892 THE BUDGET, 1941 - FRASER

892 THE BUDGET, 1941

FEDERAL FARM MORTGAGE CORPORATION

Estimated, fiscalyear 1941


Actual, fiscalyear 1939

Receipts:Repayments on loans (principal and interest)Interest on bonds ownedInterest and principal payments on notes owned.Interest reduction received from U. S. Treasury. _.Maturities of debentures heldBonds issued

Total receipts .

Expenditures:Nonadministrative expensesAdministrative expensesCommissioner's loans and miscellaneous capital expenditures..Interest on bonds issuedPurchase of F. I. C. B. debentures..

Total expenditures.

Net receipts

Means of financing:Cash balance at beginning of year.Net receipts above

Net funds available...Less bond redemptions..

Cash balance at end of year

Guaranteed debt outstanding at end of year..

$94,951,00029,386,000

5,000,000

129,337,000

2,000,0007,000,000

10,000,00037,085,0005,000,000

61,085,000

68,252,000

41,426,91168,252,000

109, 678,91175,000, 000

34,678,911

1, 212, 511,856

$96, 731,00029,386,00011,021,4387,425, 0006,225,000

25, 000,000

$94, 935, 54029,420, 86730, 719, 6327, 818, 548

15,875,000

175, 788,438 178, 769, 587

1, 500,0009, 500, 000

26, 000, 00038,475,0005,000, 000

2, 890, 3727,936,351

30,198,60440,180, 57915, 503, 778

;0,475, 000 96, 709, 684

95, 313,438

71, 235,47395,313,438

82,059, 903

21, 529,87882,059,903

166, 548,911125,122, 000

103, 589, 78132, 354, 308

41,42G, 911 71, 235,473

1,287, 735,856 1, 388, 255,091

EXPLANATORY STATEMENT

The Federal Farm Mortgage Corporation was createdunder the act approved January 31, 1934 (12 U. S. C.1016-1020 (h)), to aid in financing the lending operationsof the Federal land banks and the Land Bank Commis-sioner. Under the present law Land Bank Commissioner'sloans may not be made after February 1, 1940.

The Corporation, which is wholly owned by the UnitedStates, is capitalized at $200,000,000 and is authorized toissue and have outstanding at any one time a total of not

more than $2,000,000,000 of bonds which are fully andunconditionally guaranteed by the United States Govern-ment.

The Corporation was transferred to the Department ofAgriculture by Reorganization Plan No. I, effective July1, 1939.

The receipts, expenditures, and means of financing theCorporation are shown in detail in the foregoing state-ment.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1941



Receipts:Interest on loansInterest on investmentsRepayments of principal of loans and advances _Reduction in principal of investmentsSale of real estate and property incomeLoan and other feesBonds issuedMiscellaneous

Total receipts .

Expenditures:Administrative expensesNonadministrative expensesInterest on bonds and other interestLoans and advances madeInvestmentsProperty expenseMiscellaneousPrior years obligations liquidated in 1940-

Total expenditures-

Net receipts..

Means of financing:Cash balance at beginning of year_.Net receipts (above)

Net funds availableLess bond redemptionsCapital stock retirements_


Guaranteed debt outstanding at end of year_.


$29,000,00029, 386,00062,000,000

4, 500,000750,000

339, 623, 700750,000

466, 009, 700

8, 350, 0001, 700,000

38, 240,00036,000,000

2, 400,0003, 500, 000

90,190,000

375,819, 700

10, 430,890375, 819, 700

386, 250, 590-374, 623, 700

11, 626,890

1, 276,087, 900


$30,000,00029, 391,00062,000, 000%, 360,0004, 300, 000625,000

62, 700, 000750, 000

192,126,000

8, 700,0001, 700,000

39,193,00031, 500,0001, 565, 0002, 300,0003, 500,000

88,458,000

103, 668, 000

27, 762,890103,668,000

131,430,890-21,000, 000—100,000,000

10,430,890

1, 311, 087, 900


$30, 620, 75929, 525,16666, 826, 33319, 375,0003,825, 679633,896

25,000, 0001, 409, 079

177, 215, 912

8,042,4581, 235,88238,952, 75228,954,9052, 347, 9732, 005, 5683,118, 6191,008, 338

85, 666,495

91, 549,417

71, 235,47391,549,417

162, 784,890-135,022,000

27, 762, 890

1, 269, 387, 900


The Federal Farm Mortgage Corporation was createdunder the act approved January 31, 1934 (12 U. S. C.1016-1020 (h)), to aid in financing the lending operationsof the Federal land banks and the Land Bank Commis-sioner. Under the present law Land Bank Commissioner'sloans may not be made after June 1, 1942.

The Corporation, which is wholly owned by the UnitedStates, is capitalized at $200,000,000 and is authorizedto issue and have outstanding at any one time a totalof not more than $2,000,000,000 of bonds which are fully

and unconditionally guaranteed by the United StatesGovernment.

In accordance with the Budget Message of the Presidentfor the fiscal year 1941, and the act approved June 25,1940, $100,000,000 of the capital of the Corporation willbe repaid to the Treasury on or before June 30, 1941.The proceeds of such repayment will be held in the Treas-ury of the United States as a fund available for additionalcapital subscriptions if necessary.

The receipts, expenditures, and means of financing theCorporation are shown in detail in the foregoing statement.


1942



Classification Estimated, fiscalyear 1943



Receipts:Interest on loansInterest on investmentsRepayments of principal of loans and advances..Reduction in principal of investments %_.Sale of real estate and property incomeLoan and other feesBonds issuedMoney borrowed—notes payableMiscellaneous

Total receipts.

Expenditures:Administrative expensesNonadministrative expensesInterest on bonds and other interest-.Loans and advances madeInvestmentsPayments on notesProperty expenseMiscellaneous ._

Total expenditures -

Net receipts

Means of financing:Cash balance at beginning of year..Net receipts, above

Net funds availableLess:

Bond redemptionsRepayments of capital stock to revolving fund.


Guaranteed debt outstanding end of year.

$25,000,00028,000,000

103,000,00050,000,0003,300,0001,000,000

210,300,000

9,050,000800,000

36,600,00046, 600, 000

1, 300,000

94,350,000

115,950, 000

34,305, 665115,950,000

150, 255, 665

125,000,000

25, 255,665

1,104, 764, 200

$28,000,00029,000,00085,000,00050,000,0003,600,0001, 000,000

300,000,000

496,600,000

8,350,000900,000

38,200,00046,600,000

45, 900,0002,000,000

141,950,000

354,650,000

19, 279,365354, 650,000

373,929, 365

339,623,700

34, 305, 665

1,229,764,200

$30,876,87029,403,14671, 311, 0708,755,0003,920, 579

595, 266

45,900, 000283,465

191, 045, 396

8,657,3951,151, 622

38,112,12238,411,0997,966, 276

1,981,1643, 249,243

99, 528,921

91, 516,475

27, 762,89091, 516,475

119, 279, 365

100,000,000

19, 279, 365

1, 269, 387,900


The Federal Farm Mortgage Corporation was createdunder the act approved January 31, 1934 (12 U. S. C.1016-1020 (h)), to aid in financing the lending operationsof the Federal land banks and the Land Bank Commis-sioner.

The Corporation, which is wholly owned by the UnitedStates, had paid-in capital of $100,000,000 as of June 30,1941, a repayment to the Treasury in the amount of$100,000,000 having been made in May 1941. Thisretirement of stock was made in accordance with thePresident's Budget Message of January 3, 1940, and theprovisions of an act approved June 25, 1940, and the pro-

ceeds are being held in the Treasury of the United Statesas a fund available for additional capital subscriptions, ifnecessary.

The Corporation is authorized to issue and have out-standing at any one time a total of not more than$2,000,000,000 of bonds, which are fully and uncondi-tionally guaranteed by the United States Government.On June 30, 1941, bonds outstanding aggregated$1,269,387,900.

The receipts, expenditures, and means of financing theactivities of the Corporation are shown in detail in theforegoing statement.


1943

GOVERNMENT CORPORATIONS AND CREDIT AGENCIES 811


Classification Estimated,fiscal year 1944

Estimated,fiscal year 1943

Actual,fiscal year 1942

Eeceipts:Interest on loans __.Interest on investmentsRepayments of principal of loans and advances..Reduction in principal of investmentsSale of real estate and property incomeLoan and other fees _.

$27,000,00025,300,00097,000,000

248,000,0003, 000,000

400, 000

$29, 300, 00030, 330, 000

101, 600,000125,000,000

3, 700,00U400. 000

Total receipts. 400,700,000 290,230.000

Expenditures:Administrative expensesNonadministrative expenses.Interest on bonds and other interest..Loans and advances madeInvestments.Property expense... _Miscellaneous (net)

7,822,000

26, 750,000i 1,200,000

9,050,0001,000,000

29,000, 00028, 000,000

1,500.0002,078,000

Total expenditures..

Net receipts

39,350.000

1,800,0002,000,000

70,850,000

361, 350,000 219,380,000

Means of financing:Cash balance at beginning of year: Deposits with Treasurer of the United States. 3,419,000 3,039,000

Net receipts.(+) or expenditures (—):Redemption of securitiesRepayment of commercial bank loans..Net receipts (above)

-362,000,000 —219,000,000

+361,350,000 +219,380,000

Total

Cash balance at end of year: Deposits with Treasurer of the United States-

Guaranteed debt outstanding at end of year:Held by public - --.Held by Treasury. —

-650,000 +380,000

2,769,000 3,419,000

348,764,200263,000,000

710,764,200263,000,000

Total _ 611,764,200 973,764,200

$31,347,00031,158,00095.964, 00029, 268, 000

4, 942.000449, 000

193,128,000

8,350, 000984, 000

39,165, 00033,134, 000

2,108,0002, 275,000

758,000

86, 774,000

106,354,000

19, 209, 000

- 7 6 , 624, 000-45,900,000

+106, 354, 000

-16,170,000

3. 039, 000

* 929,764,200263, 000, 000

21,192,764,200

1 Estimated advances to be made on old loans. Lending authority expires July 1, lr43.* Excludes $13,945,800 in matured obligations for the payment of which funds have been deposited with the Treasurer of the United States as fiscal agent.


The Federal Farm Mortgage Corporation was createdunder the act approved January 31, 1934 (12 U. S. C.1016-1020 (h)), to aid in financing the lending operationsof the Federal land banks and the Land Bank Com-missioner.

The Corporation, which is wholly owned by the UnitedStates, had paid-in capital of $100,000,000 as of June 30,1942, a repayment to the Treasury in the amount of$100,000,000 having been made in May 1941. This retire-ment of stock was made in accordance with the President's

Budget Message of January 3, 1940, and the provisions ofan act approved June 25, 1940, and the proceeds are beingheld in the Treasury of the United States as a fund avail-able for additional capital subscriptions, if necessary.

The Corporation is authorized to issue and have out-standing at any one time a total of not more than$2,000,000,000 of bonds, which are fully and uncondi-tionally guaranteed by the United States Government.

The receipts, expenditures, and means of financing areshown in detail in the foregoing statement.


1944

892 THE BUDGET, 1941 - FRASER

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