Download - 892 THE BUDGET, 1941 - FRASER
892 THE BUDGET, 1941
FEDERAL FARM MORTGAGE CORPORATION
Estimated, fiscalyear 1941
Estimated, fiscalyear 1940
Actual, fiscalyear 1939
Receipts:Repayments on loans (principal and interest)Interest on bonds ownedInterest and principal payments on notes owned.Interest reduction received from U. S. Treasury. _.Maturities of debentures heldBonds issued
Total receipts .
Expenditures:Nonadministrative expensesAdministrative expensesCommissioner's loans and miscellaneous capital expenditures..Interest on bonds issuedPurchase of F. I. C. B. debentures..
Total expenditures.
Net receipts
Means of financing:Cash balance at beginning of year.Net receipts above
Net funds available...Less bond redemptions..
Cash balance at end of year
Guaranteed debt outstanding at end of year..
$94,951,00029,386,000
5,000,000
129,337,000
2,000,0007,000,000
10,000,00037,085,0005,000,000
61,085,000
68,252,000
41,426,91168,252,000
109, 678,91175,000, 000
34,678,911
1, 212, 511,856
$96, 731,00029,386,00011,021,4387,425, 0006,225,000
25, 000,000
$94, 935, 54029,420, 86730, 719, 6327, 818, 548
15,875,000
175, 788,438 178, 769, 587
1, 500,0009, 500, 000
26, 000, 00038,475,0005,000, 000
2, 890, 3727,936,351
30,198,60440,180, 57915, 503, 778
;0,475, 000 96, 709, 684
95, 313,438
71, 235,47395,313,438
82,059, 903
21, 529,87882,059,903
166, 548,911125,122, 000
103, 589, 78132, 354, 308
41,42G, 911 71, 235,473
1,287, 735,856 1, 388, 255,091
EXPLANATORY STATEMENT
The Federal Farm Mortgage Corporation was createdunder the act approved January 31, 1934 (12 U. S. C.1016-1020 (h)), to aid in financing the lending operationsof the Federal land banks and the Land Bank Commis-sioner. Under the present law Land Bank Commissioner'sloans may not be made after February 1, 1940.
The Corporation, which is wholly owned by the UnitedStates, is capitalized at $200,000,000 and is authorized toissue and have outstanding at any one time a total of not
more than $2,000,000,000 of bonds which are fully andunconditionally guaranteed by the United States Govern-ment.
The Corporation was transferred to the Department ofAgriculture by Reorganization Plan No. I, effective July1, 1939.
The receipts, expenditures, and means of financing theCorporation are shown in detail in the foregoing state-ment.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1941
908 THE BUDGET, 1942
FEDERAL FARM MORTGAGE CORPORATION
Receipts:Interest on loansInterest on investmentsRepayments of principal of loans and advances _Reduction in principal of investmentsSale of real estate and property incomeLoan and other feesBonds issuedMiscellaneous
Total receipts .
Expenditures:Administrative expensesNonadministrative expensesInterest on bonds and other interestLoans and advances madeInvestmentsProperty expenseMiscellaneousPrior years obligations liquidated in 1940-
Total expenditures-
Net receipts..
Means of financing:Cash balance at beginning of year_.Net receipts (above)
Net funds availableLess bond redemptionsCapital stock retirements_
Cash balance at end of year
Guaranteed debt outstanding at end of year_.
Estimated, fiscalyear 1942
$29,000,00029, 386,00062,000,000
4, 500,000750,000
339, 623, 700750,000
466, 009, 700
8, 350, 0001, 700,000
38, 240,00036,000,000
2, 400,0003, 500, 000
90,190,000
375,819, 700
10, 430,890375, 819, 700
386, 250, 590-374, 623, 700
11, 626,890
1, 276,087, 900
Estimated, fiscalyear 1941
$30,000,00029, 391,00062,000, 000%, 360,0004, 300, 000625,000
62, 700, 000750, 000
192,126,000
8, 700,0001, 700,000
39,193,00031, 500,0001, 565, 0002, 300,0003, 500,000
88,458,000
103, 668, 000
27, 762,890103,668,000
131,430,890-21,000, 000—100,000,000
10,430,890
1, 311, 087, 900
Actual, fiscalyear 1940
$30, 620, 75929, 525,16666, 826, 33319, 375,0003,825, 679633,896
25,000, 0001, 409, 079
177, 215, 912
8,042,4581, 235,88238,952, 75228,954,9052, 347, 9732, 005, 5683,118, 6191,008, 338
85, 666,495
91, 549,417
71, 235,47391,549,417
162, 784,890-135,022,000
27, 762, 890
1, 269, 387, 900
EXPLANATORY STATEMENT
The Federal Farm Mortgage Corporation was createdunder the act approved January 31, 1934 (12 U. S. C.1016-1020 (h)), to aid in financing the lending operationsof the Federal land banks and the Land Bank Commis-sioner. Under the present law Land Bank Commissioner'sloans may not be made after June 1, 1942.
The Corporation, which is wholly owned by the UnitedStates, is capitalized at $200,000,000 and is authorizedto issue and have outstanding at any one time a totalof not more than $2,000,000,000 of bonds which are fully
and unconditionally guaranteed by the United StatesGovernment.
In accordance with the Budget Message of the Presidentfor the fiscal year 1941, and the act approved June 25,1940, $100,000,000 of the capital of the Corporation willbe repaid to the Treasury on or before June 30, 1941.The proceeds of such repayment will be held in the Treas-ury of the United States as a fund available for additionalcapital subscriptions if necessary.
The receipts, expenditures, and means of financing theCorporation are shown in detail in the foregoing statement.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1942
1000 THE BUDGET, 1943
FEDERAL FARM MORTGAGE CORPORATION
Classification Estimated, fiscalyear 1943
Estimated, fiscalyear 1942
Actual, fiscalyear 1941
Receipts:Interest on loansInterest on investmentsRepayments of principal of loans and advances..Reduction in principal of investments %_.Sale of real estate and property incomeLoan and other feesBonds issuedMoney borrowed—notes payableMiscellaneous
Total receipts.
Expenditures:Administrative expensesNonadministrative expensesInterest on bonds and other interest-.Loans and advances madeInvestmentsPayments on notesProperty expenseMiscellaneous ._
Total expenditures -
Net receipts
Means of financing:Cash balance at beginning of year..Net receipts, above
Net funds availableLess:
Bond redemptionsRepayments of capital stock to revolving fund.
Cash balance at end of year
Guaranteed debt outstanding end of year.
$25,000,00028,000,000
103,000,00050,000,0003,300,0001,000,000
210,300,000
9,050,000800,000
36,600,00046, 600, 000
1, 300,000
94,350,000
115,950, 000
34,305, 665115,950,000
150, 255, 665
125,000,000
25, 255,665
1,104, 764, 200
$28,000,00029,000,00085,000,00050,000,0003,600,0001, 000,000
300,000,000
496,600,000
8,350,000900,000
38,200,00046,600,000
45, 900,0002,000,000
141,950,000
354,650,000
19, 279,365354, 650,000
373,929, 365
339,623,700
34, 305, 665
1,229,764,200
$30,876,87029,403,14671, 311, 0708,755,0003,920, 579
595, 266
45,900, 000283,465
191, 045, 396
8,657,3951,151, 622
38,112,12238,411,0997,966, 276
1,981,1643, 249,243
99, 528,921
91, 516,475
27, 762,89091, 516,475
119, 279, 365
100,000,000
19, 279, 365
1, 269, 387,900
EXPLANATORY STATEMENT
The Federal Farm Mortgage Corporation was createdunder the act approved January 31, 1934 (12 U. S. C.1016-1020 (h)), to aid in financing the lending operationsof the Federal land banks and the Land Bank Commis-sioner.
The Corporation, which is wholly owned by the UnitedStates, had paid-in capital of $100,000,000 as of June 30,1941, a repayment to the Treasury in the amount of$100,000,000 having been made in May 1941. Thisretirement of stock was made in accordance with thePresident's Budget Message of January 3, 1940, and theprovisions of an act approved June 25, 1940, and the pro-
ceeds are being held in the Treasury of the United Statesas a fund available for additional capital subscriptions, ifnecessary.
The Corporation is authorized to issue and have out-standing at any one time a total of not more than$2,000,000,000 of bonds, which are fully and uncondi-tionally guaranteed by the United States Government.On June 30, 1941, bonds outstanding aggregated$1,269,387,900.
The receipts, expenditures, and means of financing theactivities of the Corporation are shown in detail in theforegoing statement.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1943
GOVERNMENT CORPORATIONS AND CREDIT AGENCIES 811
FEDERAL FARM MORTGAGE CORPORATION
Classification Estimated,fiscal year 1944
Estimated,fiscal year 1943
Actual,fiscal year 1942
Eeceipts:Interest on loans __.Interest on investmentsRepayments of principal of loans and advances..Reduction in principal of investmentsSale of real estate and property incomeLoan and other fees _.
$27,000,00025,300,00097,000,000
248,000,0003, 000,000
400, 000
$29, 300, 00030, 330, 000
101, 600,000125,000,000
3, 700,00U400. 000
Total receipts. 400,700,000 290,230.000
Expenditures:Administrative expensesNonadministrative expenses.Interest on bonds and other interest..Loans and advances madeInvestments.Property expense... _Miscellaneous (net)
7,822,000
26, 750,000i 1,200,000
9,050,0001,000,000
29,000, 00028, 000,000
1,500.0002,078,000
Total expenditures..
Net receipts
39,350.000
1,800,0002,000,000
70,850,000
361, 350,000 219,380,000
Means of financing:Cash balance at beginning of year: Deposits with Treasurer of the United States. 3,419,000 3,039,000
Net receipts.(+) or expenditures (—):Redemption of securitiesRepayment of commercial bank loans..Net receipts (above)
-362,000,000 —219,000,000
+361,350,000 +219,380,000
Total
Cash balance at end of year: Deposits with Treasurer of the United States-
Guaranteed debt outstanding at end of year:Held by public - --.Held by Treasury. —
-650,000 +380,000
2,769,000 3,419,000
348,764,200263,000,000
710,764,200263,000,000
Total _ 611,764,200 973,764,200
$31,347,00031,158,00095.964, 00029, 268, 000
4, 942.000449, 000
193,128,000
8,350, 000984, 000
39,165, 00033,134, 000
2,108,0002, 275,000
758,000
86, 774,000
106,354,000
19, 209, 000
- 7 6 , 624, 000-45,900,000
+106, 354, 000
-16,170,000
3. 039, 000
* 929,764,200263, 000, 000
21,192,764,200
1 Estimated advances to be made on old loans. Lending authority expires July 1, lr43.* Excludes $13,945,800 in matured obligations for the payment of which funds have been deposited with the Treasurer of the United States as fiscal agent.
EXPLANATORY STATEMENT
The Federal Farm Mortgage Corporation was createdunder the act approved January 31, 1934 (12 U. S. C.1016-1020 (h)), to aid in financing the lending operationsof the Federal land banks and the Land Bank Com-missioner.
The Corporation, which is wholly owned by the UnitedStates, had paid-in capital of $100,000,000 as of June 30,1942, a repayment to the Treasury in the amount of$100,000,000 having been made in May 1941. This retire-ment of stock was made in accordance with the President's
Budget Message of January 3, 1940, and the provisions ofan act approved June 25, 1940, and the proceeds are beingheld in the Treasury of the United States as a fund avail-able for additional capital subscriptions, if necessary.
The Corporation is authorized to issue and have out-standing at any one time a total of not more than$2,000,000,000 of bonds, which are fully and uncondi-tionally guaranteed by the United States Government.
The receipts, expenditures, and means of financing areshown in detail in the foregoing statement.
Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis
1944