SUBCOMMITTEE OF THE EIGHTIETH CONGRESS FIRST SESSION ON H. R. 3756 AN ACT MAKING APPROPRIATIONS FOR GOVERN- 63440 Printed for the use of the Committee on Appropriations UNITED STATES WASHINGTON: 1947 The subcommittee met at 2 p. m., pursuant to call, Senator Ferguson (chairman of the subcommittee) presiding. Present: Senators Ferguson, Young, Knowland, Dworshak, McKellar and McCarran. Senator FERGUSON. The subcommittee will come to order. EXPORT-IMPORT BANK OF WASHINGTON STATFMENTS OF WILLIAM MCC. MARTIN, PRESIDENT AND CHAIRMAN OF BOARD; MALCOLM KERLIN, ADMINISTRATIVE ASSISTANT TO CHAIRMAN; AND RICHARD N. JOHNSON, ASSISTANT TREASURER. Senator FERGUSON. We will first take up the item of the ExportImport Bank of Washington. Mr. MARTIN. I would like to speak on the subject briefly, Mr. ChairIf it is agreeable, I would like to be able to put this prepared statement in the record. Senator FERGUSON. The statement will be made a part of the record. (The statement referred to is as follows:) The first amendment is on page 6, line 8, strike out "$800,000" and insert in lieu thereof "$842,000.” In the fall of 1946 Export-Import Bank prepared its budget request for $842,000 to cover administrative expenses for the fiscal year 1948. This request was made in the full realization of the necessity for the most rigorous economy. The amount requested constituted the minimum necessary, in our judgement, if the $3,500,000,000 capital entrusted to this bank by the Congress is to be carefully and intelligently administered. We estimate that the full lending authority will be substantially committed by the end of 1948 and that actual loan advances outstanding at that time will be about $2,642,000,000. This minimum request has been reduced by the House of Representatives to $800,000. While this is not a large reduction, it is one which in our judgment may impair our ability properly to care for our investments in the way we should. It would be false economy, for the sake of cutting expenses by $42,000, to endanger much larger sums of capital which are at stake. We ask that your committee recommend that the budget limitation for our administrative expenses be not less than $842,000. |