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TITLE IV LONG-TERM DOLLAR CREDIT SALES The volume of U.S. farm productssent overseas under the long-term dollarcredit provisions of title IV continued to increase. The 1.7 million tons of commodities shipped in 1965 nearly totaled the combined tonnage ship 4 during the first 3,,yars of title IV operations. Title IV, Public Law 480, provides for the sale of U.S. surplus agricultural commodities on a long-term dollar credit basis under two separate programs-by agreement between the United States and recipient governments, and by agreement between the United States and private trade entities in foreign countries. Delivery periods may be up to 10 years. Dollar repayment for the commodities may cover up to a 20-year period. Major objectives of this program are to stimulate and increase the sale of surplus U.S. agricultural commodities for dollars through the extension of credit which will assist in maximizing U.S. dollar exports of such com modities, develop foreign markets for U.S. agricultural commodities, and assist in the development of the economies of friendly nations. Government-to-Government Sales Agreements Eighteen title IV agreements or amendments to agrecments were signed with the governments of I I countries during 1965.1 These agreements and amend ments provided for financing the sale and export of commodities having an export market value of approx- In addition to the 10 countries shown in appendix table 28, an amendment was signed with Greece on April 27, 1965, providing for an increase in inancing on 4. previous agreement reached in 1964. 109
imately $170 million, including applicable ocean transportation costs, with eventual payment in dollars. The agreements involve approximately 61.0 million bushels of wheat, 6.4 million bushels of feed grains and 143,600 bales of cotton, plus important amounts of other surplus agricultural commodities. (Appendix tables 31 and 34.) From the signing of the first title IV agreement on August 21, 1961 through December 31, 1965, a total of 65 agreements and amendments have been signed with the governments of 23 countries. These provided for financing exports of surplus agricultural commodities having a market value of approximately $539 million, including ocean transportation costs 2 and representing a total CCC commitment of about $698 million, To protect regular cash export markets during the supply periods covered by the agreements and amendments signed, the purchasing countries are required to maintain normal commercial imports friom the United States and other free world sources. Under the agreements and amendments entered into during 1965, these commitments to make commercial imports totaled more than 433,000 metric tons of wheat, 8,600 metric tons of feed grains, 349,000 bales of cotton, 29,500 metric tons of edible vegetable oils, 43,000 metric tons of rice, and 3,763 metric tons of tobacco, Shipments under title IV are continuing to increase in volume, totaling about 1.7 million metric tons in 1965. This was approximately equal to the cumulative quantity of all such previous title IV exports. The market value of the 1965 of shipments th 1965shipents was as aout about $23 $123 nillion, m ln bringreatly ringing to $315 million the value of all title IV shipments through December 31, 1965. Dollar repayments to the United States from governnent-to-govcrnment agreements began in 1963 and amounted to approximately $2.3 million in principal and interest in that year. Repayments in 1964 totaled $5.5 million, and in 1965 were $26.8 million ($21.4 million principal and $5.4 million interest). As of )ecember 31, 1965, therefore, cumnulative dollar repayments under title IV govcrnment-to-governmment sales agreements 2 At least 50 percent of the volume of earh commodity procred under title IV is required to be shipped on U.S.-flag vessels. The cost of shipping on U.S. vessels is financed under title IV agreements and dollar repayment is made by the recipient country of that portion of the costs equivalent to the foreign flag rate. 110 totaled $34.6 million (26.7 million principal and $7.9 million interest). In addition to pursuing the objective of maximizing immediate dollar sales of U.S. agricultural commodities, title IV programs are designed to develop future foreign markets for U.S. agricultural comnmodities and to assist in the economic and social development of friendly nations through extension of credit. IWith these objectives in mind, and to assure that the purchasing government's use of the credit is coordinated with other U.S. development and assistance programs in the country, the recipient country and the United States negotiate an understanding regarding the purposes for which the government of the purchasing country shall use the local currencics which become available to it from tlhe local sale of the title IV comnmodities. The negotiation of title IV agreements may also include mutual 9nderstandingsthe relating to importing country's use of the commodities or conditions affecting their sale and distribution. In negotiating the initial title IV, Public Law 480, agreement with the Government of Iran, for example, mutual agreement was reached concerning reductions of inland rail freight rates so as to facilitate tile use of imported corn for livestock feeding. Iran subsequently reduced the freight rate on corn and other feed grains to wheat the same and rate eliminated applicable the to commercial profit tax on in barriers to the use of imported feed grains forlivestock barriers the us a impotedtowad denfelietock feeding. This is a first step toward development of' enlarged donmestic dairy and livestock industry in Iran and creates a potential commercial market for U.S. feed grains. The agreement with the Ryukyu Islands is another example of the way in which title IV sales proceeds are used to assist economic development of the country and develop potential markets for U.S. agricultural conmodities. Here, also, more livestock output is needed to meet loca; demnand. Some of the title IV-financed projects reach the farmu level in the form of loans to individual livestock producers. Producer loans made thus far total 82, primrily for hog production. Title IV sales proceeds are also being used to finance construction oales or mmareting sgterinand prcin of facilties for marketing, slaughtering, and processing livestock and livestock products and for importing, processing, and distributing grain. These projects will build
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owl. ------------ FOOD FOR PEACE 19
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This is a world problem. The stakes
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THE ANNUAL REPORT OF THE PRESIDENT
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6 CON TENTS-Continued Purchase of g
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AGRICULTURAL TRADE DEVELOPMENT AND
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SUMMARY AND HIGHLIGHTS Increasing n
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TABLE I.-Authorizations: Titles I a
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A A " 9 I -4C tf
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ecipient governments can apply to e
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TABLE Ill.-Major commodity exports
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TITLE I SALES FOR FOREIGN CURRENCY
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100 80 Shipments-by Commodity S..-W
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600 400- The Relationship MILLIONS
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the Act (country uses) are availabl
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TABLE VII.-Status of foreign curren
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Status and Uses of Foreign Currency
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U.S. strawberriesscore a hit in Eur
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A British housewife samples America
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Utilization Research Awards of gran
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date, and ao budget requests have b
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Cooley loans of localcurrencies -.
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U.S. Information Agency Programs Si
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"Electricity in the Home, on the I'
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To assist in correcting inadequacie
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TABLE XV.-Loans for economic develo
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TABLE XV.-Programs administered by
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vided international travel for Amer
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During the reporting period the equ
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hybrid material resistant to diseas
Page 60 and 61: esearch, to conduct or attend semin
Page 62 and 63: translation of educational material
Page 64 and 65: India. Activities include the prepa
Page 66 and 67: (5-324 0 ----- In 1965for the first
Page 68 and 69: TABLE XXVI.-U.S. Government buildin
Page 70 and 71: Israel ($18,0OO).-New York Universi
Page 72 and 73: FOREIGN DONATIONS PROGRAMS American
Page 74 and 75: Dike construction in Korea. Self-he
Page 76 and 77: (A I El Salvador-Earthquake relief.
Page 78 and 79: - Voluntary organization works prog
Page 80 and 81: 'a Hog & feed grain production-Chej
Page 82 and 83: British Guiana-School feeding, mate
Page 84 and 85: World Food Program The World Food P
Page 86 and 87: Cambodia-Employing 3,000 workers --
Page 88 and 89: 00 Indonesia-Rehabilitation after v
Page 90 and 91: Sudan-Afforestation-Bahr El Ghazal
Page 92 and 93: Zambia-Training and maintenance of
Page 94 and 95: FOREIGN DONATIONS PROGRAMS These em
Page 96 and 97: During 1965, 2.4 billion pounds of
Page 98 and 99: normally approved by a prompt cable
Page 100 and 101: A ,A These Chilean students are amo
Page 102 and 103: At a refugee camp inSouth Vietnam,
Page 104 and 105: to 18.9 million in the previous yea
Page 106 and 107: BARTER OPERATIONS emergency stockpi
Page 108 and 109: TABLE XXXV.-Value of materials, equ
Page 112 and 113: a solid food and agriculture base f
Page 114 and 115: Countries buying commodities fff ti
Page 116 and 117: 116 TITLE II.-FOREIGN DONATIONS Pur
Page 118 and 119: Summary of 1965 Amendments Affectin
Page 120 and 121: TABLE 2.-Public Law 480 exports, qu
Page 122 and 123: .. TABLE 4.-Dollar value of commodi
Page 124 and 125: TABLE 4.-Dollar value of commoditie
Page 126 and 127: TABLE 5.-Dollar value of commoditie
Page 128 and 129: SBarley............................
Page 130 and 131: TABLE 7.-Approximate quantities of
Page 132 and 133: TABLE 8.-Approximate quantities of
Page 134 and 135: oBarley. C ri . Total..............
Page 136 and 137: TABLE 10.--Uses of foreign currency
Page 138 and 139: TABLE 11.-Uses of foreign currency
Page 140 and 141: TABLE 13.-Status of foreign currenc
Page 142 and 143: TABLE 15.-Title I, Public Law 480,
Page 144 and 145: TABLE 16.-Title II, Public Law 480,
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TABLE 21.-Title II, Public Law 480,
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TABLE 24.-Title III, Public Law 480
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Area and country TABLE 24.-Title II
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TABLE 25.-Title III, value of mater
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TABLE 26.-Title 1l1,materials, equi
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TABLE 26.-Title III, materials, equ
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TABLE 27.-Title III, value of agric
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TABLE 29.-Dollar value of commoditi
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TABLE 32.-Approximate quantities of
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TABLE 3 3.-Approximate quantities o
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TABLE 3 4 .- Approximate quantities
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TABLE 36.-Title IV, Public Law 480,
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