60 STAT.] 79TH CONG. , 2D SESS.-CH. 590-JULY 23, 1946 value (as determined by the Secretary of the Treasury on the basis of the fair market value at the time of each transfer) an amount to be fixed by the appropriation Act or Acts relating to the acquisition of materials under this Act. "(b) Any transfer made pursuant to this section shall be made without charge against or reimbursement from the funds available under this Act, except that expenses incident to such transfer may be paid or reimbursed from such funds, and except that, upon any such transfer from the Reconstruction Finance Corporation, or any corporation organized by virtue of the authority contained in the Act of January 22, 1932 (47 Stat. 5), the Secretary of the Treasury shall cancel notes of Reconstruction Finance Corporation, and sums due and unpaid upon or in connection with such notes at the time of such cancellation, in an amonut equal to the fair market value as determined by the Secretary of the Treasury of the material so trans- ferred. "(c) Effective whenever the Secretary of the Treasury shall cancel any notes pursuant to subsection (b) of this section, the amount of notes, debentures, bonds, or other such obligations which the Recon- struction Finance Corporation is authorized and empowered to have outstanding at any one time under the provisions of existing law shall be deemed to be reduced by the amount of the notes so canceled. "(d) Subsection (b) of section 14 of the Act of October 3, 1944 (58 Stat. 765) is hereby amended to read as follows: "'(b) Subject only to subsection (c) of this section, any owning agency may dispose of- "':(1) any property which is damaged or worn beyond eco- nomical repair; "' (2) any waste, salvage, scrap, or other similar items; "'(3) any product of industrial, research, agricultural, or live- stock operations, or of any public works construction or main- tenance project, carried on by such agency; which does not consist of materials which are to be transferred in accordance with the Strategic and Critical Materials Stock Piling Act, to the stock piles established pursuant to that Act.' "(e) Section 22 of the Act of October 3, 1944 (58 Stat. 765) is hereby repealed: Provided,That any owning agency as defined in that Act having control of materials that, when determined to be surplus, are required to be transferred to the stock piles pursuant to subsection (a) hereof, shall make such determination as soon as such materials in fact become surplus to its needs and responsibilities. "SEC. 7 . (a) The Secretary of the Interior, through the Director of the Bureau of Mines and the Director of Geological Survey, is hereby authorized and directed to make scientific, technologic, and economic investigations concerning the extent and mode of occurrence, the devel- opment, mining, preparation, treatment, and utilization of ores and other mineral substances found in the United States or its Territories or insular possessions, which are essential to the common defense or the industrial needs of the United States, and the quantities or grades of which are inadequate from known domestic sources, in order to determine and develop domestic sources of supply, to devise new methods for the treatment and utilization of lower grade reserves, and to develop substitutes for such essential ores and mineral products; on public lands and on privately owned lands, with the consent of the owner, to explore and demonstrate the extent and quality of deposits of such minerals, including core drilling, trenching, test-pitting, shaft sinking, drifting, cross-cutting, sampling, and metallurgical investi- gations and tests as may be necessary to determine the extent and 599 Post, p . 916. Expenses oftransfer. Cancellation of RFO notes. 15U.S.C.I601; Supp. V, 1 601 et seq. Ante, pp. 57, 215; post, p. 901. Reduction in amount of outstand- ing notes, etc. 58 Stat. 772. 50 U. S. C., Supp. V, app. 11623 (b). Classes of dispos- able property. Repeal; determina- tion of surplus. 58 Stat. 776. 50 U. S. C., Supp. V, app. 1 1631. Investigatlons Con- cerning mineral re- sources.