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Selected comparative data on Federal land banks and Federal land bank associations

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Number of associations... Net worth:

Capital stock owned by borrowers..
Legal reserve and surplus..

Total net worth..

$175, 697, 590

94, 926, 396

$189, 688, 285
102, 770, 833

$207, 935, 740
111,075, 564

270, 623, 986

292, 459, 118

319,011, 304

" Includes principal matured, special principal payments, loans paid off prior to maturity.

Selected comparative data on Federal intermediate credit banks

Item

June 30, 1962

June 30, 1963

June 30, 1964

Gross assets.
Loans and discounts outstanding-
Loans and discounts made during year ended.
Repayments of loans during year ended..
Unmatured debentures outstanding..
Debentures issued during year ended
Federal franchise tax payable...
Net worth:

Capital stock owned by U.S. Government..
Capital stock owned by production credit associa-

tions..
Participation certificates other financing institutions.
Surplus reserved.
Legal reserve...

$2, 148, 951, 066 $2,450, 871, 871
1, 998, 116, 595 2, 292, 711, 616
3,880, 368, 743 4, 405, 936, 574
3,713, 140, 056 4, 111, 341, 553
1,855, 400,000 2, 133, 300,000
2, 386, 300,000 2,733, 950,000

2,376, 051 2,731, 557
101, 389, 120 114, 989, 120
38, 735, 345 47, 575, 195

1, 789, 435 2, 315, 980 63,066, 704 63, 066, 704

12,000, 335 16, 034, 808 216, 980, 939 243, 981,807

$2,675, 768, 771 2, 504, 379, 178 4,715, 207,574 4,503, 540,012 2, 315, 350,000 2, 996, 250,000

3,093, 150 120, 589, 120 56,994, 620

2,858, 205 63,066, 704 20, 393, 031

Total net worth..

263, 901, 580

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$2,906, 288, 374

484

Gross assets..

$2, 318, 098, 188 $2,650, 479, 707 Number of associations..

487

487 Number of member-stockholders.

540, 017 $3,670, 857, 956

313, 690 $2, 532, 896, 755 $2,328, 473, 330 $1, 106, 155, 450

524, 752

535, 303 Amount of loans made during year ended..

$3,021, 311, 565 $3,421, 948, 165 Number of loans outstanding..

298, 679

307, 983 Amount of loans outstanding.

$1, 994, 369, 309 $2, 300, 401, 919 Total amount of repayments of loans during year ended. $1, 970, 493, 720 $2, 148, 064, 276 Amount of renewals..

$866, 664, 160 $964, 133, 489 Net worth: Stock owned by members (largely class B).-

$202, 364, 149 $225, 116, 912 Stock owned by U.S. Government (class A and C). 465, 000

175, 000 Surplus..

139, 973, 834 153, 348, 920 Unapplied earnings.

13, 481, 939 14, 182, 693 Total net worth.

356, 284, 922 392, 823, 525

$246,051, 619

65.000 166,785, 525 12, 882, 685

425, 884, 820

REQUEST FOR AUTHORIZATION TO SPEND ABSESSED FUNDS

Senator HOLLAND. Do you have any points that you wish to emphasize which do or do not appear in your statement?

Mr. TOOTELL. Senator Holland, I do wish to emphasize the fact that our request, which as you have already indicated, is simply an authorization to spend funds which are assessed against the farm credit banks that we supervise and is not an appropriation from the Federal Treasury.

The amount of increase is rather modest. We have had a tremendous increase in our volume of Federal land bank business in the last year and expect a still further increase the coming year. We need to fill some positions in our appraisal staff and in our land bank reviewing appraisal staffs; and we also contemplate being able to maintain a full staff in our examination division which we have had difficulty in doing in the past.

Now, this involves the essential need for the rather small increase that we are asking. We think our total volume of business, not only the land bank business, but the production credit business and the banks for co-op business will also increase fairly substantially in fiscal 1966.

SUPPORT OF BOARD MEMBERS AND BUDGET OFFICE

Senator HOLLAND. Do all the 13 members of the Farm Credit Board support the budget request?

Mr. TOOTELL. Yes, they do, Senator Holland.

Senator HOLLAND. There is no difference of opinion, then, in the Board ?

Mr. TOOTELL. No, sir.
Senator HOLLAND. Does that same statement go for the

group

of employees and associates in your budget office!

Mr. TOOTELL. Well, I would ask®Mr. Pitts, our budget officer, to answer that one, Senator Holland.

Senator HOLLAND. Mr. Pitts?
Mr. Pitts. Yes; that is correct.

Senator HOLLAND. Then this is one agency in which there is no difference of opinion, no request for Federal funds, and a very limited request for increased expenditures to fill vacancies now existing, and no battle going on?

Mr. TOOTELL. This is correct, sir.
Senator HOLLAND. Thank you very much.
Mr. TOOTELL. Thank you very much, Mr. Chairman.

RURAL ELECTRIFICATION ADMINISTRATION

STATEMENTS OF HON. JOHN A. BAKER, ASSISTANT SECRETARY OF

AGRICULTURE; NORMAN M. CLAPP, ADMINISTRATOR; GEORGE P. HERZOG, CHIEF, BUDGET BRANCH, CONTROLLER'S DIVISION; DAVID H. ASKEGAARD, CHIEF, PROGRAM ANALYSIS BRANCH, CONTROLLER'S DIVISION, RURAL ELECTRIFICATION ADMINISTRATION; RALPH F. KOEBEL, ASSISTANT GENERAL COUNSEL FOR RURAL DEVELOPMENT AND CONSERVATION, OFFICE OF THE GENERAL COUNSEL; AND CHARLES L. GRANT, BUDGET OFFICER, DEPARTMENT OF AGRICULTURE

JUSTIFICATION

JUSTIFICATIONS IN SUPPORT OF ESTIMATES

(a) Loan authorizations

Loan authorizations

Estimated

loans

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Electrification loans:

Appropriation Act, 1965 (authorization to borrow from the Secretary

of the Treasury), Budget estimate, 1966.

Decrease... Telephone loans:

Appropriation Act, 1965 (authorization to borrow from the Secretary

of the Treasury). Budget estimate, 1966.

Increase...

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1 The 1965 Appropriation Act provides that $90,000,000 of the $365,000,000 electric authorization be placed in reserve to be used to the extent needed for the electrification program.

2 In addition to new loan authorization, rescissions of prior-year loans and balances carried over from prior years are available for loans.

3 It is proposed that $65,000,000 of the $350,000,000 electrification authorization be placed in reserve to be used to the extent needed for either the electrification or telephone program.

4 The 1965 Appropriation Act provides that $7,000,000 of the $70,000,000 telephone authorization be placed in reserve to be used to the extent needed for the telephone program.

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1 The 1964 Appropriation Act provided that $150,000,000 of the $425,000,000 be placed in reserve to be used to the extent needed for the electrification program.

The following project statement reflects loans made in 1964 and estimated loans to be approved in 1965 and 1966 from new loan authorizations, balances brought forward from prior-year and rescissions of prior-year loans.

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Rural electrification loans.—A new loan authorization of $350 million is requested for the fiscal year 1966. Together with an estimated carryover into the fiscal year of slightly more than $26 million in unused loan funds, there will be about $376 million available during fiscal year 1966.

The need for sufficient loan funds is strongly supported by the heavily increasing need for electric energy. Forecasts by the electric utility industry show that the country's energy output will grow from 860 million kilowatt-hours in 1962 to 1.5 trillion kilowatt-hours in 1970, and to 3.1 trillion kilowatt-hours in 1980. The growth rate will quadruple the country's total output in the next 20 years. The forecasts indicate that all of the electric systems in Americacooperatives, private and public—will need more than $140 billion of new capital for expanded plant facilities to meet the growing demand for service by 1980, or an average annual investment of 7 percent of plant. For the REAfinanced rural systems the need for new capital will grow accordingly.

The availability of sufficient electric loan funds will also greatly enhance the possibility of negotiating satisfactory power purchase arrangements in many areas where power supply problems are a threat to continued successful operation of REA-financed rural systems. This is an extremely important facet of the power supply activity, in that to meet their needs REA-financed systems generate only about 18 percent of their energy needs, less than half as much as they purchase from the power companies. The adequacy of electric loan funds has a great impact in obtaining reasonable contract terms from power suppliers and in holding down the cost of purchased power.

Electric loan applications for consideration during the fiscal year 1966 are expected to total about $648 million. Approximately $288 million are expected to carryover from fiscal year 1965, about $400 million in new applications are expected to come in during the 1966 year, less about $10 million that will probably be returned or canceled.

The following table shows total funds available, loans made, and balances carried forward for the electrification loan program:

1964 actual

1965 estimate 1966 estimate

Loan funds available:
New loan authorization:

Regular

Reserve.
Carryover from prior year.
Rescissions of prior year loans.

Total available...

$275,000,000 $275,000,000
150,000,000 90,000,000
8, 765, 002 23, 056,714

750, 712 28,000,000
434, 515, 714 416, 056, 714

$285,000,000 165,000,000 26, 056, 714

376, 056, 714

Less:
Loans approved:

Distribution
G. & T.
Consumer facility (sec. 5).

Total loans approved.
Reserve not used.

158, 863, 832
102, 085, 168

510,000

158,000,000
140,000,000

2,000.000

261, 459, 000
150,000,000

300,000,000
90,000,000

158, 000, 000
140,000,000

2,000,000 300,000,000 65,000,000 11,056, 714

Balance to next year.

23,056, 714

26, 056,714

1 The reserve authorization of $65,000,000 is proposed for use in either the electrification or telephone program.

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