Interest rates on borrowings from the U.S. Treasury, Jan. 6, 1939, to date1 1 Borrowings prior to Jan. 6, 1939, were from the Reconstruction Finance Corporation Rates prior to Jan. 1, 1953, were as follows: and the public at varying rates. Mr. BEACH. I want to point out that the last two bars of that chart reflect the proposed language change to cut off interest due to delay in reimbursing CCC. Mr. WHITTEN. As I said earlier, there is usually room for optimism and apparently chances have greatly improved above a few weeks ago, but anybody that prepares budget figures based on Congress passing controversial legislation at the least is quite an optimist. Apparently there is a little more room for optimism now than a few weeks ago. Mr. BEACH. Mr. Chairman, the total of CCC interest cost in fiscal year 1963 was $422 million, including interest on foreign assistance programs and other special activities, and interest paid to private financing institutions. Mr. JAENKE. Forty percent roughly of the figure here. WHEAT Mr. GODFREY. The second chart deals with wheat. It shows annual production and the carryout stocks divided between Government stocks (with the cross hatch) and privately owned stocks (the red). You will notice that we have made some success in reducing our total from the high point of 1.4 billion bushels at the end of the marketing year for the 1960 crop. By the end of the 1963 marketing year it should be down to 890 million bushels. This comes about as a result of two things: One is the wheat stabilization programs that operated for a couple of years, and then, the increased exports of wheat. (The chart and material follow :) Vigorous programs affecting both production and exports are the basis for the expected decline of wheat stocks to 890 million bushels at the end of the 1963-64 marketing year. This would be the lowest level in 10 years, and the first time in 4 years that the carryout will be less than a year's wheat crop. The large proportion of CCC wheat stocks to total wheat stocks has been a natural result of a situation of surplus and a feeling of certainty on the part of the trade regarding availability of CCC stocks for domestic use at the release price, and for export also. The reluctance of the trade to hold stocks has been particularly noticeable during the years when support and market prices were both declining steadily, as evident on the preceding chart. With stable prices and CCC holdings eventually reduced to a level consistent with year-to-year stabilizing objectives, the trade might reasonably be expected to carry over more wheat in private ownership. FEED GRAIN Mr. GODFREY. Now we will look at the feed grain carryover-corn, sorghums, oats, and barley, this is also on a marketing year basis. Government grain is shown in cross hatch and the dots indicate trade stocks. You will notice that the high point was following the takeover of the 1960 crop: 84.7 million tons of feed grains. As a result of feed grain programs for 1961 and 1962, we expect to be down to 63.1 million tons. After the 1963 program, and projections for the 1964 program, we expect it to be down to about 55 million tons. (The chart and material follow :) |