The people's voice. [volume] (Helena, Mont.) 1939-1969, 1942-12-18
Kathan Reports
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while serious and important, were
not frequent, but as our business af-
fairs have gown and the operations
have expanded to where our business
! is really operating on a coast-to-coast
basis, you can we'll imagine the ire
mendous amount of work which is en-
tailed, the unbelievably large amounts
of money credit which is required to
operate the business, and all the seri-
Gus aspects attendant on the opera
lions which are embraced in the re-
sponsibilities of the Farmers Union
Grain Terminal Association.
Today, the credit which we use in
the operation of this vast enterprise
is in excess of $20000,000 and, as the
treasurer of our association, you can
we'll imagine my feeling in accepting
the responsibility which has been re-
posed in me in the capacity of that
office. You pehaps wonder what we
may be doing with $20,000,000. ST.
100000 Of that is now employed In
making wheat and corn loans under
the auspices of Commodity Credit
Corporation. Over $3,000,000 is used
the daily conduct of our regular bust
ness. Our best estimate is that, when
we hit the peak of our borrowings
this year, we will reach about $685.
100000 All of these funds are bor-
nh he fft,af nj oil in.
stitution established by the United
States government-the Farm Credit
Administration. Not dollar of this
money is borrowed from private
banks. The national administration
has created and supported the Farm
Credit Administration to enable asso-
Citations of farmers - like ours = to
have access to needed credit on a
sound basis for the operation of CO.
operation marketing agencies such as
ours.
1t is our good fortune that such
credit has been so arranged by our
federal government - otherwise, we
could not carry on a business of the |
as that conducted by the |
Farmers Union Grain Terminal Asso-
citation
AS your treasurer-and | am sure |
this applies equally to the other mem
bers of the board take great COM
fort in the fact that our management |
never seeks any extension of our cred |
it lines, without first submitting the |
matter to at least the executive com
mittee. In addition to that, the use
of these funds is under constant audit |
by a representative of the United
States government, operating through
Farm Credit Administration. In addi-
ton to that, within our own offices
we maintain a constant internal audit
and, in addition to that, this board of
directors employs-within it's own au-
thority-a firm of certified public ac-
countants to audit the books of ac-
count of our association. So far as
we can determine, every safeguard
las been thrown around the financial
operations and the financial integrity
If your association.
1t has been my honor to be a mem ]
Der of the board of directors of your {
association and the old Farmers I'm
on Terminal Association for IL years !
Since the beginning of the operations {
# the Famers Union Grain Terminal
Association on June 1, 1888, | have !
served as your secretary l
reasurer l am glad to be able to re- '
'ort to you that there has not been '
me single transaction, so far as the {
uditors and your executive officers {
an know, but what has been in the &
est interests of the farmers, whom |
his institution serves. 6
recognizing the unusual growth and
xpanse of the business of our asso- {
lat1on and in cooperation with the z
anagement-which seeks the coun- c
ell and advice of your officers-We /
ave held many more meetings dur
ng the present year than in previous y
ears. The board of directors has d
let seven times. In addition to these
GARD meetings, your executive com a
littee has met five times 1t is our r
Ian and determination, if it meets s
ne will of the stockholders, that your 4
xecutive committee meet with the
eneral manager every month during
ne coming year. :
AS a member of the executive com n
littee particularly-as well as the q
GARD of directors want to state to il
ne stockholders at this time my ap- I
recitation of the effort of the man v
cement to lay before us in every de- a
Ill the operating policies which are I
arried out, giving full explanation of e
Thy certain thing was done at n
time and what good end d
nat particular activity serves. Going
eyond that, your management has /
ept us advised of activities on the O
ational level, seeking to serve the +
est interests of agriculture all over e