i a S. A . de
C. V. (Banco d e l P a i s , S. A . de C. V . )
S.
620,000.00
loader
do
Land l e v e l e r s , g r a d e r s ,
(Eversman M f g . C o . )
7-57
157,000.00
Works)
A g r i c u l t u r a l equipment
(New H o l l a n d M a c h i n e C o . )
636-2
S.
4-11-57 $
A-6
599-2
M. B y e r l y ,
Concretos
909
S. A .
Do
Equipos A g r i c o l a s ,
Trebol
Date
continued
Omnibus de M e x i c o , S. A . de C.
(Banco N a c i o n a l de Fomento
C o o p e r a t i v e , S. A . de C. V . )
L.
U . S . Products Financed
(Participating Exporters in Parentheses)
737-4
equipment
pipe l i n e dredges
Machine C o r p . )
do
5-56
75,000.00
1-27-56
75,000.00
2-28-56
Revolved
90,000.00
12,083.78
102,083.78
1-
equipment
and g e n e r a t o r s
Co.)
9-56
275,000.00
5-18-56
Revolved
200,000.00
10,502.67
210,502.67
3-
DEBT CEILING
AND
363
INCREASE
LOANS — Continued
Status of
Undisbursed
Balance
$
$
156,775.50
Repayment
Loans
Repaid
Disbursed
Outstanding
$
$
156,775.50
Int.
%
Terms
Principal Installments
(Semiannually - Quarterly - Monthly)
($224.50 of c r e d i t canceled)
620,000.00
(Credit canceled)
65.564.25
24,681.75
15,246.00
9,435.75
9,277.35
4,638.68
4,638.67
($5,361.33 of credit canceled)
6,382.80
($617.20 of c r e d i t canceled)
6,382.80
5,699.25
11 ,909.80
7,609.05
4,300.75
2,500.80
9,998.94
2,499.74
7,499.20
2,025.00
675.00
1 ,350.00
66,001.74
23,760.74
42,241.00
12,230.40
5,940.48
6,289.92
($349.60 of c r e d i t canceled)
44,460.00
14,820.00
29,640.00
($40.00 of credit canceled)
45,240.00
7,540.00
37,700.00
($260.00 of credit canceled)
47,871.00
($129.00 of c r e d i t canceled)
47,759.00
47,871.00
($675.00 of c r e d i t canceled)
(Credit canceled)
22,643.25
22,643.25
74,860.50
74,860.50
12,083.78
($56.75 of c r e d i t canceled)
Repaid
($139.50 of credit canceled)
75,000.00
62,556.28
39,527.50
258,899.87
16,100.13
36,332.74
174,169.93
21297 0—58
24
27,443.72
16,100.13
10,502.67
163,667.26
364
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits A u t h o r i z e d
Credit
No.
Country and O b l i g o r
(Guarantors i n Parentheses)
LATIN
AMERICA
Mexico -
U . S. Products Financed
(Participating Exporters in Parentheses)
Date
Amount
- continued
continued
M a q u i n a r i a D i e s e l , S.
(Justo A. Odriozola)
Casa W i e s l e y ,
S.
A.
A.
S. C. de E j i d a t a r r o s y O b r e r o s
I n g e n i o E m i l i a n o Zapata
del
F a i r b a n k s , Morse de M e x i c o , S.
A.
I n d u s t r i a l A v i c o l a " S a n t a Rosa" S.
( J o s e N. T o l e d o C o n t r e r a s )
Minneapolis
de T o r r e o n ,
A g r o m e c a n i c a , S.
( A l f r e d B. H o l t )
S.
A.
A.
A.
Productora Ferretera Mexicana,
( S o c i e d a d M e x i c a n a de C r e d i t o
I n d u s t r i a l , S. A . )
S.
A.
Banco N a c i o n a l de C r e d i t o E j i d a l , S.
de C. V . ( M a c . F i n a n c i e r a , S . A . )
A.
636-3
Land l e v e l e r s , g r a d e r s ,
(Eversman M f g . Co.)
637-^+
Power s h o v e l s , c r a n e s ,
(Baldwin-Lima-Hamilton
723-1
Cane s h r e d d e r , e t c .
(Gruendler Crusher & P u l v e r i z e r
10-11-56 $
devolved
etc.
draglines
Corp.)
24,000.00
10.486.65
34,486.65
5-17-56
120,000.00
6-14-56
32,000.00
150,000.00
Co.)
578-5
A g r i c u l t u r a l and a l l i e d e q u i p m e n t
(The O l i v e r C o r p o r a t i o n )
8-16-56
730-1
I n c u b a t o r c o m b i n a t i o n and
(Buckeye I n c u b a t o r Co.)
8-
587-<+
9-56
6,200.00
Agricultural
implements
( M i n n e a p o l i s - M o l i n e Co.)
9-27-56
75,000.00
737-5
T r a c t o r s , e a r t h moving equipment
( C a t e r p i l l a r T r a c t o r Co.)
2-
7-57
150,000.00
660-1
P o l i s h i n g m a c h i n e and s u r f a c e g r i n d e r
( S a b i n S t . Germain t A s s o c i a t e s , I n c . )
2-
8-57
16,400.00
854-1
Cotton g i n equipment
(The M u r r a y C o . o f T e x a s ,
5-17-57
232,000.00
parts
Inc.)
Total
341,750,292.31
Nicaragua:
Empresa de Luz y F u e r z a E l e t r i c a
(Republic of Nicaragua)
S.
A.
436
Diesel
power
generator
5-24-51
600,000.00
Republic of
Nicaragua
&70
Construction of
T2-12-56
2,000,000.00
Kinistry
Finance
9W
Motor g r a d e r s and T r a x c a v a t o r s
( C a t e r p i l l a r T r a c t o r Co.)
5-16-57
38,200.00
578-3
T r a c t o r s and a t t a c h m e n t s
(The 0 1 I v e r C o r p . )
9-29-55
300,000.00
747-5
Trucks
(Mack T r u c k s ,
12-31-56
336,000.00
of
Banco N a c i o n a l
R e p u b l i c s de
de
Nicaragua
Nicaragua
Inter-American
Highway
1nc.)
3,274,200.00
Total
Panama:
Republic of
Panama
Do
Heurtematte
& Arias,
S.
A.
501
Financing unfunded o b l i g a t i o n s
of
924
Construction of
Highway
609-2
T r a c t o r s and e q u i p m e n t
(Massey-Harris-Ferguson,
Inter-American
hotel
7-26-51
1 ,500,000.00
6-14-57
12,850,000.00
4-26-56
30,000.00
Inc.)
14,380,000.00
Total
Paraguay:
Republic of
Paraguay
Do
337
Highway
570
Asuncion water
construction
supply
system
5-18-42
3,000,000.00
9-
7,000,000.00
2-51
|
DEBT CEILING
AND
365
INCREASE
LOANS — Continued
53
Status of
Undisbursed
Balance
$
r
10,491.99
Loans
$
23,994.66
Repayment Terms
Repaid
Disbursed
Outstanding
Int.
%
rYincipal installments
(Semiannually - Quarterly - Monthly)
$
JO,486.65
13,508.01
120,000.00
30,567.89
6,180.00
($1,432.11 of c r e d i t canceled)
30.567.89
1,030.00
($20.00 of c r e d i t canceled)
5,150.00
55,269.05
19.710.95
19,710.95
55.216.82
94,783.18
94,783.18
16,351.56
16,351.56
($48.44 of c r e d i t canceled)
(Credit canceled)
100,305,253.94
209,204,313.16
94,773,716.02
114,430,597.14
600,000.00
300,000.00
300,000.00
4
10 Ann. beg. 5-21-53
5 1/4 30 Sa. beg. 8-1-59
2^100,000.00
38,200.00
225,709.32
74,290 .-68
43,878.60
30,412.08
(Credit canceled)
2,263,909.32
674,290.68
343,878.60
330,412.08
1,500,000.00
638,305.82
861.69*.18
4
120 Mos. beg. 10-10-52
5 1/4 60 Guar. beg. 7-31-62
12,850,000.00
30,000.00
12,880,000.00
1,500,000.00
•6 38,3^>5.82
3,000,000.00
2,878,629.01
4,137,596.96
2j862.403.04
861,694.18
121,370.99
4
20 Sa. beg. 6-6-49
2,862,403.04
5
40 Sa. beg. 6-15-59
366
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors in Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
Date
Amount
L A T I N A M E R I C A - continued
Paraguay - continued
Republic of Paraguay
691
Reconstruction of a i r p o r t
6- 9-55 $
800,000.00
10,800,000.00
Total
Peru:
Corp. Peruana del Santa
(Republ\c of Peru)
368
E l e c t r i c a l equipment
(Westinghouse Elec. I n t l . Co.)
6-12-45
450,000.00
Cerro de Pasco Corp.
483
Zinc refinery and power equipment
8- 3-50
14,000,000.00
6,800,000.00
Southern Peru Copper Corporation
547
Copper mining and r e f i n i n g equipment
(Toquepala)
11- 4-54
100,094,777.39
Marcona Mining Company
548
Iron ore mining equipment
7-15-53
2,500,000.00
Banco Central de Reserva del Peru
(Republic of Peru)
627
Hospital equipment
(American Hospital Supply Corp.)
3-11-55
1,330,000.00
Carrocerias Metalicas, S. A.
774
Bus body parts
2-28-56
32,000.00
The Peruvian Corporation Ltd.
798
Diesel e l e c t r i c locomotives
6-21-56
1,550,000.00
Rayon Peruana, S. A.
(Banco Comercial del Peru)
804
F e r t i l i z e r producing machinery
(Panamerican Consulting Co.)
6-28-56
66,000.00
867
Sulphuric acid plant
(Panamerican Consulting Co.)
12- 3-56
19,000.00
Servicio del Agua Potable de Lima
817
Water meters
(Rockwell Manufacturing Co.)
8-30-56
141,200.00
Cia. Industrial F i l o t e x , S. A.
(Banco Continental, Lima)
820
Yarn dyeing machinery
(Gaston County Dyeing Mach. Co.)
8-31-56
4,600.00 '
A. y F. Wiese, S. A.
825
Asphalt plant and equipment
(Barber-Greene Americas, Inc.)
9- 6-56
3,120.00'
Universal T e x t i 1 , S. A.
833
Text i l e machinery
(Saco-Lowell Shops)
9-27-56
11 ,000.00
Sociedad Quimico Industrial Lima, Ltd'a.
837
Oxygen producing machinery
(Ai r Products, Inc.)
10- 4-56
7,800 00
33,200.00
Do
Consorcio de Equipos de Construccion,
S. A. (Banco Gibson, S. A.)
860
Concrete batching plant
(Heltzel Steel Form & Iron Co.)
11-16-56
Empresa Inca, S. A.
(Banco 1nternacional del Peru)
868
Bus chassis with diesel engines
(Whi te Motor Co.)
12- 3-56
16,500.00
869
Bus bodies
(Superior Coach Corp.)
12- 3-56
7,500.00
A. y F. Wiese, S. A . , Lima, Peru
(Banco Wiese, Ltdo)
877
Asphalt plant
(Barber-Greene Americas, Inc.)
1-11-55
17,000.00
Manufacture de Metales y Aluminio
"Record", S.A., Fabrica de Aluminio y
Metales, S.A. (Frederico G. Moll)
889
Aluminum extrusion equipment
(Lombard Corp.)
2- 8-57
91 ,000.00.
Nicolini Hermanos, S. A.
(Peruvian Banks)
891
Wheat
2-14-57
2,250,000.00
Enrique Ferreyros y Cia. S. A.
(Carlos Ferreyros)
894
Low bed machinery t r a i l e r s
(Martin Machine Co.)
2-19-55
6,000.00
Do
367
DEBT CEILING INCREASE
ANP
IQANS ~
Continued
55
Status of
Undisbursed
Balance
$.
121 .964.24 $
4,259,561.20
678,035.76
Loans
Repayment Terms
Outstanding
Repaid
Disbursed
$
$
6,540,438.80
2,878,629.01
444,158.84
444,158.84
678,035.76
Int.
%
Principal Installments
(Semiannually - Quarterly - Monthly)
4 5/8 10 Sa. beg. 11-15-56
3,661,809.79
Repaid
($5,841.16 of c r e d i t canceled)
4,300,000.00
14,000,000.00
2,500,000.00
14,000,000.00
2,500,000.00
4 1/2 20 Sa. beg. 1-15-58
4 1/2 20 Sa. beg. 7-15-60
82,000,000.00
18,094,777.39
18,094,777.39
5 1/8 30 Sa. beg. 8-15-61
81,200.00
1,000,000.00
1,000,000.00
1,248,800.00
436,800.00
31,971.42
7,992.86
812,000.00
23,978.56
1 ,550,000.00
1 ,550,000.00
65,250.00
Repaid
($1,500,000.00 of credit canceled)
10,875.00
18,386.93
($28.58 of c r e d i t canceled)
5 1/4 20 Sa. beg. 10-1-58
54,375.00
($750.00 of credit canceled)
18,386.93
($613.07 of c r e d i t canceled)
(Credit canceled)
3,052.80
1 ,526.40
1,526.40
2,155.44
1,539.60
615.84
($1,547.20 of c r e d i t canceled)
($964.56 of c r e d i t canceled)
(Credi t canceled)
Do
33,133.20
33,133.20
($66.80 of c r e d i t canceled)
16,500.00
7,500.00
(Credit canceled)
91,000.00
2,250,000.00
6,000.00
5 1/4 Drafts at 12 mos.
368
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors in Parentheses) •
Credit
No.
U. S. Products Financed
{Participating Exporters in Parentheses)
Date
Amount
Peru - continued
$
Fabritex Peruana, S. A.
(Financiera Peruana, S. A.)
899
Textile looms
(Crompton & Knowles Corp.)
3- 1-57
Sociedad Agricola "Pucala" Ltda., S. A.
(Stockholders or Comm. Bank)
907
Machinery and equipment for sugar m i l l
(The Squier Corp.)
3-28-57
731,000.00
Cia. Naclonal de Cerveza
910
Bottle-washing machinery
(Barry-Wehmi1ler Export Sales Co.)
4-18-57
30,000.00
9H
B o t t l e - f i l l i n g machinery
(Crown Cork 6- Seal Co., Inc.)
4-18-57
7,500.00
Juan Magot, S. A.
587-1
Agricultural machinery
(Minneapolis-Moline Co.)
4- 5-55
99,062.52
Comerciai Industrial Peruana, S. A.
(Banco Continental)
580-5
Tournapul1s
(LeTourneau-Westinghouse Co.)
6-28-56
16,000.00
Sociedad Agricola/'Pucala" L t d a . , S. A.
581-1
Power plant equipment
(The Worthington Corp.)
9-29-55
225,000.00
Consorcio de Equipos de Construccion,
S. A. (Banco Gibson, S. A.)
581-4
Concrete mixers on trucks
(Worthington Corp.)
10- 4-56
51,700.00
581-5
Truck mixers
(Worthington Corp.)
3-15-57
53,300.00
Corporacion Peruana del Santa
664-1
Clam shell excavator
(Harnischfeger Corp.)
7-14-55
24,000.00
Compania Peruana de Cemento Portland
664-3
Power shovel
(Harnischfeger Corp.)
11-17-55
63,000.00
Supermarkets, S. A.
711-2
Warehouse truck
(The Yale & Towne Mfg. Co.)
6- 6-57
3,900.00
Enrique Ferreyros 6- C i a . , S. A.
(Carlos Ferreyros)
737-2
Tractors and generators
( C a t e r p i l l a r Tractor Co.)
3- 8-56
devolved
500,000.00
76.072.66
576,072.66
La Comerciai Importadora, S. A.
(Banco Union, Lima, Peru)
747-7
Fire engines and pumps
(Mack Trucks, Inc.)
6-27-57
73,400.00
Gross Equipment S. A.
748-2
Agricultural and industrial equipment
(Food Machinery and Chemical Corp.)
1-11-57
30,000.00
A. y F. Wlese, S. A.
(Banco Wiese, Ltdo.)
709-1
Fire f i g h t i n g equipment
(Ward La France I n t l . Inc.)
3- 1-57
24,300.00
Do
Do
Total
11,280.00
131,450,212.57
Uruguay:
Republic of Uruguay
4-22-42
2,667,000.00
4-22-42
9,333,000.00
Highway construction equipment
2- 2-43
20,000,000.00
492-A
E l e c t r i c locomotives and spare parts
(International Gen. Elec. Co.)
3- 8-51
2,538,100.00
492-B
E l e c t r i c locomotives and spare parts
(American Locomotive Company)
3- 8-51
321,440.00
557
Steel-mill equipment
2-25-5'
2,475,000.00
331
Do
331
Do
3^5
Do
Do
Cia. Siderurgica del Uruguay, S. A.
Hydroelectric development
do
DEBT CEILING
AND
LOANS -
369
INCREASE
Continued
Status of
Undisbursed
Balance
Loans
Repaid
Repayment Terms
Outstanding
Principal Installments
(Semiannually - Quarterly - Monthly)
11,280.00
731,000.00
30,000.00
7,500.00
37,198.80
61,863.72
29,062.52
32,801.20
15,441 .09
3,860.34
11,580.75
($558.91 of credit canceled)
224,580.00
28,072.50
196,507.50
($420.00 of credit canceled)
51 ,660.00
6,457.50
45,202.50
($40.00 of credit canceled)
53,280.00
($20.00 of credit canceled)
11 ,638.50
($723.00 of credit canceled)
53,280.00
23,277.00
11 ,638.50
(Credit canceled)
181,806.41
73,400.00
30,000.00
24,300.00
2,058,056.72
(,882,585.21
2,667,000.00
400,050.00
2,266,950.00
9,333,000.00
4,799,100.00
4,533,900.00
2,295,000.00
2,032,200.00
262,800.00
2,284,290.00
2,284,290.00
321,440.00
321,440.00
30 Sa. beg. 6-15-51
25 Sa. beg. 5-15-47
($17,705,000.00 of credit canceled)
Repaid
($253,810.00 of credit canceled)
Repaid
(Credit canceled)
370
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors in Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
Date
Amount
L A T I N . A M E R I C A - continued.
Jruquay - continued
Administracion Nacional de Puertos
623-2
Self-propelled cranes
(Schield Bantam Co.)
10-28-55 $
Horacio Torrendell, S. A.
587-3
Tractors and power units
(Minneapolis-Moline Co.)
11-10-55
88,000.00
110,000.00
37,532,540.00
Total
Venezuela:
Hotel Tamanaco, C. A.
(Banco Obrero)
365-A
Goods and services for hotel construction
4- 2-48
2,337,697.00
C. A. la Electricidad de Caracas
(Corp. Venezolana de Fomento)
451
Diesel e l e c t r i c generator units
9- 8-48
1 ,950,000.00
469
E l e c t r i c a l equipment
(international Gen. Elec. Co., Inc.)
11-23-49
5,158,000.00
740
Quarico River Dam construction
(S. J. Groves & Sons Co. et al)
9-15-55
4,125,000.00
Do
Republic of Venezuela,
Ministry of Publ1c Works
Republic of Venezuela
799
Dredging project
6-25-56
3,500,000.00
Cia. Anonima Venezolana de Ceramica
832
Wall t i l e k i l n
9-19-56
28,000.00
Lorenzo B u s t i l l o s M. & Cia. Sues. C. A.
840
1ndustrial t r a i l e r s
(Trailmobile, 1nc.)
10-11-56
6,450.00
Do
841
A i r compressors, d r i l l s , and a i r tools
(ingersol1-Rand Co.)
10-11-56
6,250.00
Do
842
Wood and metal working machinery
(John D. Williams Export Corp.)
10-11-56
3,450.00
Do
843
Generators and welding equipment
(Hobart Brothers)
10-11-56
6,100.00
Lorenzo B u s t i l l o s M. & Cia. Sues. C. A.
(Lorenzo Busti1los M. et al)
919
1ndustrial t r a i l e r s
(Trailmobile, 1nc.)
5-17-57
11 ,100.00
"Simar" Sociedades Industriales
M a r c o t u l l i , C. A. (Banco Nac. de
Descuento)
847
Asphalt batching plant
(Standard Steel Corp.)
10-18-56
11 ,500.00
S. A. Eugene Capucio y Cia.
896
Heavy construction and earth moving equip- 2-28-57
ment (LeTourneau-Westinghouse Co.)
devolved
20,000.00
4.541.41
24,541.41
897
Mining equipment
(Pioneer Engineering Works, Inc.)
2-28-57
11,500.00
Aerovias Venezolanas, S. A. (AVENSA)
(H. L. Boulton & Co., S. A.)
918
A i r c r a f t and spare parts
( F a i r c h i l d Engine and Airplane Corp.)
5-16-57
1 ,200,000.00
Sanchez & Cia., S. A.
925
Crushing equipment and asphalt plants
(Baldwin-Lima-Hamilton Corp.)
6-14-57
37,500.00
C. A. Venezolana de Pulpa y Papel
(Banco Union, et al)
926
Construction of paper m i l l
6-14-57
3,500,000.00
Corporacion Venezolana del Motor, S. A.
A-8
Heavy duty trucks
2-28-56
12,000.00
Oficina Tecnica Stubbins, C. A.
583-1
Materials-handling equipment and ditchers
(Barber-Greene Co.)
2-16-56
85,000.00
594-1
Industrial and construction equipment
(Chain Belt Co.)
2-16-56
120,000.00
Do
Do
DEBT CEILING
AND
LOANS ~
Continued
59
Status of
i
371
INCREASE
Undisbursed
Balance
!
Repayment Terms
Repaid
Disbursed
Outstanding
$
$
$
loans
Int.
%
$
Principal Installments
(Semiannually - Quarterly - Monthly)
(Credit canceled)
110,000.00
110,000.00
16,900,730.00
9,837,080.00
7,063,650.00
2,335,617.85
400,391.88
1,935,225.97
1 ,801,873-82
1,801,873.82
5,051 ,960.23
4,541,960.23
510,000.00
4
10 Sa. beg. 8-1-53
($106,039.77 of credit canceled)
4,094,468.57
3,276,712.79
817,755.78
6
5 Quar. beg. 7-31-56
($30,531.43 of credit canceled)
13,624.73
2,441.26
11,183.47
6,365.61
1,591.40
4,774.21
($84.39 of c r e d i t canceled)
3,868.31
($2,381.69 of credit canceled)
2,298.52
($385.30 of credit canceled)
4,563.10
($1,536.90 of c r e d i t canceled)
($2,557.26 of c r e d i t canceled)
4
35 Sa. beg. 7-27~54
($2,079.15 of c r e d i t canceled)
Repaid
($148,126.18 of credit canceled)
(Credit canceled)
3,868.31
3,064.70
766.18
4,563.10
($14,375.27 of c r e d i t canceled)
11,100.00
8,942.74
3,193.80
5,748.94
3^» .32
24,200.09
4,541.41
19,658.68
1,161.70
10,338.30
10,338.30
1,200,000.00
37,500.00
3,500,000.00
5 1/2 10 Sa. beg. 2 y r s . from date of
note
(Credit canceled)
Do
Do
372
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors In Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
Venezuela - continued
Cia. Anon. La Electric!dad de Can
620-1
Steam boiler
(Babcock & Wilcox Co.)
C. Adrianza & C i a . , S. A.
609-1
Tractors and related equipment
(Massey-Harris-Ferguson, Inc.)
S. A. Eugene Capucio & Cia.,
Sociedad Tecnica y Comercial
642-1
Cia. Anonima Tecnomat
8-11-55
he vol vedl
000.00
488.59
94, 488.59
Agricultural and e l e c t r i c a l equipment
(Fairbanks, Morse & Co., Inc.)
2-13-55
100, 000.00
640-3
Power shovels and mixers
(Koehring Inter-American Co.)
1-27-56
580-3
Tractors and earthmovers
(LeTourneau-Westlnghouse Co.)
3- 9-56
637-3
Power shovels, draglines, e t c .
(Baldwin-Lima-Hamilton Corp.)
1-19-56
he vol vedl
),000.00
',514.20
107.514.20
22,750,191.20
Miscellaneous Latin America:
Machine tools
Machine Affiliates Trading Corp.
Amtea
Corporation
2-15-50
he volved
,500,000.00
317.491.76
5- 6-5M
hevolved
3,000,000.00
45.820.25
4,863,312.01
Total
2,158,358,738.74
Latin Amer
State of South Australia
(Commonwealth of Australia)
535
Equipment for uran
ing
Stanhi11
829
T e x t i l e equi pment
Holdings, Limited
l mining and process- |10- 9-52
9-14-56
5,937,509.27
350.000.00
6,287,509.27
DEBT CEILING
AND
LOANS ~
373
INCREASE
Continued
Status of
Undisbursed
Balance
Loans
Repaid
K
Repayment Terms
Outstanding
Principal Installments
(Semiannually - Quarterly - Monthly)
($2,758.78 of c r e d i t canceled)
54, 402.36
19,488.59
(Credi t canceled)
Do
41,593.08
77,1+57-44
30.056.76
7.514.20
22.542.56
4,940,967.38
13,631,367.70
10,114,877.92
3,516,489.78
327,582.55
2.930.782.78
45.820.25
4,420,691.99
363,312.01
701,564,075.76
481,310,535.95
850,164,836.91
4,399,694.38
14 Sa. beg. 7-1-55
(Credi t canceled)
374
DEBT CEILING
INCREASE
CURRENT
CREDITS
Credits Authorized
Country and Obligor
(Guarantors in Parentheses)
Credit
No.
U . S . Products Financed
(Participating Exporters in Parentheses)
New Zealand:
Government of New Zealand
556
Materials, equipment, and services for
lumber, pulp, and paper project
Frederic W. Smith, Ltd.
578-2
Agricultural and industrial equipment
(The Oliver Corp.)
2-11-54$
9- 1-55
feevolved
16,000,000.00
120,000.00
192.468.97
16,192,468.97
Total
Oceania
22,479,978.24
Total active credits
5,572,379,694.43
Terminated
2,708.394.001 .54
credits
,280,773,695.97
Add:
Total participation
credi ts by others
Total
authorizations
210,335,995.67
8,491,109,691.64
DEBT CEILING
AND
375
INCREASE
LOANS — Continued
63
Repayment Terms
Undisbursed
Balance
Disbursed
Outstanding
int.
11,700,000.00
4 3/4 20 Sa. beg. 11-15-56
$
3,000,000.00 $
90.008.50
102.1+60.47
72.468.97
29.991.50
i
3,090,008.50
13,102,460.47
1,372,468.97
11,729,991.50
3,090,008.50
19,039,969.74
2,910,283.86
16,129,685.88
1,535,632,561.12
3,831,124,975.12
1 ,227,980,960.23
2,603,144,014.89
1.573.033.379.04
1.573.033.379.04
5,404,158,354.16
2,801,014,339.27
1,535,632,561.12
13,000,000.00 $
Repaid
1,300,000.00 $
%
Principal Installments
(Semiannually - Quarterly - Monthly)
($
205,622,158.19 of credits
canceled)
Do
($1,135,360,622.50
2,603,144,014.89
($1,340,982,780.69
Do
376
DEBT CEILING
INCREASE
CUMULATIVE STATEMENT OF LOANS AND AUTHORIZED CREDITS
February 1934 - June 1957, Inclusive
$8,491,109,691.64
Authorizations
Authorizations taken over by
others, without recourse to
Eximbank, cumulative:
$ 28,317,200.04
168,018,795.63
14.000.000.00
Latin Ar
Europe
Asia
Cancellations and expirations
1,340,982,780.69
Export-Import
Bank Funds
Disbursements
Repayments
Outstanding
loans
210,335,995.67
Commercial
Bank Funds
$4,947,200,336.02
$456,958,018.14
5,404,158,354.16
2,369,489,506.42
431,524,832.85
2,801,014,339.27
2,577,710,829.60
25,433.185.29
2,603,144,014.89
Authorizations not disbursed
1,535,632,561.12
Total of outstanding loans and
balance of authorizations
not disbursed
4,138,776,576.01
Lending authority assigned by
Bank under provisions of
Public Law 30 - 83rd Congress for cotton Insurance
Uncommitted
lending authority
50,000,000.00
811,223,423.99
EXPORT-IMPORT BANK OF WASHINGTON
Credits Authorized July 1 to December 3V» 19£7
Country and Obligor
Credit
Number
Purpose
(Name of Supplier in parenthesis)
949
For rayon tire cord plant
(Rayon Consultants Inc.)
10- 4-57
Credit Authorized
Date
Amount
Interest
%
Repayment Terms
ASIA
(2)
India
National Rayon Corporation,
Ltd.
(1)
Indones ia
Republic of Indonesia
964
Aircraft and spare parts
(Convair Division of
General Dynamics Corp.)
11-22-57
(2)
I ran
Diesel White Co., Ltd.
663-3
Diesel engines
(Cummins Diesel Exp. Corp.
11-14-57
643-1
Truck chass is
(The White Motor Company)
12-31-57
747-6
Truck chassis
(Mack Trucks, Inc.)
12-10-57
928
Agricultural commodities
932
969
Turbo generating unit
(Sntl . Gen. Elec. Co.)
For expansion of steel mill
Turbo generating unit
Cotton
Turbo generating unit (Westinghouse Electric Intl. Co.)
Expansion of steel mill
970
Turbo generating unit
(2)
(2)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
(1)
Do
The Millard Company, Ltd.
Japan
Government of Japan or
The Bank of Japan
Tohoku Electric Power Co.
Fuji Iron & Steel Co., Ltd.
Tokyo Electric Power Co.
The Bank of Japan
Kyushu Electric Power Co.,
Inc.
Yawata Iron & Steel Co.,
Ltd.
The Chubu Electric Power Co.
See footnotes Page 7.
935
944
947
962
$
1,800,000
1,781,000
5 1/2
10 Sa. beg. 7-31-58
W
11,000
(Increase & revolving)
O
81,000
46,500
(Increase)
D r a f t s a t 12 months
W
5 1/2
16 Sa, beg. 3-1-60
H
5
5
4
5
20 Sa. beg. 12-15-59
30 Quar. beg. 4-5-59
D r a f t s at 12 mos.
34 Sa. beg. 3-1-60
115,000,000
4 1/2
7-23-57
7,300,000
8- 1-57
9-12-57
9-13-57
11-14-57
10,300,000
4,800,000
60,000,000
5,000,000
12-13-57
26,000,000
5 3/4
24 Sa. beg. 3-31-61
12-13-57
6,700,000
5 3/4
34 Sa. beg. 3-15-60
7- 2-57
1/2
3/4
1/2
3/4
CO
00
Purpose
(Name of Supplier In p a r e n t h e s i s )
Country and Obligor
(2)
(2)
Pakistan
Pakistan Internationai
A i r1i nes
Do
953
954
A i r c r a f t and spare p a r t s
(Lockheed A i r c r a f t Corp.)
A i r c r a f t spare p a r t s
( C u r t i s s - W r i g h t Corp.)
Credit Authorized
Date
Amount
10- 9-57
10- 9-57
$
Interest
%
2,828,000
456,500
$242,104,000
TOTAL ASIA
EUROPE
w
w
Austria
(1) Lambacher Flachsspinnerei
956
Textlle machinery
10-24-57
(1)
913
Steel mill equipment
10-31-57
886-1
Concrete block machine and
attachments (Besser Co.)
11-29-57
Oesterreichisch-Alpine
Montangesellschaft
(ALPINE)
(2)
(2)
(2)
(2)
Be 1 giurn
Van Thuyne's N. V.
Denmark
Georg E. Mathiasen,
Aktieselskabet
0°
France
Compagnie Nationale A i r
France
8,150,000
(Increase)
6
5 3/4
6 Sa. beg. 6 mos. from
dates of notes
27 Sa. beg. 8-15-62
^
—.
^
O
744-8
38,000
o
Steam generators
(Clayton Manufacturing Co.)
Steam generators, heaters, and
dynamometers (Clayton Mfg, Co.
8- 1-57
8-22-57
20,000
(Revolving
945
Jet aircraft, spare engines and
parts (Boeing and United
Ai rcraft)
9-12-57
46,000,000
11- 5-57
115,000
744-9
(2)
Ice1 and
Rafmagnsveita Reykjavi
579-4
Steam boiler
(Combustion Engineering, Inc.)
(1)
Italy
FIAT, S . p . A .
931
Equipment for automobile production
16,500
7-23-57
3,350
5,000,000
K
5 1/2
10 Sa. beg. 6-15-59
3.
Country and QblIgor
(1)
(2)
Spain
Red Nacional de los
Ferrocarrfles Espanoles
(RENFE)
Sweden
A n g l o - N o r d i c T r a k t o r A/B
Credit
Number
Purpose
(Name o f S u p p l i e r in p a r e n t h e s i s )
955
Diesel l o c o m o t i v e s , t o o l s , and
equipment
580-7
Tournapul1
(LeTourneau-Westlnghouse Co.)
Credit Authorized
Date
Amount
10-17-57
$ 8,000,000
8- 1-57
10,000
TOTAL EUROPE
Interest
%
Repayment Terms
5 3/4
20 Sa. beg. 3-31-60
$67,352,850
g
W
H
LATIN AMERICA
O
(2)
(0
(0
(2)
(2)
Brazil
C i a . de Armazens Gerais do
Estado de Pernambuco
Acos VI1 l a r e s , S. A ,
Soc. Tecnica de Fundicoes
G e r a i s , S. A ,
Vemag S/A, V e i c u l o s e
Haquinas A g r i c o l a s
F i g u e r a s , S, A ,
Do
(2)
(2)
(2)
C i a , B r a s ! l e i ra de
Maquinaria
Bo
936
940
943
609-5
737-10
958-3
951
952
(2)
C i a . de Armazens Gerais
do Estado de Pernambuco
(CAGEP)
L i o n , S. A . , Engenharia e
Importacao
Do
958-1
(2)
Estabelecimentos James
737-12
(2)
(2)
776
737-11
Tractors
( A l l i s - C h a l m e r s M f g . Co.)
For expansion o f s t e e l foundry
For expansion o f i r o n foundry
T r a c t o r s and graders
(Massey-Harris-Ferguson, I n c . )
Diesel t r a c t o r s
( C a t e r p i l l a r T r a c t o r Co.)
Disk plowing harrows
(Rome Plow Co.)
A g r i c u l t u r a l equipment
( A l l i s - C h a l m e r s M f g . Co.)
Diesel cane t r a c t o r s
(Thomson Machinery C o . , I n c . )
Grain storage e l e v a t o r s
( B l a c k , S i v a l l s &- Bryson, I n c . )
T r a c t o r s and s u b - s o i l e r s
( C a t e r p i l l a r T r a c t o r Co.)
Disk plowing harrows
(Rome Plow Co.)
Diesel t r a c t o r
( C a t e r p i l l a r T r a c t o r Co.)
w
8- 6-57
8-22-57
69,600
2,320,000
5 3/4
12 Sa. beg. 1-15-60
9- 5-57
2,558,000
5 3/4
12 Sa. beg. 5-15-60
9- 5-57
56,000
P
Q
%
9- 5-57
64,000
W
11-15-57
30,000
ft
10- 9-57
66,300
10- 9-57
10-24-57
32,100
182,000
(Increase)
11- 5-57
93,000
11- 5-57
36,000
11- 5-57
6,300
CO
CO
OO
(2)
(2)
(2)
(2)
(2)
(2)
(2)
Country and Obligor
Brazl1 - continued
Eatabelecirnentos James
Frederick C l a r k , S . A,
Sotreq S , A. de Tratores
e Equipamentos
Oo
Credit
Number
Purpose
(Name of Supplier in parenthesis]
958-2
Disk plowing harrow
(Rome Plow Co.)
Diesel tractors
( C a t e r p i l l a r Tractor Co.)
Disk plowing harrows
(Rome Plow Co.)
do
737-13
958-4
Importadora de Ferragens,
S. A ,
Do
958-5
M a r t i n , Representacoes e
Comerclo, S. A,
Do
737-15
737-14
11-22-57
1,200
11-22-57
14,800
U-29-57
22,100
11-29-57
4,400
H
11-29-57
18,900
o
11-29-57
2,400
s
12- 5-57
29,900
Q
w
w
12,500,000
5 1/2
12Q_uar. beg. 1-1-59
Colombia
Banco de l a Republics
930
Refinance purchase of U. S.
products
7-18-57
60,000,000
5 1/2
12 Quar. beg. 15 mos.
a f t e r date of note
Parana Equipamentos, S . A.
Do
(2)
(0
15,300
7-18-57
(2)
(1)
11-15-57
Capital goods
587-5
(0
89,000
937
A l a g g l o , S. A.
(1)
11-15-57
973
958-7
(2)
(2)
%
550
Chile
Banco Central de Chile
737-16
(2)
Oscar Amorim, Comercio,
S. A.
Do
(2)
$
Servicos Aereos Cruzeiro
do S u l , S. A.
C l a , B r a s M e i r a de M a t e r i a l
F e r r o v i a r i o (COBRASMA)
Cobrasma-Rockwel1 Eixos S.A.
958-6
961-1
(2)
H - 5-57
\nterest
Disk plowing harrows
(Rome Plow Co.)
Diesel tractors and attachments
(Allls-Chalmers Mfg. Co.)
Diesel cane tractor
(Thomson Machinery Co., I n c . )
Diesel tractors and attachments
( C a t e r p i l l a r Tractor Co.)
Disk plowing harrows
(Rome Plow Co.)
Tractors and harvester combines
(Minneapolis-Moline Co.)
Diesel tractors and attachments
( C a t e r p i l l a r Tractor Co.)
Disk plowing harrows
(Rome Plow Co.)
A i r c r a f t and spare parts
(General Dynamics-Convair)
Equipment for manufacture of
axles and parts
do
C i a . D i s t r i b u i d o r a AgroIndustrial
Do
(2)
Diesel tractors and attachments
( C a t e r p i l l a r Tractor Co.)
do
Credit Au thorlzed
Date
Amount
965
737-17
958-8
971
972
12- 5-57
13,800
12-10-57
75,000
12-13-57
38,000
12-13-57
24,000
12-31-57
2,105,525
12-31-57
1,620,000
5 3/4
12 Sa. beg. 12-15-59
12-31-57
5,320,000
5 3/4
12 Sa. beg. 9-15-60
O
5.
Country and O b l i g o r
(2)
(2)
Costa Rjca
Beeche & F a i t , L t d a . , and
Qjjiros & U l a t e , L t d a .
Machinery & T r a c t o r s , L t d .
Do
(2)
(2)
Beeche & F a i t , L t d a , , and
Quiros & U l a t e , L t d a .
Credit
Number
Purpose
(Name o f S u p p l i e r j n p a r e n t h e s i s )
747-8
Dump t r u c k s
(Mack T r u c k s , i n c . )
Semi-trailers
(Fruehauf T r a i l e r Co.
Truck t r a c t o r s
(Mack T r u c k s , 1nc.)
Concrete mixers
(Chain B e l t Co.)
725-1
747-9
959
Cred I t Au t ho r i zed
Date
Amount
7-23-57
$
6,800
8 - 6-57
16,100
10-31-57
22,000
10-31-57
17,500,000
Cuba
Cuban Telephone Co.
960
Expansion o f telephone system
(2)
Guatemala
F. Kong e H i j o s , L t d a .
654-1
Plant f o r s h o r t e n i n g & salad o i l s
(Wurster & Sanger I n t l . I n c . )
8-15-57
165,000
934
For expansion o f sugar m i l l
8 - 1-57
1,000,000
(0
(2)
929
(2)
Cerveceria Moctezuma, S. A.
711-3
Do
885-1
(2)
L. M. B y e r l y , S . A.
636-2
(2)
T r a c t o r e s e Implementos de
S i na1oa, S h A.
Embotelladora la F a v o r i t a ,
S. A.
Cerveceria Cuauhtemoc, S. A.
C i a . Fundidora de F i e r r o y
Acero de Monterrey, S. A.
Cerveceria Moctezuma, S. A.
636-4
(2)
(2)
(D
(2)
(2)
6
5 1/2
30 Sa. beg, 12-15-59
4 Ann. beg. 12-1-58
Q
Mexico
Zinc N a c i o n a l , S. A .
(2)
Repayment Terms
133,500
8 - 6-57
(0
Honduras
C i a . Azucarera Hondurena,
S. A .
Interest
%
711-4
941
801
957
968
Spray d r y e r
(Bowen E n g i n e e r i n g , I n c . )
L i f t t r u c k s and p a r t s
(The Yale & Towne Mfg. Co.)
Water p u r i f i c a t i o n equipment
(The P e r m u t i t Company)
Land l e v e l e r s , g r a d e r s , d i t c h e r s ,
e t c . (Eversman M f g , Co.)
Land l e v e l e r s and scrapers
(Eversman Manufacturing Co.)
I n d u s t r i a l warehouse t r u c k
(The Yale & Towne M f g . Co.)
T i n can p l a n t
Expansion o f s t e e l m i l l
Conveyor machinery (Alvey Conveyor
Mfg. Co. $• Alvey Conveyor
Engineering Co.)
Pasteurizers
(Barry-Wehmi1ler Machinery Co.)
7- 9-57
15,855
o
7-12-57
161,600
>
7-23-57
18,850
8 - 6-57
8 - 6-57
8-15-57
8-23-57
10-31-57
10,000
( I n c r e a s e & Revolving)
21,000
2,800
10-24-57
350,000(P)
16,000,000
(Increase)
140,000
12-10-57
201,000
5 3/4
30 Sa. beg. 6-15-61
CO
GO
CO
00
to
(2)
(2)
(2)
Country and QblIgor
Mexico - continued
Concretos Alta ResSstencia,
S. A. de C. V. et al
Triplay de Parral, S. A,
Abastecedores de Maqulnaria,
S. A.
(2)
Panama
Empresas Panamenas, S. A,
(2)
Peru
Republic of Peru
(2)
Credit
Number
Purpose
(Name of Supplier tn parenthesis)
Credit AuiLhorized
Date
Amount
750-4
Truck-mounted concrete mixers
(Construction Machinery Co.)
Equipment for manufacture of plywood (E. V. Prentice Co.)
Diesel engines and generator sets
(Harnischfeger Corp.)
$
967
664-5
580-9
933
938
946
(2)
Enrique Ferreyros & Cia.,
S. A.
Juan Magot, S. A,
942-1
(2)
Carrocerias Metalicas, S. A.
948
(1)
(2)
Marcona Mining Company
963
Comercial Industrial Peruana, 580-10
S. A,
(2)
789-2
(2)
Venezuela
S. A. Eugene Capucio y Cia.
58O-8
(2)
Comanil, C. A.
642-2
°/o
Repayment Terms
46,000
12-10-57
116,700
12-31-57
54,000
9-26-57
23,000
H
o
S. A. Fabrica Nacional
Texti 1 "El Amazonas'1
Herbert Telg«
(2)
Tournapulls with scrapers
(LeTourneau-Westinghouse Co.)
11-22-57
Interest
Hospital equipment
(American Hospital Supply Corp.)
Textile machinery
(Whitin Machine Works)
Water pumps & related equipment
(Jacuzzi Bros., Inc.)
Fish meal plant
(Standard Steel C o r p o r a t i o n )
Turbine and c e n t r i f u g a l pumps
(The Deming Company)
Bus body p a r t s
(DIvco-Wayne C o r p o r a t i o n )
I r o n ore b e n e f i c i a t i o n p l a n t
Tournatractor
(LeTourneau-Westinghouse Co.)
Drills, air compressors & related
equipment (LeTourneauWest i nghouse Co.)
Truck and industrial scales
(Fairbanks, Morse & Co.)
8- 1-57
280,000(P)
8-15-57
9,800
8-23-57
30,000
9-13-57
48,000
9- 5-57
15,000
10- 3-57
36,000
11-14-57
12-13-57
10,000,000
13,000
8-30-57
65,000
9-10-57
31,000
3
20 Sa. beg. 6-10-60
)
Country and Q b l I g o r
Credit
Number
Purpose
(Name o f S u p p l i e r in p a r e n t h e s i s )
M i s c . L a t i n America
American & F o r e i g n Power
939
C o n s t r u c t i o n programs o f subsidiarles
Credit Authorized
Date
Amount
8-22-57
$ 25,000,000
TOTAL LATIN AMERICA
$158,9^0,180
TOTAL CREDITS AUTHORIZED
$468,397,030
EXPORTER CREDIT LINES
2 Increases
4 Authorized
$
115,000
11,300,000
$11,415,000
(1)
(2)
(P)
Designates credit authorized on request of Overseas purchaser of U. S. products,
Designates credit authorized on request of U. S, exporter or financial institution.
Designates Exlmbank participation in credit extended by U, S, financial institution.
2
Country and Obiigor
Credit
Number
Purpose
Credit Authorized
Date
Amount
ALLOCATIONS UNDER CREDITS PREVIOUSLY AUTHORIZED
AFRICA
Union of South Africa
Merriespruit Gold Mining
Company, Limited
Buffelsfontein Gold Mining
Company, Limited
Do
Hartebeestfontein Gold
Mining Company, Ltd.
498-z
W - 1-B
498-1-C
498-1-A
Mining equ ipment, m a t e r i a l s
and services
do
do
do
7- 2-57
7- 9-57
7- 9-57
10-17-57
$
126,683
(Increase)
723,900
(Increase)
900,600
1,416,023
(Increase)
ASIA
Indones ia
Republic of Indonesia
472-1
Cement plant
577-C
Diesel locomotives and steam
generators
Philippines
China Banking C o r p o r a t i o n
Approved t r a n s a c t i o n s :
Transport Contractors, Inc.
538^A-5
Ysmael S t e e l M f g . Co.
Kaw Sek & Co.
C e n t r a l Macaroni C o . , I n c .
538-A-6
538-A-7
538-A-8
Phi 1ippine Bank of
Communications
Approved transactions:
Insular Yebano Tobacco Corp.
538-B-4
Imperial Government of
I ran
Mahogany Products (Phil.)
3nc.
53&-B-5
12-13-57
700,000
(Increase)
7- 9-57
10,000,000
Machinery, equipment, m a t e r i a l s ,
and services
do
do
do
10-30-57
83,000
U-14-57
11-26-57
12- 4-57
68,000
19,000
22,000
Machinery, equipment, m a t e r i a l s ,
and services
do
9-16-57
88,000
11-25-57
35,000
9.
Credit Authorised
Date
Amount
Country and Obiigor
Credit
Number
Philippines - continued
Prudential Bank & Trust Co.
Approved transactions:
Crown Textiles Corp,
538-D-5
Machinery, equipment, materials,
and services
11-19-57
Philippine Bank of Commerce
Approved transactions:
Ormoc Sugar Co,, Inc.
538-F-l
11-22-57
70,000
Paramount Textile Mills,
Inc.
Eastern Textile Mills, Inc.
Machinery, equipment, materials,
and services
do
12- 6-57
250,000
§
538-F-3
12-12-57
111,000
'
788,427
O
1,199,474
1,224,140
1,170,410
256,545
ft
W
Central Bank of the
Phi 1ippines
Approved transactions:
International Textile Mills,
Inc.
P. Floro & S o n s , Inc.
Luzon Stevedoring Co., inc.
Visayan Electric Co.
Manila Bay Spinning Mills,
Inc.
Superior Gas & Equipment
538-F-2
do
$
41,000
777-A-l
Capital goods and services
10- 9-57
777-A-2
777-A.-3
777-A-4
777-A-5
Equipment for a yarn mill
Equipment and services
do
do
11--18-57
11--22-57
12-- 9-57
12--11-57
777-A-6
Machinery, equipment, c o n s t r u c . t i o n m a t e r i a l s and s e r v i c e s
12--20-57
141,645
12-20-57
12-20-57
12-20-57
12-20-57
12-31-57
26,590
29,000
48,350
31,843
852,762
10-29-57
124,724
Marikin* Electric Light Co.
Cotabato Light 5- Power Co.
Pacific Pearl Button Craft
Mercelo Rubber & Latex Co.
General Textiles
777-A-7
777-A-8
777-A-9
777-A-l0
777-A-l1
The First National City Bank
of New York - Port Area
Branch, Manila
Approved transaction:
777-B-l
Purpose
do
do
do
do
Equipment and construction steel
Machinery, equipment, materials,
and services
>
w
CO
Oi
10.
Country and Obligor
Credit
Number
CO
00
^
Credlt Authorized
Date
Amount
Purpose
LATIN AMERICA
Argenti na
Celulosa Argentina, S. A.
Brazi1
C i a . P a u l i s t a de Forca e
Luz
C i a . B r a s i l e i r a de Energia
E l e c t r i ca
Mex i co
C i a . E l e c t r i c a Mexicana
del C e n t r o , S. A.
C i a . E l e c t r i c a Mexicana
del S u r e s t e , S. A.
C i a . de E l e c t r i c i d a d de
M e r i d a , S. A.
826-B-l
Equipment f o r pulp and papermaking
faci 1 i ties
12-20-57
523-A
E l e c t r i c power development
11- 5-57
do
523-C
11- 5-57
$ 6,500,000
275,000
(I ncrease)
275»000
(Decrease)
Q
W
w
760-B
Power c o n s t r u c t i o n program
10-17-57
760-C
do
10-17-57
760-F
do
10-17-57
29,280
(Increase)
508,000
(Increase)
537,280
(Decrease)
H
_
g
£j
£
%
—
$27,048,116
TOTAL ALLOCATIONS
0
3
O
R e c a p i t u l a t i o n of A u t h o r i z a t i o n s
J u l y 1 t o December 3 1 , 1957
On request o f Overseas purchasers
o f U. S. p r o d u c t s
On request o f U. S. e x p o r t e r s or
financial institutions
Total c r e d i t
Exporter C r e d i t
authorizations
Lines
A l l o c a t i o n s under c r e d i t s
authorized
previously
No.
Amount
24
$411,865,500
64
56,531,530
88
$468,397,030
6
$ 11,415,000
34
$ 27,048,116
OFFICE OF THE TREASURER
ACCOUNTS D I V I S I O N
DEBT CEILING
INCREASE
387
Senator M A R T I N . Just for information, I notice on page 3, "Reductions in number of uniformed forces, defense/' $328 million. Does
that take into consideration increase in compensation in the Armed
Forces?
Mr. BRUNDAGE. N O ; that is just a reduction in the numbers, and the
pay that they are getting now. The increase comes in down below.
Senator M A R T I N . All right; thank you.
Mr. BRUNDAGE. That comes in down below.
Senator M A R T I N . Does the same apply to the item of $615 million
reduction of conventional weapons?
Mr. BRUNDAGE. That is more than offset by increase missile procurement flow; yes, sir.
Senator MARTIN. Thank you.
Senator MALONE. What do you call conventional weapons?
Mr. BRUNDAGE. It was the artillery used in World War II, and
planes.
Senator MALONE. We used them in World War I, too.
Mr. BRUNDAGE. I hope we aren't buying anything we used in
World War I.
Senator MALONE. I think you are. The Army had horse collars
they used in the Mexican War stored up until 2 or 3 years ago. So,
you are sending tanks and soldiers to all these nations and they are
dead before the fight starts. Is that what you call the conventional
weapons?
Mr. BRUNDAGE. The conventional weapons are the older equipment.
Senator MALONE. Are ships under the protection of the Air Corps
looking for submarines 1,500 miles out from the shore—the surface
ships that we are making, the flat tops—is that what you call conventional weapons that we have quit making?
Mr. BRUNDAGE. The conventional weapons that we have cut down
are those replaced by the newer designs of missiles and the faster
planes.
Senator M A L O N E . Those that are now obsolete since the World War,
were makeshifts, the using flattops and keeping soldiers all over the
world. Who do you think you are fooling?
Senator M A R T I N . I wonder if the Senator would yield?
Senator M A L O N E . I want to know what he means by conventional
weapons. I don't mind yielding.
Senator M A R T I N . I want to say this: Military weapons have rapidly
become obsolete. You don't fight a war with weapons you have on
hand at the beginning of a war. War is a terrible thing, but it increases productivity. And when I say productivity, that is not only
material output but also new discoveries and inventions. For example, in the line of medicine. War develops surgery and medicine more
during a period of 2 or 3 years than probably 50 years of civilian life.
The same applies to what we call the conventional weapons.
Mr. Chairman, but that is the situation, and it is hard for Mr.
Brundage, or anyone else, to make an estimate of the direction or rate
of obsolescence of military equipment.
Senator M A L O N E . I understand that perfectly, Mr. Brundage—
but
Mr. BRUNDAGE. This classification was made by the Department of
Defense.
Senator M A L O N E . Let me finish, and then I will be glad to hear your
answer.
388
DEBT CEILING
INCREASE
Why do you continue for 25 years after the close of a war in which
they were used what we call conventional weapons that nobody is
ever going to use again? Just to keep some admirals or generals
that can't do anything else on the job?
You have mentioned a very fine thing here, if you could just wipe
everything out but your airpower and your missiles and your submarines and the things you are going to use, you don't need a debtlimit rise, you can put that money where you can really use it and lower
the debt and the taxes.
But you come in here with a request for $2 billion rise for something
that is meant to keep people out of work in this country—that is what
they are designed for, these four organizations that you are going
into. They do nothing but loan money to American corporations
and individuals going abroad to use that cheap labor and to the
people in those nations. I didn't know that they were loaning
money to nations, but I don't put it past them at all, because you
have got the same crowd in these loaning agencies that you had 10
and 15 years ago. They haven't changed a thing.
And they haven't changed their viewpoint. Their viewpoint is,
the more you scatter American capital all over the world to use the
cheap labor and produce the stuff and bring it back under that freetrade act, the better off you are.
Now, you end up with a greater debt limit every year, but somehow
or other, you fool yourself that you are saving money and making
money. I don't know how you do it, but the thinking hasn't changed
for 24 years.
Lord Keynes was quite a man beside a lot of people here that ought
to know better.
The CHAIRMAN. Mr. Brundage, you have a reduction in Agriculture
of $651 million and then you have an increase in agriculture, an increase of $305 million.
Mr. BRUNDAGE. We are separating the different programs at your
request; some of them are decreasing and others are going up.
The CHAIRMAN. Reduction is made mainly, in Commodity Credit;
is that right?
Mr. BRUNDAGE. That is right.
The CHAIRMAN. H O W can you control that?
Mr. BRUNDAGE. Well, we were providing for everything that we are
required to do by law.
The CHAIRMAN. H O W have you reduced the Commodity Credit
Corporation's operations by $651 million?
Mr. BRUNDAGE. The detailed schedule gives a little more information, Senator. It is on page 4 of the accompanying schedule, $432
million is the decrease reflected in purchases of commodities. The
prices of certain products were estimated lower, and the produced
quantities are expected to decrease, because of the soil bank, the conservation reserve part of the soil bank.
The CHAIRMAN. Part of the soil bank terminates with crop-year
1958, does it not?
Senator J E N N E R . Suppose, Mr. Chairman, that Congress decided
that it shall not terminate, because we have a new program of some
kind—of course, naturally that can't be reflected in this statement—
in other words, you are anticipating that Congress will go along with
this present proposal?
Mr. BRUNDAGE. That is right.
DEBT CEILING INCREASE
389
Senator WILLIAMS. That is the only basis you could operate on.
Mr. BRUNDAGE. That is right.
The CHAIRMAN. The soil bank termination is one of the things
that Congress is nearly certain to go along with.
Are there any further questions?
Senator MALONE. IS he through reading his statement?
The CHAIRMAN. He has explained the reductions, and next are the
larger increases.
Mr. BRUNDAGE. The largest increases are the: Development loan
fund of the mutual security program, $154 million.
These are expenditures, by the way, coming out of previous operations.
Atomic Energy Commission, $250 million.
The CHAIRMAN. This development loan fund is in the category
of foreign loan facilities, that you will furnish a report on?
Mr. BRUNDAGE.
The CHAIRMAN.
Yes.
It is a new fund. It is for the purpose of loaning
under the mutual security program. They are soft loans.
Senator FREAR. That is handled by the Export-Import Bank, is
it not?
Mr. BRUNDAGE. It is being supervised by a committee of three
including the president of the Export-Import Bank, that is right.
wSenator FREAR. That is a better term supervised.
Mr. BRUNDAGE. Atomic Energy Commission is going up $250
million.
The National Science Foundation, $68 million.
Veterans' compensation and pensions, $125 million.
H H F A for housing grants and mortgages, $283 million.
Agriculture conservation reserve, REA, and other programs, $305
million.
Commerce, principally CAA and Maritime, $189 million.
Defense missiles, atomic ships, SAC dispersal, research and development, and Cordiner pay proposals, $2,015 million.
HEW, principally scientific education, $156 million.
Development of natural resources, Corps of Engineers and Bureau
of Reclamation, $82 million.
Postal pay increase, $160 million.
The CHAIRMAN. What percent is the postal increase?
Mr. BRUNDAGE. That is 6 percent.
Classified pay increase other than defense, $179 million.
The CHAIRMAN. That is also 6 percent?
Mr. BRUNDAGE. That is also 6 percent minimum, with some release
from the compression at the top grades.
Senator WILLIAMS. And they are also based upon the assumption
that, whatever the debt, the increase would be 6 percent, and the
effective date would be July 1 ?
Mr. BRUNDAGP:. That is correct, Senator.
Senator WILLIAMS. And, on any effective date prior thereto, would
be increases in these accounts?
Mr. BRUNDAGE. That is right. That would affect 1958.
Proposed provisions for defense and other contingencies, $600 million.
Five hundred is Defense contingencies, and increase in other contingencies is $100 million.
390
DEBT CEILING
INCREASE
Other increases which are detailed in the accompanying statement,
$292 million.
Mr. Chairman, this analysis of changes from 1958 to 1959 shows
several things which are important to this committee in its consideration of legislation to change the legal debt limit.
The CHAIRMAN. Could you point out in these increases the new
programs that are recommended that do not now exist?
Mr. BRUNDAGE. I don't know as we separated the new programs.
The CHAIRMAN. Would you mind showing the new programs that
would be started?
Mr. BRUNDAGE. We will look that up.
(The material referred to follows:)
NEW
PROGRAMS
ESTIMATED E X P E N D I T U R E S FOR FISCAL YEAR 1959
Million
Federal Civil Defense Administration: Civil defense assistance to States__
$20
D e p a r t m e n t of Defense—Military:
Cordiner report
508
Civilian pay adjustment
205
Health, Education, and Welfare: Promotion of science and general education
75
Civilian pay adjustments:
Postal employees
160
Classified employees (other t h a n D O D )
179
Specific items covered by "Allowance for contingencies":
8th winter Olympic games
4
Registration and safeguarding of union and welfare a n d pension
funds
3
Aid to medical-dental schools
3
Area assistance
11
Mr. BRUNDAGE. First, it shows our efforts to achieve economies.
Our recommendations for appropriations and for legislation will lead
to even greater savings after 1959. In view of the $3,709 million of
decreases proposed in the 1959 budget, I do not think that further
decreases, that would appreciably ease our debt limit problem, can
be made without undue risk to our national defense or without drastic
changes in basic legislation going far beyond the practical recommendations of this administration.
Second, the analysis shows that holding budget expenditures in
1959 to the estimated total of $73.9 billion will require congressional
cooperation—cooperation not to increase recommended appropriations and cooperation to enact proposed legislation leading to economies. If some of the estimates in the budget should be raised by
congressional action, the margin within the debt limit for seasonal
borrowing for flexible debt management and for possible emergencies
would be even smaller than anticipated.
Third, we must recognize that, when we are talking about the
budget expenditures and receipts, we are talking about estimates
that fluctuate, but when we talk about the debt limit we are considering a legally fixed figure. A slight variation in budget results
as compared with budget estimates, especially as to the timing of
receipts, could cause us serious trouble. In the week of March 18,
1957, deposits totaled $7.5 billion.
If there had been a heavy storm, and there would be a delay, it
might have caused embarrassment.
I have already mentioned, as has Secretary Anderson, the need for
larger cash balance and the desirability of being able to go to the
DEBT CEILING
391
INCREASE
market for refinancing at favorable times of the market rather than
on the exact date when the securities to be refinanced fall due.
I won't read the detailing, but it will be put in the record.
(The tables accompanying the prepared statement of Mr. Brundage
are as follows:)
Decreases and increases in expenditures, 1959 compared with 1958, as shown in 1959
budget document
[In millions]
Decreases
InUnder Under
existpro- creases
ing
posed
legisla- legislation
tion
Legislative branch
. .
The judiciary
Executive Office of the President...
Funds appropriated to the President:
Mutual security program
$13
0
0
$0
0
0
60
0
Do
Other
$23
2
0
179
103
0
0
Independent offices:
Airways Modernization Board.
0
0
22
Atomic Energy Commission...
0
0
250
Central Intelligence Agency...
Civil Service Commission
0
1
0
0
6
0
0
343
0
0
1
0
29
0
0
0
0
26
1
Commission on Civil Rights . . .
Export-Import Bank
Do
Farm Credit Administration...
Federal Civil Defense Administration.
Do
Federal Communications Commission.
Federal Home Loan Bank
Board.
Federal Power Commission
Federal Trade Commission
General Accounting Office _..
Interstate Commerce Commission.
National Advisory Committee
for Aeronautics.
Remarks
1
1
5
0
0
0
0
0
0
0
0
0
0
1
0
3
1
0
0
Reflects reduced appropriations for defense
support in 1957 and 1958.
Primarily increased disbursements from
the recently established development
loan fund.
Substantially all of this reduction is in expansion of defense production, reflecting
decreased deliveries of aluminum and
titanium.
To accelerate research and development
program to increase capacity of the
Federal airways.
Primarily for increase in raw materials,
weapons, and reactor development.
Construction of new building.
Reflects more current reimbursements for
investigations.
For full-year cost of new agency.
1958 includes loan to Great Britain.
Decrease in receipts under old RFC loans.
Small decrease in estimated receipts.
Reduction of procurement for stockpile of
emergency supplies, etc.
Primarily for new program to assist States.
To handle increasing workload.
Reflects anticipated increase in receipts
from fees, insurance premiums, etc.
Reflects recent rise in program level.
For increased operations in the field.
Increase in motor carrier, regulatory, and
compliance activities.
6 Primarily for stepup in research and development involving missiles, space
vehicles, etc.
1 Reflects increase in spending on long lead
time land purchases.
1 To reduce backlog in unfair labor practices
cases.
Termination of major costs for scientific
equipment for International Geophysical
Year.
68 Primarily for increased grants to expand
and improve education in the sciences
and for basic research.
0
0 Project nearing completion.
0
0
0
0
14
0
Renegotiation Board
St. Lawrence Seaway Development Corporation.
Securities and Exchange Commission.
Selective Service System
0
25
0
0
0
0
1
Increase in work programed.
0
0
1
Small Business Administration
29
0
To build up pool of registrants and to
process records of standby reserve.
Receipts from collections available for
relending will increase volume of new
loans about the same.
Decrease in receipts reflecting progress
in liquidation of old R F C loans.
National Capital Planning
Commission.
National Labor Relations
Board.
National Science Foundation..
Do
Do
1
392
DEBT CEILING
INCREASE
Decreases and increases in expenditures, 1959 compared with 1958, as shown in 1959
budget
document—Continued
[In millions]
Decreases
InUnder Under
pro- creases
existposed
ing
legisla- legislation
tion
Independent offices—C ontinued
Smithsonian Institution
$6
Tariff Commission
Tenessee Valley Authority.
U. S. Information Agency...
Veterans' Administration...
Do.
Other independent agencies
General Services Administration.
DoHousing and
Agency.
Do
Home
Finance
Department of Agriculture.
283
651
Do.
37
Do-
268
Department of CommerceDo
Do-
Department of Defense:
Military functions..
189
1,095
Remarks
For construction of new Museum of History
and Technology and preparation of
exhibits.
Primarily for construction of new power
facilities to meet needs of area.
Principally for extension and intensification of program and for completion of
major transmitter.
Decrease in direct housing loans, program
expires June 30,1958 ($150); readjustment
benefits, reflecting decline in number of
eligible veterans ($103); decreased workload and economies in general operating
expenses.
Substantially all of increase ($125) is in
compensation and pensions, which reflects both normal growth in requirements and full-year cost of rate increases
granted last fall.
Various economies.
Most of reduction is in stockpiling program
($45) where purchases from defense production program are not expected and
deliveries under old contracts will
decline.
For increased progress on site acquisition
and design under lease-purchase program and small amounts under various
other programs.
Increased receipts from operations in Federal Housing Administration.
Expenditures and purchases of special
assistance mortgages by FNMA under
prior approvals. College housing and
public facility loans expenditures also rise
as do contributions for public housing and
several other activities.
Largest reduction ($432) is in CCC, reflecting decrease in purchases of commodities.
Soil Bank's acreage reserve shows decrease of $117 reflecting decision to terminate program at end of 1958 crop year.
Farmers' Home Administration loan disbursements also decrease by $55.
Larger disbursements on Rural Electrification Administration loans.
Majority of increase is in Soil Bank's conservation reserve program ($190) in lieu
of continuing acreage reserve.
Various savings and economies.
To transfer financing of forest highways
and public lands highways to highway
trust fund.
Primarily in Civil Aeronautics Administration for stepped up program for
modernizing air navigation facilities;
Maritime activities increase $20 for
progress payments on ship construction.
Primarily reductions of military strength
($328) and lessening payments for procurement of conventional aircraft ($615).
Economies in operation and maintenance
and procurement of conventional ammunition account for the bulk of the remaining reductions.
Accelerated production of missiles, missile
ships and atomic submarines account for
about $580; intensified research and
developments, $274; construction of
facilities for SAC and ballistic missiles,
$133; and proposed pay adjustments,
military and civilian, $713.
393
DEBT CEILING INCREASE
Decreases and increases in expenditures, 1959 compared with 1958, as shown in 1959
budget
document—Continued
[In millions]
Decreases
InUnder Under
pro- creases
existposed
ing
legisla- legislation
tion
Department of Defense—Con.
Civil functions:
Corps of Engineers. .
Do
Other
$30
$0
7
0
Do.___
11
Department of Health, Education,
and Welfare.
Do
Do
Department of the Interior
Do
7
40
-._
156
_
_-
33
0
0
_.
43
0
Department of Justice
Department of Labor
0
Do
Post Office Department
Department of State
District of Columbia
..
5
2
15
700
0
0
16
___
60
0
_
0
0
Do
Allowance for proposed legislation
and contingencies:
Pay adjustment:
Postal
Other (excluding Department of Defense).
Defense contingencies
Other contingencies
Total
49
32
Do
Treasury Department
Do
$65
10
3
5
0
0
0
0
160
179
0
0
0
0
500
100
2,971
738
4,858
Remarks
Primarily on older construction projects
approaching completion.
For 1957 and 1958 new construction starts.
Completion of Panama Canal lock overhauls and minor adjustments.
Mostly for replacement of facilities to be
transferred to Republic of Panama under
treaty commitments and first expenditures on construction of Panama Bridge.
To revise basis of grants for school operation
and construction in federally affected
areas.
Largest decrease is in public assistance
grants as result of payment in 1958 of
certain 1957 obligations. In addition,
there are numerous minor reductions.
Primarily proposed new programs to fulfill
critical national needs and to strengthen
scientific and general educational capacity ($75) and increased rate of spending on public health grants for projects
approved in prior years ($60).
which $10 is for 1957 and 1958 construction
starts, and acceleration of liquidation of
prior year obligations for Indian services
account for $13.
Increases because of larger workload; for the
FBI, prisons and other activities.
employees eligible for unemployment
benefits.
Mostly because of increased claims and
benefit workloads in grants to States for
unemployment compensation and employment service administration.
Proposed postal rate increase.
Decrease reflects nonrecurring 1958 contribution for U. N. Emergency Force and
various minor reductions.
Principal increase is in construction of new
State Department building. Smaller
increases for strengthening Diplomatic
and Consular Service and other programs.
Principally for operation by Coast Guard
of new loran stations.
Increased disbursements under prior year
loans.
Federal payment to District of Columbia.
NOTE.—Amounts of decreases and increases arrived at from analysis of individual items where amount of
change is $500,000 or more, i. e., would round to $1 million or more. Thus, changes of less than $500,000
appear as zero. Figures may also vary slightly because of rounding.
394
DEBT CEILING
INCREASE
Senator J E N N E R . Mr. Chairman, I notice in this review and
summary that Mr. Brundage asked to bring here that there is no
place or no mention of a retirement, apparently, at least not in this
budget, of debt. Now, you are an expert in accounting; I understand
that is your background. Did you ever see a budget prepared that
didn't provide for payment of some of the debt at some time?
Mr. BRUNDAGE. Well, Mr. Senator, in the case of the Federal budget
we apply the surplus to the retirement of debt, and as you know, we
have reduced our debt over $3 billion in the last 2 fiscal years, fiscal
1956 and fiscal 1957. Now, if we provide for the retirement of debt in
the regular budget, and we should have a deficit, we would be borrowing in order to pay off debt; it wouldn't mean anything, you see.
Senator J E N N E R . In other words, you apply any surplus to the
payment of the debt.
Mr. BRUNDAGE. That is right, sir.
Senator J E N N E R . But you don't anticipate too much of a surplus
under this budget?
Mr. BRUNDAGE. I am afraid not.
The CHAIRMAN. Mr. Brundage, I would like to ask if the figure of
$73,900,000 excludes expenditures from the free use of foreign currency
owed to and owned by the United States?
Mr. BRUNDAGE. Well, it is taken into consideration, but the foreign
currencies are used for certain specific purposes, available for certain
purposes.
The CHAIRMAN. I t is not included in the expenditure total of
$73,900,000?
Mr. BRUNDAGE. N O . I have some figures on that. They are not
in that.
The CHAIRMAN. Those foreign currencies are generated by the
money that we send abroad?
Mr. BRUNDAGE. By the sale of agricultural products and other
transactions, that is right.
The CHAIRMAN. I would like you to furnish a statement as to how
much in expenditures of these foreign currencies is not included in this
present budget expenditure total. And to make it more specific,
first, how much foreign currency is being generated abroad from all
United States programs, free use and otherwise. And, second, how
much of that total is being generated by the agricultural trade development and assistance programs. And there are several others here.
I will pass it on to you so you can please furnish that information.
Mr. BRUNDAGE. I had a statement prepared.
Here it is.
The CHAIRMAN. Will you read?
Mr. BRUNDAGE. I t is quite a long one.
The CHAIRMAN. YOU might read the total of the expenditures and
the full statement will be placed in the record.
(The following information is presented in response to the questions
of the chairman with respect to foreign currencies:)
Questions 1 and 2. How much foreign currency is being generated abroad from
all United States programs, free use and otherwise? How much of that total is
being generated by the Agricultural Trade Development and Assistance Act
programs?
Answer. Collections of foreign currencies during the fiscal year 1957, as reported
in the Treasury Department's Report on Foreign Currencies in Custody of the
Treasury Department, are listed below. Amounts are stated in millions of dollar
DEBT CEILING INCREASE
395
equivalents, converted a t exchange rates as indicated. "Agreement r a t e s " a r e
t h e rates of exchange specified in t h e agreement which generated t h e currencies;
" T r e a s u r y selling r a t e s " a r e t h e most favorable rates a t which currencies could
be purchased from other sources by t h e agencies.
Available in whole or in p a r t for expenditure without charge to dollar
appropriations (valued a t agreement r a t e s ) :
1957
M u t u a l security agricultural sales proceeds
$422. 8
Agricultural T r a d e Development and Assistance Act
1, Oil. 1
Available only for sale by Treasury to agencies a n d for congressional
travel (valued a t Treasury selling r a t e s ) :
Surplus property sales proceeds a n d lend-lease recoveries
53. 5
10 percent m u t u a l security counterpart
10. 6
Informational media g u a r a n t y program
5. 5
Contributions for administration of military assistance a b r o a d
11. 2
Contributions for United States forces in J a p a n
83. 1
Interest on deposits
3. 9
Other United States-owned currencies
25. 2
Total collections, United States-owned currencies
Currencies held in t r u s t (valued a t Treasury selling rates)
1, 626. 9
9. 1
Total
1, 636. 0
Approximately t h e same volume of receipts as in 1957 is anticipated for each
of the fiscal years 1958 and 1959.
Although the t e r m " c o u n t e r p a r t " is sometimes used to describe all currencies
received by t h e United States without p a y m e n t of dollars, it technically applies
only to deposits, under section 142 (b) of t h e M u t u a l Security Act, of foreign
currency equal t o t h e local sales value of the non-military-commodity aid provided
t o a country or t h e commensurate value of our dollar aid expenditures. At
least 90 percent of t h e counterpart currencies are retained by t h e foreign country
a n d are excluded from the collections shown above.
Mr. BRUNDAGE. This information is in the budget.
The CHAIRMAN. It is not included in the total of $73,900,000; is
that right?
Mr. BRUNDAGE. That is correct. The receipts—this is as of the
date—all these figures were taken as of the most recent completely
available date, and that was September 30, 1957. The total amounts
of United States-owned local currency in the Treasury accounts as
of that date were, in the first category, receipts from disposal of surplus
agricultural commodities under Public Law 480, sales under title I,
were $1,195,230,000.
Senator MALONE. I S that dollars?
Mr. BRUNDAGE. That is expressed in dollar equivalents, yes.
Senator M A L O N E . NOW, is that based on their fixing the price of
their currency in terms of the dollar, or the market price of their
currency?
Mr. BRUNDAGE. These are the conversion rates used by the Treasury; they differ.
Senator M A L O N E . And are they the rates set by the foreign nations,
or are they the market price for their currency?
Mr. BRUNDAGE. The official rates of exchange, I think, in many
cases; and in others they are the principal import rates, the rates at
which most goods imported into those countries are purchased. I
don't think it is the free market.
Senator M A L O N E . I see. I have been to all of these nations and
one of the things I wanted to find out was how they do this. At the
time I was there, for a dollar (which you were required to turn in at
the central bank) you got 500 bolivianas, so there is a considerable
difference. They would steal two-thirds of the dollar the first "go
21297—58
26
396
DEBT CEILING
INCREASE
round." That seemed all right to them because our State Department
approved. It is not their fault; it is our fault. That is all I wanted to
know. How would you recompute this, for the purpose of the information of this committee, on the exchange price of their money with
the dollar and compare it? For example, let us take the franc in
France. When I was there the first time during the First World War itwas about five to the dollar. I was there the second time in 1947, and
it was officially about 300 to the dollar, but on the streets you could get
whatever 3^ou wanted for it, up to 500 francs. So it doesn't make
any sense to take their estimate of their money. That is the way they
have a dollar shortage—you have a dollar shortage, and I have one
generally, just spending my income—but a nation can have it by fixing
a price of their currency higher than the market, and nobody but a silly
Congress will pay it. You understand that.
So I would like very much, for the information of this committee, if
you would just look up the exchange price and compare the amount
of money that we have of nations' currency on the world exchange.
I know that idea is entirely foreign to our State Department,
Treasury, or am^place else, and has been for 24 years. But I would
like to have it.
Mr. BRUNDAGE. In some countries there are so many rates that I
don't know what you call a free-market rate.
Senator M A L O N E . I know what it is, and you will, too, if you look
at it. They call it a free-market rate or black-market rate.
Mr. BRUNDAGE. I have been abroad many times, and I have
found it very difficult.
Senator M A L O N E . I t is not difficult to see the difference between
between the free-market rate and what they fix on our currency.
Mr. BRUNDAGE. We can give you a free market.
Senator M A L O N E . Chile, for example, has seven different prices on
their currency, used according to what they wanted imported or
didn't want imported, or whether they wanted to sell something or
didn't want to sell something. I t is not hard to understand.
The CHAIRMAN. YOU say it is $1.2 billion.
Mr. BRUNDAGE. That is the biggest amount. There are some
small receipts from other sources under the assistance programs.
The CHAIRMAN. That does not come into the Treasury of the
United States?
Mr. BRUNDAGE. N O ; those all come into the Treasury, receipts
under assistance programs of $23.6 million.
The CHAIRMAN. I mean this $1.2 billion which is not included in the
budget as an expenditure; where is it?
Mr. BRUNDAGE. Well, it was treated as an expenditure, you see,
when CCC bought the commodities. And so the commodities were
exchanged for these foreign currencies—unless you brought it in, you
couldn't treat it again as an expenditure.
The CHAIRMAN. But you could take it as a credit, then, couldn't
you? There is over $1 billion; where is that money?
Mr. BRUNDAGE. Senator Byrcl, when you ask me if we could take
this as a credit, I say then the question would arise if you would
accept taking it as a credit at the official rate—I judge you wouldn't.
Senator MALONE. N O foreign nation ever takes anything at an
official rate. But we are the fall guys. We are the ones that pick
up the check. But all we have to do is get our feet on the ground and
DEBT CEILING
INCREASE
397
start being on the side of the taxpa}^ers of America and talk about this
money in terms of its real value.
Now, then, we keep the money, we don't accredit it to anything;
why don't we collect the $10? I mean, after all, I say it is foreign
trade. You are giving it away. You know that just as well as I do.
Mr. BRUNDAGE. Under the law that Congress passed, under
Public Law 480
Senator M A L O N E . We understand that. It has been going on for
24 years.
Senator ANDERSON. Under this Public Law 480 program there was
a specific provision that it be taken in soft currencies, was there not,
and the Congress so directed?
Mr. BRUNDAGE. Yes.
Senator M A L O N E . Just like free trade and billions to
Senator ANDERSON. But the agricultural commodities
Europe.
were spoiling,
and it was a matter of giving them away or selling them for soft
currencies, and the decision was reached to sell them for soft currencies.
The CHAIRMAN. But this $1.2 billion is converted into dollars,
isn't it, the $1.2 billion that you have on hand is converted into
dollars?
Mr. BRUNDAGE. I t isn't converted into dollars, no, it isn't convertible into dollars, it was merely
The CHAIRMAN. The figure is
Mr. BRUNDAGE. It is merely a converted estimate in order to get a
figure for it; yes. It is a number of local currencies all over the world.
The CHAIRMAN. At the current rate of exchange, that represents
$1.2 billion?
Mr. BRUNDAGE. At the official or principal import rates of exchange.
The CHAIRMAN. The point I would like to know is, who controls
that money; what is done with it?
Mr. BRUNDAGE. The Treasury has custody of it, and by law it
may be used for the following purposes:
A. To help develop new m a r k e t s for United States agricultural commodities;
B. To purchase strategic a n d critical materials for supplemental stockpile;
C. To procure military equipment, facilities, and services for t h e common
defense;
D. For purchase of goods and services for friendly countries;
E. For promoting balanced economic development and t r a d e among nations.
And that is taken from the act.
F . To p a y United States obligations abroad;
G. For loans to promote multilateral t r a d e and economic development;
H. For financing international educational exchange activities;
I. For translation, publication, and distribution of books and periodicals a b r o a d ;
J. For assistance to American-sponsored schools abroad as authorized by section
203 of the United States Information and Education Exchange Act of 1948.
The CHAIRMAN. Who signs the checks for paying this money out?
Mr. BRUNDAGE. The various agencies such as the ICA, Defense,
State Department, and Agriculture Department are responsible for
these kinds of activities, but they all have to go to the Treasury for it.
The CHAIRMAN. D O they go through the Treasury?
Mr. BRUNDAGE.
The CHAIRMAN.
Mr. BRUNDAGE.
abroad.
Yes.
They are not signed in these other countries?
I suppose it would be Treasury representatives
But they have to go to the Treasury for the money.
398
DEBT CEILING INCREASE
The CHAIRMAN. DOCS it go officially through the Budget?
Mr. BRUNDAGE. Yes, sir; it goes through the Bureau of the Budget.
Senator M A L O N E . Mr. Chairman, I have to leave. Could I ask
a couple of questions?
In the first place, we all understand that the way we trade horses
is on the value that the other man puts on his horse. We have a
lot of people in m y State that like to value the horse themselves when
they make a horse trade, or they don't trade. We understand that.
And because we permit this, of course, we have before us a continual
rise in the debt limit and a continual rise in the money that goes
abroad and all that.
I would like to ask you a question, and if you don't have the answer,
would you just provide it for the record. What is the total of all
the domestic increases that you estimate for domestic purposes?
We talk about flood control and reclamation; we talk about veterans;
we talk about rural electrification, but what do these increases that
you outline here all amount to in money?
Mr. BRUNDAGE. You mean for the year?
Senator MALONE. Yes.
Mr. BRUNDAGE. Well, it is in the detailed statement; I can put it
together for you.
Senator M A L O N E . P u t it together for the record, the total amount.
What would you estimate it roughly to amount to?
Mr. BRUNDAGE. I don't know; I have some figures in my mind
I couldn't
Senator M A L O N E . I don't blame you. These must have you pretty
well mixed up.
Senator J E N N E R . That table here shows 4,858 million; is that correct?
Mr. BRUNDAGE. I don't know whether that would include all of
the items that Senator Malone was referring to.
Are you including defense in there?
Senator M A L O N E . I don't know. You get it for us and put it in
the record.
If it is $4 billion or a little over, that is just about the amount of
money we are asked to appropriate this vear to give to foreign nations;
isn't it?
Mr. BRUNDAGE. The total increases for all programs are $4,858
million.
(The material referred to follows:)
[In millions]
Total increases in expenditures, between 1958 and 1959, per previous
schedule
$4,858
Of which the following might be designated "foreign:"
Mutual security program
$179
U. S. Information Agency
7
Department of State
16
202
Remainder
4, 656
Of which the following are directly related to the military:
Department of Defense
$2, 015
Defense contingencies
500
2, 515
Remainder (nonmilitary, domestic)
2, 141
DEBT CEILING INCREASE
399
Senator M A L O N E . I t is about $4 billion that we are asked to give
to foreign nations this year.
Mr. BEUNDAGE. T O authorize; yes.
Senator M A L O N E . Well, I never heard of anything being authorized——
Mr. BRUNDAGE. We already have authorized more than $4 billion.
Senator M A L O N E . I never heard of anything being authorized that
3^ou didn't finally spend. So it just means that we are going to give
away the amount of money to foreign nations that you estimate may
be the increase in domestic expenses if we go through with what
Mr. BRUNDAGE. Both military and economic.
Senator M A L O N E . HOW much is military?
Mr. BRUNDAGE. I think it is $2.2 billion.
Senator M A L O N E . $2.2 billion from the $4.8 billion, then, would be
about $2.6 billion, wouldn't it?
Mr. BRUNDAGE.
Yes.
Senator M A L O N E . Well, about $2.5 billion is domestic increases
that you are talking about, not including national defense. And of
course I have already told you, and it can be easily proven, you are
spending $15 billion that is not available at all, and have been for
several years. There is no talk about trying to cut any of it out,
we didn't hear anything from you on that account. But what I
w^ould like to know is how much money you are trying to save on
domestic affairs.
You talk about veterans, you talk about rural electrification, you
talk about flood control, you talk about reclamation, you talk about
power development, I think when you get all through with it you
find out that we are giving away more money than anybody has
ever proposed that you spend while few expenditures have been made
on flood control or reclamation or power or veterans, but the policy
hasn't been set by Congress. Isn't that true?
Mr. BRUNDAGE.
Yes.
Senator M A L O N E . In other words, on your flood control through
the Middle West and the Ohio River, for 75 years we have been
building flood-control projects when the Arm}' engineers report shows
that the benefits exceed the costs. We don't always build them when
they say that, but we don't consider them unless they do. Isn't
that true?
Mr. BRUNDAGE. That is right.
Senator M A L O N E . Then when you talk about reclamation and
irrigation of public lands and other things, the policy has been set for
nearly 60 years that you repay the money without interest, isn't
that true?
Mr. BRUNDAGE. Yes.
Senator M A L O N E . I t has
been going on for that long.
Now, in the matter of expenditure for power or any commercial
production, we set the policy on Hoover Dam (then Boulder Dam)
and we set the rate of interest we pay at least as high as and probably
higher than the Government pays for the money, isn't that true?
Mr. BRUNDAGE.
Yes.
Senator M A L O N E . Then all of these things that you are trying to
save money on are domestic things, and all the things that you are
trying to spend money on are foreign things.
Mr. BRUNDAGE. That is not true.
400
DEBT
CEILING
INCREASE
Senator M A L O N E . YOU have got foot soldiers in 73 nations. They
can't be there for anything at all except to hold up the economy of
those nations, because they will be dead when the fight starts. They
are sacrificial troops; everybody knows that.
Mr. BRUNDAGE. There is a large group that is afraid of the socalled peripheral wars.
Senator M A L O N E . Yes, and the man that started that last war in
Korea ought to have been impeached. He would not let them win
it and would not let them lose it. I have been in Korea; I was there
before that war started. I would hate to try to describe to you what
I think of anybody that will start a peripheral war with the weapons
we now have. I think we would impeach the next man that did it.
Let me ask another question or two here. What you are asking for
this year is approximately $4 billion for foreign aid. That is about
right; isn't it?
Mr. BRUNDAGE. That is right.
Senator M A L O N E . H O W much are you asking for—is that $2 billion
in addition to the $5 billion already authorized, making it $7 billion
authorized for the Export-Import Bank?
Mr. BRUNDAGE. TWO billion in addition to what you have authorized, yes.
Senator M A L O N E . And there is authorized $5 billion.
Mr. BRUNDAGE. That is right.
Senator M A L O N E . Now, take the International Monetary Fund.
How much has that authorization been as far as we are concerned?
How much money do we put in it? We put in about 36 percent of it,
I think.
Mr.
BRUNDAGE.
Yes.
Senator MALOJNE. H O W much?
Mr. BRUNDAGE. I don't know right now.
Senator M A L O N E . I ask that you make it a part of the record.
The CHAIRMAN. He is going to make a complete statement of it.
Senator M A L O N E . I Avould like to know the total amount we have
authorized annually since their inception for the Export-Import Bank,
the International Monetary Fund, the International Bank organized
by Mr. Harry Dexter White, and the International Finance Corporation. All we did was change one letter. We had an R F C that spent
money in this country, but we finally got tired of that, because we
could see what it was doing.
(The material referred to follows:)
U. S. G O V E R N M E N T SUBSCRIPTIONS TO F I N A N C I A L I N S T I T U T I O N S M A K I N G L O A N S
ABROAD
Export-Import
Bank of Washington—Groivth
and lending
of the bank in terms of capital
authority
structure
Year
Capital structure
Lending authority
1934
1936
1939
1940
1941
1945
Common, $1,000,000; preferred, $10,000,000
Common, $1,000,000; preferred, $20,000,000
Common, $1,000,000; preferred, $45,000,000
Common, $1,000,000; preferred, $74,000,000
Common, $1,000,000; preferred, $174,000,000
Common, $1,000,000,000; authority to borrow up to $2,500,000,000
from Treasury.
Common, $1,000,000,000; authority to borrow up to $3,500,000,000
from Treasury.
Common, $1,000,000,000; authority to borrow up to $4,000,000,000
from Treasury.
No statutory limit.
Do.
Not to exceed $100,000,000.
Not to exceed $700,000,000.
No change.
Not to exceed $3,500,000,000.
1951
1954
Not to exceed $4,500,000,000.
Not to exceed $5,000,000,000.
DEBT CEILIXG INCREASE
401
CAPITAL STRUCTURE
In t h e early years of t h e bank's history its capital was supplied by t h e Reconstruction Finance Corporation. As the b a n k expanded, it secured t h e necessary
funds t h r o u g h t h e sale of its preferred stock to the R F C . At t h e end of 1938 t h e
preferred stock issue was $45 million, and it reached its peak of $174 million in
1941. These stock issues were replaced in 1946 by the T r e a s u r y ' s holdings of
$1 billion, and t h e bank was authorized to borrow $2.5 billion from t h e Treasury.
I t s borrowing a u t h o r i t y was raised to $3.5 billion in 1951, and to $4 billion in 1954.
T h e b a n k did not borrow directly from t h e Treasury until late in 1946. Since
t h a t time it has operated on t h e funds supplied to it by t h e capital stock holdings
of t h e Treasury, and its borrowings, together with the funds supplied from its
surplus accumulation.
INTERNATIONAL BANK FOR RECONSTRUCTION AND DEVELOPMENT
T h e United States t o t a l subscription is 31,750 shares, totaling $3,175 million,
34.26 percent of t h e total. Of this, $635 million was paid in gold or dollars at t h e
establishment of the b a n k in 1947, t h e remainder is subject to call by t h e b a n k
only when required to meet obligations of the b a n k created by borrowing or guaranteeing loans.
INTERNATIONAL MONETARY FUND
T h e United States quota is $2,750 million. T h i s entire a m o u n t WSLS paid in
on establishment of t h e fund in 1947: $687,500,000 in gold, t h e remainder in cash
or non-interest-bearing demand notes on t h e Treasury. On J a n u a r y 31, 1958,
t h e fund held $733 million of United States Treasury notes, the remainder having
been drawn by t h e fund for purchase by members.
INTERNATIONAL FINANCE CORPORATION
T h e United States has subscribed $35,168,000 of t h e authorized $100 million
capital of t h e Corporation. This a m o u n t was appropriated in 1957 and the United
States is not further obligated.
DEVELOPMENT LOAN FUND
Three h u n d r e d million dollars was appropriated wTithin t h e m u t u a l security
program in fiscal year 1958 for t h e Development Loan F u n d . A request for a n
additional appropriation of $625 million, as authorized bv t h e Congress, is included
in t h e 1959 budget.
Senator MALONE. NOW we have an IFC, which is an International
Finance Corporation, spending money like drunken sailors ail over
the world; loaning it in addition to these other 3 organizations; the
4 of them, as yon have testified, loaning money to Americans to build
plants in foreign nations, to use the cheap labor and come back under
the 1934 Trade Agreements Act, as extended—and thank God it
expires in June of this year—to destroy the jobs of the men working
in this country and to destroy the investments in this country. They
are doing it right under your eyes.
And I hear people talking on the Senate floor all the time about a
great depression. There is only one thing causing the depression,
and that is we do not have any domestic market left except the money
we appropriate, $40 billion or $44 billion, and spend to buy these
American goods right here in this country, and then, as you testified,
you loan the money from the Export-Import Bank, and you are very
careful each time to say it is to buy machinery to ship abroad. And
for what? To install that machinery where the labor is cheaper and
send the goods back, and our boys are on the street. If we quit
spending the national defense money at the rate of $42 billion a ^year
for as much as 60 days, you wouldn't have any economy in the United
States. And you think Khrushchev and Bulganin were kidding when
they said that they wanted us to destroy ourselves. And when
402
DEBT CEILING
INCREASE
Lincoln said, if we are ever destroyed, it will not be from without, it
will be from within.
We are doing it with men just like Waugh and the rest. They are
making a life's work of doing this very thing that Harry Dexter White
and Alger Hiss and all that crowd started. Alger Hiss served a term
in the penitentiary. We ought to give him a medal if we are going to
continue doing everything that he wants done, and we have been.
White is dead, but we are still carrying on the very thing that he and
his crowd recommended earlier in the Roosevelt administration.
So don't blame Mr. Eisenhower, don't blame Mr. Truman, and
don't blame Mr. Roosevelt. Let's blame the Congress that votes for
it. All the Congress has to do this }^ear is to sit still or this market
situation, and in June of this year the control of it returns to the
Congress of the United States, where the Constitution, in article I,
section A, puts it. Within 6 months after the 1934 Trade Agreements Act expires, the President can request these nations to cancel
these multilateral trade agreements made in Geneva b}^ 37 nations
that are destroying us by the division of our markets among them.
I t will then come right back to the Tariff Commission whose regulations state specifically in section 336 of the Tariff Act of 1930 that
they shall set a tariff or duty to make up the difference in the cost of
producing an article in this country, and a like article in the chief
competing nation. The act provides that the tariff or duty be flexible
and kept that w^ay.
I don't suppose you have ever read that act. And from, your talk
here, you have all got religion. I t is a 24-year-old religion, and I am
not for any of it, and I am not about to vote for it, and I don't want
you to go away from here thinking I am.
And I am sorry, Mr. Chairman, that I do have to go to another
matter.
The CHAIRMAN. I am glad the Senator has clarified his position.
Senator MALONE. I think I have.
Senator ANDERSON. Mr. Brundage, I wonder if I could draw your
attention to what you were asked on page 187 of the previous hearing.
The Chairman, Mr. Byrd, said, "What we want is a direct statement
signed by y o u / ' He made it clear what it was to be. He said, " I
want to find out what Congress ought to do, and what the States
ought to do," and so forth.
On page 189, there is a clearer statement by him. He said that,
"What is required of Congress" and then "What you have proposed
in the way of savings."
And I tried to supplement what he said on page 199. I said:
I think we ought to find out what savings are going to be suggested, what
savings are being made within the power of the Federal Government, and then
go on with the things that Congress ought to do.
And then, Senator Martin said, "Should there not be separate lists?"
And I agreed with him. I said, I thought there ought to be one list
that showed what the administration proposes to do, that is to save
money, and then one list that shows the burden placed on Congress
to save money.
W^ould you mind going through this with me to this supplementary
list and show what saving the administration is proposing and what
savings Congress could bank?
DEBT CEILING INCREASE.
403
Mr. BRUNDAGE. The first column of our table which accompanies
my statement shows the decreases proposed under existing legislation,
and the second column shows the decreases under proposed legislation,
which would require the action of Congress.
Senator ANDERSON. Do I understand, then, that the administration is proposing savings of $2,971 million?
Mr. BRUNDAGE. That is right, without any action required by
Congress.
Senator ANDERSON. $2,971 million, without any action by Congress?
Mr. BRUNDAGE. Required, }^es.
Senator ANDERSON. Even this proposed $738 million that Congress
itself could do?
Mr. BRUNDAGE. That is right.
Senator ANDERSON. And then you proposed increases of $4,858
million?
Mr. BRUNDAGE. Yes.
Senator ANDERSON. SO,
Mr. BRUNDAGE. Those
the overall is an increase——•
practically all require the action of Congress on the appropriations, at least.
Senator ANDERSON. NOW, of the savings, I notice $14 million to the
National Science Foundation. Is the budget proposed to cut the
National Science Foundation $14 million?
Mr. BRUNDAGE. For their geophysical year expenditures. The geophysical year runs out at the end of 1958. So we only have 6 months'
expenditures for the geophysical year.
Senator ANDERSON. And you think that the compilation of the
material gathered by the satellites will not be important in the last
part of the year?
Mr. BRUNDAGE. This is what—this is their own estimates.
We also gave them an additional $68 million for their new programs, you see, for the basic research program, and for improving
education in the sciences.
Senator WILLIAMS. Again $14 million savings is only as compared
to expenditures in the same Department last year.
Mr. BRUNDAGE. That is right.
Senator ANDERSON. NOW, the Veterans' Administration, $272
million, are you trimming the Veterans' Administration $272 million
in the coming year?
Mr. BRUNDAGE. There are programs under these specific heads
that are to be reduced. The direct housing loans, the program
expires on June 30, 1958, that is $150 million.
Senator ANDERSON. D O you anticipate that Congress will not
renew it? Will the administration not ask the Congress to renew it?
Mr. BRUNDAGE. We are not asking for a renewal, because, to the
extent necessary, it is being taken over by the housing agency.
Senator ANDERSON. Does that finally save money for the budget,
because it is taken by a different agency? Doesn't a "rose by any
other name still smell as sweet"?
Mr. BRUNDAGE. We think it ought to be all in one agency.
Senator B E N N E T T . May I comment on that.
The direct GI loan program is a drain on the Treasury. The F H A
program represents a guaranty of private financing. So the effect on
the Treasury, if this should happen as they anticipate, should be a
reduction of some amount in terms of drain on the Treasury.
404
DEBT CEILING
INCREASE
Senator ANDERSON. I am only trying to find out if he thinks that
Congress is going to stop these direct loans to veterans and for housing.
Mr. BRUNDAGE. They don't have to stop them, they terminate with
the act, unless you take some positive action to increase the budget,
they will terminate.
Senator ANDERSON. I will put it in your language.
Do you think that Congress will not take some positive action?
Mr. BRUNDAGE. I don't see why they should take such action, I
think it would be foolish.
Senator ANDERSON. D O you think the veterans are getting all the
housing they need without it?
Mr. BRUNDAGE. I think they are. We have tried to gear our present
general housing program to take care of their needs specifically.
Senator ANDERSON. With reference to this $1.2 billion that the
chairman was talking about a minute ago, are those counterpart funds,
or do they only include counterpart funds? Are the $1.2 billion of
soft currency all to be classified as counterpart, or only part?
Mr. BRUNDAGE, Part is counterpart.
Senator ANDERSON. That is not all counterpart funds? T h a t is all
that is controlled by the Treasuiy? Will you tell me what the $1.2
billion is?
Mr. BRUNDAGE. Those are foreign currencies under the control of
the Treasury.
Senator ANDERSON. Are they counterpart funds?
Mr. BRUNDAGE. I t includes counterpart funds.
Senator ANDERSON. H O W much is counterpart funds, a small
amount or almost all of it?
Mr. BRUNDAGE. I t includes about 10 percent of counterpart funds.
I t excludes those that have been retained according to law by the
other countries for their own development purposes.
Senator ANDERSON. NOW, does the Treasury report to the Congress
what happens to these funds?
Mr. BRUNDAGE. I think so; yes. They report annually.
Senator ANDERSON. Then why wouidn't this be in the budget
somewhere? You must get something for it. A congressional committee going abroad uses this money; doesn't it?
Mr. BRUNDAGE. We give the details in the budget.
As I explained to the chairman, you see, this developed out of
transactions that have already required the use of dollars either
for
Senator ANDERSON. Then when we ship abroad some cotton or
some wheat, you get back some of these soft currencies?
Mr. BRUNDAGE. That is right.
Senator ANDERSON. Under Public Law 480.
Mr. BRUNDAGE. NOW, if we were to take up the foreign currencies
the immediate question arises, at what figure would you take it up,
the official rate or the free market or any other rate, there are all kinds
of rates.
Senator ANDERSON. We all recognize——•
Mr. BRUNDAGE. And then what are you going to do with it? And
you would have to charge it off again, so it isn't brought back at any
figure.
Senator ANDERSON. What report does the Treasury make to the
Congress on the disposition of these moneys once you get your hands
on them?
DEBT CEILING
405
INCREASE
Mr. BRUNDAGE. They report annually. And we have a report in
the Budget document on page 94 and on page 296, I will be glad to
read it in the record, if you like.
Senator ANDERSON. Does it show what happened to the soft currency after received? Does it show how you got the soft currency?
I am trying to find out what happened to it after you got it. Is that
reported to the Congress?
Mr. BRUNDAGE. Yes; it is reported to the Congress.
Senator ANDERSON. SO that the committee in considering what
happens to this $1.2 billion could find what took place with it?
Mr. BRUNDAGE. That is right.
Senator ANDERSON. I t shows how much is furnished to congressional
committees abroad, for example?
Mr. BRUNDAGE. That is right.
Senator ANDERSON. I t is hard to get that information sometimes.
Senator B E N N E T T . In detail, Senator, not in gross.
Mr. BRUNDAGE. The totals are given in the Budget document.
Senator ANDERSON. IS it used to purchase goods in other countries?
Mr. BRUNDAGE. Yes, sir.
Senator ANDERSON. And you report how much that
Mr. BRUNDAGE. Yes.
Senator ANDERSON. Should those expenditures be
is?
added to the
budget if this money disappears?
Mr. BRUNDAGE. They have been included——
Senator ANDERSON. I S this dropped out as an accountant would
drop out a bad debt—he may recover it sometime—is it dropped out
or is it in the budget?
Mr. BRUNDAGE. It is explained in the budget, but it isn't included
in the budget dollar total figures, because if you buy, as you say, a
bale of cotton, and that goes under the cost of the CCC——•
Senator ANDERSON. When you sell a bale of cotton
•
Mr. BRUNDAGE. When you sell it and get a foreign currency, that
will be used abroad for some other country; it is not going to be
brought back in again.
Senator ANDERSON. It is controlled still—-—•
Mr. BRUNDAGE. It is controlled still by the Treasury and the
Bureau of the Budget; we keep track of it but we don't bring it back
as an asset.
Senator ANDERSON. Nor do we ever account for its expenditure.
Mr. BRUNDAGE. We do account for it.
Senator ANDERSON. I don't mean that, in the budget figure.
Mr. BRUNDAGE. I t does not come in again; that is right.
Senator ANDERSON. Don't you think it ought to?
Mr. BRUNDAGE. Well, I discussed that a good deal, and I can see
more disadvantage to it than gain, because we would have to bring
it back at a
Senator ANDERSON. AS long as you dispose of it. But when you
have made disposition of it don't you think you ought to find out what
we got in exchange for it and therefore put some value in it?
If I have in my profit-and-loss statement bad debts, charge off a
whole group of bad debts. But will the Bureau of Internal Revenue
allow me to ignore what comes to me in recoveries? I put that back
in the next year's earnings; don't I?
406
DEBT CEILING
INCREASE
Mr. BRUNDAGE. If this comes back through the purchase of military
equipment or something like that you can identify through United
States value, but if it goes to
Senator ANDERSON. If you buy back military goods, does that show
up as a military expenditure, or does it not show up at all?
Mr. BRUNDAGE. Part of it is accounted for as m i t i t a ^ procurement
under our ICA program called offshore purchases, and that appeared.
But if it comes out of the agriculture stocks into foreign currencies,
it does not.
Senator BENNETT. Would the Senator yield? I am trying to work
on this same problem.
If the Department of Defense has an overall budget figure, if it
acquires, say, by happy accident, some of the armament that it had
expected in its original budget calculation to buy in the United
States, if it acquires that in France, does the amount it spends in
France—is the original budget figure reduced by the amount it spends
in France, or when it accounts for the total original dollar budget
figure, does it take into account the French francs that it spent to
supplement or substitute what it might have spent in dollars, or is
that just added?
Mr. BRUNDAGE. T h a t is in addition—for instance, some of the
military housing we have to spend dollars for, but some comes out
of the counterpart funds, and they don't cost us any additional dollars
on top of what we originally pay for what we supply to the foreign
country.
Senator ANDERSON. The Senator from Utah has helped me get
what I was trying to get.
As I understand it, in Japan we have a figure for military housing
we use plywood available over there, and we used counterpart funds
to buy it. Did the military reduce their other budget because they
saved money on that?
Air. BRUNDAGE. Presumably we would have reduced their requirements for dollars, because they were able to use this counterpart fund.
Senator ANDERSON. I am not interested in the "presume." Actually, they did not.
Mr. BRUNDAGE. Well, we wouldn't put it in the budget as a cost
in dollars, because we were only going to use the counterpart fund,
but that would not be charged against them in the budget.
Senator ANDERSON. In other words, if they had a budget that called
for X billions of dollars, and they were able to save $50 million by
getting plywood in Japan, their budget is X plus $50 million, because
they went right ahead and spent all the money appropriated by
Congress, or could, that is right?
Mr. BRUNDAGE. Well, they couldn't spend it for the same thing
Senator ANDERSON. Do they not have leeway in the way they7" spend
their money?
Mr.
BRUNDAGE.
Yes.
Senator ANDERSON. Then they could spend it?
Mr. BRUNDAGE. Yes, they use it for something.
Senator ANDERSON. Isn't that what I said, that it would be X plus
$50 million, isn't that using it for something else?
Mr. BRUNDAGE. Well, yes.
Senator ANDERSON. Therefore, this money does really involve some
increases in budget if it is to be used that way? I am not trying to
criticize the expenditures—I am voting for this S. 400
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407
Mr. BRUNDAGE. I am just trying to explain it, because it is a little
complicated, because it goes through several different ways. Some
of these currencies the CCC actually will recover dollars for, they are
apportioned. Defense pays for them, and the other agencies pay to
the Treasury for the foreign currency. And that amount goes in the
budget totals. But if they don't pay for it in dollars, it doesn't.
But these other uses are shown in information tables in the budget
document.
Senator ANDERSON. The fifth page of this tabulation shows a decrease in the Department of Defense of $1,095 million, an increase of
$2 billion, with accelerated program, therefore the total budget goes
up about $1 billion.
Mr. BRUNDAGE. They used in addition to this—we don't know
what the figure will be in 1959, but they are using in 1958 an estimated
$67 million of foreign currencies without reimbursing CCG for military
assistance and $61 million for economic, technical, and other assistance.
Senator ANDERSON. I was talking about page 5 of the tabulation,
Mr. Brundage. We are on different sheets.
Mr. BRUNDAGE. This is on page 94 of the budget.
Senator ANDERSON. I t shows on there that the Department of
Defense-—-the chairman asked you to show us how much you saved,
and then show us where the Congress can save, and we will see where
we come out.
Mr. BRUNDAGE. That is right.
Senator ANDERSON. Now, you show us how the administration
saves by cutting down the Department of Defense $1 billion one place
and increasing it $2 billion in the other.
Mr. BRUNDAGE. For something else?
Senator ANDERSON. Yes, for something else, instead of buying conventional aircraft they are going to buy some missile ships and construct facilities for SAC, and proposed pay adjustments—those are all
part of the normal business.
Mr. BRUNDAGE. I thought it would be responsive to your request
to do it by program, so that is why we did it.
Senator ANDERSON. SO it would be fair to say that of the $2.9 billion
you indicated the administration was going to save—and you put $1
billion of it right there—you increase the expenditures 2 billion and
save the $1 billion. Have you tried to figure up somewhere how much
the Department is going to save overall? Wouldn't it be fair to say
that you aren't going to save, that you are going to increase?
Mr. BRUNDAGE. What we were trying to do was to show, as the
President said—he felt that we had to spend these additional billions
on defense, and he was going to try to save two ways, he was going to
try to save on defense itself out of less urgent items, with less priority
and he was also going to cut down on our domestic programs, and that
is what I tried to show here.
Senator ANDERSON. Exactly. Now, the whole increase in defense
is only $1 billion.
Mr. BRUNDAGE.
Net.
Senator ANDERSON. And the increase is some $2 billion. So
actually we are adding $1 billion in defense and $1 billion elsewhere,
so we are not saving it, are we? That is the point I was trying to get
to. I wouldn't worry so much about the expense of $1 billion for
defense if we were saving $1 billion, but actually we are spending $1
billion more, are we not? Your own figures show that.
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Mr. BRUNDAGE. I think we are doing both, I think we are spending $2 billion more, and we are saving $1 billion elsewhere, that is
what I am trying to sa} r .
Senator ANDERSON. Let me put it this wa}r. Supposing I have a
double-heating system in a home that I maintain somewhere, and it
burns not only oil, but it burns natural gas. I have them both, in
case the gas line breaks. Now, say that my normal gas fuel bill is
$50, and I don't spend anything for oil, and the next month I spend
$40 for natural gas and $25 for oil, would you say I have saved $10
or have I increased $15?
Mr. BRUNDAGE. Well, it depends on how you want to break it
down, if you want to save one and increase the other, yes.
Senator ANDERSON. What I am up against is that you made a
total savings that the administration hopes to put through of $2,971
billion, and you expect to increase expenditures $458 million. So in
reality you are $2 billion higher, of which $1 billion is a defense item
and $1 billion is a nondefense item.
Mr. BRUNDAGE. Well, you have to include the decreases under
proposed legislation, you add those together
Senator ANDERSON. Those are the savings that Congress can make.
There were to be two things, one that the administration could do and
one that the Congress could do.
Now, the Congress could save you $738 million on the proposed
legislation, but the administration proposes to save $2 billion and
spend $4 billion. So it doesn't really end up with a saving; does it?
Mr. BRUNDAGE. Well, I think it does, yes.
Senator ANDERSON. I have saved a lot of money I didn't know
about, then.
Mr. BRUNDAGE. I think I have saved if I don't go to a show even
if I have to
Senator ANDERSON. YOU spend $4 for dinner and don't go to a show
but you only intended to spend $2 for a show, you have saved $2?
Mr. BRUNDAGE. If I had to spend it on a doctor bill I would have
saved it on the show, because there are certain things that you have
to do because they are paramount and important; I think the other
things are of less importance.
Senator ANDERSON. I didn't go into the question of what was
paramount and important, I merely took your totals at the end on
page 7 of this statement, and the total shows under existing legislation
how much you propose to save in the administration, it runs $2,971
billion. Then in the third column this shows what you intend to
spend in excess and it runs $4.8 billion of whi
@FedFRASER