LIBRARY
copy 1
LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
WASHINGTON 25, D. C.
OFFICIAL BUSINESS
PERMIT NO. 1002
FORM A-II/45- 2000
PENALTY FOR PRIVATE USE TO AVOID
PAYMENT OF POSTAGE, $300
TREASURY BULLETIN
DECEMBER - 1945
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
Treasury Bulletin
1
Cumulative Table of Contents
<table><tr><th rowspan="2">Articles</th><th colspan="11">Issue and page number 1945</th></tr><tr><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th></tr><tr><td>War financing - some implications for the future (speech by Under Secretary of the Treasury)</td><td>A-1-A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Procedure for redemption of United States excess profits tax refund bonds.</td><td>A-6</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets and liabilities of all active banks in the United States: Dec. 31, 1939-June 30, 1945</td><td>A-7-A-15</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1-A-8</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 31, 1939-Dec. 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Victory Loan Drive, October-December 1945.</td><td></td><td></td><td>A-1-A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Loans: 7th War Loan, May-June 1945: Sales by issues, by investor classes, and by States.</td><td></td><td></td><td></td><td></td><td>A-1-A-22</td><td></td><td></td><td>A-1-A-3 A-1-A-2</td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of plans and comparison of features of securities offered.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1-A-17</td></tr><tr><td>6th War Loan, November-December 1944: Sales by issues, by investor classes, and by States.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Security purchases outside war loans by commercial banks and by Treasury investment accounts: 7th War Loan. 6th War Loan.</td><td></td><td></td><td></td><td></td><td>A-23</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-18</td></tr><tr><td>Federal Government expenditures for the fiscal years 1940, 1945, and 1946.</td><td></td><td></td><td>A-6-A-9</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statistics of income: Taxable Corporation income and excess profits tax returns for 1943 (advance tabulation).</td><td></td><td></td><td></td><td>A-1-A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation income and taxable excess profits tax returns for 1942 (complete returns).</td><td>A-1-A-8</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Taxable individual and fiduciary income tax returns, with net income of $5,000 and over, for 1943 (advance tabulation).</td><td></td><td></td><td></td><td></td><td>A-33-A-40</td><td></td><td></td><td></td><td>A-8-A-14</td><td></td><td></td><td></td></tr><tr><td>Individual and taxable fiduciary returns for 1942 (complete report).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal land bank bonds.</td><td></td><td></td><td>A-6</td><td></td><td>A-25-A-2</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial operations of the United States Government, fiscal year 1945.</td><td></td><td></td><td></td><td>A-32-A-1</td><td></td><td></td><td></td><td>A-3-A-7</td><td></td><td></td><td></td><td></td></tr><tr><td>Invasion currency.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-5-A-19</td><td></td><td></td><td></td><td></td></tr><tr><td>Bank deposits, geographic distribution on December 31, 1941-44.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity of Adjusted service bonds on June 15, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings bonds: Maturity of Series A bonds.</td><td></td><td></td><td></td><td></td><td>A-23</td><td></td><td></td><td></td><td>A-1-A-2</td><td></td><td></td><td></td></tr><tr><td>Redemption through banks and additional financial institutions.</td><td></td><td></td><td>A-24</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury market financing.</td><td>A-16 A-9 A-10 A-6</td><td></td><td></td><td>A-2 A-9 A-20 A-7 A-1 A-1 A-18</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td><b>Summary of fiscal statistics</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures.</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td><b>Receipts and expenditures and appropriations</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures: Summary by major classifications.</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of receipts from internal revenue.</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Analysis of general expenditures.</td><td>7</td><td>7</td><td>7</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of expenditures for war activities.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>7</td><td>7</td><td>7</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years</td><td>8-9</td><td>8-9</td><td>8-9</td><td>9-10</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td></tr><tr><td>Trust accounts, etc. receipts and expenditures.</td><td>10</td><td>10</td><td>10</td><td>11-12</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td></tr><tr><td>Means of financing cash requirements.</td><td>11</td><td>11</td><td>11</td><td>13</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Social security program: Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security Act.</td><td>12</td><td>12</td><td>12</td><td>14</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Railroad Retirement Act.</td><td>13</td><td>13</td><td>13</td><td>15</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Railroad Unemployment Insurance Act.</td><td>13</td><td>13</td><td>13</td><td>15</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Statement of trust accounts: Federal Old-Age and Survivors Insurance Trust Fund.</td><td>14</td><td>14</td><td>14</td><td>16</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Railroad Retirement Account.</td><td>14</td><td>14</td><td>14</td><td>16</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Unemployment Trust Fund.</td><td>14</td><td>14</td><td>14</td><td>16</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Appropriations and net contract authorizations for the war activities program.</td><td>15-16</td><td>15-16</td><td>15-16</td><td>17-18</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td><td>15-16</td></tr><tr><td>Cash income and outgo of the Treasury: Analysis by major classifications.</td><td>17</td><td>17</td><td>17</td><td>19</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr><tr><td>Total cash income and outgo by months and calendar years beginning with January 1940.</td><td>17</td><td>17</td><td>17</td><td>19</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr></table>
(Continued on following page)
December 1945
11
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="12">Issue and page number</th></tr><tr><th></th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th></tr><tr><td>General Fund of the Treasury<br>Assets, liabilities, and balance in General Fund.<br>Analysis of changes in balance of General Fund....</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>21<br>22</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td></tr><tr><td>Public debt and guaranteed obligations of United States Government<br>Public debt and guaranteed obligations:<br>Detailed statement<br>Fiscal years, 1936-1945.<br>Monthly data.<br>Chart.</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>25-26<br>26-27<br>28</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td><td>23-24<br>24-25<br>26</td></tr><tr><td>Public debt:<br>Issuance and retirement (receipts and expenditures).<br>Interest-bearing debt, composition of.</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>24<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td><td>22<br>22</td></tr><tr><td>Guaranteed obligations held by Treasury.</td><td>27</td><td>27</td><td>27</td><td>29</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td></tr><tr><td>Statutory limitation on the public debt - condition, as of:<br>December 31, 1944.<br>March 31, 1945.<br>June 30, 1945.<br>July 31, 1945.<br>August 31, 1945.<br>September 30, 1945.<br>October 31, 1945.</td><td></td><td></td><td></td><td>30</td><td>28</td><td></td><td>28</td><td></td><td>28</td><td></td><td>28</td><td></td></tr><tr><td>Computed interest charge and computed interest rate.</td><td>27</td><td>27</td><td>27</td><td>29</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States.</td><td>29-31</td><td>29-31</td><td>29-31</td><td>31-33</td><td>29-31</td><td>28-30</td><td>28-30</td><td>29-31</td><td>28-30</td><td>28-30</td><td>29-31</td><td>28-30</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>32</td><td>32</td><td>32</td><td>34</td><td>32</td><td>31</td><td>31</td><td>32</td><td>31</td><td>31</td><td>32</td><td>31</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>33</td><td>33</td><td>33</td><td>35</td><td>33</td><td>32</td><td>32</td><td>33</td><td>32</td><td>32</td><td>33</td><td>32</td></tr><tr><td>Offerings and maturities of Treasury bills.</td><td>34-35</td><td>34-35</td><td>34-35</td><td>36-37</td><td>34-35</td><td>33-34</td><td>33-34</td><td>34-35</td><td>33-34</td><td>33-34</td><td>34-35</td><td>33-34</td></tr><tr><td>United States savings bonds:<br>Summary of sales and redemptions, by series.<br>Sales by series, classified by denominations.<br>Sales to investors other than commercial banks by series, classified by States.<br>Maturities and redemptions of Series A-D and E combined, by States.<br>Payroll savings plans.</td><td>36-37<br>38<br>39-40<br>41</td><td>36-37<br>38<br>39-40<br>41</td><td>36-37<br>38<br>39-40<br>41</td><td>38-39<br>40</td><td>36-37<br>38<br>39-40<br>41</td><td>35-36<br>37</td><td>35-36<br>37</td><td>36-37<br>38</td><td>35-36<br>37</td><td>36-37<br>38</td><td>35-36<br>37</td><td>35-36<br>37</td></tr><tr><td>Treasury notes - tax and savings series:<br>Summary of sales and redemptions, by series.<br>Sales, classified by:<br>Denomination.<br>Type of purchaser.</td><td>42-43<br>44<br>44</td><td>42-43<br>44<br>44</td><td>42-43<br>44<br>46</td><td>44-45<br>44</td><td>42-43<br>41-42<br>43</td><td>41-42<br>40</td><td>41-42<br>40</td><td>42-43<br>41-42<br>43</td><td>41-42<br>40</td><td>41-42<br>43</td><td>42-43<br>44</td><td>42-43<br>40-41</td></tr><tr><td>United States savings stamps:<br>Summary of sales and redemptions.<br>Sales, classified by denomination.</td><td>45<br>45</td><td>45<br>45</td><td>45<br>47</td><td>45<br>45</td><td>44<br>44</td><td>44<br>45</td><td>44<br>44</td><td>45<br>44</td><td>44<br>44</td><td>45<br>44</td><td>45<br>43</td><td>43</td></tr><tr><td>Ownership of United States Government securities<br>Summary distribution, by holders.<br>Estimated ownership by various classes of bank and non-bank investors.</td><td>47<br>48</td><td>47<br>48</td><td>47<br>48</td><td>49<br>50</td><td>47<br>48</td><td>46<br>47</td><td>46<br>47</td><td>47<br>48</td><td>46<br>47</td><td>46<br>47</td><td>47<br>48</td><td>45<br>46</td></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>48</td><td>48</td><td>48</td><td>50</td><td>48</td><td>47</td><td>47</td><td>48</td><td>47</td><td>47</td><td>48</td><td>46</td></tr><tr><td>Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing January 31, 1945):<br>Ownership by banks and insurance companies:<br>September 30, 1944, revisions.<br>October 31, 1944.<br>November 30, 1944.<br>December 31, 1944.<br>January 31, 1945.<br>February 28, 1945.<br>March 31, 1945.<br>April 30, 1945.<br>May 31, 1945.<br>June 30, 1945.<br>July 31, 1945.<br>August 31, 1945.<br>September 30, 1945.</td><td></td><td></td><td></td><td></td><td>53<br>47-50</td><td></td><td>49-52</td><td>48-51</td><td></td><td>49-53</td><td>48-52</td><td>49-53</td></tr><tr><td>Ownership by various classes of Federal Reserve member and nonmember commercial banks:<br>December 31, 1944.<br>June 30, 1945.<br>September 30, 1945.</td><td>52-55</td><td>54-58</td><td>56-60</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
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Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="12">Issue and page number</th></tr><tr><th></th><th>Dec.</th><th>Nov.</th><th>Oct.</th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th></tr><tr><td colspan="13">Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public market-able securities issued by the U. S. Government and by Federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td>57-59</td><td>55-57</td><td>52-54</td></tr><tr><td>November 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td>55-57</td><td></td><td></td><td></td></tr><tr><td>February 28, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td></td><td></td><td></td><td>55-57</td><td>62-64</td><td>54-56</td><td>54-56</td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1945</td><td>60-62</td><td>55-57</td><td>55-57</td><td></td><td>58</td><td>57</td><td>57</td><td>58</td><td>57</td><td>60</td><td>58</td><td>55</td></tr><tr><td>June 30, 1945</td><td>63</td><td>58</td><td>58</td><td>65</td><td>58</td><td>57</td><td>57</td><td>58</td><td>57</td><td>60</td><td>58</td><td>55</td></tr><tr><td>July 31, 1945</td><td>64</td><td>59</td><td>59</td><td>66</td><td>59</td><td>58</td><td>58</td><td>59</td><td>58</td><td>61</td><td>59</td><td>56</td></tr><tr><td>August 31, 1945</td><td>65</td><td>60</td><td>60</td><td>67</td><td>60</td><td>59</td><td>59</td><td>60</td><td>59</td><td>62</td><td>60</td><td>58</td></tr><tr><td>September 29, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Discussion of revision of high-grade corporate bond average</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yields beginning with 1937</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Corporations and certain other agencies of the U. S. Government</td></tr><tr><td>Assets, liabilities, and capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>61-68</td><td></td><td></td></tr><tr><td>December 31, 1944</td><td></td><td></td><td></td><td></td><td>61</td><td>64-68</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td></td><td></td><td>69</td><td>72-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td>67</td><td>71-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans outstanding, classified by type of loan:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td></td><td></td><td></td><td>62-63</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td>68-70</td><td></td><td>70-71</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expense:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1945</td><td></td><td>62-67</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sources and application of funds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First three months, fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td>69-74</td><td></td><td></td><td>61-65</td><td></td><td>60-64</td><td></td></tr><tr><td>First six months, fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First nine months, fiscal year 1945</td><td></td><td>68-73</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Internal revenue statistics</td></tr><tr><td>Collections of internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary date</td><td>77</td><td>62</td><td>75</td><td>78</td><td>62</td><td>76</td><td>61</td><td>62</td><td>67</td><td>70</td><td>63</td><td>66</td></tr><tr><td>Chart</td><td>78</td><td>63</td><td>76</td><td>79</td><td>63</td><td>77</td><td>62</td><td>63</td><td>68</td><td>71</td><td>64</td><td>67</td></tr><tr><td>Comparative details for current periods</td><td>79-80</td><td>84-65</td><td>77-78</td><td>80-81</td><td>84-65</td><td>78-79</td><td>63-64</td><td>81-65</td><td>69-70</td><td>72-73</td><td>65-66</td><td>68-69</td></tr><tr><td colspan="13">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>67-68</td><td></td><td>68-69</td><td></td><td></td></tr><tr><td>December 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td>67-68</td><td></td><td>67-68</td><td></td><td>67-68</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td>82</td><td>69</td><td>80</td><td>83</td><td>69</td><td>81</td><td>66</td><td>69</td><td>72</td><td>75</td><td>70</td><td>71</td></tr><tr><td>Gold assets and liabilities of the Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1944</td><td>82</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>70</td><td></td></tr><tr><td>March 31, 1945</td><td></td><td>69</td><td></td><td>69</td><td></td><td>69</td><td></td><td>69</td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td>82</td><td>69</td><td>83</td><td>69</td><td>81</td><td>66</td><td>69</td><td>72</td><td>75</td><td>70</td><td>71</td><td>72</td></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td>82</td><td>69</td><td>80</td><td>83</td><td>69</td><td>81</td><td>66</td><td>69</td><td>72</td><td>75</td><td>70</td><td>71</td></tr><tr><td>Monetary stocks of gold and silver</td><td>83</td><td>70</td><td>81</td><td>84</td><td>70</td><td>82</td><td>67</td><td>70</td><td>73</td><td>76</td><td>71</td><td>72</td></tr><tr><td>Components of silver monetary stock</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>77</td><td>72</td></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices</td><td>83</td><td>70</td><td>81</td><td>84</td><td>70</td><td>82</td><td>67</td><td>70</td><td>73</td><td>76</td><td>71</td><td>72</td></tr><tr><td>Seignorage on silver, by types</td><td>84</td><td>71</td><td>82</td><td>85</td><td>71</td><td>83</td><td>68</td><td>71</td><td>74</td><td>77</td><td>72</td><td>73</td></tr><tr><td>Money in circulation</td><td>85</td><td>72</td><td>83</td><td>86</td><td>72</td><td>84</td><td>69</td><td>72</td><td>75</td><td>78</td><td>73</td><td>74</td></tr><tr><td colspan="13">Capital movements between the United States and foreign countries</td></tr><tr><td>Discussion of composition of statistics</td><td>87</td><td>74-75</td><td>82</td><td>85</td><td>71</td><td>83</td><td>68</td><td>71</td><td>74</td><td>77</td><td>72</td><td>73</td></tr><tr><td>Summary of net capital movement since 1935</td><td>88-104</td><td>77-93</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by countries, January 1942-May 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Details:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 1945</td><td>105-107</td><td>94-96</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 1945</td><td>108-111</td><td>97-102</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Position in foreign currencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentage calculations) have been made from unrounded figures. Therefore, details will not necessarily add to the totals shown.
December 1945
A-1
War Financing - Some Implications for the Future
The following address was delivered by Daniel W. Bell, Under Secretary of the Treasury, before the Annual Dinner Meeting of the Association of Stock Exchange Firms in New York City on November 19, 1945.
It is a pleasure to be here today to speak to the members of the Association of Stock Exchange Firms. I know that you folks have worked hard to help put across our war bond drives and I want to express the appreciation of the Treasury for your fine cooperation.
I would like to speak to you this evening about the sources of war financing and the implications for the future. The postwar management of the debt really began when war financing started. How the debt was distributed by investor classes, the maturity structure of the debt, the interest rate policy — these are all important factors which had to be determined step by step in financing the war, and which together determined postwar management of the debt at its very core. It is like putting up a building — you must do your planning in the blueprint stage in order to have the building successfully arranged when it is completed.
You members of the financial community are closer to this subject than are most of our citizens. I hope you will bear with me as I draw on a good many figures in an effort to analyze the financing story from the point of view of the income flow of the country and the integration of the war bond program to that income flow.
For convenience, let's begin by reviewing the size of the job from July 1, 1940, when the defense program began, to June 30, 1945, the approximate end of the Seventh War Loan. In these five fiscal years the Federal Government spent in all $323 billion, of which $290 billion was directly for national defense and for war. Of the remaining $33 billion, slightly over half was for items indirectly connected with the war — interest on the public debt, veterans' benefits, and tax refunds — with the other half covering mostly the regular costs of government.
As against $323 billion of expenditures, tax receipts brought into the Federal Government $133 billion, leaving a deficit of $190 billion. You know that this deficit was financed mainly by war loans and a regular payroll savings program as well as by offerings of securities in the market in the early part of the period. What have been the effects of this financing on the economy during the war? What are the implications for the future?
The tremendous importance of Government buy-
ing in the market place during the war period is evident from the fact that Federal Government spending accounted for $323 billion out of aggregate spending of $833 billion during the five-year period. This latter figure, by the way, would be cited by the statisticians as eight-tenths of a trillion dollars. These figures show that the Government accounted for close to 40% of the aggregate spending taking place throughout the country. The remaining $510 billion of spending was accounted for by $428 billion of spending by consumers, $41 billion by business for capital goods, and $41 billion by State and local governmental units.
The Government share of total spending in this war reached a peak of almost 50% in the fiscal year 1945 when the Government accounted for $100 billion out of $211 billion total spending. Contrast this situation with that in World War I when the Federal Government accounted for a maximum of only about one-fourth of aggregate market spending, with the other three-fourths coming from consumers, business, and State and local governments. In the fiscal year 1919 — the peak year of Federal spending in World War I — total expenditures in this country amounted to about $75 billion, of which the Federal Government accounted for a little under $19 billion.
I think it is obvious from these figures — and, of course, most of you have known it all along — that the difference in the financing job in this war was not only one of size but one of kind. When the Government takes over such a large proportion of our output to fight a total war the economic effects become important all along the lines. The figures I have cited merely point out the tremendous contrast between the financing problems of World War I and World War II.
Let's look further at that $33 billion of total spending in the five-year period. It is axiomatic that aggregate spending in the country is equal to aggregate income. The head of the coin is the $33 billion of spending while the other side is the $33 billion of income flow. It should be noted that this is a gross income flow since it includes such items as funds flowing into business reserves as well as net income in the usual sense.
Who received this gross income flow? We know that the Federal Government received in
A-2
Treasury Bulletin
taxes $133 billion or about 15% of the total income flow, and State and local governments received about $49 billion. Of the remaining $651 billion of income after taxes, about 90% was distributed to individuals and 10% to corporations. Corporations are here treated as a conduit and only the new funds remaining in their hands over the five-year period are counted as being received by them. The corporate income items thus consist of retained earnings plus accretions in reserves, such as depreciation and depletion accounts, over and above what was invested in new capital goods — plant, equipment, and inventories. The income flow to individuals includes dividends received from corporations.
Turn these figures around another way. The Federal Government spent $323 billion and received in taxes $133 billion, leaving a deficit of $190 billion. Individuals and corporations spent $469 billion but had income after taxes of $651 billion. Here was a surplus of $182 billion and if you add in the $8 billion surplus of State and local governments you obtain an exact correspondence with the $190 billion Federal deficit.
One of the major goals of Treasury financing was to try to channel back into the Treasury as much as possible of this $190 billion which people were accumulating as a result of the Federal deficit. From a financing point of view, every means possible had to be taken to persuade people to hold these funds rather than to attempt to spend them, for such an attempt on a large scale would have meant inflation. Direct controls on production, wages, prices, etc. operated on one front to dam up these funds but the Treasury had to operate on another front to see that the funds remained saved. The best way to accomplish this was to get as much as possible of these funds into Government securities.
What were our results? Let's look at the three major forms of liquid assets held by all nonbank investors combined, namely, currency, commercial bank deposits, and Federal securities. These are the significant ways in which the deficit manifested itself. Because of various minor transactions in the economy which we do not need to go into here, the total increase in nonbank holdings of these major liquid assets during the five year period we are talking about was actually $189 billion, rather than the $190 billion deficit.
Of the approximately $190 billion available,
$121 billion was placed in Federal securities by nonbank investors. Individuals were the largest investors, adding $49 billion to their holdings of Government securities over the period. Insurance companies absorbed $16 billion of Government securities and savings banks took $6 billion. Other corporations and associations absorbed $27 billion. State and local governments acquired $5 billion, and Federal agencies and trust funds invested $18 billion — the last representing mostly social security and military insurance funds.
In other words, about two-thirds of the $190 billion of new funds was placed directly in Federal securities and one-third in money savings — that is, currency and commercial bank accounts. The one-third placed in money savings in turn resulted in a corresponding amount of absorption of Federal securities by the banking system. Because individuals and businesses chose to place one-third of their new savings in currency and commercial bank deposits, commercial banks and Federal Reserve Banks absorbed Federal securities of an equivalent amount. Over the five year period the banks, accordingly, absorbed $63 billion of Federal securities to match the growth of currency and commercial bank deposits. They absorbed also an extra $20 billion of Federal securities as a result of other factors, the most important of which was the growth of the Treasury's cash balance.
Coming back to this $68 billion of money savings over the five year period, why did the people of this country make the collective decision to place this much in cash rather than to invest even more in Federal securities than they did? We have asked ourselves many times what should have been par for the amount placed in Federal securities or, vice versa, what should have been par for money savings under the circumstances. Unfortunately, there is no precise answer to these questions. You may be interested, however, in some observations on the factors bearing on them.
First of all, take the question of currency. Out of $68 billion of savings going into money forms, currency accounted for $18 billion. While this is a big increase, I believe it must be seen in perspective to be understood. The major forms of liquid assets held by all nonbank investors combined have increased from $85 billion in the middle of 1940 to $275 billion at the end of the Seventh War Loan. As a proportion of these to-
December 1945
A-3
tals for liquid assets, currency has been remark-ably stable — accounting for 8% of the total in June 1940 and 9% of the total in the middle of this calendar year. We studied this series in World War I and found the same stability in the proportion of liquid assets held in the form of currency, the figures running from 7-1/2% to 9-1/2% in that war.
It must be remembered that during World War II the distribution of income was significantly altered so that millions of families, formerly on a subsistence level or even below, received adequate and decent incomes for the first time in their lives. Naturally, they increased their holdings in currency — from a figure of approximately zero to something running up to, I suppose, several hundred dollars in some cases. In our surveys some people have stated frankly that they derived a sense of security and comfort from having a wallet full of currency.
Another factor bearing on the currency increase was, of course, that the level of business was so much higher than ever before that along the line it was necessary to have more currency to carry on transactions.
A third factor is that banking was not always convenient for many people, either because of odd working hours or because of a lack of nearby banking facilities, particularly in communities where industrial growth was most striking.
Finally, there are, of course, the motives of tax evasion and black markets. You know from the tax evasion cases which have been discussed in the papers that a few of our citizens tried very hard to beat the tax laws. Some part of the currency outflow has been due to these illegal activities, but it is believed that this has been a relatively small factor in the currency growth.
From the standpoint of selling war bonds, these explanations of the currency outflow are important because most of the people who absorbed this currency also bought bonds. A total of 85 million people have purchased Series E bonds and I doubt that very many of those who haven't bought bonds hold much of the currency either. What has happened is that people have both bought bonds and acquired currency, and so long as the currency is not hot money from the inflationary point of view it is not inconsistent with our campaign for new savings to avoid inflationary
pressures.
Subtracting the $18 billion growth of currency, the remainder of the $68 billion of money savings consisted of a $50 billion increase in commercial bank accounts. What should we conclude with regard to the motivation of people in wanting this particular increase in the money supply? We know first of all that about $38 billion of this increase was in demand deposits and about $12 billion in time deposits.
In the case of demand deposits, corporations and associations accounted for about 40% of the increase, or about $16 billion. These were not inflationary funds but rather, for the most part, were needed increases in working capital and funds set aside for reconversion. In addition, for various reasons corporations were accumulating temporary reserves which they preferred to keep to a considerable extent in readily available cash.
Another large part of the increase in demand deposits is accounted for by unincorporated businesses and farmers, which in many cases were faced with the same need for larger working capital as corporations. About $10 billion of the demand deposits accumulated by individuals during the period should be credited to these investors as business accounts. In addition, State and local governments acquired about $2 billion of demand deposits over the period, while insurance companies and savings banks actually reduced their deposits by nearly a billion dollars in the five years. This leaves only about $11 billion of the increase in demand deposits to be credited to the broad group of wage-earners, professional people, etc. Some of this is certainly hot money, but a large part is definitely in the class of legitimate savings. In short, it is clear that only a relatively small part of the $38 billion increase in demand deposits is dangerous money in the inflationary sense.
The growth of time deposits in commercial banks is probably to be explained mostly by the word "diversification". We have found in our surveys that many people want to spread their savings among different forms. They feel that they have done their duty in the war bond program by investing more than 10% under payroll plans and by participating in the purchase of extra bonds in each war loan. In too many cases, our goals have thus become "psychological ceilings" to many people, which have been difficult to pen-
Treasury Bulletin
A-4
In any event, savings over and above the amounts invested in bonds are spread around partly into currency, partly into demand deposits, and partly into time deposits. On the other hand, some part of the funds placed in time deposits is just as hot as some of the currency or demand deposits. The psychology varies with each depositor.
I have not here cited separately the figures for increases in deposits in savings banks as opposed to commercial banks, because savings banks have been treated as part of the composite group of nonbank investors in the figures I have given you, and it would be double counting to take up their deposits on the one hand and also to include their purchases of Government securities with other nonbank purchases on the other hand. For your information, however, deposits in savings banks increased by close to $4 billion over the five-year period; the purchases of Government securities made by savings banks as they invested these funds are included in the figures previously mentioned for nonbank absorption of Federal securities.
Thus the inflationary dollars involved in the $68 billion of money savings made over the five-year period represent a fairly small proportion of the total. Some part of each of the categories of money savings is definitely hot money, but it is my opinion that in each case the largest part of the funds placed in cash forms represents legitimate savings. In short, I believe that in absorbing $121 billion out of $190 billion of new funds, we came pretty close to shooting par. On the other hand, no one in the Treasury would argue that the job has been perfect. Moreover, we well realize that even Government securities are not completely foolproof in preventing inflation, since bonds can be redeemed or they can be sold in the market.
What of the future? First of all, we have arranged the debt so that each investor class holds securities which are appropriate to it. Over 60% of the securities held by the commercial banks are due or callable in less than five years. On the other hand, insurance companies hold only about 10% of their portfolios in the form of securities due or callable within five years, and 90% in longer categories. Individuals largely hold Series E, F, and G savings bonds, which they may either cash when the need arises or continue to hold at an ascending rate of interest. About half of the holdings of individuals is in the
form of Series E bonds, a security designed exclusively for the average small investor.
Corporations other than banks and insurance companies hold close to one-third of their Government securities in the form of savings notes—a highly flexible instrument which may be turned in on taxes, redeemed for cash, or held for investment at increasing rates of interest. The bulk of the remainder of corporation holdings is in the form of short-term securities, largely certificates of indebtedness.
This "tailoring" of securities to the needs of the investor is a healthy thing for the economy.
For example, corporations have readily available funds to use for plant expansion as well as for reconversion purposes. Individuals are in a position to draw on their bonds to aid them in periods of unemployment and to assist them in purchasing new supplies of consumers' goods as they become available. Most of all, however, the existence of a flexible portfolio of bonds in the hands of individuals will add to their sense of security and thereby aid them as a group in taking off of the markets the volume of production which they, as workers, produce.
Our public debt will soon be more than $270 billion, and it is clear that the annual interest charge in the next few years is going to run in excess of $5 billion. The average rate of interest on the debt today is 1.94%, and our net borrowing during the war has been done at an average rate of around 1.8%. Contrast this with World War I, when the average interest rate was about 4-1/4%. We have lightened the future burden of the debt considerably by our low interest rate policy. Indeed, if rates had averaged 4-1/4% in this war, the interest burden would be about $12 billion a year instead of something over $5 billion.
But low interest rates are not only beneficial in so far as the burden of the debt is concerned. Secretary Vinson has stated the advantages of a low interest rate policy for the entire economy, as follows:
"Interest rates determine the real burden of the debt. They should continue low for a long time to come. It is self-evident that this is in the interest of people as taxpayers. Not as evident, but just as valid,
December 1945
A-5
is that low interest rates — what the economists call a 'cheap money policy' — benefits the people as consumers, as workers, and as citizens. Low interest rates, for example, will be an important factor in making possible the better homes, the better industrial plants, and the better public facilities which will make our country tomorrow more productive and a better place to live in than it was yesterday."
All of the things I have been saying boil down to the simple statement that the war has been well financed and that, as we enter what I hope will be a long period of peace, our banking institutions, business in general, and individuals are in a healthier financial condition than ever before.
I hope that conditions will be so good in the next several years that we will have a surplus in the Treasury and will be able to retire debt continuously. If that proves possible, so much the better; if not, we have done the best we could to prepare for the problems facing us.
In closing, I want to say that the work done by the volunteer war bond organizations throughout the nation has been a source of stimulation to all of us in the Treasury. In a sense, we have been merely planners and strategists; the real generals and the army itself have consisted of the local war finance organizations and their six million volunteers. I think it is a tribute to American democracy that this program has in essence represented a sum total of many, many smaller programs. We have had special campaigns carried out by virtually every group in this country. Many of these overlapped, but far from weakening the results the overlapping proved beneficial for it meant that there was an intensification of sales efforts. I am sure that bond sales were stimulated by the fact that many a man has been asked to buy bonds by his children as a result of a school program, by a neighbor as a result of a community program, by a payroll worker at the plant, through a call from a banker or broker, and by a volunteer in one of the other programs. It has been a tough job, but all of us should feel a deep sense of satisfaction in the success which has been achieved.
A-6
Treasury Bulletin
Procedure for Redemption of United States Excess Profits Tax Refund Bonds
On November 10, 1945 the Treasury Department issued instructions regarding the procedure for the redemption of United States excess profits tax refund bonds. A copy of amended regulations concerning these bonds was attached to the press release. A summary of the procedure for redemption is presented in this article.
The excess profits tax refund bonds were issued in connection with a postwar credit of 10% of the excess profits tax paid by corporations for each year ending after December 31, 1941.2/ It was provided that the credit for a year could be taken currently to the extent of 40% of net debt retired in that year. To the extent that credit was not taken currently the balance was issued to the taxpayer in the form of noninterest-bearing bonds. These bonds which were issued under the designation "Excess Profits Tax Refund Bonds" are nonnegotiable and nontransferable until after the formal declaration of the cessation of hostilities of World War II. There are now approximately 70,000 bond owners on record and there were $1,113 million of excess profits tax refund bonds outstanding as of October 31, 1945.
The authorizing act set maturity dates for the bonds at stated intervals after the cessation of hostilities, depending upon the excess profits tax year for which they were issued. Provision
was made, however, that the bonds would be redeemable at the option of the United States, after the 'cessation, on three months' notice. The Tax Adjustment Act of 1945 provides that the bonds may be turned in by their owners for redemption on or after January 1, 1946 3/4, and that the credit of 10% of excess profits tax for calendar year 1944 and subsequent years is to be taken currently as a tax credit or refund.
As discussed in the instructions on procedure, assignment of the excess profits tax refund bonds to the Secretary of the Treasury for redemption is to be made by executing a form on the back of the securities. The bond must be assigned in the presence of an officer authorized to witness such assignments. Officers authorized to witness submission of the bonds include executive officers of banks and trust companies, executive officers of Federal Land Banks, certain officers of Federal Reserve Banks and branches, and notaries public. Bonds should be sent to the Treasury Department, Division of Loans and Currency, Washington 25, D. C., or to any Federal Reserve Bank or branch.
It was urged in the official circular that those owners who desire payment on January 1, 1946 surrender their bonds immediately in order that examination of the assignments can be completed and checks drawn in time to be delivered on that date. Owners who do not elect to receive payment on January 1 are also requested to surrender their bonds well in advance of the date on which they may desire payment.
1/ More detailed discussion of the procedure for submitting bonds is in the original release, Press Service No. V-124 and attachments.
2/ Except in the case of taxable years beginning in 1941 and ending before July 1, 1942.
3/ Nevertheless, bonds outstanding remain nonnegotiable and nontransferable until the formal declaration of cessation of hostilities.
December 1945
A-7
Assets and Liabilities of All Active Banks in the United States,
December 31, 1939 through June 30, 1945
The Comptroller of the Currency released on November 1 the regular semi-annual report on assets and liabilities of all active banks in the United States and possessions as of June 30,1945. The data were compiled from call reports of national banks and from information provided by State bank supervisory authorities on banks under their supervision. The report covers a total of 14,587 banks. Comparable data from earlier reports have been drawn upon in the preparation of the accompanying tables and charts.
From the data available, the highlights for the 5-1/2 year period, December 31, 1939 through June 30, 1945, may be summarized in the following five statements:
(1) The asset position of all active banks had reached an unprecedented peak by June 30, 1945. As of June 30, 1945, assets of all active banks totaled $163.0 billion, more than two times as great as they were at the beginning of period.
(2) Time deposits, which lagged far behind demand deposits in rate of growth for most of the period from December 31, 1939 through June 30, 1945, have been increasing at a faster rate than demand deposits in the last year.
(3) U.S. Government securities showed the most outstanding increase among asset items during the 5-1/2 year period. As a proportion of total assets U.S. Government securities rose from one-fourth to over one-half.
(4) The ratio of capital accounts to total deposits has declined during the period from December 31, 1939 through June 30, 1945. The ratio of capital accounts to deposits minus cash and U. S. Government securities, however, has risen.
(5) National banks and State commercial banks showed significantly greater increases in assets (and deposits) than mutual savings banks throughout the 5-1/2 year period. Two factors are primarily responsible for the smaller growth of mutual savings banks: (a) these banks hold no demand deposits, which showed the major
increases during the period, and (b) mutual savings banks are concentrated in the northeastern section of the country, which lagged behind other sections in industrial expansion.
More detailed discussion is presented in the remainder of this article.
Summary by classes of banks
The new report on bank assets and liabilities for June 30, 1945 shows that the wartime growth of total bank assets continued but at a slightly slower rate. During the year from June 30, 1944 through June 30, 1945, total assets of all active banks increased by $23.5 billion, or 17%. For the first time since the beginning of the war the relative increase in assets of mutual savings banks was at about the same level as that of the other two major classes of banks, national banks and State commercial banks. The share of total assets held by these three types of banks showed no change in the year ending June 30, 1945.
In the 5-1/2 year period from December 31, 1939 through June 30, 1945 total assets of all active banks more than doubled. They increased from $77.6 billion to $163.0 billion, a rise of $85.5 billion. The distribution by classes of banks of total assets and liabilities as of these two dates is presented in the following table.
<table><tr><th>Class of bank</th><th colspan="2">Total assets and liabilities</th><th colspan="2">Increase</th></tr><tr><th></th><th>Dec. 31, 1939</th><th>June 30, 1945</th><th>Amount</th><th>Percent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>National banks</td><td>35.3</td><td>81.8</td><td>+46.5</td><td>+132</td></tr><tr><td>State commercial banks</td><td>29.5</td><td>65.1</td><td>+35.5</td><td>+120</td></tr><tr><td>Mutual savings banks</td><td>11.9</td><td>15.9</td><td>+4.1</td><td>+34</td></tr><tr><td>Private banks</td><td>0.9</td><td>0.2</td><td>-0.6</td><td>-71</td></tr><tr><td>Total</td><td>77.6</td><td>163.0</td><td>+85.5</td><td>+110</td></tr></table>
As the table shows, the two classes of commercial banks — national banks and State commercial banks — showed by far the greatest increases over the 5-1/2 year period. The percentage increases for these banks of 120% or more reflect the growth over the period in demand deposits which are held almost exclusively by commercial banks.
Mutual savings banks, on the other hand,
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Treasury Bulletin
ASSETS OF ALL ACTIVE BANKS IN THE UNITED STATES
December 31,1939 - June 30,1945
Chart 1 - Dollar Values
Chart 2 - Percentage Distribution
U includes territories and insular possessions
See accompanying Table 1, footnote 2
Office of the Secretary of the Treasury, Division of Research and Statistics
F-384-A
December 1945
A-9
which hold only a negligible amount of demand deposits, had an increase of only 34% in assets. Time deposits increased at a much slower rate than demand deposits over the period from December 31, 1939 to June 30, 1945.
The decline in the assets of private banks is explained, for the most part, by the decrease in the number of banks in that class, due to the shift of some of the larger ones into the commercial bank category.
Assets
In the year ending June 30, 1945, the change in the various asset items held by all active banks continued to reflect the financing of the war. Holdings of U. S. Government securities continued to increase but at a declining rate during the year. Of an increase of 24% in Government securities during the year two-thirds occurred in the first six months and one-third in the second. The table below presents a distribution of total assets as of June 30, 1944, December 31, 1944, and June 30, 1945.
<table><tr><th>Assets</th><th>June 30, 1944</th><th>Dec. 31, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>U. S. Government direct and guaranteed obligations</td><td>76.1</td><td>86.4</td><td>94.2</td></tr><tr><td>Loans and discounts</td><td>25.5</td><td>26.1</td><td>28.1</td></tr><tr><td>Other securities</td><td>7.6</td><td>7.6</td><td>8.0</td></tr><tr><td>Interbank and reserve balances</td><td>26.7</td><td>29.2</td><td>29.2</td></tr><tr><td>Other assets</td><td>3.6</td><td>3.7</td><td>3.4</td></tr><tr><td>Total assets</td><td>139.6</td><td>152.9</td><td>163.0</td></tr></table>
Loans and discounts, which had followed an uneven course throughout the war period, had an increase of 10% during the year ending June 30, 1945, of which 8% occurred in the last sixmonths. Other securities,covering State and local and miscellaneous securities, which had been declining steadily during most of the war period, showed an increase of 6% in the year ending June 30, 1945.
Over the 5-1/2 year period from December 31, 1939 to June 30, 1945 holdings of U. S. Government securities showed increases far greater than any other asset items. Holdings of Federal securities showed an increase of $74.8 billion or 385% during the period. Of the $85.5 billion increase in total assets of all active banks, U. S. Government securities accounted for 88%. As a proportion of total assets, U. S. Government se-
curities made up 26% at the beginning of the period and 58% at the end of the period (Charts 1 and 2). The following table shows the major asset items as of December 31, 1939 and June 30, 1945 and the change over the period.
<table><tr><th>Assets</th><th>Dec. 31, 1939</th><th>June 30, 1945</th><th>Increase Amount</th><th>Per-cent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>U. S. Government direct and guaranteed obligations</td><td>19.4</td><td>94.2</td><td>+74.8</td><td>+385</td></tr><tr><td>Loans and discounts</td><td>22.4</td><td>28.1</td><td>+5.7</td><td>+26</td></tr><tr><td>Other securities</td><td>9.3</td><td>8.0</td><td>-1.3</td><td>-14</td></tr><tr><td>Interbank and reserve balances</td><td>22.2</td><td>29.2</td><td>+7.0</td><td>+32</td></tr><tr><td>Other assets</td><td>4.2</td><td>3.4</td><td>-0.8</td><td>-19</td></tr><tr><td>Total assets</td><td>77.6</td><td>163.0</td><td>+85.5</td><td>+110</td></tr></table>
Of the other asset items total loans and discounts held by all active banks showed an increase during the 5-1/2 year period of $5.7 billion or 26%. In relation to total assets loans and discounts declined from 29% to 17%.
State and local, corporate, and other securities decreased from $9.3 billion to $8.0 billion. They accounted for 5% of total assets on June 30, 1945 as compared with 12% on December 31, 1939.
National banks and State commercial banks showed similar growth in their U. S. Government security holdings over the period from December 31, 1939 to June 30, 1945. The almost parallel increases were 421% for national banks and 448% for State commercial banks. Of the total increase in national bank assets, 82% was accounted for by Government securities, and this ratio was 86% for State commercial banks. Holdings of U. S. Government securities in relation to the total assets of each of these two classes of banks also showed similar changes during the 5-1/2 year period. Federal securities made up 26% of total assets of national banks at the beginning of the period and rose to 58% of total assets by the end. Of total assets of State commercial banks, U. S. Government securities accounted for 23% as of December 31, 1939 and 57% as of June 30, 1945 (Charts 3 and 4).
The increase of U. S. Government securities held by mutual savings banks ($6.5 billion) was greater than the increase in total assets. A decline of $2.4 billion in loans and discounts, other securities, interbank and reserve balances, and other assets accounted for almost half of the
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Treasury Bulletin
DISTRIBUTION OF ASSETS BY CLASSES OF BANKS
December 31, 1939 and June 30, 1945
Chart 3- Dollar Values
Chart 4 - Percentage Distribution
1 Includes banks in territories and insular possessions. 21 See accompanying Table 1, footnote 2.
Office of the Secretary of the Treasury, Division of Research and Statistics
F-385-A
December 1945
A-11
increase in Government securities. As a proportion of total assets Federal securities accounted for 26% at the beginning of the period and 60% at the end of the period (Charts 3 and 4).
The table at the bottom of this page shows the major asset items by classes of banks as of December 31, 1939 and June 30, 1945.
Liabilities and capital accounts
On the liability side of the balance sheet, the most significant change in the year ending June 30, 1945 occurred in the rate of increase of time deposits as compared with demand deposits. During that year time deposits increased at a much faster rate than demand deposits. This contrasted sharply with the situation throughout the war period when time deposits lagged well behind demand deposits in rate of growth. For the year ending June 30, 1945 time deposits showed an increase of 24% as compared with a rise in demand deposits of 14%. This trend was accelerated in the last half of the year when time deposits increased by 11% whereas demand deposits rose by only 2%.
The distribution of the major liability items as of June 30 and December 31, 1944 and June 30, 1945 is presented in the table that appears in the next column.
The table shows that U. S. Government deposits were between about $20 and $25 billion as of each of the three dates covered. These balances reflect in each case the fact that a war loan was in progress or just ending. Accordingly, these are peak balances for Government deposits. Between loans these deposits are drawn on, and on net balance result in a transfer of deposits from
the Government to private accounts.
<table><tr><th>Liabilities and capital accounts</th><th>June 30, 1944</th><th>Dec. 31, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td></tr><tr><td>Deposits of individuals, partnerships, and corporations:</td><td></td><td></td><td></td></tr><tr><td>Demand............</td><td>58.4</td><td>65.3</td><td>66.7</td></tr><tr><td>Time............</td><td>33.4</td><td>37.2</td><td>41.3</td></tr><tr><td>U. S. Government and postal savings deposits............</td><td>19.7</td><td>20.9</td><td>24.5</td></tr><tr><td>Interbank and other deposits and miscellaneous liabilities............</td><td>18.7</td><td>19.8</td><td>20.3</td></tr><tr><td>Total liabilities....</td><td>130.2</td><td>143.3</td><td>152.9</td></tr><tr><td>Capital accounts....</td><td>9.4</td><td>9.7</td><td>10.2</td></tr><tr><td>Total liabilities and capital accounts....</td><td>139.6</td><td>152.9</td><td>163.0</td></tr></table>
Over the 5-1/2 year period from December 31, 1939 through June 30, 1945, the $85.5 billion increase in assets and liabilities showed up among liabilities primarily as a growth in deposits. Demand deposits of individuals, partnerships, and corporations rose from $28.2 billion on December 31, 1939 to $66.7 billion on June 30, 1945, an increase of $38.5 billion or 136%. This contrasts with time deposits which increased from $25.4 billion to $41.3 billion, an increase of $15.9 billion or 63% (Chart 5).
The greatest relative increase among liability items during the 5-1/2 year period occurred in U. S. Government and postal savings deposits, reflecting the Government's need for a large working balance for war expenditures and the effect of the timing of war loans as discussed above.
<table><tr><th>Assets</th><th colspan="2">All banks</th><th colspan="2">National banks</th><th colspan="2">State commercial banks</th><th colspan="2">Mutual savings banks</th><th colspan="2">Private banks</th></tr><tr><th></th><th>Dec. 31, 1939</th><th>June 30, 1945</th><th>Dec. 31, 1939</th><th>June 30, 1945</th><th>Dec. 31, 1939</th><th>June 30, 1945</th><th>Dec. 31, 1939</th><th>June 30, 1945</th><th>Dec. 31, 1939</th><th>June 30, 1945</th></tr><tr><td>Number of banks.....</td><td>15,096</td><td>14,587</td><td>5,193</td><td>5,021</td><td>9,290</td><td>8,993</td><td>551</td><td>534</td><td>62</td><td>39</td></tr><tr><td colspan="11">(In billions of dollars)</td></tr><tr><td>Assets U. S. Government direct and guaranteed obligations.</td><td>19.4</td><td>94.2</td><td>9.1</td><td>47.3</td><td>6.8</td><td>37.3</td><td>3.1</td><td>9.6</td><td>0.5</td><td>0.1</td></tr><tr><td>Loans and discounts</td><td>22.4</td><td>28.1</td><td>9.0</td><td>12.4</td><td>8.3</td><td>11.3</td><td>4.9</td><td>4.3</td><td>0.1</td><td>0.1</td></tr><tr><td>Other securities...</td><td>9.3</td><td>8.0</td><td>3.7</td><td>3.8</td><td>3.3</td><td>3.0</td><td>2.2</td><td>1.2</td><td>0.1</td><td>0.1</td></tr><tr><td>Interbank and reserve balances...</td><td>22.2</td><td>29.2</td><td>11.9</td><td>16.8</td><td>9.3</td><td>11.9</td><td>0.8</td><td>0.5</td><td>0.2</td><td>*</td></tr><tr><td>Other assets......</td><td>4.2</td><td>3.4</td><td>1.6</td><td>1.6</td><td>1.7</td><td>1.5</td><td>0.9</td><td>0.3</td><td>*</td><td>*</td></tr><tr><td>Total assets......</td><td>77.6</td><td>163.0</td><td>35.3</td><td>81.8</td><td>29.5</td><td>65.1</td><td>11.9</td><td>15.9</td><td>0.9</td><td>0.2</td></tr></table>
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Treasury Bulletin
Chart 5-LIABILITIES AND CAPITAL ACCOUNTS OF ALL ACTIVE BANKS IN THE UNITED STATES
December 31, 1939 - June 30, 1945
Chart 6-DISTRIBUTION OF LIABILITIES AND CAPITAL ACCOUNTS BY CLASSES OF BANKS
December 31,1939 - June 30,1945
Includes territories and insular possessions $/See accompanying Table I, footnote 2
Office of the Secretary of the Treasury, Division of Research and Statistics
F-386-A
December 1945
A-13
<table><tr><th>Liabilities and capital accounts</th><th>Dec.31, 1939</th><th>June 30, 1945</th><th>Amount</th><th>Percent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits of individuals, partnerships, and corporations:</td><td></td><td></td><td></td><td></td></tr><tr><td>Demand</td><td>28.2</td><td>66.7</td><td>+38.5</td><td>+136</td></tr><tr><td>Time</td><td>25.4</td><td>41.3</td><td>+15.9</td><td>+63</td></tr><tr><td>U. S. Government and postal savings deposits</td><td>0.9</td><td>24.5</td><td>+23.6</td><td>+2,598</td></tr><tr><td>Interbank and other deposits and miscellaneous liabilities</td><td>14.8</td><td>20.3</td><td>+5.5</td><td>+37</td></tr><tr><td>Total liabilities</td><td>69.3</td><td>152.9</td><td>+83.6</td><td>+121</td></tr><tr><td>Capital accounts</td><td>8.3</td><td>10.2</td><td>+1.9</td><td>+22</td></tr><tr><td>Total liabilities and capital accounts</td><td>77.6</td><td>163.0</td><td>+85.5</td><td>+110</td></tr></table>
National banks and State commercial banks continue to hold practically all the demand deposits in the country. During the period from December 31, 1939 through June 30, 1945 national banks accounted for 58% of the total increase in demand deposits and State commercial banks made up 43% (Chart 6).
The proportion of time deposits held by the three major classes of banks, national banks, State commercial banks, and mutual savings banks, changed significantly over the period. On December 31, 1939 national banks held 30% of total time deposits, State commercial banks held 28%, and mutual savings banks held 41%. These percentages changed to 35%, 31%, and 35%, respectively, by June 30, 1945. The total increase of time deposits over the 5-1/2 year period was divided as follows: (1) 41% to national banks;
(2) 34% to State commercial banks; and (3) 24% to mutual savings banks. This may be explained largely by the fact that savings banks are concentrated in the northeastern part of the country which felt less than any other area the industrial expansion due to the war. Thus, the sharply smaller growth of savings banks may be explained by (1) the fact that they hold practically no demand deposits of individuals, partnerships and corporations, which showed the greatest increase during the period, and (2) the lesser increase in time deposits due to the disadvantage of the location of most mutual savings banks.
The table at the bottom of this page shows liabilities by classes of banks as of December 31, 1939 and June 30, 1945.
Capital accounts showed a small but steady growth throughout the 5-1/2 year period from December 31, 1939 to June 30, 1945. They increased from $8.3 billion at the beginning of the period to $10.2 billion at the end, a rise of 22%. Of the capital stock items, capital notes and debentures, and preferred stock declined $0.3 billion, whereas common stock showed an increase of $0.3 billion. Surplus, undivided profits, and reserves increased $1.9 billion over the period. The ratio of capital accounts to total deposits was 1 to 8.27 on December 31, 1939 and 1 to 14.97 on June 30, 1945. If cash and U. S. Government securities are deducted from total deposits, the ratio of capital to remaining deposits becomes 1 to 3.10 and 1 to 2.64 on December 31, 1939 and June 30, 1945, respectively. The following table shows the liability items as of December 31, 1939 and June 30, 1945.
1/ Data on the "Geographic Distribution of Bank Deposits" as of December 31, 1944 were published in an article in the May 1945 issue of the "Treasury Bulletin".
<table><tr><th rowspan="2">Liabilities and capital accounts</th><th colspan="2">All banks</th><th colspan="2">National banks</th><th colspan="2">State commercial banks</th><th colspan="2">Mutual savings banks</th><th colspan="2">Private banks</th></tr><tr><th>Dec. 31, 1939</th><th>June 30, 1945</th><th>Dec. 31, 1939</th><th>June 30, 1945</th><th>Dec. 31, 1939</th><th>June 30, 1945</th><th>Dec. 31, 1939</th><th>June 30, 1945</th><th>Dec. 31, 1939</th><th>June 30, 1945</th></tr><tr><td colspan="11">(In billions of dollars)</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits of individuals, partnerships, and corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Demand</td><td>28.2</td><td>66.7</td><td>14.9</td><td>37.1</td><td>12.7</td><td>29.4</td><td>*</td><td>*</td><td>0.6</td><td>0.1</td></tr><tr><td>Time</td><td>25.4</td><td>41.3</td><td>7.7</td><td>14.3</td><td>7.1</td><td>12.6</td><td>10.5</td><td>14.4</td><td>*</td><td>*</td></tr><tr><td>U. S. Government and postal savings deposits</td><td>0.9</td><td>24.5</td><td>0.6</td><td>13.2</td><td>0.3</td><td>11.3</td><td>*</td><td>*</td><td>-</td><td>*</td></tr><tr><td>Interbank and other deposits and miscellaneous liabilities</td><td>14.8</td><td>20.3</td><td>8.7</td><td>12.7</td><td>5.9</td><td>7.5</td><td>*</td><td>0.1</td><td>0.2</td><td>0.1</td></tr><tr><td>Total liabilities</td><td>69.3</td><td>152.9</td><td>31.9</td><td>77.3</td><td>26.1</td><td>60.9</td><td>10.5</td><td>14.5</td><td>0.8</td><td>0.2</td></tr><tr><td>Capital accounts</td><td>8.3</td><td>10.2</td><td>3.4</td><td>4.5</td><td>3.5</td><td>4.2</td><td>1.3</td><td>1.5</td><td>0.1</td><td>*</td></tr><tr><td>Total liabilities and capital accounts</td><td>77.6</td><td>163.0</td><td>35.3</td><td>81.8</td><td>29.5</td><td>65.1</td><td>11.9</td><td>15.9</td><td>0.9</td><td>0.2</td></tr></table>
Treasury Bulletin
A-14
Table 1.- Assets and Liabilities of All Active Banks in the United States, December 31, 1939 through June 30, 1945
(In millions of dollars)
<table><tr><th></th><th>1939<br>Dec. 31</th><th>1940<br>Dec. 31</th><th>1941<br>Dec. 31</th><th>1942<br>Dec. 31</th><th>1943<br>Dec. 31</th><th>1944<br>June 30<br>Dec. 31</th><th>1945<br>June 30</th></tr><tr><td>Number of banks</td><td>15,096</td><td>14,956</td><td>14,885</td><td>14,722</td><td>14,621</td><td>14,598</td><td>14,579</td><td>14,587</td></tr><tr><td colspan="9">Assets</td></tr><tr><td>Loans and discounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans on real estate</td><td>9,102</td><td>9,437</td><td>9,718</td><td>9,373</td><td>8,941</td><td>8,798</td><td>8,735</td><td>8,743</td></tr><tr><td>Other loans, including overdrafts</td><td>13,273</td><td>14,531</td><td>17,120</td><td>14,628</td><td>14,733</td><td>16,706</td><td>17,367</td><td>19,349</td></tr><tr><td>Total loans and discounts</td><td>22,375</td><td>23,967</td><td>26,838</td><td>24,001</td><td>23,675</td><td>25,504</td><td>26,102</td><td>28,092</td></tr><tr><td>Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Government obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>15,446</td><td>16,789</td><td>21,070</td><td>43,185</td><td>63,690</td><td>75,144</td><td>85,411</td><td>94,193</td></tr><tr><td>Guaranteed obligations</td><td>4,002</td><td>4,240</td><td>4,484</td><td>2,874</td><td>2,569</td><td>986</td><td>1,004</td><td>48</td></tr><tr><td>Total</td><td>19,447</td><td>21,029</td><td>25,554</td><td>46,059</td><td>66,259</td><td>76,130</td><td>86,415</td><td>94,240</td></tr><tr><td>Obligations of States and political subdivisions</td><td>4,008</td><td>4,340</td><td>4,197</td><td>3,926</td><td>3,564</td><td>3,639</td><td>3,659</td><td>3,892</td></tr><tr><td>Other bonds, notes, and debentures</td><td>4,618</td><td>4,416</td><td>4,165</td><td>3,755</td><td>3,352</td><td>3,401</td><td>3,383</td><td>3,609</td></tr><tr><td>Corporate stocks, including stocks of Federal Reserve Banks</td><td>721</td><td>744</td><td>674</td><td>631</td><td>551</td><td>546</td><td>554</td><td>530</td></tr><tr><td>Total securities</td><td>28,796</td><td>30,529</td><td>34,589</td><td>54,371</td><td>73,726</td><td>83,717</td><td>94,011</td><td>102,273</td></tr><tr><td>Total loans, discounts, and securities</td><td>51,170</td><td>54,496</td><td>61,428</td><td>78,373</td><td>97,401</td><td>109,221</td><td>120,113</td><td>130,365</td></tr><tr><td>Currency and coin</td><td>1,197</td><td>1,407</td><td>1,545</td><td>1,464</td><td>1,612</td><td>1,623</td><td>1,801</td><td>1,649</td></tr><tr><td>Balance with other banks, including reserve balances 2/</td><td>22,198</td><td>26,846</td><td>25,948</td><td>27,372</td><td>27,000</td><td>26,705</td><td>29,176</td><td>29,248</td></tr><tr><td>Bank premises owned, furniture and fixtures</td><td>1,252</td><td>1,224</td><td>1,209</td><td>1,190</td><td>1,128</td><td>1,102</td><td>1,066</td><td>1,042</td></tr><tr><td>Real estate owned other than bank premises</td><td>1,056</td><td>930</td><td>706</td><td>530</td><td>332</td><td>252</td><td>168</td><td>114</td></tr><tr><td>Investments and other assets indirectly representing bank premises or other real estate</td><td>160</td><td>144</td><td>133</td><td>122</td><td>102</td><td>95</td><td>86</td><td>79</td></tr><tr><td>Customers' liability on acceptances outstanding</td><td>131</td><td>104</td><td>84</td><td>46</td><td>49</td><td>58</td><td>68</td><td>48</td></tr><tr><td>Interest, commissions, rent, and other income earned or accrued but not collected</td><td>150</td><td>420</td><td>163</td><td>173</td><td>220</td><td>503</td><td>261</td><td>483</td></tr><tr><td>Other assets</td><td>261</td><td></td><td>242</td><td>273</td><td>278</td><td></td><td>209</td><td></td></tr><tr><td>Total assets</td><td>77,575</td><td>85,572</td><td>91,454</td><td>109,543</td><td>128,122</td><td>139,560</td><td>152,947</td><td>163,027</td></tr><tr><td colspan="9">Liabilities</td></tr><tr><td>Deposits of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individuals, partnerships, and corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Demand</td><td>28,212</td><td>33,636</td><td>37,805</td><td>47,969</td><td>59,385</td><td>58,421</td><td>65,316</td><td>66,709</td></tr><tr><td>Time</td><td>25,406</td><td>26,072</td><td>26,063</td><td>26,704</td><td>30,725</td><td>33,441</td><td>37,229</td><td>41,348</td></tr><tr><td>Total</td><td>53,618</td><td>59,708</td><td>63,869</td><td>74,673</td><td>90,110</td><td>91,862</td><td>102,545</td><td>108,057</td></tr><tr><td>U. S. Government and postal savings</td><td>910</td><td>805</td><td>1,948</td><td>8,507</td><td>10,532</td><td>19,651</td><td>20,926</td><td>24,544</td></tr><tr><td>States and political subdivisions</td><td>3,512</td><td>3,939</td><td>4,303</td><td>4,523</td><td>4,972</td><td>5,044</td><td>5,196</td><td>5,442</td></tr><tr><td>Banks 2/</td><td>9,902</td><td>10,973</td><td>11,015</td><td>11,324</td><td>11,032</td><td>11,240</td><td>12,264</td><td>12,626</td></tr><tr><td>Other deposits (certified and cashiers' checks, etc.)</td><td>624</td><td>982</td><td>1,098</td><td>1,240</td><td>1,690</td><td>1,571</td><td>1,380</td><td>1,264</td></tr><tr><td>Total deposits 2/</td><td>68,566</td><td>76,408</td><td>82,233</td><td>100,266</td><td>118,336</td><td>129,367</td><td>142,311</td><td>151,933</td></tr><tr><td>Bills payable, rediscounts, and other liabilities for borrowed money</td><td>26</td><td>25</td><td>23</td><td>19</td><td>52</td><td>87</td><td>126</td><td>81</td></tr><tr><td>Acceptances executed by or for account of reporting banks</td><td>150</td><td>121</td><td>101</td><td>52</td><td>60</td><td>65</td><td>78</td><td>56</td></tr><tr><td>Interest, discount, rent, and other income collected but not earned</td><td>73</td><td></td><td>98</td><td>58</td><td>45</td><td></td><td>48</td><td></td></tr><tr><td>Interest, taxes, and other expenses accrued and unpaid</td><td>88</td><td>609</td><td>124</td><td>138</td><td>208</td><td>685</td><td>294</td><td>805</td></tr><tr><td>Other liabilities</td><td>378</td><td></td><td>380</td><td>405</td><td>375</td><td></td><td>398</td><td></td></tr><tr><td>Total liabilities</td><td>69,280</td><td>77,162</td><td>82,959</td><td>100,938</td><td>119,076</td><td>130,204</td><td>143,254</td><td>152,875</td></tr><tr><td colspan="9">Capital Accounts</td></tr><tr><td>Capital notes and debentures</td><td>142</td><td>123</td><td>108</td><td>99</td><td>90</td><td>87</td><td>82</td><td>79</td></tr><tr><td>Preferred stock</td><td>381</td><td>348</td><td>312</td><td>281</td><td>254</td><td>236</td><td>207</td><td>186</td></tr><tr><td>Common stock</td><td>2,503</td><td>2,600</td><td>2,614</td><td>2,606</td><td>2,668</td><td>2,715</td><td>2,764</td><td>2,853</td></tr><tr><td>Surplus</td><td>3,451</td><td>3,561</td><td>3,704</td><td>3,770</td><td>4,105</td><td>4,229</td><td>4,489</td><td>4,662</td></tr><tr><td>Undivided profits</td><td>1,148</td><td>1,187</td><td>1,248</td><td>1,323</td><td>1,370</td><td>1,522</td><td>1,574</td><td>1,759</td></tr><tr><td>Reserves and retirement account for preferred stock and capital notes and debentures</td><td>571</td><td>591</td><td>508</td><td>527</td><td>559</td><td>567</td><td>577</td><td>612</td></tr><tr><td>Total capital accounts</td><td>8,295</td><td>8,410</td><td>8,495</td><td>8,605</td><td>9,046</td><td>9,356</td><td>9,693</td><td>10,152</td></tr><tr><td>Total liabilities and capital accounts</td><td>77,575</td><td>85,572</td><td>91,454</td><td>109,543</td><td>128,122</td><td>139,560</td><td>152,947</td><td>163,027</td></tr></table>
Source: Reports of the Comptroller of the Currency. 1/ Includes territories and insular possessions. (Banks in Guam were excluded from the date for the period December 31, 1942 through December 31, 1944; banks in the Philippines have been excluded for December 31, 1942 and subsequent dates.) Excludes assets and liabilities of trust depart-
ments and of so-called private banks not reporting to State bank supervisors. All items are shown at book value. Commencing with December 31, 1942, reciprocal interbank demand balances with banks in the United States have been excluded. For December 31, 1941 and prior dates, demand balances were reported gross.
December 1945
A-15
Table 2
Assets and Liabilities of All Active Banks in the United States
Classified by Kind of Bank, June 30, 1945
(In millions of dollars)
<table><tr><th></th><th>Total all banks 2/</th><th>National banks</th><th>State commercial banks 3/</th><th>Mutual saving banks</th><th>Private banks 2/</th></tr><tr><td>Number of banks</td><td>14,587</td><td>5,021</td><td>8,993</td><td>534</td><td>39</td></tr><tr><td><b>Assets</b></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans and discounts:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans on real estate</td><td>8,743</td><td>2,083</td><td>2,421</td><td>4,237</td><td>2</td></tr><tr><td>Other loans, including overdrafts</td><td>19,349</td><td>10,306</td><td>8,926</td><td>62</td><td>56</td></tr><tr><td>Total loans and discounts</td><td>28,092</td><td>12,389</td><td>11,347</td><td>4,299</td><td>58</td></tr><tr><td>Securities:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Government obligations:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>94,193</td><td>47,230</td><td>37,306</td><td>9,577</td><td>79</td></tr><tr><td>Guaranteed obligations</td><td>48</td><td>25</td><td>20</td><td>2</td><td>*</td></tr><tr><td>Total</td><td>94,240</td><td>47,255</td><td>37,327</td><td>9,580</td><td>79</td></tr><tr><td>Obligations of States and political subdivisions</td><td>3,892</td><td>2,201</td><td>1,555</td><td>100</td><td>37</td></tr><tr><td>Other bonds, notes, and debentures</td><td>3,609</td><td>1,423</td><td>1,208</td><td>968</td><td>11</td></tr><tr><td>Corporate stocks, including stocks of Federal Reserve Banks</td><td>530</td><td>141</td><td>225</td><td>160</td><td>5</td></tr><tr><td>Total securities</td><td>102,273</td><td>51,020</td><td>40,314</td><td>10,808</td><td>131</td></tr><tr><td>Total loans, discounts, and securities</td><td>130,365</td><td>63,409</td><td>51,661</td><td>15,107</td><td>189</td></tr><tr><td>Currency and coin</td><td>1,649</td><td>821</td><td>750</td><td>77</td><td>2</td></tr><tr><td>Balances with other banks, including reserve balances 4/</td><td>29,246</td><td>16,792</td><td>11,902</td><td>506</td><td>47</td></tr><tr><td>Bank premises owned, furniture and fixtures</td><td>1,042</td><td>504</td><td>438</td><td>100</td><td>*</td></tr><tr><td>Real estate owned other than bank premises</td><td>114</td><td>13</td><td>39</td><td>62</td><td>*</td></tr><tr><td>Investments and other assets indirectly representing bank premises or other real estate</td><td>79</td><td>46</td><td>26</td><td>8</td><td>*</td></tr><tr><td>Customers' liability on acceptances outstanding</td><td>48</td><td>27</td><td>14</td><td>-</td><td>7</td></tr><tr><td>Interest, commissions, rent, and other income earned or accrued but not collected</td><td>483</td><td>183</td><td>233</td><td>66</td><td>1</td></tr><tr><td>Other assets</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total assets</td><td>163,027</td><td>81,795</td><td>65,061</td><td>15,924</td><td>247</td></tr><tr><td><b>Liabilities</b></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits of:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individuals, partnerships, and corporations:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Demand</td><td>66,709</td><td>37,126</td><td>29,437</td><td>8</td><td>137</td></tr><tr><td>Time</td><td>41,348</td><td>14,315</td><td>12,627</td><td>14,384</td><td>21</td></tr><tr><td>Total</td><td>108,057</td><td>51,442</td><td>42,064</td><td>14,392</td><td>158</td></tr><tr><td>U. S. Government and postal savings</td><td>24,544</td><td>13,210</td><td>11,332</td><td>1</td><td>*</td></tr><tr><td>States and political subdivisions</td><td>5,442</td><td>3,154</td><td>2,285</td><td>1</td><td>2</td></tr><tr><td>Banks 4/</td><td>12,626</td><td>8,252</td><td>4,321</td><td>*</td><td>53</td></tr><tr><td>Other deposits (certified and cashiers' checks, etc.)</td><td>1,264</td><td>768</td><td>494</td><td>1</td><td>1</td></tr><tr><td>Total deposits</td><td>151,933</td><td>76,826</td><td>60,496</td><td>14,396</td><td>215</td></tr><tr><td>Bills payable, rediscounts, and other liabilities for borrowed money</td><td>81</td><td>5</td><td>73</td><td>1</td><td>2</td></tr><tr><td>Acceptances executed by or for account of reporting banks</td><td>56</td><td>32</td><td>18</td><td>-</td><td>7</td></tr><tr><td>Interest, discount, rent, and other income collected but not earned</td><td>805</td><td>460</td><td>290</td><td>55</td><td>1</td></tr><tr><td>Interest, taxes, and other expenses accrued and unpaid</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other liabilities</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total liabilities</td><td>152,875</td><td>77,322</td><td>60,877</td><td>14,452</td><td>225</td></tr><tr><td><b>Capital Accounts</b></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital notes and debentures</td><td>79</td><td>-</td><td>74</td><td>5</td><td>-</td></tr><tr><td>Preferred stock</td><td>186</td><td>80</td><td>106</td><td>-</td><td>-</td></tr><tr><td>Common stock</td><td>2,853</td><td>1,545</td><td>1,302</td><td>-</td><td>6</td></tr><tr><td>Surplus</td><td>4,662</td><td>1,875</td><td>1,758</td><td>1,017</td><td>12</td></tr><tr><td>Undivided profits</td><td>1,759</td><td>692</td><td>652</td><td>415</td><td>*</td></tr><tr><td>Reserves and retirement account for preferred stock and capital notes and debentures</td><td>612</td><td>281</td><td>292</td><td>36</td><td>3</td></tr><tr><td>Total capital accounts</td><td>10,152</td><td>4,473</td><td>4,185</td><td>1,472</td><td>22</td></tr><tr><td>Total liabilities and capital accounts</td><td>163,027</td><td>81,795</td><td>65,061</td><td>15,924</td><td>247</td></tr></table>
Source: Report of the Comptroller of the Currency.
1/ Less than $500,000. Includes territories and insular possessions. (Banks in the Philippines have been excluded.) All items are shown at book value.
2/ Excludes assets and liabilities of trust departments and
of so-called private banks not reporting to State bank supervisors.
3/ Includes trust companies and stock savings banks.
4/ Excludes reciprocal interbank demand balances with banks in the United States.
A-16
Treasury Bulletin
Treasury Market Financing
Historical details of Treasury market financing operations involving bonds, notes, and certificates of indebtedness, beginning with the 3rd War Loan, are published in the tables on pages 32 and 33.
Call of 3-3/4% Treasury bonds
On November 14, 1945 the 3-3/4% Treasury bonds of 1946-56 were called for payment on March 15, 1946. These bonds were dated March 15, 1926. Their final maturity date was March 15, 1956 with the option to call by the Treasury, on four months' notice, for payment on any interest payment date from March 15, 1946 to final maturity. There are now outstanding $489 million of
these bonds. The issue is partially tax-exempt.
The Treasury's announcement of call stated that holders of the bonds may be offered, in advance of the redemption date, the privilege of exchanging all or any part of their called bonds for other interest-bearing obligations of the United States, in which event public notice would hereafter be given.
December 1945
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budgetary Receipts and Expenditures
<table><tr><th></th><th colspan="4">First 4 months, fiscal years 1944 to 1946</th><th colspan="6">Complete fiscal years, 1943 to 1946</th></tr><tr><th></th><th>1944</th><th>1945</th><th>1946</th><th>Change 1945 to 1946</th><th colspan="3">Actual</th><th>Estimated 1/</th><th colspan="2">Change Actual 1945 to estimated 1946 1/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1943</th><th>1944</th><th>1945</th><th>1946</th><th></th><th></th></tr><tr><td colspan="11">(In millions of dollars)</td></tr><tr><td>Receipts: 2/ Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td colspan="2">(In billions of dollars)</td></tr><tr><td>Income and profits taxes 3/</td><td>8,887</td><td>9,213</td><td>9,209</td><td>-4</td><td>16,094</td><td>34,655</td><td>35,173</td><td></td><td></td><td></td></tr><tr><td>Employment taxes</td><td>454</td><td>497</td><td>496</td><td>*</td><td>1,498</td><td>1,739</td><td>1,780</td><td></td><td></td><td></td></tr><tr><td>Miscellaneous internal revenue 4/</td><td>2,048</td><td>2,607</td><td>2,857</td><td>+250</td><td>4,553</td><td>5,291</td><td>6,949</td><td></td><td></td><td></td></tr><tr><td>Customs</td><td>141</td><td>105</td><td>131</td><td>+26</td><td>324</td><td>431</td><td>355</td><td></td><td></td><td></td></tr><tr><td>Other receipts 5/</td><td>1,039</td><td>631</td><td>1,115</td><td>+483</td><td>916</td><td>3,292</td><td>3,483</td><td></td><td></td><td></td></tr><tr><td>Total receipts</td><td>12,570</td><td>13,053</td><td>13,808</td><td>+755</td><td>23,385</td><td>45,408</td><td>47,740</td><td>6/</td><td>6/</td></tr><tr><td>Less: Net appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>364</td><td>395</td><td>396</td><td>+1</td><td>1,103</td><td>1,260</td><td>1,283</td><td>6/</td><td>6/</td></tr><tr><td>Net receipts</td><td>12,206</td><td>12,657</td><td>13,412</td><td>+754</td><td>22,282</td><td>44,149</td><td>46,457</td><td>36.0</td><td>-10.5</td></tr><tr><td colspan="11">Expenditures: 1/</td></tr><tr><td>War activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>16,205</td><td>16,010</td><td>14,055</td><td>-1,955</td><td>42,265</td><td>49,242</td><td>50,337</td><td>6/</td><td>6/</td></tr><tr><td>Navy Department</td><td>7,799</td><td>10,036</td><td>7,660</td><td>-2,376</td><td>20,888</td><td>26,538</td><td>30,047</td><td></td><td></td></tr><tr><td>Miscellaneous war activities</td><td>3,601</td><td>3,202</td><td>2,496</td><td>-706</td><td>8,955</td><td>11,259</td><td>9,645</td><td></td><td></td></tr><tr><td>Total</td><td>27,605</td><td>29,248</td><td>24,211</td><td>-5,037</td><td>72,109</td><td>87,039</td><td>90,029</td><td>51.0</td><td>-39.0</td></tr><tr><td>Veterans' Administration, interest on public debt, and refunds of taxes and duties:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans' Administration 8/ 9/</td><td>203</td><td>400</td><td>760</td><td>+360</td><td>602</td><td>730</td><td>2,060</td><td>3.2</td><td>+1.1</td></tr><tr><td>Interest on the public debt</td><td>556</td><td>877</td><td>1,074</td><td>+197</td><td>1,808</td><td>2,609</td><td>3,617</td><td>4.5</td><td>+9</td></tr><tr><td>Refunds of taxes and duties 10/</td><td>25</td><td>454</td><td>996</td><td>+542</td><td>76</td><td>262</td><td>1,707</td><td>2.9</td><td>+1.2</td></tr><tr><td>Total</td><td>784</td><td>1,732</td><td>2,830</td><td>+1,098</td><td>2,487</td><td>3,601</td><td>7,384</td><td>10.6</td><td>+3.2</td></tr><tr><td>Aid to agriculture 8/</td><td>285</td><td>149</td><td>116</td><td>-33</td><td>1,163</td><td>909</td><td>762</td><td></td><td></td></tr><tr><td>Social security program 8/ 11/</td><td>409</td><td>426</td><td>431</td><td>+5</td><td>735</td><td>803</td><td>815</td><td>3.1</td><td>+1.4</td></tr><tr><td>Public works</td><td>179</td><td>128</td><td>132</td><td>+4</td><td>543</td><td>433</td><td>323</td><td></td><td></td></tr><tr><td>Other 8/</td><td>459</td><td>500</td><td>753</td><td>+253</td><td>1,142</td><td>958</td><td>1,092</td><td></td><td></td></tr><tr><td>International finance</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.3 12/</td><td>+2.3</td></tr><tr><td>Total expenditures 1/</td><td>29,720</td><td>32,183</td><td>28,473</td><td>-3,710</td><td>78,179</td><td>93,744</td><td>100,405</td><td>67.3</td><td>-33.1</td></tr><tr><td>Net budgetary deficit 1/</td><td>17,514</td><td>19,525</td><td>15,061</td><td>-4,464</td><td>55,897</td><td>49,595</td><td>53,948</td><td>31.3</td><td>-22.6</td></tr></table>
Source: Actual receipts and expenditures come from Daily Treasury Statements; source of estimated figures is explained in footnote 1. Less than $500,000.
1/ Based upon Budget estimates as revised August 31, 1945.
2/ For further details, see following chapter, Tables 1 and 2.
3/ Includes receipts from taxes withheld by employers under the Revenue Act of 1942 and Current Tax Payment Act of 1943.
4/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
5/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; and fiscal year 1945, $2,041 million. These figures include so-called voluntary returns.
6/ Details not available.
7/ Includes expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law. For further details regarding expenditures see following chapter, Tables 1 and 2.
8/ Includes transfers to trust accounts, etc.
9/ Includes expenditures for public works undertaken by Veterans' Administration.
10/ "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and exclude refunds of taxes under the social security program. For discussion of excess profits tax refund bonds, see following chapter, Table 3.
11/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of the Social Security Act.
12/ Comprises $950 million for payments to International Monetary Fund, (excludes $1,800 million to be paid from Exchange Stabilisation Fund); $317 million for payments for capital stock of International Bank for Reconstruction and Development; and $999 million for payments for capital stock of Export-Import Bank (excludes $1 million of common stock heretofore issued by Export-Import Bank and purchased by the United States).
December 1945
3
Public Debt and Guaranteed Obligations Outstanding
<table><tr><th></th><th colspan="4">End of first 4 months, fiscal years 1944 to 1945</th><th colspan="4">End of fiscal years, 1943 to 1945</th></tr><tr><th></th><th>Oct. 31, 1943</th><th>Oct. 31, 1944</th><th>Oct. 31, 1945</th><th>Change Oct. 31, 1944 to Oct. 31, 1945</th><th>Actual June 30, 1943</th><th>Actual June 30, 1944</th><th>Actual June 30, 1945</th><th>Estimated 1/ Change Actual June 30, 1945 to estimated June 30, 1946 1/</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td>Securities issued by the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>(In billions of dollars)</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>115,944</td><td>145,008</td><td>182,790</td><td>+37,782</td><td>95,310</td><td>140,401</td><td>181,319</td><td></td></tr><tr><td>Non-marketable</td><td>35,776</td><td>47,430</td><td>56,072</td><td>+8,642</td><td>29,200</td><td>44,855</td><td>55,226</td><td></td></tr><tr><td>Total public issues</td><td>151,720</td><td>192,438</td><td>238,862</td><td>+46,424</td><td>124,509</td><td>185,256</td><td>237,545</td><td>2/</td></tr><tr><td>Special issues</td><td>11,858</td><td>16,170</td><td>20,577</td><td>+4,408</td><td>10,871</td><td>14,287</td><td>18,812</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>163,589</td><td>208,608</td><td>259,439</td><td>+50,832</td><td>135,380</td><td>199,543</td><td>256,357</td><td>2/</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,458</td><td>1,636</td><td>2,378 3/</td><td>+742 3/</td><td>1,316</td><td>1,460</td><td>2,326</td><td>2/</td></tr><tr><td>Total public debt outstanding</td><td>165,047</td><td>210,244</td><td>261,817</td><td>+51,573</td><td>136,696</td><td>201,003</td><td>258,682</td><td>272.9 +14.2</td></tr><tr><td>Securities guaranteed by the United States 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>3,583</td><td>1,193</td><td>39</td><td>-1,154</td><td>3,908</td><td>1,190</td><td>34</td><td></td></tr><tr><td>Non-marketable</td><td>530</td><td>287</td><td>502</td><td>+214</td><td>183</td><td>326</td><td>375</td><td></td></tr><tr><td>Total interest-bearing debt</td><td>4,113</td><td>1,480</td><td>541</td><td>-939</td><td>4,092</td><td>1,516</td><td>409</td><td>2/</td></tr><tr><td>Matured debt</td><td>6</td><td>83</td><td>17</td><td>-66</td><td>8</td><td>107</td><td>24</td><td>2/</td></tr><tr><td>Total guaranteed securities outstanding</td><td>4,119</td><td>1,563</td><td>558</td><td>-1,005</td><td>4,100</td><td>1,623</td><td>433</td><td>.1 -1.4r</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>169,166</td><td>211,807</td><td>262,376</td><td>+50,568</td><td>140,796</td><td>202,626</td><td>259,115</td><td>273.0 +13.9</td></tr></table>
Source: Daily Treasury Statements, except as noted. r Revised. 1/ Based upon Budget estimates as revised August 31, 1945.
2/ Details not available.
3/ Includes prepayments on securities.
4/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
<table><tr><th rowspan="2"></th><th colspan="3">First 4 months, fiscal years 1944 to 1946</th><th colspan="4">Complete fiscal years. 1943 to 1946</th></tr><tr><th>1944</th><th>1945</th><th>1946</th><th colspan="3">Actual</th><th>Estimated 1/1/46</th></tr><tr><td></td><td colspan="3">(In millions of dollars)</td><td>1943</td><td>1944</td><td>1945</td><td>(In billions of dollars)</td></tr><tr><td><b>Amount required to be financed:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit 2/</td><td>17,514</td><td>19,525</td><td>15,061</td><td>55,897</td><td>49,595</td><td>53,943</td><td>31.3</td></tr><tr><td>Net increase in General Fund balance</td><td>9,790</td><td>-</td><td>-</td><td>6,515</td><td>10,662</td><td>4,529</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 3/</td><td>1,046</td><td>-</td><td>-</td><td>1,861</td><td>1,051</td><td>-</td><td>-</td></tr><tr><td>Total amount required to be financed</td><td>28,351</td><td>19,525</td><td>15,061</td><td>64,274</td><td>64,307</td><td>58,477</td><td>31.3</td></tr><tr><td><b>Means of financing:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase in public debt</td><td>28,351</td><td>9,241</td><td>3,135</td><td>64,274</td><td>64,307</td><td>57,679</td><td>14.2</td></tr><tr><td>Net decrease in General Fund balance</td><td>-</td><td>10,178</td><td>11,835</td><td>-</td><td>-</td><td>-</td><td>17.0</td></tr><tr><td>Net receipts in trust accounts, etc. 3/</td><td>-</td><td>106</td><td>41</td><td>-</td><td>-</td><td>798</td><td>.1</td></tr><tr><td>Total amount financed</td><td>28,351</td><td>19,525</td><td>15,061</td><td>64,274</td><td>64,307</td><td>58,477</td><td>31.3</td></tr></table>
Source: Daily Treasury Statements, except as noted. 1/ Based upon Budget estimates as revised August 31, 1945. 2/ Excludes amounts for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
3/ Comprises trust accounts, checking accounts of Government agencies, etc., increment on gold, seizmiorage on silver, and miscellaneous funds and accounts.
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
December 1945
5
Table 1.- Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</th><th colspan="4">Expenditures 1/</th><th rowspan="2">Public debt retirements 8/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less net appropriation to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 4/</th><th>War activities 5/</th><th>Transfers to trust accounts, etc. 6/</th><th>Net budgetary deficit 1/</th></tr><tr><td>1936</td><td>4,116</td><td>3,513</td><td>387</td><td>216</td><td>-</td><td>4,116</td><td>8,666</td><td>5,946</td><td>900</td><td>1,820</td><td>4,550</td><td>403</td></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>8,177</td><td>6,611</td><td>929</td><td>608</td><td>3,149</td><td>104</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,239</td><td>5,985</td><td>1,029</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>8,707</td><td>7,313</td><td>1,206</td><td>187</td><td>3,542</td><td>58</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 2/</td><td>538</td><td>5,387</td><td>8,998</td><td>7,109</td><td>1,657</td><td>232</td><td>3,611</td><td>129</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 9/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,079 10/</td><td>6,301</td><td>331</td><td>5,103</td><td>64</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 9/</td><td>869</td><td>12,799</td><td>32,397</td><td>6,005</td><td>26,011</td><td>381</td><td>19,598</td><td>95</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 9/11/</td><td>1,103</td><td>22,282</td><td>78,179</td><td>5,635</td><td>72,109</td><td>435</td><td>55,397</td><td>3</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292 11/</td><td>1,260</td><td>44,149</td><td>93,744</td><td>6,149</td><td>87,039</td><td>556</td><td>49,595</td><td></td></tr><tr><td>1945</td><td>47,740</td><td>45,902</td><td>355</td><td>3,483 11/</td><td>1,283</td><td>46,457</td><td>100,405</td><td>8,730</td><td>90,029</td><td>1,646</td><td>53,948</td><td></td></tr><tr><td>1944-October</td><td>2,054</td><td>1,880</td><td>29</td><td>145</td><td>54</td><td>2,001</td><td>8,024</td><td>498</td><td>7,479</td><td>47</td><td>6,023</td><td>-</td></tr><tr><td>November</td><td>2,506</td><td>2,300</td><td>27</td><td>178</td><td>265</td><td>2,240</td><td>7,828</td><td>409</td><td>7,401</td><td>18</td><td>5,587</td><td>-</td></tr><tr><td>December</td><td>5,418</td><td>4,945</td><td>29</td><td>444</td><td>2</td><td>5,416</td><td>8,416</td><td>891</td><td>7,503</td><td>22</td><td>2,999</td><td></td></tr><tr><td>1945-January</td><td>3,587</td><td>3,042</td><td>36</td><td>509</td><td>31</td><td>3,556</td><td>8,202</td><td>581</td><td>7,551</td><td>69</td><td>4,645</td><td></td></tr><tr><td>February</td><td>3,987</td><td>3,815</td><td>23</td><td>149</td><td>220</td><td>3,767</td><td>7,460</td><td>463</td><td>6,948</td><td>48</td><td>3,693</td><td>-</td></tr><tr><td>March</td><td>6,908</td><td>6,431</td><td>33</td><td>444</td><td>15</td><td>6,892</td><td>9,433</td><td>1,142</td><td>8,246</td><td>45</td><td>2,540</td><td>-</td></tr><tr><td>April</td><td>2,967</td><td>2,746</td><td>33</td><td>188</td><td>39</td><td>2,929</td><td>7,968</td><td>594</td><td>7,139</td><td>235</td><td>5,040</td><td>-</td></tr><tr><td>May</td><td>3,398</td><td>2,921</td><td>36</td><td>441</td><td>313</td><td>3,085</td><td>9,275</td><td>822</td><td>8,156</td><td>296</td><td>6,190</td><td>-</td></tr><tr><td>June</td><td>5,916</td><td>5,384</td><td>33</td><td>498</td><td>2</td><td>5,914</td><td>9,641</td><td>1,469</td><td>7,837</td><td>335</td><td>3,727</td><td></td></tr><tr><td>July</td><td>2,754</td><td>2,527</td><td>33</td><td>195</td><td>59</td><td>2,695</td><td>8,557</td><td>704</td><td>7,324</td><td>530</td><td>5,862</td><td></td></tr><tr><td>August</td><td>3,281</td><td>2,849</td><td>32</td><td>400</td><td>283</td><td>2,997</td><td>7,354</td><td>794</td><td>6,398</td><td>162</td><td>4,357</td><td>-</td></tr><tr><td>September</td><td>5,192</td><td>4,847</td><td>30</td><td>315</td><td>2</td><td>5,189</td><td>6,611</td><td>1,212</td><td>5,365</td><td>34</td><td>1,422</td><td>-</td></tr><tr><td>October</td><td>2,581</td><td>2,340</td><td>36</td><td>205</td><td>52</td><td>2,530</td><td>5,950</td><td>789</td><td>5,124</td><td>38</td><td>3,420</td><td></td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For further details, see Table 2.
3/ For explanation see tables which follow entitled "Social Security Program".
4/ For further details, see Table 3.
5/ For further details, see Table 4.
6/ For further details, see Table 5.
7/ Total expenditures less net receipts.
8/ Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
9/ Includes recoveries of U. S. investments in capital funds.
10/ Receipts from reductions in capital stock and paid-in surplus available to be reissued under existing law are included as negative items under expenditures. Such reductions totaled $315 million.
11/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; and fiscal year 1945, $2,041 million. These figures include so-called voluntary returns.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="3">Income and profit taxee</th><th colspan="3">Employment taxes</th><th rowspan="2">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><th>Total</th><th>Withheld by employers (Current Tax Payment Act of 1943) 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 1/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taring Act of 1937 (Railroad retirement)</th></tr><tr><td>1936</td><td>3,513</td><td>1,427</td><td>-</td><td>1,427</td><td>*</td><td>-</td><td>-</td><td>*</td><td>2,010</td><td>77</td></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>-</td><td>2,151</td><td>*</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>30</td><td>150</td><td>2,279</td><td>-</td></tr><tr><td>1939</td><td>5,151</td><td>2,183</td><td>-</td><td>2,183</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,232</td><td>-</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td><td>-</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</td><td>-</td></tr><tr><td>1942</td><td>12,993</td><td>7,950</td><td>-</td><td>7,950</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,847</td><td>-</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>209</td><td>4,553</td><td>-</td></tr><tr><td>1944</td><td>41,685</td><td>34,655</td><td>8,393</td><td>26,262</td><td>1,739</td><td>1,292</td><td>180</td><td>267</td><td>5,291</td><td>-</td></tr><tr><td>1945</td><td>43,902</td><td>35,173</td><td>10,289</td><td>24,884</td><td>1,780</td><td>1,310</td><td>185</td><td>285</td><td>6,949</td><td>-</td></tr><tr><td>1944-October</td><td>1,880</td><td>1,240</td><td>609</td><td>632</td><td>60</td><td>55</td><td>3</td><td>1</td><td>580</td><td>-</td></tr><tr><td>November</td><td>2,300</td><td>1,501</td><td>1,035</td><td>466</td><td>293</td><td>267</td><td>11</td><td>14</td><td>507</td><td>-</td></tr><tr><td>December</td><td>4,945</td><td>4,347</td><td>741</td><td>3,606</td><td>60</td><td>4</td><td>1</td><td>55</td><td>539</td><td>-</td></tr><tr><td>1945-January</td><td>3,042</td><td>2,422</td><td>619</td><td>1,803</td><td>48</td><td>33</td><td>13</td><td>1</td><td>573</td><td>-</td></tr><tr><td>February</td><td>3,815</td><td>2,922</td><td>1,295</td><td>1,627</td><td>341</td><td>222</td><td>114</td><td>5</td><td>552</td><td>-</td></tr><tr><td>March</td><td>6,411</td><td>5,818</td><td>883</td><td>4,935</td><td>93</td><td>18</td><td>10</td><td>65</td><td>520</td><td>-</td></tr><tr><td>April</td><td>2,746</td><td>2,167</td><td>600</td><td>1,567</td><td>45</td><td>41</td><td>3</td><td>1</td><td>534</td><td>-</td></tr><tr><td>May</td><td>2,921</td><td>2,027</td><td>1,282</td><td>745</td><td>337</td><td>316</td><td>12</td><td>9</td><td>557</td><td>-</td></tr><tr><td>June</td><td>5,384</td><td>4,757</td><td>826</td><td>3,930</td><td>66</td><td>5</td><td>2</td><td>60</td><td>561</td><td>-</td></tr><tr><td>July</td><td>2,527</td><td>1,743</td><td>669</td><td>1,073</td><td>66</td><td>62</td><td>3</td><td>1</td><td>718</td><td>-</td></tr><tr><td>August</td><td>2,849</td><td>1,665</td><td>1,200</td><td>466</td><td>306</td><td>286</td><td>12</td><td>8</td><td>877</td><td>-</td></tr><tr><td>September</td><td>4,847</td><td>4,208</td><td>768</td><td>3,440</td><td>66</td><td>5</td><td>2</td><td>59</td><td>573</td><td>-</td></tr><tr><td>October</td><td>2,340</td><td>1,593</td><td>572</td><td>1,021</td><td>58</td><td>54</td><td>3</td><td>1</td><td>689</td><td>-</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. 1/ For further details, see chapter entitled "Internal Revenue Statistics". 2/ Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
Includes unjust enrichment tax. For the period prior to September 1939, the data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax Act" represent collections under Titles VIII and IX, respectively, of the Social Security Act.
6
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditures</th><th colspan="4">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="7">Other general expenditure</th></tr><tr><th></th><th></th><th>Total</th><th>Veterans' Administration 2/ 3/</th><th>Interest on the public debt</th><th>Refund of taxes and duties 4/</th><th>Total</th><th>Aid to agriculture 3/ 5/</th><th>Social security program 3/ 6/</th><th>Public works 7/</th><th>Department not otherwise classified 8/</th><th>Civilian Conservation Corps 9/</th><th>Direct and work relief 9/</th><th>Miscellaneous 10/</th></tr><tr><td>1936</td><td>5,946</td><td>1,381</td><td>578</td><td>749</td><td>54</td><td>4,564</td><td>933</td><td>29</td><td>730r</td><td>424</td><td>486</td><td>1,759</td><td>204</td></tr><tr><td>1937</td><td>6,641</td><td>1,503</td><td>581</td><td>866</td><td>56</td><td>5,136</td><td>971r</td><td>184</td><td>1,024</td><td>510</td><td>386</td><td>1,895</td><td>167</td></tr><tr><td>1938</td><td>5,985</td><td>1,567</td><td>582</td><td>926</td><td>59</td><td>4,416</td><td>854r</td><td>335</td><td>804</td><td>481</td><td>326</td><td>1,476</td><td>141</td></tr><tr><td>1939</td><td>7,313</td><td>1,564</td><td>557</td><td>941</td><td>66</td><td>5,751</td><td>1,228r</td><td>347</td><td>1,000r</td><td>517</td><td>290</td><td>2,242</td><td>125</td></tr><tr><td>1940</td><td>7,109</td><td>1,687</td><td>557</td><td>1,041</td><td>89</td><td>5,421</td><td>1,541r</td><td>392</td><td>949</td><td>546</td><td>283</td><td>1,573</td><td>138</td></tr><tr><td>1941</td><td>6,079</td><td>1,751</td><td>553</td><td>1,111</td><td>87</td><td>4,32711/</td><td>847</td><td>457</td><td>738</td><td>525</td><td>257</td><td>1,374</td><td>129</td></tr><tr><td>1942</td><td>6,005</td><td>1,906</td><td>555</td><td>1,260</td><td>91</td><td>4,099</td><td>1,098</td><td>515</td><td>680</td><td>544</td><td>163</td><td>970</td><td>129</td></tr><tr><td>1943</td><td>5,635</td><td>2,456</td><td>572</td><td>1,808</td><td>76</td><td>3,178</td><td>1,093</td><td>514</td><td>543</td><td>590</td><td>18</td><td>299</td><td>121</td></tr><tr><td>1944</td><td>6,149</td><td>3,500</td><td>629</td><td>2,609</td><td>262</td><td>2,649</td><td>912</td><td>529</td><td>433</td><td>692</td><td>*</td><td>17</td><td>66</td></tr><tr><td>1945</td><td>8,730</td><td>6,258</td><td>934</td><td>3,617</td><td>1,707</td><td>2,47212/</td><td>76312/</td><td>497</td><td>323</td><td>788</td><td>*</td><td>*</td><td>101</td></tr><tr><td>1944-October</td><td>498</td><td>306</td><td>70</td><td>133</td><td>103</td><td>191</td><td>28</td><td>51</td><td>35</td><td>68</td><td>*</td><td>*</td><td>9</td></tr><tr><td>November</td><td>409</td><td>257</td><td>73</td><td>56</td><td>128</td><td>154</td><td>20</td><td>40</td><td>25</td><td>63</td><td>*</td><td>*</td><td>4</td></tr><tr><td>December</td><td>891</td><td>729</td><td>74</td><td>560</td><td>95</td><td>162</td><td>27</td><td>33</td><td>30</td><td>66</td><td>*</td><td>*</td><td>6</td></tr><tr><td>1945-January</td><td>581</td><td>369</td><td>78</td><td>191</td><td>100</td><td>213</td><td>51</td><td>54</td><td>31</td><td>67</td><td>*</td><td>*</td><td>10</td></tr><tr><td>February</td><td>463</td><td>322</td><td>75</td><td>91</td><td>156</td><td>142</td><td>20</td><td>32</td><td>19</td><td>64</td><td>*</td><td>-1</td><td>8</td></tr><tr><td>March</td><td>1,142</td><td>947</td><td>85</td><td>628</td><td>234</td><td>194</td><td>55</td><td>37</td><td>24</td><td>70</td><td>*</td><td>*</td><td>8</td></tr><tr><td>April</td><td>594</td><td>369</td><td>85</td><td>139</td><td>145</td><td>225</td><td>85</td><td>50</td><td>20</td><td>61</td><td>*</td><td>*</td><td>9</td></tr><tr><td>May</td><td>822</td><td>342</td><td>95</td><td>66</td><td>181</td><td>48012/</td><td>33812/</td><td>40</td><td>20</td><td>71</td><td>*</td><td>*</td><td>11</td></tr><tr><td>June</td><td>1,469</td><td>1,319</td><td>96</td><td>1,009</td><td>214</td><td>149</td><td>16</td><td>33</td><td>25</td><td>67</td><td>*</td><td>*</td><td>8</td></tr><tr><td>July</td><td>704</td><td>525</td><td>103</td><td>156</td><td>266</td><td>177</td><td>28</td><td>47</td><td>31</td><td>65</td><td>13/</td><td>13/</td><td>6</td></tr><tr><td>August</td><td>794</td><td>556</td><td>110</td><td>99</td><td>347</td><td>239</td><td>46</td><td>61</td><td>34</td><td>74</td><td>13/</td><td>13/</td><td>24</td></tr><tr><td>September</td><td>1,212</td><td>1,060</td><td>112</td><td>647</td><td>301</td><td>152</td><td>26</td><td>24</td><td>29</td><td>64</td><td>13/</td><td>13/</td><td>9</td></tr><tr><td>October</td><td>789</td><td>387</td><td>133</td><td>172</td><td>82</td><td>402</td><td>35</td><td>73</td><td>37</td><td>68</td><td>13/</td><td>13/</td><td>19011/</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: For monthly data for the period July 1941 through July 1944, see "Treasury Bulletin" for September 1945, pages 6 and 7.
r Revised.
* Less than $500,000.
1/ General expenditures now include expenditures for revolving funds; back figures have been revised accordingly.
2/ Includes public works undertaken by the Veterans' Administration.
3/ Does not include transfers to trust accounts, etc. These are shown in Table 5.
4/ "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and exclude refunds of taxes under the Social security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a post-war credit equal to 10% of the excess profits tax paid. The Tax Adjustment Act of 1945 reduced by 10% the amount of excess profits tax to be paid and abolished the post-war credit. For amounts of excess profits tax refund bonds issued, see the first table in chapter entitled "Public Debt and Guaranteed Obligations of the United States Government". Outstanding excess profits tax refund bonds may be redeemed at the option of the holder commencing January 1, 1946; when such redemptions occur, they will appear as retirements of public debt.
5/ Concelts of Administration of Sugar Act of 1937, Agricultural Adjustment Agency, exportation and domestic consumption of agricultural commodities, Farm Credit Administration, Farm Security Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration, Soil Conservation and Extension Service, Department of Agriculture departmental expenditures, and other.
6/ Includes railroad retirement and railroad unemployment activities
and excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of Social Security Act. For further details, see tables which follow on the Social security program.
1/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority) and reclamation projects. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
8/ Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social security program and the Department of Agriculture departmental expenditures. For additional information, see "Treasury Bulletin" for August 1945, page 6.
10/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; Post Office Department postal deficiencies; Federal Housing Administration; Treasury Department investments in Federal savings and loan associations; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, and Disaster Loan Corporation.
11/ Gross expenditures have been reduced $160 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
12/ Includes $257 million for restoration of capital impairment of Commodity Credit Corporation applicable to fiscal years 1943 and 1944.
13/ Classified as miscellaneous expenditures commencing July 1, 1945.
14/ Includes $174 million, Export-Import Bank of Washington - capital stock.
December 1945
7
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for War Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department</th><th>Neve Department</th><th>Total miscellaneous war activities</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency 1/</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation Admin.</th><th>Other war activities expenditures 2/</th></tr><tr><td>1936</td><td>900</td><td>383</td><td>529</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>929</td><td>378</td><td>557</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>596</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,206</td><td>490</td><td>673</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,578</td><td>2,723</td><td>310</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>-</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>8,955</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,282</td><td>26,538</td><td>11,259</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>59</td><td>1,432</td><td>3,812</td><td>1,922</td><td>-</td><td>-</td><td>991</td></tr><tr><td>1945</td><td>90,029</td><td>50,337</td><td>30,047</td><td>9,645</td><td>1,198</td><td>122</td><td>185</td><td>70</td><td>63</td><td>1,462</td><td>3,227</td><td>2,042</td><td>140</td><td>114</td><td>1,022</td></tr><tr><td>1944-October</td><td>7,479</td><td>4,091</td><td>2,648</td><td>740</td><td>-2</td><td>17</td><td>19</td><td>1</td><td>6</td><td>110</td><td>326</td><td>145</td><td>20</td><td>-</td><td>99</td></tr><tr><td>November</td><td>7,401</td><td>3,978</td><td>2,577</td><td>845</td><td>161</td><td>9</td><td>17</td><td>-8</td><td>4</td><td>118</td><td>298</td><td>152</td><td>-</td><td>-</td><td>94</td></tr><tr><td>December</td><td>7,503</td><td>4,194</td><td>2,439</td><td>870</td><td>112</td><td>8</td><td>15</td><td>14</td><td>4</td><td>124</td><td>312</td><td>183</td><td>-</td><td>-</td><td>97</td></tr><tr><td>1945-January</td><td>7,551</td><td>4,294</td><td>2,539</td><td>718</td><td>102</td><td>14</td><td>17</td><td>6</td><td>4</td><td>137</td><td>184</td><td>180</td><td>-</td><td>2</td><td>72</td></tr><tr><td>February</td><td>6,948</td><td>3,866</td><td>2,392</td><td>690</td><td>147</td><td>5</td><td>12</td><td>-24</td><td>5</td><td>94</td><td>228</td><td>166</td><td>-</td><td>3</td><td>56</td></tr><tr><td>March</td><td>8,246</td><td>4,684</td><td>2,759</td><td>803</td><td>85</td><td>9</td><td>14</td><td>8</td><td>4</td><td>136</td><td>259</td><td>189</td><td>-</td><td>8</td><td>91</td></tr><tr><td>April</td><td>7,139</td><td>4,116</td><td>2,292</td><td>731</td><td>68</td><td>11</td><td>11</td><td>8</td><td>5</td><td>104</td><td>246</td><td>168</td><td>-</td><td>27</td><td>84</td></tr><tr><td>May</td><td>8,156</td><td>4,530</td><td>2,724</td><td>901</td><td>87</td><td>5</td><td>19</td><td>1</td><td>5</td><td>159</td><td>259</td><td>209</td><td>60</td><td>27</td><td>68</td></tr><tr><td>June</td><td>7,837</td><td>4,664</td><td>2,289</td><td>885</td><td>80</td><td>2</td><td>12</td><td>11</td><td>5</td><td>103</td><td>277</td><td>220</td><td>60</td><td>42</td><td>71</td></tr><tr><td>July</td><td>7,324</td><td>4,270</td><td>2,261</td><td>793</td><td>89</td><td>5</td><td>12</td><td>18</td><td>5</td><td>123</td><td>195</td><td>159</td><td>70</td><td>45</td><td>71</td></tr><tr><td>August</td><td>6,398</td><td>3,545</td><td>2,149</td><td>703</td><td>98</td><td>20</td><td>12</td><td>8</td><td>6</td><td>74</td><td>161</td><td>191</td><td>34</td><td>15</td><td>83</td></tr><tr><td>September</td><td>5,365</td><td>3,264</td><td>1,659</td><td>443</td><td>39</td><td>8</td><td>9</td><td>13</td><td>5</td><td>43</td><td>90</td><td>162</td><td>-</td><td>15</td><td>58</td></tr><tr><td>October</td><td>5,124</td><td>2,976</td><td>1,590</td><td>557</td><td>51</td><td>4</td><td>10</td><td>11</td><td>5</td><td>105</td><td>88</td><td>178</td><td>-</td><td>42</td><td>62</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: Monthly figures for the period July 1940 through April 1941 appeared in the "Treasury Bulletin" for May 1943, page 7.
- Less than $500,000.
1/ Includes war public housing functions.
2/ Similar items for periods prior to fiscal year 1941 are classified under "Other departmental" and "Other general expenditures" in
Table 3. Includes war expenditures of Commerce, Justice, Interior, Labor, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management); Panama Canal; and capital stock of Smaller War Plants Corporation. Includes Defense Aid Special Fund through the fiscal year 1943; thereafter such expenditures are reflected within the respective departments.
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/2/</th><th>Social security program 1/3/</th><th>Government Employees' retirement funds (U. S. share)</th><th>Aid to agriculture 1/4/</th><th>Federal contribution to District of Columbia (U. S. share)</th></tr><tr><td>1936</td><td>1,820</td><td>1,773</td><td>-</td><td>41</td><td>-</td><td>6</td></tr><tr><td>1937</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>187</td><td>-</td><td>107</td><td>75</td><td>1</td><td>6</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1945</td><td>1,646</td><td>1,126</td><td>318</td><td>197</td><td>-</td><td>6</td></tr><tr><td>1944-October</td><td>47</td><td>13</td><td>34</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>18</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>22</td><td>22</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>69</td><td>35</td><td>35</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>48</td><td>48</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>45</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>236</td><td>200</td><td>36</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>296</td><td>296</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>335</td><td>335</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>530</td><td>105</td><td>190</td><td>247</td><td>-18</td><td>6</td></tr><tr><td>August</td><td>162</td><td>162</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>34</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>38</td><td>1</td><td>37</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000. 1/ Additional transactions are shown in Table 3. 2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration. 1/ Includes railroad retirement and railroad unemployment activities.
For further explanations see tables which follow on Social security program. 4/ Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Distribution and prior thereto under the Agricultural Marketing Administration.
8
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1936
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>957</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,738</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>304</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,735</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,415</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td>2,695</td><td>2,997</td><td>5,189</td><td>2,530</td><td></td><td></td><td></td></tr><tr><td colspan="14">Budgetary expenditures 2/</td></tr><tr><td>1936</td><td>521</td><td>480</td><td>635</td><td>631</td><td>686</td><td>2,427</td><td>656</td><td>574</td><td>676</td><td>677</td><td>564</td><td>716</td><td>9,244</td></tr><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>686</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,855</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>837</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,641</td><td>8,557</td><td>7,354</td><td>6,611</td><td>5,950</td><td></td><td></td><td></td></tr><tr><td colspan="14">Net budgetary deficit 3/</td></tr><tr><td>1936</td><td>293</td><td>262</td><td>-116</td><td>400</td><td>430</td><td>1,898</td><td>362</td><td>231</td><td>177</td><td>405</td><td>331</td><td>199</td><td>4,872</td></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,957</td></tr><tr><td>1940</td><td>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,821</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,613</td></tr><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,955</td><td>3,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,426</td><td>5,740</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</td><td>4,772</td><td>5,342</td><td>2,378</td><td>5,947</td><td>5,551</td><td>2,004</td><td>6,023</td><td>5,587</td><td>2,999</td><td>52,737</td></tr><tr><td>1945</td><td>4,645</td><td>3,693</td><td>2,540</td><td>5,040</td><td>6,190</td><td>3,727</td><td>5,862</td><td>4,357</td><td>1,422</td><td>3,420</td><td></td><td></td><td></td></tr></table>
2/ Excludes public debt retirements.
3/ Total expenditures less net receipts.
Source: Daily Treasury Statements. 1/ Total receipts less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
December 1945
9
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
B-168-H
10
Treasury Bulletin
Trust Accounts, Etc. Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, etc. [net receipts (+) or net expenditures (-)]</th><th colspan="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">National Service Life Insurance Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1936</td><td>-85</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>+275</td><td>-</td><td>267</td><td>267</td><td>-</td><td>-</td><td>-</td><td>-</td><td>294</td><td>294</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+255</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td></tr><tr><td>1939</td><td>+884</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>+136</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td></tr><tr><td>1941</td><td>-148</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>-3,506</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>-</td><td>1,244</td><td>1,243</td><td>-</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-1,851</td><td>+6</td><td>1,190</td><td>1,185</td><td>-4</td><td>316</td><td>320</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td></tr><tr><td>1944</td><td>-4,051</td><td>+6</td><td>1,363</td><td>1,357</td><td>+11</td><td>905</td><td>893</td><td>+3</td><td>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td></tr><tr><td>1945</td><td>+798</td><td>+30</td><td>1,407</td><td>1,377</td><td>+26</td><td>2,127</td><td>2,102</td><td>-1</td><td>1,508</td><td>1,508</td><td>+1</td><td>324</td><td>323</td></tr><tr><td>1944-October</td><td>+148</td><td>+34</td><td>54</td><td>19</td><td>+19</td><td>93</td><td>74</td><td>+30</td><td>58</td><td>28</td><td>-</td><td>34</td><td>34</td></tr><tr><td>November</td><td>+639</td><td>+246</td><td>265</td><td>19</td><td>+4</td><td>97</td><td>93</td><td>-29</td><td>253</td><td>283</td><td>+1</td><td>-</td><td>1</td></tr><tr><td>December</td><td>-193</td><td>-305</td><td>5</td><td>309</td><td>-19</td><td>99</td><td>118</td><td>-</td><td>38</td><td>38</td><td>-</td><td>-</td><td>1</td></tr><tr><td>1945-January</td><td>+238</td><td>+29</td><td>36</td><td>7</td><td>+2</td><td>116</td><td>114</td><td>+17</td><td>98</td><td>81</td><td>-</td><td>35</td><td>34</td></tr><tr><td>February</td><td>+101</td><td>+200</td><td>220</td><td>19</td><td>+11</td><td>128</td><td>117</td><td>-14</td><td>212</td><td>227</td><td>-2</td><td>-</td><td>1</td></tr><tr><td>March</td><td>+262</td><td>-200</td><td>23</td><td>223</td><td>-7</td><td>122</td><td>129</td><td>-3</td><td>43</td><td>46</td><td>-1</td><td>-</td><td>1</td></tr><tr><td>April</td><td>+9</td><td>+17</td><td>39</td><td>22</td><td>+51</td><td>284</td><td>233</td><td>+16</td><td>47</td><td>31</td><td>+1</td><td>36</td><td>35</td></tr><tr><td>May</td><td>+686</td><td>+290</td><td>313</td><td>23</td><td>+74</td><td>377</td><td>303</td><td>-12</td><td>278</td><td>290</td><td>-1</td><td>-</td><td>1</td></tr><tr><td>June</td><td>-1,050</td><td>-308</td><td>107</td><td>415</td><td>-101</td><td>475</td><td>575</td><td>-</td><td>97</td><td>97</td><td>+2</td><td>13</td><td>13</td></tr><tr><td>July</td><td>-116</td><td>+36</td><td>59</td><td>23</td><td>-10</td><td>189</td><td>199</td><td>+23</td><td>73</td><td>50</td><td>-1</td><td>180</td><td>180</td></tr><tr><td>August</td><td>-50</td><td>+260</td><td>283</td><td>23</td><td>+67</td><td>246</td><td>179</td><td>-13</td><td>259</td><td>273</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-95</td><td>-286</td><td>11</td><td>296</td><td>-48</td><td>120</td><td>169</td><td>+6</td><td>41</td><td>35</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>+302</td><td>+27</td><td>52</td><td>25</td><td>-7</td><td>89</td><td>96</td><td>+25</td><td>43</td><td>17</td><td>-1</td><td>37</td><td>38</td></tr></table>
Trust Accounts, Etc. Receipts and Expenditures - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th rowspan="2">Increment on gold Net</th><th rowspan="2">Seigniorage on silver Net</th><th colspan="3">Miscellaneous funds and accounts 2/</th><th colspan="3">Transactions in checking accounts of Government agencies, etc. (net)</th></tr><tr><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Total</th><th>Issuance of obligations (net) 3/</th><th>Other transactions (net)</th></tr><tr><td>1936</td><td>+34</td><td>2,053</td><td>2,020</td><td>-403</td><td>+176</td><td>-</td><td>-</td><td>-</td><td>+108</td><td>4/</td><td>4/</td></tr><tr><td>1937</td><td>+20</td><td>858</td><td>838</td><td>-99</td><td>+40</td><td>-</td><td>-</td><td>-</td><td>+314</td><td>4/</td><td>5/</td></tr><tr><td>1938</td><td>-4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td>-</td><td>-</td><td>-</td><td>+204</td><td>4/</td><td>4/</td></tr><tr><td>1939</td><td>+24</td><td>349</td><td>325</td><td>-5</td><td>+90</td><td>+2</td><td>*</td><td>-2</td><td>+768</td><td>+1,106</td><td>-337</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>*</td><td>+49</td><td>+16</td><td>43</td><td>27</td><td>+34</td><td>+288</td><td>-254</td></tr><tr><td>1941</td><td>+20</td><td>406</td><td>386</td><td>*</td><td>+20</td><td>+11</td><td>244</td><td>233</td><td>-217</td><td>+852</td><td>-1,069</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td>*</td><td>+14</td><td>+39</td><td>331</td><td>292</td><td>-3,625</td><td>-1,809</td><td>-1,815</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>*</td><td>-</td><td>+211</td><td>155</td><td>-86</td><td>-2,194</td><td>-694</td><td>-1,500</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>*</td><td>-</td><td>+204</td><td>-3</td><td>-207</td><td>-4,403</td><td>-2,874</td><td>-1,529</td></tr><tr><td>1945</td><td>+620</td><td>1,693</td><td>1,072</td><td>*</td><td>-</td><td>+1,302</td><td>*</td><td>-1,302</td><td>-1,178</td><td>-1,553</td><td>+374</td></tr><tr><td>1944-October</td><td>+28</td><td>113</td><td>85</td><td>*</td><td>-</td><td>+130</td><td>-</td><td>-130</td><td>+95</td><td>-5</td><td>-89</td></tr><tr><td>November</td><td>+35</td><td>128</td><td>93</td><td>*</td><td>-</td><td>+311</td><td>-</td><td>-311</td><td>+71</td><td>+1</td><td>+70</td></tr><tr><td>December</td><td>+42</td><td>83</td><td>41</td><td>*</td><td>-</td><td>+253</td><td>-</td><td>-253</td><td>-164</td><td>-19</td><td>-145</td></tr><tr><td>1945-January</td><td>+32</td><td>135</td><td>103</td><td>*</td><td>-</td><td>+137</td><td>-</td><td>-137</td><td>+21</td><td>-37</td><td>+57</td></tr><tr><td>February</td><td>+140</td><td>122</td><td>-18</td><td>*</td><td>-</td><td>+76</td><td>-</td><td>-76</td><td>-313</td><td>-305</td><td>-8</td></tr><tr><td>March</td><td>+73</td><td>148</td><td>75</td><td>*</td><td>-</td><td>-7</td><td>-</td><td>7</td><td>+407</td><td>-4</td><td>+411</td></tr><tr><td>April</td><td>+10</td><td>128</td><td>117</td><td>*</td><td>-</td><td>-15</td><td>-</td><td>15</td><td>-71</td><td>-4</td><td>-68</td></tr><tr><td>May</td><td>+109</td><td>153</td><td>43</td><td>*</td><td>-</td><td>+70</td><td>-</td><td>-70</td><td>+154</td><td>-147</td><td>+301</td></tr><tr><td>June</td><td>+84</td><td>226</td><td>142</td><td>*</td><td>-</td><td>+51</td><td>-</td><td>-51</td><td>-778</td><td>-757</td><td>-21</td></tr><tr><td>July</td><td>+53</td><td>355</td><td>302</td><td>*</td><td>+35</td><td>-29</td><td>-</td><td>29</td><td>-222</td><td>-267</td><td>+45</td></tr><tr><td>August</td><td>-313</td><td>82</td><td>394</td><td>*</td><td>+8</td><td>-86</td><td>-</td><td>86</td><td>+26</td><td>+201</td><td>-176</td></tr><tr><td>September</td><td>+209</td><td>266</td><td>58</td><td>*</td><td>+21</td><td>+55</td><td>-</td><td>-55</td><td>-51</td><td>-10</td><td>-41</td></tr><tr><td>October</td><td>+84</td><td>179</td><td>95</td><td>*</td><td>+17</td><td>-118</td><td>-</td><td>118</td><td>+274</td><td>+29</td><td>+246</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: For monthly date for the period July 1941 through July 1944, see "Treasury Bulletin" for September 1945, pages 11 and 12.
1/ Includes Government Retirement funds, etc. (See footnote 2.)
2/ Comprises Public Works Administration revolving fund, special deposit (set), and, during the fiscal years 1940 through 1945,
transactions is commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified as "other trust accounts". 3/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations. y/ Details not available.
December 1945
11
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, etc. 2/</th></tr><tr><td>1936</td><td>5,390</td><td>4,550</td><td>840</td><td>-</td><td>5,390</td><td>5,078</td><td>-</td><td>312</td></tr><tr><td>1937</td><td>3,149</td><td>3,149</td><td>-</td><td>-</td><td>3,149</td><td>2,646</td><td>128</td><td>374</td></tr><tr><td>1938</td><td>1,384</td><td>1,384</td><td>-</td><td>-</td><td>1,384</td><td>740</td><td>338</td><td>306</td></tr><tr><td>1939</td><td>4,164</td><td>3,542</td><td>622</td><td>-</td><td>4,164</td><td>3,275</td><td>-</td><td>890</td></tr><tr><td>1940</td><td>3,611</td><td>3,611</td><td>-</td><td>-</td><td>3,611</td><td>2,528</td><td>947</td><td>136</td></tr><tr><td>1941</td><td>5,994</td><td>5,103</td><td>742</td><td>148</td><td>5,994</td><td>5,994</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>23,461</td><td>19,598</td><td>358</td><td>3,506</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>55,897</td><td>6,515</td><td>1,861</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>64,307</td><td>49,595</td><td>10,662</td><td>4,051</td><td>64,307</td><td>64,307</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>58,477</td><td>53,948</td><td>4,529</td><td>-</td><td>58,477</td><td>57,679</td><td>-</td><td>798</td></tr><tr><td>1944-October</td><td>6,023</td><td>6,023</td><td>-</td><td>-</td><td>6,023</td><td>748</td><td>5,127</td><td>148</td></tr><tr><td>November</td><td>5,587</td><td>5,587</td><td>-</td><td>-</td><td>5,587</td><td>4,761</td><td>188</td><td>639</td></tr><tr><td>December</td><td>15,626</td><td>2,999</td><td>12,433</td><td>193</td><td>15,626</td><td>15,626</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>4,645</td><td>4,645</td><td>-</td><td>-</td><td>4,645</td><td>1,778</td><td>2,630</td><td>238</td></tr><tr><td>February</td><td>3,693</td><td>3,693</td><td>-</td><td>-</td><td>3,693</td><td>1,300</td><td>2,292</td><td>101</td></tr><tr><td>March</td><td>2,540</td><td>2,540</td><td>-</td><td>-</td><td>2,540</td><td>242</td><td>2,036</td><td>262</td></tr><tr><td>April</td><td>5,040</td><td>5,040</td><td>-</td><td>-</td><td>5,040</td><td>1,120</td><td>3,911</td><td>9</td></tr><tr><td>May</td><td>6,190</td><td>6,190</td><td>-</td><td>-</td><td>6,190</td><td>3,763</td><td>1,741</td><td>686</td></tr><tr><td>June</td><td>19,850</td><td>3,727</td><td>15,073</td><td>1,050</td><td>19,850</td><td>19,850</td><td>-</td><td>-</td></tr><tr><td>July</td><td>5,978</td><td>5,862</td><td>-</td><td>116</td><td>5,978</td><td>3,362</td><td>2,615</td><td>-</td></tr><tr><td>August</td><td>4,407</td><td>4,357</td><td>-</td><td>50</td><td>4,407</td><td>956</td><td>3,451</td><td>-</td></tr><tr><td>September</td><td>1,517</td><td>1,422</td><td>-</td><td>95</td><td>1,517</td><td>-980</td><td>2,497</td><td>-</td></tr><tr><td>October</td><td>3,420</td><td>3,420</td><td>-</td><td>-</td><td>3,420</td><td>-203</td><td>3,321</td><td>302</td></tr></table>
Source: Daily Treasury Statements. 1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law. 2/ Comprises trust accounts, checking accounts of Government agencies.
etc., increment on gold, seignorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
12
Treasury Bulletin
Social Security Program
Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Grose reciepte</th><th rowspan="2">Lose amounts credited to Federal Old-Age and Survivore Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1937</td><td>252.2</td><td>194.3</td><td>57.8</td><td>265.0</td><td>-12.8</td></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1945</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,283.0</td><td>211.5</td></tr><tr><td>1944-October</td><td>58.6</td><td>55.4</td><td>3.2</td><td>53.6</td><td>5.0</td></tr><tr><td>November</td><td>278.5</td><td>267.3</td><td>11.2</td><td>265.5</td><td>13.0</td></tr><tr><td>December</td><td>4.9</td><td>4.0</td><td>.9</td><td>2.1</td><td>2.8</td></tr><tr><td>1945-January</td><td>46.5</td><td>33.3</td><td>13.2</td><td>31.0</td><td>15.5</td></tr><tr><td>February</td><td>336.3</td><td>222.1</td><td>114.3</td><td>219.7</td><td>116.6</td></tr><tr><td>March</td><td>27.4</td><td>17.6</td><td>9.7</td><td>15.3</td><td>12.0</td></tr><tr><td>April</td><td>44.0</td><td>41.2</td><td>2.8</td><td>38.8</td><td>5.2</td></tr><tr><td>May</td><td>328.0</td><td>315.6</td><td>12.3</td><td>313.2</td><td>14.7</td></tr><tr><td>June</td><td>6.2</td><td>4.6</td><td>1.6</td><td>2.2</td><td>3.9</td></tr><tr><td>July</td><td>64.5</td><td>61.5</td><td>3.0</td><td>59.0</td><td>5.5</td></tr><tr><td>August</td><td>297.9</td><td>285.8</td><td>12.1</td><td>283.3</td><td>14.5</td></tr><tr><td>September</td><td>6.5</td><td>4.7</td><td>1.8</td><td>2.3</td><td>4.2</td></tr><tr><td>October</td><td>57.0</td><td>54.4</td><td>2.6</td><td>51.6</td><td>5.4</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses 4/</th><th colspan="10">Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th colspan="3">Social Security Board</th><th colspan="2">Public Health Service</th><th colspan="3">Department of Labor</th><th>Office for Emergency Management</th></tr><tr><th></th><th></th><th></th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th><th>War Manpower Commission (U. S. Employment Service)</th><th></th></tr><tr><td>1937</td><td>182.7</td><td>15.8</td><td>166.9</td><td>124.8</td><td>14.3</td><td>4.6</td><td>9.1</td><td>7.8</td><td>3.1</td><td>2.1</td><td>1.0</td><td>-</td><td>41.0 6/</td><td>195.5</td></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>-</td><td>1.8</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>2.5</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.6</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>3.5</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>20.7</td><td>2.8</td><td>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>1.3</td><td>4.2</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.1</td><td>7.4</td><td>311.7</td></tr><tr><td>1945</td><td>491.3</td><td>31.9</td><td>451.9</td><td>333.6</td><td>52.8</td><td>10.0</td><td>34.2</td><td>10.7</td><td>5.4</td><td>3.8</td><td>1.4</td><td>-</td><td>-</td><td>279.8</td></tr><tr><td>1944-October</td><td>50.4</td><td>2.8</td><td>46.9</td><td>30.0</td><td>5.4</td><td>1.2</td><td>7.0</td><td>2.2</td><td>.4</td><td>.4</td><td>.3</td><td>•</td><td>.7</td><td>45.4</td></tr><tr><td>November</td><td>39.8</td><td>2.8</td><td>35.3</td><td>29.1</td><td>4.4</td><td>.7</td><td>1.0</td><td>.2</td><td>.5</td><td>.3</td><td>•</td><td>•</td><td>.7</td><td>26.8</td></tr><tr><td>December</td><td>32.9</td><td>2.7</td><td>29.6</td><td>25.0</td><td>3.2</td><td>.7</td><td>•</td><td>.1</td><td>.3</td><td>.3</td><td>•</td><td>•</td><td>.6</td><td>30.1</td></tr><tr><td>1945-January</td><td>53.3</td><td>2.9</td><td>49.5</td><td>31.6</td><td>5.1</td><td>1.0</td><td>8.6</td><td>1.9</td><td>.6</td><td>.5</td><td>.3</td><td>•</td><td>.8</td><td>37.8</td></tr><tr><td>February</td><td>31.8</td><td>2.3</td><td>28.9</td><td>22.4</td><td>4.6</td><td>.8</td><td>•</td><td>.3</td><td>.6</td><td>.3</td><td>•</td><td>•</td><td>.6</td><td>-24.8</td></tr><tr><td>March</td><td>36.1</td><td>3.2</td><td>32.5</td><td>27.6</td><td>3.4</td><td>.8</td><td>1.1</td><td>.2</td><td>.3</td><td>.2</td><td>•</td><td>•</td><td>.5</td><td>24.1</td></tr><tr><td>April</td><td>49.3</td><td>2.8</td><td>45.9</td><td>31.6</td><td>4.7</td><td>1.0</td><td>4.8</td><td>2.2</td><td>.7</td><td>.6</td><td>.3</td><td>•</td><td>.6</td><td>44.1</td></tr><tr><td>May</td><td>39.3</td><td>3.0</td><td>35.7</td><td>28.9</td><td>4.6</td><td>1.0</td><td>1.1</td><td>.2</td><td>.5</td><td>.4</td><td>•</td><td>•</td><td>.6</td><td>24.6</td></tr><tr><td>June</td><td>32.7</td><td>2.8</td><td>29.2</td><td>22.1</td><td>3.4</td><td>.3</td><td>2.7</td><td>.1</td><td>.4</td><td>.2</td><td>•</td><td>•</td><td>.7</td><td>28.8</td></tr><tr><td>July</td><td>46.8</td><td>2.4</td><td>43.8</td><td>29.0</td><td>4.5</td><td>.7</td><td>8.8</td><td>.2</td><td>.4</td><td>.2</td><td>.1</td><td>•</td><td>.6</td><td>41.3</td></tr><tr><td>August</td><td>60.6</td><td>3.2</td><td>56.9</td><td>45.3</td><td>7.6</td><td>1.6</td><td>1.2</td><td>-</td><td>.4</td><td>.5</td><td>.2</td><td>•</td><td>.5</td><td>46.0</td></tr><tr><td>September</td><td>23.3</td><td>3.1</td><td>19.4</td><td>14.2</td><td>2.1</td><td>.2</td><td>2.3</td><td>-</td><td>.4</td><td>.2</td><td>•</td><td>•</td><td>.8</td><td>13.0</td></tr><tr><td>October</td><td>72.0</td><td>3.1</td><td>68.2</td><td>47.4</td><td>7.1</td><td>1.5</td><td>11.8</td><td>-</td><td>.2</td><td>.1</td><td>.2</td><td>•</td><td>.6</td><td>66.6</td></tr></table>
Source: Daily Treasury Statements.
Less than $50,000.
1/ Formerly Title VIII of the Social Security Act.
2/ Formerly Title IX of the social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in
Section II. Table 1.
Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
Covered by appropriations by Congress.
Second Deficiency Appropriation Act, fiscal year 1938, appropriated $41 million for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
December 1945
13
Social Security Program - (Continued)
Section I.- Budgetary Receipts and Expenditures - (Continued)
Table 2.- Railroad Retirement Account
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Carrier's Taxing Act of 1937</th><th colspan="4">Expenditures</th><th rowspan="2">Excess of expenditures 2/</th></tr><tr><th>Total</th><th>Administrative expenses 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th></tr><tr><td>1937</td><td>.3</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td><td>1.2</td></tr><tr><td>1938</td><td>150.1</td><td>119.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td></td><td>2.3</td></tr><tr><td>1941</td><td>135.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td></td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>.1</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1945</td><td>285.0</td><td>311.3</td><td>2.3</td><td>308.8</td><td>.2</td><td>26.3</td></tr><tr><td>1944-October</td><td>1.5</td><td>34.2</td><td>.2</td><td>34.0</td><td></td><td>32.7</td></tr><tr><td>November</td><td>14.4</td><td>.2</td><td>.2</td><td>-</td><td></td><td>-14.2</td></tr><tr><td>December</td><td>55.2</td><td>.2</td><td>.2</td><td>-</td><td></td><td>-55.1</td></tr><tr><td>1945-January</td><td>1.2</td><td>34.8</td><td>.2</td><td>34.5</td><td>.1</td><td>33.7</td></tr><tr><td>February</td><td>4.7</td><td>.2</td><td>.2</td><td>-</td><td>.1</td><td>-4.4</td></tr><tr><td>March</td><td>65.5</td><td>.2</td><td>.2</td><td>-</td><td></td><td>-65.3</td></tr><tr><td>April</td><td>1.5</td><td>35.7</td><td>.2</td><td>35.5</td><td></td><td>34.2</td></tr><tr><td>May</td><td>8.6</td><td>.3</td><td>.2</td><td>-</td><td>.1</td><td>-8.3</td></tr><tr><td>June</td><td>60.0</td><td>.2</td><td>.2</td><td>-</td><td></td><td>-59.8</td></tr><tr><td>July</td><td>1.5</td><td>150.1</td><td>.2</td><td>179.9</td><td>-</td><td>178.6</td></tr><tr><td>August</td><td>8.3</td><td>.1</td><td>.1</td><td>-</td><td></td><td>-8.2</td></tr><tr><td>September</td><td>59.4</td><td>.3</td><td>.3</td><td>-</td><td></td><td>-59.1</td></tr><tr><td>October</td><td>1.5</td><td>37.2</td><td>.2</td><td>37.0</td><td></td><td>35.7</td></tr></table>
Sources: Daily Treasury Statements. * Less than $50,000. 1/ Includes only expenditures from appropriations made specifically for
2/ administrative expenses relating to the Railroad Retirement Act. Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Appenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1945</td><td>13.2</td><td>12.5</td><td>3.7</td><td>8.9</td><td>-.6</td></tr><tr><td>1944-October</td><td>*</td><td>.4</td><td>.4</td><td>-</td><td>.4</td></tr><tr><td>November</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>December</td><td>3.2</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>1945-January</td><td>*</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>February</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.1</td></tr><tr><td>March</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>April</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>May</td><td>.1</td><td>.4</td><td>.4</td><td>-</td><td>.3</td></tr><tr><td>June</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>July</td><td>*</td><td>9.9</td><td>.3</td><td>9.6</td><td>9.9</td></tr><tr><td>August</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.1</td></tr><tr><td>September</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>October</td><td>*</td><td>.4</td><td>.4</td><td>-</td><td>.4</td></tr></table>
Source: Daily Treasury Statements.
Less than $50,000.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriate to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employees subject to the Railroad Unemployment Insurance Act. These amounts aggregated $15.0 million and were distributed by calendar
3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ Covered by appropriations by Congress.
14
Treasury Bulletin
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditure</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriation by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total investments</th><th>Unexpended balance in General Fund</th><th>Unexpended balance in disbursing officer's account</th></tr><tr><td>1937</td><td>267.3</td><td>265.0</td><td>2.3</td><td>*</td><td>*</td><td>-</td><td>267.2</td><td>267.1</td><td>.1</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>13.3</td><td>19.3</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>1,738.1</td><td>.5</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>113.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,287.2</td><td>3,201.6</td><td>5.2</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>5,446.4</td><td>5,408.9</td><td>16.1</td></tr><tr><td>1945</td><td>7,549.3</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>783.5</td><td>152.9</td><td>6,613.4</td><td>6,546.3</td><td>32.0</td></tr><tr><td>1945-August</td><td>7,897.1</td><td>7,368.6</td><td>528.5</td><td>987.4</td><td>829.5</td><td>157.9</td><td>6,909.7</td><td>6,546.3</td><td>325.4</td></tr><tr><td>September</td><td>7,911.1</td><td>7,373.3</td><td>537.8</td><td>1,013.4</td><td>853.0</td><td>160.4</td><td>6,897.7</td><td>6,819.3</td><td>39.4</td></tr><tr><td>October</td><td>7,965.5</td><td>7,427.8</td><td>537.8</td><td>1,041.6</td><td>878.4</td><td>163.2</td><td>6,923.9</td><td>6,819.3</td><td>66.0</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>38.7</td></tr></table>
Source: Daily Treasury Statements. 1/ Includes transactions effected under the predecessor Old-Age Reserve Account. 2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Act
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th>Expenditures</th><th colspan="4">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th>In General Fund</th><th>Unexpended balance in disbursing officer's account</th></tr><tr><td>1937</td><td>46.6</td><td>46.6</td><td>-</td><td>4.0</td><td>42.6</td><td>-</td><td>36.6</td><td>6.0</td></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>57.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>371.5</td><td>354.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1945-August</td><td>1,760.1</td><td>1,717.6</td><td>42.5</td><td>976.8</td><td>783.3</td><td>656.5</td><td>112.1</td><td>14.7</td></tr><tr><td>September</td><td>1,760.2</td><td>1,717.6</td><td>42.6</td><td>982.9</td><td>771.2</td><td>644.0</td><td>112.1</td><td>15.1</td></tr><tr><td>October</td><td>1,760.3</td><td>1,717.6</td><td>42.7</td><td>1,002.1</td><td>758.2</td><td>668.5</td><td>75.1</td><td>14.6</td></tr></table>
Source: Daily Treasury Statements.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="5">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance contribu-tions 2/</th><th>Transfere from States 3/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 4/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unem-ployment Insurance Account 2/</th><th>Railroad Unemploy-ment</th><th>Total</th><th>Invest-ments</th><th>In General Fund (Special Deposit Account)</th><th>In dis-bursing officer's account 5/</th></tr><tr><th></th><th></th><th>Deposite by States</th><th></th><th></th><th></th><th></th><th></th><th>With-drawals by States</th><th>Benefit payments</th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1937</td><td>313.4</td><td>310.6</td><td>-</td><td>-</td><td>-</td><td>2.8</td><td>1.0</td><td>1.0</td><td>-</td><td>-</td><td>312.4</td><td>312.3</td><td>.1</td><td>-</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>824.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>-</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>7.5</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>11.4</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.1</td><td>105.9</td><td>17.4</td><td>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>1.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>502.5</td><td>106.3</td><td>38.0</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>44.6</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>.3</td></tr><tr><td>1945-August</td><td>10,020.4</td><td>8,861.1</td><td>503.7</td><td>106.4</td><td>47.6</td><td>501.5</td><td>2,410.0</td><td>2,258.9</td><td>106.4</td><td>44.7</td><td>7,610.4</td><td>7,593.2</td><td>16.6</td><td>.6</td></tr><tr><td>September</td><td>10,061.3</td><td>8,869.2</td><td>532.0</td><td>106.4</td><td>47.6</td><td>505.4</td><td>2,465.1</td><td>2,314.0</td><td>106.4</td><td>44.8</td><td>7,596.1</td><td>7,573.2</td><td>22.4</td><td>.5</td></tr><tr><td>October</td><td>10,104.2</td><td>8,912.2</td><td>532.1</td><td>106.5</td><td>47.6</td><td>505.8</td><td>2,572.6</td><td>2,421.1</td><td>106.5</td><td>45.0</td><td>7,531.6</td><td>7,483.2</td><td>47.7</td><td>.7</td></tr></table>
Source: Daily Treasury Statements.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
December 1945
15
Appropriations and Net Contract Authorizations for the War Activities Program 1/ As of October 31, 1945
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorisations 2/</th></tr><tr><td colspan="5">77th Congress, First Session</td></tr><tr><td>Feb. 6, 1941</td><td>5</td><td>Joint Resolution (emergency ship construction).</td><td>$ 313,500,000</td><td>-</td></tr><tr><td>Feb. 13, 1941</td><td>6</td><td>Joint Resolution (clothing and equipage - War Department).</td><td>175,000,000</td><td>-</td></tr><tr><td>Mar. 1, 1941</td><td>9</td><td>Urgent Deficiency Appropriation Act, 1941.</td><td>6,047,775</td><td>-</td></tr><tr><td>Mar. 17, 1941</td><td>13</td><td>Fourth Supplemental National Defense Appropriation Act, 1941.</td><td>1,376,464,602</td><td>-</td></tr><tr><td>Mar. 27, 1941</td><td>23</td><td>Defense Aid Supplemental Appropriation Act, 1941.</td><td>7,000,000,000</td><td>-</td></tr><tr><td>Apr. 1, 1941</td><td>25</td><td>First Deficiency Appropriation Act, 1941.</td><td>114,458,458</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>28</td><td>Independent Offices appropriation Act, 1942.</td><td>399,360,000</td><td>-</td></tr><tr><td>Apr. 5, 1941</td><td>29</td><td>Fifth Supplemental National Defense Appropriation Act, 1941.</td><td>2,293,227,920</td><td>-</td></tr><tr><td>May 6, 1941</td><td>48</td><td>Naval Appropriation Act, 1942.</td><td>3,415,521,750</td><td>-</td></tr><tr><td>May 23, 1941</td><td>71</td><td>War Department Civil Appropriation Act, 1942.</td><td>37,920,370</td><td>-</td></tr><tr><td>May 24, 1941</td><td>73</td><td>Additional Urgent Deficiency Appropriation Act, 1941.</td><td>168,556,000</td><td>-</td></tr><tr><td>May 31, 1941</td><td>88</td><td>Treasury Department Appropriation Act, 1942.</td><td>62,193,150</td><td>-</td></tr><tr><td>June 28, 1941</td><td>135</td><td>Justice, State and Commerce Departments Appropriation Act, 1942.</td><td>129,227,750</td><td>-</td></tr><tr><td>June 28, 1941</td><td>136</td><td>Interior Department Appropriation Act, 1942.</td><td>2,035,000</td><td>-</td></tr><tr><td>June 30, 1941</td><td>139</td><td>Military Appropriation Act, 1942.</td><td>10,384,821,624</td><td>-</td></tr><tr><td>July 1, 1941</td><td>146</td><td>Labor - Federal Security Appropriation Act, 1942.</td><td>173,168,500</td><td>-</td></tr><tr><td>July 3, 1941</td><td>150</td><td>Second Deficiency Appropriation Act, 1941.</td><td>998,894,561</td><td>-</td></tr><tr><td>Aug. 25, 1941</td><td>247</td><td>First Supplemental National Defense Appropriation Act, 1942.</td><td>6,580,012,448</td><td>-</td></tr><tr><td>Oct. 28, 1941</td><td>282</td><td>Second Supplemental National Defense Appropriation Act, 1942: (Title I).</td><td>5,985,000,000</td><td>$ 600,000,000 3/</td></tr><tr><td></td><td></td><td>(Title II).</td><td>159,005,585</td><td>12,000,000</td></tr><tr><td>Nov. 19, 1941</td><td>295</td><td>Defense Highway Act of 1941.</td><td>9,112,021,947</td><td>50,000,000</td></tr><tr><td>Dec. 17, 1941</td><td>353</td><td>Third Supplemental National Defense Appropriation Act, 1942.</td><td>510,000,000</td><td>-</td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Joint Resolution (War, Philippine relief, and defense housing).</td><td></td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session</td><td>$ 49,396,437,450</td><td>$ 662,000,000</td></tr><tr><td colspan="5">77th Congress, Second Session</td></tr><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942.</td><td>$ 12,525,872,474</td><td>-</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943.</td><td>23,738,855,474</td><td>$2,171,000,000 5/</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China).</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942.</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942.</td><td>30,412,737,900</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943.</td><td>57,886,985</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>528</td><td>Sixth Supplemental National Defense Appropriation Act, 1942.</td><td>18,932,124,093</td><td>-</td></tr><tr><td>June 5, 1942</td><td>572</td><td>Joint Resolution (War Risk Insurance Fund).</td><td>210,000,000</td><td>-</td></tr><tr><td>June 19, 1942</td><td>616</td><td>Joint Resolution (education and training).</td><td>9,500,000</td><td>-</td></tr><tr><td>June 23, 1942</td><td>626</td><td>Seventh Supplemental National Defense Appropriation Act, 1942.</td><td>655,074,700</td><td>150,000,000</td></tr><tr><td>June 27, 1942</td><td>630</td><td>Independent Offices Appropriation Act, 1943.</td><td>1,052,812,004</td><td>-</td></tr><tr><td>July 2, 1942</td><td>644</td><td>Justice, State and Commerce Departments Appropriation Act, 1943.</td><td>261,908,180</td><td>-</td></tr><tr><td>July 2, 1942</td><td>645</td><td>Interior Department Appropriation Act, 1943.</td><td>8,971,370</td><td>-</td></tr><tr><td>July 2, 1942</td><td>647</td><td>Labor - Federal Security Appropriation Act, 1943.</td><td>227,726,854</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942.</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943.</td><td>42,820,003,067</td><td>-</td></tr><tr><td>July 2, 1942</td><td>650</td><td>War Housing and Public Works Appropriation Act, 1942.</td><td>32,500,000</td><td>-</td></tr><tr><td>July 25, 1942</td><td>678</td><td>First Supplemental National Defense Appropriation Act, 1943.</td><td>1,845,234,990</td><td>-</td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943.</td><td>6,299,361,448 6/</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>$139,736,203,988</td><td>$2,381,000,000</td></tr><tr><td colspan="5">78th Congress, First Session</td></tr><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System).</td><td>$ 21,160,000</td><td>-</td></tr><tr><td>Mar. 15, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943.</td><td>4,063,948,984</td><td>-</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943.</td><td>3,836,176,119</td><td>-</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program).</td><td>26,100,000</td><td>-</td></tr><tr><td>Mar. 7, 1943</td><td>50</td><td>Joint Resolution (Commerce Department - war training program).</td><td>3,500,000</td><td>-</td></tr><tr><td>June 2, 1943</td><td>64</td><td>War Department Civil Appropriation Act, 1944.</td><td>1,457,838</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943.</td><td>6,273,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Independent Offices Appropriation Act, 1944.</td><td>1,395,013,569</td><td>-</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944.</td><td>27,637,226,198 4/</td><td>$ 9,000,000</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Department of State, Justice, and Commerce Appropriation Act, 1944.</td><td>67,655,000</td><td>-</td></tr><tr><td>July 1, 1943</td><td>108</td><td>Military Appropriation Act, 1944.</td><td>59,034,839,673</td><td>-</td></tr><tr><td>July 12, 1943</td><td>129</td><td>Department of Agriculture Appropriation Act, 1944.</td><td>38,048,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Urgent Deficiency Appropriation Act, 1943.</td><td>31,979,600</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944.</td><td>14,884,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>135</td><td>Labor - Federal Security Appropriation Act, 1944.</td><td>307,953,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>139</td><td>National War Agencies Appropriation Act, 1944.</td><td>2,911,697,224</td><td>10,456,710</td></tr><tr><td>July 12, 1943</td><td>140</td><td>Second Deficiency Appropriation Act, 1943.</td><td>151,340,088</td><td>-</td></tr><tr><td>Oct. 1, 1943</td><td>156</td><td>Joint Resolution (Labor Department).</td><td>18,620,000</td><td>-</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>Public Law (naval expansion program).</td><td>-</td><td>1,031,314,662 5/</td></tr><tr><td>Dec. 23, 1943</td><td>216</td><td>First Supplemental National Defense Appropriation Act, 1944.</td><td>81,283,468</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.</td><td>$105,916,492,321</td><td>$1,050,771,372</td></tr></table>
(Continued on following page)
Treasury Bulletin
16
Appropriations and Net Contract Authorizations for the War Activities Program 1/
As of October 31, 1945 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorisations 2/</th></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migration of workers).</td><td>$ 31,359,200</td><td>-</td></tr><tr><td>Apr. 1, 1944</td><td>279</td><td>First Deficiency Appropriation Act, 1944.</td><td>170,221,080</td><td>-</td></tr><tr><td>Apr. 4, 1944</td><td>288</td><td>Public Law (Federal Works Agency - public roads).</td><td>6,700,000</td><td>$ 10,400,000</td></tr><tr><td>May 12, 1944</td><td>303</td><td>Joint Resolution (Labor Department - maternity and infant care).</td><td>27,562,298,301 4/</td><td>-</td></tr><tr><td>May 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945.</td><td>-28,805,732 5/</td><td>1,600,000,000</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945.</td><td>6,835,008,943</td><td>664,367,659 1/</td></tr><tr><td>June 27, 1944</td><td>358</td><td>Independent Offices Appropriation Act, 1945.</td><td>47,585,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>365</td><td>Departments of State, Justice and Commerce Appropriation Act, 1945.</td><td>30,700,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945.</td><td>18,114,200</td><td>-</td></tr><tr><td>June 28, 1944</td><td>372</td><td>Interior Department Appropriation Act, 1945.</td><td>1,030,937,242</td><td>2,198,577</td></tr><tr><td>June 28, 1944</td><td>373</td><td>National War Agency Appropriation Act, 1945.</td><td>218,611,829</td><td>-</td></tr><tr><td>June 28, 1944</td><td>374</td><td>Labor - Federal Security Appropriation Act, 1945.</td><td>15,434,814,795</td><td>-</td></tr><tr><td>June 28, 1944</td><td>375</td><td>Military Appropriation Act, 1945.</td><td>186,266,524 4/</td><td>1,380,000,000 5/</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Second Deficiency Appropriation Act, 1944.</td><td>3,450,570,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Defense Aid Appropriation Act, 1945.</td><td>450,000,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>United Nations Relief and Rehabilitation Administration Participation Appropriation Act, 1945.</td><td>19,750,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>529</td><td>Foreign Economic Administration Appropriation Act, 1945.</td><td>410,291,029 4/</td><td>60,000,000 5/</td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>First Supplemental Appropriation Act, 1945.</td><td>-</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session.</td><td>$55,875,422,412</td><td>$4,216,966,236</td></tr><tr><td colspan="5">79th Congress, First Session</td></tr><tr><td>Mar. 31, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1946.</td><td>$ 2,697,140</td><td>-</td></tr><tr><td>Apr. 25, 1945</td><td>40</td><td>First Deficiency Appropriation Act, 1945.</td><td>2,015,384,143 4/</td><td>-</td></tr><tr><td>May 3, 1945</td><td>49</td><td>Independent Offices Appropriation Act, 1946.</td><td>57,288,300</td><td>-</td></tr><tr><td>May 5, 1945</td><td>52</td><td>Department of Agriculture Appropriation Act, 1946.</td><td>14,986,472</td><td>-</td></tr><tr><td>May 21, 1945</td><td>61</td><td>Departments of State, Justice and Commerce Appropriation Act, 1946.</td><td>34,599,500</td><td>-</td></tr><tr><td>May 29, 1945</td><td>62</td><td>Naval Appropriation Act, 1946.</td><td>23,601,136,064 8/</td><td>$1,399,008,413</td></tr><tr><td>May 29, 1945</td><td>68</td><td>Joint Resolution (U. S. Maritime Commission).</td><td>-3,100,000,000 2/</td><td>- 2/</td></tr><tr><td>June 12, 1945</td><td>83</td><td>Joint Resolution (Labor Department - maternity and infant care).</td><td>2,200,000</td><td>-</td></tr><tr><td>July 3, 1945</td><td>123</td><td>Interior Department Appropriation Act, 1946.</td><td>10,625,000</td><td>-</td></tr><tr><td>July 3, 1945</td><td>124</td><td>Labor - Federal Security Appropriation Act, 1946.</td><td>197,011,554</td><td>-</td></tr><tr><td>July 3, 1945</td><td>126</td><td>Military Appropriation Act, 1946.</td><td>21,496,902,030</td><td>-</td></tr><tr><td>July 3, 1945</td><td>127</td><td>Joint Resolution (reducing certain appropriations).</td><td>-82,054,000 2/</td><td>-</td></tr><tr><td>July 5, 1945</td><td>132</td><td>Second Deficiency Appropriation Act, 1945.</td><td>3,527,335,808</td><td>-</td></tr><tr><td>July 17, 1945</td><td>156</td><td>National War Agencies Appropriation Act, 1946.</td><td>729,364,850</td><td>-</td></tr><tr><td colspan="3">Total, 79th Congress, First Session.</td><td>$48,507,476,861</td><td>$1,399,008,413</td></tr><tr><td colspan="5">Pending 10/</td></tr><tr><td colspan="3">First Supplemental Surplus Appropriation Reconsion Act, 1946.</td><td>-48,455,781,396</td><td>-2,187,903,339</td></tr><tr><td colspan="3">United Nations Relief and Rehabilitation Administration Participation Act, 1946.</td><td>550,000,000</td><td>-</td></tr><tr><td colspan="3">Total pending.</td><td>-47,905,781,396</td><td>-2,187,903,339</td></tr><tr><td colspan="5">Summary</td></tr><tr><td colspan="3">Total, 76th Congress, Third Session 11/.</td><td>$ 8,994,015,828</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session.</td><td>49,396,437,450</td><td>$ 662,000,000</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>139,736,203,988</td><td>2,321,000,000</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.</td><td>105,915,492,321</td><td>1,050,771,372</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session.</td><td>55,875,422,412</td><td>4,216,966,236</td></tr><tr><td colspan="3">Total, 79th Congress, First Session.</td><td>48,507,476,861</td><td>1,399,008,413</td></tr><tr><td colspan="3">Permanent appropriations and net transfer from other than war activities appropriations 12/.</td><td>443,052,850</td><td>-</td></tr><tr><td colspan="3">Total approved.</td><td>$408,869,101,710</td><td>$9,649,746,021</td></tr><tr><td colspan="3">Total pending, 79th Congress, First Session.</td><td>-47,905,781,396</td><td>-2,187,903,339</td></tr><tr><td colspan="3">Liquidations of 1940 and prior contract authorizations.</td><td>-467,872,846</td><td>-</td></tr><tr><td colspan="3">Total approved and pending appropriations and net contract authorizations 1/.</td><td>$360,495,447,468</td><td>$7,461,842,682</td></tr></table>
1/ Consists of appropriations and net contract authorizations available on and after July 1, 1940. Excludes: (1) authorizations of the Reconstruction Finance Corporation and its affiliates for war purposes, and (2) unexpended balance of appropriations on June 30, 1940 (except immediately available funds from fiscal year 1941 appropriations), available for expenditure in the fiscal year 1941.
2/ Contract authorizations have been reduced by later appropriations which were earmarked in authorizing act for this purpose.
3/ Represents the net amount of contractual authority that the President may appropriate in accordance with provisions of this act.
4/ Includes appropriations made available for prior years. For amounts, see appropriate footnotes in "Treasury Bulletin" for August, 1945, pages 15 and 16.
5/ Unappropriated contract authorizations for the naval expansion program are as follows:
Public Law No. 441........................................$2,171,000,000
Public Law No. 204 (Estimated by Navy Department) 1,031,314,662
Public Law No. 375........................................55,000,000
Public Law No. 375 (Estimated by Navy Department) 1,825,000,000
Public Law No. 529........................................60,000,000
6/ Public Law No. 352 has been reduced by $30,257,572 representing the amount repealed by Congress and carried to the surplus fund in ac-
1/ Represents revision by the U. S. Maritime Commission of contract authorization reported on June 30, 1945.
8/ Includes $180,000,000 for the fiscal year 1945.
9/ Represents amount of prior appropriations repealed by Congress. The repeal of contractual authority has been applied to prior acts.
10/ Pending appropriations, as used herein, represent appropriation bills reported from the Committee on Appropriations to the House, or in subsequent stages of Congressional action before Presidential ap-proval. Estimates of appropriations for war purposes reported by the President to Congress and submitted to the Committee on Ap-pro-priations, amounting to $3,599,835.98 are not included.
11/ For details of appropriations made by 76th Congress, Third Session, see "Treasury Bulletin" for March, 1944, page 5.
12/ Includes actual transfer of balances of the Bureau of Marine Inspec-tion and Navigation from the Department of Commerce to Coast Guard, Navy, in the amount of $1,153,802 in accordance with Executive Or-der 9083, dated February 28, 1942. Also includes $40,986,871.27 received as war contributions under authority of the Second War Powers Act and deposits of advance payments made by foreign gov-ernments to the Defense Aid Special Fund for the procurement of defense articles amounting to $225,359,177.56.
December 1945
7
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="5">1944</th><th colspan="8">1945</th></tr><tr><th></th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes.</td><td>1,240</td><td>1,501</td><td>4,347</td><td>2,422</td><td>2,922</td><td>5,818</td><td>2,167</td><td>2,027</td><td>4,757</td><td>1,743</td><td>1,665</td><td>4,208</td><td>1,593</td></tr><tr><td>Employment taxes.</td><td>60</td><td>293</td><td>60</td><td>48</td><td>341</td><td>93</td><td>45</td><td>337</td><td>66</td><td>66</td><td>306</td><td>66</td><td>58</td></tr><tr><td>Miscellaneous internal revenue.</td><td>580</td><td>507</td><td>539</td><td>573</td><td>552</td><td>520</td><td>534</td><td>557</td><td>561</td><td>718</td><td>877</td><td>573</td><td>689</td></tr><tr><td>Customs.</td><td>29</td><td>27</td><td>29</td><td>36</td><td>23</td><td>33</td><td>33</td><td>36</td><td>33</td><td>33</td><td>32</td><td>30</td><td>36</td></tr><tr><td>Other.</td><td>145</td><td>177</td><td>436</td><td>463</td><td>148</td><td>443</td><td>188</td><td>439</td><td>488</td><td>151</td><td>399</td><td>315</td><td>204</td></tr><tr><td>Subtotal</td><td>2,054</td><td>2,505</td><td>5,410</td><td>3,541</td><td>3,986</td><td>6,907</td><td>2,967</td><td>3,396</td><td>5,906</td><td>2,710</td><td>3,280</td><td>5,192</td><td>2,581</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund (deposite by States and Railroad Retirement Board).</td><td>57</td><td>253</td><td>36</td><td>44</td><td>212</td><td>40</td><td>47</td><td>278</td><td>34</td><td>63</td><td>259</td><td>37</td><td>42</td></tr><tr><td>Trust account 2/.</td><td>192</td><td>207</td><td>158</td><td>216</td><td>202</td><td>221</td><td>210</td><td>233</td><td>214</td><td>204</td><td>165</td><td>248</td><td>266</td></tr><tr><td>Subtotal</td><td>250</td><td>460</td><td>193</td><td>259</td><td>415</td><td>261</td><td>258</td><td>511</td><td>248</td><td>267</td><td>425</td><td>385</td><td>308</td></tr><tr><td>Total cash income.</td><td>2,304</td><td>2,965</td><td>5,604</td><td>3,800</td><td>4,400</td><td>7,168</td><td>3,225</td><td>3,908</td><td>6,134</td><td>2,977</td><td>3,705</td><td>5,577</td><td>2,889</td></tr><tr><td>CASH OUTGO</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities.</td><td>7,479</td><td>7,401</td><td>7,503</td><td>7,551</td><td>6,948</td><td>8,246</td><td>7,139</td><td>8,156</td><td>7,837</td><td>7,324</td><td>6,398</td><td>5,365</td><td>5,124</td></tr><tr><td>Veterans' Administration.</td><td>70</td><td>73</td><td>74</td><td>78</td><td>75</td><td>85</td><td>85</td><td>95</td><td>96</td><td>103</td><td>110</td><td>112</td><td>133</td></tr><tr><td>Public works 3/.</td><td>35</td><td>25</td><td>30</td><td>31</td><td>19</td><td>24</td><td>20</td><td>20</td><td>25</td><td>31</td><td>34</td><td>29</td><td>37</td></tr><tr><td>Aid to agriculture 4/.</td><td>28</td><td>20</td><td>27</td><td>51</td><td>20</td><td>55</td><td>85</td><td>82</td><td>16</td><td>28</td><td>46</td><td>26</td><td>35</td></tr><tr><td>Social security program 5/.</td><td>51</td><td>40</td><td>33</td><td>54</td><td>32</td><td>37</td><td>50</td><td>40</td><td>33</td><td>47</td><td>61</td><td>24</td><td>73</td></tr><tr><td>Interest on the public debt 6/.</td><td>106</td><td>35</td><td>521r</td><td>87r</td><td>60r</td><td>585r</td><td>113r</td><td>45r</td><td>637r</td><td>108</td><td>69</td><td>597</td><td>140</td></tr><tr><td>Other 1/.</td><td>148</td><td>124</td><td>116</td><td>130</td><td>173</td><td>224</td><td>106</td><td>111</td><td>193</td><td>301</td><td>420</td><td>355</td><td>161</td></tr><tr><td>Subtotal</td><td>7,918r</td><td>7,718r</td><td>8,304r</td><td>7,981r</td><td>7,327r</td><td>9,256r</td><td>7,597r</td><td>8,549r</td><td>8,838r</td><td>7,943</td><td>7,138</td><td>6,509</td><td>5,701</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities.</td><td>33</td><td>155</td><td>*</td><td>68</td><td>4</td><td>-128</td><td>-68</td><td>32</td><td>113</td><td>71</td><td>63</td><td>57</td><td>34</td></tr><tr><td>Other.</td><td>-32</td><td>-13</td><td>-21</td><td>-53</td><td>-27</td><td>-7</td><td>-32</td><td>-73</td><td>-10</td><td>-5</td><td>-4</td><td>17</td><td>3</td></tr><tr><td>Commodity Credit Corporation.</td><td>163</td><td>47</td><td>57</td><td>21</td><td>16</td><td>7</td><td>69</td><td>151</td><td>9</td><td>-43</td><td>137</td><td>54</td><td>-62</td></tr><tr><td>Unemployment Trust Fund.</td><td>5</td><td>5</td><td>5</td><td>7</td><td>7</td><td>8</td><td>6</td><td>7</td><td>8</td><td>15</td><td>22</td><td>55</td><td>107</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>19</td><td>19</td><td>19</td><td>20</td><td>19</td><td>23</td><td>22</td><td>23</td><td>22</td><td>23</td><td>23</td><td>23</td><td>25</td></tr><tr><td>Railroad Retirement Account.</td><td>12</td><td>12</td><td>12</td><td>12</td><td>11</td><td>13</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>13</td></tr><tr><td>Other 2/.</td><td>-140</td><td>-482</td><td>-133</td><td>-253</td><td>-116</td><td>-217</td><td>219</td><td>-208</td><td>-133</td><td>-60</td><td>451</td><td>-84</td><td>119</td></tr><tr><td>Subtotal.</td><td>60</td><td>-257</td><td>-61</td><td>-178</td><td>-84</td><td>-303</td><td>228</td><td>-55</td><td>21</td><td>14</td><td>703</td><td>134</td><td>300</td></tr><tr><td>Redemption of adjusted service bonds.</td><td>*</td><td>*</td><td>1</td><td>1</td><td>5</td><td>*</td><td>*</td><td>*</td><td>108</td><td>43</td><td>14</td><td>7</td><td>5</td></tr><tr><td>Total cash outgo.</td><td>7,978r</td><td>7,461r</td><td>8,244r</td><td>7,805r</td><td>7,243r</td><td>8,953r</td><td>7,826r</td><td>8,494r</td><td>8,967r</td><td>8,000</td><td>7,855</td><td>6,650</td><td>6,007</td></tr><tr><td>EXCESS OF CASH OUTGO.</td><td>5,674</td><td>4,496r</td><td>2,040r</td><td>4,004r</td><td>2,842</td><td>1,786r</td><td>4,601r</td><td>4,587r</td><td>2,813r</td><td>5,023</td><td>4,150</td><td>1,073</td><td>3,118</td></tr></table>
Revised to adjust accrued discount on U. S. savings bonds from an estimated to an actual basis. Less than $500,000.
These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939.
Includes "National Service Life Insurance Fund".
Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Author-
4/ Consists of Farm Credit Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration Administration of the Sugar Act of 1937, Exportation and domestic consumption of agricultural commodities, Agricultural Adjustment Agency, Farm Security Administration, Soil Conservation and Extension Service, Department of Agriculture departmental expenditures, and Other.
5/ Excludes transactions under transfers to trust accounts, etc.
6/ Excludes accrued discount on United States savings bonds, and interest on trust fund investments.
7/ Revised to include "Work Projects Administration" and "Civilian Conservation Corps".
Total Cash Income and Outgo, by Months
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1940</td><td>398</td><td>614</td><td>989</td><td>385</td><td>561</td><td>781</td><td>449</td><td>724</td><td>756</td><td>458</td><td>656</td><td>798</td><td>7,569</td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,640</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,714</td><td>5,841</td><td>33,266</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,392</td><td>3,313</td><td>6,099</td><td>2,304</td><td>2,965</td><td>5,604</td><td>48,885</td></tr><tr><td>1945</td><td>3,800</td><td>4,400</td><td>7,163</td><td>3,225</td><td>3,908</td><td>6,154</td><td>2,977</td><td>3,705</td><td>5,577</td><td>2,889</td><td></td><td></td><td></td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1940</td><td>727</td><td>679</td><td>851</td><td>793</td><td>691</td><td>886</td><td>806</td><td>870</td><td>832</td><td>976</td><td>962</td><td>1,244</td><td>10,317</td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,139</td><td>1,973</td><td>2,778</td><td>20,811</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>5,203</td><td>5,949</td><td>5,396</td><td>57,959</td></tr><tr><td>1943</td><td>5,522</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,473</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,710</td><td>7,654</td><td>7,795</td><td>7,852</td><td>89,334</td></tr><tr><td>1944</td><td>7,567</td><td>8,032</td><td>8,575</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,301</td><td>8,221r</td><td>7,770r</td><td>7,978r</td><td>7,461r</td><td>8,244r</td><td>75,449r</td></tr><tr><td>1945</td><td>7,807r</td><td>7,243r</td><td>8,953r</td><td>7,826r</td><td>8,494r</td><td>8,967r</td><td>8,000</td><td>7,855</td><td>6,650</td><td>6,007</td><td></td><td></td><td></td></tr><tr><td>Excess of cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1940</td><td>329</td><td>65</td><td>-138</td><td>408</td><td>130</td><td>105</td><td>357</td><td>146</td><td>76</td><td>518</td><td>306</td><td>446</td><td>2,748</td></tr><tr><td>1941</td><td>704</td><td>426</td><td>-85</td><td>935</td><td>685</td><td>219</td><td>940</td><td>982</td><td>841</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,982</td></tr><tr><td>1942</td><td>1,955</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,364</td><td>2,121</td><td>5,412</td><td>5,061</td><td>1,971</td><td>51,089</td></tr><tr><td>1944</td><td>4,623</td><td>4,899</td><td>1,873</td><td>4,351</td><td>4,375</td><td>2,146</td><td>4,909r</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,496r</td><td>2,640r</td><td>46,565r</td></tr><tr><td>1945</td><td>4,004r</td><td>2,842</td><td>1,786r</td><td>4,601r</td><td>4,587r</td><td>2,813r</td><td>5,023</td><td>4,150</td><td>1,073</td><td>3,118</td><td></td><td></td><td></td></tr></table>
r Revised (See above note)
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
December 1945
19
Assets of the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposits account of sales of Government securities (War Loan accounts)</th><th>Other deposits and collectiooe</th></tr><tr><td>1936</td><td>2,936</td><td>865</td><td>862</td><td>1,150</td><td>58</td></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>1944-October</td><td>10,609</td><td>835</td><td>998</td><td>8,242</td><td>533</td></tr><tr><td>November</td><td>10,223</td><td>785</td><td>1,122</td><td>8,002</td><td>315</td></tr><tr><td>December</td><td>22,717</td><td>825</td><td>1,335</td><td>20,261</td><td>295</td></tr><tr><td>1945-January</td><td>20,077</td><td>807</td><td>1,048</td><td>17,866</td><td>357</td></tr><tr><td>February</td><td>17,734</td><td>792</td><td>1,384</td><td>15,265</td><td>292</td></tr><tr><td>March</td><td>15,722</td><td>779</td><td>1,547</td><td>13,055</td><td>341</td></tr><tr><td>April</td><td>11,809</td><td>777</td><td>1,224</td><td>9,492</td><td>315</td></tr><tr><td>May</td><td>10,055</td><td>688</td><td>1,140</td><td>7,941</td><td>286</td></tr><tr><td>June</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>July</td><td>22,469</td><td>591</td><td>1,252</td><td>20,303</td><td>324</td></tr><tr><td>August</td><td>19,018</td><td>581</td><td>1,300</td><td>16,874</td><td>263</td></tr><tr><td>September</td><td>16,582</td><td>574</td><td>1,755</td><td>13,989</td><td>265</td></tr><tr><td>October</td><td>13,307</td><td>537</td><td>1,124</td><td>11,389</td><td>256</td></tr></table>
Source: Daily Treasury Statements.
Balance in the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total assets</th><th>Total liabilities</th><th>Balance in the General Fund</th></tr><tr><td>1936</td><td>2,936</td><td>254</td><td>2,682</td></tr><tr><td>1937</td><td>2,709</td><td>156</td><td>2,553</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>643</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>1944-October</td><td>10,609</td><td>618</td><td>9,990</td></tr><tr><td>November</td><td>10,223</td><td>421</td><td>9,803</td></tr><tr><td>December</td><td>22,717</td><td>481</td><td>22,236</td></tr><tr><td>1945-January</td><td>20,077</td><td>471</td><td>19,606</td></tr><tr><td>February</td><td>17,734</td><td>420</td><td>17,313</td></tr><tr><td>March</td><td>15,722</td><td>445</td><td>15,277</td></tr><tr><td>April</td><td>11,809</td><td>443</td><td>11,366</td></tr><tr><td>May</td><td>10,055</td><td>430</td><td>9,625</td></tr><tr><td>June</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>July</td><td>22,469</td><td>386</td><td>22,082</td></tr><tr><td>August</td><td>19,018</td><td>387</td><td>18,631</td></tr><tr><td>September</td><td>16,582</td><td>447</td><td>16,134</td></tr><tr><td>October</td><td>13,307</td><td>494</td><td>12,813</td></tr></table>
Source: Daily Treasury Statements.
20
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
[In millions of dollars - Net increase or net decrease (-)]
<table><tr><th>Change during fiscal year or month</th><th>Total change in General Fund balance</th><th>General and special accounts 1/</th><th>Public debt accounts 2/</th><th>Total</th><th>Trust accounts 3/</th><th>Increment on gold 4/</th><th>Seigniorage on silver</th><th>Miscellaneous funds and accounts 5/</th><th>Checking accounts of Government agencies, etc.</th></tr><tr><td>1936</td><td>840</td><td>-4,550</td><td>5,475 6/</td><td>-85</td><td>34</td><td>-403</td><td>176</td><td>-</td><td>108</td></tr><tr><td>1937</td><td>-128</td><td>-3,149 1/</td><td>2,746 6/</td><td>275</td><td>19</td><td>-99</td><td>40</td><td>-</td><td>314</td></tr><tr><td>1938</td><td>-338</td><td>-1,384</td><td>792 6/</td><td>255</td><td>11</td><td>-51</td><td>90</td><td>-</td><td>204</td></tr><tr><td>1939</td><td>622</td><td>-3,542</td><td>3,280 6/</td><td>884</td><td>29</td><td>-5</td><td>90</td><td>2</td><td>768</td></tr><tr><td>1940</td><td>-947</td><td>-3,611</td><td>2,528</td><td>136</td><td>37</td><td>-</td><td>49</td><td>16</td><td>34</td></tr><tr><td>1941</td><td>742</td><td>-5,103</td><td>5,994</td><td>-148</td><td>37</td><td>*</td><td>20</td><td>11</td><td>-217</td></tr><tr><td>1942</td><td>358</td><td>-19,598</td><td>23,461</td><td>-3,506</td><td>66</td><td>*</td><td>14</td><td>39</td><td>-3,625</td></tr><tr><td>1943</td><td>6,515</td><td>-55,897</td><td>64,274</td><td>-1,861</td><td>92</td><td>*</td><td>-</td><td>241</td><td>-2,194</td></tr><tr><td>1944</td><td>10,662</td><td>-49,595</td><td>64,307</td><td>-4,051</td><td>148</td><td>*</td><td>-</td><td>204</td><td>-4,403</td></tr><tr><td>1945</td><td>4,529</td><td>-53,948</td><td>57,679</td><td>798</td><td>675</td><td>*</td><td>-</td><td>1,302</td><td>-1,178</td></tr><tr><td>1944-October</td><td>-5,127</td><td>-6,023</td><td>748</td><td>148</td><td>112</td><td>*</td><td>-</td><td>130</td><td>-95</td></tr><tr><td>November</td><td>-188</td><td>-5,587</td><td>4,761</td><td>639</td><td>257</td><td>*</td><td>-</td><td>311</td><td>71</td></tr><tr><td>December</td><td>12,433</td><td>-2,999</td><td>15,526</td><td>-193</td><td>-282</td><td>*</td><td>-</td><td>253</td><td>-164</td></tr><tr><td>1945-January</td><td>-2,630</td><td>-4,645</td><td>1,778</td><td>238</td><td>80</td><td>*</td><td>-</td><td>137</td><td>21</td></tr><tr><td>February</td><td>-2,292</td><td>-3,693</td><td>1,300</td><td>101</td><td>338</td><td>*</td><td>-</td><td>76</td><td>-313</td></tr><tr><td>March</td><td>-2,036</td><td>-2,540</td><td>242</td><td>262</td><td>-138</td><td>*</td><td>-</td><td>-7</td><td>407</td></tr><tr><td>April</td><td>-3,911</td><td>-5,040</td><td>1,120</td><td>9</td><td>95</td><td>*</td><td>-</td><td>-15</td><td>-71</td></tr><tr><td>May</td><td>-1,741</td><td>-6,190</td><td>3,753</td><td>686</td><td>462</td><td>*</td><td>-</td><td>70</td><td>154</td></tr><tr><td>June</td><td>15,073</td><td>-3,727</td><td>19,850</td><td>-1,050</td><td>-323</td><td>*</td><td>-</td><td>51</td><td>-778</td></tr><tr><td>July</td><td>-2,615</td><td>-5,862</td><td>3,362</td><td>-116</td><td>101</td><td>*</td><td>35</td><td>-29</td><td>-222</td></tr><tr><td>August</td><td>-3,451</td><td>-4,357</td><td>956</td><td>-50</td><td>2</td><td>*</td><td>8</td><td>-86</td><td>26</td></tr><tr><td>September</td><td>-2,497</td><td>-1,422</td><td>-980</td><td>-95</td><td>-119</td><td>*</td><td>21</td><td>55</td><td>-51</td></tr><tr><td>October</td><td>-3,321</td><td>-3,420</td><td>-203</td><td>302</td><td>129</td><td>*</td><td>17</td><td>-118</td><td>274</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ This is the net budgetary deficit. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ This represents the increase in the gross public debt, except as noted. (See footnote 6.)
3/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust accounts. (See footnotes 5.)
4/ Charges for retirement of national bank notes are reflected in this statement directly against increment on gold, in the years during which the retirements were actually made. (See footnote 6.)
5/ Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified in the column "Trust accounts".
6/ Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1936 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1936, $397 million; 1937, $99 million; 1938, $51 million; and 1939, $5 million. The increases in the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
1/ Includes inactive gold in the amount of $1,087 million.
December 1945
21
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
22
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">Miscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (Issueance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profit tax refund bonds</th><th>Ex-changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Ex-changes</th><th>Special issues</th></tr><tr><td>1936</td><td>33,779</td><td>5,078</td><td>14,121</td><td>8,958</td><td>-</td><td>1,669</td><td>-</td><td>2,978</td><td>516</td><td>9,043</td><td>5,542</td><td>-</td><td>2,978</td><td>523</td></tr><tr><td>1937</td><td>36,425</td><td>2,046</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,451</td><td>37,154</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1944-October</td><td>210,244</td><td>748</td><td>9,822</td><td>6,092</td><td>-</td><td>*</td><td>32</td><td>3,492</td><td>205</td><td>9,073</td><td>5,571</td><td>-</td><td>3,492</td><td>11</td></tr><tr><td>November</td><td>215,005</td><td>4,761</td><td>11,597</td><td>10,928</td><td>-</td><td>*</td><td>71</td><td>170</td><td>428</td><td>6,836</td><td>6,651</td><td>-</td><td>170</td><td>15</td></tr><tr><td>December</td><td>230,630</td><td>15,626</td><td>27,178</td><td>22,762</td><td>-</td><td>*</td><td>51</td><td>4,150</td><td>214</td><td>11,552</td><td>6,931</td><td>-</td><td>4,150</td><td>471</td></tr><tr><td>1945-January</td><td>232,408</td><td>1,778</td><td>7,630</td><td>7,169</td><td>-</td><td>1</td><td>46</td><td>7</td><td>407</td><td>5,852</td><td>5,801</td><td>-</td><td>7</td><td>45</td></tr><tr><td>February</td><td>233,707</td><td>1,300</td><td>12,040</td><td>6,879</td><td>-</td><td>1</td><td>54</td><td>4,649</td><td>457</td><td>10,740</td><td>6,077</td><td>-</td><td>4,649</td><td>14</td></tr><tr><td>March</td><td>233,950</td><td>242</td><td>12,471</td><td>7,782</td><td>4</td><td>1</td><td>89</td><td>4,147</td><td>449</td><td>12,229</td><td>8,066</td><td>4</td><td>4,147</td><td>12</td></tr><tr><td>April</td><td>235,069</td><td>1,120</td><td>11,847</td><td>6,557</td><td>-</td><td>*</td><td>109</td><td>4,811</td><td>369</td><td>10,727</td><td>5,903</td><td>-</td><td>4,811</td><td>14</td></tr><tr><td>May</td><td>238,832</td><td>3,763</td><td>12,616</td><td>10,204</td><td>-</td><td>*</td><td>152</td><td>1,579</td><td>681</td><td>8,854</td><td>7,262</td><td>-</td><td>1,579</td><td>12</td></tr><tr><td>June</td><td>258,682</td><td>19,850</td><td>40,554</td><td>26,904</td><td>-</td><td>*</td><td>96</td><td>4,187</td><td>9,466</td><td>20,804</td><td>7,370</td><td>-</td><td>4,187</td><td>9,247</td></tr><tr><td>July</td><td>262,045</td><td>3,362</td><td>9,495</td><td>8,701</td><td>-</td><td>*</td><td>37</td><td>-</td><td>757</td><td>6,133</td><td>6,122</td><td>-</td><td>-</td><td>11</td></tr><tr><td>August</td><td>263,001</td><td>956</td><td>10,741</td><td>7,760</td><td>-</td><td>*</td><td>24</td><td>2,470</td><td>488</td><td>9,785</td><td>7,303</td><td>-</td><td>2,470</td><td>13</td></tr><tr><td>September</td><td>262,020</td><td>-980</td><td>10,837</td><td>5,964</td><td>-</td><td>*</td><td>19</td><td>4,336</td><td>519</td><td>11,818</td><td>7,448</td><td>-</td><td>4,336</td><td>34</td></tr><tr><td>October</td><td>261,817</td><td>-203</td><td>9,915</td><td>6,308</td><td>-</td><td>*</td><td>5</td><td>3,441</td><td>161</td><td>10,118</td><td>6,575</td><td>-</td><td>3,441</td><td>103</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="6">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th></tr><tr><td>1936</td><td>32,989</td><td>17,368</td><td>1,261</td><td>11,381</td><td>-</td><td>-</td><td>2,354</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>7.2</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,682</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,854</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td></tr><tr><td>1945</td><td>256,357</td><td>106,044</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>1944-October</td><td>208,608</td><td>81,466</td><td>38,355</td><td>17,936</td><td>9,075</td><td>29,546</td><td>16,060</td><td>16,170</td><td>100.0</td><td>39.1</td><td>18.4</td><td>8.6</td><td>4.4</td><td>14.2</td><td>7.7</td><td>7.8</td></tr><tr><td>November</td><td>210,774</td><td>81,298</td><td>39,018</td><td>17,936</td><td>9,990</td><td>29,545</td><td>16,405</td><td>16,583</td><td>100.0</td><td>38.6</td><td>18.5</td><td>8.5</td><td>4.7</td><td>14.0</td><td>7.8</td><td>7.9</td></tr><tr><td>December</td><td>228,891</td><td>91,781</td><td>41,074</td><td>23,039</td><td>9,843</td><td>30,401</td><td>16,428</td><td>16,326</td><td>100.0</td><td>40.1</td><td>17.9</td><td>10.1</td><td>4.3</td><td>13.3</td><td>7.2</td><td>7.1</td></tr><tr><td>1945-January</td><td>230,672</td><td>92,417</td><td>41,858</td><td>23,039</td><td>9,864</td><td>30,401</td><td>16,403</td><td>16,688</td><td>100.0</td><td>40.1</td><td>18.1</td><td>10.0</td><td>4.3</td><td>13.2</td><td>7.1</td><td>7.2</td></tr><tr><td>February</td><td>231,854</td><td>92,545</td><td>42,418</td><td>23,039</td><td>9,927</td><td>30,396</td><td>16,399</td><td>17,130</td><td>100.0</td><td>39.9</td><td>18.3</td><td>9.9</td><td>4.3</td><td>13.1</td><td>7.1</td><td>7.4</td></tr><tr><td>March</td><td>232,026</td><td>92,572</td><td>42,885</td><td>18,588</td><td>8,948</td><td>34,544</td><td>16,921</td><td>17,567</td><td>100.0</td><td>39.9</td><td>18.5</td><td>8.0</td><td>3.9</td><td>14.9</td><td>7.3</td><td>7.6</td></tr><tr><td>April</td><td>233,063</td><td>92,572</td><td>43,351</td><td>18,588</td><td>9,109</td><td>34,478</td><td>17,041</td><td>17,923</td><td>100.0</td><td>39.7</td><td>18.6</td><td>8.0</td><td>3.9</td><td>14.8</td><td>7.3</td><td>7.7</td></tr><tr><td>May</td><td>235,761</td><td>92,572</td><td>44,487</td><td>18,588</td><td>10,031</td><td>34,442</td><td>17,049</td><td>18,592</td><td>100.0</td><td>39.3</td><td>18.9</td><td>7.9</td><td>4.3</td><td>14.6</td><td>7.2</td><td>7.9</td></tr><tr><td>June</td><td>255,357</td><td>106,544</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>July</td><td>259,781</td><td>108,085</td><td>47,024</td><td>23,498</td><td>10,119</td><td>34,472</td><td>17,025</td><td>19,558</td><td>100.0</td><td>41.6</td><td>18.1</td><td>9.0</td><td>3.9</td><td>13.3</td><td>6.6</td><td>7.5</td></tr><tr><td>August</td><td>260,746</td><td>108,367</td><td>47,231</td><td>23,498</td><td>10,108</td><td>34,430</td><td>17,038</td><td>20,033</td><td>100.0</td><td>41.6</td><td>18.1</td><td>9.0</td><td>3.9</td><td>13.2</td><td>6.5</td><td>7.7</td></tr><tr><td>September</td><td>259,630</td><td>107,244</td><td>47,251</td><td>23,498</td><td>9,021</td><td>35,072</td><td>17,018</td><td>20,519</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.0</td><td>3.5</td><td>13.5</td><td>6.6</td><td>7.9</td></tr><tr><td>October</td><td>259,439</td><td>107,244</td><td>47,296</td><td>23,498</td><td>8,776</td><td>35,021</td><td>17,026</td><td>20,577</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.1</td><td>3.4</td><td>13.5</td><td>6.6</td><td>7.9</td></tr></table>
Source: Daily Treasury Statements.
December 1945
23
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
PART A - FISCAL YEARS, 1936-1947
(In millions of dollars)
<table><tr><th></th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="11">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,883</td><td>41,148</td><td>48,711</td><td>51,103</td><td>53,380</td><td>139,543</td><td>256,357</td></tr><tr><td>Guaranteed obligations</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>5,110</td><td>4,143</td><td>4,032</td><td>1,516</td><td>409</td></tr><tr><td>Total</td><td>37,707</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,7</td><td>5,747</td><td>75,51</td><td>10,472</td><td>201,059</td><td>256,766</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>790</td><td>625</td><td>589</td><td>554</td><td>621</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td><td>2,350</td></tr><tr><td>Total outstanding</td><td>38,497</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,196</td><td>55,712</td><td>76,991</td><td>110,796</td><td>202,626</td><td>259,115</td></tr><tr><td colspan="11">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>2,354</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,301</td><td>1,603</td><td>2,501</td><td>11,864</td><td>14,734</td><td>17,041</td></tr><tr><td>Certificates of indebtedness</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,296</td><td>13,51</td><td>25,322</td><td>34,135</td></tr><tr><td>Treasury notes</td><td>11,381</td><td>10,617</td><td>9,147</td><td>7,143</td><td>6,113</td><td>5,511</td><td>6,233</td><td>13,1</td><td>17,405</td><td>23,497</td></tr><tr><td>Treasury bonds</td><td>17,168</td><td>19,936</td><td>21,841</td><td>25,218</td><td>26,515</td><td>30,115</td><td>27,085</td><td>520</td><td>7,244</td><td>106,448</td></tr><tr><td>Postal savings and other bonds</td><td>200</td><td>198</td><td>197</td><td>196</td><td>19</td><td>136</td><td>19</td><td>145</td><td>196</td><td>195</td></tr><tr><td>Total marketable issues</td><td>31,102</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,43</td><td>7,713</td><td>50,571</td><td>7,310</td><td>14,401</td><td>161,319</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. savings bonds</td><td>316</td><td>800</td><td>1,238</td><td>1,868</td><td>2,905</td><td>1,314</td><td>1,188</td><td>2,256</td><td>14,606</td><td>45,585</td></tr><tr><td>Treasury notes - tax and savings series</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,125</td><td>1,95</td><td>9,557</td><td>10,136</td></tr><tr><td>Adjusted service bonds</td><td>945</td><td>389</td><td>319</td><td>283</td><td>201</td><td>241</td><td>229</td><td>222</td><td>217</td><td>474</td></tr><tr><td>Depository bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>231</td><td>-</td><td>505</td></tr><tr><td>Total non-marketable issues</td><td>1,261</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,1</td><td>4,655</td><td>1,51</td><td>4,200</td><td>14,855</td><td>56,226</td></tr><tr><td>Total public issues</td><td>32,363</td><td>34,242</td><td>33,900</td><td>36,116</td><td>37,601</td><td>42,267</td><td>64,111</td><td>12,509</td><td>185,256</td><td>237,545</td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>127</td><td>38</td><td>26</td><td>20</td><td>11</td><td>1</td><td>8</td><td>8</td><td>17</td><td>15</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>100</td><td>95</td><td>85</td><td>101</td><td>5</td><td>-</td><td>-</td><td>-</td><td>98</td><td>97</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>-</td><td>267</td><td>662</td><td>1,177</td><td>1,771</td><td>2,17</td><td>7</td><td>44</td><td>4,766</td><td>5,308</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>116</td><td>27</td><td>37</td></tr><tr><td>Government Life Insurance Fund</td><td>-</td><td>500</td><td>523</td><td>537</td><td>524</td><td>532</td><td>7</td><td>578</td><td>502</td><td>589</td></tr><tr><td>Government Retirement Funds</td><td>280</td><td>316</td><td>396</td><td>473</td><td>55</td><td>66</td><td>7</td><td>275</td><td>1,469</td><td>1,868</td></tr><tr><td>National Service Life Insurance Fund</td><td>-</td><td>-</td><td>45</td><td>128</td><td>97</td><td>8</td><td>12</td><td>1</td><td>213</td><td>3,187</td></tr><tr><td>Postal Savings System</td><td>100</td><td>30</td><td>45</td><td>128</td><td>97</td><td>8</td><td>5</td><td>1</td><td>24</td><td>461</td></tr><tr><td>Canal Zone, Postal Savings System</td><td>-</td><td>-</td><td>66</td><td>67</td><td>-</td><td>74</td><td>-</td><td>178</td><td>319</td><td>501</td></tr><tr><td>Railroad Retirement Account</td><td>-</td><td>-</td><td>66</td><td>67</td><td>-</td><td>74</td><td>-</td><td>178</td><td>319</td><td>501</td></tr><tr><td>Unemployment Trust Fund</td><td>19</td><td>312</td><td>872</td><td>1,267</td><td>1,71</td><td>73</td><td>1,114</td><td>57</td><td>5,610</td><td>6,747</td></tr><tr><td>Total special issues</td><td>626</td><td>1,558</td><td>2,676</td><td>3,770</td><td>4,75</td><td>0,120</td><td>7,385</td><td>871</td><td>14,287</td><td>18,812</td></tr><tr><td>Total interest-bearing debt</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,883</td><td>41,37</td><td>-</td><td>-</td><td>-</td><td>199,543</td><td>256,157</td></tr><tr><td>Matured debt on which interest has ceased</td><td>169</td><td>119</td><td>141</td><td>14</td><td>-</td><td>-</td><td>-</td><td>21</td><td>289</td><td>289</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>111</td><td>116</td></tr><tr><td>Excess profits tax refund bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>131</td><td>132</td></tr><tr><td>United States notes (less gold reserves)</td><td>191</td><td>191</td><td>191</td><td>111</td><td>11</td><td>191</td><td>11</td><td>11</td><td>191</td><td>131</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>424</td><td>310</td><td>272</td><td>11</td><td>1</td><td>77</td><td>11</td><td>73</td><td>145</td><td>5</td></tr><tr><td>Other debt bearing no interest</td><td>5</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td></tr><tr><td>Total debt bearing no interest</td><td>620</td><td>506</td><td>447</td><td>111</td><td>11</td><td>1</td><td>3</td><td>1</td><td>1,71</td><td>1,17</td></tr><tr><td>Total public debt outstanding</td><td>33,779</td><td>36,425</td><td>37,165</td><td>41,1</td><td>41,48</td><td>41,121</td><td>64,114</td><td>12,512</td><td>201,258</td><td>257,334</td></tr></table>
(Continued on following page)
24
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART A - FISCAL YEARS, 1936-1945-(Continued)
(In millions of dollars)
<table><tr><th></th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="11">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation.</td><td>-</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>1,422</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration.</td><td>-</td><td>-</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td><td>34</td></tr><tr><td>Federal Public Housing Authority.</td><td>-</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>3,044</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,563</td><td>1,533</td><td>755</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation.</td><td>252</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,741</td><td>1,219</td><td>896</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues.</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>3,908</td><td>1,190</td><td>34</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 2/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td><td>375</td></tr><tr><td>Reconstruction Finance Corporation 3/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</td><td>-</td></tr><tr><td>Total non-marketable issues.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td><td>326</td><td>375</td></tr><tr><td>Total interest-bearing debt.</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td><td>409</td></tr><tr><td>Matured debt on which interest has ceased.</td><td>-</td><td>-</td><td>-</td><td>1</td><td>31</td><td>11</td><td>20</td><td>8</td><td>107</td><td>24</td></tr><tr><td>Total guaranteed obligations outstanding.</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,451</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1,623</td><td>433</td></tr></table>
PART B - MONTHLY DATA
(In millions of dollars)
<table><tr><th colspan="14">1944</th><th colspan="7">1945</th></tr><tr><th></th><th>Oct. 31</th><th>Nov. 30</th><th>Dec. 31</th><th>Jan. 31</th><th>Feb. 28</th><th>Mar. 31</th><th>Apr. 30</th><th>May 31</th><th>June 30</th><th>July 31</th><th>Aug. 31</th><th>Sept. 30</th><th>Oct. 31</th></tr><tr><td colspan="14">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>208,608</td><td>210,774</td><td>228,891</td><td>230,672</td><td>231,854</td><td>232,026</td><td>233,053</td><td>235,761</td><td>256,357</td><td>259,781</td><td>260,746</td><td>259,630</td><td>259,439</td></tr><tr><td>Guaranteed obligations</td><td>1,480</td><td>1,470</td><td>1,470</td><td>1,496</td><td>1,114</td><td>1,119</td><td>1,132</td><td>1,151</td><td>1,409</td><td>1,484</td><td>1,515</td><td>1,527</td><td>1,541</td></tr><tr><td>Total</td><td>210,088</td><td>212,244</td><td>230,361</td><td>232,168</td><td>232,968</td><td>233,145</td><td>234,194</td><td>236,912</td><td>256,766</td><td>260,265</td><td>261,261</td><td>260,156</td><td>259,980</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,720</td><td>1,293</td><td>1,783</td><td>1,770</td><td>1,883</td><td>1,949</td><td>2,029</td><td>3,091</td><td>2,350</td><td>2,284</td><td>2,274</td><td>2,409</td><td>2,395</td></tr><tr><td>Total outstanding</td><td>211,807</td><td>216,537</td><td>232,144</td><td>233,938</td><td>234,851</td><td>235,094</td><td>236,224</td><td>240,003</td><td>259,115</td><td>262,550</td><td>263,535</td><td>262,565</td><td>262,376</td></tr><tr><td colspan="14">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>16,060</td><td>16,405</td><td>16,428</td><td>16,403</td><td>16,399</td><td>16,921</td><td>17,041</td><td>17,049</td><td>17,041</td><td>17,025</td><td>17,038</td><td>17,018</td><td>17,026</td></tr><tr><td>Certificates of indebtedness</td><td>29,546</td><td>29,545</td><td>30,401</td><td>30,401</td><td>30,396</td><td>34,544</td><td>34,478</td><td>34,442</td><td>34,136</td><td>34,472</td><td>34,430</td><td>35,072</td><td>35,021</td></tr><tr><td>Treasury notes</td><td>17,936</td><td>17,936</td><td>23,039</td><td>23,039</td><td>23,039</td><td>18,588</td><td>18,588</td><td>18,588</td><td>23,497</td><td>23,498</td><td>23,498</td><td>23,498</td><td>23,498</td></tr><tr><td>Treasury bonds</td><td>81,271</td><td>81,102</td><td>91,585</td><td>92,221</td><td>92,349</td><td>92,377</td><td>92,377</td><td>92,377</td><td>106,448</td><td>107,890</td><td>108,172</td><td>107,049</td><td>107,049</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues</td><td>145,008</td><td>145,183</td><td>161,048</td><td>162,261</td><td>162,379</td><td>162,625</td><td>162,680</td><td>162,652</td><td>181,319</td><td>183,080</td><td>183,334</td><td>182,833</td><td>182,790</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds 5/</td><td>37,045</td><td>38,308</td><td>40,361</td><td>41,140</td><td>41,698</td><td>42,159</td><td>42,626</td><td>43,767</td><td>45,586</td><td>46,508</td><td>46,715</td><td>46,741</td><td>46,786</td></tr><tr><td>Treasury notes - tax and savings series</td><td>9,075</td><td>9,990</td><td>9,843</td><td>9,864</td><td>9,927</td><td>8,948</td><td>9,109</td><td>10,031</td><td>10,136</td><td>10,119</td><td>10,148</td><td>9,021</td><td>8,776</td></tr><tr><td>Adjusted service bonds</td><td>215</td><td>215</td><td>215</td><td>216</td><td>216</td><td>217</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depositary bonds</td><td>495</td><td>494</td><td>499</td><td>503</td><td>503</td><td>509</td><td>508</td><td>503</td><td>505</td><td>516</td><td>516</td><td>516</td><td>510</td></tr><tr><td>Total non-marketable issues</td><td>47,430</td><td>49,008</td><td>50,917</td><td>51,723</td><td>52,345</td><td>51,833</td><td>52,460</td><td>54,517</td><td>56,226</td><td>57,143</td><td>57,379</td><td>56,278</td><td>56,072</td></tr><tr><td>Total public issues</td><td>192,438</td><td>194,192</td><td>212,565</td><td>213,984</td><td>214,724</td><td>214,459</td><td>215,140</td><td>217,169</td><td>237,545</td><td>240,223</td><td>240,713</td><td>239,111</td><td>238,862</td></tr></table>
(Continued on following page)
December 1945
25
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
PART B - MONTHLY DATA-(Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="3">1944</th><th colspan="10">1945</th></tr><tr><th></th><th>Oct. 31</th><th>Nov. 30</th><th>Dec. 31</th><th>Jan. 31</th><th>Feb. 28</th><th>Mar. 31</th><th>Apr. 30</th><th>May 31</th><th>June 30</th><th>July 31</th><th>Aug. 31</th><th>Sept. 30</th><th>Oct. 31</th></tr><tr><td colspan="13">Public debt - (Continued)</td></tr><tr><td>Interest-bearing debt (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>25</td><td>25</td><td>20</td><td>20</td><td>20</td><td>20</td><td>19</td><td>19</td><td>15</td><td>15</td><td>14</td><td>13</td><td>13</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>193</td><td>193</td><td>98</td><td>172</td><td>202</td><td>217</td><td>232</td><td>262</td><td>97</td><td>132</td><td>147</td><td>152</td><td>152</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>5,034</td><td>5,034</td><td>5,029</td><td>5,016</td><td>5,016</td><td>5,216</td><td>5,216</td><td>5,216</td><td>5,308</td><td>5,308</td><td>5,308</td><td>5,581</td><td>5,581</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>29</td><td>30</td><td>32</td><td>33</td><td>33</td><td>34</td><td>35</td><td>35</td><td>37</td><td>38</td><td>38</td><td>39</td><td>39</td></tr><tr><td>Government Life Insurance Fund</td><td>536</td><td>539</td><td>543</td><td>546</td><td>549</td><td>554</td><td>557</td><td>559</td><td>589</td><td>592</td><td>593</td><td>599</td><td>600</td></tr><tr><td>Government Retirement Funds</td><td>1,720</td><td>1,727</td><td>1,736</td><td>1,748</td><td>1,759</td><td>1,769</td><td>1,777</td><td>1,789</td><td>1,868</td><td>2,126</td><td>2,138</td><td>2,149</td><td>2,160</td></tr><tr><td>National Service Life Insurance Fund</td><td>1,608</td><td>1,694</td><td>1,804</td><td>1,908</td><td>2,015</td><td>2,128</td><td>2,346</td><td>2,629</td><td>3,187</td><td>3,367</td><td>3,526</td><td>3,674</td><td>3,742</td></tr><tr><td>Postal Savings System</td><td>501</td><td>552</td><td>402</td><td>488</td><td>571</td><td>637</td><td>701</td><td>772</td><td>461</td><td>527</td><td>576</td><td>652</td><td>695</td></tr><tr><td>Canal Zone, Postal Savings System</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account</td><td>513</td><td>501</td><td>490</td><td>512</td><td>500</td><td>489</td><td>512</td><td>500</td><td>501</td><td>669</td><td>657</td><td>644</td><td>669</td></tr><tr><td>Unemployment Trust Fund</td><td>6,008</td><td>6,286</td><td>6,169</td><td>6,243</td><td>6,461</td><td>6,501</td><td>6,526</td><td>6,809</td><td>6,747</td><td>6,782</td><td>7,033</td><td>7,013</td><td>6,923</td></tr><tr><td>Total special issues</td><td>16,170</td><td>16,583</td><td>16,326</td><td>16,688</td><td>17,130</td><td>17,567</td><td>17,923</td><td>19,592</td><td>18,812</td><td>19,558</td><td>20,033</td><td>20,519</td><td>20,577</td></tr><tr><td>Total interest-bearing debt</td><td>208,608</td><td>210,774</td><td>228,891</td><td>230,672</td><td>231,854</td><td>232,026</td><td>233,063</td><td>235,761</td><td>256,357</td><td>259,781</td><td>260,746</td><td>259,630</td><td>259,439</td></tr><tr><td>Prepayments on securities</td><td></td><td>2,546</td><td></td><td></td><td></td><td></td><td>947</td><td></td><td></td><td></td><td></td><td></td><td>54</td></tr><tr><td>Matured debt on which interest has ceased</td><td>199</td><td>178</td><td>186</td><td>145</td><td>209</td><td>194</td><td>175</td><td>149</td><td>269</td><td>199</td><td>178</td><td>305</td><td>242</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>175</td><td>181</td><td>182</td><td>183</td><td>187</td><td>189</td><td>189</td><td>186</td><td>178</td><td>176</td><td>150</td><td>145</td><td>141</td></tr><tr><td>Excise profits tax refund bonds</td><td>359</td><td>430</td><td>481</td><td>527</td><td>582</td><td>670</td><td>780</td><td>931</td><td>1,028</td><td>1,044</td><td>1,089</td><td>1,107</td><td>1,113</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>706</td><td>699</td><td>694</td><td>685</td><td>679</td><td>673</td><td>666</td><td>660</td><td>655</td><td>648</td><td>642</td><td>638</td><td>632</td></tr><tr><td>Other debt bearing no interest</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>1,437</td><td>1,506</td><td>1,553</td><td>1,591</td><td>1,644</td><td>1,729</td><td>1,831</td><td>1,974</td><td>2,057</td><td>2,065</td><td>2,077</td><td>2,086</td><td>2,082</td></tr><tr><td>Total public debt outstanding</td><td>210,244</td><td>215,005</td><td>230,630</td><td>232,408</td><td>233,707</td><td>233,950</td><td>235,069</td><td>238,832</td><td>258,682</td><td>262,045</td><td>263,001</td><td>262,020</td><td>261,817</td></tr></table>
Guaranteed obligations ✓
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation.............</td><td>412</td><td>412</td><td>412</td><td>412</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation........</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration............</td><td>26</td><td>26</td><td>28</td><td>30</td><td>32</td><td>32</td><td>34</td><td>34</td><td>34</td><td>35</td><td>37</td></tr><tr><td>Rome Owners' Loan Corporation.............</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>755</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation........</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues..................</td><td>1,193</td><td>1,193</td><td>1,194</td><td>1,197</td><td>786</td><td>787</td><td>788</td><td>789</td><td>34</td><td>35</td><td>37</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 2/............</td><td>287</td><td>277</td><td>275</td><td>300</td><td>328</td><td>332</td><td>343</td><td>362</td><td>375</td><td>450</td><td>479</td></tr><tr><td>Reconstruction Finance Corporation 3/......</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total non-marketable issues................</td><td>287</td><td>277</td><td>275</td><td>300</td><td>328</td><td>332</td><td>343</td><td>362</td><td>375</td><td>450</td><td>479</td></tr><tr><td>Total interest-bearing debt................</td><td>1,480</td><td>1,470</td><td>1,470</td><td>1,496</td><td>1,114</td><td>1,119</td><td>1,132</td><td>1,151</td><td>409</td><td>484</td><td>515</td></tr><tr><td>Matured debt on which interest has ceased.....</td><td>83</td><td>63</td><td>44</td><td>34</td><td>30</td><td>25</td><td>23</td><td>20</td><td>24</td><td>21</td><td>19</td></tr><tr><td>Total guaranteed obligations outstanding......</td><td>1,563</td><td>1,533</td><td>1,514</td><td>1,530</td><td>1,144</td><td>1,144</td><td>1,155</td><td>1,171</td><td>433</td><td>505</td><td>534</td></tr></table>
Source: Daily Treasury Statements.
* Less than $500,000.
1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.
2/ Demand obligations.
3/ Consists of Reconstruction Finance Corporation notes, Series I-A, I-B, and I-C, which were held by United States Government corporations and credit agencies.
4/ Includes prepayments on securities.
5/ Commencing with March 1945, figures for United States savings bonds include small amounts of Series A bonds which have matured but have not been turned in for payment.
26
Treasury Bulletin
INTEREST-BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
Office of the Secretary of the Treasury, Division of Research and Statistics
B-462-B
December 1945
27
Guaranteed Obligations Held by the Treasury 1/
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Public Housing Authority</th><th>Home Owners Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th></tr><tr><td>1936</td><td>4,030</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,030</td><td>-</td></tr><tr><td>1937</td><td>3,630</td><td>-</td><td>-</td><td>-</td><td>25</td><td>3,605</td><td>-</td></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>4</td><td>15</td><td>864</td><td>-</td></tr><tr><td>1939</td><td>273</td><td>10</td><td>-</td><td>-</td><td>20</td><td>243</td><td>-</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>20</td><td>-</td><td>7</td><td>52</td></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>85</td><td>-</td><td>20</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>263</td><td>274</td><td>551</td><td>2,534</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>283</td><td>212</td><td>5,033</td><td>57</td></tr><tr><td>1944</td><td>10,717</td><td>900</td><td>366</td><td>398</td><td>580</td><td>8,416</td><td>57</td></tr><tr><td>1945</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>1944-October</td><td>11,312</td><td>1,035</td><td>276</td><td>398</td><td>468</td><td>9,078</td><td>57</td></tr><tr><td>November</td><td>11,460</td><td>1,099</td><td>266</td><td>398</td><td>439</td><td>9,201</td><td>57</td></tr><tr><td>December</td><td>11,494</td><td>1,155</td><td>258</td><td>398</td><td>420</td><td>9,206</td><td>57</td></tr><tr><td>1945-January</td><td>11,504</td><td>1,173</td><td>250</td><td>398</td><td>387</td><td>9,239</td><td>57</td></tr><tr><td>February</td><td>11,735</td><td>1,588</td><td>128</td><td>398</td><td>351</td><td>9,213</td><td>57</td></tr><tr><td>March</td><td>11,563</td><td>1,596</td><td>121</td><td>398</td><td>324</td><td>9,067</td><td>57</td></tr><tr><td>April</td><td>11,602</td><td>1,762</td><td>116</td><td>398</td><td>304</td><td>8,965</td><td>57</td></tr><tr><td>May</td><td>11,320</td><td>1,546</td><td>111</td><td>398</td><td>281</td><td>8,927</td><td>57</td></tr><tr><td>June</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>July</td><td>12,468</td><td>1,602</td><td>326</td><td>383</td><td>987</td><td>9,113</td><td>57</td></tr><tr><td>August</td><td>12,427</td><td>1,679</td><td>116</td><td>383</td><td>961</td><td>9,202</td><td>57</td></tr><tr><td>September</td><td>12,492</td><td>1,724</td><td>130</td><td>383</td><td>944</td><td>9,255</td><td>57</td></tr><tr><td>October</td><td>12,269</td><td>1,688</td><td>111</td><td>383</td><td>922</td><td>9,109</td><td>57</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000.
1/ These securities are not included in preceding statements of guaranteed obligations outstanding.
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations of the United States Government
(Amounts in millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th>Interest-bearing debt outstanding (in millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (in millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (in millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td>1936</td><td>37,707</td><td>970</td><td>2.573</td><td>32,989</td><td>845</td><td>2.562</td><td>4,718</td><td>125</td><td>2.650</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.973</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>5,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1944-October</td><td>210,088</td><td>4,061</td><td>1.933</td><td>208,608</td><td>4,041</td><td>1.937</td><td>1,480</td><td>20</td><td>1.347</td></tr><tr><td>November</td><td>212,244</td><td>4,093</td><td>1.928</td><td>210,774</td><td>4,073</td><td>1.932</td><td>1,470</td><td>20</td><td>1.355</td></tr><tr><td>December</td><td>230,351</td><td>4,413</td><td>1.916</td><td>228,891</td><td>4,393</td><td>1.919</td><td>1,470</td><td>20</td><td>1.367</td></tr><tr><td>1945-January</td><td>232,168</td><td>4,457</td><td>1.920</td><td>230,672</td><td>4,437</td><td>1.924</td><td>1,496</td><td>20</td><td>1.369</td></tr><tr><td>February</td><td>23,368</td><td>4,482</td><td>1.924</td><td>231,854</td><td>4,465</td><td>1.926</td><td>1,114</td><td>16</td><td>1.457</td></tr><tr><td>March</td><td>233,145</td><td>4,488</td><td>1.925</td><td>232,026</td><td>4,472</td><td>1.927</td><td>1,119</td><td>16</td><td>1.454</td></tr><tr><td>April</td><td>234,134</td><td>4,512</td><td>1.927</td><td>233,063</td><td>4,496</td><td>1.929</td><td>1,132</td><td>16</td><td>1.449</td></tr><tr><td>May</td><td>236,912</td><td>4,570</td><td>1.929</td><td>235,761</td><td>4,553</td><td>1.931</td><td>1,151</td><td>17</td><td>1.441</td></tr><tr><td>June</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>July</td><td>260,255</td><td>5,054</td><td>1.942</td><td>259,781</td><td>5,048</td><td>1.943</td><td>484</td><td>6</td><td>1.241</td></tr><tr><td>August</td><td>261,261</td><td>5,078</td><td>1.943</td><td>260,746</td><td>5,071</td><td>1.945</td><td>515</td><td>6</td><td>1.251</td></tr><tr><td>September</td><td>260,156</td><td>5,051</td><td>1.942</td><td>259,630</td><td>5,044</td><td>1.943</td><td>527</td><td>7</td><td>1.275</td></tr><tr><td>October</td><td>259,980</td><td>5,052</td><td>1.943</td><td>259,439</td><td>5,045</td><td>1.945</td><td>541</td><td>7</td><td>1.294</td></tr></table>
Source: Daily Treasury Statements
1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
28
Treasury Bulletin
Statutory Limitation on the Public Debt
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under author- ity of that Act, and the face amount of obligations guaranteed as to principal and
interest by the United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), shall not exceed in the aggregate $300 billion outstanding at any one time.
Table 1.- Condition as of October 31, 1945
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended</td><td>300,000</td></tr><tr><td>Amount of securities outstanding subject to such statutory debt limitation:</td><td></td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended 1/</td><td>271,464</td></tr><tr><td>Guaranteed securities 2/</td><td>558</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>272,022</td></tr><tr><td>Balance issuable under such authority</td><td>27,978</td></tr></table>
1/ For comparison with the public debt outstanding, see following table 2.
2/ Excludes guaranteed securities held by the Treasury.
Table 2.- Analysis of U. S. Government Securities Outstanding Subject to Statutory Debt Limitation and Comparison with the Public Debt Outstanding, October 31, 1945
(In millions of dollars)
<table><tr><th></th><th>U. S. Government securities outstanding subject to statutory debt limitation 1/</th><th>Total public debt outstanding</th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,026</td><td>17,026</td></tr><tr><td>Certificates of indebtedness</td><td>35,021</td><td>35,021</td></tr><tr><td>Treasury notes</td><td>23,498</td><td>23,498</td></tr><tr><td>Treasury bonds</td><td>107,049</td><td>107,049</td></tr><tr><td>Postal savings and other bonds</td><td>-</td><td>196</td></tr><tr><td>Total marketable issues</td><td>182,595</td><td>182,190</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td></tr><tr><td>U. S. savings bonds (Current redemption value</td><td>-</td><td>46,786</td></tr><tr><td>Maturity value</td><td>57,463</td><td>-</td></tr><tr><td>Treasury tax and savings notes</td><td>8,176</td><td>8,176</td></tr><tr><td>Depository bonds</td><td>510</td><td>510</td></tr><tr><td>Total non-marketable issues</td><td>66,749</td><td>56,072</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>20,577</td><td>20,577</td></tr><tr><td>Total interest-bearing securities</td><td>269,921</td><td>259,439</td></tr><tr><td>Prepayments</td><td>54</td><td>54</td></tr><tr><td>Matured securities on which interest has ceased</td><td>235</td><td>242</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>141</td><td>141</td></tr><tr><td>Excess profits tax refund bonds</td><td>1,113</td><td>1,113</td></tr><tr><td>Currency items, etc. 2/</td><td>-</td><td>828</td></tr><tr><td>Total obligations bearing no interest</td><td>1,254</td><td>2,082</td></tr><tr><td>Total</td><td>271,464</td><td>261,817</td></tr></table>
1/ Limitations are established by Section 21 of the Second Liberty Bond Act, as amended.
2/ Consists of United States notes (less gold reserve); deposits for
retirement of national bank and Federal Reserve Bank notes; and other obligations bearing no interest.
December 1945
29
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States 1 As of October 31, 1945
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th>Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1945-Nov.</td><td>Treas. bills</td><td>taxable</td><td>6,570</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>Treas. bills</td><td>taxable</td><td>5,215</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Treas. bond, 12/15/45</td><td>partially taxable</td><td>541</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>3/4% Treas. note, 12/15/45</td><td>taxable</td><td>531</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>7/8% Certificate, 12/1/45</td><td>taxable</td><td>4,395</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>17,252</td><td></td><td></td><td>17,252</td><td>17,252</td></tr><tr><td>1946-Jan.</td><td>Treas. bills</td><td>taxable</td><td>5,241</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>3% Conversion bond, 1/1/46</td><td>wholly taxable</td><td>16</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>.90% Treas. note, 1/1/46</td><td>taxable</td><td>3,416</td><td></td><td></td><td></td><td></td></tr><tr><td>Feb.</td><td>7/8% Certificate, 2/1/46</td><td>taxable</td><td>5,043</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>7/8% Certificate, 3/1/46</td><td>taxable</td><td>4,147</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1% Treas. note, 3/15/46</td><td>partially taxable</td><td>1,291</td><td></td><td>489</td><td></td><td></td></tr><tr><td></td><td>3-3/4% Treas. bond, 3/15/46-56</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>7/8% Certificate, 4/1/46</td><td>taxable</td><td>4,811</td><td></td><td></td><td></td><td></td></tr><tr><td>May.</td><td>7/8% Certificate, 5/1/46</td><td>taxable</td><td>1,579</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3% Treas. bond, 6/15/46-48</td><td>partially taxable</td><td>1,036</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>3-1/8% Treas. bond, 6/15/46-49</td><td>partially taxable</td><td>819</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>7/8% Certificate, 6/1/46</td><td>taxable</td><td>4,799</td><td></td><td></td><td></td><td></td></tr><tr><td>July.</td><td>0.90% Treas. note, 7/1/46</td><td>taxable</td><td>4,910</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>7/8% Certificate, 8/1/46</td><td>taxable</td><td>2,470</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>7/8% Certificate, 9/1/46</td><td>taxable</td><td>4,336</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>7/8% Certificate, 10/1/46</td><td>taxable</td><td>3,440</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>1-1/2% Treas. note, 12/15/46</td><td>taxable</td><td>3,261</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>48,760</td><td>2,344</td><td></td><td>51,103</td><td>48,760</td></tr><tr><td>1947-Jan.</td><td>3% Conversion bond, 1/1/47</td><td>wholly taxable</td><td>13</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>1-1/4% Treas. note, 3/15/47</td><td>taxable</td><td>1,948</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>1-1/2% Treas. note, 9/15/47</td><td>taxable</td><td>2,707</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>1-1/4% Treas. note, 9/15/47</td><td>taxable</td><td>1,687</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treas. bond, 10/15/47-52</td><td>partially taxable</td><td>759</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/47</td><td>partially taxable</td><td>701</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>7,057</td><td>759</td><td></td><td>7,816</td><td>7,057</td></tr><tr><td>1948-Mar.</td><td>2% Treas. bond, 3/15/48-50</td><td>taxable</td><td>1,115</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>2-3/4% Treas. bond, 3/15/48-51</td><td>partially taxable</td><td>1,223</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>3% Treas. bond, 6/15/48-48</td><td>partially taxable</td><td>1,036</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>1-3/4% Treas. bond, 6/15/48</td><td>taxable</td><td>3,062</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treas. bond, 9/15/48</td><td>partially taxable</td><td>451</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>1-1/2% Treas. note, 9/15/48</td><td>taxable</td><td>3,748</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/48-50</td><td>partially taxable</td><td>571</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>7,261</td><td>2,910</td><td>1,036</td><td>10,171</td><td>8,296</td></tr><tr><td>1949-June.</td><td>3-1/8% Treas. bond, 6/15/49-49</td><td>partially taxable</td><td>819</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>2% Treas. bond, 6/15/49-51</td><td>taxable</td><td>1,014</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2% Treas. bond, 9/15/49-51</td><td>taxable</td><td>1,292</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>3-1/8% Treas. bond, 12/15/49-52</td><td>partially taxable</td><td>491</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>2-1/2% Treas. bond, 12/15/49-53</td><td>partially taxable</td><td>1,786</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>2% Treas. bond, 12/15/49-51</td><td>taxable</td><td>2,098</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>6,682</td><td></td><td>819</td><td>6,682</td><td>819</td></tr><tr><td>1950-Mar.</td><td>2% Treas. bond, 3/15/48-50</td><td>taxable</td><td>1,115</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>2% Treas. bond, 3/15/50-52</td><td>taxable</td><td>1,953</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treas. bond, 9/15/50-52</td><td>partially taxable</td><td>1,186</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>2% Treas. bond, 9/15/50-52</td><td>taxable</td><td>4,939</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/48-50</td><td>partially taxable</td><td>571</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td>1-1/2% Treas. bond, 12/15/50</td><td>taxable</td><td>2,635</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>2,635</td><td>8,088</td><td>1,687</td><td>10,723</td><td>4,322</td></tr></table>
(Continued on following page)
30
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
issued by the United States
As of October 31, 1945 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/ (Date of issue is shown in parentheses)</th><th rowspan="2">Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1951-Mar....</td><td>2-3/4% Treas. bond, 3/15/48-51.....(3/16/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,223</td><td></td><td></td></tr><tr><td>June....</td><td>24 Treas. bond, 6/15/49-51.....(1/15/42)</td><td>taxable</td><td>.....</td><td>1,627</td><td>1,014</td><td></td><td></td></tr><tr><td>2-3/4% Treas. bond, 6/15/51-54.....(6/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>Sept....</td><td>24 Treas. bond, 9/15/49-51.....(5/15/42)</td><td>taxable</td><td>.....</td><td>7,986</td><td>1,292</td><td></td><td></td></tr><tr><td>24 Treas. bond, 9/15/51-53.....(9/15/43)</td><td>partially</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td></td><td></td></tr><tr><td>34 Treas. bond, 9/15/51-53.....(9/15/31)</td><td>partially</td><td>.....</td><td>.....</td><td>755</td><td>.....</td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/4% Treas. bond, 12/15/51-53.....(12/22/39)</td><td>partially</td><td>.....</td><td>1,115</td><td>.....</td><td></td><td></td></tr><tr><td>24 Treas. bond, 12/15/51-53.....(12/15/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>510</td><td>.....</td><td></td><td></td></tr><tr><td>24 Treas. bond, 12/15/49-51.....(7/15/42)</td><td>taxable</td><td>.....</td><td>.....</td><td>.....</td><td>2,098</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>11,996</td><td>5,623</td><td>11,996</td><td>5,628</td></tr><tr><td>1952-Mar....</td><td>2-1/2% Treas. bond, 3/15/52-54.....(3/31/41)</td><td>taxable</td><td>.....</td><td>1,024</td><td>.....</td><td></td><td></td></tr><tr><td>24 Treas. bond, 3/15/50-52.....(10/19/42)</td><td>taxable</td><td>.....</td><td>.....</td><td>.....</td><td>1,963</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/52-55.....(2/25/42)</td><td>taxable</td><td>.....</td><td>1,501</td><td>.....</td><td></td><td></td></tr><tr><td>24 Treas. bond, 6/15/52-54.....(6/26/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>5,825</td><td>.....</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/2% Treas. bond, 9/15/50-52.....(9/15/38)</td><td>partially</td><td>.....</td><td>.....</td><td>1,186</td><td></td><td></td></tr><tr><td>24 Treas. bond, 9/15/50-52.....(4/15/43)</td><td>taxable</td><td>.....</td><td>.....</td><td>.....</td><td>4,939</td><td></td><td></td></tr><tr><td>Oct....</td><td>4-1/4% Treas. bond, 10/15/47-52.....(10/16/22)</td><td>partially</td><td>.....</td><td>.....</td><td>759</td><td></td><td></td></tr><tr><td>3-1/8% Treas. bond, 12/15/49-52.....(12/15/34)</td><td>partially</td><td>.....</td><td>.....</td><td>.....</td><td>491</td><td></td><td></td></tr><tr><td>Dec....</td><td>24 Treas. bond, 12/15/52-54.....(12/1/44)</td><td>taxable</td><td>.....</td><td>8,662</td><td>.....</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>17,012</td><td>9,338</td><td>17,012</td><td>9,338</td></tr><tr><td>1953-June....</td><td>24 Treas. bond, 6/15/53-55.....(10/7/40)</td><td>partially</td><td>.....</td><td>725</td><td>.....</td><td></td><td></td></tr><tr><td>Sept....</td><td>24 Treas. bond, 9/15/51-53.....(9/15/43)</td><td>taxable</td><td>.....</td><td>.....</td><td>7,986</td><td></td><td></td></tr><tr><td>Dec....</td><td>2-1/2% Treas. bond, 12/15/49-53.....(12/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,786</td><td></td><td></td></tr><tr><td>2-1/4% Treas. bond, 12/15/51-53.....(12/22/39)</td><td>partially</td><td>.....</td><td>.....</td><td>.....</td><td>1,118</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>725</td><td>10,890</td><td>725</td><td>10,890</td></tr><tr><td>1954-Mar....</td><td>2-1/2% Treas. bond, 3/15/52-54.....(3/31/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,024</td><td></td><td></td></tr><tr><td>2-3/4% Treas. bond, 6/15/51-54.....(6/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>.....</td><td>1,627</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/54-56.....(7/22/40)</td><td>partially</td><td>.....</td><td>681</td><td>.....</td><td></td><td></td></tr><tr><td>24 Treas. bond, 6/15/52-54.....(6/26/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>.....</td><td>5,825</td><td></td><td></td></tr><tr><td>Dec....</td><td>24 Treas. bond, 12/15/52-54.....(12/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>8,662</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>681</td><td>17,138</td><td>681</td><td>17,138</td></tr><tr><td>1955-Mar....</td><td>2-7/8% Treas. bond, 3/15/55-60.....(3/15/35)</td><td>partially</td><td>.....</td><td>2,611</td><td>.....</td><td></td><td></td></tr><tr><td>2-1/4% Treas. bond, 6/15/52-55.....(2/25/42)</td><td>taxable</td><td>.....</td><td>.....</td><td>.....</td><td>1,501</td><td></td><td></td></tr><tr><td>June....</td><td>24 Treas. bond, 6/15/53-55.....(10/7/40)</td><td>partially</td><td>.....</td><td>.....</td><td>725</td><td></td><td></td></tr><tr><td>Sept....</td><td>34 Treas. bond, 9/15/51-55.....(9/15/31)</td><td>partially</td><td>.....</td><td>.....</td><td>755</td><td></td><td></td></tr><tr><td>Dec....</td><td>24 Treas. bond, 12/15/51-55.....(12/15/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>510</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>2,611</td><td>3,491</td><td>2,611</td><td>3,491</td></tr><tr><td>1956-Mar....</td><td>3-3/4% Treas. bond, 3/15/46-56.....(3/15/26)</td><td>partially</td><td>.....</td><td>.....</td><td>489</td><td></td><td></td></tr><tr><td>2-1/2% Treas. bond, 3/15/56-58.....(6/2/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,449</td><td>.....</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/54-56.....(7/22/40)</td><td>partially</td><td>.....</td><td>.....</td><td>681</td><td></td><td></td></tr><tr><td>2-3/4% Treas. bond, 9/15/56-59.....(9/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>982</td><td>.....</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-1/4% Treas. bond, 9/15/56-59.....(2/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>3,823</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>6,253</td><td>1,170</td><td>6,253</td><td>1,170</td></tr><tr><td>1957....</td><td></td><td></td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1958-Mar....</td><td>2-1/2% Treas. bond, 3/15/56-58.....(6/2/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,449</td><td></td><td></td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/56-58.....(6/15/38)</td><td>partially</td><td>.....</td><td>919</td><td>.....</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>919</td><td>1,449</td><td>919</td><td>1,449</td></tr><tr><td>1959-June....</td><td>2-1/4% Treas. bond, 6/15/59-62.....(6/1/45)</td><td>taxable</td><td>.....</td><td>5,284</td><td>.....</td><td></td><td></td></tr><tr><td>Sept....</td><td>2-3/4% Treas. bond, 9/15/56-59.....(9/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>982</td><td></td><td></td></tr><tr><td>2-1/4% Treas. bond, 9/15/56-59.....(2/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>.....</td><td>3,823</td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>.....</td><td>5,284</td><td>4,804</td><td>5,284</td><td>4,804</td></tr></table>
(Continued on following page)
December 1945
31
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States As of October 31, 1945 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/ (Date of issue is shown in parentheses)</th><th>Tax status 3/</th><th colspan="3">Detailed annual maturities</th><th colspan="2">Total annual maturities</th></tr><tr><th></th><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th>Fixed-maturity issues plus callable issues classified by year of first call</th><th>Fixed-maturity issues plus callable issues classified by year of final maturity</th></tr><tr><th></th><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th></tr><tr><td>1960-Mar.... Dec....</td><td>2-7/8% Treas. bond, 3/15/55-60......(3/15/35) 2-3/4% Treas. bond, 12/15/60-65......(12/15/38) Total......</td><td>partially partially</td><td>.....</td><td>..... 1,485</td><td>2,611</td><td>..... 1,485</td><td>2,611</td></tr><tr><td>1961-June....</td><td>3% Panama Canal bond, 6/1/61......(6/1/11)</td><td>wholly</td><td>50</td><td>.....</td><td>.....</td><td>50</td><td>50</td></tr><tr><td>1962-June....</td><td>2-1/2% Treas. bond, 6/15/62-67......(5/5/42) 2-1/4% Treas. bond, 6/15/59-62......(6/1/45) Total......</td><td>taxable taxable</td><td>.....</td><td>2,118</td><td>5,284</td><td>..... 2,118</td><td>5,284</td></tr><tr><td>1963-June.... Dec....</td><td>2-3/4% Treas. bond, 6/15/58-63......(6/15/38) 2-1/2% Treas. bond, 12/15/63-68......(12/1/42) Total......</td><td>partially taxable</td><td>.....</td><td>2,831</td><td>919</td><td>..... 2,831</td><td>919</td></tr><tr><td>1964-June.... Dec....</td><td>2-1/2% Treas. bond, 6/15/64-69......(4/15/43) 2-1/2% Treas. bond, 12/15/64-69......(9/15/43) Total......</td><td>taxable taxable</td><td>.....</td><td>3,761 3,838</td><td>.....</td><td>..... 7,600</td><td>.....</td></tr><tr><td>1965-Mar.... Dec....</td><td>2-1/2% Treas. bond, 3/15/65-70......(2/1/44) 2-3/4% Treas. bond, 12/15/60-65......(12/15/38) Total......</td><td>taxable partially</td><td>.....</td><td>5,197</td><td>1,485</td><td>..... 5,197</td><td>1,485</td></tr><tr><td>1966-Mar....</td><td>2-1/2% Treas. bond, 3/15/66-71......(12/1/44)</td><td>taxable</td><td>.....</td><td>3,481</td><td>.....</td><td>..... 3,481</td><td>.....</td></tr><tr><td>1967-June.... Sept....</td><td>2-1/2% Treas. bond, 6/15/62-67......(5/5/42) 2-1/2% Treas. bond, 6/15/67-72......(6/1/45) 2-1/2% Treas. bond, 9/15/67-72......(10/20/41) Total......</td><td>taxable taxable taxable</td><td>.....</td><td>7,967 2,716</td><td>2,118</td><td>..... 10,683</td><td>2,118</td></tr><tr><td>1968-Dec....</td><td>2-1/2% Treas. bond, 12/15/63-68......(12/1/42)</td><td>taxable</td><td>.....</td><td>.....</td><td>2,831</td><td>.....</td><td>2,831</td></tr><tr><td>1969-June.... Dec....</td><td>2-1/2% Treas. bond, 6/15/64-69......(4/15/43) 2-1/2% Treas. bond, 12/15/64-69......(9/15/43) Total......</td><td>taxable taxable</td><td>.....</td><td>.....</td><td>3,761 3,838</td><td>.....</td><td>7,600</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treas. bond, 3/15/65-70......(2/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>5,197</td><td>.....</td><td>5,197</td></tr><tr><td>1971-Mar....</td><td>2-1/2% Treas. bond, 3/15/66-71......(12/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>3,481</td><td>.....</td><td>3,481</td></tr><tr><td>1972-June.... Sept....</td><td>2-1/2% Treas. bond, 6/15/67-72......(6/1/45) 2-1/2% Treas. bond, 9/15/67-72......(10/20/41) Total......</td><td>taxable taxable</td><td>.....</td><td>.....</td><td>7,967 2,716</td><td>.....</td><td>10,683</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury. 1/ Excludes (1) postal savings bonds and (2) Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding). 2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities.
Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Molly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
32
Treasury Bulletin
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date terms of offering were announced</th><th>Date subscription books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses)</th><th>Earliest date on which commercial banks may own restricted issues</th><th>Amount of cash subscriptions tendered</th><th colspan="3">Amount issued</th></tr><tr><th></th><th></th><th></th><th>1/</th><th>2/</th><th>3/</th><th>Total</th><th>For cash</th><th>In exchange for other securities</th></tr><tr><td>8/16/43</td><td>9/9/43</td><td>3rd War Loan securities: 2-1/2% Treas. bond-12/15/64-69......(9/15/43) 2% Treas. bond- 9/15/51-53......(9/15/43) 7/8% Certificate- 9/1/44......(9/15/43)</td><td>26 yr,3 m (21 yr,3m) 10 yr (8 yr) 1 yr</td><td>9/15/53</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td>3,779 5,257 4,122</td><td>.....</td></tr><tr><td>10/6/43 8/16/43 10/16/43 11/22/43</td><td>10/6/43 10/16/43 11/22/43</td><td>7/8% Certificate - 10/1/44......(10/15/43) 2-1/2% Treas. bond - 12/15/64-69 4......(9/15/43) 2% Treas. bond - 9/15/51-53 4......(9/15/43) 7/8% Certificate - 12/1/44......(12/1/43)</td><td>1 yr 26 yr,2 m (21 yr,2 m) 5/ 9 yr,11 m (7 yr,11m) 5/ 1 yr</td><td>9/15/53</td><td>5,391 5,532</td><td>3,519 2,729 3,540</td><td>1,580 1,627</td><td>1,939 59 1,102 3,540</td></tr><tr><td>11/22/43</td><td>1/18/44</td><td>4th War Loan securities: 7/ 2-1/2% Treas. bond- 3/15/65-70......(2/1/44) 2-1/4% Treas. bond- 9/15/56-59......(2/1/44) 7/8% Certificate- 2/1/45......(2/1/44)</td><td>26 yr,1 m (21 yr,1 m) 15 yr,7 m (12 yr,7 m) 1 yr</td><td>2/1/54 9/15/46</td><td>2,212 3,728 5,048</td><td>2,212 3,728 5,048</td><td>2,212 3,728 5,048</td><td>.....</td></tr><tr><td>1/24/44 3/2/44 3/22/44 4/24/44</td><td>1/24/44 3/2/44 3/22/44 4/24/44</td><td>.90% Treas. note - 3/1/45......(2/1/44) 2-1/2% Treas. bond - 3/15/65-70 4......(2/1/44) 2-1/4% Treas. bond - 9/15/56-59 5......(2/1/44) 1-1/2% Treas. note - 9/15/48......(3/15/44) 7/8% Certificate - 4/1/45......(4/1/44) 7/8% Certificate - 5/1/45......(5/1/44)</td><td>1 yr,1 m 26 yr (21 yr) 8/ 15 yr,6 m (12 yr,6 m) 8/ 1 yr 1 yr</td><td>2/1/54 9/15/46</td><td>2,127 77 95 3,748 4,877 1,615</td><td>2,127 77 95 3,748 4,877 1,615</td><td>2,127 77 95</td><td>2,127 77 95</td></tr><tr><td>4/14/44</td><td>6/12/44</td><td>5th War Loan securities: 7/ 2-1/2% Treas. bond- 3/15/65-70 4......(2/1/44) 2% Treas. bond- 6/15/52-54......(6/26/44) 1-1/4% Treas. note- 3/15/47......(6/26/44) 7/8% Certificate- 6/1/45......(6/26/44)</td><td>25 yr,9 m (20 yr,9 m) 9/ 10 yr (8 yr) 2 yr,9 m 11 m</td><td>2/1/54</td><td>2,909 5,825 1,948 4,770</td><td>2,909 5,825 1,948 4,770</td><td>2,909 5,825 1,948</td><td>.....</td></tr><tr><td>7/20/44 8/24/44 8/24/44 9/20/44</td><td>7/20/44 8/24/44 8/24/44 9/25/44</td><td>7/8% Certificate - 8/1/45......(8/1/44) 7/8% Certificate - 9/1/45......(9/1/44) 1% Treas. note - 3/15/46 4......(11/1/41) 7/8% Certificate - 10/1/45......(10/1/44)</td><td>1 yr 1 yr 1 yr,6m 10/ 1 yr</td><td></td><td>2,511 3,694 788 3,492</td><td>2,511 3,694 788 3,492</td><td>2,511 3,694 788</td><td>.....</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 7/ 2-1/2% Treas. bond- 3/15/66-71......(12/1/44) 2% Treas. bond-12/15/52-54......(12/1/44) 1-1/4% Treas. note- 9/15/47......(12/1/44) 7/8% Certificate- 12/1/45......(12/1/44)</td><td>26 yr,3 m (21 yr,3 m) 10 yr (8 yr) 2 yr,9 m 1 yr</td><td>12/1/54</td><td>3,448 7,922 1,550 4,395</td><td>3,448 7,922 1,550 4,395</td><td>3,448 7,922 1,550</td><td>.....</td></tr><tr><td>11/17/44 11/17/44 1/22/45 2/19/45 3/22/45 4/19/45</td><td>11/20/44 11/20/44 1/22/45 2/19/45 3/22/45 4/19/45</td><td>.90% Treas. note - 1/1/46......(12/1/44) 2-1/2% Treas. bond - 3/15/66-71 11......(12/1/44) 2% Treas. bond - 12/15/52-54 11......(12/1/44) 1-1/4% Treas. note - 9/15/47 11......(12/1/44) 7/8% Certificate - 2/1/46......(2/1/45) 7/8% Certificate - 3/1/46......(3/1/45) 7/8% Certificate - 4/1/46......(4/1/45) 7/8% Certificate - 5/1/46......(5/1/45)</td><td>1 yr,1 m 26 yr,3 m (21 yr,3 m) 12/ 10 yr (8 yr) 12/ 2 yr,9m 12/ 1 yr 1 yr 1 yr 1 yr</td><td>12/1/54</td><td>3,416 33 740 137 5,043 4,147 4,811 1,579</td><td>3,416 33 740 137 5,043 4,147 4,811 1,579</td><td>3,416 33 740 137 5,043 4,147 4,811</td><td>.....</td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>7th War Loan securities: 7/ 2-1/2% Treas. bond- 6/15/67-72......(6/1/45) 2-1/4% Treas. bond- 6/15/59-62......(6/1/45) 1-1/2% Treas. bond-12/15/50......(6/1/45) 7/8% Certificate- 6/1/46......(6/1/45)</td><td>27 yr (22 yr) 17 yr (14 yr) 5 yr,6 m 1 yr</td><td>6/15/62 6/15/52</td><td>7,967 5,284 2,635 4,799</td><td>7,967 5,284 2,635 4,799</td><td>7,967 5,284 2,635</td><td>.....</td></tr><tr><td>5/21/45 7/23/45 8/20/45</td><td>5/21/45 7/23/45 8/20/45</td><td>.90% Treas. note - 7/1/46......(6/1/45) 7/8% Certificate - 8/1/46......(8/1/45) 7/8% Certificate - 9/1/46......(9/1/45)</td><td>1 yr,1 m 1 yr 1 yr</td><td></td><td>4,910 2,470 4,336</td><td>4,910 2,470 4,336</td><td>4,910 2,470</td><td>.....</td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Victory Loan securities: 2-1/2% Treas. bond-12/15/67-72......(11/15/45) 2-1/4% Treas. bond-12/15/59-62......(11/15/45) 7/8% Certificate- 12/1/46......(12/3/45)</td><td>27 yr,1 m (22 yr,1 m) 17 yr,1 m (14 yr,1 m) 1 yr</td><td>12/15/62 12/15/52</td><td>13/ 13/ 13/</td><td>13/ 13/ 13/</td><td>13/</td><td>.....</td></tr><tr><td>9/24/45</td><td>9/24/45</td><td>7/8% Certificate - 10/1/46......(10/1/45)</td><td>1 yr</td><td></td><td>3,440</td><td>3,440</td><td>3,440</td><td></td></tr></table>
Back Figures: For period December 1941 through July 1943, see "Treasury Bulletin" for November 1944, page 32.
1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
2/ Restricted issues are those which commercial banks (defined for this purpose as banks which accept demand deposits) are not permitted to acquire prior to a specified date, with two exceptions: (1) concurrently with the 4th, 5th and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe to the restricted issues offered in the War Loan for limited investment of their savings deposits; (2) commercial banks may temporarily acquire restricted issues through foreclosure when such issues have been used as collateral.
3/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds.
Reopening of previously offered security.
Interest commenced on October 15, 1943.
Announcement of exchange offering was included in announcement of Third War Loan, August 16, 1943.
Figures on amount of War Loan securities issued consist both of amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and to Treasury investment accounts.
Interest commenced on March 15, 1944.
Interest commenced on June 26, 1944.
Interest commenced on September 15, 1944.
This is the same security that was offered in the Sixth War Loan.
Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
Amounts not yet available.
December 1945
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th colspan="2">Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount of maturing or called security outstanding</th><th>Amount for cash retireeent</th><th>Amount exchanged</th><th>Percent exchanged</th><th>Description of new security offered</th></tr><tr><td colspan="8">(In millions of dollars)</td></tr><tr><td>8/2/43<br>9/15/43<br>10/15/43</td><td>7/8%<br>15%<br>3-1/4%</td><td>Certificate - 8/1/43............(8/15/42)<br>Treas. note - 9/15/43............(6/15/40)<br>Treas. bond - 10/15/43-45........(10/15/33)</td><td>1,609<br>279<br>1,401</td><td>53<br>279<br>239</td><td>1,556<br>.....<br>1,161</td><td>97<br>.....<br>83</td><td>7/8% Certificate - 8/1/44<br>2-1/2% Treas. bond - 12/15/64-69<br>2% Treas. bond - 9/15/51-53</td></tr><tr><td>10/15/43<br>12/1/43<br>12/15/43</td><td>7/8%<br>7/8%<br>1-1/6%</td><td>Certificate - 11/1/43............(11/2/42)<br>Certificate - 12/1/43............(12/1/42)<br>Treas. note - 12/15/43............(12/15/38)</td><td>2,035<br>3,800<br>421</td><td>96<br>260<br>421</td><td>1,939<br>3,540<br>.....</td><td>95<br>93<br>.....</td><td>7/8% Certificate - 10/1/44<br>7/8% Certificate - 12/1/44</td></tr><tr><td>2/1/44<br>2/1/44</td><td>1-3/6%<br>7/6%</td><td>PPA note - 2/1/44............(2/1/39)<br>Certificate - 2/1/44............(2/1/43)</td><td>114<br>2,211</td><td>114<br>84</td><td>.....<br>2,127</td><td>.....<br>96</td><td>.90% Treas. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>3-1/4%<br>3%<br>3-1/4%<br>1%<br>3/4%</td><td>PPM bond - 3/15/44-64............(3/15/34)<br>PPM bond - 5/15/44-49............(5/15/34)<br>RPC note - 4/15/44............(7/3/41)<br>HOLC bond - 5/1/44-52............(5/1/34)<br>Treas. bond - 4/15/44-46............(4/16/34)<br>Treas. note - 3/15/44............(11/1/39)<br>Treas. note - 6/15/44............(6/15/39)</td><td>95<br>835<br>571<br>179<br>1,519<br>515<br>416</td><td>19<br>130<br>12<br>175<br>296<br>32<br>146</td><td>76<br>705<br>559<br>604<br>1,223<br>463<br>270</td><td>80<br>84<br>98<br>78<br>81<br>94<br>65</td><td>2-1/4% Treas. bond - 9/15/56-59<br>2-1/4% Treas. bond - 3/15/65-70<br>1-1/2% Treas. note - 9/15/48</td></tr><tr><td colspan="2">Totals for exchange transaction of 3/15/44..</td><td>4,729</td><td>810</td><td>3,919</td><td>83</td><td></td></tr><tr><td>4/1/44<br>5/1/44<br>8/1/44<br>9/1/44</td><td>7/8%<br>7/8%<br>7/8%<br>7/8%</td><td>Certificate - 4/1/44............(4/15/43)<br>Certificate - 5/1/44............(5/1/43)<br>Certificate - 8/1/44............(8/2/43)<br>Certificate - 9/1/44............(9/15/43)</td><td>5,251<br>1,655<br>2,545<br>4,122</td><td>374<br>40<br>34<br>428</td><td>4,877<br>1,615<br>2,511<br>3,694</td><td>93<br>98<br>99<br>90</td><td>7/8% Certificate - 4/1/45<br>7/8% Certificate - 5/1/45<br>7/8% Certificate - 8/1/45<br>7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4%<br>1%</td><td>Treas. note - 9/15/44............(1/31/41)<br>Treas. note - 9/15/44............(12/22/39)</td><td>635<br>283</td><td>33<br>98</td><td>602<br>185</td><td>95<br>66</td><td>1% Treas. note - 3/15/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 9/15/44..</td><td>918</td><td>130</td><td>788</td><td>86</td><td></td></tr><tr><td>10/1/44<br>12/1/44</td><td>7/8%<br>7/8%</td><td>Certificate - 10/1/44............(10/15/43)<br>Certificate - 12/1/44............(12/1/43)</td><td>3,519<br>3,540</td><td>27<br>124</td><td>3,492<br>3,416</td><td>93<br>96</td><td>7/8% Certificate - 10/1/45<br>.90% Treas. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>4%</td><td>Treas. bond - 12/15/44-54............(12/15/24)</td><td>1,037</td><td>126</td><td>911</td><td>88</td><td>1-1/4% Treas. note - 9/15/47<br>2% Treas. bond - 12/15/52-54<br>2-1/2% Treas. bond - 3/15/66-712/</td></tr><tr><td>2/1/45</td><td>7/8%<br>1-1/6%</td><td>Certificate - 2/1/45............(2/1/44)<br>CCC note - 2/15/45............(7/21/41)</td><td>5,048<br>412</td><td>400<br>17</td><td>4,649<br>395</td><td>92<br>96</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 2/1/45...</td><td>5,460</td><td>416</td><td>5,043</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>.90%<br>3/4%<br>1-1/4%</td><td>Treas. note - 3/1/45............(2/1/44)<br>Treas. note - 3/15/45............(3/15/40)<br>Treas. note - 3/15/45............(9/25/42)</td><td>2,127<br>718<br>1,606</td><td>18<br>225<br>60</td><td>2,109<br>493<br>1,546</td><td>99<br>69<br>96</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 3/1/45...</td><td>4,451</td><td>304</td><td>4,147</td><td>93</td><td></td></tr><tr><td>4/1/45<br>5/1/45</td><td>7/8%<br>7/8%</td><td>Certificate - 4/1/45............(4/1/44)<br>Certificate - 5/1/45............(5/1/44)</td><td>4,877<br>1,615</td><td>66<br>35</td><td>4,811<br>1,579</td><td>99<br>98</td><td>7/8% Certificate - 4/1/46<br>7/8% Certificate - 5/1/46</td></tr><tr><td>6/1/45</td><td>7/8%<br>1-1/2%</td><td>Certificate - 6/1/45............(6/26/44)<br>HOLC bond - 6/1/45-47............(6/1/39)</td><td>4,770<br>755</td><td>583<br>32</td><td>4,187<br>723</td><td>88<br>96</td><td>.90% Treas. note - 7/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 6/1/45...</td><td>5,525</td><td>615</td><td>4,910</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8%</td><td>Certificate - 8/1/45............(8/1/44)</td><td>2,511</td><td>41</td><td>2,470</td><td>98</td><td>7/8% Certificate - 8/1/46</td></tr><tr><td>9/1/45</td><td>7/8%<br>2-3/4%</td><td>Certificate - 9/1/45............(9/1/44)<br>Treas. bond - 9/15/45-47............(9/16/35)</td><td>3,694<br>1,214</td><td>265<br>307</td><td>3,429<br>907</td><td>93<br>75</td><td>7/8% Certificate - 9/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 9/1/45...</td><td>4,908</td><td>572</td><td>4,336</td><td>88</td><td></td></tr><tr><td>10/1/45</td><td>7/8%</td><td>Certificate - 10/1/45............(10/1/44)</td><td>3,492</td><td>52</td><td>3,440</td><td>99</td><td>7/8% Certificate - 10/1/46</td></tr></table>
Back Figures: For period December 1941 through July 1943 see "Treasury Bulletin" for November 1944, page 33.
1/ Original call and maturity dates are used.
2/ Not available to commercial banks.
34
Treasury Bulletin
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th colspan="7">Description of new issue</th><th rowspan="2">Amount of maturing issue (an of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th colspan="3">Amount of bids accepted</th></tr><tr><th></th><th></th><th></th><th></th><th>-Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th><th></th><th></th></tr><tr><td>1944-Oct. 5......</td><td>1945-Jan. 4......</td><td>91</td><td>2,308.0</td><td>1,218.0</td><td>1,161.9</td><td>56.1</td><td>1,216.3</td><td>15,749.1</td></tr><tr><td>Oct. 13......</td><td>Jan. 11......</td><td>90</td><td>2,197.0</td><td>1,312.6</td><td>1,253.9</td><td>58.7</td><td>1,203.8</td><td>15,857.8</td></tr><tr><td>Oct. 19......</td><td>Jan. 18......</td><td>91</td><td>2,183.9</td><td>1,313.9</td><td>1,254.1</td><td>59.7</td><td>1,206.6</td><td>15,965.1</td></tr><tr><td>Oct. 26......</td><td>Jan. 25......</td><td>91</td><td>2,356.3</td><td>1,308.9</td><td>1,254.6</td><td>54.3</td><td>1,214.4</td><td>16,059.6</td></tr><tr><td>Nov. 2......</td><td>Feb. 1......</td><td>91</td><td>2,240.9</td><td>1,311.0</td><td>1,260.6</td><td>50.4</td><td>1,214.1</td><td>16,156.5</td></tr><tr><td>Nov. 9......</td><td>Feb. 8......</td><td>91</td><td>2,264.4</td><td>1,314.3</td><td>1,261.7</td><td>52.6</td><td>1,210.9</td><td>16,259.9</td></tr><tr><td>Nov. 16......</td><td>Feb. 15......</td><td>91</td><td>1,932.1</td><td>1,300.6</td><td>1,247.7</td><td>52.9</td><td>1,205.8</td><td>16,354.7</td></tr><tr><td>Nov. 24......</td><td>Feb. 23......</td><td>91</td><td>2,078.5</td><td>1,313.5</td><td>1,262.1</td><td>51.4</td><td>1,209.9</td><td>16,458.3</td></tr><tr><td>Nov. 30......</td><td>Mar. 1......</td><td>91</td><td>2,061.8</td><td>1,203.7 2/</td><td>1,138.6</td><td>65.1 1/</td><td>1,210.2</td><td>16,404.5</td></tr><tr><td>Dec. 7......</td><td>Mar. 8......</td><td>91</td><td>1,974.8</td><td>1,204.9</td><td>1,137.8</td><td>67.1</td><td>1,206.9</td><td>16,449.8</td></tr><tr><td>Dec. 14......</td><td>Mar. 15......</td><td>91</td><td>1,934.4</td><td>1,207.0</td><td>1,135.0</td><td>72.0</td><td>1,214.8</td><td>16,442.0</td></tr><tr><td>Dec. 21......</td><td>Mar. 22......</td><td>91</td><td>2,040.8</td><td>1,217.2</td><td>1,151.0</td><td>66.2</td><td>1,215.5</td><td>16,443.7</td></tr><tr><td>Dec. 28......</td><td>Mar. 29......</td><td>91</td><td>1,868.2</td><td>1,202.3</td><td>1,152.8</td><td>49.4</td><td>1,218.2</td><td>16,427.6</td></tr><tr><td>1945-Jan. 4......</td><td>Apr. 5......</td><td>91</td><td>2,465.0</td><td>1,204.9</td><td>1,153.5</td><td>51.5</td><td>1,218.0</td><td>16,414.7</td></tr><tr><td>Jan. 11......</td><td>Apr. 12......</td><td>91</td><td>2,157.4</td><td>1,303.0</td><td>1,227.1</td><td>75.9</td><td>1,312.6</td><td>16,405.1</td></tr><tr><td>Jan. 18......</td><td>Apr. 19......</td><td>91</td><td>2,198.2</td><td>1,302.6</td><td>1,229.2</td><td>73.4</td><td>1,313.9</td><td>16,393.9</td></tr><tr><td>Jan. 25......</td><td>Apr. 26......</td><td>91</td><td>2,195.0</td><td>1,318.4</td><td>1,248.4</td><td>69.9</td><td>1,308.9</td><td>16,403.3</td></tr><tr><td>Feb. 1......</td><td>May 3......</td><td>91</td><td>2,056.7</td><td>1,315.8</td><td>1,258.0</td><td>57.8</td><td>1,311.0</td><td>16,406.1</td></tr><tr><td>Feb. 8......</td><td>May 10......</td><td>91</td><td>2,027.9</td><td>1,310.2</td><td>1,252.7</td><td>57.5</td><td>1,314.3</td><td>16,404.0</td></tr><tr><td>Feb. 15......</td><td>May 17......</td><td>91</td><td>1,891.8</td><td>1,300.1</td><td>1,249.8</td><td>50.3</td><td>1,300.6</td><td>16,403.5</td></tr><tr><td>Feb. 23......</td><td>May 24......</td><td>90</td><td>1,888.0</td><td>1,308.7</td><td>1,242.7</td><td>66.0</td><td>1,313.5</td><td>16,398.7</td></tr><tr><td>Mar. 1......</td><td>May 31......</td><td>91</td><td>2,065.8</td><td>1,314.2</td><td>1,255.1</td><td>59.0</td><td>1,203.7</td><td>16,509.2</td></tr><tr><td>Mar. 8......</td><td>June 7......</td><td>91</td><td>2,436.4</td><td>1,310.2</td><td>1,249.6</td><td>60.5</td><td>1,204.9</td><td>16,614.5</td></tr><tr><td>Mar. 15......</td><td>June 14......</td><td>91</td><td>2,085.8</td><td>1,316.1</td><td>1,253.4</td><td>62.7</td><td>1,207.0</td><td>16,723.6</td></tr><tr><td>Mar. 22......</td><td>June 21......</td><td>91</td><td>2,075.2</td><td>1,302.5</td><td>1,233.9</td><td>68.6</td><td>1,217.2</td><td>16,808.9</td></tr><tr><td>Mar. 29......</td><td>June 28......</td><td>91</td><td>2,022.1</td><td>1,314.0</td><td>1,254.0</td><td>60.1</td><td>1,202.3</td><td>16,920.7</td></tr><tr><td>Apr. 5......</td><td>July 5......</td><td>91</td><td>1,842.8</td><td>1,317.1</td><td>1,271.1</td><td>46.0</td><td>1,204.9</td><td>17,032.8</td></tr><tr><td>Apr. 12......</td><td>July 12......</td><td>91</td><td>2,164.0</td><td>1,303.9</td><td>1,243.2</td><td>50.8</td><td>1,303.0</td><td>17,033.7</td></tr><tr><td>Apr. 19......</td><td>July 19......</td><td>91</td><td>2,092.1</td><td>1,318.2</td><td>1,255.0</td><td>63.2</td><td>1,302.6</td><td>17,049.3</td></tr><tr><td>Apr. 26......</td><td>July 26......</td><td>91</td><td>2,109.3</td><td>1,310.3</td><td>1,254.2</td><td>56.0</td><td>1,318.4</td><td>17,041.2</td></tr><tr><td>May 3......</td><td>Aug. 2......</td><td>91</td><td>2,048.7</td><td>1,314.3</td><td>1,264.8</td><td>49.5</td><td>1,315.8</td><td>17,039.8</td></tr><tr><td>May 10......</td><td>Aug. 9......</td><td>91</td><td>2,012.9</td><td>1,307.4</td><td>1,252.9</td><td>54.5</td><td>1,310.2</td><td>17,037.0</td></tr><tr><td>May 17......</td><td>Aug. 16......</td><td>91</td><td>2,029.9</td><td>1,307.4</td><td>1,255.1</td><td>52.3</td><td>1,300.1</td><td>17,044.3</td></tr><tr><td>May 24......</td><td>Aug. 23......</td><td>91</td><td>2,067.9</td><td>1,313.1</td><td>1,262.1</td><td>51.0</td><td>1,308.7</td><td>17,048.7</td></tr><tr><td>May 31......</td><td>Aug. 30......</td><td>91</td><td>2,043.1</td><td>1,314.4</td><td>1,263.0</td><td>51.4</td><td>1,314.2</td><td>17,048.9</td></tr><tr><td>June 7......</td><td>Sept. 6......</td><td>91</td><td>2,071.4</td><td>1,302.3</td><td>1,251.7</td><td>50.6</td><td>1,310.2</td><td>17,041.1</td></tr><tr><td>June 14......</td><td>Sept. 13......</td><td>91</td><td>2,112.8</td><td>1,309.8</td><td>1,251.5</td><td>58.3</td><td>1,316.1</td><td>17,034.7</td></tr><tr><td>June 21......</td><td>Sept. 20......</td><td>91</td><td>2,243.0</td><td>1,305.3</td><td>1,246.5</td><td>58.9</td><td>1,302.5</td><td>17,037.5</td></tr><tr><td>June 28......</td><td>Sept. 27......</td><td>91</td><td>2,256.3</td><td>1,317.8</td><td>1,253.9</td><td>63.9</td><td>1,314.0</td><td>17,041.3</td></tr><tr><td>July 5......</td><td>Oct. 4......</td><td>91</td><td>2,028.5</td><td>1,304.9</td><td>1,253.0</td><td>51.9</td><td>1,317.1</td><td>17,029.1</td></tr><tr><td>July 12......</td><td>Oct. 11......</td><td>91</td><td>2,233.0</td><td>1,310.6</td><td>1,252.7</td><td>58.0</td><td>1,303.9</td><td>17,035.8</td></tr><tr><td>July 19......</td><td>Oct. 18......</td><td>91</td><td>2,044.7</td><td>1,305.5</td><td>1,237.4</td><td>68.1</td><td>1,318.2</td><td>17,023.1</td></tr><tr><td>July 26......</td><td>Oct. 25......</td><td>91</td><td>2,045.9</td><td>1,312.1</td><td>1,252.0</td><td>60.1</td><td>1,310.3</td><td>17,024.9</td></tr><tr><td>Aug. 2......</td><td>Nov. 1......</td><td>91</td><td>1,938.6</td><td>1,317.0</td><td>1,267.6</td><td>49.4</td><td>1,314.3</td><td>17,027.5</td></tr><tr><td>Aug. 9......</td><td>Nov. 8......</td><td>91</td><td>2,008.2</td><td>1,318.7</td><td>1,265.3</td><td>53.4</td><td>1,307.4</td><td>17,038.9</td></tr><tr><td>Aug. 16......</td><td>Nov. 15......</td><td>91</td><td>2,006.0</td><td>1,314.5</td><td>1,257.4</td><td>57.1</td><td>1,307.4</td><td>17,045.9</td></tr><tr><td>Aug. 23......</td><td>Nov. 23......</td><td>92</td><td>1,956.4</td><td>1,310.6</td><td>1,260.3</td><td>50.3</td><td>1,313.1</td><td>17,043.5</td></tr><tr><td>Aug. 30......</td><td>Nov. 29......</td><td>91</td><td>1,986.1</td><td>1,309.0</td><td>1,256.4</td><td>52.6</td><td>1,314.4</td><td>17,038.1</td></tr><tr><td>Sept. 6......</td><td>Dec. 6......</td><td>91</td><td>1,932.4</td><td>1,306.1</td><td>1,257.6</td><td>48.5</td><td>1,302.3</td><td>17,041.9</td></tr><tr><td>Sept. 13......</td><td>Dec. 13......</td><td>91</td><td>2,024.7</td><td>1,302.0</td><td>1,241.0</td><td>61.0</td><td>1,309.8</td><td>17,034.1</td></tr><tr><td>Sept. 20......</td><td>Dec. 20......</td><td>91</td><td>2,093.7 r</td><td>1,306.7</td><td>1,252.1</td><td>54.6</td><td>1,305.3</td><td>17,035.5</td></tr><tr><td>Sept. 27......</td><td>Dec. 27......</td><td>91</td><td>2,073.5</td><td>1,300.6</td><td>1,247.6</td><td>53.0</td><td>1,317.8</td><td>17,018.3</td></tr><tr><td>Oct. 4......</td><td>1946-Jan. 3......</td><td>91</td><td>2,159.1</td><td>1,310.5</td><td>1,263.3</td><td>47.1</td><td>1,304.9</td><td>17,023.9</td></tr><tr><td>Oct. 11......</td><td>Jan. 10......</td><td>91</td><td>2,157.5</td><td>1,311.0</td><td>1,256.1</td><td>54.9</td><td>1,310.6</td><td>17,024.3</td></tr><tr><td>Oct. 18......</td><td>Jan. 17......</td><td>91</td><td>2,048.0</td><td>1,309.6</td><td>1,256.1</td><td>53.6</td><td>1,305.5</td><td>17,029.5</td></tr><tr><td>Oct. 25......</td><td>Jan. 24......</td><td>91</td><td>2,084.7</td><td>1,310.0</td><td>1,251.1</td><td>59.0</td><td>1,312.1</td><td>17,026.4</td></tr></table>
Source: Data on new issues come from Public Debt Service; amount of maturing issue and total bills outstanding are on Daily Treasury Statementheets. Back Figures: Annual Reports of the Secretary of the Treasury. r Reviseda
1/ Commencing with the offering of Treasury bills dated May 12, 1943, tenders for bills in the amount of $100,000 or less from any one bidder were accepted in full at a fixed price of 99.905 per hundred. This amount was increased to $200,000 or less commencing with the offering dated November 30, 1944.
2/ Incluies accepted bids, the deposits for which were not reflected in the Daily Treasury Statement until the following month.
December 1945
35
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bid accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1944-Oct. 5</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 13</td><td>99.906</td><td>0.376</td><td>99.910</td><td>0.360</td><td>99.906</td><td>0.376</td></tr><tr><td>Oct. 19</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 26</td><td>99.905</td><td>0.375</td><td>99.913</td><td>0.344</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 2</td><td>99.905</td><td>0.375</td><td>99.913</td><td>0.344</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 9</td><td>99.905</td><td>0.375</td><td>99.913</td><td>0.344</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 16</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 24</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 30</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 14</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 21</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 28</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>1945-Jan. 4</td><td>99.906</td><td>0.373</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 11</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 18</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 25</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 1</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 8</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 15</td><td>99.905</td><td>0.375</td><td>99.911</td><td>0.352</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 23</td><td>99.906</td><td>0.376</td><td>99.910</td><td>0.350</td><td>99.906</td><td>0.376</td></tr><tr><td>Mar. 1</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 8</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 15</td><td>99.905</td><td>0.375</td><td>99.910 2/</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 22</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 29</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 5</td><td>99.905</td><td>0.376</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 12</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 19</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 26</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 3</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>May 10</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 17</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 24</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>May 31</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>June 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 14</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 21</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 28</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>July 5</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>July 12</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>July 19</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>July 26</td><td>99.905</td><td>0.375</td><td>99.908 1/</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 2</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 9</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 16</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 23</td><td>99.904</td><td>0.375</td><td>99.909</td><td>0.356</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 30</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 6</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 13</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 20</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 27</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 4</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 11</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 18</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 25</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr></table>
Source: Public Debt Service. Back Figures: Annual Reports of the Secretary of the Treasury. 1/ Bank discount basis.
2/ Except $2,000,000 at 99.925.
3/ Except $75,000 at 99.925.
36
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds
Table 1.- Summary of Sales and Redemptions, by Series
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 1/</th><th>Net change during fiscal year or month</th><th colspan="3">Sales</th><th>Accrual of redemption values</th><th colspan="3">Maturities and redemptions</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th></th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr><tr><td colspan="10">All series 3/</td></tr><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>4/</td><td>4/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>*</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>4/</td><td>4/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>.3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>4/</td><td>4/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>4/</td><td>4/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>4/</td><td>4/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>4,314.0</td><td>+1,409.3</td><td>1,492.4</td><td>1,492.4</td><td>....</td><td>65.0</td><td>148.1</td><td>142.8</td><td>5.3</td></tr><tr><td>1942</td><td>10,188.2</td><td>+5,874.2</td><td>5,994.1</td><td>5,994.1</td><td>....</td><td>87.5</td><td>207.4</td><td>200.9</td><td>6.5</td></tr><tr><td>1943</td><td>21,256.2</td><td>+11,068.0</td><td>11,788.7</td><td>11,788.7</td><td>....</td><td>127.6</td><td>848.3</td><td>841.3</td><td>7.0</td></tr><tr><td>1944</td><td>34,606.1</td><td>+13,350.0</td><td>15,497.7</td><td>15,139.5</td><td>758.1</td><td>223.2</td><td>2,370.9</td><td>2,357.8</td><td>13.1</td></tr><tr><td>1945</td><td>45,585.6</td><td>+10,979.4</td><td>14,890.8</td><td>14,466.7r</td><td>424.1r</td><td>387.0</td><td>4,298.4</td><td>5/</td><td>5/</td></tr><tr><td>1944-October</td><td>37,644.7</td><td>+321.4</td><td>695.0</td><td>694.4</td><td>.6</td><td>26.9</td><td>400.6</td><td>398.2</td><td>2.4</td></tr><tr><td>November</td><td>38,308.2</td><td>+663.6</td><td>1,023.4</td><td>999.7</td><td>23.7</td><td>22.6</td><td>382.4</td><td>380.0</td><td>2.4</td></tr><tr><td>December</td><td>40,360.8</td><td>+2,052.6</td><td>2,385.8</td><td>2,353.5</td><td>32.4</td><td>32.0</td><td>365.3</td><td>362.9</td><td>2.4</td></tr><tr><td>1945-January</td><td>41,140.3</td><td>+779.5</td><td>1,074.2</td><td>1,073.8r</td><td>.4r</td><td>46.7</td><td>341.4</td><td>338.7</td><td>2.7</td></tr><tr><td>February</td><td>41,698.2</td><td>+557.9</td><td>848.0</td><td>848.0</td><td>....</td><td>33.0</td><td>323.1</td><td>320.7</td><td>2.4</td></tr><tr><td>March</td><td>42,159.5</td><td>+461.3</td><td>889.1</td><td>889.1</td><td>....</td><td>36.0</td><td>453.8</td><td>455.8</td><td>8.0</td></tr><tr><td>April</td><td>42,625.6</td><td>+466.1</td><td>837.6</td><td>837.6</td><td>....</td><td>32.0</td><td>403.6</td><td>396.4</td><td>7.1</td></tr><tr><td>May</td><td>43,767.0</td><td>+1,141.4</td><td>1,540.1</td><td>1,540.1</td><td>....</td><td>27.8</td><td>426.5</td><td>419.1</td><td>7.3</td></tr><tr><td>June</td><td>45,585.6</td><td>+1,818.6</td><td>2,178.1</td><td>1,850.5</td><td>327.6</td><td>43.7</td><td>403.2</td><td>5/</td><td>5/</td></tr><tr><td>July</td><td>46,508.2</td><td>+922.6</td><td>1,234.5</td><td>1,271.9</td><td>22.6</td><td>56.5</td><td>428.4</td><td>5/</td><td>5/</td></tr><tr><td>August</td><td>46,714.8</td><td>+206.6</td><td>699.7</td><td>699.7</td><td>....</td><td>38.0</td><td>531.1</td><td>5/</td><td>5/</td></tr><tr><td>September</td><td>46,741.2</td><td>+26.4</td><td>514.1</td><td>514.1</td><td>....</td><td>40.7</td><td>528.4</td><td>5/</td><td>5/</td></tr><tr><td>October</td><td>46,786.3</td><td>+45.1</td><td>624.5</td><td>624.5</td><td>....</td><td>36.7</td><td>616.1</td><td>5/</td><td>5/</td></tr></table>
Series A-D 6/
<table><tr><td>1936</td><td>316.1</td><td>+254.1</td><td>264.0</td><td>4/</td><td>4/</td><td>1.2</td><td>11.2</td><td>11.1</td><td>*</td></tr><tr><td>1937</td><td>799.6</td><td>+483.5</td><td>512.6</td><td>5/</td><td>5/</td><td>7.2</td><td>36.2</td><td>35.9</td><td>.3</td></tr><tr><td>1938</td><td>1,237.7</td><td>+438.0</td><td>487.5</td><td>4/</td><td>4/</td><td>17.1</td><td>66.6</td><td>65.6</td><td>1.1</td></tr><tr><td>1939</td><td>1,868.1</td><td>+630.5</td><td>684.5</td><td>4/</td><td>4/</td><td>28.0</td><td>82.0</td><td>80.0</td><td>2.0</td></tr><tr><td>1940</td><td>2,904.7</td><td>+1,036.6</td><td>1,108.7</td><td>5/</td><td>5/</td><td>42.1</td><td>114.3</td><td>110.8</td><td>3.5</td></tr><tr><td>1941</td><td>3,650.2</td><td>+745.5</td><td>828.0</td><td>828.0</td><td>....</td><td>65.0</td><td>147.5</td><td>142.2</td><td>5.3</td></tr><tr><td>1942</td><td>3,604.2</td><td>-46.1</td><td>.8</td><td>.8</td><td>....</td><td>85.9</td><td>132.7</td><td>126.2</td><td>6.5</td></tr><tr><td>1943</td><td>3,608.0</td><td>+3.8</td><td>.1</td><td>.1</td><td>....</td><td>92.0</td><td>88.2</td><td>81.8</td><td>6.4</td></tr><tr><td>1944</td><td>3,624.8</td><td>+16.8</td><td>.1</td><td>.1</td><td>....</td><td>96.0</td><td>79.3</td><td>71.7</td><td>7.5</td></tr><tr><td>1945</td><td>3,585.3</td><td>-39.5</td><td>*</td><td>*</td><td>....</td><td>103.3</td><td>142.8 1/</td><td>5/</td><td>5/</td></tr><tr><td>1944-October</td><td>3,637.2</td><td>+1.0</td><td>....</td><td>....</td><td>....</td><td>6.7</td><td>5.7</td><td>5.0</td><td>.7</td></tr><tr><td>November</td><td>3,636.3</td><td>-9</td><td>....</td><td>....</td><td>....</td><td>5.5</td><td>6.4</td><td>5.7</td><td>.7</td></tr><tr><td>December</td><td>3,638.0</td><td>+1.7</td><td>....</td><td>....</td><td>....</td><td>8.4</td><td>6.7</td><td>6.0</td><td>.7</td></tr><tr><td>1945-January</td><td>3,645.0</td><td>+7.0</td><td>....</td><td>....</td><td>....</td><td>14.9</td><td>8.0</td><td>7.0</td><td>1.0</td></tr><tr><td>February</td><td>3,647.3</td><td>+2.3</td><td>....</td><td>....</td><td>....</td><td>8.3</td><td>6.0</td><td>5.3</td><td>.7</td></tr><tr><td>March</td><td>3,629.1</td><td>-18.2</td><td>....</td><td>....</td><td>....</td><td>7.7</td><td>25.9</td><td>20.3</td><td>5.6</td></tr><tr><td>April</td><td>3,613.6</td><td>-15.5</td><td>*</td><td>*</td><td>....</td><td>6.9</td><td>22.4</td><td>17.5</td><td>4.8</td></tr><tr><td>May</td><td>3,597.1</td><td>-16.5</td><td>*</td><td>*</td><td>....</td><td>5.7</td><td>22.2</td><td>17.5</td><td>4.8</td></tr><tr><td>June</td><td>3,585.3</td><td>-11.9</td><td>....</td><td>....</td><td>....</td><td>8.8</td><td>20.6</td><td>5/</td><td>5/</td></tr><tr><td>July</td><td>3,578.9</td><td>-6.4</td><td>*</td><td>*</td><td>....</td><td>15.9</td><td>22.3</td><td>5/</td><td>5/</td></tr><tr><td>August</td><td>3,571.6</td><td>-7.3</td><td>....</td><td>....</td><td>....</td><td>8.7</td><td>16.0</td><td>5/</td><td>5/</td></tr><tr><td>September</td><td>3,564.9</td><td>-6.7</td><td>....</td><td>....</td><td>....</td><td>7.3</td><td>14.1</td><td>5/</td><td>5/</td></tr><tr><td>October</td><td>3,551.1 1/</td><td>-13.7</td><td>....</td><td>....</td><td>....</td><td>6.7</td><td>20.5 1/</td><td>5/</td><td>5/</td></tr></table>
Series E 3/8/
<table><tr><td>1942</td><td>3,670.8</td><td>+3,467.7</td><td>3,526.3</td><td>3,526.3</td><td>...</td><td>1.5</td><td>60.0</td><td>60.0</td><td>*</td></tr><tr><td>1943</td><td>11,286.6</td><td>+7,615.8</td><td>8,271.3</td><td>8,271.3</td><td>...</td><td>33.1</td><td>688.6</td><td>688.0</td><td>6</td></tr><tr><td>1944</td><td>21,124.8</td><td>+9,838.2</td><td>11,819.7</td><td>11,819.7</td><td>...</td><td>118.4</td><td>2,099.9</td><td>2,094.7</td><td>5.2</td></tr><tr><td>1945</td><td>29,097.1</td><td>+7,972.3</td><td>11,553.4</td><td>11,553.4</td><td>...</td><td>204.8</td><td>3,845.9</td><td>3,825.2</td><td>20.7</td></tr><tr><td>1944-October</td><td>23,501.7</td><td>+244.9</td><td>598.6</td><td>598.6</td><td>...</td><td>18.9</td><td>372.5</td><td>370.9</td><td>1.6</td></tr><tr><td>November</td><td>23,970.8</td><td>+469.0</td><td>806.8</td><td>806.8</td><td>...</td><td>15.8</td><td>353.6</td><td>351.9</td><td>1.6</td></tr><tr><td>December</td><td>25,514.5</td><td>+1,543.8</td><td>1,855.3</td><td>1,855.3</td><td>...</td><td>22.2</td><td>333.7</td><td>332.1</td><td>1.6</td></tr><tr><td>1945-January</td><td>26,041.9</td><td>+527.4</td><td>803.8</td><td>803.8</td><td>...</td><td>29.4</td><td>305.9</td><td>304.2</td><td>1.6</td></tr><tr><td>February</td><td>26,428.0</td><td>+386.1</td><td>653.2</td><td>653.2</td><td>...</td><td>23.4</td><td>290.5</td><td>288.9</td><td>1.6</td></tr><tr><td>March</td><td>26,760.2</td><td>+332.2</td><td>712.1</td><td>712.1</td><td>...</td><td>26.5</td><td>406.4</td><td>404.1</td><td>2.3</td></tr><tr><td>April</td><td>27,109.3</td><td>+349.1</td><td>684.4</td><td>684.4</td><td>...</td><td>23.4</td><td>358.7</td><td>356.5</td><td>2.2</td></tr><tr><td>May</td><td>27,948.5</td><td>+839.2</td><td>1,194.7</td><td>1,194.7</td><td>...</td><td>20.4</td><td>375.9</td><td>373.4</td><td>2.5</td></tr><tr><td>June</td><td>29,097.1</td><td>+1,148.7</td><td>1,467.7</td><td>1,467.7</td><td>...</td><td>32.8</td><td>351.9</td><td>349.3</td><td>2.5</td></tr><tr><td>July</td><td>29,790.9</td><td>+693.8</td><td>1,031.8</td><td>1,031.8</td><td>...</td><td>37.4</td><td>375.4</td><td>372.6</td><td>2.8</td></tr><tr><td>August</td><td>29,904.8</td><td>+113.8</td><td>571.3</td><td>571.3</td><td>...</td><td>27.6</td><td>485.0</td><td>481.3</td><td>3.7</td></tr><tr><td>September</td><td>29,869.3</td><td>-35.5</td><td>420.1</td><td>420.1</td><td>...</td><td>31.1</td><td>486.6</td><td>482.6</td><td>4.0</td></tr><tr><td>October</td><td>29,844.4 1/</td><td>-24.8</td><td>509.7</td><td>509.7</td><td>...</td><td>27.8</td><td>562.3 1/</td><td>557.3</td><td>5.1</td></tr></table>
(Continued on following page)
December 1945
37
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 1/</th><th rowspan="2">Net change during fiscal year or month</th><th colspan="3">Sales</th><th rowspan="2">Accrual of redemption values</th><th colspan="3">Maturities and redemptions</th></tr><tr><th>Total</th><th>Sales to investors other than commercial banks</th><th>Sales to commercial banks</th><th>Total</th><th>Original purchase price 2/</th><th>Interest accrued 2/</th></tr><tr><td colspan="10">Series F 3/ 9/</td></tr><tr><td>1942</td><td>498.9</td><td>+432.3</td><td>434.9</td><td>434.9</td><td>....</td><td>.2</td><td>2.9</td><td>2.9</td><td>•</td></tr><tr><td>1943</td><td>1,242.3</td><td>+743.4</td><td>757.9</td><td>757.9</td><td>....</td><td>2.5</td><td>17.0</td><td>17.0</td><td>•</td></tr><tr><td>1944</td><td>1,995.7</td><td>+753.4</td><td>802.2</td><td>691.2</td><td>111.0</td><td>8.8</td><td>57.7</td><td>57.4</td><td>.3</td></tr><tr><td>1945</td><td>2,604.4</td><td>+608.7</td><td>679.1</td><td>542.6 r</td><td>136.5 r</td><td>18.9</td><td>89.3</td><td>5/</td><td>5/</td></tr><tr><td>1944-October</td><td>2,121.5</td><td>+8.2</td><td>13.7</td><td>13.5</td><td>.1</td><td>1.4</td><td>6.8</td><td>6.7</td><td>.1</td></tr><tr><td>November</td><td>2,158.5</td><td>+37.1</td><td>42.7</td><td>34.4</td><td>8.3</td><td>1.3</td><td>6.9</td><td>6.9</td><td>.1</td></tr><tr><td>December</td><td>2,277.6</td><td>+119.1</td><td>124.7</td><td>114.1</td><td>10.6</td><td>1.4</td><td>7.0</td><td>6.9</td><td>.1</td></tr><tr><td>1945-January</td><td>2,314.6</td><td>+37.0</td><td>42.0</td><td>41.8 r</td><td>.2 r</td><td>2.4</td><td>7.4</td><td>7.4</td><td>.1</td></tr><tr><td>February</td><td>2,338.0</td><td>+23.4</td><td>30.7</td><td>30.7</td><td>....</td><td>1.3</td><td>8.6</td><td>8.5</td><td>.1</td></tr><tr><td>March</td><td>2,357.3</td><td>+19.2</td><td>26.5</td><td>26.5</td><td>....</td><td>1.8</td><td>9.1</td><td>9.0</td><td>.1</td></tr><tr><td>April</td><td>2,376.3</td><td>+19.1</td><td>23.1</td><td>23.1</td><td>....</td><td>1.8</td><td>5.8</td><td>5.8</td><td>.1</td></tr><tr><td>May</td><td>2,433.3</td><td>+57.0</td><td>62.9</td><td>62.9</td><td>....</td><td>1.7</td><td>7.7</td><td>7.6</td><td>.1</td></tr><tr><td>June</td><td>2,604.4</td><td>+171.2</td><td>178.0</td><td>74.5</td><td>103.5</td><td>2.1</td><td>8.9</td><td>5/</td><td>5/</td></tr><tr><td>July</td><td>2,646.6</td><td>+42.1</td><td>47.4</td><td>39.4</td><td>8.0</td><td>3.2</td><td>8.4</td><td>5/</td><td>5/</td></tr><tr><td>August</td><td>2,661.7</td><td>+15.1</td><td>21.6</td><td>21.6</td><td>....</td><td>1.7</td><td>8.2</td><td>5/</td><td>5/</td></tr><tr><td>September</td><td>2,673.8</td><td>+12.1</td><td>17.8</td><td>17.8</td><td>....</td><td>2.3</td><td>8.0</td><td>5/</td><td>5/</td></tr><tr><td>October</td><td>2,674.1</td><td>+
Series 0 3/9/
<table><tr><td>1942</td><td>2,414.3</td><td>+2,020.3</td><td>2,032.1</td><td>2,032.1</td><td>....</td><td>....</td><td>11.8</td><td>11.8</td><td>....</td></tr><tr><td>1943</td><td>5,119.2</td><td>+2,704.9</td><td>2,759.5</td><td>2,759.5</td><td>....</td><td>....</td><td>54.5</td><td>54.5</td><td>....</td></tr><tr><td>1944</td><td>7,860.8</td><td>+2,741.6</td><td>2,875.6</td><td>2,628.5</td><td>247.1</td><td>....</td><td>134.0</td><td>134.0</td><td>....</td></tr><tr><td>1945</td><td>10,298.8</td><td>+2,437.9</td><td>2,658.3</td><td>2,370.8 r</td><td>287.5 r</td><td>....</td><td>220.4</td><td>220.4</td><td>....</td></tr><tr><td>1944-October</td><td>8,384.2</td><td>+67.3</td><td>82.8</td><td>82.4</td><td>.4</td><td>....</td><td>15.5</td><td>15.5</td><td>....</td></tr><tr><td>November</td><td>8,542.6</td><td>+158.3</td><td>173.9</td><td>158.5</td><td>15.4</td><td>....</td><td>15.5</td><td>15.5</td><td>....</td></tr><tr><td>December</td><td>8,930.6</td><td>+388.0</td><td>405.9</td><td>384.1</td><td>21.8</td><td>....</td><td>17.9</td><td>17.9</td><td>....</td></tr><tr><td>1945-January</td><td>9,138.8</td><td>+208.2</td><td>228.3</td><td>228.1 r</td><td>.2 r</td><td>....</td><td>20.1</td><td>20.1</td><td>....</td></tr><tr><td>February</td><td>9,284.9</td><td>+146.1</td><td>164.1</td><td>164.1</td><td>....</td><td>....</td><td>18.0</td><td>18.0</td><td>....</td></tr><tr><td>March</td><td>9,412.9</td><td>+128.0</td><td>150.5</td><td>150.5</td><td>....</td><td>....</td><td>22.4</td><td>22.4</td><td>....</td></tr><tr><td>April</td><td>9,526.4</td><td>+113.5</td><td>130.1</td><td>130.1</td><td>....</td><td>....</td><td>16.6</td><td>16.6</td><td>....</td></tr><tr><td>May</td><td>9,788.2</td><td>+261.8</td><td>282.4</td><td>282.4</td><td>....</td><td>....</td><td>20.6</td><td>20.6</td><td>....</td></tr><tr><td>June</td><td>10,298.8</td><td>+510.6</td><td>532.4</td><td>308.3</td><td>224.1</td><td>....</td><td>21.8</td><td>21.8</td><td>....</td></tr><tr><td>July</td><td>10,491.8</td><td>+193.0</td><td>215.3</td><td>200.7</td><td>14.5</td><td>....</td><td>22.2</td><td>22.2</td><td>....</td></tr><tr><td>August</td><td>10,576.7</td><td>+84.9</td><td>106.8</td><td>106.8</td><td>....</td><td>....</td><td>21.9</td><td>21.9</td><td>....</td></tr><tr><td>September</td><td>10,633.2</td><td>+56.5</td><td>76.3</td><td>76.3</td><td>....</td><td>....</td><td>19.8</td><td>19.8</td><td>....</td></tr><tr><td>October</td><td>10,716.6</td><td>+83.4</td><td>106.8</td><td>106.8</td><td>....</td><td>....</td><td>23.5</td><td>23.5</td><td>....</td></tr></table>
Source: Daily Treasury Statements.
r Revised.
<table><tr><td>1</td><td>Less than $50,000.</td></tr><tr><td>2</td><td>At current redemption values except Series G, which is stated at par.</td></tr><tr><td>3</td><td>Estimated, except for Series O.</td></tr><tr><td>4</td><td>For details concerning investment yields and redemption values, see "Treasury Bulletin" for May 1945, page A-4.</td></tr><tr><td>5</td><td>Commercial bank purchases were permitted prior to April 1, 1940, and are estimated to have aggregated about $300 million.</td></tr><tr><td>6</td><td>Not yet available.</td></tr><tr><td>7</td><td>Series A-D, sold between March 1935 and April 1941, are 10 year discount bonds sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchasers were limited to $7,500 issue price in any calendar year and from April 1, 1940, could be made only by individuals. Series A bonds began to mature in March 1945. For information on the approximate monthly distribution of maturities during 1945 see "Treasury Bulletin" for March 1945, page A-2. The small amounts of matured bonds which have not been redeemed remain in the amount outstanding.</td></tr><tr><td>8</td><td>There were $124.3 million of Series A-D and E savings bonds redeemed through October 31, 1945 which had not been identified by series. For purposes of this table, it has been assumed that all of these were Series E bonds.</td></tr><tr><td>9</td><td>Series E, co sale since May 1, 1941, is a 10 year discount bond</td></tr></table>
<table><tr><td>Series F and G have been on sale since May 1, 1941. Series F is a 12 year discount bond sold at 74½ of maturity value, yielding 2.53% per annum if held to maturity. Series G is a 12 year current income bond, sold at par, bearing interest at the rate of 2-1/2% per annum, redeemable at par on maturity or at stated prices less than par before maturity. Purchases of Series F and G combined in any one calendar year are limited to $100,000 issue price ($50,000 in calendar year 1941). Commercial banks were permitted to purchase Series F and G bonds during the calendar year 1944 under certain conditions ("Treasury Bulletin" for December 1944, page 36, foot-note 9); and from June 18 through June 30, 1945 they were again permitted to make such purchases, subject to the following limitations: (1) purchases of Series F and G bonds from June 18 through June 30 were not to exceed the annual limit of $100,000; and (2) combined purchases of Series F and G bonds, 1-1/2% Treasury bonds due 12/15/50, and 7/8% certificates of indebtedness due 6/1/46 may not exceed 10% of the combined amount of time certificates of deposit of individuals and non-profit corporations or associations and of savings deposits, or $500,000, whichever may be less.</td></tr></table>
38
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- Total Sales by Series, Classified by Denominations
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="10">Sales in millions of dollars at issue price</th><th colspan="10">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$200 2/</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2</th><th>$25</th><th>$50</th><th>$100</th><th>$200 2/</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="16">Series E</td></tr><tr><td>1942</td><td>3,526.3</td><td>615.6</td><td>341.5</td><td>812.7</td><td>636.9</td><td>1,119.5</td><td></td><td></td><td></td><td></td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>18.1</td><td>31.7</td><td></td><td></td><td></td></tr><tr><td>1943</td><td>8,271.3</td><td>2,985.2</td><td>1,081.0</td><td>1,713.5</td><td>1,007.3</td><td>1,481.0</td><td></td><td></td><td></td><td></td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>12.2</td><td>17.9</td><td></td><td></td><td></td></tr><tr><td>1944</td><td>11,819.7</td><td>4,149.1</td><td>1,642.5</td><td>2,583.5</td><td>1,396.9</td><td>2,047.8</td><td></td><td></td><td></td><td></td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>11.8</td><td>17.3</td><td></td><td></td><td></td></tr><tr><td>1945</td><td>11,553.4</td><td>69.2</td><td>3,927.7</td><td>1,724.8</td><td>2,406.2</td><td>1,325.7</td><td>2,099.7</td><td></td><td></td><td></td><td>100.0</td><td>.6</td><td>34.0</td><td>14.9</td><td>20.8</td><td>11.5</td><td>18.2</td><td></td><td></td></tr><tr><td>1944-Oct</td><td>598.6</td><td>9.6</td><td>281.9</td><td>109.3</td><td>108.8</td><td>36.6</td><td>52.3</td><td></td><td></td><td></td><td>100.0</td><td>1.6</td><td>47.1</td><td>18.3</td><td>18.2</td><td>6.1</td><td>5.7</td><td></td><td></td></tr><tr><td>Nov</td><td>806.8</td><td>5.1</td><td>301.2</td><td>126.3</td><td>165.5</td><td>84.5</td><td>124.3</td><td></td><td></td><td></td><td>100.0</td><td>.6</td><td>37.3</td><td>15.7</td><td>20.5</td><td>10.5</td><td>15.4</td><td></td><td></td></tr><tr><td>Dec</td><td>1,855.3</td><td>6.1</td><td>467.7</td><td>233.4</td><td>457.6</td><td>288.3</td><td>402.3</td><td></td><td></td><td></td><td>100.0</td><td>.3</td><td>25.2</td><td>12.6</td><td>24.7</td><td>15.5</td><td>21.7</td><td></td><td></td></tr><tr><td>1945-Jan</td><td>803.8</td><td>6.0</td><td>296.2</td><td>124.7</td><td>153.5</td><td>77.3</td><td>146.1</td><td></td><td></td><td></td><td>100.0</td><td>.7</td><td>36.9</td><td>15.5</td><td>19.1</td><td>9.6</td><td>18.2</td><td></td><td></td></tr><tr><td>Feb</td><td>693.2</td><td>4.7</td><td>269.1</td><td>112.0</td><td>118.2</td><td>50.8</td><td>98.3</td><td></td><td></td><td></td><td>100.0</td><td>.7</td><td>41.2</td><td>17.1</td><td>18.1</td><td>7.8</td><td>15.1</td><td></td><td></td></tr><tr><td>Mar</td><td>712.1</td><td>7.7</td><td>301.4</td><td>122.5</td><td>127.5</td><td>54.1</td><td>99.0</td><td></td><td></td><td></td><td>100.0</td><td>1.1</td><td>42.3</td><td>17.2</td><td>17.9</td><td>7.6</td><td>13.9</td><td></td><td></td></tr><tr><td>Apr</td><td>684.4</td><td>7.7</td><td>285.3</td><td>115.2</td><td>123.1</td><td>54.0</td><td>99.0</td><td></td><td></td><td></td><td>100.0</td><td>1.1</td><td>41.7</td><td>16.8</td><td>18.0</td><td>7.9</td><td>14.5</td><td></td><td></td></tr><tr><td>May</td><td>1,194.7</td><td>7.3</td><td>341.3</td><td>157.7</td><td>246.5</td><td>160.2</td><td>281.6</td><td></td><td></td><td></td><td>100.0</td><td>.6</td><td>28.6</td><td>13.2</td><td>20.6</td><td>13.4</td><td>23.6</td><td></td><td></td></tr><tr><td>June</td><td>1,467.7</td><td>8.9</td><td>358.3</td><td>178.8</td><td>317.9</td><td>227.4</td><td>376.4</td><td></td><td></td><td></td><td>100.0</td><td>.6</td><td>24.4</td><td>12.2</td><td>21.7</td><td>15.5</td><td>25.6</td><td></td><td></td></tr><tr><td>July</td><td>1,031.8</td><td>8.4</td><td>322.7</td><td>145.7</td><td>205.0</td><td>127.9</td><td>222.0</td><td></td><td></td><td></td><td>100.0</td><td>.8</td><td>31.3</td><td>14.1</td><td>19.9</td><td>12.4</td><td>21.5</td><td></td><td></td></tr><tr><td>Aug</td><td>571.3</td><td>8.3</td><td>233.6</td><td>96.2</td><td>103.8</td><td>47.4</td><td>82.0</td><td></td><td></td><td></td><td>100.0</td><td>1.4</td><td>40.9</td><td>16.8</td><td>18.2</td><td>8.3</td><td>14.4</td><td></td><td></td></tr><tr><td>Sept</td><td>420.1</td><td>8.9</td><td>182.8</td><td>76.0</td><td>73.6</td><td>29.6</td><td>49.1</td><td></td><td></td><td></td><td>100.0</td><td>2.1</td><td>43.5</td><td>18.1</td><td>17.5</td><td>7.1</td><td>11.7</td><td></td><td></td></tr><tr><td>Oct</td><td>509.7</td><td>6.8</td><td>213.8</td><td>86.7</td><td>91.1</td><td>.3</td><td>40.8</td><td>70.2</td><td></td><td></td><td>100.0</td><td>1.3</td><td>41.9</td><td>17.0</td><td>17.9</td><td>.1</td><td>8.0</td><td>13.8</td><td></td></tr><tr><td colspan="16">Series F</td></tr><tr><td>1942 3/</td><td>434.9</td><td></td><td>1.3</td><td></td><td>19.6</td><td>27.5</td><td>123.6</td><td>91.7</td><td>171.1</td><td>100.0</td><td></td><td>.3</td><td></td><td>4.5</td><td></td><td>6.3</td><td>28.4</td><td>21.1</td><td>39.4</td></tr><tr><td>1943</td><td>757.9</td><td></td><td>4.0</td><td></td><td>24.8</td><td>40.6</td><td>210.1</td><td>170.2</td><td>308.3</td><td>100.0</td><td></td><td>.5</td><td></td><td>3.3</td><td></td><td>5.4</td><td>27.7</td><td>22.4</td><td>40.7</td></tr><tr><td>1944</td><td>802.2</td><td></td><td>5.6</td><td></td><td>24.9</td><td>40.9</td><td>213.3</td><td>162.7</td><td>354.8</td><td>100.0</td><td></td><td>.7</td><td></td><td>3.1</td><td></td><td>5.1</td><td>26.6</td><td>20.3</td><td>44.2</td></tr><tr><td>1945</td><td>679.1</td><td></td><td>5.4</td><td></td><td>20.0</td><td>32.7</td><td>167.3</td><td>127.5</td><td>326.2</td><td>100.0</td><td></td><td>.8</td><td></td><td>3.0</td><td></td><td>4.8</td><td>24.6</td><td>18.8</td><td>48.0</td></tr><tr><td>1944-Oct</td><td>13.7</td><td></td><td>.2</td><td></td><td>.7</td><td>.9</td><td>5.0</td><td>3.2</td><td>3.5</td><td>100.0</td><td></td><td>1.6</td><td></td><td>5.4</td><td></td><td>6.9</td><td>36.9</td><td>23.4</td><td>25.8</td></tr><tr><td>Nov</td><td>42.7</td><td></td><td>.4</td><td></td><td>1.3</td><td>2.3</td><td>12.7</td><td>9.7</td><td>16.3</td><td>100.0</td><td></td><td>.8</td><td></td><td>3.1</td><td></td><td>5.4</td><td>29.7</td><td>22.8</td><td>38.2</td></tr><tr><td>Dec</td><td>124.7</td><td></td><td>1.1</td><td></td><td>4.3</td><td>7.5</td><td>39.8</td><td>28.8</td><td>43.1</td><td>100.0</td><td></td><td>.9</td><td></td><td>3.5</td><td></td><td>6.0</td><td>31.9</td><td>23.1</td><td>34.6</td></tr><tr><td>1945-Jan</td><td>42.0</td><td></td><td>.4</td><td></td><td>1.4</td><td>1.9</td><td>9.2</td><td>6.8</td><td>22.4</td><td>100.0</td><td></td><td>.9</td><td></td><td>3.4</td><td></td><td>4.6</td><td>21.8</td><td>16.1</td><td>53.2</td></tr><tr><td>Feb</td><td>30.7</td><td></td><td>.2</td><td></td><td>.9</td><td>1.3</td><td>6.3</td><td>5.1</td><td>16.9</td><td>100.0</td><td></td><td>.7</td><td></td><td>2.9</td><td></td><td>4.2</td><td>20.5</td><td>15.5</td><td>55.2</td></tr><tr><td>Mar</td><td>26.5</td><td></td><td>.3</td><td></td><td>.9</td><td>1.2</td><td>6.0</td><td>4.9</td><td>13.2</td><td>100.0</td><td></td><td>1.0</td><td></td><td>3.3</td><td></td><td>4.5</td><td>22.9</td><td>18.6</td><td>49.7</td></tr><tr><td>Apr</td><td>23.1</td><td></td><td>.2</td><td></td><td>.9</td><td>1.1</td><td>6.3</td><td>4.4</td><td>10.2</td><td>100.0</td><td></td><td>1.0</td><td></td><td>3.7</td><td></td><td>4.8</td><td>27.2</td><td>19.2</td><td>44.1</td></tr><tr><td>May</td><td>62.9</td><td></td><td>.6</td><td></td><td>2.1</td><td>3.6</td><td>17.4</td><td>13.7</td><td>25.5</td><td>100.0</td><td></td><td>.9</td><td></td><td>3.4</td><td></td><td>5.7</td><td>27.6</td><td>21.8</td><td>40.6</td></tr><tr><td>June</td><td>178.0</td><td></td><td>.8</td><td></td><td>2.9</td><td>4.4</td><td>23.6</td><td>21.4</td><td>124.9</td><td>100.0</td><td></td><td>.8</td><td></td><td>1.6</td><td></td><td>2.5</td><td>13.3</td><td>12.0</td><td>70.2</td></tr><tr><td>July</td><td>47.4</td><td></td><td>.4</td><td></td><td>1.5</td><td>2.4</td><td>12.4</td><td>8.7</td><td>22.0</td><td>100.0</td><td></td><td>.8</td><td></td><td>3.2</td><td></td><td>5.1</td><td>26.2</td><td>18.3</td><td>46.4</td></tr><tr><td>Aug</td><td>21.6</td><td></td><td>.2</td><td></td><td>.7</td><td>1.0</td><td>5.7</td><td>4.3</td><td>9.8</td><td>100.0</td><td></td><td>.8</td><td></td><td>3.0</td><td></td><td>4.5</td><td>26.5</td><td>19.7</td><td>45.5</td></tr><tr><td>Sept</td><td>17.8</td><td></td><td>.2</td><td></td><td>.8</td><td>1.1</td><td>5.6</td><td>4.1</td><td>6.0</td><td>100.0</td><td></td><td>1.2</td><td></td><td>4.3</td><td></td><td>6.4</td><td>31.4</td><td>22.9</td><td>33.8</td></tr><tr><td>Oct</td><td>7.9</td><td></td><td>.1</td><td></td><td>.4</td><td>.5</td><td>2.7</td><td>1.6</td><td>2.6</td><td>100.0</td><td></td><td>1.3</td><td></td><td>4.5</td><td></td><td>6.7</td><td>33.9</td><td>20.8</td><td>32.8</td></tr><tr><td colspan="16">Series G</td></tr><tr><td>1942</td><td>2,032.1</td><td></td><td></td><td>50.9</td><td>113.0</td><td>578.1</td><td>406.2</td><td>883.8</td><td>100.0</td><td></td><td></td><td></td><td></td><td>2.5</td><td></td><td>5.6</td><td>28.4</td><td>20.0</td><td>43.5</td></tr><tr><td>1943</td><td>2,759.5</td><td></td><td></td><td>81.5</td><td>188.7</td><td>805.7</td><td>526.3</td><td>1,157.3</td><td>100.0</td><td></td><td></td><td></td><td></td><td>3.0</td><td></td><td>6.8</td><td>29.2</td><td>19.1</td><td>41.9</td></tr><tr><td>1944</td><td>2,875.6</td><td></td><td></td><td>108.8</td><td>249.6</td><td>942.3</td><td>520.7</td><td>1,054.2</td><td>100.0</td><td></td><td></td><td></td><td></td><td>3.8</td><td></td><td>8.7</td><td>32.8</td><td>18.1</td><td>36.6</td></tr><tr><td>1945</td><td>2,658.3</td><td></td><td></td><td>88.5</td><td>221.9</td><td>844.7</td><td>467.5</td><td>1,035.6</td><td>100.0</td><td></td><td></td><td></td><td></td><td>3.3</td><td></td><td>8.3</td><td>31.8</td><td>17.6</td><td>39.0</td></tr><tr><td>1944-Oct</td><td>82.8</td><td></td><td></td><td>3.2</td><td>7.7</td><td>31.5</td><td>16.0</td><td>28.4</td><td>100.0</td><td></td><td></td><td></td><td></td><td>3.9</td><td></td><td>9.3</td><td>38.1</td><td>19.3</td><td>29.4</td></tr><tr><td>Nov</td><td>173.9</td><td></td><td></td><td>6.6</td><td>16.1</td><td>65.4</td><td>35.3</td><td>50.5</td><td>100.0</td><td></td><td></td><td></td><td></td><td>3.8</td><td></td><td>9.2</td><td>37.6</td><td>20.3</td><td>29.1</td></tr><tr><td>Dec</td><td>405.9</td><td></td><td></td><td>19.7</td><td>45.6</td><td>140.8</td><td>85.8</td><td>114.0</td><td>100.0</td><td></td><td></td><td></td><td></td><td>4.9</td><td></td><td>11.2</td><td>34.7</td><td>21.1</td><td>28.1</td></tr><tr><td>1945-Jan</td><td>228.3</td><td></td><td></td><td>4.8</td><td>14.3</td><td>61.2</td><td>32.7</td><td>115.4</td><td>100.0</td><td></td><td></td><td></td><td></td><td>2.1</td><td></td><td>6.3</td><td>26.8</td><td>14.3</td><td>50.5</td></tr><tr><td>Feb</td><td>164.1</td><td></td><td></td><td>3.6</td><td>9.6</td><td>41.9</td><td>23.6</td><td>85.3</td><td>100.0</td><td></td><td></td><td></td><td></td><td>2.2</td><td></td><td>5.9</td><td>25.5</td><td>14.4</td><td>52.0</td></tr><tr><td>Mar</td><td>150.5</td><td></td><td></td><td>3.9</td><td>10.4</td><td>46.9</td><td>26.3</td><td>63.1</td><td>100.0</td><td></td><td></td><td></td><td></td><td>2.6</td><td></td><td>6.9</td><td>31.1</td><td>17.5</td><td>41.9</td></tr><tr><td>Apr</td><td>130.1</td><td></td><td></td><td>3.8</td><td>10.2</td><td>44.8</td><td>24.5</td><td>46.8</td><td>100.0</td><td></td><td></td><td></td><td></td><td>2.9</td><td></td><td>7.9</td><td>34.4</td><td>18.8</td><td>35.0</td></tr><tr><td>May</td><td>262.4</td><td></td><td></td><td>9.8</td><td>25.4</td><td>101.8</td><td>54.3</td><td>91.1</td><td>100.0</td><td></td><td></td><td></td><td></td><td>3.5</td><td></td><td>9.0</td><td>36.1</td><td>19.2</td><td>32.2</td></tr><tr><td>June</td><td>532.4</td><td></td><td></td><td>11.9</td><td>31.3</td><td>120.0</td><td>69.8</td><td>299.4</td><td>100.0</td><td></td><td></td><td></td><td></td><td>2.2</td><td></td><td>5.9</td><td>22.5</td><td>13.1</td><td>56.3</td></tr><tr><td>July</td><td>215.3</td><td></td><td></td><td>6.3</td><td>18.6</td><td>77.0</td><td>41.0</td><td>72.4</td><td>100.0</td><td></td><td></td><td></td><td></td><td>2.9</td><td></td><td>8.6</td><td>35.8</td><td>19.1</td><td>33.6</td></tr><tr><td>Aug</td><td>106.8</td><td></td><td></td><td>3.4</td><td>9.9</td><td>42.9</td><td>21.6</td><td>29.0</td><td>100.0</td><td></td><td></td><td></td><td></td><td>3.2</td><td></td><td>9.3</td><td>40.2</td><td>20.2</td><td>27.1</td></tr><tr><td>Sept</td><td>76.3</td><td></td><td></td><td>2.6</td><td>7.2</td><td>31.4</td><td>15.9</td><td>19.2</td><td>100.0</td><td></td><td></td><td></td><td></td><td>3.4</td><td></td><td>9.4</td><td>41.1</td><td>20.9</td><td>25.2</td></tr><tr><td>Oct</td><td>106.8</td><td></td><td></td><td>3.3</td><td>8.9</td><td>42.2</td><td>21.1</td><td>31.3</td><td>100.0</td><td></td><td></td><td></td><td></td><td>3.1</td><td></td><td>8.3</td><td>39.5</td><td>19.8</td><td>29.3</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Figures by denominations are estimated on the basis of reports received by the Treasury. 1/ Sale of $10 denomination Series E bonds was authorised in June 1944. This denomination is available only to members of the military and
2/ Sale of $200 denomination Series E bonds began October 29, 1945.
3/ Sale of $25 denomination Series P bonds was authorised in December 1941.
December 1945
39
Sales and Redemptions of United States Savings Bonds - (Continued
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States PART A - SERIES E
(In thousands of dollars at issue prices)
<table><tr><th>States</th><th colspan="2">Fiscal year</th><th colspan="3">1944</th><th colspan="10">1945</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th></tr><tr><td>Alabama</td><td>139,180</td><td>152,122</td><td>7,272</td><td>7,613</td><td>25,325</td><td>13,175</td><td>7,935</td><td>8,211</td><td>10,772</td><td>17,239</td><td>17,238</td><td>16,474</td><td>7,821</td><td>5,763</td><td>4,574</td></tr><tr><td>Arizona</td><td>42,252</td><td>43,923</td><td>2,024</td><td>2,346</td><td>7,087</td><td>3,531</td><td>2,540</td><td>2,480</td><td>2,615</td><td>4,374</td><td>5,921</td><td>4,483</td><td>2,045</td><td>1,653</td><td>1,297</td></tr><tr><td>Arkansas</td><td>74,176</td><td>76,368</td><td>4,000</td><td>5,532</td><td>13,270</td><td>5,162</td><td>3,954</td><td>4,121</td><td>4,090</td><td>8,644</td><td>11,444</td><td>7,524</td><td>3,555</td><td>2,507</td><td>2,373</td></tr><tr><td>California</td><td>970,414</td><td>972,302</td><td>51,600</td><td>53,796</td><td>153,460</td><td>77,636</td><td>55,364</td><td>61,994</td><td>53,636</td><td>78,054</td><td>125,414</td><td>100,749</td><td>47,030</td><td>33,692</td><td>37,439</td></tr><tr><td>Colorado</td><td>90,226</td><td>82,617</td><td>3,033</td><td>5,303</td><td>14,477</td><td>5,758</td><td>3,957</td><td>4,511</td><td>4,873</td><td>9,024</td><td>11,527</td><td>8,612</td><td>5,423</td><td>3,478</td><td>3,240</td></tr><tr><td>Connecticut</td><td>220,926</td><td>211,932</td><td>12,140</td><td>14,680</td><td>29,480</td><td>16,613</td><td>12,857</td><td>12,177</td><td>15,573</td><td>17,646</td><td>24,659</td><td>20,169</td><td>11,586</td><td>7,775</td><td>6,364</td></tr><tr><td>Delaware</td><td>27,609</td><td>26,663</td><td>1,572</td><td>1,753</td><td>4,045</td><td>2,091</td><td>1,544</td><td>1,730</td><td>1,684</td><td>2,455</td><td>3,241</td><td>2,639</td><td>1,658</td><td>1,328</td><td>1,057</td></tr><tr><td>Dist. of Columbia</td><td>135,069</td><td>139,531</td><td>7,706</td><td>7,939</td><td>22,961</td><td>11,496</td><td>6,669</td><td>8,795</td><td>8,153</td><td>12,377</td><td>17,092</td><td>15,085</td><td>8,388</td><td>6,658</td><td>5,610</td></tr><tr><td>Florida</td><td>142,682</td><td>154,645</td><td>8,326</td><td>7,083</td><td>22,799</td><td>16,046</td><td>9,251</td><td>10,346</td><td>9,838</td><td>14,206</td><td>18,039</td><td>17,122</td><td>7,854</td><td>5,161</td><td>6,771</td></tr><tr><td>Georgia</td><td>145,933</td><td>156,821</td><td>7,742</td><td>9,394</td><td>25,513</td><td>14,115</td><td>9,157</td><td>8,812</td><td>8,630</td><td>14,566</td><td>19,265</td><td>19,057</td><td>8,289</td><td>5,580</td><td>6,128</td></tr><tr><td>Idaho</td><td>40,230</td><td>37,439</td><td>1,620</td><td>2,310</td><td>8,703</td><td>2,002</td><td>1,581</td><td>1,711</td><td>1,519</td><td>3,442</td><td>5,852</td><td>3,453</td><td>1,215</td><td>865</td><td>1,089</td></tr><tr><td>Illinois</td><td>755,362</td><td>842,247</td><td>43,959</td><td>50,668</td><td>118,436</td><td>67,824</td><td>51,074</td><td>51,143</td><td>51,997</td><td>79,152</td><td>106,406</td><td>79,403</td><td>45,962</td><td>36,154</td><td>35,617</td></tr><tr><td>Indiana</td><td>313,594</td><td>323,206</td><td>18,080</td><td>22,070</td><td>44,675</td><td>24,030</td><td>20,824</td><td>19,239</td><td>20,747</td><td>29,982</td><td>38,632</td><td>28,489</td><td>18,211</td><td>12,434</td><td>13,284</td></tr><tr><td>Iowa</td><td>263,445</td><td>248,440</td><td>8,189</td><td>14,003</td><td>50,216</td><td>16,376</td><td>10,173</td><td>11,149</td><td>11,958</td><td>29,885</td><td>40,277</td><td>22,438</td><td>8,561</td><td>6,883</td><td>6,531</td></tr><tr><td>Kansas</td><td>163,077</td><td>163,285</td><td>5,406</td><td>10,727</td><td>28,277</td><td>11,727</td><td>9,167</td><td>11,638</td><td>7,213</td><td>18,143</td><td>23,487</td><td>13,815</td><td>8,463</td><td>5,150</td><td>4,751</td></tr><tr><td>Kentucky</td><td>127,956</td><td>122,288</td><td>6,873</td><td>6,397</td><td>17,344</td><td>9,803</td><td>7,081</td><td>9,720</td><td>6,455</td><td>11,215</td><td>17,272</td><td>13,443</td><td>5,709</td><td>4,091</td><td>4,263</td></tr><tr><td>Louisiana</td><td>141,106</td><td>135,933</td><td>8,337</td><td>8,084</td><td>20,584</td><td>11,120</td><td>8,085</td><td>8,437</td><td>7,291</td><td>11,240</td><td>19,452</td><td>9,800</td><td>6,536</td><td>4,815</td><td>4,749</td></tr><tr><td>Maloo</td><td>54,994</td><td>51,791</td><td>2,660</td><td>2,559</td><td>9,041</td><td>3,956</td><td>2,991</td><td>2,998</td><td>2,608</td><td>3,955</td><td>6,756</td><td>5,103</td><td>2,390</td><td>1,475</td><td>1,782</td></tr><tr><td>Maryland</td><td>152,566</td><td>156,421</td><td>8,785</td><td>9,272</td><td>23,428</td><td>13,012</td><td>9,630</td><td>10,019</td><td>9,055</td><td>14,917</td><td>18,138</td><td>14,553</td><td>8,886</td><td>6,544</td><td>6,117</td></tr><tr><td>Massachusetts</td><td>390,986</td><td>373,076</td><td>20,815</td><td>22,006</td><td>53,994</td><td>32,585</td><td>20,936</td><td>23,883</td><td>25,370</td><td>29,552</td><td>48,310</td><td>37,745</td><td>18,882</td><td>16,795</td><td>16,489</td></tr><tr><td>Michigan</td><td>688,159</td><td>627,872</td><td>35,817</td><td>37,811</td><td>97,629</td><td>45,602</td><td>38,420</td><td>37,334</td><td>37,125</td><td>64,094</td><td>71,034</td><td>51,053</td><td>34,721</td><td>21,933</td><td>18,635</td></tr><tr><td>Minnesota</td><td>249,962</td><td>229,473</td><td>10,714</td><td>14,564</td><td>42,422</td><td>15,000</td><td>9,896</td><td>11,147</td><td>12,173</td><td>22,751</td><td>35,553</td><td>19,831</td><td>10,201</td><td>7,405</td><td>7,003</td></tr><tr><td>Mississippi</td><td>82,588</td><td>86,994</td><td>4,068</td><td>4,937</td><td>17,664</td><td>4,542</td><td>3,893</td><td>3,548</td><td>3,959</td><td>14,975</td><td>10,447</td><td>7,388</td><td>2,768</td><td>2,573</td><td>1,993</td></tr><tr><td>Missouri</td><td>283,681</td><td>273,054</td><td>14,214</td><td>17,747</td><td>44,344</td><td>19,884</td><td>13,449</td><td>15,776</td><td>14,654</td><td>31,435</td><td>39,278</td><td>29,321</td><td>13,771</td><td>9,954</td><td>9,897</td></tr><tr><td>Montana</td><td>55,230</td><td>52,244</td><td>2,089</td><td>6,280</td><td>8,680</td><td>3,073</td><td>2,124</td><td>2,223</td><td>3,298</td><td>6,360</td><td>7,927</td><td>3,194</td><td>1,922</td><td>1,613</td><td>2,445</td></tr><tr><td>Nebraska</td><td>128,079</td><td>127,113</td><td>3,655</td><td>7,112</td><td>23,889</td><td>8,985</td><td>5,566</td><td>6,713</td><td>7,010</td><td>14,395</td><td>20,484</td><td>12,803</td><td>5,569</td><td>4,104</td><td>3,774</td></tr><tr><td>Nevada</td><td>13,468</td><td>13,909</td><td>548</td><td>841</td><td>2,425</td><td>799</td><td>656</td><td>850</td><td>821</td><td>1,063</td><td>2,080</td><td>1,510</td><td>753</td><td>511</td><td>649</td></tr><tr><td>New Hampshire</td><td>32,722</td><td>31,836</td><td>1,569</td><td>1,483</td><td>5,117</td><td>2,827</td><td>1,478</td><td>1,932</td><td>1,965</td><td>2,214</td><td>3,836</td><td>3,706</td><td>1,533</td><td>1,093</td><td>1,320</td></tr><tr><td>New Jersey</td><td>415,338</td><td>421,416</td><td>24,466</td><td>24,967</td><td>61,801</td><td>36,712</td><td>23,703</td><td>27,755</td><td>23,443</td><td>38,109</td><td>49,078</td><td>41,442</td><td>23,127</td><td>16,885</td><td>14,676</td></tr><tr><td>New Mexico</td><td>27,990</td><td>28,570</td><td>1,424</td><td>2,055</td><td>4,734</td><td>1,685</td><td>1,809</td><td>1,761</td><td>1,609</td><td>3,088</td><td>3,588</td><td>2,905</td><td>1,455</td><td>1,095</td><td>1,052</td></tr><tr><td>New York</td><td>1,290,035</td><td>1,356,461</td><td>71,342</td><td>70,043</td><td>213,168</td><td>129,977</td><td>78,972</td><td>83,077</td><td>75,755</td><td>139,383</td><td>161,305</td><td>150,744</td><td>68,497</td><td>51,310</td><td>48,303</td></tr><tr><td>North Carolina</td><td>149,443</td><td>153,408</td><td>7,880</td><td>7,815</td><td>27,985</td><td>13,650</td><td>9,009</td><td>9,360</td><td>8,416</td><td>13,011</td><td>19,357</td><td>15,624</td><td>7,126</td><td>5,571</td><td>5,244</td></tr><tr><td>North Dakota</td><td>58,224</td><td>57,135</td><td>1,755</td><td>4,718</td><td>14,276</td><td>2,641</td><td>1,925</td><td>2,131</td><td>1,970</td><td>5,773</td><td>9,810</td><td>5,080</td><td>1,574</td><td>1,149</td><td>1,560</td></tr><tr><td>Ohio</td><td>714,177</td><td>709,942</td><td>42,132</td><td>44,286</td><td>107,388</td><td>55,767</td><td>40,703</td><td>46,252</td><td>42,191</td><td>66,764</td><td>85,748</td><td>70,233</td><td>39,274</td><td>29,028</td><td>25,767</td></tr><tr><td>Oklahoma</td><td>135,264</td><td>138,827</td><td>4,833</td><td>9,536</td><td>23,984</td><td>13,060</td><td>7,066</td><td>7,475</td><td>6,810</td><td>12,957</td><td>20,363</td><td>15,424</td><td>6,335</td><td>4,611</td><td>4,136</td></tr><tr><td>Oregon</td><td>159,752</td><td>157,205</td><td>7,106</td><td>8,486</td><td>27,853</td><td>10,647</td><td>7,683</td><td>7,514</td><td>7,769</td><td>15,488</td><td>23,286</td><td>15,658</td><td>6,507</td><td>4,824</td><td>3,937</td></tr><tr><td>Pennsylvania</td><td>857,400</td><td>852,745</td><td>49,343</td><td>59,677</td><td>124,210</td><td>63,645</td><td>51,109</td><td>55,339</td><td>54,189</td><td>79,549</td><td>102,456</td><td>85,444</td><td>47,665</td><td>35,959</td><td>38,242</td></tr><tr><td>Rhode Island</td><td>60,858</td><td>63,079</td><td>3,240</td><td>3,125</td><td>9,175</td><td>5,729</td><td>3,681</td><td>4,487</td><td>4,051</td><td>4,992</td><td>8,172</td><td>6,961</td><td>2,703</td><td>1,798</td><td>2,262</td></tr><tr><td>South Carolina</td><td>76,058</td><td>80,080</td><td>4,538</td><td>4,084</td><td>13,816</td><td>6,552</td><td>4,636</td><td>5,084</td><td>4,593</td><td>6,298</td><td>9,602</td><td>8,229</td><td>3,959</td><td>3,045</td><td>3,601</td></tr><tr><td>South Dakota</td><td>53,813</td><td>48,594</td><td>1,739</td><td>3,052</td><td>10,655</td><td>2,519</td><td>1,640</td><td>1,777</td><td>2,456</td><td>5,755</td><td>8,100</td><td>5,011</td><td>1,629</td><td>1,401</td><td>1,331</td></tr><tr><td>Tennessee</td><td>147,296</td><td>147,295</td><td>7,775</td><td>8,449</td><td>23,297</td><td>12,247</td><td>8,572</td><td>9,001</td><td>8,272</td><td>12,530</td><td>20,513</td><td>15,861</td><td>8,925</td><td>5,697</td><td>5,074</td></tr><tr><td>Texas</td><td>494,995</td><td>476,879</td><td>21,451</td><td>35,318</td><td>79,620</td><td>34,119</td><td>26,910</td><td>28,045</td><td>26,075</td><td>51,289</td><td>62,828</td><td>48,290</td><td>22,475</td><td>18,074</td><td>16,662</td></tr><tr><td>Utah</td><td>56,357</td><td>54,374</td><td>2,471</td><td>3,305</td><td>9,222</td><td>3,180</td><td>2,715</td><td>2,956</td><td>2,758</td><td>5,571</td><td>9,050</td><td>5,186</td><td>2,439</td><td>2,342</td><td>2,122</td></tr><tr><td>Vermont</td><td>18,819</td><td>17,901</td><td>912</td><td>870</td><td>3,030</td><td>1,838</td><td>943</td><td>869</td><td>1,008</td><td>1,389</td><td>2,444</td><td>2,015</td><td>914</td><td>584</td><td>534</td></tr><tr><td>Virginia</td><td>189,563</td><td>203,197</td><td>10,574</td><td>9,838</td><td>33,562</td><td>17,896</td><td>11,265</td><td>12,922</td><td>12,310</td><td>16,757</td><td>26,040</td><td>25,060</td><td>9,973</td><td>6,998</td><td>9,537</td></tr><tr><td>Washington</td><td>257,729</td><td>247,058</td><td>12,745</td><td>17,191</td><td>40,009</td><td>20,166</td><td>14,760</td><td>14,225</td><td>12,450</td><td>20,865</td><td>29,333</td><td>26,083</td><td>11,345</td><td>8,276</td><td>9,666</td></tr><tr><td>West Virginia</td><td>92,197</td><td>96,302</td><td>6,201</td><td>5,496</td><td>14,229</td><td>9,091</td><td>5,650</td><td>5,723</td><td>6,273</td><td>8,512</td><td>10,951</td><td>10,625</td><td>6,164</td><td>4,442</td><td>4,459</td></tr><tr><td>Wisconsin</td><td>248,280</td><td>262,350</td><td>13,430</td><td>15,711</td><td>42,282</td><td>19,928</td><td>13,269
(Continued on following page)
40
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 3.- Sales, by Series, to Investors Other than Commercial Banks, Classified by States - (Continued)
PART B - SERIES F AND G COMBINED
(In thousands of dollars at issue prices)
<table><tr><th>State</th><th colspan="2">Fiscal year</th><th colspan="3">1944</th><th colspan="10">1945</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th></tr><tr><td>Alabama</td><td>30,156</td><td>24,501</td><td>767</td><td>1,066</td><td>3,156</td><td>3,991</td><td>1,754</td><td>1,332</td><td>1,443</td><td>2,881</td><td>2,673</td><td>2,105</td><td>1,200</td><td>612</td><td>796</td></tr><tr><td>Arizona</td><td>9,450</td><td>8,368</td><td>131</td><td>454</td><td>1,024</td><td>1,181</td><td>378</td><td>319</td><td>246</td><td>1,112</td><td>1,647</td><td>597</td><td>296</td><td>260</td><td>302</td></tr><tr><td>Arkansas</td><td>17,831</td><td>14,651</td><td>472</td><td>1,521</td><td>896</td><td>2,685</td><td>654</td><td>685</td><td>633</td><td>2,232</td><td>2,282</td><td>813</td><td>481</td><td>421</td><td>401</td></tr><tr><td>California</td><td>258,108</td><td>218,153</td><td>9,365</td><td>13,003</td><td>28,791</td><td>28,458</td><td>11,738</td><td>13,678</td><td>9,691</td><td>23,225</td><td>29,362</td><td>22,126</td><td>11,357</td><td>7,317</td><td>8,089</td></tr><tr><td>Colorado</td><td>30,678</td><td>24,726</td><td>822</td><td>1,447</td><td>2,750</td><td>3,670</td><td>1,103</td><td>973</td><td>1,506</td><td>3,613</td><td>3,387</td><td>1,539</td><td>1,488</td><td>637</td><td>27</td></tr><tr><td>Connecticut</td><td>64,437</td><td>55,553</td><td>1,914</td><td>4,151</td><td>3,273</td><td>11,154</td><td>5,033</td><td>4,863</td><td>2,795</td><td>5,449</td><td>6,993</td><td>4,976</td><td>2,817</td><td>2,152</td><td>1,698</td></tr><tr><td>Delaware</td><td>10,306</td><td>12,188</td><td>566</td><td>922</td><td>1,139</td><td>1,678</td><td>528</td><td>962</td><td>684</td><td>1,723</td><td>1,492</td><td>1,256</td><td>404</td><td>608</td><td>746</td></tr><tr><td>Dist. of Columbia</td><td>29,761</td><td>24,834</td><td>789</td><td>2,198</td><td>2,002</td><td>3,797</td><td>1,421</td><td>1,409</td><td>1,109</td><td>3,488</td><td>3,377</td><td>1,712</td><td>1,319</td><td>523</td><td>1,433</td></tr><tr><td>Florida</td><td>40,496</td><td>37,718</td><td>1,354</td><td>2,262</td><td>3,785</td><td>5,361</td><td>2,228</td><td>1,774</td><td>2,410</td><td>5,276</td><td>3,948</td><td>2,996</td><td>1,895</td><td>1,201</td><td>1,361</td></tr><tr><td>Georgia</td><td>41,958</td><td>32,396</td><td>1,126</td><td>2,905</td><td>2,446</td><td>6,037</td><td>1,953</td><td>1,859</td><td>1,741</td><td>3,712</td><td>4,012</td><td>2,729</td><td>1,628</td><td>933</td><td>1,104</td></tr><tr><td>Idaho</td><td>7,630</td><td>6,656</td><td>235</td><td>637</td><td>693</td><td>1,101</td><td>349</td><td>265</td><td>198</td><td>839</td><td>997</td><td>410</td><td>206</td><td>135</td><td>239</td></tr><tr><td>Illinois</td><td>236,291</td><td>235,849</td><td>8,221</td><td>15,772</td><td>21,562</td><td>38,671</td><td>15,422</td><td>17,094</td><td>15,186</td><td>26,901</td><td>32,736</td><td>15,710</td><td>12,705</td><td>8,254</td><td>9,409</td></tr><tr><td>Indiana</td><td>82,311</td><td>75,099</td><td>2,011</td><td>5,144</td><td>6,600</td><td>11,746</td><td>4,566</td><td>4,235</td><td>4,405</td><td>9,262</td><td>11,518</td><td>6,365</td><td>3,465</td><td>2,928</td><td>3,191</td></tr><tr><td>Iowa</td><td>106,397</td><td>77,699</td><td>2,152</td><td>6,221</td><td>8,529</td><td>10,990</td><td>4,742</td><td>5,842</td><td>4,859</td><td>10,538</td><td>9,342</td><td>5,126</td><td>3,433</td><td>2,239</td><td>2,320</td></tr><tr><td>Kansas</td><td>44,903</td><td>42,994</td><td>897</td><td>2,884</td><td>5,762</td><td>5,564</td><td>3,077</td><td>2,988</td><td>1,740</td><td>6,088</td><td>6,338</td><td>1,897</td><td>2,161</td><td>1,645</td><td>1,756</td></tr><tr><td>Kentucky</td><td>47,442</td><td>38,586</td><td>1,123</td><td>3,459</td><td>2,905</td><td>6,411</td><td>2,515</td><td>1,709</td><td>2,894</td><td>4,970</td><td>5,673</td><td>2,219</td><td>1,646</td><td>1,358</td><td>1,714</td></tr><tr><td>Louisiana</td><td>38,952</td><td>32,271</td><td>1,098</td><td>2,341</td><td>3,381</td><td>5,959</td><td>2,148</td><td>1,447</td><td>1,163</td><td>3,910</td><td>3,952</td><td>3,303</td><td>1,133</td><td>1,042</td><td>1,139</td></tr><tr><td>Maine</td><td>20,591</td><td>19,707</td><td>547</td><td>1,173</td><td>1,827</td><td>3,806</td><td>1,902</td><td>984</td><td>1,333</td><td>2,223</td><td>2,440</td><td>2,880</td><td>672</td><td>539</td><td>442</td></tr><tr><td>Maryland</td><td>52,493</td><td>44,175</td><td>1,485</td><td>3,460</td><td>3,140</td><td>6,886</td><td>2,799</td><td>2,978</td><td>2,982</td><td>4,811</td><td>6,262</td><td>3,272</td><td>2,522</td><td>1,516</td><td>1,584</td></tr><tr><td>Massachusetts</td><td>147,625</td><td>139,269</td><td>4,484</td><td>8,262</td><td>9,538</td><td>27,034</td><td>14,679</td><td>9,088</td><td>9,208</td><td>15,480</td><td>18,313</td><td>12,646</td><td>6,698</td><td>4,566</td><td>6,690</td></tr><tr><td>Michigan</td><td>104,768</td><td>93,732</td><td>3,094</td><td>5,957</td><td>9,439</td><td>15,328</td><td>5,289</td><td>5,119</td><td>4,626</td><td>12,085</td><td>14,163</td><td>9,369</td><td>5,169</td><td>3,360</td><td>3,172</td></tr><tr><td>Minnesota</td><td>69,836</td><td>58,715</td><td>1,748</td><td>3,877</td><td>5,535</td><td>10,303</td><td>3,106</td><td>2,917</td><td>3,223</td><td>6,823</td><td>7,750</td><td>4,972</td><td>2,423</td><td>1,881</td><td>1,958</td></tr><tr><td>Mississippi</td><td>22,296</td><td>16,900</td><td>379</td><td>1,627</td><td>1,711</td><td>2,571</td><td>779</td><td>630</td><td>738</td><td>3,089</td><td>1,665</td><td>g41</td><td>656</td><td>386</td><td>497</td></tr><tr><td>Missouri</td><td>91,689</td><td>79,442</td><td>2,670</td><td>6,651</td><td>7,077</td><td>11,879</td><td>4,827</td><td>5,833</td><td>4,262</td><td>12,490</td><td>10,742</td><td>5,463</td><td>3,904</td><td>3,121</td><td>4,490</td></tr><tr><td>Montana</td><td>13,550</td><td>11,377</td><td>397</td><td>1,460</td><td>1,140</td><td>1,658</td><td>441</td><td>508</td><td>640</td><td>1,587</td><td>1,590</td><td>878</td><td>343</td><td>441</td><td>501</td></tr><tr><td>Nebraska</td><td>39,339</td><td>35,329</td><td>875</td><td>1,823</td><td>3,376</td><td>6,088</td><td>1,401</td><td>2,550</td><td>2,136</td><td>4,004</td><td>5,759</td><td>2,274</td><td>1,596</td><td>1,110</td><td>1,109</td></tr><tr><td>Nevada</td><td>3,630</td><td>3,202</td><td>44</td><td>161</td><td>535</td><td>426</td><td>118</td><td>177</td><td>175</td><td>243</td><td>414</td><td>270</td><td>84</td><td>44</td><td>82</td></tr><tr><td>New Hampshire</td><td>14,563</td><td>13,593</td><td>509</td><td>868</td><td>632</td><td>2,562</td><td>1,610</td><td>1,003</td><td>643</td><td>1,155</td><td>1,744</td><td>1,157</td><td>623</td><td>329</td><td>409</td></tr><tr><td>New Jersey</td><td>106,839</td><td>91,275</td><td>3,344</td><td>6,758</td><td>11,959</td><td>12,676</td><td>4,908</td><td>4,621</td><td>4,733</td><td>10,100</td><td>12,462</td><td>7,030</td><td>4,392</td><td>2,855</td><td>3,166</td></tr><tr><td>New Mexico</td><td>6,503</td><td>4,906</td><td>128</td><td>466</td><td>477</td><td>739</td><td>124</td><td>168</td><td>140</td><td>716</td><td>477</td><td>287</td><td>188</td><td>117</td><td>44</td></tr><tr><td>New York</td><td>472,310</td><td>426,182</td><td>15,992</td><td>27,326</td><td>44,516</td><td>68,563</td><td>31,246</td><td>28,158</td><td>19,907</td><td>51,957</td><td>53,405</td><td>32,896</td><td>23,827</td><td>10,882</td><td>16,743</td></tr><tr><td>North Carolina</td><td>42,263</td><td>37,052</td><td>1,400</td><td>2,441</td><td>2,959</td><td>6,812</td><td>2,480</td><td>2,240</td><td>2,566</td><td>4,605</td><td>4,451</td><td>2,019</td><td>1,840</td><td>1,117</td><td>1,414</td></tr><tr><td>North Dakota</td><td>14,978</td><td>13,762</td><td>397</td><td>1,324</td><td>1,799</td><td>2,183</td><td>423</td><td>569</td><td>1,006</td><td>1,330</td><td>1,738</td><td>1,322</td><td>483</td><td>462</td><td>451</td></tr><tr><td>Ohio</td><td>194,155</td><td>166,210</td><td>4,669</td><td>11,885</td><td>14,905</td><td>29,606</td><td>11,119</td><td>8,923</td><td>8,211</td><td>20,120</td><td>21,739</td><td>16,591</td><td>7,142</td><td>6,873</td><td>9,984</td></tr><tr><td>Ohiohio</td><td>26,042</td><td>21,311</td><td>499</td><td>1,449</td><td>2,287</td><td>3,971</td><td>1,369</td><td>1,030</td><td>702</td><td>2,067</td><td>2,999</td><td>1,834</td><td>951</td><td>607</td><td>552</td></tr><tr><td>Oregon</td><td>29,326</td><td>24,598</td><td>780</td><td>2,124</td><td>2,370</td><td>4,222</td><td>1,498</td><td>1,254</td><td>1,361</td><td>2,712</td><td>3,430</td><td>2,781</td><td>939</td><td>701</td><td>701</td></tr><tr><td>Pennsylvania</td><td>251,120</td><td>222,925</td><td>6,591</td><td>16,680</td><td>22,398</td><td>35,133</td><td>12,971</td><td>12,245</td><td>12,528</td><td>29,852</td><td>31,252</td><td>16,352</td><td>10,381</td><td>7,332</td><td>8,759</td></tr><tr><td>Rhode Island</td><td>20,528</td><td>17,440</td><td>665</td><td>1,345</td><td>1,155</td><td>2,959</td><td>1,486</td><td>1,276</td><td>919</td><td>1,952</td><td>2,113</td><td>2,503</td><td>1,347</td><td>441</td><td>960</td></tr><tr><td>South Carolina</td><td>21,988</td><td>17,422</td><td>501</td><td>1,570</td><td>830</td><td>3,436</td><td>1,435</td><td>1,085</td><td>970</td><td>2,063</td><td>1,822</td><td>1,000</td><td>1,064</td><td>415</td><td>566</td></tr><tr><td>South Dakota</td><td>13,222</td><td>9,947</td><td>301</td><td>836</td><td>1,250</td><td>1,481</td><td>418</td><td>380</td><td>578</td><td>1,044</td><td>1,408</td><td>747</td><td>486</td><td>344</td><td>321</td></tr><tr><td>Tennessee</td><td>39,186</td><td>32,131</td><td>906</td><td>2,269</td><td>2,653</td><td>6,401</td><td>1,735</td><td>1,473</td><td>1,404</td><td>3,540</td><td>4,254</td><td>2,204</td><td>1,963</td><td>979</td><td>1,175</td></tr><tr><td>Texas</td><td>117,537</td><td>86,632</td><td>2,469</td><td>7,886</td><td>10,194</td><td>13,921</td><td>4,292</td><td>3,489</td><td>3,856</td><td>11,268</td><td>12,649</td><td>5,765</td><td>3,406</td><td>2,616</td><td>2,926</td></tr><tr><td>Utah</td><td>8,393</td><td>6,505</td><td>276</td><td>679</td><td>425</td><td>1,145</td><td>510</td><td>155</td><td>223</td><td>1,199</td><td>825</td><td>384</td><td>171</td><td>232</td><td>262</td></tr><tr><td>Vermont</td><td>8,026</td><td>7,600</td><td>381</td><td>426</td><td>674</td><td>1,526</td><td>555</td><td>421</td><td>316</td><td>802</td><td>954</td><td>925</td><td>268</td><td>249</td><td>189</td></tr><tr><td>Virginia</td><td>51,399</td><td>42,701</td><td>1,341</td><td>4,019</td><td>4,281</td><td>7,107</td><td>2,744</td><td>3,035</td><td>2,603</td><td>4,941</td><td>4,728</td><td>2,405</td><td>3,648</td><td>1,211</td><td>2,330</td></tr><tr><td>Washington</td><td>56,253</td><td>46,955</td><td>1,414</td><td>3,910</td><td>4,200</td><td>8,026</td><td>3,352</td><td>2,717</td><td>2,129</td><td>5,347</td><td>6,409</td><td>4,473</td><td>1,649</td><td>1,291</td><td>1,467</td></tr><tr><td>West Virginia</td><td>19,552</td><td>15,213</td><td>654</td><td>1,435</td><td>1,418</td><td>2,801</td><td>825</td><td>655</td><td>694</td><td>1,739</td><td>1,911</td><td>1,386</td><td>683</td><td>705</td><td>891</td></tr><tr><td>Wisconsin</td><td>93,192</td><td>87,726</td><td>2,474</td><td>6,103</td><td>9,231</td><td>14,094</td><td>5,025</td><td>4,559</td><td>5,169</td><td>9,788</td><td>13,616</td><td>5,851</td><td>3,872</td><td>2,957</td><td>2,638</td></tr><tr><td>Wyoming</td><td>6,032</td><td>5,380</td><td>77</td><td>153</td><td>787</td><td>1,063</td><td>136</td><td>197</td><td>188</td><td>426</td><td>866</td><td>348</td><td>253</td><td>166</td><td>220</td></tr><tr><td>Alaska</td><td>1,316</td><td>1,209</td><td>40</td><td>62</td><td>320</td><td>90</td><td>93</td><td>71</td><td>25</td><td>69</td><td>91</td><td>263</td><td>10</td><td>15</td><td>6</td></tr><tr><td>Canal Zone</td><td>1,825</td><td>1,038</td><td>17</td><td>67</td><td>202</td><td>32</td><td>87</td><td>55</td><td>125</td><td>154</td><td>110</td><td>382</td><td>38</td><td>22</td><td>26</td></tr><tr><td>Hawaii</td><td>10,522</td><td>9,800</td><td>400</td><td>742</td><td>1,544</td><td>946</td><td>564</td><td>675</td><td>613</td><td>1,329</td><td>818</td><td>853</td
Source: (1) Total sales: Daily Treasury Statements; (2) Sales by States: Reporte of gross sales. p Preliminary. r Revised. * Less than $500.
December 1945
41
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Maturities and Redemptions of Series A-D and E Combined, Classified by States
(In thousands of dollars at current redemption values)
<table><tr><th>State</th><th colspan="3">1944</th><th colspan="10">1945</th></tr><tr><th></th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Jan.</th><th>Feb.</th><th>Mar. 2/</th><th>Apr. 2/</th><th>May 2/</th><th>June 2/</th><th>July 2/</th><th>Aug. 2/</th><th>Sept. 2/</th><th>Oct. 2/</th></tr><tr><td>Alabama</td><td>5,389</td><td>4,648</td><td>4,431</td><td>4,368</td><td>4,602</td><td>5,515</td><td>4,862</td><td>5,303</td><td>5,017</td><td>5,423</td><td>8,568</td><td>7,964</td><td>7,975</td></tr><tr><td>Arizona</td><td>1,757</td><td>1,547</td><td>1,441</td><td>1,615</td><td>1,597</td><td>1,836</td><td>1,643</td><td>1,891</td><td>1,581</td><td>1,603</td><td>2,195</td><td>2,168</td><td>2,456</td></tr><tr><td>Arkansas</td><td>2,562</td><td>2,478</td><td>2,351</td><td>2,298</td><td>2,108</td><td>2,532</td><td>2,532</td><td>2,654</td><td>2,555</td><td>2,742</td><td>4,345</td><td>4,204</td><td>4,425</td></tr><tr><td>California</td><td>35,263</td><td>34,861</td><td>31,467</td><td>33,346</td><td>31,610</td><td>39,544</td><td>34,919</td><td>35,329</td><td>34,671</td><td>36,169</td><td>49,441</td><td>46,460</td><td>51,387</td></tr><tr><td>Colorado</td><td>2,673</td><td>2,834</td><td>2,611</td><td>2,663</td><td>2,073</td><td>2,766</td><td>2,894</td><td>3,033</td><td>2,783</td><td>2,990</td><td>3,327</td><td>4,230</td><td>4,854</td></tr><tr><td>Connecticut</td><td>6,198</td><td>5,149</td><td>5,048</td><td>4,718</td><td>4,687</td><td>6,587</td><td>5,880</td><td>6,063</td><td>6,183</td><td>6,258</td><td>8,563</td><td>8,922</td><td>9,536</td></tr><tr><td>Delaware</td><td>753</td><td>872</td><td>715</td><td>754</td><td>690</td><td>1,003</td><td>825</td><td>829</td><td>784</td><td>836</td><td>1,078</td><td>1,106</td><td>1,302</td></tr><tr><td>District of Columbia</td><td>3,918</td><td>3,986</td><td>4,329</td><td>3,639</td><td>3,525</td><td>5,004</td><td>3,815</td><td>4,300</td><td>4,331</td><td>4,050</td><td>4,891</td><td>5,051</td><td>5,953</td></tr><tr><td>Florida</td><td>4,960</td><td>5,094</td><td>5,630</td><td>5,592</td><td>5,417</td><td>6,474</td><td>5,827</td><td>6,289</td><td>5,518</td><td>5,698</td><td>7,762</td><td>7,578</td><td>8,820</td></tr><tr><td>Georgia</td><td>4,526</td><td>5,008</td><td>4,540</td><td>4,718</td><td>4,333</td><td>6,000</td><td>4,980</td><td>5,406</td><td>4,807</td><td>5,189</td><td>7,898</td><td>7,529</td><td>8,209</td></tr><tr><td>Idaho</td><td>928</td><td>806</td><td>762</td><td>843</td><td>802</td><td>1,121</td><td>971</td><td>974</td><td>907</td><td>978</td><td>1,404</td><td>1,440</td><td>1,481</td></tr><tr><td>Illinois</td><td>28,883</td><td>28,233</td><td>24,285</td><td>22,264</td><td>22,413</td><td>33,239</td><td>29,416</td><td>28,481</td><td>29,427</td><td>30,200</td><td>40,854</td><td>36,074</td><td>39,566</td></tr><tr><td>Indiana</td><td>16,618</td><td>13,381</td><td>11,164</td><td>10,756</td><td>10,252</td><td>14,031</td><td>13,091</td><td>12,555</td><td>12,722</td><td>13,327</td><td>18,811</td><td>16,530</td><td>16,627</td></tr><tr><td>Inve</td><td>7,366</td><td>5,217</td><td>5,124</td><td>4,997</td><td>6,241</td><td>8,088</td><td>5,843</td><td>5,856</td><td>6,036</td><td>5,926</td><td>8,992</td><td>7,864</td><td>9,213</td></tr><tr><td>anana</td><td>3,755</td><td>3,485</td><td>3,067</td><td>3,525</td><td>2,998</td><td>4,597</td><td>4,746</td><td>4,492</td><td>4,184</td><td>4,248</td><td>4,597</td><td>7,038</td><td>5,863</td></tr><tr><td>Kentucky</td><td>4,265</td><td>4,833</td><td>3,947</td><td>3,683</td><td>3,677</td><td>5,287</td><td>4,784</td><td>4,783</td><td>4,446</td><td>4,887</td><td>7,207</td><td>6,967</td><td>7,557</td></tr><tr><td>Louisiana</td><td>4,136</td><td>4,019</td><td>4,166</td><td>4,136</td><td>4,034</td><td>5,183</td><td>4,762</td><td>4,999</td><td>4,707</td><td>4,940</td><td>6,350</td><td>6,637</td><td>6,781</td></tr><tr><td>Maine</td><td>1,553</td><td>1,394</td><td>1,362</td><td>1,212</td><td>1,045</td><td>1,587</td><td>1,522</td><td>1,660</td><td>1,509</td><td>1,530</td><td>1,948</td><td>2,001</td><td>2,254</td></tr><tr><td>Maryland</td><td>3,961</td><td>4,657</td><td>4,564</td><td>3,816</td><td>3,676</td><td>5,456</td><td>5,293</td><td>5,059</td><td>4,958</td><td>5,145</td><td>6,678</td><td>6,781</td><td>7,685</td></tr><tr><td>Massachusetts</td><td>10,924</td><td>10,825</td><td>10,906</td><td>9,500</td><td>9,260</td><td>13,447</td><td>11,199</td><td>11,938</td><td>11,504</td><td>11,320</td><td>13,414</td><td>13,959</td><td>16,305</td></tr><tr><td>Michigan</td><td>25,410</td><td>29,182</td><td>23,640</td><td>24,541</td><td>21,397</td><td>27,373</td><td>29,417</td><td>25,748</td><td>28,377</td><td>30,600</td><td>37,242</td><td>38,143</td><td>33,979</td></tr><tr><td>Minnesota</td><td>7,660</td><td>7,204</td><td>5,935</td><td>5,847</td><td>5,528</td><td>8,357</td><td>7,808</td><td>7,218</td><td>7,411</td><td>7,357</td><td>9,320</td><td>9,338</td><td>10,370</td></tr><tr><td>Miesissippi</td><td>1,784</td><td>1,705</td><td>1,971</td><td>1,825</td><td>1,740</td><td>2,331</td><td>2,355</td><td>2,218</td><td>2,028</td><td>2,239</td><td>3,013</td><td>3,534</td><td>3,815</td></tr><tr><td>Missouri</td><td>8,690</td><td>8,671</td><td>7,437</td><td>7,724</td><td>7,403</td><td>11,658</td><td>11,299</td><td>11,454</td><td>10,774</td><td>11,181</td><td>13,575</td><td>14,594</td><td>13,954</td></tr><tr><td>Montana</td><td>952</td><td>947</td><td>930</td><td>1,103</td><td>873</td><td>1,351</td><td>1,257</td><td>1,145</td><td>1,178</td><td>1,197</td><td>1,584</td><td>1,569</td><td>1,728</td></tr><tr><td>Nebraska</td><td>2,287</td><td>2,951</td><td>2,402</td><td>2,663</td><td>2,449</td><td>4,095</td><td>3,184</td><td>3,132</td><td>2,897</td><td>2,977</td><td>4,430</td><td>4,021</td><td>4,325</td></tr><tr><td>Nevada</td><td>513</td><td>590</td><td>467</td><td>435</td><td>431</td><td>585</td><td>499</td><td>547</td><td>522</td><td>542</td><td>782</td><td>645</td><td>738</td></tr><tr><td>New Hampshire</td><td>811</td><td>903</td><td>893</td><td>737</td><td>601</td><td>938</td><td>959</td><td>980</td><td>927</td><td>905</td><td>1,259</td><td>1,267</td><td>1,477</td></tr><tr><td>New Jersey</td><td>12,749</td><td>12,553</td><td>11,912</td><td>10,075</td><td>9,904</td><td>14,834</td><td>12,859</td><td>12,909</td><td>13,973</td><td>13,057</td><td>16,444</td><td>17,115</td><td>18,679</td></tr><tr><td>New Mexico</td><td>674</td><td>782</td><td>863</td><td>815</td><td>738</td><td>1,049</td><td>947</td><td>891</td><td>898</td><td>946</td><td>1,329</td><td>1,433</td><td>1,633</td></tr><tr><td>New York</td><td>36,762</td><td>31,841</td><td>28,720</td><td>25,690</td><td>28,941</td><td>38,195</td><td>34,763</td><td>36,918</td><td>34,785</td><td>35,889</td><td>40,874</td><td>49,531</td><td>68,227</td></tr><tr><td>North Carolina</td><td>4,235</td><td>4,626</td><td>4,449</td><td>4,111</td><td>3,905</td><td>5,491</td><td>4,690</td><td>4,790</td><td>4,645</td><td>4,967</td><td>6,400</td><td>6,456</td><td>7,213</td></tr><tr><td>North Dakota</td><td>642</td><td>722</td><td>597</td><td>692</td><td>697</td><td>901</td><td>999</td><td>965</td><td>936</td><td>1,038</td><td>1,196</td><td>1,156</td><td>1,230</td></tr><tr><td>Ohio</td><td>28,694</td><td>26,036</td><td>22,492</td><td>19,915</td><td>21,049</td><td>29,922</td><td>26,529</td><td>26,391</td><td>26,357</td><td>27,951</td><td>37,439</td><td>34,434</td><td>37,282</td></tr><tr><td>Oklahoma</td><td>4,405</td><td>4,154</td><td>3,840</td><td>3,962</td><td>3,758</td><td>5,092</td><td>4,739</td><td>4,477</td><td>4,574</td><td>4,546</td><td>6,360</td><td>8,195</td><td>7,168</td></tr><tr><td>Oregon</td><td>5,483</td><td>5,244</td><td>4,590</td><td>4,908</td><td>4,826</td><td>6,247</td><td>5,657</td><td>5,535</td><td>5,305</td><td>6,189</td><td>8,447</td><td>7,588</td><td>7,727</td></tr><tr><td>Pennsylvania</td><td>27,856</td><td>32,994</td><td>26,883</td><td>23,919</td><td>21,337</td><td>33,525</td><td>31,284</td><td>30,889</td><td>30,023</td><td>29,997</td><td>38,800</td><td>38,199</td><td>45,691</td></tr><tr><td>Rhode Island</td><td>2,057</td><td>1,996</td><td>2,074</td><td>1,715</td><td>1,656</td><td>2,478</td><td>2,100</td><td>2,216</td><td>2,155</td><td>2,260</td><td>2,957</td><td>2,859</td><td>3,268</td></tr><tr><td>South Carolina</td><td>2,720</td><td>2,117</td><td>2,312</td><td>2,037</td><td>1,981</td><td>2,800</td><td>2,328</td><td>2,422</td><td>2,439</td><td>2,516</td><td>3,709</td><td>3,466</td><td>4,115</td></tr><tr><td>South Dakota</td><td>956</td><td>828</td><td>724</td><td>769</td><td>851</td><td>1,031</td><td>1,001</td><td>935</td><td>884</td><td>961</td><td>1,243</td><td>1,178</td><td>1,329</td></tr><tr><td>Tennessee</td><td>5,717</td><td>5,050</td><td>4,815</td><td>4,307</td><td>4,029</td><td>5,567</td><td>5,314</td><td>5,323</td><td>5,344</td><td>5,274</td><td>7,774</td><td>8,040</td><td>9,397</td></tr><tr><td>Texas</td><td>15,143</td><td>14,350</td><td>14,622</td><td>14,608</td><td>13,845</td><td>18,172</td><td>15,685</td><td>16,142</td><td>15,289</td><td>16,210</td><td>19,458</td><td>24,622</td><td>27,585</td></tr><tr><td>Utah</td><td>1,571</td><td>1,541</td><td>1,465</td><td>1,433</td><td>1,399</td><td>1,776</td><td>1,539</td><td>1,559</td><td>1,507</td><td>1,571</td><td>2,299</td><td>2,381</td><td>2,610</td></tr><tr><td>Vermont</td><td>305</td><td>326</td><td>309</td><td>274</td><td>269</td><td>384</td><td>405</td><td>462</td><td>396</td><td>474</td><td>532</td><td>613</td><td>755</td></tr><tr><td>Virginia</td><td>5,781</td><td>6,230</td><td>5,949</td><td>5,298</td><td>5,357</td><td>7,448</td><td>6,476</td><td>6,603</td><td>6,481</td><td>6,831</td><td>9,447</td><td>9,551</td><td>10,185</td></tr><tr><td>Washington</td><td>7,797</td><td>7,314</td><td>6,383</td><td>7,108</td><td>6,821</td><td>8,790</td><td>7,570</td><td>7,579</td><td>7,347</td><td>8,145</td><td>11,650</td><td>11,052</td><td>11,612</td></tr><tr><td>West Virginia</td><td>3,598</td><td>3,506</td><td>2,925</td><td>2,778</td><td>2,359</td><td>3,571</td><td>3,589</td><td>3,487</td><td>3,464</td><td>3,500</td><td>4,999</td><td>5,140</td><td>5,989</td></tr><tr><td>Wisconsin</td><td>9,164</td><td>6,938</td><td>6,260</td><td>6,234</td><td>6,100</td><td>8,836</td><td>7,379</td><td>7,170</td><td>7,699</td><td>7,951</td><td>10,750</td><td>10,225</td><td>10,796</td></tr><tr><td>Wyoming</td><td>457</td><td>685</td><td>491</td><td>573</td><td>480</td><td>688</td><td>570</td><td>602</td><td>591</td><td>625</td><td>777</td><td>886</td><td>947</td></tr><tr><td>Alaska</td><td>161</td><td>147</td><td>122</td><td>127</td><td>154</td><td>247</td><td>181</td><td>230</td><td>253</td><td>255</td><td>273</td><td>259</td><td>318</td></tr><tr><td>Canal Zone</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hawaii</td><td>422</td><td>2,640</td><td>1,584</td><td>2,120</td><td>1,453</td><td>1,826</td><td>1,809</td><td>1,376</td><td>1,161</td><td>1,974</td><td>1,892</td><td>3,255</td><td>3,873</td></tr><tr><td>Puerto Rico</td><td>360</td><td>762</td><td>425</td><td>380</td><td>375</td><td>479</td><td>524</td><td>246</td><td>237</td><td>304</td><td>347</td><td>456</td><td>896</td></tr><tr><td>Virgin Islands</td><td>4</td><td>-</td><td>12</td><td>13</td><td>12</td><td>11</td><td>34</td><td>15</td><td>9</td><td>15</td><td>16</td><td>21</td><td>12</td></tr><tr><td>Other possessions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unallocated</td><td>63</td><td>45</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+1,872</td><td>-8,903</td><td>+9,955</td><td>-3,357</td><td>-11,252</td><td>+6,801</td><td>-4,448</td><td>+13,896</td><td>-7,008</td><td>+3,779</td><td>-14,020</td><td>-21,183</td><td>+5,646</td></tr><tr><td>Total</td><td>378,255</td><td>359,982</td><td>340,423</td><td>313,812</td><td>296,527</td><td>432,256</td><td>381,092</td><td>398,172</td><td>372,478</td><td>397,683</td><td>501,022</td><td>500,655</td><td>582,809</td></tr></table>
Source: (1) Total redemptions: Daily Treasury Statements; (2) Redemptions by States: Reports from Federal Reserve Banks. Less than $500. It should be noted that State figures presented in this table are not necessarily comparable with sales data by States inasmuch as bonds which have been purchased in one State may have been redeemed
in another. Moreover, the figures shown in this table are based on current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944. 2/ Includes Series A bonds which have matured and which have been retired.
42
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes1/
Table 1.- Summary of Sales and Redemptions, by Series
(Par values - in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month 2/</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr><tr><td colspan="8">All series</td></tr><tr><td>1943</td><td>7,495.4</td><td>+4,480.9</td><td>8,758.5</td><td>4,277.6</td><td>4,094.4</td><td>114.9</td><td>68.3</td></tr><tr><td>1944</td><td>9,582.0</td><td>+2,086.5</td><td>5,953.7</td><td>6,867.2</td><td>6,365.1</td><td>502.1</td><td>.....</td></tr><tr><td>1945</td><td>10,141.5</td><td>+559.5</td><td>7,015.8</td><td>6,456.3</td><td>5,906.1</td><td>550.2</td><td>.....</td></tr><tr><td>1944-October</td><td>9,090.6</td><td>-49.7</td><td>180.7</td><td>230.4</td><td>200.6</td><td>29.8</td><td>.....</td></tr><tr><td>November</td><td>10,005.2</td><td>+914.6</td><td>1,051.7</td><td>167.1</td><td>124.8</td><td>42.3</td><td>.....</td></tr><tr><td>December</td><td>9,855.0</td><td>-150.2</td><td>1,283.8</td><td>1,434.0</td><td>1,270.7</td><td>163.3</td><td>.....</td></tr><tr><td>1945-January</td><td>9,875.3</td><td>+20.4</td><td>257.7</td><td>237.3</td><td>183.7</td><td>53.7</td><td>.....</td></tr><tr><td>February</td><td>9,937.7</td><td>+62.3</td><td>212.4</td><td>150.1</td><td>129.4</td><td>20.6</td><td>.....</td></tr><tr><td>March</td><td>8,955.9</td><td>-981.7</td><td>233.1</td><td>1,214.8</td><td>1,187.7</td><td>27.0</td><td>.....</td></tr><tr><td>April</td><td>9,116.2</td><td>+160.3</td><td>407.7</td><td>247.4</td><td>224.9</td><td>22.5</td><td>.....</td></tr><tr><td>May</td><td>10,037.2</td><td>+920.9</td><td>1,096.8</td><td>175.8</td><td>124.4</td><td>51.4</td><td>.....</td></tr><tr><td>June</td><td>10,141.5</td><td>+104.3</td><td>1,113.5</td><td>1,009.2</td><td>954.0</td><td>55.2</td><td>.....</td></tr><tr><td>July</td><td>10,124.0</td><td>-17.5</td><td>307.4</td><td>324.9</td><td>288.2</td><td>36.7</td><td>.....</td></tr><tr><td>August</td><td>10,153.3</td><td>+29.3</td><td>145.4</td><td>116.1</td><td>97.4</td><td>18.7</td><td>.....</td></tr><tr><td>September</td><td>9,063.6</td><td>-1,089.7</td><td>91.6</td><td>1,181.3</td><td>890.9</td><td>290.3</td><td>.....</td></tr><tr><td>October</td><td>8,809.9</td><td>-253.7</td><td>336.1</td><td>589.8</td><td>295.1</td><td>294.7</td><td>.....</td></tr><tr><td colspan="8">Series 4 3/</td></tr><tr><td>1943</td><td>266.7</td><td>+211.9</td><td>334.7</td><td>122.8</td><td>114.0</td><td>8.7</td><td>.1</td></tr><tr><td>1944</td><td>112.1</td><td>-154.6</td><td>.....</td><td>154.6</td><td>136.1</td><td>18.6</td><td>.....</td></tr><tr><td>1945</td><td>69.6</td><td>-42.5</td><td>.....</td><td>42.5</td><td>36.6</td><td>5.9</td><td>.....</td></tr><tr><td>1944-October</td><td>101.4</td><td>-1.5</td><td>.....</td><td>1.5</td><td>1.2</td><td>.3</td><td>.....</td></tr><tr><td>November</td><td>100.6</td><td>-8</td><td>.....</td><td>.8</td><td>.4</td><td>.3</td><td>.....</td></tr><tr><td>December</td><td>96.9</td><td>-3.7</td><td>.....</td><td>3.7</td><td>3.2</td><td>.6</td><td>.....</td></tr><tr><td>1945-January</td><td>90.0</td><td>-6.9</td><td>.....</td><td>6.9</td><td>6.2</td><td>.7</td><td>.....</td></tr><tr><td>February</td><td>88.2</td><td>-1.9</td><td>.....</td><td>1.9</td><td>1.5</td><td>.4</td><td>.....</td></tr><tr><td>March</td><td>80.0</td><td>-5.1</td><td>.....</td><td>8.1</td><td>7.5</td><td>.6</td><td>.....</td></tr><tr><td>April</td><td>77.0</td><td>-3.0</td><td>.....</td><td>3.0</td><td>2.7</td><td>.3</td><td>.....</td></tr><tr><td>May</td><td>75.0</td><td>-1.0</td><td>.....</td><td>1.0</td><td>.5</td><td>.5</td><td>.....</td></tr><tr><td>June</td><td>69.6</td><td>-6.4</td><td>.....</td><td>6.4</td><td>5.6</td><td>.8</td><td>.....</td></tr><tr><td>July</td><td>68.2</td><td>-1.4</td><td>.....</td><td>1.4</td><td>1.1</td><td>.3</td><td>.....</td></tr><tr><td>August</td><td>67.3</td><td>-9</td><td>.....</td><td>.9</td><td>.6</td><td>.4</td><td>.....</td></tr><tr><td>September</td><td>39.5</td><td>-27.8</td><td>.....</td><td>27.8</td><td>13.2</td><td>14.6</td><td>.....</td></tr><tr><td>October</td><td>30.4</td><td>-9.1</td><td>.....</td><td>9.1</td><td>5.1</td><td>4.0</td><td>.....</td></tr></table>
(Continued on following page)
December 1945
43
Sales and Redemptions of Treasury Savings Notes 1/ - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Amount outstanding end of fiscal year or month 2/</th><th rowspan="2">Net change during fiscal year or month</th><th rowspan="2">Sales</th><th colspan="4">Redemptions and exchanges</th></tr><tr><th>Total</th><th>Received in payment of taxes</th><th>Redeemed for cash</th><th>Exchanged for new series</th></tr></table>
Series B 4/
<table><tr><td>1943</td><td>764.8</td><td>-2,195.0</td><td>877.1</td><td>3,072.1</td><td>2,933.3</td><td>70.6</td><td>68.2</td></tr><tr><td>1944</td><td>22.1</td><td>-742.6</td><td>......</td><td>742.6</td><td>721.2</td><td>21.5</td><td>......</td></tr><tr><td>1945</td><td>4.4</td><td>-17.8</td><td>......</td><td>17.8</td><td>16.2</td><td>1.6</td><td>......</td></tr><tr><td>1944-October</td><td>12.7</td><td>-.9</td><td>......</td><td>.9</td><td>.7</td><td>.2</td><td>......</td></tr><tr><td>November</td><td>12.5</td><td>-.2</td><td>......</td><td>.2</td><td>.2</td><td>.1</td><td>......</td></tr><tr><td>December</td><td>10.1</td><td>-2.4</td><td>......</td><td>2.4</td><td>2.3</td><td>.1</td><td>......</td></tr><tr><td>1945-January</td><td>8.9</td><td>-1.2</td><td>......</td><td>1.2</td><td>.9</td><td>.3</td><td>......</td></tr><tr><td>February</td><td>8.6</td><td>-.4</td><td>......</td><td>.4</td><td>.2</td><td>.1</td><td>......</td></tr><tr><td>March</td><td>6.1</td><td>-2.5</td><td>......</td><td>2.5</td><td>2.4</td><td>.1</td><td>......</td></tr><tr><td>April</td><td>5.3</td><td>-.8</td><td>......</td><td>.8</td><td>.7</td><td>.2</td><td>......</td></tr><tr><td>May</td><td>5.1</td><td>-.1</td><td>......</td><td>.1</td><td>.1</td><td>.1</td><td>......</td></tr><tr><td>June</td><td>4.4</td><td>-.8</td><td>......</td><td>.8</td><td>.7</td><td>.1</td><td>......</td></tr><tr><td>July</td><td>4.0</td><td>-.4</td><td>......</td><td>.4</td><td>.3</td><td>.1</td><td>......</td></tr><tr><td>August</td><td>3.9</td><td>-.1</td><td>......</td><td>.1</td><td>.1</td><td>.1</td><td>......</td></tr><tr><td>September</td><td>3.4</td><td>-.4</td><td>......</td><td>.4</td><td>.4</td><td>.1</td><td>......</td></tr><tr><td>October</td><td>3.2</td><td>-.2</td><td>......</td><td>.2</td><td>.1</td><td>.1</td><td>......</td></tr></table>
Series C 5/
<table><tr><td>1943</td><td>6,464.0</td><td>+6,404.0</td><td>7,546.7</td><td>1,082.7</td><td>1,047.2</td><td>35.6</td><td>....</td></tr><tr><td>1944</td><td>9,447.7</td><td>+2,983.8</td><td>8,953.7</td><td>5,969.9</td><td>5,507.9</td><td>462.0</td><td>....</td></tr><tr><td>1945</td><td>10,067.5</td><td>+619.8</td><td>7,015.8</td><td>6,396.1</td><td>5,853.3</td><td>542.7</td><td>....</td></tr><tr><td>1944-October</td><td>8,976.4</td><td>-47.3</td><td>180.7</td><td>228.0</td><td>198.7</td><td>29.3</td><td>....</td></tr><tr><td>November</td><td>9,892.0</td><td>+915.6</td><td>1,081.7</td><td>166.0</td><td>124.2</td><td>41.9</td><td>....</td></tr><tr><td>December</td><td>9,747.9</td><td>-144.1</td><td>1,283.8</td><td>1,427.9</td><td>1,265.2</td><td>162.7</td><td>....</td></tr><tr><td>1945-January</td><td>9,776.4</td><td>+28.5</td><td>257.7</td><td>229.3</td><td>176.6</td><td>52.6</td><td>....</td></tr><tr><td>February</td><td>9,840.9</td><td>+64.6</td><td>212.4</td><td>147.8</td><td>127.7</td><td>20.1</td><td>....</td></tr><tr><td>March</td><td>8,869.8</td><td>-971.1</td><td>233.1</td><td>1,204.2</td><td>1,177.8</td><td>26.3</td><td>....</td></tr><tr><td>April</td><td>9,033.9</td><td>+164.1</td><td>407.7</td><td>243.6</td><td>221.6</td><td>22.0</td><td>....</td></tr><tr><td>May</td><td>9,956.0</td><td>+922.1</td><td>1,096.8</td><td>174.6</td><td>123.8</td><td>50.9</td><td>....</td></tr><tr><td>June</td><td>10,067.5</td><td>+111.5</td><td>1,113.5</td><td>1,002.0</td><td>947.6</td><td>54.4</td><td>....</td></tr><tr><td>July</td><td>10,051.8</td><td>-15.7</td><td>307.4</td><td>323.2</td><td>286.7</td><td>36.4</td><td>....</td></tr><tr><td>August</td><td>10,082.1</td><td>+30.3</td><td>145.4</td><td>115.1</td><td>96.8</td><td>18.3</td><td>....</td></tr><tr><td>September</td><td>9,020.7</td><td>-1,061.4</td><td>91.6</td><td>1,153.0</td><td>877.3</td><td>275.7</td><td>....</td></tr><tr><td>October</td><td>8,776.3</td><td>-244.4</td><td>336.1</td><td>580.5</td><td>289.9</td><td>290.7</td><td>....</td></tr></table>
the tax payment value current at the time of presentation. (See also footnote 1.) Prior to October 4, 1943, the maximum amount which could be used in payment of each class of tax (income, estate, or gift) by each taxpayer during each taxable year was limited to $5,000 per value; this limitation was removed as of that date. Series B notes were sold from August 1, 1941 through September 12, 1942, to yield approximately 0.48% per annum. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash only at the original purchase price. Series C notes went on sale September 14, 1942. Interest accrues each month on a graduated scale (see "Treasury Bulletin" for August 1943, page 4) to yield approximately 1.07% per annum if held to maturity. These notes may be used in payment of Federal taxes at any time two months after the date of issue. The amount which may be turned in on taxes is unlimited. The notes may be redeemed for cash six months after the date of issue at the tax payment value current at the time of presentation. Prior to July 27, 1943, notice of 30 days was required for cash redemption. See also footnote 1.
Source: Daily Treasury Statements.
* Less than $50,000.
1/ These notes were originally designed to help taxpayers set aside funds with which to pay taxes and were known as Treasury tax savings notes. Series A notes were designed for the small and moderate taxpayer; Series B and Series C notes were intended for the large taxpayer. When the collection of taxes through withholding at the source commenced, the need for Series A tax savings notes disappeared and their sale was discontinued. Redemption provisions of Series A notes were relaxed to provide for the payment of interest on notes thereafter redeemed for cash (see footnote 3). Sale of Series C notes, which were designed for the investment of idle cash reserves as well as for the accumulation of tax reserves, was continued and the notes were designated Treasury savings notes.
2/ Includes matured Treasury savings notes.
3/ Series A notes, which were sold from August 1, 1941 through June 22, 1943, yield approximately 1.92% per annum. Through June 22, 1943, the notes could be redeemed for cash only at the original purchase price; since that date, the notes have been redeemed for cash at
44
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 2.- Sales of Series C Notes, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="8">Sales in millions of dollars at par</th><th colspan="8">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$100</th><th>$500</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th><th>Total all denominations</th><th>$100</th><th>$500</th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th></tr><tr><td>1943</td><td>7,546.7</td><td>...</td><td>...</td><td>249.0</td><td>332.1</td><td>1,388.6</td><td>2,535.7</td><td>1,124.4</td><td>1,916.9</td><td>100.0</td><td>...</td><td>...</td><td>3.3</td><td>4.4</td><td>18.4</td><td>33.6</td><td>14.9</td><td>25.4</td></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,858.5</td><td>3,086.9</td><td>1,259.3</td><td>1,808.0</td><td>100.0</td><td>.1</td><td>.3</td><td>4.4</td><td>5.7</td><td>20.7</td><td>34.5</td><td>14.1</td><td>20.2</td></tr><tr><td>1945</td><td>7,015.8</td><td>13.6</td><td>32.8</td><td>264.3</td><td>414.0</td><td>1,483.0</td><td>2,378.5</td><td>827.2</td><td>1,597.5</td><td>100.0</td><td>.2</td><td>.5</td><td>3.8</td><td>5.9</td><td>21.2</td><td>33.9</td><td>11.8</td><td>22.8</td></tr><tr><td>1944-Oct.</td><td>180.7</td><td>.2</td><td>.5</td><td>5.1</td><td>7.9</td><td>31.1</td><td>59.3</td><td>9.4</td><td>67.2</td><td>100.0</td><td>.1</td><td>.3</td><td>2.8</td><td>4.4</td><td>17.2</td><td>32.8</td><td>5.2</td><td>37.2</td></tr><tr><td>Nov.</td><td>1,081.7</td><td>1.1</td><td>3.2</td><td>33.5</td><td>56.2</td><td>215.3</td><td>385.1</td><td>123.3</td><td>263.9</td><td>100.0</td><td>.1</td><td>.3</td><td>3.1</td><td>5.2</td><td>19.9</td><td>35.6</td><td>11.4</td><td>24.4</td></tr><tr><td>Dec.</td><td>1,283.8</td><td>2.6</td><td>9.0</td><td>66.7</td><td>104.0</td><td>333.8</td><td>460.9</td><td>134.8</td><td>172.0</td><td>100.0</td><td>.2</td><td>.7</td><td>5.2</td><td>8.1</td><td>26.0</td><td>35.9</td><td>10.5</td><td>13.4</td></tr><tr><td>1945-Jan.</td><td>257.7</td><td>.8</td><td>1.3</td><td>8.5</td><td>12.4</td><td>48.4</td><td>77.8</td><td>41.2</td><td>67.5</td><td>100.0</td><td>.3</td><td>.5</td><td>3.3</td><td>4.8</td><td>18.8</td><td>30.2</td><td>16.0</td><td>26.2</td></tr><tr><td>Feb.</td><td>212.4</td><td>.4</td><td>.8</td><td>5.7</td><td>10.0</td><td>38.4</td><td>75.4</td><td>17.6</td><td>63.9</td><td>100.0</td><td>.2</td><td>.4</td><td>2.7</td><td>4.7</td><td>18.1</td><td>35.5</td><td>8.3</td><td>30.1</td></tr><tr><td>Mar.</td><td>233.1</td><td>.5</td><td>.7</td><td>6.1</td><td>8.9</td><td>36.4</td><td>73.9</td><td>24.2</td><td>82.5</td><td>100.0</td><td>.2</td><td>.3</td><td>2.6</td><td>3.8</td><td>15.6</td><td>31.7</td><td>10.4</td><td>35.4</td></tr><tr><td>Apr.</td><td>407.7</td><td>.4</td><td>.8</td><td>7.7</td><td>11.8</td><td>62.0</td><td>123.5</td><td>73.8</td><td>127.6</td><td>100.0</td><td>.1</td><td>.2</td><td>1.9</td><td>2.9</td><td>15.2</td><td>30.3</td><td>18.1</td><td>31.3</td></tr><tr><td>May.</td><td>1,096.8</td><td>2.2</td><td>4.4</td><td>38.4</td><td>59.2</td><td>230.3</td><td>387.2</td><td>126.1</td><td>249.0</td><td>100.0</td><td>.2</td><td>.4</td><td>3.5</td><td>5.4</td><td>21.0</td><td>35.3</td><td>11.5</td><td>22.7</td></tr><tr><td>June.</td><td>1,113.5</td><td>2.2</td><td>5.6</td><td>42.3</td><td>71.3</td><td>249.4</td><td>371.9</td><td>121.4</td><td>249.4</td><td>100.0</td><td>.2</td><td>.5</td><td>3.8</td><td>6.4</td><td>22.4</td><td>33.4</td><td>10.9</td><td>22.4</td></tr><tr><td>July</td><td>307.4</td><td>.6</td><td>1.2</td><td>10.7</td><td>16.3</td><td>52.6</td><td>93.8</td><td>57.8</td><td>74.4</td><td>100.0</td><td>.2</td><td>.4</td><td>3.5</td><td>5.3</td><td>17.1</td><td>30.5</td><td>18.8</td><td>24.2</td></tr><tr><td>Aug.</td><td>145.4</td><td>.2</td><td>.5</td><td>4.7</td><td>7.2</td><td>26.5</td><td>44.6</td><td>16.2</td><td>45.5</td><td>100.0</td><td>.2</td><td>.4</td><td>3.2</td><td>4.9</td><td>18.2</td><td>30.7</td><td>11.1</td><td>31.1</td></tr><tr><td>Sept.</td><td>91.6</td><td>.2</td><td>.4</td><td>3.2</td><td>4.6</td><td>16.5</td><td>30.2</td><td>9.0</td><td>27.5</td><td>100.0</td><td>.2</td><td>.5</td><td>3.5</td><td>5.0</td><td>18.0</td><td>32.9</td><td>9.9</td><td>30.0</td></tr><tr><td>Oct.</td><td>336.1</td><td>.4</td><td>.9</td><td>7.3</td><td>12.8</td><td>57.8</td><td>121.3</td><td>83.0</td><td>52.6</td><td>100.0</td><td>.1</td><td>.3</td><td>2.2</td><td>3.8</td><td>17.2</td><td>36.1</td><td>24.7</td><td>15.7</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements; (2) Distribution by denominations: sales reported to the Treasury.
1/ Information on sales, by denominations, of Series A and B tax savings notes may be found in the "Treasury Bulletin" for July 1943, page 46.
Table 3.- Sales of Series C Notes, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars at par</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships, and fiduciaries</th><th>Corporations</th></tr><tr><td>1943</td><td>7,546.7</td><td>611.3</td><td>6,935.4</td><td>100.0</td><td>8.1</td><td>91.9</td></tr><tr><td>1944</td><td>8,953.7</td><td>654.9</td><td>8,298.7</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>1945</td><td>7,015.8</td><td>434.7</td><td>6,581.3</td><td>100.0</td><td>6.2</td><td>93.8</td></tr><tr><td>1944-October</td><td>180.7</td><td>9.8</td><td>170.9</td><td>100.0</td><td>5.4</td><td>94.6</td></tr><tr><td>November</td><td>1,081.7</td><td>53.5</td><td>1,028.2</td><td>100.0</td><td>4.9</td><td>95.1</td></tr><tr><td>December</td><td>1,283.8</td><td>77.1</td><td>1,206.7</td><td>100.0</td><td>6.0</td><td>94.0</td></tr><tr><td>1945-January</td><td>257.7</td><td>18.8</td><td>238.9</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>February</td><td>212.4</td><td>19.1</td><td>193.3</td><td>100.0</td><td>9.0</td><td>91.0</td></tr><tr><td>March</td><td>233.1</td><td>18.2</td><td>214.9</td><td>100.0</td><td>7.8</td><td>92.2</td></tr><tr><td>April</td><td>407.7</td><td>34.7</td><td>373.0</td><td>100.0</td><td>8.5</td><td>91.5</td></tr><tr><td>May</td><td>1,096.8</td><td>65.8</td><td>1,031.0</td><td>100.0</td><td>6.0</td><td>94.0</td></tr><tr><td>June</td><td>1,113.5</td><td>62.4</td><td>1,051.1</td><td>100.0</td><td>5.6</td><td>94.4</td></tr><tr><td>July</td><td>307.4</td><td>23.0</td><td>284.4</td><td>100.0</td><td>7.5</td><td>92.5</td></tr><tr><td>August</td><td>145.4</td><td>14.7</td><td>130.7</td><td>100.0</td><td>10.1</td><td>89.9</td></tr><tr><td>September</td><td>91.6</td><td>9.6</td><td>82.0</td><td>100.0</td><td>10.5</td><td>89.5</td></tr><tr><td>October</td><td>336.1</td><td>29.7</td><td>306.4</td><td>100.0</td><td>8.8</td><td>91.2</td></tr></table>
Sources: (1) Total sales: Daily Treasury Statements; (2) Distribution by type of purchaser: sales reported to the Treasury. 1/ Information on sales, by type of purchaser, of Series A and B tax
savings notes may be found in the "Treasury Bulletin" for July 1943, page 47.
December 1945
45
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1942 {July 1941...... Aug. 1941-June 1942.}</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>{ 127,948 3/ 474,168</td><td>18,468 4/ 70,480 1/</td><td>100.0</td><td>87.4 3/ 57.1</td><td>12.6 1/ 12.9 1/</td></tr><tr><td>1943</td><td>213,350</td><td>+45,620 5/6/</td><td>590,268 6/</td><td>544,647</td><td>352,632</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1944</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>425,752</td><td>231,593</td><td>55,738</td><td>100.0</td><td>80.6</td><td>19.4</td></tr><tr><td>1945</td><td>177,598</td><td>-18,920</td><td>268,411</td><td>287,331</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1944-October</td><td>175,199</td><td>+6,945</td><td>24,679</td><td>17,734</td><td>13,816</td><td>3,917</td><td>100.0</td><td>77.9</td><td>22.1</td></tr><tr><td>November</td><td>180,587</td><td>+5,388</td><td>23,946</td><td>18,558</td><td>14,929</td><td>3,628</td><td>100.0</td><td>80.4</td><td>19.6</td></tr><tr><td>December</td><td>181,529</td><td>+942</td><td>21,163</td><td>20,221</td><td>16,618</td><td>3,602</td><td>100.0</td><td>82.2</td><td>17.8</td></tr><tr><td>1945-January</td><td>182,692</td><td>+1,164</td><td>21,088</td><td>19,924</td><td>16,321</td><td>3,603</td><td>100.0</td><td>81.9</td><td>18.1</td></tr><tr><td>February</td><td>186,710</td><td>+4,018</td><td>20,731</td><td>16,714</td><td>13,421</td><td>3,293</td><td>100.0</td><td>80.3</td><td>19.7</td></tr><tr><td>March</td><td>189,409</td><td>+2,699</td><td>28,254</td><td>25,555</td><td>20,140</td><td>5,414</td><td>100.0</td><td>78.8</td><td>21.2</td></tr><tr><td>April</td><td>188,743</td><td>-666</td><td>24,748</td><td>25,414</td><td>20,079</td><td>5,335</td><td>100.0</td><td>79.0</td><td>21.0</td></tr><tr><td>May</td><td>186,297</td><td>-2,446</td><td>26,132</td><td>28,578</td><td>23,634</td><td>4,944</td><td>100.0</td><td>82.7</td><td>17.3</td></tr><tr><td>June</td><td>177,598</td><td>-8,699</td><td>19,069</td><td>27,767</td><td>22,910</td><td>4,857</td><td>100.0</td><td>82.5</td><td>17.5</td></tr><tr><td>July</td><td>155,914</td><td>-21,685</td><td>15,406</td><td>38,091</td><td>29,653</td><td>8,438</td><td>100.0</td><td>77.8</td><td>22.2</td></tr><tr><td>August</td><td>149,645</td><td>-6,268</td><td>17,586</td><td>23,955</td><td>16,841</td><td>7,114</td><td>100.0</td><td>70.3</td><td>29.7</td></tr><tr><td>September</td><td>144,679</td><td>-4,966</td><td>8,438</td><td>13,405</td><td>8,922</td><td>4,483</td><td>100.0</td><td>66.6</td><td>33.4</td></tr><tr><td>October</td><td>141,372</td><td>-3,307</td><td>10,587</td><td>13,893</td><td>9,349</td><td>4,544</td><td>100.0</td><td>67.3</td><td>32.7</td></tr></table>
Source: Daily Treasury Statements commencing November 1, 1942; prior thereto, Post Office Department.
1/ Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations.
2/ Estimated on the basis of samples made by the Post Office Department.
3/ Details not available for May, June, and July 1941.
4 Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousand for the period August 1, 1941 through June 30, 1942 and $55 thousand for the period July 1, 1942 through October 31, 1942. Net of sales less redemptions. See footnote 1. 5 Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
Table 2.- Sales, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1942</td><td>308,621</td><td>67,466</td><td>167,709</td><td>28,614</td><td>31,583</td><td>13,250</td><td>100.0</td><td>21.9</td><td>54.3</td><td>9.3</td><td>10.2</td><td>4.3</td></tr><tr><td>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,942</td><td>32,583</td><td>10,882</td><td>100.0</td><td>25.6</td><td>50.4</td><td>7.8</td><td>12.1</td><td>4.1</td></tr><tr><td>1944-October</td><td>24,679</td><td>6,636</td><td>12,516</td><td>1,892</td><td>2,786</td><td>848</td><td>100.0</td><td>26.9</td><td>50.7</td><td>7.7</td><td>11.3</td><td>3.4</td></tr><tr><td>November</td><td>23,946</td><td>6,928</td><td>11,581</td><td>1,813</td><td>2,761</td><td>853</td><td>100.0</td><td>28.9</td><td>48.4</td><td>7.6</td><td>11.5</td><td>3.6</td></tr><tr><td>December</td><td>21,163</td><td>5,586</td><td>10,642</td><td>1,412</td><td>2,469</td><td>1,054</td><td>100.0</td><td>26.4</td><td>50.3</td><td>6.7</td><td>11.6</td><td>5.0</td></tr><tr><td>1945-January</td><td>21,088</td><td>6,328</td><td>10,604</td><td>1,435</td><td>2,103</td><td>618</td><td>100.0</td><td>30.0</td><td>50.3</td><td>6.8</td><td>10.0</td><td>2.9</td></tr><tr><td>February</td><td>20,731</td><td>5,857</td><td>10,155</td><td>1,463</td><td>2,288</td><td>967</td><td>100.0</td><td>28.2</td><td>49.0</td><td>7.1</td><td>11.0</td><td>4.7</td></tr><tr><td>March</td><td>28,254</td><td>8,099</td><td>13,981</td><td>2,017</td><td>3,201</td><td>996</td><td>100.0</td><td>28.5</td><td>49.5</td><td>7.2</td><td>11.3</td><td>3.5</td></tr><tr><td>April</td><td>24,748</td><td>6,966</td><td>12,226</td><td>1,878</td><td>2,755</td><td>924</td><td>100.0</td><td>28.2</td><td>49.4</td><td>7.6</td><td>11.1</td><td>3.7</td></tr><tr><td>May</td><td>26,132</td><td>7,236</td><td>12,975</td><td>1,953</td><td>2,981</td><td>987</td><td>100.0</td><td>27.7</td><td>49.6</td><td>7.5</td><td>11.4</td><td>3.8</td></tr><tr><td>June</td><td>19,069</td><td>3,891</td><td>9,832</td><td>1,665</td><td>2,720</td><td>961</td><td>100.0</td><td>20.4</td><td>51.6</td><td>8.7</td><td>14.3</td><td>5.0</td></tr><tr><td>July</td><td>16,406</td><td>2,521</td><td>8,809</td><td>1,591</td><td>2,659</td><td>825</td><td>100.0</td><td>15.4</td><td>53.7</td><td>9.7</td><td>16.2</td><td>5.0</td></tr><tr><td>August</td><td>17,686</td><td>2,479</td><td>9,324</td><td>1,768</td><td>2,994</td><td>1,121</td><td>100.0</td><td>14.0</td><td>52.7</td><td>10.0</td><td>16.9</td><td>6.4</td></tr><tr><td>September</td><td>8,438</td><td>1,573</td><td>4,410</td><td>751</td><td>1,272</td><td>432</td><td>100.0</td><td>18.6</td><td>52.3</td><td>8.9</td><td>15.1</td><td>5.1</td></tr><tr><td>October</td><td>10,587</td><td>2,565</td><td>5,422</td><td>827</td><td>1,303</td><td>470</td><td>100.0</td><td>24.2</td><td>51.2</td><td>7.8</td><td>12.3</td><td>4.5</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements commencing November 1, 1942; prior thereto Post Office Department; (2) Distribution by denominations: Based upon Post Office Department data.
46
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
December 1945
47
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">Securities issued by United States Government</th><th colspan="6">Securities guaranteed by United States 1/</th></tr><tr><th>Total amount outstanding</th><th colspan="3">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th>Total amount unmatured outstanding</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve banks</th><th colspan="3">Private investors 2/</th></tr><tr><th></th><th></th><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th></th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th></tr><tr><td>1936</td><td>32,989</td><td>1,959</td><td>1,332</td><td>-</td><td>626</td><td>2,430</td><td>28,601</td><td>27,340</td><td>1,261</td><td>4,718</td><td>377</td><td>-</td><td>4,341</td><td>-</td></tr><tr><td>1937</td><td>35,800</td><td>3,251</td><td>1,693</td><td>-</td><td>1,558</td><td>2,526</td><td>30,023</td><td>28,835</td><td>1,188</td><td>4,665</td><td>363</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td>-</td><td>2,676</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>-</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>-</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1944-Oct.</td><td>208,608</td><td>20,784</td><td>4,605</td><td>10</td><td>16,170</td><td>17,645</td><td>170,179</td><td>122,759</td><td>47,420</td><td>1,480</td><td>4</td><td>-</td><td>1,189</td><td>287</td></tr><tr><td>Nov.</td><td>210,774</td><td>21,185</td><td>4,592</td><td>10</td><td>16,583</td><td>18,386</td><td>171,204</td><td>122,205</td><td>48,998</td><td>1,470</td><td>4</td><td>-</td><td>1,189</td><td>277</td></tr><tr><td>Dec.</td><td>228,891</td><td>21,672</td><td>5,337</td><td>10</td><td>16,326</td><td>18,844</td><td>188,375</td><td>137,468</td><td>50,907</td><td>1,470</td><td>4</td><td>-</td><td>1,190</td><td>275</td></tr><tr><td>1945-Jan.</td><td>230,672</td><td>21,955</td><td>5,256</td><td>11</td><td>16,688</td><td>19,004</td><td>189,713</td><td>138,002</td><td>51,712</td><td>1,496</td><td>6</td><td>-</td><td>1,191</td><td>300</td></tr><tr><td>Feb.</td><td>231,854</td><td>22,391</td><td>5,245</td><td>16</td><td>17,130</td><td>19,439</td><td>190,024</td><td>137,695</td><td>52,329</td><td>1,114</td><td>6</td><td>-</td><td>780</td><td>328</td></tr><tr><td>Mar.</td><td>232,026</td><td>22,864</td><td>5,281</td><td>16</td><td>17,567</td><td>19,669</td><td>189,493</td><td>137,675</td><td>51,817</td><td>1,119</td><td>6</td><td>-</td><td>781</td><td>332</td></tr><tr><td>Apr.</td><td>233,063</td><td>23,180</td><td>5,240</td><td>16</td><td>17,923</td><td>20,455</td><td>189,428</td><td>136,984</td><td>52,444</td><td>1,132</td><td>6</td><td>-</td><td>782</td><td>343</td></tr><tr><td>May.</td><td>235,761</td><td>23,804</td><td>5,195</td><td>16</td><td>18,592</td><td>20,954</td><td>191,004</td><td>136,503</td><td>54,501</td><td>1,151</td><td>6</td><td>-</td><td>783</td><td>362</td></tr><tr><td>June.</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>July.</td><td>259,781</td><td>25,657</td><td>6,077</td><td>22</td><td>19,558</td><td>21,717</td><td>212,407</td><td>155,286</td><td>57,121</td><td>484</td><td>6</td><td>-</td><td>28</td><td>450</td></tr><tr><td>Aug.</td><td>260,746</td><td>26,147</td><td>6,085</td><td>29</td><td>20,033</td><td>22,530</td><td>212,069</td><td>154,719</td><td>57,350</td><td>515</td><td>7</td><td>-</td><td>29</td><td>479</td></tr><tr><td>Sept.</td><td>259,630</td><td>26,635</td><td>6,087</td><td>29</td><td>20,519</td><td>23,328</td><td>209,667</td><td>153,418</td><td>56,249</td><td>527</td><td>7</td><td>-</td><td>30</td><td>430</td></tr><tr><td>Oct.</td><td>259,439</td><td>26,694 p</td><td>6,087 p</td><td>29 p</td><td>20,577</td><td>23,276</td><td>209,470 p</td><td>153,427 p</td><td>56,043 p</td><td>541</td><td>7 p</td><td>-</td><td>32 p</td><td>502</td></tr></table>
Sources: (1) Total amounts outstanding; Daily Treasury Statements; (2) Securities held by U. S. Government agencies and trust funds, reports of the agencies and accounts with the Treasury; (3) Securities held by Federal Reserve Banks; Federal Reserve System. p Preliminary. * Less than $500,000.
The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and by Federal Reserve Banks.
Treasury Bulletin
48
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th>2/</th><th>Total</th><th>Commercial banks 2/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 2/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/</th><th>State and local governments 6/</th><th>U. S. Government agencies and trust funds</th></tr><tr><td>1939-December......</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.7</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June......</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.6</td><td>.3</td><td>7.1</td></tr><tr><td>December......</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.4</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.4</td><td>7.6</td></tr><tr><td>1941-June......</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>11.1</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.4</td><td>8.5</td></tr><tr><td>December......</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.8</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.5</td><td>9.5</td></tr><tr><td>1942-June......</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</td><td>18.2</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.6</td><td>10.6</td></tr><tr><td>December......</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.8</td><td>11.3</td><td>4.5</td><td>11.6</td><td>.8</td><td>12.2</td></tr><tr><td>1943-March......</td><td>118.6</td><td>50.1</td><td>44.2</td><td>5.9</td><td>68.6</td><td>26.6</td><td>11.2</td><td>4.6</td><td>12.2</td><td>.8</td><td>13.1</td></tr><tr><td>June......</td><td>139.5</td><td>59.4</td><td>52.2</td><td>7.2</td><td>80.0</td><td>30.3</td><td>13.1</td><td>5.3</td><td>15.7</td><td>1.3</td><td>14.3</td></tr><tr><td>September......</td><td>161.0</td><td>67.2</td><td>58.3</td><td>8.9</td><td>93.8</td><td>34.7</td><td>14.7</td><td>5.9</td><td>20.8</td><td>1.9</td><td>15.8</td></tr><tr><td>December......</td><td>168.7</td><td>71.5</td><td>59.9</td><td>11.5</td><td>97.3</td><td>37.1</td><td>15.1</td><td>6.1</td><td>20.1</td><td>2.0</td><td>16.9</td></tr><tr><td>1944-March......</td><td>185.6</td><td>76.2</td><td>64.0</td><td>12.1</td><td>109.4</td><td>42.2</td><td>16.4</td><td>6.8</td><td>23.4</td><td>2.6</td><td>18.1</td></tr><tr><td>June......</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.7</td><td>3.2</td><td>19.1</td></tr><tr><td>1944-August......</td><td>209.8</td><td>87.4</td><td>71.5 r</td><td>15.8</td><td>122.4</td><td>47.5</td><td>18.1</td><td>7.6</td><td>25.6</td><td>3.5</td><td>20.1</td></tr><tr><td>September......</td><td>209.3</td><td>87.1 r</td><td>70.5</td><td>16.7</td><td>122.2 r</td><td>47.8</td><td>18.3</td><td>7.7</td><td>24.4</td><td>3.5</td><td>20.6</td></tr><tr><td>October......</td><td>210.1</td><td>87.1 r</td><td>70.0 r</td><td>17.6</td><td>122.4 r</td><td>47.9</td><td>18.4</td><td>7.7</td><td>24.2 r</td><td>3.5</td><td>20.8</td></tr><tr><td>November......</td><td>212.2</td><td>90.0 r</td><td>71.6 r</td><td>18.4</td><td>122.3 r</td><td>48.4</td><td>17.9</td><td>7.3</td><td>24.0 r</td><td>3.5</td><td>21.2</td></tr><tr><td>December......</td><td>230.4</td><td>96.5 r</td><td>77.7</td><td>18.8</td><td>133.8</td><td>52.2</td><td>19.6</td><td>8.3</td><td>27.7</td><td>4.2</td><td>21.7</td></tr><tr><td>1945-January......</td><td>232.2</td><td>97.7</td><td>78.7</td><td>19.0</td><td>134.5</td><td>52.8</td><td>19.9</td><td>8.6</td><td>27.0</td><td>4.3</td><td>22.0</td></tr><tr><td>February......</td><td>233.0</td><td>97.8</td><td>78.4 r</td><td>19.4</td><td>135.1 r</td><td>53.1 r</td><td>20.1</td><td>8.7</td><td>26.6</td><td>4.3</td><td>22.4</td></tr><tr><td>March......</td><td>233.1</td><td>97.4 r</td><td>77.7 r</td><td>19.7</td><td>135.7 r</td><td>53.6 r</td><td>20.4</td><td>8.7</td><td>25.9 r</td><td>4.3</td><td>22.9</td></tr><tr><td>April......</td><td>234.2</td><td>98.2 r</td><td>77.7 r</td><td>20.5</td><td>136.0 r</td><td>53.7 r</td><td>20.5</td><td>8.7</td><td>25.7 r</td><td>4.3</td><td>23.2</td></tr><tr><td>May......</td><td>236.9</td><td>98.9 r</td><td>77.9 r</td><td>21.0</td><td>138.0 r</td><td>54.6 r</td><td>20.1</td><td>8.7</td><td>26.5 r</td><td>4.3</td><td>23.8</td></tr><tr><td>June......</td><td>256.8</td><td>105.9 r</td><td>84.1 r</td><td>21.8</td><td>150.8 r</td><td>58.5 r</td><td>22.7</td><td>9.5</td><td>30.2 r</td><td>4.9</td><td>24.9</td></tr><tr><td>July......</td><td>260.3</td><td>107.2 r</td><td>85.5 r</td><td>21.7</td><td>153.1 r</td><td>59.7 r</td><td>22.7</td><td>9.8</td><td>30.0 r</td><td>5.2</td><td>25.7</td></tr><tr><td>August......</td><td>261.3</td><td>107.2</td><td>84.7</td><td>22.5</td><td>154.0</td><td>59.8</td><td>22.5</td><td>10.0</td><td>30.3</td><td>5.2</td><td>26.2</td></tr></table>
Back Figures: For monthly data for the period January 1943 through July 1944, see "Treasury Bulletin" for June 1945, page 47. Revised. 1/ United States savings bonds. Series A-D, E, and F are included at current redemption values. 2/ Guaranteed securities held by the Treasury are excluded. 3/ Consists of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular possessions
4/ Includes securities held in trust departments. Includes partnerships, personal trust accounts, and unincorporated business.
5/ Includes dealers and brokers and investments of foreign balances in this country.
6/ Includes their agencies and their trust, sinking, and investment funds, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(in millions of dollars)
<table><tr><th></th><th colspan="12">Net market purchases or sales (-)</th></tr><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1937</td><td>14.4</td><td>5.7</td><td>119.6</td><td>11.9</td><td>3.9</td><td>24.4</td><td>4.8</td><td>12.5</td><td>8.9</td><td>3.7</td><td>2.0</td><td>-15.4</td></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-3</td><td>-4.4</td><td>-3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-.7</td><td>-2</td><td>.4</td><td>.</td><td>-</td><td>.</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-5</td><td>30.0</td><td>5.8</td><td>.3</td><td>.</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-.3</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-.2</td><td>-12.5</td><td>.3</td><td></td><td></td></tr></table>
1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund.
December 1945
49
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, September 30, 1945
Section I - Securities Issued or Guaranteed by the United States Government
The tables in Section I present summary data as of September 30, 1945 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance companies covered in the survey account for approximately 95
percent of the amount of such securities owned by all banks and insurance companies in the United States.
Section II presents summary data on the ownership of Federal land bank bonds.
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="5">Held by investore covered in Treasury Survey</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banke</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th colspan="3">Banke 1/</th><th colspan="3">Insurance companies</th></tr><tr><th></th><th></th><th>7,393 commercial banke 2/</th><th>34 stock earnings banke</th><th>541 mutual savings banke</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>182,870</td><td>76,523</td><td>416</td><td>9,845</td><td>21,437</td><td>18,830</td><td>2,607</td><td>29,422</td><td>45,227</td></tr><tr><td>Non-marketable securities</td><td>56,768</td><td>1,596</td><td>9</td><td>199</td><td>278</td><td>101</td><td>176</td><td>28</td><td>54,658</td></tr><tr><td>Total public securities</td><td>239,638</td><td>78,120</td><td>425</td><td>10,044</td><td>21,715</td><td>18,931</td><td>2,783</td><td>29,450</td><td>99,884</td></tr><tr><td>Special issues</td><td>20,519</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20,519</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 4/</td><td>260,156</td><td>78,120</td><td>425</td><td>10,044</td><td>21,715</td><td>18,931</td><td>2,783</td><td>49,969</td><td>99,884</td></tr></table>
1/ Securities held in trust departments are excluded. 2/ Includes trust companies. 3/ This column includes securities held by those banks and insurance com-
panies which are not covered in the Treasury Survey. See headnote to this section. y/ Guaranteed securities held by the Treasury are not included.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,393 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">Par values - in millions of dollars</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,018</td><td>2,034</td><td>1</td><td>10</td><td>*</td><td>*</td><td>-</td><td>13,252</td><td>1,721</td></tr><tr><td>Certificates of indebtedness</td><td>35,072</td><td>16,175</td><td>34</td><td>211</td><td>494</td><td>261</td><td>233</td><td>7,239</td><td>10,918</td></tr><tr><td>Treasury notes</td><td>23,498</td><td>15,790</td><td>40</td><td>260</td><td>581</td><td>390</td><td>191</td><td>1,986</td><td>4,841</td></tr><tr><td>Treasury bonds</td><td>107,049</td><td>42,493</td><td>341</td><td>9,350</td><td>20,348</td><td>18,166</td><td>2,182</td><td>6,903</td><td>27,604</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>19</td><td>*</td><td>1</td><td>2</td><td>1</td><td>1</td><td>35</td><td>138</td></tr><tr><td>Guaranteed by United States 4/</td><td>37</td><td>12</td><td>*</td><td>2</td><td>13</td><td>12</td><td>1</td><td>7</td><td>4</td></tr><tr><td>Total</td><td>182,870</td><td>76,523</td><td>416</td><td>9,845</td><td>21,437</td><td>18,830</td><td>2,607</td><td>29,422</td><td>45,227</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>65,255</td><td>26,209</td><td>43</td><td>294</td><td>756</td><td>417</td><td>340</td><td>22,314</td><td>15,639</td></tr><tr><td>1 to 5 years</td><td>36,017</td><td>25,325</td><td>69</td><td>914</td><td>1,914</td><td>1,338</td><td>576</td><td>1,401</td><td>6,394</td></tr><tr><td>5 to 10 years</td><td>35,661</td><td>20,578</td><td>120</td><td>2,560</td><td>3,196</td><td>2,130</td><td>766</td><td>1,021</td><td>8,185</td></tr><tr><td>10 to 15 years</td><td>12,456</td><td>1,980</td><td>83</td><td>2,820</td><td>2,201</td><td>1,714</td><td>487</td><td>533</td><td>4,835</td></tr><tr><td>15 to 20 years</td><td>19,281</td><td>1,026</td><td>60</td><td>2,121</td><td>8,403</td><td>8,087</td><td>316</td><td>2,324</td><td>5,347</td></tr><tr><td>Over 20 years</td><td>14,154</td><td>1,394</td><td>41</td><td>1,135</td><td>4,954</td><td>4,831</td><td>123</td><td>1,817</td><td>4,823</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>37</td><td>12</td><td>*</td><td>2</td><td>13</td><td>12</td><td>1</td><td>7</td><td>4</td></tr><tr><td>Total</td><td>182,870</td><td>76,523</td><td>416</td><td>9,845</td><td>21,437</td><td>18,830</td><td>2,607</td><td>29,422</td><td>45,227</td></tr><tr><td>Tax status: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>196</td><td>19</td><td>*</td><td>1</td><td>2</td><td>1</td><td>1</td><td>35</td><td>138</td></tr><tr><td>Partially exempt from Federal income taxes 6/</td><td>20,366</td><td>13,355</td><td>101</td><td>157</td><td>1,293</td><td>120</td><td>873</td><td>1,985</td><td>4,074</td></tr><tr><td>Subject to Federal income taxes 6/</td><td>161,709</td><td>63,148</td><td>314</td><td>9,687</td><td>20,143</td><td>18,409</td><td>1,733</td><td>27,402</td><td>41,015</td></tr><tr><td>Total</td><td>182,870</td><td>76,523</td><td>416</td><td>9,845</td><td>21,437</td><td>18,830</td><td>2,607</td><td>29,422</td><td>45,227</td></tr></table>
(Continued on following page)
50
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><td>7,393 commercial banks 2/</td><td>34 stock savings banks</td><td>541 mutual savings banks</td><td>Total</td><td>316 life insurance companies</td><td>653 fire, casualty, and marine insurance companies</td></tr></table>
Percentage distribution by classes of securities
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>9.3</td><td>2.7</td><td>.3</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>45.0</td><td>3.8</td></tr><tr><td>Certificates of indebtedness</td><td>19.2</td><td>21.1</td><td>8.2</td><td>2.1</td><td>2.3</td><td>1.4</td><td>8.9</td><td>24.6</td><td>24.1</td></tr><tr><td>Treasury notes</td><td>12.8</td><td>20.6</td><td>9.5</td><td>2.6</td><td>2.7</td><td>2.1</td><td>7.3</td><td>6.8</td><td>10.7</td></tr><tr><td>Treasury bonds</td><td>58.5</td><td>55.5</td><td>82.0</td><td>95.1</td><td>94.9</td><td>96.5</td><td>83.7</td><td>23.5</td><td>61.0</td></tr><tr><td>Postal savings and other bonds</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.1</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Guaranteed by United States</td><td></td><td>*</td><td>*</td><td>*</td><td></td><td></td><td></td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>35.7</td><td>34.2</td><td>10.3</td><td>3.0</td><td>3.5</td><td>2.2</td><td>13.0</td><td>75.8</td><td>34.6</td></tr><tr><td>1 to 5 years</td><td>19.7</td><td>33.1</td><td>16.5</td><td>9.3</td><td>8.9</td><td>7.1</td><td>22.1</td><td>4.8</td><td>14.1</td></tr><tr><td>5 to 10 years</td><td>19.5</td><td>26.9</td><td>28.9</td><td>26.0</td><td>14.9</td><td>12.9</td><td>29.4</td><td>3.5</td><td>18.1</td></tr><tr><td>10 to 15 years</td><td>6.8</td><td>2.6</td><td>19.9</td><td>28.6</td><td>10.3</td><td>9.1</td><td>18.7</td><td>1.8</td><td>10.7</td></tr><tr><td>15 to 20 years</td><td>10.5</td><td>1.3</td><td>14.5</td><td>21.5</td><td>39.2</td><td>42.9</td><td>12.1</td><td>7.9</td><td>11.8</td></tr><tr><td>Over 20 years</td><td>7.7</td><td>1.8</td><td>9.9</td><td>11.5</td><td>23.1</td><td>25.7</td><td>4.7</td><td>6.2</td><td>10.7</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Tax status: 5/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>11.5</td><td>17.5</td><td>24.3</td><td>1.6</td><td>6.0</td><td>2.2</td><td>33.5</td><td>6.7</td><td>9.0</td></tr><tr><td>Subject to Federal income taxes</td><td>88.4</td><td>82.5</td><td>75.7</td><td>98.4</td><td>94.0</td><td>97.8</td><td>66.5</td><td>93.1</td><td>90.7</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by groups of investors
<table><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>12.0</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>77.9</td><td>10.1</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>46.1</td><td>.1</td><td>.6</td><td>1.4</td><td>.7</td><td>.7</td><td>20.6</td><td>31.1</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>67.2</td><td>.2</td><td>1.1</td><td>2.5</td><td>1.7</td><td>.8</td><td>8.5</td><td>20.6</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>39.7</td><td>.3</td><td>8.7</td><td>19.0</td><td>17.0</td><td>2.0</td><td>6.4</td><td>25.8</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>10.0</td><td>*</td><td>.5</td><td>.8</td><td>.5</td><td>.3</td><td>18.1</td><td>70.6</td></tr><tr><td>Guaranteed by United States ½</td><td>100.0</td><td>31.1</td><td>*</td><td>6.6</td><td>34.2</td><td>32.8</td><td>1.4</td><td>18.3</td><td>9.8</td></tr><tr><td>Total</td><td>100.0</td><td>41.8</td><td>.2</td><td>5.4</td><td>11.7</td><td>10.3</td><td>1.4</td><td>16.1</td><td>24.7</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>40.2</td><td>.1</td><td>.4</td><td>1.2</td><td>.6</td><td>.5</td><td>34.2</td><td>24.7</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>70.3</td><td>.2</td><td>2.5</td><td>5.3</td><td>3.7</td><td>1.6</td><td>3.9</td><td>17.8</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>57.7</td><td>.3</td><td>7.2</td><td>9.0</td><td>6.8</td><td>2.1</td><td>2.9</td><td>23.0</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>15.9</td><td>.7</td><td>22.6</td><td>17.7</td><td>13.8</td><td>3.9</td><td>4.3</td><td>38.8</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>5.3</td><td>.3</td><td>11.0</td><td>43.6</td><td>41.9</td><td>1.6</td><td>12.1</td><td>27.7</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>9.8</td><td>.3</td><td>8.0</td><td>35.0</td><td>34.1</td><td>.9</td><td>12.8</td><td>34.0</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>31.1</td><td>*</td><td>6.6</td><td>34.2</td><td>32.8</td><td>1.4</td><td>18.3</td><td>9.8</td></tr><tr><td>Total</td><td>100.0</td><td>41.8</td><td>.2</td><td>5.4</td><td>11.7</td><td>10.3</td><td>1.4</td><td>16.1</td><td>24.7</td></tr><tr><td>Tax status: 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>10.0</td><td>*</td><td>.5</td><td>.8</td><td>.5</td><td>.3</td><td>18.1</td><td>70.6</td></tr><tr><td>Partially exempt from Federal incometaxes 6/</td><td>100.0</td><td>63.7</td><td>.5</td><td>.8</td><td>6.2</td><td>2.0</td><td>4.2</td><td>9.5</td><td>19.4</td></tr><tr><td>Subject to Federal income taxes 6/</td><td>100.0</td><td>39.1</td><td>.2</td><td>6.0</td><td>12.5</td><td>11.4</td><td>1.1</td><td>16.9</td><td>25.4</td></tr><tr><td>Total</td><td>100.0</td><td>41.8</td><td>.2</td><td>5.4</td><td>11.7</td><td>10.3</td><td>1.4</td><td>16.1</td><td>24.7</td></tr></table>
(Continued on following page)
December 1945
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Per valuee - in millions of dollars)
<table><tr><th>Issue (Tax status 5/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 2/</th></tr><tr><th></th><th></th><th>7,393 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>17,018</td><td>2,034</td><td>1</td><td>10</td><td></td><td></td><td></td><td>13,252</td><td>1,721</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% October 1945......(taxable)</td><td>3,492</td><td>1,989</td><td>2</td><td>8</td><td>8</td><td></td><td>8</td><td>916</td><td>569</td></tr><tr><td>7/8% December 1945......(taxable)</td><td>4,395</td><td>1,152</td><td></td><td>42</td><td>165</td><td>121</td><td>44</td><td>372</td><td>2,664</td></tr><tr><td>7/8% February 1946......(taxable)</td><td>5,043</td><td>2,641</td><td>3</td><td>34</td><td>52</td><td>28</td><td>25</td><td>1,231</td><td>1,082</td></tr><tr><td>7/8% March 1946......(taxable)</td><td>4,147</td><td>2,551</td><td>2</td><td>33</td><td>53</td><td>23</td><td>30</td><td>864</td><td>645</td></tr><tr><td>7/8% April 1946......(taxable)</td><td>4,811</td><td>2,780</td><td>10</td><td>24</td><td>20</td><td>12</td><td>8</td><td>1,344</td><td>632</td></tr><tr><td>7/8% May 1946......(taxable)</td><td>1,579</td><td>1,019</td><td>2</td><td>3</td><td>3</td><td></td><td>3</td><td>403</td><td>149</td></tr><tr><td>7/8% June 1946......(taxable)</td><td>4,799</td><td>340</td><td>7</td><td>29</td><td>98</td><td>10</td><td>88</td><td>63</td><td>4,262</td></tr><tr><td>7/8% August 1945......(taxable)</td><td>2,470</td><td>1,445</td><td>3</td><td>7</td><td>9</td><td>2</td><td>7</td><td>760</td><td>244</td></tr><tr><td>7/8% September 1946......(taxable)</td><td>4,336</td><td>2,257</td><td>4</td><td>32</td><td>85</td><td>65</td><td>21</td><td>1,286</td><td>672</td></tr><tr><td>Total certificates of indebtedness</td><td>35,072</td><td>15,175</td><td>34</td><td>211</td><td>494</td><td>261</td><td>233</td><td>7,239</td><td>10,918</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4% December 1945......(taxable)</td><td>531</td><td>363</td><td>1</td><td>4</td><td>8</td><td></td><td>8</td><td>32</td><td>122</td></tr><tr><td>.90% January 1945......(taxable)</td><td>3,416</td><td>2,401</td><td>1</td><td>11</td><td>34</td><td>26</td><td>7</td><td>477</td><td>493</td></tr><tr><td>1% March 1946......(taxable)</td><td>1,291</td><td>984</td><td>1</td><td>8</td><td>39</td><td>28</td><td>11</td><td>76</td><td>183</td></tr><tr><td>.90% July 1946......(taxable)</td><td>4,910</td><td>2,993</td><td>2</td><td>23</td><td>21</td><td></td><td>20</td><td>813</td><td>1,057</td></tr><tr><td>1-1/2% December 1946......(taxable)</td><td>3,261</td><td>2,354</td><td>4</td><td>43</td><td>93</td><td>73</td><td>21</td><td>287</td><td>470</td></tr><tr><td>1-1/4% March 1947......(taxable)</td><td>1,948</td><td>903</td><td>13</td><td>37</td><td>268</td><td>237</td><td>31</td><td>1</td><td>726</td></tr><tr><td>1-1/4% September 1947......(taxable)</td><td>1,687</td><td>735</td><td>9</td><td>44</td><td>56</td><td>14</td><td>42</td><td>1</td><td>842</td></tr><tr><td>1-1/2% September 1947......(taxable)</td><td>2,707</td><td>2,152</td><td>4</td><td>43</td><td>30</td><td>5</td><td>25</td><td></td><td>478</td></tr><tr><td>1-1/2% September 1948......(taxable)</td><td>3,748</td><td>2,895</td><td>4</td><td>47</td><td>32</td><td>7</td><td>25</td><td>299</td><td>470</td></tr><tr><td>Total Treasury notes</td><td>23,498</td><td>15,790</td><td>40</td><td>260</td><td>581</td><td>390</td><td>191</td><td>1,986</td><td>4,841</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/2% December 1945......(partially)</td><td>541</td><td>233</td><td></td><td>2</td><td>16</td><td></td><td>15</td><td>18</td><td>272</td></tr><tr><td>3-3/4% March 1946-56......(partially)</td><td>489</td><td>160</td><td></td><td>6</td><td>39</td><td>29</td><td>10</td><td>77</td><td>207</td></tr><tr><td>3% June 1946-48......(partially)</td><td>1,036</td><td>492</td><td>1</td><td>9</td><td>58</td><td>38</td><td>21</td><td>207</td><td>268</td></tr><tr><td>7-1/8% June 1946-49......(partially)</td><td>819</td><td>360</td><td></td><td>8</td><td>47</td><td>33</td><td>14</td><td>87</td><td>316</td></tr><tr><td>4-1/4% October 1947-52......(partially)</td><td>759</td><td>289</td><td></td><td>8</td><td>38</td><td>14</td><td>24</td><td>81</td><td>343</td></tr><tr><td>2% December 1947......(partially)</td><td>701</td><td>554</td><td></td><td>1</td><td>26</td><td></td><td>25</td><td></td><td>119</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>777</td><td>1</td><td>69</td><td>75</td><td>65</td><td>10</td><td>43</td><td>151</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,823</td><td>851</td><td>1</td><td>10</td><td>35</td><td>5</td><td>30</td><td>160</td><td>166</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>2,331</td><td>2</td><td>91</td><td>86</td><td>53</td><td>33</td><td>26</td><td>525</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>375</td><td></td><td>1</td><td>12</td><td>1</td><td>12</td><td></td><td>63</td></tr><tr><td>2% December 1948-50......(partially)</td><td>571</td><td>462</td><td></td><td>1</td><td>16</td><td>1</td><td>15</td><td>44</td><td>48</td></tr><tr><td>2% June 1949-51......(taxable)</td><td>1,014</td><td>747</td><td>1</td><td>60</td><td>113</td><td>103</td><td>10</td><td>10</td><td>83</td></tr><tr><td>2% September 1949-51......(taxable)</td><td>1,292</td><td>1,007</td><td>1</td><td>41</td><td>121</td><td>94</td><td>27</td><td>6</td><td>117</td></tr><tr><td>2% December 1949-51......(taxable)</td><td>2,098</td><td>1,543</td><td>4</td><td>64</td><td>165</td><td>140</td><td>24</td><td>7</td><td>316</td></tr><tr><td>3-1/8% December 1949-52......(partially)</td><td>491</td><td>351</td><td>1</td><td>8</td><td>38</td><td>17</td><td>22</td><td>40</td><td>54</td></tr><tr><td>2-1/2% December 1949-53......(partially)</td><td>1,786</td><td>1,288</td><td>9</td><td>7</td><td>52</td><td>4</td><td>48</td><td>223</td><td>207</td></tr><tr><td>2% March 1950-52......(taxable)</td><td>1,953</td><td>1,525</td><td>5</td><td>72</td><td>186</td><td>159</td><td>27</td><td>6</td><td>169</td></tr><tr><td>2% September 1950-52......(taxable)</td><td>4,939</td><td>3,169</td><td>8</td><td>253</td><td>421</td><td>346</td><td>74</td><td>55</td><td>1,034</td></tr><tr><td>2-1/2% September 1950-52......(partially)</td><td>1,186</td><td>1,002</td><td>2</td><td>14</td><td>51</td><td>2</td><td>49</td><td>112</td><td>5</td></tr><tr><td>1-1/2% December 1950......(taxable)</td><td>2,635</td><td>1,267</td><td>2</td><td>8</td><td>10</td><td></td><td>10</td><td></td><td>1,348</td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,627</td><td>1,194</td><td>8</td><td>18</td><td>74</td><td>7</td><td>67</td><td>162</td><td>171</td></tr></table>
(Continued on following page)
52
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, September 30, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 5/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,393 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>316 life insurance companies</th><th>653 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">Treasury bonds-(continued)</td></tr><tr><td>2% September 1951-53....(taxable)</td><td>7,986</td><td>4,919</td><td>23</td><td>572</td><td>826</td><td>692</td><td>134</td><td>120</td><td>1,526</td></tr><tr><td>3% September 1951-55....(partially)</td><td>755</td><td>341</td><td>*</td><td>7</td><td>55</td><td>22</td><td>33</td><td>77</td><td>275</td></tr><tr><td>2% December 1951-55....(taxable)</td><td>510</td><td>371</td><td>2</td><td>14</td><td>32</td><td>25</td><td>7</td><td>16</td><td>76</td></tr><tr><td>2-1/4% December 1951-53....(partially)</td><td>1,118</td><td>870</td><td>2</td><td>5</td><td>34</td><td>4</td><td>30</td><td>108</td><td>99</td></tr><tr><td>2-1/2% March 1952-54....(taxable)</td><td>1,024</td><td>427</td><td>*</td><td>275</td><td>71</td><td>52</td><td>18</td><td>68</td><td>182</td></tr><tr><td>2% June 1952-54....(taxable)</td><td>5,825</td><td>3,525</td><td>21</td><td>452</td><td>626</td><td>541</td><td>85</td><td>10</td><td>1,190</td></tr><tr><td>2% December 1952-54....(taxable)</td><td>8,662</td><td>4,466</td><td>26</td><td>947</td><td>1,019</td><td>846</td><td>172</td><td>20</td><td>2,184</td></tr><tr><td>2-1/4% June 1952-55....(taxable)</td><td>1,501</td><td>807</td><td>2</td><td>232</td><td>195</td><td>171</td><td>25</td><td>75</td><td>189</td></tr><tr><td>2% June 1953-55....(partially)</td><td>725</td><td>632</td><td>*</td><td>2</td><td>33</td><td>5</td><td>23</td><td>14</td><td>43</td></tr><tr><td>2-1/4% June 1954-56....(partially)</td><td>681</td><td>517</td><td>2</td><td>2</td><td>52</td><td>14</td><td>38</td><td>35</td><td>72</td></tr><tr><td>2-7/8% March 1955-50....(partially)</td><td>2,611</td><td>1,241</td><td>32</td><td>26</td><td>168</td><td>51</td><td>117</td><td>315</td><td>830</td></tr><tr><td>2-1/2% March 1956-58....(taxable)</td><td>1,149</td><td>547</td><td>9</td><td>164</td><td>464</td><td>450</td><td>14</td><td>50</td><td>216</td></tr><tr><td>2-1/4% September 1956-59....(taxable)</td><td>3,823</td><td>254</td><td>18</td><td>1,255</td><td>820</td><td>711</td><td>109</td><td>135</td><td>1,341</td></tr><tr><td>2-3/4% September 1956-59....(partially)</td><td>982</td><td>601</td><td>16</td><td>4</td><td>110</td><td>36</td><td>74</td><td>96</td><td>155</td></tr><tr><td>2-3/4% June 1958-63....(partially)</td><td>919</td><td>578</td><td>12</td><td>10</td><td>142</td><td>65</td><td>76</td><td>52</td><td>126</td></tr><tr><td>2-1/4% June 1959-62....(taxable)</td><td>5,284</td><td>-</td><td>28</td><td>1,387</td><td>666</td><td>453</td><td>213</td><td>206</td><td>2,997</td></tr><tr><td>2-3/4% December 1960-65....(partially)</td><td>1,485</td><td>961</td><td>13</td><td>10</td><td>193</td><td>70</td><td>124</td><td>75</td><td>233</td></tr><tr><td>2-1/2% June 1962-67....(taxable)</td><td>2,118</td><td>-</td><td>4</td><td>394</td><td>1,129</td><td>1,091</td><td>39</td><td>207</td><td>384</td></tr><tr><td>2-1/2% December 1963-68....(taxable)</td><td>2,831</td><td>-</td><td>3</td><td>512</td><td>1,375</td><td>1,344</td><td>31</td><td>265</td><td>675</td></tr><tr><td>2-1/2% June 1964-69....(taxable)</td><td>3,761</td><td>-</td><td>13</td><td>633</td><td>1,613</td><td>1,578</td><td>35</td><td>413</td><td>1,089</td></tr><tr><td>2-1/2% December 1964-69....(taxable)</td><td>3,838</td><td>-</td><td>13</td><td>407</td><td>1,614</td><td>1,568</td><td>45</td><td>502</td><td>1,303</td></tr><tr><td>2-1/2% March 1965-70....(taxable)</td><td>5,197</td><td>65</td><td>14</td><td>165</td><td>2,479</td><td>2,437</td><td>42</td><td>863</td><td>1,613</td></tr><tr><td>2-1/2% March 1966-71....(taxable)</td><td>3,481</td><td>62</td><td>10</td><td>131</td><td>1,592</td><td>1,576</td><td>16</td><td>674</td><td>1,012</td></tr><tr><td>2-1/2% June 1967-72....(taxable)</td><td>7,967</td><td>-</td><td>22</td><td>859</td><td>2,906</td><td>2,824</td><td>83</td><td>884</td><td>3,295</td></tr><tr><td>2-1/2% September 1967-72....(taxable)</td><td>2,716</td><td>1,332</td><td>9</td><td>146</td><td>456</td><td>432</td><td>24</td><td>258</td><td>516</td></tr><tr><td>Total Treasury bonds</td><td>107,049</td><td>42,494</td><td>341</td><td>9,350</td><td>20,348</td><td>18,166</td><td>2,182</td><td>6,903</td><td>27,604</td></tr><tr><td colspan="10">Postal savings and other bonds</td></tr><tr><td>Postal savings bonds....(wholly)</td><td>117</td><td>13</td><td>*</td><td>1</td><td>1</td><td>1</td><td>*</td><td>35</td><td>66</td></tr><tr><td>Panama Canal bonds....(wholly)</td><td>50</td><td>1</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>49</td></tr><tr><td>Conversion bonds....(wholly)</td><td>29</td><td>6</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>23</td></tr><tr><td>Total postal savings and other bonds</td><td>196</td><td>19</td><td>*</td><td>1</td><td>2</td><td>1</td><td>1*</td><td>35</td><td>138</td></tr><tr><td colspan="10">Guaranteed securities 4/</td></tr><tr><td>Federal Housing Administration debentures....(partially)</td><td>10</td><td>127/</td><td>1/</td><td>27/</td><td>131/</td><td>127/</td><td>17/</td><td>71/</td><td>41/</td></tr><tr><td>Total guaranteed securities</td><td>37</td><td>12</td><td>*</td><td>2</td><td>13</td><td>12</td><td>1</td><td>7</td><td>4</td></tr><tr><td>Total public marketable securities</td><td>182,870</td><td>76,523</td><td>416</td><td>9,845</td><td>21,437</td><td>18,830</td><td>2,607</td><td>29,422</td><td>45,227</td></tr></table>
Figures: The Treasury Survey commenced with date for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of date for September 30, 1944 appeared in the February 1945 issue, page 53; reclassification of date on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of date on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-53.
Less than $500,000 or less than .05%.
Securities held in trust departments are excluded.
This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section.
4/ Guaranteed securities held by the Treasury are not included.
5/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
6/ Include an estimated amount of Federal Housing Administration debentures.
7/ Actual figures by tax status are unavailable.
December 1945
53
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values 1/ - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 2/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="4">Held by investors covered in Treasury Survey</th><th rowspan="2">Insurance companies 316 life insurance companies</th><th rowspan="2">653 fire, casualty, and marine insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 5/</th></tr><tr><th>7,393 commercial banks 4/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series A-D....................6/</td><td>3,565</td><td>189</td><td>*</td><td>5</td><td>11</td><td>3</td><td>8</td><td>*</td><td>3,359</td></tr><tr><td>Series E....................(taxable)</td><td>29,869</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>29,869</td></tr><tr><td>Series F....................(taxable)</td><td>2,674</td><td>199</td><td>1</td><td>7</td><td>34</td><td>14</td><td>20</td><td>1</td><td>2,432</td></tr><tr><td>Series G....................(taxable)</td><td>10,633</td><td>445</td><td>5</td><td>186</td><td>219</td><td>81</td><td>138</td><td>9</td><td>9,769</td></tr><tr><td>Total United States savings bonds</td><td>46,741</td><td>833</td><td>7</td><td>198</td><td>264</td><td>98</td><td>166</td><td>11</td><td>45,428</td></tr><tr><td>Treasury savings notes................(taxable)</td><td>9,021</td><td>58</td><td>2</td><td>*</td><td>14</td><td>3</td><td>11</td><td>17</td><td>8,930</td></tr><tr><td>Depository bonds................(taxable)</td><td>516</td><td>476</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40</td></tr><tr><td>Guaranteed securities 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations................(taxable)</td><td>490</td><td>230</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>260</td></tr><tr><td>Total public non-marketable securities</td><td>56,768</td><td>1,596</td><td>9</td><td>199</td><td>278</td><td>101</td><td>176</td><td>28</td><td>54,658</td></tr></table>
Less than $500,000.
1/ United States savings bonds, Series A-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
2/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of prin-
cipal amount owned by any one holder is also exempt from the sur-tax rates. "Taxable" securities are subject to both normal and surtax rates. 3/Securities held in trust departments are excluded. 4/Includes trust companies. 5/This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section. 6/Series A-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable. 7/Guaranteed securities held by the Treasury are not included.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 2/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Held by investors covered in Treasury Survey</th><th colspan="3">Held by</th></tr><tr><th>7,393 commercial banks 4/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th colspan="3">Insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>all other investors 5/</th></tr><tr><td>Federal land bank bonds</td><td></td><td></td><td></td><td></td><td>Total</td><td>316 life insurance companies</td><td>653 fire, casualty, and marine insurance companies</td><td></td><td></td></tr><tr><td>3/ January 1946-55.........(wholly)</td><td>171</td><td>19</td><td>-</td><td>-</td><td>2</td><td>1</td><td>1</td><td>-</td><td>150</td></tr><tr><td>3/ May 1946-56.........(wholly)</td><td>170</td><td>20</td><td>-</td><td>-</td><td>2</td><td>-</td><td>1</td><td>-</td><td>148</td></tr><tr><td>1-1/2/ October 1948-50.........(taxable)</td><td>176</td><td>125</td><td>1</td><td>3</td><td>2</td><td>-</td><td>1</td><td>-</td><td>46</td></tr><tr><td>2-1/4/ February 1953-55.........(taxable)</td><td>114</td><td>83</td><td>-</td><td>2</td><td>2</td><td>1</td><td>1</td><td>-</td><td>26</td></tr><tr><td>Total Federal land bank bonds</td><td>611</td><td>248</td><td>1</td><td>5</td><td>8</td><td>3</td><td>5</td><td>-</td><td>370</td></tr></table>
1/ Securities issued by the Federal home loan banks and by the Federal intermediate credit banks are not included in the Treasury Survey. 2/ The income from "Wholly" tax-exempt securities is exempt from the imposition of both the normal and surtax Federal income tax rates; the income from "Taxable" securities is subject to the imposition
of both the normal and surtax Federal income tax rates. 3/ Securities held in trust departments are excluded. 4/ Includes trust companies. 5/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey.
54
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1945 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total 7,393 commercial banks 1/</th><th colspan="6">Member commercial banks</th><th rowspan="2">2,622 nonmember commercial banks</th></tr><tr><th>Total 4,771 member commercial banks</th><th colspan="4">Central Reserve City banks</th><th>352 Reserve City banks</th><th>4,370 country banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>76,523</td><td>68,649</td><td>19,899</td><td>16,215</td><td>3,685</td><td>26,775</td><td>21,975</td><td>7,874</td></tr><tr><td>Non-marketable securities</td><td>1,596</td><td>1,280</td><td>120</td><td>77</td><td>43</td><td>359</td><td>801</td><td>316</td></tr><tr><td>Total public securities</td><td>78,120</td><td>69,929</td><td>20,020</td><td>16,292</td><td>3,728</td><td>27,134</td><td>22,776</td><td>8,191</td></tr></table>
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<table><tr><th>Classification</th><th>Total 7,393 commercial banks 1/</th><th>Total 4,771 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,622 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>352 Reserve City banks</th><th>4,370 country banks</th><th></th></tr><tr><td colspan="8">Par values - in millions of dollars</td></tr><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>2,034</td><td>1,720</td><td>442</td><td>383</td><td>59</td><td>798</td><td>481</td><td>313</td></tr><tr><td>Certificates of indebtedness</td><td>16,175</td><td>14,628</td><td>4,190</td><td>3,107</td><td>1,084</td><td>6,426</td><td>4,012</td><td>1,547</td></tr><tr><td>Treasury notes</td><td>15,790</td><td>14,161</td><td>4,072</td><td>3,343</td><td>729</td><td>5,721</td><td>4,368</td><td>1,629</td></tr><tr><td>Treasury bonds</td><td>42,493</td><td>38,119</td><td>11,193</td><td>9,381</td><td>1,812</td><td>13,822</td><td>13,103</td><td>4,375</td></tr><tr><td>Postal savings and other bonds</td><td>19</td><td>11</td><td>1</td><td>*</td><td>*</td><td>3</td><td>7</td><td>9</td></tr><tr><td>Quaranteed by United States 2/</td><td>12</td><td>10</td><td>1</td><td>1</td><td>-</td><td>5</td><td>4</td><td>1</td></tr><tr><td>Total</td><td>76,523</td><td>68,649</td><td>19,899</td><td>16,215</td><td>3,685</td><td>26,775</td><td>21,975</td><td>7,874</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>26,209</td><td>23,658</td><td>6,997</td><td>5,457</td><td>1,540</td><td>10,329</td><td>6,332</td><td>2,550</td></tr><tr><td>1 to 5 years</td><td>25,325</td><td>22,976</td><td>7,467</td><td>6,259</td><td>1,208</td><td>8,638</td><td>6,871</td><td>2,349</td></tr><tr><td>5 to 10 years</td><td>20,578</td><td>18,168</td><td>4,661</td><td>4,076</td><td>586</td><td>6,397</td><td>7,109</td><td>2,410</td></tr><tr><td>10 to 15 years</td><td>1,980</td><td>1,750</td><td>413</td><td>227</td><td>186</td><td>662</td><td>675</td><td>230</td></tr><tr><td>15 to 20 years</td><td>1,026</td><td>939</td><td>200</td><td>91</td><td>108</td><td>458</td><td>282</td><td>87</td></tr><tr><td>Over 20 years</td><td>1,394</td><td>1,147</td><td>160</td><td>103</td><td>57</td><td>286</td><td>701</td><td>247</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>12</td><td>10</td><td>1</td><td>1</td><td>-</td><td>5</td><td>4</td><td>1</td></tr><tr><td>Total</td><td>76,523</td><td>68,649</td><td>19,899</td><td>16,215</td><td>3,685</td><td>26,775</td><td>21,975</td><td>7,874</td></tr><tr><th>Tax status: 3/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>19</td><td>11</td><td>1</td><td>*</td><td>*</td><td>3</td><td>7</td><td>9</td></tr><tr><td>Partially exempt from Federal income taxes 4/</td><td>13,355</td><td>12,646</td><td>4,519</td><td>3,481</td><td>1,038</td><td>5,609</td><td>2,518</td><td>710</td></tr><tr><td>Subject to Federal income taxes 4/</td><td>63,148</td><td>55,992</td><td>15,379</td><td>12,733</td><td>2,646</td><td>21,163</td><td>19,450</td><td>7,156</td></tr><tr><td>Total</td><td>76,523</td><td>68,649</td><td>19,899</td><td>16,215</td><td>3,685</td><td>26,775</td><td>21,975</td><td>7,874</td></tr></table>
(Continued on following page)
December 1945
55
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1945 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table
2. Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total 7,393 commercial banks 1/</th><th colspan="6">Member commercial banks</th><th rowspan="2">2,622 nonmember commercial banks</th></tr><tr><th>Total 4,771 member commercial banks</th><th colspan="4">Central Reserve City banks</th><th>352 Reserve City banks</th><th>4,370 country banks</th></tr><tr><td></td><td></td><td></td><td>Total 49 Central Reserve City banks</td><td>37 New York City banks</td><td>12 Chicago banks</td><td></td><td></td><td></td></tr></table>
Percentage distribution by classes of securities
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>2.7</td><td>2.5</td><td>2.2</td><td>2.4</td><td>1.6</td><td>3.0</td><td>2.2</td><td>4.0</td></tr><tr><td>Certificates of indebtedness.</td><td>21.1</td><td>21.3</td><td>21.1</td><td>19.2</td><td>29.4</td><td>24.0</td><td>18.3</td><td>19.6</td></tr><tr><td>Treasury notes.</td><td>20.6</td><td>20.6</td><td>20.5</td><td>20.6</td><td>19.8</td><td>21.4</td><td>19.9</td><td>20.7</td></tr><tr><td>Treasury bonds.</td><td>55.5</td><td>55.5</td><td>56.3</td><td>57.9</td><td>49.2</td><td>51.6</td><td>59.6</td><td>55.6</td></tr><tr><td>Postal savings and other bonds.</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td></tr><tr><td>Quaranteed by United States g/.</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total.</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year.</td><td>34.2</td><td>34.5</td><td>35.2</td><td>33.7</td><td>41.8</td><td>38.6</td><td>28.8</td><td>32.4</td></tr><tr><td>1 to 5 years.</td><td>33.1</td><td>33.5</td><td>37.5</td><td>38.6</td><td>32.8</td><td>32.3</td><td>31.3</td><td>29.8</td></tr><tr><td>5 to 10 years.</td><td>26.9</td><td>26.5</td><td>23.4</td><td>25.1</td><td>15.9</td><td>23.9</td><td>32.4</td><td>30.6</td></tr><tr><td>10 to 15 years.</td><td>2.6</td><td>2.5</td><td>2.1</td><td>1.4</td><td>5.1</td><td>2.5</td><td>3.1</td><td>2.9</td></tr><tr><td>15 to 20 years.</td><td>1.3</td><td>1.4</td><td>1.0</td><td>.6</td><td>2.9</td><td>1.7</td><td>1.3</td><td>1.1</td></tr><tr><td>Over 20 years.</td><td>1.8</td><td>1.7</td><td>.8</td><td>.6</td><td>1.5</td><td>1.1</td><td>3.2</td><td>3.1</td></tr><tr><td>Various (Federal Housing Administration debentures).</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total.</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Tax status: 3/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes.</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td></tr><tr><td>Partially exempt from Federal income taxes 4/.</td><td>17.5</td><td>18.4</td><td>22.7</td><td>21.5</td><td>28.2</td><td>20.9</td><td>11.5</td><td>9.0</td></tr><tr><td>Subject to Federal income taxes 4/.</td><td>82.5</td><td>81.6</td><td>77.3</td><td>78.5</td><td>71.8</td><td>79.0</td><td>88.5</td><td>90.9</td></tr><tr><td>Total.</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by groups of investors
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>84.6</td><td>21.7</td><td>18.8</td><td>2.9</td><td>39.2</td><td>23.6</td><td>15.4</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>90.4</td><td>25.9</td><td>19.2</td><td>6.7</td><td>39.7</td><td>24.8</td><td>9.6</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>89.7</td><td>25.8</td><td>21.2</td><td>4.6</td><td>36.2</td><td>27.7</td><td>10.3</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>89.7</td><td>26.3</td><td>22.1</td><td>4.3</td><td>32.5</td><td>30.8</td><td>10.3</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>55.1</td><td>3.7</td><td>1.8</td><td>1.9</td><td>14.9</td><td>36.5</td><td>44.9</td></tr><tr><td>Guaranteed by United States 2/</td><td>100.0</td><td>87.5</td><td>9.8</td><td>9.8</td><td>-</td><td>42.9</td><td>34.8</td><td>12.5</td></tr><tr><td>Total</td><td>100.0</td><td>89.7</td><td>26.0</td><td>21.2</td><td>4.8</td><td>35.0</td><td>28.7</td><td>10.3</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>90.3</td><td>26.7</td><td>20.8</td><td>5.9</td><td>39.4</td><td>24.2</td><td>9.7</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>90.7</td><td>29.5</td><td>24.7</td><td>4.8</td><td>34.1</td><td>27.1</td><td>9.3</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>88.3</td><td>22.7</td><td>19.8</td><td>2.8</td><td>31.1</td><td>34.5</td><td>11.7</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>88.4</td><td>20.9</td><td>11.5</td><td>9.4</td><td>33.4</td><td>34.1</td><td>11.6</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>91.5</td><td>19.4</td><td>8.9</td><td>10.6</td><td>44.6</td><td>27.5</td><td>8.5</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>82.3</td><td>11.5</td><td>7.4</td><td>4.1</td><td>20.5</td><td>50.3</td><td>17.7</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>87.5</td><td>9.8</td><td>9.8</td><td>-</td><td>42.9</td><td>34.8</td><td>12.5</td></tr><tr><td>Total</td><td>100.0</td><td>89.7</td><td>26.0</td><td>21.2</td><td>4.8</td><td>35.0</td><td>28.7</td><td>10.3</td></tr><tr><th>Tax status: 1/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>55.1</td><td>3.7</td><td>1.8</td><td>1.9</td><td>14.9</td><td>36.5</td><td>44.9</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>100.0</td><td>94.7</td><td>33.8</td><td>26.1</td><td>7.8</td><td>42.0</td><td>18.9</td><td>5.3</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>100.0</td><td>88.7</td><td>24.4</td><td>20.2</td><td>4.2</td><td>33.5</td><td>30.8</td><td>11.3</td></tr><tr><td>Total</td><td>100.0</td><td>89.7</td><td>26.0</td><td>21.2</td><td>4.8</td><td>35.0</td><td>28.7</td><td>10.3</td></tr></table>
(Continued on following page)
56
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1945 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total 7,393 commercial banks 1/</th><th>Total 4,771 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,622 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total ug Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>352 Reserve City banks</th><th>4,370 country banks</th><th></th></tr><tr><td>Treasury bills.........(taxable)</td><td>2,034</td><td>1,720</td><td>1412</td><td>383</td><td>59</td><td>798</td><td>481</td><td>313</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% October 1945......(taxable)</td><td>1,989</td><td>1,794</td><td>158</td><td>223</td><td>235</td><td>780</td><td>556</td><td>195</td></tr><tr><td>7/8% December 1945......(taxable)</td><td>1,152</td><td>1,043</td><td>219</td><td>138</td><td>81</td><td>532</td><td>292</td><td>109</td></tr><tr><td>7/8% February 1946......(taxable)</td><td>2,641</td><td>2,398</td><td>935</td><td>782</td><td>154</td><td>966</td><td>496</td><td>243</td></tr><tr><td>7/8% March 1946.........(taxable)</td><td>2,551</td><td>2,270</td><td>580</td><td>456</td><td>124</td><td>1,027</td><td>663</td><td>281</td></tr><tr><td>7/8% April 1946.........(taxable)</td><td>2,780</td><td>2,507</td><td>768</td><td>672</td><td>96</td><td>1,066</td><td>673</td><td>273</td></tr><tr><td>7/8% May 1946...........(taxable)</td><td>1,019</td><td>941</td><td>209</td><td>89</td><td>120</td><td>429</td><td>302</td><td>79</td></tr><tr><td>7/8% June 1946.........(taxable)</td><td>340</td><td>286</td><td>57</td><td>43</td><td>14</td><td>135</td><td>94</td><td>54</td></tr><tr><td>7/8% August 1946.......(taxable)</td><td>1,446</td><td>1,301</td><td>322</td><td>153</td><td>169</td><td>564</td><td>415</td><td>146</td></tr><tr><td>7/8% September 1946....(taxable)</td><td>2,257</td><td>2,090</td><td>641</td><td>551</td><td>90</td><td>927</td><td>521</td><td>167</td></tr><tr><td>Total certificates of indebtedness</td><td>16,175</td><td>14,628</td><td>4,190</td><td>3,107</td><td>1,084</td><td>6,426</td><td>4,012</td><td>1,547</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/4% December 1945.....(taxable)</td><td>363</td><td>313</td><td>70</td><td>53</td><td>17</td><td>108</td><td>136</td><td>50</td></tr><tr><td>.90% January 1946......(taxable)</td><td>2,401</td><td>2,202</td><td>636</td><td>532</td><td>104</td><td>993</td><td>573</td><td>199</td></tr><tr><td>1% March 1946........(taxable)</td><td>984</td><td>888</td><td>331</td><td>326</td><td>5</td><td>258</td><td>299</td><td>97</td></tr><tr><td>.90% July 1946.........(taxable)</td><td>2,993</td><td>2,702</td><td>690</td><td>532</td><td>158</td><td>1,360</td><td>651</td><td>291</td></tr><tr><td>1-1/2% December 1946..(taxable)</td><td>2,364</td><td>2,183</td><td>792</td><td>679</td><td>113</td><td>821</td><td>570</td><td>181</td></tr><tr><td>1-1/4% March 1947......(taxable)</td><td>903</td><td>797</td><td>179</td><td>117</td><td>62</td><td>332</td><td>286</td><td>107</td></tr><tr><td>1-1/4% September 1947..(taxable)</td><td>735</td><td>604</td><td>117</td><td>85</td><td>32</td><td>224</td><td>262</td><td>131</td></tr><tr><td>1-1/2% September 1947..(taxable)</td><td>2,152</td><td>1,928</td><td>513</td><td>361</td><td>152</td><td>765</td><td>690</td><td>224</td></tr><tr><td>1-1/2% September 1948..(taxable)</td><td>2,895</td><td>2,546</td><td>744</td><td>657</td><td>87</td><td>860</td><td>941</td><td>349</td></tr><tr><td>Total Treasury notes</td><td>15,790</td><td>14,161</td><td>4,072</td><td>3,343</td><td>729</td><td>5,721</td><td>4,368</td><td>1,629</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/2% December 1945...(partially)</td><td>233</td><td>222</td><td>83</td><td>57</td><td>26</td><td>87</td><td>51</td><td>11</td></tr><tr><td>3-3/4% March 1946-56..(partially)</td><td>160</td><td>155</td><td>103</td><td>77</td><td>26</td><td>39</td><td>13</td><td>5</td></tr><tr><td>3% June 1946-48......(partially)</td><td>492</td><td>472</td><td>258</td><td>229</td><td>29</td><td>143</td><td>72</td><td>20</td></tr><tr><td>3-1/8% June 1946-49...(partially)</td><td>360</td><td>346</td><td>194</td><td>162</td><td>32</td><td>113</td><td>39</td><td>14</td></tr><tr><td>4-1/4% October 1947-52..(partially)</td><td>289</td><td>277</td><td>182</td><td>148</td><td>34</td><td>67</td><td>28</td><td>12</td></tr><tr><td>2% December 1947......(partially)</td><td>554</td><td>531</td><td>200</td><td>158</td><td>43</td><td>230</td><td>101</td><td>23</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>777</td><td>717</td><td>271</td><td>242</td><td>29</td><td>280</td><td>166</td><td>59</td></tr><tr><td>2-3/4% March 1948-51..(partially)</td><td>851</td><td>817</td><td>344</td><td>317</td><td>27</td><td>374</td><td>99</td><td>34</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>2,331</td><td>2,119</td><td>655</td><td>463</td><td>192</td><td>758</td><td>706</td><td>212</td></tr><tr><td>2-1/2% September 1948..(partially)</td><td>375</td><td>356</td><td>148</td><td>127</td><td>20</td><td>147</td><td>61</td><td>19</td></tr><tr><td>2% December 1948-50...(partially)</td><td>462</td><td>438</td><td>152</td><td>127</td><td>25</td><td>210</td><td>76</td><td>24</td></tr><tr><td>2% June 1949-51......(taxable)</td><td>747</td><td>681</td><td>166</td><td>150</td><td>15</td><td>274</td><td>242</td><td>66</td></tr><tr><td>2% September 1949-51..(taxable)</td><td>1,007</td><td>927</td><td>330</td><td>215</td><td>115</td><td>338</td><td>259</td><td>79</td></tr><tr><td>2% December 1949-51...(taxable)</td><td>1,543</td><td>1,390</td><td>379</td><td>318</td><td>61</td><td>515</td><td>496</td><td>153</td></tr><tr><td>3-1/8% December 1949-52..(partially)</td><td>351</td><td>330</td><td>127</td><td>97</td><td>30</td><td>168</td><td>36</td><td>20</td></tr><tr><td>2-1/2% December 1949-53..(partially)</td><td>1,288</td><td>1,234</td><td>399</td><td>364</td><td>35</td><td>616</td><td>219</td><td>55</td></tr><tr><td>2% March 1950-52......(taxable)</td><td>1,525</td><td>1,350</td><td>558</td><td>428</td><td>30</td><td>411</td><td>481</td><td>175</td></tr><tr><td>2% September 1950-52..(taxable)</td><td>3,169</td><td>2,822</td><td>987</td><td>922</td><td>64</td><td>859</td><td>977</td><td>346</td></tr><tr><td>2-1/2% September 1950-52..(partially)</td><td>1,002</td><td>930</td><td>325</td><td>283</td><td>42</td><td>389</td><td>216</td><td>72</td></tr><tr><td>1-1/2% December 1950....(taxable)</td><td>1,267</td><td>1,024</td><td>61</td><td>57</td><td>4</td><td>262</td><td>700</td><td>243</td></tr></table>
(Continued on following page)
December 1945
57
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1945 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued) (Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 3/ is shown in parentheses)</th><th>Total 7,393 commercial banks 1/</th><th>Total 4,771 member commercial banks</th><th colspan="4">Member commercial banks</th><th>352 Reserve City banks</th><th>4,370 country banks</th><th>2,622 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>Treasury bonds - (continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,194</td><td>1,144</td><td>485</td><td>435</td><td>50</td><td>453</td><td>206</td><td>50</td></tr><tr><td>2-3/4% September 1951-53......(taxable)</td><td>4,919</td><td>4,304</td><td>1,271</td><td>1,204</td><td>67</td><td>1,291</td><td>1,742</td><td>615</td></tr><tr><td>3% September 1951-55......(partially)</td><td>341</td><td>320</td><td>119</td><td>82</td><td>37</td><td>130</td><td>71</td><td>21</td></tr><tr><td>2-1/4% December 1951-55......(taxable)</td><td>371</td><td>309</td><td>62</td><td>60</td><td>1</td><td>76</td><td>171</td><td>62</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>870</td><td>824</td><td>197</td><td>124</td><td>73</td><td>435</td><td>193</td><td>46</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>427</td><td>379</td><td>126</td><td>94</td><td>32</td><td>104</td><td>148</td><td>48</td></tr><tr><td>2-3/4% June 1952-54......(taxable)</td><td>3,525</td><td>3,048</td><td>697</td><td>668</td><td>29</td><td>1,032</td><td>1,319</td><td>477</td></tr><tr><td>2-3/4% December 1952-54......(taxable)</td><td>4,466</td><td>3,871</td><td>818</td><td>774</td><td>44</td><td>1,338</td><td>1,714</td><td>596</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>807</td><td>694</td><td>156</td><td>128</td><td>28</td><td>226</td><td>312</td><td>113</td></tr><tr><td>2-1/4% June 1953-55......(partially)</td><td>632</td><td>596</td><td>150</td><td>74</td><td>75</td><td>283</td><td>163</td><td>36</td></tr><tr><td>2-1/4% June 1954-56......(partially)</td><td>517</td><td>485</td><td>121</td><td>82</td><td>39</td><td>233</td><td>131</td><td>32</td></tr><tr><td>2-7/8% March 1955-60......(partially)</td><td>1,241</td><td>1,171</td><td>399</td><td>294</td><td>104</td><td>535</td><td>237</td><td>69</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>547</td><td>459</td><td>77</td><td>73</td><td>4</td><td>131</td><td>252</td><td>87</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>254</td><td>189</td><td>2</td><td>1</td><td>1</td><td>30</td><td>158</td><td>66</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>601</td><td>560</td><td>181</td><td>73</td><td>108</td><td>245</td><td>134</td><td>40</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>578</td><td>542</td><td>154</td><td>80</td><td>74</td><td>256</td><td>132</td><td>37</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>961</td><td>894</td><td>199</td><td>91</td><td>108</td><td>454</td><td>241</td><td>67</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>65</td><td>45</td><td>1</td><td>1</td><td>1</td><td>3</td><td>42</td><td>20</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>62</td><td>48</td><td>1</td><td>-</td><td>1</td><td>6</td><td>41</td><td>14</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>1,332</td><td>1,099</td><td>159</td><td>103</td><td>56</td><td>280</td><td>660</td><td>232</td></tr><tr><td>Total Treasury bonds</td><td>42,493</td><td>38,119</td><td>11,193</td><td>9,381</td><td>1,812</td><td>13,822</td><td>13,103</td><td>4,375</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal earnings bonds......(wholly)</td><td>13</td><td>9</td><td>1</td><td>-</td><td>1</td><td>2</td><td>6</td><td>4</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Conversion bonds......(wholly)</td><td>6</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>5</td></tr><tr><td>Total postal savings and other bonds</td><td>19</td><td>11</td><td>1</td><td>1</td><td>1</td><td>3</td><td>7</td><td>9</td></tr><tr><td>Guaranteed securities 2/ Federal Housing Administration debentures......5/</td><td>12</td><td>10</td><td>1</td><td>1</td><td>-</td><td>5</td><td>4</td><td>1</td></tr><tr><td>Total guaranteed securities</td><td>12</td><td>10</td><td>1</td><td>1</td><td>1</td><td>5</td><td>4</td><td>1</td></tr><tr><td>Total public marketable securities</td><td>76,523</td><td>68,649</td><td>19,899</td><td>16,215</td><td>3,685</td><td>26,775</td><td>21,975</td><td>7,874</td></tr></table>
1/ Includes trust companies but excludes securities held in trust departments.
2/ Guaranteed securities held by the Treasury are not included.
3/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on incomes derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the
normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. 4/ Includes an estimated amount of Federal Housing Administration debentures. 5/ Actual figures by tax status are unavailable.
58
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, September 30, 1945 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Per values 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total 7,393 commercial banks 3/</th><th colspan="5">Member commercial banks</th><th>2,622 nonmember commercial banks</th></tr><tr><th></th><th></th><th>Total 4,771 member commercial banks</th><th colspan="4">Central Reserve City banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago Banks</th><th>352 Reserve City banks</th><th>4,370 country banks</th><th></th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series A-D.............4/</td><td>189</td><td>126</td><td>*</td><td>*</td><td>*</td><td>8</td><td>117</td><td>63</td></tr><tr><td>Series F.............(taxable)</td><td>199</td><td>130</td><td>1</td><td>*</td><td>1</td><td>12</td><td>117</td><td>69</td></tr><tr><td>Series G.............(taxable)</td><td>445</td><td>322</td><td>3</td><td>1</td><td>2</td><td>25</td><td>295</td><td>123</td></tr><tr><td>Total United States savings bonds</td><td>833</td><td>578</td><td>4</td><td>1</td><td>3</td><td>45</td><td>529</td><td>255</td></tr><tr><td>Treasury savings notes.............(taxable)</td><td>58</td><td>44</td><td>21</td><td>13</td><td>8</td><td>9</td><td>15</td><td>13</td></tr><tr><td>Depository bonds.............(taxable)</td><td>476</td><td>443</td><td>35</td><td>27</td><td>8</td><td>193</td><td>215</td><td>33</td></tr><tr><td>Guaranteed securities 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations 6/.............(taxable)</td><td>230</td><td>215</td><td>61</td><td>36</td><td>24</td><td>112</td><td>42</td><td>15</td></tr><tr><td>Total public non-marketable securities</td><td>1,596</td><td>1,280</td><td>120</td><td>77</td><td>43</td><td>359</td><td>801</td><td>316</td></tr></table>
1/ United States savings bonds, Series A-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
2/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt
Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the curtail rate. "Taxable" securities are subject to both normal and surtax rates.
3/ Includes trust companies but excludes securities held in trust departments.
4/ Series A-D savings bonds sold prior to March 1, 1941 were partially tax-exempt; those sold on and after that date are taxable.
5/ Guaranteed securities held by the Treasury are not included.
6/ Distribution by type of bank is partly estimated.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par value - millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total 7,393 commercial banks 2/</th><th colspan="6">Member commercial banks</th><th>2,622 nonmember commercial banks</th></tr><tr><th></th><th></th><th>Total 4,771 member commercial banks</th><th colspan="4">Central Reserve City banks</th><th>352 Reserve City banks</th><th>4,370 country banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th></th><th></th><th></th><th></th></tr><tr><td>Federal land bank bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/ January 1946-56.....(wholly)</td><td>19</td><td>15</td><td>4</td><td>1</td><td>3</td><td>6</td><td>5</td><td>3</td></tr><tr><td>3/ May 1946-56.....(wholly)</td><td>20</td><td>15</td><td>8</td><td>1</td><td>8</td><td>3</td><td>4</td><td>5</td></tr><tr><td>1-1/2/ October 1948-50.....(taxable)</td><td>125</td><td>110</td><td>27</td><td>24</td><td>3</td><td>44</td><td>39</td><td>15</td></tr><tr><td>2-1/4/ February 1953-55.....(taxable)</td><td>83</td><td>72</td><td>10</td><td>5</td><td>4</td><td>28</td><td>34</td><td>11</td></tr><tr><td>Total Federal land bank bonds</td><td>248</td><td>213</td><td>49</td><td>30</td><td>19</td><td>81</td><td>83</td><td>35</td></tr></table>
1/ Less than $500,000. 
1/ Securities issued by the Federal home loan banks and by the Federal intermediate credit banks are not included in the Treasury Survey. 
2/ The income from "wholly" tax-exempt securities is exempt from the imposition of both the normal and surtax Federal income tax rates;
the income from "taxable" securities is subject to the imposition of both the normal and surtax Federal income tax rates. 3/ Includes trust companies but excludes securities held in trust departments.
December 1945
59
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
60
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies October 31, 1945
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th colspan="2">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1945 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Sept. 29, 1945</th><th>Yield to earliest call 2/</th><th>Change in yield from Sept.29, 1945</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td></td><td></td><td colspan="4"></td><td>Yield to maturity 2/</td><td></td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr></table>
Issued by U. S. Government
<table><tr><th>Treasury bonds</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>$1,115</td><td>2%</td><td>3/15/48-50</td><td>102.03*</td><td>102.04*</td><td>102.04</td><td>.00</td><td>1.09%</td><td>-.03%</td><td>1.50%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.16</td><td>2/26</td><td>101.28</td><td>1/6</td></tr><tr><td>3,062</td><td>1-3/4%</td><td>6/15/48</td><td>101.19*</td><td>101.20*</td><td>101.20</td><td>.04</td><td>1.12</td><td>-.06</td><td>1.12</td><td>12/1/42</td><td>101.28</td><td>4/17/45</td><td>100.01</td><td>12/23/42</td><td>101.28</td><td>4/17</td><td>101.09</td><td>1/3</td></tr><tr><td>1,014</td><td>2%</td><td>6/15/49-51</td><td>102.23*</td><td>102.24*</td><td>102.24</td><td>.08</td><td>1.22</td><td>-.09</td><td>1.49</td><td>1/15/42</td><td>103.01</td><td>7/3/45</td><td>100.06</td><td>8/5/42</td><td>103.01</td><td>7/3</td><td>101.26</td><td>1/4</td></tr><tr><td>1,292</td><td>2%</td><td>9/15/49-51</td><td>102.28</td><td>102.29</td><td>102.28</td><td>.10</td><td>1.24</td><td>-.09</td><td>1.49</td><td>5/15/42</td><td>103.02</td><td>7/16/45</td><td>100.04</td><td>10/6/42</td><td>103.02</td><td>7/16</td><td>101.24</td><td>1/4</td></tr><tr><td>2,098</td><td>2%</td><td>12/15/49-51</td><td>102.28*</td><td>102.29*</td><td>102.29</td><td>.07</td><td>1.27</td><td>-.07</td><td>1.50</td><td>7/15/42</td><td>103.04</td><td>7/16/45</td><td>100.03</td><td>8/5/42</td><td>103.04</td><td>7/16</td><td>101.20</td><td>1/2</td></tr><tr><td>1,963</td><td>2%</td><td>3/15/50-52</td><td>102.30</td><td>102.31</td><td>102.30</td><td>.08</td><td>1.31</td><td>-.07</td><td>1.51</td><td>10/19/42</td><td>103.04</td><td>7/2/45</td><td>100.01</td><td>11/2/42</td><td>103.04</td><td>7/2</td><td>101.16</td><td>1/2</td></tr><tr><td>4,939</td><td>2%</td><td>9/15/50-52</td><td>103.02*</td><td>103.03*</td><td>103.03</td><td>.08</td><td>1.34</td><td>-.06</td><td>1.52</td><td>4/15/43</td><td>103.08</td><td>7/3/45</td><td>100.08</td><td>5/3/43</td><td>103.08</td><td>7/3</td><td>101.08</td><td>1/2</td></tr><tr><td>2,635</td><td>1-1/2%</td><td>12/15/50</td><td>101.10*</td><td>101.12*</td><td>101.11</td><td>.01</td><td>1.23</td><td>-.01</td><td>1.23</td><td>6/1/45</td><td>101.14</td><td>10/17/45</td><td>100.29</td><td>8/21/45</td><td>101.14</td><td>10/17</td><td>100.29</td><td>8/21</td></tr><tr><td>7,986</td><td>2%</td><td>9/15/51-53</td><td>103.10</td><td>103.12</td><td>103.11</td><td>.09</td><td>1.40</td><td>-.06</td><td>1.55</td><td>9/15/43</td><td>103.14</td><td>10/23/45</td><td>100.03</td><td>11/8/43</td><td>103.14</td><td>10/23</td><td>100.26</td><td>1/4</td></tr><tr><td>510</td><td>2%</td><td>12/15/51-55</td><td>103.14</td><td>103.16</td><td>103.15</td><td>.09</td><td>1.41</td><td>-.05</td><td>1.63</td><td>12/15/43</td><td>103.16</td><td>10/20/45</td><td>100.01</td><td>12/5/42</td><td>103.16</td><td>10/20</td><td>100.26</td><td>1/9</td></tr><tr><td>1,024</td><td>2-1/2%</td><td>3/15/52-54</td><td>106.05</td><td>106.07</td><td>106.06</td><td>.11</td><td>1.48</td><td>-.07</td><td>1.70</td><td>3/31/41</td><td>106.16</td><td>8/2/41</td><td>101.04</td><td>3/20/41</td><td>106.08</td><td>7/2</td><td>104.00</td><td>1/9</td></tr><tr><td>5,825</td><td>2%</td><td>6/15/52-54</td><td>103.15*</td><td>103.16*</td><td>103.16</td><td>.13</td><td>1.44</td><td>-.07</td><td>1.56</td><td>6/26/44</td><td>103.16</td><td>10/31/45</td><td>100.08</td><td>7/24/44</td><td>103.16</td><td>10/31</td><td>100.16</td><td>1/2</td></tr><tr><td>1,501</td><td>2-1/4%</td><td>6/15/52-55</td><td>104.25</td><td>104.27</td><td>104.26</td><td>.14</td><td>1.48</td><td>-.08</td><td>1.71</td><td>2/25/42</td><td>104.28</td><td>10/20/45</td><td>100.16</td><td>2/18/42</td><td>104.28</td><td>10/20</td><td>102.04</td><td>1/2</td></tr><tr><td>8,662</td><td>2%</td><td>12/15/52-54</td><td>103.16*</td><td>103.17*</td><td>103.17</td><td>.13</td><td>1.48</td><td>-.06</td><td>1.58</td><td>12/1/44</td><td>103.18</td><td>10/25/45</td><td>100.09</td><td>12/19/44</td><td>103.18</td><td>10/25</td><td>100.12</td><td>1/2</td></tr><tr><td>1,449</td><td>2-1/2%</td><td>3/15/56-58</td><td>108.00</td><td>108.02</td><td>108.01</td><td>.20</td><td>1.65</td><td>-.07</td><td>1.77</td><td>6/2/41</td><td>108.02</td><td>10/10/45</td><td>101.30</td><td>12/26/41</td><td>108.02</td><td>10/10</td><td>103.23</td><td>1/2</td></tr><tr><td>3,823</td><td>2-1/4%</td><td>9/15/56-59</td><td>104.18</td><td>104.20</td><td>104.19</td><td>.11</td><td>1.78</td><td>-.04</td><td>1.87</td><td>2/1/44</td><td>104.19</td><td>10/31/45</td><td>100.01</td><td>2/29/44</td><td>104.19</td><td>10/31</td><td>100.26</td><td>1/2</td></tr><tr><td>5,284</td><td>2-1/4%</td><td>6/15/59-62</td><td>100.25</td><td>100.27</td><td>100.26</td><td>.06</td><td>2.18</td><td>-.02</td><td>2.19</td><td>6/1/45</td><td>101.21</td><td>7/16/45</td><td>100.16</td><td>9/12/45</td><td>101.21</td><td>7/16</td><td>100.16</td><td>9/12</td></tr><tr><td>2,118</td><td>2-1/2%</td><td>6/15/62-67</td><td>102.29</td><td>102.31</td><td>102.30</td><td>-.01</td><td>2.29</td><td>.00</td><td>2.33</td><td>5/5/42</td><td>103.14</td><td>7/15/45</td><td>100.00</td><td>8/17/42</td><td>103.14</td><td>7/15</td><td>100.28</td><td>1/2</td></tr><tr><td>2,831</td><td>2-1/2%</td><td>12/15/63-68</td><td>102.07</td><td>102.09</td><td>102.08</td><td>.03</td><td>2.35</td><td>.00</td><td>2.37</td><td>12/1/42</td><td>102.23</td><td>7/16/45</td><td>100.00</td><td>2/17/44</td><td>102.23</td><td>7/16</td><td>100.18</td><td>1/2</td></tr><tr><td>3,761</td><td>2-1/2%</td><td>6/15/64-69</td><td>102.00</td><td>102.02</td><td>102.01</td><td>.06</td><td>2.36</td><td>-.02</td><td>2.39</td><td>4/15/43</td><td>102.10</td><td>8/6/45</td><td>100.00</td><td>3/2/44</td><td>102.10</td><td>8/6</td><td>100.15</td><td>1/2</td></tr><tr><td>3,838</td><td>2-1/2%</td><td>12/15/64-69</td><td>101.28</td><td>101.30</td><td>101.29</td><td>.08</td><td>2.38</td><td>-.01</td><td>2.40</td><td>9/15/43</td><td>102.08</td><td>7/16/45</td><td>100.00</td><td>3/2/44</td><td>102.08</td><td>7/16</td><td>100.15</td><td>1/2</td></tr><tr><td>5,197</td><td>2-1/2%</td><td>3/15/65-70</td><td>101.23</td><td>101.25</td><td>101.24</td><td>.05</td><td>2.39</td><td>-.01</td><td>2.40</td><td>2/1/44</td><td>102.03</td><td>7/16/45</td><td>100.00</td><td>2/16/44</td><td>102.03</td><td>7/15</td><td>100.15</td><td>1/2</td></tr><tr><td>3,481</td><td>2-1/2%</td><td>3/15/66-71</td><td>101.20</td><td>101.22</td><td>101.21</td><td>.03</td><td>2.40</td><td>.00</td><td>2.41</td><td>12/1/44</td><td>102.03</td><td>2/26/45</td><td>100.06</td><td>12/19/44</td><td>102.03</td><td>2/26</td><td>100.15</td><td>1/2</td></tr><tr><td>7,967</td><td>2-1/2%</td><td>6/15/67-72</td><td>100.28</td><td>100.30</td><td>100.29</td><td>.06</td><td>2.45</td><td>-.01</td><td>2.45</td><td>6/1/45</td><td>101.23</td><td>7/16/45</td><td>100.21</td><td>9/24/45</td><td>101.23</td><td>7/16</td><td>100.21</td><td>9/24</td></tr><tr><td>2,716</td><td>2-1/2%</td><td>9/15/67-72</td><td>105.27</td><td>105.29</td><td>105.28</td><td>.28</td><td>2.16</td><td>-.05</td><td>2.21</td><td>10/20/41</td><td>105.29</td><td>10/23/45</td><td>100.01</td><td>1/2/42</td><td>105.29</td><td>10/23</td><td>100.23</td><td>1/2</td></tr><tr><th>Treasury notes</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>531</td><td>3/4%</td><td>B-12/15/45</td><td>100.00</td><td>100.01</td><td>100.00</td><td>.00</td><td>.75</td><td>.00</td><td>.75</td><td>12/18/40</td><td>100.18</td><td>9/9/41</td><td>98.28</td><td>10/6/42</td><td>100.02</td><td>4/9</td><td>100.00</td><td>10/31</td></tr><tr><td>3,416</td><td>.90%</td><td>C- 1/1/46</td><td>.70%</td><td>.67%</td><td>.68%</td><td>-.10%</td><td>12/1/44</td><td>.66%</td><td>10/26/45</td><td>.85%</td><td>12/29/44</td><td>.66%</td><td>10/26</td><td>.84%</td><td>1/2</td></tr><tr><td>1,291</td><td>1%</td><td>A- 3/15/46</td><td>100.02</td><td>100.03</td><td>100.02</td><td>.00</td><td>.83</td><td>-.03</td><td>.83</td><td>11/1/42</td><td>100.18</td><td>10/25/41</td><td>99.02</td><td>12/29/42</td><td>100.08</td><td>4/9</td><td>100.02</td><td>10/31</td></tr><tr><td>4,910</td><td>.90%</td><td>D- 7/1/46</td><td>.84%</td><td>.82%</td><td>.83%</td><td>-.02%</td><td>6/1/45</td><td>.80%</td><td>7/16/45</td><td>.86%</td><td>6/15/45</td><td>.80%</td><td>7/16</td><td>.86%</td><td>6/15</td></tr><tr><td>3,261</td><td>1-1/2%</td><td>B-12/15/46</td><td>100.20*</td><td>100.21*</td><td>100.21</td><td>.00</td><td>.91</td><td>-.04</td><td>.91</td><td>6/5/42</td><td>101.00</td><td>4/4/45</td><td>100.01</td><td>1/2/43</td><td>101.00</td><td>4/4</td><td>100.20</td><td>8/28</td></tr><tr><td>1,948</td><td>1-1/4%</td><td>B- 3/15/47</td><td>100.13*</td><td>100.14*</td><td>100.14</td><td>.02</td><td>.93</td><td>-.06</td><td>.93</td><td>6/26/44</td><td>100.20</td><td>3/5/45</td><td>100.07</td><td>12/28/44</td><td>100.20</td><td>3/5</td><td>100.08</td><td>1/4</td></tr><tr><td>2,707</td><td>1-1/2%</td><td>A- 9/15/47</td><td>100.25*</td><td>100.30*</td><td>100.30</td><td>.01</td><td>.99</td><td>-.04</td><td>.99</td><td>7/12/43</td><td>101.06</td><td>3/5/45</td><td>100.16</td><td>10/14/43</td><td>101.06</td><td>3/5</td><td>100.24</td><td>8/1</td></tr><tr><td>1,687</td><td>1-1/4%</td><td>C- 9/15/47</td><td>100.11*</td><td>100.15*</td><td>100.15</td><td>.01</td><td>1.00</td><td>-.02</td><td>1.00</td><td>12/1/44</td><td>100.23</td><td>3/5/45</td><td>100.06</td><td>12/27/44</td><td>100.23</td><td>3/5</td><td>100.08</td><td>1/5</td></tr><tr><td>3,748</td><td>1-1/2%</td><td>A- 9/15/48</td><td>101.03*</td><td>101.04*</td><td>101.04</td><td>.04</td><td>1.10</td><td>-.06</td><td>1.10</td><td>3/15/44</td><td>101.07</td><td>4/26/45</td><td>100.05</td><td>3/8/44</td><td>101.07</td><td>4/26</td><td>100.17</td><td>1/2</td></tr><tr><th>Certificatee of indebtedness 5/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>4,395</td><td>7/8%</td><td>B- 12/1/45</td><td>.45%</td><td>.39%</td><td>.42%</td><td>-.26%</td><td>12/1/44</td><td>.41%</td><td>10/29/45</td><td>.82%</td><td>12/19/44</td><td>.41%</td><td>10/29</td><td>.81%</td><td>1/2</td></tr><tr><td>5,043</td><td>7/8%</td><td>A- 2/1/46</td><td>.76%</td><td>.74%</td><td>.75%</td><td>-.05%</td><td>2/1/45</td><td>.71%</td><td>10/22/45</td><td>.83%</td><td>1/24/45</td><td>.71%</td><td>10/22</td><td>.83%</td><td>1/24</td></tr><tr><td>4,147</td><td>7/8%</td><td>B- 3/1/46</td><td>.79%</td><td>.77%</td><td>.78%</td><td>-.03%</td><td>3/1/45</td><td>.74%</td><td>4/4/45</td><td>.82%</td><td>8/23/45</td><td>.74%</td><td>4/4</td><td>.82%</td><td>8/23</td></tr><tr><td>4,811</td><td>7/8%</td><td>C- 4/1/46</td><td>.81%</td><td>.79%</td><td>.80%</td><td>-.02%</td><td>4/1/45</td><td>.75%</td><td>4/4/45</td><td>.83%</td><td>7/21/45</td><td>.75%</td><td>4/4</td><td>.83%</td><td>7/21</td></tr><tr><td>1,579</td><td>7/8%</td><td>D- 5/1/46</td><td>.81%</td><td>.79%</td><td>.80%</td><td>-.02%</td><td>5/1/45</td><td>.77%</td><td>7/16/45</td><td>.82%</td><td>10/8/45</td><td>.77%</td><td>7/16</td><td>.82%</td><td>10/8</td></tr><tr><td>4,799</td><td>7/8%</td><td>E- 6/1/46</td><td>.83%</td><td>.81%</td><td>.82%</td><td>-.01%</td><td>6/1/45</td><td>.77%</td><td>7/16/45</td><td>.83%</td><td>10/11/45</td><td>.77%</td><td>7/16</td><td>.83%</td><td>10/11</td></tr><tr><td>2,470</td><td>7/8%</td><td>F- 8/1/46</td><td>.84%</td><td>.82%</td><td>.83%</td><td>-.01%</td><td>8/1/45</td><td>.80%</td><td>10/25/45</td><td>.85%</td><td>7/26/45</td><td>.80%</td><td>10/25</td><td>.85%</td><td>7/26</td></tr><tr><td>4,336</td><td>7/8%</td><td>G- 9/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.00%</td><td>9/1/45</td><td>.82%</td><td>10/26/45</td><td>.86%</td><td>8/22/45</td><td>.82%</td><td>10/26</td><td>.86%</td><td>8/22</td></tr><tr><td>3,440</td><td>7/8%</td><td>H- 10/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>-.02%</td><td>10/1/45</td><td>.81%</td><td>10/22/45</td><td>.86%</td><td>10/1/45</
PART B - TAXABLE TREASURY BILLS
<table><tr><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="5">Discount</th><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="5">Discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Aek</th><th>Mean</th><th>Change in mean from Sept. 29, 1945</th><th></th><th></th><th></th><th></th><th>Bid</th><th>Aek</th><th>Mean</th><th>Change in mean from Sept. 29, 1945</th></tr><tr><td>$1,317</td><td>11/1/45</td><td>8/2/45</td><td>.6/</td><td>.6/</td><td>-.29%</td><td>-.05%</td><td>$1,307</td><td>12/20/45</td><td>9/20/45</td><td>.375%</td><td>.30%</td><td>.34%</td><td>-.02%</td></tr><tr><td>1,319</td><td>11/8/45</td><td>8/9/45</td><td>.375%</td><td>.20%</td><td>-.29%</td><td>-.05%</td><td>1,301</td><td>12/27/45</td><td>9/27/45</td><td>.375%</td><td>.30%</td><td>.34%</td><td>-.02</td></tr><tr><td>1,314</td><td>11/15/45</td><td>8/16/45</td><td>.375</td><td>.20</td><td>-.29</td><td>-.05</td><td>1,310</td><td>1/3/46</td><td>10/4/45</td><td>.375</td><td>.30</td><td>.34</td><td>~</td></tr><tr><td>1,311</td><td>11/23/45</td><td>8/23/45</td><td>.375</td><td>.20</td><td>-.29</td><td>-.05</td><td>1,311</td><td>1/10/46</td><td>10/11/45</td><td>.375</td><td>.30</td><td>.34</td><td>~</td></tr><tr><td>1,309</td><td>11/29/45</td><td>8/30/45</td><td>.375</td><td>.20</td><td>-.29</td><td>-.05</td><td>1,310</td><td>1/17/46</td><td>10/18/45</td><td>.375</td><td>.34</td><td>.36</td><td>~</td></tr><tr><td>1,306</td><td>12/6/45</td><td>9/6/45</td><td>.375</td><td>.20</td><td>-.29</td><td>-.07</td><td>1,310</td><td>1/24/46</td><td>10/25/45</td><td>.375</td><td>.34</td><td>.36</td><td>~</td></tr><tr><td>1,302</td><td>12/13/45</td><td>9/13/45</td><td>.375</td><td>.20</td><td>-.29</td><td>-.07</td><td>1/</td><td>1/31/46</td><td>11/1/45</td><td>.375</td><td>.34</td><td>.36</td><td>~</td></tr></table>
(Continued on following page)
December 1945
61
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
October 31, 1945 - (Continued)
Table
- Securities Issued or Guaranteed by the United States Government1/-(Continued)
PART C - TAX-EXEMPT BONDS
<table><tr><th rowspan="2">Amount outstanding (millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconde)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1945 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Sept.29, 1945</th><th>Yield to earliest call 1/</th><th>Change in yield from Sept.29, 1945</th><th>Yield to maturity 3/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Issued by U. S. Government
<table><tr><th colspan="16">Treasury bonds</th></tr><tr><td>$541</td><td>2-1/2% - 12/15/45</td><td>100.07</td><td>100.08</td><td>100.08</td><td>-.04</td><td>.42%</td><td>-.24%</td><td>.42%</td><td>12/15/37</td><td>109.24</td><td>12/14/40</td><td>100.08</td><td>10/31/45</td><td>102.00</td><td>1/23</td><td>100.08</td><td>10/31</td></tr><tr><td>489</td><td>3-3/4% - 3/15/46-56</td><td>101.04</td><td>101.06</td><td>101.05</td><td>-.11</td><td>.62</td><td>+.17</td><td>3.62</td><td>3/15/26</td><td>116.14</td><td>12/14/40</td><td>89.18</td><td>1/12/32</td><td>103.30</td><td>2/7</td><td>101.05</td><td>10/31</td></tr><tr><td>1,036</td><td>3% - 6/15/46-48</td><td>101.14</td><td>101.16</td><td>101.15</td><td>-.08</td><td>.62</td><td>+.07</td><td>2.42</td><td>5/15/34</td><td>112.28</td><td>12/15/40</td><td>97.28</td><td>9/17/34</td><td>103.21</td><td>2/13</td><td>101.15</td><td>10/31</td></tr><tr><td>819</td><td>3-1/8% - 6/15/46-49</td><td>101.16</td><td>101.18</td><td>101.17</td><td>-.09</td><td>.65</td><td>+.11</td><td>2.58</td><td>6/15/31</td><td>113.19</td><td>12/14/40</td><td>83.05</td><td>1/11/32</td><td>103.27</td><td>2/8</td><td>101.17</td><td>10/31</td></tr><tr><td>759</td><td>4-1/4% - 10/15/47-52</td><td>106.23</td><td>106.25</td><td>106.24</td><td>-.15</td><td>.76</td><td>+.08</td><td>3.16</td><td>10/15/22</td><td>122.32</td><td>12/14/40</td><td>98.18</td><td>10/8/23</td><td>109.28</td><td>2/26</td><td>106.24</td><td>10/31</td></tr><tr><td>701</td><td>2% - 12/15/47</td><td>102.19</td><td>102.21</td><td>102.20</td><td>-.06</td><td>.75</td><td>+.04</td><td>.75</td><td>12/15/38</td><td>107.20</td><td>12/12/40</td><td>99.14</td><td>9/25/39</td><td>104.05</td><td>2/26</td><td>102.20</td><td>10/31</td></tr><tr><td>1,223</td><td>2-3/4% - 3/15/48-52</td><td>104.14</td><td>104.16</td><td>104.15</td><td>-.09</td><td>.84</td><td>+.05</td><td>1.87</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>106.14</td><td>1/31</td><td>104.15</td><td>10/31</td></tr><tr><td>451</td><td>2-1/2% - 9/15/48</td><td>104.19</td><td>104.21</td><td>104.20</td><td>-.06</td><td>.87</td><td>+.02</td><td>.87</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>106.15</td><td>1/23</td><td>104.20</td><td>10/31</td></tr><tr><td>571</td><td>2% - 12/15/48-50</td><td>103.15</td><td>103.17</td><td>103.16</td><td>-.07</td><td>.86</td><td>+.04</td><td>1.29</td><td>12/8/39</td><td>107.00</td><td>12/12/40</td><td>101.10</td><td>5/24/40</td><td>104.26</td><td>2/10</td><td>103.15</td><td>10/31</td></tr><tr><td>491</td><td>3-1/8% - 12/15/49-52</td><td>108.20</td><td>108.22</td><td>108.21</td><td>-.02</td><td>.98</td><td>-.02</td><td>1.82</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>110.16</td><td>3/9</td><td>108.21</td><td>10/31</td></tr><tr><td>1,786</td><td>2-1/2% - 12/15/49-53</td><td>106.03</td><td>106.05</td><td>106.04</td><td>+.01</td><td>.98</td><td>-.04</td><td>1.69</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>4/8/37</td><td>107.23</td><td>3/8</td><td>105.03</td><td>10/4</td></tr><tr><td>1,186</td><td>2-1/2% - 9/15/50-52</td><td>107.01</td><td>107.03</td><td>107.02</td><td>+.03</td><td>1.01</td><td>-.04</td><td>1.42</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>99.15</td><td>9/25/39</td><td>108.24</td><td>3/8</td><td>105.22</td><td>8/23</td></tr><tr><td>1,627</td><td>2-3/4% - 6/15/51-54</td><td>109.00</td><td>109.02</td><td>109.01</td><td>+.03</td><td>1.09</td><td>-.04</td><td>1.62</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>110.24</td><td>3/8</td><td>108.22</td><td>8/23</td></tr><tr><td>755</td><td>3% - 9/15/51-55</td><td>110.27</td><td>110.29</td><td>110.28</td><td>+.07</td><td>1.08</td><td>-.06</td><td>1.79</td><td>9/15/31</td><td>113.24</td><td>12/30/40</td><td>82.08</td><td>1/11/32</td><td>112.00</td><td>3/15</td><td>110.19</td><td>9/19</td></tr><tr><td>1,118</td><td>2-1/4% - 12/15/51-53</td><td>106.31</td><td>107.01</td><td>107.00</td><td>+.10</td><td>1.07</td><td>-.06</td><td>1.34</td><td>12/22/39</td><td>108.01</td><td>3/10/45</td><td>101.08</td><td>5/24/40</td><td>108.01</td><td>3/10</td><td>105.19</td><td>9/19</td></tr><tr><td>725</td><td>2% - 6/15/53-55</td><td>106.13</td><td>106.15</td><td>106.14</td><td>+.15</td><td>1.12</td><td>-.07</td><td>1.29</td><td>10/7/40</td><td>107.07</td><td>4/19/45</td><td>101.19</td><td>2/15/41</td><td>107.07</td><td>4/19</td><td>105.26</td><td>1/2</td></tr><tr><td>681</td><td>2-1/4% - 6/15/54-56</td><td>108.13</td><td>108.15</td><td>108.14</td><td>+.15</td><td>1.22</td><td>-.06</td><td>1.39</td><td>7/22/40</td><td>108.31</td><td>7/17/45</td><td>102.02</td><td>7/24/40</td><td>108.31</td><td>7/17</td><td>107.25</td><td>1/2</td></tr><tr><td>2,611</td><td>2-7/8% - 3/15/55-60</td><td>113.22</td><td>113.24</td><td>113.23</td><td>+.15</td><td>1.31</td><td>-.07</td><td>1.79</td><td>3/15/35</td><td>114.08</td><td>3/8/45</td><td>98.30</td><td>9/20/35</td><td>114.08</td><td>3/8</td><td>112.21</td><td>8/22</td></tr><tr><td>982</td><td>2-3/4% - 9/15/56-59</td><td>113.12</td><td>113.14</td><td>113.13</td><td>+.14</td><td>1.42</td><td>-.04</td><td>1.66</td><td>9/15/36</td><td>113.19</td><td>7/3/45</td><td>98.10</td><td>4/1/37</td><td>113.19</td><td>7/3</td><td>112.04</td><td>1/2</td></tr><tr><td>919</td><td>2-3/4% - 6/15/58-63</td><td>114.02</td><td>114.04</td><td>114.03</td><td>+.19</td><td>1.52</td><td>-.05</td><td>1.81</td><td>6/15/38</td><td>114.08</td><td>10/20/45</td><td>99.15</td><td>9/25/39</td><td>114.08</td><td>10/20</td><td>112.04</td><td>1/2</td></tr><tr><td>1,485</td><td>2-3/4% - 12/15/60-65 8/</td><td>115.12</td><td>115.14</td><td>115.13</td><td>+.28</td><td>1.60</td><td>-.06</td><td>1.83</td><td>12/15/38</td><td>115.15</td><td>6/19/45</td><td>99.14</td><td>9/25/39</td><td>115.15</td><td>6/19</td><td>112.16</td><td>1/2</td></tr><tr><th colspan="16">Other bonds 9/</th></tr><tr><td>16</td><td>3% Convertion - 1/1/46</td><td>100.11</td><td>100.14</td><td>100.12</td><td>-.08</td><td>.73</td><td>+.23</td><td>.73</td><td>1/1/16</td><td>115.00</td><td>1935</td><td>75.00</td><td>1920</td><td>102.16</td><td>1/13</td><td>100.12</td><td>10/31</td></tr><tr><td>13</td><td>3% Convertion - 1/1/47</td><td>103.00</td><td>103.04</td><td>103.02</td><td>-.08</td><td>.37</td><td>+.03</td><td>.37</td><td>1/1/17</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>104.29</td><td>1/13</td><td>103.02</td><td>10/31</td></tr><tr><td>50</td><td>3% Panama Canal- 6/1/61</td><td>133.08</td><td>134.08</td><td>133.24</td><td>+.12</td><td>.71</td><td>-.03</td><td>.72</td><td>6/1/11</td><td></td><td></td><td></td><td>133.24</td><td>10/31</td><td>133.00</td><td>5/9</td></tr></table>
1/ Excludes Federal Housing Administration debentures.
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in cases of recurrence, are the latest dates.
3/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity
Included in the Average of Long-Term Taxable Treasury Bonds.
Quoted on a yield basis.
Not quoted on October 31, 1945.
This security was issued on November 1, 1945, in the amount of $1,318 million.
This is the only bond eligible to remain in the Average of Long-Term Partially Tax-Exempt Treasury Bonds.
Excludes postal earning bonds.
62
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
October 31, 1945 - (Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Price decimals are thirty-seconds)</th><th colspan="4">1945 price range 1/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Sept.29, 1945</th><th>Yield to earliest call 2/</th><th>Change in yield from Sept.29, 1945</th><th>Yield to maturity 2/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="16">Taxable securities</td></tr><tr><td colspan="16">Federal Intermediate Credit Bank debentures 3/</td></tr><tr><td>$33</td><td>7/8% - 11/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875%</td><td>.000%</td><td>.875%</td><td>2/1/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>22</td><td>.80% - 11/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.80</td><td>.00</td><td>.80</td><td>5/1/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>27</td><td>.85% - 12/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.85</td><td>.00</td><td>.85</td><td>3/1/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>19</td><td>.85% - 12/1/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.85</td><td>.00</td><td>.85</td><td>6/1/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>25</td><td>.90% - 1/2/45</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>4/2/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>15</td><td>.85% - 1/2/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.85</td><td>.00</td><td>.85</td><td>7/2/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>30</td><td>7/8% - 2/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>5/1/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>20</td><td>7/8% - 3/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>9/1/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>23</td><td>.90% - 4/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>7/2/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>25</td><td>.90% - 5/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>8/1/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td>17</td><td>.90% - 6/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>10/1/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31/45</td><td>100.00</td><td>10/31</td><td>100.00</td><td>10/31</td></tr><tr><td colspan="16">Federal Land Bank bonds 4/</td></tr><tr><td>176</td><td>1-1/2% - 10/1/48-50</td><td>100.22</td><td>100.26</td><td>100.24</td><td>+
1/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices for all securities except Federal Intermediate Credit Bank debentures are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
2/ Market convention treats the yield to earliest call date as more
3/ significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par. Prices quoted are subject to a dealer's commission. These occur-ties are not shown until date of issue.
4/ Excludes issues completely held by Farm Credit Administration agen-cies.
December 1945
63
YIELDS OF TREASURY SECURITIES OCT 31, 1945
Based on Mean of Closing Bid and Asked Quotations
Explanation
The points represent yields to call date when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye, issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded
Office of the Secretary of the Treasury, Division of Research and Statistics
F-235-B
64
Treasury Bulletin
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="11">Monthly series 3/</td></tr><tr><td>1937-Jan.</td><td>2.56</td><td>...</td><td>3.09</td><td>1940-Jan.</td><td>2.30</td><td>...</td><td>2.81</td><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td></tr><tr><td>Feb.</td><td>2.54</td><td>...</td><td>3.24</td><td>Feb.</td><td>2.32</td><td>...</td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.45</td><td>2.68</td></tr><tr><td>Mar.</td><td>2.66</td><td>...</td><td>3.36</td><td>Mar.</td><td>2.26</td><td>...</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td></tr><tr><td>Apr.</td><td>2.83</td><td>...</td><td>3.43</td><td>Apr.</td><td>2.26</td><td>...</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td>2.68</td></tr><tr><td>May.</td><td>2.80</td><td>...</td><td>3.36</td><td>May.</td><td>2.39</td><td>...</td><td>2.87</td><td>May.</td><td>1.96</td><td>2.46</td><td>2.65</td></tr><tr><td>June.</td><td>2.81</td><td>...</td><td>3.31</td><td>June.</td><td>2.40</td><td>...</td><td>2.93</td><td>June.</td><td>1.91</td><td>2.45</td><td>2.63</td></tr><tr><td>July.</td><td>2.78</td><td>...</td><td>3.27</td><td>July.</td><td>2.30</td><td>...</td><td>2.85</td><td>July.</td><td>1.91</td><td>2.45</td><td>2.58</td></tr><tr><td>Aug.</td><td>2.78</td><td>...</td><td>3.25</td><td>Aug.</td><td>2.31</td><td>...</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td></tr><tr><td>Sep.</td><td>2.82</td><td>...</td><td>3.26</td><td>Sep.</td><td>2.25</td><td>...</td><td>2.71</td><td>Sep.</td><td>1.90</td><td>2.48</td><td>2.59</td></tr><tr><td>Oct.</td><td>2.82</td><td>...</td><td>3.26</td><td>Oct.</td><td>2.21</td><td>...</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td></tr><tr><td>Nov.</td><td>2.78</td><td>...</td><td>3.22</td><td>Nov.</td><td>2.09</td><td>...</td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.73</td><td>...</td><td>3.17</td><td>Dec.</td><td>2.01</td><td>...</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td></tr><tr><td>1938-Jan.</td><td>2.69</td><td>...</td><td>3.17</td><td>1941-Jan.</td><td>2.12</td><td>...</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb.</td><td>2.68</td><td>...</td><td>3.15</td><td>Feb.</td><td>2.22</td><td>...</td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar.</td><td>2.67</td><td>...</td><td>3.16</td><td>Mar.</td><td>2.12</td><td>...</td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>Apr.</td><td>2.66</td><td>...</td><td>3.25</td><td>Apr.</td><td>2.07</td><td>...</td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>May.</td><td>2.56</td><td>...</td><td>3.14</td><td>May.</td><td>2.04</td><td>...</td><td>2.75</td><td>May.</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June.</td><td>2.58</td><td>...</td><td>3.15</td><td>June.</td><td>2.01</td><td>...</td><td>2.70</td><td>June.</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>July.</td><td>2.58</td><td>...</td><td>3.12</td><td>July.</td><td>1.98</td><td>...</td><td>2.66</td><td>July.</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>Aug.</td><td>2.57</td><td>...</td><td>3.10</td><td>Aug.</td><td>2.01</td><td>...</td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Sep.</td><td>2.63</td><td>...</td><td>3.12</td><td>Sep.</td><td>2.02</td><td>...</td><td>2.64</td><td>Sep.</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><td>Oct.</td><td>2.55</td><td>...</td><td>3.06</td><td>Oct.</td><td>1.98</td><td>...</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td>Nov.</td><td>2.56</td><td>...</td><td>3.04</td><td>Nov.</td><td>1.95</td><td>...</td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.56</td><td>...</td><td>3.02</td><td>Dec.</td><td>2.06</td><td>...</td><td>2.68</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td></tr><tr><td>1939-Jan.</td><td>2.54</td><td>...</td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td>...</td><td>2.76</td><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td></tr><tr><td>Feb.</td><td>2.51</td><td>...</td><td>2.90</td><td>Feb.</td><td>2.17</td><td>...</td><td>2.80</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td>...</td><td>2.87</td><td>Mar.</td><td>2.10</td><td>...</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.38</td><td>...</td><td>2.92</td><td>Apr.</td><td>2.07</td><td>...</td><td>2.71</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May.</td><td>2.27</td><td>...</td><td>2.85</td><td>May.</td><td>2.06</td><td>...</td><td>2.76</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td>...</td><td>2.78</td><td>June.</td><td>2.04</td><td>...</td><td>2.75</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July.</td><td>2.23</td><td>...</td><td>2.76</td><td>July.</td><td>2.04</td><td>...</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td>...</td><td>2.79</td><td>Aug.</td><td>2.06</td><td>...</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sep.</td><td>2.67</td><td>...</td><td>3.29</td><td>Sep.</td><td>2.08</td><td>...</td><td>2.73</td><td>Sep.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct.</td><td>2.60</td><td>...</td><td>3.14</td><td>Oct.</td><td>2.09</td><td>...</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td>...</td><td>2.93</td><td>Nov.</td><td>2.10</td><td>...</td><td>2.71</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.35</td><td>...</td><td>2.86</td><td>Dec.</td><td>2.13</td><td>...</td><td>2.72</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Weekly series - Saturday figures 5/</td></tr><tr><td>1945-May</td><td>5</td><td>1.68</td><td>2.39</td><td>2.51</td><td>1945-July</td><td>7</td><td>1.62</td><td>2.34</td><td>2.52</td><td>1945-Sept.</td><td>1.</td><td>1.68</td><td>2.37</td><td>2.57</td></tr><tr><td>12</td><td>1.69</td><td>2.40</td><td>2.53</td><td>14</td><td>1.62</td><td>2.33</td><td>2.52</td><td>8.</td><td>1.68</td><td>2.37</td><td>2.57</td></tr><tr><td>19</td><td>1.68</td><td>2.38</td><td>2.54</td><td>21</td><td>1.63</td><td>2.34</td><td>2.52</td><td>15.</td><td>1.69</td><td>2.37</td><td>2.55</td></tr><tr><td>26.</td><td>1.68</td><td>2.38</td><td>2.54</td><td>28.</td><td>1.66</td><td>2.36</td><td>2.55</td><td>22.</td><td>1.69</td><td>2.37</td><td>2.56</td></tr><tr><td>June</td><td>2.</td><td>1.68</td><td>2.37</td><td>2.55</td><td>Aug.</td><td>4.</td><td>1.66</td><td>2.34</td><td>2.54</td><td>Oct.</td><td>6.</td><td>1.63</td><td>2.36</td><td>2.55</td></tr><tr><td>9.</td><td>1.64</td><td>2.36</td><td>2.55</td><td>11.</td><td>1.68</td><td>2.34</td><td>2.56</td><td>11.</td><td>1.62</td><td>2.35</td><td>2.55</td></tr><tr><td>16.</td><td>1.62</td><td>2.35</td><td>2.55</td><td>18.</td><td>1.69</td><td>2.36</td><td>2.56</td><td>20.</td><td>1.60</td><td>2.34</td><td>2.54</td></tr><tr><td>23.</td><td>1.62</td><td>2.34</td><td>2.54</td><td>25.</td><td>1.69</td><td>2.37</td><td>2.57</td><td>26.</td><td>1.60</td><td>2.35</td><td>2.55</td></tr><tr><td>30.</td><td>1.62</td><td>2.33</td><td>2.53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Daily Series</td></tr><tr><td>1945-Oct.</td><td>1.</td><td>1.66</td><td>2.36</td><td>2.55</td><td>1945-Oct.</td><td>11.</td><td>1.62</td><td>2.35</td><td>2.55</td><td>1945-Oct.</td><td>22.</td><td>1.60</td><td>2.34</td><td>2.54</td></tr><tr><td>2.</td><td>1.66</td><td>2.36</td><td>2.55</td><td>12.</td><td>6/</td><td>6/</td><td>5/</td><td>23.</td><td>1.60</td><td>2.34</td><td>2.54</td></tr><tr><td>3.</td><td>1.65</td><td>2.36</td><td>2.55</td><td>13.</td><td>7/</td><td>7/</td><td>7/</td><td>24.</td><td>1.60</td><td>2.34</td><td>2.55</td></tr><tr><td>4.</td><td>1.65</td><td>2.36</td><td>2.55</td><td>15.</td><td>1.63</td><td>2.35</td><td>2.55</td><td>25.</td><td>1.60</td><td>2.34</td><td>2.55</td></tr><tr><td>5.</td><td>1.64</td><td>2.36</td><td>2.55</td><td>16.</td><td>1.63</td><td>2.34</td><td>2.54</td><td>26.</td><td>1.60</td><td>2.35</td><td>2.55</td></tr><tr><td>6.</td><td>1.63</td><td>2.36</td><td>2.55</td><td>17.</td><td>1.61</td><td>2.34</td><td>2.55</td><td>27.</td><td>1/</td><td>1/</td><td>1/</td></tr><tr><td>8.</td><td>1.62</td><td>2.35</td><td>2.54</td><td>18.</td><td>1.61</td><td>2.34</td><td>2.53</td><td>29.</td><td>1.61</td><td>2.35</td><td>2.54</td></tr><tr><td>9.</td><td>1.62</td><td>2.35</td><td>2.54</td><td>19.</td><td>1.60</td><td>2.34</td><td>2.54</td><td>30.</td><td>1.61</td><td>2.35</td><td>2.54</td></tr><tr><td>10.</td><td>1.62</td><td>2.35</td><td>2.54</td><td>20.</td><td>1.60</td><td>2.34</td><td>2.54</td><td>31.</td><td>1.60</td><td>2.35</td><td>2.55</td></tr></table>
Basis of Computation: (1) Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. (2) Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used.
Back Figures: Monthly and weekly data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, pages 57-61.
1/ Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. Partially tax-exempt bonds are those the interest on which is exempt from the normal rates of the Federal income tax, except that in the case of partially tax-exempt Treasury and United States savings bonds, interest derived from
$5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax.
2/ For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for January 1945, page 56; for discussion of its previous composition, as well as the consideration underlying its construction, see "Treasury Bulletin" for April 1943, page 61.
3/ Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures.
4/ The composition of the high-grade corporate bond average was revised commencing with November 1, 1944. The old average for November 1944 was 2.56%. See footnotes 2.
5/ On days when the exchanges are closed, the date and prices of the previous day are used.
6/ Holidav.
7/ Closed.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series V
December 1945
65
Office of the Secretary of the Treasury, Division of Research and Statistics
F-220-C
66
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER AGENCIES OF THE UNITED STATES GOVERNMENT
December 1945
67
Section
- Summary of Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government
Table 1.- Summary
y of Balance Sheet Items, Segregating Interagency Items, September 30, 1945
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Assets</b></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>814.5</td><td>477.9</td><td>336.6</td></tr><tr><td>Deposite with Government agencies</td><td>304.9</td><td>304.9</td><td>-</td></tr><tr><td>Loans receivable from Government agencies</td><td>883.7</td><td>883.5</td><td>.2</td></tr><tr><td>Loans receivable from others, less reserves</td><td>5,409.2</td><td>4,437.0</td><td>972.2</td></tr><tr><td>Accounts and other receivables from: 2/</td><td></td><td></td><td></td></tr><tr><td>Government agencies</td><td>1,634.6</td><td>1,501.8</td><td>132.8</td></tr><tr><td>Others, less reserves</td><td>1,052.8</td><td>652.0</td><td>400.8</td></tr><tr><td>Commodities, supplies, and materials</td><td>2,486.7</td><td>2,401.5</td><td>85.3</td></tr><tr><td>Investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>1,756.3</td><td>1,657.5</td><td>98.8</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>6.8</td><td>6.8</td><td>-</td></tr><tr><td>Not guaranteed</td><td>3.3</td><td>3.3</td><td>-</td></tr><tr><td>Other, less reserves</td><td>367.8</td><td>363.1</td><td>4.7</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>12,488.3</td><td>-</td><td>12,488.3</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>20,816.4</td><td>7,967.9</td><td>12,848.5</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>71.9</td><td>49.2</td><td>22.7</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>619.0</td><td>440.5</td><td>178.5</td></tr><tr><td>Other assets 3/</td><td>1,471.7</td><td>617.3</td><td>854.3</td></tr><tr><td>Total assets</td><td>50,187.9</td><td>21,764.1</td><td>28,423.7</td></tr><tr><td><b>Liabilities</b></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities to:</td><td></td><td></td><td></td></tr><tr><td>Government agencies</td><td>589.4</td><td>535.3</td><td>54.1</td></tr><tr><td>Others</td><td>1,094.5</td><td>535.9</td><td>558.7</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td></tr><tr><td>Government agencies</td><td>2,808.7</td><td>2,749.3</td><td>59.4</td></tr><tr><td>Others</td><td>288.6</td><td>265.9</td><td>22.7</td></tr></table>
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Liabilities (continued)</b></td><td></td><td></td><td></td></tr><tr><td>Bonds, debentures, and notes payable to: ½</td><td></td><td></td><td></td></tr><tr><td>Government agencies:</td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>12,488.3</td><td>12,488.3</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>6.8</td><td>-</td><td>6.8</td></tr><tr><td>Not guaranteed ½</td><td>887.0</td><td>520.2</td><td>366.8</td></tr><tr><td>Others:</td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities</td><td>551.3</td><td>521.0</td><td>30.3</td></tr><tr><td>Not guaranteed ½</td><td>1,135.4</td><td>1,135.4</td><td>-</td></tr><tr><td>Other liabilities 5/</td><td>3,102.4</td><td>2,465.8</td><td>636.6</td></tr><tr><td>Total liabilities</td><td>22,952.4</td><td>21,217.0</td><td>1,735.4</td></tr><tr><td><b>Capital</b></td><td></td><td></td><td></td></tr><tr><td>United States interest:</td><td></td><td></td><td></td></tr><tr><td>Government agencies</td><td>619.0</td><td>440.5</td><td>178.5</td></tr><tr><td>Other</td><td>26,151.3</td><td>-358.5</td><td>26,509.8</td></tr><tr><td>Total United States interest</td><td>26,770.4</td><td>82.0</td><td>26,688.3</td></tr><tr><td>Private interests</td><td>465.1</td><td>465.1</td><td>-</td></tr><tr><td>Total capital</td><td>27,235.5</td><td>547.1</td><td>26,688.3</td></tr><tr><td>Total liabilities and capital</td><td>50,187.9</td><td>21,764.1</td><td>28,423.7</td></tr><tr><td><b>Analysis of investment of United States</b></td><td></td><td></td><td></td></tr><tr><td>Paid-in capital</td><td>39,587.9</td><td>3,559.4</td><td>36,028.6</td></tr><tr><td>Treasury loans to Government corporations</td><td>-</td><td>12,488.3</td><td>-12,488.3</td></tr><tr><td>Total investment of United States</td><td>39,587.9</td><td>16,047.7</td><td>23,540.2</td></tr><tr><td>Earned surplus 6/ (United States share)</td><td>-12,817.6</td><td>-3,477.4</td><td>-9,340.2</td></tr><tr><td>Book value of United States interest, including interagency items</td><td>26,770.4</td><td>12,570.4</td><td>14,200.0</td></tr><tr><td>Interagency items (net), amounts due to: 1/</td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-295.8</td><td>-440.5</td><td>144.8</td></tr><tr><td>Certain other Government agencies</td><td>-323.3</td><td>-323.3</td><td>-</td></tr><tr><td>Government agencies not required to report</td><td>1,458.7</td><td>1,427.8</td><td>30.8</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>27,610.0</td><td>13,234.4</td><td>14,375.6</td></tr><tr><td><b>Contingent liabilities</b></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>891.2</td><td>45.0</td><td>846.3</td></tr><tr><td>Other</td><td>389.3</td><td>387.9</td><td>1.5</td></tr></table>
1/ Excludes unexpended balances of Appropriated funds.
2/ Consists of accounts and notes receivable, accrued assets, and advances to contractors and agents.
3/ Consists of deferred charges, undistributed charges, and other assets.
4/ Includes notes for short-term borrowings.
5/ Consists of deferred credits, undistributed credits, and other liabilities (including liability reserves).
6/ Negative figures indicate deficit.
7/ Negative figures indicate amounts due from agencies indicated.
68
Treasury Bulletin
Section I - Summary of Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government - (Continued)
Table 2.- Comparison of Total Loans Outstanding by Type of Loan for Recent Quarterly Periods
(In millions of dollars)
<table><tr><th></th><th colspan="2">1944</th><th colspan="4">1945</th><th>Change Sept. 30, 1944-Sept. 30, 1945</th></tr><tr><th></th><th>Sept. 30</th><th>Dec. 31</th><th>Mar. 31</th><th>June 30</th><th>Sept. 30</th><th></th></tr><tr><td>To aid agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agricultural credit corporations</td><td>248.1</td><td>202.4</td><td>263.0</td><td>294.3</td><td>279.3</td><td>+31.2</td></tr><tr><td>Cooperative associations</td><td>341.0</td><td>3.8 r</td><td>197.5</td><td>137.7 r</td><td>129.8</td><td>-211.2</td></tr><tr><td>Crop, livestock, and commodity loans</td><td>446.4</td><td>491.8</td><td>180.2</td><td>196.2</td><td>259.3</td><td>-187.0</td></tr><tr><td>Farm mortgage loans</td><td>2,119.9 r</td><td>2,007.0 r</td><td>1,945.0 r</td><td>1,908.7 r</td><td>1,838.7</td><td>-281.2</td></tr><tr><td>Other</td><td>251.5 r</td><td>680.5 r</td><td>451.2 r</td><td>434.0 r</td><td>441.1</td><td>+189.7</td></tr><tr><td>Total</td><td>3,406.9</td><td>3,385.4</td><td>3,036.8</td><td>2,970.9</td><td>2,948.3</td><td>-158.5</td></tr><tr><td>To aid home owners:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Savings and loan associations</td><td>13.0</td><td>11.6</td><td>.1</td><td>*</td><td>*</td><td>-13.0</td></tr><tr><td>Mortgage loans</td><td>925.8</td><td>874.8</td><td>802.8</td><td>698.3</td><td>646.8</td><td>-279.0</td></tr><tr><td>Reconditioning loans</td><td>.5</td><td>.5</td><td>.3</td><td>.3</td><td>-</td><td>-.5</td></tr><tr><td>Other</td><td>363.8</td><td>350.6</td><td>345.8</td><td>328.2</td><td>314.4</td><td>-49.4</td></tr><tr><td>Total</td><td>1,303.1</td><td>1,237.5</td><td>1,149.1</td><td>1,026.9</td><td>961.3</td><td>-341.9</td></tr><tr><td>To aid industry:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Railroads</td><td>387.7</td><td>342.6</td><td>280.6</td><td>243.0</td><td>231.7</td><td>-156.1</td></tr><tr><td>Ship construction and reconditioning</td><td>8.4</td><td>7.2</td><td>7.2</td><td>6.7</td><td>6.7</td><td>-1.7</td></tr><tr><td>Other</td><td>171.5 r</td><td>167.4 r</td><td>201.8 r</td><td>178.6 r</td><td>178.1</td><td>+6.5</td></tr><tr><td>Total</td><td>567.6 r</td><td>517.2 r</td><td>489.6 r</td><td>428.3 r</td><td>416.5</td><td>-151.2</td></tr><tr><td>To aid States, Territories, etc.</td><td>533.3</td><td>510.2</td><td>492.5</td><td>489.2</td><td>484.2</td><td>-49.1</td></tr><tr><td>To aid financial institutions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks</td><td>57.9</td><td>54.0</td><td>49.2</td><td>46.4</td><td>42.8</td><td>-15.1</td></tr><tr><td>Insurance companies</td><td>34.0</td><td>34.2</td><td>34.0</td><td>33.9</td><td>33.7</td><td>-.2</td></tr><tr><td>Mortgage loan companies</td><td>94.3</td><td>128.2</td><td>58.8</td><td>129.6</td><td>97.9</td><td>+3.6</td></tr><tr><td>Total</td><td>186.2</td><td>216.5</td><td>142.0</td><td>209.8</td><td>174.3</td><td>-11.8</td></tr><tr><td>Foreign loans</td><td>555.1 r</td><td>537.9 r</td><td>519.6 r</td><td>511.4 r</td><td>520.8</td><td>-34.3</td></tr><tr><td>Other loans:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage loans (not otherwise classified)</td><td>39.0</td><td>37.5</td><td>37.5</td><td>40.7</td><td>36.9</td><td>-2.1</td></tr><tr><td>Other</td><td>409.5 r</td><td>395.6 r</td><td>377.8 r</td><td>319.9 r</td><td>323.5</td><td>-86.0</td></tr><tr><td>Total</td><td>448.5 r</td><td>433.1 r</td><td>415.2 r</td><td>360.5 r</td><td>360.5</td><td>-83.0</td></tr><tr><td>Total loans</td><td>7,000.6 r</td><td>6,837.8 r</td><td>6,244.9 r</td><td>5,997.1 r</td><td>5,865.8</td><td>-1,134.8</td></tr></table>
Source: Daily Treasury Statements. Revised. Less than $50,000.
1/ Excludes loans receivable from Government agencies. Figures do not reflect any reserves for losses that may have been established.
December 1945
69
Section I - Summary of Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government - (Continued)
Table 3.- Comparison of Loans Outstanding of Each Agency by Type of Loan1, September 30, 1944 and 1945
(In millions of dollars)
<table><tr><th>Corporation or other agency</th><th colspan="2">Total</th><th colspan="2">Loans to aid agriculture</th><th colspan="2">Loans to aid home owners</th><th colspan="2">Loans to aid industry</th></tr><tr><th></th><th>Sept. 30, 1944</th><th>Sept. 30, 1945</th><th>Sept. 30, 1944</th><th>Sept. 30, 1945</th><th>Sept. 30, 1944</th><th>Sept. 30, 1945</th><th>Sept. 30, 1944</th><th>Sept. 30, 1945</th></tr><tr><td>Corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Executive Office of the President: Office for Emergency Management:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign Economic Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Rubber Development Corporation</td><td>1.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. Commercial Company</td><td>2.3 r</td><td>2.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Office of Inter-American Affairs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Francinradio, Inc.</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Smaller War Plants Corporation</td><td>26.4</td><td>34.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26.4</td><td>34.2</td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>297.0</td><td>108.5</td><td>297.0</td><td>108.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks for cooperatives</td><td>116.1</td><td>127.9</td><td>116.1 2/</td><td>127.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>294.4</td><td>279.5</td><td>294.4</td><td>279.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks</td><td>1,286.3</td><td>1,108.4</td><td>1,286.3</td><td>1,108.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C.</td><td>19.3</td><td>10.2</td><td>19.3</td><td>10.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>374.6</td><td>291.0</td><td>374.6</td><td>291.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Inland Waterways Corporation</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>223.5</td><td>227.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>22.0</td><td>13.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency: Reconstruction Finance Corporation and certain affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation</td><td>1,323.2</td><td>1,049.3</td><td>.4</td><td>.3</td><td>13.5</td><td>12.2</td><td>398.5</td><td>254.2</td></tr><tr><td>Disaster Loan Corporation 1/</td><td>1.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>54.6</td><td>9.3</td><td>-</td><td>-</td><td>54.6</td><td>9.2</td><td>-</td><td>-</td></tr><tr><td>The RFC Mortgage Company</td><td>100.2</td><td>48.0</td><td>-</td><td>-</td><td>78.6</td><td>30.9</td><td>-</td><td>-</td></tr><tr><td>Defense Supplies Corporation 1/</td><td>97.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78.4 r</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank Administrations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal home loan banks</td><td>95.2</td><td>99.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>1,155.5</td><td>908.0</td><td>-</td><td>-</td><td>1,155.5</td><td>908.0</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority and affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Public Housing Authority</td><td>307.2</td><td>288.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Defense Homes Corporation</td><td>.9</td><td>.9</td><td>-</td><td>-</td><td>.9</td><td>.9</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>.2</td><td>.3</td><td>.2</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>3.0</td><td>2.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.6</td><td>2.4</td></tr><tr><td>Total loans 1/ of Government corporations</td><td>5,803.5 r</td><td>4,609.2</td><td>2,388.4</td><td>1,926.0</td><td>1,303.1</td><td>961.3</td><td>505.8 r</td><td>290.8</td></tr><tr><td>Certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration 6/</td><td>152.9</td><td>143.5</td><td>152.9</td><td>143.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration</td><td>519.9</td><td>485.6</td><td>519.9</td><td>485.6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>353.6</td><td>388.3</td><td>340.1</td><td>388.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior 7/</td><td>13.5</td><td>12.9</td><td>5.5</td><td>5.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Works Agency 8/</td><td>74.8</td><td>76.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration</td><td>17.4</td><td>19.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United States Maritime Commission</td><td>8.4</td><td>6.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8.4</td><td>6.7</td></tr><tr><td>Other 9/</td><td>56.5</td><td>123.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>53.4</td><td>119.0</td></tr><tr><td>Total loans 1/ of certain other Government agencies</td><td>1,197.1</td><td>1,256.6</td><td>1,018.5</td><td>1,022.3</td><td>-</td><td>-</td><td>61.8</td><td>125.7</td></tr><tr><td>Corporations and certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans 1/</td><td>7,000.6 r</td><td>5,865.8</td><td>3,406.9</td><td>2,948.3</td><td>1,303.1</td><td>961.3</td><td>567.6 r</td><td>416.5</td></tr></table>
Sources: Daily Treasury Statements. Revised. 1/ Less than $50,000. Excludes loans receivable from Government agencies. Figures do not reflect any reserves for losses that may have been established. 2/ Excludes loans discounted with Federal intermediate credit banks amounting to $16.4 million.
3/ Loans made by commercial banks on behalf of the Export-Import Bank under agency agreements are included in the amount of $59.6 million as of September 30, 1944 and $88.4 million as of September 30, 1945.
4/ Merged within the the Reconstruction Finance Corporation as of July 1, 1945.
5/ Commitments to purchase loans amounted to an additional $118.2 mi-
(Continued on following page)
70
Treasury Bulletin
Section I - Summary of Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government - (Continued)
Table 3.- Comparison of Loans Outstanding of Each Agency by Type of Loan1, September 30, 1944 and 1945 - (Continued)
(In millions of dollars)
<table><tr><th>Corporation or other agency</th><th colspan="2">Loans to aid States, Territories, etc.</th><th colspan="2">Loans to aid financial institutions</th><th colspan="2">Foreign loans</th><th colspan="2">Other loans</th></tr><tr><th></th><th>Sept. 30, 1944</th><th>Sept. 30, 1945</th><th>Sept. 30, 1944</th><th>Sept. 30, 1945</th><th>Sept. 30, 1944</th><th>Sept. 30, 1945</th><th>Sept. 30, 1944</th><th>Sept. 30, 1945</th></tr><tr><td>Corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Executive Office of the President: Office for Emergency Management:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Foreign Economic Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>1.6</td><td>-</td></tr><tr><td>Rubber Development Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.3 r</td><td>2.4</td><td>-</td><td>-</td></tr><tr><td>U. S. Commercial Company</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td><td></td><td></td></tr><tr><td>Office of Inter-American Affairs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Francinradio, Inc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Smaller War Plants Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks for cooperatives</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Inland Waterways Corporation</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>-</td><td>22.0</td><td>13.3</td><td>223.3 r 1/</td><td>226.9 1/</td><td>.2 r</td><td>.2</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency: Reconstruction Finance Corporation and certain affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation</td><td>138.6</td><td>120.1</td><td>69.0</td><td>61.3</td><td>310.2 r</td><td>291.5</td><td>393.0 r</td><td>309.7</td></tr><tr><td>Disaster Loan Corporation 1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.9</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>The RFC Mortgage Company</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21.6</td><td>17.1</td></tr><tr><td>Defense Supplies Corporation 1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19.4 r</td><td>-</td><td>... r</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal home loan banks</td><td>-</td><td>-</td><td>95.2</td><td>99.8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority and affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Public Housing Authority</td><td>305.6</td><td>286.6 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.6</td><td>1.5</td></tr><tr><td>Defense Homes Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>.4</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans 1/ of Government corporations</td><td>445.0</td><td>407.4</td><td>186.1</td><td>174.3</td><td>555.1 r</td><td>520.8</td><td>420.0 r</td><td>328.7</td></tr><tr><td>Certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>13.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior 1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8.0</td><td>8.0</td></tr><tr><td>Federal Works Agency 8/</td><td>74.8</td><td>76.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17.4</td><td>19.1</td></tr><tr><td>United States Maritime Commission</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other 9/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.1</td><td>4.7</td></tr><tr><td>Total loans 1/ of certain other Government agencies</td><td>88.3</td><td>76.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28.5</td><td>31.8</td></tr><tr><td>Corporations and certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans 1/</td><td>533.3</td><td>484.2</td><td>186.1</td><td>174.3</td><td>555.1 r</td><td>520.8</td><td>448.5 r</td><td>360.5</td></tr></table>
lion on September 30, 1945. 6/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. 7/ Consists of Indian loans, Puerto Rican Hurricane Relief Loan Saction, and Puerto Rico Reconstruction Administration. 8/ Consists of Public Works Administration and War Public Works, Oom-
9/ Consists of Navy Department Guaranteed Loans (World War II); War Department Guaranteed Loans (World War II); Federal Security Agency, Loans to Students; Federal Public Housing Authority, subsistence homestead loans; and Treasury Department, Miscellaneous Loans.
December 1945
71
Section II - Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government, September 30, 1945
Table 1.- Corporations 1/ (In millions of dollars)
<table><tr><th></th><th colspan="4">Executive Office of the President</th><th colspan="5">Department of Agriculture (continued on following page)</th></tr><tr><th></th><th>Total</th><th>Foreign Economic Administration 2/</th><th>Office of Inter-American Affairs 3/</th><th>Smaller War Plants Corporation</th><th>Commodity Credit Corporation 4/</th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 5/</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 6/</td><td>477.9</td><td>3.5</td><td>18.8</td><td>126.3</td><td>16.2</td><td>28.8</td><td>26.9</td><td>59.4</td></tr><tr><td>Deposite with other Government agencies</td><td>304.9</td><td>-</td><td>-</td><td>2.3</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from Government agencies</td><td>883.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16.6</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>4,609.2</td><td>2.4</td><td>.1</td><td>34.2</td><td>108.5</td><td>127.9</td><td>279.5</td><td>1,108.4 7/</td></tr><tr><td>Loans: Reserves for losses</td><td>172.2</td><td>1.8</td><td>-</td><td>1.1</td><td>4.6</td><td>.8</td><td>*</td><td>71.9 8/</td></tr><tr><td>Loans receivable from others (net)</td><td>4,437.0</td><td>.6</td><td>.1</td><td>33.1</td><td>103.8</td><td>127.1</td><td>279.5</td><td>1,036.4</td></tr><tr><td>Accounts and other receivables, lose reserves 9/</td><td>2,153.8</td><td>489.1</td><td>.2</td><td>.5</td><td>595.7</td><td>1.0</td><td>2.5</td><td>17.9</td></tr><tr><td>Commodities, supplies, and materials</td><td>2,401.5</td><td>232.2</td><td>-</td><td>-</td><td>1,209.2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>1,657.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43.3</td><td>36.7</td><td>157.0</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>6.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>3.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, lose reserves</td><td>363.1</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>34.1</td><td>-</td><td>-</td></tr><tr><td>Total Investments (net)</td><td>2,030.7</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>77.4</td><td>36.7</td><td>157.0</td></tr><tr><td>Land, structures, and equipment, lose reserves</td><td>7,967.9</td><td>9.4</td><td>.6</td><td>14.8</td><td>3.6</td><td>.1</td><td>-</td><td>5.5</td></tr><tr><td>Acquired security or collateral (net)</td><td>49.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>2.3</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>440.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 10/</td><td>617.3</td><td>178.4</td><td>-</td><td>1.8</td><td>12.8</td><td>.1</td><td>.2</td><td>1.0</td></tr><tr><td>Total assets</td><td>21,764.1</td><td>916.2</td><td>19.7</td><td>178.8</td><td>1,941.4</td><td>234.4</td><td>362.4</td><td>1,279.5</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>1,071.1</td><td>157.4</td><td>10.4</td><td>.6</td><td>258.2</td><td>.1</td><td>1.1</td><td>9.1</td></tr><tr><td>Trust and deposit liabilities</td><td>3,015.2</td><td>371.9</td><td>-</td><td>.1</td><td>28.9</td><td>*</td><td>.3</td><td>22.7</td></tr><tr><td>Bonds, debentures, and notes payable: 11/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>12,488.3</td><td>-</td><td>-</td><td>-</td><td>1,724.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>521.0</td><td>-</td><td>-</td><td>-</td><td>502.8 12/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 11/</td><td>1,655.6</td><td>410.4</td><td>-</td><td>-</td><td>-</td><td>16.6</td><td>269.1</td><td>834.2</td></tr><tr><td>Total bonds, debentures, and notes payable 11/</td><td>14,664.9</td><td>410.4</td><td>*</td><td>-</td><td>2,226.8</td><td>16.6</td><td>269.1</td><td>834.2</td></tr><tr><td>Other liabilities 13/</td><td>2,465.8</td><td>148.3 14/</td><td>-</td><td>.8</td><td>257.9</td><td>.1</td><td>.2</td><td>11.2</td></tr><tr><td>Total liabilities</td><td>21,217.0</td><td>1,088.0</td><td>10.4</td><td>1.5</td><td>2,771.9</td><td>16.7</td><td>270.6</td><td>877.2</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>2,097.5</td><td>5.1</td><td>.6</td><td>200.0</td><td>100.0</td><td>178.5</td><td>60.0</td><td>117.8</td></tr><tr><td>Paid-in surplus</td><td>673.1</td><td>-</td><td>18.3</td><td>48.8</td><td>400.7</td><td>-</td><td>-</td><td>57.4</td></tr><tr><td>Expanded appropriations</td><td>788.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 15/</td><td>-3,477.4</td><td>-176.9</td><td>-58.3</td><td>-22.7</td><td>-1,331.2</td><td>32.3</td><td>31.7</td><td>-</td></tr><tr><td>Total United States owned</td><td>82.0</td><td>-171.8</td><td>9.3</td><td>177.3</td><td>-830.5</td><td>210.8</td><td>91.7</td><td>175.2</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>285.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.8</td><td>-</td><td>69.5</td></tr><tr><td>Earned surplus</td><td>179.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>-</td><td>157.6</td></tr><tr><td>Total privately owned</td><td>465.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.9</td><td>-</td><td>227.1</td></tr><tr><td>Total capital</td><td>547.1</td><td>-171.8</td><td>9.3</td><td>177.3</td><td>-830.5</td><td>217.7</td><td>91.7</td><td>402.3</td></tr><tr><td>Total liabilities and capital</td><td>21,764.1</td><td>916.2</td><td>19.7</td><td>178.8</td><td>1,941.4</td><td>234.4</td><td>362.4</td><td>1,279.5</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 16/</td><td>12,570.4</td><td>-171.8</td><td>9.3</td><td>177.3</td><td>893.5</td><td>210.8</td><td>91.7</td><td>175.2</td></tr><tr><td>Interagency items (net), amounts due to: 17/</td><td>-440.5</td><td>377.9</td><td>-</td><td>-2.2</td><td>3.3</td><td>16.6</td><td>-16.6</td><td>.4</td></tr><tr><td>Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>1,104.6</td><td>3.9</td><td>.1</td><td>-.2</td><td>-392.0</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>13,234.4</td><td>210.0</td><td>9.5</td><td>175.0</td><td>504.8</td><td>227.4</td><td>75.1</td><td>175.6</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>45.0</td><td>.1</td><td>-</td><td>44.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>387.9</td><td>9.8</td><td>-</td><td>-</td><td>150.5</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement. November 15, 1945.
Less than $50,000.
1/ Consists of corporations in which the United States Government has a proprietary interest, direct or indirect, except Federal savings and loan associations and those corporations in which the proprietary interest of the United States is evidenced only by preferred stock or capital notes acquired through the Reconstruction Finance Corporation or production credit corporations.
2/ Consists of Petroleum Reserves Corporation, Rubber Development Cor-
3/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Premincradio, Inc.
4/ Based upon recorded transactions through Aug. 31, 1945, on basic commodities operations and through June 30, 1945, on supply programs (processed foods) activities.
5/ Includes the assets and liabilities of the Federal Land Banks of Berkeley, Houston, Louisville, Springfield, St. Louis, and Spokane,
Treasury Bulletin
72
Section II - Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government, September 30, 1945 - (Continued)
Table 1.- Corporations 1/ - (Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="5">Department of Agriculture - (continued)</th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th></tr><tr><th></th><th>Farm Credit Administration - (continued)</th><th>Regional Agricultural Credit Corporation of Washington, D. C.</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation</th><th>Inland Waterways Corporation 18/</th><th>The Virgin Islande Company</th><th>Federal Prison Industries, Inc.</th></tr><tr><th>Assets</th><td>Production credit corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 6/</td><td>1.0</td><td>6.9</td><td>12.9</td><td>11.7</td><td>2.7</td><td>1.1</td><td>.1</td><td>14.1</td></tr><tr><td>Deposits with other Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>-</td><td>10.2</td><td>291.0 7/</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others (net)</td><td>-</td><td>2.6</td><td>69.4 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others, less reserves 9/</td><td>-</td><td>7.6</td><td>221.6</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>Accounts and other receivables, less reserves 9/</td><td>.3</td><td>-</td><td>8.6</td><td>4.2</td><td>-</td><td>.8</td><td>.2</td><td>1.7</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>.8</td><td>3.7</td></tr><tr><th>Investments:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>65.8</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>6.8</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>55.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total investments (net)</td><td>121.5</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>6.8</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>14.7</td><td>.3</td><td>4.1</td></tr><tr><td>Acquired security or collateral (net)</td><td>-</td><td>-</td><td>1.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 10/</td><td>.1</td><td>.1</td><td>.2</td><td>20.0 19/</td><td>-</td><td>.3</td><td>.1</td><td>.1</td></tr><tr><td>Total assets</td><td>123.0</td><td>14.9</td><td>244.8</td><td>36.0</td><td>2.7</td><td>24.4</td><td>1.4</td><td>23.7</td></tr><tr><th>Liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>-</td><td>.1</td><td>1.5</td><td>2.1</td><td>.1</td><td>.8</td><td>.2</td><td>.7</td></tr><tr><td>Trust and deposit liabilities</td><td>.1</td><td>.7</td><td>4.7</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Books, debentures, and notes payable: 11/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>128.0 30/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>6.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 11/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable 11/</td><td>-</td><td>-</td><td>134.3</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Other liabilities 13/</td><td>-</td><td>-</td><td>.7</td><td>2.6</td><td>-</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>Total liabilities</td><td>.1</td><td>.8</td><td>141.2</td><td>4.7</td><td>.1</td><td>1.3</td><td>.4</td><td>.9</td></tr><tr><th>Capital</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>108.3</td><td>.1</td><td>50.0</td><td>70.0</td><td>-</td><td>12.0</td><td>-</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>21.6 20/</td><td>-</td><td>-</td><td>-</td><td>10.5</td><td>-</td><td>4.8</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>35.8 21/</td><td>-</td><td>-</td><td>.9</td><td>-</td></tr><tr><td>Earned surplus 15/</td><td>14.6</td><td>-7.5</td><td>53.6</td><td>-74.4 21/</td><td>2.7</td><td>.6</td><td>1.1</td><td>18.0</td></tr><tr><td>Total United States owned</td><td>122.9</td><td>14.2</td><td>103.6</td><td>31.4</td><td>2.7</td><td>23.1</td><td>1.0</td><td>22.8</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>122.9</td><td>14.2</td><td>103.6</td><td>31.4</td><td>2.7</td><td>23.1</td><td>1.0</td><td>22.8</td></tr><tr><td>Total liabilities and capital</td><td>123.0</td><td>14.9</td><td>244.8</td><td>36.0</td><td>2.7</td><td>24.4</td><td>1.4</td><td>23.7</td></tr><tr><th>Analysis of investment of United States</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 16/</td><td>122.9</td><td>14.2</td><td>231.6</td><td>31.4</td><td>2.7</td><td>23.1</td><td>1.0</td><td>22.8</td></tr><tr><td>Interagency items (net), amounts due to: 17/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-</td><td>-</td><td>-1.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>-.2</td><td>.2</td><td>-1.5</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>122.9</td><td>14.2</td><td>231.5</td><td>31.4</td><td>2.7</td><td>23.0</td><td>1.1</td><td>21.3</td></tr><tr><th>Contingent liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
which have retired the capital stock and paid-in surplus previously held by the United States Government.
6/ Includes unexpended balances of appropriated funds.
7/ Includes mortgage loans in process of foreclosure.
8/ The reserves for losses on loans receivable includes other loss reserves which cannot be distributed to the assets to which they apply.
9/ Consists of accounts and notes receivable, accrued assets, and advances to contractors and agents.
10/ Consists of deferred charges, undistributed charges, and other
11/ Includes notes for short-term borrowings.
12/ The figure for demand obligations of the Commodity Credit Corporation reflected in this statement differs from that shown elsewhere in the "Treasury Bulletin" because in other tables this figure is partially as of August 31, 1945.
13/ Consists of deferred credits, undistributed credits, and other liabilities (including liability reserves).
14/ Includes $138.5 million of valuation reserves established by U. S.
December 1945
73
Section II - Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government, September 30, 1945 - (Continued)
Table 1.- Corporations 1/ - (Continued)
(In millions of dollars)
<table><tr><th></th><th>Department of War</th><th></th><th>Federal Deposit Insurance Corporation</th><th colspan="4">Federal Loan Agency Reconstruction Finance Corporation and certain affiliates</th></tr><tr><th></th><th>United States Spruce Production Corporation 22/</th><th>Export-Import Bank of Washington</th><th></th><th>Reconstruction Finance Corporation 23/</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>War Damage Corporation</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 6/</td><td>*</td><td>.8</td><td>13.3</td><td>17.6</td><td>-</td><td>*</td><td>-</td></tr><tr><td>Deposits with other Government agencies</td><td>-</td><td>66.3</td><td>-</td><td>.1</td><td>5.5</td><td>1.0</td><td>228.7</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>227.1 24/</td><td>13.3</td><td>866.9</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>-</td><td>1.0</td><td>6.0</td><td>1,049.3</td><td>9.3</td><td>48.0</td><td>-</td></tr><tr><td>Loans receivable from others (net)</td><td>-</td><td>227.1</td><td>7.3</td><td>1,049.3</td><td>9.3</td><td>46.7</td><td>-</td></tr><tr><td>Accounts and other receivables, less reserves 2/</td><td>.1</td><td>2.8</td><td>5.2</td><td>1,001.9</td><td>.1</td><td>.3</td><td>.6</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>.1</td><td>941.9</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>.1</td><td>-</td><td>889.2</td><td>75.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.6</td><td>6.2</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>3.3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>248.8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.2</td><td>-</td></tr><tr><td>Total investments (net)</td><td>.1</td><td>-</td><td>889.2</td><td>327.2</td><td>.6</td><td>6.2</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>*</td><td>*</td><td>*</td><td>6,867.8</td><td>-</td><td>7.1</td><td>-</td></tr><tr><td>Acquired security or collateral (net)</td><td>-</td><td>*</td><td>6.0</td><td>28.7</td><td>*</td><td>4.3</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>-</td><td>-</td><td>-</td><td>340.5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 10/</td><td>-</td><td>.1</td><td>-</td><td>398.0</td><td>*</td><td>.9</td><td>*</td></tr><tr><td>Total assets</td><td>.3</td><td>297.0</td><td>923.0</td><td>11,840.1</td><td>15.4</td><td>66.5</td><td>229.3</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>*</td><td>*</td><td>.4</td><td>611.4</td><td>*</td><td>.4</td><td>.1</td></tr><tr><td>Trust and deposit liabilities</td><td>-</td><td>95.7 24/</td><td>1.0</td><td>2,410.8</td><td>.2</td><td>1.1</td><td>-</td></tr><tr><td>Bonds, debentures, and notes payable 11/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>-</td><td>9,254.6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>34.2</td><td>-</td></tr><tr><td>Not guaranteed 11/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>34.2</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable 11/</td><td>-</td><td>-</td><td>-</td><td>9,254.6</td><td>-</td><td>34.2</td><td>-</td></tr><tr><td>Other liabilities 13/</td><td>*</td><td>-</td><td>632.3</td><td>1,098.0 25/</td><td>.1</td><td>2.9</td><td>228.6</td></tr><tr><td>Total liabilities</td><td>*</td><td>95.7</td><td>633.7</td><td>13,374.7</td><td>.3</td><td>35.6</td><td>228.7</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States owned</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>.1</td><td>175.0</td><td>150.0</td><td>325.0</td><td>10.0</td><td>25.0</td><td>1.0</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>5.7</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>26.3</td><td>- 26/</td><td>10.4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 15/</td><td>.2</td><td>-</td><td>-</td><td>-1,875.7</td><td>4.1</td><td>2.9</td><td>-4</td></tr><tr><td>Total United States owned</td><td>.3</td><td>201.3</td><td>150.0</td><td>-1,534.6</td><td>15.1</td><td>27.9</td><td>.6</td></tr><tr><td>Privately owned</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>- 26/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>.3</td><td>201.3</td><td>289.3</td><td>-1,534.6</td><td>15.1</td><td>27.9</td><td>.6</td></tr><tr><td>Total liabilities and capital</td><td>.3</td><td>297.0</td><td>923.0</td><td>11,840.1</td><td>15.4</td><td>66.5</td><td>229.3</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 16/</td><td>.3</td><td>201.3</td><td>150.0</td><td>7,719.9</td><td>15.1</td><td>27.9</td><td>.5</td></tr><tr><td>Interagency items (net), amounts due to: 17/</td><td>-</td><td>-67.2</td><td>-</td><td>-508.8</td><td>-5.5</td><td>33.6</td><td>-229.3</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>*</td><td>7.0</td><td>-</td><td>1,492.5</td><td>-5.6</td><td>-6.3</td><td>-</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>.3</td><td>141.1</td><td>150.0</td><td>8,703.7</td><td>9.0</td><td>55.2</td><td>-228.6</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
15/ Commercial Company which are not apportioned to applicable assets. Negative figures indicate deficit. 16/ Consists of paid-in capital (U. S. owned), Treasury loans to Government corporations, and earned surplus or deficit (U. S. share). 17/ Negative figures indicate amounts due from Government agencies. 18/ Includes Warrior River Terminal Company, Inc., a wholly owned subsidiary. 19/ Represents unrequistioned funds for capital stock issued to Treasury Department.
20 Represents advances from the Reconstruction Finance Corporation for the payment of operating expenses.
21 Includes administrative expense costs of $36.6 million advanced from Federal funds.
22 World War I corporation in liquidation.
23 Effective July 1, 1945, pursuant to Public Law 109 approved June 30, 1945, Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, Rubber Reserve Company and Disaster Loan Corporation were dissolved and merged within the Reconstruction
(Continued on following page)
74
Treasury Bulletin
Section II - Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government, September 30, 1945 - (Continued)
Table 1.- Corporations 1/ - (Continued)
(in millions of dollars)
<table><tr><th></th><th colspan="5">National Housing Agency</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc.</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th></th><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>United States Housing Corporation 27/</th><th>Federal Public Housing Authority 28/</th><th>Defense Hoses Corporation</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 6/</td><td>18.2</td><td>1.4</td><td>44.7</td><td>-</td><td>24.5</td><td>.7</td><td>9.7</td><td>16.4</td></tr><tr><td>Deposits with other Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>99.8</td><td>-</td><td>908.0</td><td>-</td><td>288.1 29/</td><td>.9</td><td>-</td><td>.3</td><td>2.7</td></tr><tr><td>Less: Reserve for losses</td><td>-</td><td>-</td><td>12.5 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others (net)</td><td>99.8</td><td>-</td><td>895.5</td><td>-</td><td>288.1</td><td>.9</td><td>-</td><td>.3</td><td>2.7</td></tr><tr><td>Accounts and other receivable, less reserves 2/</td><td>.8</td><td>2.2</td><td>2.9</td><td>-</td><td>6.1</td><td>.1</td><td>2.1</td><td>-</td><td>5.9</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>5.6</td><td>-</td><td>7.6</td></tr><tr><td>Investments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>180.8</td><td>157.2</td><td>15.0</td><td>-</td><td>7.9</td><td>-</td><td>22.2</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>21.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total investments (net)</td><td>180.8</td><td>157.2</td><td>36.5</td><td>-</td><td>7.9</td><td>-</td><td>22.2</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>-</td><td>-</td><td>2.5</td><td>-</td><td>221.8</td><td>66.1</td><td>29.9</td><td>-</td><td>719.5</td></tr><tr><td>Acquired security or collateral (net)</td><td>-</td><td>1.5</td><td>2.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>-</td><td>-</td><td>100.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 10/</td><td>.1</td><td>-</td><td>.4</td><td>-</td><td>2.1</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>Total assets</td><td>299.7</td><td>162.3</td><td>1,085.2</td><td>-</td><td>550.4</td><td>69.2</td><td>69.7</td><td>.3</td><td>752.3</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>.1</td><td>-</td><td>3.5</td><td>-</td><td>2.1</td><td>1.0</td><td>2.0</td><td>-</td><td>7.9</td></tr><tr><td>Trust and deposit liabilities</td><td>51.2</td><td>-</td><td>24.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.8</td></tr><tr><td>Bonds, debentures, and notes payable: 11/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>942.0 30/</td><td>-</td><td>383.0</td><td>-</td><td>-</td><td>-</td><td>56.8</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>11.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 11/</td><td>32.0</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>55.5</td><td>-</td><td>-</td><td>3.3</td></tr><tr><td>Total bonds, debentures, and notes payable 11/</td><td>32.0</td><td>-</td><td>953.9</td><td>-</td><td>383.0</td><td>55.5</td><td>-</td><td>-</td><td>60.1</td></tr><tr><td>Other liabilities 13/</td><td>-</td><td>62.3</td><td>2.6</td><td>-</td><td>9.0</td><td>.6</td><td>6.7</td><td>-</td><td>.6</td></tr><tr><td>Total liabilities</td><td>83.3</td><td>62.3</td><td>984.7</td><td>-</td><td>394.1</td><td>57.1</td><td>8.7</td><td>-</td><td>69.3</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>124.5</td><td>100.0</td><td>200.0</td><td>66.5</td><td>1.0</td><td>10.0</td><td>7.0</td><td>-</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>114.8</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>38.1</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>26/</td><td>-</td><td>32.6</td><td>70.6</td><td>-</td><td>-</td><td>-</td><td>654.9</td></tr><tr><td>Earned surplus 15/</td><td>-</td><td>-</td><td>-99.5</td><td>-33.9</td><td>-30.1</td><td>2.1</td><td>54.0</td><td>-</td><td>-10.0</td></tr><tr><td>Total United States owned</td><td>124.5</td><td>100.0</td><td>100.5</td><td>-</td><td>156.3</td><td>12.1</td><td>61.0</td><td>.3</td><td>683.0</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>70.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>20.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>91.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>216.3</td><td>100.0</td><td>100.5</td><td>-</td><td>156.3</td><td>12.1</td><td>61.0</td><td>.3</td><td>683.0</td></tr><tr><td>Total liabilities and capital</td><td>299.7</td><td>162.3</td><td>1,085.2</td><td>-</td><td>550.4</td><td>69.2</td><td>69.7</td><td>.3</td><td>752.3</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 16/</td><td>124.5</td><td>100.0</td><td>1,042.5</td><td>-</td><td>539.3</td><td>12.1</td><td>61.0</td><td>.3</td><td>739.8</td></tr><tr><td>Interagency items (net), amounts due to: 17/</td><td>-</td><td>-</td><td>-100.0</td><td>-</td><td>-</td><td>54.7</td><td>-</td><td>-</td><td>2.8</td></tr><tr><td>Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>-</td><td>-</td><td>2.4</td><td>-</td><td>.9</td><td>-</td><td>-1.3</td><td>-</td><td>-1.0</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>124.5</td><td>100.0</td><td>944.9</td><td>-</td><td>540.3</td><td>66.8</td><td>59.8</td><td>.3</td><td>741.6</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>227.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Finance Corporation.
24/ Includes $38.4 million of loans made by commercial banks on behalf of the Export-Import Bank under agency agreements.
25/ Includes $125.0 million valuation reserves which are not apportioned to applicable assets.
26/ For purposes of this report the entire amount of earned surplus of this Corporation is reported as a liability reserve to cover possible insurance losses until experience shall have been gained which will permit the determination of adequate reserves.
27 All assets and liabilities liquidated.
28 Figures represent activities under U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 2.
29 Loan commitments amount to $404.8 million against which advances of $286.6 million have been made, leaving commitments to purchase loans of $118.2 million.
30 Excludes $2.0 million in transit for redemption.
December 1945
75
Section
II - Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government, September 30, 1945 - (Continued)
Table 2.- Certain Other Agencies
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management War Shipping Administration 1/</th><th>Department of Agriculture Farm Credit Administration 2/</th><th>Farm Security Administration</th><th>Rural Electrification Administration</th><th>Department of the Interior 3/</th><th>Federal Works Agency 4/</th><th>National Housing Agency Federal Housing Administration</th><th>United States Maritime Commission</th><th>Other 5/</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 6/</td><td>336.6</td><td>122.9</td><td>1.9</td><td>44.6</td><td>3.9</td><td>.1</td><td>.7</td><td>25.2</td><td>21.3</td><td>116.0</td></tr><tr><td>Loans receivable from Government agencies</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>1,256.6</td><td>-</td><td>143.5</td><td>485.6</td><td>388.3</td><td>12.9</td><td>76.8</td><td>19.1</td><td>6.7</td><td>123.7</td></tr><tr><td>Less: Reserves for losses</td><td>284.4</td><td>-</td><td>127.0</td><td>145.0</td><td>.1</td><td>1.3</td><td>8.9</td><td>*</td><td>-</td><td>2.0</td></tr><tr><td>Loans receivable from others (net)</td><td>972.2</td><td>-</td><td>16.5</td><td>340.5</td><td>388.2</td><td>11.6</td><td>67.9</td><td>19.1</td><td>6.7</td><td>121.7</td></tr><tr><td>Accounts and other receivables, less reserves 1/</td><td>533.6</td><td>264.3</td><td>1.4</td><td>56.4</td><td>5.5</td><td>.5</td><td>.2</td><td>.6</td><td>162.2</td><td>42.5</td></tr><tr><td>Commodities, supplies, and materials</td><td>85.3</td><td>39.7</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>45.4</td><td>*</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>98.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>98.8</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>4.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>2.7</td><td>2.0</td></tr><tr><td>Total investments (net)</td><td>103.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>98.8</td><td>2.7</td><td>2.0</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>12,488.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,488.3</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>12,848.5</td><td>7,809.9</td><td>-</td><td>27.6</td><td>.2</td><td>13.7</td><td>144.6</td><td>.6</td><td>3,243.2</td><td>1,608.7</td></tr><tr><td>Acquired security or collateral (net)</td><td>22.7</td><td>-</td><td>1.4</td><td>2.0</td><td>-</td><td>-</td><td>-</td><td>18.5</td><td>-</td><td>.7</td></tr><tr><td>Capital stock of Government corporations</td><td>178.5</td><td>-</td><td>178.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 8/</td><td>854.3</td><td>662.1</td><td>-</td><td>22.8</td><td>-</td><td>-</td><td>41.0</td><td>*</td><td>127.9</td><td>.5</td></tr><tr><td>Total assets</td><td>28,423.7</td><td>8,898.9</td><td>199.8</td><td>494.1</td><td>398.1</td><td>25.9</td><td>254.4</td><td>162.9</td><td>3,609.4</td><td>14,380.4</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>612.8</td><td>570.3</td><td>-</td><td>1.5</td><td>*</td><td>.1</td><td>-</td><td>9.1</td><td>10.7</td><td>21.1</td></tr><tr><td>Trust and deposit liabilities</td><td>82.1</td><td>14.7</td><td>*</td><td>5.3</td><td>.1</td><td>*</td><td>.7</td><td>1.6</td><td>27.9</td><td>31.7</td></tr><tr><td>Bonds, debentures, and notes payable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>37.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>37.1</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>366.8</td><td>-</td><td>-</td><td>117.7</td><td>249.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable</td><td>403.9</td><td>-</td><td>-</td><td>117.7</td><td>249.1</td><td>-</td><td>-</td><td>37.1</td><td>-</td><td>-</td></tr><tr><td>Other liabilities 9/</td><td>636.6</td><td>493.0</td><td>1.9</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>114.2</td><td>27.3</td></tr><tr><td>Total liabilities</td><td>1,735.4</td><td>1,078.1</td><td>1.9</td><td>124.7</td><td>249.2</td><td>.1</td><td>.7</td><td>47.7</td><td>152.9</td><td>80.1</td></tr><tr><td>Proprietary interest</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Expendable appropriations</td><td>36,028.6</td><td>13,926.6 10/</td><td>700.2</td><td>886.8</td><td>156.0</td><td>82.0</td><td>2,115.7</td><td>82.7</td><td>3,851.111</td><td>14,227.5</td></tr><tr><td>Excess of income 12/ 13/</td><td>-9,340.2</td><td>-6,105.8</td><td>-502.4</td><td>-517.4</td><td>-7.1</td><td>-56.3</td><td>-1,862.0</td><td>32,514/</td><td>-394.7</td><td>72.8</td></tr><tr><td>Total proprietary interest</td><td>26,688.3</td><td>7,820.8</td><td>197.8</td><td>369.4</td><td>148.8</td><td>25.7</td><td>253.7</td><td>115.2</td><td>3,456.5</td><td>14,300.3</td></tr><tr><td>Total liabilities and proprietary interest</td><td>28,423.7</td><td>8,898.9</td><td>199.8</td><td>494.1</td><td>398.1</td><td>25.9</td><td>254.4</td><td>162.9</td><td>3,609.4</td><td>14,380.4</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value United States interest, including interagency items 15/</td><td>14,200.0</td><td>7,820.8</td><td>197.8</td><td>369.4</td><td>148.8</td><td>25.7</td><td>253.7</td><td>115.2</td><td>3,456.5</td><td>1,812.0</td></tr><tr><td>Interagency items (net), amounts due to: 16/ Government corporations and those Government agencies not required to report</td><td>-</td><td>9.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-*</td><td>-*</td><td>-9.2</td><td>*</td></tr><tr><td>Certain other Government agencies, excluding Treasury loans to Government corporations</td><td>175.6</td><td>-3.0</td><td>-178.5</td><td>95.3</td><td>249.0</td><td>*</td><td>.5</td><td>7.3</td><td>6.3</td><td>-1.3</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>14,375.6</td><td>7,827.0</td><td>19.3</td><td>464.7</td><td>397.8</td><td>25.7</td><td>254.2</td><td>122.5</td><td>3,453.6</td><td>1,810.7</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>846.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.6</td><td>842.7</td></tr><tr><td>Other</td><td>1.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.5</td><td>-</td></tr></table>
Source: Daily Treasury Statement, November 15, 1945.
Less than $50,000.
1/ Figures are as of August 31, 1945 the latest available.
2/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
3/ Consists of Indian Loans, Puerto Rican Hurricane Relief Loan Section, and Puerto Rico Reconstruction Administration.
4/ Consists of Public Works Administration and War Public Works, Community Facilities.
5/ Consists of Navy Department, sale of surplus supplies (World War I), and guaranteed loans (World War II); War Department, guaranteed loans (World War II); Federal Public Housing Authority, war housing and subsistence homesteads; Federal Security Agency, loans to students; and Treasury Department, miscellaneous loans and certain other assets.
6/ Excludes unexpended balances of appropriated funds.
7/ Consists of accounts and notes receivable, accrued assets, and ad-
10/ Includes the value of vessels and other expenses transferred from the U. S. Maritime Commission.
11/ Excludes the value of vessels and other expenses transferred to the War Shipping Administration for which no transfer of funds will be required.
12/ Represents excess of expenditures incurred pursuant to legislation for such activities as: Construction and operation of merchant marine fleet in interest of the war effort; relief to farmers; loans and grants for rural rehabilitation and subsistence homesteads; relief and rehabilitation in Puerto Rico; loans, grants, and relief in construction of housing, public works, and community facilities; and others.
13/ Negative figures indicate excess of expense.
14/ Includes $67.2 million representing equity of mortgagees in earnings of group accounts of the Mutual Mortgage Insurance Fund.
15/ Consists of paid-in capital (U. S. owned), less Treasury loans to Government corporations, plus excess of income (or expense).
76
Treasury Bulletin
INTERNAL REVENUE STATISTICS
December 1945
77
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collections</th><th colspan="4">Income and profit taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profit taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profits 4/</th><th>Total employment taxes</th><th>Social Security taxes Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><td>1936</td><td>3,512,852</td><td>+18,521</td><td>3,494,331</td><td>1,427,446</td><td>674,416</td><td>738,521</td><td>14,509</td><td>48</td><td>-</td><td>-</td><td>48</td></tr><tr><td>1937</td><td>4,597,140</td><td>-37,168</td><td>4,534,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,641,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,332</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>122,048</td></tr><tr><td>1941</td><td>7,351,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,725</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,394</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</td><td>143,978</td><td>1,779,171</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1944-October</td><td>1,880,476</td><td>-607,262</td><td>2,487,738</td><td>1,809,766</td><td>1,322,758</td><td>478,507</td><td>6,501</td><td>134,095</td><td>125,470</td><td>5,688</td><td>2,937</td></tr><tr><td>November</td><td>2,300,370</td><td>-95,871</td><td>2,396,240</td><td>1,633,189</td><td>1,244,287</td><td>382,066</td><td>6,836</td><td>243,026</td><td>199,507</td><td>7,991</td><td>35,528</td></tr><tr><td>December</td><td>4,945,487</td><td>+679,875</td><td>4,265,612</td><td>3,669,642</td><td>327,870</td><td>3,314,922</td><td>26,849</td><td>36,981</td><td>3,104</td><td>877</td><td>33,000</td></tr><tr><td>1945-January</td><td>3,042,477</td><td>-631,287</td><td>3,673,764</td><td>3,024,164</td><td>2,617,322</td><td>401,817</td><td>5,026</td><td>102,795</td><td>71,268</td><td>30,024</td><td>1,502</td></tr><tr><td>February</td><td>3,814,557</td><td>-170,735</td><td>3,985,292</td><td>3,157,954</td><td>2,726,523</td><td>425,366</td><td>6,065</td><td>317,412</td><td>194,263</td><td>106,572</td><td>15,577</td></tr><tr><td>March</td><td>6,431,321</td><td>+813,540</td><td>5,611,781</td><td>4,995,874</td><td>1,821,017</td><td>3,161,712</td><td>13,145</td><td>61,571</td><td>5,789</td><td>3,362</td><td>52,419</td></tr><tr><td>April</td><td>2,745,867</td><td>-285,266</td><td>3,031,133</td><td>2,407,751</td><td>1,760,877</td><td>637,651</td><td>9,224</td><td>106,510</td><td>99,916</td><td>4,931</td><td>1,663</td></tr><tr><td>May</td><td>2,920,937</td><td>-352,957</td><td>3,273,895</td><td>2,406,326</td><td>1,989,318</td><td>407,123</td><td>9,885</td><td>296,726</td><td>256,314</td><td>10,330</td><td>30,082</td></tr><tr><td>June</td><td>5,384,393</td><td>+743,245</td><td>4,641,148</td><td>4,025,296</td><td>1,208,613</td><td>2,795,700</td><td>20,983</td><td>44,020</td><td>4,428</td><td>1,129</td><td>38,484</td></tr><tr><td>July</td><td>2,526,623</td><td>-631,609</td><td>3,158,232</td><td>2,241,907</td><td>1,587,872</td><td>646,443</td><td>7,592</td><td>125,471</td><td>117,656</td><td>5,093</td><td>2,722</td></tr><tr><td>August</td><td>2,846,726</td><td>-165,959</td><td>3,011,684</td><td>1,916,334</td><td>1,569,985</td><td>341,598</td><td>4,751</td><td>274,151</td><td>230,282</td><td>8,791</td><td>35,078</td></tr><tr><td>September</td><td>4,846,585</td><td>+725,043</td><td>4,121,542</td><td>3,552,851</td><td>1,162,276</td><td>2,379,553</td><td>11,022</td><td>37,339</td><td>3,352</td><td>619</td><td>33,368</td></tr><tr><td>October</td><td>2,140,240</td><td>-498,887</td><td>2,839,127</td><td>2,030,951</td><td>1,388,792</td><td>636,181</td><td>5,978</td><td>102,270</td><td>96,706</td><td>3,595</td><td>1,969</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes &</th><th>Agricultural adjustment taxes</th></tr><tr><td>1936</td><td>2,004,513</td><td>94,943</td><td>378,840</td><td>505,243</td><td>500,785</td><td>68,990</td><td>379,540</td><td>76,173</td><td>62,323</td></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>80,161</td><td>-</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,333</td><td>416,754</td><td>117,502</td><td>-</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,775</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>839,859</td><td>691,712</td><td>39,057</td><td>617,373</td><td>206,831</td><td>-</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td><td>-</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,015</td><td>732,332</td><td>-</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>511,210</td><td>1,618,045</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,401</td><td>-</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td><td>-</td></tr><tr><td>1944-October</td><td>543,877</td><td>18,640</td><td>38,520</td><td>196,077</td><td>77,521</td><td>5,345</td><td>94,656</td><td>113,119</td><td>-</td></tr><tr><td>November</td><td>520,025</td><td>364</td><td>31,707</td><td>203,754</td><td>81,180</td><td>5,142</td><td>95,259</td><td>102,617</td><td>-</td></tr><tr><td>December</td><td>558,989</td><td>311</td><td>49,690</td><td>201,461</td><td>70,604</td><td>4,893</td><td>119,542</td><td>112,488</td><td>-</td></tr><tr><td>1945-January</td><td>546,806</td><td>(-21)</td><td>49,295</td><td>206,408</td><td>78,450</td><td>5,718</td><td>116,579</td><td>90,376</td><td>-</td></tr><tr><td>February</td><td>509,926</td><td>247</td><td>37,445</td><td>194,594</td><td>66,047</td><td>5,893</td><td>115,946</td><td>89,755</td><td>-</td></tr><tr><td>March</td><td>560,337</td><td>409</td><td>89,153</td><td>170,878</td><td>73,621</td><td>5,546</td><td>104,199</td><td>116,530</td><td>-</td></tr><tr><td>April</td><td>516,871</td><td>409</td><td>75,473</td><td>171,062</td><td>67,625</td><td>5,435</td><td>96,517</td><td>100,350</td><td>-</td></tr><tr><td>May</td><td>570,842</td><td>(-67)</td><td>64,298</td><td>180,164</td><td>83,025</td><td>5,983</td><td>116,192</td><td>121,246</td><td>-</td></tr><tr><td>June</td><td>571,832</td><td>261</td><td>61,807</td><td>190,852</td><td>93,230</td><td>6,300</td><td>103,697</td><td>115,686</td><td>-</td></tr><tr><td>July</td><td>790,854</td><td>104,924</td><td>49,324</td><td>198,335</td><td>83,658</td><td>5,870</td><td>120,739</td><td>228,004</td><td>-</td></tr><tr><td>August</td><td>824,199</td><td>206,936</td><td>68,601</td><td>198,621</td><td>108,472</td><td>5,479</td><td>102,324</td><td>131,767</td><td>-</td></tr><tr><td>September</td><td>531,352</td><td>6,742</td><td>33,516</td><td>198,497</td><td>100,738</td><td>5,500</td><td>93,471</td><td>92,888</td><td>-</td></tr><tr><td>October</td><td>705,907</td><td>30,015</td><td>44,391</td><td>242,799</td><td>119,584</td><td>6,784</td><td>122,295</td><td>140,039</td><td>-</td></tr></table>
1/ Includes collections for credit to certain trust accounts for territories and insular possessions, etc.
2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943.
3/ Includes income tax collections on Alaskan railroads. The excess profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profits tax, the profit limit-
ing provisions of the Vinson Act, and the tax on unjust enrich-ment.
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the Carriers Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
78
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-F
December 1945
79
Detailed Analysis of Internal Revenue Collections 1/
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 4 months</th><th>October 1944</th><th>October 1945</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th><th></th><th></th></tr><tr><td>Income and profits taxes: Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers: Current Tax Payment Act of 1943 2/ Revenue Act of 1942</td><td>7,038,438 784,997</td><td>10,263,418 802</td><td>3,687,878 642</td><td>3,836,343 58</td><td>1,233,393 43</td><td>1,094,442 4</td></tr><tr><td>Other: Current 3/ Back</td><td>10,253,831 183,740</td><td>8,567,147 4/ 202,947</td><td>1,617,091 r 5/ 32,875 r 5/</td><td>1,788,413 84,110</td><td>82,240 r 5/ 7,081 r 5/</td><td>271,412 22,933</td></tr><tr><td>Total individual income taxes</td><td>18,261,005</td><td>19,034,313</td><td>5,338,486 r</td><td>5,708,925</td><td>1,322,758</td><td>1,388,792</td></tr><tr><td>Corporation: Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/ Back</td><td>4,762,714 521,431</td><td>4,421,682 458,034</td><td>1,227,976 96,614</td><td>1,194,795 146,451</td><td>110,058 18,647</td><td>191,223 24,146</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940, as amended)</td><td>9,345,198</td><td>11,003,520</td><td>3,032,290</td><td>2,662,499</td><td>349,802</td><td>420,811</td></tr><tr><td>Total Corporation taxee</td><td>14,629,344</td><td>15,883,235</td><td>4,356,879 r</td><td>4,003,775</td><td>478,507</td><td>636,181</td></tr><tr><td>Miscellaneous profits taxes: Declared value Vinoon Act Unjust enrichment</td><td>136,980 39 434</td><td>143,798 180</td><td>45,936 28</td><td>29,333 10</td><td>8,486 15</td><td>5,975 3</td></tr><tr><td>Total miscellaneous profits taxes</td><td>137,452</td><td>143,978</td><td>45,965 r</td><td>29,343</td><td>8,501</td><td>5,978</td></tr><tr><td>Total income and profits taxes</td><td>33,027,802</td><td>35,061,526</td><td>9,741,330</td><td>9,742,043</td><td>1,809,766</td><td>2,030,951</td></tr><tr><td>Employment taxes: Social Security taxes: Old-age insurance 6/ Unemployment insurance 7/ Total Social Security taxes</td><td>1,290,025 183,337 1,473,361</td><td>1,307,931 166,489 1,494,420</td><td>473,341 21,272 494,613</td><td>447,996 18,098 466,094</td><td>125,470 5,683 131,158</td><td>96,706 3,595 100,301</td></tr><tr><td>Railroad retirement 8/ Total employment taxes</td><td>265,011 1,738,372</td><td>284,758 1,779,177</td><td>75,523 r 570,135</td><td>73,137 539,231</td><td>2,937 134,095</td><td>1,969 102,270</td></tr><tr><td>Miscellaneous internal revenue: Capital stock tax</td><td>380,702</td><td>371,999</td><td>370,086</td><td>350,617</td><td>18,040</td><td>30,015</td></tr><tr><td>Estate tax</td><td>473,466</td><td>596,137</td><td>181,384</td><td>191,745</td><td>37,780</td><td>43,591</td></tr><tr><td>Gift tax</td><td>37,745</td><td>46,918</td><td>2,803</td><td>4,086</td><td>741</td><td>800</td></tr><tr><td>Alcoholic beverage taxes: Distilled spirits (imported, excise) Distilled spirits (domestic, excise) Distilled spirits rectification tax Wines, cordials, etc. (imported, excise) Wines, cordials, etc. (domestic, excise) Brandy used for fortifying sweet wines (repealed as of July 1, 1940) Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes) Stamps for distilled spirits intended for export Case stamps for distilled spirits bottled in bond Container stamps Floor taxes Fermented malt liquors Brewers; dealers in malt liquors (special taxes) Total alcoholic beverage taxes</td><td>286,871 611,835 18,874 4,027 30,068 12 8,109 2 1,369 8,516 85,834 559,132 3,375 1,618,045</td><td>199,691 1,284,613 32,549 2,122 45,269 51 8,308 6 886 11,213 83,343 638,682 3,130 2,309,864</td><td>63,024 406,209 9,056 912 13,960 4,800 4 436 4,098 46,772 239,503 1,916 790,691 r</td><td>35,381 518,101 12,497 446 12,935 4,712 5 283 3,898 393 247,768 1,832 838,251</td><td>14,654 116,638 2,685 219 3,942 191 85 912 3,223 53,462 65 196,077</td><td>10,351 161,324 4,046 197 4,310 226 79 1,211 1,211 60,875 90 242,799</td></tr><tr><td>Tobacco taxes: Cigars (large) Cigars (small) Cigarettes (large) Cigarettes (small) Snuff Tobacco (chewing and smoking) Cigarette papers and tubes Leaf dealer penalties, etc. Cigarette end cigar floor taxes Total tobacco taxes</td><td>30,152 107 88 903,958 7,692 45,269 1,164 2 50 988,483</td><td>36,593 84 695 835,058 7,741 49,574 1,390 1 8 932,145</td><td>11,110 33 90 288,316 2,306 16,135 371 1 3 318,364</td><td>13,071 24 166 377,985 2,543 17,634 1,027 1 2 412,452</td><td>2,989 7 33 69,199 661 4,523 109 - 77,521</td><td>4,047 7 1 109,693 681 4,926 228 - 119,584</td></tr><tr><td>Stamp taxes: Bonds, issues of capital stock, deeds of conveyance, etc. Transfers of capital stock and similar interest sales Playing cards Silver bullion sales or transfers Total stamp taxes</td><td>26,243 17,096 7,414 47 50,800</td><td>33,157 24,852 7,493 25 65,572</td><td>10,468 7,458 2,572 3 20,617</td><td>12,747 7,844 2,976 65 23,633</td><td>3,340 1,288 725 2 5,345</td><td>3,943 1,907 871 63 6,734</td></tr></table>
(Continued on following page)
80
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections 1/ - (Continued
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal year</th><th colspan="2">First 4 months</th><th rowspan="2">October 1944</th><th rowspan="2">October 1945</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>52,473</td><td>92,865</td><td>24,120</td><td>32,811</td><td>5,819</td><td>7,001</td></tr><tr><td>Gasoline</td><td>271,217</td><td>405,563</td><td>130,135</td><td>154,369</td><td>38,775</td><td>43,813</td></tr><tr><td>Tires and tubes</td><td>40,309</td><td>75,257</td><td>22,045</td><td>28,646</td><td>4,902</td><td>8,031</td></tr><tr><td>Floor taxes on tires and tubes</td><td>25</td><td></td><td></td><td>37</td><td></td><td>37</td></tr><tr><td>Automobile trucks and buses</td><td>3,247</td><td>20,847</td><td>4,103</td><td>15,771</td><td>1,055</td><td>3,517</td></tr><tr><td>Other automobiles and motorcycles</td><td>1,222</td><td>2,558</td><td>539</td><td>2,707</td><td>159</td><td>544</td></tr><tr><td>Parts and accessories for automobiles</td><td>31,551</td><td>49,440</td><td>13,851</td><td>23,155</td><td>3,533</td><td>6,198</td></tr><tr><td>Electrical energy</td><td>51,239</td><td>57,004</td><td>16,499</td><td>19,673</td><td>4,071</td><td>7,116</td></tr><tr><td>Electric, gas, and oil appliances</td><td>5,027</td><td>12,060</td><td>3,361</td><td>5,242</td><td>701</td><td>1,546</td></tr><tr><td>Electric light bulbs and tube</td><td>5,368</td><td>11,035</td><td>3,405</td><td>6,285</td><td>639</td><td>3,395</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>255</td><td>55</td><td>17</td><td>17</td><td>3</td><td>(-91)</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>3,402</td><td>4,753</td><td>1,506</td><td>1,358</td><td>385</td><td>439</td></tr><tr><td>Photograph records</td><td>1,889</td><td>2,015</td><td>534</td><td>729</td><td>165</td><td>221</td></tr><tr><td>Musical instruments</td><td>533</td><td>927</td><td>191</td><td>459</td><td>61</td><td>157</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>2,406</td><td>1,637</td><td>526</td><td>1,066</td><td>128</td><td>242</td></tr><tr><td>Matches</td><td>8,671</td><td>9,349</td><td>2,795</td><td>3,518</td><td>647</td><td>733</td></tr><tr><td>Floor taxes on matches</td><td>55</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Business and store machines</td><td>3,760</td><td>10,120</td><td>2,154</td><td>4,322</td><td>595</td><td>1,205</td></tr><tr><td>Furs - retailers' excises</td><td>58,726</td><td>79,418</td><td>13,390</td><td>17,981</td><td>6,371</td><td>8,091</td></tr><tr><td>Jewelry - retailers' excises</td><td>113,373</td><td>184,220</td><td>46,515</td><td>59,569</td><td>12,834</td><td>16,361</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>8,343</td><td>73,851</td><td>21,323 r</td><td>23,811</td><td>6,098</td><td>6,804</td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 4/1/44)</td><td>4,777</td><td>6</td><td>5</td><td>7</td><td>1</td><td>-</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>8</td><td>73</td><td>4</td><td>4</td><td></td><td>2</td></tr><tr><td>Photographic apparatus</td><td>11,907</td><td>19,288</td><td>5,477</td><td>6,177</td><td>1,103</td><td>(-1,293)</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>295</td><td>228</td><td>39</td><td>24</td><td>13</td><td></td></tr><tr><td>Sporting goods</td><td>2,498</td><td>4,248</td><td>1,126</td><td>2,011</td><td>299</td><td>528</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>44,790</td><td>86,615</td><td>23,727</td><td>27,676</td><td>6,230</td><td>7,676</td></tr><tr><td>Washing machines (repealed as of 11/1/42)</td><td>32</td><td>4</td><td>4</td><td>1</td><td>-</td><td>7</td></tr><tr><td>Firearms, shells and cartridges</td><td>1,061</td><td>3,132</td><td>1,279</td><td>1,398</td><td>109</td><td>507</td></tr><tr><td>Pistols and revolvers</td><td>37</td><td>5</td><td>2</td><td>3</td><td></td><td>(-584)</td></tr><tr><td>Repealed taxes not listed above</td><td>98</td><td>35</td><td>5</td><td>3</td><td>2</td><td>1</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>728,694</td><td>1,206,616</td><td>338,683</td><td>438,829</td><td>94,656</td><td>122,295</td></tr></table>
<table><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bituminous Coal Act of 1937</td><td>1,403</td><td>35</td><td>10</td><td>15</td><td>2</td><td>2</td></tr><tr><td>Sugar Act of 1937</td><td>68,789</td><td>73,294</td><td>27,516</td><td>20,560</td><td>6,660</td><td>4,087</td></tr><tr><td>Telephones, telegraph, radio, and cable, leased</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>wires, etc.</td><td>141,275</td><td>208,018</td><td>67,176</td><td>76,546</td><td>17,983</td><td>24,246</td></tr><tr><td>Local telephone service</td><td>90,199</td><td>133,559</td><td>42,725</td><td>48,235</td><td>10,426</td><td>16,754</td></tr><tr><td>Transportation of oil by pipe lines</td><td>15,851</td><td>16,286</td><td>5,505</td><td>5,213</td><td>1,400</td><td>1,415</td></tr><tr><td>Transportation of persons, seats, berths</td><td>153,683</td><td>234,182</td><td>88,207</td><td>84,288</td><td>22,784</td><td>24,018</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>215,488</td><td>221,088</td><td>78,316</td><td>76,435</td><td>17,970</td><td>22,519</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>134,326</td><td>128,701</td><td>118,706</td><td>114,794</td><td>1,536</td><td>899</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>352</td><td>336</td><td>197</td><td>174</td><td>6</td><td>4</td></tr><tr><td>Leases of safe-deposit boxes</td><td>6,594</td><td>7,311</td><td>2,320</td><td>2,555</td><td>531</td><td>671</td></tr><tr><td>Admissione to theaters, concerts, etc.</td><td>178,553</td><td>300,589</td><td>106,445 r</td><td>115,451</td><td>26,364</td><td>35,696</td></tr><tr><td>Admissione to cabarets, roof gardens, etc.</td><td>26,726</td><td>56,877</td><td>19,208</td><td>23,150</td><td>4,734</td><td>6,694</td></tr><tr><td>Club dues and initiation fees</td><td>9,182</td><td>14,160</td><td>3,830</td><td>5,404</td><td>831</td><td>1,172</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>2,208</td><td>4,160</td><td>3,113</td><td>3,036</td><td>216</td><td>221</td></tr><tr><td>Coin operated devices</td><td>18,475</td><td>19,100</td><td>13,945</td><td>12,707</td><td>658</td><td>614</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour 2/3, and filled cheese</td><td>18</td><td>58</td><td>15</td><td>34</td><td>1</td><td>(-3)</td></tr><tr><td>Oleomargarine, including special taxes</td><td>4,084</td><td>5,503</td><td>2,057</td><td>1,971</td><td>373</td><td>388</td></tr><tr><td>Narcotics, including marijuana and special taxes</td><td>779</td><td>756</td><td>229</td><td>249</td><td>36</td><td>57</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>7,190</td><td>6,208</td><td>1,843</td><td>1,874</td><td>536 r</td><td>585</td></tr><tr><td>National Firearms Act</td><td>16</td><td>16</td><td>10</td><td>3</td><td>1</td><td></td></tr><tr><td>All other, including repealed taxes not listed above</td><td>201</td><td>180</td><td>5</td><td>2</td><td>72</td><td>1</td></tr><tr><td>Total miscellaneous taxes</td><td>1,075,401</td><td>1,430,428</td><td>581,380</td><td>592,699</td><td>113,119</td><td>140,039</td></tr><tr><td>Total miscellaneous internal revenue</td><td>5,353,336</td><td>6,959,634</td><td>2,604,007</td><td>2,852,312</td><td>543,877</td><td>705,907</td></tr><tr><td>Total internal revenue collections</td><td>40,119,510</td><td>43,800,338</td><td>12,915,472</td><td>13,133,585</td><td>2,487,738</td><td>2,839,127</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+1,565,477</td><td>+101,664</td><td>-598,880</td><td>-571,411</td><td>-607,262</td><td>-498,887</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>41,684,987</td><td>43,902,002</td><td>12,316,593</td><td>12,562,174</td><td>1,880,476</td><td>2,340,240</td></tr></table>
Source: (1) Total receipts from internal revenue; Daily Treasury Statements; (2) Detailed collections by type of tax; Reports of collections made by collectors of internal revenue. Revised. Less than $500. 1/ Excludes collections for certain trust accounts for territories and insular possessions, etc. 2/ Consists only of collections for which returns have been filed with the Collector of Internal Revenue. Collections under this act as shown in Daily Treasury Statements consist of withholdings deposited in Government depositories in addition to payments accompanying returns filed with the Collector of Internal Revenue. 3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was
4/ Current individual income tax collections for the fiscal year 1945 include payments on unforgiven portion of 1942 tax, due March 15, 1945, of $308,605 thousand for the period January 1, 1945 through April 30, 1945.
5/ Revisions represent payments on 1944 estimated tax (Form 1040 IS for 1944) previously classified as back taxes, now classified as current taxes.
6/ Represents collections under the Federal Insurance Contributions Act.
7/ Represents collections under the Federal Unemployment Tax Act.
8/ Represents collections under the Carriers' Tacking Act of 1937.
9/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
December 1945
81
MONETARY STATISTICS
82
Treasury Bulletin
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificate 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.3</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,543.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944</td><td>20,518.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1944-October</td><td>20,726.7</td><td>18,505.1</td><td>156.0</td><td>1,800.0</td><td>165.5</td></tr><tr><td>November</td><td>20,688.4</td><td>18,581.1</td><td>156.0</td><td>1,800.0</td><td>151.2</td></tr><tr><td>December</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945-January</td><td>20,549.8</td><td>18,426.0</td><td>156.0</td><td>1,800.0</td><td>167.7</td></tr><tr><td>February</td><td>20,506.0</td><td>18,398.3</td><td>156.0</td><td>1,800.0</td><td>151.6</td></tr><tr><td>March</td><td>20,418.7</td><td>18,313.6</td><td>156.0</td><td>1,800.0</td><td>149.0</td></tr><tr><td>April</td><td>20,373.6</td><td>18,259.7</td><td>156.0</td><td>1,800.0</td><td>157.8</td></tr><tr><td>May</td><td>20,270.2</td><td>18,163.3</td><td>156.0</td><td>1,800.0</td><td>150.4</td></tr><tr><td>June</td><td>20,213.0</td><td>18,106.6</td><td>156.0</td><td>1,800.0</td><td>150.3</td></tr><tr><td>July</td><td>20,152.4</td><td>18,032.5</td><td>156.0</td><td>1,800.0</td><td>163.9</td></tr><tr><td>August</td><td>20,087.8</td><td>17,977.3</td><td>156.0</td><td>1,800.0</td><td>151.8</td></tr><tr><td>September</td><td>20,072.8</td><td>17,949.4</td><td>156.0</td><td>1,800.0</td><td>167.3</td></tr><tr><td>October p.</td><td>20,036.5</td><td>17,930.9</td><td>156.0</td><td>1,800.0</td><td>149.6</td></tr></table>
Source: Daily Treasury Statements. p Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (e) the Gold Cer-
(b) the Redemption Fund - Federal Reserve notes. 
2/ Reserve against United States notes and Treasury notes of 1890. 
3/ Exclude gold in active portion of Exchange Stabilization Fund.
Treasury Gold Receipts
(In millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Newly-mined domestic gold</th><th>Gold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th></tr><tr><td>1940 - Jan-Mar....</td><td>46.77</td><td>739.62</td><td>2.93</td><td>789.32</td></tr><tr><td>Apr.-June....</td><td>46.37</td><td>1,480.79</td><td>3.14</td><td>1,530.30</td></tr><tr><td>July-Sept....</td><td>52.27</td><td>1,225.88</td><td>3.16</td><td>1,281.31</td></tr><tr><td>Oct.-Dec....</td><td>73.63</td><td>674.04</td><td>2.50</td><td>750.17</td></tr><tr><td>1941 - Jan-Mar....</td><td>49.67</td><td>320.20</td><td>2.59</td><td>372.46</td></tr><tr><td>Apr.-June....</td><td>30.91</td><td>224.76</td><td>1.90</td><td>257.07</td></tr><tr><td>July-Sept....</td><td>57.05</td><td>76.11</td><td>3.27</td><td>135.43</td></tr><tr><td>Oct.-Dec....</td><td>49.20</td><td>-75.91</td><td>2.31</td><td>-24.40</td></tr><tr><td>1942 - Jan-Mar....</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr.-June....</td><td>30.03</td><td>17.62</td><td>1.43</td><td>49.08</td></tr><tr><td>July-Sept....</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec....</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan-Mar....</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td></tr><tr><td>Apr.-June....</td><td>-3.01 3/</td><td>-187.03</td><td>1.77</td><td>-188.27</td></tr><tr><td>July-Sept....</td><td>6.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec....</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan-Mar....</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr><tr><td>Apr.-June....</td><td>-7.11 3/</td><td>-419.55</td><td>.31</td><td>-426.35</td></tr><tr><td>July-Sept....</td><td>-5.67 3/</td><td>-343.20</td><td>.87</td><td>-348.00</td></tr><tr><td>Oct.-Dec....</td><td>-12.70 3/</td><td>-194.36</td><td>.80</td><td>-206.26</td></tr><tr><td>1945 - Jan-Mar....</td><td>-17.89 3/</td><td>-183.33</td><td>1.10</td><td>-200.12</td></tr><tr><td>Apr.-June....</td><td>-18.48 3/</td><td>-188.08</td><td>.85</td><td>-205.71</td></tr><tr><td>July-Sept....</td><td>-14.70 3/</td><td>-126.32</td><td>.85</td><td>-140.17</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark.
2/ Comprises domestic coin, secondary gold, etc.
3/ Excess of sales of gold to domestic industry over receipts of newly-mined domestic gold.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,065.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>1944-October</td><td>20,726.7</td><td>3,889.0</td><td>15.8</td></tr><tr><td>November</td><td>20,688.4</td><td>3,876.5</td><td>15.8</td></tr><tr><td>December</td><td>20,618.2</td><td>3,870.6</td><td>15.8</td></tr><tr><td>1945-January</td><td>20,549.8</td><td>3,841.1</td><td>15.7</td></tr><tr><td>February</td><td>20,506.0</td><td>3,833.6</td><td>15.8</td></tr><tr><td>March</td><td>20,418.7</td><td>3,800.7</td><td>15.7</td></tr><tr><td>April</td><td>20,373.6</td><td>3,777.7</td><td>15.6</td></tr><tr><td>May</td><td>20,270.2</td><td>3,704.3</td><td>15.5</td></tr><tr><td>June</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>July</td><td>20,152.4</td><td>3,642.1</td><td>15.3</td></tr><tr><td>August</td><td>20,087.8</td><td>3,633.2</td><td>15.3</td></tr><tr><td>September</td><td>20,072.8</td><td>3,626.9</td><td>15.3</td></tr><tr><td>October p</td><td>20,036.5</td><td>3,566.2</td><td>15.1</td></tr></table>
Source: Daily Treasury Statement and Circulation Statements of United States Money. p Preliminary.
December 1945
83
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $.29 per ounce</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for Recoinage 1/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th><th></th></tr><tr><td>1936</td><td>775.9</td><td>505.7</td><td>5.7</td><td>.3</td><td>347.7</td><td>41.3</td><td>350.4</td><td>2,402.3</td></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td></td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,805.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td></td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td></td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td></td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td></td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td></td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1944-October</td><td>1,520.1</td><td>381.8</td><td>11.9</td><td>-</td><td>420.1</td><td>112.5</td><td>750.3</td><td>3,889.0</td></tr><tr><td>November</td><td>1,520.1</td><td>379.5</td><td>10.2</td><td>-</td><td>411.9</td><td>114.8</td><td>762.1</td><td>3,876.5</td></tr><tr><td>December</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945-January</td><td>1,520.1</td><td>375.4</td><td>14.3</td><td>-</td><td>393.8</td><td>118.6</td><td>772.4</td><td>3,841.1</td></tr><tr><td>February</td><td>1,520.1</td><td>374.0</td><td>14.0</td><td>.2</td><td>391.0</td><td>120.0</td><td>773.3</td><td>3,833.6</td></tr><tr><td>March</td><td>1,520.1</td><td>372.1</td><td>9.9</td><td>.1</td><td>378.2</td><td>121.9</td><td>779.9</td><td>3,800.7</td></tr><tr><td>April</td><td>1,520.1</td><td>370.6</td><td>20.2</td><td>.1</td><td>364.3</td><td>123.4</td><td>786.2</td><td>3,777.7</td></tr><tr><td>May</td><td>1,520.1</td><td>368.7</td><td>27.0</td><td>.2</td><td>332.3</td><td>125.3</td><td>795.8</td><td>3,704.3</td></tr><tr><td>June</td><td>1,520.3</td><td>366.8</td><td>24.2</td><td>.2</td><td>324.5</td><td>127.1</td><td>801.6</td><td>3,685.8</td></tr><tr><td>July</td><td>1,574.6</td><td>365.1</td><td>15.1</td><td>.2</td><td>287.8</td><td>128.8</td><td>814.6</td><td>3,642.1</td></tr><tr><td>August</td><td>1,587.5</td><td>363.3</td><td>14.9</td><td>-</td><td>277.3</td><td>130.6</td><td>822.7</td><td>3,633.2</td></tr><tr><td>September</td><td>1,619.9</td><td>361.7</td><td>13.9</td><td></td><td>261.4</td><td>132.2</td><td>829.5</td><td>3,626.9</td></tr><tr><td>October p</td><td>1,645.7</td><td>360.5</td><td>14.6</td><td>-</td><td>228.6</td><td>133.4</td><td>833.5</td><td>3,566.2</td></tr></table>
Source: Daily Treasury Statements and Circulation Statements of United States Money.
p Preliminary.
Lace than $50,000.
1/ Valued at $1.29+ per ounce.
2/ Valued at $1.38+ per ounce.
3/ Valued at $1.38+ per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th></th><th>Ounces</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>-</td><td>-</td><td>355.4</td><td>155.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>...</td><td>...</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</td><td>68.3</td><td>48.5</td><td>...</td><td>...</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>71.1</td><td>70.5</td><td>50.1</td><td>...</td><td>...</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>...</td><td>...</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>...</td><td>...</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr><tr><td>1944-September</td><td>2.3</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr><tr><td>October</td><td>2.9</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr><tr><td>November</td><td>3.1</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr><tr><td>December</td><td>3.2</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr><tr><td>1945-January</td><td>2.5</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr><tr><td>February</td><td>2.2</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr><tr><td>March</td><td>2.8</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr><tr><td>April</td><td>2.9</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr><tr><td>May</td><td>3.2</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr><tr><td>June</td><td>1.7</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr><tr><td>July</td><td>2.1</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr><tr><td>August</td><td>2.3</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr><tr><td>September</td><td>2.3</td><td>...</td><td>...</td><td>...</td><td>...</td><td>-</td><td>-</td><td>...</td><td>...</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures on U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures.
1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74.
2/ Acquired at 64.64 cents per fine ounce until April 9, 1935; at
71.11+ cents per fine ounce from that date until April 23, 1935; at 77.57+ cents from April 23, 1935 to December 31, 1937; at 64.64+ cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11+ cents since July 1, 1939.
3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1938, repealed April 28, 1938.
4/ Acquired at various prices averaging approximately 51 cents per ounce.
Treasury Bulletin
84
Signorage on Silver
(Cumulative from January 1, 1934 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="6">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 1st, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1934</td><td>4.5</td><td>48.7</td><td>.4</td><td></td><td>51.1</td><td>28.5</td><td>128.7</td><td>132.6</td></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td></td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td></td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td></td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td></td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1944-October</td><td>342.8</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>741.1</td></tr><tr><td>November</td><td>351.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>728.3</td></tr><tr><td>December</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945-January</td><td>365.8</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>697.3</td></tr><tr><td>February</td><td>367.7</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>692.5</td></tr><tr><td>March</td><td>369.1</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>670.9</td></tr><tr><td>April</td><td>380.1</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>646.2</td></tr><tr><td>May</td><td>394.0</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>589.2</td></tr><tr><td>June</td><td>400.0</td><td>48.7</td><td>87.6</td><td>65.5</td><td>584.3</td><td>34.7</td><td>820.8</td><td>575.0</td></tr><tr><td>July</td><td>403.2</td><td>48.7</td><td>87.6</td><td>65.5</td><td>619.0</td><td>34.7</td><td>855.5</td><td>510.7</td></tr><tr><td>August</td><td>409.9</td><td>48.7</td><td>87.6</td><td>65.5</td><td>627.2</td><td>34.7</td><td>863.7</td><td>491.6</td></tr><tr><td>September</td><td>414.7</td><td>48.7</td><td>87.6</td><td>65.5</td><td>647.9</td><td>34.7</td><td>884.4</td><td>463.2</td></tr><tr><td>October</td><td>419.6</td><td>48.7</td><td>87.6</td><td>65.5</td><td>664.4</td><td>34.7</td><td>900.9</td><td>404.8</td></tr></table>
Source: Daily Treasury Statements. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
December 1945
85
Money in Circulation
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 2/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 3/</th><th>National bank notes 3/</th></tr><tr><td>1936</td><td>6,241</td><td>5,755</td><td>101</td><td>955</td><td>1</td><td>278</td><td>4,002</td><td>52</td><td>366</td></tr><tr><td>1937</td><td>6,447</td><td>5,924</td><td>88</td><td>1,078</td><td>1</td><td>281</td><td>4,169</td><td>38</td><td>269</td></tr><tr><td>1938</td><td>6,451</td><td>5,934</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,484</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>564</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,067</td><td>527</td><td>120</td></tr><tr><td>1944-October</td><td>24,425</td><td>23,300</td><td>53</td><td>1,592</td><td>1</td><td>324</td><td>20,631</td><td>574</td><td>124</td></tr><tr><td>November</td><td>25,019</td><td>23,875</td><td>53</td><td>1,604</td><td>1</td><td>325</td><td>21,200</td><td>569</td><td>124</td></tr><tr><td>December</td><td>25,307</td><td>24,151</td><td>53</td><td>1,611</td><td>1</td><td>321</td><td>21,482</td><td>560</td><td>123</td></tr><tr><td>1945-January</td><td>25,290</td><td>24,140</td><td>53</td><td>1,561</td><td>1</td><td>316</td><td>21,533</td><td>554</td><td>123</td></tr><tr><td>February</td><td>25,751</td><td>24,593</td><td>53</td><td>1,583</td><td>1</td><td>320</td><td>21,954</td><td>550</td><td>122</td></tr><tr><td>March</td><td>25,899</td><td>24,729</td><td>53</td><td>1,589</td><td>1</td><td>320</td><td>22,100</td><td>544</td><td>122</td></tr><tr><td>April</td><td>26,189</td><td>25,009</td><td>52</td><td>1,593</td><td>1</td><td>321</td><td>22,384</td><td>537</td><td>121</td></tr><tr><td>May</td><td>26,528</td><td>25,331</td><td>52</td><td>1,652</td><td>1</td><td>322</td><td>22,651</td><td>533</td><td>121</td></tr><tr><td>June</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>July</td><td>27,108</td><td>25,885</td><td>52</td><td>1,731</td><td>1</td><td>322</td><td>23,139</td><td>521</td><td>119</td></tr><tr><td>August</td><td>27,635</td><td>26,449</td><td>52</td><td>1,754</td><td>1</td><td>322</td><td>23,685</td><td>517</td><td>119</td></tr><tr><td>September</td><td>27,826</td><td>26,582</td><td>52</td><td>1,762</td><td>1</td><td>318</td><td>23,818</td><td>513</td><td>119</td></tr><tr><td>October p</td><td>28,029</td><td>26,777</td><td>51</td><td>1,795</td><td>1</td><td>316</td><td>23,989</td><td>506</td><td>118</td></tr></table>
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Coin</th><th rowspan="2">Money in circulation per capita (in dollars)</th></tr><tr><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th></tr><tr><td>1936</td><td>486</td><td>35</td><td>316</td><td>135</td><td>$ 48.60</td></tr><tr><td>1937</td><td>523</td><td>38</td><td>341</td><td>144</td><td>49.88</td></tr><tr><td>1938</td><td>527</td><td>39</td><td>342</td><td>146</td><td>49.62</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>361</td><td>155</td><td>53.72</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>59.47</td></tr><tr><td>1941</td><td>680</td><td>53</td><td>433</td><td>194</td><td>72.16</td></tr><tr><td>1942</td><td>783</td><td>66</td><td>504</td><td>213</td><td>91.88</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>127.64</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>163.07</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.66</td></tr><tr><td>1944-October</td><td>1,125</td><td>111</td><td>738</td><td>276</td><td>176.39</td></tr><tr><td>November</td><td>1,144</td><td>113</td><td>751</td><td>280</td><td>180.52</td></tr><tr><td>December</td><td>1,156</td><td>116</td><td>758</td><td>282</td><td>182.19</td></tr><tr><td>1945-January</td><td>1,150</td><td>117</td><td>751</td><td>282</td><td>181.95</td></tr><tr><td>February</td><td>1,158</td><td>118</td><td>757</td><td>283</td><td>185.15</td></tr><tr><td>March</td><td>1,170</td><td>120</td><td>765</td><td>285</td><td>186.11</td></tr><tr><td>April</td><td>1,180</td><td>122</td><td>772</td><td>287</td><td>188.08</td></tr><tr><td>May</td><td>1,196</td><td>123</td><td>784</td><td>290</td><td>190.41</td></tr><tr><td>June</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.86</td></tr><tr><td>July</td><td>1,223</td><td>127</td><td>800</td><td>296</td><td>194.02</td></tr><tr><td>August</td><td>1,236</td><td>129</td><td>808</td><td>299</td><td>197.99</td></tr><tr><td>September</td><td>1,243</td><td>130</td><td>812</td><td>301</td><td>198.82</td></tr><tr><td>October p</td><td>1,252</td><td>131</td><td>818</td><td>303</td><td>200.10</td></tr></table>
Source: Circulation Statements of United States Money and Annual Report of the Secretary of the Treasury for 1944, pages 774-777. p 1/ Preliminary. Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of the
United States. Includes paper currency held outside the continental limits of the United States.
2/ Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury.
3/ Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
36
Treasury Bulletin
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES
December 1945
87
Capital Movements Between the United States and Foreign Countries
Section I - Summary
Table 1.- Summary of Net Capital Movement 1935 - 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,412,486</td><td>964,629</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,195,922</td><td>397,342</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>801,915</td><td>255,594</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>415,256</td><td>331,268</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,383</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>706,380</td><td>852,928</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-496,923</td><td>-286,622</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>604,321</td><td>561,573</td><td>3,513</td><td>46,599</td><td>-7,354</td></tr><tr><td>1943</td><td>1,283,593</td><td>1,164,758</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>357,154</td><td>44,394</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945 (Jan. 1, 1945-June 30, 1945)</td><td>596,183</td><td>603,617</td><td>5,466</td><td>-63,395</td><td>50,495</td></tr><tr><td>Total (Jan. 2, 1935-June 30, 1945)</td><td>8,071,922</td><td>6,021,864</td><td>131,750</td><td>848,437</td><td>1,069,871</td></tr><tr><td>1942-January (Jan. 1-Jan. 28)</td><td>-66,927</td><td>-74,305</td><td>1,175</td><td>4,264</td><td>1,939</td></tr><tr><td>February (Jan. 29-Feb. 25)</td><td>-94,698</td><td>-88,565</td><td>-59</td><td>-4,782</td><td>-1,292</td></tr><tr><td>March (Feb. 26-Apr. 1)</td><td>13,345 1/</td><td>19,020 1/</td><td>2,297</td><td>-1,329</td><td>-6,643</td></tr><tr><td>April (Apr. 2-Apr. 29)</td><td>227,185</td><td>232,238</td><td>-370</td><td>1,687</td><td>-6,370</td></tr><tr><td>May (Apr. 30-June 3)</td><td>103,821</td><td>100,712</td><td>640</td><td>2,458</td><td>11</td></tr><tr><td>June (June 4-June 30)</td><td>81,881 2/</td><td>81,602 2/</td><td>1,692</td><td>2,961</td><td>-4,374 2/</td></tr><tr><td>July</td><td>47,282</td><td>58,078</td><td>-2,593</td><td>1,303</td><td>-9,506</td></tr><tr><td>August</td><td>57,345</td><td>48,413</td><td>251</td><td>9,427</td><td>-746</td></tr><tr><td>September</td><td>55,018</td><td>46,121</td><td>3,574</td><td>3,401</td><td>1,922</td></tr><tr><td>October</td><td>39,788</td><td>23,382</td><td>-3,331</td><td>8,146</td><td>11,591</td></tr><tr><td>November</td><td>66,905</td><td>57,538</td><td>-90</td><td>6,725</td><td>2,732</td></tr><tr><td>December</td><td>73,376</td><td>57,339</td><td>327</td><td>12,338</td><td>3,372</td></tr><tr><td>1943-January</td><td>72,750</td><td>151,809</td><td>2,658</td><td>5,205</td><td>-86,922</td></tr><tr><td>February</td><td>107,175</td><td>119,683</td><td>-600</td><td>-2,505</td><td>-9,405</td></tr><tr><td>March</td><td>132,152</td><td>61,505</td><td>2,134</td><td>9,881</td><td>58,632</td></tr><tr><td>April</td><td>65,206</td><td>58,289</td><td>922</td><td>6,937</td><td>-942</td></tr><tr><td>May</td><td>70,330</td><td>74,311</td><td>-1,027</td><td>-389</td><td>-2,565</td></tr><tr><td>June</td><td>223,795</td><td>224,845</td><td>3,662</td><td>-4,537</td><td>-175</td></tr><tr><td>July</td><td>49,592</td><td>58,720</td><td>420</td><td>4,392</td><td>-13,940</td></tr><tr><td>August</td><td>170,342</td><td>59,027</td><td>1,698</td><td>-5,283</td><td>114,900</td></tr><tr><td>September</td><td>45,011 3/</td><td>1,903 3/</td><td>565</td><td>21,044</td><td>21,499</td></tr><tr><td>October</td><td>133,267</td><td>135,679</td><td>-747</td><td>-687</td><td>-978</td></tr><tr><td>November</td><td>168,979</td><td>163,436</td><td>1,304</td><td>2,715</td><td>1,524</td></tr><tr><td>December</td><td>44,994</td><td>55,551</td><td>2,383</td><td>-9,008</td><td>-3,932</td></tr><tr><td>1944-January</td><td>154,350</td><td>155,209</td><td>-713</td><td>-6,005</td><td>5,859</td></tr><tr><td>February</td><td>145,622</td><td>147,637</td><td>1,831</td><td>3,686</td><td>-7,532</td></tr><tr><td>March</td><td>44,341 5/</td><td>76,736 5/</td><td>684</td><td>-12,985</td><td>-20,094</td></tr><tr><td>April</td><td>1,405</td><td>1,038</td><td>-1,289</td><td>411</td><td>1,245</td></tr><tr><td>May</td><td>-5,438</td><td>1,151</td><td>1,616</td><td>-6,082</td><td>-2,123</td></tr><tr><td>June</td><td>764</td><td>-47,329</td><td>-747</td><td>22,268</td><td>26,572</td></tr><tr><td>July</td><td>-36,215</td><td>-116,872</td><td>119</td><td>4,525</td><td>76,013</td></tr><tr><td>August</td><td>17,480</td><td>10,534</td><td>650</td><td>2,445</td><td>3,851</td></tr><tr><td>September</td><td>-9,953</td><td>-57,289</td><td>2,313</td><td>28,454</td><td>16,569</td></tr><tr><td>October</td><td>29,275</td><td>26,852</td><td>4,911</td><td>-2,061</td><td>-427</td></tr><tr><td>November</td><td>70,296</td><td>76,248</td><td>-2,141</td><td>-3,339</td><td>-472</td></tr><tr><td>December</td><td>-54,773 6/</td><td>-229,521 6/</td><td>1,295</td><td>179,418</td><td>-5,965</td></tr><tr><td>1945-January</td><td>157,405 7/</td><td>153,895 7/</td><td>-195</td><td>-2,808</td><td>6,513</td></tr><tr><td>February</td><td>122,225</td><td>174,973</td><td>3,840</td><td>-64,055</td><td>7,467</td></tr><tr><td>March</td><td>-16,298</td><td>11,310</td><td>521</td><td>-24,388</td><td>-3,711</td></tr><tr><td>April</td><td>58,274</td><td>44,446</td><td>-78</td><td>-18,079</td><td>31,985</td></tr><tr><td>May</td><td>60,394</td><td>47,306</td><td>3,209</td><td>-17,489</td><td>27,338</td></tr><tr><td>June</td><td>214,213</td><td>171,687</td><td>-1,831</td><td>63,424</td><td>-19,067</td></tr></table>
Footnotes appear on pages 91 and 92.
88
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, January 1942 - June 1945
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1942</th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-(Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+163,713</td><td>-28,521</td><td>-30,796</td><td>+37,519</td><td>-24,200</td><td>+61,117</td><td>+24,356 2c</td><td>+24,416</td><td>+26,976</td><td>+26,566</td><td>+18,306</td><td>-3,785</td><td>+31,759</td></tr><tr><td>France</td><td>-14,018</td><td>-1,473</td><td>-4,082</td><td>-2,689</td><td>-296</td><td>-1,735</td><td>+1,606</td><td>+1,924</td><td>-5,012</td><td>-614</td><td>-1,254</td><td>-3,548</td><td>+3,155</td></tr><tr><td>Belgium</td><td>+1,489</td><td>+277</td><td>+737</td><td>+311</td><td>-503</td><td>-876</td><td>-426</td><td>-1,535</td><td>-6,661</td><td>+7,482</td><td>-272</td><td>+4,520</td><td>-1,505</td></tr><tr><td>Germany</td><td>-403</td><td>+279</td><td>-1,151</td><td>+3</td><td>+4</td><td>+11</td><td>-268</td><td>-114</td><td>+7,905</td><td>-7,555</td><td>-143</td><td>+141</td><td>+485</td></tr><tr><td>Italy</td><td>-2,473</td><td>+534</td><td>+138</td><td>-4,390</td><td>-18</td><td>+570</td><td>+180</td><td>+487</td><td>+608</td><td>+116</td><td>+170</td><td>-943</td><td>+75</td></tr><tr><td>Netherlande</td><td>+9,612</td><td>-3,649</td><td>+360</td><td>-3,625</td><td>+9,729</td><td>+9,506</td><td>+1,134</td><td>-1,781</td><td>-3,884</td><td>+808</td><td>-1,010</td><td>+7</td><td>+2,017</td></tr><tr><td>Sweden</td><td>-59,296</td><td>-1,032</td><td>-21,078</td><td>-18,638</td><td>-2,764</td><td>-23,530</td><td>+2,690</td><td>+1,169</td><td>+1,151</td><td>-1,719</td><td>+1,307</td><td>+1,243</td><td>+1,905</td></tr><tr><td>Switzerland</td><td>-133,658</td><td>-35,195</td><td>-40,579</td><td>-53,475</td><td>+1,045</td><td>+1,189</td><td>-100</td><td>-7,092</td><td>+3,477</td><td>+6,956</td><td>-5,939</td><td>-3,172</td><td>-813</td></tr><tr><td>Other Europe</td><td>+16,829</td><td>+10,356</td><td>-17,732</td><td>-1,195</td><td>-2,212</td><td>+7,274</td><td>+1,888</td><td>+4,562</td><td>+3,125</td><td>+12,059</td><td>+2,706</td><td>+8,730</td><td>-12,732</td></tr><tr><td>Total Europe</td><td>-18,205</td><td>-58,424</td><td>-114,143</td><td>-46,179</td><td>-19,215</td><td>+53,526</td><td>+31,060 2c</td><td>+22,036</td><td>+27,685</td><td>+44,099</td><td>+13,871</td><td>+3,193</td><td>+24,286</td></tr><tr><td>Canada</td><td>+84,591</td><td>-3,609</td><td>-7,203</td><td>+49,285</td><td>+302</td><td>-31,519</td><td>+14,550 2c</td><td>-511</td><td>+7,536</td><td>+15,205</td><td>+16,647</td><td>+22,587</td><td>+1,321</td></tr><tr><td>Latin America</td><td>+268,291</td><td>-2,473</td><td>+21,981</td><td>+17,954</td><td>+22,244</td><td>+69,260</td><td>+32,508 2b</td><td>+32,730</td><td>+14,071</td><td>-3,871</td><td>-10,993</td><td>+48,767</td><td>+26,113</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchurie)</td><td>-98</td><td>+240</td><td>+1,280</td><td>-1,295</td><td>+13</td><td>+90</td><td>-28</td><td>+238</td><td>-25</td><td>-334</td><td>-164</td><td>+205</td><td>-318</td></tr><tr><td>Other Asia</td><td>+220,082</td><td>-10,459</td><td>+6,582</td><td>-2,687 1/</td><td>+212,975</td><td>+5,852</td><td>+4,472</td><td>-4,824</td><td>+3,390</td><td>+3,273</td><td>+11,318</td><td>-8,935</td><td>-884</td></tr><tr><td>Total Asia</td><td>+219,984</td><td>-10,219</td><td>+7,862</td><td>-3,982 1/</td><td>+212,988</td><td>+5,952</td><td>+4,444</td><td>-4,586</td><td>+3,365</td><td>+2,939</td><td>+11,154</td><td>-8,731</td><td>-1,202</td></tr><tr><td>All other</td><td>+49,660</td><td>+7,798</td><td>-3,195</td><td>-3,733</td><td>+10,866</td><td>+6,602</td><td>-681</td><td>-2,387</td><td>+4,688</td><td>-3,354</td><td>+9,109</td><td>+1,089</td><td>+22,858</td></tr><tr><td>Grand total</td><td>+604,321</td><td>-66,927</td><td>-94,698</td><td>+13,345 1/</td><td>+227,185</td><td>+103,821</td><td>+81,881 2/</td><td>+47,282</td><td>+57,345</td><td>+55,018</td><td>+39,788</td><td>+66,905</td><td>+73,376</td></tr></table>
(Continued on following page)
December 1945
89
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I
Summary - (Continued)
Table 2.- Net Capital Movements, by Countries, January 1942 - June 1945 - (Continu
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+91,932</td><td>+97,503</td><td>+22,178</td><td>+29,403</td><td>+54,012</td><td>+1,966</td><td>+93,548</td><td>+71,480</td><td>+77,201</td><td>+37,902</td><td>+79,211</td><td>+11,070</td><td>+39,494</td></tr><tr><td>France</td><td>+10,990</td><td>+1,733</td><td>+813</td><td>-3,003</td><td>+2,288</td><td>+4,328</td><td>+4,850</td><td>+4,493</td><td>+1,283</td><td>-2,94518/</td><td>-5,632</td><td>+1,189</td><td>+1,593</td></tr><tr><td>Belgium</td><td>+2,952</td><td>+1,614</td><td>+190</td><td>+526</td><td>+293</td><td>+807</td><td>-2,510</td><td>-1,718</td><td>+481</td><td>+1,416</td><td>+479</td><td>+1,097</td><td>+277</td></tr><tr><td>Denmark</td><td>-1,865</td><td>-72</td><td>+2,222</td><td>-725</td><td>-1,277</td><td>-927</td><td>+292</td><td>-603</td><td>-251</td><td>-103</td><td>-294</td><td>+449</td><td>+322</td></tr><tr><td>Finland</td><td>-1,992</td><td>+83</td><td>-339</td><td>+365</td><td>-158</td><td>+132</td><td>-845</td><td>+270</td><td>-182</td><td>+138</td><td>-158</td><td>-757</td><td>-531</td></tr><tr><td>Germany</td><td>-926</td><td>+159</td><td>-30</td><td>+59</td><td>-160</td><td>+58</td><td>+29</td><td>-139</td><td>-537</td><td>+42</td><td>-202</td><td>-150</td><td>-55</td></tr><tr><td>Greece</td><td>+4,525</td><td>+108</td><td>+99</td><td>+188</td><td>-130</td><td>-89</td><td>-73</td><td>+65</td><td>-36</td><td>-163</td><td>+492</td><td>+3,115</td><td>+949</td></tr><tr><td>Italy</td><td>+112</td><td>+513</td><td>-211</td><td>-704</td><td>-744</td><td>-625</td><td>+52</td><td>+89</td><td>+681</td><td>+367</td><td>+715</td><td>+212</td><td>-233</td></tr><tr><td>Luxembourg</td><td>+268</td><td>+278</td><td>-104</td><td>-9</td><td>-45</td><td>+96</td><td>-79</td><td>+4</td><td>+30</td><td>+249</td><td>-93</td><td>+56</td><td>-115</td></tr><tr><td>Netherlands</td><td>+13,690</td><td>-916</td><td>+1,031</td><td>+5,793</td><td>+680</td><td>+1,078</td><td>-330</td><td>+2,222</td><td>-2,020</td><td>+1,449</td><td>+3,029</td><td>-2,371</td><td>+1,045</td></tr><tr><td>Norway</td><td>+29,402</td><td>+8,321</td><td>-10</td><td>+5,846</td><td>+410</td><td>+2,187</td><td>-80</td><td>+1,734</td><td>+3,107</td><td>+2,211</td><td>-522</td><td>+3,307</td><td>+2,891</td></tr><tr><td>Portugal</td><td>+18,826</td><td>-1,993</td><td>+1,229</td><td>+1,739</td><td>-7,996</td><td>+1,353</td><td>+1,056</td><td>+1,731</td><td>+2,809</td><td>+1,693</td><td>+11,498</td><td>+1,976</td><td>+3,731</td></tr><tr><td>Romania</td><td>-116</td><td>+60</td><td>-25</td><td>+6</td><td>-6</td><td>+19</td><td>-1</td><td>-13</td><td>-5</td><td>+16</td><td>+69</td><td>-217</td><td>-19</td></tr><tr><td>Spain</td><td>+14,379</td><td>-830</td><td>+2,846</td><td>-3,048</td><td>-1,867</td><td>+458</td><td>+2,497</td><td>+3,102</td><td>+4,419</td><td>-3,774</td><td>+5,110</td><td>+1,010</td><td>+1,456</td></tr><tr><td>Sweden</td><td>+20,993</td><td>-387</td><td>+2,651</td><td>+1,906</td><td>+6,390</td><td>+3,695</td><td>+609</td><td>+4,211</td><td>+3,086</td><td>-2,67630/</td><td>+267</td><td>+3,251</td><td>+6,412</td></tr><tr><td>Switzerland</td><td>+37,021</td><td>-681</td><td>-5,597</td><td>+10,682</td><td>-49</td><td>+995</td><td>+8,019</td><td>+2,784</td><td>+9,119</td><td>+2,840</td><td>-2,480</td><td>+11,079</td><td>+310</td></tr><tr><td>U. S. S. R.</td><td>-1,409</td><td>+2,009</td><td>+4,698</td><td>-197</td><td>-97</td><td>+2,859</td><td>-2,161</td><td>-1,943</td><td>+1,915</td><td>+1,603</td><td>+323</td><td>+1,150</td><td>-5,373</td></tr><tr><td>Yugoslavia</td><td>-7,765</td><td>+91</td><td>-41</td><td>+39</td><td>-99</td><td>-2,973</td><td>+339</td><td>-81</td><td>-4,911</td><td>-179</td><td>+131</td><td>+45</td><td>-36</td></tr><tr><td>Other Europe</td><td>+25,720</td><td>+438</td><td>+3,659</td><td>+3,658</td><td>+6,852</td><td>+3,804</td><td>+7,400</td><td>+681</td><td>+1,463</td><td>-1,206</td><td>+2,486</td><td>-428</td><td>-3,087</td></tr><tr><td>Total Europe</td><td>+584,737</td><td>-86,975</td><td>+35,259</td><td>+52,524</td><td>+58,297</td><td>+19,221</td><td>+112,612</td><td>+79,947</td><td>+97,653</td><td>+35,674 3/</td><td>+94,419</td><td>+34,105</td><td>+52,001</td></tr><tr><td>Canada</td><td>+335,199</td><td>+164,921</td><td>+45,152</td><td>+16,669</td><td>+4,108</td><td>-15,692</td><td>+42,813</td><td>+61,487</td><td>+76,692</td><td>+16,793</td><td>+36,906</td><td>+91,404</td><td>-83,080</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-1,509</td><td>-3,145</td><td>-1,296</td><td>+1,613</td><td>-2,503</td><td>+2,398</td><td>-374</td><td>+1,498</td><td>+2,932</td><td>-1,125</td><td>+5,275</td><td>-9,488</td><td>+2,706</td></tr><tr><td>Bolivia</td><td>+3,201</td><td>+1,050</td><td>+2,694</td><td>+239</td><td>-1,126</td><td>+451</td><td>+663</td><td>-25</td><td>-165</td><td>-24</td><td>-287</td><td>-1,412</td><td>+2,445</td></tr><tr><td>Brazil</td><td>+30,152</td><td>+448</td><td>+11,291</td><td>+6,293</td><td>-7,796</td><td>+16,355</td><td>+7,678</td><td>+9,037</td><td>-1,708</td><td>-4,035</td><td>-12,191</td><td>+831</td><td>+4,845</td></tr><tr><td>Chile</td><td>+19,514</td><td>+8,253</td><td>-5,306</td><td>-2,468</td><td>+3,095</td><td>+2,922</td><td>+8,572</td><td>+236</td><td>+5,743</td><td>-1,805</td><td>+1,335</td><td>+3,590</td><td>+1,653</td></tr><tr><td>Colombia</td><td>+34,599</td><td>+3,639</td><td>+2,013</td><td>+6,510</td><td>-6,161</td><td>+5,060</td><td>+6,199</td><td>+185</td><td>-137</td><td>+1,670</td><td>+3,148</td><td>+4,037</td><td>+7,436</td></tr><tr><td>Costa Rica</td><td>-266</td><td>+1,092</td><td>+584</td><td>+734</td><td>+866</td><td>+1,102</td><td>+1,764</td><td>-5,338</td><td>+55</td><td>-615</td><td>-2</td><td>-50</td><td>-458</td></tr><tr><td>Cuba</td><td>-33,171</td><td>-4,152</td><td>-1,458</td><td>-6,353</td><td>+3,703</td><td>+3,535</td><td>-20,444</td><td>+14,111</td><td>-2,975</td><td>-2,183</td><td>-11,705</td><td>-3,370</td><td>-1,876</td></tr><tr><td>French West Indies and Guiana</td><td>-2,067</td><td>+563</td><td>-44</td><td>-587</td><td>-88</td><td>+33</td><td>-311</td><td>+191</td><td>-2,036</td><td>-17</td><td>+24</td><td>-46</td><td>+251</td></tr><tr><td>Mexico</td><td>-28,231</td><td>-21,162</td><td>-4,257</td><td>-380</td><td>+4,512</td><td>+17,708</td><td>+10,113</td><td>+9,519</td><td>+40,609</td><td>-13,706</td><td>+725</td><td>+3,250</td><td>+6,056</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20,403</td><td>+1,143</td><td>-659</td><td>-1,048</td><td>+491</td><td>+12,958</td><td>+1,332</td><td>-879</td><td>+643</td><td>+232</td><td>+540</td><td>+5,246</td><td>+405</td></tr><tr><td>Panama</td><td>+28,547</td><td>+2,352</td><td>+3,347</td><td>+5,001</td><td>+966</td><td>+2,826</td><td>+2,405</td><td>-1,933</td><td>+4,484</td><td>-388</td><td>+5,803</td><td>+488</td><td>+3,196</td></tr><tr><td>Peru</td><td>+1,399</td><td>-1,218</td><td>+994</td><td>-2</td><td>-1,132</td><td>+567</td><td>+2,409</td><td>+213</td><td>+1,165</td><td>-455</td><td>+1,779</td><td>-4,237</td><td>+1,316</td></tr><tr><td>Venezuela</td><td>+4,683</td><td>+192</td><td>+1,253</td><td>+3,123</td><td>-1,284</td><td>-1,527</td><td>+1,582</td><td>+2,744</td><td>-4,324</td><td>+706</td><td>+213</td><td>+3,398</td><td>-143</td></tr><tr><td>Other Latin America</td><td>+37,877</td><td>+5,052</td><td>+11,253</td><td>+10,389</td><td>+8,789</td><td>-232</td><td>+5,314</td><td>-6,365</td><td>-24</td><td>+931</td><td>+1,077</td><td>-151</td><td>+1,874</td></tr><tr><td>Total Latin America</td><td>+115,131</td><td>-6,789</td><td>+19,159</td><td>+23,064</td><td>+2,332</td><td>+61,254</td><td>+26,902</td><td>+23,194</td><td>-36,990</td><td>-18,215</td><td>-4,265</td><td>+2,086</td><td>+23,400</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+222,629</td><td>+1,797</td><td>-6,607</td><td>+28,583</td><td>+9,574</td><td>+7,096</td><td>+21,930</td><td>+13,453</td><td>+22,762</td><td>+15,526</td><td>+15,130</td><td>+24,215</td><td>+69,170</td></tr><tr><td>French Indo-China</td><td>-105</td><td>+6</td><td>-361</td><td>-52</td><td>-1</td><td>+120</td><td>+10</td><td>+153</td><td>+108</td><td>-49</td><td>-65</td><td>+6</td><td>+20</td></tr><tr><td>Hong Kong</td><td>-17,831</td><td>-261</td><td>-823</td><td>+750</td><td>-7,557</td><td>-32</td><td>-10,656</td><td>+487</td><td>+133</td><td>+763</td><td>-450</td><td>+32</td><td>-217</td></tr><tr><td>India, Burma, and Ceylon</td><td>+4,773</td><td>+3,130</td><td>+2,655</td><td>-2,874</td><td>-3,619</td><td>+4,466</td><td>+4,133</td><td>-7,202</td><td>-115</td><td>-728</td><td>-1,910</td><td>+1,633</td><td>+5,204</td></tr><tr><td>British Malaya</td><td>+73</td><td>-87</td><td>+60</td><td>+35</td><td>-43</td><td>+7</td><td>+231</td><td>-23</td><td>+20</td><td>-12</td><td>+60</td><td>-162</td><td>-13</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-774</td><td>+40</td><td>-97</td><td>-529</td><td>-44</td><td>+4</td><td>-13</td><td>+30</td><td>-16</td><td>+36</td><td>-30</td><td>-28</td><td>-127</td></tr><tr><td>Netherlands East Indies</td><td>-14,921</td><td>-2,022</td><td>-5,034</td><td>+1,979</td><td>+5,158</td><td>-14,781</td><td>+1,467</td><td>-5,844</td><td>+1,580</td><td>-4,544</td><td>+1,115</td><td>+7,650</td><td>-1,645</td></tr><tr><td>Philippine Islands</td><td>+1,469</td><td>-293</td><td>+332</td><td>+508</td><td>-255</td><td>+103</td><td>+815</td><td>-239</td><td>-229</td><td>+251</td><td>+1,346</td><td>-147</td><td>-763</td></tr><tr><td>Turkey</td><td>+4,229</td><td>-7,257</td><td>+10,399</td><td>+14,477</td><td>-3,243</td><td>+5,317</td><td>-2,730</td><td>+2,506</td><td>+720</td><td>+2,109</td><td>+1,627</td><td>+4,653</td><td>+4,605</td></tr><tr><td>Other Asia</td><td>+25,887</td><td>+3,429</td><td>+6,576</td><td>+6,722</td><td>+497</td><td>-314</td><td>-91</td><td>-270</td><td>+245</td><td>+1,048</td><td>+6,86046/</td><td>+2,982</td><td>-823</td></tr><tr><td>Total Asia</td><td>+225,409</td><td>-1,518</td><td>+7,100</td><td>+20,645</td><td>-527</td><td>+1,985</td><td>+15,096</td><td>+3,051</td><td>+25,208</td><td>+14,440</td><td>+23,68346/</td><td>+40,634</td><td>+75,411</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+4,151</td><td>+2,317</td><td>+1,239</td><td>+900</td><td>+3,947</td><td>-4,761</td><td>+6,764</td><td>+2,937</td><td>+4,483</td><td>+4,601</td><td>-15,422</td><td>+10,042</td><td>-12,896</td></tr><tr><td>New Zealand</td><td>+754</td><td>-195</td><td>+831</td><td>-212</td><td>+2,097</td><td>-1,369</td><td>+940</td><td>-967</td><td>+748</td><td>+2,719</td><td>-927</td><td>-264</td><td>-1,151</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-730</td><td>+178</td><td>+137</td><td>-21</td><td>-45</td><td>-684</td><td>+497</td><td>-82</td><td>-274</td><td>-473</td><td>+245</td><td>-185</td><td>-23</td></tr><tr><td>French Morocco</td><td>+4,366</td><td>+2,616</td><td>+174</td><td>+1,275</td><td>+9,426</td><td>+3,018</td><td>-5,571</td><td>-4,226</td><td>+2,891</td><td>-3,505</td><td>-1,32946/</td><td>+2,889</td><td>-3,292</td></tr><tr><td>Union of South Africa</td><td>-7,565</td><td>-2,357</td><td>-966</td><td>-877</td><td>+2,286</td><td>+3,442</td><td>+832</td><td>-1,721</td><td>+1,087</td><td>-1,099</td><td>+2,007</td><td>-4417</td><td>-3,732</td></tr><tr><td>All other</td><td>+22,831</td><td>+388</td><td>-834</td><td>+18,091</td><td>-16,776</td><td>+10,574</td><td>+23,061</td><td>+8,928</td><td>+950</td><td>-5,876</td><td>-2,04646/</td><td>-12,528</td><td>-1,101</td></tr><tr><td>Total other countries</td><td>+23,807</td><td>+2,947</td><td>+581</td><td>+19,156</td><td>+935</td><td>+3,338</td><td>+26,523</td><td>+4,869</td><td>+8,389</td><td>-3,633</td><td>-17,47246/</td><td>+371</td><td>-22,195</td></tr><tr><td>Unidentified</td><td>-690</td><td>+164</td><td>-76</td><td>+94</td><td>+61</td><td>+225</td><td>-151</td><td>+18</td><td>-610</td><td>-48</td><td>-346/</td><td>+179</td><td>-543</td></tr><tr><td>Grand total</td><td>+1,283,593</td><td>+72,750</td><td>+107,175</td><td>+132,152</td><td>+65,206</td><td>+70,330</td><td>+223,795</td><td>+49,592</td><td>+170,342</td><td>+45,011 3/</td><td>+133,267</td><td>+168,979</td><td>+44,954</td></tr></table>
(Continued on following page)
90
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movements, by Countries, January 1942 - June 1945 -(Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-167,701</td><td>+72,758</td><td>-2,715</td><td>-37,630</td><td>+1,913</td><td>+33,490</td><td>-4,965</td><td>-59,089</td><td>-35,174</td><td>-99,312</td><td>-73,381</td><td>+25,223</td><td>+11,181</td></tr><tr><td>France</td><td>-51,178</td><td>-1,247</td><td>-5,570</td><td>+2,643</td><td>-147</td><td>+635</td><td>-1,541</td><td>+1,792</td><td>-33</td><td>+200</td><td>+1,960</td><td>-277</td><td>-49,493 6/</td></tr><tr><td>Belgium</td><td>-5,972</td><td>+1,799</td><td>-3,652</td><td>+2,499</td><td>+169</td><td>+1,896</td><td>-11,197</td><td>-313</td><td>+1,005</td><td>+1,644</td><td>-579</td><td>+93</td><td>+664</td></tr><tr><td>Denmark</td><td>+1,082</td><td>-241</td><td>-322</td><td>+522</td><td>-242</td><td>+539</td><td>-560</td><td>-317</td><td>+177</td><td>+492</td><td>-436</td><td>-265</td><td>+1,735</td></tr><tr><td>Finland</td><td>+7,182</td><td>-215</td><td>+248</td><td>-210</td><td>+193</td><td>-543</td><td>-290</td><td>-60</td><td>+8,444</td><td>-348</td><td>-11</td><td>-13</td><td>-13</td></tr><tr><td>Germany</td><td>+581</td><td>+7</td><td>+35</td><td>-45</td><td>+97</td><td>-74</td><td>-66</td><td>+52</td><td>+6</td><td>+39</td><td>+272</td><td>+69</td><td>+189</td></tr><tr><td>Greece</td><td>+4,731</td><td>-180</td><td>-139</td><td>+2,327</td><td>+38</td><td>+190</td><td>+132</td><td>+433</td><td>-191</td><td>+117</td><td>+2,429</td><td>-115</td><td>-310</td></tr><tr><td>Italy</td><td>+14,911</td><td>-251</td><td>-375</td><td>+489</td><td>+910</td><td>+755</td><td>+652</td><td>+2,608</td><td>+1,376</td><td>+1,818</td><td>+2,326</td><td>+2,989</td><td>+1,615 6/</td></tr><tr><td>Luxembourg</td><td>+49</td><td>+39</td><td>-86</td><td>-18</td><td>+42</td><td>+37</td><td>+5</td><td>-54</td><td>-43</td><td>+21</td><td>+87</td><td>-422</td><td>+441</td></tr><tr><td>Netherlands</td><td>+18,585</td><td>+1,493</td><td>-146</td><td>+5,731</td><td>+86</td><td>+1,174</td><td>-43</td><td>+724</td><td>-2,457</td><td>+3,885</td><td>+5,525</td><td>-1,321</td><td>+3,544</td></tr><tr><td>Norway</td><td>+29,608</td><td>+7,722</td><td>+15,677</td><td>+1,303</td><td>+8,415</td><td>+2,883</td><td>-14,549</td><td>-8,883</td><td>+9,010</td><td>+523</td><td>+8,109</td><td>-82</td><td>-522</td></tr><tr><td>Portugal</td><td>+1,909</td><td>+6,691</td><td>+11,040</td><td>-14,393</td><td>-8,413</td><td>-9,714</td><td>-2,226</td><td>+3,906</td><td>+1,453</td><td>+5,236</td><td>-259</td><td>+4,223</td><td>+4,365</td></tr><tr><td>Rumania</td><td>+249</td><td>+15</td><td>-51</td><td>+64</td><td>+182</td><td>-269</td><td>-4</td><td>-1</td><td>-32</td><td>+39</td><td>-14</td><td>+274</td><td>+46</td></tr><tr><td>Spain</td><td>+11,435</td><td>+716</td><td>+2,087</td><td>+443</td><td>+3,375</td><td>+11,678</td><td>+397</td><td>-1,181</td><td>+1,832</td><td>-5,314</td><td>-4,332</td><td>+2,560</td><td>-826</td></tr><tr><td>Sweden</td><td>-8,976</td><td>+1,048</td><td>+129</td><td>-13,555</td><td>+264</td><td>+2,706</td><td>+1,182</td><td>-170</td><td>-7,757</td><td>+2,730</td><td>+1,404</td><td>-1,145</td><td>+4,188</td></tr><tr><td>Switzerland</td><td>+35,190</td><td>-4,028</td><td>+3,933</td><td>+5,370</td><td>+193</td><td>+10,560</td><td>+1,645</td><td>+3,057</td><td>+1,887</td><td>+1,449</td><td>-3314</td><td>+1,565</td><td>+9,893</td></tr><tr><td>U. S. S. R.</td><td>+3,822</td><td>+3,328</td><td>+1,703</td><td>-569</td><td>-3,431</td><td>+1,207</td><td>+1,848</td><td>-8,177</td><td>-677</td><td>+290</td><td>+399</td><td>+4,666</td><td>+3,235</td></tr><tr><td>Yugoslavia</td><td>-4,199</td><td>-2,549</td><td>+78</td><td>-342</td><td>-18</td><td>-4</td><td>-128</td><td>+66</td><td>-172</td><td>+25</td><td>+25</td><td>-1,148</td><td>-32</td></tr><tr><td>Other Europe</td><td>-2,339</td><td>+1,172</td><td>-290</td><td>-2,177</td><td>+3,704</td><td>-91</td><td>-1,050</td><td>+68</td><td>-869</td><td>-976</td><td>-46</td><td>+561</td><td>-2,345</td></tr><tr><td>Total Europe</td><td>-111,031</td><td>+88,077</td><td>+21,483</td><td>-47,548</td><td>+7,730</td><td>+57,055</td><td>-30,758</td><td>-65,549</td><td>-22,215</td><td>-87,440</td><td>-56,856</td><td>+37,435</td><td>-12,445 6/</td></tr><tr><td>Canada</td><td>+216,056</td><td>+31,707</td><td>+86,860</td><td>+57,472</td><td>-62,657</td><td>-44,864</td><td>+3,952</td><td>+3,409</td><td>+39,179</td><td>+76,563</td><td>+62,486</td><td>+1,171</td><td>-39,222</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+54,256</td><td>+8,066</td><td>-11,170</td><td>+679</td><td>+3,491</td><td>+1,604</td><td>+8,117</td><td>+9,212</td><td>-2,380</td><td>+2,026</td><td>+8,780</td><td>+14,394</td><td>+11,437</td></tr><tr><td>Bolivia</td><td>+6,238</td><td>-605</td><td>+289</td><td>+1,940</td><td>-1,089</td><td>-339</td><td>+323</td><td>+260</td><td>+3,974</td><td>+586</td><td>+566</td><td>+1,582</td><td>-1,249</td></tr><tr><td>Brazil</td><td>+41,486</td><td>+9,235</td><td>+21,304</td><td>+12,330</td><td>-6,608</td><td>-1,230</td><td>-6,382</td><td>+9,937</td><td>+2,042</td><td>+2,453</td><td>-7,120</td><td>+7,482</td><td>-1,957</td></tr><tr><td>Chile</td><td>+10,004</td><td>+2,317</td><td>+306</td><td>+1,880</td><td>-235</td><td>+3,958</td><td>+14,971</td><td>-741</td><td>+1,074</td><td>-17,602</td><td>+79</td><td>+11,219</td><td>-2,588</td></tr><tr><td>Colombia</td><td>+16,567</td><td>-10,162</td><td>+3,548</td><td>+1,669</td><td>+3,878</td><td>+10,217</td><td>+3,871</td><td>+3,092</td><td>-564</td><td>+3,922</td><td>+2,907</td><td>-4,033</td><td>-1,778</td></tr><tr><td>Costa Rica</td><td>-5,519</td><td>+62</td><td>+525</td><td>+201</td><td>-2</td><td>-4,207</td><td>-570</td><td>-447</td><td>-105</td><td>-381</td><td>-147</td><td>-637</td><td>-189</td></tr><tr><td>Cuba</td><td>+42,298</td><td>-824</td><td>+3,030</td><td>+1,349</td><td>+7,934</td><td>-2,217</td><td>+39,006</td><td>+7,154</td><td>+250</td><td>-4,091</td><td>-5,852</td><td>+874</td><td>-4,315</td></tr><tr><td>French West Indies and Guiana</td><td>+1,771</td><td>-494</td><td>-52</td><td>+420</td><td>+153</td><td>+101</td><td>+375</td><td>+579</td><td>-219</td><td>+104</td><td>+826</td><td>-690</td><td>+1,265</td></tr><tr><td>Mexico</td><td>+22,540</td><td>+739</td><td>-13,400</td><td>+9,106</td><td>+13,234</td><td>+7,568</td><td>-4,140</td><td>+3,842</td><td>+6,790</td><td>+5,069</td><td>-1,566</td><td>+2,993</td><td>-7,695</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-5,420</td><td>-856</td><td>-504</td><td>-1,239</td><td>+2,169</td><td>+852</td><td>-2,341</td><td>+866</td><td>-2,290</td><td>-679</td><td>+619</td><td>-2,439</td><td>+4,22</td></tr><tr><td>Panama</td><td>+16,164</td><td>-1,601</td><td>-633</td><td>+3,335</td><td>+2,106</td><td>+3,925</td><td>-1,402</td><td>+2,313</td><td>+769</td><td>+2,151</td><td>+1,816</td><td>+1,602</td><td>+1,783</td></tr><tr><td>Peru</td><td>+10,427</td><td>+1,843</td><td>+620</td><td>-1,925</td><td>-131</td><td>+2,065</td><td>+507</td><td>-1,758</td><td>+1,281</td><td>+3,335</td><td>+1,084</td><td>+1,893</td><td>+1,613</td></tr><tr><td>Venezuela</td><td>+6,206</td><td>+1,016</td><td>-2,642</td><td>+3,938</td><td>+5,041</td><td>-8,422</td><td>-1,680</td><td>+974</td><td>+975</td><td>+7,556</td><td>+8,261</td><td>-11,481</td><td>+2,670</td></tr><tr><td>Other Latin America</td><td>+25,749</td><td>+10,902</td><td>-1,844</td><td>-972</td><td>+9,250</td><td>+969</td><td>+7,045</td><td>+801</td><td>-4,834</td><td>+2,474</td><td>-2,634</td><td>+5,313</td><td>-721</td></tr><tr><td>Total Latin America</td><td>+242,767</td><td>+15,004</td><td>-623</td><td>+32,711</td><td>+39,191</td><td>+14,844</td><td>+57,700</td><td>+36,084</td><td>+6,763</td><td>+6,923</td><td>+7,019</td><td>+28,072</td><td>-921</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+23,975</td><td>+11,113</td><td>+30,040</td><td>+25,016</td><td>-812</td><td>-424</td><td>+1,339</td><td>-16,868</td><td>-3,901</td><td>-3,962</td><td>+2,176</td><td>-10,250</td><td>-9,492</td></tr><tr><td>French Indo-China</td><td>-2</td><td>-12</td><td>+21</td><td>-6</td><td>+6</td><td>-10</td><td>+4</td><td>-47</td><td>+42</td><td>-13</td><td>-3</td><td>+10</td><td>+6</td></tr><tr><td>Hong Kong</td><td>-1,425</td><td>-675</td><td>+327</td><td>+1,047</td><td>+56</td><td>-34</td><td>-1,071</td><td>+195</td><td>+101</td><td>+46</td><td>-691</td><td>-142</td><td>-584</td></tr><tr><td>India, Burma, and Ceylon</td><td>-16,043</td><td>+877</td><td>-3,141</td><td>-6,749</td><td>+9,375</td><td>-49</td><td>-990</td><td>+8,847</td><td>+123</td><td>-3,417</td><td>+193</td><td>+14,396</td><td>-35,508</td></tr><tr><td>British Malaya</td><td>+768</td><td>+18</td><td>+113</td><td>+434</td><td>-237</td><td>-79</td><td>+143</td><td>+38</td><td>+208</td><td>+8</td><td>-2</td><td>+68</td><td>+56</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-298</td><td>-355</td><td>+292</td><td>+47</td><td>+43</td><td>-16</td><td>-124</td><td>+107</td><td>-121</td><td>-44</td><td>-18</td><td>-57</td><td>-52</td></tr><tr><td>Netherlands East Indies</td><td>+6,564</td><td>-728</td><td>+726</td><td>+3,009</td><td>-480</td><td>-1,149</td><td>+363</td><td>+4,077</td><td>-150</td><td>-281</td><td>+2,563</td><td>+1,742</td><td>-3,128</td></tr><tr><td>Philippine Islands</td><td>+2,664</td><td>+615</td><td>-55</td><td>+637</td><td>+498</td><td>-393</td><td>-220</td><td>+765</td><td>-46</td><td>+348</td><td>+5,292</td><td>-5,128</td><td>+1,347</td></tr><tr><td>Turkey</td><td>-10,267</td><td>+2,107</td><td>+18,065</td><td>-11,688</td><td>+4,005</td><td>-17,380</td><td>+1,510</td><td>+9,607</td><td>+822</td><td>-585</td><td>-322</td><td>-152</td><td>+2,958</td></tr><tr><td>Other Asia</td><td>+1,895</td><td>-1,643</td><td>-1,552</td><td>-401</td><td>+292</td><td>-1,805</td><td>-2,025</td><td>+2,581</td><td>-227</td><td>+534</td><td>+4,230</td><td>-682</td><td>+2,593</td></tr><tr><td>Total Asia</td><td>+7,531</td><td>+11,317</td><td>+44,836</td><td>+11,346</td><td>+11,750</td><td>-21,339</td><td>-1,071</td><td>-9,912</td><td>-3,149</td><td>-7,366</td><td>+13,418</td><td>-195</td><td>-41,804</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+28,669</td><td>+7,949</td><td>-4,235</td><td>+2,687</td><td>+9,256</td><td>+3,828</td><td>-11,659</td><td>+3,685</td><td>+2,429</td><td>+3,071</td><td>+1,670</td><td>+4,655</td><td>+12,989</td></tr><tr><td>New Zealand</td><td>-1,729</td><td>+1,636</td><td>-197</td><td>-757</td><td>-37</td><td>-560</td><td>-1,011</td><td>-981</td><td>+194</td><td>+2,945</td><td>-2,315</td><td>-476</td><td>-170</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+1,342</td><td>-82</td><td>-991</td><td>+354</td><td>+562</td><td>+320</td><td>-1,006</td><td>+528</td><td>+184</td><td>+693</td><td>+63</td><td>+629</td><td>+88</td></tr><tr><td>French Morocco</td><td>-5,970</td><td>+833</td><td>+161</td><td>-2,608</td><td>-894</td><td>+3,006</td><td>+240</td><td>-251</td><td>+15</td><td>+160</td><td>-269</td><td>-234</td><td>-117</td></tr><tr><td>Union of South Africa</td><td>-1,810</td><td>+2,031</td><td>+1,946</td><td>-1,412</td><td>-1,753</td><td>-1,926</td><td>-655</td><td>-3,554</td><td>+1,430</td><td>-1,951</td><td>+2,469</td><td>-2,625</td><td>+4,390</td></tr><tr><td>All other</td><td>-16,809</td><td>-4,582</td><td>-3,424</td><td>-5,902</td><td>-1,560</td><td>-2,295</td><td>-15,532</td><td>+936</td><td>-8,721</td><td>-2,224</td><td>+1,317</td><td>+1,171</td><td>+24,007 6/</td></tr><tr><td>Total other countries</td><td>+1,693</td><td>+7,785</td><td>-6,740</td><td>-9,638</td><td>+5,574</td><td>-11,295</td><td>-29,823</td><td>+363</td><td>-4,469</td><td>+2,694</td><td>+2,935</td><td>+3,120</td><td>+41,187 6/</td></tr><tr><td>Unidentified</td><td>-162</td><td>+460</td><td>-194</td><td>-2</td><td>-183</td><td>+161</td><td>+764</td><td>-610</td><td>+1,371</td><td>-1,327</td><td>+273</td><td>+693</td><td>-1,558</td></tr><tr><td>Grand total</td><td>+357,154</td><td>+154,350</td><td>+145,622</td><td>+44,341 5/</td><td>+1,405</td><td>-5,438</td><td>+764</td><td>-36,215</td><td>+17,480</td><td>-9,953</td><td>+29,275</td><td>+70,296</td><td>-54,773 6/</td></tr></table>
(Continued on following page)
December 1945
91
Capital Movements Between the United States and Foreign Countries - (Continued
Section I - Summary - (Continued)
Table 2.- Net Capital Movements, by Countries, January 1942 - June 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-81,430</td><td>+45,050</td><td>-1,718</td><td>-22,879</td><td>+3,278</td><td>+36,948</td></tr><tr><td>France</td><td>-19,035 7a/</td><td>-8,362</td><td>-51,793</td><td>-28,925</td><td>-21,513</td><td>+68,634</td></tr><tr><td>Belgium</td><td>-2,372</td><td>+1,774</td><td>+9,326</td><td>+5,012</td><td>+7,759</td><td>-3,157</td></tr><tr><td>Denmark</td><td>-451</td><td>-128</td><td>+610</td><td>-672</td><td>-346</td><td>+623</td></tr><tr><td>Finland</td><td>-101</td><td>-103</td><td>+471</td><td>-50</td><td>-174</td><td>-170</td></tr><tr><td>Germany</td><td>-151</td><td>+51</td><td>+105</td><td>+43</td><td>-219</td><td>+33</td></tr><tr><td>Greece</td><td>+83</td><td>-96</td><td>+1,829</td><td>+1,861</td><td>+1,096</td><td>+2,928</td></tr><tr><td>Italy</td><td>+3,571</td><td>+3,106</td><td>+2,281</td><td>+3,440</td><td>+2,045</td><td>+2,462</td></tr><tr><td>Luxembourg</td><td>-20</td><td>+22</td><td>+26</td><td>-114</td><td>+163</td><td>+270</td></tr><tr><td>Netherlande</td><td>-2,961</td><td>+3,019</td><td>-569</td><td>+591</td><td>+527</td><td>+6,169</td></tr><tr><td>Norway</td><td>-423</td><td>+1,631</td><td>+7,798</td><td>+5,376</td><td>-5,924</td><td>+6,933</td></tr><tr><td>Portugal</td><td>-12,276</td><td>-608</td><td>-5,788</td><td>+3,923</td><td>-2,762</td><td>+4,194</td></tr><tr><td>Romania</td><td>-51</td><td>-312</td><td>+199</td><td>+33</td><td>-45</td><td>-34</td></tr><tr><td>Spain</td><td>-4,456</td><td>+2,623</td><td>-13,924</td><td>+4,430</td><td>+5,487</td><td>-4,857</td></tr><tr><td>Sweden</td><td>-3,623</td><td>+3,900</td><td>+3,078</td><td>+69</td><td>+3,200</td><td>+5,290</td></tr><tr><td>Switzerland</td><td>-4,651</td><td>+6,748</td><td>+6,648</td><td>-2,290</td><td>+6,381</td><td>+2,564</td></tr><tr><td>U. S. S. R.</td><td>-3,415</td><td>+255</td><td>-4,329</td><td>+1,212</td><td>+4,703</td><td>+3,340</td></tr><tr><td>Yugoslavia</td><td>-43</td><td>-20</td><td>+78</td><td>-46</td><td>-145</td><td>+34</td></tr><tr><td>Other Europe</td><td>-1,012</td><td>-3,302</td><td>-2,315</td><td>-1,095</td><td>+62</td><td>-1,133</td></tr><tr><td>Total Europe</td><td>-132,817 7a/</td><td>+54,948</td><td>-50,987</td><td>-27,081</td><td>+573</td><td>+131,071</td></tr><tr><td>Canada</td><td>+54,435</td><td>+50,532</td><td>+54,034</td><td>+59,540</td><td>+9,775</td><td>+72,034</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-3,466</td><td>+596</td><td>-18,457</td><td>-2,980</td><td>-1,471</td><td>+3,686</td></tr><tr><td>Bolivia</td><td>+2,259</td><td>-455</td><td>-1,928</td><td>+1,355</td><td>-751</td><td>+1,601</td></tr><tr><td>Brazil</td><td>+20,106</td><td>-2,583</td><td>-27,447</td><td>+3,713</td><td>+3,454</td><td>+4,453</td></tr><tr><td>Chile</td><td>-228</td><td>-1,335</td><td>+331</td><td>-1,700</td><td>+6,217</td><td>+13,375</td></tr><tr><td>Colombia</td><td>+1,542</td><td>-182</td><td>-4,244</td><td>-2,779</td><td>-1,000</td><td>-1,911</td></tr><tr><td>Costa Rica</td><td>-277</td><td>+8</td><td>+573</td><td>+577</td><td>+91</td><td>-820</td></tr><tr><td>Cuba</td><td>-1,737</td><td>-2,955</td><td>-6,118</td><td>+23,593</td><td>+27,030</td><td>+10,591</td></tr><tr><td>French West Indies and Guiana</td><td>+196</td><td>+503</td><td>+337</td><td>-245</td><td>+1,206</td><td>-158</td></tr><tr><td>Mexico</td><td>+15,412</td><td>+15,783</td><td>+13,982</td><td>+10,850</td><td>+19,503</td><td>+5,507</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-951</td><td>+364</td><td>-1,450</td><td>-373</td><td>-1,142</td><td>-3,554</td></tr><tr><td>Panama</td><td>+2,153 7b/</td><td>+2,191</td><td>+4,110</td><td>-1,578</td><td>+559</td><td>+2,337</td></tr><tr><td>Peru</td><td>+1,013</td><td>+743</td><td>+3,200</td><td>+711</td><td>+571</td><td>+2,765</td></tr><tr><td>Venezuela</td><td>+18,416</td><td>-4,746</td><td>+5,391</td><td>-6,776</td><td>+3,847</td><td>-7,987</td></tr><tr><td>Other Latin America</td><td>+1,988</td><td>+4,299</td><td>+3,505</td><td>+4,489</td><td>+3,191</td><td>-388</td></tr><tr><td>Total Latin America</td><td>+56,426 7b/</td><td>+12,221</td><td>-28,215</td><td>+28,857</td><td>+61,305</td><td>+29,498</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+145,578</td><td>-15,604</td><td>-2,805</td><td>-6,899</td><td>-4,768</td><td>-6,407</td></tr><tr><td>French Indo-China</td><td>-</td><td>+50</td><td>-1</td><td>+16</td><td>+76</td><td>-22</td></tr><tr><td>Hong Kong</td><td>+359</td><td>+164</td><td>-904</td><td>-262</td><td>+264</td><td>+219</td></tr><tr><td>India, Burma, and Ceylon</td><td>+8,684</td><td>+654</td><td>+284</td><td>+1,696</td><td>-4,416</td><td>+383</td></tr><tr><td>British Malaya</td><td>+30</td><td>-409</td><td>-2</td><td>+16</td><td>-53</td><td>+113</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>+58</td><td>-167</td><td>+159</td><td>-17</td><td>-13</td><td>+69</td></tr><tr><td>Netherlands East Indies</td><td>+656</td><td>+2,494</td><td>+2,911</td><td>-999</td><td>+2,233</td><td>-6,470</td></tr><tr><td>Philippine Islands</td><td>-376</td><td>+2,790</td><td>-2,251</td><td>+3,375</td><td>+1,468</td><td>+4,530</td></tr><tr><td>Turkey</td><td>+13,197</td><td>+9,135</td><td>+4,423</td><td>+1,187</td><td>-1,031</td><td>+801</td></tr><tr><td>Other Asia</td><td>+10,050</td><td>+1,851</td><td>+3,354</td><td>-475</td><td>-2,840</td><td>-11,571</td></tr><tr><td>Total Asia</td><td>+178,236</td><td>+948</td><td>+5,168</td><td>-2,362</td><td>-9,080</td><td>-18,355</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-18,875</td><td>+748</td><td>-219</td><td>-9</td><td>-2,773</td><td>-1,232</td></tr><tr><td>New Zealand</td><td>+2,101</td><td>-749</td><td>-820</td><td>-497</td><td>-41</td><td>-291</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+1,004</td><td>+326</td><td>+59</td><td>+743</td><td>-228</td><td>+1,562</td></tr><tr><td>Freoch Morocco</td><td>-196</td><td>-101</td><td>-165</td><td>+243</td><td>+132</td><td>-631</td></tr><tr><td>Union of South Africa</td><td>+1,988</td><td>+160</td><td>-106</td><td>-444</td><td>-554</td><td>+487</td></tr><tr><td>All other</td><td>+14,888 7a/</td><td>+1,970</td><td>+4,459</td><td>-1,027</td><td>+1,378</td><td>+492</td></tr><tr><td>Total other countries</td><td>+910 7a/</td><td>+2,354</td><td>+3,208</td><td>-991</td><td>-2,086</td><td>+387</td></tr><tr><td>Unidentified</td><td>+215</td><td>+1,222</td><td>+494</td><td>+311</td><td>-123</td><td>-122</td></tr><tr><td>Grand total</td><td>+157,405 7b/</td><td>+122,225</td><td>-16,298</td><td>+58,274</td><td>+60,364</td><td>+214,213</td></tr></table>
1/ Adjusted for the inclusion of a foreign account of $13.9 million reported for the first time on March 11, 1942.
2/ Adjusted to cover two large transactions in foreign securities, as follows: (a) the inclusion on July 1 of $14,787 thousand representing
(Continued on following page)
Treasury Bulletin
92
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Continuation of footnotes
(a) the inclusion of $2,564 thousand representing redemptions on July 1 of Argentine securities, as well as (c) net disbursements from the United Kingdom account to domestic payees of $3,498 thousand.
3/ Adjusted for the inclusion of accounts of (a) $2 million for France and (b) $7.8 million for Sweden previously reported as foreign and reclassified as domestic for the first time in the September report.
4/ Adjusted to cover the following transactions: (a) $5,042 thousand of banking funds previously reported under "French Morocco" now reported under "All other"; (b) $5,471 thousand of banking funds previously reported under "Other Asia" now reported under "All other"; (c) $15,346 thousand of banking funds previously reported under
"All other" now reported under "Unidentified". 5/ Adjusted to include $510 thousand of short-term banking funds which were omitted due to the elimination of several branch bank reports. 6/ Adjusted for (a) the inclusion under "Italy" of an account of $2,023 thousand which was previously classified as domestic, and (b) the transfer of $8,887 thousand from the "All other" classification to "France". 1/ Adjusted to cover the following changes: (a) $35,457 thousand transferred from the "All other" classification to "France"; (b) $6,918 thousand previously classified as domestic was reclassified for account of Panama.
December 1945
93
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - June 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1942</th><th colspan="12">1942</th></tr><tr><th></th><th></th><th>January (Jan.1- Jan.28)</th><th>February (Jan.29- Feb.25)</th><th>March (Feb.26- Apr.1)</th><th>April (Apr.2- Apr.29)</th><th>May (Apr.30- June 3)</th><th>June (June 4- June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+172,827</td><td>-27,915</td><td>-30,865</td><td>+39,607</td><td>-22,740</td><td>+61,817</td><td>+26,132 2/</td><td>+24,592</td><td>+27,568</td><td>+26,871</td><td>+18,752</td><td>-3,296</td><td>+32,304</td></tr><tr><td>France</td><td>-21,156</td><td>-1,565</td><td>-4,392</td><td>-2,681</td><td>-516</td><td>-2,500</td><td>+1,071</td><td>+1,767</td><td>-5,833</td><td>-1,390</td><td>-538</td><td>-3,954</td><td>-629</td></tr><tr><td>Belgium</td><td>+3,230</td><td>-90</td><td>+625</td><td>+177</td><td>-247</td><td>-524</td><td>-252</td><td>-1,011</td><td>-6,339</td><td>+7,395</td><td>-312</td><td>+4,792</td><td>-984</td></tr><tr><td>Germany</td><td>+233</td><td>+279</td><td>-1,119</td><td>+21</td><td>-26</td><td>+9</td><td>-161</td><td>-17</td><td>+8,147</td><td>-7,608</td><td>+129</td><td>+145</td><td>+434</td></tr><tr><td>Italy</td><td>-2,383</td><td>+541</td><td>+127</td><td>-4,317</td><td>-118</td><td>+559</td><td>+209</td><td>+545</td><td>+573</td><td>+247</td><td>+157</td><td>-939</td><td>+73</td></tr><tr><td>Netherlands</td><td>+9,494</td><td>-3,994</td><td>+308</td><td>-3,874</td><td>+9,647</td><td>+9,250</td><td>+917</td><td>+933</td><td>-3,874</td><td>+415</td><td>-993</td><td>-94</td><td>+852</td></tr><tr><td>Sweden</td><td>-61,182</td><td>-1,095</td><td>-19,834</td><td>-18,950</td><td>-2,785</td><td>-23,813</td><td>+2,475</td><td>+219</td><td>+1,337</td><td>-1,935</td><td>+1,403</td><td>+397</td><td>+1,399</td></tr><tr><td>Switzerland</td><td>-158,719</td><td>-38,040</td><td>-41,335</td><td>-54,477</td><td>-1,457</td><td>-133</td><td>-1,808</td><td>-10,384</td><td>+1,530</td><td>+5,100</td><td>-8,829</td><td>-5,007</td><td>-2,279</td></tr><tr><td>Other Europe</td><td>+2,484</td><td>+10,481</td><td>-18,957</td><td>-1,938</td><td>-2,806</td><td>+6,619</td><td>+1,719</td><td>+4,304</td><td>+2,406</td><td>+8,362</td><td>+525</td><td>+6,795</td><td>-15,026</td></tr><tr><td><b>Total Europe</b></td><td>-55,172</td><td>-61,398</td><td>-115,442</td><td>+46,432</td><td>-21,048</td><td>+50,684</td><td>+30,302 2/</td><td>+20,948</td><td>+25,525</td><td>+37,458</td><td>+10,294</td><td>-2,161</td><td>+16,108</td></tr><tr><td><b>Canada</b></td><td>+122,270</td><td>-5,091</td><td>-70</td><td>+57,962</td><td>+8,667</td><td>-24,903</td><td>+19,798 2/</td><td>+16,668</td><td>+3,698</td><td>+14,432</td><td>+7,812</td><td>+25,215</td><td>-1,918</td></tr><tr><td><b>Latin America</b></td><td>+236,608</td><td>-5,156</td><td>+22,838</td><td>+15,275</td><td>+20,901</td><td>+63,100</td><td>+29,015 2/</td><td>+27,725</td><td>+12,581</td><td>-5,218</td><td>-13,082</td><td>+46,489</td><td>+22,140</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchurie)</td><td>-36</td><td>+189</td><td>+1,150</td><td>-1,340</td><td>+2</td><td>+1</td><td>+16</td><td>+217</td><td>-33</td><td>-79</td><td>-89</td><td>+181</td><td>-251</td></tr><tr><td>Other Asia</td><td>+209,834</td><td>-10,647</td><td>+6,480</td><td>-2,731 1/</td><td>+213,142</td><td>+5,385</td><td>+3,306</td><td>-5,073</td><td>+2,186</td><td>+2,917</td><td>+9,606</td><td>-13,151</td><td>-1,586</td></tr><tr><td><b>Total Asia</b></td><td>+209,798</td><td>-10,458</td><td>+7,630</td><td>-1,071 1/</td><td>+213,144</td><td>+5,386</td><td>+3,322</td><td>-4,856</td><td>+2,153</td><td>+2,838</td><td>+9,517</td><td>-12,970</td><td>-1,837</td></tr><tr><td><b>All other</b></td><td>+48,069</td><td>+7,798</td><td>-3,521</td><td>-3,714</td><td>+10,574</td><td>+6,445</td><td>-835</td><td>-2,407</td><td>+4,466</td><td>-3,389</td><td>+8,841</td><td>+965</td><td>+22,845</td></tr><tr><td><b>Grand total</b></td><td>+561,573</td><td>-74,305</td><td>-88,565</td><td>+19,020 1/</td><td>+232,238</td><td>+100,712</td><td>+51,602 2/</td><td>+58,078</td><td>+48,413</td><td>+46,121</td><td>+23,382</td><td>+57,538</td><td>+57,339</td></tr></table>
(Continued on following page)
94
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - June 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+438,904</td><td>-97,596</td><td>+23,100</td><td>+31,745</td><td>+53,927</td><td>+3,185</td><td>+98,010</td><td>+74,589</td><td>+76,301</td><td>+40,675</td><td>+80,858</td><td>+12,939</td><td>+41,171</td></tr><tr><td>France</td><td>+9,705</td><td>+2,702</td><td>+1,038</td><td>-3,456</td><td>+1,188</td><td>+545</td><td>+4,169</td><td>+11,128</td><td>+2,934</td><td>-5,960</td><td>-6,737</td><td>+762</td><td>+1,332</td></tr><tr><td>Belgium</td><td>+1,193</td><td>+2,295</td><td>+426</td><td>+416</td><td>+989</td><td>+1,291</td><td>-2,452</td><td>-4,594</td><td>+518</td><td>+1,053</td><td>+609</td><td>+1,164</td><td>-522</td></tr><tr><td>Denmark</td><td>-3,640</td><td>+431</td><td>+2,218</td><td>-1,066</td><td>-2,673</td><td>-939</td><td>+405</td><td>+696</td><td>+220</td><td>-112</td><td>-395</td><td>-456</td><td>+575</td></tr><tr><td>Finland</td><td>-2,248</td><td>+13</td><td>+341</td><td>+250</td><td>-100</td><td>+129</td><td>-853</td><td>+262</td><td>-182</td><td>+65</td><td>-181</td><td>+768</td><td>-542</td></tr><tr><td>Germany</td><td>-875</td><td>+163</td><td>-7</td><td>+70</td><td>-189</td><td>+78</td><td>+15</td><td>-105</td><td>-535</td><td>+61</td><td>-190</td><td>-164</td><td>-72</td></tr><tr><td>Greece</td><td>+4,646</td><td>+102</td><td>+206</td><td>+222</td><td>-129</td><td>-88</td><td>-73</td><td>+69</td><td>+36</td><td>+163</td><td>+488</td><td>+3,110</td><td>+938</td></tr><tr><td>Italy</td><td>-678</td><td>+483</td><td>-189</td><td>-753</td><td>-659</td><td>-714</td><td>-417</td><td>-6</td><td>+644</td><td>+291</td><td>+701</td><td>+168</td><td>-227</td></tr><tr><td>Luxembourg</td><td>+107</td><td>+52</td><td>-29</td><td>-28</td><td>+25</td><td>+7</td><td>+6</td><td>+19</td><td>+30</td><td>+15</td><td>-56</td><td>+42</td><td>+24</td></tr><tr><td>Netherlands</td><td>+6,929</td><td>+1,923</td><td>+1,030</td><td>+5,172</td><td>-578</td><td>+85</td><td>-809</td><td>+1,676</td><td>-2,068</td><td>+4,405</td><td>+2,219</td><td>-2,384</td><td>+104</td></tr><tr><td>Norway</td><td>+26,558</td><td>+8,149</td><td>+745</td><td>+5,638</td><td>+348</td><td>+2,141</td><td>-134</td><td>+1,486</td><td>+2,285</td><td>+2,043</td><td>-678</td><td>+3,203</td><td>+2,833</td></tr><tr><td>Portugal</td><td>+18,679</td><td>-1,951</td><td>+1,233</td><td>+1,750</td><td>-8,034</td><td>+1,333</td><td>+828</td><td>+1,790</td><td>+2,815</td><td>+1,699</td><td>+11,416</td><td>+1,947</td><td>+3,883</td></tr><tr><td>Romania</td><td>-122</td><td>+56</td><td>-3</td><td>-13</td><td>-6</td><td>+19</td><td>-1</td><td>-12</td><td>-6</td><td>+15</td><td>+65</td><td>-217</td><td>-19</td></tr><tr><td>Spain</td><td>+14,351</td><td>+816</td><td>+2,879</td><td>-3,056</td><td>-1,865</td><td>+400</td><td>+2,496</td><td>+3,094</td><td>+4,413</td><td>+3,750</td><td>+5,073</td><td>+1,016</td><td>+4,467</td></tr><tr><td>Sweden</td><td>+17,708</td><td>-637</td><td>+2,655</td><td>+1,448</td><td>+3,661</td><td>+3,836</td><td>+640</td><td>+4,285</td><td>+3,586</td><td>-2,329</td><td>+876</td><td>+1,379</td><td>+6,738</td></tr><tr><td>Switzerland</td><td>+24,934</td><td>+2,722</td><td>-4,773</td><td>+7,198</td><td>-1,735</td><td>+66</td><td>+6,393</td><td>+1,857</td><td>+10,458</td><td>-110</td><td>-2,593</td><td>+9,295</td><td>+1,590</td></tr><tr><td>U. S. S. R.</td><td>-1,936</td><td>+1,967</td><td>+4,535</td><td>+44</td><td>-264</td><td>+2,849</td><td>-2,161</td><td>-2,088</td><td>+1,846</td><td>+4,511</td><td>+202</td><td>+1,147</td><td>-5,384</td></tr><tr><td>Yugoslavia</td><td>-7,766</td><td>+89</td><td>-20</td><td>+19</td><td>-99</td><td>-2,973</td><td>+339</td><td>+81</td><td>-4,911</td><td>-179</td><td>+132</td><td>-47</td><td>-35</td></tr><tr><td>Other Europe</td><td>+22,385</td><td>+666</td><td>+3,627</td><td>+3,327</td><td>+6,669</td><td>+4,123</td><td>+7,300</td><td>+646</td><td>+1,391</td><td>-1,230</td><td>-582</td><td>-468</td><td>-3,084</td></tr><tr><td>Total Europe</td><td>+568,044</td><td>-89,369</td><td>+35,839</td><td>+48,839</td><td>+50,676</td><td>+15,373</td><td>+113,701</td><td>+84,759</td><td>+99,263</td><td>+31,888</td><td>+91,227</td><td>+31,668</td><td>+53,780</td></tr><tr><td>Canada</td><td>+301,696</td><td>+250,698</td><td>+59,671</td><td>-41,047</td><td>+9,890</td><td>-6,095</td><td>+43,509</td><td>-43,607</td><td>-30,925</td><td>-7,303</td><td>+43,812</td><td>+94,495</td><td>-71,402</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-6,313</td><td>-3,057</td><td>-606</td><td>+1,880</td><td>-1,473</td><td>+1,880</td><td>-903</td><td>+1,262</td><td>+2,266</td><td>-2,551</td><td>+4,727</td><td>-10,839</td><td>+1,101</td></tr><tr><td>Bolivia</td><td>+3,090</td><td>+1,029</td><td>+2,773</td><td>+229</td><td>-1,139</td><td>+472</td><td>+471</td><td>+127</td><td>-177</td><td>-486</td><td>-218</td><td>-1,452</td><td>+2,435</td></tr><tr><td>Brazil</td><td>+28,847</td><td>-631</td><td>+10,736</td><td>+6,612</td><td>-7,785</td><td>+16,207</td><td>+7,582</td><td>+8,812</td><td>-1,725</td><td>-4,019</td><td>-12,193</td><td>+605</td><td>+4,647</td></tr><tr><td>Chile</td><td>+18,234</td><td>+8,327</td><td>-5,116</td><td>-2,434</td><td>+3,145</td><td>+1,960</td><td>+8,688</td><td>+112</td><td>+5,986</td><td>+1,686</td><td>+1,252</td><td>+2,886</td><td>+4,886</td></tr><tr><td>Colombia</td><td>+32,137</td><td>+3,435</td><td>+1,832</td><td>+6,180</td><td>-6,190</td><td>+2,721</td><td>+5,458</td><td>+116</td><td>-159</td><td>+4,614</td><td>+3,034</td><td>+3,818</td><td>+7,278</td></tr><tr><td>Costa Rica</td><td>-196</td><td>+1,089</td><td>+600</td><td>+738</td><td>+871</td><td>+1,107</td><td>+1,795</td><td>-5,345</td><td>+56</td><td>-617</td><td>+15</td><td>-52</td><td>-459</td></tr><tr><td>Cuba</td><td>-41,627</td><td>-5,543</td><td>-5,029</td><td>-5,638</td><td>+2,919</td><td>+3,864</td><td>-20,301</td><td>+14,572</td><td>-4,182</td><td>-4,081</td><td>-12,723</td><td>-3,438</td><td>-1,747</td></tr><tr><td>French West Indies and Guiana</td><td>-2,053</td><td>+560</td><td>-41</td><td>-590</td><td>-97</td><td>+57</td><td>-313</td><td>+190</td><td>-2,038</td><td>-14</td><td>+12</td><td>-5</td><td>+226</td></tr><tr><td>Mexico</td><td>-31,709</td><td>-20,888</td><td>-4,507</td><td>-959</td><td>+5,050</td><td>+17,793</td><td>+10,062</td><td>+9,354</td><td>-41,995</td><td>-14,717</td><td>+736</td><td>+2,477</td><td>+5,885</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20,363</td><td>+1,282</td><td>-642</td><td>-1,073</td><td>+465</td><td>+13,001</td><td>+1,243</td><td>-865</td><td>+646</td><td>+206</td><td>+462</td><td>+5,248</td><td>+390</td></tr><tr><td>Panama</td><td>+21,678</td><td>+2,018</td><td>+3,653</td><td>+4,281</td><td>-1,342</td><td>+2,197</td><td>+3,157</td><td>-588</td><td>+3,822</td><td>-209</td><td>+4,603</td><td>-2,000</td><td>+1,886</td></tr><tr><td>Paru</td><td>+1,078</td><td>+1,225</td><td>+807</td><td>+140</td><td>-1,029</td><td>+617</td><td>+2,832</td><td>+58</td><td>+1,047</td><td>-535</td><td>+1,776</td><td>-4,287</td><td>+1,277</td></tr><tr><td>Venezuela</td><td>+3,342</td><td>-19</td><td>-272</td><td>+2,731</td><td>-1,521</td><td>-1,574</td><td>+1,543</td><td>+2,720</td><td>-4,214</td><td>+580</td><td>+245</td><td>+3,477</td><td>-254</td></tr><tr><td>Other Latin America</td><td>+36,580</td><td>+4,885</td><td>+11,407</td><td>+10,280</td><td>+8,270</td><td>+601</td><td>+5,999</td><td>-6,281</td><td>-11</td><td>-1,589</td><td>+1,637</td><td>+364</td><td>+1,618</td></tr><tr><td>Total Latin America</td><td>+83,451</td><td>-9,038</td><td>+15,595</td><td>+22,377</td><td>+149</td><td>+59,859</td><td>+25,323</td><td>+24,244</td><td>-40,688</td><td>-25,104</td><td>-6,465</td><td>-3,198</td><td>+19,397</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+222,716</td><td>+1,515</td><td>-6,364</td><td>+28,203</td><td>+8,342</td><td>+8,114</td><td>+22,034</td><td>+13,589</td><td>+21,654</td><td>+15,200</td><td>+16,496</td><td>+23,950</td><td>+69,983</td></tr><tr><td>French Indo-China</td><td>-27</td><td>+6</td><td>-361</td><td>-52</td><td>-1</td><td>+120</td><td>+10</td><td>+231</td><td>+108</td><td>-49</td><td>-71</td><td>+12</td><td>+20</td></tr><tr><td>Hong Kong</td><td>-17,723</td><td>-262</td><td>-823</td><td>+746</td><td>-7,563</td><td>-29</td><td>-10,659</td><td>+485</td><td>+116</td><td>+780</td><td>-452</td><td>+25</td><td>-87</td></tr><tr><td>India, Burma, and Ceylon</td><td>+5,324</td><td>+3,129</td><td>+2,753</td><td>-2,654</td><td>-3,379</td><td>+4,706</td><td>+4,168</td><td>+7,107</td><td>+24</td><td>-718</td><td>-1,934</td><td>+1,645</td><td>+4,881</td></tr><tr><td>British Malaya</td><td>+77</td><td>-90</td><td>+63</td><td>+34</td><td>-42</td><td>+7</td><td>+231</td><td>-23</td><td>+20</td><td>-7</td><td>+60</td><td>-163</td><td>-13</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-729</td><td>+36</td><td>-89</td><td>-528</td><td>-40</td><td>+10</td><td>-13</td><td>+39</td><td>-23</td><td>+35</td><td>-32</td><td>-36</td><td>-88</td></tr><tr><td>Netherlands East Indies</td><td>-50,322</td><td>-3,123</td><td>-5,036</td><td>-6,021</td><td>+4,158</td><td>-15,751</td><td>+1,467</td><td>-20,193</td><td>+582</td><td>-12,043</td><td>+768</td><td>+7,143</td><td>-1,643</td></tr><tr><td>Philippine Islands</td><td>+1,625</td><td>-313</td><td>+252</td><td>+579</td><td>-239</td><td>-33</td><td>+681</td><td>-410</td><td>+292</td><td>+253</td><td>+1,327</td><td>-171</td><td>-209</td></tr><tr><td>Turkey</td><td>+4,049</td><td>+7,258</td><td>+10,377</td><td>+14,519</td><td>-3,281</td><td>+5,264</td><td>-2,729</td><td>+2,490</td><td>+721</td><td>+2,123</td><td>+1,676</td><td>+4,574</td><td>+4,611</td></tr><tr><td>Other Asia</td><td>+24,956</td><td>+3,508</td><td>+6,243</td><td>+6,428</td><td>-550</td><td>-433</td><td>-302</td><td>-451</td><td>+343</td><td>+1,186</td><td>+6,843</td><td>+3,027</td><td>-886</td></tr><tr><td>Total Asia</td><td>+189,946</td><td>-2,852</td><td>+7,025</td><td>+12,016</td><td>-2,555</td><td>+1,945</td><td>+15,088</td><td>-11,350</td><td>+23,253</td><td>+6,160</td><td>+24,641</td><td>+40,006</td><td>+76,569</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+2,649</td><td>+1,918</td><td>+1,209</td><td>+982</td><td>+3,531</td><td>+4,929</td><td>+6,687</td><td>+2,823</td><td>+4,323</td><td>+4,634</td><td>-15,477</td><td>+9,827</td><td>-12,909</td></tr><tr><td>New Zealand</td><td>+764</td><td>-264</td><td>+859</td><td>-155</td><td>+2,076</td><td>-1,388</td><td>+870</td><td>-1,079</td><td>-692</td><td>+2,734</td><td>-892</td><td>-144</td><td>-1,161</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-793</td><td>+118</td><td>+135</td><td>-18</td><td>-25</td><td>-716</td><td>+497</td><td>-94</td><td>-279</td><td>-476</td><td>+241</td><td>-211</td><td>+35</td></tr><tr><td>French Morocco</td><td>+4,249</td><td>+2,614</td><td>+172</td><td>+1,230</td><td>+9,397</td><td>+3,021</td><td>-5,583</td><td>-4,209</td><td>+2,902</td><td>-3,482</td><td>-1,409</td><td>+2,885</td><td>-3,289</td></tr><tr><td>Union of South Africa</td><td>-7,209</td><td>-2,358</td><td>-674</td><td>-859</td><td>+2,341</td><td>+3,442</td><td>+825</td><td>-1,685</td><td>+1,234</td><td>-1,092</td><td>+2,019</td><td>+820</td><td>-3,738</td></tr><tr><td>All other</td><td>+21,383</td><td>+150</td><td>-872</td><td>+18,046</td><td>-17,251</td><td>+10,455</td><td>+23,079</td><td>+8,915</td><td>+611</td><td>-6,007</td><td>-2,016</td><td>-12,536</td><td>-1,191</td></tr><tr><td>Total other countries</td><td>+21,043</td><td>+2,208</td><td>+629</td><td>+19,226</td><td>+69</td><td>+3,001</td><td>+26,375</td><td>+4,671</td><td>+8,099</td><td>-3,689</td><td>-17,534</td><td>+281</td><td>-22,253</td></tr><tr><td>Unidentified</td><td>-22</td><td>+162</td><td>-76</td><td>+94</td><td>+60</td><td>+228</td><td>-151</td><td>+3</td><td>+25</td><td>-49</td><td>-2 be</td><td>+224</td><td>-540</td></tr><tr><td>Grand total</td><td>+1,164,758</td><td>+151,809</td><td>+119,683</td><td>+61,505</td><td>+58,289</td><td>+74,311</td><td>+224,845</td><td>+54,720</td><td>+59,027</td><td>+1,903</td><td>+135,679</td><td>+163,436</td><td>+55,551</td></tr></table>
(Continued on following page)
December 1945
95
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued
Table 3.
Net Movement of Short-Term Banking Funds, by Countries, January 1942 - June 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-141,117</td><td>+75,685</td><td>-1,001</td><td>-34,212</td><td>+3,688</td><td>+35,562</td><td>-1,948</td><td>-58,943</td><td>-30,397</td><td>-98,200</td><td>-72,412</td><td>+27,674</td><td>+13,387</td></tr><tr><td>France</td><td>-47,723</td><td>-720</td><td>-8,068</td><td>+15,617</td><td>-525</td><td>+1,934</td><td>-10,332</td><td>+1,492</td><td>+1,613</td><td>+10,238</td><td>-1,521</td><td>-400</td><td>-57,251</td></tr><tr><td>Belgium</td><td>+1,430</td><td>+2,141</td><td>-3,505</td><td>+2,083</td><td>-50</td><td>+3,501</td><td>-4,872</td><td>-313</td><td>+1,105</td><td>+1,648</td><td>-547</td><td>+252</td><td>-13</td></tr><tr><td>Denmark</td><td>+957</td><td>-215</td><td>-349</td><td>+455</td><td>-187</td><td>-531</td><td>-658</td><td>-270</td><td>+334</td><td>+452</td><td>-340</td><td>-216</td><td>+1,420</td></tr><tr><td>Finland</td><td>+7,045</td><td>-222</td><td>+247</td><td>-284</td><td>+173</td><td>-554</td><td>-305</td><td>-60</td><td>+8,446</td><td>-348</td><td>-11</td><td>-13</td><td>-13</td></tr><tr><td>Germany</td><td>+361</td><td>+23</td><td>+24</td><td>-36</td><td>+89</td><td>-74</td><td>-66</td><td>+49</td><td>-2</td><td>+44</td><td>+209</td><td>-57</td><td>+158</td></tr><tr><td>Greece</td><td>+5,150</td><td>-152</td><td>-127</td><td>+2,459</td><td>+35</td><td>-134</td><td>+132</td><td>+432</td><td>-197</td><td>+116</td><td>+2,425</td><td>-116</td><td>-11</td></tr><tr><td>Italy</td><td>+13,957</td><td>-428</td><td>-457</td><td>+404</td><td>+920</td><td>+780</td><td>+582</td><td>+2,470</td><td>+1,540</td><td>+1,828</td><td>+2,227</td><td>+2,735</td><td>+1,253</td></tr><tr><td> Luxembourg</td><td>+134</td><td>+60</td><td>-57</td><td>-43</td><td>+38</td><td>+34</td><td>+62</td><td>-3</td><td>+5</td><td>+17</td><td>+66</td><td>-5</td><td>+20</td></tr><tr><td>Netherlands</td><td>+16,426</td><td>+1,031</td><td>-604</td><td>+5,910</td><td>+311</td><td>+1,100</td><td>-957</td><td>-569</td><td>-1,795</td><td>+3,752</td><td>+5,272</td><td>-1,158</td><td>+2,973</td></tr><tr><td>Norway</td><td>+26,975</td><td>+7,574</td><td>+15,072</td><td>+1,204</td><td>+8,337</td><td>+2,791</td><td>-14,648</td><td>-9,239</td><td>+8,405</td><td>+251</td><td>+3,055</td><td>-97</td><td>-740</td></tr><tr><td>Portugal</td><td>+1,763</td><td>+6,658</td><td>+11,017</td><td>-14,445</td><td>-8,502</td><td>-9,701</td><td>-2,241</td><td>+3,912</td><td>+1,394</td><td>+5,220</td><td>-257</td><td>+4,228</td><td>+4,420</td></tr><tr><td>Romania</td><td>+225</td><td>+15</td><td>-52</td><td>+64</td><td>+132</td><td>-269</td><td>-5</td><td>-1</td><td>-22</td><td>+33</td><td>-10</td><td>+24</td><td>-146</td></tr><tr><td>Spain</td><td>+12,967</td><td>+727</td><td>+3,533</td><td>+416</td><td>+3,399</td><td>+11,044</td><td>+427</td><td>-1,167</td><td>+1,812</td><td>-5,313</td><td>-4,223</td><td>+2,636</td><td>-924</td></tr><tr><td>Sweden</td><td>-11,091</td><td>+1,189</td><td>+64</td><td>-13,496</td><td>+253</td><td>+3,010</td><td>+1,304</td><td>+404</td><td>-11,297</td><td>+2,815</td><td>-1,528</td><td>-1,045</td><td>+4,174</td></tr><tr><td>Switzerland</td><td>+30,337</td><td>+3,958</td><td>+3,060</td><td>+4,311</td><td>-18</td><td>+10,353</td><td>+1,756</td><td>+2,022</td><td>+1,572</td><td>+2,343</td><td>+784</td><td>+601</td><td>+5,979</td></tr><tr><td>U. S. S. R.</td><td>+3,775</td><td>+3,312</td><td>+1,697</td><td>-575</td><td>-3,416</td><td>+1,207</td><td>+1,844</td><td>-8,133</td><td>-671</td><td>+379</td><td>+309</td><td>+4,567</td><td>+3,235</td></tr><tr><td>Yugoslavia</td><td>-4,198</td><td>-2,548</td><td>+79</td><td>-342</td><td>-19</td><td>+1</td><td>-132</td><td>+66</td><td>-172</td><td>+25</td><td>-1,149</td><td>-32</td><td>-32</td></tr><tr><td>Other Europe</td><td>+24,845</td><td>+1,213</td><td>-287</td><td>-2,297</td><td>-898</td><td>-130</td><td>-16,814</td><td>+63</td><td>-966</td><td>-886</td><td>+56</td><td>+432</td><td>+4,201</td></tr><tr><td>Total Europe</td><td>-107,412</td><td>+91,388</td><td>+20,286</td><td>+32,717</td><td>+3,925</td><td>+61,894</td><td>-46,942</td><td>-66,040</td><td>-19,014</td><td>-75,575</td><td>-60,043</td><td>+39,106</td><td>-23,080</td></tr><tr><td>Canada</td><td>+123,623</td><td>+32,529</td><td>+93,853</td><td>+78,701</td><td>-58,677</td><td>-37,576</td><td>-24,110</td><td>-65,262</td><td>+33,179</td><td>+26,163</td><td>+65,610</td><td>+9,470</td><td>-32,257</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+36,406</td><td>+5,833</td><td>-11,756</td><td>-969</td><td>+3,138</td><td>+714</td><td>+8,232</td><td>+5,991</td><td>-3,045</td><td>-1,622</td><td>+7,890</td><td>+12,510</td><td>+10,090</td></tr><tr><td>Holivia</td><td>+5,141</td><td>-612</td><td>-248</td><td>+1,968</td><td>-1,132</td><td>-287</td><td>+313</td><td>+221</td><td>+3,973</td><td>-322</td><td>+581</td><td>+1,485</td><td>-1,235</td></tr><tr><td>Brazil</td><td>+35,840</td><td>+8,825</td><td>+21,338</td><td>+12,542</td><td>-6,714</td><td>-2,598</td><td>-6,289</td><td>+9,714</td><td>+153</td><td>+1,788</td><td>+7,191</td><td>+7,037</td><td>-2,735</td></tr><tr><td>Chile</td><td>+8,634</td><td>-2,285</td><td>+375</td><td>+1,891</td><td>-276</td><td>+2,812</td><td>+14,886</td><td>-633</td><td>+956</td><td>-17,579</td><td>+36</td><td>+11,177</td><td>-2,726</td></tr><tr><td>Columbia</td><td>+13,318</td><td>-10,048</td><td>+3,532</td><td>+1,656</td><td>+3,853</td><td>+10,133</td><td>+3,503</td><td>+2,831</td><td>-1,023</td><td>+3,595</td><td>+1,735</td><td>+4,176</td><td>-2,269</td></tr><tr><td>Costa Rica</td><td>-5,417</td><td>+56</td><td>+531</td><td>+204</td><td>-3</td><td>-4,212</td><td>-552</td><td>-415</td><td>-86</td><td>-382</td><td>-134</td><td>-751</td><td>+327</td></tr><tr><td>Cuba</td><td>+41,597</td><td>-655</td><td>+1,453</td><td>+3,283</td><td>+7,870</td><td>-2,250</td><td>+39,067</td><td>+4,212</td><td>+1,815</td><td>-3,881</td><td>-5,680</td><td>+1,667</td><td>-5,309</td></tr><tr><td>French West Indies and Guiana</td><td>+1,784</td><td>+443</td><td>-117</td><td>+413</td><td>+145</td><td>+116</td><td>+375</td><td>+600</td><td>-219</td><td>+104</td><td>+226</td><td>-684</td><td>+1,258</td></tr><tr><td>Mexico</td><td>+15,271</td><td>+1,152</td><td>-13,434</td><td>+8,913</td><td>+13,007</td><td>+6,538</td><td>-5,809</td><td>+1,981</td><td>+6,411</td><td>+4,699</td><td>-1,988</td><td>+3,131</td><td>-2,339</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-5,073</td><td>-861</td><td>-425</td><td>-1,511</td><td>+2,256</td><td>+828</td><td>-2,542</td><td>-854</td><td>-2,257</td><td>-567</td><td>+655</td><td>-1,824</td><td>+311</td></tr><tr><td>Panama</td><td>+11,799</td><td>-2,460</td><td>-1,005</td><td>+3,461</td><td>+2,054</td><td>+3,758</td><td>-686</td><td>+1,147</td><td>+221</td><td>+272</td><td>+1,628</td><td>-1,853</td><td>+1,516</td></tr><tr><td>Peru</td><td>+10,410</td><td>+1,662</td><td>+577</td><td>-2,026</td><td>-338</td><td>+2,069</td><td>+521</td><td>-1,678</td><td>+1,302</td><td>+3,353</td><td>+1,029</td><td>+1,880</td><td>+2,059</td></tr><tr><td>Venezuela</td><td>+5,977</td><td>+1,070</td><td>-2,658</td><td>+3,918</td><td>+4,924</td><td>-8,530</td><td>-1,506</td><td>+917</td><td>+890</td><td>+7,517</td><td>+8,453</td><td>-11,558</td><td>+2,540</td></tr><tr><td>Other Latin America</td><td>+21,519</td><td>+10,782</td><td>-2,854</td><td>+86</td><td>+9,265</td><td>+936</td><td>+6,459</td><td>+469</td><td>-5,163</td><td>+1,608</td><td>-2,742</td><td>+2,397</td><td>+256</td></tr><tr><td>Total Latin America</td><td>+197,206</td><td>+12,016</td><td>-4,195</td><td>+33,834</td><td>+38,019</td><td>+10,027</td><td>+55,012</td><td>+25,231</td><td>+3,323</td><td>-1,416</td><td>+4,518</td><td>+24,134</td><td>+4,297</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>-146,709</td><td>+11,031</td><td>+30,050</td><td>+25,260</td><td>-18</td><td>-493</td><td>+4874</td><td>-17,472</td><td>-4,138</td><td>-3,775</td><td>+2,303</td><td>-10,544</td><td>-179,741</td></tr><tr><td>French Indo-China</td><td>-2</td><td>-12</td><td>+21</td><td>-6</td><td>+6</td><td>-10</td><td>+4</td><td>-47</td><td>+42</td><td>-13</td><td>-3</td><td>+10</td><td>+6</td></tr><tr><td>Hong Kong</td><td>-845</td><td>-702</td><td>+319</td><td>+1,044</td><td>+170</td><td>-34</td><td>-1,120</td><td>+156</td><td>+59</td><td>+85</td><td>-696</td><td>-187</td><td>+61</td></tr><tr><td>India, Burma, and Ceylon</td><td>-16,505</td><td>+885</td><td>-3,207</td><td>-6,758</td><td>+9,384</td><td>-575</td><td>-988</td><td>+8,996</td><td>+53</td><td>-3,595</td><td>+190</td><td>+14,446</td><td>+35,342</td></tr><tr><td>British Malaya</td><td>+770</td><td>+18</td><td>+114</td><td>+434</td><td>-237</td><td>-79</td><td>+143</td><td>+41</td><td>+207</td><td>+8</td><td>-2</td><td>+68</td><td>+45</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-137</td><td>-241</td><td>+294</td><td>+55</td><td>+43</td><td>+8</td><td>-125</td><td>+113</td><td>-118</td><td>-43</td><td>-17</td><td>-49</td><td>-61</td></tr><tr><td>Netherlands East Indies</td><td>+560</td><td>-716</td><td>+730</td><td>-1,996</td><td>-450</td><td>-1,150</td><td>-137</td><td>+3,570</td><td>-143</td><td>-282</td><td>+2,563</td><td>+1,729</td><td>-3,128</td></tr><tr><td>Philippine Islands</td><td>+2,593</td><td>+539</td><td>-15</td><td>+766</td><td>-509</td><td>-394</td><td>-300</td><td>+820</td><td>-76</td><td>+311</td><td>+5,340</td><td>-5,083</td><td>+1,194</td></tr><tr><td>Turkey</td><td>-10,310</td><td>+2,119</td><td>+18,057</td><td>+11,687</td><td>+3,992</td><td>+17,381</td><td>+1,507</td><td>-9,594</td><td>+806</td><td>-610</td><td>+4,322</td><td>-151</td><td>+2,944</td></tr><tr><td>Other Asia</td><td>+1,703</td><td>+1,800</td><td>-1,501</td><td>+439</td><td>+282</td><td>-1,663</td><td>-2,054</td><td>+2,370</td><td>-289</td><td>+377</td><td>+4,491</td><td>-534</td><td>+2,663</td></tr><tr><td>Total Asia</td><td>-168,882</td><td>+11,121</td><td>+44,872</td><td>+6,673</td><td>+12,633</td><td>-21,971</td><td>-2,192</td><td>-11,047</td><td>-3,589</td><td>-7,577</td><td>+13,847</td><td>-253</td><td>-111,399</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+27,584</td><td>+7,831</td><td>-4,527</td><td>+2,604</td><td>+9,048</td><td>-3,895</td><td>-11,412</td><td>+3,677</td><td>+2,093</td><td>+2,972</td><td>+1,489</td><td>+4,045</td><td>+13,099</td></tr><tr><td>New Zealand</td><td>-1,675</td><td>+1,626</td><td>-189</td><td>-766</td><td>-30</td><td>-578</td><td>-943</td><td>-969</td><td>+195</td><td>+2,936</td><td>-2,311</td><td>-175</td><td>-171</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+1,254</td><td>-73</td><td>-954</td><td>+328</td><td>+548</td><td>+303</td><td>-989</td><td>+449</td><td>+169</td><td>+691</td><td>+67</td><td>+626</td><td>+49</td></tr><tr><td>French Morocco</td><td>-5,931</td><td>+833</td><td>+161</td><td>-2,571</td><td>-920</td><td>-2,944</td><td>+230</td><td>-266</td><td>+23</td><td>-189</td><td>-275</td><td>-238</td><td>-101</td></tr><tr><td>Union of South Africa</td><td>-3,481</td><td>+2,030</td><td>+1,943</td><td>-3,409</td><td>-1,754</td><td>-1,927</td><td>+769</td><td>-1,351</td><td>+1,604</td><td>-1,973</td><td>+2,984</td><td>-2,618</td><td>+4,399</td></tr><tr><td>All other</td><td>-17,740</td><td>-4,602</td><td>-3,419</td><td>-5,939</td><td>-1,569</td><td>-2,335</td><td>-15,978</td><td>+918</td><td>-6,680</td><td>-2,372</td><td>+1,233</td><td>+1,158</td><td>+21,845</td></tr><tr><td>Total other countries</td><td>+12</td><td>+7,695</td><td>-6,985</td><td>-9,753</td><td>+5,323</td><td>-11,386</td><td>-29,861</td><td>+455</td><td>-4,736</td><td>+2,443</td><td>+2,047</td><td>+3,098</td><td>+41,070</td></tr><tr><td>Unidentified</td><td>-152</td><td>+460</td><td>-194</td><td>-2</td><td>-185</td><td>+153</td><td>+764</td><td>-610</td><td>+1,371</td><td>-1,327</td><td>+273</td><td>+601</td><td>-1,558</td></tr><tr><td>Grand total</td><td>+44,394</td><td>+155,209</td><td>+147,637</td><td>+76,736</td><td>+1,034</td><td>+1,151</td><td>-47,329</td><td>-116,572</td><td>+10,534</td><td>-57,289</td><td>+25,852</td><td>+76,248</td><td>+229,521</td></tr></table>
(Continued on following page)
96
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - June 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-77,816</td><td>+48,948</td><td>+127</td><td>-16,524</td><td>+7,064</td><td>+32,373</td></tr><tr><td>France</td><td>-17,795 7e/</td><td>-9,243</td><td>-43,194</td><td>-28,051</td><td>-23,190</td><td>+57,169</td></tr><tr><td>Belgium</td><td>-2,473</td><td>+1,605</td><td>+10,143</td><td>+6,015</td><td>+7,589</td><td>-5,125</td></tr><tr><td>Denmark</td><td>-421</td><td>-237</td><td>+215</td><td>-713</td><td>-293</td><td>+290</td></tr><tr><td>Finland</td><td>-101</td><td>-425</td><td>+469</td><td>-54</td><td>-175</td><td>-171</td></tr><tr><td>Germany</td><td>-29</td><td>+46</td><td>+88</td><td>+51</td><td>-246</td><td>-5</td></tr><tr><td>Greece</td><td>+53</td><td>-96</td><td>+1,978</td><td>+1,846</td><td>+1,182</td><td>+2,928</td></tr><tr><td>Italy</td><td>+3,681</td><td>+2,781</td><td>+2,276</td><td>+3,391</td><td>+3,419</td><td>+1,072</td></tr><tr><td>Luxembourg</td><td>-24</td><td>+35</td><td>-2</td><td>-111</td><td>+637</td><td>+246</td></tr><tr><td>Netherlands</td><td>-3,101</td><td>+2,691</td><td>-503</td><td>-131</td><td>+554</td><td>+3,767</td></tr><tr><td>Norway</td><td>-384</td><td>+1,738</td><td>+7,532</td><td>+5,279</td><td>-5,952</td><td>+6,589</td></tr><tr><td>Portugal</td><td>-12,388</td><td>-631</td><td>-5,868</td><td>+3,927</td><td>-2,766</td><td>+4,186</td></tr><tr><td>Romania</td><td>-51</td><td>-312</td><td>+186</td><td>+36</td><td>-47</td><td>-34</td></tr><tr><td>Spain</td><td>-4,298</td><td>+2,630</td><td>-13,936</td><td>+4,669</td><td>+5,397</td><td>-5,099</td></tr><tr><td>Sweden</td><td>-3,529</td><td>+3,656</td><td>+5,430</td><td>+297</td><td>+2,162</td><td>+5,176</td></tr><tr><td>Switzerland</td><td>-2,176</td><td>+8,375</td><td>+7,279</td><td>-375</td><td>+6,042</td><td>-1,463</td></tr><tr><td>U. S. S. R.</td><td>-3,406</td><td>+243</td><td>-4,330</td><td>+4,212</td><td>+4,703</td><td>+3,339</td></tr><tr><td>Yugoslavia</td><td>-43</td><td>-21</td><td>+78</td><td>+31</td><td>-145</td><td>+33</td></tr><tr><td>Other Europe</td><td>-1,079</td><td>-2,336</td><td>+4,231</td><td>-1,186</td><td>+112</td><td>-1,304</td></tr><tr><td>Total Europe</td><td>-125,340 7e/</td><td>+59,457</td><td>-27,801</td><td>-17,391</td><td>+6,047</td><td>+103,957</td></tr><tr><td>Canada</td><td>+46,534</td><td>+100,510</td><td>+59,753</td><td>+36,540</td><td>-6,083</td><td>+77,813</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-4,342</td><td>+562</td><td>-19,163</td><td>-3,410</td><td>-2,140</td><td>+2,559</td></tr><tr><td>Bolivia</td><td>+2,273</td><td>-462</td><td>-1,936</td><td>+1,325</td><td>-764</td><td>+1,633</td></tr><tr><td>Brazil</td><td>+19,875</td><td>-2,375</td><td>-27,524</td><td>+3,715</td><td>+4,061</td><td>+2,306</td></tr><tr><td>Chile</td><td>-98</td><td>-1,303</td><td>-354</td><td>-1,675</td><td>+3,876</td><td>+13,346</td></tr><tr><td>Colombia</td><td>+1,374</td><td>-266</td><td>-3,834</td><td>-2,902</td><td>-1,020</td><td>-2,104</td></tr><tr><td>Costa Rica</td><td>-278</td><td>+14</td><td>+568</td><td>+585</td><td>+103</td><td>-814</td></tr><tr><td>Cuba</td><td>-2,018</td><td>-3,340</td><td>-6,227</td><td>+22,850</td><td>+27,337</td><td>+10,205</td></tr><tr><td>French West Indies and Guiana</td><td>+156</td><td>+545</td><td>+327</td><td>-244</td><td>+1,136</td><td>-77</td></tr><tr><td>Mexico</td><td>+15,602</td><td>+15,829</td><td>+14,014</td><td>+11,365</td><td>+18,508</td><td>+5,198</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-898</td><td>+377</td><td>-1,278</td><td>-558</td><td>-1,145</td><td>-3,352</td></tr><tr><td>Panama</td><td>+230 7e/</td><td>+2,254</td><td>+3,783</td><td>-633</td><td>+1,409</td><td>+2,941</td></tr><tr><td>Peru</td><td>+1,004</td><td>+797</td><td>+3,117</td><td>+1,123</td><td>+35</td><td>+1,559</td></tr><tr><td>Venezuela</td><td>+18,524</td><td>-4,701</td><td>+5,184</td><td>-7,040</td><td>+4,052</td><td>-6,532</td></tr><tr><td>Other Latin America</td><td>+1,655</td><td>+3,456</td><td>+3,597</td><td>+4,029</td><td>+3,230</td><td>-1,639</td></tr><tr><td>Total Latin America</td><td>+53,059 7e/</td><td>+11,387</td><td>-29,726</td><td>+28,530</td><td>+58,678</td><td>+25,229</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+146,459</td><td>-16,524</td><td>-2,644</td><td>-7,466</td><td>-4,992</td><td>-22,220</td></tr><tr><td>French Indo-China</td><td>-</td><td>+50</td><td>-1</td><td>+16</td><td>+76</td><td>-22</td></tr><tr><td>Hong Kong</td><td>-292</td><td>+164</td><td>-916</td><td>-274</td><td>+252</td><td>+224</td></tr><tr><td>India, Burma, and Ceylon</td><td>+8,626</td><td>+660</td><td>+390</td><td>+1,985</td><td>-4,205</td><td>-836</td></tr><tr><td>British Malaya</td><td>+30</td><td>-411</td><td>-3</td><td>+16</td><td>-53</td><td>+113</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>+61</td><td>-168</td><td>+162</td><td>-17</td><td>-14</td><td>+66</td></tr><tr><td>Netherlands East Indies</td><td>+655</td><td>+2,484</td><td>+2,911</td><td>-999</td><td>+2,202</td><td>-6,414</td></tr><tr><td>Philippine Islands</td><td>-332</td><td>+2,514</td><td>-2,409</td><td>+3,375</td><td>+1,504</td><td>+4,612</td></tr><tr><td>Turkey</td><td>+13,198</td><td>+9,119</td><td>+4,393</td><td>+1,186</td><td>-1,032</td><td>+804</td></tr><tr><td>Other Asia</td><td>+10,105</td><td>+1,941</td><td>+3,529</td><td>-463</td><td>-2,879</td><td>-11,545</td></tr><tr><td>Total Asia</td><td>+178,510</td><td>-71</td><td>+5,412</td><td>-2,641</td><td>-9,141</td><td>-35,218</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-18,916</td><td>+698</td><td>-287</td><td>-132</td><td>-2,677</td><td>-1,274</td></tr><tr><td>New Zealand</td><td>+2,097</td><td>+750</td><td>-819</td><td>-491</td><td>-46</td><td>-290</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+996</td><td>+324</td><td>+123</td><td>+782</td><td>-227</td><td>+1,593</td></tr><tr><td>French Morocco</td><td>-175</td><td>-69</td><td>-198</td><td>+245</td><td>+128</td><td>-638</td></tr><tr><td>Union of South Africa</td><td>+2,021</td><td>+165</td><td>-64</td><td>-323</td><td>-521</td><td>+468</td></tr><tr><td>All other</td><td>+14,895 7e/</td><td>+2,099</td><td>+4,413</td><td>-989</td><td>+1,264</td><td>+459</td></tr><tr><td>Total other countries</td><td>+918 7e/</td><td>+2,467</td><td>+3,168</td><td>-908</td><td>-2,079</td><td>+318</td></tr><tr><td>Unidentified</td><td>+214</td><td>+1,223</td><td>+494</td><td>+316</td><td>-116</td><td>-422</td></tr><tr><td>Grand total</td><td>+153,895 7e/</td><td>+174,973</td><td>+11,310</td><td>+44,446</td><td>+47,306</td><td>+171,687</td></tr></table>
Footnotes appear on pages 91 and 92.
December 1945
97
Capital Movements Between the United States and Foreign Countries - (Continued
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - June 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1942</th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+572</td><td>+46</td><td>-76</td><td>+270</td><td>+143</td><td>-5</td><td>+336</td><td>-268</td><td>-75</td><td>+203</td><td>-90</td><td>-17</td><td>+105</td></tr><tr><td>France</td><td>+811</td><td>-97</td><td>-55</td><td>+593</td><td>-130</td><td>+25</td><td>+254</td><td>-183</td><td>+18</td><td>+395</td><td>-332</td><td>+8</td><td>+315</td></tr><tr><td>Belgium</td><td>-121</td><td>+29</td><td>-2</td><td>-35</td><td>-98</td><td>-51</td><td>-21</td><td>+9</td><td>-4</td><td>+74</td><td>+64</td><td>+91</td><td>-177</td></tr><tr><td>Germany</td><td>+75</td><td>+10</td><td>-11</td><td>+1</td><td>+5</td><td>-3</td><td>+3</td><td>+38</td><td>-1</td><td>+138</td><td>-115</td><td>-1</td><td>+11</td></tr><tr><td>Italy</td><td>+23</td><td>-3</td><td>+17</td><td>+8</td><td>-1</td><td>+6</td><td>-21</td><td>+7</td><td>+66</td><td>144</td><td>-6</td><td>+17</td><td>-23</td></tr><tr><td>Netherlands</td><td>-139</td><td>+420</td><td>+51</td><td>+245</td><td>+108</td><td>+312</td><td>+288</td><td>-2,902</td><td>-2</td><td>+380</td><td>+40</td><td>+147</td><td>+774</td></tr><tr><td>Sveden</td><td>+95</td><td>+45</td><td>+12</td><td>+13</td><td>+67</td><td>-25</td><td>-16</td><td>+10</td><td>-5</td><td>+25</td><td>-15</td><td>-11</td><td>-5</td></tr><tr><td>Switzerland</td><td>+275</td><td>-211</td><td>-22</td><td>+1,091</td><td>-354</td><td>+177</td><td>-114</td><td>+631</td><td>-83</td><td>+96</td><td>-530</td><td>-571</td><td>+165</td></tr><tr><td>Other Europe</td><td>+738</td><td>-439</td><td>-25</td><td>+375</td><td>+174</td><td>+278</td><td>+10</td><td>-20</td><td>+142</td><td>+143</td><td>-200</td><td>+84</td><td>+216</td></tr><tr><td>Total Europe</td><td>+2,329</td><td>-200</td><td>-111</td><td>+2,561</td><td>-86</td><td>+714</td><td>+719</td><td>-2,678</td><td>+56</td><td>+1,410</td><td>-1,184</td><td>-253</td><td>+1,381</td></tr><tr><td>Canada</td><td>+1,072</td><td>+212</td><td>+291</td><td>-59</td><td>-76</td><td>-130</td><td>+268</td><td>-181</td><td>+109</td><td>+682</td><td>-382</td><td>+30</td><td>+308</td></tr><tr><td>Latin America</td><td>+261</td><td>+1,124</td><td>-300</td><td>+111</td><td>-252</td><td>+73</td><td>+534</td><td>+250</td><td>+52</td><td>+1,168</td><td>-1,481</td><td>+133</td><td>-1,151</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-27</td><td>-5</td><td>+1</td><td>+12</td><td>-3</td><td>-</td><td>-29</td><td>+14</td><td>+6</td><td>+77</td><td>-82</td><td>+21</td><td>-39</td></tr><tr><td>Other Asia</td><td>-264</td><td>+99</td><td>144</td><td>-279</td><td>+1</td><td>+10</td><td>+42</td><td>-13</td><td>+5</td><td>+183</td><td>-180</td><td>-116</td><td>+28</td></tr><tr><td>Total Asia</td><td>-291</td><td>+94</td><td>-43</td><td>-267</td><td>-2</td><td>+10</td><td>+13</td><td>+1</td><td>+11</td><td>+260</td><td>-262</td><td>-95</td><td>-11</td></tr><tr><td>All other</td><td>+142</td><td>-55</td><td>+104</td><td>-49</td><td>+46</td><td>-27</td><td>+158</td><td>+15</td><td>+23</td><td>+54</td><td>-22</td><td>+95</td><td>-200</td></tr><tr><td>Grand total</td><td>+3,513</td><td>+1,175</td><td>-59</td><td>+2,297</td><td>-370</td><td>+640</td><td>+1,692</td><td>-2,593</td><td>+251</td><td>+3,574</td><td>-3,331</td><td>-90</td><td>+327</td></tr></table>
(Continued on following page)
98
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4
- Net Movement in Brokerage Balances, by Countries, January 1942 - June 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+1,463</td><td>+204</td><td>-209</td><td>-1,041</td><td>+1,716</td><td>+191</td><td>+1,055</td><td>+406</td><td>-311</td><td>+41</td><td>-439</td><td>+72</td><td>+590</td></tr><tr><td>France</td><td>+821</td><td>-74</td><td>-318</td><td>+701</td><td>-58</td><td>-230</td><td>+546</td><td>-139</td><td>+243</td><td>-218</td><td>+91</td><td>+166</td><td>+111</td></tr><tr><td>Belgium</td><td>+224</td><td>+91</td><td>-316</td><td>+270</td><td>+46</td><td>-36</td><td>+9</td><td>+35</td><td>-51</td><td>+158</td><td>-97</td><td>+446</td><td>+69</td></tr><tr><td>Denmark</td><td>+14</td><td>-8</td><td>+1</td><td>-34</td><td>+1</td><td>-17</td><td>-18</td><td>+82</td><td>-43</td><td>-</td><td>+36</td><td>+11</td><td>+3</td></tr><tr><td>Finland</td><td>-8</td><td>+68</td><td>-</td><td>+1</td><td>-72</td><td>-</td><td>-</td><td>-2</td><td>+2</td><td>+2</td><td>-8</td><td>-</td><td>+1</td></tr><tr><td>Germany</td><td>-33</td><td>-12</td><td>+6</td><td>+8</td><td>+6</td><td>-18</td><td>+41</td><td>-4</td><td>-7</td><td>-67</td><td>-9</td><td>+10</td><td>+13</td></tr><tr><td>Greece</td><td>+16</td><td>+10</td><td>+1</td><td>-6</td><td>-5</td><td>-1</td><td>-2</td><td>+6</td><td>-4</td><td>+3</td><td>-2</td><td>+5</td><td>+11</td></tr><tr><td>Italy</td><td>+110</td><td>+32</td><td>-2</td><td>+10</td><td>+5</td><td>+2</td><td>+6</td><td>+5</td><td>-15</td><td>+33</td><td>+7</td><td>+60</td><td>-33</td></tr><tr><td>Luxembourg</td><td>+272</td><td>+210</td><td>-90</td><td>-24</td><td>-86</td><td>+80</td><td>+39</td><td>-33</td><td>+6</td><td>+275</td><td>-51</td><td>+15</td><td>-69</td></tr><tr><td>Netherlands</td><td>+2,387</td><td>+148</td><td>-413</td><td>+560</td><td>+131</td><td>-113</td><td>+266</td><td>+397</td><td>+204</td><td>-85</td><td>+216</td><td>+5</td><td>+1,071</td></tr><tr><td>Norway</td><td>+474</td><td>+178</td><td>+34</td><td>+49</td><td>+3</td><td>-</td><td>+20</td><td>+42</td><td>+7</td><td>+15</td><td>+85</td><td>+26</td><td>+15</td></tr><tr><td>Portugal</td><td>+146</td><td>+3</td><td>-1</td><td>-2</td><td>+3</td><td>-2</td><td>+93</td><td>-77</td><td>+4</td><td>-7</td><td>+73</td><td>+61</td><td>-2</td></tr><tr><td>Romania</td><td>+6</td><td>+4</td><td>-22</td><td>+19</td><td>-</td><td>-4</td><td>-1</td><td>-1</td><td>+1</td><td>+1</td><td>+4</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>+4</td><td>-15</td><td>+7</td><td>+5</td><td>-1</td><td>+4</td><td>-1</td><td>+4</td><td>-2</td><td>-</td><td>+4</td><td>+5</td><td>+4</td></tr><tr><td>Sweden</td><td>-71</td><td>-19</td><td>+34</td><td>+38</td><td>+114</td><td>-67</td><td>-7</td><td>+44</td><td>+67</td><td>-148</td><td>-108</td><td>+260</td><td>-279</td></tr><tr><td>Switzerland</td><td>+5,556</td><td>-239</td><td>-2,627</td><td>+3,453</td><td>-382</td><td>+797</td><td>+1,376</td><td>+1,274</td><td>+913</td><td>+643</td><td>+11</td><td>+82</td><td>+255</td></tr><tr><td>U. S. S. R.</td><td>+4</td><td>-</td><td>-</td><td>-167</td><td>+167</td><td>-</td><td>-</td><td>+1</td><td>+68</td><td>-69</td><td>-</td><td>-</td><td>+4</td></tr><tr><td>Yugoslavia</td><td>+1</td><td>+2</td><td>-21</td><td>+20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>+1</td><td>-2</td><td>+2</td><td>-1</td></tr><tr><td>Other Europe</td><td>-347</td><td>-274</td><td>-98</td><td>+195</td><td>+140</td><td>-323</td><td>+57</td><td>-29</td><td>+54</td><td>+17</td><td>-148</td><td>+44</td><td>+18</td></tr><tr><td>Total Europe</td><td>+11,039</td><td>+309</td><td>-4,034</td><td>+4,055</td><td>+1,728</td><td>+267</td><td>+3,480</td><td>+1,199</td><td>+1,136</td><td>+595</td><td>-337</td><td>+860</td><td>+1,781</td></tr><tr><td>Canada</td><td>+2,433</td><td>+743</td><td>+715</td><td>+228</td><td>-600</td><td>+132</td><td>+610</td><td>-571</td><td>+156</td><td>+145</td><td>+507</td><td>-242</td><td>+610</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-807</td><td>+163</td><td>-72</td><td>+481</td><td>-553</td><td>-510</td><td>-34</td><td>-150</td><td>+4</td><td>-560</td><td>-728</td><td>+1,185</td><td>-33</td></tr><tr><td>Bolivia</td><td>+12</td><td>+2</td><td>+4</td><td>-</td><td>+4</td><td>-6</td><td>+156</td><td>-152</td><td>-</td><td>+38</td><td>-39</td><td>-7</td><td>+12</td></tr><tr><td>Brazil</td><td>-215</td><td>-142</td><td>+281</td><td>-578</td><td>-6</td><td>+77</td><td>+7</td><td>+113</td><td>-58</td><td>+31</td><td>-8</td><td>-8</td><td>+46</td></tr><tr><td>Chile</td><td>-104</td><td>-52</td><td>-156</td><td>+234</td><td>+206</td><td>-117</td><td>-38</td><td>+98</td><td>-43</td><td>-208</td><td>-6</td><td>-14</td><td>-8</td></tr><tr><td>Colombia</td><td>+22</td><td>-15</td><td>-19</td><td>-15</td><td>-68</td><td>+29</td><td>+55</td><td>+116</td><td>+6</td><td>-62</td><td>-155</td><td>+90</td><td>+22</td></tr><tr><td>Costa Rica</td><td>+36</td><td>+18</td><td>-2</td><td>+12</td><td>-27</td><td>+1</td><td>+8</td><td>+5</td><td>-10</td><td>+2</td><td>+3</td><td>-10</td><td>+36</td></tr><tr><td>Cuba</td><td>-431</td><td>+529</td><td>+2,587</td><td>-2,474</td><td>-152</td><td>-369</td><td>-312</td><td>-103</td><td>-965</td><td>+355</td><td>+838</td><td>-170</td><td>-195</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>+3</td><td>-3</td><td>+3</td><td>+15</td><td>-20</td><td>+2</td><td>+4</td><td>-1</td><td>-3</td><td>+12</td><td>-41</td><td>+29</td></tr><tr><td>Mexico</td><td>-255</td><td>-209</td><td>+237</td><td>+166</td><td>-412</td><td>-327</td><td>-65</td><td>-</td><td>+154</td><td>+60</td><td>-151</td><td>+342</td><td>-50</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20</td><td>+4</td><td>-67</td><td>+13</td><td>-</td><td>-21</td><td>+10</td><td>+22</td><td>+10</td><td>+73</td><td>-18</td><td>-16</td><td>+10</td></tr><tr><td>Panama</td><td>+1,902</td><td>+373</td><td>+192</td><td>+351</td><td>+462</td><td>+494</td><td>-303</td><td>-183</td><td>+1,027</td><td>-201</td><td>+107</td><td>-321</td><td>-96</td></tr><tr><td>Peru</td><td>+244</td><td>+15</td><td>+104</td><td>-164</td><td>+23</td><td>+36</td><td>-169</td><td>-36</td><td>+414</td><td>-3</td><td>-30</td><td>+42</td><td>+12</td></tr><tr><td>Venezuela</td><td>-24</td><td>-52</td><td>-64</td><td>+168</td><td>+24</td><td>-44</td><td>-60</td><td>-55</td><td>-286</td><td>-34</td><td>-119</td><td>+185</td><td>+313</td></tr><tr><td>Other Latin America</td><td>-831</td><td>+240</td><td>-130</td><td>+248</td><td>+520</td><td>-711</td><td>+142</td><td>-104</td><td>+91</td><td>+311</td><td>-536</td><td>-604</td><td>-298</td></tr><tr><td>Total Latin America</td><td>-431</td><td>+877</td><td>+2,930</td><td>-1,555</td><td>+36</td><td>-1,488</td><td>-601</td><td>-395</td><td>+343</td><td>-201</td><td>-830</td><td>+653</td><td>-200</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>-154</td><td>+293</td><td>-107</td><td>-328</td><td>-250</td><td>-53</td><td>+42</td><td>-135</td><td>+46</td><td>+42</td><td>-30</td><td>+205</td><td>+121</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+6</td><td>-6</td><td>-</td></tr><tr><td>Hong Kong</td><td>+47</td><td>+1</td><td>-</td><td>+4</td><td>+6</td><td>-3</td><td>+3</td><td>+2</td><td>+17</td><td>+3</td><td>+2</td><td>+7</td><td>+5</td></tr><tr><td>India, Burma, and Ceylon</td><td>+20</td><td>+11</td><td>-</td><td>+32</td><td>-38</td><td>+10</td><td>+5</td><td>+4</td><td>-3</td><td>+1</td><td>-5</td><td>-1</td><td>+4</td></tr><tr><td>British Malaya</td><td>+1</td><td>+3</td><td>-3</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-17</td><td>+4</td><td>-1</td><td>+6</td><td>+3</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>-8</td><td>+8</td><td>-28</td></tr><tr><td>Netherlands East Indies</td><td>+1</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-2</td><td>+2</td><td>-3</td><td>+7</td><td>-2</td></tr><tr><td>Philippine Islands</td><td>+88</td><td>+40</td><td>+35</td><td>-26</td><td>+6</td><td>-</td><td>+1</td><td>+5</td><td>-44</td><td>+65</td><td>-9</td><td>+15</td><td>-</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+4</td><td>+4</td></tr><tr><td>Other Asia</td><td>-79</td><td>-115</td><td>-19</td><td>-3</td><td>-11</td><td>+13</td><td>+13</td><td>+83</td><td>-77</td><td>+1</td><td>-</td><td>+5</td><td>+31</td></tr><tr><td>Total Asia</td><td>-93</td><td>+238</td><td>-96</td><td>-314</td><td>-285</td><td>-36</td><td>+64</td><td>-42</td><td>-63</td><td>+116</td><td>-47</td><td>+245</td><td>+127</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+120</td><td>+125</td><td>-54</td><td>-162</td><td>+23</td><td>+51</td><td>+18</td><td>+84</td><td>+91</td><td>-61</td><td>-27</td><td>+70</td><td>-38</td></tr><tr><td>New Zealand</td><td>-5</td><td>+61</td><td>-31</td><td>-50</td><td>+21</td><td>+13</td><td>+70</td><td>+112</td><td>-43</td><td>-15</td><td>-28</td><td>-120</td><td>+5</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+113</td><td>+55</td><td>-1</td><td>+1</td><td>+3</td><td>-4</td><td>+2</td><td>+1</td><td>+12</td><td>-2</td><td>+1</td><td>+34</td><td>+9</td></tr><tr><td>French Morocco</td><td>+31</td><td>+2</td><td>-30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+60</td><td>-</td><td>-1</td></tr><tr><td>Union of South Africa</td><td>-21</td><td>+5</td><td>-29</td><td>+2</td><td>-8</td><td>+5</td><td>-</td><td>-</td><td>+1</td><td>-1</td><td>-</td><td>+2</td><td>+2</td></tr><tr><td>All other</td><td>+187</td><td>+241</td><td>-</td><td>-11</td><td>+3</td><td>+36</td><td>+19</td><td>+30</td><td>+61</td><td>-12</td><td>-45</td><td>-196</td><td>+91</td></tr><tr><td>Total other countries</td><td>+425</td><td>+489</td><td>-115</td><td>-280</td><td>+42</td><td>+101</td><td>+109</td><td>+229</td><td>+122</td><td>-91</td><td>-39</td><td>-210</td><td>+68</td></tr><tr><td>Unidentified</td><td>-1</td><td>+2</td><td>-</td><td>-</td><td>+1</td><td>-3</td><td>-</td><td>-</td><td>+4</td><td>+1</td><td>-1</td><td>-2</td><td>-3</td></tr><tr><td>Grand total</td><td>+13,372</td><td>+2,658</td><td>-600</td><td>+2,134</td><td>+922</td><td>-1,027</td><td>+3,662</td><td>+420</td><td>+1,698</td><td>+565</td><td>-747</td><td>+1,304</td><td>+2,383</td></tr></table>
(Continued on following page)
December 1945
99
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - June 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-710</td><td>-83</td><td>+121</td><td>-366</td><td>-154</td><td>-180</td><td>+154</td><td>+346</td><td>-282</td><td>+462</td><td>+150</td><td>-769</td><td>+291</td></tr><tr><td>France</td><td>+1,539</td><td>-119</td><td>+26</td><td>+296</td><td>-328</td><td>+283</td><td>+318</td><td>+128</td><td>+107</td><td>+159</td><td>+191</td><td>+87</td><td>+391</td></tr><tr><td>Belgium</td><td>+108</td><td>+9</td><td>-69</td><td>+21</td><td>+51</td><td>-31</td><td>-4</td><td>+166</td><td>-79</td><td>+27</td><td>+12</td><td>-47</td><td>+52</td></tr><tr><td>Denmark</td><td>+39</td><td>-31</td><td>+32</td><td>-9</td><td>+4</td><td>+3</td><td>+9</td><td>-6</td><td>-3</td><td>+41</td><td>+2</td><td>-</td><td>-3</td></tr><tr><td>Finland</td><td>+1</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>+154</td><td>-7</td><td>+12</td><td>-9</td><td>+3</td><td>-15</td><td>+7</td><td>-1</td><td>-1</td><td>+2</td><td>+35</td><td>+100</td><td>+28</td></tr><tr><td>Greece</td><td>+1</td><td>-</td><td>-</td><td>+2</td><td>-1</td><td>+4</td><td>-8</td><td>+4</td><td>+6</td><td>+1</td><td>+4</td><td>+1</td><td>-4</td></tr><tr><td>Italy</td><td>-25</td><td>-65</td><td>+5</td><td>-</td><td>-</td><td>-7</td><td>+6</td><td>+56</td><td>-55</td><td>+3</td><td>+23</td><td>+1</td><td>+8</td></tr><tr><td>Luxembourg</td><td>+633</td><td>-4</td><td>-24</td><td>+44</td><td>+4</td><td>+1</td><td>+11</td><td>+48</td><td>+502</td><td>-</td><td>+129</td><td>-391</td><td>+409</td></tr><tr><td>Netherlands</td><td>+2,423</td><td>-107</td><td>+425</td><td>+103</td><td>+294</td><td>+33</td><td>+208</td><td>+318</td><td>-308</td><td>+47</td><td>+311</td><td>+157</td><td>+942</td></tr><tr><td>Norway</td><td>+285</td><td>-29</td><td>+31</td><td>+13</td><td>+30</td><td>+14</td><td>-228</td><td>+205</td><td>+31</td><td>+110</td><td>+3</td><td>-52</td><td>+157</td></tr><tr><td>Portugal</td><td>-116</td><td>+17</td><td>+25</td><td>+1</td><td>+6</td><td>+2</td><td>+4</td><td>+6</td><td>+8</td><td>-5</td><td>+3</td><td>-10</td><td>-125</td></tr><tr><td>Rumania</td><td>-6</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-10</td><td>+6</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>+88</td><td>-16</td><td>+9</td><td>+11</td><td>-19</td><td>-</td><td>-</td><td>+2</td><td>+1</td><td>-</td><td>+19</td><td>-82</td><td>+163</td></tr><tr><td>Sweden</td><td>+90</td><td>-5</td><td>+78</td><td>+88</td><td>+56</td><td>-162</td><td>-47</td><td>+57</td><td>-10</td><td>+33</td><td>-9</td><td>+39</td><td>-38</td></tr><tr><td>Switzerland</td><td>+3,758</td><td>+761</td><td>-1,245</td><td>+909</td><td>-523</td><td>+716</td><td>-506</td><td>+1,098</td><td>+318</td><td>+653</td><td>+1,001</td><td>-881</td><td>+1,457</td></tr><tr><td>U. S. S. R.</td><td>-4</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+6</td><td>-6</td><td>-90</td><td>+90</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>+3</td><td>-1</td><td>-1</td><td>-</td><td>+1</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>+1</td><td>-</td></tr><tr><td>Other Europe</td><td>-79</td><td>-26</td><td>-30</td><td>+83</td><td>-12</td><td>+35</td><td>+127</td><td>+18</td><td>+139</td><td>-29</td><td>-24</td><td>+44</td><td>-150</td></tr><tr><td>Total Europe</td><td>+8,582</td><td>+290</td><td>-654</td><td>+1,188</td><td>-576</td><td>+696</td><td>-201</td><td>+2,347</td><td>+358</td><td>+1,420</td><td>+1,938</td><td>-1,802</td><td>+3,578</td></tr><tr><td>Canada</td><td>-1,417</td><td>-494</td><td>+273</td><td>+796</td><td>+300</td><td>-931</td><td>+345</td><td>-912</td><td>-320</td><td>-272</td><td>+2,196</td><td>-1,440</td><td>-558</td></tr><tr><td><b>Latino America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+1,141</td><td>-67</td><td>+299</td><td>+1,206</td><td>-138</td><td>+141</td><td>-341</td><td>+288</td><td>+225</td><td>-414</td><td>+145</td><td>+226</td><td>-429</td></tr><tr><td>Bolivia</td><td>+39</td><td>+4</td><td>+18</td><td>-17</td><td>+22</td><td>-2</td><td>+13</td><td>+12</td><td>-2</td><td>-9</td><td>-</td><td>-11</td><td>+11</td></tr><tr><td>Brazil</td><td>+1,252</td><td>+318</td><td>+41</td><td>+14</td><td>-47</td><td>+1,428</td><td>-53</td><td>-446</td><td>+217</td><td>+381</td><td>-228</td><td>-119</td><td>-254</td></tr><tr><td>Chile</td><td>+246</td><td>+132</td><td>-55</td><td>+51</td><td>-19</td><td>-7</td><td>+99</td><td>-13</td><td>-29</td><td>-105</td><td>+129</td><td>-3</td><td>+66</td></tr><tr><td>Colombia</td><td>+316</td><td>+136</td><td>-27</td><td>-1</td><td>-18</td><td>+46</td><td>+64</td><td>+45</td><td>-71</td><td>+17</td><td>+80</td><td>-121</td><td>+166</td></tr><tr><td>Costa Rica</td><td>-32</td><td>-3</td><td>-2</td><td>+13</td><td>-6</td><td>-9</td><td>-5</td><td>+20</td><td>-11</td><td>-10</td><td>-19</td><td>+119</td><td>-119</td></tr><tr><td>Cuba</td><td>-1,121</td><td>-185</td><td>+1,213</td><td>-1,208</td><td>-181</td><td>+37</td><td>-34</td><td>-387</td><td>+131</td><td>-253</td><td>-127</td><td>-131</td><td>+4</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-51</td><td>+51</td><td>+7</td><td>+9</td><td>-16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>+1,105</td><td>-208</td><td>-81</td><td>+332</td><td>-73</td><td>-140</td><td>+151</td><td>-78</td><td>+332</td><td>-108</td><td>+462</td><td>+237</td><td>+279</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+302</td><td>-8</td><td>+9</td><td>+370</td><td>-80</td><td>+45</td><td>+29</td><td>-6</td><td>-11</td><td>+13</td><td>-35</td><td>-14</td><td>-10</td></tr><tr><td>Panama</td><td>+255</td><td>+459</td><td>+177</td><td>-219</td><td>+134</td><td>-63</td><td>-34</td><td>-49</td><td>-280</td><td>+816</td><td>+562</td><td>-1,319</td><td>+989</td></tr><tr><td>Peru</td><td>-498</td><td>-41</td><td>-5</td><td>+3</td><td>+19</td><td>+60</td><td>-68</td><td>-</td><td>-36</td><td>-11</td><td>+4</td><td>+42</td><td>+465</td></tr><tr><td>Veocruela</td><td>-179</td><td>-175</td><td>-163</td><td>+36</td><td>+105</td><td>-19</td><td>+48</td><td>+33</td><td>-299</td><td>+132</td><td>-189</td><td>-145</td><td>+457</td></tr><tr><td>Other Latino America</td><td>-1,517</td><td>+56</td><td>+790</td><td>-1,346</td><td>-141</td><td>-199</td><td>-177</td><td>-167</td><td>+29</td><td>+339</td><td>-58</td><td>+1,389</td><td>-2,032</td></tr><tr><td>Total Latino America</td><td>+1,309</td><td>-551</td><td>+2,265</td><td>-759</td><td>-414</td><td>+1,302</td><td>-308</td><td>-748</td><td>+195</td><td>+788</td><td>+726</td><td>+150</td><td>-1,337</td></tr><tr><td><b>Afia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+246</td><td>+52</td><td>-15</td><td>-237</td><td>-182</td><td>+116</td><td>-153</td><td>-520</td><td>-6</td><td>-89</td><td>+116</td><td>+893</td><td>+271</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-649</td><td>-3</td><td>-</td><td>+3</td><td>+2</td><td>-33</td><td>-32</td><td>+35</td><td>+32</td><td>+6</td><td>-4</td><td>+4</td><td>-659</td></tr><tr><td>India, Burma, and Ceylon</td><td>+35</td><td>-4</td><td>+4</td><td>-5</td><td>-464</td><td>+447</td><td>-10</td><td>-89</td><td>+89</td><td>+6</td><td>+55</td><td>-</td><td>+6</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+1</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-4</td><td>-4</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>+1</td><td>-</td><td>-1</td><td>+3</td><td>+1</td></tr><tr><td>Netherlads East Indies</td><td>+2</td><td>-</td><td>-4</td><td>+5</td><td>-</td><td>+1</td><td>-</td><td>+7</td><td>-7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>+6</td><td>+8</td><td>+6</td><td>+18</td><td>-15</td><td>+10</td><td>-54</td><td>+1</td><td>-6</td><td>-14</td><td>+22</td><td>-9</td><td>+27</td></tr><tr><td>Turkey</td><td>+3</td><td>-</td><td>+3</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-1</td><td>-1</td><td>-</td></tr><tr><td>Other Afia</td><td>-29</td><td>-14</td><td>-20</td><td>-5</td><td>+23</td><td>-</td><td>+18</td><td>-71</td><td>+27</td><td>+156</td><td>-145</td><td>+60</td><td>-58</td></tr><tr><td>Total Afia</td><td>-402</td><td>+35</td><td>-28</td><td>-221</td><td>-637</td><td>+542</td><td>-234</td><td>-638</td><td>+131</td><td>+66</td><td>+43</td><td>+950</td><td>-411</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-254</td><td>+29</td><td>+13</td><td>+26</td><td>+6</td><td>+32</td><td>-271</td><td>-12</td><td>-</td><td>+11</td><td>-3</td><td>-15</td><td>-6</td></tr><tr><td>New Zealand</td><td>-33</td><td>+10</td><td>+1</td><td>+9</td><td>-1</td><td>+18</td><td>-67</td><td>-5</td><td>+1</td><td>-</td><td>+1</td><td>-1</td><td>+1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+3</td><td>-7</td><td>-30</td><td>+1</td><td>+14</td><td>+17</td><td>-20</td><td>+1</td><td>+16</td><td>+3</td><td>-4</td><td>+11</td><td>+1</td></tr><tr><td>Frecon Morocco</td><td>-</td><td>-</td><td>+3</td><td>-</td><td>+2</td><td>-1</td><td>+2</td><td>+1</td><td>-7</td><td>+1</td><td>-</td><td>-1</td><td>-1</td></tr><tr><td>Union of South Africa</td><td>+5</td><td>-</td><td>-3</td><td>-</td><td>-1</td><td>-1</td><td>-1</td><td>+2</td><td>+8</td><td>-</td><td>-</td><td>-1</td><td>+1</td></tr><tr><td>All other</td><td>+746</td><td>-25</td><td>-9</td><td>+41</td><td>+15</td><td>+8</td><td>+9</td><td>+87</td><td>+268</td><td>+296</td><td>+14</td><td>+7</td><td>+17</td></tr><tr><td>Total other countries</td><td>+467</td><td>+7</td><td>-25</td><td>+79</td><td>+36</td><td>+9</td><td>-348</td><td>+70</td><td>+286</td><td>+111</td><td>+8</td><td>+1</td><td>+33</td></tr><tr><td>Unidentified</td><td>-10</td><td>-</td><td>-</td><td>+1</td><td>+2</td><td>-2</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-10</td></tr><tr><td>Grand total</td><td>+8,529</td><td>-713</td><td>+1,831</td><td>+684</td><td>-1,289</td><td>+1,616</td><td>-747</td><td>+119</td><td>+650</td><td>+2,313</td><td>+4,911</td><td>-2,141</td><td>+1,295</td></tr></table>
(Continued on following page)
100
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - June 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-12</td><td>+51</td><td>-15</td><td>-120</td><td>+683</td><td>+2,538</td></tr><tr><td>France</td><td>-1,168</td><td>+970</td><td>+229</td><td>+30</td><td>-552</td><td>+254</td></tr><tr><td>Belgium</td><td>+170</td><td>+93</td><td>-78</td><td>+46</td><td>+74</td><td>-54</td></tr><tr><td>Denmark</td><td>+5</td><td>+8</td><td>-3</td><td>-</td><td>-15</td><td>+5</td></tr><tr><td>Finland</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>+1</td></tr><tr><td>Germany</td><td>-128</td><td>-1</td><td>+20</td><td>+6</td><td>-13</td><td>+1</td></tr><tr><td>Greece</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>+1</td><td>+2</td><td>+10</td><td>+9</td><td>-8</td><td>+14</td></tr><tr><td>Luxembourg</td><td>+21</td><td>+4</td><td>+29</td><td>+38</td><td>-118</td><td>+5</td></tr><tr><td>Netherlands</td><td>+134</td><td>+251</td><td>-78</td><td>+424</td><td>+95</td><td>+411</td></tr><tr><td>Norway</td><td>-37</td><td>-121</td><td>+97</td><td>+6</td><td>+31</td><td>+117</td></tr><tr><td>Portugal</td><td>+145</td><td>-5</td><td>+1</td><td>-24</td><td>-9</td><td>+2</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>+13</td><td>-3</td><td>+2</td><td>-</td></tr><tr><td>Spain</td><td>-152</td><td>+1</td><td>+7</td><td>-3</td><td>+8</td><td>+2</td></tr><tr><td>Sweden</td><td>+23</td><td>+44</td><td>+11</td><td>+11</td><td>+94</td><td>+148</td></tr><tr><td>Switzerland</td><td>-112</td><td>+1,014</td><td>+521</td><td>+240</td><td>+1,117</td><td>+187</td></tr><tr><td>U. S. S. R.</td><td>-9</td><td>+9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td></tr><tr><td>Other Europe</td><td>-3</td><td>+142</td><td>-413</td><td>+4</td><td>-17</td><td>+42</td></tr><tr><td>Total Europe</td><td>-1,121</td><td>+2,454</td><td>+353</td><td>+604</td><td>+1,072</td><td>+3,674</td></tr><tr><td>Canada</td><td>+557</td><td>+305</td><td>-86</td><td>+80</td><td>+2,256</td><td>-1,367</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+620</td><td>-14</td><td>+741</td><td>+479</td><td>-965</td><td>-558</td></tr><tr><td>Bolivia</td><td>+3</td><td>-7</td><td>+3</td><td>+10</td><td>+11</td><td>+14</td></tr><tr><td>Brazil</td><td>-63</td><td>-303</td><td>-272</td><td>-235</td><td>-940</td><td>+961</td></tr><tr><td>Chile</td><td>-3</td><td>+40</td><td>+34</td><td>+64</td><td>-112</td><td>-235</td></tr><tr><td>Colombia</td><td>+123</td><td>-27</td><td>-63</td><td>+14</td><td>-94</td><td>-122</td></tr><tr><td>Costa Rica</td><td>+4</td><td>-19</td><td>+65</td><td>-11</td><td>-1</td><td>-29</td></tr><tr><td>Cuba</td><td>+115</td><td>+186</td><td>-59</td><td>+262</td><td>-192</td><td>-355</td></tr><tr><td>French West Indies and Guiana</td><td>+40</td><td>-37</td><td>-</td><td>+2</td><td>+70</td><td>-72</td></tr><tr><td>Mexico</td><td>+77</td><td>-36</td><td>-293</td><td>-501</td><td>+1,313</td><td>+333</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+29</td><td>+39</td><td>-183</td><td>+1145</td><td>-2</td><td>-365</td></tr><tr><td>Panama</td><td>+31</td><td>+670</td><td>+372</td><td>-328</td><td>+1,222</td><td>-1,408</td></tr><tr><td>Peru</td><td>-37</td><td>-25</td><td>-131</td><td>-494</td><td>+254</td><td>+590</td></tr><tr><td>Venezuela</td><td>+145</td><td>+72</td><td>+100</td><td>+197</td><td>+174</td><td>-1,475</td></tr><tr><td>Other Latin America</td><td>+79</td><td>+405</td><td>-14</td><td>-64</td><td>-244</td><td>-607</td></tr><tr><td>Total Latin America</td><td>+1,163</td><td>+944</td><td>+300</td><td>-530</td><td>+494</td><td>-3,328</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>-1,461</td><td>-23</td><td>-134</td><td>-320</td><td>-561</td><td>-728</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>+658</td><td>+1</td><td>+11</td><td>+18</td><td>+1</td><td>+5</td></tr><tr><td>India, Burma, and Ceylon</td><td>-57</td><td>+67</td><td>-9</td><td>-8</td><td>-3</td><td>-11</td></tr><tr><td>British Malaya</td><td>-</td><td>+2</td><td>+1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-3</td><td>+1</td><td>-3</td><td>-</td><td>+1</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+56</td><td>-56</td></tr><tr><td>Philippine Islands</td><td>+6</td><td>-4</td><td>+65</td><td>+34</td><td>-78</td><td>-141</td></tr><tr><td>Turkey</td><td>-</td><td>+14</td><td>+4</td><td>-3</td><td>-6</td><td>-3</td></tr><tr><td>Other Asia</td><td>+21</td><td>+4</td><td>-14</td><td>+16</td><td>+10</td><td>+4</td></tr><tr><td>Total Asia</td><td>-835</td><td>+62</td><td>-79</td><td>-263</td><td>-580</td><td>-833</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+4</td><td>+17</td><td>+5</td><td>+22</td><td>-33</td><td>-4</td></tr><tr><td>New Zealand</td><td>-1</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-</td><td>+10</td><td>-9</td><td>-31</td><td>-2</td><td>+10</td></tr><tr><td>French Morocco</td><td>+3</td><td>+3</td><td>-2</td><td>-</td><td>-</td><td>+10</td></tr><tr><td>Union of South Africa</td><td>+3</td><td>+34</td><td>-11</td><td>-34</td><td>-3</td><td>+4</td></tr><tr><td>All other</td><td>+18</td><td>+14</td><td>+51</td><td>+16</td><td>+12</td><td>+4</td></tr><tr><td>Total other countries</td><td>+27</td><td>+79</td><td>+33</td><td>-27</td><td>-26</td><td>+23</td></tr><tr><td>Unidentified</td><td>+14</td><td>-4</td><td>-</td><td>-2</td><td>-7</td><td>-</td></tr><tr><td>Grand total</td><td>-195</td><td>+3,840</td><td>+521</td><td>-78</td><td>+3,209</td><td>-1,831</td></tr></table>
December 1945
101
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1942</th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-9,686</td><td>-652</td><td>+145</td><td>-2,358</td><td>-1,603</td><td>-695</td><td>-2,112</td><td>+92</td><td>-517</td><td>-508</td><td>-356</td><td>-472</td><td>-650</td></tr><tr><td>France</td><td>+6,327</td><td>+189</td><td>+365</td><td>-601</td><td>+350</td><td>+740</td><td>+281</td><td>+340</td><td>+803</td><td>+381</td><td>-384</td><td>+398</td><td>+3,465</td></tr><tr><td>Belgium</td><td>-1,620</td><td>+338</td><td>+114</td><td>+169</td><td>-158</td><td>-301</td><td>-153</td><td>-533</td><td>-318</td><td>+13</td><td>-24</td><td>-363</td><td>-404</td></tr><tr><td>Germany</td><td>-711</td><td>-10</td><td>-21</td><td>-19</td><td>+25</td><td>+5</td><td>-110</td><td>-135</td><td>-241</td><td>-65</td><td>-157</td><td>-3</td><td>+40</td></tr><tr><td>Italy</td><td>-113</td><td>-4</td><td>-6</td><td>-81</td><td>+101</td><td>+5</td><td>-8</td><td>-65</td><td>-31</td><td>-87</td><td>+19</td><td>-21</td><td>+65</td></tr><tr><td>Netherlands</td><td>+257</td><td>-75</td><td>+1</td><td>+4</td><td>-26</td><td>-56</td><td>-71</td><td>+188</td><td>-8</td><td>+12</td><td>-57</td><td>-46</td><td>+391</td></tr><tr><td>Sweden</td><td>+1,791</td><td>+18</td><td>-1,256</td><td>+299</td><td>-46</td><td>+308</td><td>+231</td><td>+940</td><td>-181</td><td>+191</td><td>-81</td><td>+857</td><td>+511</td></tr><tr><td>Switzerland</td><td>+24,786</td><td>+3,056</td><td>+818</td><td>-89</td><td>+2,856</td><td>+1,745</td><td>+1,822</td><td>+2,661</td><td>+2,030</td><td>+1,760</td><td>+3,420</td><td>+3,406</td><td>+1,301</td></tr><tr><td>Other Europe</td><td>+13,607</td><td>+314</td><td>+1,290</td><td>+368</td><td>+420</td><td>+377</td><td>+159</td><td>+278</td><td>+577</td><td>+3,554</td><td>+2,381</td><td>+1,851</td><td>+2,078</td></tr><tr><td>Total Europe</td><td>+34,638</td><td>+3,174</td><td>+1,410</td><td>-2,308</td><td>+1,919</td><td>+2,128</td><td>+39</td><td>+3,766</td><td>+2,114</td><td>+5,231</td><td>+4,761</td><td>+5,607</td><td>+6,797</td></tr><tr><td>Canada</td><td>-38,751</td><td>+1,270</td><td>-7,424</td><td>-8,618</td><td>-8,289</td><td>-6,486</td><td>-5,5161/</td><td>-16,998</td><td>+3,729</td><td>+91</td><td>+9,217</td><td>-2,658</td><td>+2,931</td></tr><tr><td>Latin America</td><td>+31,422</td><td>+1,559</td><td>-557</td><td>+2,568</td><td>+1,595</td><td>+6,087</td><td>+2,9591b/</td><td>+4,755</td><td>+1,438</td><td>+179</td><td>+3,570</td><td>+2,145</td><td>+5,124</td></tr><tr><td>Asia (including Korea and Manchuria)</td><td>-35</td><td>+56</td><td>+129</td><td>+33</td><td>+14</td><td>+89</td><td>-15</td><td>+7</td><td>+2</td><td>-332</td><td>+7</td><td>+3</td><td>-28</td></tr><tr><td>Other Asia</td><td>+10,512</td><td>+89</td><td>+146</td><td>+323</td><td>-168</td><td>+467</td><td>+1,124</td><td>+262</td><td>+1,199</td><td>+173</td><td>+1,892</td><td>+4,331</td><td>+674</td></tr><tr><td>Total Asia</td><td>+10,477</td><td>+145</td><td>+275</td><td>+356</td><td>-154</td><td>+556</td><td>+1,109</td><td>+269</td><td>+1,201</td><td>-159</td><td>+1,899</td><td>+4,334</td><td>+646</td></tr><tr><td>All other</td><td>+1,449</td><td>+55</td><td>+222</td><td>+30</td><td>+246</td><td>+184</td><td>-4</td><td>+5</td><td>+199</td><td>-19</td><td>+290</td><td>+29</td><td>+212</td></tr><tr><td>Grand total</td><td>+39,235</td><td>+6,203</td><td>-6,074</td><td>-7,972</td><td>-4,683</td><td>+2,469</td><td>-1,4131/</td><td>-8,203</td><td>+8,681</td><td>+5,323</td><td>+19,737</td><td>+9,457</td><td>+15,710</td></tr></table>
(Continued on following page)
102
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-20,435</td><td>-111</td><td>-713</td><td>-1,301</td><td>-1,631</td><td>-1,410</td><td>-5,517</td><td>-2,703</td><td>+1,211</td><td>-2,814</td><td>-1,208</td><td>-1,941</td><td>-2,297</td></tr><tr><td>France</td><td>+464</td><td>-895</td><td>+93</td><td>-248</td><td>+1,158</td><td>+4,013</td><td>+135</td><td>-6,496</td><td>-1,894</td><td>+3,233</td><td>+1,014</td><td>+261</td><td>+90</td></tr><tr><td>Belgium</td><td>+1,535</td><td>-772</td><td>+80</td><td>-160</td><td>-742</td><td>-1443</td><td>-67</td><td>+2,841</td><td>+14</td><td>+205</td><td>-33</td><td>-113</td><td>+730</td></tr><tr><td>Denmark</td><td>+1,961</td><td>+367</td><td>+3</td><td>+375</td><td>+1,395</td><td>+29</td><td>-95</td><td>+11</td><td>+12</td><td>+9</td><td>+65</td><td>-4</td><td>-206</td></tr><tr><td>Finland</td><td>+264</td><td>+2</td><td>+2</td><td>+114</td><td>+14</td><td>+3</td><td>+8</td><td>+10</td><td>-2</td><td>+71</td><td>+21</td><td>+11</td><td>+10</td></tr><tr><td>Germany</td><td>-18</td><td>+8</td><td>-29</td><td>-19</td><td>+23</td><td>-2</td><td>-27</td><td>-30</td><td>+5</td><td>+43</td><td>-3</td><td>+4</td><td>+4</td></tr><tr><td>Greece</td><td>-137</td><td>-4</td><td>-108</td><td>-28</td><td>+4</td><td>+87</td><td>+463</td><td>+10</td><td>+4</td><td>-3</td><td>+6</td><td>-16</td><td>+27</td></tr><tr><td>Italy</td><td>+680</td><td>-2</td><td>-20</td><td>+39</td><td>-90</td><td>+9</td><td>-124</td><td>+18</td><td>-6</td><td>+41</td><td>+14</td><td>-1</td><td>-70</td></tr><tr><td>Luxembourg</td><td>-111</td><td>+16</td><td>+15</td><td>+43</td><td>+16</td><td>+9</td><td>-124</td><td>+18</td><td>-6</td><td>+41</td><td>+14</td><td>-1</td><td>-70</td></tr><tr><td>Netherlands</td><td>+4,374</td><td>+859</td><td>+414</td><td>+61</td><td>+1,127</td><td>+1,106</td><td>+213</td><td>+149</td><td>-156</td><td>+129</td><td>+594</td><td>+8</td><td>-130</td></tr><tr><td>Norway</td><td>+2,360</td><td>-6</td><td>+702</td><td>+159</td><td>+59</td><td>+46</td><td>+34</td><td>+206</td><td>+815</td><td>+153</td><td>+71</td><td>+78</td><td>+43</td></tr><tr><td>Portugal</td><td>+1</td><td>-15</td><td>-3</td><td>-9</td><td>+35</td><td>+22</td><td>+135</td><td>+18</td><td>-10</td><td>+1</td><td>+9</td><td>-32</td><td>-150</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>+24</td><td>+1</td><td>-40</td><td>+3</td><td>-1</td><td>+54</td><td>+2</td><td>+4</td><td>+8</td><td>-24</td><td>+33</td><td>-1</td><td>-15</td></tr><tr><td>Sweden</td><td>+3,356</td><td>+269</td><td>-38</td><td>+420</td><td>+2,415</td><td>-74</td><td>-24</td><td>+30</td><td>-567</td><td>-139</td><td>-501</td><td>+1,612</td><td>-147</td></tr><tr><td>Switzerland</td><td>+6,531</td><td>+2,280</td><td>+1,803</td><td>+31</td><td>+2,068</td><td>+132</td><td>+250</td><td>-357</td><td>+2,252</td><td>+2,307</td><td>+102</td><td>+1,702</td><td>-1,535</td></tr><tr><td>U. S. S. R.</td><td>+523</td><td>+42</td><td>+163</td><td>+14</td><td>-</td><td>+10</td><td>-</td><td>+144</td><td>+2</td><td>+7</td><td>+121</td><td>+13</td><td>+7</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>+3,682</td><td>+46</td><td>+130</td><td>+136</td><td>+43</td><td>+4</td><td>+43</td><td>+64</td><td>+18</td><td>+7</td><td>+3,216</td><td>-11</td><td>-21</td></tr><tr><td>Total Europe</td><td>+5,054</td><td>+2,085</td><td>+2,454</td><td>-370</td><td>+5,893</td><td>+3,581</td><td>-4,569</td><td>-6,011</td><td>-2,746</td><td>+3,191</td><td>+3,529</td><td>+1,577</td><td>-3,560</td></tr><tr><td>Canada</td><td>+31,070</td><td>-86,520</td><td>-15,234</td><td>+57,488</td><td>-5,182</td><td>-9,729</td><td>-1,306</td><td>-17,309</td><td>+107,461</td><td>+23,951</td><td>-7,413</td><td>-2,849</td><td>-12,288</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+5,611</td><td>-251</td><td>-618</td><td>-748</td><td>-477</td><td>+1,028</td><td>+563</td><td>+386</td><td>+662</td><td>+1,986</td><td>+1,276</td><td>+166</td><td>+1,638</td></tr><tr><td>Bolivia</td><td>+99</td><td>+19</td><td>-83</td><td>+10</td><td>+9</td><td>+27</td><td>+36</td><td>+12</td><td>+12</td><td>+24</td><td>-</td><td>+47</td><td>+2</td></tr><tr><td>Brazil</td><td>+1,520</td><td>+325</td><td>+274</td><td>+259</td><td>-4</td><td>+71</td><td>+89</td><td>+82</td><td>+75</td><td>-47</td><td>+10</td><td>+234</td><td>+152</td></tr><tr><td>Chile</td><td>+1,384</td><td>-22</td><td>-34</td><td>-268</td><td>-256</td><td>+1,079</td><td>-78</td><td>+26</td><td>-200</td><td>+89</td><td>+89</td><td>+718</td><td>+241</td></tr><tr><td>Colombia</td><td>+2,140</td><td>+219</td><td>+162</td><td>+345</td><td>+97</td><td>+310</td><td>+676</td><td>-47</td><td>+26</td><td>+118</td><td>+269</td><td>+129</td><td>+136</td></tr><tr><td>Costa Rica</td><td>-106</td><td>-15</td><td>-14</td><td>-16</td><td>+16</td><td>-6</td><td>-39</td><td>+2</td><td>+9</td><td>-</td><td>-20</td><td>+12</td><td>-35</td></tr><tr><td>Cuba</td><td>+8,887</td><td>+1,162</td><td>+984</td><td>+1,759</td><td>+936</td><td>+40</td><td>+169</td><td>-358</td><td>+2,168</td><td>+1,543</td><td>+180</td><td>+238</td><td>+66</td></tr><tr><td>French West Indies and Guiana</td><td>-14</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-4</td><td>-</td><td>-3</td><td>+3</td><td>-</td><td>-</td><td>-</td><td>-4</td></tr><tr><td>Mexico</td><td>+3,733</td><td>-65</td><td>+13</td><td>+413</td><td>-126</td><td>+242</td><td>+116</td><td>+165</td><td>+1,232</td><td>+951</td><td>+140</td><td>+431</td><td>+221</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20</td><td>-143</td><td>+50</td><td>+12</td><td>+26</td><td>-22</td><td>+79</td><td>-36</td><td>-13</td><td>-48</td><td>+96</td><td>+14</td><td>+5</td></tr><tr><td>Panama</td><td>+4,967</td><td>-39</td><td>-498</td><td>+369</td><td>+1,846</td><td>+135</td><td>-449</td><td>-1,162</td><td>-365</td><td>+22</td><td>+893</td><td>+2,809</td><td>+1,406</td></tr><tr><td>Paru</td><td>+77</td><td>-8</td><td>+83</td><td>+22</td><td>-126</td><td>-86</td><td>+146</td><td>+191</td><td>-296</td><td>+83</td><td>+33</td><td>+8</td><td>+27</td></tr><tr><td>Voazuela</td><td>+1,365</td><td>+263</td><td>+339</td><td>+224</td><td>+213</td><td>+191</td><td>+99</td><td>+79</td><td>+176</td><td>+160</td><td>+87</td><td>-264</td><td>-202</td></tr><tr><td>Other Latin America</td><td>+2,128</td><td>-73</td><td>-24</td><td>-139</td><td>-1</td><td>-122</td><td>-227</td><td>+20</td><td>-134</td><td>+2,209</td><td>-24</td><td>+89</td><td>+554</td></tr><tr><td>Total Latin America</td><td>+32,111</td><td>+1,372</td><td>+634</td><td>+2,242</td><td>+2,147</td><td>+2,883</td><td>+1,180</td><td>-655</td><td>+3,355</td><td>+7,090</td><td>+3,029</td><td>+4,631</td><td>+4,203</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+67</td><td>-11</td><td>-136</td><td>+708</td><td>+1,482</td><td>-965</td><td>-146</td><td>-1</td><td>+1,062</td><td>+284</td><td>-1,336</td><td>+60</td><td>-934</td></tr><tr><td>French Indo-Chioa</td><td>-78</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-78</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kog</td><td>-155</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>-135</td></tr><tr><td>India, Burma, and Ceylon</td><td>-571</td><td>-10</td><td>-108</td><td>-52</td><td>-202</td><td>-250</td><td>-40</td><td>-99</td><td>-136</td><td>-11</td><td>+29</td><td>-11</td><td>+319</td></tr><tr><td>British Malaya</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-28</td><td>-</td><td>-7</td><td>-7</td><td>-7</td><td>-3</td><td>-</td><td>-9</td><td>+7</td><td>-1</td><td>+10</td><td>-</td><td>-11</td></tr><tr><td>Netherlands East Indies</td><td>+35,400</td><td>+1,100</td><td>+3</td><td>+8,000</td><td>+1,000</td><td>+1,000</td><td>-14,350</td><td>+1,000</td><td>+8,097</td><td>+350</td><td>+500</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>-244</td><td>-20</td><td>+45</td><td>+45</td><td>-22</td><td>+136</td><td>-67</td><td>+166</td><td>+107</td><td>-27</td><td>+28</td><td>+9</td><td>-554</td></tr><tr><td>Turkey</td><td>+130</td><td>+1</td><td>+22</td><td>+42</td><td>-2</td><td>+53</td><td>-1</td><td>+16</td><td>-1</td><td>-14</td><td>-9</td><td>+75</td><td>-2</td></tr><tr><td>Other Asia</td><td>+990</td><td>+36</td><td>+352</td><td>+297</td><td>+64</td><td>+106</td><td>+198</td><td>+98</td><td>-21</td><td>-139</td><td>+17</td><td>-50</td><td>+32</td></tr><tr><td>Total Asia</td><td>+35,556</td><td>+1,096</td><td>+171</td><td>+8,943</td><td>+2,313</td><td>+77</td><td>-56</td><td>+14,443</td><td>+2,018</td><td>+8,164</td><td>-911</td><td>+583</td><td>-1,285</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+1,382</td><td>+244</td><td>+84</td><td>+80</td><td>+393</td><td>+117</td><td>+59</td><td>+30</td><td>+69</td><td>+28</td><td>+82</td><td>+146</td><td>+52</td></tr><tr><td>New Zealand</td><td>-5</td><td>+8</td><td>+3</td><td>-7</td><td>-</td><td>+6</td><td>-</td><td>-</td><td>-13</td><td>-</td><td>-7</td><td>-</td><td>+5</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-50</td><td>+5</td><td>+3</td><td>-4</td><td>-23</td><td>+36</td><td>-2</td><td>+9</td><td>-7</td><td>+5</td><td>+3</td><td>-8</td><td>-67</td></tr><tr><td>French Morocco</td><td>+86</td><td>-</td><td>+2</td><td>+75</td><td>+29</td><td>-3</td><td>+12</td><td>-17</td><td>-11</td><td>-23</td><td>+20</td><td>+4</td><td>-2</td></tr><tr><td>Union of South Africa</td><td>-335</td><td>-4</td><td>-63</td><td>-20</td><td>-47</td><td>-5</td><td>+7</td><td>-36</td><td>-148</td><td>-6</td><td>-12</td><td>-5</td><td>+4</td></tr><tr><td>All other</td><td>+1,261</td><td>-3</td><td>+38</td><td>+86</td><td>+472</td><td>+83</td><td>-37</td><td>-17</td><td>+278</td><td>+143</td><td>+15</td><td>+204</td><td>-1</td></tr><tr><td>Total other countries</td><td>+2,339</td><td>+250</td><td>+67</td><td>+210</td><td>+824</td><td>+234</td><td>+39</td><td>-31</td><td>+168</td><td>+147</td><td>+101</td><td>+340</td><td>-10</td></tr><tr><td>Unideified</td><td>-661</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-15</td><td>-639</td><td>-</td><td>-43</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>+105,463</td><td>-81,717</td><td>-11,908</td><td>+68,513</td><td>+5,995</td><td>-2,954</td><td>-4,712</td><td>-9,548</td><td>+109,617</td><td>+42,543</td><td>-1,665</td><td>+4,239</td><td>-12,940</td></tr></table>
(Continued on following page)
December 1945
103
Capital Movements Between the United States and Foreign Countries - (Continued
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-26,274</td><td>-2,844</td><td>-1,835</td><td>-3,052</td><td>-1,621</td><td>-1,892</td><td>-3,171</td><td>-492</td><td>-4,195</td><td>-1,574</td><td>-1,119</td><td>-1,682</td><td>-2,497</td></tr><tr><td>France</td><td>-4,994</td><td>-408</td><td>+2,372</td><td>-13,270</td><td>+705</td><td>-1,582</td><td>+8,473</td><td>+172</td><td>-1,953</td><td>-10,197</td><td>+3,290</td><td>+36</td><td>+7,367</td></tr><tr><td>Belgium</td><td>-7,510</td><td>-351</td><td>-78</td><td>+795</td><td>+68</td><td>-1,574</td><td>-6,321</td><td>-166</td><td>-21</td><td>-31</td><td>-104</td><td>-12</td><td>+625</td></tr><tr><td>Denmark</td><td>+86</td><td>+</td><td>-5</td><td>+76</td><td>-59</td><td>+5</td><td>+89</td><td>-41</td><td>-154</td><td>-1</td><td>-98</td><td>-49</td><td>+318</td></tr><tr><td>Finland</td><td>+136</td><td>+</td><td>+7</td><td>+1</td><td>+73</td><td>+20</td><td>+21</td><td>+16</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>+66</td><td>-9</td><td>-1</td><td>-</td><td>+5</td><td>+15</td><td>-7</td><td>+4</td><td>+9</td><td>-7</td><td>+28</td><td>+26</td><td>+7</td></tr><tr><td>Greece</td><td>-420</td><td>-28</td><td>-12</td><td>-134</td><td>+4</td><td>+2</td><td>+8</td><td>+5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-265</td></tr><tr><td>Italy</td><td>+979</td><td>+242</td><td>+76</td><td>-5</td><td>-10</td><td>-18</td><td>+64</td><td>+82</td><td>-109</td><td>-13</td><td>+76</td><td>+250</td><td>+344</td></tr><tr><td>Luxembourg</td><td>-718</td><td>-17</td><td>-5</td><td>-19</td><td>-</td><td>+2</td><td>-8</td><td>-3</td><td>-550</td><td>+4</td><td>-108</td><td>-26</td><td>+12</td></tr><tr><td>Netherlands</td><td>-264</td><td>+566</td><td>+33</td><td>-282</td><td>-149</td><td>+11</td><td>+716</td><td>-173</td><td>-353</td><td>+86</td><td>-58</td><td>-320</td><td>-371</td></tr><tr><td>Norway</td><td>+2,348</td><td>+177</td><td>+574</td><td>+86</td><td>+48</td><td>+78</td><td>+327</td><td>+151</td><td>+574</td><td>+154</td><td>+51</td><td>+67</td><td>+61</td></tr><tr><td>Portugal</td><td>+262</td><td>+16</td><td>+48</td><td>+51</td><td>+81</td><td>-15</td><td>+11</td><td>-12</td><td>+51</td><td>+21</td><td>-5</td><td>+5</td><td>+10</td></tr><tr><td>Romania</td><td>+30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+30</td><td>-</td></tr><tr><td>Spain</td><td>-1,620</td><td>+5</td><td>-1,455</td><td>+16</td><td>-5</td><td>+34</td><td>-30</td><td>-16</td><td>+19</td><td>-1</td><td>-128</td><td>+6</td><td>-65</td></tr><tr><td>Sweden</td><td>+2,025</td><td>-136</td><td>-13</td><td>-147</td><td>-50</td><td>-142</td><td>-75</td><td>-631</td><td>+3,550</td><td>-119</td><td>-115</td><td>-139</td><td>+52</td></tr><tr><td>Switzerland</td><td>+1,035</td><td>-831</td><td>+2,118</td><td>+150</td><td>+734</td><td>-509</td><td>+395</td><td>-123</td><td>-103</td><td>-1,547</td><td>-551</td><td>+1,845</td><td>-543</td></tr><tr><td>U. S. S. R.</td><td>+51</td><td>+20</td><td>+6</td><td>+5</td><td>+5</td><td>-5</td><td>+4</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>+9</td><td>-</td></tr><tr><td>Yugoslavia</td><td>+4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+3</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>+22,585</td><td>-15</td><td>+27</td><td>+37</td><td>+4,614</td><td>+4</td><td>+15,891</td><td>-13</td><td>-22</td><td>-61</td><td>+32</td><td>+85</td><td>+2,006</td></tr><tr><td>Total Europe</td><td>-12,201</td><td>-3,601</td><td>+1,851</td><td>-16,019</td><td>+4,381</td><td>-5,535</td><td>+16,385</td><td>-1,256</td><td>-3,559</td><td>-13,285</td><td>+1,249</td><td>+131</td><td>+7,057</td></tr><tr><td>Canada</td><td>+93,850</td><td>-328</td><td>-7,266</td><td>-21,625</td><td>-4,280</td><td>-6,357</td><td>+27,717</td><td>+69,583</td><td>+6,320</td><td>+50,672</td><td>-5,320</td><td>-6,859</td><td>-8,407</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+16,709</td><td>+2,300</td><td>+287</td><td>+442</td><td>+491</td><td>+749</td><td>+226</td><td>+2,933</td><td>+1,040</td><td>+4,062</td><td>+745</td><td>+1,658</td><td>+1,776</td></tr><tr><td>Bolivia</td><td>+1,058</td><td>+</td><td>+3</td><td>-11</td><td>+21</td><td>+50</td><td>-3</td><td>+27</td><td>+3</td><td>+917</td><td>-15</td><td>+108</td><td>+35</td></tr><tr><td>Brazil</td><td>+1,394</td><td>+92</td><td>-75</td><td>-226</td><td>+183</td><td>-60</td><td>-40</td><td>+669</td><td>+1,672</td><td>+284</td><td>+299</td><td>+564</td><td>+1,032</td></tr><tr><td>Chile</td><td>+1,124</td><td>-164</td><td>-14</td><td>-62</td><td>+60</td><td>+1,153</td><td>-14</td><td>-95</td><td>+147</td><td>+82</td><td>-26</td><td>+45</td><td>+72</td></tr><tr><td>Colombia</td><td>+2,933</td><td>-250</td><td>+43</td><td>+14</td><td>+13</td><td>+38</td><td>+304</td><td>+216</td><td>+535</td><td>+309</td><td>+1,092</td><td>+264</td><td>+325</td></tr><tr><td>Costa Rica</td><td>-70</td><td>+9</td><td>-4</td><td>-16</td><td>+7</td><td>+14</td><td>-13</td><td>-52</td><td>-8</td><td>+11</td><td>+6</td><td>-5</td><td>-19</td></tr><tr><td>Cuba</td><td>+1,822</td><td>+16</td><td>+364</td><td>-731</td><td>+245</td><td>-4</td><td>-27</td><td>+3,329</td><td>-1,696</td><td>+43</td><td>-45</td><td>-662</td><td>+990</td></tr><tr><td>French West Indies and Guiana</td><td>-13</td><td>-</td><td>+14</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td></tr><tr><td>Mexico</td><td>+6,164</td><td>-205</td><td>+115</td><td>-139</td><td>+300</td><td>+1,170</td><td>+2,518</td><td>+1,939</td><td>+47</td><td>+478</td><td>-40</td><td>-375</td><td>+356</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-649</td><td>+13</td><td>-88</td><td>-98</td><td>-7</td><td>-21</td><td>+172</td><td>+18</td><td>-22</td><td>-125</td><td>-11</td><td>-601</td><td>+121</td></tr><tr><td>Panama</td><td>+4,110</td><td>+1,318</td><td>+195</td><td>+93</td><td>-82</td><td>+230</td><td>-722</td><td>+1,215</td><td>+828</td><td>+1,063</td><td>-374</td><td>+1,068</td><td>-722</td></tr><tr><td>Peru</td><td>+515</td><td>+222</td><td>+48</td><td>+98</td><td>+188</td><td>-64</td><td>+54</td><td>-80</td><td>+15</td><td>-7</td><td>+51</td><td>-29</td><td>+19</td></tr><tr><td>Venezuela</td><td>+4,08</td><td>+121</td><td>+179</td><td>-16</td><td>+12</td><td>+127</td><td>-222</td><td>+24</td><td>+384</td><td>-93</td><td>-13</td><td>+232</td><td>-327</td></tr><tr><td>Other Latin America</td><td>+5,747</td><td>+64</td><td>+220</td><td>+288</td><td>+126</td><td>+232</td><td>+763</td><td>+479</td><td>+300</td><td>+527</td><td>+166</td><td>+1,527</td><td>+1,055</td></tr><tr><td>Total Latin America</td><td>+44,252</td><td>+3,539</td><td>+1,307</td><td>-364</td><td>+1,586</td><td>+3,515</td><td>+2,996</td><td>+10,601</td><td>+3,245</td><td>+7,551</td><td>+1,775</td><td>+3,788</td><td>+4,713</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+170,438</td><td>+30</td><td>+5</td><td>-7</td><td>-612</td><td>-47</td><td>+618</td><td>+1,124</td><td>+239</td><td>-98</td><td>-243</td><td>-599</td><td>+170,028</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>+69</td><td>+30</td><td>+8</td><td>-</td><td>-116</td><td>+33</td><td>+81</td><td>+4</td><td>+10</td><td>-5</td><td>+9</td><td>+1</td><td>+14</td></tr><tr><td>India, Burma, and Ceylon</td><td>+427</td><td>-4</td><td>+62</td><td>+14</td><td>+455</td><td>+79</td><td>+4</td><td>-60</td><td>-19</td><td>+172</td><td>-52</td><td>-52</td><td>-172</td></tr><tr><td>British Malaya</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchurie)</td><td>-157</td><td>-110</td><td>-1</td><td>-8</td><td>-</td><td>-24</td><td>+4</td><td>-6</td><td>-8</td><td>-1</td><td>-</td><td>-11</td><td>+8</td></tr><tr><td>Netherlands East Indies</td><td>+6,002</td><td>-12</td><td>-</td><td>+5,000</td><td>-</td><td>-</td><td>+500</td><td>+500</td><td>-</td><td>+1</td><td>-</td><td>+13</td><td>-</td></tr><tr><td>Philippine Islands</td><td>+77</td><td>+68</td><td>-46</td><td>-147</td><td>+26</td><td>-9</td><td>+134</td><td>-56</td><td>+36</td><td>+51</td><td>-70</td><td>-36</td><td>+126</td></tr><tr><td>Turkey</td><td>+40</td><td>-12</td><td>-5</td><td>-1</td><td>+14</td><td>-</td><td>+3</td><td>-13</td><td>+16</td><td>+24</td><td>-</td><td>-</td><td>+14</td></tr><tr><td>Other Asia</td><td>+221</td><td>+171</td><td>-31</td><td>+43</td><td>-13</td><td>+58</td><td>+11</td><td>+282</td><td>+35</td><td>+1</td><td>-116</td><td>-208</td><td>-12</td></tr><tr><td>Total Asia</td><td>+177,115</td><td>+161</td><td>-8</td><td>+4,894</td><td>-246</td><td>+90</td><td>+1,355</td><td>+1,773</td><td>+309</td><td>+145</td><td>-472</td><td>-892</td><td>+170,006</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+1,339</td><td>+39</td><td>+279</td><td>+57</td><td>+202</td><td>+59</td><td>+24</td><td>+20</td><td>+336</td><td>+88</td><td>+224</td><td>+25</td><td>-14</td></tr><tr><td>New Zealand</td><td>-21</td><td>-</td><td>-9</td><td>-</td><td>-6</td><td>-</td><td>-1</td><td>-7</td><td>-2</td><td>+9</td><td>-5</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+85</td><td>-2</td><td>-7</td><td>+25</td><td>-</td><td>-</td><td>+3</td><td>+78</td><td>-1</td><td>-1</td><td>-</td><td>-8</td><td>-2</td></tr><tr><td>French Morocco</td><td>-39</td><td>-</td><td>-3</td><td>-77</td><td>+24</td><td>-11</td><td>+8</td><td>+16</td><td>-1</td><td>-30</td><td>+6</td><td>+4</td><td>-15</td></tr><tr><td>Uoion of South Africa</td><td>-334</td><td>+1</td><td>+6</td><td>-3</td><td>+1</td><td>+2</td><td>-25</td><td>-205</td><td>-42</td><td>+22</td><td>-15</td><td>-6</td><td>-10</td></tr><tr><td>All other</td><td>+185</td><td>+45</td><td>+4</td><td>-6</td><td>-6</td><td>+32</td><td>+437</td><td>-65</td><td>-309</td><td>-148</td><td>+70</td><td>+6</td><td>+125</td></tr><tr><td>Total other countries</td><td>+1,215</td><td>+83</td><td>+270</td><td>+36</td><td>+215</td><td>+82</td><td>+386</td><td>-163</td><td>-19</td><td>-60</td><td>+280</td><td>+21</td><td>+24</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>+304,231</td><td>-146</td><td>-3,846</td><td>-33,079</td><td>+1,656</td><td>-8,205</td><td>+48,840</td><td>+80,538</td><td>+6,296</td><td>+45,023</td><td>-2,488</td><td>-3,811</td><td>+173,453</td></tr></table>
(Continued on following page)
104
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-3,602</td><td>-3,949</td><td>-4,830</td><td>-6,235</td><td>-4,469</td><td>+2,037</td></tr><tr><td>France</td><td>-72</td><td>-89</td><td>-8,828</td><td>-304</td><td>-771</td><td>+11,211</td></tr><tr><td>Belgium</td><td>-69</td><td>+76</td><td>-739</td><td>-1,049</td><td>+96</td><td>+2,022</td></tr><tr><td>Denmark</td><td>-35</td><td>+101</td><td>+398</td><td>+41</td><td>-38</td><td>+328</td></tr><tr><td>Finland</td><td>-6</td><td>+22</td><td>+1</td><td>+4</td><td>+1</td><td>-</td></tr><tr><td>Germany</td><td>+6</td><td>+6</td><td>-3</td><td>-14</td><td>+40</td><td>+37</td></tr><tr><td>Greece</td><td>-10</td><td>-</td><td>-150</td><td>+15</td><td>-86</td><td>-</td></tr><tr><td>Italy</td><td>-111</td><td>+323</td><td>-5</td><td>+40</td><td>-1,366</td><td>+1,376</td></tr><tr><td>Luxembourg</td><td>-17</td><td>-9</td><td>-1</td><td>-41</td><td>-56</td><td>+19</td></tr><tr><td>Netherlende</td><td>+6</td><td>+77</td><td>+12</td><td>+298</td><td>-122</td><td>+1,991</td></tr><tr><td>Norway</td><td>-2</td><td>+14</td><td>+169</td><td>+91</td><td>-3</td><td>+227</td></tr><tr><td>Portugal</td><td>-34</td><td>+28</td><td>+79</td><td>+20</td><td>+13</td><td>+6</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>-6</td><td>-8</td><td>+5</td><td>-236</td><td>+82</td><td>+240</td></tr><tr><td>Sweden</td><td>-117</td><td>+190</td><td>-2,363</td><td>-239</td><td>+944</td><td>-34</td></tr><tr><td>Switzerland</td><td>-2,363</td><td>-2,641</td><td>-1,152</td><td>-2,155</td><td>-778</td><td>+3,840</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>+3</td><td>+1</td><td>-</td><td>-</td><td>+1</td></tr><tr><td>Yugoslavia</td><td>-</td><td>+1</td><td>-</td><td>-77</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>+70</td><td>-1,108</td><td>-6,133</td><td>+87</td><td>-33</td><td>+129</td></tr><tr><td>Total Europe</td><td>-6,356</td><td>-6,963</td><td>-23,539</td><td>-10,354</td><td>-6,546</td><td>+23,430</td></tr><tr><td>Canada</td><td>+7,344</td><td>-50,283</td><td>-5,643</td><td>+22,920</td><td>+13,602</td><td>-4,412</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+256</td><td>+48</td><td>-35</td><td>-49</td><td>+1,634</td><td>+1,685</td></tr><tr><td>Bolivia</td><td>-17</td><td>+14</td><td>+5</td><td>+20</td><td>+2</td><td>-16</td></tr><tr><td>Brazil</td><td>+294</td><td>+95</td><td>+349</td><td>+233</td><td>+333</td><td>+1,186</td></tr><tr><td>Chile</td><td>-127</td><td>-72</td><td>+651</td><td>-89</td><td>+2,453</td><td>+264</td></tr><tr><td>Colombia</td><td>+45</td><td>+111</td><td>-347</td><td>+109</td><td>+114</td><td>+315</td></tr><tr><td>Costa Rica</td><td>-3</td><td>+13</td><td>-60</td><td>+3</td><td>-11</td><td>+23</td></tr><tr><td>Cuba</td><td>+166</td><td>+189</td><td>+168</td><td>+481</td><td>-115</td><td>+741</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-5</td><td>+10</td><td>-3</td><td>-</td><td>-9</td></tr><tr><td>Mexico</td><td>-267</td><td>-10</td><td>+261</td><td>-14</td><td>-318</td><td>-24</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-82</td><td>-52</td><td>+11</td><td>+40</td><td>+5</td><td>+163</td></tr><tr><td>Panama</td><td>+1,892</td><td>-733</td><td>-45</td><td>-547</td><td>-2,072</td><td>+604</td></tr><tr><td>Peru</td><td>+46</td><td>-29</td><td>+214</td><td>+82</td><td>+282</td><td>+617</td></tr><tr><td>Venezuela</td><td>-253</td><td>-117</td><td>+107</td><td>+67</td><td>-379</td><td>+20</td></tr><tr><td>Other Latin America</td><td>+254</td><td>+438</td><td>-78</td><td>+524</td><td>+205</td><td>+1,858</td></tr><tr><td>Total Latin America</td><td>+2,204</td><td>-110</td><td>+1,211</td><td>+857</td><td>+2,133</td><td>+7,597</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+580</td><td>+943</td><td>-27</td><td>+887</td><td>+785</td><td>+16,541</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-7</td><td>-1</td><td>+1</td><td>-6</td><td>+11</td><td>-10</td></tr><tr><td>India, Burma, and Ceylon</td><td>+115</td><td>-73</td><td>-97</td><td>-281</td><td>-208</td><td>+1,230</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+3</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-25</td><td>-</td></tr><tr><td>Philippine Islands</td><td>-50</td><td>+180</td><td>+93</td><td>-34</td><td>+42</td><td>-38</td></tr><tr><td>Turkey</td><td>-1</td><td>+2</td><td>+26</td><td>+4</td><td>+7</td><td>-</td></tr><tr><td>Other Asia</td><td>-76</td><td>-94</td><td>-161</td><td>-28</td><td>+29</td><td>-30</td></tr><tr><td>Total Asia</td><td>+561</td><td>+957</td><td>-165</td><td>+542</td><td>+641</td><td>+17,696</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+37</td><td>+33</td><td>+63</td><td>+101</td><td>-63</td><td>+46</td></tr><tr><td>New Zealand</td><td>+5</td><td>-</td><td>-</td><td>-6</td><td>+5</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+8</td><td>-8</td><td>-55</td><td>-8</td><td>+1</td><td>-41</td></tr><tr><td>French Morocco</td><td>-24</td><td>-35</td><td>+35</td><td>-2</td><td>+4</td><td>-3</td></tr><tr><td>Union of South Africa</td><td>-36</td><td>-39</td><td>-31</td><td>-87</td><td>-30</td><td>+15</td></tr><tr><td>All other</td><td>-25</td><td>-143</td><td>-5</td><td>-54</td><td>+102</td><td>+29</td></tr><tr><td>Total other countries</td><td>-35</td><td>-192</td><td>+7</td><td>-56</td><td>+19</td><td>+46</td></tr><tr><td>Unidentified</td><td>-13</td><td>+3</td><td>-</td><td>-3</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>+3,705</td><td>-56,588</td><td>-28,129</td><td>+13,906</td><td>+9,849</td><td>+44,357</td></tr></table>
1/ Adjusted to cover two large transactions in foreign securities, as follows: (a) the inclusion on July 1 of $14,787 thousand representing sales of Canadian long-term securities, and (b) the inclu-
eion of $2,564 thousand representing redemptions on July 1 of Argentine securities.
December 1945
105
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of June 1945
Table 1.- Short-Term Claims on Foreigners as of June 30, 1945, as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>27,892</td><td>16,249</td><td>10,546</td><td>674</td><td>5,029</td><td>11,643</td><td>10,395</td><td>382</td><td>866</td></tr><tr><td>France</td><td>1,286</td><td>118</td><td>46</td><td>4</td><td>28</td><td>1,168</td><td>647</td><td>-</td><td>521</td></tr><tr><td>Belgium</td><td>759</td><td>30</td><td>19</td><td>7</td><td>4</td><td>729</td><td>555</td><td>-</td><td>174</td></tr><tr><td>Denmark</td><td>8</td><td>2</td><td>2</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Finland</td><td>3</td><td>1</td><td>-</td><td>-</td><td>1</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Germany</td><td>33,866</td><td>70</td><td>7</td><td>45</td><td>18</td><td>33,796</td><td>20,556</td><td>67</td><td>13,173</td></tr><tr><td>Greece</td><td>642</td><td>22</td><td>-</td><td>8</td><td>14</td><td>620</td><td>-</td><td>-</td><td>620</td></tr><tr><td>Italy</td><td>344</td><td>245</td><td>25</td><td>209</td><td>11</td><td>99</td><td>-</td><td>-</td><td>99</td></tr><tr><td>Luxembourg</td><td>70</td><td>1</td><td>1</td><td>-</td><td>-</td><td>69</td><td>-</td><td>-</td><td>69</td></tr><tr><td>Netherlands</td><td>660</td><td>90</td><td>41</td><td>49</td><td>-</td><td>570</td><td>139</td><td>-</td><td>431</td></tr><tr><td>Norway</td><td>40,094</td><td>32</td><td>4</td><td>-</td><td>28</td><td>40,052</td><td>33</td><td>-</td><td>40,029</td></tr><tr><td>Portugal</td><td>488</td><td>73</td><td>70</td><td>2</td><td>1</td><td>415</td><td>270</td><td>-</td><td>145</td></tr><tr><td>Romania</td><td>32</td><td>4</td><td>1</td><td>3</td><td>-</td><td>28</td><td>1</td><td>-</td><td>27</td></tr><tr><td>Spain</td><td>894</td><td>156</td><td>4</td><td>42</td><td>110</td><td>738</td><td>549</td><td>-</td><td>189</td></tr><tr><td>Sweden</td><td>326</td><td>170</td><td>115</td><td>42</td><td>14</td><td>156</td><td>17</td><td>-</td><td>139</td></tr><tr><td>Switzerland</td><td>5,435</td><td>4,587</td><td>53</td><td>4,528</td><td>6</td><td>848</td><td>70</td><td>-</td><td>778</td></tr><tr><td>U. S. S. R.</td><td>15</td><td>11</td><td>11</td><td>-</td><td>6</td><td>4</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Yugoslavia</td><td>13</td><td>6</td><td>-</td><td>-</td><td>6</td><td>7</td><td>4</td><td>-</td><td>3</td></tr><tr><td>Other Europe</td><td>4,811</td><td>165</td><td>92</td><td>56</td><td>17</td><td>4,646</td><td>1,318</td><td>-</td><td>3,328</td></tr><tr><td>Total Europe</td><td>117,638</td><td>22,032</td><td>11,037</td><td>5,708</td><td>5,287</td><td>95,606</td><td>34,554</td><td>449</td><td>60,603</td></tr><tr><td>Canada</td><td>53,770</td><td>20,015</td><td>16,088</td><td>3,501</td><td>426</td><td>33,755</td><td>5,708</td><td>1,286</td><td>26,761</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>8,343</td><td>905</td><td>195</td><td>671</td><td>39</td><td>7,438</td><td>5,956</td><td>23</td><td>1,459</td></tr><tr><td>Bolivia</td><td>1,213</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,213</td><td>159</td><td>-</td><td>1,054</td></tr><tr><td>Brazil</td><td>30,584</td><td>74</td><td>42</td><td>25</td><td>7</td><td>30,510</td><td>9,677</td><td>459</td><td>20,374</td></tr><tr><td>Chile</td><td>6,988</td><td>3</td><td>1</td><td>-</td><td>2</td><td>6,985</td><td>109</td><td>412</td><td>6,464</td></tr><tr><td>Colombia</td><td>16,794</td><td>10</td><td>-</td><td>9</td><td>1</td><td>16,784</td><td>3,612</td><td>2,187</td><td>10,985</td></tr><tr><td>Costa Rica</td><td>1,144</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,144</td><td>91</td><td>132</td><td>921</td></tr><tr><td>Cuba</td><td>49,667</td><td>123</td><td>122</td><td>-</td><td>1</td><td>49,544</td><td>36,597</td><td>3,723</td><td>9,224</td></tr><tr><td>French West Indies and Guiana</td><td>114</td><td>7</td><td>-</td><td>-</td><td>7</td><td>107</td><td>1</td><td>-</td><td>106</td></tr><tr><td>Mexico</td><td>8,857</td><td>1,399</td><td>1,203</td><td>144</td><td>55</td><td>7,458</td><td>1,435</td><td>473</td><td>5,550</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>390</td><td>2</td><td>-</td><td>-</td><td>2</td><td>388</td><td>-</td><td>-</td><td>388</td></tr><tr><td>Panama</td><td>1,042</td><td>5</td><td>-</td><td>-</td><td>5</td><td>1,037</td><td>5</td><td>7</td><td>1,025</td></tr><tr><td>Peru</td><td>1,144</td><td>19</td><td>8</td><td>-</td><td>11</td><td>1,423</td><td>2</td><td>-</td><td>1,421</td></tr><tr><td>Venezuela</td><td>5,624</td><td>133</td><td>123</td><td>9</td><td>1</td><td>5,491</td><td>1,710</td><td>21</td><td>3,760</td></tr><tr><td>Other Latin America</td><td>12,335</td><td>60</td><td>49</td><td>-</td><td>11</td><td>12,275</td><td>2,297</td><td>429</td><td>9,549</td></tr><tr><td>Total Latin America</td><td>114,537</td><td>2,740</td><td>1,743</td><td>855</td><td>142</td><td>114,797</td><td>61,651</td><td>7,866</td><td>72,280</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>1,199</td><td>23</td><td>6</td><td>4</td><td>13</td><td>1,176</td><td>99</td><td>155</td><td>922</td></tr><tr><td>French Indo-China</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Hong Kong</td><td>810</td><td>304</td><td>172</td><td>129</td><td>3</td><td>506</td><td>192</td><td>63</td><td>251</td></tr><tr><td>India, Burma, and Ceylon</td><td>16,847</td><td>15,000</td><td>314</td><td>14,669</td><td>17</td><td>1,847</td><td>79</td><td>855</td><td>913</td></tr><tr><td>British Malaya</td><td>140</td><td>14</td><td>-</td><td>-</td><td>14</td><td>127</td><td>2</td><td>36</td><td>89</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>537</td><td>4</td><td>3</td><td>1</td><td>-</td><td>533</td><td>513</td><td>-</td><td>20</td></tr><tr><td>Netherlands East Indies</td><td>1,423</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,423</td><td>-</td><td>1,324</td><td>99</td></tr><tr><td>Philippine Islands</td><td>13,646</td><td>28</td><td>24</td><td>1</td><td>3</td><td>13,618</td><td>10,722</td><td>453</td><td>2,443</td></tr><tr><td>Turkey</td><td>2,007</td><td>7</td><td>69</td><td>1</td><td>6</td><td>2,000</td><td>1,475</td><td>-</td><td>525</td></tr><tr><td>Other Asia</td><td>12,547</td><td>79</td><td>69</td><td>1</td><td>9</td><td>12,468</td><td>10,887</td><td>-</td><td>1,581</td></tr><tr><td>Total Asia</td><td>49,158</td><td>15,460</td><td>588</td><td>14,806</td><td>66</td><td>33,698</td><td>23,969</td><td>2,886</td><td>6,643</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>874</td><td>212</td><td>182</td><td>-</td><td>30</td><td>662</td><td>11</td><td>158</td><td>493</td></tr><tr><td>New Zealand</td><td>422</td><td>36</td><td>32</td><td>-</td><td>4</td><td>386</td><td>-</td><td>15</td><td>371</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>210</td><td>4</td><td>-</td><td>1</td><td>3</td><td>206</td><td>11</td><td>-</td><td>195</td></tr><tr><td>French Morocco</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Union of South Africa</td><td>6,022</td><td>6</td><td>-</td><td>-</td><td>6</td><td>6,016</td><td>-</td><td>-</td><td>6,016</td></tr><tr><td>All other</td><td>2,151</td><td>216</td><td>13</td><td>-</td><td>205</td><td>1,933</td><td>109</td><td>2</td><td>1,822</td></tr><tr><td>Total other countries</td><td>9,685</td><td>476</td><td>227</td><td>1</td><td>248</td><td>9,209</td><td>131</td><td>175</td><td>5,903</td></tr><tr><td>Unidentified</td><td>250</td><td>-</td><td>-</td><td>-</td><td>-</td><td>250</td><td>-</td><td>-</td><td>250</td></tr><tr><td>Grand total</td><td>375,038</td><td>60,723</td><td>29,683</td><td>24,871</td><td>6,169</td><td>314,315</td><td>126,013</td><td>12,662</td><td>175,600</td></tr></table>
106
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of June 1945 - (Continued)
Table 2.- Short-Term Liabilities to Foreigners as of June 30, 1945 as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>861,834</td><td>855,643</td><td>843,662</td><td>2,664</td><td>6,113</td><td>3,204</td><td>6,191</td><td>181</td><td>265</td><td>5,745</td></tr><tr><td>France</td><td>372,239</td><td>372,091</td><td>331,994</td><td>100</td><td>39,291</td><td>706</td><td>208</td><td>168</td><td>-</td><td>112</td></tr><tr><td>Belgium</td><td>142,132</td><td>141,761</td><td>137,390</td><td>287</td><td>4,081</td><td>3</td><td>371</td><td>223</td><td>36</td><td>-</td></tr><tr><td>Denmark</td><td>11,678</td><td>13,673</td><td>12,150</td><td>6</td><td>1,486</td><td>31</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>6,658</td><td>6,643</td><td>6,641</td><td>2</td><td>-</td><td>-</td><td>15</td><td>15</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>6,734</td><td>6,719</td><td>6,543</td><td>18</td><td>117</td><td>41</td><td>15</td><td>14</td><td>-</td><td>1</td></tr><tr><td>Greece</td><td>56,584</td><td>56,509</td><td>55,764</td><td>258</td><td>485</td><td>2</td><td>75</td><td>47</td><td>-</td><td>28</td></tr><tr><td>Italy</td><td>43,926</td><td>43,910</td><td>43,546</td><td>24</td><td>203</td><td>137</td><td>16</td><td>11</td><td>-</td><td>5</td></tr><tr><td>Luxembourg</td><td>19,345</td><td>19,345</td><td>19,302</td><td>13</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlande</td><td>213,306</td><td>212,258</td><td>197,198</td><td>53</td><td>15,002</td><td>5</td><td>1,048</td><td>905</td><td>113</td><td>30</td></tr><tr><td>Norway</td><td>240,599</td><td>240,595</td><td>56,016</td><td>19</td><td>184,560</td><td>-</td><td>4</td><td>3</td><td>-</td><td>1</td></tr><tr><td>Portugal</td><td>40,646</td><td>40,168</td><td>39,444</td><td>581</td><td>-</td><td>143</td><td>478</td><td>19</td><td>-</td><td>459</td></tr><tr><td>Rumania</td><td>9,255</td><td>9,255</td><td>9,226</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>31,848</td><td>31,753</td><td>31,207</td><td>342</td><td>160</td><td>44</td><td>95</td><td>82</td><td>-</td><td>13</td></tr><tr><td>Sweden</td><td>165,449</td><td>165,437</td><td>56,017</td><td>3,668</td><td>105,750</td><td>2</td><td>12</td><td>12</td><td>-</td><td>-</td></tr><tr><td>Switzerland</td><td>261,182</td><td>260,115</td><td>247,103</td><td>4,639</td><td>8,160</td><td>213</td><td>1,067</td><td>195</td><td>-</td><td>872</td></tr><tr><td>U.S.S.R.</td><td>20,863</td><td>20,863</td><td>20,845</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>5,671</td><td>5,671</td><td>5,645</td><td>1</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>50,293</td><td>50,284</td><td>38,990</td><td>56</td><td>11,192</td><td>46</td><td>9</td><td>3</td><td>-</td><td>6</td></tr><tr><td>Total Europe</td><td>2,562,302</td><td>2,552,693</td><td>2,158,687</td><td>12,774</td><td>376,655</td><td>4,577</td><td>9,609</td><td>1,853</td><td>414</td><td>7,312</td></tr><tr><td>Canada</td><td>1,267,262</td><td>1,264,714</td><td>375,304</td><td>750</td><td>888,498</td><td>162</td><td>2,548</td><td>834</td><td>42</td><td>1,672</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>73,220</td><td>73,156</td><td>66,530</td><td>2,570</td><td>4,055</td><td>1</td><td>64</td><td>47</td><td>-</td><td>17</td></tr><tr><td>Bolivia</td><td>19,219</td><td>19,219</td><td>16,719</td><td>-</td><td>2,500</td><td>1</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>Brazil</td><td>146,202</td><td>146,154</td><td>137,739</td><td>8,411</td><td>-</td><td>4</td><td>45</td><td>44</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>66,834</td><td>66,810</td><td>65,702</td><td>777</td><td>300</td><td>31</td><td>24</td><td>24</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>76,228</td><td>76,157</td><td>75,183</td><td>974</td><td>-</td><td>-</td><td>71</td><td>1</td><td>-</td><td>70</td></tr><tr><td>Costa Rica</td><td>7,477</td><td>7,477</td><td>6,985</td><td>484</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>190,366</td><td>190,325</td><td>187,661</td><td>2,231</td><td>401</td><td>32</td><td>41</td><td>-</td><td>-</td><td>41</td></tr><tr><td>French West Indies and Guiana</td><td>6,345</td><td>6,344</td><td>6,344</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Mexico</td><td>163,785</td><td>163,755</td><td>145,245</td><td>890</td><td>17,580</td><td>40</td><td>30</td><td>-</td><td>-</td><td>30</td></tr><tr><td>Netherlande West Indies and Surinam</td><td>29,225</td><td>29,225</td><td>25,272</td><td>-</td><td>3,953</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>86,224</td><td>86,224</td><td>76,078</td><td>1</td><td>10,145</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>35,534</td><td>35,493</td><td>35,041</td><td>451</td><td>-</td><td>1</td><td>41</td><td>41</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>41,483</td><td>41,477</td><td>41,139</td><td>122</td><td>10</td><td>206</td><td>6</td><td>4</td><td>-</td><td>2</td></tr><tr><td>Other Latin America</td><td>134,759</td><td>134,408</td><td>115,398</td><td>1,549</td><td>16,850</td><td>601</td><td>351</td><td>329</td><td>-</td><td>22</td></tr><tr><td>Total Latin America</td><td>1,076,901</td><td>1,076,224</td><td>1,001,036</td><td>18,460</td><td>55,804</td><td>924</td><td>677</td><td>490</td><td>-</td><td>187</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>519,615</td><td>518,168</td><td>473,403</td><td>231</td><td>44,398</td><td>136</td><td>1,447</td><td>414</td><td>-</td><td>1,033</td></tr><tr><td>French Indo-China</td><td>27,510</td><td>27,510</td><td>20,173</td><td>1</td><td>7,336</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>22,023</td><td>19,090</td><td>19,046</td><td>5</td><td>-</td><td>39</td><td>2,933</td><td>2,933</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>23,232</td><td>23,215</td><td>22,027</td><td>484</td><td>656</td><td>48</td><td>17</td><td>16</td><td>-</td><td>1</td></tr><tr><td>British Malaya</td><td>954</td><td>953</td><td>912</td><td>-</td><td>-</td><td>41</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>4,066</td><td>4,030</td><td>3,326</td><td>465</td><td>-</td><td>239</td><td>36</td><td>24</td><td>-</td><td>12</td></tr><tr><td>Netherlande East Indies</td><td>111,257</td><td>111,255</td><td>40,668</td><td>223</td><td>70,352</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>49,505</td><td>49,505</td><td>46,420</td><td>23</td><td>1,165</td><td>1,897</td><td>100</td><td>100</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>51,536</td><td>51,485</td><td>51,166</td><td>302</td><td>-</td><td>17</td><td>51</td><td>-</td><td>-</td><td>51</td></tr><tr><td>Other Asia</td><td>68,609</td><td>68,599</td><td>46,194</td><td>101</td><td>22,012</td><td>292</td><td>10</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>878,407</td><td>873,810</td><td>723,335</td><td>1,835</td><td>145,919</td><td>2,721</td><td>4,597</td><td>3,500</td><td>-</td><td>1,097</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>30,657</td><td>30,171</td><td>25,789</td><td>4,064</td><td>266</td><td>52</td><td>486</td><td>51</td><td>-</td><td>435</td></tr><tr><td>New Zealand</td><td>3,329</td><td>3,307</td><td>3,184</td><td>123</td><td>-</td><td>-</td><td>22</td><td>22</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>10,973</td><td>10,942</td><td>10,602</td><td>161</td><td>-</td><td>179</td><td>31</td><td>-</td><td>-</td><td>31</td></tr><tr><td>French Morocco</td><td>3,637</td><td>3,460</td><td>3,403</td><td>-</td><td>-</td><td>57</td><td>177</td><td>-</td><td>-</td><td>177</td></tr><tr><td>Union of South Africa</td><td>6,406</td><td>6,406</td><td>6,397</td><td>4</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>70,128</td><td>69,714</td><td>68,088</td><td>47</td><td>1,550</td><td>29</td><td>414</td><td>361</td><td>-</td><td>53</td></tr><tr><td>Total other countries</td><td>125,130</td><td>124,000</td><td>117,463</td><td>4,399</td><td>1,821</td><td>317</td><td>1,130</td><td>434</td><td>-</td><td>696</td></tr><tr><td>Unidentified</td><td>17,252</td><td>17,252</td><td>17,248</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>5,927,254</td><td>5,908,693</td><td>4,393,073</td><td>38,222</td><td>1,468,697</td><td>8,701</td><td>18,561</td><td>7,141</td><td>456</td><td>10,964</td></tr></table>
December 1945
107
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of June 1945 - (Continued)
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners During June 1945, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total purchases</th><th colspan="4">Purchases by foreigners</th><th colspan="6">Sales by foreigners</th></tr><tr><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>8,310</td><td>7,815</td><td>910</td><td>6,905</td><td>495</td><td>231</td><td>264</td><td>6,273</td><td>3,920</td><td>2,920</td><td>1,000</td><td>2,353</td><td>955</td><td>1,398</td></tr><tr><td>France</td><td>19,906</td><td>19,632</td><td>1,479</td><td>18,353</td><td>74</td><td>3</td><td>71</td><td>8,695</td><td>8,635</td><td>1,513</td><td>7,122</td><td>60</td><td>24</td><td>36</td></tr><tr><td>Belgium</td><td>2,269</td><td>2,172</td><td>248</td><td>1,924</td><td>97</td><td>19</td><td>78</td><td>247</td><td>247</td><td>98</td><td>149</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Denmark</td><td>439</td><td>439</td><td>3</td><td>436</td><td>-</td><td>-</td><td>-</td><td>111</td><td>106</td><td>1</td><td>105</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Finland</td><td>151</td><td>151</td><td>17</td><td>134</td><td>-</td><td>-</td><td>-</td><td>114</td><td>114</td><td>37</td><td>77</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>1,433</td><td>1,429</td><td>26</td><td>1,403</td><td>4</td><td>-</td><td>4</td><td>57</td><td>50</td><td>17</td><td>33</td><td>7</td><td>-</td><td>7</td></tr><tr><td>Italy</td><td>22</td><td>22</td><td>4</td><td>18</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td><td>2</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>2,391</td><td>2,388</td><td>279</td><td>2,109</td><td>3</td><td>3</td><td>-</td><td>400</td><td>374</td><td>296</td><td>78</td><td>26</td><td>10</td><td>16</td></tr><tr><td>Norway</td><td>266</td><td>259</td><td>43</td><td>216</td><td>7</td><td>-</td><td>7</td><td>39</td><td>39</td><td>38</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Portugal</td><td>32</td><td>32</td><td>24</td><td>8</td><td>-</td><td>-</td><td>-</td><td>26</td><td>26</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>284</td><td>272</td><td>76</td><td>196</td><td>12</td><td>11</td><td>1</td><td>144</td><td>140</td><td>36</td><td>4</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Sweden</td><td>167</td><td>151</td><td>118</td><td>33</td><td>16</td><td>16</td><td>-</td><td>201</td><td>129</td><td>129</td><td>-</td><td>72</td><td>-</td><td>72</td></tr><tr><td>Switzerland</td><td>10,057</td><td>9,592</td><td>5,108</td><td>4,484</td><td>465</td><td>162</td><td>303</td><td>6,217</td><td>5,930</td><td>3,410</td><td>2,520</td><td>287</td><td>121</td><td>166</td></tr><tr><td>U. S. S. R.</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>324</td><td>324</td><td>73</td><td>251</td><td>-</td><td>-</td><td>-</td><td>195</td><td>194</td><td>83</td><td>111</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Total Europe</td><td>46,058</td><td>44,884</td><td>8,414</td><td>36,470</td><td>1,174</td><td>445</td><td>729</td><td>22,628</td><td>19,813</td><td>8,612</td><td>11,201</td><td>2,815</td><td>1,110</td><td>1,705</td></tr><tr><td>Canada</td><td>47,713</td><td>31,721</td><td>4,468</td><td>27,253</td><td>15,992</td><td>2,675</td><td>13,317</td><td>52,125</td><td>16,720</td><td>8,562</td><td>8,158</td><td>35,405</td><td>5,418</td><td>29,987</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>4,141</td><td>2,425</td><td>2,210</td><td>215</td><td>1,716</td><td>290</td><td>1,426</td><td>2,456</td><td>1,763</td><td>1,426</td><td>337</td><td>693</td><td>232</td><td>461</td></tr><tr><td>Bolivia</td><td>31</td><td>24</td><td>24</td><td>-</td><td>7</td><td>7</td><td>-</td><td>77</td><td>28</td><td>28</td><td>2</td><td>49</td><td>-</td><td>49</td></tr><tr><td>Brazil</td><td>2,051</td><td>1,214</td><td>989</td><td>225</td><td>837</td><td>81</td><td>756</td><td>865</td><td>764</td><td>665</td><td>99</td><td>101</td><td>38</td><td>63</td></tr><tr><td>Chile</td><td>432</td><td>296</td><td>238</td><td>58</td><td>136</td><td>62</td><td>74</td><td>168</td><td>93</td><td>89</td><td>4</td><td>75</td><td>04</td><td>11</td></tr><tr><td>Colombia</td><td>453</td><td>156</td><td>156</td><td>-</td><td>297</td><td>45</td><td>252</td><td>138</td><td>136</td><td>136</td><td>-</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Costa Rica</td><td>49</td><td>49</td><td>49</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26</td><td>26</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>3,198</td><td>2,858</td><td>2,770</td><td>588</td><td>340</td><td>215</td><td>125</td><td>2,457</td><td>1,990</td><td>1,941</td><td>49</td><td>467</td><td>411</td><td>56</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td><td>9</td></tr><tr><td>Mexico</td><td>1,596</td><td>1,591</td><td>1,425</td><td>166</td><td>5</td><td>5</td><td>-</td><td>1,620</td><td>1,615</td><td>1,482</td><td>133</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>433</td><td>416</td><td>353</td><td>63</td><td>17</td><td>15</td><td>2</td><td>270</td><td>267</td><td>211</td><td>56</td><td>3</td><td>3</td><td>-</td></tr><tr><td>Panama</td><td>2,583</td><td>2,508</td><td>1,079</td><td>1,429</td><td>75</td><td>25</td><td>50</td><td>1,779</td><td>1,776</td><td>1,677</td><td>99</td><td>3</td><td>3</td><td>-</td></tr><tr><td>Peru</td><td>772</td><td>772</td><td>169</td><td>603</td><td>-</td><td>-</td><td>-</td><td>155</td><td>153</td><td>139</td><td>14</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Venezuela</td><td>795</td><td>793</td><td>647</td><td>146</td><td>2</td><td>-</td><td>2</td><td>775</td><td>766</td><td>756</td><td>10</td><td>9</td><td>8</td><td>1</td></tr><tr><td>Other Latin America</td><td>3,536</td><td>3,235</td><td>2,952</td><td>283</td><td>301</td><td>83</td><td>218</td><td>1,678</td><td>1,304</td><td>1,051</td><td>253</td><td>374</td><td>185</td><td>189</td></tr><tr><td>Total Latin America</td><td>20,070</td><td>16,337</td><td>12,561</td><td>3,776</td><td>3,733</td><td>828</td><td>2,905</td><td>12,473</td><td>10,681</td><td>9,625</td><td>1,056</td><td>1,792</td><td>948</td><td>844</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>18,250</td><td>18,239</td><td>1,042</td><td>17,197</td><td>11</td><td>-</td><td>11</td><td>1,709</td><td>1,669</td><td>937</td><td>732</td><td>40</td><td>12</td><td>28</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>15</td><td>15</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25</td><td>25</td><td>14</td><td>11</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>1,265</td><td>1,265</td><td>14</td><td>1,251</td><td>-</td><td>-</td><td>-</td><td>35</td><td>24</td><td>22</td><td>2</td><td>11</td><td>-</td><td>11</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>3</td><td>3</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>124</td><td>124</td><td>115</td><td>9</td><td>-</td><td>-</td><td>-</td><td>162</td><td>161</td><td>161</td><td>-</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>123</td><td>95</td><td>87</td><td>8</td><td>28</td><td>27</td><td>1</td><td>153</td><td>136</td><td>94</td><td>42</td><td>17</td><td>-</td><td>17</td></tr><tr><td>Total Asia</td><td>19,780</td><td>19,741</td><td>1,273</td><td>18,468</td><td>39</td><td>27</td><td>12</td><td>2,084</td><td>2,015</td><td>1,228</td><td>787</td><td>69</td><td>13</td><td>56</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>66</td><td>3</td><td>3</td><td>-</td><td>63</td><td>-</td><td>63</td><td>20</td><td>20</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>42</td><td>42</td><td>17</td><td>25</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>52</td><td>25</td><td>25</td><td>-</td><td>27</td><td>-</td><td>27</td><td>37</td><td>15</td><td>15</td><td>1</td><td>22</td><td>-</td><td>22</td></tr><tr><td>All other</td><td>33</td><td>25</td><td>7</td><td>18</td><td>8</td><td>-</td><td>8</td><td>34</td><td>14</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total other countries</td><td>152</td><td>54</td><td>36</td><td>18</td><td>98</td><td>-</td><td>98</td><td>106</td><td>84</td><td>58</td><td>26</td><td>22</td><td>-</td><td>22</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>133,773</td><td>112,137</td><td>26,752</td><td>85,985</td><td>21,036</td><td>3,975</td><td>17,061</td><td>89,416</td><td>49,313</td><td>28,085</td><td>21,228</td><td>40,103</td><td>7,489</td><td>32,614</td></tr></table>
108
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Section I - Net Position, January 1942 - June 1945
(In thousands of dollars; negative figures indicate short position)
<table><tr><th rowspan="2">Position at end of month</th><th rowspan="2">Grand total</th><th colspan="9">Currency of: Europe (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Netherlands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><td>1942-Jan. (Jan. 1-Jan.28)</td><td>-3,066</td><td>-1,651</td><td>+966</td><td>-390</td><td>-518</td><td>-35</td><td>-105</td><td>-1,271</td><td>1/1/</td><td>1/1/</td><td>-97</td></tr><tr><td>Feb. (Jan.29-Feb.25)</td><td>-2,411</td><td>-1,254</td><td>+1,208</td><td>-365</td><td>-516</td><td>-35</td><td>-103</td><td>-1,269</td><td>1/1/</td><td>1/1/</td><td>+2</td></tr><tr><td>Mar. (Feb.26-Apr. 1)</td><td>-1,424</td><td>-1,488</td><td>+1,018</td><td>-387</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/1/</td><td>1/1/</td><td>-74</td></tr><tr><td>Apr. (Apr. 2-Apr.29)</td><td>-2,105</td><td>-1,391</td><td>+1,221</td><td>-395</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/1/</td><td>1/1/</td><td>-95</td></tr><tr><td>May (Apr.30-June 3)</td><td>-3,622</td><td>-1,987</td><td>+555</td><td>-393</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/1/</td><td>1/1/</td><td>-30</td></tr><tr><td>June (June 4-July 1)</td><td>-3,261</td><td>-1,516</td><td>+915</td><td>-347</td><td>-515</td><td>-37</td><td>-105</td><td>-1,264</td><td>1/1/</td><td>1/1/</td><td>+5</td></tr><tr><td>July</td><td>-3,442</td><td>-1,870</td><td>+629</td><td>-365</td><td>-516</td><td>-37</td><td>-102</td><td>-1,266</td><td>1/1/</td><td>1/1/</td><td>-4</td></tr><tr><td>August</td><td>-1,210</td><td>-712</td><td>+1,785</td><td>-369</td><td>-516</td><td>-31</td><td>-103</td><td>-1,266</td><td>1/1/</td><td>1/1/</td><td>+24</td></tr><tr><td>September</td><td>-1,058</td><td>-582</td><td>+1,808</td><td>-358</td><td>-516</td><td>-30</td><td>-104</td><td>-1,266</td><td>1/1/</td><td>1/1/</td><td>+38</td></tr><tr><td>October</td><td>-1,275</td><td>-303</td><td>+2,149</td><td>-366</td><td>-516</td><td>-29</td><td>-103</td><td>-1,266</td><td>2/1/</td><td>1/1/</td><td>+45</td></tr><tr><td>November</td><td>-884</td><td>-61</td><td>+2,422</td><td>-392</td><td>-479</td><td>-26</td><td>-103</td><td>-1,255</td><td>1/1/</td><td>1/1/</td><td>-</td></tr><tr><td>December</td><td>-663</td><td>+430</td><td>+2,740</td><td>-383</td><td>-516</td><td>-30</td><td>-103</td><td>-1,259</td><td>1/1/</td><td>1/1/</td><td>+14</td></tr><tr><td>1943-January</td><td>-402</td><td>+1,011</td><td>+3,373</td><td>-383</td><td>-516</td><td>-30</td><td>-105</td><td>-1,259</td><td>+14</td><td>-84</td><td>+34</td></tr><tr><td>February</td><td>+577</td><td>+1,939</td><td>+4,399</td><td>-389</td><td>-519</td><td>-30</td><td>-106</td><td>-1,258</td><td>+15</td><td>-84</td><td>-14</td></tr><tr><td>March</td><td>+108</td><td>+1,615</td><td>+4,131</td><td>-388</td><td>-522</td><td>-29</td><td>-106</td><td>-1,419</td><td>-1</td><td>-84</td><td>+63</td></tr><tr><td>April</td><td>+1,963</td><td>+1,127</td><td>+3,727</td><td>-390</td><td>-530</td><td>-29</td><td>-107</td><td>-1,419</td><td>+12</td><td>-83</td><td>+35</td></tr><tr><td>May</td><td>+2,222</td><td>+1,447</td><td>+4,035</td><td>-384</td><td>-530</td><td>-29</td><td>-107</td><td>-1,419</td><td>+11</td><td>-76</td><td>+71</td></tr><tr><td>June</td><td>+1,025</td><td>+857</td><td>+3,490</td><td>-418</td><td>-496</td><td>-30</td><td>-106</td><td>-1,419</td><td>+10</td><td>-68</td><td>-4</td></tr><tr><td>July</td><td>+157</td><td>+505</td><td>+2,953</td><td>-215</td><td>-530</td><td>-27</td><td>-109</td><td>-1,419</td><td>+45</td><td>-69</td><td>+22</td></tr><tr><td>August</td><td>+394</td><td>+239</td><td>+2,722</td><td>-218</td><td>-539</td><td>-29</td><td>-108</td><td>-1,419</td><td>-17</td><td>-72</td><td>-2</td></tr><tr><td>September</td><td>+4,382</td><td>+2,024</td><td>+4,482</td><td>-218</td><td>-539</td><td>-29</td><td>-108</td><td>-1,419</td><td>+29</td><td>-71</td><td>+51</td></tr><tr><td>October</td><td>+4,983</td><td>+1,566</td><td>+4,162</td><td>-218</td><td>-539</td><td>-29</td><td>-109</td><td>-1,419</td><td>+39</td><td>-71</td><td>+52</td></tr><tr><td>November</td><td>+5,675</td><td>+2,105</td><td>+4,620</td><td>-218</td><td>-539</td><td>-30</td><td>-108</td><td>-1,419</td><td>+128</td><td>-70</td><td>+30</td></tr><tr><td>December</td><td>+4,069</td><td>+2,442</td><td>+5,022</td><td>-219</td><td>-542</td><td>-29</td><td>-107</td><td>-1,419</td><td>+124</td><td>-72</td><td>-114</td></tr><tr><td>1944-January</td><td>+5,774</td><td>+4,310</td><td>+6,881</td><td>-215</td><td>-542</td><td>-29</td><td>-107</td><td>-1,419</td><td>+137</td><td>-82</td><td>+27</td></tr><tr><td>February</td><td>+6,262</td><td>+3,107</td><td>+5,759</td><td>-202</td><td>-542</td><td>-29</td><td>-102</td><td>-1,389</td><td>+99</td><td>-77</td><td>-19</td></tr><tr><td>March</td><td>+7,803</td><td>+4,499</td><td>+6,927</td><td>-202</td><td>-541</td><td>-29</td><td>-102</td><td>-1,417</td><td>+92</td><td>-80</td><td>-32</td></tr><tr><td>April</td><td>+5,108</td><td>+3,621</td><td>+6,145</td><td>-205</td><td>-542</td><td>-30</td><td>-103</td><td>-1,423</td><td>+77</td><td>-82</td><td>-61</td></tr><tr><td>May</td><td>+2,112</td><td>+2,533</td><td>+4,908</td><td>-198</td><td>-536</td><td>-27</td><td>-102</td><td>-1,387</td><td>+76</td><td>-75</td><td>-6</td></tr><tr><td>June</td><td>+5,716</td><td>+3,420</td><td>+5,861</td><td>-196</td><td>-538</td><td>-27</td><td>-102</td><td>-1,388</td><td>-</td><td>-89</td><td>+5</td></tr><tr><td>July</td><td>+8,541</td><td>+6,140</td><td>+8,503</td><td>-194</td><td>-538</td><td>-27</td><td>-56</td><td>-1,388</td><td>+16</td><td>-90</td><td>+4</td></tr><tr><td>August</td><td>+9,260</td><td>+5,705</td><td>+8,019</td><td>-195</td><td>-538</td><td>-28</td><td>-56</td><td>-1,388</td><td>+17</td><td>-88</td><td>+15</td></tr><tr><td>September</td><td>+7,569</td><td>+4,630</td><td>+6,894</td><td>-195</td><td>-491</td><td>-28</td><td>-59</td><td>-1,383</td><td>-10</td><td>-86</td><td>+29</td></tr><tr><td>October</td><td>+4,305</td><td>+2,691</td><td>+4,933</td><td>-195</td><td>-491</td><td>-28</td><td>-58</td><td>-1,381</td><td>+1</td><td>-86</td><td>+36</td></tr><tr><td>November</td><td>+4,117</td><td>+2,796</td><td>+4,950</td><td>-195</td><td>-491</td><td>-28</td><td>-58</td><td>-1,381</td><td>+14</td><td>-90</td><td>+149</td></tr><tr><td>December</td><td>+5,500</td><td>+3,936</td><td>+6,207</td><td>-185</td><td>-493</td><td>-28</td><td>-58</td><td>-1,381</td><td>-15</td><td>-95</td><td>+26</td></tr><tr><td>1945-January</td><td>+6,830</td><td>+4,520</td><td>+6,783</td><td>-193</td><td>-493</td><td>-29</td><td>-58</td><td>-1,381</td><td>+5</td><td>-88</td><td>+13</td></tr><tr><td>February</td><td>+3,559</td><td>+3,509</td><td>+5,778</td><td>-193</td><td>-493</td><td>-29</td><td>-59</td><td>-1,381</td><td>+2</td><td>-88</td><td>+11</td></tr><tr><td>March</td><td>+7,124</td><td>+4,777</td><td>+6,499</td><td>-195</td><td>-479</td><td>-29</td><td>-59</td><td>-853</td><td>+21</td><td>-86</td><td>+23</td></tr><tr><td>April</td><td>+6,357</td><td>+5,325</td><td>+6,985</td><td>-179</td><td>-475</td><td>-29</td><td>-59</td><td>-864</td><td>+26</td><td>-88</td><td>+16</td></tr><tr><td>May</td><td>+6,279</td><td>+5,794</td><td>+7,212</td><td>-168</td><td>-333</td><td>-27</td><td>-59</td><td>-863</td><td>+50</td><td>-87</td><td>+99</td></tr><tr><td>June</td><td>+9,961</td><td>+7,314</td><td>+8,534</td><td>-170</td><td>-285</td><td>-28</td><td>-61</td><td>-646</td><td>+41</td><td>-86</td><td>+81</td></tr></table>
(Continued on following page)
December 1945
139
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section I - Net Position, January 1942 - June 1945 - (Continued)
(in thousands of dollars; negative figures indicate short position)
<table><tr><th rowspan="2">Position at end of month</th><th colspan="2">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="5">Currency of: Asia</th><th rowspan="2">All other</th></tr><tr><th>Switzer-land</th><th>Other Europe</th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (in-cluding Korea and Manchurie)</th><th>Other Aiele</th></tr><tr><td>1942-Jan. (Jan. 1-Jan.28)</td><td>+25</td><td>-226</td><td>+966</td><td>+79</td><td>-2,438</td><td>1/1</td><td>1/1</td><td>-165</td><td>-2,273</td><td>-22</td></tr><tr><td>Feb. (Jan.29-Feb.25)</td><td>+58</td><td>-234</td><td>+1,155</td><td>+119</td><td>-2,414</td><td>1/1</td><td>1/1</td><td>-165</td><td>-2,249</td><td>-27</td></tr><tr><td>Mar. (Feb.26-Apr. 1)</td><td>+109</td><td>-229</td><td>+2,458</td><td>+115</td><td>-2,484</td><td>1/1</td><td>1/1</td><td>-166</td><td>-2,318</td><td>-25</td></tr><tr><td>Apr. (Apr. 2-Apr.29)</td><td>+15</td><td>-212</td><td>+1,412</td><td>+291</td><td>-2,430</td><td>1/1</td><td>1/1</td><td>-166</td><td>-2,264</td><td>+13</td></tr><tr><td>May (Apr.30-June 3)</td><td>+32</td><td>-226</td><td>+777</td><td>-15</td><td>-2,409</td><td>1/1</td><td>1/1</td><td>-168</td><td>-2,241</td><td>+12</td></tr><tr><td>June (June 4-July 1)</td><td>+43</td><td>-211</td><td>+498</td><td>+114</td><td>-2,397</td><td>1/1</td><td>1/1</td><td>-168</td><td>-2,229</td><td>+10</td></tr><tr><td>July</td><td>-27</td><td>-182</td><td>+543</td><td>+287</td><td>-2,313</td><td>1/1</td><td>1/1</td><td>-63</td><td>-2,245</td><td>-89</td></tr><tr><td>August</td><td>-25</td><td>-211</td><td>+1,341</td><td>+475</td><td>-2,209</td><td>1/1</td><td>1/1</td><td>-71</td><td>-2,138</td><td>-105</td></tr><tr><td>September</td><td>+77</td><td>-231</td><td>+1,543</td><td>+304</td><td>-2,279</td><td>1/1</td><td>1/1</td><td>-72</td><td>-2,207</td><td>-111</td></tr><tr><td>October</td><td>+14</td><td>-231</td><td>+1,426</td><td>-144</td><td>-2,326</td><td>1/1</td><td>1/1</td><td>-72</td><td>-2,254</td><td>-28</td></tr><tr><td>November</td><td>-24</td><td>-204</td><td>+1,242</td><td>+269</td><td>-2,192</td><td>1/1</td><td>1/1</td><td>-51</td><td>-2,141</td><td>-112</td></tr><tr><td>December</td><td>+134</td><td>-197</td><td>+1,055</td><td>+319</td><td>-2,293</td><td>1/1</td><td>1/1</td><td>-71</td><td>-2,222</td><td>-174</td></tr><tr><td>1943-January</td><td>+78</td><td>-111</td><td>+371</td><td>+508</td><td>-2,153</td><td>-53</td><td>-2,118</td><td>-71</td><td>+89</td><td>-139</td></tr><tr><td>February</td><td>+45</td><td>-120</td><td>+518</td><td>+405</td><td>-2,144</td><td>-53</td><td>-2,116</td><td>-71</td><td>+96</td><td>-111</td></tr><tr><td>March</td><td>+94</td><td>-124</td><td>+371</td><td>+304</td><td>-2,150</td><td>-53</td><td>-2,111</td><td>-50</td><td>+54</td><td>-32</td></tr><tr><td>April</td><td>+32</td><td>-121</td><td>+2,022</td><td>+1,004</td><td>-2,177</td><td>-53</td><td>-2,117</td><td>-50</td><td>+43</td><td>-13</td></tr><tr><td>May</td><td>+31</td><td>-116</td><td>+2,032</td><td>+903</td><td>-2,235</td><td>-53</td><td>-2,113</td><td>-50</td><td>-19</td><td>+75</td></tr><tr><td>June</td><td>+9</td><td>-111</td><td>+1,335</td><td>+946</td><td>-2,227</td><td>-53</td><td>-2,111</td><td>-50</td><td>-13</td><td>+114</td></tr><tr><td>July</td><td>-32</td><td>-114</td><td>+1,350</td><td>+712</td><td>-2,245</td><td>-53</td><td>-2,110</td><td>-50</td><td>-32</td><td>-165</td></tr><tr><td>August</td><td>+14</td><td>-93</td><td>+1,512</td><td>+713</td><td>-2,158</td><td>-53</td><td>-2,106</td><td>-50</td><td>+51</td><td>+88</td></tr><tr><td>September</td><td>-54</td><td>-100</td><td>+3,858</td><td>+551</td><td>-2,131</td><td>-53</td><td>-2,106</td><td>-50</td><td>+78</td><td>+80</td></tr><tr><td>October</td><td>-209</td><td>-93</td><td>+5,243</td><td>+541</td><td>-2,143</td><td>-53</td><td>-2,104</td><td>-50</td><td>+64</td><td>-224</td></tr><tr><td>November</td><td>-174</td><td>-115</td><td>+5,086</td><td>+564</td><td>-2,140</td><td>-53</td><td>-2,102</td><td>-50</td><td>+55</td><td>+60</td></tr><tr><td>December</td><td>-213</td><td>-59</td><td>+2,779</td><td>+722</td><td>-2,013</td><td>-53</td><td>-2,161</td><td>-50</td><td>+251</td><td>+133</td></tr><tr><td>1944-January</td><td>-250</td><td>-91</td><td>+2,862</td><td>+760</td><td>-2,053</td><td>-65</td><td>-2,149</td><td>-50</td><td>+211</td><td>-105</td></tr><tr><td>February</td><td>-162</td><td>-229</td><td>+4,175</td><td>+898</td><td>-2,048</td><td>-65</td><td>-2,148</td><td>-50</td><td>+215</td><td>+130</td></tr><tr><td>March</td><td>-29</td><td>-88</td><td>+4,456</td><td>+856</td><td>-2,146</td><td>-65</td><td>-2,148</td><td>-50</td><td>+117</td><td>+138</td></tr><tr><td>April</td><td>-77</td><td>-78</td><td>+2,567</td><td>+827</td><td>-2,138</td><td>-40</td><td>-2,148</td><td>-50</td><td>+100</td><td>+271</td></tr><tr><td>May</td><td>-25</td><td>-35</td><td>+836</td><td>+798</td><td>-2,205</td><td>-40</td><td>-2,147</td><td>-50</td><td>+32</td><td>+150</td></tr><tr><td>June</td><td>-26</td><td>-80</td><td>+3,196</td><td>+955</td><td>-2,238</td><td>-38</td><td>-2,140</td><td>-50</td><td>-10</td><td>+383</td></tr><tr><td>July</td><td>+12</td><td>-102</td><td>+3,849</td><td>+648</td><td>-2,318</td><td>-38</td><td>-2,140</td><td>-50</td><td>-90</td><td>+222</td></tr><tr><td>August</td><td>+36</td><td>-89</td><td>+4,942</td><td>+617</td><td>-2,249</td><td>-38</td><td>-2,138</td><td>-50</td><td>-23</td><td>+245</td></tr><tr><td>September</td><td>+57</td><td>-98</td><td>+4,537</td><td>+516</td><td>-2,231</td><td>-50</td><td>-2,135</td><td>-27</td><td>-19</td><td>+117</td></tr><tr><td>October</td><td>+49</td><td>-89</td><td>+2,921</td><td>+597</td><td>-2,142</td><td>-41</td><td>-2,135</td><td>-28</td><td>+62</td><td>+238</td></tr><tr><td>November</td><td>+52</td><td>-126</td><td>+2,657</td><td>+451</td><td>-2,079</td><td>-41</td><td>-2,135</td><td>-27</td><td>+124</td><td>+292</td></tr><tr><td>December</td><td>+11</td><td>-53</td><td>+2,968</td><td>+568</td><td>-2,149</td><td>-41</td><td>-2,135</td><td>-27</td><td>+54</td><td>+177</td></tr><tr><td>1945-January</td><td>+38</td><td>-77</td><td>+2,374</td><td>+1,698</td><td>-2,042</td><td>-41</td><td>-2,124</td><td>-27</td><td>+150</td><td>+280</td></tr><tr><td>February</td><td>+30</td><td>-99</td><td>+1,321</td><td>+533</td><td>-2,089</td><td>-40</td><td>-2,124</td><td>-27</td><td>+102</td><td>+285</td></tr><tr><td>March</td><td>+24</td><td>-89</td><td>+3,858</td><td>+721</td><td>-2,195</td><td>-40</td><td>-2,124</td><td>-27</td><td>-4</td><td>-37</td></tr><tr><td>April</td><td>+51</td><td>-89</td><td>+2,034</td><td>+1,028</td><td>-2,114</td><td>-41</td><td>-2,123</td><td>-27</td><td>+77</td><td>+84</td></tr><tr><td>May</td><td>+14</td><td>-44</td><td>+1,423</td><td>+908</td><td>-2,127</td><td>-51</td><td>-2,123</td><td>-27</td><td>+74</td><td>+281</td></tr><tr><td>June</td><td>-53</td><td>-13</td><td>+4,023</td><td>+698</td><td>-2,035</td><td>-51</td><td>-2,123</td><td>-27</td><td>+166</td><td>-39</td></tr></table>
1/ Not available.
110
Treasury Bulletin
Position in Foreign Currencies as Reported by Ban
s and Bankers in the United States - (Continued)
Section II - Outstanding Forward Exchange Contracts, January-June 1945
(In thousands of dollars)
<table><tr><th rowspan="2">Contracts as of end of month</th><th rowspan="2">Grand total</th><th colspan="9">Currency of: Europe (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total purchase contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>3,851</td><td>1,437</td><td>649</td><td>3</td><td>519</td><td>-</td><td>-</td><td>248</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>3,897</td><td>1,308</td><td>519</td><td>3</td><td>519</td><td>-</td><td>-</td><td>248</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>3,684</td><td>1,005</td><td>452</td><td>3</td><td>283</td><td>-</td><td>-</td><td>248</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>3,397</td><td>912</td><td>410</td><td>3</td><td>237</td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>5,661</td><td>763</td><td>316</td><td>3</td><td>188</td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>4,394</td><td>715</td><td>377</td><td>3</td><td>79</td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Contracts for purchases from foreign customers:</td></tr><tr><td>1945-January</td><td>2,130</td><td>590</td><td>126</td><td>-</td><td>297</td><td>-</td><td>-</td><td>167</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2,313</td><td>570</td><td>105</td><td>-</td><td>297</td><td>-</td><td>-</td><td>167</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>2,273</td><td>403</td><td>124</td><td>-</td><td>112</td><td>-</td><td>-</td><td>167</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>1,634</td><td>337</td><td>115</td><td>-</td><td>66</td><td>-</td><td>-</td><td>156</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>3,540</td><td>302</td><td>80</td><td>-</td><td>66</td><td>-</td><td>-</td><td>156</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>2,817</td><td>383</td><td>161</td><td>-</td><td>66</td><td>-</td><td>-</td><td>156</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Contracts for purchases from domestic customers:</td></tr><tr><td>1945-January</td><td>1,721</td><td>847</td><td>523</td><td>3</td><td>222</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>1,584</td><td>738</td><td>414</td><td>3</td><td>222</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,411</td><td>602</td><td>328</td><td>3</td><td>171</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>1,763</td><td>575</td><td>295</td><td>3</td><td>171</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>2,121</td><td>461</td><td>236</td><td>3</td><td>122</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1,577</td><td>332</td><td>216</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr></table>
Sales contracts
<table><tr><th>Total sales contracts:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1945-January</td><td>5,820</td><td>3,868</td><td>1,972</td><td>2</td><td>679</td><td>-</td><td>10</td><td>1,150</td><td>-</td><td>1</td></tr><tr><td>February</td><td>5,974</td><td>4,035</td><td>2,139</td><td>2</td><td>679</td><td>-</td><td>10</td><td>1,150</td><td>-</td><td>-</td></tr><tr><td>March</td><td>5,617</td><td>2,921</td><td>1,814</td><td>2</td><td>429</td><td>-</td><td>10</td><td>622</td><td>11</td><td>1</td></tr><tr><td>April</td><td>4,859</td><td>2,491</td><td>1,354</td><td>82</td><td>379</td><td>-</td><td>10</td><td>622</td><td>5</td><td>1</td></tr><tr><td>May</td><td>7,521</td><td>3,157</td><td>2,285</td><td>2</td><td>200</td><td>-</td><td>10</td><td>622</td><td>5</td><td>1</td></tr><tr><td>June</td><td>11,199</td><td>1,719</td><td>1,211</td><td>2</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td></tr><tr><th>Contracts for sales to foreign customers:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1945-January</td><td>2,254</td><td>2,254</td><td>906</td><td>-</td><td>610</td><td>-</td><td>-</td><td>738</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2,254</td><td>2,254</td><td>906</td><td>-</td><td>610</td><td>-</td><td>-</td><td>738</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,485</td><td>1,476</td><td>906</td><td>-</td><td>360</td><td>-</td><td>-</td><td>210</td><td>-</td><td>-</td></tr><tr><td>April</td><td>1,062</td><td>988</td><td>468</td><td>-</td><td>310</td><td>-</td><td>-</td><td>210</td><td>-</td><td>-</td></tr><tr><td>May</td><td>911</td><td>893</td><td>503</td><td>-</td><td>180</td><td>-</td><td>-</td><td>210</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1,138</td><td>678</td><td>628</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><th>Contracts for sales to domestic customers:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1945-January</td><td>3,566</td><td>1,614</td><td>1,066</td><td>2</td><td>69</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td></tr><tr><td>February</td><td>3,720</td><td>1,781</td><td>1,233</td><td>2</td><td>69</td><td>-</td><td>10</td><td>412</td><td>-</td><td>-</td></tr><tr><td>March</td><td>4,132</td><td>1,445</td><td>908</td><td>2</td><td>69</td><td>-</td><td>10</td><td>412</td><td>11</td><td>1</td></tr><tr><td>April</td><td>3,797</td><td>1,503</td><td>886</td><td>82</td><td>69</td><td>-</td><td>10</td><td>412</td><td>5</td><td>1</td></tr><tr><td>May</td><td>6,610</td><td>2,264</td><td>1,782</td><td>2</td><td>20</td><td>-</td><td>10</td><td>412</td><td>5</td><td>1</td></tr><tr><td>June</td><td>10,061</td><td>1,041</td><td>583</td><td>2</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td></tr></table>
(Continued on following page)
December 1945
111
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section II - Outstanding Forward Exchange Contracts, January-June 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Contracts as of end of month</th><th colspan="2">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latino America</th><th colspan="5">Asia</th><th rowspan="2">All other</th></tr><tr><th>Switzerland</th><th>Other Europe</th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (including Korea and Manchurie)</th><th>Other Asia</th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total purchase contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>17</td><td>1</td><td>777</td><td>336</td><td>1,297</td><td>380</td><td>824</td><td>-</td><td>93</td><td>4</td></tr><tr><td>February</td><td>17</td><td>2</td><td>1,291</td><td>-</td><td>1,297</td><td>380</td><td>824</td><td>-</td><td>93</td><td>1</td></tr><tr><td>March</td><td>17</td><td>2</td><td>1,404</td><td>-</td><td>1,253</td><td>380</td><td>824</td><td>-</td><td>49</td><td>22</td></tr><tr><td>April</td><td>17</td><td>8</td><td>1,136</td><td>6</td><td>1,301</td><td>380</td><td>824</td><td>-</td><td>97</td><td>42</td></tr><tr><td>May</td><td>17</td><td>2</td><td>2,843</td><td>750</td><td>1,305</td><td>380</td><td>824</td><td>-</td><td>101</td><td>-</td></tr><tr><td>June</td><td>17</td><td>2</td><td>2,219</td><td>129</td><td>1,331</td><td>380</td><td>824</td><td>-</td><td>127</td><td>-</td></tr><tr><td>Contracts for purchases from foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>-</td><td>-</td><td>-</td><td>336</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>1</td><td>538</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>1</td></tr><tr><td>March</td><td>-</td><td>-</td><td>666</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>60</td><td>-</td><td>1,237</td><td>380</td><td>824</td><td>-</td><td>33</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>1,205</td><td>750</td><td>1,283</td><td>380</td><td>824</td><td>-</td><td>79</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>996</td><td>129</td><td>1,309</td><td>380</td><td>824</td><td>-</td><td>105</td><td>-</td></tr><tr><td>Contracts for purchases from domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>17</td><td>1</td><td>777</td><td>-</td><td>93</td><td>-</td><td>-</td><td>-</td><td>93</td><td>4</td></tr><tr><td>February</td><td>17</td><td>1</td><td>753</td><td>-</td><td>93</td><td>-</td><td>-</td><td>-</td><td>93</td><td>-</td></tr><tr><td>March</td><td>17</td><td>2</td><td>738</td><td>-</td><td>49</td><td>-</td><td>-</td><td>-</td><td>49</td><td>22</td></tr><tr><td>April</td><td>17</td><td>8</td><td>1,076</td><td>6</td><td>64</td><td>-</td><td>-</td><td>-</td><td>64</td><td>42</td></tr><tr><td>May</td><td>17</td><td>2</td><td>1,538</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>June</td><td>17</td><td>2</td><td>1,223</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total sales contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>53</td><td>1</td><td>1,209</td><td>566</td><td>134</td><td>19</td><td>-</td><td>4</td><td>111</td><td>43</td></tr><tr><td>February</td><td>53</td><td>2</td><td>1,516</td><td>183</td><td>135</td><td>19</td><td>-</td><td>4</td><td>112</td><td>105</td></tr><tr><td>March</td><td>30</td><td>2</td><td>2,357</td><td>108</td><td>93</td><td>19</td><td>-</td><td>4</td><td>70</td><td>138</td></tr><tr><td>April</td><td>30</td><td>8</td><td>1,890</td><td>88</td><td>309</td><td>19</td><td>-</td><td>4</td><td>286</td><td>81</td></tr><tr><td>May</td><td>30</td><td>2</td><td>3,211</td><td>845</td><td>250</td><td>19</td><td>-</td><td>4</td><td>227</td><td>58</td></tr><tr><td>June</td><td>30</td><td>2</td><td>8,926</td><td>206</td><td>289</td><td>19</td><td>-</td><td>4</td><td>266</td><td>59</td></tr><tr><td>Contracts for sales to foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-</td><td>-</td><td>74</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>460</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Contracts for sales to domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>53</td><td>1</td><td>1,209</td><td>566</td><td>134</td><td>19</td><td>-</td><td>4</td><td>111</td><td>43</td></tr><tr><td>February</td><td>53</td><td>2</td><td>1,516</td><td>183</td><td>135</td><td>19</td><td>-</td><td>4</td><td>112</td><td>105</td></tr><tr><td>March</td><td>30</td><td>2</td><td>2,348</td><td>108</td><td>93</td><td>19</td><td>-</td><td>4</td><td>70</td><td>138</td></tr><tr><td>April</td><td>30</td><td>8</td><td>1,816</td><td>88</td><td>309</td><td>19</td><td>-</td><td>4</td><td>286</td><td>81</td></tr><tr><td>May</td><td>30</td><td>2</td><td>3,193</td><td>845</td><td>250</td><td>19</td><td>-</td><td>4</td><td>227</td><td>58</td></tr><tr><td>June</td><td>30</td><td>2</td><td>8,466</td><td>206</td><td>289</td><td>19</td><td>-</td><td>4</td><td>266</td><td>59</td></tr></table>
112
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section III
Purchases and Sales of Foreign Exchange (Spot and Forward), January-June 1945
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="10">Purchases</td></tr><tr><td>Total purchases:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>46,852</td><td>21,692</td><td>16,932</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>338</td><td>726</td></tr><tr><td>Spot</td><td>1,540</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,540</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>338</td><td>726</td></tr><tr><td>February</td><td>38,289</td><td>18,066</td><td>13,728</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>317</td><td>326</td></tr><tr><td>Spot</td><td>1,819</td><td>275</td><td>275</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,819</td><td>275</td><td>275</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>317</td><td>326</td></tr><tr><td>March</td><td>51,533</td><td>24,022</td><td>16,235</td><td>25</td><td>250</td><td>-</td><td>-</td><td>528</td><td>469</td><td>518</td></tr><tr><td>Spot</td><td>1,930</td><td>121</td><td>121</td><td>-</td><td>250</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,930</td><td>121</td><td>121</td><td>25</td><td>250</td><td>-</td><td>-</td><td>528</td><td>469</td><td>518</td></tr><tr><td>April</td><td>45,759</td><td>19,884</td><td>14,743</td><td>250</td><td>50</td><td>-</td><td>-</td><td>-</td><td>480</td><td>220</td></tr><tr><td>Spot</td><td>1,983</td><td>165</td><td>165</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,983</td><td>165</td><td>165</td><td>250</td><td>50</td><td>-</td><td>-</td><td>-</td><td>480</td><td>220</td></tr><tr><td>May</td><td>55,879</td><td>25,133</td><td>18,162</td><td>584</td><td>282</td><td>-</td><td>-</td><td>-</td><td>436</td><td>351</td></tr><tr><td>Spot</td><td>5,226</td><td>157</td><td>157</td><td>-</td><td>282</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>5,226</td><td>157</td><td>157</td><td>584</td><td>282</td><td>-</td><td>-</td><td>-</td><td>436</td><td>351</td></tr><tr><td>June</td><td>71,280</td><td>29,527</td><td>22,298</td><td>81</td><td>304</td><td>-</td><td>-</td><td>219</td><td>342</td><td>472</td></tr><tr><td>Spot</td><td>3,700</td><td>224</td><td>224</td><td>-</td><td>304</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>3,700</td><td>224</td><td>224</td><td>81</td><td>304</td><td>-</td><td>-</td><td>219</td><td>342</td><td>472</td></tr><tr><td colspan="10">Purchases from banks:</td></tr><tr><td>1945-January</td><td>27,614</td><td>13,100</td><td>8,628</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>330</td><td>661</td></tr><tr><td>Spot</td><td>1,271</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,271</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>330</td><td>661</td></tr><tr><td>February</td><td>24,580</td><td>12,048</td><td>7,965</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>316</td><td>284</td></tr><tr><td>Spot</td><td>1,474</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,474</td><td>217</td><td>217</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>316</td><td>284</td></tr><tr><td>March</td><td>31,229</td><td>16,404</td><td>9,011</td><td>25</td><td>250</td><td>-</td><td>-</td><td>528</td><td>469</td><td>349</td></tr><tr><td>Spot</td><td>1,511</td><td>121</td><td>121</td><td>-</td><td>250</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,511</td><td>121</td><td>121</td><td>25</td><td>250</td><td>-</td><td>-</td><td>528</td><td>469</td><td>349</td></tr><tr><td>April</td><td>27,016</td><td>12,138</td><td>7,388</td><td>225</td><td>50</td><td>-</td><td>-</td><td>-</td><td>472</td><td>187</td></tr><tr><td>Spot</td><td>1,416</td><td>104</td><td>104</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,416</td><td>104</td><td>104</td><td>225</td><td>50</td><td>-</td><td>-</td><td>-</td><td>472</td><td>187</td></tr><tr><td>May</td><td>31,332</td><td>14,440</td><td>7,811</td><td>410</td><td>281</td><td>-</td><td>-</td><td>-</td><td>409</td><td>350</td></tr><tr><td>Spot</td><td>4,873</td><td>142</td><td>142</td><td>-</td><td>281</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>4,873</td><td>142</td><td>142</td><td>410</td><td>281</td><td>-</td><td>-</td><td>-</td><td>409</td><td>350</td></tr><tr><td>June</td><td>46,522</td><td>19,501</td><td>12,460</td><td>71</td><td>295</td><td>-</td><td>-</td><td>210</td><td>334</td><td>461</td></tr><tr><td>Spot</td><td>3,456</td><td>218</td><td>218</td><td>-</td><td>295</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>3,456</td><td>218</td><td>218</td><td>71</td><td>295</td><td>-</td><td>-</td><td>210</td><td>334</td><td>461</td></tr><tr><td colspan="10">Purchases from customers other than banks:</td></tr><tr><td>1945-January</td><td>19,238</td><td>8,592</td><td>8,304</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>65</td></tr><tr><td>Spot</td><td>269</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>269</td><td>-</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>65</td></tr><tr><td>February</td><td>13,709</td><td>6,018</td><td>5,763</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>42</td></tr><tr><td>Spot</td><td>345</td><td>58</td><td>58</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>345</td><td>58</td><td>58</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>42</td></tr><tr><td>March</td><td>20,304</td><td>7,618</td><td>7,224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>169</td></tr><tr><td>Spot</td><td>419</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>419</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>169</td></tr><tr><td>April</td><td>18,743</td><td>7,746</td><td>7,355</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>33</td></tr><tr><td>Spot</td><td>567</td><td>61</td><td>61</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>567</td><td>61</td><td>61</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>33</td></tr><tr><td>May</td><td>24,647</td><td>10,693</td><td>10,351</td><td>174</td><td>1</td><td>-</td><td>-</td><td>-</td><td>27</td><td>1</td></tr><tr><td>Spot</td><td>353</td><td>15</td><td>15</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>353</td><td>15</td><td>15</td><td>174</td><td>1</td><td>-</td><td>-</td><td>-</td><td>27</td><td>1</td></tr><tr><td>June</td><td>24,758</td><td>10,026</td><td>9,838</td><td>10</td><td>9</td><td>-</td><td>-</td><td>9</td><td>8</td><td>11</td></tr><tr><td>Spot</td><td>244</td><td>6</td><td>6</td><td>-</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>244</td><td>6</td><td>6</td><td>10</td><td>9</td><td>-</td><td>-</td><td>9</td><td>8</td><td>11</td></tr><tr><td colspan="10">Sales</td></tr><tr><td>Total sales:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>44,883</td><td>21,401</td><td>16,651</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>322</td><td>722</td></tr><tr><td>Spot</td><td>2,099</td><td>291</td><td>291</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>2,099</td><td>291</td><td>291</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>322</td><td>722</td></tr><tr><td>February</td><td>40,392</td><td>19,153</td><td>11,809</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>321</td><td>327</td></tr><tr><td>Spot</td><td>3,128</td><td>479</td><td>479</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>3,128</td><td>479</td><td>479</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>321</td><td>327</td></tr><tr><td>March</td><td>45,449</td><td>22,555</td><td>15,328</td><td>25</td><td>236</td><td>-</td><td>-</td><td>-</td><td>438</td><td>518</td></tr><tr><td>Spot</td><td>3,824</td><td>149</td><td>138</td><td>-</td><td>236</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td></tr><tr><td>Forward</td><td>3,824</td><td>149</td><td>138</td><td>25</td><td>236</td><td>-</td><td>-</td><td>-</td><td>438</td><td>518</td></tr><tr><td>April</td><td>45,854</td><td>20,067</td><td>15,134</td><td>236</td><td>46</td><td>-</td><td>-</td><td>11</td><td>479</td><td>223</td></tr><tr><td>Spot</td><td>3,172</td><td>197</td><td>197</td><td>-</td><td>46</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>3,172</td><td>197</td><td>197</td><td>236</td><td>46</td><td>-</td><td>-</td><td>11</td><td>479</td><td>223</td></tr><tr><td>May</td><td>53,964</td><td>23,561</td><td>16,825</td><td>572</td><td>142</td><td>-</td><td>-</td><td>-</td><td>412</td><td>348</td></tr><tr><td>Spot</td><td>6,441</td><td>1,506</td><td>1,506</td><td>-</td><td>142</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>6,441</td><td>1,506</td><td>1,506</td><td>572</td><td>142</td><td>-</td><td>-</td><td>-</td><td>412</td><td>348</td></tr><tr><td>June</td><td>60,938</td><td>28,314</td><td>21,284</td><td>82</td><td>256</td><td>-</td><td>-</td><td>-</td><td>356</td><td>471</td></tr><tr><td>Spot</td><td>11,020</td><td>495</td><td>495</td><td>-</td><td>256</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>11,020</td><td>495</td><td>495</td><td>82</td><td>256</td><td>-</td><td>-</td><td>-</td><td>356</td><td>471</td></tr></table>
(Continued on following page)
December 1945
113
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section III - Purchases and Sales of Foreign Exchange (Spot and Forward), January-June 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="10">Sales - (Continued)</td></tr><tr><td>Sales to banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January Spot.....Forward.....</td><td>19,7041,051</td><td>9,517141</td><td>8,155141</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>62-</td><td>565-</td></tr><tr><td>February Spot.....Forward.....</td><td>15,4921,030</td><td>6,895242</td><td>5,998242</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>149-</td><td>158-</td></tr><tr><td>March Spot.....Forward.....</td><td>17,477927</td><td>7,324101</td><td>6,140101</td><td>1</td><td>186</td><td>-</td><td>-</td><td>-</td><td>184-</td><td>184-</td></tr><tr><td>April Spot.....Forward.....</td><td>18,0001,031</td><td>7,532114</td><td>6,639114</td><td>-</td><td>26</td><td>-</td><td>-</td><td>11</td><td>231-</td><td>118-</td></tr><tr><td>May Spot.....Forward.....</td><td>21,1371,325</td><td>9,599282</td><td>8,259282</td><td>192</td><td>26</td><td>-</td><td>-</td><td>-</td><td>133-</td><td>204-</td></tr><tr><td>June Spot.....Forward.....</td><td>22,7152,132</td><td>10,895319</td><td>9,432319</td><td>8</td><td>35</td><td>-</td><td>-</td><td>-</td><td>92-</td><td>246-</td></tr><tr><td>Sales to customers other than banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January Spot.....Forward.....</td><td>25,1791,048</td><td>11,884150</td><td>8,496150</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>260-</td><td>157-</td></tr><tr><td>February Spot.....Forward.....</td><td>24,9002,098</td><td>12,258237</td><td>8,811237</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>172-</td><td>169-</td></tr><tr><td>March Spot.....Forward.....</td><td>27,9722,897</td><td>15,23148</td><td>9,18837</td><td>24</td><td>50</td><td>-</td><td>-</td><td>-</td><td>25411</td><td>374-</td></tr><tr><td>April Spot.....Forward.....</td><td>27,8542,141</td><td>12,53583</td><td>8,49583</td><td>236</td><td>20</td><td>-</td><td>-</td><td>-</td><td>248-</td><td>105-</td></tr><tr><td>May Spot.....Forward.....</td><td>32,8275,116</td><td>13,9621,224</td><td>8,5661,224</td><td>380</td><td>116</td><td>-</td><td>-</td><td>-</td><td>279-</td><td>114-</td></tr><tr><td>June Spot.....Forward.....</td><td>38,2238,888</td><td>17,419176</td><td>11,852176</td><td>74</td><td>221</td><td>-</td><td>-</td><td>-</td><td>264-</td><td>225-</td></tr></table>
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="2">Currency of:</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latin America</th><th>Total Asia</th><th>Japan (in-, cluding Korea and Manchuria)</th><th>Other Asia</th></tr><tr><td colspan="10">Purchases</td></tr><tr><td>Total purchases:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January<br>Spot<br>Forward</td><td>653<br>-</td><td>2,986<br>-</td><td>52<br>-</td><td>14,732<br>1,319</td><td>5,098<br>-</td><td>1,024<br>-</td><td>-<br>-</td><td>1,024<br>-</td><td>4,306<br>4</td></tr><tr><td>February<br>Spot<br>Forward</td><td>327<br>-</td><td>3,298<br>-</td><td>56<br>-</td><td>11,959<br>1,504</td><td>3,674<br>-</td><td>667<br>-</td><td>-<br>-</td><td>667<br>-</td><td>3,923<br>-</td></tr><tr><td>March<br>Spot<br>Forward</td><td>460<br>-</td><td>5,384<br>-</td><td>153<br>-</td><td>19,079<br>1,751</td><td>3,976<br>41</td><td>760<br>-</td><td>-<br>-</td><td>760<br>-</td><td>3,696<br>17</td></tr><tr><td>April<br>Spot<br>Forward</td><td>328<br>-</td><td>3,687<br>-</td><td>126<br>-</td><td>17,493<br>1,748</td><td>4,074<br>21</td><td>940<br>49</td><td>-<br>-</td><td>940<br>49</td><td>3,368<br>-</td></tr><tr><td>May<br>Spot<br>Forward</td><td>530<br>-</td><td>4,613<br>-</td><td>175<br>-</td><td>21,338<br>3,999</td><td>4,597<br>956</td><td>909<br>114</td><td>-<br>-</td><td>909<br>114</td><td>3,902<br>-</td></tr><tr><td>June<br>Spot<br>Forward</td><td>814<br>-</td><td>4,821<br>-</td><td>176<br>-</td><td>32,636<br>3,417</td><td>4,023<br>-</td><td>1,056<br>59</td><td>-<br>-</td><td>1,056<br>59</td><td>4,038<br>-</td></tr></table>
(Continued on following page)
114
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section III - Purchases and Sales of Foreing Exchange (Spot and Forward), January-June 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="2">Canada</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Latin America</th><th>Total Asia</th><th>Japan (in-cluding Korea and Manchuria)</th><th>Other Asia</th></tr><tr><th colspan="10">Purchases - (Continued)</th></tr><tr><td>Purchases from banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>Spot</td><td>577</td><td>2,887</td><td>17</td><td>8,151</td><td>3,261</td><td>1,003</td><td>-</td><td>1,003</td><td>2,099</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>1,050</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>February</td><td>Spot</td><td>249</td><td>3,207</td><td>26</td><td>6,709</td><td>3,132</td><td>646</td><td>-</td><td>646</td><td>2,045</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>1,257</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>400</td><td>5,297</td><td>75</td><td>9,194</td><td>3,242</td><td>759</td><td>-</td><td>759</td><td>1,630</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>1,373</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td></tr><tr><td>April</td><td>Spot</td><td>287</td><td>3,481</td><td>48</td><td>9,279</td><td>3,292</td><td>933</td><td>-</td><td>933</td><td>1,374</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>1,263</td><td>-</td><td>49</td><td>-</td><td>49</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>473</td><td>4,588</td><td>118</td><td>10,348</td><td>3,880</td><td>909</td><td>-</td><td>909</td><td>1,655</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>3,695</td><td>956</td><td>80</td><td>-</td><td>80</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>776</td><td>4,788</td><td>106</td><td>20,997</td><td>3,385</td><td>1,031</td><td>-</td><td>1,031</td><td>1,608</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>3,179</td><td>-</td><td>59</td><td>-</td><td>59</td><td>-</td></tr><tr><td>Purchases from customers other than banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>Spot</td><td>76</td><td>99</td><td>35</td><td>6,581</td><td>1,837</td><td>21</td><td>-</td><td>21</td><td>2,207</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>269</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot</td><td>78</td><td>91</td><td>30</td><td>5,250</td><td>542</td><td>21</td><td>-</td><td>21</td><td>1,878</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>287</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>60</td><td>87</td><td>78</td><td>9,885</td><td>734</td><td>1</td><td>-</td><td>1</td><td>2,066</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>378</td><td>41</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>41</td><td>206</td><td>78</td><td>8,214</td><td>782</td><td>7</td><td>-</td><td>7</td><td>1,994</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>485</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>57</td><td>25</td><td>57</td><td>10,990</td><td>717</td><td>34</td><td>-</td><td>34</td><td>2,247</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>304</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>38</td><td>33</td><td>70</td><td>11,639</td><td>638</td><td>25</td><td>-</td><td>25</td><td>2,430</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>238</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><th colspan="10">Sales</th></tr><tr><td>Total sales:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>Spot</td><td>665</td><td>2,962</td><td>74</td><td>14,940</td><td>3,923</td><td>897</td><td>-</td><td>897</td><td>3,722</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>1,739</td><td>-</td><td>18</td><td>-</td><td>18</td><td>51</td></tr><tr><td>February</td><td>Spot</td><td>297</td><td>3,306</td><td>79</td><td>12,143</td><td>4,747</td><td>708</td><td>-</td><td>708</td><td>3,641</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>2,503</td><td>73</td><td>3</td><td>-</td><td>3</td><td>70</td></tr><tr><td>March</td><td>Spot</td><td>475</td><td>5,393</td><td>142</td><td>14,657</td><td>3,725</td><td>861</td><td>-</td><td>861</td><td>3,671</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>3,575</td><td>54</td><td>2</td><td>-</td><td>2</td><td>14</td></tr><tr><td>April</td><td>Spot</td><td>303</td><td>3,509</td><td>126</td><td>18,293</td><td>3,972</td><td>769</td><td>-</td><td>769</td><td>2,753</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>2,775</td><td>29</td><td>143</td><td>-</td><td>143</td><td>28</td></tr><tr><td>May</td><td>Spot</td><td>479</td><td>4,652</td><td>131</td><td>21,702</td><td>4,437</td><td>865</td><td>-</td><td>865</td><td>3,399</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>3,791</td><td>976</td><td>158</td><td>-</td><td>158</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>833</td><td>4,888</td><td>144</td><td>23,853</td><td>4,088</td><td>933</td><td>-</td><td>933</td><td>3,750</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>10,394</td><td>41</td><td>90</td><td>-</td><td>90</td><td>-</td></tr><tr><td>Sales to banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>Spot</td><td>392</td><td>323</td><td>20</td><td>8,023</td><td>555</td><td>74</td><td>-</td><td>74</td><td>1,535</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>877</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33</td></tr><tr><td>February</td><td>Spot</td><td>183</td><td>395</td><td>11</td><td>6,269</td><td>886</td><td>35</td><td>-</td><td>35</td><td>1,407</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>771</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>64</td><td>541</td><td>24</td><td>8,284</td><td>288</td><td>24</td><td>-</td><td>24</td><td>1,557</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>785</td><td>41</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>79</td><td>411</td><td>17</td><td>8,752</td><td>423</td><td>29</td><td>-</td><td>29</td><td>1,264</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>868</td><td>21</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td>May</td><td>Spot</td><td>148</td><td>611</td><td>26</td><td>9,614</td><td>235</td><td>82</td><td>-</td><td>82</td><td>1,607</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>1,009</td><td>-</td><td>34</td><td>-</td><td>34</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>250</td><td>796</td><td>36</td><td>9,822</td><td>316</td><td>132</td><td>-</td><td>132</td><td>1,550</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>1,813</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales to customers other than banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>Spot</td><td>273</td><td>2,639</td><td>54</td><td>6,917</td><td>3,368</td><td>823</td><td>-</td><td>823</td><td>2,187</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>862</td><td>-</td><td>18</td><td>-</td><td>18</td><td>15</td></tr><tr><td>February</td><td>Spot</td><td>114</td><td>2,910</td><td>68</td><td>5,874</td><td>3,861</td><td>673</td><td>-</td><td>673</td><td>2,234</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>1,732</td><td>56</td><td>3</td><td>-</td><td>3</td><td>70</td></tr><tr><td>March</td><td>Spot</td><td>411</td><td>4,852</td><td>118</td><td>6,753</td><td>3,437</td><td>837</td><td>-</td><td>837</td><td>2,114</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>2,790</td><td>13</td><td>2</td><td>-</td><td>2</td><td>14</td></tr><tr><td>April</td><td>Spot</td><td>224</td><td>3,098</td><td>109</td><td>9,541</td><td>3,549</td><td>740</td><td>-</td><td>740</td><td>1,489</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>1,907</td><td>8</td><td>143</td><td>-</td><td>143</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>331</td><td>4,041</td><td>105</td><td>12,088</td><td>4,202</td><td>783</td><td>-</td><td>783</td><td>1,792</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>2,782</td><td>976</td><td>134</td><td>-</td><td>134</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>583</td><td>4,092</td><td>108</td><td>14,031</td><td>3,772</td><td>801</td><td>-</td><td>801</td><td>2,200</td></tr><tr><td>Forward</td><td></td><td>-</td><td>-</td><td>-</td><td>8,581</td><td>41</td><td>90</td><td>-</td><td>90</td><td>-</td></tr></table>
PENALTY FOR PRIVATE USE TO AVOID PAYMENT OF POSTAGE, $300
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY WASHINGTON 25, D. C.
OFFICIAL BUSINESS
PERMIT NO. 1002
FORM A-12/45-2000
Treasury U.S. Treasury Dept. HJ 10 Treasury Bulletin A2 1945 c.2
U.S. TREASURY LIBRARY
1 0031938