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Area 



North Atlantic 



California 



Pacific 

 Northwest 



Alaska 



Southeast 



Great Lakes 



Hawaii 



Number 



Thousand dollars 



12 

 400 



24 

 800 



36 



1200 



48 

 1600 



60 

 2000 



Figure 3, --Number and value of approved loans, fiscal year 1957 



Five percent interest is charged on all fisheries loans. The reason for the 

 small amountof interest collected (see above) is that most loans were not disbursed 

 until near the end of the 1957 fiscal year and those that were approved late in the 

 year were not closed and disbursed until the following fiscal year. All principal 

 and interest collected is returned to the revolving fund and becomes available for 

 future loans or administrative expenses. Administrative expenses are paid from 

 the fund and a limitation on the amount which can be spent each year is carried in 

 the Department of the Interior Appropriation Bill. During fiscal year 1957 this 

 limitation was $250,000. 



During fiscal year 1957 one loan in the amount of $ 5,600 was declared in default, 

 due to the borrower canceling his insurance coverage of the vessel serving as 

 collateral for the loan. Little or no loss is anticipated in this case. 



DISCUSSIONS AND CONCLUSIONS 



When the program began there was considerable apprehension among members 

 of the industry that $ 10 million would be too small an amount for the industry's 

 needs. During the 1957 fiscal year, applications exceeding this amount were 



