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Farm Spending Bulge
Halts Rise in Cash Assets
The nation’s farmers did a record amount of spending in the aggregate on their farm plant and homes last year to improve their production efficiency and raise their living standards. As a result, theft- ownership of liquid assets—cash, bank deposits, and U.S. Savings Bonds—turned down for the first time since such figures were compiled in 1940, according to the U.S. Department' of Agriculture.
The decline, however, was only 1300 millions for the year, and farmers’ combined holdings of liquid assets on January 1 this year, amounting to $ 19.8-billions, were still nearly five times the total owned at the beginning of 1940. Furthermore, agriculture entered 1943 with record aggregate assets of $127.3 billions, up nearly $6 billions over the year 'before and 137 per cent above the total on January 1, 1940. Billion* For Mechanization
Mechanization was a major area of farm spending in 1948. New purchases of farm machinery and motor vehicles during the year were estimated at well over $3 billions by the Department of Agriculture. This outlay brought the estimated net value of such assets to $11.1 billions on January 1 this year, representing a gain of $8 billions or 2&8 percent since the beginning of 1940. The new 1948 purchases were made up of an estimated $800 millions for tractors; over $ 1.5-billions for other farm machinery such as corn buskers, hay balers and milking machines; more than $600-millions for new automobiles; and over $300 millions worth of motor trucks.
69.7%