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The Honorable Estes Kefauver

June 30, 1959

In the circumstances we should like to go ahead with
Before doing so, however, we should

our financing program.

appreciate your coufirming to us that we understand correctly the Subcommittee's position.

Cc:

Sincerely,

/s/ T. 0. Yntema

The Honorable Thomas C. Hennings, Jr.
The Honorable Joseph C. O'Mahoney

The Honorable John A. Carroll

The Honorable Philip A. Hart

The Honorable William Langer

The Honorable Everett McKinley Dirksen

The Honorable Alexander Wiley

(The docented T

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73328 0-61-2-2

(The annual report referred to on. 1. 9 follows:

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Ford Motor Credit Company,

March 15, 1961

This is the first annual report of Ford Motor Credit Company and covers its first full year of operations. The report is designed to provide financial and operational data concerning the Company and describe its progress for the year ended December 31, 1960.

During 1960, net income after taxes amounted to $31,690. Heavy launching costs and the accumulation of adequate loss reserves, characteristic of a new finance company, have combined to hold net income at this relatively low level.

Total financing volume for the year was $142,023,057. Receivables acquired included $53,004,520 in retail contracts, $88,108,437 in wholesale financing, and $910,100 in dealer capital loans. At the year end, there were $44,941,968 in retail receivables and $23,622,889 in wholesale receivables outstanding. Dealer capital loan balances totaled $831,841.

Nineteen offices were established during 1960, bringing the total to twenty-two offices in fifteen states and the District of Columbia.

In December, the Company's capital base of $60 million was supplemented by bank borrowings. In January, 1961, Ford Motor Company increased its investment in Ford Motor Credit Company by $20 million. This addition to paid-in surplus permitted a temporary elimination of borrowings. Our rapid expansion can be expected to continue, and we expect to reaccelerate the development of our borrowing program.

In the spring of 1961, Ford Motor Credit Company plans to commence selling open-market, short-term promissory notes to the extent consistent with the debt structure typical of the sales finance industry. It is planned that this commercial paper will be placed on a direct basis.

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Robert S. Olson

President

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