TABLE 17.-Export-Import Bank credits, by area, country, terms, and purpose, July 1 to Dec. 31, 1961

Medium-term credits and guarantees

During the period July 1 to December 31, 1961, 286 medium-term credits for $38.7 million and 60 export guarantees for $12.6 million were authorized at the request of U.S. firms. Included here are guarantees issued under the expanded guarantee program referred to above. The smallest new credit was for $2,760 to assist in financing the sale

of a platform semitrailer to a private firm in Costa Rica. The largest was for $12.1 million to assist in financing the sale of two Boeing 720 jet aircraft and related services to the Republic of Pakistan.

Short-term guarantees

As of December 31, 1961, 168 commercial banks and 2 export credit insurance companies had agreed to act as agents for the ExportImport Bank in issuing political risk guarantees directly to exporters on behalf of the Export-Import Bank. Between July 1 and December 31, 1961, new short-term political risk guarantee agreements were issued to U.S. exporters covering an anticipated $75.6 million of exports during the ensuing 12 months, and previously issued agreements were renewed covering exports of $79.8 million. Actual guaranteed shipments numbered 36,289, with a cumulative invoice value of $80.6 million. Nearly every type of commodity sold on short term was covered.

Also during the 6 months under review, 194 new war risk and expropriation insurance policies were issued on consigned exports of cotton and tobacco valued at $5.2 million.

Private participation

During the period under review, private investors participated in the Bank's activities to the extent of $21.6 million through (1) the purchase by commercial banks of early maturities in Export-Import Bank credits ($3.1 million), (2) the commercial bank portion of its own credits in which Export-Import Bank has participated ($4.1 million), (3) credits extended abroad by U.S. manufacturers and exporters concurrently with Export-Import Bank credits for the same transactions, but without the Bank's guarantee ($5.4 million), and (4) equity capital supplied by private investors who became stockholders in corporations abroad to which the Bank was concurrently extending credit ($9 million).

FISCAL RESULTS

During the 6 months ended December 31, 1961, new dollar commitments authorized and guarantees issued by the Bank totaled $395.1 million. Disbursements were $531.2 million, and the Bank received $208.9 million in repayment of principal. The gross income for this period was $80.4 million. Interest paid to the Treasury on borrowed money was $26.3 million, and operating expenses were $1.3 million. Thus, the net income was $52.8 million. The Bank's reserves and undistributed earnings amounted to $728.7 million on December 31, 1961.

STATUS OF BANK RESOURCES

As of December 31, 1961, the total lending authority of the ExportImport Bank was $7 billion outstanding at any one time. Loans outstanding totaled $3,690.0 million, unutilized commitments were $1,764.5 million, and $188.5 million had been allocated to cover comprehensive and medium-term and short-term political risk guarantees and expropriation insurance on consigned exports of cotton and to

bacco. Hence the uncommitted lending authority of the Bank was $1,357.0 million on December 31, 1961. As indicated in table 18, net credits authorized by the Bank in the postwar period, July 1, 1945, through December 31, 1961, totaled in excess of $9 billion. Over one-third of this amount ($3.4 billion) was authorized for Latin America.

TABLE 18.-Net credits authorized by the Export-Import Bank, July 1, 1945, to Dec. 31, 1961, by area

In the current period, 28 sales agreements under the Agricultural Trade Development and Assistance Act of 1954, as amended (Public Law 480), were concluded with 17 countries under which from 5 to 25 percent of the proceeds will be made available to the ExportImport Bank for Section 104 (e) loans. Under all such sales agreements signed through December 31, 1961, $429.7 million in foreign currencies is to be made available for 104(e) loans, and applications were being received for loans in the currencies of Ceylon, China (Taiwan), Ecuador, Finland, Greece, Iceland, India, Indonesia, Iran. Israel, Pakistan, Paraguay, the Philippines, Sudan, Syria, Tunisia, Turkey, Egypt, and Viet Nam.

During the current period, the Bank authorized 13 new credits in 5 countries in the equivalent of $10.3 million. One of these loans was made to a firm with no U.S. affiliation for the purpose of expanding the market abroad for U.S. grains. Loans to U.S. affiliated companies were for a variety of projects, including pharmaceuticals and hotel and housing projects. The Bank also authorized increases in two existing credits in the amount of $616,000. Total loan authorizations were as follows:

Through the end of the period under review, the Bank authorized 176 Section 104 (e) loans totaling $102.7 million in the currencies of 19 countries.

In accordance with the provisions of the Foreign Assistance Act of 1961, the administration of the 104 (e) loan program was transferred, effective January 1, 1962, to the Agency for International Develop

ment.

Part XIII

THE INTERNATIONAL INFORMATION, EDUCA TIONAL EXCHANGE, AND CULTURAL AFFAIRS PROGRAMS

655. SUPPLEMENTAL APPROPRIATION FOR THE UNITED STATES INFORMATION AGENCY FOR FISCAL YEAR 1961: Public Law 87-14, Approved March 31, 1961 (Excerpts)

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the following sums are appropriated out of any money in the Treasury not otherwise appropriated, to supply supplemental appropriations (this Act may be cited as the "Third Supplemental Appropriation Act, 1961") for the fiscal year ending June 30, 1961, and for other purposes, namely:

TITLE II

INCREASED PAY COSTS

For additional amounts for appropriations for the fiscal year 1961. for increased pay costs authorized by or pursuant to law, as follows:

INDEPENDENT OFFICES

United States Information Agency: "Salaries and Expenses", $2,773,000;

175 Stat. 20.