63 STAT.] 81ST CONG. , IST SESS.-CH. 77 -APR . 19, 1949 States Special Representative shall perform such functions as the United States Special Representative shall designate, and shall be Acting United States Special Representative during the absence or disability of the United States Special Representative or in the event of a vacancy in the office of United States Special Representative." SEC. 5 . The last sentence of section 109 (a) of such Act is hereby amended by striking out the period and inserting in lieu thereof a semicolon and the following: "and the chief of the special mission shall be entitled to receive the same compensation and allowances as a chief of mission, class 3, or a chief of mission, class 4, within the meaning of the Act of August 13, 1946 (60 Stat. 999), or compensation and allowances in accordance with section 110 (a) of this title, as the Administrator shall determine to be necessary or appropriate." SEC. 6 . (a) The last sentence of paragraph (2) of section 111 (a) of such Act is hereby amended to read as follows: "The Administrator shall, in providing for the procurement of commodities under authority of this title, take such steps as may be necessary to assure, as far as is practicable, that at least 50 per centum of the gross tonnage of com- modities procured out of funds made available under this title and transported to or from the United States on ocean vessels, computed separately for dry bulk carriers, dry cargo liner and tanker services, is so transported on United States flag vessels to the extent such vessels are available at market rates for United States flag vessels; and, in the administration of this provision, the Administrator shall, inso- far as practicable and consistent with the purposes of this title, endeavor to secure a fair and reasonable participation by United States flag vessels in cargoes by geographic area." (b) Paragraph (3) of section 111 (b) of such Act is hereby amended in the following particulars: (1) By inserting after "projects" a comma and the following: "including expansion, modernization, or development of existing enterprises" and a comma; (2) By inserting after "media" the following: "consistent with the national interests of the United States"; (3) By striking out in the first proviso "in the first year after the date of the enactment of this Act does not exceed $15,000,000" and inserting in lieu thereof "made in any fiscal year does not exceed $10,000,000"; (4) By amending subparagraph (i) thereof to read as follows: "(i) the guaranty to any person shall not exceed the amount of dollars invested in the project by such person with the approval of the Administrator plus actual earnings or profits on said project to the extent provided by such guaranty;"; (5) By inserting after subparagraph (iii) thereof the following new subparagraphs: "(iv) as used in this paragraph, the term 'investment' includes the furnishing of capital goods items and related services, for use in connection with projects approved by the Administrator, pursuant to a contract providing for pay- ment in whole or in part after June 30, 1950; and "(v) the guaranty to any person shall be limited to assur- ing the transfer into United States dollars of other currencies. or credits in such currencies received by such person as earnings or profits from the approved investment, as repay- ment or return thereof, in whole or in part, or as compensation for the sale or disposition of all or any part thereof. When any payment is made to any person pursuant to a guaranty as hereinbefore described 2 the currency or credits on account of which such payment is made shall become the property 51 62 Stat. 142. 22 U. S. C., Supp. II, § 1507 (a). Chief of special mis- sion. 22U.S.C.§801et seq.; Supp. II, §815 et seq. Post, pp . 111, 407. 62 Stat. 142. 22 U. S. C., Supp. II, § 1508 (a). 62 Stat. 143. 22 U. S. C., Supp. II, 1509 (a) (2). Transportation on U. S . flag vessels. 62 Stat. 144. 22 U. S. C., Supp. II, § 1509 (b) (3). Limitation on amount. " Investment." Guaranty.
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