By authority granted in section 201 (e) of the Emergency Relief and Construction Act of 1932, approved July 21, 1932, the Reconstruction Finance Corporation created 12 regional agricultural credit corporations to make shortterm loans direct to farmers and stockmen in the United States.

The stock of these corporations was subscribed and paid for by the Reconstruction Finance Corporation out of the unexpended balance of the amounts allocated and made available to the Secretary of Agriculture under section 2 of the Reconstruction Finance Corporation acts. All of the stock is now held by the Secretary of the Treasury for and on behalf of the United States. Of the total original capital of $44,500,000, the corporations have returned to a revolving fund set up under section 84 of the Farm Credit Act of 1933 the sum of $39,500,000, leaving outstanding stock in the amount of $5,000,000.

On May 27, 1933, the functions of the Reconstruction Finance Corporation relating to the affairs of the regional agricultural credit corporations were transferred to the Farm Credit Administration.

Since May 1, 1934, the regional agricultural credit corporations have been in process of orderly liquidation, the short-term credit needs of agriculture being provided for by other permanent organizations administered by the Farm Credit Administration. In accordance with authority granted by the Farm Credit Act of 1937, the Farm Credit Administration has effected the consolidation or merger of various of the corporations so that on June 30, 1941, there were only three in existence. In addition. there was a branch office at Wenatchee, Wash., which was established late in 1940 for the purpose of extending credit to apple growers in that area. The severe economic distress faced by the apple industry in the Pacific Northwest as the result of the closing down of export markets and other factors had created a most urgent need for credit which it was believed could best be met by the regional agricultural credit corporations..

The receipts and expenditures of the regional agricultural credit corporations are shown in detail in the foregoing statement.

The United States Housing Authority was originally created as a body corporate of perpetual duration in the Department of the Interior by the United States Housing Act of 1937, approved September 1, 1937 (50 Stat. 888), to "provide financial assistance to the States and political subdivisions thereof for the elimination of unsafe and insanitary housing conditions, for the eradication of slums, for the provision of decent, safe, and sanitary dwellings for families of low income, for the reduction of unemployment, and the stimulation of business activity * * * 11 This act was further amended by the United States Housing Act amendment of 1938, approved June 21, 1938 (52 Stat. 820). The United States Housing Authority, under Reorganization Plan No. 1, effective July 1, 1939, was transferred from the Department of the Interior to the

newly created Federal Works Agency. The United States Housing Authority was authorized to engage in defense housing activities under title II of Public, No. 671, Seventysixth Congress, chapter 440, third session, H. R. 9822, approved June 28, 1940.

The Authority has a capital stock of $1,000,000 subscribed by the United States and is authorized to issue obligations guaranteed by the United States in an amount not to exceed $800,000,000 and to make contributions in an amount not to exceed $28,000,000 per annum.

The receipts, expenditures, and means of financing of the Authority (other than expenditures incurred in connection with the completion of the transferred Public Works Administration Housing Division projects) are shown in detail in the foregoing statement.