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1 Selected resources as of June 30 are as follows: Unpaid undelivered orders. 1963, $7 thousand; (1964 adjustment, $1 thousand); 1964, $4 thousand; 1965, $4 thousand; 1966, $4 thousand.

The Board conducts renegotiation with contractors to eliminate excessive profits in connection with procurement under the national defense program. All contractors and subcontractors who have business subject to the act, which presently extends through June 30, 1966, are required to file with the Board if such business exceeds $1 million in a year. The Board has determined or recovered $895.8 million in excessive profits from the date of its establishment through June 30, 1964. Of this total, $24.2 million was determined during 1964.

1. Executive direction. The Board is responsible for final action in all cases. This includes screening all filings involving renegotiable business over $1 million and requests for exemption.

2. Staff operations. The headquarters staff furnishes technical advice and assistance to the Board and regional organization.

3. Renegotiation operations (field).-The two regional boards conduct renegotiation proceedings and make determinations and recommendations. They are authorized to conclude cases involving $800 thousand or less of renegotiable profits; however, their determinations in such cases may be appealed to the statutory Board. All determinations in cases involving more than $800 thousand renegotiable profits are subject to approval by the statutory Board.

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WORKLOAD

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Object Classification (in thousands of dollars)

Identification code

32-25-0100-0-1-904

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1964 actual

1965 estimate

1966 estimate

11.1

Personnel compensation:

11.3

Permanent positions..

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Program by activities:

11.4

Positions other than permanent.

11

6

6

1. Executive direction..

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2. Staff operations...

853

Other personnel compensation.......

Special personal service payments.

15

15

2

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884

3. Renegotiation operations (field).

806

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Total personnel compensation.

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2,500

-4

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23.0 Rent, communications, and utilities.

21.0 Travel and transportation of persons.. 22.0 Transportation of things...

45

29

45

1

1

1

40

40

12

12

23

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SAINT LAWRENCE SEAWAY DEVELOPMENT CORPORATION FUND
Program and Financing (in thousands of dollars)

74.98

71

Obligations affecting expenditures..

902

944

40

Obligated balance, start of year:

72.47

Authorization to spend public debt
receipts.

2.038

72.98

Fund balance...

174

2,810
150

2,755 150

Obligated balance, end of year:

74.47

Authorization to spend public debt

receipts...

Fund balance..

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1 Balances of selected resources are identified on the statement of financial condition.

The Saint Lawrence Seaway Development Corporation, a wholly Government-owned enterprise, is responsible for the construction, operation, and maintenance of that part of the Saint Lawrence Seaway within the territorial limits of the United States (33 U.S.C. 981). The seaway has been constructed and is being operated and maintained jointly by the Saint Lawrence Seaway Development Corporation and the Saint Lawrence Seaway Authority of Canada, in conjunction with the related power development works provided by the Power Authority of the State of New York and the Hydroelectric Power Commission of Ontario.

Operating costs and interest.-Operating expenses for 1966 are estimated at $1.8 million consisting of administrative expenses of the Corporation of $0.5 million (subject to congressional limitation) and $1.3 million for operations of locks and canals, control of traffic, and related maintenance of the facilities.

Interest charges on borrowings is estimated at $5 million for 1966, of which $3.8 million is expected to be earned and deposited with the U.S. Treasury.

Capital outlay.-The Corporation's construction program consists of a 10-mile canal, two locks and navigation channels in the 46-mile International Rapids Section of the St. Lawrence River between Ogdensburg and Massena, and certain channel and related navigation works in the 68-mile Thousand Islands Section between Lake Ontario and Ogdensburg.

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1965 1966 estimate estimate

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727

3. Other operation and maintenance

expenses..

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4. Administrative expenses (limita-
tion)...

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Proposed increase in limitation

due to civilian pay increases...

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SAINT LAWRENCE SEAWAY DEVELOPMENT

Revenue, Expense, and Retained Earnings (in thousands of dollars)—Continued

CORPORATION-Continued

Public enterprise funds-Continued

SAINT LAWRENCE SEAWAY DEVELOPMENT CORPORATION

FUND-Continued

The total cost of the U.S. share of the seaway is estimated at $131.2 million. Work in place at the end of 1965 is estimated at $130.6 million. The 1966 program to complete construction is estimated at $0.6 million and will consist principally of completing the extension of the upstream guide wall of the Eisenhower lock, commissioning of additional aids to navigation and other minor improvements.

Operating results.-The Corporation is self-supporting through tolls assessed shippers using the seaway facilities. All operating costs are paid from toll revenues and net operating income returned to the Treasury in payment of interest and principal. During the developmental period, all interest charges not earned will continue to be deferred as agreed to with the Treasury Department.

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Selected assets: Supplies 1.

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Fixed assets, net....

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Total assets..

For 1966 the Corporation's net operating income is estimated at $3.9 million. The deficit at the end of the budget year is estimated at $22.3 million consisting principally of unpaid interest of $13.6 million and depre- Liabilities: ciation and amortization of land assets of $8.7 million.

Financing. The Corporation has authority to borrow $140 million from the Treasury for financing the costs of the seaway and to provide for working capital and claims of which $124 million will have been used by the end of 1965. It is estimated that $0.6 million will be used to finance the construction program during the budget year 1966. Capitalized interest amounting to $6.7 million is not charged against the borrowing authority limitation.

Through an exchange of notes, dated June 30, 1964, between the United States and Canada, the review of the Saint Lawrence Seaway Tariff of Tolls has been extended for 2 years and a report to the respective Governments as to the sufficiency of authorized tolls to meet statutory requirements is due July 1, 1966.

Revenue, Expense, and Retained Earnings (in thousands of dollars)

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Current...

Government equity:

124,796 124,445 123,701 122,601

2,570 2,949 2,805 2,745

Interest-bearing capital:

Revenue bonds:

Start of year..

121,147

Borrowings from Treasury,

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122,547 122,676 123,676
129
600
1,000
122,676 123,676 124,276

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50

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Deficit, net.

5,700

Expense:

Total Government equity... 122,226

-13,892-16,441 -19,441 -22,331

121,496 120.896 119,856

Operation and maintenance..

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Administrative.____

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Analysis of Government Equity and Undrawn Authorizations (in thousands of dollars)

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Net gain from sale of equipment.

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Subtotal...
Undrawn authorizations..

139,626 138,496 136,896 135,256 -17,400 -17,000 -16,000-15.400

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120,896 119,856

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1 The changes in these items are reflected on the program and financing schedule.

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LIMITATION ON ADMINISTRATIVE EXPENSES, SAINT LAWRENCE

SEAWAY DEVELOPMENT CORPORATION

Not to exceed [$450,000 $490,000 shall be available for administrative expenses which shall be computed on an accrual basis, including not to exceed [$4,000] $2,000 for official entertainment expenses to be expended upon the approval or authority of the Administrator, hire of passenger motor vehicles, uniforms or allowances therefor for operation and maintenance personnel, as authorized by law (5 U.S.C. 2131), and services as authorized by section 15 of the Act of August 2, 1946 (5 U.S.C. 55a), at rates for individuals not to exceed $100 per day: Provided, That not to exceed $5,000 may be expended for services of individuals employed at rates in excess of $50 per day. (Public Works Appropriation Act, 1965.)

Program and Financing (in thousands of dollars)

SECURITIES AND EXCHANGE COMMISSION

General and special funds:

SALARIES AND EXPENSES

For necessary expenses, including uniforms or allowances therefor, as authorized by law (5 U.S.C. 2131), and services as authorized by section 15 of the Act of August 2, 1946 (5 U.S.C. 55a), at rates for individuals not to exceed $100 per diem, [$14,680,000] $17,400,000. [For an additional amount for "Salaries and expenses", $150,000.] (15 U.S.C. 77a-77bbbb, 78a-78jj, 79-792-6, 80a1-80a52, 80b180b21; 11 U.S.C. 501-676; 5 U.S.C. 1001-1011; 60 Stat. 810; Independent Offices Appropriation Act, 1965; Supplemental Appropriation Act, 1965.) Program and Financing (in thousands of dollars)

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2. Prevention and suppression of fraud... 3. Supervision and regulation of securities markets..

5,852

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Program by activities:

4. Regulation of investment and public utility holding companies..

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Administration (total accrued

expenses

5. Corporate reorganizations..

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costs).

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6. Operational and business statistics..

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7. Relocation of Washington, D.C. offices..

Financing:

1,060

8. Executive and staff functions...

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Unobligated balance lapsing..

1,706

41

9. Administrative services....

1,001

1,099 1,105

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15,442 17,400

-55

civilian pay increases.

20

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Unpaid undelivered orders...

Total selected resources..

85 30 30 30

The primary purpose of the Commission is to protect the interests of the investing public.

1. Full disclosure provisions.-Issuers of securities for public sale are required to file a registration statement and related prospectus containing significant information about the issuer and the offering with the Commission. This is to insure that investors will be provided with the material facts concerning security offerings. Certain provisions of the Securities Acts Amendments enacted August 20, 1964, extend to investors in certain over-thecounter securities the same protections now afforded to those in listed securities: namely, registration of classes of securities; annual and periodic company reporting; regulation of proxy solicitation; and restrictions upon "insider" trading.

SELECTED WORKLOAD DATA

4. Regulation of investment and public utility holding companies.-Financing and other corporate matters of interstate public utility holding companies engaged in the electric utility business or in the retail distribution of gas are regulated. A total of 24 holding company syscompanies with assets of $12.8 billion, are registered tems of which 16 are active, comprising 143 separate Foreign and domestic investment companies are regisunder the Public Utility Holding Company Act of 1935. tered also and their activities supervised. The assets of these companies have increased from $2.5 billion in 1941 to an estimate of $41 billion on June 30, 1964. In 1966, the investment company inspection program will continue

on a 4-year cycle.

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panies....

Examination of periodic reports.-Number of registered investment com

117

86

94

100

654

608

635

650

41

60

Regulation A filings examined..

634

75

Investment company inspections........

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459

543

630

Registration of new investment companies.

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150

160

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55

60

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2. Prevention and suppression of fraud.-Suspected fraud, deceit, and manipulation in the sale and trading

5. Corporate reorganizations.—Independent expert assistance to the Federal courts is provided in proceedings under the Bankruptcy Act.

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