AGRICULTURAL MARKETING REVOLVIN G FUND

HEARINGS CONDUCTED BY THE SUBCOMMITTEE, MESSRS.
WILLIAM R. WOOD (CHAIRMAN), LOUIS C. CRAMTON, EDWARD
H. WASON, L. J. DICKINSON, ERNEST R. ACKERMAN, ROBERT
L. BACON, JOSEPH W. BYRNS, JAMES P. BUCHANAN, EDWARD
T. TAYLOR, AND WILLIAM A. AYRES, OF THE COMMITTEE UN
APPROPRIATIONS, HOUSE OF REPRESENTATIVES, IN CHARGE
OF THE SECOND DEFICIENCY APPROPRIATION BILL FOR THE
FISCAL YEAR 1930. ON THE DAYS FOLLOWING, NAMELY :

Moxpay, December 15, 1930.
FEDERAL FARM BOARD

STATEMENTS OF ALEXANDER LEGGE, CHAIRMAN; JAMES C.
STONE, VICE CHAIRMAN; AND CHRIS I. CHRISTENSEN, EXECU-TIVE
 SECRETARY

AGRICULTURAL MARKETING REVOLVING FUND

The Cramyax. We have before us this morning an estimate
of $150,000,000 for the Federal Farm Board, under an authorization
of $500,000,000. You have had under this authorization an appropriation
 of $150,000,000 and another of $100,000,000, making a total
of $250,000,000, and now you are asking $150,000,000 in the deficiency
bill. You are also asking in the independent offices bill for 1932
$100,000,000, making $250,000,000, or the grand total of $500.000.000,
which is the amount of the authorization.
First, IT wish you would tell us what you have done with the
3250,000,000 already given you.
Mr. Lecce. Mr. Christensen, you have the figures there.
Mr. CuaristEnseN. I have a statement here, Mr. Chairman, which
s rather brief, but it covers the use of the first $250.000.000. Do
vou wish to have me read this statement.
The CHAIRMAN. Veo

GENERAL STATEMENT

Mr. Curisrensen. This also covers what we have asked for in the
regular budget, as well as the supplemental estimate of $150,000,000.
Our loan operations, up to the end of the fiscal year ended June 30,
(930, were reviewed rather fully in the first annual report, but I
nave also supplemented that in this statement.
The board had approved, up to November 30, 1930, net commitments
 aggregating $373,342.487.15. Of this amount $3926.169 539 ‘RQ