Page images
PDF
EPUB
[merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small]
[blocks in formation]

EMERGENCY FUND FOR THE PRESIDENT General and special funds:

EMERGENCY FUND FOR THE PRESIDENT

For expenses necessary to enable the President, through such officers or agencies of the Government as he may designate, and without regard to such provisions of law regarding the expenditure of Government funds or the compensation and employment of persons in the Government service as he may specify, to provide in his discretion for emergencies affecting the national interest, security, or defense which may arise at home or abroad during the current fiscal year, $1,000,000: Provided, That no part of this appropriation shall be available for allocation to finance a function or project for which function or project a budget estimate of appropriation was transmitted pursuant to law during the Ninetieth Congress or first session of the Ninety-first Congress, and such appropri ation denied after consideration thereof by the Senate or House of Representatives or by the Committee on Appropriations of either body. (Executive Office Appropriation Act, 1968.)

Program and Financing (in thousands of dollars)

99.0

Obligations are distributed as follows:
Reserved for future allocations.
General Services Administration.
Department of the Interior...
National Advisory Commission on Civil
Disorders....

[blocks in formation]
[blocks in formation]
[blocks in formation]

14

Non-Federal sources: Minerals and

metals program (General Serv

[blocks in formation]

-60,533
-2,130

Machine tool program (General

[blocks in formation]

-135

Domestic lending program (Treas

[blocks in formation]

-2,975
-289
-3

In addition, an appropriation of $108 million was applied to General Services Administration activities, thus providing financing of $2,067 million to that agency.

General Services Administration.-The program for expansion of production capacity has included the purchase and resale of metals, minerals and machine tools, and research and pilot plant operations to develop new materials and new techniques for utilizing low-grade domestic ores. Only one new contract has been entered into under the expansion program in recent years, and no materials contracts remain outstanding at this time. Otherwise, the major problems now are custody, maintenance, and disposition of the materials and facilities.

On March 29, 1966, the President made a finding that new expansions of copper production are essential to the national security. On November 28, 1967, the General Services Administration entered into a domestic copper production expansion contract providing for delivery of -52,884 approximately 109,000 tons of wirebar copper through the period ending June 30, 1975. The Office of Emergency Planning announced in January 1967 an expansion goal -19,107 for domestic production of rutile. No detailed proposals have been received under this program to date.

9,828 71,991

56,945 186,982 193,095 121,143 53,213 37,467

As one of the inducements for expanding production, most of the contracts provided a guaranteed market for the production from expanded facilities. The option rights of contractors were examined with a view to reducing deliveries to the Government as far as possible within the terms of the contracts whenever basic stockpiling objectives have been attained. Between July 1, 1957, and June 30, 1967, a reduction of $449.1 million in gross commitments was attained through renegotiation of contracts. However, significant amounts of materials have been delivered to the Defense Production Act inventory under these contracts. Progress has been made in disposing of these materials primarily by sales to other Government -53,213 -37,467 -5,088 agencies and industry and steps are being taken to increase and accelerate the disposal program for these materials wherever this can be accomplished without disruptive effects on the market. Investment in inventory of $1,500 million on June 30, 1963, has been reduced to $1,030 million on June 30, 1967, and is expected to be further reduced to $835 million by June 30, 1969.

[blocks in formation]

74,011 74,462 138,056 -116,909 -64,634 -66,065

[blocks in formation]

-42,898

[blocks in formation]

-105,004

[blocks in formation]

Authorization to spend public debt

-186,982-193,095 -154,368

19,461 143,097

84,095 209,162 -64,634 -66,065

1 Balances of selected resources are identified on the statement of financial condition.

Under the Defense Production Act of 1950, as amended, designated agencies are authorized with Presidential approval to incur obligations and make expenditures to expand production of critical materials for programs certified as essential to the national defense by the Office of Emergency Planning. The program is conducted primarily through a revolving fund financed by borrowing from the Treasury. The amount borrowed may not exceed $2.1 billion outstanding at any one time.

[merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][subsumed][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors]
[blocks in formation]

Department of Agriculture. The purchase, management, and resale of agricultural commodities, except forest products, was carried out by the Commodity Credit Corporation, which was reimbursed from an allocation to the Secretary of Agriculture from this DPA fund. The program was completed by 1961, but interest expense still accumulates on the loss incurred.

Department of the Interior.-Department of the Interior operations to expand defense production under section 303 of the Defense Production Act of 1950 prior to 1968 were limited to the encouragement of exploration for strategic and critical mineral commodities. The operations are administered by the Office of Minerals Exploration, a unit of the Geological Survey. This Office uses appropriated funds to administer the Defense Minerals Exploration Administration contracts under which royalty obligations remain.

Obligations for repayment of loans (on a royalty basis--no interest) remain on 98 contracts amounting to $4,978 thousand. Royalties on production from any of these projects within specified periods will be applied toward the Government funds spent. Royalties received totaled $6,245 thousand on a cumulative basis at the end of 1967 and are estimated at $200 thousand for 1968 and $135 thousand for 1969.

For 1968, this program will include the rutile and titaniferous materials development program for which $525 thousand has been provided. This program will also be administered by the Office of Minerals Exploration, but will be carried out in cooperation with GSA and the Bureau of Mines.

Treasury Department. The function of making and administering loans to private business enterprises under the authority of section 302 of the Defense Production Act of 1950, as amended, was assigned to the Secretary of the Treasury by Executive Order 10489, dated September 26, 1953. Applications for loans are considered only upon certification of essentiality by the Office of Emergency Planning.

No new loans were authorized during 1967. It is anticipated that there will be no additional loans authorized during 1968.

Loans outstanding are estimated for 1968 and 1969 as follows (in thousands of dollars):

[blocks in formation]

Financial condition.-Outstanding borrowings from the U.S. Treasury are approximately $1.85 billion whereas assets under the DPA revolving fund are made up almost entirely of minerals and metals inventory which, on June 30, 1967, had a book value of about $1 billion and a market value of about $0.6 billion. Interest on borrowings, accruing at an annual rate of about $75 million, will be nearly offset by inventory sales in 1968 and 1969. However, this sole remaining significant source of income will be insufficient even for interest payments within a few years.

General Services Administration:
Minerals and metals program:

Revenue...

111,183

61,423

62,663

Expense

149,304

94,697

95,359

[blocks in formation]
[blocks in formation]

Net operating income..
Nonoperating income or loss:
Recovery on loan written off.
Decrease in valuation allowance..

Net nonoperating income or loss..
Net income for the year, Treasury
Department..

Net loss for the year.

employees.

Assets:

Treasury balance.

Accounts receivable, net.. Selected assets: 1

[blocks in formation]

Advances to agents and

[merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]

Deferred charges. Commodities for sale.. Loans receivable, net.. Advances on long-term

contract

Land, structures, and equipment, net.

Total assets.....

[blocks in formation]

EXPENSES OF MANAGEMENT IMPROVEMENT General and special funds:

EXPENSES OF MANAGEMENT IMPROVEMENT

For expenses necessary to assist the President in improving the management of executive agencies and in obtaining greater economy and efficiency through the establishment of more efficient business methods in Government operations, including services as authorized by title 5, United States Code, section 3109, by allocation to any agency or office in the executive branch for the conduct, under the general direction of the Bureau of the Budget, of examinations and appraisals of, and the development and installation of improvements in, the organization and operations of such agency or of other agencies in the executive branch, $350,000, to remain available until expended, and to be available without regard to the provisions of subsection (c) of section 3679 of the Revised Statutes, as amended. (Executive Office Appropriation Act, 1968.)

Program and Financing (in thousands of dollars)

[blocks in formation]
[blocks in formation]
[merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][ocr errors][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small][merged small]
[blocks in formation]

$1,778.8 million had been subscribed as of September 30, 1967. Of the total subscribed, the equivalent of $383.6 million is in the form of paid-in capital, and the remaining $1,395.2 million is subject to call by the Bank if required to meet its obligations arising out of borrowings or guarantees. The U.S. subscription to ordinary capital as of September 30, 1967, totaled $761.8 million.

By September 30, 1967, Bank commitments from ordinary capital had reached $873 million equivalent on 151 loans.

Fund for Special Operations. In addition to its ordinary capital operations, the Bank lends from its Fund for Special Operations in circumstances where ordinary capital financing is not appropriate. As of September 30, 1967, the total resources of the Fund for Special Operations were $1,121.4 million.

The Board of Governors of the Bank recommended an increase in Fund resources of $400 million per year to support operations during the 3-year period from early calendar 1968 through early calendar 1971. The U.S. share of this increase is $300 million per year or a total of $900 million. The latter amount has been authorized by the Congress (Public Law 90-88 of September 22, 1967). An appropriation for the first $300 million installment of the U.S. contribution was obtained in 1968. Subsequent installments are due in 1969 and 1970.

As of September 30, 1967, commitments from the Fund for Special Operations amounted to $810.8 million equivalent on 151 loans.

[blocks in formation]

Program by activities:

[blocks in formation]

Identification code 04-08-0073-0-1-152

Financing:

21 Unobligated balance available, start

Program by activities:

[blocks in formation]

-611,760 611,760

-611,760 611,760

[blocks in formation]

300,000

[blocks in formation]

Financing:

40 New obligational authority (appropriation)..

Relation of obligation to expenditures:

71 Total obligations (affecting expenditures) 72 Obligated balance, start of year.. 74 Obligated balance, end of year.

54,000

88,000

120,000

90

54,000

88,000

120,000

The Inter-American Development Bank (IDB) is an intergovernmental institution, corporate in form, whose capital stock is owned by its member governments. The Bank promotes economic development in member countries through loans, technical assistance, and guarantees of private investment in development projects. Twentyone Western Hemisphere republics, including the United States, are members of the Bank.

Ordinary capital.-The Bank's authorized ordinary capital is now the equivalent of $2,150 million of which

Expenditures..

Expenditures are distributed as follows: 02 Out of prior authorizations...

[blocks in formation]

The International Development Association is an international organization affiliated with the International Bank for Reconstruction and Development (the World Bank), and is designed to provide development financing with long-term credits at a nominal service charge for its less developed member countries.

U.S. membership in the International Development Association was authorized by Public Law 86-565 (74 Stat. 293), approved June 30, 1960. The United States

« PreviousContinue »