quested in House Document No. 851 of the present session in the amount of $50,000,000. The committee recommen is in the accompanying joint resolution the sum of $40,000,000.

The provisions of the act are emergency in nature. Under existing war conditions American commerce may be jeopardized by inability to secure from the usual sources insurance against marine perils and marine war risks. It is also doubtful whether the private insurance market has sufficient capacity adequately to protect the high values which may be exposed to war perils even in the case of neutral merchant fleets. American shipping has been relying upon the support of the world insurance market for approximately one-half of the insurance necessary for American vessels and their cargoes and the American insurance market has been reinsuring in the world market part of the risks assumed by it. Any break-down in the world insurance market would instantly deprive American shipping of a substantial part of its insurance protection and the result would be a failure of American commerce to move. In addition to the safeguarding of our commerce against such a contingency, there are about 15 vessels under the American flag of such high value that they cannot be insured to their full value by the American insurance market.

The committee feels that the need for providing an appropriation to this fund is one of great importance and urgency. It is a precautionary measure the need for which may arise abruptly. In making the decrease of $10,000,000 in the amount of the estimate the committee feels that the remaining $40,000,000 should be ample to start the fund and carry it along. Should further amounts be needed they can be provided. In this connection it should be borne in mind that all receipts from premiums will be added to the appropriation in the fund and be available for all purposes.

The authorization for the insurance operations of the Commission under this new act follows quite closely the pattern of the War Risk Insurance Act of the first World War under which a total of over $2,000,000,000 in marine insurance was written and from which the Government realized a net profit of approximately $17,500,000. The present measure is purely for the protection of American water-borne commerce to guard against contingencies which might hamper its movement. It is to be hoped that the operation might result in a profit to the Government, but whether it does is not the governing consideration. The flow of our water-borne commerce is vital and the act aims to protect that.

O

TO PRINT THE PROCEEDINGS AT THE UNVEILING OF THE PAINTING DEPICTING THE SIGNING OF THE CONSTITUTION

JULY 10, 1940.-Committed to the Committee of the Whole House on the state of the Union and ordered to be printed

Mr. JARMAN, from the Committee on Printing, submitted the following

REPORT

[To accompany H. Con. Res. 73]

The Committee on Printing, to whom was referred the concurrent resolution (H. Con. Res. 73) authorizing the printing of the Proceedings at the Unveiling of the Painting Depicting the Scene at the Signing of the Constitution of the United States as a document, having considered the same, report favorably thereon, with amendments, and, as so amended, recommend that the resolution do pass.

The amendments recommended by your committee are as follows: In line 7, strike out "two million" and insert "five hundred thousand".

In line 8, strike out "five hundred" and insert "one hundred and twenty-five".

In line 9, strike out "one million five hundred" and insert "three hundred and seventy-five".

The resolution as originally introduced called for the printing of 2,000,000 copies of the proceedings held in the rotunda of the United States Capitol at the unveiling of the painting depicting the scene of the signing of the Constitution of the United States, which the committee considered to be an excessive quantity and for that reason recommended that only 500,000 copies be printed, of which 125,000 copies will be sent to the Senate folding room, and 1,250 copies allocated to each Member of the Senate. There will also be sent to the folding room of the House 375,000 copies, which allows 840 copies for allocation to each Member.

The Public Printer has estimated that the cost of complying with this resolution will be approximately $3,785.88.

76TH CONGRESS HOUSE OF REPRESENTATIVES 3d Session

BOULDER CANYON PROJECT ADJUSTMENT ACT

JULY 10, 1940.-Committed to the Committee of the Whole House on the state of the Union and ordered to be printed

Mr. HILL, from the committee of conference, submitted the following

CONFERENCE REPORT

[To accompany H. R. 9877]

The committee of conference on the disagreeing votes of the two Houses on the amendments of the Senate to the bill (H. R. 9877) authorizing the Secretary of the Interior to promulgate and to put into effect charges for electrical energy generated at Boulder Dam, providing for the application of revenues from said project, authorizing the operation of the Boulder Power Plant by the United States directly or through agents, and for other purposes, having met, after full and free conference, have agreed to recommend and do recommend to their respective Houses as follows:

That the Senate recede from its amendments.

STATEMENT OF THE MANAGERS ON THE PART OF THE HOUSE

The managers on the part of the House at the conference on the disagreeing votes of the two Houses on the amendments of the Senate to the bill (H. R. 9877) authorizing the Secretary of the Interior to promulgate and to put into effect charges for electrical energy generated at Boulder Dam, providing for the application of revenues from said project, authorizing the operation of the Boulder Power Plant by the United States directly or through agents, and for other purposes, submit the following statement in explanation of the effect of the action agreed upon by the conferees and recommended in the accompanying conference report.

The Senate recedes from its amendments.