Full text: Agricultural marketing revolving fund

has been advanced to borrowers, of which $125,183.274.84 has been 
repaid. In accordance with the nature of the revolving fund, these 
repayments are immediately available for additional loans. 
On November 30, 1930, advances outstanding aggregated $200,- 
986,258.04, and the amount remaining to be advanced against au- 
thorized commitments was $47 ,172,954.27. This leaves a balance of 
only $3.584,140.18 available for new commitments. 
In addition to the regular requirements of the board, tenta- 
tive commitments approximately $75,000,000 have been made to 
the cotton and the grain stabilization corporations for fulfillment 
within the next few months and estimated commitments for the 
remainder of the current fiscal year, less estimated repayments, 
will be possible for the borrowing associations to relase funds 
will absorb the $150,000,000 which Congress was asked on December 
8, 1930, to make immediately available. 
‘When improvement in the general business situation develops, it 
will be possible for the borrowing associations to release funds 
faster than they are now doing. It is appreciated that any attempt 
on the part of the board at force liquidation would only result 
in driving the price level still lower, and would also probably re- 
tard for many years the cooperative marketing of the comodity 
involved, which does not seem the proper thing to do. 
This statement is as of November 30, 1930, but I can bring that 
right up to date, as of Saturday, December 13, 1930. 
The Cmatrman. Let us have that. 
Mr. CrristeNseEN. On December 13, at the close of business, the 
board’s total commitment was $376,018,974.40; the total amount 
advanced by the board, since the beginning of its operations, on July 
15, 1929, was on last Saturday $338,996,508.71, while the total repay- 
ments during that period were $126,020,134.66, leaving a balance 
outstanding of $212,976,374.05. In other words, as of last Saturday, 
the board had liens outstanding amounting to $212,000,000. 
The Cmamrman. You have received how much in repayment of 
loans already made? 
Mr. Curistensen. $126,000,000. 
The Crmamman. Is that $126,000,000 available for reloans? 
Mr. CrristeNseN. Yes, sir. 
The Crrammax. You have that on hand? 
Mr. CHRISTENSEN. Yes, a part of it. We have advanced, or 
actually loaned $338,000,000, and the amount repaid thereon is 
$126,000,000. We have outstanding $212,000,000, and the balance 
available for advances—that is, for commitments made where the 
money has not gone out—amounts to $37,000,000. That leaves, 
as of last Saturday, a balance available for new commitments of 
only $2,110,731.98. 
The Cramman. How about the applications? 
Mr. CuristeNSEN. In addition to our normal requirements with 
respect to applications that come daily from the associations, there 
is also the item which I mentioned here of approximately $75,000,000 
representing tentative commitments already made to the cotton and 
wheat stabilization corporations. I helieve Mr. Legge can explain 
that in detail.

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