COPY N
LIBRARY
ROOM 5030
JUN 9.1 1972
TREASURY DEPARTMENT
Treas. H5 10
Hd C. 2
P. M.
2
129
TREASURY BULLETIN
JANUARY-1946
LIBRARY ROOM 5030 JUN 2.1 1972 TREASURY DEPARTMENT
TREASURY DEPARTMENT LIBRARY ROOM 5.13
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th></th><th colspan="12">Issue and page number</th></tr><tr><th></th><th colspan="3">1946</th><th colspan="10">1945</th></tr><tr><th>Articles</th><th>Jan.</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></tr><tr><td>Transition from war to peace and prosperity (speech by the Secretary of the Treasury)</td><td>A-1-A-4</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 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></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>A-1-A-8</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>7th War Loan, May-June 1945</td><td></td><td></td><td></td><td></td><td></td><td>A-1-A-22</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>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></td></tr><tr><td>Security purchases outside war loans by commercial banks and by Treasury investment accounts</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></td></tr><tr><td>7th War Loan</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>Federal Government expenditures for the fiscal years 1940, 1945, and 1946</td><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>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></td><td></td><td>A-1-A-3</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-10</td><td></td><td></td><td></td><td></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>A-8-A-14</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal land bank bonds</td><td>A-6</td><td></td><td></td><td>A-6</td><td></td><td>A-2</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-25-A-32</td><td></td><td>A-1</td><td></td><td></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>A-3-A-7</td><td></td><td></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>A-5-A-19</td><td></td><td></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>A-1</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></td><td>A-1-A-2</td><td></td><td></td></tr><tr><td>Redemption through banks and additional financial institutions</td><td>A-5-A-16</td><td></td><td>A-9</td><td>A-10</td><td>A-6</td><td></td><td>A-2</td><td>A-9</td><td>A-20</td><td>A-7</td><td>A-1</td><td>A-1</td></tr><tr><td>Treasury market financing</td><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><th>Summary of fiscal statistics</th><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><th>Receipts and expenditures and appropriations</th><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><th>Budgetary receipts and expenditures:</th><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 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>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></tr><tr><td>Analysis of expenditures for war activities</td><td>7</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></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>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></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>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></tr><tr><th>Social security program:</th><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><th>Budgetary receipts and expenditures:</th><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>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></tr><tr><td>Railroad Retirement Act</td><td>13</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></tr><tr><td>Railroad Unemployment Insurance Act</td><td>13</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></tr><tr><th>Statement of trust accounts:</th><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 Old-Age and Survivors Insurance Trust Fund</td><td>14</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></tr><tr><td>Railroad Retirement Account</td><td>14</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></tr><tr><td>Unemployment Trust Fund</td><td>14</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></tr><tr><th>Appropriations and net contract authorisations for the war activities program</th><td>15-16</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></tr><tr><th>Cash income and outgo of the Treasury</th><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 by major classifications</td><td>17</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></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>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></tr></table>
(Continued on following page)
January 1946
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="2">1946</th><th colspan="11">Issue and page number</th></tr><tr><th></th><th>Jan.</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></tr><tr><td>General Fund 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>Assets, liabilities, and balance in General Fund.</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</td><td>21 22</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</td><td>19 20</td></tr><tr><td>Analysis of changes in balance of General 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>Public debt and guaranteed obligations of United States Government</td><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 and guaranteed obligations:</td><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>Detailed statement</td><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 years, 1936-1945.</td><td>23-24 24-25</td><td>23-24 24-25</td><td>23-24 24-25</td><td>23-24 25-26</td><td>23-24 24-25</td><td>23-24 24-25</td><td>23-24 24-25</td><td>23-24 24-25</td><td>23-24 24-25</td><td>23-24 24-25</td><td>23-24 24-25</td><td>23-24 24-25</td></tr><tr><td>Monthly data.</td><td>26</td><td>26</td><td>26</td><td>26</td><td>28</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</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>Public 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></tr><tr><td>Issuance and retirement (receipts and expenditures).</td><td>22</td><td>22</td><td>22</td><td>22</td><td>24</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td></tr><tr><td>Interest-bearing debt, composition of.</td><td>22</td><td>22</td><td>22</td><td>22</td><td>24</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td></tr><tr><td>Guaranteed obligations held by Treasury.</td><td>27</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></tr><tr><td>Statutory limitation on the public debt - condition, as of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</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 13, 1945.</td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td>28</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>July 31, 1945.</td><td></td><td></td><td></td><td></td><td>30</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1945.</td><td></td><td></td><td></td><td>28</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>28</td><td>28</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>28</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>November 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>Computed interest charge and computed interest rate.</td><td>27</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></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>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></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>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></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>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></tr><tr><td>Offerings and maturities of Treasury bills.</td><td>34-35</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></tr><tr><td>United States savings 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>Summary of sales and redemptions, by series.</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>38-39</td><td>36-37</td><td>35-36</td><td>35-36</td><td>36-37</td><td>35-36</td><td>35-36</td><td>36-37</td></tr><tr><td>Sales by series, classified by denominations.</td><td>38</td><td>38</td><td>38</td><td>38</td><td>40</td><td>38</td><td>37</td><td>37</td><td>38</td><td>37</td><td>37</td><td>38</td></tr><tr><td>Sales to investors other than commercial banks by series, classified by States.</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td><td>41-42</td><td>39-40</td><td>38-39</td><td>38-39</td><td>39-40</td><td>38-39</td><td>38-39</td><td>39-40</td></tr><tr><td>Naturities and redemptions of Series A-D and E combined, by States.</td><td>41</td><td>41</td><td>41</td><td>41</td><td>43</td><td>41</td><td>40</td><td>40</td><td>41</td><td>40</td><td>40</td><td>41</td></tr><tr><td>Payroll savings plans.</td><td></td><td></td><td></td><td></td><td>44</td><td>42</td><td>41</td><td>41</td><td>42</td><td>41</td><td>41</td><td>42</td></tr><tr><td>Treasury notes - tax and savings series:</td><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 of sales and redemptions, by series.</td><td>42-43</td><td>42-43</td><td>42-43</td><td>42-43</td><td>44-45</td><td>42-43</td><td>41-42</td><td>41-42</td><td>42-43</td><td>41-42</td><td>41-42</td><td>42-43</td></tr><tr><td>Sales, classified by:</td><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>Denomination.</td><td>44</td><td>44</td><td>44</td><td>44</td><td>46</td><td>44</td><td>43</td><td>43</td><td>44</td><td>43</td><td>43</td><td>44</td></tr><tr><td>Type of purchaser.</td><td>44</td><td>44</td><td>44</td><td>44</td><td>46</td><td>44</td><td>43</td><td>43</td><td>44</td><td>43</td><td>43</td><td>44</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></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions.</td><td>45</td><td>45</td><td>45</td><td>45</td><td>47</td><td>45</td><td>44</td><td>44</td><td>45</td><td>44</td><td>44</td><td>45</td></tr><tr><td>Sales, classified by denomination.</td><td>45</td><td>45</td><td>45</td><td>45</td><td>47</td><td>45</td><td>44</td><td>44</td><td>45</td><td>44</td><td>44</td><td>45</td></tr><tr><td>Ownership of United States Government securities</td><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 distribution, by holders.</td><td>47</td><td>47</td><td>47</td><td>47</td><td>49</td><td>47</td><td>46</td><td>46</td><td>47</td><td>46</td><td>46</td><td>47</td></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors.</td><td>48</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></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>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></tr><tr><td>Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing January 1, 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>Ownership by banks and insurance companies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>53</td></tr><tr><td>September 30, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-52</td><td></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>48-51</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></td><td></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>49-53</td><td></td><td></td><td></td></tr><tr><td>March 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>48-52</td><td>49-53</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>48-52</td><td>49-53</td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</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>51-55</td><td>49-53</td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 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>September 30, 1945.</td><td></td><td>49-53</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>49-53</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>Ownership by various classes of Federal Reserve member and nonmember commercial banks:</td><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>52-55</td><td></td><td></td></tr><tr><td>June 30, 1945.</td><td></td><td></td><td></td><td></td><td>56-60</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945.</td><td>54-58</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>
(Continued on following page)
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Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="2">1946</th><th colspan="10">1945</th></tr><tr><th></th><th>Jan.</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></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 marketable 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></td><td>57-59</td><td>55-57</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>54-56</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></td><td></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>55-57</td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1945</td><td></td><td></td><td></td><td>62-64</td><td></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>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1945</td><td>55-57</td><td>60-62</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></tr><tr><td>August 31, 1945</td><td>58</td><td>63</td><td>59</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></tr><tr><td>September 29, 1945</td><td>59</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></tr><tr><td>October 31, 1945</td><td>60</td><td>65</td><td>60</td><td>60</td><td></td><td>60</td><td>59</td><td>59</td><td></td><td></td><td></td><td></td></tr><tr><td>November 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>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: 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>67</td><td>71-75</td><td>69</td><td>72-76</td><td></td><td>61</td><td>64-68</td><td></td><td></td><td></td><td>61-68</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></td><td></td><td></td></tr><tr><td>December 31, 1944</td><td></td><td></td><td></td><td></td><td></td><td>61</td><td>64-68</td><td></td><td></td><td></td><td>61-68</td><td></td></tr><tr><td>March 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>June 30, 1945</td><td></td><td></td><td></td><td>70-71</td><td></td><td>62-63</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td>67</td><td>71-75</td><td>69</td><td>72-76</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>70-71</td><td></td><td>62-63</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td>65-70</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>Income and expenses:</td><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>62-67</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></tr><tr><td>First three months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>61-65</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 six months, fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td>69-74</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></td><td></td><td>68-73</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>68-73</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 1946</td><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>Collection 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 data</td><td>75</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></tr><tr><td>Chart</td><td>76</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></tr><tr><td>Comparative details for current periods</td><td>77-78</td><td>79-80</td><td>64-65</td><td>77-78</td><td>80-81</td><td>64-65</td><td>78-79</td><td>63-64</td><td>64-65</td><td>69-70</td><td>72-73</td><td>65-66</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>67-68</td><td></td><td></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></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td>80</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></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>Increment 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></td><td></td><td></td><td></td><td></td><td>69</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></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>80</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></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><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>Monetary stocks of gold and silver</td><td>80</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></tr><tr><td>Components of silver monetary stock</td><td>81</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></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices</td><td>81</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></tr><tr><td>Seigniorage on silver, by types</td><td>82</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></tr><tr><td>Money in circulation</td><td>83</td><td>85</td><td>72</td><td>83</td><td>85</td><td>72</td><td>84</td><td>69</td><td>72</td><td>75</td><td>78</td><td>73</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></td><td>74-75</td><td>76</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></tr><tr><td>Summary of net capital movement since 1935</td><td>85</td><td>87</td><td>77-93</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 1943-July 1945</td><td>86-102</td><td>88-104</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></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>105-107</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>July 1945</td><td>103-105</td><td></td><td>97-102</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>106-113</td><td>108-114</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 these 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.
January 1946
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Transition from War to Peace and Prosperity
The following address was delivered by Secretary Vinson before the Indiana State Chamber of Commerce and the Indiana War Finance Committee at Indianapolis, Indiana on November 27, 1945.
We are nearing the end of our last War Bond Drive. Throughout the Nation the Victory Loan has gone well.
Indiana has done a good job during the war loans, particularly on the payroll savings plan and on the sale of extra bonds to industrial workers; and all indications are that she is going to repeat in the Victory Loan.
I am especially glad, therefore, to come to Indianapolis and participate in the Victory Loan campaign at the invitation of Mr. Eugene Pulliam, Chairman of the Indiana State War Finance Committee. Mr. Pulliam has served as the Chairman of the Committee since its inception, and before that he was State Chairman of the War Savings Staff. He, like Indiana, has done a good job.
Success in the Victory Loan is a significant contribution to our Nation's conversion from the ways of war to the ways of peace. In turn, a speedy reconversion aids in laying the foundation for an invigorated, expansive economy so essential for the long pull. A successful Victory Loan, moreover, helps not only in the immediate reconversion period, but also in that later peacetime economy. The full importance of the Victory Loan, therefore, cannot be appreciated without understanding its proper place in the whole of our country's economy.
We have just won a long and a hard war. In truth, that war was won such a short time ago, it is still difficult to realize that the question is not what can I do for the war effort, but what can I do for prosperity and peace. In winning the war, we met a challenge to our way of life. We have turned that challenge aside and utterly defeated our enemies upon the field of battle.
We have done this at a great human and economic cost. It would be easy to seize a victory so dearly won as an opportunity to relax, to rest upon our laurels, and to return to the old ways. This is the way in which foreign victories are treated by old and declining countries, with old and declining ways of life.
But to a young country, such as ours, with a
young and vigorous way of life, victory does not mean relaxation. It is in itself the greatest challenge of all; and to the United States, victory in this war must be taken as a challenge and as an opportunity to advance to new standards of achievement and to show, both to ourselves and to the world, the accomplishments of which our system of free enterprise is capable.
The war has taught us two important things about our own economy. In the first place, it has shown us that, when the people and the Government of the United States want to do a thing and consider it of sufficient importance that it be done, the whole resources of the country can be mobilized for its accomplishment if we have enough time. This was the case with the war. Winning the war was rightfully considered to be all-important. So we did out best to call into service every human and material resource which the country had at its command, and to put it to use either directly for the war effort or for the maintenance of the civilian economy. And we may be thankful that once again fortune allowed us to borrow some time, although the grace period was scarcely sufficient.
One of the tangible evidences of our total mobilization was what happened in the labor market. There were more jobs than people seeking work. This was not only an evidence of our waging total war, but was a very desirable condition for our people. We saw what full employment can do to alleviate suffering. We saw what full employment can do by way of increasing purchasing power, and how people with jobs can "eat up" most of our so-called surpluses.
The second thing which the war has taught us about our own economy is its tremendous productivity. Our gross national product increased from $89 billion in 1939 to $199 billion in 1944. Some of this, of course, represented an increase in prices; but the product of the country, expressed in real terms, increased by about 75%.
We must now possess the intelligence, industry, and purpose to apply these primary lessons of the war to our peacetime economy. These lessons simply are that our economy under the
A-2
Treasury Bulletin
Free enterprise system has a tremendous potential productivity and that this productivity can be realized when we are of a mind to do it.
During the peak of our economic mobilization for war, nearly half of our resources were being applied to the single task of achieving victory. During the fiscal year 1945, the United States Government spent $91 billion for war purposes. Yet, so great was the increase in our aggregate production, that our civilian population enjoyed a higher and more widely diffused standard of living than ever before in the history of the country.
Most of the nearly half of our resources, which were so recently devoted to the single purpose of waging war, are now being returned to the service of peacetime industry. The return of these resources to civilian production can and should mean that the people of the United States have an opportunity to enjoy a much higher standard of living than ever before.
Of course, we cannot and should not expect to maintain under peacetime conditions all of the methods by which production was increased during the war. Part of the increase in our production during the war period was due to drawing into the labor force students who, under normal conditions, would be in our schools and colleges; housewives who, under normal conditions, would be tending to their homes; and old people who, under normal conditions, would have retired. Another part of our increased production was due to overtime work and to the special intensity of effort which is appropriate only to a wartime period. Another part was due, perhaps, to overdrafts on our natural resources.
These sources of increased productivity were necessary during the war — when we were buying time and trying to compress the greatest possible product into the shortest period in order to bring an overwhelming force to bear on the enemy. Such sources are out of place, however, in a peacetime economy; for they can be obtained only at the sacrifice of values — such as health, education, and home life — which are more important, under normal conditions, than the increase in physical product which their sacrifice would make possible.
On the opposite side of the ledger from those methods which increased the national product during the war years, but which will disapp
appear in time of peace, must be placed the possibilities of applying to peacetime production the new techniques which have been devised and the fundamental scientific developments which have occurred during the war period.
The differences between wartime and peacetime conditions of production are many and complex, but they must not be allowed to obscure the basic fact that our economy can produce prodigiously either in war or in peace. In order to realize this potential today, it is necessary that we integrate our social and economic policies so that they converge on the goal of a high level of production, employment, and national income, just as during the war we integrated all our policies to converge on the goal of victory.
The policies which must be integrated to converge on this goal include those relating to taxation; small business; competition; labor, management, and wages; foreign trade; social security; agriculture; public works and construction; and fiscal policy. I cannot hope to touch on all of these here; and I shall comment only upon taxes and the public debt, two matters particularly under my jurisdiction as Secretary of the Treasury.
The modernization of our tax structure, in my opinion, is the foundation of our entire program for maintaining full production and full employment in the postwar period.
The Revenue Act of 1945, approved this month, is a significant step in the right direction. It does two things of the utmost importance.
First, it repeals the excess profits tax. This puts business planning and business initiative on a peacetime basis and makes it possible for businessmen to plan programs of expansion with more confidence. It makes it more worthwhile for businessmen to seek economies of operation, and so paves the way for lower prices. It is also important that the removal of the excess profits tax makes it possible for small businesses to grow on a basis of competitive equality with old established enterprises with liberal excess profits credits.
Second, the Revenue Act of 1945 has stricken from the income tax rolls millions of taxpayers whose incomes in relation to their family responsibilities justified taxation only under the stress of great national emergency. These per-
January 1946
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sons were on the tax rolls solely because the misnamed "normal" tax allowed no exemptions whatsoever for dependents. Under the new Revenue Act, we now take account of dependency for the entire individual income tax, both normal tax and surtax. In this, we have taken a major step toward streamlining the income tax so that it will reflect true ability to pay.
As it becomes possible to revise our tax system further, we should keep in mind the twin objectives of encouraging business enterprise and promoting mass consumption — which is, in itself, the most important encouragement which business enterprise can have.
As the reconversion of our physical facilities to peacetime production is carried nearer to completion and the demobilization of the armed forces adds more men to the labor force, we may expect to see consumers' goods become more plentiful. As this occurs, it will become more and more desirable to remove impediments to mass consumption, as well as mass production. Under those conditions it will be more important than ever to have, what I have believed in for a long time, a thorough modernization of our tax structure.
For the present and immediate future, our problem is not the provision of adequate markets for consumers' goods. Our problem is rather that of expediting the production of these goods and holding back the expenditure of our surplus purchasing power. Our reserve of purchasing power should be used to provide jobs and markets tomorrow, rather than wasting itself in driving up prices today.
There is no contradiction between this and what I have just said about creating larger markets later on, for flexibility must be the keynote of all sound policy. There is also no contradiction between this objective and the Revenue Act which we have just passed, for the basic objective of that Act is to encourage a rapid re-conversion with its increased civilian production and so help to redress the current imbalance between supply and demand. This Revenue Act, then, is primarily a reconversion measure.
The Victory Loan is also an important step on our path from wartime to peacetime prosperity. As you know, it is designed to do two things; and these two things are complementary to one another.
In the first place, it is designed to raise
the funds necessary to carry the Government through the demobilization period. It is necessary to raise the money to bring the bulk of the armed forces home, to demobilize them, to provide them with necessary hospitalization, to furnish their mustering-out pay, and to meet our obligations under the G.I. Bill of Rights. It is necessary to settle the war contracts and to place the economy on a peacetime basis. And, finally, it is necessary to maintain occupation forces in the enemy countries for as long as may be necessary to finish the job which we have undertaken; we must not abandon the Victory that we so dearly won.
Government expenditures are being reduced just as rapidly as is consistent with getting these things done. In July, the total expenditures of the Government amounted to $8.5 billion; in October, they were under $6 billion; and they will continue to fall at a rapid rate for the remainder of the fiscal year. But, despite the rate of decline in Government expenditures, the money from the Victory Loan is necessary to finish the job; and I know that we can count on it.
The second objective of the Victory Loan is to draw surplus purchasing power off the market for consumers' goods and services and to dam it up until we have goods and services to match it. In achieving this objective, the individual goal of $4 billion is of even greater importance than the total goal of $11 billion.
Individual ability to subscribe varies with family responsibilities and many other factors; but I am sure that the people of the United States, as a whole, can equal and exceed this goal. In doing so, they will make a major contribution to easing our problems of transition from a wartime to a peacetime economy.
With the end of the Victory Loan, we shall have concluded the era of war finance, and will have entered into that of transition and postwar debt management. I believe that we will be entering this period with the debt in such shape that it can play its part in the flexible fiscal policy which will be necessary to maintain full production and full employment in the postwar period.
The interest burden or carrying charge on the debt is well within the ability of the economy to bear; but it is large and it should serve as a constant reminder to us that the burden of
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Treasury Bulletin
the debt will be far greater if we permit our national income to fall. It should be remembered also that the burden would be much greater if the level of interest rates were only slightly higher.
A policy of low interest rates clearly benefits the taxpayer by making possible a lower level of Government expenditures and, consequently, a lower level of taxation than would otherwise be possible. More important, low interest rates will be a stimulating force in the economy generally, as they will make it possible for the home-buyer to get more house value for each dollar of monthly payment; for State and local taxpayers to get more schools and more hospitals for their tax dollars; and for industrial concerns and public utility companies to get more plant for every dollar of their fixed charges.
I am conscious that I have just scratched the surface in indicating to you today how we can concert our social and economic policies so that they will converge on the goal of full production. I have touched upon taxes and the public debt lightly, and upon other matters — including the important fields of monopoly and competition, so-
cial security, and foreign trade — not at all. All of these must play their part in building the economy of tomorrow.
Weaving together all of these policies into a consistent fabric will require a great deal of hard work. And these are not all of the many problems ahead. Not only do we have the problems of finding and carrying out the ways and means to full production, full employment, and high national income, but also we have numerous political and economic problems among all of the nations of the world, the resolution of which is essential to a lasting, prosperous peace.
Under the drama of war — labor, industry and agriculture pulled together in unity and in strength. Under the drama of war — all of the United Nations fought together in unity and in strength. Now that drama is gone. But still we must have some cohesive catalyst to live together in unity and in peace. That cohesion and unity can come from the faith, courage, and purpose within the breast of every man throughout the world, whatever his place or station may be.
January 1946
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Treasury Market Financing: November Refunding
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. Details of weekly Treasury bill offerings are shown on pages 34 and 35.
On November 19, 1945 Secretary Vinson announced the offering of an issue of 11-month 7/8% certificates of indebtedness in exchange for three securities maturing in December. Cash subscriptions were not accepted.
Maturing issues
The details of the maturing issues, which in the aggregate were outstanding in the amount of $5-1/2 billion, are shown in the following table.
<table><tr><th>Maturing issue</th><th>Coupon (Fercent)</th><th>Amount out- standing (In millions of dollars)</th><th>Tax status 1/</th></tr><tr><td>Certificates of indebtedness due 12/1/45..</td><td>7/8</td><td>4,395</td><td>Taxable</td></tr><tr><td>Treasury notes due 12/15/45....</td><td>3/4</td><td>531</td><td>Taxable</td></tr><tr><td>Treasury bonds due 12/15/45....</td><td>2-1/2</td><td>541</td><td>Partially tax exempt</td></tr><tr><td>Total......</td><td></td><td>5,467</td><td></td></tr></table>
An analysis of the Treasury reports on the ownership of Government securities indicates that on October 31, 1945, about 38% of the maturing issues was owned by commercial banks and Federal Reserve Banks. The following table summarizes the ownership figures of these three securities as reported to the Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, October 31, 1945.
1/ For definitions of tax status, see page 31. All Treasury securities issued since March 1, 1941 have been subject to Federal income tax on interest payments.
<table><tr><th rowspan="2">Maturing issue</th><th colspan="3">Amount owned</th><th colspan="2">Percent owned</th></tr><tr><th>Reporting banks 2/</th><th>Othera</th><th>Total</th><th>Reporting banks</th><th>Othera</th></tr><tr><td colspan="6">(In millions of dollars)</td></tr><tr><td>Certificates of indebtedness due 12/1/45....</td><td>1,449</td><td>2,946</td><td>4,395</td><td>33</td><td>67</td></tr><tr><td>Treasury notes due 12/15/45</td><td>359</td><td>172</td><td>531</td><td>68</td><td>32</td></tr><tr><td>Treasury bonds due 12/15/45</td><td>264</td><td>277</td><td>541</td><td>49</td><td>51</td></tr><tr><td>Total......</td><td>2,072</td><td>3,395</td><td>5,467</td><td>38</td><td>62</td></tr></table>
New issue
The new 11-month certificates were dated December 1, 1945 and will mature November 1, 1946. Interest is payable on May and November 1, 1946. The certificates were issued in bearer form only, in denominations of $1,000, $5,000, $10,000, $100,000 and $1,000,000. The exchange was on a par for par basis in the case of the maturing certificates, and at par with adjustment of interest to December 1 in the case of the maturing notes, and to December 15 in the case of the maturing bonds.
Subscription books were closed on November 21, except for the receipt of subscriptions from holders of $100,000 or less of the maturing securities for which they remained open through November 24.
Total reported by (1) 7,390 commercial banks holding approximately 95 percent of United States Government obligations held by all commercial banks, and (2) the Federal Reserve Banks.
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Treasury Bulletin
The distribution of accepted exchanges is shown in the following table:
<table><tr><th></th><th>Amount outstanding</th><th>Amount exchanged</th><th>Percent exchanged</th></tr><tr><td colspan="4">(In millions of dollars)</td></tr><tr><td>7/8% certificates of indebtedness due 12/1/45</td><td>4,395</td><td>2,932</td><td>67</td></tr><tr><td>3/4% Treasury notes due 12/15/45</td><td>531</td><td>438</td><td>82</td></tr><tr><td>2-1/2% Treasury bonds due 12/15/45</td><td>541</td><td>408</td><td>75</td></tr><tr><td>Total</td><td>5,467</td><td>3,778</td><td>69</td></tr></table>
With this new certificate issue and the certificate issue offered in the Victory Loan, there will be a certificate maturity or a maturity of O.90% Treasury notes in each month of the calendar year 1946. These issues aggregate about $46 billion. The details by months are shown in the following table.
Calendar Year 1946 Maturities of Treasury Certificates of Indebtedness and 0.90% Treasury Notes
<table><tr><th></th><th>Certificates of indebtedness</th><th>0.90% Treasury notes</th><th>Total</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>January</td><td>-</td><td>3.4 1/</td><td>3.4 1/</td></tr><tr><td>February</td><td>5.0</td><td>-</td><td>5.0</td></tr><tr><td>March</td><td>4.1</td><td>-</td><td>4.1</td></tr><tr><td>April</td><td>4.8</td><td>-</td><td>4.8</td></tr><tr><td>May</td><td>1.6</td><td>-</td><td>1.6</td></tr><tr><td>June</td><td>4.8</td><td>-</td><td>4.8</td></tr><tr><td>July</td><td>-</td><td>4.9</td><td>4.9</td></tr><tr><td>August</td><td>2.5</td><td>-</td><td>2.5</td></tr><tr><td>September</td><td>4.3</td><td>-</td><td>4.3</td></tr><tr><td>October</td><td>3.4</td><td>-</td><td>3.4</td></tr><tr><td>November</td><td>3.8</td><td>-</td><td>3.8</td></tr><tr><td>December</td><td>3.7 p</td><td>-</td><td>3.7 p</td></tr><tr><td>Total</td><td>38.1</td><td>8.3</td><td>46.4</td></tr></table>
Preliminary.
A new certificate offering was made in December in exchange for this maturity. Details will be reported in the February issue of the "Treasury Bulletin".
Federal Land Bank Financing
Call of 1946-56 Federal land bank bonds
On December 6, 1945, the Federal land banks called for redemption on January 1, 1946 the 3% consolidated Federal Farm Loan bonds of January 1, 1946-1956 outstanding in the amount of $171 million. This issue was wholly tax-exempt, that is the interest thereon was exempt from both the normal and surtax rates of the Federal income tax. With the retirement of these bonds, there remains outstanding only one issue of wholly tax-exempt Federal Farm Loan bonds, namely, the 3% bonds of May 1, 1946-1956.
Offering of new bonds
On December 17, 1945 the Federal land banks offered $214 million of new 1-1/2% consolidated Federal Farm Loan bonds. Announcement was made the same day that the offering was oversubscribed and the books closed. The new issue, which is dated January 2, 1946, will mature January 1, 1953 and will be callable on January 1, 1951 or on any interest date thereafter. The offering
price was 100-3/8% and accrued interest. Interest on the new bonds will be payable on January 1, and July 1, each year, and will be subject to Federal income taxes.
The bonds were issued to raise funds to be used primarily to retire the $171 million of 3% consolidated Federal Farm Loan bonds called for redemption on January 1, 1946. It was stated that other uses of the new funds, together with cash on hand, were to retire approximately $36 million of the capital investment of the United States in the Federal land banks and $15 million of commercial bank borrowings, as well as to purchase approximately $6 million of mortgages and real estate sales contracts from the Federal Farm Mortgage Corporation.
The bonds were distributed on a national basis through a large selling group of recognized dealers in securities.
January 1946
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SUMMARY OF FISCAL STATISTICS
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Treasury Bulletin
Budgetary Receipts and Expenditures
<table><tr><th></th><th colspan="4">First 5 months, fiscal years 1944 to 1946</th><th colspan="5">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>Change</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>Actual 1945 to estimated 1946 1/</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>Receipts: 2/</td><td></td><td></td><td></td><td></td><td colspan="3"></td><td colspan="2">(in billions of dollars)</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></tr><tr><td>Income and profits taxes 3/</td><td>10,347</td><td>10,713</td><td>10,733</td><td>+20</td><td>16,094</td><td>34,655</td><td>35,173</td><td></td><td></td></tr><tr><td>Employment taxes</td><td>746</td><td>790</td><td>753</td><td>-37</td><td>1,498</td><td>1,739</td><td>1,780</td><td></td><td></td></tr><tr><td>Miscellaneous internal revenue 4/</td><td>2,411</td><td>3,114</td><td>3,459</td><td>+345</td><td>4,553</td><td>5,291</td><td>6,949</td><td></td><td></td></tr><tr><td>Customs</td><td>175</td><td>132</td><td>166</td><td>+34</td><td>324</td><td>431</td><td>355</td><td></td><td></td></tr><tr><td>Other receipts 5/</td><td>1,261</td><td>810</td><td>1,306</td><td>+496</td><td>916</td><td>3,292</td><td>3,483</td><td></td><td></td></tr><tr><td>Total receipts</td><td>14,940</td><td>15,558</td><td>16,417</td><td>+858</td><td>23,385</td><td>45,408</td><td>47,740</td><td>6/</td><td>6/</td></tr><tr><td>Less:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>635</td><td>661</td><td>631</td><td>-29</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>14,305</td><td>14,898</td><td>15,786</td><td>+888</td><td>22,282</td><td>44,149</td><td>46,457</td><td>36.0</td><td>-10.5</td></tr><tr><td>Expenditures: 1/</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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>20,378</td><td>19,989</td><td>16,607</td><td>-3,382</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>9,933</td><td>12,613</td><td>18,899</td><td>+3,714</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>4,835</td><td>4,047</td><td>2,929</td><td>-1,117</td><td>8,955</td><td>11,259</td><td>9,645</td><td></td><td></td></tr><tr><td>Total</td><td>35,147</td><td>36,649</td><td>28,435</td><td>-8,214</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></tr><tr><td>Veterans' Administration 8/ 9/</td><td>258</td><td>491</td><td>902</td><td>+411</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>603</td><td>933</td><td>1,158</td><td>+225</td><td>1,808</td><td>2,609</td><td>3,617</td><td>4.5</td><td>+1.9</td></tr><tr><td>Refunds of taxes and duties 10/</td><td>31</td><td>582</td><td>1,052</td><td>+470</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>892</td><td>2,006</td><td>3,111</td><td>+1,105</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>341</td><td>169</td><td>136</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>450</td><td>466</td><td>462</td><td>-4</td><td>735</td><td>803</td><td>815</td><td>3.4</td><td>+1.4</td></tr><tr><td>Public works</td><td>2055</td><td>153</td><td>151</td><td>-2</td><td>543</td><td>433</td><td>323</td><td></td><td></td></tr><tr><td>Other 8/</td><td>524</td><td>568</td><td>832</td><td>+265</td><td>1,142</td><td>958</td><td>1,092</td><td>2.3 12/</td><td>+2.3</td></tr><tr><td>International finance</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>Total expenditures 1/</td><td>37,560</td><td>40,010</td><td>33,129</td><td>-6,882</td><td>78,179</td><td>93,714</td><td>100,405</td><td>67.3</td><td>-33.1</td></tr><tr><td>Net budgetary deficit 7/</td><td>23,254</td><td>25,113</td><td>17,343</td><td>-7,770</td><td>55,897</td><td>49,595</td><td>53,948</td><td>31.3</td><td>-22.6</td></tr><tr><td>Source: Actual receipts and expenditures come from Daily Treasury Statements; source of estimated figures is explained in footnote 1.</td><td colspan="9">8/ Includes transfers to trust accounts, etc.</td></tr><tr><td>1/ Based upon Budget estimates as revised August 31, 1945.</td><td colspan="9">9/ Includes expenditures for public works undertaken by Veterans' Administration.</td></tr><tr><td>2/ For further details, see following chapter, Tables 1 and 2.</td><td colspan="9">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.</td></tr><tr><td>3/ Includes receipts from taxes withheld by employers under the Revenue Act of 1942 and Current Tax Payment Act of 1943.</td><td colspan="9">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.</td></tr><tr><td>4/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.</td><td colspan="9">12/ Comprises $950 million for payments to International Monetary Fund, (excludes $1,800 million to be paid from Exchange Stabilization 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).</td></tr><tr><td>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 war- rents, 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.</td><td colspan="9"></td></tr><tr><td>6/ Details not available.</td><td colspan="9"></td></tr><tr><td>7/ Excludes 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.</td><td colspan="9"></td></tr></table>
January 1946
3
Public Debt and Guaranteed Obligations Outstanding
<table><tr><th></th><th colspan="4">End of first 5 months, fiscal years 1944 to 1946</th><th colspan="4">End of fiscal years, 1943 to 1946</th></tr><tr><th></th><th>Nov. 30, 1943</th><th>Nov. 30, 1944</th><th>Nov. 30, 1945</th><th>Change Nov. 30, 1944 to Nov. 30, 1945</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th><th>Estimated 1/ June 30, 1946</th><th>Change Actual June 30, 1945 to estimated June 30, 1946 1/</th></tr><tr><td colspan="10">(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><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><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></tr><tr><td>Marketable</td><td>115,909</td><td>145,183</td><td>185,112</td><td>+39,929</td><td>95,310</td><td>140,401</td><td>181,319</td><td></td><td></td></tr><tr><td>Non-marketable</td><td>36,595</td><td>49,008</td><td>57,028</td><td>+8,019</td><td>29,200</td><td>44,855</td><td>56,226</td><td></td><td></td></tr><tr><td>Total public issues</td><td>152,504</td><td>194,192</td><td>242,140</td><td>+47,948</td><td>124,509</td><td>185,256</td><td>237,545</td><td>2/</td><td>2/</td></tr><tr><td>Special issues</td><td>12,278</td><td>16,583</td><td>20,710</td><td>+4,127</td><td>10,871</td><td>14,287</td><td>18,812</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>164,781</td><td>210,774</td><td>262,849</td><td>+52,075</td><td>135,380</td><td>199,543</td><td>256,357</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,377</td><td>4,230 3/</td><td>2,492 3/</td><td>-1,738</td><td>1,316</td><td>1,460</td><td>2,326</td><td>2/</td><td>2/</td></tr><tr><td>Total public debt outstanding</td><td>166,158</td><td>215,005</td><td>265,342</td><td>+50,337</td><td>136,696</td><td>201,003</td><td>258,682</td><td>272.9</td><td>+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><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><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></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><td></td></tr><tr><td>Non-marketable</td><td>571</td><td>277</td><td>497</td><td>+220</td><td>183</td><td>326</td><td>375</td><td></td><td></td></tr><tr><td>Total interest-bearing debt</td><td>4,154</td><td>1,470</td><td>536</td><td>-934</td><td>4,092</td><td>1,516</td><td>409</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt</td><td>6</td><td>63</td><td>16</td><td>-46</td><td>8</td><td>107</td><td>24</td><td>2/</td><td>2/</td></tr><tr><td>Total guaranteed securities outstanding</td><td>4,160</td><td>1,533</td><td>553</td><td>-980</td><td>4,100</td><td>1,623</td><td>433</td><td>.1</td><td>-4</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>170,318</td><td>216,537</td><td>265,894</td><td>+49,357</td><td>140,796</td><td>202,626</td><td>259,115</td><td>273.0</td><td>+13.9</td></tr></table>
Source: Daily Treasury Statements, except as noted. 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 5 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 1/1/1947</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>Amount required to be financed:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit 2/</td><td>23,254</td><td>25,113</td><td>17,343</td><td>55,897</td><td>49,595</td><td>53,948</td><td>31.3</td></tr><tr><td>Net increase in General Fund balance</td><td>5,452</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>756</td><td>-</td><td>-</td><td>1,861</td><td>4,051</td><td>-</td><td>-</td></tr><tr><td>Total amount required to be financed</td><td>29,462</td><td>25,113</td><td>17,343</td><td>64,274</td><td>64,307</td><td>58,477</td><td>31.3</td></tr><tr><td>Means of financing:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase in public debt</td><td>29,462</td><td>14,001</td><td>6,660</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>10,366</td><td>10,253</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>745</td><td>431</td><td>-</td><td>-</td><td>798</td><td>.1</td></tr><tr><td>Total amount financed</td><td>29,462</td><td>25,113</td><td>17,343</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/ Includes 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, seigniorage on silver, and miscellaneous funds and accounts.
Treasury Bulletin
RECEIPTS AND EXPENDITURES
AND
APPROPRIATIONS
January 1946
5
Budgetary Receipts and Expenditures
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">Net budgetary deficit 1/</th><th rowspan="2">Public debt retirements 2/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less net appropriations 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></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>6,641</td><td>929</td><td>608</td><td>3,119</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 2/</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>285 2/</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 2/ 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>55,897</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>43,902</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-November</td><td>2,506</td><td>2,300</td><td>27</td><td>178</td><td>265</td><td>2,240</td><td>7,428</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>163</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>2,580</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>236</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>520</td><td>5,862</td><td></td></tr><tr><td>August</td><td>3,251</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><tr><td>November</td><td>2,609</td><td>2,383</td><td>35</td><td>191</td><td>235</td><td>2,374</td><td>4,656</td><td>431</td><td>4,224</td><td>-</td><td>2,282</td><td></td></tr></table>
Source:
1 Less than $200,000.
2/ Includes 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. Such re-
covers totaled $54 million in the fiscal year 1940; $19 million in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943. 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 $13.5 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, $58 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 profits taxes</th><th colspan="4">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 4/ Federal insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taxing 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>2,153</td><td>253</td><td>194</td><td>58</td><td>*</td><td>2,181</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>90</td><td>150</td><td>2,279</td><td>*</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</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>7,960</td><td>-</td><td>7,960</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-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>6,431</td><td>5,818</td><td>853</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>1,957</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><tr><td>November</td><td>2,383</td><td>1,524</td><td>1,076</td><td>449</td><td>257</td><td>238</td><td>10</td><td>8</td><td>602</td><td>-</td></tr></table>
Source:
Daily Treasury Statements. Less than $500,000. For further details, see chapter entitled "Internal Revenue Statistics". Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
3/ Includes unjust enrichment tax.
4/ For the period prior to September 1939, the date 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="3">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="7">Other general expenditures</th></tr><tr><th></th><th></th><th>Total</th><th>Veterans' Administration 2/ 3/</th><th>Interest on the public debt</th><th>Refunds 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 1/</th><th>Department not otherwise classified 8/</th><th>Civilian Conservation Corps</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>730</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>973</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>854</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>1,228</td><td>347</td><td>1,008</td><td>517</td><td>230</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>1,541</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>4,327 11/</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>2,472 12/</td><td>763 12/</td><td>497</td><td>323</td><td>785</td><td>*</td><td>*</td><td>101</td></tr><tr><td>1944-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>480 12/</td><td>338 12/</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>61</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>190 14/</td></tr><tr><td>November</td><td>431</td><td>281</td><td>142</td><td>84</td><td>56</td><td>150</td><td>20</td><td>31</td><td>19</td><td>66</td><td>13/</td><td>13/</td><td>13</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.
Revised to adjust classification.
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/ Consists 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.
7/ 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), reclamation projects and the Public Works Administration. 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.
9/ 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, Disaster Loan Corporation, and surplus property disposal.
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 Community 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.
January 1946
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>Naval 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>832</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>3,678</td><td>2,313</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>200</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>237</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>49,242</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>3,512</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-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>-3</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>67</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><tr><td>November</td><td>4,224</td><td>2,552</td><td>1,239</td><td>433</td><td>74</td><td>2</td><td>7</td><td>-1</td><td>5</td><td>57</td><td>67</td><td>150</td><td>-</td><td>13</td><td>59</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.
1/ Less than $500,000.
2/ Includes war public housing functions.
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 Offices 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' Adminis- tration 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>*</td><td>5</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>432</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-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><tr><td>November</td><td>-</td><td>-</td><td>-</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. 
3/ Includes railroad retirement and railroad unemployment activities.
For further explanations see tables which follow on Social security program. 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>967</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>5,798</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>167</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>364</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>5,925</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>2,374</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>636</td><td>631</td><td>686</td><td>2,427</td><td>656</td><td>574</td><td>676</td><td>677</td><td>504</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>646</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>8,885</td></tr><tr><td>1940.</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</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>6,353</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>8,415</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>4,656</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>448</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>3,823</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>1,135</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>39,618</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>4,045</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>2,282</td><td></td><td></td></tr></table>
Source: Daily Treasury Statements. 1/ Total receipts less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
Excludes public debt retirements. Total expenditures lose net receipts.
January 1946
9
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
B-168-H
Treasury Bulletin
10
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>+11</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>-1,861</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-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>-*</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>+233</td><td>+23</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>-1</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>45</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>-*</td><td>-*</td><td>-*</td></tr><tr><td>June</td><td>-1,050</td><td>-308</td><td>107</td><td>1,015</td><td>-101</td><td>475</td><td>575</td><td>-*</td><td>97</td><td>97</td><td>+1</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><tr><td>November</td><td>+390</td><td>+226</td><td>235</td><td>9</td><td>-1</td><td>85</td><td>86</td><td>+10</td><td>184</td><td>174</td><td>+2</td><td>-*</td><td>-2</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>15/</td><td>15/</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>15/</td><td>15/</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>+241</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>-1,403</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-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>-3</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>-66</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>+59</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><tr><td>November</td><td>+81</td><td>194</td><td>113</td><td>-</td><td>+17</td><td>-24</td><td>-</td><td>24</td><td>+79</td><td>-24</td><td>+103</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 11 and 12.
Less than $500,000.
1/ Includes Government Retirement funds, etc. (See footnote 2.)
2/ Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945,
transactions in commodity food stampe by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified as "other trust accounts". 3/ Net receipts in this column constitutes net sales, and net expenditures constitute net redemptions of obligations. 4/ Details not available.
January 1946
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-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>19,350</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><tr><td>November</td><td>3,914</td><td>2,282</td><td>1,632</td><td>-</td><td>3,914</td><td>3,524</td><td>-</td><td>390</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, seigniorage 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">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors 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-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><tr><td>November</td><td>248.0</td><td>237.8</td><td>10.3</td><td>234.9</td><td>13.1</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="9">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th colspan="3">Social Security Board</th><th>Public Health Service</th><th colspan="3">Department of Labor</th><th>Office for Emergency Management</th><th>Refunds of taxes</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>4.0</td><td>9.1</td><td>7.8</td><td>3.1</td><td>2.1</td><td>1.0</td><td>-</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>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>41.0 6/</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>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>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>293.1</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>-</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>20.7</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>1.3</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>7.4</td><td>279.8</td></tr><tr><td>1944-November</td><td>39.8</td><td>2.8</td><td>36.3</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>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>7.6</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>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>8.6</td><td>-84.8</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</td><td>.2</td><td>.3</td><td>.2</td><td>*</td><td>5.5</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>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</td><td>.2</td><td>.5</td><td>.4</td><td>*</td><td>6.6</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>7.7</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>1.1</td><td>*</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>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>8.6</td><td>19.0</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>66.6</td></tr><tr><td>November</td><td>30.9</td><td>3.3</td><td>27.1</td><td>21.2</td><td>3.4</td><td>.5</td><td>1.2</td><td>-</td><td>.3</td><td>.3</td><td>.1</td><td>5.5</td><td>17.8</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.
$4/ Includes only expenditures from appropriations made specifically for administrative expense 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-Feyzer 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.
$5/ Covered by appropriations by Congress.
$6/ Second Deficiency Appropriation Act, fiscal year 1938, appropriated $41 million for refunding to certain Statee portions of Federal employers' tax for 1936 collected under the Social Security Act.
January 1946
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 Carriers' Taxing Act of 1937</th><th colspan="4">Expenditures</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Total</th><th>Administrative expense 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>149.0</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>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-6.7</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>*</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-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>180.1</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><tr><td>November</td><td>8.5</td><td>.1</td><td>.1</td><td>-</td><td>*</td><td>-8.4</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000. 1/ Includes only expenditures from appropriations made specifically for
administrative expenses relating to the Railroad Retirement Act 2/ 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">Expenditures</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>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1940</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1941</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1942</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1943</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1944</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-6</td></tr><tr><td>1944- 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>.1</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>-2.2</td></tr><tr><td>April</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>May</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>June</td><td></td><td></td><td></td><td></td><td>-2.8</td></tr><tr><td>July</td><td>.1</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>-2.2</td></tr><tr><td>October</td><td>.1</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></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 appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers 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">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations 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</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th colspan="2">In General Fund</th><th>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><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><td>1.9</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><td>3.0</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><td>6.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</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><td>10.8</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>209.3</td><td>65.9</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</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>353.1</td><td>93.4</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td><td>24.5</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><td>21.4</td></tr><tr><td>1945</td><td>7,549.8</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><td>35.1</td></tr><tr><td>1945-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>6,397.7</td><td>6,829.3</td><td>39.4</td><td>39.1</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>153.2</td><td>6,923.9</td><td>6,819.3</td><td>66.0</td><td>38.7</td></tr><tr><td>November</td><td>8,203.4</td><td>7,665.5</td><td>537.9</td><td>1,063.5</td><td>902.5</td><td>166.0</td><td>7,134.9</td><td>6,804.3</td><td>288.0</td><td>42.5</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000. 1/ Includes transactions effected under the predecessor Old-Age Reserve
2/ Account. Under Section 201 (z) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Act
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures Benefit payments</th><th colspan="4">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>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>194.5</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-September</td><td>1,760.2</td><td>1,717.5</td><td>42.6</td><td>988.9</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>1,717.5</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><tr><td>November</td><td>1,760.4</td><td>1,717.5</td><td>42.3</td><td>1,012.4</td><td>748.1</td><td>656.5</td><td>75.2</td><td>16.4</td></tr></table>
Source: Daily Treasury Statements.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance contributions 2/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 3/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/ Benefit payments</th><th>Total</th><th>Investment</th><th>In General Fund (Special Deposit Account)</th><th>In die-bursing officer's account 5/</th></tr><tr><td>1937</td><td>313.4</td><td>310.6</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>18.0</td><td>192.0</td><td>132.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,859.5</td><td>-</td><td>-</td><td>44.3</td><td>633.3</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>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>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>2,065.2</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>274.3</td><td>105.9</td><td>17.4</td><td>2,201.5</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>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.3</td><td>5,870.0</td><td>8.5</td><td>.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-September</td><td>10,061.3</td><td>8,869.8</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><tr><td>November</td><td>10,288.2</td><td>9,095.3</td><td>532.8</td><td>106.5</td><td>47.6</td><td>506.0</td><td>2,681.2</td><td>2,529.4</td><td>106.5</td><td>45.4</td><td>7,607.0</td><td>7,548.2</td><td>57.0</td><td>1.8</td></tr></table>
Source: Daily Treasury Statements.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employees who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
January 1946
15
Appropriations and Net Contract Authorizations for the War Activities Program
As of November 30, 1945
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">77th Congress, First Session</td></tr><tr><td>Feb. 6, 1941</td><td>5</td><td>Joint Resolution (emergency ship construction).</td><td>$ 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>114,458,468</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>Navy Department 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:</td><td></td><td>$ 600,000,000 3/</td></tr><tr><td></td><td></td><td>(Title I).</td><td>5,985,000,000</td><td></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></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>9,112,021,947</td><td></td></tr><tr><td>Dec. 23, 1941</td><td>371</td><td>Joint Resolution (War, Philippine relief, and defense housing).</td><td>510,000,000</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 4/</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>453</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>615</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>655,074,740 4/</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>8,977,370</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, 1942.</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 4/</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>$139,736,203,988</td><td>$2,321,000,000</td></tr><tr><td colspan="5">78th Congress, First Session</td></tr><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System).</td><td>$ 21,160,000</td><td>-</td></tr><tr><td>Mar. 18, 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>1,457,898</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>Departments of State, Justice, and Commerce Appropriation Act, 1944.</td><td>67,635,000</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>11,884,000</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>2,354,213,727 5/ 6/</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>$2,373,670,437 6/</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program 1 As of November 30, 1945 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriation</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migration of workers).</td><td>$ 31,359,200</td><td>$ 38,266,050 6/</td></tr><tr><td>Apr. 1, 1944</td><td>279</td><td>First Deficiency Appropriation Act, 1944.</td><td>170,221,080</td><td>10,400,000</td></tr><tr><td>Apr. 4, 1944</td><td>288</td><td>Public Law (Federal Works Agency - public roads).</td><td></td><td></td></tr><tr><td>May 12, 1944</td><td>303</td><td>Joint Resolution (Labor Department - maternity and infant care).</td><td>6,700,000</td><td></td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945.</td><td>27,562,298,301 4/</td><td>2,000,000,000 6/</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945.</td><td>-28,805,732</td><td></td></tr><tr><td>June 27, 1944</td><td>358</td><td>Independent Offices Appropriation Act, 1945.</td><td>6,836,008,943</td><td>338,467,659 5/</td></tr><tr><td>June 28, 1944</td><td>365</td><td>Departments of State, Justice and Commerce Appropriation Act, 1945.</td><td>47,585,000</td><td></td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945.</td><td>30,700,000</td><td></td></tr><tr><td>June 28, 1944</td><td>369</td><td>Interior Department Appropriation Act, 1945.</td><td>18,114,200</td><td></td></tr><tr><td>June 28, 1944</td><td>372</td><td>National War Agency Appropriation Act, 1945.</td><td>1,030,337,242</td><td>2,198,577</td></tr><tr><td>June 28, 1944</td><td>373</td><td>Labor - Federal Security Appropriation Act, 1945.</td><td>218,611,829</td><td></td></tr><tr><td>June 28, 1944</td><td>374</td><td>Military Appropriation Act, 1945.</td><td>15,434,814,795</td><td></td></tr><tr><td>June 28, 1944</td><td>375</td><td>Second Deficiency Appropriation Act, 1944.</td><td>186,266,524 4/</td><td>2,076,828,396 5/ 6/</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Defence Aid Appropriation Act, 1945.</td><td>3,450,570,000</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>450,000,000</td><td></td></tr><tr><td>June 30, 1944</td><td>382</td><td>Foreign Economic Administration Appropriation Act, 1945.</td><td>19,750,000</td><td></td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>First Supplemental Appropriation Act, 1945.</td><td>410,291,029 4/</td><td>60,000,000 5/</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session.</td><td>$55,875,422,412</td><td>$4,526,160,682 6/</td></tr><tr><td colspan="5">79th Congress, First Session</td></tr><tr><td>Mar. 31, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1946.</td><td>$ 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>Neval 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 9/</td><td>-9/</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 9/</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>$1,399,008,413</td></tr><tr><td colspan="5">Pending 10/</td></tr><tr><td colspan="3">First Supplemental Surplus Appropriation Rescission Act, 1946.</td><td>$-46,993,637,190</td><td>$-1,915,133,879 6/11/</td></tr><tr><td colspan="3">United Nations Relief and Rehabilitation Administration Participation Act, 1946.</td><td>550,000,000</td><td></td></tr><tr><td colspan="3">First Deficiency Appropriation Act, 1946.</td><td>18,856,639</td><td></td></tr><tr><td colspan="3">Total pending.</td><td>$-46,424,780,551</td><td>$-1,915,133,879 6/</td></tr><tr><td colspan="5">Summary</td></tr><tr><td colspan="3">Total, 76th Congress, Third Session 12/.</td><td>$ 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>105,916,492,321</td><td>2,373,670,437 5/</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session.</td><td>55,875,422,412</td><td>4,526,160,682 5/</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 not transfers from other than war activities appropriations 13/.</td><td>477,040,131</td><td></td></tr><tr><td colspan="3">Total approved.</td><td>$408,903,088,991</td><td>$11,281,839,532</td></tr><tr><td colspan="3">Total pending, 79th Congress, First Session.</td><td>-46,424,780,551</td><td>-1,915,133,879 6/</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>$362,010,435,594</td><td>$9,366,705,653</td></tr></table>
1/ Consists of appropriations and contract authorizations available on and after July 1, 1940. Excludes (1) authorizations of the Re-construction Finance Corporation and its affiliates for war purposes, and (2) unexpended balances of appropriations on June 30, 1940 (except immediately available funds in 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 acts for this purpose.
3/ Represents the net amount of contractual authority that the President may authorize 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) 2,354,213,727
Public Law No. 375 $55,000,000
Public Law No. 375 (Estimated by Navy Department) 2,021,828,396
Public Law No. 529 $60,000,000
6/ This figure has been reduced by amounts which were made available for this purpose during the month of November, 1945.
1/ Public Law No. 352 has been reduced by $30,257,572 representing the amount repealed by Congress and carried to the surplus fund in accordance with provisions of this act.
8/ Includes $180,000,000 for the fiscal year 1945.
9/ Represents amount of prior appropriations repealed by Congress.
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 approval.
11/ Excludes rescission of the U. S. Maritime Commission in the amount of $325,000,000.
12/ For details of appropriations made by 76th Congress, Third Session, see "Treasury Bulletin" for March, 1944, page 5.
13/ Includes actual transfer of balances of the Bureau of Marine Inspection and Navigation from the Department of Commerce to Coast Guard, Navy, in the amount of $1,153,602 in accordance with Executive Order 9083, dated February 28, 1942. Also includes $40,989,531 received as war contributions under authority of the Second War Powers Act and deposits of advance payments made by foreign governments to the Defense Aid Special Fund for the procurement of defense articles amounting to $259,099,130.
January 1946
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></th><th colspan="2">1944</th><th colspan="10">1945</th></tr><tr><th></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><th>Nov.</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>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><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><td></td></tr><tr><td>Income and profits taxes</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><td>1,524</td></tr><tr><td>Employment taxes</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><td>257</td></tr><tr><td>Miscellaneous internal revenue</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><td>602</td></tr><tr><td>Customs</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><td>35</td></tr><tr><td>Other</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><td>190</td></tr><tr><td>Subtotal</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><td>2,609</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><td></td></tr><tr><td>Unemployment Trust Fund (deposits by States and Railroad Retirement Board)</td><td>253</td><td>36</td><td>144</td><td>212</td><td>40</td><td>47</td><td>278</td><td>34</td><td>63</td><td>252</td><td>37</td><td>42</td><td>184</td></tr><tr><td>Trust accounts 2/</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>166</td><td>348</td><td>266</td><td>279</td></tr><tr><td>Subtotal</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><td>462</td></tr><tr><td>Total cash income</td><td>2,955</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>6,154</td><td>2,977</td><td>3,705</td><td>5,577</td><td>2,889</td><td>3,070</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>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><td></td></tr><tr><td>War activities</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><td>4,224</td></tr><tr><td>Veterans' Administration</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><td>142</td></tr><tr><td>Public works 3/</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><td>19</td></tr><tr><td>Aid to agriculture 4/</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><td>20</td></tr><tr><td>Social security program 5/</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><td>31</td></tr><tr><td>Interest on the public debt 6/</td><td>35</td><td>521</td><td>87</td><td>60</td><td>585</td><td>113</td><td>45</td><td>637</td><td>108</td><td>69</td><td>597</td><td>140</td><td>55</td></tr><tr><td>Other 7/</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><td>116</td></tr><tr><td>Subtotal</td><td>7,718</td><td>8,304</td><td>7,981</td><td>7,327</td><td>9,256</td><td>7,597</td><td>8,549</td><td>8,838</td><td>7,943</td><td>7,138</td><td>6,509</td><td>5,701</td><td>4,608</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><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><td></td></tr><tr><td>War activities</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><td>-76</td></tr><tr><td>Other</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><td>114</td></tr><tr><td>Commodity Credit Corporation</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><td>-48</td></tr><tr><td>Unemployment Trust Fund</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><td>109</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>24</td></tr><tr><td>Railroad Retirement Account</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><td>10</td></tr><tr><td>Other 2/</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>179</td><td>62</td></tr><tr><td>Subtotal</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><td>196</td></tr><tr><td>Redemption of adjusted service bonds</td><td>*</td><td>1</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>108</td><td>43</td><td>14</td><td>7</td><td>5</td><td>4</td></tr><tr><td>Total cash outgo</td><td>7,461</td><td>8,244</td><td>7,805</td><td>7,243</td><td>8,953</td><td>7,826</td><td>8,494</td><td>8,967</td><td>8,000</td><td>7,855</td><td>6,650</td><td>6,007</td><td>4,809</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>4,496</td><td>2,640</td><td>4,004</td><td>2,842</td><td>1,786</td><td>4,601</td><td>4,587</td><td>2,813</td><td>5,023</td><td>4,150</td><td>1,073</td><td>3,118</td><td>1,738</td></tr></table>
1/ 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.
2/ Includes "National Service Life Insurance Fund".
3/ Comprise Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Authority, forest roads and trails, and reclamation projects.
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><b>Cash income</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><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>612</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>2,734</td><td>5,831</td><td>38,246</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>7,168</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>2,839</td><td>3,070</td><td></td><td></td></tr><tr><td><b>Cash outgo</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><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>2,439</td><td>1,973</td><td>2,778</td><td>20,841</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>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,047</td><td>7,460</td><td>7,449</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>8,221</td><td>7,770</td><td>7,978</td><td>7,461</td><td>8,244</td><td>95,449</td></tr><tr><td>1945</td><td>7,805</td><td>7,243</td><td>8,953</td><td>7,826</td><td>8,494</td><td>8,967</td><td>8,000</td><td>7,855</td><td>6,650</td><td>6,007</td><td>4,809</td><td></td><td></td></tr><tr><td><b>Excess of cash outgo</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><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>1,965</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>51,069</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>4,909</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,496</td><td>2,040</td><td>46,565</td></tr><tr><td>1945</td><td>4,004</td><td>2,842</td><td>1,786</td><td>4,601</td><td>4,587</td><td>2,813</td><td>5,023</td><td>4,150</td><td>1,073</td><td>3,118</td><td>1,738</td><td></td><td></td></tr></table>
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
January 1946
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-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><tr><td>November</td><td>14,849</td><td>523</td><td>1,372</td><td>12,694</td><td>260</td></tr></table>
Source: Daily Treasury Statements.
Balance in the General Fund of the Treasury
(Io millione 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-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><tr><td>November</td><td>14,849</td><td>404</td><td>14,445</td></tr></table>
Source: Daily Treasury Statement
Treasury Bulletin
20
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 colspan="6">Trust accounts, etc.</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Trust accounts 1/</th><th>Increment on gold 1/</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-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>15,626</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>-113</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>3,763</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><tr><td>November</td><td>1,632</td><td>-2,282</td><td>3,524</td><td>390</td><td>318</td><td>*</td><td>17</td><td>-24</td><td>79</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 footnote 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.
7/ Includes inactive gold in the amount of $1,087 million.
January 1946
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>Fiscal year or month</th><th>Public debt outstanding end of fiscal year or month</th><th>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></th><th></th><th></th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profits 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>2,646</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>2,557</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>48,951</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>23,461</td><td>37,164</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>122,532</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-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>40,654</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><tr><td>November</td><td>265,342</td><td>3,524</td><td>11,168</td><td>10,969</td><td>-</td><td>*</td><td>19</td><td>-</td><td>180</td><td>7,643</td><td>7,596</td><td>-</td><td>-</td><td>47</td></tr></table>
Source: Daily Treasury Statements. * Less than $500,000. 1/ Exclude 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="7">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="8">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate of indebtedness</th><th>Bills</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificate 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>9,117</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>6,689</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>7.2</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-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>256,357</td><td>106,644</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>10,148</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>47,257</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><tr><td>November</td><td>262,649</td><td>109,566</td><td>47,970</td><td>23,498</td><td>9,058</td><td>35,021</td><td>17,026</td><td>20,710</td><td>100.0</td><td>41.7</td><td>18.2</td><td>8.9</td><td>3.4</td><td>13.3</td><td>6.5</td><td>7.9</td></tr></table>
Sources: Daily Treasury Statements.
January 1946
23
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
PART A - FISCAL YEARS, 1936-1945
(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>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,943</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>6,360</td><td>4,549</td><td>4,092</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>47,874</td><td>54,747</td><td>76,517</td><td>139,472</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>622</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>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td><td>259,115</td></tr></table>
Public debt
<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></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>1,302</td><td>1,603</td><td>2,508</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>3,096</td><td>16,561</td><td>28,822</td><td>34,136</td></tr><tr><td>Treasury notes.</td><td>11,351</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td><td>23,497</td></tr><tr><td>Treasury bonds.</td><td>17,168</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>38,085</td><td>57,520</td><td>79,244</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>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>31,102</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td><td>181,319</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>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td><td>45,586</td></tr><tr><td>Treasury notes - tax and savings series.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,015</td><td>7,495</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>261</td><td>241</td><td>229</td><td>222</td><td>217</td><td>-</td></tr><tr><td>Depository bonds.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</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>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</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>37,602</td><td>42,267</td><td>64,083</td><td>124,509</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>19</td><td>18</td><td>18</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>56</td><td>90</td><td>95</td><td>103</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>1,738</td><td>2,381</td><td>3,133</td><td>4,044</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>5</td><td>106</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>531</td><td>537</td><td>538</td><td>502</td><td>589</td></tr><tr><td>Government Retirement Fund.</td><td>280</td><td>316</td><td>396</td><td>473</td><td>559</td><td>656</td><td>796</td><td>1,076</td><td>1,469</td><td>1,868</td></tr><tr><td>National Service Life Insurance Fund.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>39</td><td>352</td><td>1,213</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>88</td><td>55</td><td>197</td><td>264</td><td>461</td></tr><tr><td>Canal Zone, Postal Savings System.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>2</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account.</td><td>-</td><td>-</td><td>66</td><td>67</td><td>79</td><td>74</td><td>92</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>1,710</td><td>2,273</td><td>3,114</td><td>4,257</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>4,775</td><td>6,120</td><td>7,885</td><td>10,871</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>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td></tr><tr><td>Matured debt on which interest has ceased.</td><td>169</td><td>119</td><td>141</td><td>142</td><td>205</td><td>205</td><td>98</td><td>141</td><td>201</td><td>269</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>213</td><td>197</td><td>178</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>134</td><td>1,028</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></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.</td><td>424</td><td>310</td><td>252</td><td>215</td><td>190</td><td>173</td><td>159</td><td>766</td><td>732</td><td>655</td></tr><tr><td>Other debt bearing no interest.</td><td>5</td><td>5</td><td>5</td><td>5</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>620</td><td>506</td><td>447</td><td>411</td><td>386</td><td>369</td><td>356</td><td>1,175</td><td>1,259</td><td>2,057</td></tr><tr><td>Total public debt outstanding.</td><td>33,779</td><td>36,425</td><td>37,165</td><td>40,440</td><td>42,968</td><td>48,961</td><td>72,422</td><td>136,696</td><td>201,003</td><td>258,682</td></tr></table>
(Continued on following page)
Treasury Bulletin
24
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>Guaranteed obligations 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
<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>-</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><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><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><td></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><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><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><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><td></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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td><td>375</td><td></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><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><td></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><td></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><td></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><td></td></tr></table>
PART B - MONTHLY DATA
(In millions of dollars)
<table><tr><th></th><th colspan="5">1944</th><th colspan="8">1945</th></tr><tr><th></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><th>Nov. 30</th></tr><tr><td colspan="13">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>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><td>262,849</td></tr><tr><td>Guaranteed obligations</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><td>527</td><td>541</td><td>536</td></tr><tr><td>Total</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><td>263,386</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>4,293</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><td>2,509</td></tr><tr><td>Total outstanding</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><td>265,894</td></tr><tr><td colspan="13">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>16,405</td><td>16,428</td><td>15,403</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><td>17,026</td></tr><tr><td>Certificate of indebtedness</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><td>35,021</td></tr><tr><td>Treasury notes</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><td>23,498</td></tr><tr><td>Treasury bonds</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><td>109,371</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>195</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues</td><td>145,183</td><td>161,648</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><td>185,112</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>38,308</td><td>40,361</td><td>41,110</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><td>47,473</td></tr><tr><td>Treasury notes - tax and savings series</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><td>9,058</td></tr><tr><td>Adjusted service bonds</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><td>-</td></tr><tr><td>Depository bonds</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><td>497</td></tr><tr><td>Total non-marketable issues</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><td>57,028</td></tr><tr><td>Total public issues</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><td>242,140</td></tr></table>
(Continued on following page)
January 1946
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>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><th>Nov. 30</th></tr><tr><td></td><td></td><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>
Public
Debt - (Continued)
<table><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></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></tr><tr><td>Adjusted Service Certificate Fund.</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>98</td><td>172</td><td>202</td><td>217</td><td>232</td><td>262</td><td>97</td><td>132</td><td>114</td><td>152</td><td>152</td></tr><tr><td>Federal Old-Age and Survivors Insurance</td><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>Trust Fund.</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 Corpora-tion.</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>40</td></tr><tr><td>Government Life Insurance Fund.</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>1,727</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>2,132</td><td>2,149</td><td>2,160</td></tr><tr><td>National Service Life Insurance Fund.</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>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></tr><tr><td>Railroad Retirement Account.</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>6,286</td><td>6,169</td><td>6,243</td><td>6,463</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>6,988</td></tr><tr><td>Total special issues.</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>18,592</td><td>18,812</td><td>19,558</td><td>20,033</td><td>20,519</td><td>20,710</td></tr><tr><td>Total interest-bearing debt.</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>262,849</td></tr><tr><td>Prepayments on securities.</td><td>2,546</td><td>947</td><td>54</td><td>192</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Matured debt on which interest has ceased.</td><td>178</td><td>156</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></tr><tr><td>United States savings stamps.</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>Excess profits tax refund bonds.</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></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.</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></tr><tr><td>Total debt bearing no interest.</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>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>263,817</td></tr><tr><td></td><td>265,342</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>
Quarant
bed obligations 1/
<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>-</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>28</td><td>30</td><td>32</td><td>32</td><td>34</td><td>34</td><td>34</td><td>34</td><td>35</td><td>37</td></tr><tr><td>Home 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>-</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>1,194</td><td>1,197</td><td>786</td><td>787</td><td>788</td><td>789</td><td>34</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>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><td>490</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>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><td>490</td></tr><tr><td>Total interest-bearing debt</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><td>527</td></tr><tr><td>Matured debt on which interest has ceased</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><td>18</td></tr><tr><td>Total guaranteed obligations outstanding</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><td>545</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-A, 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.
Treasury Bulletin
26
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
January 1946
27
Guaranteed Obligations Held by the Treasury
(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-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>146</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><tr><td>November</td><td>12,194</td><td>1,625</td><td>94</td><td>383</td><td>900</td><td>9,136</td><td>57</td></tr></table>
Source: Daily Treasury Statements. Less than $500,000.
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>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></th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td colspan="10">(In millions of dollars)</td></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>4,655</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>36,575</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>1,614</td><td>2.285</td><td>4,549</td><td>85</td><td>1.851</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>1.979</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>1,516</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-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>230,361</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>232,968</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>234,194</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>260,265</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>260,745</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>259,479</td><td>5,045</td><td>1.945</td><td>541</td><td>7</td><td>1.294</td></tr><tr><td>November</td><td>263,386</td><td>5,133</td><td>1.949</td><td>262,849</td><td>5,126</td><td>1.950</td><td>536</td><td>7</td><td>1.322</td></tr></table>
Source: Daily Treasury Statements. 1/ Treasury bills are included in interest-bearing debt figures at par 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 authority 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 November 30, 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 colspan="2">Amount of securities outstanding subject to such statutory debt limitation:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended 1/</td><td>275,106</td></tr><tr><td>Guaranteed securities 2/</td><td>553</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>275,659</td></tr><tr><td>Balance issuable under such authority</td><td>24,341</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, November 30, 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>109,371</td><td>109,371</td></tr><tr><td>Postal savings and other bonds</td><td>-</td><td>196</td></tr><tr><td>Total marketable issues</td><td>184,916</td><td>185,112</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td></tr><tr><td>U. S. savings bonds {Current redemption value. Maturity value.</td><td>58,260</td><td>47,473</td></tr><tr><td>Treasury tax and savings notes</td><td>9,058</td><td>9,058</td></tr><tr><td>Depositary bonds</td><td>497</td><td>497</td></tr><tr><td>Total non-marketable issues</td><td>67,815</td><td>57,028</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>20,710</td><td>20,710</td></tr><tr><td>Total interest-bearing securities</td><td>273,441</td><td>262,850</td></tr><tr><td>Prepayments</td><td>192</td><td>192</td></tr><tr><td>Matured securities on which interest has ceased</td><td>203</td><td>209</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>139</td><td>139</td></tr><tr><td>Excess profita tax refund bonds</td><td>1,131</td><td>1,131</td></tr><tr><td>Currency items, etc. 2/</td><td>-</td><td>821</td></tr><tr><td>Total obligations bearing no interest</td><td>1,270</td><td>2,092</td></tr><tr><td>Total</td><td>275,106</td><td>265,342</td></tr></table>
1/ Limitations are established by Section 21 of the Second Liberty Bond Act, as amended.
2/ Coneslate of United States notes (less gold reserve); deposits for
retirement of national bank and Federal Reserve Bank notes; and other obligations bearing co interest.
January 1946
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of November 30, 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-Dec.</td><td>Treas. bills 2-1/2% Treas. bond, 12/15/45 (12/15/37) 3/4% Treas. note, 12/15/45 (12/18/40) 7/8% Certificates, 12/1/45 (12/1/44) Total</td><td>taxable partially taxable taxable</td><td>5,215 541 511 4,395 10,682</td><td>......</td><td>......</td><td>10,682</td><td>10,682</td></tr><tr><td>1946-Jan.</td><td>Treas. bills 3% Conversion bond, 1/1/46 (1/1/16) .90% Treas. note, 1/1/46 (12/1/44)</td><td>taxable wholly taxable</td><td>6,559 16 3,416</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Feb.</td><td>Treas. bills 7/8% Certificate, 2/1/46 (2/1/45)</td><td>taxable</td><td>5,252</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Mar.</td><td>7/8% Certificate, 3/1/46 (3/1/45) 1% Treas. note, 3/15/46-56 (11/1/41)</td><td>taxable taxable partially</td><td>5,043 4,147 1,291 489</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Apr.</td><td>7/8% Certificate, 4/1/46 (4/1/45)</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 (5/1/45)</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 (6/15/34) 3-1/8% Treas. bond, 6/15/46-49 (6/15/31) 7/8% Certificate, 6/1/46 (6/1/45)</td><td>partially partially taxable</td><td>...... 1,036 819 4,799</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>July.</td><td>0.90% Treas. note, 7/1/46 (6/1/45)</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 (8/1/45)</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 (9/1/45)</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 (10/1/45)</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 (6/5/42) Total</td><td>taxable</td><td>3,261 55,819</td><td>...... 1,855</td><td>......</td><td>57,673</td><td>55,819</td></tr><tr><td>1947-Jan.</td><td>3% Conversion bond, 1/1/47 (1/1/17)</td><td>wholly</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 (6/26/44)</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 (7/12/43) 1-1/4% Treas. note, 9/15/47 (12/1/44)</td><td>taxable taxable</td><td>2,707 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 (10/16/22)</td><td>partially</td><td>......</td><td>759</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/47 (12/15/38) Total</td><td>partially</td><td>701 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 (3/15/41) 2-3/4% Treas. bond, 3/15/48-51 (3/16/36)</td><td>taxable partially</td><td>...... 1,115 1,223</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>June.</td><td>3% Treas. bond, 6/15/48-49 (6/15/34) 1-3/4% Treas. bond, 6/15/48 (12/1/42)</td><td>partially taxable</td><td>...... 3,062</td><td>......</td><td>1,036</td><td>......</td><td>......</td></tr><tr><td>Sept.</td><td>2-1/2% Treas. bond, 9/15/48 (3/15/38) 1-1/2% Treas. note, 9/15/48 (3/15/44)</td><td>partially 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 (12/8/39) Total</td><td>partially</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 (6/15/31) 2% Treas. bond, 6/15/49-51 (1/15/42)</td><td>partially taxable</td><td>......</td><td>...... 1,014 819</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Sept.</td><td>2% Treas. bond, 9/15/49-51 (5/15/42)</td><td>taxable</td><td>......</td><td>1,292</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Dec.</td><td>3-1/8% Treas. bond, 12/15/49-52 (12/15/34) 2-1/2% Treas. bond, 12/15/49-53 (12/15/36) 2% Treas. bond, 12/15/49-51 (7/15/42) Total</td><td>partially partially taxable</td><td>...... 491 1,786 2,098 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 (3/15/41) 2% Treas. bond, 3/15/50-52 (10/19/42)</td><td>taxable taxable</td><td>......</td><td>...... 1,963 1,115</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) 2% Treas. bond, 9/15/50-52 (4/15/43)</td><td>partially taxable</td><td>......</td><td>...... 1,186 4,939</td><td>......</td><td>......</td><td>......</td></tr><tr><td>Dec.</td><td>2% Treas. bond, 12/15/48-50 (12/8/39) 1-1/2% Treas. bond, 12/15/50 (6/1/45) Total</td><td>partially taxable</td><td>...... 2,635</td><td>...... 571</td><td>...... 1,687</td><td>10,723</td><td>4,322</td></tr></table>
(Continued on following page)
Treasury Bulletin
30
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States
As of November 30, 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>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 rowspan="7">11,996</td><td rowspan="7">5,628</td></tr><tr><td>June....</td><td>2-3/4% Treas. bond, 6/15/49-51....(1/15/42)</td><td>taxable</td><td>.....</td><td>1,527</td><td>1,014</td></tr><tr><td></td><td>2-3/4% Treas. bond, 6/15/51-54....(6/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Sept....</td><td>2-3/4% Treas. bond, 9/15/49-51....(5/15/42)</td><td>taxable</td><td>.....</td><td>7,986</td><td>1,292</td></tr><tr><td></td><td>2-3/4% Treas. bond, 9/15/51-53....(9/15/43)</td><td>partially</td><td>.....</td><td>755</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>1,118</td><td>.....</td></tr><tr><td></td><td>2-3/4% Treas. bond, 12/15/51-55....(12/15/41)</td><td>taxable</td><td>.....</td><td>510</td><td>.....</td></tr><tr><td></td><td>2-3/4% Treas. bond, 12/15/49-51....(7/15/42)</td><td>taxable</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>5,628</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 rowspan="7">17,012</td><td rowspan="7">9,338</td></tr><tr><td></td><td>2-3/4% Treas. bond, 3/15/50-52....(10/19/42)</td><td>taxable</td><td>.....</td><td>.....</td><td>1,963</td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/52-54....(6/26/44)</td><td>taxable</td><td>.....</td><td>1,501</td><td>.....</td></tr><tr><td></td><td>2-3/4% Treas. bond, 6/15/52-54....(6/26/44)</td><td>taxable</td><td>.....</td><td>5,825</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></tr><tr><td></td><td>2-3/4% Treas. bond, 9/15/50-52....(4/15/43)</td><td>taxable</td><td>.....</td><td>.....</td><td>4,939</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></tr><tr><td>Dec....</td><td>3-1/8% Treas. bond, 12/15/49-52....(12/15/34)</td><td>partially</td><td>.....</td><td>.....</td><td>491</td><td></td><td></td></tr><tr><td></td><td>2-3/4% 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>2-3/4% Treas. bond, 6/15/53-55....(10/7/40)</td><td>partially</td><td>.....</td><td>725</td><td>.....</td><td rowspan="4">725</td><td rowspan="4">10,890</td></tr><tr><td>Sept....</td><td>2-3/4% Treas. bond, 9/15/51-53....(9/15/43)</td><td>taxable</td><td>.....</td><td>.....</td><td>7,986</td></tr><tr><td></td><td>2-1/2% Treas. bond, 12/15/49-53....(12/15/35)</td><td>partially</td><td>.....</td><td>.....</td><td>1,786</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>.....</td><td>1,118</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 rowspan="5">681</td><td rowspan="5">17,138</td></tr><tr><td></td><td>2-3/4% Treas. bond, 6/15/51-54....(6/15/36)</td><td>partially</td><td>.....</td><td>.....</td><td>1,627</td></tr><tr><td>June....</td><td>2-1/4% Treas. bond, 6/15/51-56....(7/22/40)</td><td>partially</td><td>.....</td><td>681</td><td>.....</td></tr><tr><td></td><td>2-3/4% Treas. bond, 6/15/52-54....(6/26/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>5,825</td></tr><tr><td>Dec....</td><td>2-3/4% Treas. bond, 12/15/52-54....(12/1/44)</td><td>taxable</td><td>.....</td><td>.....</td><td>8,662</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 rowspan="5">2,611</td><td rowspan="5">3,491</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>.....</td><td>1,501</td></tr><tr><td></td><td>2-3/4% Treas. bond, 6/15/53-55....(10/7/40)</td><td>partially</td><td>.....</td><td>.....</td><td>725</td></tr><tr><td>Sept....</td><td>3% Treas. bond, 9/15/51-55....(9/15/31)</td><td>partially</td><td>.....</td><td>.....</td><td>755</td></tr><tr><td>Dec....</td><td>2-3/4% Treas. bond, 12/15/51-55....(12/15/41)</td><td>taxable</td><td>.....</td><td>.....</td><td>510</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>2-1/2% Treas. bond, 3/15/56-58....(6/2/41)</td><td>taxable</td><td>.....</td><td>1,449</td><td>.....</td><td rowspan="4">6,253</td><td rowspan="4">681</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></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>982</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treas. bond, 9/15/56-59....(2/1/44)</td><td>taxable</td><td>.....</td><td>3,823</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>.....</td><td>6,253</td><td>681</td><td>6,253</td><td>681</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 rowspan="3">919</td><td rowspan="3">1,449</td></tr><tr><td>June....</td><td>2-3/4% Treas. bond, 6/15/58-63....(6/15/38)</td><td>partially</td><td>.....</td><td>919</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>.....</td><td>919</td><td>1,449</td><td></td><td></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 rowspan="4">5,905</td><td rowspan="4">4,804</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></tr><tr><td></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></tr><tr><td>Dec....</td><td>2-1/4% Treas. bond, 12/15/59-62....(11/15/45)</td><td>taxable</td><td>.....</td><td>621</td><td>.....</td></tr><tr><td>Total</td><td></td><td>.....</td><td>.....</td><td>5,905</td><td>4,804</td><td>5,905</td><td>4,804</td></tr></table>
(Continued on following page)
January 1946
31
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of November 30, 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>2-1/8% 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.... Dec....</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) 2-1/4% Treas. bond, 12/15/59-62....(11/15/45) Total............</td><td>taxable taxable taxable</td><td>....</td><td>2,118</td><td>5,284 621</td><td>2,118</td><td>5,905</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.... Dec....</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) 2-1/2% Treas. bond, 12/15/67-72....(11/15/45) Total............</td><td>taxable taxable taxable taxable</td><td>....</td><td>7,957 2,716 1,701</td><td>2,118</td><td>12,384</td><td>2,118</td></tr><tr><td>1968-Dec....</td><td>2-1/2% Treas. bond, 12/15/65-68....(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>3,761 3,838</td><td>....</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.... Dec....</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) 2-1/2% Treas. bond, 12/15/67-72....(11/15/45) Total............</td><td>taxable taxable taxable</td><td>....</td><td>7,957 2,716 1,701</td><td>....</td><td>....</td><td>12,384</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. "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.
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 subscrip-tion 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) 1/</th><th>Earliest date on which commercial banks may own restricted issues 2/</th><th>Amount of cash subscrip-tions tendered 3/</th><th colspan="3">Amount issued (In millions of dollars)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></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 10/6/43 10/6/43 11/22/43</td><td>10/6/43 10/6/43 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 1/....................(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 1,102 3,540</td></tr><tr><td>11/22/43</td><td>1/18/44</td><td>4th War Loan securities: 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 1/....................(2/1/44) 2-1/4% Treas. bond - 9/15/56-59 1/....................(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></td><td>2,127 77 95 3,748 4,877 1,615</td><td></td><td>2,127 77 95 3,748 4,877 1,615</td></tr><tr><td>4/14/44</td><td>6/12/44</td><td>5th War Loan securities: 2-1/2% Treas. bond- 3/15/65-70 1/....................(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 4,770</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 1/....................(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></td><td>2,511 3,694 788 3,492</td><td></td><td>2,511 3,694 788 3,492</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 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 4,395</td><td></td></tr><tr><td>11/17/44 11/17/44</td><td>11/20/44 11/20/44</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)</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</td><td>12/1/54</td><td>3,416 33 740 137</td><td>3,416 33 740 137</td><td>3,416 33 740 137</td><td></td></tr><tr><td>1/22/45 2/19/45 3/22/45 4/19/45</td><td>1/22/45 2/19/45 3/22/45 4/19/45</td><td>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 yr 1 yr 1 yr</td><td></td><td>5,043 4,147 4,811 1,579</td><td>5,043 4,147 4,811 1,579</td><td></td><td>5,043 4,147 4,811 1,579</td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>7th War Loan securities: 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 4,799</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></td><td>4,910 2,470 4,336</td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Vixatory 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>10,829p 3,039p 3,721p</td><td>10,829p 3,039p 3,721p</td><td>10,829p 3,039p 3,721p</td><td></td></tr><tr><td>9/24/45 11/19/45 12/17/45</td><td>9/24/45 11/19/45 12/17/45</td><td>7/8% Certificate - 10/1/46....................(10/1/45) 7/8% Certificate - 11/1/46....................(12/1/45) 7/8% Certificate - 1/1/47....................(1/1/46)</td><td>1 yr 11 m 1 yr</td><td></td><td>3,440 3,778 3,320p</td><td>3,440 3,778 3,320p</td><td></td><td>3,440 3,778 3,320p</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.
U. S. Government agencies and trust funds. Rescoping 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 invest-
8/ Interest commenced on March 15, 1944.
9/ Interest commenced on June 26, 1944.
10/ Interest commenced on September 15, 1944.
11/ This is the same security that was offered in the Sixth War Loan.
12/ Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
January 1946
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 retirement</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>1%<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>1-1/8%</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>1-3/8%<br>7/8%</td><td>FFHA 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>FFMC bond - 3/15/44-64...(3/15/34)<br>FFMC bond - 5/15/44-49...(5/15/34)<br>AFC note - 4/15/44......(7/3/41)<br>HOIC 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>719<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>483<br>270</td><td>80<br>84<br>98<br>78<br>81<br>94<br>65</td><td>2-1/4% Treas. bond - 9/15/55-59<br>2-1/2% 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></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></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>99<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 - 3/15/65-712/1</td></tr><tr><td>2/1/45</td><td>7/8%<br>1-1/8% CCC note</td><td>Certificate - 2/1/45......(2/1/44)<br>Certificate - 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></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></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>4,577<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% HOIC bond</td><td>Certificate - 6/1/45......(6/26/44)<br>HOIC bond - 6/1/45-47......(6/1/39)</td><td>4,770<br>155</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></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% Treas. bond</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></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><tr><td>12/1/45</td><td>7/8%<br>3/4%<br>2-1/2% Treas. bond</td><td>Certificate - 12/1/45......(12/1/44)<br>Treas. note - 12/15/45......(12/18/40)<br>Treas. bond - 12/15/45......(12/15/37)</td><td>4,395<br>531<br>541</td><td>1,463<br>93<br>133</td><td>2,932<br>438<br>408</td><td>67<br>82<br>75</td><td>7/8% Certificate - 11/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 12/1/45...</td><td></td><td>5,467</td><td>1,689</td><td>3,778</td><td>69</td><td></td></tr><tr><td>1/1/46</td><td>.90% Treas. note</td><td>- 1/1/46......(12/1/44)</td><td>3,416</td><td>96p</td><td>3,320p</td><td>97p</td><td>7/8% Certificate - 1/1/47</td></tr></table>
Back Figures: For period December 1941 through July 1943 see "Treasury Bulletin" for November 1944, page 33. p Preliminary.
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="6">Description of new issue</th><th rowspan="2">Amount of maturing issue (as 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-Nov. 2.</td><td>1945-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>2,264.1</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>55.1 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>1,934.1</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>15,414.7</td></tr><tr><td>Jan. 11.</td><td>Apr. 12.</td><td>91</td><td>2,157.1</td><td>1,303.0</td><td>1,227.1</td><td>75.9</td><td>1,312.5</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>1,318.1</td><td>1,248.1</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>16,408.1</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>1,309.7</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>1,253.1</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>68.5</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>60.8</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>2,043.7</td><td>1,311.3</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>2,057.9</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>1,314.1</td><td>1,263.0</td><td>51.1</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>2,256.1</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>1,237.1</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>2,046.9</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>1,257.1</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>17,028.5</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><tr><td>Nov. 1.</td><td>Jan. 31.</td><td>91</td><td>2,210.5</td><td>1,318.2</td><td>1,267.0</td><td>51.3</td><td>1,317.0</td><td>17,027.6</td></tr><tr><td>Nov. 8.</td><td>Feb. 7.</td><td>91</td><td>2,076.8</td><td>1,316.7</td><td>1,261.6</td><td>55.1</td><td>1,318.7</td><td>17,025.6</td></tr><tr><td>Nov. 15.</td><td>Feb. 14.</td><td>91</td><td>1,940.7</td><td>1,316.7</td><td>1,273.8</td><td>42.9</td><td>1,314.5</td><td>17,027.9</td></tr><tr><td>Nov. 23.</td><td>Feb. 21.</td><td>90</td><td>2,178.5</td><td>1,302.1</td><td>1,242.1</td><td>60.0</td><td>1,310.6</td><td>17,019.4</td></tr><tr><td>Nov. 29.</td><td>Feb. 28.</td><td>91</td><td>2,154.7</td><td>1,316.0</td><td>1,269.8</td><td>46.2</td><td>1,309.0</td><td>17,026.3</td></tr></table>
Source: Data on new issues come from Public Debt Service; amount of maturing issues and total bills outstanding are on Daily Treasury Statement basis. Back Figures: Annual Reports of the Secretary of the Treasury.
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/ Includes accepted bids, the deposits for which were not reflected in the Daily Treasury Statement until the following month.
January 1946
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-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>0.360</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><tr><td>Nov. 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>Nov. 8.</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>Nov. 15.</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>Nov. 23.</td><td>99.906</td><td>0.376</td><td>99.908</td><td>0.364</td><td>99.906</td><td>0.376</td></tr><tr><td>Nov. 29.</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></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.
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>1,858.1</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>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>358.1</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>14,466.7</td><td>424.1</td><td>387.0</td><td>4,298.4</td><td>4,251.7</td><td>46.6</td></tr><tr><td>1944-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>1,073.8</td><td>....</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>325.1</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>463.8</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>+1,142.4</td><td>1,540.1</td><td>1,540.1</td><td>....</td><td>27.3</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>1,890.5</td><td>327.6</td><td>43.7</td><td>403.2</td><td>396.3</td><td>6.9</td></tr><tr><td>July</td><td>46,508.2</td><td>+922.6</td><td>1,294.5</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><tr><td>November</td><td>47,472.8</td><td>+686.5</td><td>1,183.6</td><td>1,183.6</td><td>....</td><td>36.1</td><td>533.2</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series 4-D 6/</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>1,858.1</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</td><td>117.4</td><td>25.4</td></tr><tr><td>1944-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>3,623.1</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>3,623.6</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>16.3</td><td>4.3</td></tr><tr><td>July</td><td>3,578.9</td><td>-5.4</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</td><td>-13.7</td><td>....</td><td>....</td><td>....</td><td>6.7</td><td>20.5</td><td>5/</td><td>5/</td></tr><tr><td>November</td><td>3,534.3 7/</td><td>-16.8</td><td>....</td><td>....</td><td>....</td><td>5.7</td><td>22.5 1/</td><td>5/</td><td>5/</td></tr><tr><td colspan="10">Series E 1/ 8/</td></tr><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>264.2</td><td>3,845.9</td><td>3,825.5</td><td>20.4</td></tr><tr><td>1944-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>+1,545.8</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>349.4</td><td>2.4</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</td><td>-24.8</td><td>509.7</td><td>509.7</td><td>....</td><td>27.8</td><td>562.3</td><td>557.3</td><td>5.1</td></tr><tr><td>November</td><td>30,263.3 1/</td><td>+418.8</td><td>865.0</td><td>865.0</td><td>....</td><td>28.3</td><td>474.4 1/</td><td>469.6</td><td>4.7</td></tr></table>
(Continued on following page)
January 1946
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></table>
Series F 3/9/
<table><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</td><td>136.5</td><td>18.9</td><td>89.3</td><td>88.5</td><td>.9</td></tr><tr><td>1944-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>2,324.6</td><td>+37.0</td><td>42.0</td><td>41.8</td><td>.2</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>105.5</td><td>2.1</td><td>8.9</td><td>8.8</td><td>.1</td></tr><tr><td>July</td><td>2,046.6</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>+3</td><td>7.9</td><td>7.9</td><td>....</td><td>2.2</td><td>9.8</td><td>5/</td><td>5/</td></tr><tr><td>November</td><td>2,720.0</td><td>+45.9</td><td>53.8</td><td>53.8</td><td>....</td><td>2.1</td><td>10.0</td><td>5/</td><td>5/</td></tr></table>
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</td><td>287.5</td><td>....</td><td>220.4</td><td>220.4</td><td>....</td></tr><tr><td>1944-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</td><td>.2</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>+64.9</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>+63.4</td><td>106.8</td><td>106.8</td><td>....</td><td>....</td><td>23.5</td><td>23.5</td><td>....</td></tr><tr><td>November</td><td>10,955.2</td><td>+238.6</td><td>264.8</td><td>264.8</td><td>....</td><td>....</td><td>26.2</td><td>26.2</td><td>....</td></tr></table>
Source: Daily Treasury Statements. 
r Revised. 
* Less than $50,000. 
1/ At current redemption values except Series G, which is stated at par. 
2/ Estimated, except for Series G. 
3/ For details concerning investment yields and redemption values, see "Treasury Bulletin" for May 1945, page 4-4. 
4/ Commercial bank purchases were permitted prior to April 1, 1940, and are estimated to have aggregated about $300 million. 
5/ Not yet available. 
6/ 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; purchases 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 4-2. The small amounts of matured bonds which have not been redeemed remain in the amount outstanding. 
1/ There were $111.5 million of Series A-D and I savings bonds redeemed through November 30, 1945 which had not been identified by series. For purposes of this table, it has been assumed that all of these were Series I bonds.
8/ Series E, on sale since May 1, 1941, is a 10 year discount bond sold at 75% of maturity value, yielding 2.90% per annum if held to maturity; purchases are limited to $3,750 issue price in any calendar year and may be made only by individuals.
9/ Series F and G have been on sale since May 1, 1941. Series F is a 12 year discount bond sold at 74% 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, footnote 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.
35
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="11">Sales in millions of dollars at lease price</th><th colspan="11">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 2/2</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 2/2</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="14">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>13.1</td><td>31.7</td><td></td><td></td><td></td></tr><tr><td>1943</td><td>8,271.3</td><td>2,988.2</td><td>1,081.0</td><td>1,715.8</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-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>285.3</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>655.2</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>314.3</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>47.1</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>40.8</td><td>70.2</td><td></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>Nov.</td><td>865.0</td><td>5.9</td><td>210.1</td><td>94.2</td><td>138.7</td><td>54.8</td><td>123.7</td><td>237.6</td><td></td><td></td><td>100.0</td><td>.7</td><td>24.3</td><td>10.9</td><td>16.0</td><td>6.3</td><td>14.3</td><td>27.5</td><td></td></tr><tr><td colspan="14">Series F</td></tr><tr><td>1942 3/</td><td>434.9</td><td>1.3</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></td><td>100.0</td><td>.3</td><td>.3</td><td>4.5</td><td>6.3</td><td>28.1</td><td>21.1</td><td>39.4</td><td></td></tr><tr><td>1943</td><td>757.9</td><td>4.0</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></td><td>100.0</td><td>.5</td><td>.5</td><td>3.3</td><td>5.1</td><td>27.7</td><td>22.4</td><td>40.7</td><td></td></tr><tr><td>1944</td><td>802.2</td><td>5.6</td><td>24.9</td><td>40.9</td><td>213.3</td><td>162.7</td><td>354.3</td><td>100.0</td><td></td><td></td><td>100.0</td><td>.7</td><td>.7</td><td>3.1</td><td>5.1</td><td>26.6</td><td>20.3</td><td>44.2</td><td></td></tr><tr><td>1945</td><td>679.1</td><td>5.4</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></td><td>100.0</td><td>.3</td><td>.3</td><td>3.0</td><td>4.8</td><td>24.6</td><td>18.5</td><td>48.0</td><td></td></tr><tr><td>1944-Nov</td><td>42.7</td><td>.4</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></td><td>100.0</td><td>.8</td><td>.8</td><td>3.1</td><td>5.1</td><td>29.7</td><td>22.3</td><td>33.2</td><td></td></tr><tr><td>Dec.</td><td>124.7</td><td>1.1</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></td><td>100.0</td><td>.9</td><td>.9</td><td>3.5</td><td>6.0</td><td>31.9</td><td>23.1</td><td>34.5</td><td></td></tr><tr><td>1945-Jan</td><td>42.0</td><td>.4</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></td><td>100.0</td><td>.9</td><td>.9</td><td>3.4</td><td>4.6</td><td>21.8</td><td>16.1</td><td>53.2</td><td></td></tr><tr><td>Feb.</td><td>30.7</td><td>.2</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></td><td>100.0</td><td>.7</td><td>.7</td><td>2.9</td><td>4.2</td><td>20.5</td><td>16.5</td><td>55.2</td><td></td></tr><tr><td>Mar.</td><td>26.5</td><td>.3</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></td><td>100.0</td><td>1.0</td><td>1.0</td><td>3.3</td><td>4.5</td><td>22.9</td><td>18.6</td><td>49.7</td><td></td></tr><tr><td>Apr.</td><td>23.1</td><td>.2</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></td><td>100.0</td><td>1.0</td><td>1.0</td><td>3.7</td><td>4.8</td><td>27.2</td><td>19.2</td><td>44.1</td><td></td></tr><tr><td>May</td><td>62.9</td><td>.6</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></td><td>100.0</td><td>.9</td><td>.9</td><td>3.4</td><td>5.7</td><td>27.6</td><td>21.8</td><td>40.6</td><td></td></tr><tr><td>June</td><td>178.0</td><td>.3</td><td>2.9</td><td>4.4</td><td>23.5</td><td>21.4</td><td>124.9</td><td>100.0</td><td></td><td></td><td>100.0</td><td>.4</td><td>.4</td><td>1.6</td><td>2.5</td><td>13.3</td><td>12.0</td><td>70.2</td><td></td></tr><tr><td>July</td><td>47.4</td><td>.4</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></td><td>100.0</td><td>.8</td><td>.8</td><td>3.2</td><td>5.1</td><td>26.2</td><td>18.3</td><td>46.4</td><td></td></tr><tr><td>Aug.</td><td>21.6</td><td>.2</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></td><td>100.0</td><td>.8</td><td>.8</td><td>3.0</td><td>4.5</td><td>26.5</td><td>19.7</td><td>45.5</td><td></td></tr><tr><td>Sept.</td><td>17.8</td><td>.2</td><td>.3</td><td>1.1</td><td>5.6</td><td>4.1</td><td>6.0</td><td>100.0</td><td></td><td></td><td>100.0</td><td>1.2</td><td>1.2</td><td>4.3</td><td>6.4</td><td>31.4</td><td>22.9</td><td>33.8</td><td></td></tr><tr><td>Oct.</td><td>7.9</td><td>.1</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></td><td>100.0</td><td>1.3</td><td>1.3</td><td>4.5</td><td>6.7</td><td>33.9</td><td>20.8</td><td>32.8</td><td></td></tr><tr><td>Nov.</td><td>53.8</td><td>.4</td><td>1.6</td><td>3.0</td><td>17.6</td><td>12.6</td><td>18.7</td><td>100.0</td><td></td><td></td><td>100.0</td><td>.7</td><td>.7</td><td>3.0</td><td>5.5</td><td>32.8</td><td>23.3</td><td>34.7</td><td></td></tr><tr><td colspan="14">Series G</td></tr><tr><td>1942</td><td>2,032.1</td><td></td><td>50.9</td><td>113.0</td><td>578.1</td><td>406.2</td><td>833.8</td><td>100.0</td><td></td><td></td><td>100.0</td><td></td><td>2.5</td><td>5.6</td><td>28.4</td><td>20.0</td><td>43.5</td><td></td><td></td></tr><tr><td>1943</td><td>2,759.5</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>100.0</td><td></td><td>3.0</td><td>6.3</td><td>29.2</td><td>19.1</td><td>41.9</td><td></td><td></td></tr><tr><td>1944</td><td>2,875.6</td><td></td><td>108.5</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>100.0</td><td></td><td>3.8</td><td>8.7</td><td>32.8</td><td>18.2</td><td>36.5</td><td></td><td></td></tr><tr><td>1945</td><td>2,658.3</td><td></td><td>88.5</td><td>221.9</td><td>814.7</td><td>467.6</td><td>1,035.6</td><td>100.0</td><td></td><td></td><td>100.0</td><td></td><td>3.3</td><td>8.3</td><td>31.8</td><td>17.6</td><td>39.0</td><td></td><td></td></tr><tr><td>1944-Nov</td><td>173.9</td><td>6.5</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>100.0</td><td></td><td>3.8</td><td>9.2</td><td>37.6</td><td>20.3</td><td>29.1</td><td></td><td></td></tr><tr><td>Dec.</td><td>405.9</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>100.0</td><td></td><td>4.9</td><td>11.2</td><td>34.7</td><td>21.1</td><td>28.1</td><td></td><td></td></tr><tr><td>1945-Jan</td><td>228.3</td><td>4.8</td><td>11.3</td><td>61.2</td><td>32.7</td><td>115.4</td><td>100.0</td><td></td><td></td><td></td><td>100.0</td><td></td><td>2.1</td><td>6.3</td><td>26.8</td><td>14.3</td><td>50.5</td><td></td><td></td></tr><tr><td>Feb.</td><td>164.1</td><td>3.6</td><td>9.6</td><td>41.9</td><td>23.5</td><td>85.3</td><td>100.0</td><td></td><td></td><td></td><td>100.0</td><td></td><td>2.2</td><td>5.9</td><td>25.5</td><td>14.4</td><td>52.0</td><td></td><td></td></tr><tr><td>Mar.</td><td>150.5</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>100.0</td><td></td><td>2.6</td><td>6.9</td><td>31.1</td><td>17.5</td><td>41.9</td><td></td><td></td></tr><tr><td>Apr.</td><td>130.1</td><td>3.3</td><td>10.2</td><td>44.3</td><td>24.5</td><td>46.8</td><td>100.0</td><td></td><td></td><td></td><td>100.0</td><td></td><td>2.9</td><td>7.9</td><td>34.4</td><td>18.8</td><td>36.0</td><td></td><td></td></tr><tr><td>May</td><td>282.4</td><td>9.3</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>100.0</td><td></td><td>3.5</td><td>9.0</td><td>36.1</td><td>19.2</td><td>32.2</td><td></td><td></td></tr><tr><td>June</td><td>532.4</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>100.0</td><td></td><td>2.2</td><td>5.9</td><td>22.5</td><td>13.1</td><td>56.3</td><td></td><td></td></tr><tr><td>July</td><td>215.3</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>100.0</td><td></td><td>2.9</td><td>8.6</td><td>35.8</td><td>19.1</td><td>33.6</td><td></td><td></td></tr><tr><td>Aug.</td><td>106.8</td><td>3.4</td><td>9.9</td><td>42.9</td><td>21.5</td><td>29.0</td><td>100.0</td><td></td><td></td><td></td><td>100.0</td><td></td><td>3.2</td><td>9.3</td><td>40.2</td><td>20.2</td><td>27.1</td><td></td><td></td></tr><tr><td>Sept.</td><td>76.3</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>100.0</td><td></td><td>3.4</td><td>9.4</td><td>41.1</td><td>20.9</td><td>25.2</td><td></td><td></td></tr><tr><td>Oct.</td><td>106.8</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>100.0</td><td></td><td>3.1</td><td>8.3</td><td>39.5</td><td>19.8</td><td>29.3</td><td></td><td></td></tr><tr><td>Nov.</td><td>
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 I bonds was authorized in June 1944. This denomination is available only to members of the military and
naval forces of the United States.
Sale of $200 denomination Series E bonds began October 29, 1945.
Sale of $25 denomination Series F bonds was authorized in December 1941.
January 1946
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>State</th><th colspan="2">Fiscal year</th><th colspan="2">1944</th><th colspan="10">1945</th></tr><tr><th></th><th>1944</th><th>1945</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><th>Nov.</th></tr><tr><td>Alabama</td><td>139,180</td><td>152,122</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><td>12,029</td></tr><tr><td>Arizona</td><td>42,252</td><td>43,923</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><td>3,314</td></tr><tr><td>Arkansas</td><td>74,176</td><td>76,368</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><td>5,827</td></tr><tr><td>California</td><td>970,414</td><td>972,302</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><td>60,472</td></tr><tr><td>Colorado</td><td>90,226</td><td>82,617</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><td>6,573</td></tr><tr><td>Connecticut</td><td>220,926</td><td>211,932</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><td>13,624</td></tr><tr><td>Delaware</td><td>27,609</td><td>26,663</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><td>1,932</td></tr><tr><td>Diet. of Columbia</td><td>135,069</td><td>139,531</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><td>13,856</td></tr><tr><td>Florida</td><td>142,682</td><td>154,645</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><td>8,415</td></tr><tr><td>Georgia</td><td>145,933</td><td>156,821</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><td>9,376</td></tr><tr><td>Idaho</td><td>40,230</td><td>37,439</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><td>3,309</td></tr><tr><td>Illinois</td><td>755,362</td><td>842,247</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><td>58,518</td></tr><tr><td>Indiana</td><td>313,594</td><td>323,206</td><td>22,070</td><td>44,575</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><td>20,604</td></tr><tr><td>Iowa</td><td>263,445</td><td>248,440</td><td>14,003</td><td>50,216</td><td>16,376</td><td>10,173</td><td>11,189</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>6,591</td><td>27,024</td></tr><tr><td>Kansas</td><td>163,077</td><td>163,285</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><td>15,630</td></tr><tr><td>Kentucky</td><td>127,956</td><td>122,288</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><td>7,338</td></tr><tr><td>Louisiana</td><td>141,106</td><td>135,933</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><td>7,720</td></tr><tr><td>Maine</td><td>54,994</td><td>51,791</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><td>3,446</td></tr><tr><td>Maryland</td><td>152,566</td><td>156,421</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><td>9,550</td></tr><tr><td>Massachusetts</td><td>390,986</td><td>373,076</td><td>22,006</td><td>53,994</td><td>32,985</td><td>20,936</td><td>23,883</td><td>25,370</td><td>29,532</td><td>48,310</td><td>37,745</td><td>18,882</td><td>16,795</td><td>16,489</td><td>25,860</td></tr><tr><td>Michigan</td><td>688,159</td><td>627,872</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>21,993</td><td>18,635</td><td>34,151</td></tr><tr><td>Minnesota</td><td>249,962</td><td>229,473</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><td>23,154</td></tr><tr><td>Miesleippi</td><td>82,588</td><td>86,994</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><td>9,513</td></tr><tr><td>Misouri</td><td>283,681</td><td>273,054</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><td>22,267</td></tr><tr><td>Montana</td><td>55,230</td><td>52,244</td><td>6,220</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><td>8,200</td></tr><tr><td>Nebraska</td><td>128,079</td><td>127,113</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><td>13,282</td></tr><tr><td>Nevada</td><td>13,468</td><td>13,909</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><td>1,153</td></tr><tr><td>New Hampshire</td><td>32,722</td><td>31,836</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><td>2,525</td></tr><tr><td>New Jersey</td><td>415,338</td><td>421,416</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><td>27,599</td></tr><tr><td>New Mexico</td><td>27,990</td><td>28,570</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><td>2,274</td></tr><tr><td>New York</td><td>1,290,035</td><td>1,365,461</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><td>103,378</td></tr><tr><td>North Carolina</td><td>149,443</td><td>153,408</td><td>7,815</td><td>27,985</td><td>13,690</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><td>12,655</td></tr><tr><td>North Dakota</td><td>58,224</td><td>57,135</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><td>12,467</td></tr><tr><td>Ohio</td><td>714,177</td><td>709,942</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>66,704</td><td>85,748</td><td>70,233</td><td>39,274</td><td>29,028</td><td>25,767</td><td>46,972</td></tr><tr><td>Oklahoma</td><td>135,264</td><td>138,827</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>20,353</td><td>15,424</td><td>6,335</td><td>4,611</td><td>4,136</td><td>11,844</td></tr><tr><td>Oregon</td><td>159,752</td><td>157,205</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><td>11,456</td></tr><tr><td>Pennsylvania</td><td>857,400</td><td>852,745</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><td>58,341</td></tr><tr><td>Rhode Island</td><td>60,858</td><td>63,079</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><td>3,826</td></tr><tr><td>South Carolina</td><td>76,058</td><td>80,080</td><td>4,084</td><td>13,826</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><td>5,895</td></tr><tr><td>South Dakota</td><td>53,813</td><td>48,594</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>1,332</td><td>7,361</td></tr><tr><td>Tennessee</td><td>147,296</td><td>147,295</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><td>8,957</td></tr><tr><td>Texas</td><td>494,995</td><td>476,879</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><td>33,377</td></tr><tr><td>Utah</td><td>56,357</td><td>54,374</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><td>5,098</td></tr><tr><td>Vermont</td><td>18,819</td><td>17,901</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><td>1,397</td></tr><tr><td>Virginia</td><td>189,563</td><td>203,197</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><td>16,980</td></tr><tr><td>Washington</td><td>257,729</td><td>247,058</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>9,656</td><td>17,660</td></tr><tr><td>West Virginia</td><td>92,197</td><td>96,302</td><td>5,496</td><td>14,229</td><td>9,091</td><td>5,690</td><td>5,723</td><td>6,273</td><td>8,512</td><td>10,951</td><td>10,625</td><td>6,104</td><td>4,442</td><td>4,459</td><td>7,098</td></tr><tr><td>Wisconsin</td><td>248,280</td><td>262,350</td><td>15,711</td><td>42,282</td><td>19,928</td><td>13
(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="2">1944</th><th colspan="10">1945</th></tr><tr><th></th><th>1944</th><th>1945</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><th>Nov.</th></tr><tr><td>Alabama</td><td>30,156</td><td>24,501</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><td>2,800</td></tr><tr><td>Arizona</td><td>9,450</td><td>8,368</td><td>454</td><td>1,024</td><td>1,181</td><td>378</td><td>319</td><td>216</td><td>1,112</td><td>1,047</td><td>597</td><td>296</td><td>260</td><td>302</td><td>802</td></tr><tr><td>Arkansas</td><td>17,831</td><td>14,651</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><td>1,624</td></tr><tr><td>California</td><td>258,108</td><td>218,153</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><td>21,377</td></tr><tr><td>Colorado</td><td>30,678</td><td>24,726</td><td>1,447</td><td>2,750</td><td>3,670</td><td>1,103</td><td>973</td><td>1,606</td><td>3,613</td><td>3,387</td><td>1,539</td><td>1,488</td><td>637</td><td>27</td><td>4,548</td></tr><tr><td>Connecticut</td><td>64,437</td><td>55,553</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>2,877</td><td>2,152</td><td>1,698</td><td>4,246</td></tr><tr><td>Delaware</td><td>10,306</td><td>12,188</td><td>922</td><td>1,139</td><td>1,678</td><td>528</td><td>962</td><td>684</td><td>1,729</td><td>1,492</td><td>1,256</td><td>404</td><td>608</td><td>746</td><td>1,527</td></tr><tr><td>Dist. of Columbia</td><td>29,761</td><td>24,874</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><td>2,582</td></tr><tr><td>Florida</td><td>40,496</td><td>37,718</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><td>3,314</td></tr><tr><td>Georgia</td><td>41,958</td><td>32,396</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>1,164</td><td>2,450</td></tr><tr><td>Idaho</td><td>7,630</td><td>6,656</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><td>779</td></tr><tr><td>Illinois</td><td>236,291</td><td>235,849</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><td>25,384</td></tr><tr><td>Indiana</td><td>82,311</td><td>75,099</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><td>9,168</td></tr><tr><td>Iowa</td><td>106,397</td><td>77,699</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>9,312</td><td>5,126</td><td>3,433</td><td>2,339</td><td>2,320</td><td>11,780</td></tr><tr><td>Kansas</td><td>44,903</td><td>42,994</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><td>6,363</td></tr><tr><td>Kentucky</td><td>47,442</td><td>38,586</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>1,046</td><td>1,358</td><td>1,714</td><td>3,802</td></tr><tr><td>Louisiana</td><td>38,952</td><td>32,271</td><td>2,341</td><td>3,381</td><td>5,959</td><td>2,118</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><td>3,186</td></tr><tr><td>Maine</td><td>20,591</td><td>19,707</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><td>1,859</td></tr><tr><td>Maryland</td><td>52,493</td><td>44,175</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><td>3,879</td></tr><tr><td>Massachusetts</td><td>147,625</td><td>139,269</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><td>11,980</td></tr><tr><td>Michigan</td><td>104,768</td><td>93,732</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>14,153</td><td>9,369</td><td>5,169</td><td>3,360</td><td>3,172</td><td>10,835</td></tr><tr><td>Minnesota</td><td>69,836</td><td>58,715</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><td>8,055</td></tr><tr><td>Mississippi</td><td>22,296</td><td>16,900</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>841</td><td>656</td><td>388</td><td>497</td><td>1,844</td></tr><tr><td>Missouri</td><td>91,689</td><td>79,442</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><td>10,305</td></tr><tr><td>Montana</td><td>13,550</td><td>11,377</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><td>1,800</td></tr><tr><td>Nebraska</td><td>39,339</td><td>35,329</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><td>5,067</td></tr><tr><td>Nevada</td><td>3,630</td><td>3,202</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><td>374</td></tr><tr><td>New Hampshire</td><td>11,563</td><td>13,593</td><td>858</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><td>1,376</td></tr><tr><td>New Jersey</td><td>106,839</td><td>91,275</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><td>10,419</td></tr><tr><td>New Mexico</td><td>6,503</td><td>4,906</td><td>466</td><td>477</td><td>739</td><td>142</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><td>992</td></tr><tr><td>New York</td><td>472,310</td><td>426,182</td><td>27,328</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><td>44,262</td></tr><tr><td>North Carolina</td><td>42,263</td><td>37,052</td><td>2,441</td><td>2,959</td><td>6,812</td><td>2,460</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>1,137</td><td>1,424</td><td>3,487</td></tr><tr><td>North Dakota</td><td>14,978</td><td>13,762</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><td>2,426</td></tr><tr><td>Ohio</td><td>194,155</td><td>166,210</td><td>11,855</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><td>16,984</td></tr><tr><td>Oklahoma</td><td>26,042</td><td>21,311</td><td>1,449</td><td>2,287</td><td>3,971</td><td>1,369</td><td>1,090</td><td>702</td><td>2,067</td><td>2,999</td><td>1,834</td><td>951</td><td>507</td><td>552</td><td>3,212</td></tr><tr><td>Oregon</td><td>29,326</td><td>24,598</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>707</td><td>701</td><td>2,708</td></tr><tr><td>Pennsylvania</td><td>251,120</td><td>222,925</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>10,380</td><td>7,332</td><td>9,769</td><td>24,029</td></tr><tr><td>Rhode Island</td><td>20,628</td><td>17,440</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>2,903</td><td>1,347</td><td>441</td><td>960</td><td>1,927</td></tr><tr><td>South Carolina</td><td>21,988</td><td>17,422</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><td>1,954</td></tr><tr><td>South Dakota</td><td>13,222</td><td>9,947</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><td>2,184</td></tr><tr><td>Tennessee</td><td>39,186</td><td>32,131</td><td>2,269</td><td>2,653</td><td>6,101</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><td>3,852</td></tr><tr><td>Texas</td><td>117,537</td><td>86,632</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>12,849</td><td>5,765</td><td>3,406</td><td>2,616</td><td>2,926</td><td>10,921</td></tr><tr><td>Utah</td><td>8,393</td><td>6,505</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><td>586</td></tr><tr><td>Vermont</td><td>8,026</td><td>7,600</td><td>426</td><td>674</td><td>1,526</td><td>555</td><td>421</td><td>315</td><td>802</td><td>954</td><td>925</td><td>268</td><td>249</td><td>189</td><td>807</td></tr><tr><td>Virginia</td><td>51,399</td><td>42,701</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><td>5,031</td></tr><tr><td>Washington</td><td>56,253</td><td>46,955</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><td>5,402</td></tr><tr><td>West Virginia</td><td>19,552</td><td>15,213</td><td>1,435</td><td>1,418</td><td>2,801</td><td>825</td><td>655</td><td>629</td><td>1,739</td><td>1,911</td><td>1,336</td><td>683</td><td>705</td><td>891</td><td>1,750</td></tr><tr><td>Wisconsin</td><td>93,192</td><td>87,726</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>13,516</td><td>5,851</td><td>3,872</td><td>2,957</td><td>2,638</td><td>10,717</td></tr><tr><td>Wyoming</td><td>6,032</td><td>5,380</td><td>153</td><td>727</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><td>781</td></tr><tr><td>Alaska</td><td>1,316</td><td>1,209</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><td>188</td></tr><tr><td>Canal Zone</td><td>1,825</td><td>1,038</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><td>95</td></tr><tr><td>Hawaii</td><td>10,522</td><td>9,800</td><td>742</td><td>1,544</td><td>946</td><td>564</
Sources: (1) Total sales: Daily Treasury Statements; (2) Sales by States: Reports of gross sales.
Preliminary. Less than $500.
January 1946
42
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="2">1944</th><th colspan="10">1945</th></tr><tr><th></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><th>Nov. 2/</th></tr><tr><td>Alabama</td><td>4,648</td><td>4,481</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>7,904</td><td>7,975</td><td>6,991</td></tr><tr><td>Arizona</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>1,691</td><td>1,581</td><td>1,603</td><td>2,195</td><td>2,168</td><td>2,456</td><td>2,308</td></tr><tr><td>Arkansas</td><td>2,478</td><td>2,351</td><td>2,298</td><td>2,108</td><td>2,632</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><td>3,730</td></tr><tr><td>California</td><td>34,861</td><td>31,457</td><td>33,316</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><td>49,254</td></tr><tr><td>Colorado</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>4,330</td><td>4,854</td><td>3,987</td></tr><tr><td>Connecticut</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><td>8,282</td></tr><tr><td>Delaware</td><td>872</td><td>715</td><td>751</td><td>690</td><td>1,003</td><td>825</td><td>829</td><td>764</td><td>836</td><td>1,078</td><td>1,106</td><td>1,302</td><td>1,130</td></tr><tr><td>District of Columbia</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><td>5,741</td></tr><tr><td>Florida</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><td>8,550</td></tr><tr><td>Georgia</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><td>7,012</td></tr><tr><td>Idaho</td><td>806</td><td>762</td><td>843</td><td>802</td><td>1,121</td><td>971</td><td>971</td><td>907</td><td>978</td><td>1,404</td><td>1,400</td><td>1,481</td><td>1,309</td></tr><tr><td>Illinois</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><td>35,175</td></tr><tr><td>Indiana</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>12,712</td><td>13,327</td><td>18,811</td><td>16,530</td><td>16,627</td><td>14,710</td></tr><tr><td>Iowa</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>5,866</td><td>6,038</td><td>5,926</td><td>8,992</td><td>7,864</td><td>9,213</td><td>8,032</td></tr><tr><td>Kansas</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><td>5,377</td></tr><tr><td>Kentucky</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><td>6,399</td></tr><tr><td>Louisiana</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><td>6,557</td></tr><tr><td>Maine</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><td>2,041</td></tr><tr><td>Maryland</td><td>4,657</td><td>4,504</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><td>6,673</td></tr><tr><td>Massachusetts</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><td>13,796</td></tr><tr><td>Michigan</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><td>29,566</td></tr><tr><td>Minnesota</td><td>7,204</td><td>5,935</td><td>5,847</td><td>5,528</td><td>8,367</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><td>9,262</td></tr><tr><td>Mississippi</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><td>3,292</td></tr><tr><td>Missouri</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>14,694</td><td>13,954</td><td>13,746</td></tr><tr><td>Montana</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>1,684</td><td>1,569</td><td>1,728</td><td>1,584</td></tr><tr><td>Nebraska</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><td>4,061</td></tr><tr><td>Nevada</td><td>550</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><td>720</td></tr><tr><td>New Hampshire</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><td>1,266</td></tr><tr><td>New Jersey</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><td>17,971</td></tr><tr><td>New Mexico</td><td>782</td><td>853</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><td>1,369</td></tr><tr><td>New York</td><td>31,841</td><td>28,720</td><td>25,690</td><td>28,941</td><td>38,195</td><td>31,763</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><td>48,379</td></tr><tr><td>North Carolina</td><td>4,626</td><td>4,449</td><td>4,111</td><td>3,905</td><td>5,491</td><td>4,650</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><td>6,985</td></tr><tr><td>North Dakota</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><td>1,184</td></tr><tr><td>Ohio</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><td>31,664</td></tr><tr><td>Oklahoma</td><td>4,164</td><td>3,840</td><td>3,962</td><td>3,768</td><td>5,092</td><td>4,739</td><td>4,477</td><td>4,574</td><td>4,516</td><td>6,360</td><td>8,195</td><td>7,168</td><td>6,666</td></tr><tr><td>Oregon</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>7,717</td><td>7,007</td></tr><tr><td>Pennsylvania</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><td>39,991</td></tr><tr><td>Rhode Island</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>2,156</td><td>2,260</td><td>2,957</td><td>2,869</td><td>3,268</td><td>2,731</td></tr><tr><td>South Carolina</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><td>3,649</td></tr><tr><td>South Dakota</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><td>1,338</td></tr><tr><td>Tennessee</td><td>5,050</td><td>4,815</td><td>4,307</td><td>4,029</td><td>5,567</td><td>5,341</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><td>6,967</td></tr><tr><td>Texas</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><td>26,094</td></tr><tr><td>Utah</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><td>2,483</td></tr><tr><td>Vermont</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><td>623</td></tr><tr><td>Virginia</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><td>9,085</td></tr><tr><td>Washington</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><td>10,063</td></tr><tr><td>West Virginia</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><td>4,910</td></tr><tr><td>Wisconsin</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><td>9,324</td></tr><tr><td>Wyoming</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><td>794</td></tr><tr><td>Alaska</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><td>264</td></tr><tr><td>Canal Zone</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><td>-</td></tr><tr><td>Hawaii</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><td>3,505</td></tr><tr><td>Puerto Rico</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><td>553</td></tr><tr><td>Virgin Islands</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><td>-</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>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><td>-</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>-8,903</td><td>+9,955</td><td>-3,367</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><td>-7,235</td></tr><tr><td>Total</td><td>359,982</td><td>340,423</td><td>313,812</td><td>296,517</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><td>496,962</td></tr></table>
(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 1941. 2/ Includes Series A bonds which have matured and which have been retired.
42
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes
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></table>
All series
<table><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>8,953.7</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-November</td><td>10,005.2</td><td>+914.6</td><td>1,081.7</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>+30.4</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>+930.9</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>November</td><td>9,087.7</td><td>+277.8</td><td>704.1</td><td>426.3</td><td>128.4</td><td>297.9</td><td></td></tr></table>
Series A 3/
<table><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-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>-8.1</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>76.0</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><tr><td>November</td><td>27.0</td><td>-3.4</td><td>.....</td><td>3.4</td><td>.7</td><td>2.7</td><td>.....</td></tr></table>
(Continued on following page)
January 1946
43
Sales and Redemptions of Treasury Savings Notes 1/ - (Continued)
Table 1.- Summary of Sales and Redemptions, by Series - (Continued)
(Par value - 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><tr><td colspan="8">Series B 4/</td></tr><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-November</td><td>12.5</td><td>......</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>......</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>......</td><td>......</td><td>.8</td><td>.7</td><td>.2</td><td>......</td></tr><tr><td>May</td><td>5.1</td><td>-1.1</td><td>......</td><td>1.1</td><td>.1</td><td>.1</td><td>......</td></tr><tr><td>June</td><td>4.4</td><td>......</td><td>......</td><td>.8</td><td>.7</td><td>.1</td><td>......</td></tr><tr><td>July</td><td>4.0</td><td>......</td><td>......</td><td>.4</td><td>.3</td><td>.1</td><td>......</td></tr><tr><td>August</td><td>3.9</td><td>-1.1</td><td>......</td><td>.1</td><td>.1</td><td>......</td><td>......</td></tr><tr><td>September</td><td>3.4</td><td>......</td><td>......</td><td>.4</td><td>.4</td><td>......</td><td>......</td></tr><tr><td>October</td><td>3.2</td><td>......</td><td>......</td><td>.2</td><td>.1</td><td>.1</td><td>......</td></tr><tr><td>November</td><td>3.1</td><td>-1.1</td><td>......</td><td>.1</td><td>......</td><td>.1</td><td>......</td></tr><tr><td colspan="8">Series C 5/</td></tr><tr><td>1943</td><td>6,464.0</td><td>+6,464.0</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-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>1,177.3</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><tr><td>November</td><td>9,057.5</td><td>+281.3</td><td>704.1</td><td>422.8</td><td>127.8</td><td>295.1</td><td>......</td></tr></table>
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 designated for the small and moderate taxpayers; 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
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.
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="9">Sales in millions of dollars at par</th><th colspan="9">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$100</th><th>$500</th><th colspan="7">Denomination Thousands of dollars</th><th>Total all denominations</th><th>$100</th><th>$500</th><th colspan="7">Denomination Thousands of dollars</th></tr><tr><th></th><th></th><th></th><th></th><th>1</th><th>5</th><th>10</th><th>100</th><th>500</th><th>1,000</th><th></th><th></th><th></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>1,488.0</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-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>16.8</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>21.3</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><tr><td>Nov.</td><td>704.1</td><td>1.3</td><td>4.0</td><td>34.6</td><td>52.3</td><td>182.7</td><td>254.8</td><td>65.8</td><td>108.6</td><td>100.0</td><td>.2</td><td>.6</td><td>4.9</td><td>7.4</td><td>25.9</td><td>36.2</td><td>9.3</td><td>15.4</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 per</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Type of purchaser individuals, partnerships, and fiduciaries</th><th>Corporations</th><th>Total</th><th>Type of purchaser 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-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><tr><td>November</td><td>704.1</td><td>56.0</td><td>648.1</td><td>100.0</td><td>8.0</td><td>92.0</td></tr></table>
Source: (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.
January 1946
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.....................</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>127,948</td><td>18,468 4/</td><td>100.0</td><td>87.4</td><td>12.6 4/</td></tr><tr><td>1942 Ang. 1941-June 1942.</td><td>213,350</td><td>+45,620 5/6/</td><td>590,268 6/</td><td>544,047</td><td>474,168</td><td>70,480 4/</td><td>100.0</td><td>87.1</td><td>12.9 4/</td></tr><tr><td>1943</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>425,762</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>177,598</td><td>-18,920</td><td>268,411</td><td>287,331</td><td>231,593</td><td>55,738</td><td>100.0</td><td>80.6</td><td>19.4</td></tr><tr><td>1944 November</td><td>180,587</td><td>+5,383</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>16,406</td><td>33,091</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>17,686</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><tr><td>November</td><td>139,356</td><td>-2,016</td><td>11,396</td><td>13,412</td><td>9,830</td><td>3,582</td><td>100.0</td><td>73.3</td><td>26.7</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.
5/ Net of sales lease redemptions. See footnote.1.
6/ 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>10,682</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-November</td><td>23,946</td><td>6,928</td><td>11,581</td><td>1,813</td><td>2,761</td><td>863</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>10,042</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>8,059</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><tr><td>November</td><td>11,396</td><td>2,986</td><td>5,696</td><td>865</td><td>1,350</td><td>499</td><td>100.0</td><td>26.2</td><td>50.0</td><td>7.6</td><td>11.8</td><td>4.4</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 date.
46
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
January 1946
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">Securitise 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>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>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>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>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>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>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>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>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>193,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</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>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-Nov.</td><td>210,774</td><td>21,185</td><td>4,592</td><td>10</td><td>16,583</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>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>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>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>22,804</td><td>5,281</td><td>16</td><td>17,567</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>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>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>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>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>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>209,667</td><td>153,418</td><td>56,249</td><td>527</td><td>7</td><td>-</td><td>30</td><td>490</td></tr><tr><td>Oct.</td><td>259,439</td><td>26,745</td><td>6,139</td><td>29</td><td>20,577</td><td>209,418</td><td>153,375</td><td>56,043</td><td>541</td><td>7</td><td>-</td><td>32</td><td>502</td></tr><tr><td>Nov.</td><td>262,649</td><td>26,878p</td><td>6,139p</td><td>29p</td><td>20,710</td><td>212,500p</td><td>155,501p</td><td>56,998p</td><td>536</td><td>7p</td><td>-</td><td>32p</td><td>497</td></tr></table>
Excludes matured securities, and obligations held by the Treasury. 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.
Source: (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.
48
Treasury Bulletin
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par value 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="7">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</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-September</td><td>209.3</td><td>87.1</td><td>70.5</td><td>16.7</td><td>122.2</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>87.7</td><td>70.0</td><td>17.6</td><td>122.4</td><td>47.9</td><td>18.4</td><td>7.7</td><td>24.2</td><td>3.5</td><td>20.8</td></tr><tr><td>November</td><td>212.2</td><td>90.0</td><td>71.6</td><td>18.4</td><td>122.3</td><td>48.4</td><td>17.9</td><td>7.3</td><td>24.0</td><td>3.5</td><td>21.2</td></tr><tr><td>December</td><td>230.4</td><td>96.5</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>27.6 r</td><td>4.3 r</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>26.9 r</td><td>4.4 r</td><td>22.0</td></tr><tr><td>February</td><td>233.0</td><td>97.8</td><td>78.4</td><td>19.4</td><td>135.1</td><td>53.1</td><td>20.1</td><td>8.7</td><td>26.5 r</td><td>4.4 r</td><td>22.4</td></tr><tr><td>March</td><td>233.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>135.7</td><td>53.6</td><td>20.4</td><td>8.7</td><td>25.8 r</td><td>4.4 r</td><td>22.9</td></tr><tr><td>April</td><td>234.2</td><td>98.2</td><td>77.7</td><td>20.5</td><td>136.0</td><td>53.7</td><td>20.5</td><td>8.7</td><td>25.6 r</td><td>4.4 r</td><td>23.2</td></tr><tr><td>May</td><td>236.9</td><td>98.9</td><td>77.9</td><td>21.0</td><td>138.0</td><td>54.6</td><td>20.1</td><td>8.7</td><td>26.4 r</td><td>4.4 r</td><td>23.8</td></tr><tr><td>June</td><td>256.8</td><td>105.9</td><td>84.1</td><td>21.8</td><td>150.8</td><td>58.5</td><td>22.7</td><td>9.6</td><td>29.9 r</td><td>5.3 r</td><td>24.9</td></tr><tr><td>July</td><td>260.3</td><td>107.2</td><td>85.5</td><td>21.7</td><td>153.1</td><td>59.7</td><td>22.7</td><td>9.8</td><td>29.7 r</td><td>5.5 r</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>30.0 r</td><td>5.5 r</td><td>26.2</td></tr><tr><td>September</td><td>260.2</td><td>107.1</td><td>83.7</td><td>23.3</td><td>153.1</td><td>59.5</td><td>22.5</td><td>10.0</td><td>28.9</td><td>5.5</td><td>26.6</td></tr></table>
Back Figures: For monthly data for the period January 1943 through August 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 saving banks in the United States and in territories and insular possess-
4/ Includes partnerships, personal trust accounts, and unincorporated business.
5/ Includes dealers and brokers and investments of foreign balances in this country.
6/ Comprises trust, sinking, and investment funds of State and local governments, territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts 1/
(In millions of dollars)
<table><tr><th></th><th colspan="12">Net market purchase 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>472.9</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>-*</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>
Less than $50,000. 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.
49
January 1946
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, October 31, 1945
Section I - Securities Issued or Guaranteed by the United States Government
The tables in Section I present summary data as of October 31, 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="3">Held by investors covered in Treasury Survey</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>7,390 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>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>182,829</td><td>77,127</td><td>420</td><td>9,847</td><td>21,501</td><td>18,890</td><td>2,611</td><td>29,422</td><td>44,512</td></tr><tr><td>Non-marketable securities................</td><td>56,574</td><td>1,586</td><td>9</td><td>200</td><td>279</td><td>102</td><td>177</td><td>28</td><td>54,472</td></tr><tr><td>Total public securities..................</td><td>239,403</td><td>78,713</td><td>429</td><td>10,046</td><td>21,781</td><td>18,992</td><td>2,788</td><td>29,450</td><td>98,984</td></tr><tr><td>Special issues............................</td><td>20,577</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20,577</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 4/.........</td><td>259,980</td><td>78,713</td><td>429</td><td>10,046</td><td>21,781</td><td>18,992</td><td>2,788</td><td>50,027</td><td>98,984</td></tr></table>
1/ Securities held in trust departments are excluded. Includes trust companies. 
2/ 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. 
3/ 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>7,390 commercial banks 2/</th><th>34 stock saving 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>17,026</td><td>1,977</td><td>1</td><td>6</td><td>*</td><td>*</td><td>-</td><td>13,193</td><td>1,850</td></tr><tr><td>Certificates of indebtedness........</td><td>35,021</td><td>16,195</td><td>35</td><td>221</td><td>553</td><td>323</td><td>230</td><td>7,283</td><td>10,735</td></tr><tr><td>Treasury notes....................</td><td>23,498</td><td>15,795</td><td>39</td><td>258</td><td>591</td><td>391</td><td>200</td><td>2,000</td><td>4,815</td></tr><tr><td>Treasury bonds....................</td><td>107,049</td><td>43,132</td><td>345</td><td>9,360</td><td>20,343</td><td>18,163</td><td>2,180</td><td>6,903</td><td>26,964</td></tr><tr><td>Postal savings and other bonds......</td><td>196</td><td>16</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>35</td><td>144</td></tr><tr><td>Guaranteed by United States 4/......</td><td>39</td><td>12</td><td>*</td><td>2</td><td>13</td><td>13</td><td>1</td><td>7</td><td>4</td></tr><tr><td>Total</td><td>182,829</td><td>77,127</td><td>420</td><td>9,847</td><td>21,501</td><td>18,890</td><td>2,611</td><td>29,422</td><td>44,512</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>65,212</td><td>26,161</td><td>43</td><td>302</td><td>807</td><td>463</td><td>343</td><td>22,313</td><td>15,586</td></tr><tr><td>1 to 5 years.....................</td><td>36,017</td><td>25,438</td><td>69</td><td>905</td><td>1,894</td><td>1,327</td><td>568</td><td>1,398</td><td>6,312</td></tr><tr><td>5 to 10 years....................</td><td>35,661</td><td>20,978</td><td>121</td><td>2,478</td><td>3,099</td><td>2,329</td><td>770</td><td>1,018</td><td>7,967</td></tr><tr><td>10 to 15 years....................</td><td>12,456</td><td>2,032</td><td>83</td><td>2,882</td><td>2,222</td><td>1,737</td><td>484</td><td>544</td><td>4,694</td></tr><tr><td>15 to 20 years....................</td><td>19,281</td><td>1,034</td><td>61</td><td>2,151</td><td>8,393</td><td>8,073</td><td>320</td><td>2,329</td><td>5,312</td></tr><tr><td>Over 20 years.....................</td><td>14,104</td><td>1,471</td><td>44</td><td>1,127</td><td>5,074</td><td>4,948</td><td>126</td><td>1,813</td><td>4,636</td></tr><tr><td>Various (Federal Housing Administration debentures)........</td><td>39</td><td>12</td><td>*</td><td>2</td><td>13</td><td>13</td><td>1</td><td>7</td><td>4</td></tr><tr><td>Total</td><td>182,829</td><td>77,127</td><td>420</td><td>9,847</td><td>21,501</td><td>18,890</td><td>2,611</td><td>29,422</td><td>44,512</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>16</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>35</td><td>144</td></tr><tr><td>Partially exempt from Federal income taxes 6/</td><td>20,966</td><td>13,442</td><td>97</td><td>225</td><td>1,266</td><td>385</td><td>881</td><td>1,985</td><td>3,951</td></tr><tr><td>Subject to Federal income taxes 6/........</td><td>161,668</td><td>63,670</td><td>323</td><td>9,622</td><td>20,234</td><td>18,505</td><td>1,729</td><td>27,401</td><td>40,417</td></tr><tr><td>Total</td><td>182,829</td><td>77,127</td><td>420</td><td>9,847</td><td>21,501</td><td>18,890</td><td>2,611</td><td>29,422</td><td>44,512</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, October 31, 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><th>7,390 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><th colspan="10">Percentage distribution by classes of securities</th></tr><tr><th>Types of security:</th><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>9.3</td><td>2.6</td><td>.2</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>44.8</td><td>4.2</td></tr><tr><td>Certificates of indebtedness</td><td>19.2</td><td>21.0</td><td>8.2</td><td>2.2</td><td>2.6</td><td>1.7</td><td>8.8</td><td>24.8</td><td>24.1</td></tr><tr><td>Treasury notes</td><td>12.9</td><td>20.5</td><td>9.3</td><td>2.6</td><td>2.7</td><td>2.1</td><td>7.7</td><td>6.8</td><td>10.5</td></tr><tr><td>Treasury bonds</td><td>58.6</td><td>55.9</td><td>82.2</td><td>25.1</td><td>94.6</td><td>96.2</td><td>83.5</td><td>23.5</td><td>60.6</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 4/</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><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>35.7</td><td>33.9</td><td>10.3</td><td>3.1</td><td>3.8</td><td>2.5</td><td>13.1</td><td>75.8</td><td>35.0</td></tr><tr><td>1 to 5 years</td><td>19.7</td><td>33.0</td><td>16.4</td><td>9.2</td><td>8.8</td><td>7.0</td><td>21.7</td><td>4.8</td><td>14.2</td></tr><tr><td>5 to 10 years</td><td>19.5</td><td>27.2</td><td>28.7</td><td>25.2</td><td>14.4</td><td>12.3</td><td>29.5</td><td>3.5</td><td>17.9</td></tr><tr><td>10 to 15 years</td><td>6.8</td><td>2.6</td><td>19.6</td><td>29.3</td><td>10.3</td><td>9.2</td><td>18.5</td><td>1.8</td><td>10.5</td></tr><tr><td>15 to 20 years</td><td>10.5</td><td>1.3</td><td>14.5</td><td>21.8</td><td>39.0</td><td>42.7</td><td>12.2</td><td>7.9</td><td>11.9</td></tr><tr><td>Over 20 years</td><td>7.7</td><td>1.9</td><td>10.5</td><td>11.4</td><td>23.6</td><td>26.2</td><td>4.8</td><td>6.2</td><td>10.4</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><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>.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>17.4</td><td>23.1</td><td>2.3</td><td>5.9</td><td>2.0</td><td>33.8</td><td>6.7</td><td>8.9</td></tr><tr><td>Subject to Federal income taxes</td><td>88.4</td><td>82.6</td><td>76.9</td><td>97.7</td><td>94.1</td><td>98.0</td><td>66.2</td><td>93.1</td><td>90.8</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 colspan="10">Percentage distribution by groups of investors</th></tr><tr><th>Types of security:</th><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>11.6</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>77.5</td><td>10.9</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>46.2</td><td>.1</td><td>.6</td><td>1.6</td><td>.9</td><td>.7</td><td>20.8</td><td>30.7</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>.9</td><td>8.5</td><td>20.5</td></tr><tr><td>Treasury bonds</td><td>100.0</td><td>40.3</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>25.2</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.0</td><td>*</td><td>*</td><td>.3</td><td>.1</td><td>.3</td><td>18.1</td><td>73.5</td></tr><tr><td>Guaranteed by United States 4/</td><td>100.0</td><td>11.4</td><td>*</td><td>6.1</td><td>33.8</td><td>32.4</td><td>1.4</td><td>17.4</td><td>11.4</td></tr><tr><td>Total</td><td>100.0</td><td>42.2</td><td>.2</td><td>5.4</td><td>11.8</td><td>10.3</td><td>1.4</td><td>16.1</td><td>24.3</td></tr><tr><th>Call classes:</th><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>40.1</td><td>.1</td><td>.5</td><td>1.2</td><td>.7</td><td>.5</td><td>34.2</td><td>23.9</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>70.6</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>17.5</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>58.8</td><td>.3</td><td>6.9</td><td>8.7</td><td>6.5</td><td>2.2</td><td>2.9</td><td>22.3</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>16.3</td><td>.7</td><td>23.1</td><td>17.8</td><td>13.9</td><td>3.9</td><td>4.4</td><td>37.1</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>5.4</td><td>.3</td><td>11.2</td><td>43.5</td><td>41.9</td><td>1.7</td><td>12.1</td><td>27.6</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>10.4</td><td>.3</td><td>8.0</td><td>35.8</td><td>34.9</td><td>.9</td><td>12.8</td><td>32.7</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>11.4</td><td>*</td><td>6.1</td><td>33.8</td><td>32.4</td><td>1.4</td><td>17.4</td><td>11.4</td></tr><tr><td>Total</td><td>100.0</td><td>42.2</td><td>.2</td><td>5.4</td><td>11.8</td><td>10.3</td><td>1.4</td><td>16.1</td><td>24.3</td></tr><tr><th>Tax status: 5/</th><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>8.0</td><td>*</td><td>*</td><td>.3</td><td>.1</td><td>.3</td><td>18.1</td><td>73.5</td></tr><tr><td>Partially exempt from Federal income taxes 6/</td><td>100.0</td><td>64.1</td><td>.5</td><td>1.1</td><td>6.0</td><td>1.8</td><td>4.2</td><td>9.5</td><td>18.8</td></tr><tr><td>Subject to Federal income taxes 6/</td><td>100.0</td><td>39.4</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>25.0</td></tr><tr><td>Total</td><td>100.0</td><td>42.2</td><td>.2</td><td>5.4</td><td>11.8</td><td>10.3</td><td>1.4</td><td>16.1</td><td>24.3</td></tr></table>
(Continued on following page)
January 1946
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, October 31, 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
(Par values - 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 3/</th></tr><tr><th></th><th></th><th>7,390 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>17,026</td><td>1,977</td><td>1</td><td>6</td><td>*</td><td>*</td><td>-</td><td>13,193</td><td>1,850</td></tr><tr><td colspan="10">Certificates of indebtedness</td></tr><tr><td>7/8% December 1945 (taxable)</td><td>4,395</td><td>1,093</td><td>1</td><td>42</td><td>172</td><td>129</td><td>43</td><td>386</td><td>2,703</td></tr><tr><td>7/8% February 1946 (taxable)</td><td>5,043</td><td>2,585</td><td>3</td><td>40</td><td>70</td><td>45</td><td>25</td><td>1,236</td><td>1,109</td></tr><tr><td>7/8% March 1946 (taxable)</td><td>4,147</td><td>2,548</td><td>2</td><td>22</td><td>78</td><td>48</td><td>30</td><td>856</td><td>641</td></tr><tr><td>7/8% April 1946 (taxable)</td><td>4,811</td><td>2,748</td><td>10</td><td>25</td><td>33</td><td>25</td><td>8</td><td>1,356</td><td>638</td></tr><tr><td>7/8% May 1946 (taxable)</td><td>1,579</td><td>1,025</td><td>2</td><td>3</td><td>1</td><td>-</td><td>4</td><td>397</td><td>153</td></tr><tr><td>7/8% June 1946 (taxable)</td><td>4,799</td><td>491</td><td>7</td><td>30</td><td>95</td><td>9</td><td>85</td><td>77</td><td>4,100</td></tr><tr><td>7/8% August 1946 (taxable)</td><td>2,470</td><td>1,457</td><td>3</td><td>10</td><td>7</td><td>*</td><td>7</td><td>740</td><td>252</td></tr><tr><td>7/8% September 1946 (taxable)</td><td>4,336</td><td>2,250</td><td>4</td><td>32</td><td>84</td><td>64</td><td>20</td><td>1,322</td><td>645</td></tr><tr><td>7/8% October 1946 (taxable)</td><td>3,440</td><td>2,000</td><td>2</td><td>16</td><td>11</td><td>1</td><td>9</td><td>917</td><td>494</td></tr><tr><td>Total certificates of indebtedness</td><td>35,021</td><td>16,195</td><td>35</td><td>221</td><td>553</td><td>323</td><td>230</td><td>7,283</td><td>10,735</td></tr><tr><td colspan="10">Treasury notes</td></tr><tr><td>3/4% December 1945 (taxable)</td><td>531</td><td>354</td><td>1</td><td>4</td><td>8</td><td>*</td><td>8</td><td>32</td><td>131</td></tr><tr><td>1/2% January 1946 (taxable)</td><td>3,416</td><td>2,338</td><td>1</td><td>17</td><td>41</td><td>26</td><td>14</td><td>493</td><td>526</td></tr><tr><td>1/2% March 1946 (taxable)</td><td>1,291</td><td>982</td><td>1</td><td>8</td><td>39</td><td>28</td><td>11</td><td>76</td><td>185</td></tr><tr><td>1/2% July 1946 (taxable)</td><td>4,910</td><td>3,029</td><td>2</td><td>18</td><td>22</td><td>2</td><td>20</td><td>811</td><td>1,027</td></tr><tr><td>1-1/2% December 1946 (taxable)</td><td>3,261</td><td>2,351</td><td>3</td><td>43</td><td>93</td><td>73</td><td>21</td><td>287</td><td>483</td></tr><tr><td>1-1/4% March 1947 (taxable)</td><td>1,948</td><td>938</td><td>13</td><td>40</td><td>268</td><td>237</td><td>31</td><td>1</td><td>690</td></tr><tr><td>1-1/4% September 1947 (taxable)</td><td>1,687</td><td>770</td><td>9</td><td>43</td><td>58</td><td>14</td><td>45</td><td>1</td><td>806</td></tr><tr><td>1-1/2% September 1947 (taxable)</td><td>2,707</td><td>2,132</td><td>4</td><td>39</td><td>29</td><td>5</td><td>24</td><td>*</td><td>503</td></tr><tr><td>1-1/2% September 1948 (taxable)</td><td>3,748</td><td>2,901</td><td>4</td><td>45</td><td>33</td><td>7</td><td>26</td><td>299</td><td>465</td></tr><tr><td>Total Treasury notes</td><td>23,498</td><td>15,795</td><td>39</td><td>258</td><td>591</td><td>391</td><td>200</td><td>2,000</td><td>4,815</td></tr><tr><td colspan="10">Treasury bonds</td></tr><tr><td>2-1/2% December 1945 (partially)</td><td>541</td><td>246</td><td>*</td><td>7</td><td>16</td><td>*</td><td>15</td><td>18</td><td>255</td></tr><tr><td>3-3/4% March 1946-56 (partially)</td><td>439</td><td>156</td><td>*</td><td>4</td><td>39</td><td>29</td><td>10</td><td>77</td><td>212</td></tr><tr><td>3% June 1946-48 (partially)</td><td>1,036</td><td>504</td><td>1</td><td>9</td><td>43</td><td>22</td><td>21</td><td>207</td><td>272</td></tr><tr><td>3-1/8% June 1946-49 (partially)</td><td>819</td><td>368</td><td>*</td><td>8</td><td>46</td><td>32</td><td>13</td><td>87</td><td>310</td></tr><tr><td>4-1/4% October 1947-52 (partially)</td><td>759</td><td>294</td><td>*</td><td>8</td><td>36</td><td>12</td><td>24</td><td>81</td><td>340</td></tr><tr><td>2% December 1947 (partially)</td><td>701</td><td>557</td><td>*</td><td>1</td><td>26</td><td>*</td><td>25</td><td>*</td><td>116</td></tr><tr><td>2% March 1948-50 (taxable)</td><td>1,115</td><td>780</td><td>1</td><td>68</td><td>74</td><td>65</td><td>9</td><td>41</td><td>152</td></tr><tr><td>2-3/4% March 1948-51 (partially)</td><td>1,223</td><td>846</td><td>1</td><td>10</td><td>34</td><td>5</td><td>30</td><td>160</td><td>173</td></tr><tr><td>1-3/4% June 1948 (taxable)</td><td>3,062</td><td>2,341</td><td>2</td><td>89</td><td>87</td><td>53</td><td>34</td><td>26</td><td>516</td></tr><tr><td>2-1/2% September 1948 (partially)</td><td>451</td><td>377</td><td>*</td><td>2</td><td>12</td><td>1</td><td>12</td><td>*</td><td>60</td></tr><tr><td>2% December 1948-50 (partially)</td><td>571</td><td>464</td><td>1</td><td>1</td><td>15</td><td>1</td><td>15</td><td>44</td><td>46</td></tr><tr><td>2% June 1949-51 (taxable)</td><td>1,014</td><td>748</td><td>1</td><td>58</td><td>112</td><td>102</td><td>10</td><td>10</td><td>85</td></tr><tr><td>2% September 1949-51 (taxable)</td><td>1,292</td><td>1,011</td><td>1</td><td>47</td><td>123</td><td>94</td><td>27</td><td>6</td><td>107</td></tr><tr><td>2% December 1949-51 (taxable)</td><td>2,098</td><td>1,559</td><td>4</td><td>66</td><td>157</td><td>133</td><td>24</td><td>7</td><td>305</td></tr><tr><td>3-1/8% December 1949-52 (partially)</td><td>491</td><td>353</td><td>1</td><td>7</td><td>39</td><td>17</td><td>22</td><td>40</td><td>52</td></tr><tr><td>2-1/2% December 1949-53 (partially)</td><td>1,786</td><td>1,290</td><td>9</td><td>7</td><td>52</td><td>3</td><td>48</td><td>223</td><td>206</td></tr><tr><td>2% March 1950-52 (taxable)</td><td>1,963</td><td>1,504</td><td>5</td><td>82</td><td>184</td><td>158</td><td>26</td><td>6</td><td>183</td></tr><tr><td>2% September 1950-52 (taxable)</td><td>4,939</td><td>3,228</td><td>8</td><td>230</td><td>412</td><td>346</td><td>65</td><td>55</td><td>1,006</td></tr><tr><td>2-1/2% September 1950-52 (partially)</td><td>1,186</td><td>994</td><td>2</td><td>18</td><td>51</td><td>2</td><td>49</td><td>112</td><td>9</td></tr><tr><td>1-1/2% December 1950 (taxable)</td><td>2,635</td><td>1,304</td><td>2</td><td>8</td><td>10</td><td>*</td><td>10</td><td>*</td><td>1,310</td></tr><tr><td>2-3/4% June 1951-54 (partially)</td><td>1,627</td><td>1,192</td><td>8</td><td>15</td><td>82</td><td>7</td><td>75</td><td>162</td><td>157</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, October 31, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART 8 - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - 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 3/</th></tr><tr><th></th><th></th><th>7,390 commercial banks 2/</th><th>314 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 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/ September 1951-53....(taxable)</td><td>7,986</td><td>4,958</td><td>22</td><td>552</td><td>812</td><td>676</td><td>137</td><td>120</td><td>1,521</td></tr><tr><td>3/ September 1951-55.....(partially)</td><td>755</td><td>350</td><td>*</td><td>7</td><td>55</td><td>22</td><td>33</td><td>77</td><td>266</td></tr><tr><td>2 3/ December 1951-55....(taxable)</td><td>510</td><td>378</td><td>2</td><td>14</td><td>31</td><td>24</td><td>6</td><td>14</td><td>72</td></tr><tr><td>2-1/2/ December 1951-53....(partially)</td><td>1,118</td><td>832</td><td>2</td><td>11</td><td>75</td><td>4</td><td>31</td><td>108</td><td>80</td></tr><tr><td>2-1/2/ March 1952-54.....(taxable)</td><td>1,024</td><td>437</td><td>*</td><td>274</td><td>68</td><td>52</td><td>16</td><td>67</td><td>177</td></tr><tr><td>2/ June 1952-54.....(taxable)</td><td>5,825</td><td>3,558</td><td>21</td><td>440</td><td>616</td><td>529</td><td>87</td><td>10</td><td>1,180</td></tr><tr><td>2/ December 1952-54.....(taxable)</td><td>8,662</td><td>4,686</td><td>26</td><td>907</td><td>956</td><td>787</td><td>169</td><td>20</td><td>2,067</td></tr><tr><td>2-1/4/ June 1952-55.....(taxable)</td><td>1,501</td><td>832</td><td>2</td><td>220</td><td>190</td><td>166</td><td>24</td><td>74</td><td>182</td></tr><tr><td>2/ June 1953-55.....(partially)</td><td>725</td><td>635</td><td>*</td><td>2</td><td>29</td><td>2</td><td>28</td><td>14</td><td>44</td></tr><tr><td>2-1/4/ June 1954-56.....(partially)</td><td>681</td><td>519</td><td>2</td><td>2</td><td>51</td><td>14</td><td>37</td><td>35</td><td>72</td></tr><tr><td>2-7/8/ March 1955-60.....(partially)</td><td>2,611</td><td>1,247</td><td>32</td><td>25</td><td>163</td><td>48</td><td>115</td><td>315</td><td>830</td></tr><tr><td>2-1/2/ March 1956-58.....(taxable)</td><td>1,449</td><td>581</td><td>9</td><td>138</td><td>462</td><td>449</td><td>13</td><td>50</td><td>210</td></tr><tr><td>2-1/4/ September 1956-59.....(taxable)</td><td>3,823</td><td>254</td><td>18</td><td>1,206</td><td>831</td><td>719</td><td>112</td><td>135</td><td>1,379</td></tr><tr><td>2-3/4/ September 1956-59.....(partially)</td><td>982</td><td>606</td><td>16</td><td>51</td><td>110</td><td>35</td><td>75</td><td>96</td><td>102</td></tr><tr><td>2-3/4/ June 1958-63.....(partially)</td><td>919</td><td>591</td><td>12</td><td>19</td><td>139</td><td>61</td><td>78</td><td>52</td><td>106</td></tr><tr><td>2-1/4/ June 1959-62.....(taxable)</td><td>5,284</td><td>-</td><td>28</td><td>1,469</td><td>679</td><td>473</td><td>206</td><td>211</td><td>2,897</td></tr><tr><td>2-3/4/ December 1960-65.....(partially)</td><td>1,485</td><td>968</td><td>9</td><td>10</td><td>190</td><td>66</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>8</td><td>394</td><td>1,131</td><td>1,091</td><td>41</td><td>206</td><td>378</td></tr><tr><td>2-1/2/ December 1963-68.....(taxable)</td><td>2,811</td><td>-</td><td>3</td><td>513</td><td>1,373</td><td>1,342</td><td>31</td><td>264</td><td>677</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>1,610</td><td>1,572</td><td>37</td><td>414</td><td>1,091</td></tr><tr><td>2-1/2/ December 1964-69.....(taxable)</td><td>3,838</td><td>-</td><td>13</td><td>431</td><td>1,611</td><td>1,566</td><td>44</td><td>502</td><td>1,281</td></tr><tr><td>2-1/2/ March 1965-70.....(taxable)</td><td>5,197</td><td>65</td><td>15</td><td>170</td><td>2,478</td><td>2,436</td><td>42</td><td>867</td><td>1,603</td></tr><tr><td>2-1/2/ March 1966-71.....(taxable)</td><td>3,481</td><td>63</td><td>11</td><td>131</td><td>1,592</td><td>1,576</td><td>16</td><td>676</td><td>1,008</td></tr><tr><td>2-1/2/ June 1967-72.....(taxable)</td><td>7,967</td><td>-</td><td>24</td><td>853</td><td>3,060</td><td>2,974</td><td>87</td><td>884</td><td>3,146</td></tr><tr><td>2-1/2/ September 1967-72.....(taxable)</td><td>2,716</td><td>1,408</td><td>9</td><td>142</td><td>421</td><td>398</td><td>23</td><td>252</td><td>483</td></tr><tr><td>Total Treasury bonds</td><td>107,049</td><td>43,132</td><td>345</td><td>9,360</td><td>20,343</td><td>18,163</td><td>2,180</td><td>6,903</td><td>26,964</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><td></td></tr><tr><td>Postal savings bonds.....(wholly)</td><td>117</td><td>12</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>35</td><td>69</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>48</td></tr><tr><td>Conversion bonds.....(wholly)</td><td>29</td><td>2</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>•</td><td>26</td></tr><tr><td>Total postal savings and other bonds</td><td>196</td><td>16</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>35</td><td>144</td></tr><tr><td>Guaranteed securities 4/</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 debenture.....(partially)</td><td>10</td><td>127</td><td>1/</td><td>21/</td><td>131/</td><td>131/</td><td>11/</td><td>71/</td><td>41/</td></tr><tr><td>(taxable)</td><td>30</td><td>12</td><td>*</td><td>2</td><td>13</td><td>13</td><td>1</td><td>7</td><td>4</td></tr><tr><td>Total guaranteed securities</td><td>39</td><td>12</td><td>*</td><td>2</td><td>13</td><td>13</td><td>1</td><td>7</td><td>4</td></tr><tr><td>Total public marketable securities</td><td>182,829</td><td>77,127</td><td>420</td><td>9,847</td><td>21,501</td><td>18,890</td><td>2,611</td><td>29,422</td><td>44,512</td></tr></table>
Back Figures: The Treasury Survey commenced with data for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of data for September 30, 1944 appeared in the February 1945 issue, page 53; reclassification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-63.
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 head-note 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/ Includes an estimated amount of Federal Housing Administration debentures.
7/ Actual figures by tax status are unavailable.
January 1946
53
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, October 31, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par value $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="3">Held by investors covered in Treasury Survey</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 5/</th></tr><tr><th>7,390 commercial banks 4/</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>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.....................5/</td><td>3,551</td><td>189</td><td>*</td><td>5</td><td>11</td><td>3</td><td>8</td><td>*</td><td>3,345</td></tr><tr><td>Series E......(taxable)</td><td>29,844</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>29,844</td></tr><tr><td>Series F......(taxable)</td><td>2,674</td><td>198</td><td>1</td><td>6</td><td>33</td><td>14</td><td>19</td><td>1</td><td>2,435</td></tr><tr><td>Series G......(taxable)</td><td>10,717</td><td>446</td><td>5</td><td>188</td><td>222</td><td>82</td><td>140</td><td>9</td><td>9,846</td></tr><tr><td>Total United States savings bonds</td><td>46,786</td><td>833</td><td>6</td><td>200</td><td>266</td><td>99</td><td>167</td><td>11</td><td>45,470</td></tr><tr><td>Treasury savings notes......(taxable)</td><td>8,776</td><td>56</td><td>2</td><td>*</td><td>13</td><td>3</td><td>10</td><td>17</td><td>8,688</td></tr><tr><td>Depository bonds............(taxable)</td><td>510</td><td>469</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>502</td><td>228</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>274</td></tr><tr><td>Total public non-marketable securities</td><td>56,574</td><td>1,586</td><td>9</td><td>200</td><td>279</td><td>102</td><td>177</td><td>28</td><td>54,472</td></tr></table>
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.
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-
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Held by investors covered in Treasury Survey</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>7,390 commercial banks 4/</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>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 3/ January 1946-56 ............. (wholly)</td><td>171</td><td>18</td><td>-</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>150</td></tr><tr><td>3 3/ May 1946-56 ............. (wholly)</td><td>170</td><td>19</td><td>*</td><td>*</td><td>2</td><td>*</td><td>1</td><td>-</td><td>149</td></tr><tr><td>1-1/2% October 1948-50 ............. (taxable)</td><td>176</td><td>137</td><td>1</td><td>1</td><td>2</td><td>*</td><td>1</td><td>-</td><td>35</td></tr><tr><td>2-1/4% February 1953-55 ............. (taxable)</td><td>114</td><td>88</td><td>*</td><td>2</td><td>2</td><td>1</td><td>1</td><td>-</td><td>21</td></tr><tr><td>Total Federal land bank bonds</td><td>631</td><td>263</td><td>1</td><td>4</td><td>8</td><td>3</td><td>5</td><td>-</td><td>355</td></tr><tr><td>Federal intermediate credit bank bonds</td><td>257</td><td>183</td><td>*</td><td>*</td><td>2</td><td>-</td><td>2</td><td>-</td><td>71</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States 1/</td><td>888</td><td>447</td><td>1</td><td>4</td><td>10</td><td>3</td><td>7</td><td>-</td><td>427</td></tr></table>
Less than $500,000.
1/ Securities issued by the Federal home loan 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
3/ of both the normal and surtax Federal income tax rates. 
4/ Securities held in trust departments are excluded. 
5/ Includes trust companies. 
This colum includes securities held by those banks and insurance companies which are not covered in the Treasury Survey.
Treasury Bulletin
54
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
January 1946
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
November 30, 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="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 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 Oct. 31, 1945</th><th>Yield to earliest call 3/</th><th>Change in yield from Oct. 31, 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><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></table>
Issued by U. S. Government
<table><tr><th colspan="10">Treasury bonds</th></tr><tr><td>$1.115 2 3/4</td><td>3/15/48-50</td><td>102.01*</td><td>102.02*</td><td>102.02</td><td>-.02</td><td>1.08$</td><td>-.01%</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 1-3/4</td><td>6/15/48</td><td>101.19*</td><td>101.20*</td><td>101.20</td><td>.00</td><td>1.10</td><td>-.02</td><td>1.10</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 2 3/4</td><td>6/15/49-51</td><td>102.30*</td><td>102.31*</td><td>102.31</td><td>+.07</td><td>1.14</td><td>-.08</td><td>1.44</td><td>1/15/42</td><td>103.02</td><td>11/26/45</td><td>100.06</td><td>8/15/42</td><td>103.02</td><td>11/26</td><td>101.26</td><td>1/4</td></tr><tr><td>1.292 2 3/4</td><td>9/15/49-51</td><td>103.02*</td><td>103.03*</td><td>103.03</td><td>+.07</td><td>1.16</td><td>-.08</td><td>1.44</td><td>5/15/42</td><td>103.06</td><td>11/26/45</td><td>100.04</td><td>10/6/42</td><td>103.06</td><td>11/26</td><td>101.24</td><td>1/4</td></tr><tr><td>2.098 2 3/4</td><td>12/15/49-51</td><td>103.04*</td><td>103.05*</td><td>103.05</td><td>+.08</td><td>1.20</td><td>-.07</td><td>1.45</td><td>7/15/42</td><td>103.08</td><td>11/26/45</td><td>100.03</td><td>8/5/42</td><td>103.08</td><td>11/26</td><td>101.20</td><td>1/2</td></tr><tr><td>1.963 2 3/4</td><td>3/15/50-52</td><td>103.07</td><td>103.08</td><td>103.08</td><td>+.10</td><td>1.22</td><td>-.09</td><td>1.46</td><td>10/19/42</td><td>103.10</td><td>11/26/45</td><td>100.01</td><td>11/2/42</td><td>103.10</td><td>11/26</td><td>101.16</td><td>1/2</td></tr><tr><td>4.939 2 3/4</td><td>9/15/50-52</td><td>103.12</td><td>103.13</td><td>103.12</td><td>+.09</td><td>1.27</td><td>-.07</td><td>1.48</td><td>4/15/43</td><td>103.16</td><td>11/26/45</td><td>100.08</td><td>5/3/43</td><td>103.16</td><td>11/26</td><td>101.08</td><td>1/2</td></tr><tr><td>2.635 1-1/2 2 3/4</td><td>12/15/50</td><td>101.16*</td><td>101.18*</td><td>101.17</td><td>+.06</td><td>1.19</td><td>-.04</td><td>1.19</td><td>6/1/45</td><td>101.18</td><td>11/27/45</td><td>100.29</td><td>8/21/45</td><td>101.18</td><td>11/27</td><td>100.29</td><td>8/21</td></tr><tr><td>7.986 2 3/4</td><td>9/15/51-53</td><td>103.22*</td><td>103.23*</td><td>103.23</td><td>+.12</td><td>1.33</td><td>-.07</td><td>1.49</td><td>9/15/43</td><td>103.26</td><td>11/26/45</td><td>100.03</td><td>11/18/43</td><td>103.26</td><td>11/26</td><td>100.26</td><td>1/4</td></tr><tr><td>510 2 3/4</td><td>12/15/51-55</td><td>103.26</td><td>103.28</td><td>103.27</td><td>+.12</td><td>1.34</td><td>-.07</td><td>1.58</td><td>12/15/43</td><td>103.29</td><td>11/26/45</td><td>100.01</td><td>12/5/42</td><td>103.29</td><td>11/26</td><td>100.26</td><td>1/9</td></tr><tr><td>1.024 2-1/2 2 3/4</td><td>3/15/52-54</td><td>106.17</td><td>106.19</td><td>106.18</td><td>+.12</td><td>1.40</td><td>-.08</td><td>1.65</td><td>3/31/41</td><td>106.21</td><td>11/26/45</td><td>101.04</td><td>3/20/41</td><td>106.21</td><td>11/26</td><td>104.00</td><td>1/9</td></tr><tr><td>5.825 2 3/4</td><td>6/15/52-54</td><td>103.31</td><td>104.00</td><td>104.00</td><td>+.16</td><td>1.36</td><td>-.08</td><td>1.50</td><td>6/26/44</td><td>104.02</td><td>11/26/45</td><td>100.08</td><td>7/24/44</td><td>104.02</td><td>11/26</td><td>100.16</td><td>1/2</td></tr><tr><td>1.501 2-1/4 2 3/4</td><td>6/15/52-55</td><td>105.07</td><td>105.09</td><td>105.08</td><td>+.14</td><td>1.40</td><td>-.07</td><td>1.65</td><td>2/25/42</td><td>105.11</td><td>11/26/45</td><td>100.16</td><td>12/18/42</td><td>105.11</td><td>11/26</td><td>102.04</td><td>1/2</td></tr><tr><td>8.662 2 3/4</td><td>12/15/52-54</td><td>104.00</td><td>104.01</td><td>104.00</td><td>+.15</td><td>1.40</td><td>-.08</td><td>1.52</td><td>12/1/44</td><td>104.02</td><td>11/27/45</td><td>100.09</td><td>12/19/44</td><td>104.02</td><td>11/27</td><td>100.12</td><td>1/2</td></tr><tr><td>1.449 2-1/2 2 3/4</td><td>3/15/56-58</td><td>108.12</td><td>108.14</td><td>108.13</td><td>+.12</td><td>1.61</td><td>-.04</td><td>1.74</td><td>6/2/44</td><td>108.17</td><td>11/13/45</td><td>101.30</td><td>12/26/44</td><td>108.17</td><td>11/13</td><td>103.23</td><td>1/2</td></tr><tr><td>3.823 2-1/4 2 3/4</td><td>9/15/56-59</td><td>104.23</td><td>104.25</td><td>104.24</td><td>+.05</td><td>1.76</td><td>-.02</td><td>1.85</td><td>2/1/44</td><td>105.03</td><td>11/13/45</td><td>100.01</td><td>2/29/44</td><td>105.03</td><td>11/13</td><td>100.26</td><td>1/2</td></tr><tr><td>5.284 2-1/4 2 3/4</td><td>6/15/59-62</td><td>100.21</td><td>100.23</td><td>100.22</td><td>-.04</td><td>2.19</td><td>+.01</td><td>2.20</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 2-1/2 2 3/4</td><td>6/15/62-64</td><td>103.00</td><td>103.02</td><td>103.01</td><td>-.03</td><td>2.28</td><td>-.01</td><td>2.32</td><td>5/15/42</td><td>103.14</td><td>7/16/45</td><td>100.00</td><td>8/17/42</td><td>103.14</td><td>7/16</td><td>100.28</td><td>1/2</td></tr><tr><td>2.831 2-1/2 2 3/4</td><td>12/15/63-68</td><td>102.12</td><td>102.14</td><td>102.13</td><td>+.05</td><td>2.34</td><td>-.01</td><td>2.36</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 2-1/2 2 3/4</td><td>6/15/64-69</td><td>102.02</td><td>102.04</td><td>102.03</td><td>+.02</td><td>2.36</td><td>.00</td><td>2.38</td><td>4/15/43</td><td>102.10</td><td>8/16/45</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 2-1/2 2 3/4</td><td>12/15/64-69</td><td>101.31</td><td>102.01</td><td>102.00</td><td>+.03</td><td>2.37</td><td>-.01</td><td>2.39</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 2-1/2 2 3/4</td><td>3/15/65-70</td><td>101.27</td><td>101.29</td><td>101.28</td><td>+.04</td><td>2.38</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>7/16</td><td>100.15</td><td>1/2</td></tr><tr><td>3.481 2-1/2 2 3/4</td><td>3/15/66-71</td><td>101.23</td><td>101.25</td><td>101.24</td><td>+.03</td><td>2.39</td><td>-.01</td><td>2.40</td><td>12/1/44</td><td>102.03</td><td>2/16/45</td><td>100.06</td><td>12/19/44</td><td>102.03</td><td>2/16</td><td>100.15</td><td>1/2</td></tr><tr><td>7.967 2-1/2 2 3/4</td><td>6/15/67-72</td><td>100.30</td><td>101.00</td><td>100.71</td><td>+.02</td><td>2.44</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 2-1/2 2 3/4</td><td>9/15/67-72</td><td>106.31</td><td>107.01</td><td>107.00</td><td>+.14</td><td>2.10</td><td>-.06</td><td>2.15</td><td>10/20/41</td><td>107.00</td><td>11/30/45</td><td>100.01</td><td>1/2/42</td><td>107.00</td><td>11/30</td><td>100.23</td><td>1/2</td></tr><tr><th colspan="10">Treasury notes</th></tr><tr><td>531 3/4</td><td>3-12/15/45</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>11/30</td></tr><tr><td>3.416 .90%</td><td>C- 1/1/46 5/</td><td>.72%</td><td>.57%</td><td>.70%</td><td>+.02%</td><td>-</td><td>-</td><td>-</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 1 3/4</td><td>A- 3/15/46</td><td>100.00*</td><td>100.01*</td><td>100.01</td><td>-.01</td><td>.89</td><td>+.06</td><td>.89</td><td>11/1/41</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>100.01</td><td>11/30</td></tr><tr><td>4.910 .90%</td><td>D- 7/1/46 5/</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+.01%</td><td>-</td><td>-</td><td>-</td><td>6/1/45</td><td>.80%</td><td>7/15/45</td><td>.66%</td><td>6/15/45</td><td>.80%</td><td>7/16</td><td>.85%</td><td>6/15</td></tr><tr><td>3.261 1-1/2 2 3/4</td><td>3-12/15/46</td><td>100.18*</td><td>100.19*</td><td>100.19</td><td>-.02</td><td>.92</td><td>+.01</td><td>.92</td><td>6/5/42</td><td>101.00</td><td>4/14/45</td><td>100.01</td><td>1/2/43</td><td>101.00</td><td>4/4</td><td>100.19</td><td>11/30</td></tr><tr><td>1.948 1-1/4 2 3/4</td><td>B- 3/15/47</td><td>100.11</td><td>100.12</td><td>100.12</td><td>-.02</td><td>.95</td><td>+.02</td><td>.95</td><td>6/26/44</td><td>100.20</td><td>3/5/45</td><td>100.01</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 1-1/2 2 3/4</td><td>A- 9/15/47</td><td>100.28</td><td>100.29</td><td>100.28</td><td>-.02</td><td>1.00</td><td>+.01</td><td>1.00</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 1-1/4 2 3/4</td><td>C- 9/15/47</td><td>100.14</td><td>100.15</td><td>100.14</td><td>-.01</td><td>1.00</td><td>.00</td><td>1.00</td><td>12/1/44</td><td>100.23</td><td>3/5/45</td><td>100.05</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 1-1/2 2 3/4</td><td>A- 9/15/48</td><td>101.04</td><td>101.05</td><td>101.04</td><td>.00</td><td>1.09</td><td>-.01</td><td>1.09</td><td>3/15/44</td><td>101.07</td><td>11/26/45</td><td>100.05</td><td>3/8/44</td><td>101.07</td><td>11/26</td><td>100.17</td><td>1/2</td></tr><tr><th colspan="10">Certificates of indebtedness 5/</th></tr><tr><td>4.395 7/8</td><td>B- 12/1/45 5/</td><td>6/</td><td>6/</td><td>6/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12/1/44</td><td>.11%</td><td>11/19/45</td><td>.87%</td><td>11/29/45</td><td>.11%</td><td>11/19</td><td>.87%</td><td>11/29</td></tr><tr><td>5.043 7/8</td><td>A- 2/1/46</td><td>.78%</td><td>.79%</td><td>.80%</td><td>+.01%</td><td>-</td><td>-</td><td>-</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 7/8</td><td>B- 3/1/46</td><td>.91%</td><td>.79%</td><td>.80%</td><td>+.02%</td><td>-</td><td>-</td><td>-</td><td>3/1/45</td><td>.79%</td><td>4/14/45</td><td>.82%</td><td>8/23/45</td><td>.79%</td><td>4/4</td><td>.82%</td><td>8/23</td></tr><tr><td>4.811 7/8</td><td>C- 4/1/46</td><td>.82%</td><td>.80%</td><td>.81%</td><td>+.01%</td><td>-</td><td>-</td><td>-</td><td>4/1/45</td><td>.75%</td><td>4/14/45</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 7/8</td><td>D- 5/1/46</td><td>.82%</td><td>.80%</td><td>.81%</td><td>+.01%</td><td>-</td><td>-</td><td>-</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 7/8</td><td>B- 6/1/46</td><td>.94%</td><td>.82%</td><td>.83%</td><td>+.01%</td><td>-</td><td>-</td><td>-</td><td>6/1/45</td><td>.77%</td><td>7/16/45</td><td>.83%</td><td>11/30/45</td><td>.77%</td><td>7/16</td><td>.83%</td><td>11/30</td></tr><tr><td>2.470 7/8</td><td>F- 8/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+.01%</td><td>-</td><td>-</td><td>-</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 7/8</td><td>G- 9/1/46</td><td>.65%</td><td>.83%</td><td>.84%</td><td>.00%</td><td>-</td><td>-</td><td>-</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 7/8</td><td>H- 10/1/46</td><td>.86%</td><td>.84%</td><td>.85%</td><td>+.01%</td><td>-</td><td>-</td><td>-</td><td>10/1/4
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Oct. 31, 1945</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Oct. 31, 1945</th></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>.004</td><td>$1,310</td><td>1/24/46</td><td>10/25/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</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>.00</td><td>1,318</td><td>1/31/46</td><td>11/1/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td></tr><tr><td>1,307</td><td>12/20/45</td><td>9/20/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,317</td><td>2/7/46</td><td>11/8/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,301</td><td>12/27/45</td><td>9/27/45</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>1,317</td><td>2/14/46</td><td>11/15/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,310</td><td>1/3/46</td><td>10/4/45</td><td>.375</td><td>.30</td><td>.34</td><td>.00</td><td>1,302</td><td>2/21/46</td><td>11/23/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,311</td><td>1/10/46</td><td>10/11/45</td><td>.375</td><td>.30</td><td>.34</td><td>.00</td><td>1,316</td><td>2/28/46</td><td>11/29/45</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,310</td><td>1/17/46</td><td>10/18/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
56
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
November 30, 1945 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government (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-seconds)</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>Neom</th><th>Yield to earliest call 3/</th><th>Change in yield from Oct. 31, 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><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></table>
Issued by U. S. Government
<table><tr><th colspan="13">Treasury bonds</th></tr><tr><td>$641 489</td><td>2-1/2% - 12/15/45</td><td>100.02</td><td>100.02</td><td>100.02</td><td>-.06</td><td>.59%</td><td>+.17%</td><td>.59%</td><td>12/15/37</td><td>109.24</td><td>12/14/40</td><td>100.02</td><td>11/30/45</td><td>102.00</td><td>1/23</td><td>100.02</td><td>11/30</td></tr><tr><td>1,036</td><td>3% - 6/15/46-48</td><td>101.06</td><td>101.08</td><td>101.07</td><td>-.08</td><td>.70</td><td>+.08</td><td>2.50</td><td>6/15/34</td><td>112.28</td><td>12/16/40</td><td>97.28</td><td>9/17/34</td><td>103.30</td><td>2/7</td><td>100.28</td><td>11/30</td></tr><tr><td>819</td><td>3-1/8% - 6/15/46-49</td><td>101.08</td><td>101.10</td><td>101.09</td><td>-.08</td><td>.71</td><td>+.06</td><td>2.74</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>101.09</td><td>11/30</td></tr><tr><td>759</td><td>4-1/4% - 10/15/47-52</td><td>106.13</td><td>106.15</td><td>106.14</td><td>-.10</td><td>.77</td><td>+.01</td><td>3.20</td><td>10/16/22</td><td>122.22</td><td>12/14/40</td><td>98.18</td><td>10/8/23</td><td>109.28</td><td>2/26</td><td>106.14</td><td>11/30</td></tr><tr><td>701</td><td>2% - 12/15/47</td><td>102.15</td><td>102.17</td><td>102.16</td><td>-.04</td><td>.76</td><td>+.01</td><td>.76</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>102.16</td><td>11/30</td></tr><tr><td>1,223</td><td>2-3/4% - 3/15/48-51</td><td>104.09</td><td>104.11</td><td>104.10</td><td>-.05</td><td>.84</td><td>-.00</td><td>1.89</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>104.09</td><td>11/30</td></tr><tr><td>451</td><td>2-1/2% - 9/15/48</td><td>104.17</td><td>104.19</td><td>104.18</td><td>-.02</td><td>.84</td><td>-.03</td><td>.84</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>104.18</td><td>11/30</td></tr><tr><td>571</td><td>2% - 12/15/48-50</td><td>103.13</td><td>103.15</td><td>103.14</td><td>-.02</td><td>.85</td><td>-.01</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>103.14</td><td>11/30</td></tr><tr><td>491</td><td>3-1/8% - 12/15/49-52</td><td>108.24</td><td>108.26</td><td>108.25</td><td>+.04</td><td>.90</td><td>-.08</td><td>1.79</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>11/5</td></tr><tr><td>1,786</td><td>2-1/2% - 12/15/49-53</td><td>106.08</td><td>106.10</td><td>106.09</td><td>+.05</td><td>.91</td><td>-.07</td><td>1.66</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>95.19</td><td>4/8/37</td><td>107.23</td><td>3/8</td><td>106.03</td><td>10/4</td></tr><tr><td>1,186</td><td>2-1/2% - 9/15/50-52</td><td>107.08</td><td>107.10</td><td>107.09</td><td>+.07</td><td>.94</td><td>-.07</td><td>1.37</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>106.22</td><td>8/23</td></tr><tr><td>1,627</td><td>2-3/4% - 6/15/51-54</td><td>109.09</td><td>109.11</td><td>109.10</td><td>+.09</td><td>1.01</td><td>-.08</td><td>1.58</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>111.00</td><td>111.02</td><td>111.01</td><td>+.05</td><td>1.03</td><td>-.05</td><td>1.77</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% - 12/15/51-55</td><td>107.06</td><td>107.08</td><td>107.07</td><td>+.07</td><td>1.01</td><td>-.06</td><td>1.30</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>106.19</td><td>9/19</td></tr><tr><td>725</td><td>2% - 6/15/53-55</td><td>106.20</td><td>106.22</td><td>106.21</td><td>+.07</td><td>1.08</td><td>-.04</td><td>1.26</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>106.22</td><td>106.24</td><td>106.23</td><td>+.09</td><td>1.17</td><td>-.05</td><td>1.36</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>114.08</td><td>114.10</td><td>114.09</td><td>+.18</td><td>1.24</td><td>-.07</td><td>1.74</td><td>3/15/35</td><td>114.11</td><td>11/27/45</td><td>98.30</td><td>9/20/35</td><td>114.11</td><td>11/27</td><td>112.21</td><td>8/22</td></tr><tr><td>982</td><td>2-3/4% - 9/15/56-59</td><td>114.04</td><td>114.06</td><td>114.05</td><td>+.24</td><td>1.34</td><td>-.08</td><td>1.60</td><td>9/15/36</td><td>114.05</td><td>11/30/45</td><td>98.10</td><td>4/1/37</td><td>114.05</td><td>11/30</td><td>112.04</td><td>1/2</td></tr><tr><td>919</td><td>2-3/4% - 6/15/58-63</td><td>114.25</td><td>114.27</td><td>114.26</td><td>+.25</td><td>1.45</td><td>-.07</td><td>1.76</td><td>6/15/38</td><td>114.26</td><td>11/30/45</td><td>99.15</td><td>9/25/39</td><td>114.26</td><td>11/30</td><td>112.04</td><td>1/2</td></tr><tr><td>1,485</td><td>2-3/4% - 12/15/60-65 9/</td><td>116.10</td><td>116.12</td><td>116.11</td><td>+.30</td><td>1.53</td><td>-.07</td><td>1.78</td><td>12/15/38</td><td>116.11</td><td>11/30/45</td><td>99.14</td><td>9/25/39</td><td>116.11</td><td>11/30</td><td>112.16</td><td>1/2</td></tr><tr><th colspan="13">Other bonds 10/</th></tr><tr><td>16</td><td>3% Conversion - 1/1/46</td><td>100.04</td><td>-</td><td>100.04</td><td>-.08</td><td>1.41</td><td>+.68</td><td>1.41</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>100.04</td><td>11/30</td></tr><tr><td>13</td><td>3% Conversion - 1/1/47</td><td>102.27</td><td>-</td><td>102.27</td><td>-.07</td><td>.36</td><td>-.01</td><td>.36</td><td>1/1/17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>104.29</td><td>1/13</td><td>102.27</td><td>11/30</td></tr><tr><td>50</td><td>3% Panama Canal - 6/1/61</td><td>133.08</td><td>134.08</td><td>133.84</td><td>.00</td><td>.70</td><td>-.01</td><td>.70</td><td>6/1/11</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>133.24</td><td>11/30</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 case 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 as more significant when an issue is selling at or below par.
4/ Included in the Average of Long-Term Taxable Treasury Bonds.
5/ Quoted on a yield basis.
1/ Not quoted on November 30, 1945. Quoted on a price basis at per beginning November 21.
1/ For amount of this security issued on November 1, 1946, see table on "Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates" in the chapter on "Public Debt and Guaranteed Obligations of the United States Government."
9/ Called on November 14, 1945, for redemption on March 15, 1946.
9/ This is the only bond eligible to remain in the Average of Long-Term Partially Tax-Exempt Treasury Bonds.
10/ Excludes postal savings bonds.
January 1946
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies November 30, 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-eccsde)</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-eccsde)</th><th colspan="4">1945 price range 1/ (Price decimals are thirty-eccsde)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Oct.31, 1945</th><th>Yield to earliest call 2/</th><th>Change in yield from Oct.31, 1945</th><th>Yield to maturity 2/</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low 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>$ 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>11/30/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</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>11/30/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</td></tr><tr><td>25</td><td>.90% - 1/2/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>4/2/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</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>11/30/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</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>11/30/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</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>11/30/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</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>11/30/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</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>11/30/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</td></tr><tr><td>16</td><td>.85% - 5/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>-</td><td>.85</td><td>-</td><td>.85</td><td>11/1/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</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>11/30/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</td></tr><tr><td>26</td><td>.90% - 8/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>-</td><td>.90</td><td>-</td><td>.90</td><td>11/1/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30/45</td><td>100.00</td><td>11/30</td><td>100.00</td><td>11/30</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>100.20</td><td>100.28</td><td>100.24</td><td>.00</td><td>1.23</td><td>-.01</td><td>1.34</td><td>8/1/45</td><td>100.28</td><td>11/27/45</td><td>100.12</td><td>9/19/45</td><td>100.28</td><td>11/27</td><td>100.12</td><td>9/19</td></tr><tr><td>114</td><td>2-1/4% - 2/1/53-55</td><td>104.20</td><td>104.28</td><td>104.24</td><td>+.30</td><td>1.55</td><td>-.14</td><td>1.69</td><td>2/1/45</td><td>104.28</td><td>11/27/45</td><td>101.14</td><td>1/18/45</td><td>104.28</td><td>11/27</td><td>101.14</td><td>1/18</td></tr><tr><td colspan="16">Tax-exempt securities</td></tr><tr><td colspan="16">Federal Land Bank bonds 4/</td></tr><tr><td>$171</td><td>3% - 1/1/46-56</td><td>100.04</td><td>100.06</td><td>100.05</td><td>-.07</td><td>.89%</td><td>+.18%</td><td>2.98%</td><td>1/1/36</td><td>111.12</td><td>12/10/40</td><td>98.08</td><td>2/13/36</td><td>102.21</td><td>1/3</td><td>100.05</td><td>11/30</td></tr><tr><td>170</td><td>3% - 5/1/46-56</td><td>101.03</td><td>101.05</td><td>101.04</td><td>-.06</td><td>.24</td><td>-.12</td><td>2.87</td><td>5/1/36</td><td>111.22</td><td>12/10/40</td><td>98.30</td><td>4/8/37</td><td>103.20</td><td>1/8</td><td>101.04</td><td>11/30</td></tr></table>
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
significant when an issue is selling above par; the yield to maturity is more significant when an issue is selling at or below par. Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue. Excludes issues completely held by Farm Credit Administration agencies.
Treasury Bulletin
58
YIELDS OF TREASURY SECURITIES NOV. 30, 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
January 1946
59
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></table>
Monthly series 3/
<table><tr><td>1937-Jan.........</td><td>2.56</td><td>3.09</td><td>1940-Jan.........</td><td>2.30</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>3.24</td><td>Feb.........</td><td>2.32</td><td>2.79</td><td>Feb.........</td><td>2.11</td><td>2.46</td><td>2.68</td></tr><tr><td>Mar.........</td><td>2.66</td><td>3.36</td><td>Mar.........</td><td>2.26</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>3.43</td><td>Apr.........</td><td>2.26</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>3.36</td><td>May.........</td><td>2.39</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>3.31</td><td>June.........</td><td>2.40</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>3.27</td><td>July.........</td><td>2.30</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>3.25</td><td>Aug.........</td><td>2.31</td><td>2.80</td><td>Aug.........</td><td>1.92</td><td>2.48</td><td>2.57</td></tr><tr><td>Sept.........</td><td>2.82</td><td>3.26</td><td>Sept.........</td><td>2.25</td><td>2.71</td><td>Sept.........</td><td>1.90</td><td>2.48</td><td>2.59</td></tr><tr><td>Oct.........</td><td>2.82</td><td>3.26</td><td>Oct.........</td><td>2.21</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>3.22</td><td>Nov.........</td><td>2.09</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>3.17</td><td>Dec.........</td><td>2.01</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>3.17</td><td>1941-Jan.........</td><td>2.12</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>3.15</td><td>Feb.........</td><td>2.22</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>3.16</td><td>Mar.........</td><td>2.12</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>3.25</td><td>Apr.........</td><td>2.07</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>3.14</td><td>May.........</td><td>2.04</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>3.15</td><td>June.........</td><td>2.01</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>3.12</td><td>July.........</td><td>1.98</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>3.10</td><td>Aug.........</td><td>2.01</td><td>2.65</td><td>Aug.........</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Sept.........</td><td>2.63</td><td>3.12</td><td>Sept.........</td><td>2.02</td><td>2.64</td><td>Sept.........</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><td>Oct.........</td><td>2.55</td><td>3.06</td><td>Oct.........</td><td>1.98</td><td>2.34</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>3.04</td><td>Nov.........</td><td>1.95</td><td>2.34</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>3.02</td><td>Dec.........</td><td>2.06</td><td>2.47</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>2.96</td><td>1942-Jan.........</td><td>2.10</td><td>2.48</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>2.90</td><td>Feb.........</td><td>2.17</td><td>2.48</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>2.87</td><td>Mar.........</td><td>2.10</td><td>2.46</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>2.92</td><td>Apr.........</td><td>2.07</td><td>2.44</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>2.86</td><td>May.........</td><td>2.06</td><td>2.45</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>2.78</td><td>June.........</td><td>2.04</td><td>2.43</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>2.76</td><td>July.........</td><td>2.04</td><td>2.46</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>2.79</td><td>Aug.........</td><td>2.06</td><td>2.47</td><td>Aug.........</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.........</td><td>2.67</td><td>3.29</td><td>Sept.........</td><td>2.08</td><td>2.46</td><td>Sept.........</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct.........</td><td>2.60</td><td>3.14</td><td>Oct.........</td><td>2.09</td><td>2.45</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>2.93</td><td>Nov.........</td><td>2.10</td><td>2.47</td><td>Nov.........</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Dec.........</td><td>2.35</td><td>2.86</td><td>Dec.........</td><td>2.13</td><td>2.49</td><td></td><td></td><td></td><td></td></tr></table>
Weekly series - Saturday figures 5/
<table><tr><td>1945-June</td><td>2......</td><td>1.68</td><td>2.37</td><td>2.55</td><td>1945-Aug.</td><td>4......</td><td>1.65</td><td>2.34</td><td>2.54</td><td>1945-Oct.</td><td>6......</td><td>1.63</td><td>2.36</td><td>2.55</td></tr><tr><td></td><td>9......</td><td>1.64</td><td>2.36</td><td>2.55</td><td></td><td>11......</td><td>1.68</td><td>2.34</td><td>2.56</td><td></td><td>11......</td><td>1.62</td><td>2.35</td><td>2.55</td></tr><tr><td></td><td>16......</td><td>1.62</td><td>2.35</td><td>2.55</td><td></td><td>18......</td><td>1.69</td><td>2.36</td><td>2.56</td><td></td><td>20......</td><td>1.60</td><td>2.34</td><td>2.54</td></tr><tr><td></td><td>23......</td><td>1.62</td><td>2.34</td><td>2.54</td><td></td><td>25......</td><td>1.69</td><td>2.37</td><td>2.57</td><td></td><td>26......</td><td>1.60</td><td>2.35</td><td>2.55</td></tr><tr><td></td><td>30......</td><td>1.62</td><td>2.33</td><td>2.53</td><td></td><td>Sept. 1......</td><td>1.68</td><td>2.37</td><td>2.57</td><td></td><td>Nov. 3......</td><td>1.59</td><td>2.35</td><td>2.54</td></tr><tr><td>July</td><td>7......</td><td>1.62</td><td>2.34</td><td>2.52</td><td></td><td>8......</td><td>1.68</td><td>2.37</td><td>2.57</td><td></td><td>10......</td><td>1.58</td><td>2.33</td><td>2.56</td></tr><tr><td></td><td>14......</td><td>1.62</td><td>2.33</td><td>2.52</td><td></td><td>15......</td><td>1.69</td><td>2.37</td><td>2.55</td><td></td><td>17......</td><td>1.56</td><td>2.33</td><td>2.55</td></tr><tr><td></td><td>21......</td><td>1.63</td><td>2.34</td><td>2.52</td><td></td><td>22......</td><td>1.69</td><td>2.37</td><td>2.56</td><td></td><td>24......</td><td>1.54</td><td>2.32</td><td>2.54</td></tr><tr><td></td><td>28......</td><td>1.66</td><td>2.36</td><td>2.55</td><td></td><td>29......</td><td>1.66</td><td>2.36</td><td>2.56</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Daily Series
<table><tr><td>1945-Nov.</td><td>1......</td><td>1.59</td><td>2.35</td><td>2.54</td><td>1945-Nov.</td><td>12......</td><td>1.56</td><td>2.33</td><td>2.56</td><td>1945-Nov.</td><td>22......</td><td>1.54</td><td>2.33</td><td>2.54</td></tr><tr><td></td><td>2......</td><td>1.59</td><td>2.35</td><td>2.54</td><td></td><td>13......</td><td>1.56</td><td>2.33</td><td>2.55</td><td></td><td>23......</td><td>1.54</td><td>2.32</td><td>2.54</td></tr><tr><td></td><td>3......</td><td>1.59</td><td>2.35</td><td>2.54</td><td></td><td>14......</td><td>1.56</td><td>2.33</td><td>2.55</td><td></td><td>24......</td><td>1.54</td><td></td><td></td></tr><tr><td></td><td>5......</td><td>1.58</td><td>2.34</td><td>2.54</td><td></td><td>15......</td><td>1.56</td><td>2.33</td><td>2.55</td><td></td><td>26......</td><td>1.53</td><td>2.32</td><td>2.54</td></tr><tr><td></td><td>6......</td><td>1.58</td><td>2.34</td><td>2.54</td><td></td><td>16......</td><td>1.56</td><td>2.33</td><td>2.55</td><td></td><td>27......</td><td>1.53</td><td>2.33</td><td>2.54</td></tr><tr><td></td><td>7......</td><td>1.58</td><td>2.34</td><td>2.54</td><td></td><td>17......</td><td>1.56</td><td>2.33</td><td>2.55</td><td></td><td>28......</td><td>1.53</td><td>2.33</td><td>2.54</td></tr><tr><td></td><td>8......</td><td>1.58</td><td>2.33</td><td>2.54</td><td></td><td>18......</td><td>1.56</td><td>2.33</td><td>2.54</td><td></td><td>29......</td><td>1.53</td><td>2.33</td><td>2.54</td></tr><tr><td></td><td>9......</td><td>1.58</td><td>2.33</td><td>2.55</td><td></td><td>19......</td><td>1.56</td><td>2.33</td><td>2.54</td><td></td><td>30......</td><td>1.53</td><td>2.33</td><td>2.55</td></tr><tr><td></td><td>10......</td><td>1.58</td><td>2.33</td><td>2.56</td><td></td><td>20......</td><td>1.56</td><td>2.33</td><td>2.54</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>21......</td><td>1.55</td><td>2.33</td><td>2.54</td><td></td><td></td><td></td><td></td><td></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 50. 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 considerations 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 footnote 2.
5/ On days when the exchanges are closed, the date and prices of the previous day are used.
6/ Closed.
7/ Holiday.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series 1
Office of the Secretary of the Treasury, Division of Research and Statistics
F-220-C
Treasury Bulletin
January 1946
61
CORPORATIONS AND CERTAIN OTHER AGENCIES OF THE UNITED STATES GOVERNMENT
62
Treasury Bulletin
Section I - Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Three Months Ended September 30, 1945
Table 1.- Summary
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Operating income and expense</b></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>80,227</td><td>45,253</td><td>34,974</td></tr><tr><td>Interest or dividends on investments</td><td>12,423</td><td>11,713</td><td>710</td></tr><tr><td>Quaranty and insurance premiums</td><td>38,710</td><td>30,095</td><td>8,615</td></tr><tr><td>Sales of commodities or services</td><td>849,661</td><td>849,661</td><td>-</td></tr><tr><td>Rents and royalties</td><td>28,352</td><td>2,504</td><td>25,847</td></tr><tr><td>Other interest and rental income</td><td>2,162</td><td>799</td><td>1,363</td></tr><tr><td>Premiums, fees, and assessments</td><td>27,379</td><td>27,379</td><td>-</td></tr><tr><td>Program operations income</td><td>132,105</td><td>4,031</td><td>128,075</td></tr><tr><td>Miscellaneous</td><td>7,491</td><td>7,383</td><td>108</td></tr><tr><td>Total operating income</td><td>1,178,510</td><td>978,819</td><td>199,691</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>40,842</td><td>38,986</td><td>1,856</td></tr><tr><td>Quaranty and insurance losses</td><td>1,801</td><td>1,801</td><td>-</td></tr><tr><td>Cost of sales</td><td>810,066</td><td>810,066</td><td>-</td></tr><tr><td>General overhead expense</td><td>60,083</td><td>29,233</td><td>30,850</td></tr><tr><td>Depreciation and obsolescence</td><td>1,453</td><td>1,453</td><td>-</td></tr><tr><td>Program operations expenses</td><td>443,867</td><td>38,905</td><td>404,962</td></tr><tr><td>Maintenance and operation of properties</td><td>15,441</td><td>368</td><td>15,073</td></tr><tr><td>Miscellaneous</td><td>6,790</td><td>6,533</td><td>257</td></tr><tr><td>Total operating expense</td><td>1,380,354</td><td>927,355</td><td>452,999</td></tr><tr><td>Net operating income (or loss 1/)</td><td>-201,844</td><td>51,464</td><td>-253,308</td></tr><tr><td><b>Non-operating income (or loss 1/)</b></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-274,327</td><td>-263,349</td><td>-10,978</td></tr><tr><td>Loans receivable charged off</td><td>-2,450</td><td>-1,281</td><td>-1,169</td></tr><tr><td>Gain (or loss 1/) on acquired security or collateral</td><td>-1,155</td><td>-750</td><td>405</td></tr><tr><td>Gain (or loss 1/) on sale of miscellaneous assets</td><td>1,793</td><td>3,013</td><td>-1,220</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-374</td><td>-336</td><td>-39</td></tr><tr><td>Miscellaneous</td><td>-657</td><td>-662</td><td>4</td></tr><tr><td>Net non-operating income (or loss 1/)</td><td>-277,171</td><td>-263,394</td><td>-13,807</td></tr><tr><td>Net income (or loss 1/) before adjustment of valuation reserves</td><td>-479,015</td><td>-211,900</td><td>-267,114</td></tr><tr><td><b>Adjustment of valuation reserves</b></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-6,175</td><td>-4,456</td><td>-1,719</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>490</td><td>320</td><td>170</td></tr><tr><td>Other reserves</td><td>383</td><td>2,662</td><td>-2,279</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-5,302</td><td>-1,474</td><td>-3,828</td></tr><tr><td>Net income (or loss 1/)</td><td>-484,317</td><td>-213,374</td><td>-270,943</td></tr><tr><td><b>Analysis of unreserved earned surplus (or deficit)</b></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit 2/), June 30, 1945</td><td>-12,239,655 r</td><td>-3,341,865 r</td><td>-8,897,790 3/ r</td></tr><tr><td>Net income (or loss 1/) for the 3 months ended September 30, 1945</td><td>-484,317</td><td>-213,374</td><td>-270,943</td></tr><tr><td>Surplus adjustments</td><td>-36,129</td><td>135,355</td><td>-171,494</td></tr><tr><td>Unreserved earned surplus (or deficit 2/), September 30, 1945</td><td>-12,760,100</td><td>-3,419,874</td><td>-9,340,226 3/</td></tr></table><p>r Revised.</p><p>1/ Negative figures indicate loss.</p><p>2/ Negative figures indicate deficit.</p><p>3/ Represents excess of expenses and includes surplus reserves as well as unreserved surplus or deficit.</p>
January 1946
63
Section I - Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Three Months Ended September 30, 1945 - (Continued)
Table 2. - Corporations
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total</th><th colspan="3">Executive Office of the President<br>Office for Emergency Management</th><th colspan="4">Department of Agriculture<br>Farm Credit Administration<br>(continued on following page)</th></tr><tr><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>Bank for Cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 5/</th></tr><tr><td><b>Operating income and expense</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans.</td><td>45,253</td><td>-</td><td>-</td><td>366</td><td>1,198</td><td>700</td><td>1,160</td><td>11,127</td></tr><tr><td>Interest or dividends on investments.</td><td>11,713</td><td>-</td><td>-</td><td>-</td><td>-</td><td>349</td><td>215</td><td>838</td></tr><tr><td>Guaranty and insurance premiums.</td><td>30,095</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services.</td><td>849,661</td><td>223,877</td><td>-</td><td>37</td><td>-</td><td>14</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties.</td><td>2,504</td><td>75</td><td>-</td><td>655</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income.</td><td>799</td><td>-</td><td>-</td><td>-</td><td>99</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments.</td><td>27,379</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income.</td><td>4,031</td><td>-</td><td>59</td><td>-</td><td>-</td><td>-</td><td>-</td><td>34</td></tr><tr><td>Miscellaneous.</td><td>7,353</td><td>121</td><td>-</td><td>-</td><td>109</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income.</td><td>978,819</td><td>224,077</td><td>59</td><td>1,099</td><td>1,406</td><td>1,065</td><td>1,378</td><td>11,999</td></tr><tr><td><b>Operating expense</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds.</td><td>38,986</td><td>920</td><td>-</td><td>-</td><td>3,084</td><td>56</td><td>676</td><td>4,655</td></tr><tr><td>Guaranty and insurance losses.</td><td>1,801</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales.</td><td>810,066</td><td>228,233</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expense.</td><td>29,233</td><td>1,995</td><td>834</td><td>2,390</td><td>766</td><td>310</td><td>381</td><td>2,460</td></tr><tr><td>Depreciation and obsolescence.</td><td>1,463</td><td>-</td><td>-</td><td>499</td><td>157</td><td>-</td><td>-</td><td>26</td></tr><tr><td>Program operations expense.</td><td>38,905</td><td>1,856</td><td>-</td><td>-</td><td>18,614 6/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties.</td><td>368</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous.</td><td>6,533</td><td>14</td><td>-</td><td>1</td><td>-</td><td>-</td><td>14</td><td>-</td></tr><tr><td>Total operating expenses.</td><td>927,355</td><td>232,978</td><td>834</td><td>2,891</td><td>22,630</td><td>367</td><td>1,071</td><td>7,141</td></tr><tr><td>Net operating income (or loss 1/).</td><td>51,464</td><td>-8,901</td><td>-175</td><td>-1,832</td><td>-21,224</td><td>698</td><td>307</td><td>4,858</td></tr><tr><td><b>Non-operating income (or loss 1/)</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions.</td><td>-263,349</td><td>-995</td><td>-3,393</td><td>-</td><td>-3,914</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off.</td><td>-1,251</td><td>-</td><td>-</td><td>-108</td><td>-552</td><td>1</td><td>-</td><td>-9</td></tr><tr><td>Gain (or loss 1/.) on acquired security or collateral.</td><td>-750</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>233</td></tr><tr><td>Gain (or loss 1/.) on sale of miscellaneous assets.</td><td>3,013</td><td>-64</td><td>-</td><td>-31</td><td>-</td><td>11</td><td>387</td><td>187</td></tr><tr><td>Miscellaneous assets charged off (net).</td><td>-338</td><td>-</td><td>-55</td><td>-25</td><td>-</td><td>-</td><td>-</td><td>142</td></tr><tr><td>Miscellaneous.</td><td>-662</td><td>-907</td><td>-</td><td>-4</td><td>-</td><td>-</td><td>-164</td><td>34</td></tr><tr><td>Net non-operating income (or loss 1/).</td><td>-263,394</td><td>-1,166</td><td>-3,448</td><td>-172</td><td>-4,466</td><td>12</td><td>223</td><td>487</td></tr><tr><td>Net income (or loss 1/.) before adjustment of valuation reserves.</td><td>-211,900</td><td>-10,067</td><td>-4,223</td><td>-2,004</td><td>-25,690</td><td>711</td><td>530</td><td>5,345</td></tr><tr><td><b>Adjustment of valuation reserves</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans.</td><td>-4,456</td><td>-1,800</td><td>-</td><td>-27</td><td>-</td><td>-9</td><td>-</td><td>-393</td></tr><tr><td>Reserves for losses on acquired security or collateral.</td><td>320</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>164</td></tr><tr><td>Other reserves.</td><td>2,662</td><td>1,800</td><td>-</td><td>-</td><td>852</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves.</td><td>-1,474</td><td>-</td><td>-</td><td>-27</td><td>852</td><td>-9</td><td>-</td><td>-229</td></tr><tr><td>Net income (or loss 1/).</td><td>-213,374</td><td>-10,067</td><td>-4,223</td><td>-2,030</td><td>-24,838 8/</td><td>701</td><td>531</td><td>5,116</td></tr><tr><td><b>Analysis of unreserved earned surplus (or deficit)</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit 2/).</td><td>-3,341,865 r</td><td>-183,209 r</td><td>-54,119</td><td>-20,811</td><td>-1,297,843 r</td><td>26,813 r</td><td>22,422 r</td><td>71,556 r</td></tr><tr><td>Net income (or loss 1/.) for three months ended September 30, 1945.</td><td>-213,374</td><td>-10,067</td><td>-4,223</td><td>-2,030</td><td>-24,838 8/</td><td>701</td><td>531</td><td>5,116</td></tr><tr><td>Surplus adjustments.</td><td>135,365</td><td>16,337</td><td>-</td><td>187</td><td>-8,511</td><td>-</td><td>-</td><td>-697</td></tr><tr><td>Unreserved earned surplus (or deficit 2/).</td><td>-3,419,674</td><td>-176,939</td><td>-58,342</td><td>-22,655</td><td>-1,331,192</td><td>27,515</td><td>22,953</td><td>75,976</td></tr></table>
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
2/ Consists of Petroleum Reserves Corporation, Rubber Development Corporation, and U. S. Commercial Company.
3/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc. Inter-American Navigation Corporation, and Prenicoradio, Inc.
(Continued on following page)
64
Treasury Bulletin
Section I
Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Three Months Ended September 30, 1945 - (Continued)
Table 2.-
Corporations1/ - (Continued)
(In thousands of dollars)
<table><tr><th></th><th colspan="3">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>Production credit corporations</th><th>Federal 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 10/</th><th>The Virgin Islands Company</th><th>Federal Prison Industries, Inc.</th></tr><tr><td>Operating income and expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>-</td><td>72</td><td>3,960</td><td>-</td><td>-</td><td>16</td><td>-</td><td>-</td></tr><tr><td>Interest or dividends on investments</td><td>407</td><td>-</td><td>-</td><td>4,240</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Quaranty and insurance premiums</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td><td>14</td><td>3,940</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>13</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,693</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>408</td><td>85</td><td>3,991</td><td>4,240</td><td>-</td><td>1,759</td><td>14</td><td>3,940</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>-</td><td>-</td><td>458</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Quaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>1,753</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>3,232</td></tr><tr><td>General overhead expense</td><td>372</td><td>128</td><td>1,781</td><td>3,742 11/6</td><td>-</td><td>96</td><td>9</td><td>85</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>117</td><td>3</td><td>-</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,136</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>301</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expenses</td><td>372</td><td>128</td><td>2,239</td><td>5,511</td><td>-</td><td>1,656</td><td>27</td><td>3,317 12/6</td></tr><tr><td>Net operating income (or lose 1/)</td><td>35</td><td>-143</td><td>1,753</td><td>-1,271</td><td>-</td><td>104</td><td>-12</td><td>623</td></tr><tr><td>Non-operating income (or lose 1/)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or lose 1/) on acquired security or collateral</td><td>-</td><td>-</td><td>-62</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or lose 1/) on sale of miscellaneous assets</td><td>2,218</td><td>-265</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-389</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24</td></tr><tr><td>Net non-operating income (or loss 1/)</td><td>1,829</td><td>-265</td><td>-48</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24</td></tr><tr><td>Net income (or lose 1/) before adjustment of valuation reserves</td><td>1,864</td><td>-308</td><td>1,705</td><td>-1,271</td><td>-</td><td>104</td><td>-12</td><td>647</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>264</td><td>-2,963</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>157</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>7</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>7</td><td>268</td><td>-2,806</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or lose 1/)</td><td>1,871</td><td>-40</td><td>-1,101</td><td>-1,271</td><td>-</td><td>104</td><td>-13</td><td>647</td></tr><tr><td>Analysis of unreserved earned surplus (or deficit)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit 2/)</td><td>June 30, 1945</td><td>12,716</td><td>-7,449</td><td>54,704</td><td>-70,594</td><td>2,673</td><td>172</td><td>25 r</td><td>17,394</td></tr><tr><td>Net income (or lose 1/) for three months ended September 30, 1945</td><td>1,871</td><td>-40</td><td>-1,101</td><td>-1,271</td><td>-</td><td>-</td><td>104</td><td>-13</td><td>647</td></tr><tr><td>Surplus adjustments</td><td>-</td><td>-</td><td>-</td><td>-2,529</td><td>-</td><td>-</td><td>1</td><td>-38</td><td>-47</td></tr><tr><td>Unreserved earned surplus (or deficit 2/), September 30, 1945</td><td>14,587</td><td>-7,489</td><td>53,603</td><td>-74,333</td><td>2,673</td><td>276</td><td>-25</td><td>17,995</td></tr></table>
4) With respect to basic commodities operations, transactions are reflected only through August 31, 1945; transactions relating to supply programs (processed foods) activities have not yet been reported for the current year.
5) Includes activities of the Federal Land Banks of Berkeley, Springfield, Louisville, Houston, St. Louis, and Spokane, which have
6 Figures are shown net; figures for gross sales and cost of sales are not available. 
7 Negative figures indicate loss. 
8 Includes indirect grants, subsidies, and contributions.
(Continued on following page)
January 1946
65
Section I - Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Three Months Ended September 30, 1945 - (Continued)
Table 2. - Corporations1/ - (Continued)
(In thousands of dollars)
<table><tr><th></th><th>Department of War</th><th></th><th></th><th colspan="4">Federal Loan Agency</th></tr><tr><th></th><th>United States Spruce /Production Corporation 13/</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th>Reconstruction Finance Corporation and certain affiliates</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>War Damage Corporation 20/</th></tr><tr><th colspan="8">Operating income and expense</th></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>-</td><td>1,580</td><td>-</td><td>11,484</td><td>107</td><td>491</td><td>-</td></tr><tr><td>Interest or dividends on investments</td><td>1</td><td>-</td><td>5,180</td><td>2,552</td><td>4</td><td>60</td><td>-</td></tr><tr><td>Quaranty and insurance premiums</td><td>-</td><td>-</td><td>24,389</td><td>54</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>595,691</td><td>*</td><td>60</td><td>-</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>2</td><td>341</td><td>25</td><td>258</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>-</td><td>36</td><td>27,126</td><td>-11</td><td>180</td><td>-</td></tr><tr><td>Program operations income</td><td>-</td><td>-</td><td>-</td><td>1,354</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>6</td><td>6,034</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>2</td><td>1,921</td><td>29,636</td><td>644,590</td><td>100</td><td>801</td><td>-</td></tr><tr><td colspan="8">Operating expense</td></tr><tr><td>Interest on borrowed funds</td><td>-</td><td>-</td><td>-</td><td>24,781</td><td>15/</td><td>-</td><td>242</td></tr><tr><td>Quaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>38</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>553,136</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expense</td><td>6</td><td>82</td><td>938</td><td>5,852</td><td>100</td><td>194</td><td>-</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>31</td><td>-</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>11,720</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>4</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>6,378</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>6</td><td>82</td><td>941</td><td>611,905</td><td>100</td><td>472</td><td>-</td></tr><tr><td>Net operating income (or loss 1/)</td><td>-3</td><td>1,839</td><td>28,695</td><td>32,685</td><td>*</td><td>329</td><td>-</td></tr><tr><td colspan="8">Non-operating income (or loss 1/)</td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-254,156</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>-</td><td>-626</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss 1/) on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td></tr><tr><td>Gain (or loss 1/) on sale of miscellaneous assets</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-</td><td>-</td><td>-</td><td>-16</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-278</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Net non-operating income (or loss 1/)</td><td>-</td><td>-</td><td>21</td><td>-255,077</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Net income (or loss 1/) before adjustment of valuation reserves</td><td>-3</td><td>1,839</td><td>28,715</td><td>-222,391</td><td>1</td><td>330</td><td>-</td></tr><tr><td colspan="8">Adjustment of valuation reserve</td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss 1/)</td><td>-3</td><td>1,839</td><td>28,715</td><td>-222,391</td><td>1</td><td>330</td><td>-</td></tr><tr><td colspan="8">Analysis of unreserved earned surplus (or deficit)</td></tr><tr><td>Unreserved earned surplus (or deficit 2/)</td><td>105</td><td>24,446</td><td>16/</td><td>-1,820,618 r</td><td>1,949</td><td>2,579</td><td>-372</td></tr><tr><td>Net income (or loss 1/) for three months ended September 30, 1945</td><td>-3</td><td>1,839</td><td>28,715</td><td>-222,391</td><td>1</td><td>330</td><td>-</td></tr><tr><td>Surplus adjustments</td><td>-</td><td>-</td><td>-28,715</td><td>162,441</td><td>-</td><td>-</td><td>-6</td></tr><tr><td>Unreserved earned surplus (or deficit 2/)</td><td>102</td><td>26,284</td><td>16/</td><td>-1,880,568</td><td>1,949</td><td>2,910</td><td>-378</td></tr></table>
Negative figures indicate deficit.
Figures are for the two months ended August 31, 1945, and include Warrior River Terminal Company, Inc., a wholly owned subsidiary.
Represents administrative expenses paid from General Fund Appropriations. The insurance program is not intended to absorb the cost of administering the Act.
12/ Depreciation charges for the period included within various operating expense accounts.
13/ World War I corporation in liquidation.
14/ 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
(Continued on following page)
Treasury Bulletin
66
Section 1 - Income and Expense of Corporations and Certain Other Agencies of the United States Government, for the Three Months Ended September 30, 1945 - (Continued)
Table 2.- Corporations1/-(Continued)
(In thousands of dollars)
<table><tr><th colspan="2">National Housing Agency</th><th colspan="5">Federal Home Loan Bank Administration</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></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 17/</th><th>Federal Public Housing Authority 18/</th><th>Defense Homes Corporation</th></tr><tr><td colspan="2">Operating income and expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td></td><td>509</td><td>923</td><td>10,529</td><td>-</td><td>1,920</td><td>9</td><td>1</td><td>24</td></tr><tr><td>Interest or dividends on investments</td><td></td><td>754</td><td>1,412</td><td>334</td><td>-</td><td>-</td><td>-</td><td>64</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td></td><td>-</td><td>-</td><td>52</td><td>-</td><td>-</td><td>209</td><td>14,052</td><td>11,745</td></tr><tr><td>Rents and royalties</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,688</td><td>-</td><td>67</td></tr><tr><td>Other interest and rental income</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td></td><td>1</td><td>1</td><td>-</td><td>-</td><td>836</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>1,110</td></tr><tr><td>Total operating income</td><td></td><td>1,263</td><td>2,336</td><td>10,915</td><td>-</td><td>2,806</td><td>1,906</td><td>14,116</td><td>12,946</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td></td><td>139</td><td>-</td><td>2,438</td><td>-</td><td>958</td><td>412</td><td>-</td><td>167</td></tr><tr><td>Guaranty and insurance losses</td><td></td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>116</td><td>10,169</td><td>5,165</td></tr><tr><td>General overhead expense</td><td></td><td>206</td><td>78</td><td>1,571</td><td>-</td><td>885</td><td>27</td><td>2,631</td><td>1,349</td></tr><tr><td>Depreciation and obsolescence</td><td></td><td>-</td><td>-</td><td>13</td><td>-</td><td>-</td><td>388</td><td>21</td><td>-</td></tr><tr><td>Program operations expense</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>109</td><td>926</td><td>-</td><td>4,545</td></tr><tr><td>Maintenance and operation of properties</td><td></td><td>-</td><td>-</td><td>56</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td></td><td>119</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td></td><td>463</td><td>82</td><td>4,085</td><td>-</td><td>1,951</td><td>1,870</td><td>13,012</td><td>11,22612</td></tr><tr><td>Net operating income (or loss I)</td><td></td><td>801</td><td>2,255</td><td>6,830</td><td>-</td><td>854</td><td>36</td><td>1,104</td><td>1,720</td></tr><tr><td>Non-operating income (or loss I/)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1,291</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss I/) on acquired security or collateral</td><td></td><td>-</td><td>-</td><td>-922</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss I/) on sale of miscellaneous assets</td><td></td><td>144</td><td>-</td><td>-</td><td>-</td><td>-</td><td>105</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td></td><td>*</td><td>107</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td></td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-</td></tr><tr><td>Net non-operating income (or loss I/)</td><td></td><td>143</td><td>107</td><td>-685</td><td>-</td><td>-1,291</td><td>105</td><td>-1</td><td>-</td></tr><tr><td>Net income (or loss I/) before adjustment of valuation reserve</td><td></td><td>1,244</td><td>2,362</td><td>6,145</td><td>-</td><td>-437</td><td>141</td><td>1,103</td><td>1,720</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td></td><td>-</td><td>-</td><td>473</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td></td><td>-</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td></td><td>-</td><td>-</td><td>471</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss I/)</td><td></td><td>1,244</td><td>2,362</td><td>6,615</td><td>-</td><td>-437</td><td>141</td><td>1,103</td><td>1,72019</td></tr><tr><td>Analysis of unreserved earned surplus (or deficit)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit 2/)</td><td></td><td>8,053</td><td>16/</td><td>-106,089</td><td>-33,911</td><td>-30,166</td><td>1,969</td><td>47,438</td><td>-11,699</td></tr><tr><td>June 30, 1945</td><td></td><td>1,244</td><td>2,362</td><td>6,615</td><td>-</td><td>-437</td><td>141</td><td>1,103</td><td>1,72019</td></tr><tr><td>Net income (or loss I/) for three months ended September 30, 1945</td><td></td><td>-341</td><td>-2,362</td><td>-</td><td>-</td><td>-189</td><td>-1</td><td>-165</td><td>-</td></tr><tr><td>Surplus adjustment</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit 2/)</td><td>September 30, 1945</td><td>8,956</td><td>16/</td><td>-99,473</td><td>-33,911</td><td>-30,793</td><td>2,110</td><td>48,376</td><td>-9,979</td></tr></table>
Corporation were dissolved and merged within the Reconstruction Finance Corporation.
15/16 Excludes cost of financing war subsidiaries.
The total surplus is shown as liability reserves to cover possible insurance losses.
17/16 All assets and liabilities liquidated.
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 3.
The net income from power operations has been reduced by the net outlay for non-revenue producing programs such as flood control, navigation, and experimental projects.
War Damage Corporation, now shown separately, was included in the October 1945 issue of the "Treasury Bulletin" in "Other" under Federal Loan Agency with the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company and Rubber Reserve Company which were dissolved and merged with the Reconstruction Finance Corporation effective July 1, 1945.
January 1946
67
Section I - Income and Expense of Corporations and Certain Other Agencies of the United States Government, for the Three Months Ended September 30, 1945 - (Continued)
Table 3.- Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management Var Shipping Administration 1/</th><th>Department of Agriculture Farm Credit Administration 2/</th><th>Department of Agriculture Farm Security Administration</th><th>Department of Agriculture Rural Electrification Administration</th><th>Department of the Interior 3/</th><th>National Housing Agency</th><th>United States Maritime Commission</th><th>Other 5/</th></tr><tr><td colspan="10">Operating income and expense</td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans.</td><td>34,974</td><td>-</td><td>757</td><td>4,403</td><td>1,925</td><td>22</td><td>501</td><td>12</td><td>65</td><td>27,289</td></tr><tr><td>Interest or dividends on investments.</td><td>710</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>710</td><td>6,219</td><td>-</td><td>2,396</td></tr><tr><td>Guaranty and insurance premiums.</td><td>3,615</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties.</td><td>25,847</td><td>-</td><td>-</td><td>85</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,334</td><td>25,760</td></tr><tr><td>Other interest and rental income.</td><td>1,353</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td></tr><tr><td>Premiums, fees, and assessments.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>296</td><td>-</td></tr><tr><td>Program operations income.</td><td>128,075</td><td>127,779</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>108</td><td>1</td><td>-</td></tr><tr><td>Miscellaneous.</td><td>108</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income.</td><td>199,691</td><td>127,779</td><td>757</td><td>4,509</td><td>1,925</td><td>22</td><td>501</td><td>7,043</td><td>1,695</td><td>55,456</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds.</td><td>1,856</td><td>-</td><td>-</td><td>674</td><td>1,078</td><td>-</td><td>104</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales.</td><td>-</td><td>794</td><td>3,845</td><td>7,579</td><td>732</td><td>44</td><td>953</td><td>2,807</td><td>8,298</td><td>5,797</td></tr><tr><td>General overhead expense.</td><td>30,850</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depreciation and obsolescence.</td><td>404,962</td><td>404,633</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>149</td><td>180</td></tr><tr><td>Program operations expense.</td><td>15,073</td><td>-</td><td>76</td><td>-</td><td>-</td><td>-</td><td>-</td><td>365</td><td>14,631</td><td>3</td></tr><tr><td>Maintenance and operation of properties.</td><td>257</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>255</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous.</td><td>452,999</td><td>405,427</td><td>3,845</td><td>8,329</td><td>1,810</td><td>44</td><td>953</td><td>3,166</td><td>8,513</td><td>20,612</td></tr><tr><td>Total operating expense.</td><td>-253,308</td><td>-277,648</td><td>-3,038</td><td>-3,820</td><td>115</td><td>-22</td><td>-452</td><td>3,882</td><td>-7,118</td><td>34,844</td></tr><tr><td>Net operating income (or loss 6/).</td><td>-10,978</td><td>-</td><td>-</td><td>-33</td><td>-</td><td>-</td><td>-10,945</td><td>-</td><td>-</td><td>-6</td></tr><tr><td>Direct grants, subsidies, and contributions.</td><td>-1,169</td><td>-</td><td>-1,017</td><td>-35</td><td>-</td><td>-111</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off.</td><td>-</td><td>-</td><td>1</td><td>-15</td><td>-</td><td>-</td><td>-</td><td>-391</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss 6/.) on acquired security or collateral.</td><td>-1,220</td><td>-</td><td>-</td><td>-1,221</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss 6/.) on sale of miscellaneous assets</td><td>-39</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-38</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net).</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net non-operating income (or loss 6/).</td><td>-13,807</td><td>-</td><td>-1,016</td><td>-1,299</td><td>-</td><td>-150</td><td>-10,945</td><td>-390</td><td>-</td><td>-5</td></tr><tr><td>Net income (or loss 6/.) before adjustment of valuation reserves.</td><td>-267,114</td><td>-277,648</td><td>-4,104</td><td>-5,120</td><td>115</td><td>-172</td><td>-11,397</td><td>3,491</td><td>-7,118</td><td>34,838</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans.</td><td>-1,719</td><td>-</td><td>-</td><td>-1,627</td><td>-92</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral.</td><td>170</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>160</td><td>-</td><td>-</td></tr><tr><td>Other reserves.</td><td>-2,279</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2,273</td></tr><tr><td>Net adjustment of valuation reserves.</td><td>-3,828</td><td>-</td><td>4</td><td>-1,627</td><td>-92</td><td>-</td><td>-</td><td>160</td><td>-</td><td>-2,273</td></tr><tr><td>Net income (or loss 6/).</td><td>-270,943</td><td>-277,648</td><td>-4,101</td><td>-6,747</td><td>22</td><td>-172</td><td>-11,397</td><td>3,652</td><td>-7,118</td><td>32,565</td></tr><tr><td>Analysis of earned surplus (or deficit)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Earned surplus (or deficit 1/), June 30, 1945.</td><td>-5,897,790</td><td>-5,683,103</td><td>-497,535</td><td>-510,664</td><td>-7,154</td><td>-56,132</td><td>-1,855,147</td><td>28,895</td><td>-384,938</td><td>67,968</td></tr><tr><td>Net income (or loss 6/.) for three months ended September 30, 1945.</td><td>-270,943</td><td>-277,648</td><td>-4,101</td><td>-6,747</td><td>22</td><td>-172</td><td>-11,397</td><td>3,652</td><td>-7,118</td><td>32,565</td></tr><tr><td>Surplus adjustments.</td><td>-171,494</td><td>-145,002</td><td>-737</td><td>-</td><td>38</td><td>4,558</td><td>-</td><td>-2,603</td><td>-21,795</td><td>-</td></tr><tr><td>Earned surplus (or deficit 1/), September 30, 1945.</td><td>-9,340,226</td><td>-6,105,752</td><td>-502,372</td><td>-517,411</td><td>-7,135</td><td>-56,266</td><td>-1,861,986</td><td>32,547</td><td>-394,659</td><td>72,807</td></tr></table>
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/ Negative figures indicate loss.
7/ Negative figures indicate deficit.
Revised. Less than $500. Figures are for the two months ended August 31, 1945. 1/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. 2/ Consists of Indian Loans, Puerto Rican Hurricane Relief Loan Section, and Puerto Rico Reconstruction Administration. 3/ Consists of Public Works Administration and War Public Works, community facilities.
Treasury Bulletin
68
Section II - Sources and Application of Funds of Corporations and Certain Other Agencies of the
United States Government, for the Three Months Ended September 30, 1945
Table 1.- Summary
(In thousands of dollars)
<table><tr><th></th><th>Total 1/</th><th>Corporations</th><th>Certain other agencies 1/</th></tr><tr><td><b>Sources of funds</b></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>720,000</td><td>720,000</td><td>-</td></tr><tr><td>From Government agencies</td><td>282,211</td><td>246,301</td><td>35,911</td></tr><tr><td>From public</td><td>452,735</td><td>450,136</td><td>2,399</td></tr><tr><td>Total borrowings</td><td>1,454,947</td><td>1,416,637</td><td>38,310</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>30,350</td><td>30,350</td><td>-</td></tr><tr><td>By Government agencies</td><td>3,939</td><td>3,939</td><td>-</td></tr><tr><td>By public</td><td>5,837</td><td>5,837</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>40,127</td><td>40,127</td><td>-</td></tr><tr><td>Appropriations 2/</td><td>1,482,594</td><td>21,087</td><td>1,461,507</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>103,409</td><td>103,394</td><td>15</td></tr><tr><td>Securities of Government agencies</td><td>402,357</td><td>2,000</td><td>400,357</td></tr><tr><td>Other securities</td><td>20,870</td><td>20,197</td><td>673</td></tr><tr><td>Total sale or collection of investments</td><td>526,636</td><td>125,591</td><td>401,045</td></tr><tr><td>Repayments on loans</td><td>1,000,081</td><td>960,704</td><td>39,377</td></tr><tr><td>Sale of acquired security or collateral</td><td>13,435</td><td>7,744</td><td>5,691</td></tr><tr><td>Decrease in working capital and deferred items 3/</td><td>128,313 3/</td><td>80,781</td><td>47,532</td></tr><tr><td>Funds provided by profit on operations 4/ 5/</td><td>93,054 5/</td><td>56,223</td><td>36,831</td></tr><tr><td>Other sources</td><td>157,238</td><td>97,749</td><td>59,489</td></tr><tr><td>Total funds provided</td><td>4,896,424</td><td>2,806,643</td><td>2,089,781</td></tr><tr><td><b>Application of funds</b></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>400,357</td><td>400,357</td><td>-</td></tr><tr><td>To Government agencies</td><td>252,900</td><td>248,832</td><td>4,067</td></tr><tr><td>To public</td><td>430,887</td><td>430,887</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>1,084,144</td><td>1,080,077</td><td>4,067</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>63,561</td><td>62,874</td><td>687</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>5,339</td><td>5,339</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>68,901</td><td>68,214</td><td>687</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>177,034</td><td>174,734</td><td>2,300</td></tr><tr><td>Securities of Government agencies</td><td>720,751</td><td>751</td><td>720,000</td></tr><tr><td>Other securities</td><td>14,081</td><td>14,080</td><td>1</td></tr><tr><td>Total purchase of investments</td><td>911,865</td><td>189,564</td><td>722,301</td></tr><tr><td>Loans made</td><td>853,355</td><td>775,497</td><td>77,858</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>10,480</td><td>1,985</td><td>8,495</td></tr><tr><td>Acquisition and improvement of land, structure, and equipment</td><td>724,459</td><td>106,971</td><td>617,488</td></tr><tr><td>Increase in working capital and deferred items</td><td>412,167</td><td>228,573</td><td>183,594</td></tr><tr><td>Funds applied to lose on operations 4/</td><td>772,742 4/</td><td>330,006</td><td>442,736</td></tr><tr><td>Other applications</td><td>58,310</td><td>25,756</td><td>32,554</td></tr><tr><td>Total funds applied</td><td>4,896,424</td><td>2,806,643</td><td>2,089,781</td></tr><tr><td><b>Adjustments of net income (or loss)</b></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss 6/)</td><td>-477,198 1/</td><td>-213,374</td><td>-263,824 1/</td></tr><tr><td>Depreciation and obsolescence</td><td>4,522</td><td>4,522</td><td>-</td></tr><tr><td>Assets charged off</td><td>2,943</td><td>1,772</td><td>1,171</td></tr><tr><td>Capital gains 8/ and losses</td><td>-851</td><td>-2,474</td><td>1,623</td></tr><tr><td>Adjustments of valuation reserves</td><td>4,631</td><td>3,243</td><td>1,388</td></tr><tr><td>Other adjustments</td><td>-213,734</td><td>-67,472</td><td>-146,262</td></tr><tr><td>Funds provided by profit on operations</td><td>93,054</td><td>56,223</td><td>36,831</td></tr><tr><td>Funds applied to lose on operations</td><td>772,742</td><td>330,006</td><td>442,736</td></tr></table>
Less than $500.
1/ Excludes United States Maritime Commission and Puerto Rico Reconstruction Administration.
2/ Represents net expenditures from appropriated funds.
3/ The increase in working capital and deferred items is shown below under "Application of Funds".
4/ For additional information, see the adjustments of net income or loss at bottom of table.
5/ Funds applied to loss on operations are shown below under "Application of Funds".
6/ Negative figures indicate net loss.
7/ This figure excludes United States Maritime Commission; the corresponding figure in the preceding statement of income and expense includes the United States Maritime Commission.
8/ Negative figures indicate capital gain.
January 1946
69
ection II -
Sources and Application of Funds of Corporations and Certain Other Agencies of the
United States Government, for the Three Months Ended September 30, 1945 - (Continued)
Table 2.- Corporations
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total</th><th colspan="3">Executive Office of the President</th><th colspan="4">Department of Agriculture (continued on following page)</th></tr><tr><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>Farm Credit Administration (continued on following page)</th><th>Bankers for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 5/</th></tr><tr><td colspan="9">Sources of funds</td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>720,000</td><td></td><td>-</td><td>-</td><td>360,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>246,301</td><td>238,658</td><td>-</td><td>-</td><td>-</td><td>7,060</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>450,336</td><td>-</td><td>-</td><td>-</td><td>87,411</td><td>-</td><td>87,530</td><td>-</td><td>243,395</td></tr><tr><td>Total borrowings</td><td>1,416,637</td><td>238,658</td><td>-</td><td>-</td><td>447,411</td><td>7,060</td><td>87,530</td><td>-</td><td>243,395</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>30,350</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>3,939</td><td>-</td><td>3,939</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>5,857</td><td>-</td><td>13</td><td>-</td><td>-</td><td>2,140</td><td>-</td><td>1,657</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>40,127</td><td>-</td><td>3,953</td><td>-</td><td>-</td><td>2,140</td><td>-</td><td>1,657</td><td>-</td></tr><tr><td>Appropriations 6/</td><td>21,087</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of 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>103,394</td><td>-</td><td>-</td><td>-</td><td>-</td><td>295</td><td>11,086</td><td>-</td><td>10,719</td></tr><tr><td>Securities of Government agencies</td><td>2,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,000</td></tr><tr><td>Other securities</td><td>20,197</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,004</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>125,591</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,299</td><td>11,086</td><td>-</td><td>11,719</td></tr><tr><td>Repayments on loans</td><td>960,704</td><td>-</td><td>-</td><td>27,275</td><td>87,616</td><td>91,059</td><td>184,291</td><td>-</td><td>57,768</td></tr><tr><td>Sale of acquired security or collateral</td><td>7,744</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>1,321</td></tr><tr><td>Decrease in working capital and deferred items 1/</td><td>80,781 1/</td><td>3,203</td><td>490</td><td>-</td><td>-</td><td>7,552</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations 8/ 9/</td><td>56,223 9/</td><td>900</td><td>4</td><td>353</td><td>26,070</td><td>701</td><td>142</td><td>2 10/</td><td>4,969</td></tr><tr><td>Other sources</td><td>97,749</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2 10/</td><td>239 10/</td><td>-</td></tr><tr><td>Total funds provided</td><td>2,806,043</td><td>242,761</td><td>4,446</td><td>27,628</td><td>561,098</td><td>110,814</td><td>283,050</td><td>-</td><td>321,069</td></tr><tr><td colspan="9">Application of funds</td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>400,357</td><td>-</td><td>-</td><td>-</td><td>227,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>248,832</td><td>223,512</td><td>-</td><td>-</td><td>-</td><td>11,102</td><td>1,000</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>430,887</td><td>-</td><td>-</td><td>-</td><td>35,036</td><td>-</td><td>90,410</td><td>-</td><td>249,600</td></tr><tr><td>Total repayment of borrowings</td><td>1,080,077</td><td>223,512</td><td>-</td><td>-</td><td>262,036</td><td>11,102</td><td>91,410</td><td>-</td><td>249,600</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>62,874</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,488</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>5,339</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,828</td><td>-</td><td>-</td><td>3,167</td></tr><tr><td>Total repayment of paid-in capital</td><td>68,214</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,828</td><td>-</td><td>-</td><td>15,655</td></tr><tr><td>Purchase of 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>174,734</td><td>-</td><td>-</td><td>-</td><td>-</td><td>283</td><td>10,921</td><td>-</td><td>6,707</td></tr><tr><td>Securities of Government agencies</td><td>751</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>14,080</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14,080</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>189,564</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14,363</td><td>10,921</td><td>-</td><td>6,707</td></tr><tr><td>Loans made</td><td>775,497</td><td>2,363</td><td>115</td><td>21,593</td><td>121,474</td><td>83,521</td><td>164,533</td><td>-</td><td>32,157</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>1,985</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>302</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>106,971</td><td>-</td><td>5</td><td>428</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Increase in working capital and deferred items</td><td>228,573</td><td>9,269</td><td>158</td><td>4,454</td><td>144,105</td><td>-</td><td>15,983</td><td>-</td><td>15,947</td></tr><tr><td>Funds applied to loss on operations 8/</td><td>330,006 8/</td><td>2,984</td><td>4,168</td><td>1,153</td><td>33,482</td><td>-</td><td>-</td><td>203 10/</td><td>700 10/</td></tr><tr><td>Other applications</td><td>25,756</td><td>4,633</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>2,806,043</td><td>242,761</td><td>4,446</td><td>27,628</td><td>561,098</td><td>110,814</td><td>283,050</td><td>-</td><td>321,069</td></tr><tr><td colspan="9">Adjustments of net income (or loss)</td></tr><tr><td>Net income (or loss 11/)</td><td>-213,374</td><td>-10,067</td><td>-4,223</td><td>-2,030</td><td>-24,838</td><td>701</td><td>531</td><td>-</td><td>5,116</td></tr><tr><td>Depreciation and obsolescence</td><td>4,522</td><td>-</td><td>-</td><td>499</td><td>167</td><td>-</td><td>-</td><td>-</td><td>26</td></tr><tr><td>Assets charged off</td><td>1,772</td><td>-</td><td>55</td><td>133</td><td>552</td><td>1</td><td>-</td><td>-</td><td>11</td></tr><tr><td>Capital gains 12/ and losses</td><td>-2,474</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-12</td><td>-387</td><td>-</td><td>-143</td></tr><tr><td>Adjustments of valuation reserves</td><td>3,243</td><td>1,800</td><td>-</td><td>27</td><td>-652</td><td>10</td><td>-2</td><td>-</td><td>229</td></tr><tr><td>Other adjustments</td><td>-67,472</td><td>5,283</td><td>-</td><td>187</td><td>-3,511</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>56,223</td><td>-</td><td>-</td><td>-</td><td>-</td><td>701</td><td>142</td><td>-</td><td>4,969</td></tr><tr><td>Funds applied to loss on operations</td><td>330,006</td><td>2,984</td><td>4,168</td><td>1,153</td><td>33,482</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
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
2/ Corporation or production credit corporations. Consists of Petroleum Reserve Corporation, Rubber Development Corporation, and U. S. Commercial Company.
3/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Education Foundation, Inc., Inter-American Navigation Corporation, and Prencinradio, Inc.
(Continued on following page)
70
Treasury Bulletin
Section II - Sources and Application of Funds of Corporations and Certain Other Agencies of the United States Government, for the Three Months Ended September 30, 1945 - (Continued)
Table 2.- Corporations1/ - (Continued)
(In thousands of dollars)
<table><tr><th></th><th colspan="4">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>Production credit corporations</th><th>Regional Agricultural Credit Corporation of Washington, D. O.</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation</th><th>Inland Waterways Corporation 13/</th><th>The Virgin Islands Company</th><th>Federal Prison Industries, Inc.</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>*</td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>50,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>50,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>350</td><td>-</td><td>30,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>350</td><td>-</td><td>30,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations $/</td><td>-</td><td>-</td><td>-</td><td>3,307</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Sale or collection of 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>50,404</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>Other securities</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>50,409</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>-</td><td>1,771</td><td>38,222</td><td>-</td><td>-</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>-</td><td>19</td><td>690</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items/1</td><td>-</td><td>616</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations 8/ 9/</td><td>-</td><td>-</td><td>1,813</td><td>-</td><td>-</td><td>221</td><td>29</td><td>-</td></tr><tr><td>Other sources</td><td>5 10/</td><td>5</td><td>10/</td><td>2,529</td><td>2</td><td>5</td><td>-</td><td>727</td></tr><tr><td>Total funds provided</td><td>50,414</td><td>2,761</td><td>90,724</td><td>35,836</td><td>2</td><td>233</td><td>30</td><td>780</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>30,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>1,495</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>-</td><td>31,495</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>50,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>-</td><td>-</td><td>50,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of 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>49,740</td><td>-</td><td>-</td><td>-</td><td>-</td><td>150</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>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>49,740</td><td>-</td><td>-</td><td>-</td><td>-</td><td>150</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td>-</td><td>2,706</td><td>2,664</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>25</td><td>304</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>5</td><td>89</td></tr><tr><td>Increase in working capital and deferred items</td><td>320</td><td>-</td><td>6,259</td><td>12,042</td><td>2</td><td>79</td><td>-</td><td>639</td></tr><tr><td>Funds applied to lose on operations 8/</td><td>354</td><td>31</td><td>-</td><td>3,793</td><td>4</td><td>-</td><td>25</td><td>-</td></tr><tr><td>Other applications</td><td>-</td><td>-</td><td>-</td><td>20,000</td><td>-</td><td>-</td><td>-</td><td>52</td></tr><tr><td>Total funds applied</td><td>50,414</td><td>2,761</td><td>90,724</td><td>35,836</td><td>2</td><td>233</td><td>30</td><td>780</td></tr><tr><td>Adjustments of net income (or lose)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or lose 11/)</td><td>1,871</td><td>-40</td><td>-1,101</td><td>-1,271</td><td>-*</td><td>104</td><td>-13</td><td>647</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>117</td><td>3</td><td>76</td></tr><tr><td>Assets charged off</td><td>-</td><td>278</td><td>76</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains 12/ and losses</td><td>-2,218</td><td>-1</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-7</td><td>-268</td><td>2,806</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>-</td><td>-2,529</td><td>-</td><td>1</td><td>-15</td><td>4</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>-</td><td>1,813</td><td>-</td><td>-</td><td>221</td><td>-</td><td>727</td></tr><tr><td>Funds applied to lose on operations</td><td>354</td><td>31</td><td>-</td><td>3,793</td><td>4</td><td>-</td><td>25</td><td>-</td></tr></table>
With respect to basic commodities operations, transactions are reflected only through August 31, 1945; transactions relating to supply programs (processed foods) activities have not yet been reported for the current year.
Includes funds of Federal Land Banks of Berkeley, Springfield, Louisville, Houston, St. Louis and Spokane, which have retired the
6/ Represents net expenditures from appropriated funds.
7/ The increase in working capital and deferred items is shown below under "Application of funds".
8/ For additional information, see the adjustments of net income or
(Continued on following page)
January 1946
71
Section II - Sources and Application of Funds of Corporations and Certain Other Agencies of the United States Government, for the Three Months Ended September 30, 1945 - (Continued)
Table 2.- Corporations1/ - (Continued)
(In thousands of dollars)
<table><tr><th></th><th>Department of War</th><th></th><th></th><th colspan="5">Federal Loan Agency</th></tr><tr><th></th><th>United States Spruce Production Corporation 14/</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th>Reconstruction Finance Corporation 15/ 19/</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>War Damage Corporation 19/</th></tr><tr><td><b>Sources of funds</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>310,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>508</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>-</td><td>310,000</td><td>-</td><td>508</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations 6/</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of 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>-</td><td>-</td><td>1,350</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>-</td><td>1,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>13,450</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>-</td><td>-</td><td>1,350</td><td>14,450</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>-</td><td>1,940 16/</td><td>2,799</td><td>341,402</td><td>790</td><td>12,506</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>-</td><td>-</td><td>3,331</td><td>1,300</td><td>-</td><td>20</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items 7/</td><td>3</td><td>1,810</td><td>19,463</td><td>37,215</td><td>-</td><td>884</td><td>6</td></tr><tr><td>Funds provided by profit on operations 8/ 9/</td><td>-</td><td>1,839</td><td>28,671</td><td>-</td><td>1</td><td>361</td><td>-</td></tr><tr><td>Other sources</td><td>-</td><td>-</td><td>-</td><td>65,592</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>3</td><td>5,588</td><td>55,621</td><td>769,981</td><td>791</td><td>14,278</td><td>6</td></tr><tr><td><b>Application of funds</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>75,375</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11,044</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>-</td><td>-</td><td>75,385</td><td>-</td><td>11,044</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of 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>-</td><td>-</td><td>55,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>751</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>-</td><td>-</td><td>55,000</td><td>-</td><td>-</td><td>751</td><td>-</td></tr><tr><td>Loans made</td><td>-</td><td>5,588 16/</td><td>404</td><td>313,677</td><td>7</td><td>1,553</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>-</td><td>216</td><td>19</td><td>8</td><td>931</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>8</td><td>-</td><td>97,874</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Increase in working capital and deferred items</td><td>-</td><td>-</td><td>-</td><td>-</td><td>784</td><td>-</td><td>-</td></tr><tr><td>Funds applied to lose on operations 8/</td><td>3</td><td>-</td><td>-</td><td>283,026</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Other applications</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>3</td><td>5,588</td><td>55,621</td><td>769,931</td><td>791</td><td>14,278</td><td>6</td></tr><tr><td><b>Adjustments of net income (or loss)</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss 11/)</td><td>-3</td><td>1,839</td><td>28,715</td><td>-222,391</td><td>1</td><td>330</td><td>-</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31</td><td>-</td></tr><tr><td>Assets charged off</td><td>-</td><td>-</td><td>-</td><td>626</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains 12/ and losses</td><td>-</td><td>-</td><td>-21</td><td>141</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-</td><td>-</td><td>-</td><td>-28</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>-17</td><td>-61,374</td><td>-</td><td>-</td><td>-6</td></tr><tr><td>Funds provided by profit on operations</td><td>3</td><td>1,839</td><td>28,677</td><td>-</td><td>1</td><td>361</td><td>-</td></tr><tr><td>Funds applied to lose on operations</td><td>-</td><td>-</td><td>-</td><td>283,026</td><td>-</td><td>-</td><td>6</td></tr></table>
9/ loss shown at bottom of table. Funds applied to loss on operations are shown below under "Application of funds".
10/ Figures are shown net.
11/ Negative figures indicate net loss.
12/ Negative figures indicate capital gain.
13/ Figures are for the two months ended August 31, 1945, and include funds of Warrior River Terminal Company, Inc., a wholly owned subsidiary.
14/ World War I corporation in liquidation.
15/ Effective July 1, 1945, pursuant to Public Law 109 approved June 30, 1945, Defense Plant Corporation, Defense Supplies Corporation,
(Continued on following page)
Treasury Bulletin
72
Section II - Sources and Application of Funds of Corporations and Certain Other Agencies of the United States Government, for the Three Months Ended September 30, 1945 - (Continued)
Table 2. - Corporations 1/ - (Continued)
(In thousands of dollars)
<table><tr><th colspan="8">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 colspan="4">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliate</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 17/</th><th>Federal Public Housing Authority 18/</th><th>Defense Homes Corporation</th><th></th><th></th><th></th></tr><tr><td><b>Sources of funds</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury.............</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies.........</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>75</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public....................</td><td>32,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings.................</td><td>32,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>75</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury.................</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By 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>By public........................</td><td>2,027</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>2,027</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations 6/..................</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,291</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16,465</td></tr><tr><td>Sale or collection of 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>29,541</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies.....</td><td>-</td><td>-</td><td>4,738</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities...................</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 sale or collection of investments</td><td>29,541</td><td>-</td><td>4,738</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans................</td><td>53,653</td><td>-</td><td>57,836</td><td>-</td><td>1,693</td><td>9</td><td>-</td><td>-</td><td>8</td><td>60</td></tr><tr><td>Sale of acquired security or collateral</td><td>80</td><td>80</td><td>980</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items 7/</td><td>4,246</td><td>-</td><td>3,057</td><td>386</td><td>1,804</td><td>-</td><td>-</td><td>-</td><td>1</td><td>4,752</td></tr><tr><td>Funds provided by profit on operations 8/ 9/</td><td>840</td><td>2,362</td><td>7,078</td><td>-</td><td>-</td><td>423</td><td>1,315</td><td>-</td><td>2</td><td>300</td></tr><tr><td>Other sources.....................</td><td>-</td><td>-</td><td>15</td><td>-</td><td>513</td><td>1,160</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided..............</td><td>122,307</td><td>2,142</td><td>73,704</td><td>386</td><td>5,301</td><td>1,667</td><td>1,317</td><td>27</td><td>21,578</td></tr><tr><td><b>Application of funds</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury.................</td><td>-</td><td>-</td><td>67,982</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies.............</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,175</td><td>-</td><td>-</td><td>-</td><td>1,000</td></tr><tr><td>To public........................</td><td>50,000</td><td>-</td><td>4,336</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings......</td><td>50,000</td><td>-</td><td>72,318</td><td>-</td><td>-</td><td>1,175</td><td>-</td><td>-</td><td>-</td><td>1,000</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury.................</td><td>-</td><td>-</td><td>-</td><td>386</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To 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>To public........................</td><td>344</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>344</td><td>-</td><td>-</td><td>386</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of 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>50,183</td><td>1,750</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>Other securities...................</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 purchase of investments......</td><td>50,183</td><td>1,750</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans made.........................</td><td>21,757</td><td>-</td><td>1,196</td><td>-</td><td>161</td><td>-</td><td>-</td><td>27</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral....................</td><td>-</td><td>*</td><td>186</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment....................</td><td>-</td><td>692</td><td>-</td><td>-</td><td>4,160</td><td>270</td><td>16</td><td>-</td><td>4,119</td></tr><tr><td>Increase in working capital and deferred items</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>94</td><td>1,287</td><td>-</td><td>16,459</td></tr><tr><td>Funds applied to lose on operations 8/</td><td>23</td><td>-</td><td>4</td><td>-</td><td>980</td><td>128</td><td>13</td><td>-</td><td>-</td></tr><tr><td>Other applications..................</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 funds applied.................</td><td>122,307</td><td>2,142</td><td>73,704</td><td>386</td><td>5,301</td><td>1,667</td><td>1,317</td><td>27</td><td>21,578</td></tr><tr><td><b>Adjustments of net income (or loss)</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss 11/)</td><td>1,244</td><td>2,362</td><td>6,615</td><td>-</td><td>-437</td><td>141</td><td>1,103</td><td>1</td><td>1,720</td></tr><tr><td>Depreciation and obsolescence......</td><td>40</td><td>-</td><td>13</td><td>-</td><td>-</td><td>388</td><td>211</td><td>-</td><td>2,982</td></tr><tr><td>Assets charged off..................</td><td>-444</td><td>-</td><td>922</td><td>-</td><td>-</td><td>-105</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains 12/ and losses........</td><td>-</td><td>-</td><td>-473</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves....</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-543</td><td>-1</td><td>-</td><td>-</td><td>50</td></tr><tr><td>Other adjustments...................</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>423</td><td>1,725</td><td>1</td><td>4,752</td></tr><tr><td>Funds provided by profit on operations</td><td>840</td><td>2,362</td><td>7,078</td><td>-</td><td>980</td><td>423</td><td>1,725</td><td>1</td><td>4,752</td></tr><tr><td>Funds applied to lose on operations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Metals Reserve Company, Rubber Reserve Company and Disaster Loan Corporation were dissolved and merged within the Reconstruction Finance Corporation. 16/ Excludes loans made by commercial banks on behalf of the Export-Import Bank under agency agreements. 17/ All assets and liabilities liquidated. 18/ Figures represent activities under U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in
19/ The classification "Other" in Table 3. War Damage Corporation, now shown separately, was included in the October 1945 issue of the "Treasury Bulletin" in "Other" under Federal Loan Agency with the Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company and Rubber Reserve Company which were dissolved and merged with the Reconstruction Finance Corporation effective July 1, 1945.
January 1946
73
Section 11
- Sources and Application of Funds of Corporations and Certain Other Agencies of the
United States Government, for the Three Months Ended September 30, 1945 - (Continued)
Table 3.-
Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total 1/</th><th>Executive Office of the President Office for Emergency Management War Shipping Administration 2/</th><th>Department of Agriculture Farm Credit Administration 3/</th><th>Department of Agriculture Farm Security Administration</th><th>Department of Agriculture Rural Electrification Administration</th><th>Department of the Interior 4/</th><th>Federal Works Agency 5/</th><th>National Housing Agency Federal Housing Administration</th><th>United States Maritime Commission 6/</th><th>Other 1/</th></tr><tr><td><b>Sources of funds</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From Government agencies</td><td>35,911</td><td>-</td><td>-</td><td>22,160</td><td>13,000</td><td>-</td><td>-</td><td>751</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>2,399</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,399</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>38,310</td><td>-</td><td>-</td><td>22,160</td><td>13,000</td><td>-</td><td>-</td><td>3,150</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions: By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations 8/</td><td>1,461,507</td><td>1,042,137</td><td>-985</td><td>8,071</td><td>2,865</td><td>163</td><td>21,126</td><td>-</td><td>-</td><td>388,129</td></tr><tr><td>Sale or collection of 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>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>-</td><td>400,357</td></tr><tr><td>Securities of Government agencies</td><td>400,357</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>673</td></tr><tr><td>Other securities</td><td>673</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>401,045</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</td><td>-</td><td>401,030</td></tr><tr><td>Repayments on loans</td><td>39,377</td><td>-</td><td>6,545</td><td>25,089</td><td>2,928</td><td>104</td><td>611</td><td>2,699</td><td>-</td><td>1,400</td></tr><tr><td>Sale of acquired security or collateral</td><td>5,691</td><td>-</td><td>52</td><td>376</td><td>-</td><td>-</td><td>-</td><td>5,263</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items 9/</td><td>47,532 9/</td><td>-</td><td>11</td><td>-</td><td>-</td><td>38</td><td>46,831</td><td>-</td><td>-</td><td>652</td></tr><tr><td>Funds provided by profit on operations 10/ 11/</td><td>36,831 11/</td><td>-</td><td>20</td><td>-</td><td>115</td><td>-</td><td>-</td><td>3,883</td><td>-</td><td>32,814</td></tr><tr><td>Other sources</td><td>59,489</td><td>50,885</td><td>-</td><td>6,331</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,273</td></tr><tr><td>Total funds provided</td><td>2,089,781</td><td>1,093,023</td><td>5,043</td><td>62,027</td><td>18,907</td><td>305</td><td>68,568</td><td>15,011</td><td>6/</td><td>826,298</td></tr><tr><td><b>Application of funds</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To Government agencies</td><td>4,067</td><td>-</td><td>-</td><td>-</td><td>4,067</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</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 repayment of borrowings</td><td>4,067</td><td>-</td><td>-</td><td>-</td><td>4,067</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>687</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>387</td><td>-</td><td>300</td></tr><tr><td>Purchase of 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>2,300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,300</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>720,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>720,000</td></tr><tr><td>Other securities</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>722,301</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,301</td><td>-</td><td>720,000</td></tr><tr><td>Loans made</td><td>77,858</td><td>-</td><td>772</td><td>12,882</td><td>14,269</td><td>242</td><td>492</td><td>499</td><td>-</td><td>48,703</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>8,495</td><td>-</td><td>7</td><td>354</td><td>-</td><td>-</td><td>-</td><td>8,134</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>617,488</td><td>536,591</td><td>-</td><td>370</td><td>5</td><td>55,423</td><td>-</td><td>5</td><td>-</td><td>25,095</td></tr><tr><td>Increase in working capital and deferred items</td><td>183,594</td><td>133,758</td><td>1,030</td><td>40,422</td><td>563</td><td>-</td><td>3,686</td><td>-</td><td>-</td><td>4,135</td></tr><tr><td>Funds applied to loss on operations 10/</td><td>442,736 10/</td><td>422,649</td><td>3,109</td><td>4,018</td><td>4</td><td>61</td><td>12,152</td><td>-</td><td>-</td><td>748</td></tr><tr><td>Other applications</td><td>32,554</td><td>25</td><td>725</td><td>3,980</td><td>4</td><td>2</td><td>501</td><td>-</td><td>-</td><td>27,317</td></tr><tr><td>Total funds applied</td><td>2,089,781</td><td>1,093,023</td><td>5,043</td><td>62,027</td><td>18,907</td><td>305</td><td>68,568</td><td>15,011</td><td>6/</td><td>826,298</td></tr><tr><td><b>Adjustments of net income (or loss)</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss 12/)</td><td>-263,824 13/</td><td>-277,648</td><td>-4,101</td><td>-6,747</td><td>22</td><td>-172</td><td>-11,397</td><td>3,652</td><td>-</td><td>32,565</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>1,018</td><td>35</td><td>-</td><td>111</td><td>-</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Assets charged off</td><td>1,171</td><td>-</td><td>-</td><td>1,234</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains 14/ and losses</td><td>1,623</td><td>-</td><td>-3</td><td>1,459</td><td>92</td><td>-</td><td>-</td><td>391</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>1,388</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-160</td><td>-</td><td>-</td></tr><tr><td>Other adjustments</td><td>-146,262</td><td>-145,002</td><td>-</td><td>-</td><td>115</td><td>-</td><td>-755</td><td>-</td><td>-</td><td>-505</td></tr><tr><td>Funds provided by profit on operations</td><td>36,831</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,883</td><td>6/</td><td>32,814</td></tr><tr><td>Funds applied to loss on operations</td><td>442,736</td><td>422,649</td><td>3,109</td><td>4,018</td><td>-</td><td>61</td><td>12,152</td><td>-</td><td>6/</td><td>748</td></tr></table>
* Less than $500.
1/ Excludes United States Maritime Commission and Puerto Rico Reconstruction Administration.
2/ Figures are for the two months ended August 31, 1945.
3/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
4/ Consists of Indian loans, Puerto Rican Hurricane Relief Loan Section. Information not available for Puerto Rico Reconstruction Administration.
5/ Consists of Public Works Administration and War Public Works, community facilities.
6/ Information not available.
7/ 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.
8/ Represents net expenditures from appropriated funds.
9/ The increase in working capital and deferred items is shown below under "Application of Funds".
10/ For additional information, see the adjustments of net income or loss at bottom of table.
11/ Funds applied to loss on operations are shown below under "Application of Funds".
12/ Negative figures indicate net loss.
13/ This figure excludes the United States Maritime Commission; the corresponding figure in the preceding statement of income and expense includes the United States Maritime Commission.
14/ Negative figures indicate capital gain.
74
Treasury Bulletin
INTERNAL REVENUE STATISTICS
January 1946
75
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 end profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profits 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>ug</td><td>207,339</td><td>58,119</td><td>ug</td></tr><tr><td>1937</td><td>4,597,140</td><td>-37,168</td><td>4,634,308</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>502,918</td><td>90,267</td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,293,932</td><td>42,785</td><td>742,660</td><td>529,836</td><td>101,167</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>605,350</td><td>106,123</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>7,361,675</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>9,584,715</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>14,629,344</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>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1944-November</td><td>2,300,370</td><td>-95,871</td><td>2,396,240</td><td>1,633,139</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>16,577</td></tr><tr><td>March</td><td>6,431,321</td><td>+833,540</td><td>5,617,781</td><td>4,995,874</td><td>1,821,017</td><td>3,161,722</td><td>13,145</td><td>61,572</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>5,324,393</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>38,464</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>2,848,726</td><td>-165,959</td><td>3,014,684</td><td>1,915,334</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>2,340,240</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><tr><td>November</td><td>2,383,156</td><td>-320,902</td><td>2,704,058</td><td>1,856,041</td><td>1,466,568</td><td>383,325</td><td>6,149</td><td>243,343</td><td>197,920</td><td>9,990</td><td>35,433</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="8">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><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></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>46,233</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>360,715</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>819,869</td><td>697,712</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>372,999</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-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>112,438</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>515,871</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>100,750</td><td>-</td></tr><tr><td>May</td><td>570,842</td><td>(-57)</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>115,666</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>208,936</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>6,734</td><td>122,295</td><td>140,039</td><td>-</td></tr><tr><td>November</td><td>604,675</td><td>201</td><td>44,424</td><td>229,586</td><td>97,657</td><td>7,585</td><td>111,785</td><td>113,433</td><td>-</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.
1/ Excludes 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 profit 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 Vineson Act, and the tax on unjust enrichment.
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.
76
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-F
January 1946
77
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 5 months</th><th rowspan="2">November 1944</th><th rowspan="2">November 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>Income and profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>7,038,438</td><td>10,263,418</td><td>4,890,662</td><td>5,241,747</td><td>1,202,784</td><td>1,405,404</td></tr><tr><td>Revenue Act of 1942</td><td>784,997</td><td>802</td><td>727</td><td>72</td><td>85</td><td>13</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>10,253,831</td><td>8,567,147 4/</td><td>1,654,261 r 5/</td><td>1,829,506</td><td>37,170 r 5/</td><td>41,093</td></tr><tr><td>Back</td><td>183,740</td><td>202,947</td><td>37,124 r 5/</td><td>104,168</td><td>4,249 r 5/</td><td>20,058</td></tr><tr><td>Total individual income taxes</td><td>18,261,005</td><td>19,034,313</td><td>6,582,773</td><td>7,175,492</td><td>1,244,287</td><td>1,466,568</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>4,762,714</td><td>4,421,682</td><td>1,298,092</td><td>1,300,124</td><td>70,117</td><td>105,329</td></tr><tr><td>Back</td><td>521,431</td><td>458,034</td><td>123,709</td><td>176,897</td><td>27,096</td><td>30,417</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>3,317,143</td><td>2,910,078</td><td>284,853</td><td>247,579</td></tr><tr><td>Total corporation taxes</td><td>14,629,344</td><td>15,883,235</td><td>4,738,944</td><td>4,387,099</td><td>382,066</td><td>383,325</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value</td><td>136,980</td><td>143,798</td><td>52,770</td><td>35,467</td><td>6,833</td><td>6,135</td></tr><tr><td>Vinson Act</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unjust enrichment</td><td>434</td><td>180</td><td>32</td><td>24</td><td>3</td><td>14</td></tr><tr><td>Total miscellaneous profits taxes</td><td>137,452</td><td>143,978</td><td>52,802</td><td>35,491</td><td>6,836</td><td>6,149</td></tr><tr><td>Total income and profits taxes</td><td>33,027,802</td><td>35,061,526</td><td>11,374,519</td><td>11,598,084</td><td>1,633,189</td><td>1,856,041</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 6/</td><td>1,290,025</td><td>1,307,931</td><td>672,848</td><td>645,916</td><td>199,507</td><td>197,920</td></tr><tr><td>Unemployment insurance 7/</td><td>183,337</td><td>186,489</td><td>29,263</td><td>28,088</td><td>7,991</td><td>9,990</td></tr><tr><td>Total Social Security taxes</td><td>1,473,361</td><td>1,494,420</td><td>702,111</td><td>674,004</td><td>207,499</td><td>207,910</td></tr><tr><td>Railroad retirement 8/</td><td>265,011</td><td>284,758</td><td>111,050</td><td>108,570</td><td>35,528</td><td>35,433</td></tr><tr><td>Total employment taxes</td><td>1,738,372</td><td>1,779,177</td><td>813,162</td><td>782,573</td><td>243,026</td><td>243,343</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax</td><td>380,702</td><td>371,999</td><td>370,450</td><td>350,818</td><td>364</td><td>201</td></tr><tr><td>Estate tax</td><td>473,466</td><td>596,137</td><td>212,346</td><td>235,413</td><td>30,962</td><td>43,668</td></tr><tr><td>Gift tax</td><td>37,745</td><td>46,918</td><td>3,548</td><td>4,842</td><td>745</td><td>756</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)</td><td>286,871</td><td>199,691</td><td>80,064</td><td>46,308</td><td>17,040</td><td>10,928</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>611,835</td><td>1,284,613</td><td>511,113</td><td>669,327</td><td>124,905</td><td>152,226</td></tr><tr><td>Distilled spirits rectification tax</td><td>18,874</td><td>32,549</td><td>12,398</td><td>17,241</td><td>3,341</td><td>4,745</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>4,027</td><td>2,122</td><td>1,100</td><td>724</td><td>188</td><td>278</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>30,068</td><td>45,269</td><td>17,990</td><td>18,401</td><td>4,030</td><td>5,465</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940)</td><td>12</td><td>51</td><td>*</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>8,109</td><td>8,308</td><td>4,971</td><td>4,890</td><td>172</td><td>178</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>2</td><td>6</td><td>4</td><td>4</td><td>*</td><td>(-2)</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>1,369</td><td>886</td><td>501</td><td>350</td><td>65</td><td>68</td></tr><tr><td>Container stamps</td><td>8,516</td><td>11,213</td><td>5,160</td><td>5,185</td><td>1,062</td><td>1,287</td></tr><tr><td>Floor taxes</td><td>85,834</td><td>83,343</td><td>49,383</td><td>593</td><td>2,611</td><td>200</td></tr><tr><td>Permented malt liquors</td><td>559,152</td><td>638,682</td><td>289,794</td><td>302,909</td><td>50,291</td><td>55,140</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,375</td><td>3,130</td><td>1,967</td><td>1,905</td><td>51</td><td>72</td></tr><tr><td>Total alcoholic beverage taxes</td><td>1,618,045</td><td>2,309,864</td><td>994,444</td><td>1,067,837</td><td>203,754</td><td>229,586</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>30,152</td><td>36,593</td><td>14,666</td><td>16,717</td><td>3,556</td><td>3,646</td></tr><tr><td>Cigars (small)</td><td>107</td><td>84</td><td>40</td><td>31</td><td>6</td><td>7</td></tr><tr><td>Cigarettes (large)</td><td>88</td><td>695</td><td>129</td><td>167</td><td>39</td><td>2</td></tr><tr><td>Cigarettes (small)</td><td>903,958</td><td>836,058</td><td>360,259</td><td>466,907</td><td>71,942</td><td>88,922</td></tr><tr><td>Stuff</td><td>7,692</td><td>7,741</td><td>3,017</td><td>3,218</td><td>712</td><td>875</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>45,269</td><td>49,574</td><td>20,955</td><td>21,836</td><td>4,820</td><td>4,201</td></tr><tr><td>Cigarette papers and tubes</td><td>1,164</td><td>1,390</td><td>473</td><td>1,231</td><td>103</td><td>204</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>2</td><td>1</td><td>1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Cigarette end cigar floor taxes</td><td>50</td><td>8</td><td>4</td><td>2</td><td>1</td><td>*</td></tr><tr><td>Total tobacco taxes</td><td>988,483</td><td>932,145</td><td>399,544</td><td>510,109</td><td>81,180</td><td>97,657</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>26,243</td><td>33,157</td><td>13,194</td><td>16,504</td><td>2,726</td><td>3,757</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>17,096</td><td>24,852</td><td>9,119</td><td>10,690</td><td>1,651</td><td>2,846</td></tr><tr><td>Playing cards</td><td>7,414</td><td>7,493</td><td>3,435</td><td>3,925</td><td>763</td><td>949</td></tr><tr><td>Silver bullion sales or transfers</td><td>47</td><td>25</td><td>11</td><td>99</td><td>1</td><td>33</td></tr><tr><td>Total stamp taxes</td><td>50,800</td><td>65,528</td><td>25,759</td><td>31,218</td><td>5,142</td><td>7,585</td></tr></table>
(Continued on following page)
78
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 years</th><th colspan="2">First 5 months</th><th rowspan="2">November 1944</th><th rowspan="2">November 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>Intricating oils</td><td>52,473</td><td>92,855</td><td>30,870</td><td>38,831</td><td>6,750</td><td>6,020</td></tr><tr><td>Gasoline</td><td>271,217</td><td>405,553</td><td>163,250</td><td>193,256</td><td>33,115</td><td>38,857</td></tr><tr><td>Tires and tubes</td><td>40,309</td><td>75,257</td><td>27,761</td><td>37,053</td><td>5,715</td><td>5,407</td></tr><tr><td>Floor taxes on tires and tubes</td><td>25</td><td>*</td><td>*</td><td>6</td><td>*</td><td>(-31)</td></tr><tr><td>Automobile trucks and buses</td><td>3,247</td><td>20,847</td><td>5,702</td><td>17,828</td><td>1,599</td><td>2,057</td></tr><tr><td>Other automobiles and motorcycles</td><td>1,222</td><td>2,558</td><td>857</td><td>2,908</td><td>318</td><td>201</td></tr><tr><td>Parts and accessories for automobiles</td><td>31,551</td><td>49,440</td><td>17,179</td><td>28,228</td><td>3,328</td><td>5,073</td></tr><tr><td>Electrical energy</td><td>51,239</td><td>57,004</td><td>20,951</td><td>24,246</td><td>4,452</td><td>4,573</td></tr><tr><td>Electric, gas, and oil appliances</td><td>5,027</td><td>12,060</td><td>4,109</td><td>6,844</td><td>748</td><td>1,601</td></tr><tr><td>Electric light bulbs and tubes</td><td>5,368</td><td>11,035</td><td>4,548</td><td>7,598</td><td>1,143</td><td>1,313</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>255</td><td>55</td><td>25</td><td>35</td><td>9</td><td>18</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>3,402</td><td>4,753</td><td>1,963</td><td>1,730</td><td>457</td><td>371</td></tr><tr><td>Phonograph records</td><td>1,859</td><td>2,015</td><td>736</td><td>951</td><td>201</td><td>222</td></tr><tr><td>Musical instruments</td><td>633</td><td>927</td><td>241</td><td>592</td><td>51</td><td>133</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>2,405</td><td>1,557</td><td>599</td><td>1,602</td><td>73</td><td>536</td></tr><tr><td>Matches</td><td>8,671</td><td>9,349</td><td>3,488</td><td>4,487</td><td>693</td><td>968</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>2,958</td><td>5,632</td><td>804</td><td>1,310</td></tr><tr><td>Furs - retailers' excise</td><td>58,726</td><td>79,418</td><td>21,644</td><td>27,890</td><td>8,254</td><td>9,908</td></tr><tr><td>Jewelry - retailers' excise</td><td>113,373</td><td>184,220</td><td>59,763</td><td>74,695</td><td>13,248</td><td>15,126</td></tr><tr><td> luggage - retailers' excise (effective 4/1/44)</td><td>8,343</td><td>73,851</td><td>27,255</td><td>29,914</td><td>5,933</td><td>6,103</td></tr><tr><td>Language - manufacturers' excise (suspended as of 4/1/44)</td><td>4,777</td><td>6</td><td>5</td><td>7</td><td>*</td><td>*</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>8</td><td>73</td><td>5</td><td>5</td><td>*</td><td>1</td></tr><tr><td>Photographic apparatus</td><td>11,907</td><td>19,288</td><td>6,598</td><td>7,811</td><td>1,121</td><td>1,633</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>295</td><td>228</td><td>88</td><td>24</td><td>49</td><td>*</td></tr><tr><td>Sporting goods</td><td>2,498</td><td>4,248</td><td>1,386</td><td>2,592</td><td>259</td><td>581</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>44,790</td><td>86,615</td><td>30,253</td><td>34,336</td><td>6,526</td><td>6,660</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>-</td></tr><tr><td>Firearms, shells and cartridges</td><td>1,051</td><td>3,132</td><td>1,687</td><td>1,503</td><td>408</td><td>105</td></tr><tr><td>Pistols and revolvers</td><td>37</td><td>5</td><td>2</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Repealed taxes not listed above</td><td>98</td><td>35</td><td>10</td><td>11</td><td>5</td><td>8</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>728,694</td><td>1,206,616</td><td>433,942</td><td>550,614</td><td>95,259</td><td>111,785</td></tr><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>12</td><td>16</td><td>2</td><td>1</td></tr><tr><td>Sugar Act of 1937</td><td>68,789</td><td>73,294</td><td>33,968</td><td>25,978</td><td>6,452</td><td>5,417</td></tr><tr><td>Telephones, telegraph, radio, and cable, leased wires, etc.</td><td>141,275</td><td>208,018</td><td>81,423</td><td>95,264</td><td>14,247</td><td>18,719</td></tr><tr><td>Local telephone service</td><td>90,199</td><td>133,569</td><td>52,091</td><td>58,341</td><td>9,365</td><td>10,106</td></tr><tr><td>Transportation of oil by pipe line</td><td>15,851</td><td>16,286</td><td>6,834</td><td>6,495</td><td>1,329</td><td>1,282</td></tr><tr><td>Transportation of persons, seats, berths</td><td>153,583</td><td>234,182</td><td>108,092</td><td>102,313</td><td>19,885</td><td>18,025</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>215,488</td><td>221,088</td><td>95,841</td><td>95,800</td><td>17,525</td><td>19,394</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>134,326</td><td>126,701</td><td>119,277</td><td>115,216</td><td>571</td><td>422</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>352</td><td>336</td><td>199</td><td>175</td><td>3</td><td>1</td></tr><tr><td>Leases of safe-deposit boxes</td><td>6,594</td><td>7,311</td><td>2,817</td><td>3,167</td><td>497</td><td>611</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>178,563</td><td>300,589</td><td>131,866</td><td>145,508</td><td>25,422</td><td>30,056</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>26,726</td><td>56,877</td><td>23,969</td><td>23,488</td><td>4,762</td><td>6,339</td></tr><tr><td>Club dues and initiation fees</td><td>9,182</td><td>14,160</td><td>4,802</td><td>6,781</td><td>971</td><td>1,377</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>2,208</td><td>4,160</td><td>3,244</td><td>3,135</td><td>131</td><td>99</td></tr><tr><td>Coin operated devices</td><td>18,475</td><td>19,100</td><td>14,474</td><td>13,187</td><td>529</td><td>480</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour, g, and filled cheese</td><td>18</td><td>58</td><td>17</td><td>34</td><td>1</td><td>*</td></tr><tr><td>Oleomargarine, including special taxes</td><td>4,084</td><td>5,503</td><td>2,427</td><td>2,309</td><td>369</td><td>338</td></tr><tr><td>Narcotics, including marimans and special taxes</td><td>779</td><td>756</td><td>261</td><td>275</td><td>32</td><td>26</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>7,190</td><td>6,208</td><td>2,368</td><td>2,644</td><td>525</td><td>771</td></tr><tr><td>National Firearms Act</td><td>16</td><td>16</td><td>10</td><td>3</td><td>*</td><td>*</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>201</td><td>180</td><td>7</td><td>5</td><td>2</td><td>3</td></tr><tr><td>Total miscellaneous taxes</td><td>1,075,401</td><td>1,430,428</td><td>683,997</td><td>706,136</td><td>102,617</td><td>113,438</td></tr><tr><td>Total miscellaneous internal revenue</td><td>5,353,336</td><td>6,959,634</td><td>3,124,031</td><td>3,456,986</td><td>520,025</td><td>604,675</td></tr><tr><td>Total internal revenue collections</td><td>40,119,510</td><td>43,800,338</td><td>15,311,713</td><td>15,837,043</td><td>2,396,240</td><td>2,704,058</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+1,565,477</td><td>+101,664</td><td>-694,750</td><td>-892,313</td><td>-95,871</td><td>-320,902</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>41,684,987</td><td>43,902,002</td><td>14,616,962</td><td>14,945,330</td><td>2,300,370</td><td>2,383,156</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 revenues. Revised. Less than $500. Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 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 depositaries in addition to payments accompanying returns filed with the Collector of Internal Revenue. 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 unforfeited 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 ES 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' Taring 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.
January 1946
79
MONETARY STATISTICS
80
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 certificates 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>11,572.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</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>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1944-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>18,163.8</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>17,977.9</td><td>156.0</td><td>1,800.0</td><td>153.8</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</td><td>20,035.9</td><td>17,930.8</td><td>156.0</td><td>1,800.0</td><td>149.0</td></tr><tr><td>November p.</td><td>20,029.7</td><td>17,921.1</td><td>156.0</td><td>1,800.0</td><td>152.6</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 (a) the Gold Cer-
2/ and (b) the Redemption Fund - Federal Reserve notes.
3/ Excludes gold in active portion of Exchange Stabilization Fund.
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>3,066.4</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 r</td><td>3,685.8 r</td><td>15.4</td></tr><tr><td>1944-November</td><td>20,688.4</td><td>3,876.5</td><td>15.8</td></tr><tr><td>December</td><td>20,618.8</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</td><td>20,035.9</td><td>3,565.3</td><td>15.1</td></tr><tr><td>November p</td><td>20,029.7</td><td>3,553.6</td><td>15.1</td></tr></table>
Source: Daily Treasury Statement and Circulation Statements of United States Money.
Preliminary. Revised.
January 1946
81
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">End of calendar year or month</th><th colspan="4">Silver held in Treasury</th><th colspan="2">Silver outside Treasury</th><th rowspan="2">Total silver at $1.29 per ounce</th></tr><tr><th colspan="2">Securing silver certificate 1/</th><th colspan="2">In General Fund</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for Recoinage 3/</th><th>Bullion at cost</th><th></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>2,806.5</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>44.1</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-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>14.8</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</td><td>1,645.7</td><td>360.3</td><td>14.5</td><td></td><td>228.3</td><td>133.6</td><td>833.5</td><td>3,565.3</td></tr><tr><td>November p</td><td>1,671.6</td><td>358.9</td><td>13.3</td><td>.2</td><td>213.3</td><td>135.1</td><td>838.9</td><td>3,553.6</td></tr></table>
Source: Daily Treasury Statements and Circulation Statements of United States Money. p Preliminary. * Less than $50,000. 1/ Valued at $.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 1/
(in millions of ounces or dollars)
<table><tr><th rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 1/</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>156.9</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-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>2.6</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><tr><td>October</td><td>2.8</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 release of the American Bureau of Metal Statistics and will not agree with the annual figures.
Less than 50,000 ounces or $50,000.
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 61.64 cents per fine ounce until April 9, 1935; at
7.11+ 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 7.11+ cents since July 1, 1939.
3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938.
4/ Acquired at various prices averaging approximately 51 cents per ounce.
22
Treasury Bulletin
Signforage 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>Misc. silver (incl. silver bullion held June 14, 1933)</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>Potential seigniorage on silver bullion at cost in General Fund 2/</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>35.0</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>552.7</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>813.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.1</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>65.1</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1944-November</td><td>351.3</td><td>48.7</td><td>87.6</td><td>65.1</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>65.1</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945-January</td><td>355.2</td><td>48.7</td><td>87.6</td><td>65.1</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>65.1</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>65.1</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>65.1</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>409.5</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>647.5</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><tr><td>November</td><td>424.3</td><td>48.7</td><td>87.6</td><td>65.5</td><td>680.9</td><td>34.7</td><td>917.4</td><td>377.6</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 soligniorage thereon changes.
83
January 1946
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 colspan="7">Paper money</th></tr><tr><th></th><th></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>6,461</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>584</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>22,867</td><td>527</td><td>120</td></tr><tr><td>1944-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>21,964</td><td>550</td><td>122</td></tr><tr><td>March</td><td>25,899</td><td>24,789</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>25,731</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>27,685</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>23,618</td><td>513</td><td>119</td></tr><tr><td>October</td><td>28,049</td><td>26,797</td><td>51</td><td>1,796</td><td>1</td><td>316</td><td>24,008</td><td>506</td><td>118</td></tr><tr><td>November p</td><td>28,184</td><td>26,924</td><td>51</td><td>1,826</td><td>1</td><td>316</td><td>24,112</td><td>499</td><td>118</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (in dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th></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>49.33</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>51</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>191.86</td></tr><tr><td>1944-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>190.11</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>1,221</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</td><td>1,252</td><td>132</td><td>818</td><td>303</td><td>200.24</td></tr><tr><td>November p</td><td>1,261</td><td>133</td><td>823</td><td>305</td><td>201.05</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/ 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.
84
Treasury Bulletin
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES
January 1946
85
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 colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></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>954,629</td><td>6,039</td><td>116,660</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>-7,364</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-July 31, 1945)</td><td>821,096</td><td>834,042</td><td>777</td><td>-68,639</td><td>54,316</td></tr><tr><td>Total (Jan. 2, 1935-July 31, 1945)</td><td>8,296,835</td><td>6,252,889</td><td>127,061</td><td>843,193</td><td>1,073,692</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>-9,505</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>151,609</td><td>2,658</td><td>5,205</td><td>-86,922</td></tr><tr><td>February</td><td>107,175</td><td>119,583</td><td>-600</td><td>-2,503</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>58,532</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>111</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>70,236</td><td>76,248</td><td>-2,141</td><td>-3,339</td><td>-472</td></tr><tr><td>December</td><td>-54,773 6a/</td><td>-229,521 6a/</td><td>1,295</td><td>179,418</td><td>-5,965</td></tr><tr><td>1945-January</td><td>157,405 7b/</td><td>153,895 7b/</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>-3,741</td></tr><tr><td>April</td><td>58,274</td><td>44,446</td><td>-78</td><td>-18,079</td><td>31,905</td></tr><tr><td>May</td><td>60,364</td><td>47,305</td><td>3,209</td><td>-17,489</td><td>27,338</td></tr><tr><td>June</td><td>214,213</td><td>171,637</td><td>-1,831</td><td>63,424</td><td>-19,067</td></tr><tr><td>July</td><td>224,913</td><td>231,025</td><td>-4,689</td><td>-5,244</td><td>16,721</td></tr></table>
Footnotes appear on pages 89 and 90.
Só
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 - July 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th rowspan="2"></th><th rowspan="2">Total calendar year 1942</th><th colspan="12">1942</th></tr><tr><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>+7,462</td><td>-272</td><td>+4,520</td><td>-1,565</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>-258</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>+115</td><td>+170</td><td>-943</td><td>+75</td></tr><tr><td>Netherlands</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>-40,539</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>-5,339</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 2a</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 Manchuria)</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>-2,6871/</td><td>+212,975</td><td>+5,862</td><td>+4,472</td><td>-4,824</td><td>+3,390</td><td>+3,273</td><td>+11,318</td><td>-8,936</td><td>-884</td></tr><tr><td>Total Asia</td><td>+219,984</td><td>-10,219</td><td>+7,862</td><td>-3,9821/</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>+13,3451/</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)
January 1946
87
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movements, by Countries, January 1942 - July 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><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>+419,932</td><td>-97,503</td><td>+22,178</td><td>+29,403</td><td>+54,012</td><td>+1,966</td><td>+33,548</td><td>+71,480</td><td>+77,201</td><td>+37,902</td><td>+79,211</td><td>+11,070</td><td>+39,464</td></tr><tr><td>France</td><td>+10,990</td><td>+1,733</td><td>+831</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>-2,945</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>+607</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>-168</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>+115</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>+4,149</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>+4,456</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>-2,676</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>+1,916</td><td>+4,603</td><td>+323</td><td>+1,160</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>+1,911</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</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>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>-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>-424</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>-4,653</td></tr><tr><td>Columbia</td><td>+34,599</td><td>+3,639</td><td>+2,013</td><td>+6,510</td><td>-6,161</td><td>+3,060</td><td>+6,199</td><td>+185</td><td>-137</td><td>+4,670</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>-2,979</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>+231</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>+3</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>-54</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>+4,266</td><td>+2,086</td><td>+23,400</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>+222,629</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>+55</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>-1,045</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>-289</td><td>+291</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>+25,867</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>+6,860</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>+20,045</td><td>-527</td><td>+1,986</td><td>+15,096</td><td>+3,051</td><td>+25,208</td><td>+14,440</td><td>+23,683</td><td>+40,834</td><td>+75,411</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>+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>-12,856</td></tr><tr><td>New Zealand</td><td>+754</td><td>-195</td><td>+631</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>-1,329</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>+417</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>+6,928</td><td>+950</td><td>-5,876</td><td>-2,046</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>+3,336</td><td>+26,523</td><td>+4,869</td><td>+8,389</td><td>-3,633</td><td>-17,472</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</td><td>+133,267</td><td>+168,979</td><td>+44,994</td></tr></table>
(Continued on following page)
88
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 - July 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>-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>-5,670</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 6b/</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>+579</td><td>-660</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>+7,152</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>-376</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 6a/</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>+486</td><td>+1,174</td><td>-43</td><td>+714</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>+525</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>+997</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>-334</td><td>+1,555</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>+21,453</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>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>+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>-187</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>+1,268</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>+422</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>+959</td><td>+7,045</td><td>+801</td><td>-4,834</td><td>+2,874</td><td>-2,634</td><td>+5,313</td><td>-721</td></tr><tr><td>Total Latin America</td><td>+242,761</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>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>+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>+334</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>Philippines 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>+18,055</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>+7,831</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>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>+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>-694</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>+2,931</td><td>+1,946</td><td>-3,412</td><td>-1,753</td><td>-1,926</td><td>-855</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>-6,721</td><td>-2,824</td><td>+1,317</td><td>+1,171</td><td>+24,007 6b/</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 6b/</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>-1,568</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 6a/</td></tr></table>
(Continued on following page)
January 1946
89
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movements, by Countries, January 1942 - July 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><th>July</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-81,430</td><td>+45,090</td><td>-4,718</td><td>-22,879</td><td>+3,278</td><td>+36,948</td><td>+6,728</td></tr><tr><td>France</td><td>-19,035 7a/</td><td>-8,362</td><td>-51,793</td><td>-28,925</td><td>-24,513</td><td>+68,534</td><td>+20,696</td></tr><tr><td>Belgium</td><td>-2,372</td><td>+1,774</td><td>+9,325</td><td>+5,012</td><td>+7,759</td><td>-3,157</td><td>+6,570</td></tr><tr><td>Denmark</td><td>-151</td><td>-128</td><td>+610</td><td>-672</td><td>-346</td><td>+623</td><td>+49</td></tr><tr><td>Finland</td><td>-101</td><td>-103</td><td>+471</td><td>-50</td><td>-174</td><td>-170</td><td>-24</td></tr><tr><td>Germany</td><td>-151</td><td>+51</td><td>+105</td><td>+43</td><td>-219</td><td>+33</td><td>+34</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><td>+3,670</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><td>+5,189</td></tr><tr><td>Luxembourg</td><td>-30</td><td>+22</td><td>+26</td><td>-114</td><td>+163</td><td>+270</td><td>+3,554</td></tr><tr><td>Netherlands</td><td>-2,961</td><td>+3,019</td><td>-569</td><td>+991</td><td>+527</td><td>+6,169</td><td>+3,038</td></tr><tr><td>Norway</td><td>-123</td><td>+1,631</td><td>+7,798</td><td>+5,376</td><td>-5,924</td><td>+6,933</td><td>+1,111</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><td>+5,999</td></tr><tr><td>Romania</td><td>-51</td><td>-312</td><td>+199</td><td>+33</td><td>-145</td><td>-34</td><td>+31</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><td>+5,114</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><td>+17,891</td></tr><tr><td>Switzerland</td><td>-4,651</td><td>+6,748</td><td>+6,048</td><td>-2,290</td><td>+6,381</td><td>+2,504</td><td>+10,251</td></tr><tr><td>U. S. S. R.</td><td>-3,415</td><td>+255</td><td>-4,329</td><td>+4,212</td><td>+4,703</td><td>+3,340</td><td>+1,470</td></tr><tr><td>Yugoslavia</td><td>-43</td><td>-20</td><td>+78</td><td>-46</td><td>-145</td><td>+34</td><td>-503</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><td>-6,406</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><td>+83,110</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><td>+64,727</td></tr><tr><td>Latin America</td><td></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><td>+3,369</td></tr><tr><td>Bolivia</td><td>+2,259</td><td>-455</td><td>-1,928</td><td>+1,355</td><td>-752</td><td>+1,601</td><td>-1,639</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><td>+21,839</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><td>-3,584</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><td>+6,748</td></tr><tr><td>Costa Rica</td><td>-277</td><td>+8</td><td>+573</td><td>+577</td><td>+91</td><td>-830</td><td>+496</td></tr><tr><td>Cuba</td><td>-1,737</td><td>-2,965</td><td>-6,118</td><td>+23,593</td><td>+27,030</td><td>+10,591</td><td>+3,269</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><td>+2,242</td></tr><tr><td>Mexico</td><td>+15,412</td><td>+15,733</td><td>+13,982</td><td>+10,850</td><td>+19,503</td><td>+5,507</td><td>+12,035</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><td>+2,555</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><td>+1,766</td></tr><tr><td>Peru</td><td>+1,013</td><td>+743</td><td>+3,200</td><td>+711</td><td>+571</td><td>+2,766</td><td>-552</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><td>+6,958</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><td>+310</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><td>+57,822</td></tr><tr><td>Asia</td><td></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><td>-6,740</td></tr><tr><td>French Indo-China</td><td>-359</td><td>+50</td><td>-1</td><td>+16</td><td>+76</td><td>-22</td><td>+7</td></tr><tr><td>Hong Kong</td><td></td><td>+164</td><td>-904</td><td>-262</td><td>+264</td><td>+219</td><td>-71</td></tr><tr><td>India, Burma, and Ceylon</td><td>+8,684</td><td>+651</td><td>+284</td><td>+1,696</td><td>-4,416</td><td>+383</td><td>+3,123</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><td>-39</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><td>+272</td></tr><tr><td>Netherland East Indies</td><td>+656</td><td>+2,484</td><td>+2,911</td><td>-999</td><td>+2,233</td><td>-6,470</td><td>+1,114</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><td>+2,141</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><td>-851</td></tr><tr><td>Other Asia</td><td>+10,050</td><td>+1,852</td><td>+3,354</td><td>-475</td><td>-2,840</td><td>-11,571</td><td>+497</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><td>+43</td></tr><tr><td>Other countries</td><td></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><td>-4,009</td></tr><tr><td>New Zealand</td><td>+2,101</td><td>-749</td><td>-820</td><td>-497</td><td>-14</td><td>-291</td><td>-64</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><td>-228</td></tr><tr><td>French Morocco</td><td>-196</td><td>-101</td><td>-165</td><td>+243</td><td>+132</td><td>-631</td><td>+344</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><td>-950</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><td>+4,115</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><td>-664</td></tr><tr><td>Unidentified</td><td>+215</td><td>+1,222</td><td>+494</td><td>+311</td><td>-123</td><td>-422</td><td>-125</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><td>+224,913</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)
90
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Continuation of footnotes
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) $6,042 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
5/ All other" now reported under "Unidentified".
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 $3,587 thousand from the "All other" classification to "France".
7/ 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.
January 1946
91
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 - July 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-June3)</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>+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>+33</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>+416</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>-733</td><td>-1,808</td><td>-10,384</td><td>+1,530</td><td>+5,100</td><td>-8,829</td><td>-6,007</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>Total Europe</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>+25,515</td><td>+37,458</td><td>+10,294</td><td>-2,161</td><td>+16,108</td></tr><tr><td>Canada</td><td>+122,270</td><td>-5,092</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>Latin America</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>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>-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>Total Asia</td><td>+209,798</td><td>-10,458</td><td>+7,630</td><td>-4,071 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>All other</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>+22,648</td></tr><tr><td>Grand total</td><td>+561,573</td><td>-74,305</td><td>-88,565</td><td>+19,020 1/</td><td>+232,235</td><td>+100,712</td><td>+81,602 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)
92
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 - July 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>+80,855</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>+1,392</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>-3,840</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>+555</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>-161</td><td>-768</td><td>-592</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>-2,394</td><td>+104</td></tr><tr><td>Norway</td><td>+26,568</td><td>+8,149</td><td>-746</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>-1,981</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>-516</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>+3,861</td><td>+3,876</td><td>+640</td><td>-4,285</td><td>+3,586</td><td>-2,389</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>+1,867</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. R.</td><td>-1,936</td><td>+1,967</td><td>+4,535</td><td>+44</td><td>-268</td><td>+2,849</td><td>-2,161</td><td>-2,088</td><td>+1,646</td><td>+4,541</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>+568,614</td><td>-89,369</td><td>+36,839</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>+51,668</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>+43,612</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>+1,680</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>-248</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>-7,786</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>+5,985</td><td>+1,685</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>+5,468</td><td>+116</td><td>-169</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>+877</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>-5,843</td><td>-5,029</td><td>-5,638</td><td>+2,919</td><td>+5,864</td><td>-20,301</td><td>+14,572</td><td>-4,162</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>-855</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>+3,622</td><td>-209</td><td>+4,803</td><td>-2,000</td><td>+1,886</td></tr><tr><td>Peru</td><td>+1,078</td><td>-1,225</td><td>+807</td><td>+140</td><td>-1,029</td><td>+617</td><td>+2,432</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>-1,674</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>+4,855</td><td>+11,407</td><td>+10,280</td><td>+8,270</td><td>+601</td><td>+5,392</td><td>-6,281</td><td>-11</td><td>-1,589</td><td>+1,537</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>+26,323</td><td>+24,244</td><td>-40,688</td><td>-29,104</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>+89</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>-7,963</td><td>-29</td><td>-10,659</td><td>+495</td><td>+116</td><td>+780</td><td>-492</td><td>+25</td><td>-87</td></tr><tr><td>India, Burma, and Ceylon</td><td>+5,324</td><td>+3,129</td><td>+2,763</td><td>-2,854</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>-68</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>+15,781</td><td>+1,467</td><td>-20,193</td><td>+582</td><td>+12,643</td><td>+768</td><td>+7,143</td><td>-1,043</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>+881</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>+1,519</td><td>-3,241</td><td>+5,264</td><td>-2,729</td><td>+2,490</td><td>+721</td><td>+2,123</td><td>+1,636</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>+6,643</td><td>+3,027</td><td>-886</td></tr><tr><td>Total Asia</td><td>+189,946</td><td>-2,592</td><td>+7,025</td><td>+12,016</td><td>-2,555</td><td>+1,945</td><td>+15,088</td><td>-11,390</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>+2,049</td><td>+1,946</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>-12,509</td></tr><tr><td>New Zealand</td><td>+704</td><td>-204</td><td>+859</td><td>-155</td><td>+2,076</td><td>-1,388</td><td>+670</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>+2,655</td><td>-3,289</td></tr><tr><td>Union of South Africa</td><td>-7,209</td><td>-2,358</td><td>-474</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>+420</td><td>-3,734</td></tr><tr><td>All other</td><td>+21,383</td><td>+150</td><td>-672</td><td>+18,046</td><td>-17,251</td><td>+10,855</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>+3,589</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>-246</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>+74,511</td><td>+224,845</td><td>+56,720</td><td>+99,027</td><td>+1,903</td><td>+135,679</td><td>+163,436</td><td>+55,551</td></tr></table>
(Continued on following page)
93
January 1946
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 - July 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>-529</td><td>+1,934</td><td>-10,332</td><td>+1,492</td><td>+1,813</td><td>+10,238</td><td>-1,521</td><td>-400</td><td>-57,251 6/</td></tr><tr><td>Belgium</td><td>+1,450</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>+152</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>-564</td><td>-306</td><td>-60</td><td>+8,446</td><td>-348</td><td>-11</td><td>-13</td><td>-158</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></td></tr><tr><td>Greece</td><td>+5,150</td><td>-152</td><td>-127</td><td>+2,459</td><td>+35</td><td>+184</td><td>+132</td><td>+432</td><td>-197</td><td>+116</td><td>+2,425</td><td>-116</td><td>-41</td></tr><tr><td>Italy</td><td>+13,957</td><td>-428</td><td>-457</td><td>+494</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>+2,738</td><td>+1,263 6/</td></tr><tr><td>Luxembourg</td><td>+1314</td><td>+60</td><td>-57</td><td>-43</td><td>+38</td><td>+34</td><td>+2</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>+1,034</td><td>-604</td><td>+5,910</td><td>+341</td><td>+1,100</td><td>-967</td><td>+569</td><td>+1,796</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>-14,646</td><td>-9,239</td><td>+8,405</td><td>+261</td><td>+8,055</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>+4,480</td></tr><tr><td>Rumania</td><td>+225</td><td>+15</td><td>-52</td><td>+64</td><td>+182</td><td>-269</td><td>-5</td><td>-1</td><td>-22</td><td>+33</td><td>-10</td><td>+244</td><td>+46</td></tr><tr><td>Spain</td><td>+12,367</td><td>+727</td><td>+3,533</td><td>+416</td><td>+3,399</td><td>+11,644</td><td>+427</td><td>-1,167</td><td>+1,812</td><td>-5,313</td><td>-1,223</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>+258</td><td>+3,010</td><td>+1,304</td><td>+404</td><td>-11,297</td><td>+2,816</td><td>+1,528</td><td>-1,045</td><td>+4,174</td></tr><tr><td>Switzerland</td><td>+30,397</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>+2,082</td><td>+1,672</td><td>+2,343</td><td>-784</td><td>+601</td><td>+8,979</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>-3,436</td><td>+1,207</td><td>+1,844</td><td>-8,183</td><td>-671</td><td>+3,79</td><td>+309</td><td>+4,657</td><td>+3,235</td></tr><tr><td>Yugoslavia</td><td>-14,198</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></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>-986</td><td>-886</td><td>-54</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>-66,640</td><td>-19,014</td><td>-75,575</td><td>-60,043</td><td>+9,106</td><td>-23,080 6/</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>-30,257</td></tr><tr><td>Latino 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>-3,645</td><td>-1,622</td><td>+7,890</td><td>+12,510</td><td>+10,090</td></tr><tr><td>Bolivia</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>-1,295</td></tr><tr><td>Brazil</td><td>+35,840</td><td>+8,825</td><td>+21,338</td><td>+12,542</td><td>-6,744</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>-1,028</td><td>+3,596</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>+3,288</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>-664</td><td>+1,268</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>-6,809</td><td>+1,981</td><td>+6,411</td><td>+4,699</td><td>-1,988</td><td>+3,131</td><td>-8,330</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>+665</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>-646</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>+8,463</td><td>-11,568</td><td>+2,540</td></tr><tr><td>Other Latino 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>+489</td><td>-5,163</td><td>+1,608</td><td>-2,742</td><td>+2,397</td><td>+256</td></tr><tr><td>Total Latino 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>+26,231</td><td>+3,383</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>+874</td><td>-17,472</td><td>-4,134</td><td>-3,775</td><td>+2,303</td><td>-10,544</td><td>-179,791</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>+45</td><td>-696</td><td>-147</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>-984</td><td>+8,996</td><td>+53</td><td>-3,595</td><td>+190</td><td>+14,448</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>+55</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>-114</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>-480</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>+18,067</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>-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>-1,863</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>+44,572</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>-1,577</td><td>+13,847</td><td>-253</td><td>-211,399</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>+7,881</td><td>-4,527</td><td>+2,604</td><td>+9,048</td><td>-3,855</td><td>-11,412</td><td>+3,677</td><td>+2,093</td><td>+2,972</td><td>+1,449</td><td>+4,045</td><td>+13,009</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>-475</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>+89</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>-2,994</td><td>+230</td><td>+268</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>-3,451</td><td>+2,030</td><td>+1,943</td><td>-3,409</td><td>-1,758</td><td>-1,927</td><td>+769</td><td>-3,351</td><td>+1,464</td><td>-1,973</td><td>+2,484</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>-8,680</td><td>-2,372</td><td>+1,233</td><td>+1,158</td><td>+23,845 6/</td></tr><tr><td>Total other countries</td><td>+11</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>+456</td><td>-4,736</td><td>+2,443</td><td>+2,547</td><td>+3,098</td><td>+41,070 6/</td></tr><tr><td>Unidentified</td><td>-152</td><td>+460</td><td>-194</td><td>-2</td><td>-185</td><td>+163</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>+44,394</td><td>+155,209</td><td>+147,637</td><td>+76,735 5/</td><td>+1,038</td><td>+1,151</td><td>-47,329</td><td>-116,872</td><td>+10,534</td><td>-57,289</td><td>+26,852</td><td>+76,248</td><td>-229,521 6/</td></tr></table>
(Ccontinued 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 - July 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><th>July</th></tr><tr><td><b>Europe</b></td><td></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><td>+13,177</td></tr><tr><td>France</td><td>-17,795 1e/</td><td>-9,243</td><td>+43,194</td><td>-28,051</td><td>-23,190</td><td>+57,169</td><td>+26,721</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><td>+8,406</td></tr><tr><td>Denmark</td><td>-421</td><td>-237</td><td>+215</td><td>-713</td><td>-293</td><td>+290</td><td>+5</td></tr><tr><td>Finland</td><td>-101</td><td>+425</td><td>+469</td><td>-54</td><td>-172</td><td>-171</td><td>-32</td></tr><tr><td>Germany</td><td>-29</td><td>+48</td><td>+88</td><td>+51</td><td>-246</td><td>-5</td><td>+26</td></tr><tr><td>Greece</td><td>+93</td><td>-96</td><td>+1,978</td><td>+1,846</td><td>+1,182</td><td>+2,928</td><td>+3,925</td></tr><tr><td>Italy</td><td>+3,631</td><td>+2,781</td><td>+2,276</td><td>+3,391</td><td>+3,419</td><td>+1,072</td><td>+5,559</td></tr><tr><td>Luxembourg</td><td>-24</td><td>+35</td><td>-2</td><td>-111</td><td>+637</td><td>+246</td><td>+3,509</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><td>+2,844</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><td>-4,332</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>+4,185</td><td>+5,985</td></tr><tr><td>Romania</td><td>-51</td><td>-312</td><td>+186</td><td>+36</td><td>-47</td><td>-34</td><td>+30</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><td>+5,058</td></tr><tr><td>Sweden</td><td>-3,529</td><td>+3,666</td><td>+5,430</td><td>+297</td><td>+2,162</td><td>+5,176</td><td>+17,921</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><td>+9,127</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><td>+1,470</td></tr><tr><td>Yugoslavia</td><td>-43</td><td>-21</td><td>+78</td><td>+31</td><td>-145</td><td>+33</td><td>-503</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><td>-5,221</td></tr><tr><td>Total Europe</td><td>-125,340 1e/</td><td>+59,457</td><td>-27,801</td><td>-17,391</td><td>+6,047</td><td>+103,967</td><td>+93,675</td></tr><tr><td>Canada</td><td>+46,534</td><td>+100,510</td><td>+59,763</td><td>+36,540</td><td>-6,083</td><td>+77,813</td><td>+91,059</td></tr><tr><td><b>Latin America</b></td><td></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><td>+3,484</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><td>-2,089</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><td>+21,836</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><td>-3,640</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><td>+6,552</td></tr><tr><td>Costa Rica</td><td>-278</td><td>+14</td><td>+568</td><td>+585</td><td>+103</td><td>-604</td><td>+491</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><td>+2,867</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><td>+2,242</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><td>+12,043</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><td>+2,389</td></tr><tr><td>Panama</td><td>+230 7b/</td><td>+2,254</td><td>+3,783</td><td>-633</td><td>+1,409</td><td>+2,941</td><td>+3,354</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><td>-77</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><td>+6,904</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><td>+158</td></tr><tr><td>Total Latin America</td><td>+53,059 7b/</td><td>+11,387</td><td>-29,726</td><td>+28,530</td><td>+58,678</td><td>+25,229</td><td>+58,514</td></tr><tr><td><b>Asia</b></td><td></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><td>-18,344</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><td>+7</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><td>-78</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><td>+3,203</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><td>-39</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><td>+272</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><td>+1,414</td></tr><tr><td>Philippine Islands</td><td>-332</td><td>+2,614</td><td>-2,409</td><td>+3,375</td><td>+1,504</td><td>+4,612</td><td>+2,573</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>+604</td><td>-862</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><td>+4,36</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><td>-11,418</td></tr><tr><td><b>Other countries</b></td><td></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><td>-4,029</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><td>+73</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><td>-207</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><td>+339</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><td>-844</td></tr><tr><td>All other</td><td>+14,895 7b/</td><td>+2,099</td><td>+4,413</td><td>-989</td><td>+1,264</td><td>+459</td><td>+4,041</td></tr><tr><td>Total other countries</td><td>+918 7b/</td><td>+2,467</td><td>+3,168</td><td>-908</td><td>-2,079</td><td>+318</td><td>-627</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><td>-178</td></tr><tr><td>Grand total</td><td>+153,895 7b/</td><td>+174,973</td><td>+11,310</td><td>+44,446</td><td>+47,306</td><td>+172,687</td><td>+231,025</td></tr></table>
Footnotes appear on pages 89 and 90.
January 1946
95
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 - July 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><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>+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>+44</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>Sweden</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><b>Canada</b></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><b>Latino America</b></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><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 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>-44</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><b>All other</b></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><b>Grand total</b></td><td>+3,513</td><td>+1,175</td><td>-59</td><td>+2,897</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)
96
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 - July 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>+46</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>-</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>-</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>+143</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>+452</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>-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>Hong Kong</td><td>+47</td><td>+1</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>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 Manchurie)</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>+3</td><td>+12</td><td>-2</td><td>+1</td><td>+14</td><td>+9</td></tr><tr><td>French Morocco</td><td>+31</td><td>+2</td><td>-</td><td>-30</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>-41</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)
January 1946
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 - July 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>-310</td><td>-53</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>+86</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>-5</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>+8</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>Sreden</td><td>+90</td><td>-5</td><td>+78</td><td>+84</td><td>+66</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>+1</td><td>-</td><td>+1</td><td>-</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>-</td><td>-</td><td>-</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><b>Total Europe</b></td><td>+6,582</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><b>Canada</b></td><td>-1,417</td><td>-494</td><td>+273</td><td>+396</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>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>+1,141</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>Cnate 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><b>Netherlands West Indies and Surinam</b></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>-58</td><td>-</td><td>-36</td><td>-11</td><td>+4</td><td>+42</td><td>-465</td></tr><tr><td>Venezuela</td><td>-179</td><td>-175</td><td>-153</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 Latin 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><b>Total Latin America</b></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>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>+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><b>Netherlands East Indies</b></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>-</td><td>-1</td><td>-</td></tr><tr><td>Other Asia</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>-115</td><td>+60</td><td>-58</td></tr><tr><td><b>Total Asia</b></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>+47</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>French 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>-</td><td>-1</td></tr><tr><td>Union of South Africa</td><td>+5</td><td>-</td><td>-3</td><td>-</td><td>-</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>+43</td><td>+15</td><td>+8</td><td>+9</td><td>+83</td><td>+268</td><td>+296</td><td>+14</td><td>+7</td><td>+77</td></tr><tr><td><b>Total other countries</b></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>+311</td><td>+8</td><td>+1</td><td>+33</td></tr><tr><td><b>Unidentified</b></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><b>Grand total</b></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)
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 - July 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><th>July</th></tr><tr><td>Europe</td><td></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><td>-3,128</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><td>-23</td></tr><tr><td>Belgium</td><td>+170</td><td>+93</td><td>-78</td><td>+46</td><td>+74</td><td>-54</td><td>+246</td></tr><tr><td>Denmark</td><td>+5</td><td>+8</td><td>-3</td><td></td><td>-15</td><td>+5</td><td>+30</td></tr><tr><td>Finland</td><td>-128</td><td>-1</td><td>+20</td><td>+6</td><td>-13</td><td>+1</td><td>+1</td></tr><tr><td>Germany</td><td>-1</td><td>-1</td><td>-1</td><td>-1</td><td>-1</td><td>-1</td><td>+1</td></tr><tr><td>Greece</td><td>-1</td><td>-1</td><td>+1</td><td>+9</td><td>-8</td><td>+14</td><td>+12</td></tr><tr><td>Italy</td><td>+1</td><td>+4</td><td>+10</td><td>+9</td><td>-8</td><td>+14</td><td>+14</td></tr><tr><td>Luxembourg</td><td>+21</td><td>+4</td><td>+29</td><td>+38</td><td>-418</td><td>+5</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><td>+677</td></tr><tr><td>Norway</td><td>-37</td><td>-121</td><td>+97</td><td>+6</td><td>+31</td><td>+117</td><td>+46</td></tr><tr><td>Portugal</td><td>+146</td><td>-5</td><td>+1</td><td>-24</td><td>-9</td><td>+2</td><td>+6</td></tr><tr><td>Romania</td><td>-152</td><td>-1</td><td>+13</td><td>-3</td><td>+2</td><td>-</td><td>+1</td></tr><tr><td>Spain</td><td>+23</td><td>+44</td><td>+11</td><td>+11</td><td>+94</td><td>+148</td><td>+42</td></tr><tr><td>Sweden</td><td>-112</td><td>+1,014</td><td>+521</td><td>+240</td><td>+1,117</td><td>+187</td><td>+381</td></tr><tr><td>Switzerland</td><td>-9</td><td>+9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-3</td><td>+142</td><td>-413</td><td>+4</td><td>-17</td><td>+42</td><td>-158</td></tr><tr><td>Other Europe</td><td>-1,121</td><td>+2,454</td><td>+353</td><td>+664</td><td>+1,072</td><td>+3,674</td><td>-2,024</td></tr><tr><td>Total Europe</td><td>+557</td><td>+305</td><td>-86</td><td>+80</td><td>+2,256</td><td>-1,367</td><td>-611</td></tr><tr><td>Canada</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Latin America</td><td></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><td>+341</td></tr><tr><td>Bolivia</td><td>+3</td><td>-7</td><td>+3</td><td>+10</td><td>+11</td><td>+14</td><td>-1</td></tr><tr><td>Brazil</td><td>-63</td><td>-303</td><td>-272</td><td>-235</td><td>-940</td><td>+961</td><td>-367</td></tr><tr><td>Chile</td><td>-3</td><td>+40</td><td>+34</td><td>+64</td><td>-112</td><td>-235</td><td>+33</td></tr><tr><td>Colombia</td><td>+123</td><td>-27</td><td>-63</td><td>+14</td><td>-94</td><td>-122</td><td>-34</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><td>+24</td></tr><tr><td>Cuba</td><td>+115</td><td>+186</td><td>-59</td><td>+262</td><td>-192</td><td>-355</td><td>-317</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><td>-</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><td>-297</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+29</td><td>+39</td><td>-183</td><td>+145</td><td>-2</td><td>-365</td><td>+104</td></tr><tr><td>Panama</td><td>+31</td><td>+670</td><td>+372</td><td>-398</td><td>+1,222</td><td>-1,408</td><td>-376</td></tr><tr><td>Peru</td><td>-37</td><td>-25</td><td>-131</td><td>-194</td><td>+254</td><td>+590</td><td>-586</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><td>-295</td></tr><tr><td>Other Latin America</td><td>+79</td><td>+405</td><td>-14</td><td>-54</td><td>-244</td><td>-607</td><td>-21</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><td>-1,792</td></tr><tr><td>Asia</td><td></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><td>-233</td></tr><tr><td>French Indo-China</td><td>+658</td><td>+1</td><td>+11</td><td>+18</td><td>+1</td><td>+5</td><td>+5</td></tr><tr><td>Hong Kong</td><td>-57</td><td>+67</td><td>-9</td><td>-8</td><td>-3</td><td>-11</td><td>-68</td></tr><tr><td>Indie, Burma, and Ceylon</td><td>-</td><td>+2</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>-3</td><td>+1</td><td>-3</td><td>-</td><td>+1</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+56</td><td>-56</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>+6</td><td>+1</td><td>+65</td><td>+34</td><td>-78</td><td>+44</td><td>-28</td></tr><tr><td>Philippine Islands</td><td>-</td><td>+14</td><td>+4</td><td>-3</td><td>-6</td><td>+3</td><td>+1</td></tr><tr><td>Turkey</td><td>+21</td><td>+4</td><td>-14</td><td>+16</td><td>+10</td><td>+4</td><td>+16</td></tr><tr><td>Other Asia</td><td>-835</td><td>+62</td><td>-79</td><td>-263</td><td>-580</td><td>-833</td><td>-307</td></tr><tr><td>Other countries</td><td></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><td>+22</td></tr><tr><td>New Zealand</td><td>-1</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-1</td><td>-13</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><td>-25</td></tr><tr><td>French Morocco</td><td>+3</td><td>+3</td><td>-2</td><td>-</td><td>-</td><td>+10</td><td>-9</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><td>-</td></tr><tr><td>All other</td><td>+18</td><td>+14</td><td>+51</td><td>+16</td><td>+12</td><td>+6</td><td>-</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><td>-9</td></tr><tr><td>Unidentified</td><td>+14</td><td>-4</td><td>-</td><td>-2</td><td>-7</td><td>-</td><td>+54</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><td>-1,689</td></tr></table>
January 1946
99
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 colspan="11">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>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>-85</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>+240</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>+1,250</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>-5,5161/2</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>+2,9591/2</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</td><td></td><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>-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>-1,4131/2</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)
100
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)
(10 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>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>-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>-448</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>+48</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>-90</td><td>+87</td><td>+463</td><td>+10</td><td>+4</td><td>+6</td><td>+7</td><td>-16</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>+90</td><td>+52</td><td>+14</td><td>-1</td><td>+27</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>Romania</td><td>-</td><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>-10</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>-47</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>-1</td><td>+1</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>-</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>-17,109</td><td>+107,461</td><td>+23,951</td><td>-7,413</td><td>-2,849</td><td>-12,288</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>+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>-</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>-14</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>+2,440</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>+83</td><td>+2,809</td><td>+1,406</td></tr><tr><td>Peru</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>Venezuela</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>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>+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-China</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 Kong</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>-</td><td>+14,350</td><td>+1,000</td><td>+8,097</td><td>+350</td><td>+500</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>+180</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>+93</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>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>+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>+145</td><td>+51</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>Unidentified</td><td>-667</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+15</td><td>-639</td><td>-</td><td>-</td><td>-43</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)
January 1946
101
Capital Movements Between the United States and Foreign Countries - (Continued)
Section 1 - 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>-4,495</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>+706</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>+395</td><td>+68</td><td>-1,574</td><td>-6,321</td><td>-166</td><td>-21</td><td>-31</td><td>-44</td><td>-12</td><td>+625</td></tr><tr><td>Denmark</td><td>+86</td><td>+5</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>+7</td><td>+1</td><td>+73</td><td>+20</td><td>+21</td><td>+16</td><td>-</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>+3</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>+41</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>+70</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>-60</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>+6</td><td>+5</td><td>-</td><td>+1</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>-5</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>-16,015</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>-728</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>+142</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>+3</td><td>+23</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>+75</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>-86</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>+43</td><td>+38</td><td>+304</td><td>+216</td><td>+535</td><td>+309</td><td>+1,092</td><td>+264</td><td>+725</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>+1,110</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>Port. Venezuela</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>+108</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>-595</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>+41</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 Manchuria)</td><td>-157</td><td>-110</td><td>-1</td><td>-2</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>-32</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>+1145</td><td>-472</td><td>-392</td><td>+170,066</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>-2</td><td>-2</td></tr><tr><td>French Morocco</td><td>-39</td><td>-</td><td>-3</td><td>-37</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>Union of South Africa</td><td>-334</td><td>+1</td><td>+6</td><td>-3</td><td>+1</td><td>+2</td><td>-85</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)
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>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th></tr><tr><td><b>Europe</b></td><td></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><td>-1,321</td></tr><tr><td>France</td><td>-72</td><td>-89</td><td>-8,528</td><td>-904</td><td>-771</td><td>+11,211</td><td>-6,002</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><td>-82</td></tr><tr><td>Denmark</td><td>-35</td><td>+101</td><td>+398</td><td>+41</td><td>-38</td><td>+328</td><td>+14</td></tr><tr><td>Finland</td><td>-</td><td>+22</td><td>+1</td><td>+4</td><td>+1</td><td>-</td><td>+3</td></tr><tr><td>Germany</td><td>+6</td><td>+6</td><td>-3</td><td>-14</td><td>+40</td><td>+37</td><td>+7</td></tr><tr><td>Greece</td><td>-10</td><td>-</td><td>-150</td><td>+15</td><td>-86</td><td>-</td><td>-67</td></tr><tr><td>Italy</td><td>-111</td><td>+323</td><td>-5</td><td>+10</td><td>-1,366</td><td>+1,376</td><td>-384</td></tr><tr><td>Luxembourg</td><td>-17</td><td>-9</td><td>-1</td><td>-41</td><td>-56</td><td>+19</td><td>+50</td></tr><tr><td>Netherlande</td><td>+6</td><td>+77</td><td>+12</td><td>+298</td><td>-122</td><td>+1,991</td><td>-143</td></tr><tr><td>Norway</td><td>-2</td><td>+14</td><td>+169</td><td>+91</td><td>-3</td><td>+227</td><td>-63</td></tr><tr><td>Portugal</td><td>-34</td><td>+28</td><td>+79</td><td>+20</td><td>+13</td><td>+6</td><td>+8</td></tr><tr><td>Rumanie</td><td>-</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><td>+51</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><td>+12</td></tr><tr><td>Switzerland</td><td>-2,363</td><td>-2,041</td><td>-1,152</td><td>-2,155</td><td>-778</td><td>+3,840</td><td>+743</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>+3</td><td>+1</td><td>-</td><td>-</td><td>+1</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>+1</td><td>-</td><td>-77</td><td>-</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><td>-1,027</td></tr><tr><td><b>Total Europe</b></td><td><b>-6,356</b></td><td><b>-6,963</b></td><td><b>-23,539</b></td><td><b>-10,354</b></td><td><b>-6,546</b></td><td><b>+23,430</b></td><td><b>-8,541</b></td></tr><tr><td><b>Canada</b></td><td><b>+7,344</b></td><td><b>-50,283</b></td><td><b>-5,643</b></td><td><b>+22,920</b></td><td><b>+13,602</b></td><td><b>-4,112</b></td><td><b>-5,721</b></td></tr><tr><td><b>Latin America</b></td><td></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>+1,682</td><td>-456</td></tr><tr><td>Bolivia</td><td>-17</td><td>+14</td><td>+5</td><td>+20</td><td>+2</td><td>-46</td><td>+451</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><td>+370</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><td>+23</td></tr><tr><td>Colombia</td><td>+45</td><td>+111</td><td>-347</td><td>+109</td><td>+114</td><td>+315</td><td>+230</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><td>-19</td></tr><tr><td>Cuba</td><td>+166</td><td>+189</td><td>+168</td><td>+481</td><td>-115</td><td>+741</td><td>+719</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><td>-</td></tr><tr><td>Mexico</td><td>-267</td><td>-10</td><td>+261</td><td>-14</td><td>-318</td><td>-24</td><td>+289</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-82</td><td>-52</td><td>+11</td><td>+10</td><td>+5</td><td>+163</td><td>+72</td></tr><tr><td>Panama</td><td>+1,892</td><td>-733</td><td>-15</td><td>-547</td><td>-2,072</td><td>+804</td><td>-1,212</td></tr><tr><td>Peru</td><td>+46</td><td>-29</td><td>+214</td><td>+82</td><td>+282</td><td>+617</td><td>+111</td></tr><tr><td>Venezuela</td><td>-253</td><td>-117</td><td>+107</td><td>+67</td><td>-379</td><td>+20</td><td>+349</td></tr><tr><td>Other Latin America</td><td>+254</td><td>+138</td><td>-78</td><td>+524</td><td>+205</td><td>+1,858</td><td>+173</td></tr><tr><td><b>Total Latin America</b></td><td><b>+2,204</b></td><td><b>-110</b></td><td><b>+1,211</b></td><td><b>+857</b></td><td><b>+2,133</b></td><td><b>+7,597</b></td><td><b>+1,100</b></td></tr><tr><td><b>Asia</b></td><td></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>+16,511</td><td>+11,837</td></tr><tr><td>French Indo-China</td><td>-</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><td>+2</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><td>-12</td></tr><tr><td>British Malaya</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+3</td><td>-</td></tr><tr><td>Netherlande East Indies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-25</td><td>-</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><td>-104</td></tr><tr><td>Turkey</td><td>-1</td><td>+2</td><td>+36</td><td>+4</td><td>+7</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>-76</td><td>-94</td><td>-161</td><td>-38</td><td>+23</td><td>-30</td><td>+45</td></tr><tr><td><b>Total Asia</b></td><td><b>+561</b></td><td><b>+957</b></td><td><b>-165</b></td><td><b>+542</b></td><td><b>+641</b></td><td><b>+17,696</b></td><td><b>+11,768</b></td></tr><tr><td><b>Other countries</b></td><td></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><td>-2</td></tr><tr><td>New Zealand</td><td>+5</td><td>-</td><td>-</td><td>-6</td><td>+5</td><td>-</td><td>-6</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>-1</td><td>+1</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><td>+14</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><td>-106</td></tr><tr><td>All other</td><td>-25</td><td>-143</td><td>-5</td><td>-54</td><td>+102</td><td>+25</td><td>+68</td></tr><tr><td><b>Total other countries</b></td><td><b>-35</b></td><td><b>-192</b></td><td><b>+7</b></td><td><b>-56</b></td><td><b>+19</b></td><td><b>+46</b></td><td><b>-23</b></td></tr><tr><td><b>Unidentified</b></td><td><b>-13</b></td><td><b>+3</b></td><td><b>-</b></td><td><b>-3</b></td><td><b>-</b></td><td><b>-</b></td><td><b>-1</b></td></tr><tr><td><b>Grand total</b></td><td><b>+3,705</b></td><td><b>-56,588</b></td><td><b>-28,129</b></td><td><b>+13,906</b></td><td><b>+9,849</b></td><td><b>+44,357</b></td><td><b>-1,423</b></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-
sion of $2,564 thousand representing redemptions on July 1 of Argentine securities, as well as (o) net disbursements from the United Kingdom account to domestic payees of $3,498 thousand.
January 1946
103
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of July 1945
Table 1.- Short-Term Claims on Foreigners as of July 31, 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="3">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>24,833</td><td>12,709</td><td>6,235</td><td>729</td><td>5,745</td><td>12,124</td><td>10,083</td><td>1,219</td><td>822</td></tr><tr><td>France</td><td>1,230</td><td>110</td><td>40</td><td>12</td><td>58</td><td>1,120</td><td>608</td><td>-</td><td>512</td></tr><tr><td>Belgium</td><td>759</td><td>39</td><td>24</td><td>11</td><td>4</td><td>720</td><td>553</td><td>-</td><td>167</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>4</td><td>2</td><td>1</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>640</td><td>20</td><td>-</td><td>8</td><td>12</td><td>620</td><td>-</td><td>-</td><td>620</td></tr><tr><td>Italy</td><td>345</td><td>246</td><td>26</td><td>209</td><td>11</td><td>99</td><td>-</td><td>-</td><td>99</td></tr><tr><td>Luxembourg</td><td>69</td><td>-</td><td>-</td><td>-</td><td>-</td><td>69</td><td>-</td><td>-</td><td>69</td></tr><tr><td>Netherlands</td><td>317</td><td>86</td><td>38</td><td>48</td><td>-</td><td>231</td><td>162</td><td>-</td><td>69</td></tr><tr><td>Norway</td><td>40,462</td><td>33</td><td>5</td><td>-</td><td>28</td><td>40,489</td><td>-</td><td>-</td><td>40,489</td></tr><tr><td>Portugal</td><td>242</td><td>42</td><td>39</td><td>2</td><td>1</td><td>200</td><td>39</td><td>-</td><td>161</td></tr><tr><td>Romania</td><td>28</td><td>4</td><td>1</td><td>3</td><td>-</td><td>24</td><td>1</td><td>-</td><td>23</td></tr><tr><td>Spain</td><td>922</td><td>158</td><td>5</td><td>43</td><td>110</td><td>764</td><td>570</td><td>-</td><td>194</td></tr><tr><td>Sweden</td><td>660</td><td>439</td><td>414</td><td>18</td><td>7</td><td>221</td><td>99</td><td>-</td><td>122</td></tr><tr><td>Switzerland</td><td>3,648</td><td>2,856</td><td>49</td><td>2,801</td><td>6</td><td>792</td><td>63</td><td>-</td><td>729</td></tr><tr><td>U. S. S. R.</td><td>20</td><td>11</td><td>11</td><td>-</td><td>-</td><td>9</td><td>5</td><td>-</td><td>4</td></tr><tr><td>Yugoslavia</td><td>15</td><td>6</td><td>-</td><td>-</td><td>6</td><td>9</td><td>4</td><td>-</td><td>5</td></tr><tr><td>Other Europe</td><td>4,910</td><td>176</td><td>105</td><td>56</td><td>15</td><td>4,734</td><td>1,431</td><td>-</td><td>3,303</td></tr><tr><td>Total Europe</td><td>112,978</td><td>17,009</td><td>7,002</td><td>4,015</td><td>5,992</td><td>95,969</td><td>34,174</td><td>1,286</td><td>60,509</td></tr><tr><td>Canada</td><td>45,199</td><td>16,177</td><td>12,129</td><td>3,733</td><td>315</td><td>29,022</td><td>4,650</td><td>1,620</td><td>22,752</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>14,149</td><td>904</td><td>196</td><td>669</td><td>39</td><td>13,245</td><td>11,650</td><td>23</td><td>1,572</td></tr><tr><td>Bolivia</td><td>1,247</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,247</td><td>216</td><td>-</td><td>1,031</td></tr><tr><td>Brazil</td><td>26,896</td><td>27</td><td>17</td><td>3</td><td>7</td><td>26,869</td><td>6,957</td><td>576</td><td>19,336</td></tr><tr><td>Chile</td><td>8,359</td><td>3</td><td>1</td><td>-</td><td>2</td><td>8,356</td><td>81</td><td>291</td><td>7,984</td></tr><tr><td>Colombia</td><td>16,337</td><td>10</td><td>-</td><td>10</td><td>-</td><td>16,327</td><td>4,879</td><td>1,628</td><td>9,820</td></tr><tr><td>Costa Rica</td><td>1,225</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,225</td><td>130</td><td>179</td><td>916</td></tr><tr><td>Cuba</td><td>10,378</td><td>134</td><td>133</td><td>-</td><td>1</td><td>10,194</td><td>2,462</td><td>4,118</td><td>3,614</td></tr><tr><td>French West Indies and Guiana</td><td>133</td><td>-</td><td>-</td><td>-</td><td>-</td><td>133</td><td>-</td><td>-</td><td>133</td></tr><tr><td>Mexico</td><td>10,238</td><td>1,397</td><td>1,226</td><td>96</td><td>75</td><td>8,841</td><td>2,433</td><td>1,238</td><td>5,170</td></tr><tr><td>Netherlands East Indies and Surinam</td><td>305</td><td>3</td><td>-</td><td>-</td><td>3</td><td>302</td><td>-</td><td>-</td><td>302</td></tr><tr><td>Panama</td><td>1,080</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,080</td><td>-</td><td>4</td><td>1,076</td></tr><tr><td>Peru</td><td>1,735</td><td>28</td><td>15</td><td>-</td><td>13</td><td>1,701</td><td>2</td><td>6</td><td>1,699</td></tr><tr><td>Venezuela</td><td>5,450</td><td>168</td><td>157</td><td>8</td><td>3</td><td>5,282</td><td>1,247</td><td>179</td><td>3,856</td></tr><tr><td>Other Latin America</td><td>12,365</td><td>53</td><td>48</td><td>-</td><td>5</td><td>12,312</td><td>1,856</td><td>382</td><td>10,074</td></tr><tr><td>Total Latin America</td><td>109,847</td><td>2,727</td><td>1,793</td><td>786</td><td>148</td><td>107,120</td><td>31,913</td><td>8,624</td><td>66,583</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>1,042</td><td>22</td><td>5</td><td>4</td><td>13</td><td>1,020</td><td>99</td><td>155</td><td>766</td></tr><tr><td>French Indo-China</td><td>2</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Eong Kong</td><td>813</td><td>301</td><td>172</td><td>129</td><td>6</td><td>506</td><td>192</td><td>63</td><td>251</td></tr><tr><td>India, Burma, and Ceylon</td><td>14,511</td><td>11,959</td><td>246</td><td>11,700</td><td>13</td><td>2,552</td><td>479</td><td>1,079</td><td>994</td></tr><tr><td>British Malaya</td><td>140</td><td>14</td><td>-</td><td>-</td><td>14</td><td>126</td><td>2</td><td>36</td><td>88</td></tr><tr><td>Japan (including Korea and Macchuria)</td><td>521</td><td>3</td><td>2</td><td>1</td><td>-</td><td>518</td><td>502</td><td>-</td><td>16</td></tr><tr><td>Netherlands East Indies</td><td>1,398</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,398</td><td>-</td><td>1,325</td><td>73</td></tr><tr><td>Philippine Islands</td><td>13,943</td><td>154</td><td>24</td><td>1</td><td>129</td><td>13,789</td><td>10,719</td><td>543</td><td>2,527</td></tr><tr><td>Turkey</td><td>2,166</td><td>7</td><td>-</td><td>1</td><td>6</td><td>2,159</td><td>1,516</td><td>-</td><td>643</td></tr><tr><td>Other Asia</td><td>13,135</td><td>85</td><td>71</td><td>1</td><td>13</td><td>13,050</td><td>11,489</td><td>-</td><td>1,561</td></tr><tr><td>Total Asia</td><td>47,671</td><td>12,552</td><td>520</td><td>11,837</td><td>195</td><td>35,119</td><td>24,998</td><td>3,201</td><td>6,920</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>2,073</td><td>1,081</td><td>53</td><td>-</td><td>1,028</td><td>992</td><td>87</td><td>191</td><td>714</td></tr><tr><td>New Zealand</td><td>350</td><td>33</td><td>6</td><td>-</td><td>27</td><td>317</td><td>-</td><td>23</td><td>294</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>287</td><td>4</td><td>-</td><td>1</td><td>3</td><td>283</td><td>42</td><td>-</td><td>241</td></tr><tr><td>French Morocco</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td><td>11</td></tr><tr><td>Union of South Africa</td><td>5,193</td><td>121</td><td>25</td><td>83</td><td>13</td><td>5,072</td><td>-</td><td>-</td><td>5,072</td></tr><tr><td>All Other</td><td>1,378</td><td>155</td><td>17</td><td>-</td><td>138</td><td>1,223</td><td>156</td><td>-</td><td>1,067</td></tr><tr><td>Total other countries</td><td>9,292</td><td>1,394</td><td>101</td><td>84</td><td>1,209</td><td>7,898</td><td>285</td><td>214</td><td>7,399</td></tr><tr><td>Unidentified</td><td>256</td><td>-</td><td>-</td><td>-</td><td>-</td><td>256</td><td>-</td><td>-</td><td>256</td></tr><tr><td>Grand total</td><td>325,243</td><td>49,859</td><td>21,545</td><td>20,455</td><td>7,859</td><td>275,384</td><td>96,020</td><td>14,945</td><td>164,419</td></tr></table>
104
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of July 1945 - (Continued)
Table 2.- Short-Term Liabilities to Foreigners as of July 31, 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>871,952</td><td>865,018</td><td>852,835</td><td>2,775</td><td>5,110</td><td>3,798</td><td>6,934</td><td>278</td><td>431</td><td>6,225</td></tr><tr><td>France</td><td>398,964</td><td>398,765</td><td>347,462</td><td>103</td><td>50,956</td><td>244</td><td>199</td><td>160</td><td>-</td><td>39</td></tr><tr><td>Belgium</td><td>150,538</td><td>150,192</td><td>145,880</td><td>219</td><td>4,079</td><td>14</td><td>346</td><td>200</td><td>36</td><td>110</td></tr><tr><td>Denmark</td><td>13,683</td><td>13,676</td><td>12,154</td><td>5</td><td>1,485</td><td>32</td><td>7</td><td>6</td><td>-</td><td>1</td></tr><tr><td>Finland</td><td>5,627</td><td>5,618</td><td>5,616</td><td>2</td><td>-</td><td>-</td><td>9</td><td>9</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>6,760</td><td>6,745</td><td>6,570</td><td>18</td><td>116</td><td>42</td><td>14</td><td>13</td><td>-</td><td>1</td></tr><tr><td>Greece</td><td>60,507</td><td>60,432</td><td>59,731</td><td>209</td><td>485</td><td>7</td><td>75</td><td>49</td><td>-</td><td>26</td></tr><tr><td>Italy</td><td>49,486</td><td>49,470</td><td>49,135</td><td>23</td><td>200</td><td>62</td><td>16</td><td>11</td><td>-</td><td>5</td></tr><tr><td>Luxembourg</td><td>22,853</td><td>22,853</td><td>22,810</td><td>13</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>215,807</td><td>214,831</td><td>199,771</td><td>53</td><td>15,002</td><td>5</td><td>976</td><td>831</td><td>113</td><td>32</td></tr><tr><td>Norway</td><td>236,635</td><td>236,621</td><td>59,595</td><td>20</td><td>176,960</td><td>46</td><td>14</td><td>3</td><td>-</td><td>11</td></tr><tr><td>Portugal</td><td>46,385</td><td>45,907</td><td>45,133</td><td>639</td><td>-</td><td>135</td><td>478</td><td>17</td><td>-</td><td>461</td></tr><tr><td>Rumaoie</td><td>9,281</td><td>9,281</td><td>9,252</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>36,934</td><td>36,846</td><td>36,250</td><td>385</td><td>160</td><td>41</td><td>88</td><td>76</td><td>-</td><td>12</td></tr><tr><td>Sweden</td><td>183,704</td><td>183,673</td><td>174,019</td><td>4,902</td><td>104,750</td><td>2</td><td>31</td><td>31</td><td>-</td><td>-</td></tr><tr><td>Switzerland</td><td>263,522</td><td>267,465</td><td>251,982</td><td>4,683</td><td>10,030</td><td>765</td><td>1,057</td><td>192</td><td>-</td><td>865</td></tr><tr><td>U.S.S.R.</td><td>22,338</td><td>22,335</td><td>22,322</td><td>14</td><td>-</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>5,170</td><td>5,170</td><td>5,144</td><td>1</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>45,171</td><td>45,164</td><td>37,872</td><td>55</td><td>7,192</td><td>45</td><td>7</td><td>2</td><td>-</td><td>5</td></tr><tr><td>Total Europe</td><td>2,651,317</td><td>2,641,064</td><td>2,244,593</td><td>13,653</td><td>377,580</td><td>5,238</td><td>10,253</td><td>1,880</td><td>580</td><td>7,793</td></tr><tr><td>Canada</td><td>1,349,750</td><td>1,347,320</td><td>330,859</td><td>760</td><td>1,015,633</td><td>68</td><td>2,430</td><td>782</td><td>6</td><td>1,682</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>82,510</td><td>82,453</td><td>74,820</td><td>2,987</td><td>3,995</td><td>651</td><td>57</td><td>23</td><td>-</td><td>34</td></tr><tr><td>Bolivia</td><td>17,164</td><td>17,163</td><td>14,362</td><td>1</td><td>2,300</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>164,350</td><td>164,295</td><td>154,566</td><td>8,429</td><td>-</td><td>1,200</td><td>55</td><td>47</td><td>-</td><td>8</td></tr><tr><td>Chile</td><td>64,565</td><td>64,541</td><td>63,456</td><td>704</td><td>350</td><td>31</td><td>24</td><td>24</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>82,323</td><td>82,322</td><td>81,113</td><td>1,209</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>8,049</td><td>8,049</td><td>7,531</td><td>513</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>153,894</td><td>153,855</td><td>151,830</td><td>1,593</td><td>401</td><td>31</td><td>39</td><td>-</td><td>-</td><td>39</td></tr><tr><td>French West Indies and Guiana</td><td>8,606</td><td>8,605</td><td>8,605</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Mexico</td><td>177,209</td><td>177,165</td><td>158,959</td><td>544</td><td>17,580</td><td>82</td><td>44</td><td>-</td><td>-</td><td>44</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>31,529</td><td>31,529</td><td>27,574</td><td>2</td><td>3,953</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>29,616</td><td>29,616</td><td>80,431</td><td>10</td><td>9,175</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>35,750</td><td>35,705</td><td>35,414</td><td>291</td><td>-</td><td>-</td><td>45</td><td>45</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>50,213</td><td>50,200</td><td>48,973</td><td>213</td><td>10</td><td>1,004</td><td>13</td><td>13</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>134,947</td><td>134,608</td><td>115,575</td><td>1,450</td><td>16,950</td><td>623</td><td>339</td><td>334</td><td>-</td><td>5</td></tr><tr><td>Total Latin America</td><td>1,100,725</td><td>1,100,106</td><td>1,023,809</td><td>17,946</td><td>54,724</td><td>3,627</td><td>619</td><td>488</td><td>-</td><td>131</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>501,114</td><td>499,583</td><td>344,816</td><td>196</td><td>154,398</td><td>173</td><td>1,531</td><td>414</td><td>-</td><td>1,117</td></tr><tr><td>French Indo-China</td><td>27,518</td><td>27,518</td><td>20,158</td><td>-</td><td>7,336</td><td>24</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Song Kong</td><td>21,948</td><td>19,015</td><td>18,991</td><td>5</td><td>-</td><td>19</td><td>2,933</td><td>2,933</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>24,099</td><td>24,049</td><td>22,721</td><td>623</td><td>656</td><td>49</td><td>50</td><td>25</td><td>-</td><td>25</td></tr><tr><td>British Malaya</td><td>914</td><td>913</td><td>898</td><td>-</td><td>-</td><td>15</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>4,322</td><td>4,286</td><td>3,582</td><td>465</td><td>-</td><td>239</td><td>36</td><td>24</td><td>-</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>112,446</td><td>112,444</td><td>45,773</td><td>307</td><td>66,552</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>52,475</td><td>52,379</td><td>49,479</td><td>30</td><td>1,065</td><td>1,805</td><td>96</td><td>96</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>50,833</td><td>50,782</td><td>40,367</td><td>409</td><td>10,000</td><td>6</td><td>51</td><td>-</td><td>-</td><td>51</td></tr><tr><td>Other Asia</td><td>69,633</td><td>69,623</td><td>47,274</td><td>96</td><td>22,012</td><td>241</td><td>10</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>865,502</td><td>860,792</td><td>594,059</td><td>2,131</td><td>262,019</td><td>2,583</td><td>4,710</td><td>3,505</td><td>-</td><td>1,205</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>27,827</td><td>27,383</td><td>24,808</td><td>1,890</td><td>266</td><td>419</td><td>444</td><td>54</td><td>-</td><td>390</td></tr><tr><td>New Zealand</td><td>3,330</td><td>3,312</td><td>3,115</td><td>197</td><td>-</td><td>-</td><td>18</td><td>18</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>10,843</td><td>10,843</td><td>10,325</td><td>108</td><td>-</td><td>410</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>3,981</td><td>3,964</td><td>3,844</td><td>5</td><td>-</td><td>115</td><td>17</td><td>-</td><td>-</td><td>17</td></tr><tr><td>Unio of South Africa</td><td>4,733</td><td>4,594</td><td>4,585</td><td>4</td><td>5</td><td>-</td><td>139</td><td>-</td><td>-</td><td>139</td></tr><tr><td>All other</td><td>73,396</td><td>72,991</td><td>71,367</td><td>244</td><td>1,350</td><td>30</td><td>405</td><td>306</td><td>-</td><td>99</td></tr><tr><td>Total other countries</td><td>124,110</td><td>123,087</td><td>118,044</td><td>2,448</td><td>1,621</td><td>978</td><td>1,023</td><td>373</td><td>-</td><td>645</td></tr><tr><td>Unidentified</td><td>17,080</td><td>17,080</td><td>17,077</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,108,484</td><td>6,089,449</td><td>4,328,441</td><td>36,941</td><td>1,711,577</td><td>12,490</td><td>19,035</td><td>6,993</td><td>586</td><td>11,456</td></tr></table>
January 1946
105
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of July 1945 - (Continued)
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners During July 1945, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th></th><th colspan="6">Purchases by "foreigners"</th><th colspan="6">Sales by "foreigners"</th></tr><tr><th></th><th>Total purchases</th><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>1,868</td><td>923</td><td>500</td><td>423</td><td>945</td><td>135</td><td>810</td><td>3,189</td><td>2,322</td><td>1,590</td><td>732</td><td>867</td><td>122</td><td>745</td></tr><tr><td>France</td><td>5,282</td><td>5,275</td><td>338</td><td>4,937</td><td>7</td><td>1</td><td>6</td><td>11,284</td><td>11,238</td><td>863</td><td>10,375</td><td>46</td><td>-</td><td>46</td></tr><tr><td>Belgium</td><td>159</td><td>118</td><td>113</td><td>5</td><td>41</td><td>11</td><td>30</td><td>241</td><td>239</td><td>216</td><td>23</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Denmark</td><td>25</td><td>16</td><td>1</td><td>15</td><td>9</td><td>-</td><td>9</td><td>11</td><td>11</td><td>4</td><td>7</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Finland</td><td>8</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-</td><td>8</td><td>5</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Germany</td><td>28</td><td>28</td><td>11</td><td>17</td><td>-</td><td>-</td><td>-</td><td>21</td><td>21</td><td>11</td><td>10</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>67</td><td>67</td><td>65</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>95</td><td>95</td><td>34</td><td>61</td><td>-</td><td>-</td><td>-</td><td>479</td><td>490</td><td>401</td><td>49</td><td>29</td><td>29</td><td>29</td></tr><tr><td>Luxembourg</td><td>52</td><td>52</td><td>51</td><td>1</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>63</td><td>63</td><td>63</td><td>-</td><td>-</td><td>-</td><td>-</td><td>546</td><td>538</td><td>175</td><td>63</td><td>8</td><td>8</td><td>-</td></tr><tr><td>Norway</td><td>79</td><td>71</td><td>71</td><td>-</td><td>8</td><td>-</td><td>8</td><td>142</td><td>83</td><td>83</td><td>-</td><td>59</td><td>3</td><td>56</td></tr><tr><td>Portugal</td><td>32</td><td>32</td><td>31</td><td>1</td><td>-</td><td>-</td><td>-</td><td>24</td><td>24</td><td>24</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>172</td><td>169</td><td>155</td><td>14</td><td>3</td><td>-</td><td>3</td><td>121</td><td>110</td><td>102</td><td>8</td><td>11</td><td>-</td><td>11</td></tr><tr><td>Sweden</td><td>102</td><td>96</td><td>94</td><td>2</td><td>6</td><td>-</td><td>6</td><td>90</td><td>88</td><td>82</td><td>6</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Switzerland</td><td>4,564</td><td>4,168</td><td>3,168</td><td>1,000</td><td>396</td><td>165</td><td>231</td><td>3,821</td><td>3,735</td><td>2,210</td><td>1,525</td><td>86</td><td>34</td><td>52</td></tr><tr><td>U.S.S.R.</td><td>-</td><td>-</td><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>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>16</td><td>15</td><td>13</td><td>2</td><td>1</td><td>-</td><td>1</td><td>1,043</td><td>1,043</td><td>12</td><td>1,031</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>12,545</td><td>11,121</td><td>4,643</td><td>6,478</td><td>1,424</td><td>312</td><td>1,112</td><td>21,086</td><td>19,971</td><td>6,140</td><td>13,831</td><td>1,115</td><td>198</td><td>917</td></tr><tr><td>Canada</td><td>38,549</td><td>10,496</td><td>3,937</td><td>6,559</td><td>28,053</td><td>1,121</td><td>26,932</td><td>44,270</td><td>17,351</td><td>7,243</td><td>10,088</td><td>26,939</td><td>1,608</td><td>25,331</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>2,141</td><td>1,046</td><td>997</td><td>49</td><td>1,095</td><td>236</td><td>859</td><td>2,597</td><td>2,025</td><td>1,798</td><td>227</td><td>572</td><td>29</td><td>543</td></tr><tr><td>Bolivia</td><td>451</td><td>10</td><td>10</td><td>-</td><td>441</td><td>13</td><td>428</td><td>481</td><td>445</td><td>388</td><td>57</td><td>36</td><td>19</td><td>17</td></tr><tr><td>Brazil</td><td>851</td><td>400</td><td>300</td><td>100</td><td>451</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>206</td><td>148</td><td>144</td><td>4</td><td>58</td><td>13</td><td>45</td><td>183</td><td>165</td><td>156</td><td>9</td><td>18</td><td>13</td><td>5</td></tr><tr><td>Colombia</td><td>315</td><td>109</td><td>109</td><td>-</td><td>206</td><td>7</td><td>199</td><td>85</td><td>62</td><td>62</td><td>-</td><td>23</td><td>13</td><td>10</td></tr><tr><td>Costa Rica</td><td>25</td><td>25</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>44</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>2,629</td><td>1,745</td><td>1,633</td><td>112</td><td>884</td><td>312</td><td>572</td><td>1,910</td><td>1,795</td><td>866</td><td>929</td><td>115</td><td>43</td><td>72</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>1,285</td><td>1,197</td><td>1,162</td><td>35</td><td>88</td><td>6</td><td>82</td><td>996</td><td>964</td><td>919</td><td>45</td><td>32</td><td>-</td><td>32</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>159</td><td>146</td><td>146</td><td>-</td><td>13</td><td>13</td><td>-</td><td>87</td><td>85</td><td>83</td><td>2</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Peru</td><td>1,209</td><td>1,112</td><td>1,131</td><td>11</td><td>67</td><td>-</td><td>67</td><td>2,421</td><td>2,304</td><td>1,944</td><td>360</td><td>117</td><td>-</td><td>117</td></tr><tr><td>Peru</td><td>225</td><td>115</td><td>115</td><td>-</td><td>110</td><td>98</td><td>12</td><td>114</td><td>112</td><td>100</td><td>12</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Venezuela</td><td>879</td><td>876</td><td>546</td><td>330</td><td>3</td><td>3</td><td>-</td><td>530</td><td>530</td><td>452</td><td>78</td><td>334</td><td>110</td><td>224</td></tr><tr><td>Other Latin America</td><td>1,358</td><td>1,163</td><td>977</td><td>186</td><td>195</td><td>123</td><td>72</td><td>1,185</td><td>851</td><td>789</td><td>62</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Latin America</td><td>11,733</td><td>8,122</td><td>7,295</td><td>827</td><td>3,611</td><td>824</td><td>2,787</td><td>10,633</td><td>9,382</td><td>7,601</td><td>1,781</td><td>1,251</td><td>229</td><td>1,022</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>12,439</td><td>12,431</td><td>1,416</td><td>11,015</td><td>8</td><td>-</td><td>8</td><td>602</td><td>582</td><td>193</td><td>389</td><td>20</td><td>-</td><td>20</td></tr><tr><td>French Indo-China</td><td>8</td><td>8</td><td>8</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>Hong Kong</td><td>-</td><td>-</td><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>India, Burma, and Ceylon</td><td>82</td><td>82</td><td>73</td><td>9</td><td>-</td><td>-</td><td>-</td><td>94</td><td>94</td><td>39</td><td>55</td><td>-</td><td>-</td><td>-</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>-</td><td>-</td><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>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>19</td><td>19</td><td>17</td><td>2</td><td>-</td><td>-</td><td>-</td><td>123</td><td>123</td><td>122</td><td>1</td><td>-</td><td>-</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>441</td><td>336</td><td>331</td><td>5</td><td>105</td><td>46</td><td>59</td><td>396</td><td>320</td><td>226</td><td>94</td><td>76</td><td>5</td><td>71</td></tr><tr><td>Total Asia</td><td>12,989</td><td>12,876</td><td>1,845</td><td>11,071</td><td>113</td><td>46</td><td>67</td><td>1,221</td><td>1,125</td><td>586</td><td>539</td><td>96</td><td>5</td><td>91</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>26</td><td>3</td><td>3</td><td>-</td><td>23</td><td>-</td><td>23</td><td>28</td><td>27</td><td>27</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</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>Egypt and Anglo-Egyptian Sudan</td><td>13</td><td>13</td><td>12</td><td>1</td><td>-</td><td>-</td><td>-</td><td>9</td><td>9</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>15</td><td>15</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>10</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>116</td><td>115</td><td>21</td><td>94</td><td>1</td><td>-</td><td>1</td></tr><tr><td>All other</td><td>70</td><td>70</td><td>70</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total other countries</td><td>134</td><td>111</td><td>110</td><td>1</td><td>23</td><td>-</td><td>23</td><td>162</td><td>160</td><td>62</td><td>98</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>75,950</td><td>42,726</td><td>17,530</td><td>24,896</td><td>33,224</td><td>2,303</td><td>30,921</td><td>77,373</td><td>47,970</td><td>21,632</td><td>26,338</td><td>29,403</td><td>2,040</td><td>27,363</td></tr></table>
106
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Section I - Net Position, January 1942 - July 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>Nether-lands</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/</td><td>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/</td><td>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/</td><td>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/</td><td>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/</td><td>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/</td><td>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/</td><td>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/</td><td>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/</td><td>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>1/</td><td>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/</td><td>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/</td><td>1/</td><td>+44</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>+31</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>-14</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>+41</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>+46</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>-846</td><td>+41</td><td>-86</td><td>+81</td></tr><tr><td>July</td><td>+5,890</td><td>+2,489</td><td>+3,542</td><td>-171</td><td>-331</td><td>-</td><td>-19</td><td>-808</td><td>+11</td><td>-90</td><td>+356</td></tr></table>
(Continued on following page)
January 1946
107
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section I - Net Position, January 1942 - July 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>Switzerland</th><th>Other Europe</th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (including Korea and Manchuria)</th><th>Other Asia</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/</td><td>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>+1,165</td><td>+119</td><td>-2,414</td><td>1/</td><td>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/</td><td>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/</td><td>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/</td><td>1/</td><td>-168</td><td>-2,211</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/</td><td>1/</td><td>-168</td><td>-2,229</td><td>+40</td></tr><tr><td>July......</td><td>-27</td><td>-182</td><td>+543</td><td>+287</td><td>-2,313</td><td>1/</td><td>1/</td><td>-68</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/</td><td>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/</td><td>1/</td><td>-72</td><td>-2,201</td><td>-44</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/</td><td>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/</td><td>1/</td><td>-51</td><td>-2,181</td><td>-142</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/</td><td>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>-141</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>+64</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>+65</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>+139</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>+231</td></tr><tr><td>May......</td><td>-25</td><td>-95</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><tr><td>July......</td><td>-24</td><td>+23</td><td>+4,788</td><td>+677</td><td>-2,110</td><td>-51</td><td>-2,123</td><td>-27</td><td>+91</td><td>+46</td></tr></table>
1/ Not available.
108
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section II - Outstanding Forward Exchange Contracts, January - July 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="8">Currency of<sup>1</sup><br>Europe<br>(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></table>
Purchase contracts
<table><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>July</td><td>6,088</td><td>2,454</td><td>2,338</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</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><td></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>July</td><td>2,149</td><td>68</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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><td></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>235</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><tr><td>July</td><td>3,939</td><td>2,386</td><td>2,270</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></tr><tr><td>1945-January</td><td>5,320</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><td>-</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>1</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><td>-</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><td>-</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><td>-</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><td>-</td></tr><tr><td>July</td><td>9,000</td><td>3,527</td><td>3,019</td><td>2</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</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><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><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><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><td>-</td></tr><tr><td>April</td><td>1,062</td><td>988</td><td>458</td><td>-</td><td>310</td><td>-</td><td>-</td><td>210</td><td>-</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><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><td>-</td></tr><tr><td>July</td><td>640</td><td>557</td><td>517</td><td>-</td><td>50</td><td>-</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><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><td>-</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>1</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><td>-</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><td>-</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><td>-</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><td>-</td></tr><tr><td>July</td><td>8,360</td><td>2,960</td><td>2,502</td><td>2</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr></table>
(Continued on following page)
January 1946
139
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section II - Outstanding Forward Exchange Contracts, January-July 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">Latin America</th><th colspan="5">Currency of: 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 Manchuria)</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>July</td><td>17</td><td>2</td><td>2,196</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 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>July</td><td>-</td><td>-</td><td>665</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</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>1,638</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>July</td><td>17</td><td>2</td><td>1,531</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>July</td><td>30</td><td>2</td><td>4,592</td><td>650</td><td>230</td><td>19</td><td>-</td><td>4</td><td>207</td><td>1</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>-</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>9</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>74</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>18</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>460</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-</td><td>-</td><td>73</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><tr><td>July</td><td>30</td><td>2</td><td>4,519</td><td>650</td><td>230</td><td>19</td><td>-</td><td>4</td><td>207</td><td>1</td></tr></table>
110
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 - July 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="11">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 Spot</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>Forward</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>February Spot</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>Forward</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>March Spot</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>Forward</td><td>1,930</td><td>121</td><td>121</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April Spot</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>230</td></tr><tr><td>Forward</td><td>1,983</td><td>165</td><td>165</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May Spot</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>Forward</td><td>5,226</td><td>157</td><td>157</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June Spot</td><td>71,280</td><td>29,587</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>Forward</td><td>3,700</td><td>224</td><td>224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July Spot</td><td>54,160</td><td>26,844</td><td>19,098</td><td>106</td><td>531</td><td>-</td><td>-</td><td>20</td><td>504</td><td>259</td></tr><tr><td>Forward</td><td>3,958</td><td>2,392</td><td>2,392</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Purchases from banks:</td></tr><tr><td>1945-January Spot</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>Forward</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>February Spot</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>Forward</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>March Spot</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>Forward</td><td>1,511</td><td>121</td><td>121</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April Spot</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>Forward</td><td>1,416</td><td>104</td><td>104</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May Spot</td><td>31,232</td><td>14,440</td><td>7,511</td><td>410</td><td>281</td><td>-</td><td>-</td><td>-</td><td>409</td><td>350</td></tr><tr><td>Forward</td><td>4,873</td><td>142</td><td>142</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June Spot</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>Forward</td><td>3,456</td><td>218</td><td>218</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July Spot</td><td>32,816</td><td>18,129</td><td>11,132</td><td>97</td><td>428</td><td>-</td><td>-</td><td>20</td><td>446</td><td>259</td></tr><tr><td>Forward</td><td>2,536</td><td>1,220</td><td>1,220</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Purchases from customers other than banks:</td></tr><tr><td>1945-January Spot</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>Forward</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>February Spot</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>Forward</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>March Spot</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>Forward</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>April Spot</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>Forward</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>May Spot</td><td>24,047</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>Forward</td><td>353</td><td>15</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June Spot</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>Forward</td><td>244</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July Spot</td><td>21,344</td><td>8,715</td><td>7,966</td><td>9</td><td>103</td><td>-</td><td>-</td><td>-</td><td>58</td><td>-</td></tr><tr><td>Forward</td><td>1,422</td><td>1,172</td><td>1,172</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
January 1946
111
Position
n Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section I
1 - Purchases and Sales of Foreign Exchange (Spot and Forward)
January
- July 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>Nother-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">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>Spot 44,883 Forward 2,099</td><td>21,401 291</td><td>16,651 291</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>322</td><td>722</td></tr><tr><td>February</td><td>Spot 40,392 Forward 3,128</td><td>19,153 479</td><td>14,809 479</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>321</td><td>327</td></tr><tr><td>March</td><td>Spot 45,449 Forward 3,824</td><td>22,555 149</td><td>15,328 138</td><td>25</td><td>236</td><td>-</td><td>-</td><td>-</td><td>438 11</td><td>518</td></tr><tr><td>April</td><td>Spot 45,854 Forward 3,172</td><td>20,067 197</td><td>15,134 197</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>Spot 53,964 Forward 6,441</td><td>23,561 1,506</td><td>16,825 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>Spot 60,938 Forward 11,020</td><td>28,314 495</td><td>21,284 495</td><td>82</td><td>256</td><td>-</td><td>-</td><td>-</td><td>356</td><td>472</td></tr><tr><td>July</td><td>Spot 54,613 Forward 7,342</td><td>31,826 2,592</td><td>24,143 2,592</td><td>106</td><td>581</td><td>-</td><td>-</td><td>176</td><td>533</td><td>265</td></tr><tr><td colspan="11">Sales to banks:</td></tr><tr><td>1945-January</td><td>Spot 19,704 Forward 1,051</td><td>9,517 141</td><td>8,155 141</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>62</td><td>565</td></tr><tr><td>February</td><td>Spot 15,492 Forward 1,030</td><td>6,895 242</td><td>5,998 242</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>149</td><td>158</td></tr><tr><td>March</td><td>Spot 17,477 Forward 927</td><td>7,324 101</td><td>6,140 101</td><td>1</td><td>186</td><td>-</td><td>-</td><td>-</td><td>184</td><td>184</td></tr><tr><td>April</td><td>Spot 18,000 Forward 1,031</td><td>7,532 114</td><td>6,639 114</td><td>-</td><td>26</td><td>-</td><td>-</td><td>11</td><td>231</td><td>118</td></tr><tr><td>May</td><td>Spot 21,137 Forward 1,325</td><td>9,539 282</td><td>8,259 282</td><td>192</td><td>26</td><td>-</td><td>-</td><td>-</td><td>133</td><td>204</td></tr><tr><td>June</td><td>Spot 22,715 Forward 2,132</td><td>10,895 319</td><td>9,432 319</td><td>8</td><td>35</td><td>-</td><td>-</td><td>-</td><td>92</td><td>246</td></tr><tr><td>July</td><td>Spot 22,851 Forward 2,889</td><td>11,465 1,399</td><td>12,590 1,399</td><td>13</td><td>181</td><td>-</td><td>-</td><td>-</td><td>245</td><td>238</td></tr><tr><td colspan="11">Sales to customers other then banks:</td></tr><tr><td>1945-January</td><td>Spot 25,179 Forward 1,048</td><td>11,884 150</td><td>8,496 150</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>260</td><td>157</td></tr><tr><td>February</td><td>Spot 24,900 Forward 2,058</td><td>12,258 237</td><td>8,811 237</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>172</td><td>169</td></tr><tr><td>March</td><td>Spot 27,972 Forward 2,897</td><td>15,231 48</td><td>9,188 37</td><td>24</td><td>50</td><td>-</td><td>-</td><td>-</td><td>254 11</td><td>334</td></tr><tr><td>April</td><td>Spot 27,854 Forward 2,141</td><td>12,535 83</td><td>8,495 83</td><td>236</td><td>20</td><td>-</td><td>-</td><td>-</td><td>248</td><td>105</td></tr><tr><td>May</td><td>Spot 32,827 Forward 5,116</td><td>13,962 1,224</td><td>8,566 1,224</td><td>380</td><td>116</td><td>-</td><td>-</td><td>-</td><td>279</td><td>144</td></tr><tr><td>June</td><td>Spot 38,223 Forward 8,888</td><td>17,419 176</td><td>11,852 176</td><td>74</td><td>221</td><td>-</td><td>-</td><td>-</td><td>204</td><td>225</td></tr><tr><td>July</td><td>Spot 31,762 Forward 4,453</td><td>17,361 1,193</td><td>11,553 1,193</td><td>93</td><td>400</td><td>-</td><td>-</td><td>176</td><td>284</td><td>27</td></tr></table>
(Continued on following page)
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 - July 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</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>Total Asia</th><th>Japan (in-cluding Korea and Manchuria)</th><th>Other Asia</th></tr></table>
Purchases
<table><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</td><td>Spot</td><td>653</td><td>2,986</td><td>52</td><td>14,732</td><td>5,098</td><td>1,024</td><td>1,024</td><td>4,306</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,319</td><td>-</td><td>-</td><td>-</td><td>4</td></tr><tr><td>February</td><td>Spot</td><td>327</td><td>3,298</td><td>56</td><td>11,959</td><td>3,674</td><td>667</td><td>667</td><td>3,923</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,544</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>460</td><td>5,384</td><td>153</td><td>19,079</td><td>3,976</td><td>760</td><td>760</td><td>3,696</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,751</td><td>41</td><td>-</td><td>-</td><td>17</td></tr><tr><td>April</td><td>Spot</td><td>328</td><td>3,687</td><td>126</td><td>17,493</td><td>4,074</td><td>940</td><td>940</td><td>3,368</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,748</td><td>21</td><td>49</td><td>49</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>530</td><td>4,613</td><td>175</td><td>21,338</td><td>4,597</td><td>909</td><td>909</td><td>3,902</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,999</td><td>956</td><td>114</td><td>114</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>814</td><td>4,821</td><td>176</td><td>32,636</td><td>4,023</td><td>1,056</td><td>1,056</td><td>4,038</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,427</td><td>-</td><td>59</td><td>59</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>1,042</td><td>5,066</td><td>218</td><td>18,945</td><td>4,015</td><td>738</td><td>738</td><td>3,618</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,551</td><td>-</td><td>-</td><td>-</td><td>15</td></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>1,003</td><td>2,099</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,050</td><td>-</td><td>-</td><td>-</td><td>4</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>646</td><td>2,045</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,257</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>759</td><td>1,630</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,373</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>933</td><td>1,374</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,263</td><td>-</td><td>49</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>909</td><td>1,655</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,695</td><td>956</td><td>80</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>1,031</td><td>1,608</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,179</td><td>-</td><td>59</td><td>59</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>588</td><td>5,030</td><td>129</td><td>9,195</td><td>2,970</td><td>737</td><td>737</td><td>1,785</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,301</td><td>-</td><td>-</td><td>-</td><td>25</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></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>21</td><td>2,207</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>269</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>21</td><td>1,878</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>287</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>1</td><td>2,066</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>378</td><td>41</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>7</td><td>1,994</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>485</td><td>21</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>34</td><td>2,247</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>304</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>25</td><td>2,430</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>238</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>454</td><td>36</td><td>89</td><td>9,750</td><td>1,045</td><td>1</td><td>1</td><td>1,833</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>250</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
January 1946
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 - July 1945 - (Continued)
(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></table>
<table><tr><th colspan="9">Sales</th></tr><tr><td>Total sales:</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>897</td><td>3,722</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,739</td><td>-</td><td>18</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>708</td><td>3,641</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,503</td><td>73</td><td>3</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>14,637</td><td>3,725</td><td>861</td><td>861</td><td>3,671</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,575</td><td>54</td><td>2</td><td>2</td><td>144</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>769</td><td>2,753</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,775</td><td>29</td><td>143</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>865</td><td>3,399</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,791</td><td>976</td><td>168</td><td>168</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>933</td><td>3,790</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>10,394</td><td>41</td><td>90</td><td>90</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>768</td><td>5,047</td><td>207</td><td>15,078</td><td>3,591</td><td>815</td><td>815</td><td>3,303</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,233</td><td>487</td><td>-</td><td>-</td><td>30</td></tr><tr><th colspan="9">Sales to banks:</th></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>74</td><td>1,535</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>877</td><td>-</td><td>-</td><td>-</td><td>33</td></tr><tr><td>February</td><td>Spot</td><td>183</td><td>396</td><td>11</td><td>6,269</td><td>886</td><td>35</td><td>35</td><td>1,407</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>771</td><td>17</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>24</td><td>1,557</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>785</td><td>41</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>29</td><td>1,264</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>868</td><td>21</td><td>-</td><td>-</td><td>-</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>82</td><td>1,607</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,009</td><td>34</td><td>34</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>132</td><td>1,550</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,813</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>361</td><td>761</td><td>76</td><td>6,776</td><td>268</td><td>126</td><td>126</td><td>1,216</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,475</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><th colspan="9">Sales to customers other than banks:</th></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>823</td><td>2,187</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>862</td><td>-</td><td>18</td><td>18</td><td>18</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>673</td><td>2,234</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,732</td><td>56</td><td>3</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>6,353</td><td>3,437</td><td>837</td><td>837</td><td>2,114</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,790</td><td>13</td><td>2</td><td>2</td><td>44</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>740</td><td>1,489</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,907</td><td>8</td><td>143</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>783</td><td>1,792</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,782</td><td>976</td><td>134</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>801</td><td>2,200</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>8,581</td><td>41</td><td>90</td><td>90</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>407</td><td>4,286</td><td>131</td><td>8,302</td><td>3,323</td><td>689</td><td>689</td><td>2,087</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,758</td><td>487</td><td>-</td><td>-</td><td>15</td></tr></table>
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
WASHINGTON 25, D. C.
PENALTY FOR PRIVATE USE TO AVOID
PAYMENT OF POSTAGE, $300
OFFICIAL BUSINESS
PERMIT NO. 1002
FORM A-1/46-2000
COPY No.2
Treas.
HJ
10
.A2
1946
c.2
U.S. Treasury Dept. Treasury Bulletin