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AGRICULTURAL MARKETING REVOLVING FUND 13 
Mr. Lecce. We have some rough figures on that, but we have not 
those here this morning. 
Mr. CarisTeNseN. I have an estimate here as to the demand dur- 
ing the next six months, based upon the demand on the board since 
June 30. Up to the present time our net commitments amount to 
$96,000,000. If we are looking ahead for the next six months, we 
can expect some figures pretty close to that. 
The CaarMaN. Suppose you get this $150.000,000, and you get the 
$100,000,000 in the regular bill. 
Mr. Lecee. That would not be available until the 1st of next July. 
The Cmamrman, I understand, but that would make up the total 
authorization of $500,000,000. What is going to happen when you 
get rid of all of that? What is the prospect of the Farm Board 
coming back for $500.000.000 more. or any other considerable 
amount? ir 
Mr. Lecee. There is one thing about it, regardless of what we 
will have from the money available. We will have no disposition 
to use it except as we feel it is for-a useful purpose. 
The Cramman. I expect by the time the $500,000,000 is loaned. 
we ought to know whether it is doing any good, or whether it is not 
doing any good, and if it is not doing = good it will be about time 
to quit, it appears to me. Of course. :. it is. the future has got to 
develop that phase of it. 
Mr. Leeee. While it is loaned, it is not lost. Of course, on the 
present market there is a substantial loss in the stabilization opera- 
tions on wheat and cotton, and if we closed it out to-morrow there 
would be a substantial loss on those two items. 
Outside of that the losses would be negligible. We have tried very 
hard to be careful about the security back of these loans, and I think 
most of them, while they are slow, will be eventually liquidated. 
The Cmamman. Let me ask you this further question. T do not 
know exactly when Congress will adjourn for the holidays. Do you 
need any considerable amount of this money before the first of the 
year? 
Mr. Lreace. We will get along without it as best we can. but we 
should have it before the first of the vear. 
The Cramrmax. How much? 
Mr. Lecce. We would like to have you make the amount of this 
first request available. 
The Crairman. That is $150,000,000¢ 
Mr. Lecce. Yes. 
The CramrMax. What interest are you paying on the borrowed 
money ? 
Mr. Lecce. Three per cent on money borrowed from the banks on 
warehouse receipt acceptances. . 
The CHAIRMAN. You say you have about $75.000.000 of that? 
Mr. Lecer. Yes. . Lo. 
The Cirairman. And if that is taken up it will release the Govern- 
ment from the payment of that interest? 
Mr. Lecee. Yes; except that the Treasury has borrowed money 
for something less than that. } 
The CHarrmax. Suppose we appropriate $150.000.000: could you 
take up all of that?