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SCHEDULE No. 2-Continued

EXPENDITURES—Continued
Estimated and actual expenditures from general and special accountsContinued

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I. GUARANTEED BY THE UNITED STATES:

1. Commodity Credit Corporation.
2. Federal Farm Mortgage Corporation.
3. Federal Housing Administration.
4. Home Owners' Loan Corporation.
5. Reconstruction Finance Corporation.
6. Tennessee Valley Authority...
7. United States Housing Authority.
8. Unit Sta Maritime Commission..

Mar. 8, 1938 (52 Stat. 107)
Jan. 31, 1934 (48 Stat. 344), as amended.
June 27, 1934 (48 Stat. 1246), as amended.
June 13, 1933 (48 Stat. 128), as amended.
Jan. 22, 1932 (47 Stat. 5), as amended.
May 18, 1933 (48 Stat. 58), as amended.
Sept. 1, 1937 (50 Stat. 814), as amended.
June 29, 1936 (49 Stat. 1985), as amended.

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Marimum MEMORANDUM

authorized issue CONTINGENT LIABILITIES WITH DEFINITE LIMITATION:

of obligations Commodity Credit Corporation (see 1 above).

$1,400,000,000 Federal Farm Mortgage Corporation (see 2 above).

2,000,000,000 Federal Housing Administration (see 3 above).

12 4, 100,000,000 Home Owners' Loan Corporation (see 4 above)

4,750,000,000 Reconstruction Finance Corporation (see 5 above)

13 6, 387, 052, 250 Tennessee Valley Authority (see 6 and 11 above)

70,072,500 U.S. Housing Authority (see 7 above).

800,000,000 U. S. Maritime Commission (see 8 above).

200,000,000 CONTINGENT LIABILITIES WITHOUT DEFINITE LIMITATION: Reconstruction Finance Corporation (see 5 above):

Purchase of preferred stock, etc., banks and trust companies (authorization in use June 30, 1941, $754,761,798).
For sec. 5, Agricultural Adjustment Act.

For sec. 4, National Housing Act.
Secretary of Agriculture:

Borrowings for loans on cotton (see 9 above). 1 Funds have been deposited with the Treasurer of the United States for payment of outstanding matured principal and interest obligations guaranteed by the U.S. Government.

* Does not include $65,000,000 face amount of second series notes or $75,000,000 face amount of third series notes held by the Treasury and reflected in the public debt in schedule No. 4.

3 Includes $142,200 in matured obligations, together with $245.25 in interest accrued thereon. • Includes $25.600 in matured obligations, together with $351.76 in interest accrued thereon.

Includes $10,396,225 in matured obligations, together with $382,632.84 in interest accrued thereon; excludes $69,450 face amount of bonds in transit for redemption on June 30, 1941. 6 Does not include $19,916,250 face amount of 14-percent notes, series Q-2, due Jan. 1, 1942, held by the Treasury and reflected in the public debt in schedule No. 4.

? Bonds in the face amount of $272,500 issued under sec. 15A and bonds in the face amount of $56,500,000 issued under sec. 15c of the Tennessee Valley Authority Act of 1933, as amended, are held by the Treasury and reflected in the public debt in schedule No. 4.

$ Does not include $85,000,000 face amount of series G held by the Treasury and reflected in the public debt in schedule No. 4.

Offset by cash in designated depository banks amounting to $31,046,208.02, which is secured by the pledge of collateral as provided in the regulations of the Postal Savings System, having a face value of $28,529,500; cash in possession of the System amounting to $68,086,946.07; Government and Government guaranteed securities with a face value of $1,248,569,840; and other assets.

10 Held by Reconstruction Finance Corporation. 11 In actual circulation, exclusive of $8,879,203.36 redemption fund deposited in the Treasury and $277,953,075 of their own Federal Reserve notes held by the issuing banks.

The collateral security for Federal Reserve notes issued consists of $7,108,000,000 in gold certificates and in credits with the Treasurer of the United States payable in gold certificates, and $1,498,000 face amount of commercial paper.

12 May be increased to $5,000,000,000, with the approval of the President, by authority of the act of June 28, 1941. 13 Excluding obligations issued under indefinite authorizations.

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