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In connection with the insurance of loans and mortgages which are for construction, reconstruction, or reconditioning of vessels, and which are financed by sale of bonds to the general public, section 1111, Merchant Marine Act, 1936, as amended (73 Stat. 272, 273), authorizes the Secretary of Commerce to accept deposits in escrow of proceeds from the sale of such bonds, together with interest due the bondholders.

Funds so deposited are to be used to make payments becoming due (a) on the construction, reconstruction, or reconditioning of the vessels, (b) for interest on the loan or mortgage, or (c) payments on account of principal in cases of default. Investments of the fund may be made in obligations of the United States with any income realized paid to the borrower or mortgagor.

Establishment of the fund was authorized by Public Law 86-127, enacted July 31, 1959. Through September 30, 1961, $59,517 thousand had been deposited therein covering construction of 10 vessels. As of September 30, 1962, a balance of $7,307 thousand remained in the account. No additional deposits into the fund are projected in this estimate.

Object Classification (in thousands of dollars)

In accordance with Public Law 87-208, the Secretary of Commerce administers a trust fund for gifts and bequests given for the benefit of the U.S. Merchant Marine Academy. This fund is used to defray expenses for maintenance and upkeep of the sailing craft "ICEFIRE" and "MARINER" which were donated to the U.S. Government, and are in the custody of the U.S. Merchant Marine Academy, Kings Point, N.Y.

Object Classification (in thousands of dollars)

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1 Selected resources as of June 30 are as follows: Unpaid undelivered orders. 1961, $9,421 thousand (1962 adjustments, $1,697 thousand); 1962, $6,710 thousand; 1963, $6,710 thousand; 1964, $6,710 thousand.

1. Cooperative work, forest highways.-Contributions are received from States and counties in connection with cooperative engineering, survey, maintenance, and construction projects for forest highways (23 U.S.C. 204).

2. Equipment, supplies, etc., for cooperating countries.In connection with the construction of the Inter-American Highway, the Bureau acts as agent for the cooperating Central American Republics in purchase of equipment, supplies, and services (23 U.S.C. 308).

3. Technical assistance, U.S._ dollars_ advanced from foreign governments.-Under the Foreign Economic Assistance Act and under agreement with the International Bank for Reconstruction and Development and the Export-Import Bank of Washington, the Bureau of Public Roads renders technical assistance and acts as agent for the purchase of equipment and materials for carrying out highway programs in foreign countries. During the current year, these services are being rendered for Costa Rica, Ethiopia, Iran, Nicaragua, and the Philippines (23 Ú.S.C. 308).

4. Advances from Alaska.-Pursuant to the agreement between the Federal Government and the State of Alaska, the Bureau of Public Roads performs State highway functions on the Federal-aid systems for Alaska with funds contributed by the State (23 U.S.C. 120(8), 308). 5. Funds contributed for improvement of roads, bridges, and trails, Alaska.-Funds are contributed by the State of Alaska and other local sources for construction, repair, and maintenance of roads, airfields and related facilities. The work is performed under the supervision of the Bureau of Public Roads (23 U.S.C. 308).

6. Contributions for highway research program.-In association with the General Services Administration and the Department of Defense, tests of highway equipment are conducted for the purpose of establishing performance standards upon which to base specifications for use by the Government in purchasing such equipment (23 U.S.C. 307).

7. Advances from State cooperating agencies.-Funds are contributed by the State Highway Departments or local subdivisions thereof for construction and/or maintenance of roads or bridges.

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Selected resources as of June 30 are as follows: Unpaid undelivered orders. 1961, $5 thousand; 1962, $0; 1963, $0; 1964, $0.

This trust fund is maintained to account for gifts or The work is performed under the bequests given for the purpose of aiding and facilitating

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Unobligated balance carried forward (—).

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1. Kermit Roosevelt fund, Army.-Proceeds of this fund are used for fostering better understanding and a closer relationship between the military forces of the United States and the United Kingdom through an exchange of United States and United Kingdom (5 U.S.C. 224-228). eminent lecturers selected by the Chiefs of Staffs of the

3. General gift fund, Army.-Donations which are not limited to specific use by the donor are used for Army institutions as determined by the Secretary of the Army (5 U.S.C. 150q-t).

Object Classification (in thousands of dollars)

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1-3. Gift funds.-Activities 1, 2, and 3 consist mostly of contributions from individuals, subject to conditions specified by the donor, for the benefit of the Naval Academy, the Naval Academy Museum, and other institutions of the Navy (10 U.S.C. 2601, 6973-4).

4. Ships' stores profits, Navy.-Profits earned in the operation of ships' stores are expended at the discretion of the Secretary of the Navy for the amusement, contentment, and welfare of officer and enlisted personnel on ships or outside the United States (10 U.S.C. 7604; 31 U.S.C. 725s (68)).

5. U.S.S. Arizona memorial fund. This fund was established by Public Law 344, 85th Congress, and authorized the Secretary of the Navy to accept contributions for the construction and maintenance of a memorial and museum on the hulk of the U.S.S. Arizona or at adjacent U.S. property at Pearl Harbor, Hawaii. Public Law 87-201 authorized, and the Supplemental Appropriation Act, 1962 (75 Stat. 375) appropriated $150 thousand to the Secretary of the Navy for use toward the construction of such memorial and museum.

Object Classification (in thousands of dollars)

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1-3. (1) Contributed funds.-Contributions by local interests are used for flood control and river and harbor 3 improvement work for the benefit of the contributing localities (33 U.S.C. 560, 701h, 702f, 703).

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1964 estimate

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expended upon authorized river and harbor improvements (2) Advanced funds.-Advances from local interests are and are returnable to local interests upon the availability

of Federal funds (33 U.S.C. 561).

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