<PAGE> 1
Rule 424(b)(3)
Registration No. 33-50463
PRICING SUPPLEMENT NO. 1863 DATED APRIL 10, 1997
TO PROSPECTUS SUPPLEMENTAL DATED JUNE 17, 1996
AND BASE PROSPECTUS DATED JUNE 17, 1996
<TABLE>
<S> <C>
Principal Amount: $ 500,000.00
Issue Price: 100% of Principal Amount
Original Issue Date: 4/15/97
Maturity Date: 04/15/98
Interest Rate: 6.160% per annum
Record Dates: Each January 1 and July 1
Interest Payment Dates: Each January 15 and July 15
Redeemable Date: None
Agent's Commission: None
Form of Note
(Book-Entry or Certificated): Certificated
Other Terms: None
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Medium-Term Notes, Series C may be issued by the Company in an
aggregate principal amount of up to $1,300,000,000 and, to date,
including this offering, an aggregate of $329,886,000 Medium-Term
Notes, Series A, $620,114,000, Series B, and $978,048,000 Series C
have been issued.
