Everything that can be done to encourage home-ownership and to make homelife pleasanter is a distinct contribution not only to social well-being but to the highest spiritual values of life.

To the Heads of Departments and Independent Establishments

The War Department expenditure shows a decrease of $12 million.

Public debt charges are much the same--about $8 million increase.

Yes, the previous annual payments for the bonus will aggregate about $750 million as I recollect--something about that figure.

It is my hope that you, who are among the acknowledged leaders of your race, may find in the work of this committee an opportunity to carry the study of this subject farther than it has been carried before.

Nothing but public information.

We are not able to make any calculation on receipts or revenues.

This statement of the budget does not include loans upon the bonus except so far as they are represented in the annual payment into the bonus fund, of about $112 million.

The drought relief is in this year's budget and not in next year's.

There is a decrease of about $10 million in the estimated postal deficit.

Of course, we are always striving to get below the appropriations where we can do it without injuring the major purpose of the appropriations themselves.