Chairman HAYDEN. As I understand, Congress did not allow the original estimate, in the amount of $61⁄2 million and it turns out your guess was right and that it should have been allowed, and now you ask for $8 million to meet similar contingencies?

Mr. CURRIE. That is right, sir.

Chairman HAYDEN. Thank you very much.

BUREAU OF THE BUDGET

STATEMENT OF ELMER B. STAATS, DEPUTY DIRECTOR; ACCOMPANIED BY WILLIAM F. McCANDLESS, ASSISTANT DIRECTOR FOR BUDGET REVIEW; ARTHUR M. McGLAUFLIN, ASSISTANT CHIEF, INTERNATIONAL DIVISION; BARTLETT HARVEY, CHIEF, INTERNATIONAL TRADE AND FINANCE SECTION, INTERNATIONAL DIVISION; AND JAMES F. BARIE, BUDGET EXAMINER, INTERNATIONAL DIVISION

USE OF FOREIGN CURRENCIES

Chairman HAYDEN. Next we have a series of new items, not considered by the House, covering the use of foreign currencies. I will include the document in the record, showing the estimates for the various agencies.

(The information referred to follows:)

OTHER

PROPOSED SUPPLEMENTAL APPROPRIATIONS AND AUTHORIZATIONS, FOR THE FISCAL YEAR 1960, FOR VARIOUS AGENCIES RELATING TO THE USE OF FOREIGN CURRENCIES UNDER SECTION 104 OF THE AGRICULTURAL TRADE DEVELOPMENT AND ASSISTANCE ACT OF 1954, AS AMENDED

JULY 17, 1959.-Read; referred to the Committee on Appropriations and ordered to be printed.

The PRESIDENT OF THE SENATE.

THE WHITE HOUSE, Washington, July 17, 1959.

SIR: I have the honor to transmit herewith for the consideration of the Congress proposed supplemental appropriations and other authorizations, for the fiscal year 1960, for various agencies. These proposals relate to the use of foreign currencies under section 104 of the Agricultural Trade Development and Assistance Act of 1954, as amended.

The details of these proposed appropriations and authorizations, the necessity therefor, and the reasons for their submission at this time are set forth in the attached letter from the Director of the Bureau of the Budget, with whose comments and observations thereon I concur.

Respectfully yours,

DWIGHT D. EISENHOWER.

THE PRESIDENT,
The White House.

EXECUTIVE OFFICE OF THE PRESIDENT,

BUREAU OF The Budget, Washington, D.C., July 13, 1959.

SIR: I have the honor to submit herewith for your consideration proposed supplemental appropriations and other authorizations, for the fiscal year 1960, relating to the use of foreign currencies under section 104 of the Agricultural Trade Development and Assistance Act of 1954, as amended, as follows:

Section 104 of the Agricultural Trade and Development Act of 1954, as amended, (Public Law 480) authorizes the use of the foreign currency proceeds of sales of surplus agricultural commodities for a variety of purposes and requires further action by Congress in appropriation acts before use for some of these purposes. The proposed supplementals and other authorizations recommended herein are for uses requiring action in appropriation acts. They would place before the Congress requests for appropriations for expenditure in dollars amounting to $182,875, for appropriations exclusively for the purchase of foreign currency from the Treasury amounting to $24,453,000, and for authorizations to use foreign currency without dollar appropriations in the sum of $7,923,150.

It should be pointed out that the appropriations for dollars to purchase foreign currencies will result in a corresponding credit to the Commodity Credit Corporation, which will reduce the net expenditures of the Corporation. The authorizations to use foreign currencies without dollar appropriations will be expended directly in foreign currencies outside the budget. Hence this request will increase budget expenditures by only the $182,875 requested for expenditures in dollars. This is amply covered by the allowance for contingencies.

Drafts of suggested language for these appropriations and authorizations and the details of the various proposals are set forth in the attachment to this letter.

These specific recommendations deal with only a part of the currencies expected to be used in the fiscal year 1960 under Public Law 480 and with a still smaller part of the Government's total requirements and availability of foreign currencies. I am therefore attaching, in addition to the usual material, a special analysis giving information on all foreign currencies under Public Law 480 and on total foreign currency availability and uses.

This analysis is intended to make available information which will place the supplemental requests in their proper perspective.

I recommend the transmittal to Congress of these proposed supplemental appropriations and other authorizations, and the accompanying analysis.

Respectfully yours,

MAURICE H. STANS, Director of the Bureau of the Budget.