The committee further said they found little evidence that any agency, bureau or department created in answer to an emergency ever went out of existence even after the emergency had disappeared. Well, an example of this could be the Spruce Products Corporation a government corporation which Congress ordered liquidated in 1920. 30 years later, it was still in existence. This was the corporation founded in World War I to secure spruce wood for airplane fuselages.
Congress ordered the immediate liquidation of the Spruce Products Corporation in 1920. In 1930, they tried again. In 1947, it was still in business. In 1948, they found the answer — the cut off its appropriation. This was the agency created in World War I to find spruce wood for airplane fuselages.
Congress abolished the Reconstruction Finance Corporation in 1957, but, it has spent over $1 million since then. The current budget contains an item of $65,000 for administrative expenses.
The Federal Farm Mortgage Corporation formed in January, 1934, has made no loans since the depression. The authority of the Commissioner expired in 1947 — since 1950, running expenses have amounted to $4 million.
...we find that the federal government owns and operates more than 19,000 businesses covering 47 different lines of activity. It ranges from the distilling of rum to the manufacture of surgical and dental equipment.
"THE VIRGIN ISLANDS COMPANY IS A CORPORATION CREATED BY A SPECIAL ORDINANCE OF THE COLONIAL COUNCIL FOR ST. SUGAR MILLS AND A RUM DISTILLERY OWNED BY THE FEDERAL GOVERNMENT ARE OPERATED BY THE COMPANY FOR ITS OWN ACCOUNT"
the Virgin Islands Company (VICO), was chartered by the federal government in 1934 to promote the economic revitalization and advancement of the Virgin Islands.