ALLOTMENT UNDER SECTION 37 OF THE ACT OF AUGUST 24, 1935, IN CONNECTION WITH THE ELIMINATION OF DISEASED CATTLE AND FOR OTHER PURPOSES Congress, in the Agricultural Appropriation Act approved June 4, 1936, appropriated $21,364,000 of the unobligated balance of funds appropriated by Public Resolution No. 27, approved May 25, 1934, and reappropriated by section 37 of the act approved August 24, 1935, together with the unobligated balance of the appropriation made by section 37. Of this amount the Secretary of Agriculture allocated $7,500,000 to the Agricultural Adjustment Administration for the purchase of surplus dairy products for relief distribution. Expenditures through the calendar year 1936 amounted to $145,404.27, leaving an unexpended balance of $7,354,595.73. APPROPRIATION TO CARRY INTO EFFECT AGRICULTURAL CONSER. VATION PROGRAM AUTHORIZED BY THE SOIL CONSERVATION AND DOMESTIC ALLOTMENT ACT Congress, in the act approved March 19, 1936, appropriated $440,000,000, plus not more than $30,000,000 made available in the Supplemental Appropriation Act (Mar. 19, 1936), to execute the provisions of sections 7 to 17, inclusive, of the Soil Conservation and Domestic Allotment Act approved February 29, 1936. Expenditures from this combined fund through December 31, 1936, amounted to $42,623,450.54, leaving an unexpended balance of $427,376,549.46. II. COLLECTIONS OF PROCESSING AND RELATED TAXES IN 1936 AND CUMULATIVE Table 17 gives the receipts from processing and related taxes levied under the Agricultural Adjustment Act and related legislation. Collection of processing taxes was terminated on January 6, 1936, under the Supreme Court decision holding them invalid. Cotton-ginning taxes, potato-sales taxes, and tobacco-sales taxes were collected until February 10, 1936, when the various acts under which they were levied were repealed. TABLE 17.-Receipts from processing and related taxes through Dec. 31, 1936 1 1 Processing tax collections were terminated on Jan. 6, 1936, because of having been invalidated on that date by the Supreme Court decision. Other taxes were collected until Feb. 10, 1936, when the acts under which they were imposed were repealed. 2 $3,543,960.11 unclassified as to commodity in 1933, classified and distributed among proper commodities in following years 1934, 1935, and 1936, with an offset to that amount shown as a minus amount. III. EXPENDITURES SUMMARIZED BY CHARACTER Expenditures under the Agricultural Adjustment Act, from May 12, 1933, through December 31, 1936, including those for administrative expenses related to agricultural adjustment under the act, for rental and benefit payments to contracting producers, for the removal and conservation of agricultural surpluses, and for drought relief, food conservation, and cattle disease eradication operations, are summarized by character in table 18. TABLE 18.-Expenditures by Agricultural Adjustment Administration, by character and commodity, from May 12, 1933, through Dec. 31, 1936 Drought relief, food conservation, and disease-eradication 1 $46, 652, 899. 30 63, 255, 456. 99 109, 908, 356. 29 348, 015, 104. 48 347, 904, 560. 90 61, 835, 089. 73 488, 273, 544. 27 85, 063, 366. 87 9, 639, 631. 88 3, 710, 570. 25 -467, 348. 76 1, 343, 974, 519. 62 43, 254, 801. 86 6, 373, 863. 34 24, 058, 631. 91 536, 695. 33 1, 052, 682. 13 10, 134, 026. 82 85, 410, 701. 39 140, 320, 385. 82 7, 709, 864. 55 19, 179, 358. 10 86, 060. 80 167, 295, 669. 27 42, 611, 096. 02 39, 545, 331. 51 883, 680.06 23, 337, 812. 61 8, 699, 105. 46 286, 385. 04 32, 323, 303. 11 21, 821, 952, 657. 27 Includes $2.713,600 transferred to division of disbursements for administrative expenses. IV. SOURCES AND AMOUNTS OF FUNDS MADE AVAILABLE TO THE AGRICULTURAL ADJUSTMENT ADMINISTRATION, AMOUNTS EXPENDED THEREFROM, AND BALANCES REMAINING UNEXPENDED, FROM MAY 12, 1933, THROUGH DECEMBER 31, 1936 Table 19 shows the sources and amounts of funds that have been made available to the Agricultural Adjustment Administration, from the approval of the Agricultural Adjustment Act May 12, 1933, through December 31, 1936, together with the expenditures that have been made from these funds, and the balances that remained unexpended on January 1, 1937. TABLE 19. Sources and amounts of funds made available to the Agricultural Adjustment Administration, amounts expended therefrom, and balances remaining available for expenditure, from May 12, 1933, through Dec. 31, 1936 Advances from the Treasury in anticipation of processing-tax collections 2. Advances from the Treasury in anticipation of tax collections under Tobacco Act 2. Warranted from processing taxes collected for purchase of beet sugar. Transfer under National Industrial Recovery Act to Puerto Rico trust fund for making payments to pro- Allotment under Emergency Appropriation Act, Transfer from Federal Emergency Relief Administration for administrative expenses in connection with submarginal land projects. Appropriation for administrative and other expenses Tobacco compacts and agreements among tobacco Appropriation to put into effect section 32 of the act Total. 1 Balances remaining do not constitute surpluses left over after accomplishment of the purpose for which the fund was made available. In practically all cases the balances are obligated for expenditure to complete the action for which appropriation or allocation was made. * Processing and other tax collections aggregated $969,282,450.58 through Jan. 6, 1936. V. COMMODITY CREDIT CORPORATION The Commodity Credit Corporation was created under the laws of the State of Delaware on October 17, 1933, pursuant to the President's Executive Order No. 6340 of October 16, 1933, and extended to April 1, 1937, by act of Congress, Public, No. 1, approved January 31, 1935. Its original capital stock of $3,000,000 was subscribed by the Secretary of Agriculture and the Governor of the Farm Credit Administration, to be held jointly for and in behalf of the United States. Funds for this purpose were made available by the President's allocation of $3,000,000 out of the $100,000,000 appropriation authorized by section 220 of the National Industrial Recovery Act and by the Fourth Deficiency Act of the fiscal year 1933, approved June 16 (Public, No. 77, 73d Cong.). Its capital stock was increased to $100,000,000 on April 28, 1936, the additional $97,000,000 being subscribed by the Reconstruction Finance Corporation, pursuant to act of April 10, 1936, (Public, No. 489, 74th Cong.). The Corporation makes loans only upon such commodities as may from time to time be designated by the President. These loans have contributed support to farm prices by enabling producers to retain title to products which might otherwise have been dumped upon the market with price-depressing effect. They have made it possible for producers themselves to gain the advantage of price increases which otherwise would have been lost to them through enforced marketing, and have contributed to orderly marketing. Loans have been made only upon commodities in connection with which adjustment or marketing programs have been developed by the Agricultural Adjustment Administration. The plan generally adopted permits banks and other lending agencies to carry loans on a prescribed form of note under a purchase guarantee, the Corporation agreeing to purchase eligible producers' notes when tendered on or before a specified date, usually 30 days prior to the notes' maturity date. The loans are extended at 4 percent interest. LOANS ON 1934-35 COTTON CROP Loans on the 1934 cotton crop were made on the basis of 12 cents per pound on cotton low-middling or better in grade and %-inch or better in staple, and 11 cents per pound on such grades of cotton with staple below %-inch. A provision of this loan made any cotton to which the producer had maintained title, eligible, in addition to the regular 1934 crop. Disbursements in loans to producers by the Corporation and by banks and other lending agencies under this 1934-35 cotton loan program aggregated $282,643,977.97 on 4,631,810 bales. As of December 31, 1936, the Corporation held as past due, notes of this program aggregating $181,791,322.23 secured by 2,994,150 bales of cotton. It will thus be seen that repayments of loans to the Corporation and to various lending agencies under this program totaled $100,852,655.74 on 1,637,660 bales of cotton. In connection with this program, loans of 2 cents per pound were also made to the manager of the Cotton Producers' Pool. These loans aggregated $12,424,800.06 on 1,242,480 bales of cotton and were repaid in full by July 31, 1935, the date of maturity. |