ARRC ANNUAL REPORT
SHOWS FIRST PROFIT
SINCE 0R6ANIZATI0N
The annual import of the Alas
ka Rural Rehabilitation Corpora
tion presented last week. August
14. at the annual meeting of the
Board of Director* revealed that
revenue* received by the corpora
tion exceeded expenses for the
first tune since it was organized
16 years ago.
The report showed total assets
on hand at the close of the fiscal
year ending June 30. 1951, at
S900.000. Of this. $352,000 is still
outstanding on real estate con
tracts and $112,000 is out on op
erating and development loans
Loans issued for operating and
development for the past fiscal
year amounted to $84 000.
Five Colonists Get Deeds
Five of the original colonists
were issued deeds to their tracts
in the past year. Three others
sold their equities in Colony
tracts. As real estate contracts
are paid off, ARRC manager
James Hurley explained, the
money goes out in operating or
development loans to help farm
ers add new equipment or ex
pand their operations. No longer
does the ARRC make a practice
of negotiating long-term real es
tate contracts. The total number
of these contracts still on the
books is 137.
Sources of money available for
farm loans in Alaska are limited.
The local bank handles a few
such loans and the Farmers’
Home Administration makes a
few. Most of these loans, how
ever, are made by the ARRC.The
corporation has received no out
side money since 1938, Hurley
said. At that time, the total
amount of money received from
state and federal relief agencies
after the non-profit corporation
was set up under a 50-year ter
ritorial charter in 1935 amounted
to $4,600,000 All the expenses
of the Matanuska Valley Colony
are included in this figure. Of
the 46 rural rehabilitation cor
porations set up in 1935 to han
dle money appropriated by fed
eral and state relief agencies, the
Alaska corporation is the only
one remaining. The individual
states have absorbed most of the
others.
More Capitol Needed
Although the ARRC has been
operating entirely with income
received from payments on con
tracts and loans, Manager Jim
Hurley stated that there is a need
for more capital for better devel
opment of Alaskan farm tracts. A
few loans have been made to
homesteaders on the Kenai Pen
insula. In the Fairbanks area, al
most no loans have been made.
Hurley estimates that $500,000
in additional capitol would .take
care of most of the farm develop
ment the Territory could stand
under the present expected mar
ket development. If the ARRC
could borrow this money at a
low rate of interest, Alaskan ag
ricultural expansion could be
stepped up considerably.
ARRC is an Alaskan non-profit
corporation. As such it pays taxes
on property the same as any other
property owner. Last year the
corporation contributed over
$5,000 in gifts of land for civic
enterprises, for labor, materials
and equipment, and money. Help
on roadwork, cleaning up the
city dump, contributions to the
airport, and many other forms of
ttraiUincr given lor the belter
1 men! of the community in general
) made up this amount No mdi*
! vidua! member of the board not
ARRC employee if permitted to
derive any benefit from the
j ARRC
Preeent member* of the ARRC
j Board of Director* are: Jame* P.
Davis. Director of Temtone* and
) Island Possession*. Gowrnor Crn
I est Gt uening. George Mumford:
I Louis Ostathet. Mads Johansen
j Arvid Johnson Jerk Cope, and
Col. J. P Johnson Johnson was
elected at last week'* meeting to
; fill the place vacated by Col. F
. Ohlson who resigned in June.
FWS GETS NEW BOAT
Capable of traveling at 1?
knots, a new 57 foot. 165 H. P.
diesel patrol boat has been added
to the Fish and Wildlife fleet. It
'is now undergoing sea trials and
| engine tests at Seattlle. The boat
! is named the Auklet. II.
Coffey Insures Everything—
Remember?
University G«t» New
Chemistry Professor
Dr N It MukhnjM. ha» at
<Tptrd the pnution of Assistant
Pn^fnwf of Chemistry it the
University ot Alaska. Dr Tern*
Moore president announced to
day, Dr Mukherjee a native of
India, ha* previously held posi
tiom in teach inf and research as
Instructor of Chemical Engineer -
mf at the Collefe of Engineering
and Technology, Bengal, India,
1942 1945
He wa* research scholar at the
Imperial College of Science and
Technology. University of Lon*
I don.
I>r Mukhcrjee's work includes
much practical experience, hav
ing done research work during
the past eight years on many dif
ferent projects. He has participa
: ted in the construction and de
! sign of crystallizer, vapor lift
pumps in the plastic industry
I and a hydraulic jig He has pub
' lished papers on specialized
brmrhn of these diversr arrai
A native of Caknitta. India hr
>• active in anmUfw societies
brine • member of the honorary
society of Sigma Xi the Electron
Microscopic Society of America,
the Indian Institute of Chemical
Engineer* and the Chemical Eng
meeting society He ft ad u a led
with first data honors and holds
a larttei of Distinction on basis
j of scholarship in hit work
At the University of Alaska
Dr Mukherjee will teach General
Chemistry and »-s!l ttprnd part *
time in marrh «. ith the Cm
physical Imtitulr during the
school year and in vacaUom Hr
with Dr Win S Wilson. Profes
sor of Owimitr) and hrad of thr
department and current Acting
Director of thr Gfophywrtl In
stitute. and Mr Wm G. Guen
ther. Instructor in Chemistry
will make up thr department.
Coffey Insures Ererythinfl -
Remember?
»
RUGS AND LINOLEUMS
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