TREASURY DEPARTMENT LIBRARY ROOM 5013
COPY N
LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
MARCH - 1946
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
March 1946
1
Table of Contents
Page
<table><tr><td>Cumulative table of contents</td><td>11</td></tr><tr><td colspan="2">Special articles:</td></tr><tr><td>What we gain from the proposed financial agreement with Britain (speech by the Secretary of the Treasury)</td><td>A-1</td></tr><tr><td>Our system of government has stood the test (speech by the Secretary of the Treasury)</td><td>A-5</td></tr><tr><td>Individual income tax returns for 1944 with adjusted gross income under $25,000-income and tax liability</td><td>A-10</td></tr><tr><td>Publication of Statistics of Income for 1942, Part 1</td><td>A-21</td></tr><tr><td>Treasury market financing</td><td>A-21</td></tr></table>
Statistical section:
<table><tr><td>Summary of fiscal statistics</td><td>1</td></tr><tr><td>Receipts and expenditures and appropriations</td><td>4</td></tr><tr><td>General fund of the Treasury</td><td>18</td></tr><tr><td>Public debt and guaranteed obligations of the United States Government</td><td>21</td></tr><tr><td>Ownership of United States Government securities</td><td>48</td></tr><tr><td>Prices and yields of Government securities (including securities issued by Federal agencies)</td><td>61</td></tr><tr><td>Corporations and certain other agencies of the United States Government</td><td>68</td></tr><tr><td>Internal revenue statistics</td><td>78</td></tr><tr><td>Monetary statistics</td><td>83</td></tr><tr><td>Capital movements between the United States and foreign countries</td><td>88</td></tr></table>
Note:
In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2">Articles</th><th colspan="13">Issue and page number</th></tr><tr><th colspan="3">1946</th><th colspan="10">1945</th></tr><tr><th></th><th>Mar.</th><th>Feb.</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></tr><tr><td>What we gain from the proposed financial agreement with Britain (speech by the Secretary of the Treasury).</td><td>A-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>Our system of government has stood the test (speech by the Secretary of the Treasury).</td><td>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>Victory Loan Drive, October-December 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>Sales by issues, by investor classes, and by States.</td><td>A-1</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>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>7th War Loan, May-June 1945:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td>A-1</td><td>A-1</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></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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Victory Loan.</td><td>A-22</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-23</td><td></td><td></td><td></td></tr><tr><td>7th War 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>Transition from war to peace and prosperity (speech by the Secretary of the Treasury).</td><td></td><td></td><td>A-1</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></td><td></td><td></td><td>A-1</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></td><td></td><td></td><td>A-6</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:</td><td></td><td></td><td></td><td>A-7</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 31, 1939-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>A-1</td><td></td></tr><tr><td>Dec. 31, 1939-Dec. 31, 1944.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Government expenditures for the fiscal years 1940, 1945, and 1946.</td><td></td><td></td><td></td><td></td><td></td><td>A-6</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statistics of 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></tr><tr><td>Individual income tax returns for 1944 with adjusted gross income under $25,000:</td><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 tax liability.</td><td>A-10</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial statistics of certain tax-exempt organizations for 1943.</td><td></td><td></td><td>A-23</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Taxable corporation income and excess profits tax returns for 1943 (advance tabulation).</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>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></td><td></td><td></td><td>A-33</td><td></td><td></td><td></td><td></td></tr><tr><td>Publication of Statistics of Income for 1942, Part I.</td><td>A-21</td><td></td><td></td><td></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></td><td></td><td>A-1</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></td><td></td><td></td><td></td><td></td><td>A-8</td><td></td></tr><tr><td>Federal land bank bonds.</td><td></td><td></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></tr><tr><td>Financial operations of the United States Government, fiscal year 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-25</td><td></td><td>A-1</td><td></td><td>A-3</td><td></td></tr><tr><td>Invasion currency.</td><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>Bank deposits, geographic distribution on December 31, 1941-44.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td>A-5</td><td></td></tr><tr><td>Maturity of Adjusted service bonds on June 15, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></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>Maturity of Series A bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-23</td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity of Series B bonds.</td><td>A-27</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Continuation of the savings bond program.</td><td>A-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>Redemption through banks and additional financial institutions.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-24</td><td></td><td>A-2</td><td>A-9</td><td>A-20</td></tr><tr><td>Treasury market financing.</td><td>A-21</td><td>A-28</td><td>A-5</td><td>A-16</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></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures.</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements.</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Receipts and expenditures and appropriations</td><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></td><td></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>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 general expenditures.</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6-7</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Analysis of expenditures for war activities.</td><td>7</td><td>7</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></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>7</td><td>7</td><td>8</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>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></tr><tr><td>Trust accounts, etc. receipts and expenditures.</td><td>10</td><td>10</td><td>10</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></tr><tr><td>Means of financing cash requirements.</td><td>11</td><td>11</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></tr><tr><td>Social security program:</td><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></td><td></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>12</td><td>12</td><td>14</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>13</td><td>13</td><td>15</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>13</td><td>13</td><td>15</td><td>13</td><td>13</td><td>13</td><td>13</td><td>13</td></tr><tr><td>Statement of trust accounts:</td><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>14</td><td>14</td><td>16</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>14</td><td>14</td><td>16</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>14</td><td>14</td><td>16</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>Appropriations and net contract authorizations for the war activities program.</td><td>15-16</td><td>15-16</td><td>15-16</td><td>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></tr><tr><td>Cash income and outgo 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>Analysis by major classifications.</td><td>17</td><td>17</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></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>17</td><td>17</td><td>19</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td></tr></table>
(Continued on following page)
March 1946
111
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="2">1946</th><th colspan="10">Issue and page number</th></tr><tr><th></th><th>Mar.</th><th>Feb.</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></tr><tr><td><b>General Fund of the Treasury</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets, liabilities, and balance in General Fund.</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>21</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td></tr><tr><td>Analysis of changes in balance of General Fund.</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>22</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td></tr><tr><td><b>Public debt and guaranteed obligations of United States Government</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>25-26</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td></tr><tr><td>Monthly data.</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>26-27</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td></tr><tr><td>Chart.</td><td>26</td><td>26</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></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>22</td><td>22</td><td>24</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>22</td><td>22</td><td>24</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>27</td><td>27</td><td>29</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>28</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>28</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>30</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></td><td>28</td><td>28</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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1945.</td><td></td><td></td><td>28</td><td>28</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>28</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, 1945.</td><td>28</td><td>27</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></tr><tr><td>January 31, 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>Computed interest charge and computed interest rate.</td><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>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>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></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>32</td><td>32</td><td>34</td><td>32</td><td>31</td><td>31</td><td>32</td><td>31</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>33</td><td>33</td><td>33</td><td>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></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>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></tr><tr><td><b>United States savings bonds:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series.</td><td>36</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>History of sales and redemptions.</td><td>37-39</td><td>36-37</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></tr><tr><td>Sales by series, classified by denominations.</td><td>40</td><td>38</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></tr><tr><td>Number of pieces sold, classified by denominations.</td><td>41</td><td>39-40</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></tr><tr><td>Sales by series, classified by States.</td><td>42-43</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td><td>41-43</td><td>39-40</td><td>38-40</td><td>38-40</td><td>39-41</td><td>38-40</td></tr><tr><td>Redemptions of series A-E, classified by States.</td><td>44</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>44</td><td>42</td><td>41</td><td>41</td><td>42</td><td>41</td></tr><tr><td>Payroll savings plans.</td><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><b>Treasury notes - tax and savings series:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series.</td><td>45</td><td>42-43</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></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>45</td><td>44</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></tr><tr><td>Type of purchaser.</td><td>46</td><td>44</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></tr><tr><td><b>United States savings stamps:</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions.</td><td>47</td><td>45</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></tr><tr><td>Sales, classified by denomination.</td><td>47</td><td>45</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></tr><tr><td><b>Ownership of United States Government securities</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary distribution, by holders.</td><td>49</td><td>47</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></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors.</td><td>50</td><td>48</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></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>50</td><td>48</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></tr><tr><td><b>Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing January 31, 1945):</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>48-52</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>49-53</td><td></td></tr><tr><td>February 28, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>48-52</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></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>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>49-53</td><td>51-55</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>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>49-53</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>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1945.</td><td></td><td>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>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>December 31, 1945.</td><td>51-55</td><td></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>June 30, 1945.</td><td></td><td></td><td></td><td>54-58</td><td></td><td></td><td>56-60</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>December 31, 1945.</td><td>56-60</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)
1111
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="14">Issue and page number</th></tr><tr><th colspan="3">1946</th><th colspan="11">1945</th></tr><tr><th></th><th>Mar.</th><th>Feb.</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></tr><tr><td colspan="15">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>54-56</td><td>55-57</td><td>54-56</td></tr><tr><td>February 28, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-56</td><td></td><td></td><td>54-56</td></tr><tr><td>April 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td>55-57</td><td>62-64</td><td>55-57</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>55-57</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>60-62</td><td>55-57</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>55-57</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 29, 1945</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><td></td></tr><tr><td>October 31, 1945</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><td></td></tr><tr><td>November 30, 1945</td><td>62-64</td><td>55-57</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, 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>January 31, 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>Chart showing yield structure of Treasury bonds and notes</td><td>65</td><td>58</td><td>58</td><td>63</td><td>58</td><td>58</td><td>65</td><td>58</td><td>57</td><td>57</td><td>58</td><td>57</td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yields beginning with 1937</td><td>66</td><td>59</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></tr><tr><td>Chart</td><td>67</td><td>60</td><td>60</td><td>65</td><td>60</td><td>60</td><td>67</td><td>60</td><td>59</td><td>59</td><td>60</td><td>59</td></tr><tr><td colspan="15">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>61</td><td>64-68</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>69</td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>72-76</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>67</td><td>71-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td>69</td><td>73-77</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans outstanding, classified by type of loan:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-63</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>70-71</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></td><td></td><td></td><td>68-70</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td>70-72</td><td></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 expense:</td><td></td><td></td><td></td><td></td><td></td><td>62-67</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1945</td><td></td><td></td><td>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></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>69-74</td><td></td><td>61-65</td><td></td></tr><tr><td>First six months, fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First nine months, fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td>68-73</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First three months, fiscal year 1946</td><td></td><td>68-73</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="15">Internal revenue statistics</td></tr><tr><td>Collections of internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary data</td><td>79</td><td>62</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></tr><tr><td>Chart</td><td>80</td><td>63</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></tr><tr><td>Comparative details for current periods</td><td>81-82</td><td>64-65</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></tr><tr><td colspan="15">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>67-68</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></td><td></td><td></td><td>67-68</td><td></td><td></td><td>67-68</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>67-68</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td>84</td><td>67-68</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></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>March 31, 1945</td><td>84</td><td>69</td><td>80</td><td>82</td><td></td><td></td><td>83</td><td>69</td><td>81</td><td>66</td><td>69</td><td>72</td></tr><tr><td>June 30, 1945</td><td>84</td><td>69</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></tr><tr><td>September 30, 1945</td><td>85</td><td>70</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></tr><tr><td>December 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>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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Components of silver monetary stock</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Silver production in the United States and silver acquisition by mint and assay offices</td><td>85</td><td>70</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></tr><tr><td>Seigniorage on silver, by types</td><td>86</td><td>71</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></tr><tr><td>Money in circulation</td><td>87</td><td>72</td><td>83</td><td>85</td><td>72</td><td>83</td><td>86</td><td>72</td><td>84</td><td>69</td><td>72</td><td>75</td></tr><tr><td colspan="15">Capital movements between the United States and foreign countries</td></tr><tr><td>Discussion of composition of statistics</td><td>89</td><td>74</td><td>85</td><td>87</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></tr><tr><td>Summary of net capital movement since 1935</td><td>90-106</td><td>75-91</td><td>86-102</td><td>68-104</td><td>77-93</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by countries, January 1942-July 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Details:</td><td></td><td></td><td></td><td></td><td>94-96</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 1945</td><td></td><td></td><td>105-107</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></td><td></td><td>103-105</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 1945</td><td>107-109</td><td>92-94</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 1945</td><td>110-117</td><td>95-102</td><td>106-111</td><td>108-114</td><td>97-102</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Position in foreign currencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
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What We Gain from the Proposed Financial Agreement with Britain
The following address was delivered by Secretary Vinson before the North Carolina Newspaper Institute at Chapel Hill, North Carolina on January 24, 1946.
Coming from Kentucky I feel that I am visiting my friends and neighbors when I come to North Carolina. All of us in the South are proud of what you are doing. We are proud of the great forward strides you are making in industrial and agricultural development. We are proud of the great forward strides you are making in education and public welfare. We see in North Carolina a vigorous and progressive democracy built on the finest traditions and highest ideals of the South.
Tonight we shall discuss a measure, on which the representatives of two democratic nations reached agreement, that will better our chances of establishing a sound world economy. That measure, which is subject to the consideration and approval of the Congress, is the proposed financial agreement between the United Kingdom and the United States.
The American people should understand fully the nature and effects of the proposed agreement in order that Congress can have the benefit of their views in applying its best judgment to the proposal.
One part of this agreement provides that the United States will offer a credit of $3,750 million to Britain. There are certain misconceptions about this line of credit to Britain which should be dispelled at the outset. In some quarters this credit is still said to be, through inadvertence, misunderstanding, or purpose, a gift.
The proposed line of credit is not a gift; it is a loan. It is not merely a loan of so many dollars to be repaid, but it is an interest-bearing loan. The interest is not a nominal fee, but it is reasonably comparable to what it costs the United States Government to borrow money.
The repayment of the loan and the interest, moreover, is not all of the consideration or benefit that the United States receives under this financial agreement. Britain promises, in addition to repaying the loan with interest, to remove currency restrictions. Moreover, Britain promises to avoid trade controls which would discriminate against American products. On top of this Britain has agreed with the United States on the principles that should be followed by a pro-
posed International Trade Organization to improve world trade practices.
In addition to these benefits which the United States receives, a general purpose of the loan, as stated in the agreement, "is to facilitate purchases by the United Kingdom of goods and services in the United States." This will be a real contribution to our domestic program of high production, employment and national income.
A strong case could be made that in view of these benefits to the United States which I have mentioned last -- the expansion of our markets abroad, the principles for an International Trade Organization -- the elimination of trade discriminations -- the abolition of monetary controls which restrict trade -- that in view of these substantial gains, we could have made the $3,750 million a gift instead of a loan. While $3,750 million is a lot of money, it is a small investment if it contributes to an expansion of world trade and to peace and to general prosperity.
Some may ask that if it could be claimed that these considerations fully supported a gift, why did we bargain for a loan and an interest-bearing one at that. The answer is simple. The Administration wanted to make the best agreement possible from our viewpoint and to offer a plan which would be acceptable to our people and the Congress.
Now in regard to this financial agreement we have an anomalous situation. If the benefits are as great as I have indicated, and they are, why is there aa much opposition as there is? The only explanation, I believe, is that there are so many benefits extending in so many directions in so many direct and indirect ways that the total picture appears to be complex, whereupon, particular economic isolationist or defeatist groups muddy the water and parade their pet prejudices in picturesque and sometimes demagogic language.
It is my hope, therefore, to explain some of these benefits in such plain language that those who wish to understand will not be lured away by colorful statements without substance. As we proceed to this more detailed examination, keep this over-all summary of the proposed financial
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agreement in mind: the money extended Britain is not a gift but an interest-bearing loan wherein we receive not only a return of the dollars and interest but benefits that in truth many believe would have supported a gift.
The prosperity of this country is closely linked with our export trade. Even during the 1930's, when world trade was severely reduced, our exports accounted for some 7 or 8 percent of our agricultural and industrial production. For many of the products of our factories and farms, foreign trade meant the difference between prosperity and depression. And of all our foreign trade, no part was more important than that with the British Empire.
It is hardly necessary for a Southerner addressing Southerners to state that British trade is important to the South. But just look at cotton and tobacco, the two principal crops of the South. In the four years before the war, from 1935 to 1938, for every two pounds of tobacco we consumed in this country, we sold one pound abroad. In that same period England alone bought more than two-thirds of all our tobacco exports. Of our flue-cured tobacco a much larger proportion went abroad, principally to England. And the same thing is true with cotton. In the four years from 1935 to 1938, for every bale of cotton consumed in this country we sold a bale abroad. England alone bought nearly one-fourth of all our cotton exports. It is plain that without the British market it would not have been possible to maintain our cotton and tobacco production and price levels.
During the war Britain adopted certain monetary and trade controls which if continued would hurt seriously peacetime trade. I say, frankly, American business cannot afford to see Britain's wartime trade and currency restrictions continued.
In connection with these wartime controls, you have heard of the sterling area, blocked sterling, and the dollar pool. What does this mean?
Most of us spend our entire lives in the United States. We are accustomed to money in the form of dollars and cents. When we work we are paid in dollars. When we buy we spend in dollars. When we travel up North, we find that they take our dollars, too.
In the world, however, there are other cur-
rencoles. There are a few of inter-country application, but the world-wide currencies are primarily the dollar and the pound-sterling. If you have a dollar and want to buy something in another country you may have to change your money into its kind. If someone abroad wants to buy your cotton or tobacco, he has to change his money into dollars.
In this convertibility of money from one kind to another, restrictions and impediments can grow up or be imposed. As you can readily see, this puts a brake on trade between nations.
Now what do we mean by the sterling area? These are the countries of the British Empire and some European countries who keep their monetary reserves in the form of sterling in London. Australia, for example, keeps its reserves on deposit in English banks. Before the war, the sterling area countries could draw on these reserves to buy goods all over the world. If Australia wanted to buy American cotton, it sold sterling for dollars. But during the war, Britain had to stop the convertibility of sterling.
That brings us to blocked sterling. Britain had to say to these countries of the sterling area -- to India, Egypt, Australia and all the rest -- the reserve you now have in sterling cannot be converted into dollars. You can use these sterling reserves for making payments to each other but not to outsiders.
One reason for restricting the convertibility of sterling was that England did not have enough gold and dollars. During the war not only did Britain sell $4,500 million worth of her foreign investments to finance her expenditures, but also she incurred an enormous debt of $13,000 million, measured in our money, held by foreign countries in the form of sterling balances in London banks and sterling securities of the British Treasury. Britain had to restrict the convertibility of sterling. She couldn't convert such large amounts into dollars or other currencies. She had to block their use.
But it wasn't enough to block the wartime sterling balances and end the convertibility of sterling. England had to mobilize all of its dollar resources to pay for war needs. The British Treasury took over private holdings of American securities in England, paying for them in sterling, and sold many of these investments in the United States for dollars. And it took steps
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to see that all of the dollar receipts of the sterling area countries were mobilized for war.
This was done through the so-called dollar pool. For example, when an Egyptian exporter sold goods in the United States, he turned over the dollars he received to the National Bank of Egypt and received Egyptian pounds. These dollars were then sold by the National Bank of Egypt to the British Treasury for sterling. In this way all of the dollar receipts of the sterling area are pooled in London. Then when a country in the sterling area needs dollars, say Egypt, it applies to London which allocates these dollars on the basis of the most essential needs. To conserve dollars, London does not allocate funds to buy goods in America if they can be secured from sterling area countries.
Of course, along with these financial controls, there are direct controls of imports in all sterling area countries. And these controls, like import licences, are used to keep out goods that must be paid for in foreign exchange. In practice, this meant keeping to a minimum imports from countries that had to be paid for in foreign exchange.
These wartime restrictions are still in effect in Britain. Clearly, they were essential for the war. They helped Britain to mobilize her foreign exchange resources and devote them to war purposes. They restricted the use of her foreign exchange resources for non-essential purposes. But these wartime restrictions are dangerous in peace. During war, ordinary trade must give way to war; but trade is the very life-blood of peace. To restrict trade in time of peace is to force poverty on the world. That is why we and all countries have an interest in seeing the prompt removal of Britain's wartime restrictions.
Neither England nor the countries of the sterling area have any wish to continue these wartime restrictions. But until Britain finds some other means to pay for its imports it cannot remove these restrictions. Until the blocked sterling balances are settled, sterling cannot be made convertible. Until Britain's dollar receipts are increased, she cannot permit the sterling she pays for her imports to be used freely in any country, and particularly the United States. Until Britain can earn enough to pay for her imports from the dollar area, she must continue the dollar pool. Until Britain exports enough to pay for its essential imports it must
continue to limit imports from outside the sterling area, and particularly from the United States.
The elimination of all these wartime restrictions and discriminations is the major international economic problem for the entire world. Whether they are eliminated depends on what we do. We are the largest exporting country in the world. It depends on what England does. England is the largest importing country in the world.
As you know, England's attitude will influence other countries, just as ours will. A number of countries in the British Empire and in Europe are so completely dependent on British currency and trade, that they are invariably guided by British policy. That is why Britain's decision to terminate her wartime restrictions and discriminations is an essential prerequisite to establishing fair trade and currency practices.
This country has a particular interest in the removal of England's currency and trade restrictions. England is our best customer. One-sixth of all our exports before the war went to England. Nearly 40 percent of all our exports were sold to the British Empire and the sterling area. Every section of this country, every American industry has a vital interest in the opening of British markets to our products on fair and non-discriminatory terms. The people of this country, the people of the South, cannot afford to see England continue and extend her wartime restrictions on currency and trade.
Let's see, for example, what that means to the South. It means that England would concentrate its trade within the sterling area where countries would take payment in sterling for the cotton and tobacco and other things England would buy. It means that England would buy cotton primarily from India and Egypt; she would buy tobacco primarily from Rhodesia and the Near East. England would stimulate production in her trading area, and once such production was built up, the British market might be lost to us forever.
You know the consequences to the South if Britain should adopt such a policy. In plain language, we would have no other alternatives than to cut the production of cotton and tobacco by 20 or 30 percent. More than that! With the decline in tobacco and cotton exports the downward pressure on prices would be heavily increased. We might once again see 8-cent tobacco and 5-cent cotton.
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I speak of cotton and tobacco, only, because they are Southern crops that we know so well. But the situation would be much the same in other industries. Wherever American farms and factories depend on exports, the closing of the markets of the British Empire and the sterling area would mean economic disaster.
A good deal of progress has been made toward establishing a world in which countries can trade together. We have agreed on the fair currency and trade principles that are necessary to make it possible for world trade to expand and grow. But it will do no good to agree on these principles unless all of the trading countries are ready to put them into practice. We can move ahead on this program only after Britain removes the restrictions on the use of sterling outside the sterling area; only after the wartime dollar pool is abandoned; only after the blocked sterling problem is settled. When these wartime restrictions have been removed it will be possible for world trade to expand and to make its full contribution to world prosperity.
Frankly, we have told England that we should like to see her wartime currency and trade restrictions brought to an end. We want importers in England and the entire sterling area to have an opportunity to buy American products if they prefer our products. The British Government, in turn, has told us frankly that they have no wish to continue these wartime restrictions. If they could find some other means to secure the flow of essential imports of food, raw materials and equipment into Britain they would be prepared to abandon at once these wartime restrictions and discrimination.
We all know that Britain, as an island nation, relies heavily upon trade. During the war what she shipped in and bought and what she shipped out and sold was thrown out of kilter. In 1944 she shipped out only 30 percent of what she did in 1938. Her export industries were converted to war production. She has lost a large part of her merchant fleet. Her income from foreign banking and insurance services declined. She sold many of her most marketable foreign investments, and lost the income from these. Britain must somehow make good the fall in her foreign exchange income because she needs to import large amounts of food and raw materials to feed her people and industries.
This is the basic reason that Britain needs
the money in this loan. The loan will help balance the difference between what she must buy abroad and what she sells until she reestablishes a full flow of export trade. And may I add that though in the transition period her imports will far exceed her exports that the resulting standard of living for Britain will be little different from the austere wartime levels.
In return for the loan, in addition to repaying principal and interest, here is what Britain undertakes to do by way of removing within a year, unless we agree to a temporary extension, the wartime trade and currency controls:
First, all countries of the sterling area will be allowed to use the proceeds of their exports to England to buy goods in any other country, including the United States. That's because sterling arising from current trade will be made convertible.
Second, all countries of the sterling area will be able to use the dollars they acquire from their trade with the United States to make purchases in the United States. That's because the sterling area dollar pool will be dissolved.
Third, England's import controls will be administered in a manner which will not discriminate against American products. Any exports from the United States to England will be paid for in dollars or in sterling that can be converted into dollars by American exporters.
Fourth, England will settle the blocked sterling obligations out of her own resources. The funds that are released in settling these balances, whether as an immediate payment or as future payments, can be freely used for purchases in any country, including the United States.
Fifth, England will support the American proposal for the establishment of an International Trade Organization, for the reduction of trade barriers and for the elimination of trade discriminations.
This agreement, then, will be a big step in preventing economic warfare. It will also be a big step in creating a world in which countries live and work together in peace and prosperity. For England it will mean a chance to feed her
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people and reconvert her industries in a world of expanding trade. For the United States it will mean the opening of the markets of our best customers, England and all the countries in the British Empire and the sterling area, to the products of our factories and farms. It will mean a larger American share in a larger world trade. For the South it will mean the stimulation of the great industrial development which now beckons. Just as there cannot be national prosperity in the United States without international prosperity, there cannot be that great economic development of the South without general prosperity in the United States and the world. For all countries it will mean a chance to reconstruct a war-shattered world with expanding trade, great employment and higher standards of living.
The alternative is as unhappy as it is clear. If England cannot secure the financial assistance of this loan, she will have to take drastic steps to curtail her imports and force her sales on other countries. This means that England and the countries that depend on England's currency and trade -- the sterling area countries -- would reduce their purchases in the United States and in the dollar area. Our exports would be excluded as far as possible from British markets. Britain would enter into bilateral agreements with countries in Europe and South America, offering to swap her manufactures for their food and raw materials. Such a policy would inevitably divide the world into conflicting economic blocs.
I have no doubt we could defend ourselves. We would have to fight fire with fire. We would be forced to retaliate. We would set up restrictions and discriminations of our own. In blunt language, the world would be at war -- economic war. And if we won, at best we would win a sorry victory. World trade would be destroyed and all countries would suffer.
Our System of Government Has Stood the Test
The following address was delivered by Secretary Vinson before the Baltimore Association of Commerce at Baltimore, Maryland on January 31, 1946.
Americans have never been ones to rest upon their laurels or to engage in the luxury of living merely to cite their history. From our past, however, we do gain experience and secure confidence.
The Association of Commerce is honoring the
That is not the kind of a world our people want. Our basic goal is to establish a world in which countries can live and work together in peace and prosperity. Two world wars and a world-wide depression have taught this generation the bitter lesson that there is no other road to peace -- there is no other road to prosperity except through international cooperation. The political and economic problems of the world cannot continue to be solved by force. That road leads to destruction.
This is nothing new to the people of the South. They have long known that expanded trade among nations will contribute to the prosperity of all. It was Woodrow Wilson, a Southerner brought up in Virginia, North Carolina, and Georgia, who warned an unheeding world that only through international cooperation will it be possible to maintain peace. Without regret for what might have been we must finish the job we have at last begun. That job is to build through international cooperation a peaceful and prosperous world.
The people of the United States and the United Nations have agreed on a program in which countries cooperate to maintain peace and prosperity. The United Nations Organization, with its Security Council, General Assembly, International Court of Justice, and Social and Economic Council, constitutes one side of this program. The Food and Agricultural Organization, the International Monetary Fund and the International Bank for Reconstruction and Development, and the proposed International Trade Organization constitute another side of the same program. The financial agreement with the United Kingdom is a sound, big step to the realization of this entire program for peace and prosperity. This is what I hope the people and Congress will bear in mind in considering the financial agreement.
institution of banking which is celebrating its 150th anniversary in Maryland and Baltimore. One of the most satisfying aspects of banking is that it is a part of the agricultural, industrial, and commercial life of the community.
The banker in making his decisions must take
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into consideration the welfare of the entire business community. Others depend upon the banker for advice and guidance. The banker has a great opportunity for leadership. Our democratic system of government requires leadership in all groups in and out of government.
Bankers have performed a real service in the financing of the war. The problems of peace are also important. In two of our basic problems the banker can play a very large role. There is the restoration and maintenance of full production in a peacetime economy. There is the preservation and enlargement of our system of free enterprise in a world which has so recently been regimented for war.
Primarily it is the banker who must supply the credit for high levels of production and trade. In this regard, as in others, we must raise our sights. Now as well as established enterprises must have credit. Financial aid is a necessity for an expanding economy. Financial aid is a necessity for small enterprise to hold its own against giant concentration. A high and diversified level of production, employment and income, is both a cause and an effect of free enterprise. In short, we want our whole economy in high gear.
Since banking is a part of the entire community, the Association of Commerce in honoring the 150th anniversary of banking is, in a broader sense, honoring the City of Baltimore for its long and notable part in the development of this country.
Even before we had grown to nationhood, Baltimore was an important center of colonial industry and commerce. Your enterprise and initiative contributed to the building of the nation. The highways and railroads that started from Baltimore pushed into the West and helped open a new continent.
You have played an equally notable part in the development of the foreign commerce of the United States. The ships built in Baltimore yards were the glory of the American merchant marine of a century ago. The famous Baltimore clipper ships sailed all over the world, carrying American produce of a strange and distant world. Today, you are the third largest seaport of the country.
Baltimore has not been content to live on
its past. The country has reason to be grateful for what you did during the critical years of the war. You gave a full share of your youth to the fighting services. The workers and businessmen of Baltimore produced steel, copper, oil, planes and ships that went to war. And through this sport, more than 100 million tons of cargo passed during the war with the precious freight of victory.
Instead of trying to review the last 150 years of our history, let us review in more detail the last tenth of it. In the last 15 years we have participated in the writing of more history than most people ever see during their entire lives. We have seen tremendous developments in the natural sciences. More important, we have seen our way of life, our form of government, put in the crucible and found not wanting.
Since the Fall of 1929 our way of life, our form of government, has stood trial under the worst depression this country has ever had, and the worst war that has ever engulfed the world. When our way of doing things has stood two such tests as these, we can be supremely confident of our ability to grapple with any problem that may confront us. We need no further assurance to face the future.
It is easy not to recognize the import of our success. It is so easy to forget. Without a great faculty of memory or imagination we cannot reconstruct our life during the gloomy days of the depression or the dark days of the war.
During the depression many of our people suffered, fighting for the stark necessities of life: some food, some clothing. Our unemployment problem then was mass unemployment. It was not a matter of a little transitional unemployment. Several millions of our people were out of work, not by choice, not through lack of initiative, but simply because they were not offered a job of any kind.
Even the lot of many who were employed was unfortunate. Many were in jobs that stifled their ambition. And most jobs carried poor pay. Our economy did not permit the pursuit of life, liberty and happiness in the way our founders must have pictured when they wrote that stirring constitutional phrase.
That depression with its closed banks, its heartaches, its 5-cent cotton, 10-cent corn, and
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8-cent tobacco, was a stern trial for our system of government. Not long afterwards our way of life faced the test of fire.
We saw the peoples of Europe maimed, killed and conquered. Those were dark days. Mere survival was a question. Remember Dunkirk.
Later we were attacked. War brought us urgent, tough problems. We had to grind to a halt much of our peacetime production. We had to lick shortages. We had to remove bottlenecks. In short, we were faced with the task of converting a civilian economy into military preparedness after the fighting had started. And we were fighting against countries that had been building up their military might for years. You can lose a war that way. We almost did.
Mobilization for war put terrific strains upon our nation. Thousands of men and women changed jobs. Other thousands marched out of their homes, out of school, out of retirement. Materials in short supply had to be controlled. Inflation threatened. That meant the control of wages and prices.
In spite of this colossal effort, it appeared that we were losing the war in the summer of 1942. It appeared that Stalingrad, Alexandria, and the Suez Canal would fall. Australia was threatened. The U-Boats roamed the oceans. If we had gained our military might just a little slower, or if the Axis had been just a little stronger, we would be living tonight under the heels of men who now stand trial at Nuernberg as criminals against civilization.
On the firing line, where the might of this nation met the might of the enemy, our men in uniform bore the brunt reality of war. These men, their families, and their loved ones, made the great and noble sacrifices. We must thank our soldiers, whether they be the living, the dead, or the living dead, by getting out and working for the peace every bit as fully as we worked for victory.
We gathered sufficient strength to whip the depression and to win the war. That is a great lesson. But there is a greater lesson. We mastered that strength and licked the depression and whipped the Axis without impairing in any way our basic principles of government.
If you will recall, we did not stick to our
way of life simply because temptation did not beckon. During the depression the stage was set for starry-eyed plans of salvation. Not only was the situation ripe for the appeals of demagogic despot, but the appeals were made. It would have been easy to turn to men with liquid promises.
Likewise, when the war clouds gathered and later when we were in it to the hilt, it would have been so easy for our people, beladen with suffering and sacrifice, to turn to some fatalistic course. Some asked us to bury our heads in the sand. Some asked for a negotiated peace. Instead we out-produced, out-fought, out-thought, and out-lasteda the enemy. We did all this without selling any of our birthright. We preserved our democratic way of life, up to and including our constitutional right to gripe.
When we think of our constitutional right to gripe we think of those "confounded" war measures--wage control, priorities, allocations, rations, manpower and price controls. Those controls were necessary. We were waging a total war. We were preserving a sound economy. Those controls were promulgated under law and if any individual thought that as to him the application of any control violated the due process of law he could go to the courthouse. That latchstring was never removed. But few went and fewer won.
How did we fare under those "odious" controls? Every group in this country, worker, farmer, manufacturer, distributor, retailer, had a higher degree of prosperity than at any time in the history of our nation. Moreover, our standard of living was high. Oh yes, we had to put up with the old car and the old radio. But our people ate more food, better food, and a wider variety than ever before. We were clothed and housed. We even bought more jewelry and perfume, and went to more movies.
We whipped an enemy from within and from without, and neither during the depression nor during the war was any life, liberty or property taken from any citizen without due process of law; neither during the depression nor during the war was the Bill of Rights abrogated; neither during the depression nor during the war was the election of our governing officials suspended.
During the depression and the war we had
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our headaches and our heartaches. But we did the job, and our way of life, our system of government, stood the acid and the fire.
We have our problems today and we will have our problems tomorrow. But we had some tough ones yesterday too. During the war we overwhelmed an enemy with our might, lived well at home, and kept inflation from our door. When we have proved ourselves like that, we can face the future with full confidence.
Not only does this record give us confidence but also the record itself gives us a sound base upon which to build. We can face our veterans with less embarrassment than we did last time.
We can tell our boys as they return that the things they dreamed America stood for as they fought from foxhole, plane or ship have been preserved. We can tell them that while they fought we produced the articles of war and kept our country on her course with even keel. We can tell them that we have laid the foundation for full production, full employment and a high national income.
We can tell them that reconversion has come along in pretty good shape. We can point out, for example, that physical reconversion of war plants is virtually complete. We can point out that unemployment is only about one-half that of estimates made just after the guns were laid down.
There are, of course, some kinks in the machine. Just as we had annoyances and difficulties, such as shortages and bottlenecks during the war, we have temporary impediments today as we swing toward high levels of production. Prodigious production is sorely needed, not only to build our standard of living in which we have always prided ourselves, but to counteract the inflationary pressure which is still our number one problem at home.
The American people have done a good job on the inflation front, so far. The cost of living in the 72 months of this war went up one-half of what it did in the 52 months of World War I, and after November 18, 1918, the cost of living continued to increase rapidly until June 1920. At that time the cost of living was over twice what it was at the start of the war. In the next 12
months came the crash. The cost of living has been stable since the close of World War II and we are in a much better position to avoid a similar collapse. While everyone knows the increase in the cost of living during this war has pinched some of us, and was a minor irritation to all of us, it is an excellent record compared with 25-cent sugar last time.
The feeling of the businessman who wants to remove price controls is not hard to understand. He cooperated, as did we all, to win the war. He may now see a mirage of big profits going by the board every day because he cannot charge more than ceiling prices for his goods. His conclusion that price controls should be abandoned is faulty.
There are many proverbs and fables that counsel against grabbing today's chances without regard for the future. There is sound philosophy in the old saws: don't kill the goose that lays the golden eggs; look before you leap.
Likewise, we know beyond peradventure that America's great business tradition was not built upon the quicksand base of short range operations. Every successful businessman knows that it is tomorrow's profit that is the most important. We do not want the boom-crash that followed the last war.
Disastrous inflation is still possible. It is likely that none of us has too much of a heart interest in coconuts, so let us use them for an example. The ceiling on coconuts was $61.50 per thousand. They took the ceiling off. Next day the price was $140, the second day $175, and the third day $252.
We don't want price increases like that on sugar, flour, meat, or even on shirts, dresses and suits, when we can find them. Until the goods on the shelves of our stores can match the money in our pocketbooks, in our safe deposit boxes, in our socks, and in our readily convertible deposits, there will be a danger of inflation. There are symptoms in the air, such as real estate and stock markets, wage-price controls, to remind us that the atmosphere is still charged.
We have the tools to finish the job: price control, the buying of government bonds or saving in other ways, control of credit purchases,
March 1946
A-9
and most of all the will to prevent inflation. We should extend the Price Control Act just as soon as possible to remove the lingering hope of the minority that they can profit out of the scarcity that exists before our total reconversion makes available all of the items for which our appetite is whetted.
It is my belief that more of our people than ever before realize the importance of the continuation of price control. The Iowa Poll of January 27 shows that of the several recommendations the President made in his recent radio talk the continuation of price and rent control was considered the most necessary. From more and more quarters comes support for the extension of the Stabilization Act. Just this week an Anti-Inflation Committee representing nearly all of the leading businessmen and merchants in the District of Columbia began a campaign to prevent inflation and to keep the O. P. A.
We have won the inflation battle for nine rounds. It would be pathetic if we lost the tenth and last round.
The battle against inflation, while the most important today, is only one of the problems that confront us at home. There are all of the problems of finding and carrying out the means of full production, full employment, mass purchasing power, and efficient distribution. Each of these factors augments the others. These objectives, like total war, require vigilance and action on many fronts.
We must conquer the housing problem. This is a field wherein the realization has never been up to the ideal of a truly American standard of living. The inadequacy of our housing has been accentuated by the war, so we are further behind
than ever before. A real housing program will be a great contribution to our entire economic condition because it is a big market for many materials and it has a great effect upon employment.
Our way of life means a decent wage for all. The present law sets a forty-cent-a-n-hour minimum. That is far too low. We must have a substantial increase in the minimum wage unless we mean to render only lip service to our American standard of living.
We must do everything in our power to aid the veteran. He is the one that made the genuine sacrifices in this war. Not only has he rendered the great service, but now he must face the problems of becoming an integral part of our peace-time economy. We must make the interruption to his career of as little disadvantage as possible.
These, and other problems, confront us on the home front. In addition we have the political, social, and economic problems among nations that twice in our generation rocked us into war. If the nations of the world can solve their problems by peaceful discussion and at the same time be ready, willing and able to stamp out the international gangster before he commits his high felonies, we will have prevented war. Since wars are not ordained but are man made, man can avoid war by solving the problems that cause war.
We would be less than frank if we did not recognize that at times there will be darkness. But Americans are not by nature pessimistic and should not be now. There is a proverb that he who lights a candle is better than he who curses the darkness. Let us all go forth and light a candle in whatever place or station we be. These specks of light, multiplied many times will dispel the darkness.
A-10
Treasury Bulletin
Individual Income Tax Returns for 1944 With Adjusted
Gross Income Under $25,000
Income and Tax Liability
The Bureau of Internal Revenue recently completed preliminary tabulations of individual income tax returns for 1944 covering Forms W-2 and Forms 1040 with adjusted gross income under $25,000. This is the first of two articles summarizing the data tabulated. This article presents data with respect to amounts of income and patterns of income. The second article will present data on the marital and dependency status and the number of employers reported on returns showing receipt of salaries or wages.
In preparing these data, the Bureau of Internal Revenue used a preliminary sample of returns which was extended to give national coverage. This sample is discussed further in the section on "Composition of Sample". By this technique, the Bureau is able to make data available on 1944 individual returns much sooner than was possible for earlier years. A fuller coverage of returns with adjusted gross income under $25,000, and complete representation of returns with adjusted gross income of $25,000 and over will be presented in the final Statistics of Income reports which will be published at some future date.
Forms W-2 and Forms 1040 were the two types of returns which could be filed for 1944. The Form W-2 is the withholding receipt which persons with incomes under $5,000 derived wholly from wages, dividends or interest, and including not more than $100 from income not subject to withholding, were given the option of filing as the final tax return. The Form 1040 was used by all other persons including those with incomes under $5,000 who were given the option of filing a short-form return on Form 1040. Facsimiles of the two forms are presented on page A-14.
Number of Returns, Income, and Tax
An estimated total of 46.21/ million returns (Forms W-2 and Forms 1040) with adjusted gross income under $25,000 were covered in the preliminary study, comprising returns with adjusted gross income of under $7,000 and those with adjusted gross income from $7,000 to $25,000 which showed tax liability in excess of the sum
1/ Estimated on the basis of preliminary figures available in August 1945. Subsequent information, though still not final, indicates that the estimate of 46.2 million may be overstated to the extent of about three-fourths of a million returns.
of any withholdings and payments on 1944 declarations of estimated tax. Excluded from the study were approximately 300,000 Forms 1040 with adjusted gross income from $7,000 to $25,000 which reported withholdings and declaration payments totalling an amount equal to or in excess of liability, if any. These 46.2 million returns reported $104.6 billion of adjusted gross income. Taxable returns totalled 41.4 million and accounted for about 98 percent of the adjusted gross income reported. The tax liability on the taxable returns aggregated $11.8 billion. Data have not yet been prepared for returns with adjusted gross income of $25,000 or more. It is estimated that such returns number approximately 150,000 and have an aggregate tax liability of less than $5 billion. The table below summarizes the number of returns, adjusted gross income and tax liability for the estimated 46.2 million returns with adjusted gross income under $25,000 included in the study.
<table><tr><th>Returns with adjusted gross income under $25,000</th><th>Amount</th><th>Percent</th></tr><tr><td></td><td>(In millions)</td><td></td></tr><tr><td>Number of returns:</td><td></td><td></td></tr><tr><td>Taxable returns..................</td><td>41.4</td><td>89.6</td></tr><tr><td>Nontaxable returns.............</td><td>4.8</td><td>10.4</td></tr><tr><td>Total.........................</td><td>46.2</td><td>100.0</td></tr><tr><td></td><td>(In billions of dollars)</td><td></td></tr><tr><td>Adjusted gross income:</td><td></td><td></td></tr><tr><td>Taxable returns..................</td><td>102.9</td><td>98.3</td></tr><tr><td>Nontaxable returns.............</td><td>1.7</td><td>1.7</td></tr><tr><td>Total.........................</td><td>104.6</td><td>100.0</td></tr><tr><td>Tax liability....................</td><td>11.8</td><td>100.0</td></tr></table>
Table 1, at the end of this article, presents more detailed data on income and tax liability classified by size of adjusted gross income.
Income Patterns
Sources of Income and Loss. The $104.6 billion of adjusted gross income reported on the 46.2 million returns comprised positive items of income totaling $105.5 billion offset by $0.9 billion of losses. The sources and amounts of
March 1946
A-11
income or loss used to arrive at adjusted gross income are listed below.
<table><tr><th>Source of income or loss</th><th>Income</th><th>Loss</th><th>Net income or loss</th></tr><tr><td colspan="4">(In millions of dollars)</td></tr><tr><td>Salaries or wages</td><td>86,002</td><td>-</td><td>86,002</td></tr><tr><td>Dividends and/or interest</td><td>2,257</td><td>-</td><td>2,257</td></tr><tr><td>Annuities and pensions</td><td>149</td><td>-</td><td>149</td></tr><tr><td>Rents and royalties - net profit or loss</td><td>1,535</td><td>137</td><td>1,399</td></tr><tr><td>Business or profession - net profit or loss</td><td>10,949</td><td>413</td><td>10,536</td></tr><tr><td>Partnerships - net profit or loss</td><td>3,063</td><td>60</td><td>3,003</td></tr><tr><td>Sale or exchange of capital assets - net gain or loss</td><td>626</td><td>173</td><td>454</td></tr><tr><td>Sale or exchange of property other than capital assets - net gain or loss</td><td>59</td><td>95</td><td>-35</td></tr><tr><td>Estates and trusts</td><td>417</td><td>-</td><td>417</td></tr><tr><td>Other sources, not specified</td><td>465</td><td>-</td><td>465</td></tr><tr><td>Total</td><td>105,522</td><td>878</td><td>-</td></tr><tr><td>Adjusted gross income</td><td>-</td><td>-</td><td>104,646</td></tr></table>
The frequencies with which the various sources of income or loss were reported on the 46.2 million returns with adjusted gross income under $25,000 are as follows:
<table><tr><th>Source of income or loss</th><th colspan="2">Number of returns reporting</th></tr><tr><th></th><th>Income</th><th>Loss</th></tr><tr><td colspan="3">(In thousands)</td></tr><tr><td>Salaries or wages</td><td>40,045</td><td>-</td></tr><tr><td>Dividends and/or interest</td><td>5,404</td><td>-</td></tr><tr><td>Annuities and pensions</td><td>246</td><td>-</td></tr><tr><td>Rents and royalties - net profit or loss</td><td>3,330</td><td>627</td></tr><tr><td>Business or profession - net profit or loss</td><td>5,992</td><td>518</td></tr><tr><td>Partnership - net profit or loss</td><td>1,004</td><td>69</td></tr><tr><td>Sale or exchange of capital assets - net gain or loss</td><td>899</td><td>367</td></tr><tr><td>Sale or exchange of property other than capital assets - net gain or loss</td><td>93</td><td>69</td></tr><tr><td>Estates and trusts</td><td>263</td><td>-</td></tr><tr><td>Other sources, not specified</td><td>894</td><td>-</td></tr></table>
From Table 2 it is possible to compare the income pattern on returns in the under $5,000 adjusted gross income range with the income pattern for the $5,000 to $25,000 range. In summary, almost 88 percent of all returns with adjusted gross income under $5,000 reported salaries or wages; over 10 percent reported dividends or interest; about 22 percent showed other income. In contrast, less than 70 percent of the returns with adjusted gross income from $5,000 to $25,000 reported salaries or wages; over 40 percent re-
ported dividends or interest, and almost 60 percent reported other income.
Returns with Salaries or Wages. Of the 46.2 million returns covered in the study, over 40 million or 87 percent, reported receipt of salaries or wages. The following table presents the number of these returns reporting salaries or wages alone or salaries and wages together with income from other sources.
<table><tr><th>Returns with salaries or wages</th><th>Number of returns (In millions)</th><th>Percent of total</th></tr><tr><td>Salaries or wages only...</td><td>32.5</td><td>81.1</td></tr><tr><td>Salaries or wages and dividends and/or interest...</td><td>2.7</td><td>6.7</td></tr><tr><td>Salaries or wages and other income 1/...</td><td>3.5</td><td>8.8</td></tr><tr><td>Salaries or wages, dividends and/or interest, and other income...</td><td>1.3</td><td>3.3</td></tr><tr><td>Total...</td><td>40.0</td><td>100.0</td></tr></table>
As the table shows, of the 40 million returns reporting salaries or wages, 32.5 million or 81 percent reported no income from any other source.
The item "salaries or wages" in the case of Forms W-2 comprises only such income as was subject to withholding. About 1.1 million Forms W-2 reported, in addition to salaries or wages of the above category, amounts of salaries or wages not subject to withholding and dividends and interest aggregating about $40 million. Amounts of income from each of these sources were not separately reported. They were tabulated in total as dividends and interest, and the 1.1 million returns involved were classified among the 2.7 million returns having dividends or interest only in addition to salaries or wages.
The distribution of all 40 million returns with salaries or wages in Table 3 by size of such income indicates that over one-fifth of the returns showed salaries or wages of less than $1,000, and over one-half showed salaries or wages of less than $2,000. Of the 4 million returns reporting dividends or interest in addition to salaries or wages, over two-thirds had dividends and interest totalling less than $100, and
1/
"Other income" includes income (or loss) from annuities and pensions, rents and royalties, business, partnerships, sales or exchange of capital assets or other property, estates and trusts and miscellaneous sources, other than salaries or wages, dividends or interest.
A-12
Treasury Bulletin
only about 10 percent had dividends and interest of $500 or more. On Forms W-2, amounts of dividends and interest were limited to a maximum of $100. The 1.1 million Forms W-2 reporting this item are included among the two-thirds having such income of less than $100.
Of approximately 5 million returns which reported other income in addition to salaries or wages, almost one-third had net positive income from sources other than salaries or wages and dividends or interest totalling less than $100, or had a net loss from such sources. An additional one-third had net other income of $100 to $500, and the remaining one-third had net other income of $500 or more.
Returns with Dividends and/or Interest. Dividends and/or interest as the sole sources of income were reported on about 150,000 returns. Dividends and/or interest and other income, but no salaries or wages, were reported on 1.2 million returns. These returns, in addition to the earlier mentioned 2.7 million having salaries or wages and dividends or interest, and the 1.3 million returns having salaries or wages, dividends or interest, and other income, yield a total of 5.4 million returns (12 percent of the 46.2 million) reporting the receipt of dividends or interest. More than 3.1 million, or over one-half of the 5.4 million returns had dividends and interest of less than $100. These 3.1 million returns include the 1.1 million Forms W-2 for which the item "dividends or interest" includes salaries or wages not subject to withholding.
Returns with Other Income 1/. A total of 10.9 million returns on Forms 1040, or 24 percent of those covered by the study, reported income (or lose) from sources other than salaries or wages, or dividends or interest. The 10.9 million returns include (1) about 4-3/4 million returns which showed only income from sources other than salaries or wages, dividends or interest; (2) the earlier mentioned 3.5 million having salaries or wages as well as other income; (3) the 1.2 million having dividends or interest in addition to other income; and (4) the 1.3 million having salaries or wages, dividends or interest, and other income.
Of the total of 10.9 million returns report-
ing income (or loss) from other than salaries or wages, dividends or interest, about 1 million, or 10 percent, had a net loss from such other sources. About one-half of the returns reported net positive incomes from other sources of less than $1,000.
Type of Deductions
Returns classified as having taken the standard deduction comprise (a) all Forms W-2, (b) Forms 1040 with adjusted gross income under $5,000 using the tax table, and (c) Forms 1040 with adjusted gross income of $5,000 or more using the $500 standard deduction. All other returns were classified as having itemized deductions.
Table 1 at the end of this article shows that a total of 44.2 million returns reported adjusted gross income of less than $5,000. Of these, 37.2 million or 84 percent, with adjusted gross income aggregating about $73 billion, took the standard deduction. The remaining 7 million returns with itemized deductions had an aggregate adjusted gross income of $16 billion and deductions of $3 billion, leaving a net income of $13 billion.
Of the 2 million returns with adjusted gross income from $5,000 to $25,000 included in the study, almost 1.2 million or 60 percent, with aggregate adjusted gross income of $8.2 billion, took the $500 standard deduction. These returns had net incomes equal to adjusted gross income less $500 per return, or an aggregate of about $7.7 billion net income. Over 0.8 million of the returns with adjusted gross income from $5,000 to $25,000 itemized deductions. These returns had adjusted gross income aggregating $7.4 billion, and deductions aggregating $0.9 billion, with resultant net income of $6.5 billion.
Composition of Sample
The data contained in the preliminary study were derived from a sample of 428,000 returns, stratified according to size of adjusted gross income, and comprising 342,000 Forms W-2 and Forms 1040 with adjusted gross income under $7,000, 29,000 Forms 1040 with adjusted gross income from $7,000 to $10,000 and 56,000 Forms 1040 with adjusted gross income from $10,000 to $25,000. The sub-sample of returns with adjusted gross income under $7,000 was itself composed of four strata independently selected.
1/ "Other income" includes income (or loss) from annuities and penslone, rents and royalties, business, partnerships, sale or exchange of capital assets or other property, estates and trusts and miscellaneous sources, other than salaries or wages, dividends or interest.
Data with respect to the above six sub-
March 1946
A-13
samples were extended to their separate estimated sub-universes, which combined to yield an estimated total universe of 46.2 million individual returns with adjusted gross income under $25,000. From this universe were excluded Forms 1040 with adjusted gross income from $7,000 to $25,000 which either were nontaxable or else were taxable but reported withholdings and declaration payments equal to or in excess of liability. These are estimated to number about 300,000.
Changes in the Internal Revenue Code
The comparability of the income and tax data for 1944 with that of the previous year is affected by amendments to the Internal Revenue Code which were contained in the Individual Income Tax Act of 1944. The principal changes affecting the data tabulated from individual returns were as follows:
(a) For 1944 all citizens or residents of the United States, including minors, who had gross income of $500 or more were required to file income tax returns. In 1943 a single person or married person not living with husband or wife was required to file if gross income equalled or exceeded $500. Married persons living with husbands or wives were required to file if gross incomes equalled or exceeded $624, or if combined gross income equalled or exceeded $1,200. In addition, all persons liable for tax for 1942 were required to file for 1943. A number of persons who had incomes of less than $500 from wages subject to withholding filed returns for 1944 in order to secure refund of taxes withheld during the year. Joint returns were permissible for 1944 even though one spouse had no income; on joint returns the aggregate income, deductions and credits were treated as though husband and wife were one person, and exemptions were allowed for both.
(b) The personal exemption for surtax purposes was changed to a uniform $500 for the taxpayer, for his (or her) spouse, and for each dependent.
(c) A dependent was redefined as any closely related person for whom the taxpayer furnishes over half of the support, provided that such person does not receive an annual gross income of $500 or more, and is a citizen of the United
States or a resident of the United States or a contiguous country.
(d) The Victory Tax was repealed and a new normal tax of 3 percent was imposed on the net income on each return in excess of a flat exemption of $500. However, a husband and wife filing a joint return were allowed a normal tax exemption of $500 plus an additional $500 or the amount of the smaller of the two incomes whichever is less.
(e) The previous normal tax and surtax were combined into a new surtax with rates ranging from 20 percent on the first $2,000 of surtax net income to 91 percent of the portion in excess of $200,000.
(f) The item "adjusted gross income" introduced by the Act, is defined as gross income minus allowable trade and business deductions, expenses of travel and lodging in connection with employment, reimbursed expenses in connection with employment, deductions attributable to rents and royalties, certain deductions of life tenants and income beneficiaries of property and losses from sale or exchange of property.
(g) The scope of the simplified table method of tax computation was broadened (1) by raising the upper limit of the table from $3,000 to $5,000, (2) by extending its use to all types of income, and (3) by raising the standard allowance for deductions incorporated in the table from 6 to 10 percent.
(h) Persons with gross income of less than $5,000 derived entirely from wages, interest, and dividends and including not more than $100 from sources not subject to withholding were given the option of filing the withholding receipt, Form W-2 as a final tax return. In such instances the tax was determined by the collector on the basis of the gross income and exemptions reported by the taxpayer, from a tax table provided by law which allows about 10 percent of total income in lieu of deductions for charitable contributions, interest, taxes, medical expenses, etc.
(1) For returns with adjusted gross income of $5,000 or more, the Act provided a standard allowance for deductions of $500.
A-14
Treasury Bulletin
Form W-2 (Rev.) U.S. Treasury Department Internal Revenue Service
WITHHOLDING RECEIPT—1944
For Income Tax Withheld on Wages
ORIGINAL
EMPLOYER BY
WHOM PA
ID (Name and address)
<table><tr><td>Total Wages paid during the calendar year 1944</td><td>Federal Income Tax withheld</td></tr><tr><td>$</td><td>$</td></tr></table>
EMPLOYEE TO WHOM PAID (Print full name, address, Social Security No.)
To EMPLOYEE: This Withholding Receipt may be used as your income tax return if your 1944 income meets the TEST below.
A married couple may make a combined return on this Withholding Receipt, if their total income meets the test. Their incomes should be combined on Lines 1, 2, and 3, and shown separately on Line 4. The Collector of Internal Revenue will figure the tax on either the combined or the separate incomes, whichever is to the taxpayers' advantage.
LINE 1 Write total of wages shown on this and all your other 1944 Withholding Receipts (Form W-2)
Line 2 If you got any wages (from which no tax was withheld, or any dividends or interest, write total:
LINE 3 Add Lines 1 and 2. Write total here $.....................
TEST. If Line 2 is cot over $100 ANO Line 3 is less than $5,000, you may use the Withholding Receipt as your return provided you had no income other than wages, dividends, and interest. If your income does cot meet this test, use Form 1040.
LINE 4 If Line 3 includes income of both husband and wife, show husband's income here $.................... wife's income here $....................
LINE 5 If you filed a 1944 Declaration of Estimated Tax (Form 1040-ES), write total of estimated tax paid. $
To EMPLOYEE: Change name and address if not correctly shown
Page 1
(over)
U.S. INDIVIDUAL INCOME TAX RETURN CALENDAR YEAR 1944
U. S. INDIVIDUAL RETURN FOR CALENDAR YEAR
<table><tr><td colspan="2">EMPLOYEES.—Instead of this form, you may use your Withholding Receipt, Form W-3, showing the total of wages, salaries, or other income less than $5,000, consisting wholly of wages shown on Withholding Receipts or of such wages and not more than $100 of other wages, dividends, and interest.</td><td>No.</td></tr><tr><td colspan="2">NAME (PLEASE PRINT. If this return is for a husband and wife, use both first names)</td><td>District (Cashier's Stamp)</td></tr><tr><td>ADDRESS (PLEASE PRINT Street and number or rural route)</td><td colspan="2"></td></tr><tr><td>(City or town, postal zone number) (State) Social Security No. (if any)</td><td colspan="2"></td></tr></table><table><tr><th colspan="3">Your Exemptions</th></tr><tr><td>1. List your own name. If married and your wife (or husband) had no income, or if this is a joint return of husband and wife, list name of your wife (or husband). List names of other close relatives with 1944 income of less than $500 who received more than one-half of their support from you. If this is a joint return of husband and wife, list dependent relatives of both.</td><td>Relationship</td><td>Relationship</td></tr><tr><td>Name (Please print)</td><td>NAME (Please print)</td><td></td></tr><tr><td colspan="3">Your Income</td></tr><tr><td>2. Enter your total wages, salaries, bonuses, commissions, and other compensation received in 1944, BEFORE PAY-ROLL DEDUCTIONS for taxes, dues, insurance, bonds, etc. Members of armed forces and persona claiming training or reimbursed expenses, see Instruction 2.</td><td>WHERE EMPLOYED (CITY AND STATE)</td><td>AMOUNT</td></tr><tr><td>PRINT EMPLOYER'S NAME</td><td></td><td>$</td></tr><tr><td colspan="3">3. Enter here the total amount of your dividends and interest (including interest from Government obligations unless wholly exempt from taxation)</td><td>$</td></tr><tr><td>4. If you received any other income, give details on page 3 and enter the total here</td><td colspan="2"></td><td>$</td></tr><tr><td>5. Add amounts in items 2, 3, and 4, and enter the total here</td><td colspan="2"></td><td>$</td></tr><tr><td colspan="4">If item 5 includes income of both husband and wife, show husband's income here.—$ wife's income here. $</td></tr><tr><th colspan="4">How to Figure Your Tax</th></tr><tr><td colspan="4">IF YOUR INCOME WAS LESS THAN $5,000.—You may find your tax in the tax table on page 2. This table, which is provided by law, is based on the same tax rates as are used in the Tax Computation on page 4. The table automatically allows about 10 percent of your total income for charitable contributions, interest, taxes, casualty losses, medical expenses, and miscellaneous expenses. If your expenditures and losses of these classes amount to more than 10 percent, it will usually be to your advantage to itemize them and compute your tax on page 4.</td></tr><tr><td colspan="4">IF YOUR INCOME WAS $5,000 OR MORE.—Determine the tax table and compute your tax on page 4. You may either take a standard deduction of $500 or itemize your deductions, whichever is to your separate advantage.</td></tr><tr><td colspan="4">HUSBAND AND WIFE.—If husband and wife file separate returns, and one itemizes deductions, the other must also itemize deductions.</td></tr><tr><th colspan="4">Tax Due or Refund</th></tr><tr><td>6. Enter your tax from table on page 2, or from line 15, page 4</td><td colspan="2"></td><td>$</td></tr><tr><td>7. How much have you paid on your 1944 income tax?</td><td colspan="2"></td><td>$</td></tr><tr><td>(A) By withholding from your wages (Attach Withholding Receipts, Form W-3).</td><td colspan="2"></td><td>$</td></tr><tr><td>(B) By payments on 1944 Declaration of Estimated Tax</td><td colspan="2"></td><td>$</td></tr><tr><td>8. If your tax (item 6) is larger than payments (item 7), enter BALANCE OF TAX DUE here</td><td colspan="2"></td><td>$</td></tr><tr><td>9. If your payments (item 7) are larger than your tax (item 6), enter the OVERPAYMENT here</td><td colspan="2"></td><td>$</td></tr><tr><td>Check ( ) whether you want this overpayment: Reimbursed to you ( ) or Credited on your 1945 estimated tax</td><td colspan="2"></td><td></td></tr></table><table><tr><td>If you filed a return for a prior year, what was the latest year?</td><td colspan="3">If your wife (or husband) making a separate return for 1944? (Yes or No)</td></tr><tr><td>To which Collector's office did you pay amount claimed in item 7 (B), above?</td><td colspan="2">Name of wife (or husband)</td><td>Collector's office to which sent</td></tr><tr><td>I declare under the penalties of perjury that this return (including any accompanying schedules and statements) has been examined by me and to the best of my knowledge and belief is a true, correct, and complete return.</td><td colspan="3"></td></tr><tr><td>(Signature of person (other than taxpayer or agent) preparing return)</td><td>(Date)</td><td colspan="2">(Signature of taxpayer)</td></tr><tr><td>(Name of firm or employer, if any)</td><td colspan="3">(SEE TAX TABLE BELOW)</td></tr><tr><td></td><td>(if this is a joint return of husband and wife, it must be signed by both)</td><td colspan="2">18-41009-1</td></tr></table>
Facsimiles of Form W-2 and Form 1040
Individual Income Tax Returns for 1944 with Adjusted Gross Income Under $25,000
March 1946
A-15
Table 1.- Number of Returns, Sources of Income, and Tax, Classified by Size of Adjusted Gross Income
<table><tr><th>Size of adjusted gross income</th><th>Number of returns (in thousands)</th><th>Total adjusted gross income</th><th>Salaries and wages</th><th>Dividends and interest</th><th>Annuities and pensions</th><th>Rents and royalties</th><th>Business or profession</th><th>Partner- ship</th><th>Sale or exchange of real estate</th><th>Sale or exchange of other property</th><th>Income from estates and trusts</th><th>Other income</th><th>Tax liability</th></tr><tr><td>Taxable returns:</td><td></td><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>1,500 under 1,750</td><td>2,070.1</td><td>1,754.0</td><td>2,192.5</td><td>22.4</td><td>4.5</td><td>37.0</td><td>181.2</td><td>16.3</td><td>5.7</td><td>2.4</td><td>1.7</td><td>10.8</td><td>28.9</td></tr><tr><td>1,750 under 1,950</td><td>3,025.8</td><td>2,866.9</td><td>3,159.1</td><td>32.7</td><td>12.0</td><td>65.6</td><td>461.4</td><td>43.6</td><td>10.3</td><td>1.3</td><td>1.8</td><td>28.2</td><td>229.7</td></tr><tr><td>1,950 under 2,150</td><td>3,429.7</td><td>3,771.3</td><td>4,048.2</td><td>70.9</td><td>10.9</td><td>70.1</td><td>507.6</td><td>58.3</td><td>15.0</td><td>2.3</td><td>2.8</td><td>22.8</td><td>343.9</td></tr><tr><td>2,150 under 2,250</td><td>3,714.9</td><td>5,232.7</td><td>5,476.7</td><td>74.3</td><td>9.3</td><td>74.1</td><td>577.4</td><td>62.3</td><td>19.7</td><td>2.0</td><td>3.7</td><td>21.1</td><td>552.9</td></tr><tr><td>2,250 under 2,500</td><td>3,082.6</td><td>6,354.2</td><td>5,765.6</td><td>71.9</td><td>5.3</td><td>69.1</td><td>529.2</td><td>62.3</td><td>21.9</td><td>4.9</td><td>7.2</td><td>22.3</td><td>603.8</td></tr><tr><td>2,500 under 2,750</td><td>2,776.9</td><td>6,590.1</td><td>6,815.5</td><td>70.0</td><td>2.0</td><td>75.4</td><td>503.8</td><td>65.2</td><td>21.7</td><td>2.6</td><td>2.0</td><td>22.9</td><td>613.4</td></tr><tr><td>2,750 under 3,000</td><td>2,751.3</td><td>7,192.1</td><td>6,470.8</td><td>67.2</td><td>6.7</td><td>62.3</td><td>482.4</td><td>78.0</td><td>19.7</td><td>2.4</td><td>2.7</td><td>18.4</td><td>702.6</td></tr><tr><td>3,000 under 4,000</td><td>2,634.3</td><td>7,105.6</td><td>6,178.7</td><td>14.9</td><td>10.8</td><td>119.1</td><td>768.4</td><td>165.0</td><td>15.8</td><td>5.5</td><td>1.9</td><td>29.1</td><td>1,411.3</td></tr><tr><td>4,000 under 5,000</td><td>2,691.2</td><td>10,046.3</td><td>8,019.9</td><td>104.1</td><td>5.0</td><td>94.2</td><td>625.2</td><td>144.9</td><td>36.4</td><td>8.3</td><td>2.0</td><td>26.5</td><td>1,173.2</td></tr><tr><td>5,000 under 6,000</td><td>1,727.1</td><td>4,730.4</td><td>3,940.3</td><td>94.1</td><td>7.1</td><td>86.7</td><td>595.6</td><td>113.9</td><td>32.0</td><td>4.0</td><td>1.9</td><td>23.1</td><td>642.7</td></tr><tr><td>6,000 under 7,000</td><td>883.7</td><td>2,190.1</td><td>1,551.3</td><td>17.0</td><td>2.1</td><td>67.2</td><td>697.1</td><td>219.5</td><td>42.5</td><td>2.6</td><td>1.4</td><td>35.1</td><td>717.6</td></tr><tr><td>7,000 under 8,000</td><td>100.8</td><td>1,128.4</td><td>551.2</td><td>17.3</td><td>2.1</td><td>92.4</td><td>542.8</td><td>118.5</td><td>28.3</td><td>1.4</td><td>1.7</td><td>18.8</td><td>239.3</td></tr><tr><td>8,000 under 9,000</td><td>112.0</td><td>783.9</td><td>302.1</td><td>63.9</td><td>1.2</td><td>24.7</td><td>241.1</td><td>118.5</td><td>18.3</td><td>1.7</td><td>1.2</td><td>18.5</td><td>188.2</td></tr><tr><td>9,000 under 10,000</td><td>82.8</td><td>783.9</td><td>302.1</td><td>63.9</td><td>1.2</td><td>24.7</td><td>241.1</td><td>118.5</td><td>18.3</td><td>1.7</td><td>1.2</td><td>18.5</td><td>188.2</td></tr><tr><td>10,000 under 15,000</td><td>231.0</td><td>2,665.2</td><td>942.6</td><td>251.2</td><td>2.5</td><td>83.6</td><td>773.9</td><td>478.8</td><td>68.3</td><td>3.2</td><td>2.1</td><td>21.2</td><td>648.1</td></tr><tr><td>15,000 under 20,000</td><td>93.7</td><td>1,610.3</td><td>537.8</td><td>131.6</td><td>1.5</td><td>31.4</td><td>257.5</td><td>256.4</td><td>32.7</td><td>1.7</td><td>1.8</td><td>11.5</td><td>474.5</td></tr><tr><td>20,000 under 25,000</td><td>43.2</td><td>1,095.9</td><td>354.7</td><td>131.6</td><td>1.5</td><td>31.4</td><td>257.5</td><td>256.4</td><td>32.7</td><td>1.7</td><td>1.8</td><td>11.5</td><td>372.6</td></tr><tr><td>Total taxable returns</td><td>41,400.2</td><td>102,906.6</td><td>84,603.6</td><td>2,161.9</td><td>137.4</td><td>1,408.8</td><td>10,561.2</td><td>3,037.6</td><td>597.2</td><td>14.0</td><td>55.2</td><td>405.8</td><td>11,766.2</td></tr><tr><td>Non-taxable returns:</td><td></td><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>Definite under $500</td><td>187.8</td><td>214.2</td><td>27.3</td><td>10.6</td><td>1.0</td><td>9.7</td><td>9.9</td><td>2.4</td><td>1.7</td><td>2.1</td><td>3.6</td><td>3.2</td><td>440.4</td></tr><tr><td>$500 under 1,000</td><td>3,255.7</td><td>2,569.3</td><td>718.3</td><td>24.6</td><td>2.1</td><td>36.0</td><td>130.3</td><td>17.2</td><td>1.0</td><td>1.7</td><td>1.7</td><td>5.7</td><td>3.2</td></tr><tr><td>1,000 under 1,250</td><td>219.6</td><td>192.3</td><td>102.8</td><td>2.7</td><td>3.0</td><td>15.4</td><td>60.3</td><td>5.4</td><td>1.2</td><td>1.0</td><td>1.7</td><td>2.6</td><td>11.1</td></tr><tr><td>1,250 and over</td><td>137.4</td><td>149.3</td><td>81.6</td><td>7.9</td><td>1.5</td><td>17.5</td><td>42.5</td><td>4.9</td><td>2.5</td><td>2.7</td><td>3.2</td><td>24.3</td><td>464.8</td></tr><tr><td>Total non-taxable returns</td><td>4,787.1</td><td>1,739.2</td><td>1,398.6</td><td>9.4</td><td>11.7</td><td>126.6</td><td>387.8</td><td>25.3</td><td>28.9</td><td>172.5</td><td>11.1</td><td>24.3</td><td>11,766.2</td></tr><tr><td>Total all returns</td><td>46,187.3</td><td>104,645.8</td><td>86,002.1</td><td>2,256.8</td><td>149.1</td><td>1,535.4</td><td>10,949.1</td><td>3,063.0</td><td>626.1</td><td>172.5</td><td>59.4</td><td>416.9</td><td>11,766.2</td></tr><tr><td>Return under $5,000 and using standard deductions</td><td>37,215.5</td><td>72,941.9</td><td>65,079.2</td><td>629.3</td><td>61.0</td><td>621.7</td><td>5,400.3</td><td>869.7</td><td>195.5</td><td>55.4</td><td>24.4</td><td>81.8</td><td>7,101.7</td></tr><tr><td>Return showing itemized deductions</td><td>6,966.9</td><td>16,021.3</td><td>12,775.8</td><td>566.7</td><td>59.6</td><td>506.2</td><td>1,978.0</td><td>295.6</td><td>125.0</td><td>70.4</td><td>16.3</td><td>118.9</td><td>1,426.7</td></tr><tr><td>Total</td><td>44,182.4</td><td>88,963.1</td><td>77,855.0</td><td>1,196.0</td><td>120.6</td><td>1,117.8</td><td>7,378.3</td><td>1,165.3</td><td>320.5</td><td>125.8</td><td>40.7</td><td>339.3</td><td>8,528.4</td></tr><tr><td>Return of $5,000 and under $25,000, using standard deductions</td><td>1,173.9</td><td>8,247.9</td><td>4,243.1</td><td>303.3</td><td>11.7</td><td>183.4</td><td>2,190.2</td><td>1,054.4</td><td>136.3</td><td>14.6</td><td>11.2</td><td>90.6</td><td>71.9</td></tr><tr><td>Return showing itemized deductions</td><td>831.1</td><td>7,434.8</td><td>3,904.0</td><td>757.5</td><td>16.8</td><td>222.2</td><td>1,380.6</td><td>842.9</td><td>169.4</td><td>32.1</td><td>7.4</td><td>156.6</td><td>53.5</td></tr><tr><td>Total</td><td>2,004.9</td><td>15,682.7</td><td>8,147.1</td><td>1,060.8</td><td>28.5</td><td>405.6</td><td>3,570.8</td><td>1,897.7</td><td>305.6</td><td>46.7</td><td>18.6</td><td>247.2</td><td>125.5</td></tr></table>
Note: See page A-20 for footnotes. * Less than $50,000.
A-16
Treasury Bulletin
Individual Income Tax Returns for 1944 with Adjusted Gross Income Under $25,000 - (Continued) Table 2.- Number of Returns Classified by Size of Adjusted Gross Income and Source of Income
<table><tr><th rowspan="2">Size of adjusted Grosse income</th><th colspan="2">Total returns all returns</th><th colspan="3">Number of returns</th><th colspan="3">Dividends and/or interest only 2/1</th><th colspan="3">Other income (or loss) only 10/1</th><th colspan="2">Total number of returns reporting</th></tr><tr><th>(1)</th><th>(2) through (3)</th><th>(4)</th><th>(5)</th><th>(6)</th><th>(7)</th><th>(8)</th><th>(9)</th><th>(10)</th><th>(11)</th><th>Dividends and/or interest 2/1</th><th>Other income (or loss) 10/1</th></tr><tr><td>Taxable returns:</td><td></td><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>$500 under 1,500</td><td>2,070.1</td><td>3,015.8</td><td>313.4</td><td>65.0</td><td>81.3</td><td>62.9</td><td>14.3</td><td>1,676.4</td><td>162.6</td><td>471.8</td><td>162.6</td><td>219.2</td><td>471.8</td></tr><tr><td>1,500 under 1,900</td><td>3,429.7</td><td>3,742.9</td><td>427.0</td><td>112.9</td><td>151.0</td><td>74.4</td><td>24.6</td><td>2,539.8</td><td>257.2</td><td>651.4</td><td>257.2</td><td>682.6</td><td>651.4</td></tr><tr><td>1,900 under 2,250</td><td>3,082.6</td><td>3,478.9</td><td>290.7</td><td>144.1</td><td>215.0</td><td>75.6</td><td>45.3</td><td>3,032.6</td><td>308.2</td><td>693.4</td><td>308.2</td><td>614.0</td><td>693.4</td></tr><tr><td>2,250 under 2,500</td><td>2,776.9</td><td>3,082.6</td><td>299.7</td><td>167.8</td><td>255.0</td><td>52.7</td><td>52.7</td><td>2,958.2</td><td>297.6</td><td>612.8</td><td>297.6</td><td>612.8</td><td>612.8</td></tr><tr><td>2,500 under 2,750</td><td>2,501.9</td><td>2,501.9</td><td>194.1</td><td>161.8</td><td>252.8</td><td>50.9</td><td>73.1</td><td>2,529.8</td><td>237.0</td><td>534.5</td><td>237.0</td><td>534.5</td><td>534.5</td></tr><tr><td>2,750 under 3,000</td><td>2,503.0</td><td>2,503.0</td><td>214.0</td><td>319.0</td><td>407.3</td><td>31.7</td><td>141.0</td><td>2,743.0</td><td>570.0</td><td>833.9</td><td>570.0</td><td>833.9</td><td>833.9</td></tr><tr><td>3,000 under 4,000</td><td>1,727.2</td><td>1,727.2</td><td>115.7</td><td>323.2</td><td>275.2</td><td>53.1</td><td>112.4</td><td>2,457.1</td><td>400.1</td><td>522.6</td><td>400.1</td><td>312.4</td><td>522.6</td></tr><tr><td>4,000 under 5,000</td><td>835.7</td><td>835.7</td><td>115.7</td><td>118.2</td><td>111.2</td><td>32.3</td><td>93.3</td><td>1,577.2</td><td>224.8</td><td>303.5</td><td>224.8</td><td>259.9</td><td>303.5</td></tr><tr><td>5,000 under 7,000</td><td>402.8</td><td>402.8</td><td>115.7</td><td>108.2</td><td>111.2</td><td>55.5</td><td></td><td>711.6</td><td>259.9</td><td>373.6</td><td>259.9</td><td>373.6</td><td>373.6</td></tr><tr><td>7,000 under 8,000</td><td>160.8</td><td>160.8</td><td>114.7</td><td></td><td>117.7</td><td>25.4</td><td></td><td>134.7</td><td>168.2</td><td>224.7</td><td>168.2</td><td>168.2</td><td>224.7</td></tr><tr><td>8,000 under 9,000</td><td>112.0</td><td>112.0</td><td>114.7</td><td>10.6</td><td>17.2</td><td>17.2</td><td></td><td>43.5</td><td>57.5</td><td>63.5</td><td>57.5</td><td>63.5</td><td>63.5</td></tr><tr><td>9,000 under 10,000</td><td>82.8</td><td>82.8</td><td>114.7</td><td>10.6</td><td>18.2</td><td>17.2</td><td></td><td>15.3</td><td>171.8</td><td>177.1</td><td>171.8</td><td>177.1</td><td>177.1</td></tr><tr><td>10,000 under 15,000</td><td>221.0</td><td>221.0</td><td>216.8</td><td>26.7</td><td>13.4</td><td>24.9</td><td>52.0</td><td>113.3</td><td>121.8</td><td>42.1</td><td>121.8</td><td>42.1</td><td>42.1</td></tr><tr><td>15,000 under 20,000</td><td>23.2</td><td>23.2</td><td>216.8</td><td>5.1</td><td>3.4</td><td>13.8</td><td>15.3</td><td>25.7</td><td>34.7</td><td>42.1</td><td>34.7</td><td>42.1</td><td>42.1</td></tr><tr><td>20,000 under 25,000</td><td>43.2</td><td>43.2</td><td>216.8</td><td>5.1</td><td>3.4</td><td>13.8</td><td>15.3</td><td>25.7</td><td>34.7</td><td>42.1</td><td>34.7</td><td>42.1</td><td>42.1</td></tr><tr><td>Total taxable returns:</td><td>41,400.2</td><td>41,400.2</td><td>3,777.8</td><td>2,543.3</td><td>3,353.3</td><td>1,071.3</td><td>1,275.6</td><td>36,431.7</td><td>5,009.7</td><td>9,478.0</td><td>5,009.7</td><td>9,478.0</td><td>9,478.0</td></tr><tr><td>Non-taxable returns:</td><td></td><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>Under $500</td><td>187.8</td><td>187.8</td><td>143.4</td><td>106.5</td><td>21.4</td><td>18.3</td><td>4.7</td><td>26.1</td><td>23.0</td><td>187.8</td><td>23.0</td><td>187.8</td><td>187.8</td></tr><tr><td>$500 under 1,000</td><td>3,852.9</td><td>3,852.9</td><td>182.2</td><td>26.7</td><td>64.7</td><td>49.3</td><td>11.7</td><td>2,735.0</td><td>195.4</td><td>623.3</td><td>195.4</td><td>112.1</td><td>623.3</td></tr><tr><td>1,000 under 1,250</td><td>219.6</td><td>219.6</td><td>204.2</td><td>5.3</td><td>22.8</td><td>19.3</td><td>6.0</td><td>168.6</td><td>33.8</td><td>119.1</td><td>33.8</td><td>119.1</td><td>119.1</td></tr><tr><td>1,250 and over</td><td>93.7</td><td>93.7</td><td>24.9</td><td>3.3</td><td>15.9</td><td>12.8</td><td>6.8</td><td>94.8</td><td>23.8</td><td>60.2</td><td>23.8</td><td>60.2</td><td>60.2</td></tr><tr><td>Total non-taxable returns:</td><td>4,787.1</td><td>4,787.1</td><td>969.2</td><td>146.2</td><td>190.3</td><td>176.2</td><td>43.3</td><td>3,613.2</td><td>394.2</td><td>1,378.9</td><td>394.2</td><td>1,378.9</td><td>1,378.9</td></tr><tr><td>Total all returns</td><td>46,187.3</td><td>46,187.3</td><td>4,746.9</td><td>2,689.5</td><td>3,543.6</td><td>1,247.5</td><td>1,318.8</td><td>40,044.9</td><td>5,403.9</td><td>10,856.8</td><td>5,403.9</td><td>10,856.8</td><td>10,856.8</td></tr><tr><td>Return under $5,000 and under $25,000</td><td>44,182.4</td><td>44,182.4</td><td>4,379.5</td><td>2,431.7</td><td>3,326.3</td><td>988.1</td><td>1,009.4</td><td>38,676.0</td><td>4,568.0</td><td>9,703.3</td><td>4,568.0</td><td>9,703.3</td><td>9,703.3</td></tr><tr><td>Return of $5,000 and over</td><td>2,004.9</td><td>2,004.9</td><td>367.4</td><td>257.8</td><td>217.3</td><td>259.4</td><td>309.5</td><td>1,368.9</td><td>835.9</td><td>1,153.5</td><td>835.9</td><td>1,153.5</td><td>1,153.5</td></tr></table>
Note:
page A-20 for footnotes.
(Continued on following page)
Individual Income Tax Returns for 1944 with Adjusted Gross Income Under $25,00
March 1946
Table 2.- Number of Returns Classified by Size of Adjusted Gross Income and Source of Income - (Continued)
Part B: Returns with Specific Items of Other Income 13/
<table><tr><th colspan="2">Size of adjusted gross income</th><th colspan="11">Part B - Returns with Specific Items of Other Income 1/</th></tr><tr><th></th><th></th><th>Number of returns reporting</th><th>Annuitiee and penelone</th><th>Net gain from rents and royalties</th><th>Net loss from rents and royalties</th><th>Net profit from business 1/</th><th>Net loss from business 1/</th><th>Net profit from partnership 1/</th><th>Net loss from partnership 1/</th><th>Net gain from sale or exchange of property other than capital assets 1/</th><th>Net loss from sale or exchange of property other than capital assets 1/</th><th>Income from sale or exchange of other sources 2/</th><th>Income from estates and trusts 3/</th></tr><tr><td colspan="2">Taxable return:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>(In thousands)</td><td></td><td></td><td></td><td></td></tr><tr><td>1,000 under 1,500</td><td>$500 under 1,000</td><td>12.3</td><td>105.7</td><td>11.8</td><td>132.0</td><td>18.6</td><td>12.0</td><td>13.7</td><td>17.0</td><td>1.4</td><td>1.4</td><td>8.4</td><td>15.9</td></tr><tr><td>1,500 under 1,750</td><td>1,000 under 1,250</td><td>19.3</td><td>157.0</td><td>17.8</td><td>151.8</td><td>25.3</td><td>21.0</td><td>17.1</td><td>22.6</td><td>2.1</td><td>2.1</td><td>12.8</td><td>59.2</td></tr><tr><td>1,750 under 2,000</td><td>1,250 under 1,500</td><td>16.8</td><td>174.0</td><td>32.2</td><td>47.6</td><td>21.2</td><td>22.4</td><td>2.3</td><td>32.7</td><td>2.6</td><td>2.6</td><td>11.9</td><td>59.5</td></tr><tr><td>1,750 under 2,250</td><td>1,500 under 1,750</td><td>12.1</td><td>187.4</td><td>32.0</td><td>41.8</td><td>26.4</td><td>24.4</td><td>2.3</td><td>27.1</td><td>4.0</td><td>3.8</td><td>12.5</td><td>61.1</td></tr><tr><td>2,000 under 2,500</td><td>1,750 under 2,250</td><td>9.6</td><td>191.9</td><td>29.2</td><td>33.7</td><td>24.4</td><td>21.8</td><td>2.3</td><td>41.2</td><td>4.3</td><td>4.2</td><td>10.1</td><td>56.9</td></tr><tr><td>2,250 under 2,500</td><td>2,000 under 2,500</td><td>11.8</td><td>199.5</td><td>44.2</td><td>226.7</td><td>20.5</td><td>21.6</td><td>3.0</td><td>46.8</td><td>6.1</td><td>2.7</td><td>11.7</td><td>45.3</td></tr><tr><td>2,500 under 3,000</td><td>2,500 under 3,000</td><td>10.1</td><td>188.1</td><td>39.1</td><td>229.2</td><td>19.6</td><td>19.3</td><td>5.0</td><td>37.9</td><td>8.1</td><td>2.7</td><td>21.3</td><td>42.1</td></tr><tr><td>3,000 under 4,000</td><td>3,000 under 4,000</td><td>11.8</td><td>335.8</td><td>59.5</td><td>241.9</td><td>19.3</td><td>17.5</td><td>3.2</td><td>61.9</td><td>7.4</td><td>2.6</td><td>16.1</td><td>57.4</td></tr><tr><td>4,000 under 5,000</td><td>4,000 under 5,000</td><td>8.7</td><td>146.4</td><td>31.6</td><td>181.2</td><td>17.4</td><td>10.5</td><td>3.1</td><td>52.1</td><td>5.9</td><td>2.6</td><td>13.2</td><td>37.8</td></tr><tr><td>5,000 under 6,000</td><td>5,000 under 6,000</td><td>10.1</td><td>135.9</td><td>25.7</td><td>175.0</td><td>10.5</td><td>5.8</td><td>3.5</td><td>62.4</td><td>2.5</td><td>1.8</td><td>18.6</td><td>37.8</td></tr><tr><td>6,000 under 7,000</td><td>6,000 under 7,000</td><td>5.9</td><td>137.1</td><td>12.4</td><td>110.3</td><td>5.8</td><td>2.1</td><td>1.5</td><td>49.8</td><td>3.9</td><td>1.8</td><td>13.2</td><td>24.3</td></tr><tr><td>7,000 under 8,000</td><td>7,000 under 8,000</td><td>1.3</td><td>214.6</td><td>4.7</td><td>60.0</td><td>1.2</td><td>1.2</td><td>1.6</td><td>15.9</td><td>1.3</td><td>1.3</td><td>4.9</td><td>10.4</td></tr><tr><td>8,000 under 9,000</td><td>8,000 under 9,000</td><td>1.3</td><td>18.7</td><td>3.0</td><td>31.0</td><td>1.4</td><td>4.0</td><td>1.7</td><td>13.5</td><td>2.3</td><td>1.8</td><td>3.9</td><td>16.1</td></tr><tr><td>9,000 under 10,000</td><td>9,000 under 10,000</td><td>4.2</td><td>52.3</td><td>8.9</td><td>79.2</td><td>2.1</td><td>2.1</td><td>1.5</td><td>44.4</td><td>2.0</td><td>1.5</td><td>12.9</td><td>16.1</td></tr><tr><td>10,000 under 15,000</td><td>10,000 under 15,000</td><td>2.0</td><td>12.4</td><td>2.3</td><td>11.8</td><td>1.4</td><td>1.4</td><td>1.5</td><td>13.5</td><td>1.5</td><td>1.5</td><td>4.2</td><td>17.1</td></tr><tr><td>15,000 under 20,000</td><td>15,000 under 20,000</td><td>1.2</td><td>12.4</td><td>2.3</td><td>11.8</td><td>1.4</td><td>1.4</td><td>1.5</td><td>13.5</td><td>1.5</td><td>1.5</td><td>4.2</td><td>17.1</td></tr><tr><td>20,000 under 25,000</td><td>20,000 under 25,000</td><td>1.2</td><td>12.4</td><td>2.3</td><td>11.8</td><td>1.4</td><td>1.4</td><td>1.5</td><td>13.5</td><td>1.5</td><td>1.5</td><td>4.2</td><td>17.1</td></tr><tr><td>Total taxable returns:</td><td></td><td>217.6</td><td>3,020.4</td><td>581.8</td><td>5,222.2</td><td>309.8</td><td>152.9</td><td>48.8</td><td>842.2</td><td>84.6</td><td>53.6</td><td>247.4</td><td>828.7</td></tr><tr><td>Non-taxable returns:</td><td></td><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>Deficit:</td><td>Under $500</td><td>2.8</td><td>20.5</td><td>13.7</td><td>18.5</td><td>1.3</td><td>3.2</td><td>12.5</td><td>13.4</td><td>2.3</td><td>1.9</td><td>2.5</td><td>4.2</td></tr><tr><td>Under $750</td><td>750 under 1,000</td><td>9.6</td><td>187.8</td><td>17.1</td><td>145.2</td><td>9.9</td><td>3.9</td><td>2.4</td><td>21.9</td><td>1.8</td><td>1.3</td><td>5.4</td><td>23.1</td></tr><tr><td>1,000 under 1,250</td><td>1,000 under 1,250</td><td>3.7</td><td>32.1</td><td>1.8</td><td>18.8</td><td>3.2</td><td>3.2</td><td>1.5</td><td>4.7</td><td>1.3</td><td>1.3</td><td>5.2</td><td>7.4</td></tr><tr><td>1,250 and over</td><td>1,250 and over</td><td>2.7</td><td>22.7</td><td>2.0</td><td>27.3</td><td>3.2</td><td>2.0</td><td>1.5</td><td>4.8</td><td>1.4</td><td>1.4</td><td>2.8</td><td>6.5</td></tr><tr><td>Total nontaxable returns</td><td></td><td>28.7</td><td>309.5</td><td>44.7</td><td>76.9</td><td>207.8</td><td>517.6</td><td>20.4</td><td>56.4</td><td>8.1</td><td>15.8</td><td>16.1</td><td>65.0</td></tr><tr><td>Total all returns</td><td></td><td>246.3</td><td>3,329.9</td><td>626.6</td><td>5,999.1</td><td>517.6</td><td>1,004.2</td><td>69.2</td><td>898.6</td><td>92.6</td><td>69.4</td><td>263.4</td><td>893.7</td></tr><tr><td>Returne under $5,000 1/</td><td></td><td>217.5</td><td>3,894.4</td><td>626.0</td><td>5,455.6</td><td>488.7</td><td>734.4</td><td>59.3</td><td>660.6</td><td>76.4</td><td>58.4</td><td>194.2</td><td>781.2</td></tr><tr><td>Returne of $5,000 and under $25,000</td><td></td><td>28.8</td><td>435.6</td><td>64.5</td><td>536.3</td><td>28.9</td><td>269.9</td><td>9.3</td><td>236.0</td><td>16.2</td><td>11.0</td><td>69.3</td><td>112.4</td></tr></table>
Note: See page A-20 for footnotes.
A-17
A-18
Treasury Bulletin
<table><tr><th>Size of source</th><th colspan="3">Part A - Number of returns reporting salaries or wages or wage or wage only</th><th colspan="3">Part B - Number of returns reporting dividends and/or interest and/or interest only</th><th colspan="3">Part C - Number of returns reporting other income (or loss) by size of total Other Income 1/2</th></tr><tr><th></th><th>Total</th><th>Salaries or wages and/or dividends and/or interest (or loss)</th><th>Salaries or wages only</th><th>Total</th><th>Dividends and/or interest and/or interest only</th><th>Total</th><th>Other income (or loss) only</th><th>Other income (or loss) and salaries or wages</th><th>Other income (or loss) and dividends and/or interest</th></tr><tr><td>Negative</td><td>444.5</td><td>151.1</td><td>293.4</td><td>3,125.7</td><td>13.4</td><td>1,021.9</td><td>143.4</td><td>593.7</td><td>206.2</td></tr><tr><td>Under $100</td><td>621.3</td><td>27.2</td><td>594.1</td><td>622.0</td><td>1.2</td><td>745.8</td><td>55.1</td><td>482.2</td><td>170.8</td></tr><tr><td>$100 to 200</td><td>700.5</td><td>30.1</td><td>670.4</td><td>326.8</td><td>1.2</td><td>292.6</td><td>83.1</td><td>247.8</td><td>166.4</td></tr><tr><td>200 to 400</td><td>756.7</td><td>33.7</td><td>723.0</td><td>211.6</td><td>2.8</td><td>476.1</td><td>120.3</td><td>178.3</td><td>68.2</td></tr><tr><td>400 to 500</td><td>715.3</td><td>35.7</td><td>679.6</td><td>142.9</td><td>53.6</td><td>1,859.6</td><td>186.2</td><td>510.8</td><td>157.8</td></tr><tr><td>500 to 1,000</td><td>5,175.3</td><td>215.9</td><td>4,959.4</td><td>426.9</td><td>55.2</td><td>1,375.7</td><td>931.7</td><td>248.9</td><td>92.7</td></tr><tr><td>1,000 to 2,500</td><td>6,159.3</td><td>306.0</td><td>5,853.3</td><td>189.1</td><td>19.3</td><td>423.5</td><td>610.1</td><td>172.3</td><td>20.7</td></tr><tr><td>2,500 to 5,000</td><td>2,147.4</td><td>102.8</td><td>2,044.6</td><td>101.4</td><td>5.4</td><td>448.1</td><td>210.8</td><td>18.9</td><td>15.5</td></tr><tr><td>5,000 to 7,500</td><td>2,762.4</td><td>229.0</td><td>2,533.4</td><td>42.3</td><td>2.2</td><td>223.1</td><td>218.8</td><td>14.1</td><td>10.8</td></tr><tr><td>7,500 to 10,000</td><td>3,854.9</td><td>165.2</td><td>3,689.7</td><td>20.9</td><td>2.1</td><td>161.1</td><td>105.7</td><td>9.9</td><td>12.1</td></tr><tr><td>10,000 to 15,000</td><td>1,143.1</td><td>107.2</td><td>1,035.9</td><td>11.7</td><td>1.2</td><td>129.1</td><td>18.7</td><td>1.7</td><td>6.7</td></tr><tr><td>15,000 to 20,000</td><td>1,801.7</td><td>102.8</td><td>1,698.9</td><td>11.7</td><td>1.6</td><td>179.8</td><td>113.7</td><td>13.1</td><td>12.9</td></tr><tr><td>20,000 to 25,000</td><td>1,734.3</td><td>54.0</td><td>1,680.3</td><td>17.9</td><td>1.2</td><td>131.1</td><td>79.1</td><td>5.9</td><td>17.5</td></tr><tr><td>25,000 to 30,000</td><td>13.4</td><td>20.7</td><td>1.7</td><td>17.6</td><td>1.4</td><td>55.2</td><td>29.3</td><td>4.0</td><td>17.0</td></tr><tr><td>30,000 to 40,000</td><td>18.1</td><td>2.4</td><td>16.7</td><td>4.5</td><td>3.6</td><td>14.3</td><td>21.6</td><td>2.3</td><td>12.7</td></tr><tr><td>40,000 to 50,000</td><td>1.6</td><td>2.7</td><td>1.1</td><td>1.3</td><td>1.9</td><td>14.0</td><td>20.5</td><td>1.9</td><td>11.5</td></tr><tr><td>50,000 and over</td><td>1.3</td><td>3.2</td><td>1.2</td><td>1.3</td><td>1.1</td><td>20.5</td><td>9.5</td><td>1.3</td><td>1.3</td></tr><tr><td>Total</td><td>40,044.9</td><td>2,689.5</td><td>32,492.9</td><td>5,403.9</td><td>148.0</td><td>1,318.8</td><td>3,513.6</td><td>3,537.6</td><td>1,318.8</td></tr></table>
LEBB CTA
(Continued on following page)
Less than 50 returns.
0001 101 0330
Table 3.- Number of Returns Classified by Source of Income and Size of Source
Individual Income Tax Returns for 1944 with Adjusted Gross Income Under $25,000 (Continued)
March 1946
A-19
Individual Income Tax Return for 1944 with Adjusted Gross Income Under $25,000 - (Continued)
Table 3.- Number of Returns Classified by Source of Income and Size of Source - (Continued)
<table><tr><th rowspan="2">Size of specific item of other income</th><th colspan="4">Part D - Number of returns reporting other income (or loss), by size of specific item of other income</th><th rowspan="2">Part D - Number of returns reporting other income (or loss), by size of specific item of other income (In thousands)</th></tr><tr><th>Under $100</th><th>$100 under 200</th><th>200 under 300</th><th>300 or over</th></tr><tr><td>Annuities and pensions</td><td>46.0</td><td>29.2</td><td>22.6</td><td>12.1</td><td>10.2</td><td>246.3</td></tr><tr><td>Net gain from rents and royalties</td><td>816.4</td><td>688.2</td><td>454.9</td><td>294.8</td><td>203.4</td><td>3,329.9</td></tr><tr><td>Net loss from rents and royalties</td><td>167.7</td><td>192.1</td><td>77.7</td><td>55.6</td><td>161.0</td><td>626.6</td></tr><tr><td>Net profit from business</td><td>175.6</td><td>184.3</td><td>207.3</td><td>226.8</td><td>1,311.4</td><td>5,191.9</td></tr><tr><td>Net loss from business</td><td>103.5</td><td>78.3</td><td>58.0</td><td>45.9</td><td>36.3</td><td>517.6</td></tr><tr><td>Net profit from partnership</td><td>27.5</td><td>25.1</td><td>29.7</td><td>30.3</td><td>127.1</td><td>1,004.2</td></tr><tr><td>Net loss from partnership</td><td>15.2</td><td>9.4</td><td>4.9</td><td>1.3</td><td>2.6</td><td>69.2</td></tr><tr><td>Net gain from sale or exchange of real estate and other capital assets</td><td>183.7</td><td>141.0</td><td>105.8</td><td>76.5</td><td>163.3</td><td>898.6</td></tr><tr><td>Net loss from sale or exchange of real estate and other capital assets</td><td>71.4</td><td>52.8</td><td>37.6</td><td>28.9</td><td>66.4</td><td>367.4</td></tr><tr><td>Net gain from sale or exchange of property other than capital assets</td><td>15.1</td><td>13.2</td><td>11.6</td><td>9.0</td><td>18.7</td><td>92.6</td></tr><tr><td>Net loss from sale or exchange of property other than capital assets</td><td>12.5</td><td>16.9</td><td>3.1</td><td>12.5</td><td>16.0</td><td>69.4</td></tr><tr><td>Income from other source</td><td>28.4</td><td>18.7</td><td>16.5</td><td>14.2</td><td>53.0</td><td>263.4</td></tr><tr><td>Income from estate and trust</td><td>32.9</td><td>162.5</td><td>75.0</td><td>50.9</td><td>29.7</td><td>893.7</td></tr></table><p>Note: See page A-20 for footnotes.</p>
Footnotes for Tables 1, 2, and 3
1/ The item "salaries or wages" herein is restricted, in the case of Forms W-2, to salaries or wages subject to withholding. Any salaries or wages not subject to withholding are, on Forms W-2, included in the item dividends and/or interest.
2/ Excludes all taxable dividends and all wholly and partially taxable interest received. Excluded are amounts of interest on obligations of a State or political subdivision. Interest on obligations of the United States issued prior to March 1, 1911, if made wholly exempt from taxation by the Act authorizing their issuance and interest on not exceeding $5,000 of United States savings bonds (at cost) and Treasury bonds (at face value) which were issued before March 1, 1911. The amounts of dividends and interest reported include partially tax-exempt interest. Dividends on share accounts and interest on federal savings and loan associations issued prior to March 28, 1912 received through certain Government and fiduciary obligations. Partially tax-exempt interest on March 28, 1912, consists of interest on savings bonds and Treasury bonds owned in excess of $5,000, namely United States earnings certificates of the United States issued after that date and obligations of the United States or that Act as amended. Interest on those issued in the Federal Farm loan Act or that Act as amended, interest reported is the amount before the deduction for amortizable bond premium on corporate bonds which is reported in other deduction items. Partially tax-exempt interest on the taxable year is subject to normal tax and such interest less amortizable bond premium for the taxable year is deducted in computing income subject to normal tax in the case of persons itemizing deductions. For persons using the standard deduction, allowance for partially tax-exempt interest, less amortizable bond premium, is made in that deduction. Includes in the item dividends and interest, a total of $1 million dollars or salaries or wages not subject to withholding. Dividends and interest reported on forms W-2.
3 Not profit or lose from business or profession (sole proprietorship) after net operating loss deduction.
Partnership profit or loss as reported on the income tax return of the partner excludes (1) partially or fully exempt interest and loan associations' dividends or share accounts in Federal savings and loan associations, levied prior to March 28, 1973, which are reported as dividends and loan interest, and (2) net gain or exchange of capital assets, which is reported as such. In computing particular loss deduction, charitable contributions are not deducted nor is the net operating loss or loss, charitable contributions, the pro rata shares of contributions, prior year income, and losses of the partnership are taken into account by each partner in determining his own contributions and net operating loss deduction if he itemizes standard deductions. Otherwise, these items are provided for in the tax table or the $900 standard deduction.
5/ Net gain from sales or exchanges of capital assets is the amount taken into account in computing net income whether or not the alternative tax is imposed. It is a combination of net short- and long-term capital gain and loss; also the net capital losses carried over from 1942 have been deducted. Net gain from such sales includes each participant's share of net short- and long-term capital gains and losses to be taken into account from partnerships and common trust funds, worthless stocks, worthless bonds if they are capital assets, non-business bad debts, and certain distributions from employee trust plans.
6) Net loss from sales or exchanges of capital assets is the result of combining net short- and long-term capital gain and loss and the net capital losses carried over from 1942 and 1943. But the allowable deduction for such a loss is limited to net income, or adjusted gross income if the tax is computed by the tax table provided by law, (computed in either case without regard to capital gains and losses) or $1,000, whichever is smaller. Loss from sales of capital assets includes each par
Recipient's share of net short- and long-term capital gains and losses to be taken into account from partnership and common trust funds, worthless stocks, worthless bonds if they are capital assets, non-business bed debts, and certain distributions from employees' trust plans.
Not cash or trade or loans from the sales of property other than capital assets: (1) Property used in trade or business of a character which is subject to the allowance for depreciation; (2) Obligations of the United States or any of its possessions, a State or Territory, or any political subdivision thereof, or the District of Columbia, issued on or after March 1, 1981, on a discount basis and payable without interest at a fixed maturity date not exceeding one year from date of issue, and (3) real property used in trade or business.
Income from estates and trusts, as reported on the income tax return of the benefit claimer, excludes (1) partly or almost interest on Government obligations and (2) dividends on shares in which accounts in Federal savings banks and loan associations are held prior to March 25, 1942, which are reported as dividends and interest and (3) net gain or loss from sales of such, which are reported as capital assets received from common trust funds, which are generally, and is deducted in computing the net operating loss deduction to estates and trusts of each common trust fund, however, the net operating loss deduction is not allowable, but each participant's share of prior year income and losses of the fund is taken into account in determining his own net operating loss deduction.
2/ Other income includes alimony received, prizes, recoveries of bad debts for which a deduction was taken in a prior year, and accident, insurance benefits received. He is not reimbursed for medical expenses for which a deduction was taken in a prior year. Unlike prior years, earnings of minors were not reported on the parent's return in 1976.
10/ Includes income (or loss) from annuities and pensions, rents and royalties, business, partnerships, sales or exchanges of capital assets or other property, estates and trusts or other sources except salaries or wages, dividends or interest.
11/ Includes all nontaxable returns.
12/ Returns classified as standard deduction include (a) all Forms W-2, (b) all Forms 1040 or 1040A with adjusted gross income under $5,000 and with taxable income under $5,000 and with adjusted gross income of $5,000 and over the tax table, and (c) all Forms 1040 with adjusted gross income under $5,000. All other returns were classified as having used the $500 standard deduction.
13/ This section of the table contains some duplication since returns reporting more than one source of other income were tabulated under each of the sources of income reported.
Includes total of amounts of net income less amounts of net loss from all sources other than salaries or wages, dividends or interest.
15/ Deficit
16/ Aggregate of 2,976 million dollars of itemised deductions and 17,046 million dollars of net income were reported on these returns.
11/ Aggregates of 912 million dollars of itemized deductions and 6,522 million dollars of net income were reported on these returns.
Treasury Bulletin
A-20
March 1946
A-21
Publication of Statistics of Income for 1942, Part 1
The Treasury Department recently released the final report, "Statistics of Income for 1942, Part 1". This report, which is prepared each year by the Bureau of Internal Revenue, is compiled from individual income tax returns, taxable fiduciary income tax returns, estate tax returns, and gift tax returns. Summary tables from "Statistics of Income for 1942" were published in the April 1945 issue of the "Treasury Bulletin". The recently published complete report may be purchased from the U. S. Government Printing Office, Washington 25, D. C., price $.55.
The report sets forth by various classifications, data relative to the income, deductions, exemptions, credits, tax liability, and other pertinent facts reported on income tax returns for 1942 filed in 1943. There are included historical presentations of significant data reported on the returns filed for earlier years, and a synopsis of tax rates, credits, and other provisions of the Federal tax laws which affect the comparability of these historical data.
Treasury Market Financing
Historical details of Treasury market financing operations involving bonds, notes, and certificates of indebtedness, beginning with the Fourth 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.
Refunding in January
On January 21, 1946, the Secretary of the Treasury announced the offering of new one-year 7½% Certificates of Indebtedness in exchange for the certificate issue maturing February 1, 1946. Cash subscriptions were not accepted.
The maturing issue was outstanding in the amount of $5,043 million. The Treasury reports on the ownership of Government securities indicate that on December 31, 1945 about 77% of the maturing certificates were owned by reporting commercial banks and Federal Reserve Banks.
The new certificates were dated February 1, 1946 and will mature February 1, 1947. Interest at the rate of 7½ per annum is payable on
August 1, 1946 and February 1, 1947. Interest on these certificates is subject to all Federal taxes now or hereafter imposed.
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. The subscription books were open from January 21 to the close of business on January 23 except for the receipt of subscriptions from holders of $100,000 or less of the maturing certificates, for which the books remained open through January 26.
Exchanges amounted to $4,954 million or 98% of the maturing issue, leaving $89 million to be paid in cash.
March 1946
1
SUMMARY OF FISCAL STATISTICS
Treasury Bulletin
2
Budgetary Receipts and Expenditures
<table><tr><th rowspan="2"></th><th colspan="4">First 7 months, fiscal years 1944 to 1946</th><th colspan="6">Complete fiscal years, 1944 to 1947</th></tr><tr><th>1944</th><th>1945</th><th>1946</th><th>Change 1945 to 1946</th><th colspan="2">Actual</th><th colspan="2">Estimated 1/</th><th colspan="2">Change</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1944</th><th>1945</th><th>1946</th><th>1947</th><th>Actual 1945 to estimated 1946 1/</th><th>Estimated 1946 to estimated 1947 1/</th></tr><tr><td colspan="11">(In millions of dollars)</td></tr><tr><td>Receipts: 2/ Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>17,114</td><td>17,482</td><td>16,854</td><td>-628</td><td>34,655</td><td>35,173</td><td>27,221</td><td>20,380</td><td>-7,952</td><td>-6,841</td></tr><tr><td>Employment taxes</td><td>853</td><td>897</td><td>870</td><td>-27</td><td>1,739</td><td>1,780</td><td>1,569</td><td>1,847</td><td>-211</td><td>+278</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>3,209</td><td>4,225</td><td>4,620</td><td>+395</td><td>5,291</td><td>6,949</td><td>7,320</td><td>7,030</td><td>+371</td><td>-290</td></tr><tr><td>Customs</td><td>249</td><td>196</td><td>239</td><td>+43</td><td>431</td><td>355</td><td>413</td><td>434</td><td>+58</td><td>+21</td></tr><tr><td>Other receipts 4/</td><td>2,031</td><td>1,763</td><td>1,802</td><td>+39</td><td>3,292</td><td>3,483</td><td>3,183</td><td>3,249</td><td>-300</td><td>+66</td></tr><tr><td>Total receipts</td><td>23,456</td><td>24,564</td><td>24,387</td><td>-177</td><td>45,408</td><td>47,740</td><td>39,707</td><td>32,939</td><td>-8,033</td><td>-6,768</td></tr><tr><td>Less: Net appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>668</td><td>694</td><td>665</td><td>-29</td><td>1,260</td><td>1,283</td><td>1,098</td><td>1,426</td><td>-185</td><td>+328</td></tr><tr><td>Net receipts</td><td>22,789</td><td>23,870</td><td>23,722</td><td>-148</td><td>44,149</td><td>46,457</td><td>38,609</td><td>31,513</td><td>-7,848</td><td>-7,096</td></tr><tr><td>Expenditures: War activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>28,389</td><td>28,477</td><td>20,603</td><td>-7,874</td><td>49,242</td><td>50,337</td><td>27,997</td><td>7,998</td><td>-22,340</td><td>-19,999</td></tr><tr><td>Navy Department</td><td>14,065</td><td>17,591</td><td>11,455</td><td>-6,136</td><td>26,538</td><td>30,047</td><td>14,700</td><td>5,000</td><td>-15,347</td><td>-9,700</td></tr><tr><td>Miscellaneous war activities 5/</td><td>6,543</td><td>5,635</td><td>4,046</td><td>-1,589</td><td>11,259</td><td>9,045</td><td>6,103</td><td>3,002</td><td>-3,542</td><td>-3,101</td></tr><tr><td>Total</td><td>49,003</td><td>51,703</td><td>36,104</td><td>-15,599</td><td>87,039</td><td>90,029</td><td>48,800</td><td>16,000</td><td>-41,229</td><td>-32,800</td></tr><tr><td>Veterans' Administration, interest on public debt, and refunds of taxes and duties:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans' Administration 6/ 7/</td><td>365</td><td>699</td><td>1,930</td><td>+1,231</td><td>730</td><td>2,060</td><td>3,402</td><td>4,338</td><td>+1,342</td><td>+936</td></tr><tr><td>Interest on the public debt</td><td>1,187</td><td>1,684</td><td>2,284</td><td>+601</td><td>2,609</td><td>3,617</td><td>4,750</td><td>5,000</td><td>+1,133</td><td>+250</td></tr><tr><td>Refunds of taxes and duties 8/</td><td>44</td><td>777</td><td>1,149</td><td>+372</td><td>262</td><td>1,707</td><td>2,707</td><td>1,576</td><td>+1,000</td><td>-1,131</td></tr><tr><td>Total</td><td>1,596</td><td>3,160</td><td>5,363</td><td>+2,203</td><td>3,601</td><td>7,384</td><td>10,859</td><td>10,914</td><td>+3,475</td><td>+55</td></tr><tr><td>Aid to agriculture 6/</td><td>469</td><td>247</td><td>180</td><td>-67</td><td>909</td><td>762</td><td>640</td><td>698</td><td>-121</td><td>+58</td></tr><tr><td>Social security program 6/ 9/</td><td>568</td><td>588</td><td>601</td><td>+13</td><td>803</td><td>815</td><td>931</td><td>857</td><td>+115</td><td>-72</td></tr><tr><td>Public works</td><td>283</td><td>214</td><td>219</td><td>+4</td><td>433</td><td>323</td><td>694</td><td>945</td><td>+371</td><td>+251</td></tr><tr><td>Other 5/ 6/ 10/</td><td>663</td><td>716</td><td>824</td><td>+108</td><td>958</td><td>1,092</td><td>1,607</td><td>3,082</td><td>+515</td><td>+1,474</td></tr><tr><td>International finance</td><td>-</td><td>-</td><td>174</td><td>+174</td><td>-</td><td>-</td><td>2,513</td><td>1,754</td><td>+2,513</td><td>-759</td></tr><tr><td>Expenditures from anticipated supplemental appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,350</td><td>875</td><td>+1,350</td><td>-475</td></tr><tr><td>Total expenditures</td><td>52,581</td><td>56,628</td><td>43,465</td><td>-13,162</td><td>93,744</td><td>100,405</td><td>67,394</td><td>35,125</td><td>-33,011</td><td>-32,269</td></tr><tr><td>Net budgetary deficit</td><td>29,793</td><td>32,757</td><td>19,743</td><td>-13,014</td><td>49,595</td><td>53,948</td><td>28,785</td><td>3,612</td><td>-25,163</td><td>-25,173</td></tr></table>
Source: Daily Treasury Statements, except as noted.
1/ Based upon the 1947 Budget.
2/ For further details, see following chapter, Tables 1 and 2.
3/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
4/ 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 co-cailed voluntary returns.
5/ Classification changed to reflect expenditures of surplus property disposal agencies for the fiscal years 1946 and 1947. Prior year expenditures are included under "Other".
6/ Includes transfers to trust accounts, etc.
1/ Includes expenditures for public works undertaken by Veterans' Administration.
3/ "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.
9/ 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.
10/ Fiscal years 1946 and 1947 include expenditures based on proposed legislation (excluding international finance) in the amounts of $250 million and $1,500 million, respectively.
March 1946
3
Public Debt and Guaranteed Obligations Outstanding
<table><tr><th rowspan="2"></th><th colspan="4">End of first 7 months, fiscal years 1944 to 1946</th><th colspan="5">End of fiscal years, 1944 to 1947</th></tr><tr><th>Jan. 31, 1944</th><th>Jan. 31, 1945</th><th>Jan. 31, 1946</th><th>Change Jan. 31, 1945 to Jan. 31, 1946</th><th colspan="2">Actual</th><th colspan="2">Estimated 1/</th><th colspan="2">Change 1/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>June 30, 1944</th><th>June 30, 1945</th><th>June 30, 1946</th><th>June 30, 1947</th><th>Actual 1945 to estimated 1946</th><th>Estimated 1946 to estimated 1947</th></tr><tr><td colspan="11">(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></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><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.</td><td>115,259</td><td>162,261</td><td>199,633</td><td>+37,372</td><td>140,401</td><td>181,319</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable.</td><td>38,911</td><td>51,723</td><td>57,168</td><td>+5,445</td><td>44,855</td><td>56,226</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total public issues.</td><td>154,170</td><td>213,984</td><td>256,801</td><td>+42,817</td><td>185,256</td><td>237,545</td><td>2/</td><td>2/</td><td>3/</td><td>2/</td></tr><tr><td>Special issues.</td><td>12,873</td><td>16,688</td><td>20,655</td><td>+3,967</td><td>14,287</td><td>18,812</td><td>2/</td><td>2/</td><td>3/</td><td>2/</td></tr><tr><td>Total interest-bearing debt.</td><td>167,043</td><td>230,672</td><td>277,456</td><td>+46,784</td><td>199,543</td><td>256,357</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt and debt bearing no interest.</td><td>3,616 3/</td><td>1,736</td><td>1,431</td><td>-305</td><td>1,460</td><td>2,326</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total public debt outstanding.</td><td>170,659</td><td>232,408</td><td>278,887</td><td>+46,479</td><td>201,003</td><td>258,682</td><td>275,000</td><td>271,000</td><td>+16,318</td><td>-4,000</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><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><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.</td><td>3,583</td><td>1,197</td><td>39</td><td>-1,158</td><td>1,190</td><td>34</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Non-marketable.</td><td>686</td><td>300</td><td>506</td><td>+207</td><td>326</td><td>375</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt.</td><td>4,269</td><td>1,496</td><td>545</td><td>-951</td><td>1,516</td><td>409</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Matured debt.</td><td>6</td><td>34</td><td>13</td><td>-21</td><td>107</td><td>24</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total guaranteed securities outstanding.</td><td>4,275</td><td>1,530</td><td>558</td><td>-972</td><td>1,623</td><td>433</td><td>510</td><td>635</td><td>+77</td><td>+125</td></tr><tr><td>Total public debt and guaranteed securities outstanding.</td><td>174,933</td><td>233,938</td><td>279,445</td><td>+45,507</td><td>202,626</td><td>259,115</td><td>275,510</td><td>271,635</td><td>+16,395</td><td>-3,575</td></tr></table>
Source: Daily Treasury Statements, except as noted. 1/ Based upon the 1947 Budget. 2/ Details not available. 3/ Includes prepayments on securities in the amount of $2,193 million. 4/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
<table><tr><th rowspan="2"></th><th colspan="3">First 7 months, fiscal years 1944 to 1946</th><th colspan="4">Complete fiscal years, 1944 to 1947</th></tr><tr><th>1944</th><th>1945</th><th>1946</th><th colspan="2">Actual</th><th colspan="2">Estimated 1/</th></tr><tr><th></th><th colspan="7">(In millions of dollars)</th></tr><tr><td>Amount required to be financed:</td><td></td><td></td><td></td><td>1944</td><td>1945</td><td>1946</td><td>1947</td></tr><tr><td>Net budgetary deficit</td><td>29,793</td><td>32,757</td><td>19,743</td><td>49,595</td><td>53,948</td><td>28,785</td><td>3,612</td></tr><tr><td>Net increase in General Fund balance</td><td>2,732</td><td>-</td><td>729</td><td>10,662</td><td>4,529</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 2/</td><td>1,438</td><td>-</td><td>-</td><td>4,051</td><td>-</td><td>317</td><td>1,075</td></tr><tr><td>Total amount required to be financed</td><td>33,963</td><td>32,757</td><td>20,472</td><td>64,307</td><td>58,477</td><td>29,102</td><td>4,688</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>33,963</td><td>32,404</td><td>20,204</td><td>64,307</td><td>57,679</td><td>16,318</td><td>4,000</td></tr><tr><td>Net decrease in General Fund balance</td><td>-</td><td>563</td><td>-</td><td>-</td><td>-</td><td>12,784</td><td>8,688</td></tr><tr><td>Net receipts in trust accounts, etc. 2/</td><td>-</td><td>790</td><td>268</td><td>-</td><td>798</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>33,963</td><td>32,757</td><td>20,472</td><td>64,307</td><td>58,477</td><td>29,102</td><td>4,688</td></tr></table>
Source: Daily Treasury Statements, except as noted.
1/ Based upon the 1947 Budget.
2/ 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
March 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 8/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less set 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>3,149</td><td>104</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,239</td><td>5,985</td><td>1,029</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>8,707</td><td>7,313</td><td>1,206</td><td>187</td><td>3,542</td><td>58</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 9/</td><td>538</td><td>5,387</td><td>8,998</td><td>7,109</td><td>1,657</td><td>232</td><td>3,611</td><td>129</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 9/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,079 10/</td><td>6,301</td><td>331</td><td>5,103</td><td>64</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 9/</td><td>869</td><td>12,799</td><td>32,397</td><td>6,005</td><td>26,011</td><td>381</td><td>19,598</td><td>95</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 9/11</td><td>1,103</td><td>22,282</td><td>78,179</td><td>5,635</td><td>72,109</td><td>435</td><td>55,897</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>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>3,615</td><td>23</td><td>149</td><td>220</td><td>3,767</td><td>7,460</td><td>463</td><td>6,948</td><td>48</td><td>3,693</td><td>-</td></tr><tr><td>March</td><td>6,908</td><td>6,431</td><td>33</td><td>444</td><td>15</td><td>6,892</td><td>9,433</td><td>1,142</td><td>8,246</td><td>45</td><td>2,540</td><td>-</td></tr><tr><td>April</td><td>2,967</td><td>2,746</td><td>33</td><td>188</td><td>39</td><td>2,929</td><td>7,968</td><td>594</td><td>7,139</td><td>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>702 r</td><td>7,325 r</td><td>530</td><td>5,862</td><td></td></tr><tr><td>August</td><td>3,281</td><td>2,849</td><td>32</td><td>400</td><td>283</td><td>2,997</td><td>7,354</td><td>793 r</td><td>6,399 r</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>1,210 r</td><td>5,367 r</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>787 r</td><td>5,126 r</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>430 r</td><td>4,226 r</td><td>-</td><td>2,282</td><td></td></tr><tr><td>December</td><td>4,122</td><td>3,948</td><td>32</td><td>142</td><td>4</td><td>4,118</td><td>5,445</td><td>1,201</td><td>4,245 r</td><td>-</td><td>1,327</td><td>-</td></tr><tr><td>1946-January</td><td>3,848</td><td>3,451</td><td>42</td><td>354</td><td>30</td><td>3,819</td><td>4,891</td><td>791</td><td>3,417</td><td>684</td><td>1,073</td><td>-</td></tr></table>
Daily Treasury Statements.
r Revises to reflect expenditures of surplus property disposal agencies under "War activities" for the fiscal year 1946. Prior year expenditures are included under "General".
* Less than $500,000.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For further details, see Table 2.
3/ For explanation see tables which follow entitled "Social Security Program".
4/ For further details, see Table 3.
5/ For further details, see Table 4.
6/ For further details, see Table 5.
7/ Total expenditures less net receipts.
8/ Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
9/ Includes recoveries of U. S. investments in capital funds. Such recoveries totaled $54 million in the fiscal year 1940; $319 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 $315 million.
11/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; and fiscal year 1945, $2,041 million. These figures include so-called voluntary returns.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="3">Income and profits taxes</th><th colspan="3">Employment taxes</th><th rowspan="2">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><th>Total</th><th>Withheld by employers (Current Tax Payment Act of 1943) 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 1/ Federal Insurance Contributions Act (old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' 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>2,163</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>2,332</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>1,185</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>16,094</td><td>1,198</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>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>863</td><td>4,935</td><td>93</td><td>18</td><td>10</td><td>65</td><td>520</td><td>*</td></tr><tr><td>April</td><td>2,746</td><td>2,167</td><td>600</td><td>1,567</td><td>45</td><td>41</td><td>3</td><td>1</td><td>534</td><td>*</td></tr><tr><td>May</td><td>2,921</td><td>2,027</td><td>1,282</td><td>745</td><td>337</td><td>316</td><td>12</td><td>9</td><td>557</td><td>*</td></tr><tr><td>June</td><td>5,384</td><td>4,751</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><tr><td>December</td><td>3,948</td><td>3,366</td><td>707</td><td>2,659</td><td>66</td><td>7</td><td>1</td><td>59</td><td>516</td><td>*</td></tr><tr><td>1946-January</td><td>3,451</td><td>2,755</td><td>554</td><td>2,201</td><td>51</td><td>33</td><td>13</td><td>5</td><td>645</td><td>*</td></tr></table>
Source: Daily Treasury Statements.
1/ Less than $500,000.
2/ 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 data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax Act" represent collections under Titles VIII and IX, respectively, of the Social Security Act.
6
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditures</th><th colspan="3">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="8">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>4,504</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>6,041</td><td>1,503</td><td>581</td><td>866</td><td>56</td><td>5,136</td><td>971</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>461</td><td>326</td><td>1,476</td><td>141</td></tr><tr><td>1939</td><td>7,313</td><td>1,504</td><td>557</td><td>941</td><td>66</td><td>5,751</td><td>1,228</td><td>347</td><td>1,000</td><td>517</td><td>290</td><td>2,242</td><td>125</td></tr><tr><td>1940</td><td>7,109</td><td>1,687</td><td>557</td><td>1,041</td><td>89</td><td>5,421</td><td>1,541</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>4,32711/</td><td>847</td><td>457</td><td>738</td><td>525</td><td>257</td><td>1,374</td><td>129</td></tr><tr><td>1942</td><td>6,005</td><td>1,906</td><td>555</td><td>1,260</td><td>91</td><td>4,099</td><td>1,098</td><td>515</td><td>680</td><td>544</td><td>163</td><td>970</td><td>129</td></tr><tr><td>1943</td><td>5,635</td><td>2,456</td><td>572</td><td>1,808</td><td>76</td><td>3,178</td><td>1,093</td><td>514</td><td>543</td><td>590</td><td>18</td><td>299</td><td>121</td></tr><tr><td>1944</td><td>6,149</td><td>3,500</td><td>629</td><td>2,609</td><td>252</td><td>2,649</td><td>912</td><td>529</td><td>433</td><td>692</td><td></td><td>17</td><td>66</td></tr><tr><td>1945</td><td>8,730</td><td>6,258</td><td>934</td><td>3,617</td><td>1,707</td><td>2,47212/</td><td>76312/</td><td>497</td><td>323</td><td>788</td><td></td><td></td><td>101</td></tr><tr><td>1945-January</td><td>581</td><td>369</td><td>78</td><td>191</td><td>100</td><td>213</td><td>51</td><td>54</td><td>31</td><td>67</td><td></td><td></td><td>10</td></tr><tr><td>February</td><td>463</td><td>322</td><td>75</td><td>91</td><td>156</td><td>142</td><td>20</td><td>32</td><td>19</td><td>64</td><td></td><td>-1</td><td>8</td></tr><tr><td>March</td><td>1,142</td><td>947</td><td>85</td><td>628</td><td>234</td><td>194</td><td>55</td><td>37</td><td>24</td><td>70</td><td></td><td></td><td>8</td></tr><tr><td>April</td><td>594</td><td>369</td><td>85</td><td>139</td><td>145</td><td>225</td><td>85</td><td>50</td><td>20</td><td>61</td><td></td><td></td><td>9</td></tr><tr><td>May</td><td>822</td><td>342</td><td>95</td><td>66</td><td>181</td><td>48012/</td><td>33812/</td><td>40</td><td>20</td><td>71</td><td></td><td></td><td>11</td></tr><tr><td>June</td><td>1,469</td><td>1,319</td><td>96</td><td>1,009</td><td>214</td><td>149</td><td>16</td><td>33</td><td>25</td><td>67</td><td></td><td></td><td>8</td></tr><tr><td>July</td><td>702r</td><td>525</td><td>103</td><td>156</td><td>266</td><td>176r</td><td>28</td><td>47</td><td>31</td><td>65</td><td>13/</td><td>13/</td><td>5r</td></tr><tr><td>August</td><td>793r</td><td>556</td><td>110</td><td>99</td><td>347</td><td>238r</td><td>46</td><td>61</td><td>34</td><td>74</td><td>13/</td><td>13/</td><td>23r</td></tr><tr><td>September</td><td>1,210r</td><td>1,060</td><td>112</td><td>647</td><td>301</td><td>150r</td><td>26</td><td>24</td><td>29</td><td>64</td><td>13/</td><td>13/</td><td>7r</td></tr><tr><td>October</td><td>787r</td><td>387</td><td>133</td><td>172</td><td>82</td><td>400r</td><td>35</td><td>73</td><td>37</td><td>68</td><td>13/</td><td>13/</td><td>18811/</td></tr><tr><td>November</td><td>430r</td><td>281</td><td>142</td><td>84</td><td>56</td><td>148r</td><td>20</td><td>31</td><td>19</td><td>66</td><td>13/</td><td>13/</td><td>11r</td></tr><tr><td>December</td><td>1,201</td><td>1,022</td><td>162</td><td>817</td><td>43</td><td>178r</td><td>26</td><td>37</td><td>38</td><td>67</td><td>13/</td><td>13/</td><td>16r</td></tr><tr><td>1946-January</td><td>791</td><td>582</td><td>220</td><td>309</td><td>53</td><td>209</td><td>18</td><td>65</td><td>30</td><td>83</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.
r Revised to exclude Surplus property disposal agencies expenditures classified as "War activities" for fiscal year 1946. Prior year expenditures included under "General".
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 Erosion Service, Department of Agriculture departmental expenditures, and other.
6/ Includes railroad retirement and railroad unemployment activities
and excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of Social Security Act. For further details, see tables which follow on the Social security program.
1/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), 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, and Disaster loan Corporation.
11/ Grace expenditures have been reduced $160 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
12/ Includes $257 million for restoration of capital impairment of Commodity Credit Corporation applicable to fiscal years 1943 and 1944.
13/ Classified as miscellaneous expenditures commencing July 1, 1945.
14/ Includes $174 million, Export-Import Bank of Washington - capital stock.
March 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>Heavy 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>Surplus property disposal agencies</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><td>-</td></tr><tr><td>1937</td><td>929</td><td>378</td><td>551</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><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><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><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><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>12</td><td>200</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>40</td><td>-</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>-</td><td>-</td><td>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,212</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>3,612</td><td>1,922</td><td>-</td><td>114</td><td>3/</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>3/</td><td>1,022</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>3/</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>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>299</td><td>189</td><td>-</td><td>8</td><td>3/</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>3/</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>199</td><td>259</td><td>209</td><td>60</td><td>27</td><td>3/</td><td>68</td></tr><tr><td>June</td><td>7,837</td><td>4,604</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>3/</td><td>71</td></tr><tr><td>July</td><td>7,325r</td><td>4,270</td><td>2,261</td><td>794r</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>1</td><td>71</td></tr><tr><td>August</td><td>6,399r</td><td>3,514</td><td>2,149</td><td>704r</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>1</td><td>83</td></tr><tr><td>September</td><td>5,361r</td><td>3,264</td><td>1,659</td><td>444r</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>1</td><td>58</td></tr><tr><td>October</td><td>5,126r</td><td>2,976</td><td>1,590</td><td>559r</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>2</td><td>62</td></tr><tr><td>November</td><td>4,225r</td><td>2,552</td><td>1,239</td><td>435r</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>2</td><td>52</td></tr><tr><td>December</td><td>4,285r</td><td>2,476</td><td>990</td><td>778</td><td>445 1/</td><td>1</td><td>9</td><td>4</td><td>4</td><td>72</td><td>44</td><td>118</td><td>-</td><td>36</td><td>1</td><td>46</td></tr><tr><td>1946-January</td><td>3,417</td><td>1,519</td><td>1,566</td><td>331</td><td>10</td><td>3</td><td>7</td><td>1</td><td>3</td><td>50</td><td>35</td><td>112</td><td>-</td><td>60</td><td>1</td><td>50</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: Monthly figures for the period July 1940 through April 1943 appeared in the "Treasury Bulletin" for May 1943, page 7.
r Revi.
* Less than $500,000.
1/ Includes war public housing functions.
2/ Similar items for periods prior to fiscal year 1941 are classified under "Other departmental" and "Other general expenditures" in Table 3. Includes war expenditures of Commerce, Justice, Interior, Labor, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management); Panama Canal; and capital stock of Smaller War Plants Corporation.
3/ Classification changed to reflect expenditures for the fiscal year 1946 under "War activities". Prior year expenditures are included under "General".
4/ Payment of $370,285,944 was made on Dec. 29, 1945, by the Federal Surplus Commodities Corporation of the Department of Agriculture to the Commodity Credit Corporation in reimbursement for agricultural commodities procured in connection with the land-lease program and reflected in previous expenditures by the Commodity Credit Corporation.
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/2/</th><th>Social security program 1/3/</th><th>Government Employees' retirement funds (U. S. share)</th><th>Aid to agriculture 1/4/</th><th>Federal contribution to District of Columbia (U. S. share)</th></tr><tr><td>1936</td><td>1,620</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>5</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1945</td><td>1,646</td><td>1,126</td><td>318</td><td>197</td><td>•</td><td>6</td></tr><tr><td>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>45</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><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>684</td><td>647</td><td>37</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statements.
Less than $500,000.
1/ Additional transactions are shown in Table 3.
2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
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 Distributive 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>112</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>5,690</td></tr><tr><td>1939</td><td>271</td><td>357</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>117</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>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</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>4,118</td><td>46,046</td></tr><tr><td>1946</td><td>3,819</td><td></td><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>
Budgetary expenditures 2/
<table><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>564</td><td>716</td><td>9,244</td></tr><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>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>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,641</td><td>8,557</td><td>7,354</td><td>6,611</td><td>5,950</td><td>4,656</td><td>5,445</td><td>90,552</td></tr><tr><td>1946</td><td>4,891</td><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>
Net budgetary deficit 3/
<table><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>318</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,967</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>790</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</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>4,645</td><td>3,693</td><td>2,540</td><td>5,040</td><td>6,190</td><td>3,727</td><td>5,862</td><td>4,357</td><td>1,422</td><td>3,420</td><td>2,282</td><td>1,327</td><td>44,505</td></tr><tr><td>1946</td><td>1,073</td><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>
Source: Daily Treasury Statements.
1/ Total receipts less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements. 3/ Total expenditures less net receipts.
March 1946
9
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
B-168-1
10
Treasury Bulletin
Trust Accounts, Etc. Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, etc. net receipts (+) or net expenditures (-)</th><th colspan="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">National Service Life Insurance Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1936</td><td>-85</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>+275</td><td>-</td><td>267</td><td>267</td><td>-</td><td>-</td><td>-</td><td>-</td><td>294</td><td>294</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+255</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td></tr><tr><td>1939</td><td>+884</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>638</td><td>637</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>+136</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>+2</td><td>123</td><td>125</td></tr><tr><td>1941</td><td>-148</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>-3,506</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>*</td><td>1,244</td><td>1,243</td><td>*</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-1,861</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>1945-January</td><td>+238</td><td>+29</td><td>36</td><td>7</td><td>+2</td><td>116</td><td>114</td><td>+17</td><td>98</td><td>81</td><td>*</td><td>35</td><td>34</td></tr><tr><td>February</td><td>+101</td><td>+200</td><td>220</td><td>19</td><td>+11</td><td>128</td><td>117</td><td>-14</td><td>212</td><td>227</td><td>-1</td><td>*</td><td>1</td></tr><tr><td>March</td><td>+262</td><td>-300</td><td>23</td><td>223</td><td>-7</td><td>122</td><td>129</td><td>-3</td><td>43</td><td>46</td><td>-1</td><td>*</td><td>1</td></tr><tr><td>April</td><td>+9</td><td>+17</td><td>39</td><td>22</td><td>+51</td><td>284</td><td>233</td><td>+16</td><td>47</td><td>31</td><td>+1</td><td>36</td><td>35</td></tr><tr><td>May</td><td>+686</td><td>+290</td><td>313</td><td>23</td><td>+74</td><td>377</td><td>303</td><td>-12</td><td>278</td><td>290</td><td>*</td><td>*</td><td>*</td></tr><tr><td>June</td><td>-1,050</td><td>-308</td><td>107</td><td>415</td><td>-101</td><td>475</td><td>575</td><td>*</td><td>97</td><td>97</td><td>+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><tr><td>December</td><td>+113</td><td>-364</td><td>11</td><td>276</td><td>+7</td><td>101</td><td>93</td><td>-30</td><td>42</td><td>72</td><td>+1</td><td>*</td><td>-1</td></tr><tr><td>1946-January</td><td>-276</td><td>+27</td><td>45</td><td>18</td><td>+90</td><td>693</td><td>603</td><td>+11</td><td>96</td><td>85</td><td>-1</td><td>37</td><td>38</td></tr></table>
Trust Accounts, Etc. Receipts and Expenditures - (Continued)
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th>Increment on gold</th><th>Seigniorage on silver</th><th colspan="3">Miscellaneous funds and accounts 2/</th><th colspan="4">Transactions in checking accounts of Government agencies, etc. (net)</th></tr><tr><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Net</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Total</th><th>Issuance of obligations (net) 3/</th><th>Other transactions (net)</th></tr><tr><td>1936</td><td>+34</td><td>2,053</td><td>2,020</td><td>-403</td><td>+176</td><td>-</td><td>-</td><td>-</td><td>+108</td><td>4/</td><td>4/</td></tr><tr><td>1937</td><td>+20</td><td>858</td><td>838</td><td>-99</td><td>+40</td><td>-</td><td>-</td><td>-</td><td>+314</td><td>4/</td><td>4/</td></tr><tr><td>1938</td><td>-4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td>-</td><td>-</td><td>-</td><td>+204</td><td>4/</td><td>4/</td></tr><tr><td>1939</td><td>+24</td><td>349</td><td>325</td><td>-5</td><td>+90</td><td>+2</td><td>*</td><td>-2</td><td>+768</td><td>+1,105</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>+16</td><td>472</td><td>456</td><td>*</td><td>+14</td><td>+39</td><td>331</td><td>232</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>1945-February</td><td>+32</td><td>135</td><td>103</td><td>*</td><td>-</td><td>+137</td><td>-</td><td>-137</td><td>+21</td><td>-37</td><td>+57</td></tr><tr><td>February</td><td>+140</td><td>122</td><td>-18</td><td>*</td><td>-</td><td>+76</td><td>-</td><td>-76</td><td>-313</td><td>-305</td><td>-8</td></tr><tr><td>March</td><td>+73</td><td>148</td><td>75</td><td>*</td><td>-</td><td>-7</td><td>-</td><td>7</td><td>+407</td><td>-4</td><td>+411</td></tr><tr><td>April</td><td>+10</td><td>128</td><td>117</td><td>*</td><td>-</td><td>-15</td><td>-</td><td>15</td><td>-71</td><td>-4</td><td>-68</td></tr><tr><td>May</td><td>+109</td><td>153</td><td>43</td><td>*</td><td>-</td><td>+70</td><td>-</td><td>-70</td><td>+154</td><td>-147</td><td>+301</td></tr><tr><td>June</td><td>+84</td><td>226</td><td>142</td><td>*</td><td>-</td><td>+51</td><td>-</td><td>-51</td><td>-778</td><td>-757</td><td>-21</td></tr><tr><td>July</td><td>+53</td><td>355</td><td>302</td><td>*</td><td>+35</td><td>-29</td><td>-</td><td>29</td><td>-222</td><td>-267</td><td>+45</td></tr><tr><td>August</td><td>-313</td><td>82</td><td>394</td><td>*</td><td>+8</td><td>-86</td><td>-</td><td>86</td><td>+26</td><td>+201</td><td>-176</td></tr><tr><td>September</td><td>+209</td><td>266</td><td>58</td><td>*</td><td>+21</td><td>+55</td><td>-</td><td>-55</td><td>-51</td><td>-10</td><td>-11</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><tr><td>December</td><td>+57</td><td>138</td><td>81</td><td>*</td><td>+21</td><td>-74</td><td>-</td><td>74</td><td>+395</td><td>-10</td><td>+405</td></tr><tr><td>1946-January</td><td>-356</td><td>74</td><td>429</td><td>*</td><td>+43</td><td>-99</td><td>-</td><td>99</td><td>+9</td><td>+46</td><td>-37</td></tr></table>
Source: Daily Treasury Statements.
Back Figures: For monthly date for the period July 1941 through July 1945, 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,
3/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
4/ Details not available.
March 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</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, etc.</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.</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>3,189</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>1945-January</td><td>4,045</td><td>4,045</td><td>-</td><td>-</td><td>4,045</td><td>1,778</td><td>2,630</td><td>238</td></tr><tr><td>February</td><td>3,693</td><td>3,693</td><td>-</td><td>-</td><td>3,693</td><td>1,300</td><td>2,292</td><td>101</td></tr><tr><td>March</td><td>2,540</td><td>2,540</td><td>-</td><td>-</td><td>2,540</td><td>242</td><td>2,036</td><td>262</td></tr><tr><td>April</td><td>5,040</td><td>5,040</td><td>-</td><td>-</td><td>5,040</td><td>1,120</td><td>3,911</td><td>9</td></tr><tr><td>May</td><td>6,190</td><td>6,190</td><td>-</td><td>-</td><td>6,190</td><td>3,763</td><td>1,741</td><td>686</td></tr><tr><td>June</td><td>19,850</td><td>3,727</td><td>15,073</td><td>1,050</td><td>19,850</td><td>19,850</td><td>-</td><td>-</td></tr><tr><td>July</td><td>5,978</td><td>5,852</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><tr><td>December</td><td>12,886</td><td>1,327</td><td>11,558</td><td>-</td><td>12,886</td><td>12,773</td><td>-</td><td>113</td></tr><tr><td>1946-January</td><td>1,349</td><td>1,073</td><td>-</td><td>276</td><td>1,349</td><td>772</td><td>577</td><td>-</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.
eto., 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>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><tr><td>December</td><td>7.7</td><td>6.9</td><td>.8</td><td>4.1</td><td>3.6</td></tr><tr><td>1946-January</td><td>46.1</td><td>32.8</td><td>13.3</td><td>29.5</td><td>16.6</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses 4/</th><th colspan="10">Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>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>Office for Emergency Management War Manpower Commission (U. S. Employment Service)</th></tr><tr><td>1937</td><td>182.7</td><td>15.8</td><td>166.9</td><td>124.8</td><td>14.3</td><td>4.6</td><td>9.1</td><td>7.8</td><td>3.1</td><td>2.1</td><td>1.0</td><td>-</td><td>-</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>41.0 6/</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>1.8</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.5</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>2.6</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>-</td><td>3.5</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>2.8</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>4.2</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>.1</td><td>7.4</td><td>279.8</td></tr><tr><td>1945-January</td><td>53.3</td><td>2.9</td><td>49.5</td><td>31.6</td><td>5.1</td><td>1.0</td><td>8.6</td><td>1.9</td><td>.6</td><td>.5</td><td>.3</td><td></td><td>.8</td><td>37.8</td></tr><tr><td>February</td><td>31.8</td><td>2.3</td><td>28.9</td><td>22.4</td><td>4.6</td><td>.8</td><td></td><td>.3</td><td>.6</td><td>.3</td><td></td><td></td><td>.6</td><td>-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></td><td>.5</td><td>24.1</td></tr><tr><td>April</td><td>49.3</td><td>2.8</td><td>45.9</td><td>31.6</td><td>4.7</td><td>1.0</td><td>4.8</td><td>2.2</td><td>.7</td><td>.6</td><td>.3</td><td></td><td>.6</td><td>44.1</td></tr><tr><td>May</td><td>39.3</td><td>3.0</td><td>35.7</td><td>28.9</td><td>4.6</td><td>1.0</td><td>.1</td><td>.2</td><td>.5</td><td>.4</td><td></td><td></td><td>.6</td><td>24.6</td></tr><tr><td>June</td><td>32.7</td><td>2.8</td><td>29.2</td><td>22.1</td><td>3.4</td><td>.3</td><td>2.7</td><td>.1</td><td>.4</td><td>.2</td><td></td><td></td><td>.7</td><td>28.8</td></tr><tr><td>July</td><td>46.8</td><td>2.4</td><td>43.8</td><td>29.0</td><td>4.5</td><td>.7</td><td>8.8</td><td>.2</td><td>.4</td><td>.2</td><td>.1</td><td></td><td>.6</td><td>41.3</td></tr><tr><td>August</td><td>60.6</td><td>3.2</td><td>56.9</td><td>45.3</td><td>7.6</td><td>1.6</td><td>1.2</td><td></td><td>.4</td><td>.5</td><td>.2</td><td></td><td>.5</td><td>46.0</td></tr><tr><td>September</td><td>23.3</td><td>3.1</td><td>19.4</td><td>14.2</td><td>2.1</td><td>.2</td><td>2.3</td><td></td><td>.4</td><td>.2</td><td></td><td></td><td>.8</td><td>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>7.2</td><td>1.5</td><td>11.8</td><td></td><td>.2</td><td>.1</td><td>.2</td><td></td><td>.6</td><td>66.6</td></tr><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></td><td>.5</td><td>17.8</td></tr><tr><td>December</td><td>36.0</td><td>3.4</td><td>32.4</td><td>26.2</td><td>2.7</td><td>.8</td><td>1.1</td><td></td><td>.9</td><td>.6</td><td></td><td></td><td>.2</td><td>32.4</td></tr><tr><td>1946-January</td><td>64.6</td><td>2.7</td><td>61.7</td><td>41.0</td><td>8.5</td><td>1.4</td><td>9.5</td><td></td><td>.7</td><td>.5</td><td>.2</td><td></td><td>.2</td><td>48.0</td></tr></table>
Source:
Daily Treasury Statements. Less than $50,000. Formerly Title VIII of the Social Security Act. 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 1). Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Trans-
fere" 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
Section II. Table 1. Judues only expenditures from appropriations made specifically administrative expenses relating to the Social Security Act; Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of Federal Security Agency. Ended by appropriations by Congress.
$41 million for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
March 1946
13
Social Security Program - (Continued)
Section I.- Budgetary Receipts and Expenditures - (Continued)
Table 2.- Railroad Retirement Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Carriers' Taxing Act of 1937</th><th colspan="4">Expenditures</th><th>Excess of expenditures 2/</th></tr><tr><th></th><th></th><th>Total</th><th>Administrative expense 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th></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>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>•</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>•</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>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><tr><td>December</td><td>58.5</td><td>.3</td><td>.2</td><td>-</td><td>.1</td><td>-58.2</td></tr><tr><td>1946-January</td><td>5.1</td><td>37.4</td><td>.3</td><td>37.0</td><td>.1</td><td>32.3</td></tr></table>
Source: Daily Treasury Statements. • Less than $50,000. 1/ Includes only expenditures from appropriations made specifically for
2/ administrative expenses relating to the Railroad Retirement Act. Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">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>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.5</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1945</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-6</td></tr><tr><td>1945-January</td><td>-</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>February</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.1</td></tr><tr><td>March</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>April</td><td>-</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>May</td><td>.1</td><td>.4</td><td>.4</td><td>-</td><td>.3</td></tr><tr><td>June</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>July</td><td>-</td><td>9.3</td><td>.3</td><td>9.6</td><td>9.9</td></tr><tr><td>August</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.1</td></tr><tr><td>September</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>October</td><td>-</td><td>.4</td><td>.4</td><td>-</td><td>.4</td></tr><tr><td>November</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>December</td><td>3.2</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>1946-January</td><td>-</td><td>.2</td><td>.2</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 rowspan="2">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>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 investments</th><th>Unexpanded balance 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></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>1,738.1</td><td>.5</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>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></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td></tr><tr><td>1944</td><td>6,115.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>5,446.4</td><td>5,408.9</td><td>16.1</td></tr><tr><td>1945</td><td>7,549.8</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></tr><tr><td>1945-November</td><td>8,203.4</td><td>7,665.5</td><td>537.9</td><td>1,068.5</td><td>902.5</td><td>166.0</td><td>7,134.9</td><td>6,804.3</td><td>283.0</td></tr><tr><td>December</td><td>8,217.7</td><td>7,672.4</td><td>545.2</td><td>1,097.0</td><td>928.1</td><td>168.9</td><td>7,120.7</td><td>7,054.4</td><td>21.4</td></tr><tr><td>1946-January</td><td>8,265.9</td><td>7,705.3</td><td>560.6</td><td>1,128.3</td><td>956.1</td><td>172.2</td><td>7,137.6</td><td>7,044.4</td><td>44.3</td></tr></table>
Source: Daily Treasury Statements. Less than $50,000. 1/ Includes transactions effected under the predecessor Old-Age Reserve
2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Account
(Cumulative from organisation - 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>In General Fund</th><th>In disburseing 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>67.2</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>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1945-November</td><td>1,760.4</td><td>1,717.6</td><td>42.8</td><td>1,012.4</td><td>748.1</td><td>656.5</td><td>75.2</td><td>16.4</td></tr><tr><td>December</td><td>1,760.9</td><td>1,717.8</td><td>43.0</td><td>1,024.2</td><td>736.7</td><td>644.0</td><td>83.1</td><td>4.6</td></tr><tr><td>1946-January</td><td>1,761.1</td><td>1,717.8</td><td>43.2</td><td>1,038.6</td><td>722.4</td><td>668.0</td><td>38.6</td><td>15.9</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">Balances</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance Account 1/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 1/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposits by States</th><th>Railroad unemployment insurance contributions 2/</th><th>Transfers from States 3/</th><th>With-drawals by States</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Benefit payments</th><th></th><th>In General Fund (Special Deposit Account)</th><th>In disbursing 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>312.4</td><td>312.3</td><td>.1</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>192.0</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</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>1,724.9</td><td>1,710.0</td><td>13.4</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>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>2,283.7</td><td>2,273.0</td><td>8.0</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>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>3,150.1</td><td>3,139.0</td><td>7.8</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>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>4,372.5</td><td>4,367.0</td><td>4.0</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>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>5,878.8</td><td>5,870.0</td><td>8.5</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>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td></tr><tr><td>1945-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>2,681.2</td><td>2,529.4</td><td>106.5</td><td>7,607.0</td><td>7,548.2</td><td>57.0</td></tr><tr><td>December</td><td>10,330.5</td><td>9,104.1</td><td>561.5</td><td>106.5</td><td>47.6</td><td>2,793.1</td><td>2,640.6</td><td>106.5</td><td>7,577.4</td><td>7,508.2</td><td>26.0</td></tr><tr><td>1946-January</td><td>10,426.2</td><td>9,137.0</td><td>561.5</td><td>106.6</td><td>47.6</td><td>2,928.3</td><td>2,774.7</td><td>106.5</td><td>7,497.9</td><td>7,458.2</td><td>35.1</td></tr></table>
Source: Daily Treasury Statements.
1/ Excludes advances of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amount transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
March 1946
15
Appropriations and Net Contract Authorizations for the War Activities Program
As of January 31, 1946
<table><tr><th>Date approved</th><th>Public Law No</th><th>Titles of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">77th Congress, Second Session</td></tr><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942</td><td>$ 12,525,872,474</td><td>-</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943</td><td>23,738,865,474 3/</td><td>$2,171,000,000 4/</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China)</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942</td><td>30,412,737,900</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943</td><td>57,886,985</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>528</td><td>Sixth Supplemental National Defense Appropriation Act, 1942</td><td>18,932,124,093</td><td>-</td></tr><tr><td>June 5, 1942</td><td>572</td><td>Joint Resolution (War Risk Insurance Fund)</td><td>210,000,000</td><td>-</td></tr><tr><td>June 19, 1942</td><td>616</td><td>Joint Resolution (education and training)</td><td>9,500,000</td><td>-</td></tr><tr><td>June 23, 1942</td><td>626</td><td>Seventh Supplemental National Defense Appropriation Act, 1942</td><td>655,074,740 3/</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>Justices, 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>227,726,804</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943</td><td>42,820,003,057</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 3/</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session</td><td>$139,736,203,988</td><td>$2,321,000,000</td></tr></table>
<table><tr><td colspan="4">78th Congress, First Session</td></tr><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System)</td><td>$ 2,160,000</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>27,637,226,138 3/</td><td>$ 9,000,000</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Department of State, Justice, and Commerce Appropriation Act, 1944</td><td>67,635,000</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>151,340,083</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 4/</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>$2,373,670,437</td></tr></table>
<table><tr><td colspan="4">78th Congress, Second Session</td></tr><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migration of workers)</td><td>$ 31,359,200</td><td>$ 38,266,050</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>6,700,000</td><td>2,000,000,000</td></tr><tr><td>May 12, 1944</td><td>303</td><td>Joint Resolution (Labor Department - maternity and infant care)</td><td>27,569,798,301 3/</td><td></td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945 5/</td><td>1,451,810</td><td>4,929,367,659 6/</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945 5/</td><td>6,836,008,943</td><td></td></tr><tr><td>June 27, 1944</td><td>358</td><td>Independent Offices Appropriation Act, 1945</td><td>47,585,000</td><td></td></tr><tr><td>June 28, 1944</td><td>365</td><td>Department of State, Justice, and Commerce Appropriation Act, 1945</td><td>30,700,000</td><td></td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945</td><td>18,114,200</td><td></td></tr><tr><td>June 28, 1944</td><td>369</td><td>Interior Department Appropriation Act, 1945</td><td>1,030,937,212</td><td>2,198,577</td></tr><tr><td>June 28, 1944</td><td>372</td><td>National War Agency Appropriation Act, 1945</td><td>218,611,829</td><td></td></tr><tr><td>June 28, 1944</td><td>373</td><td>Labor - Federal Security Appropriation Act, 1945</td><td>15,434,814,795</td><td></td></tr><tr><td>June 28, 1944</td><td>374</td><td>Military Appropriation Act, 1945</td><td>186,266,524 3/</td><td>2,076,828,396 4/</td></tr><tr><td>June 28, 1944</td><td>375</td><td>Second Deficiency Appropriation Act, 1944</td><td>3,450,570,000</td><td></td></tr><tr><td>June 30, 1944</td><td>382</td><td>Defense Aid Appropriation Act, 1945</td><td>450,000,000</td><td></td></tr><tr><td>June 30, 1944</td><td>382</td><td>United Nations Relief and Rehabilitation Administration Participation Appropriation Act, 1945</td><td>19,750,000</td><td></td></tr><tr><td>June 30, 1944</td><td>382</td><td>Foreign Economic Administration Appropriation Act, 1945</td><td>410,291,029 3/</td><td>60,000,000 4/</td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>First Supplemental Appropriation Act, 1945</td><td></td><td></td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>$55,913,179,984</td><td>$9,117,060,682 6/</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program 1/ As of January 31, 1946 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">79th Congress, First Session</td></tr><tr><td>Mar. 31, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1946</td><td>$ 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 3/</td><td>-</td></tr><tr><td>May 3, 1945</td><td>49</td><td>Independent Offices Appropriation Act, 1946</td><td>57,288,300</td><td>-</td></tr><tr><td>May 5, 1945</td><td>52</td><td>Department of Agriculture Appropriation Act, 1946</td><td>14,986,472</td><td>-</td></tr><tr><td>May 21, 1945</td><td>61</td><td>Departments of State, Justice and Commerce Appropriation Act, 1946</td><td>34,599,500</td><td>-</td></tr><tr><td>May 29, 1945</td><td>62</td><td>Naval Appropriation Act, 1946</td><td>23,601,136,064 1/</td><td>$1,399,008,413</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 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>769,364,850 8/</td><td>-</td></tr><tr><td>Dec. 14, 1945</td><td>259</td><td>United Nations Relief and Rehabilitation Administration Participation Act, 1946</td><td>550,000,000</td><td>-</td></tr><tr><td>Dec. 28, 1945</td><td>269</td><td>First Deficiency Appropriation Act, 1946</td><td>781,382,629</td><td>-</td></tr><tr><td colspan="3">Total, 79th Congress, First Session</td><td>$53,060,913,491</td><td>$1,399,008,413</td></tr><tr><td colspan="5">Recessions</td></tr><tr><td>June 22, 1944</td><td>347</td><td>78th Congress, Second Session: Naval Appropriation Act, 1945</td><td>$ -7,500,000</td><td>-</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945</td><td>-30,257,572</td><td>-</td></tr><tr><td>May 29, 1945</td><td>68</td><td>79th Congress, First Session: Joint Resolution (U.S. Maritimes Commission)</td><td>-3,100,000,000</td><td>$-4,265,000,000</td></tr><tr><td>July 3, 1945</td><td>127</td><td>Joint Resolution (reducing certain appropriations)</td><td>-82,054,000</td><td>-</td></tr><tr><td colspan="3">Total, recessions</td><td>$-3,219,811,572</td><td>$-4,265,000,000</td></tr><tr><td colspan="5">In pending legislation 9/</td></tr><tr><td colspan="3">First Supplemental Surplus Appropriation Recession Bill, 1946</td><td>$-47,570,755,898</td><td>$-2,206,033,879 10/</td></tr><tr><td colspan="3">Independent Offices Appropriation Bill, 1947</td><td>17,838,792</td><td>-17,838,792</td></tr><tr><td colspan="3">Total pending</td><td>$-47,552,917,106</td><td>$-2,223,872,671</td></tr><tr><td colspan="5">Summary</td></tr><tr><td colspan="3">Total, 76th Congress, Third Session 11/</td><td>$ 8,994,015,828</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session 11/</td><td>49,396,137,450</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</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>55,913,179,984</td><td>9,117,060,682</td></tr><tr><td colspan="3">Total, 79th Congress, First Session</td><td>53,060,913,491</td><td>1,399,008,413</td></tr><tr><td colspan="3">Permanent appropriations and net transfers from other than war activities appropriations 12/</td><td>536,651,550</td><td>-</td></tr><tr><td colspan="3">Total approved</td><td>$413,553,894,611</td><td>$15,872,739,532</td></tr><tr><td colspan="3">Total rescinded</td><td>-3,219,811,572</td><td>-4,265,000,000</td></tr><tr><td colspan="3">Total pending (79th Congress, First Session)</td><td>-47,552,917,106</td><td>-2,223,872,671</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, rescinded, pending appropriations or recessions, and net contract authorizations 1/</td><td>$362,313,293,087</td><td>$9,383,866,861</td></tr></table>
1/ Conclude of appropriations and net contract authorizations available on and after July 1, 1940. Excludes: (1) authorizations of the Reconstruction Finance Corporation and its affiliates for war purposes and (2) unexpended balances of appropriations on June 30, 1940 (except immediately available funds from fiscal year 1941 appropriations), available for expenditure in the fiscal year 1941.
2/ Contract authorizations have been reduced by later appropriations which were earmarked in authorizing acts for this purpose.
3/ Includes appropriations made available for prior years. For amount see appropriate footnotes in "Treasury Bulletin" for July, 1945, page 16.
4/ 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
5/ The amounts of appropriations repealed by Congress and carried to the surplus fund in accordance with the provisions of this act are shown separately below.
6/ This figure has been increased by amounts which were made available for this purpose during the month of January 1946.
1/ Includes $180,000,000 for the fiscal year 1945.
8/ Revised to adjust classification.
9/ 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. Estimates of appropriations for national defense purposes reported by the President to Congress and submitted to the Committee on Appropriations, amounting to $12,176,528,000.00, are not included.
10/ Excludes rescission of the unobligated portion of the contract authorization under Bureau of Aeronautics, Aviation, Navy, included in H. R. 5158.
11/ For details of appropriations made by the 76th Congress, Third Session and 77th Congress, First Session, see "Treasury Bulletin" for March, 1944, page 5.
12/ 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 $1,153,802 in accordance with Executive Order 9083, dated February 28, 1942. Also includes $57,133,291 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 $282,702,265.89.
March 1946
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><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><th>Jan.</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>1946</td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>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><td>3,366</td><td>2,755</td></tr><tr><td>Employment taxes</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><td>66</td><td>51</td></tr><tr><td>Miscellaneous internal revenue</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><td>516</td><td>605</td></tr><tr><td>Customs</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><td>32</td><td>42</td></tr><tr><td>Other</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><td>133</td><td>305</td></tr><tr><td>Subtotal</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><td>4,112</td><td>3,798</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund (deposits by States and Railroad Retirement Board)</td><td>44</td><td>212</td><td>40</td><td>47</td><td>278</td><td>34</td><td>63</td><td>259</td><td>37</td><td>42</td><td>184</td><td>37</td><td>33</td></tr><tr><td>Trust accounts 2/</td><td>216</td><td>202</td><td>221</td><td>210</td><td>233</td><td>214</td><td>239</td><td>174</td><td>369</td><td>282</td><td>295</td><td>257</td><td>162</td></tr><tr><td>Subtotal</td><td>259</td><td>415</td><td>261</td><td>258</td><td>511</td><td>248</td><td>301</td><td>433</td><td>406</td><td>324</td><td>478</td><td>295</td><td>195</td></tr><tr><td>Total cash income</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>3,012</td><td>3,713</td><td>5,597</td><td>2,905</td><td>3,087</td><td>4,407</td><td>3,993</td></tr><tr><td>CASH OUTGO</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities</td><td>7,551</td><td>6,948</td><td>8,246</td><td>7,139</td><td>8,156</td><td>7,837</td><td>7,325</td><td>6,399</td><td>5,367</td><td>5,126</td><td>4,226</td><td>4,245</td><td>3,417</td></tr><tr><td>Veterans' Administration</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><td>162</td><td>220</td></tr><tr><td>Public works 3/</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><td>38</td><td>30</td></tr><tr><td>Aid to agriculture 4/</td><td>52</td><td>20</td><td>55</td><td>85</td><td>82</td><td>16</td><td>78</td><td>46</td><td>26</td><td>35</td><td>20</td><td>26</td><td>18</td></tr><tr><td>Social security program 5/</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><td>37</td><td>65</td></tr><tr><td>Interest on the public debt 6/</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><td>753</td><td>172</td></tr><tr><td>Other 7/</td><td>130</td><td>173</td><td>224</td><td>106</td><td>111</td><td>193</td><td>300</td><td>419</td><td>354</td><td>159</td><td>115</td><td>124</td><td>158</td></tr><tr><td>Subtotal</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>7,993</td><td>7,138</td><td>6,509</td><td>5,701</td><td>4,608</td><td>5,385</td><td>4,079</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities</td><td>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><td>15</td><td>4</td></tr><tr><td>Other</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><td>-34</td><td>-37</td></tr><tr><td>Commodity Credit Corporation</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><td>-401</td><td>2</td></tr><tr><td>Unemployment Trust Fund</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><td>112</td><td>135</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>25</td><td>28</td></tr><tr><td>Railroad Retirement Account</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><td>12</td><td>14</td></tr><tr><td>Other 2/</td><td>-253</td><td>-116</td><td>-217</td><td>219</td><td>-208</td><td>-133</td><td>-110</td><td>451</td><td>-84</td><td>179</td><td>63</td><td>183</td><td>518</td></tr><tr><td>Subtotal</td><td>-178</td><td>-84</td><td>-303</td><td>228</td><td>-55</td><td>21</td><td>-36</td><td>703</td><td>134</td><td>300</td><td>196</td><td>-88</td><td>651</td></tr><tr><td>Redemption of adjusted service bonds</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><td>3</td><td>3</td></tr><tr><td>Redemption of excess profite tax refund 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><td>879</td></tr><tr><td>Total cash outgo</td><td>7,805</td><td>7,243</td><td>8,953</td><td>7,826</td><td>8,494</td><td>8,957</td><td>8,000</td><td>7,855</td><td>6,650</td><td>6,007</td><td>4,809</td><td>5,299</td><td>5,619</td></tr><tr><td>EXCESS OF CASH OUTGO</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>4,988</td><td>4,142</td><td>1,053</td><td>3,101</td><td>1,722</td><td>892</td><td>1,626</td></tr></table>
Revised to adjust classification. Less than $500,000. These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939. Includes "National Service Life Insurance Fund". Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley 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", and to exclude "Surplus property disposal agencies" which, beginning July 1, 1945 are included in "War activities" above.
Total Cash Income and Outgo, by Months
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,640</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,881</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>3,012</td><td>3,713</td><td>5,597</td><td>2,905</td><td>3,087</td><td>4,407</td><td>51,376</td></tr><tr><td>1946</td><td>3,993</td><td></td><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>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>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>7,647</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>95,149</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>5,299</td><td>87,906</td></tr><tr><td>1946</td><td>5,619</td><td></td><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>Excess of cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>51,089</td></tr><tr><td>1944</td><td>4,623</td><td>4,899</td><td>1,873</td><td>4,351</td><td>4,375</td><td>2,146</td><td>4,909</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,496</td><td>2,640</td><td>48,869</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>4,988</td><td>4,142</td><td>1,053</td><td>3,101</td><td>1,722</td><td>892</td><td>36,530</td></tr><tr><td>1946</td><td>1,626</td><td></td><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>
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
March 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 collections</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>92</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>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><tr><td>December</td><td>26,520</td><td>527</td><td>1,674</td><td>24,044</td><td>275</td></tr><tr><td>1946-January</td><td>25,851</td><td>490</td><td>1,011</td><td>24,030</td><td>320</td></tr></table>
Balance in the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total assets</th><th>Total liabilities</th><th>Balance in the General Fund</th></tr><tr><td>1936</td><td>2,936</td><td>254</td><td>2,682</td></tr><tr><td>1937</td><td>2,709</td><td>156</td><td>2,553</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>643</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>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>11,849</td><td>404</td><td>11,445</td></tr><tr><td>December</td><td>26,520</td><td>517</td><td>26,003</td></tr><tr><td>1946-January</td><td>25,851</td><td>424</td><td>25,427</td></tr></table>
Source: Daily Treasury Statements.
20
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Change during fiscal year or month</th><th>Total change in General Fund balance</th><th>General and special accounts 1/</th><th>Public debt accounts 2/</th><th colspan="6">Trust accounts, etc.</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Trust accounts 3/</th><th>Increment on gold 4/</th><th>Seigniorage on silver</th><th>Miscellaneous funds and accounts 5/</th><th>Checking accounts of Government agencies, etc.</th></tr><tr><td>1936</td><td>840</td><td>-4,550</td><td>5,475 6/</td><td>-85</td><td>34</td><td>-403</td><td>176</td><td>-</td><td>108</td></tr><tr><td>1937</td><td>-128</td><td>-3,149 7/</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>1945-January</td><td>-2,630</td><td>-4,645</td><td>1,778</td><td>238</td><td>80</td><td>*</td><td>-</td><td>137</td><td>21</td></tr><tr><td>February</td><td>-2,292</td><td>-3,693</td><td>1,300</td><td>101</td><td>338</td><td>*</td><td>-</td><td>76</td><td>-313</td></tr><tr><td>March</td><td>-2,036</td><td>-2,540</td><td>242</td><td>262</td><td>-138</td><td>*</td><td>-</td><td>-7</td><td>407</td></tr><tr><td>April</td><td>-3,911</td><td>-5,040</td><td>1,120</td><td>9</td><td>95</td><td>*</td><td>-</td><td>-15</td><td>-71</td></tr><tr><td>May</td><td>-1,741</td><td>-6,190</td><td>3,763</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><tr><td>December</td><td>11,558</td><td>-1,327</td><td>12,773</td><td>113</td><td>-228</td><td>*</td><td>21</td><td>-74</td><td>395</td></tr><tr><td>1946-January</td><td>-577</td><td>-1,073</td><td>772</td><td>-276</td><td>-229</td><td>*</td><td>43</td><td>-99</td><td>9</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 increases 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 depository (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 account".
6/ Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1936 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1936, $397 million; 1937, $99 million; 1938, $51 million; and 1939, $5 million. The increases in the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
1/ Includes inactive gold in the amount of $1,087 million.
March 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 out-standing 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 (Issuance of public debt)</th><th colspan="6">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 indebted-ness, 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 indebted-ness, 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>1,151</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,151</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</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>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>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>-</td><td>1</td><td>89</td><td>4,147</td><td>449</td><td>12,229</td><td>8,066</td><td>-</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>7,043</td><td>7,596</td><td>-</td><td>-</td><td>47</td></tr><tr><td>December</td><td>278,115</td><td>12,773</td><td>26,648</td><td>22,300</td><td>484</td><td>*</td><td>-4</td><td>3,777</td><td>91</td><td>13,876</td><td>8,815</td><td>484</td><td>3,777</td><td>800</td></tr><tr><td>1946-January</td><td>278,387</td><td>772</td><td>12,938</td><td>8,854</td><td>-</td><td>*</td><td>-8</td><td>3,332</td><td>761</td><td>12,166</td><td>8,728</td><td>-</td><td>3,332</td><td>107</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="6">Interest-bearing public debt outstanding (in millions of dollars)</th><th colspan="6">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th colspan="4">Public issues</th><th>Special issues</th></tr><tr><th></th><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th></th><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</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>7.1</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</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>3.5</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>11,804</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>8.8</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>75,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td></tr><tr><td>1945</td><td>256,357</td><td>106,644</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,336</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>1945-January</td><td>230,672</td><td>92,417</td><td>41,858</td><td>23,039</td><td>9,804</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>34,336</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>108,357</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>7.1</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>262,849</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><tr><td>December</td><td>275,694</td><td>120,619</td><td>48,679</td><td>22,967</td><td>8,235</td><td>38,155</td><td>17,037</td><td>20,000</td><td>100.0</td><td>43.8</td><td>17.6</td><td>8.3</td><td>3.0</td><td>13.8</td><td>6.2</td><td>7.3</td></tr><tr><td>1946-January</td><td>277,456</td><td>121,538</td><td>49,061</td><td>19,551</td><td>8,107</td><td>41,502</td><td>17,042</td><td>20,655</td><td>100.0</td><td>43.8</td><td>17.7</td><td>7.0</td><td>2.9</td><td>15.0</td><td>6.1</td><td>7.5</td></tr></table>
Source: Daily Treasury Statements
March 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>199,543</td><td>256,357</td></tr><tr><td>Guaranteed obligations</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>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><th>Interest-bearing debt:</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>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>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>34,135</td></tr><tr><td>Treasury notes</td><td>11,381</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 - bank restricted 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>882</td><td>8,711</td><td>21,161</td><td>36,756</td></tr><tr><td>Treasury bonds - bank eligible</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>37,202</td><td>48,809</td><td>58,083</td><td>69,693</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><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>45,5863</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>10,135</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><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><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)
24
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations
of the United States Government - (Continued)
PART A - FISCAL YEARS, 1936-1945-(Continued)
(In millions of dollars)
<table><tr><th></th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="11">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,422</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>*</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td><td>34</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>3,044</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,563</td><td>1,533</td><td>755</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation</td><td>252</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,741</td><td>1,219</td><td>896</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>3,908</td><td>1,190</td><td>34</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 4/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td><td>375</td></tr><tr><td>Reconstruction Finance Corporation 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</td><td>-</td></tr><tr><td>Total non-marketable issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td><td>326</td><td>375</td></tr><tr><td>Total interest-bearing debt</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td><td>409</td></tr><tr><td>Matured debt on which interest has ceased</td><td>-</td><td>-</td><td>*</td><td>1</td><td>31</td><td>11</td><td>20</td><td>8</td><td>107</td><td>24</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,451</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1,623</td><td>433</td></tr></table>
PART B - MONTHLY DATA
(In millions of dollars)
<table><tr><th></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><th>Dec. 31</th><th>Jan. 31</th></tr><tr><td colspan="14">1945</td></tr><tr><td colspan="14">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>1946</td></tr><tr><td>Public debt</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><td>275,694</td><td>277,456</td></tr><tr><td>Guaranteed obligations</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><td>553</td><td>545</td></tr><tr><td>Total</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><td>276,246</td><td>278,001</td></tr><tr><td>Matured debt and debt bearing no interest</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><td>2,436</td><td>1,444</td></tr><tr><td>Total outstanding</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><td>278,682</td><td>279,445</td></tr><tr><td colspan="14">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>16,403</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><td>17,037</td><td>17,042</td></tr><tr><td>Certificates of indebtedness</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><td>38,155</td><td>41,502</td></tr><tr><td>Treasury notes</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><td>22,961</td><td>19,551</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>25,042</td><td>25,055</td><td>25,049</td><td>25,049</td><td>25,049</td><td>36,756</td><td>37,930</td><td>38,209</td><td>38,300</td><td>38,300</td><td>40,623</td><td>52,216</td><td>53,151</td></tr><tr><td>Treasury bonds - bank eligible</td><td>67,179</td><td>67,293</td><td>67,327</td><td>67,327</td><td>67,327</td><td>69,693</td><td>69,960</td><td>69,963</td><td>68,748</td><td>68,748</td><td>68,748</td><td>68,207</td><td>68,207</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>180</td></tr><tr><td>Total marketable issues</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><td>198,778</td><td>199,633</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 3/</td><td>41,140</td><td>41,698</td><td>42,159</td><td>42,626</td><td>43,767</td><td>45,586</td><td>46,508</td><td>46,715</td><td>46,741</td><td>46,786</td><td>47,473</td><td>48,183</td><td>48,588</td></tr><tr><td>Treasury notes - tax and savings series 3/</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><td>8,235</td><td>8,107</td></tr><tr><td>Adjusted service bonds</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><td>-</td><td>-</td></tr><tr><td>Depository bonds</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><td>497</td><td>474</td></tr><tr><td>Total non-marketable issues</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><td>56,915</td><td>57,168</td></tr><tr><td>Total public issues</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><td>255,693</td><td>256,801</td></tr></table>
(Continued on following page)
March 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 colspan="14">1945</th><th>1946</th></tr><tr><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><th>Dec. 31</th><th>Jan. 31</th></tr></table>
Public debt - (Continued)
<table><tr><th>Interest-bearing debt (continued):</th><th>20</th><th>20</th><th>20</th><th>19</th><th>19</th><th>15</th><th>15</th><th>14</th><th>13</th><th>13</th><th>13</th><th>12</th></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>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><td>13</td><td>12</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>172</td><td>202</td><td>217</td><td>232</td><td>262</td><td>97</td><td>132</td><td>147</td><td>152</td><td>152</td><td>152</td><td>65</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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>5,566</td><td>5,416</td><td>5,406</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>33</td><td>33</td><td>34</td><td>35</td><td>35</td><td>37</td><td>38</td><td>38</td><td>39</td><td>39</td><td>40</td><td>42</td></tr><tr><td>Government Life Insurance Fund</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><td>602</td><td>606</td></tr><tr><td>Government Retirement Funds</td><td>1,748</td><td>1,759</td><td>1,769</td><td>1,771</td><td>1,789</td><td>1,868</td><td>2,126</td><td>2,138</td><td>2,149</td><td>2,160</td><td>2,163</td><td>2,148</td></tr><tr><td>National Service Life Insurance Fund</td><td>1,905</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><td>3,802</td><td>4,450</td></tr><tr><td>Postal Savings System</td><td>468</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><td>724</td><td>503</td></tr><tr><td>Canal Zone, Postal Savings System</td><td>4</td><td>4</td><td>4</td><td>1</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>512</td><td>500</td><td>489</td><td>512</td><td>500</td><td>501</td><td>669</td><td>657</td><td>624</td><td>669</td><td>657</td><td>668</td></tr><tr><td>Unemployment Trust Fund</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>6,923</td><td>6,988</td><td>6,748</td></tr><tr><td>Total special issues</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>20,577</td><td>20,710</td><td>20,000</td><td>20,655</td></tr><tr><td>Total interest-bearing debt</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>260,745</td><td>259,630</td><td>259,439</td><td>262,849</td><td>275,694</td><td>277,456</td></tr><tr><td>Prepayments on securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>947</td><td>-</td><td>-</td><td>-</td><td>-</td><td>54</td><td>192</td><td>-</td><td>-</td></tr><tr><td>Matured debt on which interest has ceased</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><td>209</td><td>343</td><td>260</td></tr><tr><th>Debt bearing no interest:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>United States savings stamps</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><td>139</td><td>133</td><td>120</td></tr><tr><td>Excess profit tax refund bonds</td><td>527</td><td>582</td><td>670</td><td>780</td><td>931</td><td>1,025</td><td>1,044</td><td>1,089</td><td>1,107</td><td>1,113</td><td>1,131</td><td>1,128</td><td>240</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>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><td>625</td><td>621</td><td>614</td></tr><tr><td>Other debt bearing no interest</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest</td><td>1,591</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><td>2,092</td><td>2,078</td><td>1,171</td></tr><tr><td>Total public debt outstanding</td><td>232,408</td><td>233,707</td><td>233,950</td><td>235,059</td><td>238,832</td><td>258,682</td><td>262,045</td><td>263,001</td><td>262,020</td><td>261,817</td><td>265,342</td><td>278,115</td><td>278,887</td></tr></table>
Guaranteed 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><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></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></tr><tr><td>Commodity Credit Corporation</td><td>412</td><td>-</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 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><td>-</td></tr><tr><td>Federal Housing Administration</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><td>39</td><td>39</td><td>41</td><td>39</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues</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><td>39</td><td>39</td><td>41</td><td>39</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>Commodity Credit Corporation 4/</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><td>502</td><td>497</td><td>512</td><td>506</td></tr><tr><td>Total interest-bearing debt</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><td>553</td><td>545</td></tr><tr><td>Matured debt on which interest has ceased</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><td>17</td><td>16</td><td>15</td><td>13</td></tr><tr><td>Total guaranteed obligations outstanding</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><td>558</td><td>553</td><td>567</td><td>558</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/ Bank restricted issues are those which commercial banks (banks accepting 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 for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral.
3/ The face value of any yearly series of United States savings bonds and Treasury savings notes maturing from month to month which are not currently presented for retirement are included in the interest-bearing debt until all the bonds or notes of the series have matured.
4/ Demand obligations.
5/ Consists of Reconstruction Finance Corporation notes, Series X-A, X-B, and X-C, which were held by United States Government corporations and credit agencies.
6/ Includes prepayments on securities.
26
Treasury Bulletin
INTEREST-BEARING PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
Office of the Secretary of the Treasury, Division of Research and Statistics
B-462-B
March 1946
27
Guaranteed Obligations Held by the Treasury 1/
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th></tr><tr><td>1936</td><td>4,030</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,030</td><td>-</td></tr><tr><td>1937</td><td>3,630</td><td>-</td><td>-</td><td>-</td><td>25</td><td>3,605</td><td>-</td></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>4</td><td>15</td><td>864</td><td>-</td></tr><tr><td>1939</td><td>273</td><td>10</td><td>-</td><td>-</td><td>20</td><td>243</td><td>*</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>20</td><td>-</td><td>7</td><td>52</td></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>85</td><td>-</td><td>20</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>263</td><td>274</td><td>551</td><td>2,534</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>283</td><td>212</td><td>5,033</td><td>57</td></tr><tr><td>1944</td><td>10,717</td><td>900</td><td>366</td><td>398</td><td>580</td><td>8,416</td><td>57</td></tr><tr><td>1945</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>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><tr><td>December</td><td>11,780</td><td>1,255</td><td>76</td><td>383</td><td>884</td><td>9,126</td><td>57</td></tr><tr><td>1946-January</td><td>11,678</td><td>1,272</td><td>61</td><td>383</td><td>860</td><td>9,046</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>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,119</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.851</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>4,364</td><td>1.936</td><td>409</td><td>5</td><td>1.321</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>4,364</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>260,716</td><td>5,071</td><td>1.945</td><td>515</td><td>6</td><td>1.251</td></tr><tr><td>September</td><td>260,156</td><td>5,051</td><td>1.942</td><td>259,630</td><td>5,044</td><td>1.943</td><td>527</td><td>7</td><td>1.275</td></tr><tr><td>October</td><td>259,980</td><td>5,052</td><td>1.943</td><td>259,439</td><td>5,045</td><td>1.945</td><td>541</td><td>7</td><td>1.294</td></tr><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><tr><td>December</td><td>276,246</td><td>5,424</td><td>1.963</td><td>275,694</td><td>5,416</td><td>1.965</td><td>553</td><td>7</td><td>1.338</td></tr><tr><td>1946-January</td><td>278,001</td><td>5,472</td><td>1.968</td><td>277,456</td><td>5,465</td><td>1.970</td><td>545</td><td>7</td><td>1.338</td></tr></table>
Source: Daily Treasury Statements.
1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53% Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
Treasury Bulletin
28
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 January 31, 1946
(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>288,768</td></tr><tr><td>Guaranteed securities 2/</td><td>558</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>289,326</td></tr><tr><td>Balance issuable under such authority.</td><td>10,674</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, January 31, 1946
(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>17,042</td><td>17,042</td></tr><tr><td>Certificates of indebtedness</td><td>41,502</td><td>41,502</td></tr><tr><td>Treasury notes</td><td>19,551</td><td>19,551</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>53,151</td><td>53,151</td></tr><tr><td>Treasury bonds - bank eligible</td><td>66,207</td><td>68,207</td></tr><tr><td>Postal savings and other bonds</td><td>-</td><td>180</td></tr><tr><td>Total marketable issues</td><td>199,454</td><td>199,633</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>59,468</td><td>48,583</td></tr><tr><td>Treasury savings notes</td><td>8,107</td><td>8,107</td></tr><tr><td>Depositary bonds</td><td>474</td><td>474</td></tr><tr><td>Total non-marketable issues</td><td>68,048</td><td>57,168</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>20,655</td><td>20,655</td></tr><tr><td>Total interest-bearing securities</td><td>288,156</td><td>277,456</td></tr><tr><td>Matured securities on which interest has ceased</td><td>252</td><td>260</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>120</td><td>120</td></tr><tr><td>Excise profits tax refund bonds</td><td>240</td><td>240</td></tr><tr><td>Currency items, etc. 3/</td><td>-</td><td>811</td></tr><tr><td>Total obligations bearing no interest</td><td>360</td><td>1,171</td></tr><tr><td>Total</td><td>288,768</td><td>278,887</td></tr></table>
1/ Limitations are established by Section 21 of the Second Liberty Bond Act, as amended.
2/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 25.
3/ Consists of United States notes (less gold reserve); deposits for retirement of national bank and Federal Reserve Bank notes; and other obligations bearing no interest.
March 1946
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of January 31,1946
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date of issue</th><th rowspan="2">Tax status 3/</th><th rowspan="2">Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th>Mixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1945-Feb.</td><td>Treasury bills 7/8% Certificate - 2/1/46</td><td>5,252 5,043</td><td></td><td></td><td>Various 2/1/45</td><td>taxable taxable</td><td></td></tr><tr><td>Mar.</td><td>Treasury bill 7/8% Certificate - 3/1/46 1% Treasury note - 3/15/46 3-3/4% Treasury bond - 3/15/46-56</td><td>5,226 4,117 1,291 489</td><td></td><td></td><td>Various 3/1/45 11/1/41 3/15/26</td><td>taxable taxable partially</td><td></td></tr><tr><td>Apr.</td><td>Treasury bills 7/8% Certificate - 4/1/46</td><td>5,248 4,811</td><td></td><td></td><td>Various 4/1/45</td><td>taxable</td><td></td></tr><tr><td>May.</td><td>Treasury bill 7/8% Certificate - 5/1/46</td><td>1,316 1,579</td><td></td><td></td><td>Various 5/1/45</td><td>taxable taxable</td><td></td></tr><tr><td>June.</td><td>7/8% Certificate - 6/1/46 3% Treasury bond - 6/15/46-48 3-1/8% Treasury bond - 6/15/46-49</td><td>4,799 1,036 819</td><td></td><td></td><td>6/1/45 6/15/34 6/15/31</td><td>taxable partially partially</td><td></td></tr><tr><td>July.</td><td>0.90% Treasury note - 7/1/46</td><td>4,910</td><td></td><td></td><td>6/1/45</td><td>taxable</td><td></td></tr><tr><td>Aug.</td><td>7/8% Certificate - 8/1/46</td><td>2,470</td><td></td><td></td><td>8/1/45</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>7/8% Certificate - 9/1/46</td><td>4,336</td><td></td><td></td><td>9/1/45</td><td>taxable</td><td></td></tr><tr><td>Oct.</td><td>7/8% Certificate - 10/1/46</td><td>3,440</td><td></td><td></td><td>10/1/45</td><td>taxable</td><td></td></tr><tr><td>Nov.</td><td>7/8% Certificate - 11/1/46</td><td>3,778</td><td></td><td></td><td>12/1/45</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>7/8% Certificate - 12/1/46 1-1/2% Treasury note - 12/15/46</td><td>3,768 3,261</td><td></td><td></td><td>12/3/45 6/5/42</td><td>taxable taxable</td><td></td></tr><tr><td>Total</td><td></td><td>65,164</td><td>1,855</td><td></td><td></td><td></td><td></td></tr><tr><td>1947-Jan.</td><td>3% Conversion bond - 1/1/47 7/8% Certificate - 1/1/47</td><td>13 3,330</td><td></td><td></td><td>1/1/17 1/1/46</td><td>wholly taxable</td><td></td></tr><tr><td>Mar.</td><td>1-1/4% Treasury note - 3/15/47</td><td>1,948</td><td></td><td></td><td>6/26/44</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>1-1/2% Treasury note - 9/15/47 1-1/4% Treasury note - 9/15/47</td><td>2,707 1,687</td><td></td><td></td><td>7/12/43 12/1/44</td><td>taxable taxable</td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond - 10/15/47-52</td><td>759</td><td></td><td></td><td>10/16/22</td><td>partially</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/47</td><td>701</td><td></td><td></td><td>12/15/38</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td>10,387</td><td>759</td><td></td><td></td><td></td><td></td></tr><tr><td>1948-Mar.</td><td>2% Treasury bond - 3/15/48-50 2-3/4% Treasury bond - 3/15/48-51</td><td>1,115 1,223</td><td></td><td></td><td>3/15/41 3/15/36</td><td>taxable partially</td><td></td></tr><tr><td>June.</td><td>3% Treasury bond - 6/15/48-48 1-3/4% Treasury bond - 6/15/48</td><td>1,036 3,062</td><td></td><td></td><td>6/15/34 12/1/42</td><td>partially taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/48 1-1/2% Treasury note - 9/15/48</td><td>451 3,748</td><td></td><td></td><td>3/15/38 3/15/44</td><td>partially taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td>571</td><td></td><td></td><td>12/8/39</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td>7,261</td><td>2,910</td><td>1,036</td><td></td><td></td><td></td></tr><tr><td>1949-June.</td><td>3-1/8% Treasury bond - 6/15/49-49 2% Treasury bond - 6/15/49-51</td><td></td><td>819 1,014</td><td></td><td>6/15/31 1/15/42</td><td>partially taxable</td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51</td><td></td><td>1,292</td><td></td><td>5/15/42</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51 3-1/8% Treasury bond - 12/15/49-52 2-1/2% Treasury bond - 12/15/49-53</td><td></td><td>2,098 991 1,786</td><td></td><td>7/15/42 12/15/34 12/15/36</td><td>taxable partially partially</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>6,682</td><td>819</td><td></td><td></td><td></td></tr><tr><td>1950-Mar.</td><td>2% Treasury bond - 3/15/48-50 2% Treasury bond - 3/15/50-52</td><td></td><td>1,115 1,963</td><td></td><td>3/15/41 10/19/42</td><td>taxable taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52 2% Treasury bond - 9/15/50-52</td><td></td><td>1,186 4,939</td><td></td><td>9/15/38 4/15/43</td><td>partially taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50 1-1/2% Treasury bond - 12/15/50</td><td>2,635</td><td>571</td><td></td><td>12/8/39 6/1/45</td><td>partially taxable</td><td></td></tr><tr><td>Total</td><td></td><td>2,635</td><td>8,088</td><td>1,687</td><td></td><td></td><td></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 January 31, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1951-Mar....</td><td>2-3/4% Treasury bond - 3/15/48-51</td><td></td><td></td><td>1,223</td><td>3/16/36</td><td>partially</td><td></td></tr><tr><td>June....</td><td>2% Treasury bond - 6/15/49-51</td><td></td><td>1,627</td><td>1,014</td><td>1/15/42 6/15/36</td><td>taxable partially</td><td></td></tr><tr><td>Sept....</td><td>2% Treasury bond - 9/15/49-51</td><td></td><td>7,986</td><td>1,292</td><td>5/15/42 9/15/31</td><td>taxable taxable partially</td><td></td></tr><tr><td>Dec....</td><td>2% Treasury bond - 12/15/49-51</td><td></td><td>1,118</td><td>2,098</td><td>7/15/42 12/22/39</td><td>taxable partially</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-53</td><td></td><td>510</td><td></td><td>12/15/41</td><td>taxable</td><td></td></tr><tr><td>Total....</td><td></td><td></td><td>11,996</td><td>5,628</td><td></td><td></td><td></td></tr><tr><td>1952-Mar....</td><td>2% Treasury bond - 3/15/50-52</td><td></td><td>1,024</td><td>1,963</td><td>10/19/42 3/31/41</td><td>taxable taxable</td><td></td></tr><tr><td>June....</td><td>2-1/2% Treasury bond - 6/15/52-54</td><td></td><td>5,825</td><td></td><td>6/26/44 2/25/42</td><td>taxable taxable</td><td></td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond - 9/15/50-52</td><td></td><td>1,186</td><td>4,939</td><td>9/15/38 4/15/43</td><td>partially taxable</td><td></td></tr><tr><td>Oct....</td><td>1-1/4% Treasury bond - 10/15/47-52</td><td></td><td>759</td><td></td><td>10/16/22</td><td>partially</td><td></td></tr><tr><td>Dec....</td><td>3-1/8% Treasury bond - 12/15/49-52</td><td></td><td>8,662</td><td>491</td><td>12/15/34 12/1/44</td><td>partially taxable</td><td></td></tr><tr><td>Total....</td><td></td><td></td><td>17,012</td><td>9,338</td><td></td><td></td><td></td></tr><tr><td>1953-June....</td><td>2% Treasury bond - 6/15/53-55</td><td></td><td>725</td><td></td><td>10/7/40</td><td>partially</td><td></td></tr><tr><td>Sept....</td><td>2% Treasury bond - 9/15/51-53</td><td></td><td></td><td>7,986</td><td>9/15/43</td><td>taxable</td><td></td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/49-53</td><td></td><td></td><td>1,786</td><td>12/15/36</td><td>partially</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-53</td><td></td><td></td><td>1,118</td><td>12/22/39</td><td>partially</td><td></td></tr><tr><td>Total....</td><td></td><td></td><td>725</td><td>10,890</td><td></td><td></td><td></td></tr><tr><td>1954-Mar....</td><td>2-1/2% Treasury bond - 3/15/52-54</td><td></td><td></td><td>1,024</td><td>3/31/41</td><td>taxable</td><td></td></tr><tr><td>June....</td><td>2-3/4% Treasury bond - 6/15/51-54</td><td></td><td></td><td>1,627</td><td>6/15/36 6/26/44</td><td>partially taxable</td><td></td></tr><tr><td>Dec....</td><td>2% Treasury bond - 12/15/52-54</td><td></td><td>681</td><td>8,662</td><td>12/1/44</td><td>taxable</td><td></td></tr><tr><td>Total....</td><td></td><td></td><td>681</td><td>17,138</td><td></td><td></td><td></td></tr><tr><td>1955-Mar....</td><td>2-7/8% Treasury bond - 3/15/55-60</td><td></td><td>2,611</td><td></td><td>3/15/35</td><td>partially</td><td></td></tr><tr><td>June....</td><td>2-1/4% Treasury bond - 6/15/52-55</td><td></td><td>1,501</td><td>1,501</td><td>2/25/42 10/7/40</td><td>taxable partially</td><td></td></tr><tr><td>Sept....</td><td>2% Treasury bond - 9/15/51-55</td><td></td><td>755</td><td>755</td><td>9/15/31</td><td>partially</td><td></td></tr><tr><td>Dec....</td><td>2% Treasury bond - 12/15/51-55</td><td></td><td>510</td><td>510</td><td>12/15/41</td><td>taxable</td><td></td></tr><tr><td>Total....</td><td></td><td></td><td>2,611</td><td>3,491</td><td></td><td></td><td></td></tr><tr><td>1956-Mar....</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td></td><td>1,449</td><td></td><td>6/2/41</td><td>taxable</td><td></td></tr><tr><td>June....</td><td>2-1/4% Treasury bond - 6/15/54-56</td><td></td><td>681</td><td></td><td>7/22/40</td><td>partially</td><td></td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td></td><td>982</td><td></td><td>9/15/36 2/1/44</td><td>partially taxable</td><td>9/15/46</td></tr><tr><td>Total....</td><td></td><td></td><td>6,253</td><td>681</td><td></td><td></td><td></td></tr><tr><td>1958-Mar....</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td></td><td></td><td>1,449</td><td>6/2/41</td><td>taxable</td><td></td></tr><tr><td>June....</td><td>2-3/4% Treasury bond - 6/15/58-63</td><td></td><td>919</td><td></td><td>6/15/38</td><td>partially</td><td></td></tr><tr><td>Total....</td><td></td><td></td><td>919</td><td>1,449</td><td></td><td></td><td></td></tr><tr><td>1959-June....</td><td>2-1/4% Treasury bond - 6/15/59-62</td><td></td><td>5,284</td><td></td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td></td><td>982</td><td></td><td>9/15/36 2/1/44</td><td>partially taxable</td><td>9/15/46</td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td></td><td>3,409</td><td></td><td>11/15/45</td><td>taxable</td><td>12/15/52</td></tr><tr><td>Total....</td><td></td><td></td><td>8,693</td><td>4,804</td><td></td><td></td><td></td></tr></table>
(Continued on following page)
March 1946
31
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States of January 31, 1946 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date of issue</th><th rowspan="2">Tax status 3/</th><th rowspan="2">Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th>Fixed-maturity issues</th><th>Callable issues classified by year of: First call</th><th>Final maturity</th></tr><tr><td>1960-Mar....</td><td>2-7/8% Treasury bond - 3/15/55-60.........</td><td>.....</td><td>.....</td><td>2,611</td><td>3/15/35</td><td>partially</td><td>.....</td></tr><tr><td>Dec....</td><td>2-3/4% Treasury bond - 12/15/60-65.........</td><td>.....</td><td>1,485</td><td>.....</td><td>12/15/38</td><td>partially</td><td>.....</td></tr><tr><td></td><td>Total.........</td><td>.....</td><td>1,485</td><td>2,611</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1961-June...</td><td>3% Panama Canal bond - 6/1/61.........</td><td>50</td><td>.....</td><td>.....</td><td>6/1/11</td><td>wholly</td><td>.....</td></tr><tr><td>1962-June...</td><td>2-1/4% Treasury bond - 6/15/59-62.........</td><td>.....</td><td>.....</td><td>5,284</td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td></td><td>2-1/2% Treasury bond - 6/15/62-67.........</td><td>.....</td><td>2,118</td><td>.....</td><td>5/5/42</td><td>taxable</td><td>5/5/52</td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond - 12/15/59-62.........</td><td>.....</td><td>.....</td><td>3,409</td><td>11/15/45</td><td>taxable</td><td>12/15/52</td></tr><tr><td></td><td>Total.........</td><td>.....</td><td>2,118</td><td>8,693</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1963-June...</td><td>2-3/4% Treasury bond - 6/15/58-63.........</td><td>.....</td><td>.....</td><td>919</td><td>6/15/38</td><td>partially taxable</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/63-68.........</td><td>.....</td><td>2,831</td><td>.....</td><td>12/1/42</td><td>taxable</td><td>12/1/52</td></tr><tr><td></td><td>Total.........</td><td>.....</td><td>2,831</td><td>919</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1964-June...</td><td>2-1/2% Treasury bond - 6/15/64-69.........</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/43</td><td>taxable</td><td>4/15/53</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/64-69.........</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/43</td><td>taxable</td><td>9/15/53</td></tr><tr><td></td><td>Total.........</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1965-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70.........</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/44</td><td>taxable</td><td>2/1/54</td></tr><tr><td>Dec....</td><td>2-3/4% Treasury bond - 12/15/60-65.........</td><td>.....</td><td>.....</td><td>1,485</td><td>12/15/38</td><td>partially</td><td>.....</td></tr><tr><td></td><td>Total.........</td><td>.....</td><td>5,197</td><td>1,485</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1966-Mar....</td><td>2-1/2% Treasury bond - 3/15/66-71.........</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/44</td><td>taxable</td><td>12/1/54</td></tr><tr><td>1967-June...</td><td>2-1/2% Treasury bond - 6/15/62-67.........</td><td>.....</td><td>.....</td><td>2,118</td><td>5/5/42</td><td>taxable</td><td>5/5/52</td></tr><tr><td></td><td>2-1/2% Treasury bond - 6/15/67-72.........</td><td>.....</td><td>7,967</td><td>.....</td><td>6/1/45</td><td>taxable</td><td>6/15/62</td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond - 9/15/67-72.........</td><td>.....</td><td>2,716</td><td>.....</td><td>10/20/41</td><td>taxable</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/67-72.........</td><td>.....</td><td>11,441</td><td>.....</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total.........</td><td>.....</td><td>22,124</td><td>2,118</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1968-Dec....</td><td>2-1/2% Treasury bond - 12/15/63-68.........</td><td>.....</td><td>.....</td><td>2,831</td><td>12/1/42</td><td>taxable</td><td>12/1/52</td></tr><tr><td>1969-June...</td><td>2-1/2% Treasury bond - 6/15/64-69.........</td><td>.....</td><td>.....</td><td>3,761</td><td>4/15/43</td><td>taxable</td><td>4/15/53</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/64-69.........</td><td>.....</td><td>.....</td><td>3,838</td><td>9/15/43</td><td>taxable</td><td>9/15/53</td></tr><tr><td></td><td>Total.........</td><td>.....</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70.........</td><td>.....</td><td>.....</td><td>5,197</td><td>2/1/44</td><td>taxable</td><td>2/1/54</td></tr><tr><td>1971-Mar....</td><td>2-1/2% Treasury bond - 3/15/66-71.........</td><td>.....</td><td>.....</td><td>3,481</td><td>12/1/44</td><td>taxable</td><td>12/1/54</td></tr><tr><td>1972-June...</td><td>2-1/2% Treasury bond - 6/15/67-72.........</td><td>.....</td><td>.....</td><td>7,967</td><td>6/1/45</td><td>taxable</td><td>6/15/62</td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond - 9/15/67-72.........</td><td>.....</td><td>.....</td><td>2,716</td><td>10/20/41</td><td>taxable</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/67-72.........</td><td>.....</td><td>.....</td><td>11,441</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total.........</td><td>.....</td><td>.....</td><td>22,124</td><td>.....</td><td>.....</td><td>.....</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.
3/ Federal securities fall into three broad groups with respect to in-
position 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. Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 25.
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- tion tendered 3/</th><th colspan="3">Amount issued</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>11/22/43</td><td>1/18/44</td><td>4th War Loan securities: 1/ 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</td><td>1/24/44</td><td>.90% Treas. note - 3/1/45......(2/1/44)</td><td>1 yr,1 m</td><td>2/1/54</td><td>2,127</td><td>2,127</td><td>2,127</td><td></td></tr><tr><td>3/2/44</td><td>3/2/44</td><td>2-1/2% Treas. bond - 3/15/65-70......(2/1/44) 2-1/4% Treas. bond - 9/15/56-59......(2/1/44) 1-1/2% Treas. note - 9/15/48......(3/15/44)</td><td>26 yr (21 yr) 8/ 15 yr,6 m (12 yr,6 m) 8/ 4 yr,6 m</td><td>9/15/46</td><td>77 95 3,748</td><td>77 95 3,748</td><td>77 95 3,748</td><td></td></tr><tr><td>3/22/44</td><td>3/22/44</td><td>7/8% Certificate - 4/1/45......(4/1/44)</td><td>1 yr</td><td></td><td>4,877</td><td>4,877</td><td>4,877</td><td></td></tr><tr><td>4/24/44</td><td>4/24/44</td><td>7/8% Certificate - 5/1/45......(5/1/44)</td><td>1 yr</td><td></td><td>1,615</td><td>1,615</td><td>1,615</td><td></td></tr><tr><td>4/14/44</td><td>6/12/44</td><td>5th War Loan securities: 1/ 2-1/2% Treas. bond- 3/15/65-70......(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</td><td>7/20/44</td><td>7/8% Certificate - 8/1/45......(8/1/44)</td><td>1 yr</td><td></td><td>2,511</td><td>2,511</td><td>2,511</td><td></td></tr><tr><td>8/24/44</td><td>8/24/44</td><td>7/8% Certificate - 9/1/45......(9/1/44)</td><td>1 yr</td><td></td><td>3,694</td><td>3,694</td><td>3,694</td><td></td></tr><tr><td>8/24/44</td><td>8/24/44</td><td>1% Treas. note - 3/15/46......(11/1/41)</td><td>1 yr,6m 10/......</td><td></td><td>788</td><td>788</td><td>788</td><td></td></tr><tr><td>9/20/44</td><td>9/25/44</td><td>7/8% Certificate - 10/1/45......(10/1/44)</td><td>1 yr</td><td></td><td>3,492</td><td>3,492</td><td>3,492</td><td></td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 1/ 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</td><td>11/20/44</td><td>.90% Treas. note - 1/1/46......(12/1/44)</td><td>1 yr,1 m</td><td>12/1/54</td><td>3,416</td><td>3,416</td><td>3,416</td><td></td></tr><tr><td>11/17/44</td><td>11/20/44</td><td>2-1/2% Treas. bond - 3/15/66-71......(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>26 yr,3 m (21 yr,3 m) 12/ 10 yr (8 yr) 12/ 2 yr,9m 12/</td><td>12/1/54</td><td>33 740 137 5,043</td><td>33 740 137 5,043</td><td>33 740 137 5,043</td><td></td></tr><tr><td>1/22/45</td><td>1/22/45</td><td>7/8% Certificate - 2/1/46......(2/1/45)</td><td>1 yr</td><td></td><td>4,147</td><td>4,147</td><td>4,147</td><td></td></tr><tr><td>2/19/45</td><td>2/19/45</td><td>7/8% Certificate - 3/1/46......(3/1/45)</td><td>1 yr</td><td></td><td>4,811</td><td>4,811</td><td>4,811</td><td></td></tr><tr><td>3/22/45</td><td>3/22/45</td><td>7/8% Certificate - 4/1/46......(4/1/45)</td><td>1 yr</td><td></td><td>1,579</td><td>1,579</td><td>1,579</td><td></td></tr><tr><td>4/19/45</td><td>4/19/45</td><td>7/8% Certificate - 5/1/46......(5/1/45)</td><td>1 yr</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>7th War Loan securities: 1/ 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</td><td>5/21/45</td><td>.90% Treas. note - 7/1/46......(6/1/45)</td><td>1 yr,1 m</td><td></td><td>4,910</td><td>4,910</td><td>4,910</td><td></td></tr><tr><td>7/23/45</td><td>7/23/45</td><td>7/8% Certificate - 8/1/46......(8/1/45)</td><td>1 yr</td><td></td><td>2,470</td><td>2,470</td><td>2,470</td><td></td></tr><tr><td>8/20/45</td><td>8/20/45</td><td>7/8% Certificate - 9/1/46......(9/1/45)</td><td>1 yr</td><td></td><td>4,336</td><td>4,336</td><td>4,336</td><td></td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Victory Loan securities: 7/ 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>11,689p 3,470p 3,768p</td><td>11,689p 3,470p 3,768p</td><td>11,689p 3,470p 3,768p</td><td></td></tr><tr><td>9/24/45</td><td>9/24/45</td><td>7/8% Certificate - 10/1/46......(10/1/45)</td><td>1 yr</td><td></td><td>3,440</td><td>3,440</td><td>3,440</td><td></td></tr><tr><td>11/19/45</td><td>11/19/45</td><td>7/8% Certificate - 11/1/46......(12/1/45)</td><td>11 m</td><td></td><td>3,778</td><td>3,778</td><td>3,778</td><td></td></tr><tr><td>12/17/45</td><td>12/17/45</td><td>7/8% Certificate - 1/1/47......(1/1/46)</td><td>1 yr</td><td></td><td>3,330</td><td>3,330</td><td>3,330</td><td></td></tr><tr><td>1/21/46</td><td>1/21/46</td><td>7/8% Certificate - 2/1/47......(2/1/46)</td><td>1 yr</td><td></td><td>4,954p 13/</td><td>4,954p 13/</td><td>4,954p 13/</td><td></td></tr><tr><td>2/18/46</td><td>2/18/46</td><td>7/8% Certificate - 3/1/47......(3/1/46)</td><td>1 yr</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Bureau of the Public Debt.
Note: For period December 1941 through October 1943, see "Treasury Bulletin" for November 1944, page 32.
p 1/ Preliminary.
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 issue offered in the War Loan for limited investment of their savings deposits; (2) commercial banks may temporarily acquire restricted issues through foreclosure when such issues have been used as collateral.
3/ Consists of all public cash subscriptions and of subscriptions by
U. S. Government agencies and trust funds.
Reopening of previously offered security.
Interest commenced on October 15, 1943.
Announcement of exchange offering was included in announcement of Third War Loan, August 16, 1943.
Figures on amount of War Loan securities issued consist both of amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and to Treasury investment accounts.
Interest commenced on March 15, 1944.
Interest commenced on June 26, 1944.
Interest commenced on September 15, 1944.
This is the same security that was offered in the Sixth War Loan.
Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
Amounts not yet available.
March 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>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>12/1/43 12/15/43</td><td>7/8% Certificate - 12/1/43......(12/1/42) 1-1/8% Tress. note - 12/15/43......(12/15/38)</td><td>3,800 421</td><td>260 421</td><td>3,540</td><td>93</td><td>7/8% Certificate - 12/1/44</td></tr><tr><td>2/1/44 2/1/44</td><td>1-3/8% FFHA note - 2/1/44......(2/1/39) 7/8% Certificate - 2/1/44......(2/1/43)</td><td>114 2,211</td><td>114 84</td><td>2,127</td><td>96</td><td>.90% Tress. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>3-1/4% FMIC bond - 3/15/44-54......(3/15/34) 3% FMIC bond - 5/15/44-49......(5/15/34) 1% EPC note - 4/15/44......(7/3/41) 3% HOLC bond - 5/1/44-52......(5/1/34) 3-1/4% Tress. bond - 4/15/44-65......(4/16/34) 1% Tress. note - 3/15/44......(11/1/39) 3/4% Tress. note - 6/15/44......(6/15/39)</td><td>95 835 571 779 1,519 515 416</td><td>19 130 12 175 296 32 146</td><td>76 705 559 604 1,223 483 270</td><td>80 84 98 78 81 94 65</td><td>2-1/4% Tress. bond - 9/15/56-59 2-1/2% Tress. bond - 3/15/65-70 1-1/2% Tress. note - 9/15/48</td></tr><tr><td></td><td>Total for exchange transaction of 3/15/44..</td><td>4,729</td><td>810</td><td>3,919</td><td>83</td><td></td></tr><tr><td>4/1/44 5/1/44 8/1/44 9/1/44</td><td>7/8% Certificate - 4/1/44......(4/15/43) 7/8% Certificate - 5/1/44......(5/1/43) 7/8% Certificate - 8/1/44......(8/2/43) 7/8% Certificate - 9/1/44......(9/15/43)</td><td>5,251 1,655 2,545 4,122</td><td>374 40 34 428</td><td>4,877 1,615 2,511 3,694</td><td>93 98 99 90</td><td>7/8% Certificate - 4/1/45 7/8% Certificate - 5/1/45 7/8% Certificate - 8/1/45 7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% Tress. note - 9/15/44......(1/31/41) 1% Tress. note - 9/15/44......(12/22/39)</td><td>635 283</td><td>33 98</td><td>602 185</td><td>95 66</td><td>1% Tress. note - 3/15/46</td></tr><tr><td></td><td>Total for exchange transaction of 9/15/44..</td><td>918</td><td>130</td><td>788</td><td>86</td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% Certificate - 10/1/44......(10/15/43) 7/8% Certificate - 12/1/44......(12/1/43)</td><td>3,519 3,540</td><td>27 124</td><td>3,492 3,416</td><td>92 96</td><td>7/8% Certificate - 10/1/45 .90% Tress. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>4% Tress. 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% Tress. note - 9/15/47 2% Tress. bond - 12/15/52-54 2-1/2% Tress. bond - 3/15/65-712/</td></tr><tr><td>2/1/45</td><td>7/8% Certificate - 2/1/45......(2/1/44) 1-1/8% CCC note - 2/15/45......(7/21/41) Total for exchange transaction of 2/1/45..</td><td>5,048 412 5,460</td><td>400 17 415</td><td>4,649 395 5,043</td><td>92 96 92</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td>3/1/45</td><td>.90% Tress. note - 3/1/45......(2/1/44) 3/4% Tress. note - 3/15/45......(3/15/40) 1-1/4% Tress. note - 3/15/45......(9/25/42) Total for exchange transaction of 3/1/45..</td><td>2,127 718 1,606 4,451</td><td>18 225 60 304</td><td>2,109 493 1,546 4,147</td><td>99 69 96 93</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td>4/1/45 5/1/45</td><td>7/8% Certificate - 4/1/45......(4/1/44) 7/8% Certificate - 5/1/45......(5/1/44)</td><td>4,877 1,615</td><td>66 35</td><td>4,811 1,579</td><td>99 98</td><td>7/8% Certificate - 4/1/46 7/8% Certificate - 5/1/46</td></tr><tr><td>6/1/45</td><td>7/8% Certificate - 6/1/45......(6/26/44) 1-1/2% HOLC bond - 6/1/45-47......(6/1/39) Total for exchange transaction of 6/1/45..</td><td>4,770 155 5,525</td><td>583 32 615</td><td>4,187 723 4,910</td><td>88 96 89</td><td>.90% Tress. note - 7/1/46</td></tr><tr><td>8/1/45</td><td>7/8% 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% Certificate - 9/1/45......(9/1/44) 2-3/4% Tress. bond - 9/15/45-47......(9/16/35) Total for exchange transaction of 9/1/45..</td><td>3,694 1,214 4,908</td><td>265 307 572</td><td>3,429 907 4,336</td><td>93 75 88</td><td>7/8% Certificate - 9/1/46</td></tr><tr><td>10/1/45</td><td>7/8% 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% Certificate - 12/1/45......(12/1/44) 3/4% Tress. note - 12/15/45......(12/18/40) 2-1/2% Tress. bond - 12/15/45......(12/15/37) Total for exchange transaction of 12/1/45..</td><td>4,395 531 541 5,467</td><td>1,463 93 133 1,689</td><td>2,932 438 408 3,778</td><td>67 82 75 69</td><td>7/8% Certificate - 11/1/46</td></tr><tr><td>1/1/46 2/1/46</td><td>.90% Tress. note - 1/1/46......(12/1/44) 7/8% Certificate - 3/1/46......(2/1/45)</td><td>3,416 5,043</td><td>85 89p</td><td>3,330 4,954p</td><td>98 98p</td><td>7/8% Certificate - 1/1/47 7/8% Certificate - 2/1/47</td></tr><tr><td>3/1/46</td><td>7/8% Certificate - 3/1/46 3/......(3/1/45) 3-3/4% Tress. bond - 3/15/46-56......(3/15/26) 1% Tress. note - 3/15/46......(11/1/41)</td><td>4,147 489 1,291</td><td>4 1/ 4/ 1/</td><td>1/ 1/ 1/</td><td>1/</td><td>7/8% Certificate - 3/1/47</td></tr></table>
Source: Bureau of the Public Debt
Note: For period December 1941 through November 1943 see "Treasury Bulletin" for November 1944, page 33.
P 1/ Preliminary. Original call and maturity dates are used.
2/ Bank restricted issue.
3/ About $1 billion of the maturing certificates will be retired on cash redemption.
4/ Amounts not yet available.
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="3">Description of new issue</th><th colspan="3">Amount of bids accepted</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>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th></tr><tr><td>1945-Jan. 4.</td><td>1945-Apr. 5.</td><td>91</td><td>2,465.0</td><td>1,204.9</td><td>1,153.5</td><td>51.5</td><td>1,218.0</td><td>16,414.7</td></tr><tr><td>Jan. 11.</td><td>Apr. 12.</td><td>91</td><td>2,157.4</td><td>1,303.0</td><td>1,227.1</td><td>75.9</td><td>1,312.6</td><td>16,405.1</td></tr><tr><td>Jan. 13.</td><td>Apr. 19.</td><td>91</td><td>2,198.2</td><td>1,302.6</td><td>1,229.2</td><td>73.4</td><td>1,313.9</td><td>16,393.9</td></tr><tr><td>Jan. 25.</td><td>Apr. 26.</td><td>91</td><td>2,195.0</td><td>1,318.4</td><td>1,248.4</td><td>69.9</td><td>1,308.9</td><td>16,403.3</td></tr><tr><td>Feb. 1.</td><td>May 3.</td><td>91</td><td>2,056.7</td><td>1,315.8</td><td>1,258.0</td><td>57.8</td><td>1,311.0</td><td>16,408.1</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>1,302.7</td><td>1,242.7</td><td>60.0</td><td>1,313.5</td><td>16,398.7</td></tr><tr><td>Mar. 1.</td><td>May 31.</td><td>91</td><td>2,065.8</td><td>1,314.2</td><td>1,255.1</td><td>59.0</td><td>1,203.7</td><td>16,509.2</td></tr><tr><td>Mar. 8.</td><td>June 7.</td><td>91</td><td>2,436.4</td><td>1,310.2</td><td>1,249.6</td><td>60.5</td><td>1,204.9</td><td>16,614.5</td></tr><tr><td>Mar. 15.</td><td>June 14.</td><td>91</td><td>2,085.8</td><td>1,316.1</td><td>1,253.4</td><td>62.7</td><td>1,207.0</td><td>16,723.6</td></tr><tr><td>Mar. 22.</td><td>June 21.</td><td>91</td><td>2,075.2</td><td>1,302.5</td><td>1,233.9</td><td>68.5</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>2,018.7</td><td>1,314.3</td><td>1,264.8</td><td>49.5</td><td>1,315.8</td><td>17,039.8</td></tr><tr><td>May 10.</td><td>Aug. 9.</td><td>91</td><td>2,012.9</td><td>1,307.4</td><td>1,252.9</td><td>54.5</td><td>1,310.2</td><td>17,037.0</td></tr><tr><td>May 17.</td><td>Aug. 16.</td><td>91</td><td>2,029.9</td><td>1,307.4</td><td>1,255.1</td><td>52.3</td><td>1,300.1</td><td>17,044.3</td></tr><tr><td>May 24.</td><td>Aug. 23.</td><td>91</td><td>2,067.9</td><td>1,313.1</td><td>1,262.1</td><td>51.0</td><td>1,308.7</td><td>17,048.7</td></tr><tr><td>May 31.</td><td>Aug. 30.</td><td>91</td><td>2,043.1</td><td>1,314.4</td><td>1,263.0</td><td>51.4</td><td>1,314.2</td><td>17,048.9</td></tr><tr><td>June 7.</td><td>Sept. 6.</td><td>91</td><td>2,071.4</td><td>1,302.3</td><td>1,251.7</td><td>50.6</td><td>1,310.2</td><td>17,041.1</td></tr><tr><td>June 14.</td><td>Sept. 13.</td><td>91</td><td>2,112.8</td><td>1,309.8</td><td>1,251.5</td><td>58.3</td><td>1,316.1</td><td>17,034.7</td></tr><tr><td>June 21.</td><td>Sept. 20.</td><td>91</td><td>2,243.0</td><td>1,305.3</td><td>1,246.5</td><td>58.9</td><td>1,302.5</td><td>17,037.5</td></tr><tr><td>June 28.</td><td>Sept. 27.</td><td>91</td><td>2,256.3</td><td>1,317.8</td><td>1,253.9</td><td>63.9</td><td>1,314.0</td><td>17,041.3</td></tr><tr><td>July 5.</td><td>Oct. 4.</td><td>91</td><td>2,028.5</td><td>1,304.9</td><td>1,253.0</td><td>51.9</td><td>1,317.1</td><td>17,029.1</td></tr><tr><td>July 12.</td><td>Oct. 11.</td><td>91</td><td>2,233.0</td><td>1,310.6</td><td>1,252.7</td><td>58.0</td><td>1,303.9</td><td>17,035.8</td></tr><tr><td>July 19.</td><td>Oct. 18.</td><td>91</td><td>2,044.7</td><td>1,305.5</td><td>1,237.4</td><td>68.1</td><td>1,318.2</td><td>17,023.1</td></tr><tr><td>July 26.</td><td>Oct. 25.</td><td>91</td><td>2,045.9</td><td>1,312.1</td><td>1,252.0</td><td>60.1</td><td>1,310.3</td><td>17,024.9</td></tr><tr><td>Aug. 2.</td><td>Nov. 1.</td><td>91</td><td>1,938.6</td><td>1,317.0</td><td>1,267.6</td><td>49.4</td><td>1,314.3</td><td>17,027.5</td></tr><tr><td>Aug. 9.</td><td>Nov. 8.</td><td>91</td><td>2,008.2</td><td>1,318.7</td><td>1,265.3</td><td>53.4</td><td>1,307.4</td><td>17,038.9</td></tr><tr><td>Aug. 16.</td><td>Nov. 15.</td><td>91</td><td>2,006.0</td><td>1,314.5</td><td>1,257.4</td><td>57.1</td><td>1,307.4</td><td>17,045.9</td></tr><tr><td>Aug. 23.</td><td>Nov. 23.</td><td>92</td><td>1,955.4</td><td>1,310.5</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>1,305.1</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</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>1,266.1</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>1,309.8</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>1,310.4</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><tr><td>Dec. 6.</td><td>Mar. 7.</td><td>91</td><td>2,163.0</td><td>1,303.5</td><td>1,254.7</td><td>48.8</td><td>1,306.1</td><td>17,023.7</td></tr><tr><td>Dec. 13.</td><td>Mar. 14.</td><td>91</td><td>2,085.4</td><td>1,301.8</td><td>1,246.2</td><td>55.6</td><td>1,302.0</td><td>17,023.5</td></tr><tr><td>Dec. 20.</td><td>Mar. 21.</td><td>91</td><td>2,030.9</td><td>1,316.5</td><td>1,262.1</td><td>54.4</td><td>1,306.7</td><td>17,033.3</td></tr><tr><td>Dec. 27.</td><td>Mar. 28.</td><td>91</td><td>2,038.4</td><td>1,304.4</td><td>1,265.0</td><td>39.3</td><td>1,300.6</td><td>17,037.1</td></tr><tr><td>1946-Jan. 3.</td><td>Apr. 4.</td><td>91</td><td>2,905.0</td><td>1,302.9</td><td>1,264.4</td><td>38.5</td><td>1,310.5</td><td>17,029.5</td></tr><tr><td>Jan. 10.</td><td>Apr. 11.</td><td>91</td><td>2,259.5</td><td>1,316.1</td><td>1,253.6</td><td>62.5</td><td>1,311.0</td><td>17,034.6</td></tr><tr><td>Jan. 17.</td><td>Apr. 18.</td><td>91</td><td>2,005.3</td><td>1,312.1</td><td>1,250.9</td><td>61.2</td><td>1,309.6</td><td>17,037.1</td></tr><tr><td>Jan. 24.</td><td>Apr. 25.</td><td>91</td><td>2,016.3</td><td>1,316.9</td><td>1,256.9</td><td>60.0</td><td>1,310.0</td><td>17,044.0</td></tr><tr><td>Jan. 31.</td><td>May 2.</td><td>91</td><td>2,025.2</td><td>1,315.9</td><td>1,262.1</td><td>53.7</td><td>1,318.2</td><td>17,041.6</td></tr></table>
Source: Data on new issues come from Public Debt Service; amount of maturing issue and total bills outstanding are on Daily Treasury Statement basis. Back Figures: Annual Reports of the Secretary of the Treasury.
1/ Tenders for $200,000 or less from any one bidder are accepted in full at 99.905 per hundred.
March 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 bids 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>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>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 25.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 1.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 8.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 15.</td><td>99.905</td><td>0.375</td><td>99.911</td><td>0.352</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 23.</td><td>99.906</td><td>0.376</td><td>99.910</td><td>0.350</td><td>99.906</td><td>0.376</td></tr><tr><td>Mar. 1.</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 8.</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.356</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 3/</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>0.368</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><tr><td>Dec. 6.</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. 13.</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. 20.</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. 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>1946-Jan. 3.</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. 10.</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>Jan. 17.</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>Jan. 24.</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>Jan. 31.</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr></table>
Source: Public Debt Service. Back figures: Annual Reports of the Secretary of the Treasury. 1/ Bank discount basis.
2/ Except $2,000,000 at 99.925.
3/ Except $75,000 at 99.925.
36
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds
United States savings bonds were first offered for sale in March 1935. Bonds of series A-D were sold between March 1935 and April 1941. Series E, F, and G bonds have been on sale since May 1, 1941.
Series A-E bonds are 10-year discount bonds sold at 75% of maturity value, and yield 2.90% per annum if held to maturity. Series F bonds are 12-year discount bonds sold at 74% of maturity value, and yield 2.53% per annum if held to maturity. Series G bonds are 12-year current income bonds, sold at par, bearing interest at 2-1/2% per annum, and redeemable at par at maturity or at stated prices less than par before maturity.
Purchases of series A-D bonds were limited to $7,500 issue price in any one calendar year. These bonds were available to all subscribers prior to April 1, 1940, and to individuals only after that date. Purchases of series E bonds are limited to $3,750 issue price in any one calendar year, and may be made only by individuals (defined as natural persons only). The limit for series F and G combined is $100,000 issue price in any one calendar year ($50,000 in calendar year 1941).
Series F and G bonds are available to all subscribers except commercial banks. Commercial banks, however, were permitted to purchase these bonds during certain periods and with certain restrictions. For details concerning these periods and restrictions see "Treasury Bulletin" for December 1944, page 36, footnote 9, and "Treasury Bulletin" for February 1946, page 37, footnote 9. For details concerning features, investment yields, and redemption values see "Treasury Bulletin" for May 1945, pages A-3 and A-4.
Series A bonds matured in 1945, and bonds of series B began to mature in January 1946. Matured bonds turned in for redemption are included in the figures on redemptions. Matured bonds outstanding are reflected in the interest-bearing debt until all bonds of the series have matured, when they are transferred to matured debt upon which interest has ceased, in accordance with the practice of the Daily Treasury Statement.
In the following tables sales figures are quoted at issue price, and redemptions and amounts outstanding at current redemption values. Amounts of series G outstanding are quoted at par.
Table 1.- Summary of Sales and Redemptions, by Series, as of January 31, 1946
<table><tr><th>United States savings bonds</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="8">(In millions of dollars)</td></tr><tr><td>Matured series: Series A</td><td>204</td><td>52</td><td>255</td><td>225</td><td>30</td><td>-</td><td>1/</td></tr><tr><td>Unmatured series: Series B</td><td>370</td><td>84</td><td>454</td><td>145</td><td>-</td><td>310</td><td>31.82</td></tr><tr><td>Series C</td><td>1,010</td><td>181</td><td>1,191</td><td>274</td><td>-</td><td>917</td><td>23.00</td></tr><tr><td>Series D</td><td>2,365</td><td>290</td><td>2,655</td><td>420</td><td>-</td><td>2,235</td><td>15.82</td></tr><tr><td>Total, Series B, C, and D</td><td>3,745</td><td>555</td><td>4,300</td><td>838</td><td>-</td><td>3,462</td><td>19.50</td></tr><tr><td>Series E</td><td>40,321</td><td>659</td><td>40,980</td><td>10,109 2/</td><td>-</td><td>30,870</td><td>24.67</td></tr><tr><td>Series F</td><td>3,013</td><td>49</td><td>3,062</td><td>239</td><td>-</td><td>2,823</td><td>7.79</td></tr><tr><td>Series G</td><td>12,030</td><td>-</td><td>12,030</td><td>598</td><td>-</td><td>11,432</td><td>4.97</td></tr><tr><td>Total, Series E, F, and G</td><td>55,364</td><td>708</td><td>56,072</td><td>10,946</td><td>-</td><td>45,126</td><td>19.52</td></tr><tr><td>Total, Series B-G</td><td>59,109</td><td>1,263</td><td>60,372</td><td>11,784</td><td>-</td><td>48,588</td><td>19.52</td></tr><tr><td>Total, Series A-G</td><td>59,313</td><td>1,314</td><td>60,627</td><td>12,010</td><td>30</td><td>48,588</td><td>1/</td></tr></table>
Source: Daily Treasury Statements. 1/ Not calculated for matured series
2/ Includes unclassified redemptions which contain small amounts of Series A-D bonds.
March 1946
37
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions 1/</th><th colspan="2">Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th colspan="5">(In millions of dollars)</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="8">All series</td></tr></table>
<table><tr><td>Total, inception to January 1, 1946</td><td>59,313</td><td>1,314</td><td>60,627</td><td>12,010</td><td>30</td><td>48,588</td><td>-</td></tr><tr><td colspan="8">Fiscal years:</td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>148</td><td>-</td><td>4,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,298</td><td>-</td><td>45,586</td><td>-</td></tr><tr><td colspan="8">Calendar years:</td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>3,036</td><td>77</td><td>3,113</td><td>168</td><td>-</td><td>6,110</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>102</td><td>9,259</td><td>349</td><td>-</td><td>15,050</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>169</td><td>13,898</td><td>1,585</td><td>-</td><td>27,353</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>484</td><td>13,421</td><td>5,558</td><td>41</td><td>48,183</td><td>-</td></tr><tr><td colspan="8">Months:</td></tr><tr><td>1945-January</td><td>1,074</td><td>47</td><td>1,121</td><td>341</td><td>-</td><td>41,140</td><td>.83</td></tr><tr><td>February</td><td>848</td><td>33</td><td>881</td><td>323</td><td>-</td><td>41,698</td><td>.77</td></tr><tr><td>March</td><td>889</td><td>36</td><td>925</td><td>464</td><td>-</td><td>42,159</td><td>1.10</td></tr><tr><td>April</td><td>838</td><td>32</td><td>870</td><td>404</td><td>-</td><td>42,626</td><td>.95</td></tr><tr><td>May</td><td>1,540</td><td>28</td><td>1,566</td><td>426</td><td>-</td><td>43,767</td><td>.97</td></tr><tr><td>June</td><td>2,178</td><td>44</td><td>2,222</td><td>403</td><td>-</td><td>45,586</td><td>.88</td></tr><tr><td>July</td><td>1,294</td><td>56</td><td>1,351</td><td>428</td><td>-</td><td>46,908</td><td>.92</td></tr><tr><td>August</td><td>700</td><td>38</td><td>738</td><td>531</td><td>-</td><td>46,715</td><td>1.14</td></tr><tr><td>September</td><td>514</td><td>42</td><td>555</td><td>528</td><td>-</td><td>46,741</td><td>1.13</td></tr><tr><td>October</td><td>624</td><td>37</td><td>661</td><td>616</td><td>-</td><td>46,786</td><td>1.32</td></tr><tr><td>November</td><td>1,184</td><td>36</td><td>1,220</td><td>533</td><td>-</td><td>47,473</td><td>1.12</td></tr><tr><td>December</td><td>1,254</td><td>57</td><td>1,310</td><td>559</td><td>41</td><td>48,183</td><td>1.16</td></tr><tr><td>1946-January</td><td>960</td><td>64</td><td>1,023</td><td>629</td><td>30</td><td>48,588</td><td>1.29</td></tr></table>
<table><tr><th colspan="8">Series A-D</th></tr><tr><td>Total, inception to January 31, 1946</td><td>3,949</td><td>607</td><td>4,555</td><td>1,064</td><td>30</td><td>3,462</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>828</td><td>65</td><td>893</td><td>148</td><td>-</td><td>3,650</td><td>-</td></tr><tr><td>1942</td><td>1</td><td>86</td><td>87</td><td>133</td><td>-</td><td>3,604</td><td>-</td></tr><tr><td>1943</td><td>-</td><td>92</td><td>92</td><td>88</td><td>-</td><td>3,608</td><td>-</td></tr><tr><td>1944</td><td>-</td><td>96</td><td>96</td><td>79</td><td>-</td><td>3,625</td><td>-</td></tr><tr><td>1945</td><td>-</td><td>103</td><td>103</td><td>143</td><td>-</td><td>3,585</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>499</td><td>77</td><td>576</td><td>155</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1942</td><td>-</td><td>90</td><td>91</td><td>104</td><td>-</td><td>3,603</td><td>-</td></tr><tr><td>1943</td><td>-</td><td>94</td><td>94</td><td>81</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1944</td><td>-</td><td>100</td><td>100</td><td>78</td><td>-</td><td>3,638</td><td>-</td></tr><tr><td>1945</td><td>-</td><td>105</td><td>105</td><td>226</td><td>41</td><td>3,477</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>-</td><td>15</td><td>15</td><td>8</td><td>-</td><td>3,045</td><td>.22</td></tr><tr><td>February</td><td>-</td><td>8</td><td>8</td><td>6</td><td>-</td><td>3,047</td><td>.17</td></tr><tr><td>March</td><td>-</td><td>8</td><td>8</td><td>26</td><td>-</td><td>3,629</td><td>.71</td></tr><tr><td>April</td><td>-</td><td>7</td><td>7</td><td>22</td><td>-</td><td>3,614</td><td>.62</td></tr><tr><td>May</td><td>-</td><td>6</td><td>6</td><td>22</td><td>-</td><td>3,597</td><td>.62</td></tr><tr><td>June</td><td>-</td><td>9</td><td>9</td><td>21</td><td>-</td><td>3,585</td><td>.58</td></tr><tr><td>July</td><td>-</td><td>16</td><td>16</td><td>22</td><td>-</td><td>3,579</td><td>.62</td></tr><tr><td>August</td><td>-</td><td>9</td><td>9</td><td>16</td><td>-</td><td>3,572</td><td>.45</td></tr><tr><td>September</td><td>-</td><td>7</td><td>7</td><td>14</td><td>-</td><td>3,565</td><td>.39</td></tr><tr><td>October</td><td>-</td><td>1</td><td>1</td><td>30</td><td>-</td><td>3,551</td><td>.58</td></tr><tr><td>November</td><td>-</td><td>6</td><td>6</td><td>23</td><td>-</td><td>3,534</td><td>.61</td></tr><tr><td>December</td><td>-</td><td>9</td><td>9</td><td>25</td><td>41</td><td>3,477</td><td>.21</td></tr><tr><td>1946-January</td><td>-</td><td>16</td><td>16</td><td>42</td><td>30</td><td>3,462</td><td>1.21</td></tr></table>
(Continued on following page)
38
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="7">(In millions of dollars)</td></tr><tr><td colspan="7">Series E, F, and G</td></tr><tr><td>Total, inception to January 31, 1946</td><td>55,364</td><td>708</td><td>56,072</td><td>10,946</td><td>45,126</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>6,584</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>17,648</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>30,981</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>284</td><td>15,175</td><td>4,156</td><td>42,000</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>2,524</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>12</td><td>9,169</td><td>246</td><td>11,447</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>23,746</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>195</td><td>16,239</td><td>3,263</td><td>36,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>44,706</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>1,074</td><td>32</td><td>1,106</td><td>333</td><td>37,495</td><td>.89</td></tr><tr><td>February</td><td>848</td><td>25</td><td>873</td><td>317</td><td>38,051</td><td>.83</td></tr><tr><td>March</td><td>889</td><td>28</td><td>917</td><td>438</td><td>38,530</td><td>1.14</td></tr><tr><td>April</td><td>838</td><td>25</td><td>863</td><td>381</td><td>39,012</td><td>.98</td></tr><tr><td>May</td><td>1,540</td><td>22</td><td>1,562</td><td>404</td><td>40,170</td><td>1.01</td></tr><tr><td>June</td><td>2,178</td><td>35</td><td>2,213</td><td>383</td><td>42,000</td><td>.91</td></tr><tr><td>July</td><td>1,294</td><td>41</td><td>1,335</td><td>405</td><td>42,929</td><td>.95</td></tr><tr><td>August</td><td>700</td><td>29</td><td>729</td><td>515</td><td>43,143</td><td>1.19</td></tr><tr><td>September</td><td>514</td><td>33</td><td>548</td><td>514</td><td>43,176</td><td>1.19</td></tr><tr><td>October</td><td>624</td><td>30</td><td>654</td><td>596</td><td>43,235</td><td>1.38</td></tr><tr><td>November</td><td>1,184</td><td>30</td><td>1,214</td><td>511</td><td>43,938</td><td>1.16</td></tr><tr><td>December</td><td>1,254</td><td>48</td><td>1,301</td><td>534</td><td>44,706</td><td>1.19</td></tr><tr><td>1946-January</td><td>960</td><td>48</td><td>1,008</td><td>587</td><td>45,126</td><td>1.30</td></tr><tr><td colspan="7">Series I</td></tr><tr><td>Total, inception to January 31, 1946</td><td>40,321</td><td>659</td><td>40,980</td><td>10,109</td><td>30,870</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>3,672</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,820</td><td>118</td><td>11,938</td><td>2,100</td><td>21,125</td><td>-</td></tr><tr><td>1945</td><td>11,553</td><td>265</td><td>11,818</td><td>3,846</td><td>29,097</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>1,134</td><td>-</td></tr><tr><td>1942</td><td>5,989</td><td>10</td><td>5,999</td><td>209</td><td>6,923</td><td>-</td></tr><tr><td>1943</td><td>10,344</td><td>70</td><td>10,414</td><td>1,380</td><td>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>25,515</td><td>-</td></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>30,727</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>804</td><td>29</td><td>833</td><td>306</td><td>26,042</td><td>1.17</td></tr><tr><td>February</td><td>653</td><td>23</td><td>677</td><td>290</td><td>26,428</td><td>1.10</td></tr><tr><td>March</td><td>712</td><td>26</td><td>739</td><td>406</td><td>26,760</td><td>1.52</td></tr><tr><td>April</td><td>684</td><td>23</td><td>708</td><td>352</td><td>27,109</td><td>1.32</td></tr><tr><td>May</td><td>1,195</td><td>20</td><td>1,215</td><td>376</td><td>27,948</td><td>1.35</td></tr><tr><td>June</td><td>1,468</td><td>33</td><td>1,501</td><td>352</td><td>29,097</td><td>1.21</td></tr><tr><td>July</td><td>1,032</td><td>37</td><td>1,069</td><td>375</td><td>29,791</td><td>1.26</td></tr><tr><td>August</td><td>571</td><td>28</td><td>599</td><td>485</td><td>29,905</td><td>1.62</td></tr><tr><td>September</td><td>420</td><td>32</td><td>451</td><td>487</td><td>29,869</td><td>1.63</td></tr><tr><td>October</td><td>510</td><td>28</td><td>537</td><td>562</td><td>29,844</td><td>1.88</td></tr><tr><td>November</td><td>865</td><td>28</td><td>893</td><td>474</td><td>30,263</td><td>1.57</td></tr><tr><td>December</td><td>908</td><td>45</td><td>953</td><td>490</td><td>30,727</td><td>1.59</td></tr><tr><td>1946-January</td><td>641</td><td>44</td><td>685</td><td>541</td><td>30,870</td><td>1.75</td></tr></table>
(Continued on following page)
March 1946
39
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="7">(In millions of dollars)</td></tr><tr><td colspan="7">Series F</td></tr><tr><td>Total, inception to January 31, 1946</td><td>3,013</td><td>.49</td><td>3,062</td><td>239</td><td>2,823</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>*</td><td>435</td><td>3</td><td>499</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>1,242</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>53</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>2,604</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>208</td><td>-</td><td>208</td><td>*</td><td>207</td><td>-</td></tr><tr><td>1942</td><td>652</td><td>2</td><td>654</td><td>7</td><td>854</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>2,793</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>42</td><td>2</td><td>44</td><td>7</td><td>2,315</td><td>.32</td></tr><tr><td>February</td><td>31</td><td>1</td><td>32</td><td>9</td><td>2,338</td><td>.37</td></tr><tr><td>March</td><td>26</td><td>2</td><td>28</td><td>9</td><td>2,357</td><td>.39</td></tr><tr><td>April</td><td>23</td><td>2</td><td>25</td><td>6</td><td>2,376</td><td>.35</td></tr><tr><td>May</td><td>63</td><td>2</td><td>65</td><td>8</td><td>2,433</td><td>.31</td></tr><tr><td>June</td><td>178</td><td>2</td><td>180</td><td>9</td><td>2,604</td><td>.34</td></tr><tr><td>July</td><td>47</td><td>3</td><td>51</td><td>8</td><td>2,647</td><td>.38</td></tr><tr><td>August</td><td>22</td><td>2</td><td>23</td><td>8</td><td>2,662</td><td>.38</td></tr><tr><td>September</td><td>18</td><td>2</td><td>20</td><td>8</td><td>2,674</td><td>.38</td></tr><tr><td>October</td><td>8</td><td>2</td><td>10</td><td>10</td><td>2,674</td><td>.37</td></tr><tr><td>November</td><td>54</td><td>2</td><td>56</td><td>10</td><td>2,720</td><td>.37</td></tr><tr><td>December</td><td>83</td><td>3</td><td>86</td><td>13</td><td>2,793</td><td>.38</td></tr><tr><td>1946-January</td><td>40</td><td>4</td><td>44</td><td>14</td><td>2,823</td><td>.48</td></tr><tr><td colspan="7">Series G</td></tr><tr><td>Total, inception to January 31, 1946</td><td>12,030</td><td>-</td><td>12,030</td><td>598</td><td>11,432</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>395</td><td>-</td><td>395</td><td>1</td><td>394</td><td>-</td></tr><tr><td>1942</td><td>2,032</td><td>-</td><td>2,032</td><td>12</td><td>2,014</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>5,119</td><td>-</td></tr><tr><td>1944</td><td>2,876</td><td>-</td><td>2,876</td><td>134</td><td>7,861</td><td>-</td></tr><tr><td>1945</td><td>2,658</td><td>-</td><td>2,658</td><td>220</td><td>10,299</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>2</td><td>1,183</td><td>-</td></tr><tr><td>1942</td><td>2,516</td><td>-</td><td>2,516</td><td>29</td><td>3,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>-</td><td>2,891</td><td>181</td><td>8,931</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>264</td><td>11,186</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>228</td><td>-</td><td>228</td><td>20</td><td>9,139</td><td>.22</td></tr><tr><td>February</td><td>164</td><td>-</td><td>164</td><td>18</td><td>9,285</td><td>.19</td></tr><tr><td>March</td><td>150</td><td>-</td><td>150</td><td>22</td><td>9,413</td><td>.24</td></tr><tr><td>April</td><td>130</td><td>-</td><td>130</td><td>17</td><td>9,526</td><td>.17</td></tr><tr><td>May</td><td>282</td><td>-</td><td>282</td><td>21</td><td>9,788</td><td>.21</td></tr><tr><td>June</td><td>532</td><td>-</td><td>532</td><td>22</td><td>10,299</td><td>.21</td></tr><tr><td>July</td><td>215</td><td>-</td><td>215</td><td>22</td><td>10,492</td><td>.21</td></tr><tr><td>August</td><td>107</td><td>-</td><td>107</td><td>22</td><td>10,577</td><td>.21</td></tr><tr><td>September</td><td>76</td><td>-</td><td>76</td><td>20</td><td>10,633</td><td>.19</td></tr><tr><td>October</td><td>107</td><td>-</td><td>107</td><td>23</td><td>10,717</td><td>.22</td></tr><tr><td>November</td><td>265</td><td>-</td><td>265</td><td>26</td><td>10,955</td><td>.24</td></tr><tr><td>December</td><td>262</td><td>-</td><td>262</td><td>31</td><td>11,186</td><td>.28</td></tr><tr><td>1946-January</td><td>278</td><td>-</td><td>278</td><td>33</td><td>11,432</td><td>.28</td></tr></table>
Source: Daily Treasury Statement. * Less than $500,000.
1/ Beginning October 1944 series E redemptions include unclassified redemptions which contain small amounts of series A-D.
40
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 3.- Sales by Series, Classified by Denominations
<table><tr><th rowspan="2">Period</th><th rowspan="2">Total all denominations</th><th colspan="8">Sales in millions of dollars at issue price</th><th rowspan="2">Total all denominations</th><th colspan="4">Percentage distribution of sales</th></tr><tr><th>$10 1/2</th><th>$25 2/3</th><th>$50</th><th>$100</th><th>$200 2/3</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$10 1/2 and $25 2/3</th><th>$50</th><th>$100 and $200 2/3</th><th>$500 and $1,000</th><th>$5,000 and $10,000</th></tr><tr><td colspan="11">Series E</td><td colspan="4"></td></tr><tr><td>Total, inception through Jan. 31, 1946.</td><td>40,321</td><td>117</td><td>13,255</td><td>5,482</td><td>8,405</td><td>144</td><td>4,982</td><td>7,936</td><td></td><td></td><td>100.0</td><td>33.2</td><td>13.6</td><td>21.2</td><td>32.0</td></tr><tr><td colspan="11">Fiscal years:</td><td colspan="4"></td></tr><tr><td>1941</td><td>203</td><td></td><td>14</td><td>13</td><td>41</td><td></td><td>41</td><td>93</td><td></td><td></td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>66.0</td></tr><tr><td>1942</td><td>3,526</td><td></td><td>616</td><td>342</td><td>813</td><td></td><td>637</td><td>1,119</td><td></td><td></td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>49.8</td></tr><tr><td>1943</td><td>8,271</td><td></td><td>2,988</td><td>1,081</td><td>1,714</td><td></td><td>1,007</td><td>1,481</td><td></td><td></td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>30.1</td></tr><tr><td>1944</td><td>11,820</td><td></td><td>4,149</td><td>1,642</td><td>2,584</td><td></td><td>1,397</td><td>2,048</td><td></td><td></td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>29.1</td></tr><tr><td>1945</td><td>11,553</td><td>69</td><td>3,928</td><td>1,725</td><td>2,406</td><td></td><td>1,326</td><td>2,100</td><td></td><td></td><td>100.0</td><td>34.6</td><td>14.9</td><td>20.8</td><td>29.7</td></tr><tr><td colspan="11">Calendar years:</td><td colspan="4"></td></tr><tr><td>1941</td><td>1,145</td><td></td><td>114</td><td>93</td><td>258</td><td></td><td>229</td><td>450</td><td></td><td></td><td>100.0</td><td>10.0</td><td>8.1</td><td>22.6</td><td>59.3</td></tr><tr><td>1942</td><td>5,989</td><td></td><td>1,769</td><td>712</td><td>1,338</td><td></td><td>856</td><td>1,313</td><td></td><td></td><td>100.0</td><td>29.5</td><td>11.9</td><td>22.4</td><td>36.2</td></tr><tr><td>1943</td><td>10,344</td><td></td><td>3,719</td><td>1,390</td><td>2,169</td><td></td><td>1,257</td><td>1,814</td><td></td><td></td><td>100.0</td><td>35.0</td><td>13.4</td><td>21.0</td><td>29.6</td></tr><tr><td>1944</td><td>12,380</td><td>27</td><td>4,241</td><td>1,797</td><td>2,706</td><td></td><td>1,446</td><td>2,163</td><td></td><td></td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td></tr><tr><td>1945</td><td>9,822</td><td>85</td><td>3,243</td><td>1,416</td><td>1,842</td><td>115</td><td>1,119</td><td>2,002</td><td></td><td></td><td>100.0</td><td>33.9</td><td>14.4</td><td>19.9</td><td>31.8</td></tr><tr><td colspan="11">Months:</td><td colspan="4"></td></tr><tr><td>1945-Jan.</td><td>804</td><td>6</td><td>236</td><td>125</td><td>153</td><td></td><td>77</td><td>146</td><td></td><td></td><td>100.0</td><td>37.6</td><td>15.5</td><td>19.1</td><td>27.8</td></tr><tr><td>Feb.</td><td>653</td><td>5</td><td>269</td><td>112</td><td>118</td><td></td><td>51</td><td>98</td><td></td><td></td><td>100.0</td><td>41.9</td><td>17.1</td><td>18.1</td><td>22.9</td></tr><tr><td>Mar.</td><td>712</td><td>8</td><td>301</td><td>122</td><td>127</td><td></td><td>54</td><td>99</td><td></td><td></td><td>100.0</td><td>43.4</td><td>17.2</td><td>17.9</td><td>21.5</td></tr><tr><td>Apr.</td><td>684</td><td>8</td><td>285</td><td>115</td><td>123</td><td></td><td>54</td><td>99</td><td></td><td></td><td>100.0</td><td>42.8</td><td>16.8</td><td>18.0</td><td>22.4</td></tr><tr><td>May.</td><td>1,195</td><td>7</td><td>341</td><td>158</td><td>247</td><td></td><td>160</td><td>282</td><td></td><td></td><td>100.0</td><td>29.2</td><td>13.2</td><td>20.6</td><td>37.0</td></tr><tr><td>June.</td><td>1,468</td><td>9</td><td>358</td><td>179</td><td>318</td><td></td><td>227</td><td>376</td><td></td><td></td><td>100.0</td><td>25.0</td><td>12.2</td><td>21.7</td><td>41.1</td></tr><tr><td>July.</td><td>1,032</td><td>8</td><td>323</td><td>146</td><td>205</td><td></td><td>128</td><td>222</td><td></td><td></td><td>100.0</td><td>32.1</td><td>14.1</td><td>19.9</td><td>33.9</td></tr><tr><td>Aug.</td><td>571</td><td>8</td><td>234</td><td>96</td><td>104</td><td></td><td>47</td><td>82</td><td></td><td></td><td>100.0</td><td>42.3</td><td>16.8</td><td>18.2</td><td>22.7</td></tr><tr><td>Sept.</td><td>420</td><td>9</td><td>183</td><td>76</td><td>74</td><td></td><td>30</td><td>49</td><td></td><td></td><td>100.0</td><td>45.6</td><td>18.1</td><td>17.5</td><td>18.8</td></tr><tr><td>Oct.</td><td>510</td><td>7</td><td>214</td><td>87</td><td>91</td><td></td><td>41</td><td>70</td><td></td><td></td><td>100.0</td><td>43.2</td><td>17.0</td><td>18.0</td><td>21.8</td></tr><tr><td>Nov.</td><td>855</td><td>6</td><td>210</td><td>94</td><td>139</td><td>55</td><td>124</td><td>238</td><td></td><td></td><td>100.0</td><td>25.0</td><td>10.9</td><td>22.3</td><td>41.8</td></tr><tr><td>Dec.</td><td>908</td><td>5</td><td>228</td><td>107</td><td>143</td><td>60</td><td>126</td><td>240</td><td></td><td></td><td>100.0</td><td>25.6</td><td>11.8</td><td>22.3</td><td>40.3</td></tr><tr><td>1946-Jan.</td><td>641</td><td>5</td><td>168</td><td>73</td><td>93</td><td>28</td><td>80</td><td>194</td><td></td><td></td><td>100.0</td><td>27.0</td><td>11.4</td><td>18.9</td><td>42.7</td></tr><tr><td colspan="11">Series F and O</td><td colspan="4"></td></tr><tr><td>Total, inception through Jan. 31, 1946.</td><td>15,043</td><td></td><td>18</td><td></td><td>468</td><td></td><td>1,044</td><td>4,514</td><td>2,859</td><td>6,140</td><td>100.0</td><td>.1</td><td></td><td>3.1</td><td>37.0</td><td>59.8</td></tr><tr><td colspan="11">Fiscal years:</td><td colspan="4"></td></tr><tr><td>1941</td><td>461</td><td></td><td></td><td>6</td><td></td><td>13</td><td>96</td><td>84</td><td>263</td><td></td><td>100.0</td><td></td><td></td><td>1.2</td><td>23.6</td><td>75.2</td></tr><tr><td>1942</td><td>2,467</td><td></td><td>1</td><td>71</td><td></td><td>141</td><td>702</td><td>498</td><td>1,055</td><td></td><td>100.0</td><td></td><td></td><td>3.0</td><td>34.1</td><td>62.9</td></tr><tr><td>1943</td><td>3,517</td><td></td><td>4</td><td>106</td><td></td><td>229</td><td>1,016</td><td>696</td><td>1,466</td><td></td><td>100.0</td><td>.1</td><td></td><td>3.0</td><td>35.4</td><td>61.5</td></tr><tr><td>1944</td><td>3,678</td><td></td><td>6</td><td>134</td><td></td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td></td><td>100.0</td><td>.2</td><td></td><td>3.6</td><td>39.3</td><td>56.9</td></tr><tr><td>1945</td><td>3,337</td><td></td><td>5</td><td>109</td><td></td><td>255</td><td>1,012</td><td>595</td><td>1,362</td><td></td><td>100.0</td><td>.2</td><td></td><td>3.3</td><td>37.9</td><td>58.6</td></tr><tr><td colspan="11">Calendar years:</td><td colspan="4"></td></tr><tr><td>1941</td><td>1,393</td><td></td><td></td><td>26</td><td></td><td>57</td><td>355</td><td>279</td><td>676</td><td></td><td>100.0</td><td></td><td></td><td>1.8</td><td>29.6</td><td>68.6</td></tr><tr><td>1942</td><td>3,168</td><td></td><td>3</td><td>98</td><td></td><td>196</td><td>906</td><td>634</td><td>1,331</td><td></td><td>100.0</td><td>.1</td><td></td><td>3.1</td><td>34.8</td><td>62.0</td></tr><tr><td>1943</td><td>3,385</td><td></td><td>5</td><td>123</td><td></td><td>267</td><td>1,116</td><td>687</td><td>1,187</td><td></td><td>100.0</td><td>.1</td><td></td><td>3.6</td><td>40.9</td><td>55.4</td></tr><tr><td>1944</td><td>3,604</td><td></td><td>6</td><td>131</td><td></td><td>293</td><td>1,119</td><td>670</td><td>1,445</td><td></td><td>100.0</td><td>.2</td><td></td><td>3.6</td><td>38.5</td><td>57.7</td></tr><tr><td>1945</td><td>3,115</td><td></td><td>4</td><td>84</td><td></td><td>215</td><td>933</td><td>537</td><td>1,342</td><td></td><td>100.0</td><td>.1</td><td></td><td>2.7</td><td>36.9</td><td>60.3</td></tr><tr><td colspan="11">Months:</td><td colspan="4"></td></tr><tr><td>1945-Jan.</td><td>270</td><td></td><td></td><td>6</td><td></td><td>16</td><td>70</td><td>40</td><td>138</td><td></td><td>100.0</td><td>.1</td><td></td><td>2.3</td><td>32.0</td><td>65.6</td></tr><tr><td>Feb.</td><td>195</td><td></td><td></td><td>4</td><td></td><td>11</td><td>48</td><td>29</td><td>102</td><td></td><td>100.0</td><td>.1</td><td></td><td>2.3</td><td>30.3</td><td>67.3</td></tr><tr><td>Mar.</td><td>177</td><td></td><td></td><td>5</td><td></td><td>12</td><td>53</td><td>31</td><td>76</td><td></td><td>100.0</td><td>.2</td><td></td><td>2.7</td><td>36.4</td><td>60.7</td></tr><tr><td>Apr.</td><td>153</td><td></td><td></td><td>5</td><td></td><td>11</td><td>51</td><td>29</td><td>57</td><td></td><td>100.0</td><td>.2</td><td></td><td>3.1</td><td>40.7</td><td>56.0</td></tr><tr><td>May.</td><td>345</td><td></td><td>1</td><td>12</td><td></td><td>29</td><td>119</td><td>68</td><td>117</td><td></td><td>100.0</td><td>.2</td><td></td><td>3.4</td><td>42.9</td><td>53.5</td></tr><tr><td>June.</td><td>710</td><td></td><td>1</td><td>15</td><td></td><td>36</td><td>144</td><td>91</td><td>424</td><td></td><td>100.0</td><td>.1</td><td></td><td>2.1</td><td>25.2</td><td>72.6</td></tr><tr><td>July.</td><td>263</td><td></td><td></td><td>8</td><td></td><td>21</td><td>89</td><td>50</td><td>94</td><td></td><td>100.0</td><td>.2</td><td></td><td>3.0</td><td>42.0</td><td>54.8</td></tr><tr><td>Aug.</td><td>128</td><td></td><td></td><td>4</td><td></td><td>11</td><td>49</td><td>26</td><td>39</td><td></td><td>100.0</td><td>.1</td><td></td><td>3.2</td><td>46.3</td><td>50.4</td></tr><tr><td>Sept.</td><td>94</td><td></td><td></td><td>3</td><td></td><td>8</td><td>37</td><td>20</td><td>25</td><td></td><td>100.0</td><td>.2</td><td></td><td>3.6</td><td>48.2</td><td>48.0</td></tr><tr><td>Oct.</td><td>115</td><td></td><td></td><td>4</td><td></td><td>9</td><td>45</td><td>23</td><td>34</td><td></td><td>100.0</td><td>.1</td><td></td><td>3.2</td><td>47.4</td><td>49.3</td></tr><tr><td>Nov.</td><td>319</td><td></td><td></td><td>10</td><td></td><td>28</td><td>124</td><td>69</td><td>87</td><td></td><td>100.0</td><td>.1</td><td></td><td>3.2</td><td>47.8</td><td>48.9</td></tr><tr><td>Dec.</td><td>345</td><td></td><td></td><td>8</td><td></td><td>22</td><td>103</td><td>62</td><td>148</td><td></td><td>100.0</td><td>.1</td><td></td><td>2.5</td><td>36.4</td><td>61.0</td></tr><tr><td>1946-Jan.</td><td>319</td><td></td><td></td><td>5</td><td></td><td>16</td><td>86</td><td>52</td><td>159</td><td></td><td>100.0</td><td>.1</td><td></td><td>1.6</td><td>32.0</td><td>66.3</td></tr></table>
Sources: Daily Treasury Statement and reports from Federal Reserve Banks.
* Less than $500,000 or less than .05 percent.
1/ Sale of $10 denomination Series I bonds was authorized beginning June 1944 for sales to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorised in December 1941. 3/ Sale of $200 denomination Series E bonds began in October 1945.
March 1946
41
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Number of Pieces Sold, Classified by Denominations
<table><tr><th rowspan="2">Period</th><th colspan="9">(Thousands of pieces sold)</th></tr><tr><th>Total all denominations</th><th>$10 1/</th><th>$25 2/</th><th>$50</th><th>$100</th><th>$200 3/</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr></table>
Series X
<table><tr><td>Total, inception through January 31, 1946</td><td>1,005,570</td><td>15,583</td><td>706,911</td><td>146,179</td><td>112,072</td><td>958</td><td>13,285</td><td>10,582</td><td></td><td></td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,905</td><td>.....</td><td>767</td><td>353</td><td>552</td><td>.....</td><td>108</td><td>125</td><td>.....</td><td>.....</td></tr><tr><td>1942</td><td>55,957</td><td>.....</td><td>32,832</td><td>9,107</td><td>10,837</td><td>.....</td><td>1,698</td><td>1,493</td><td>.....</td><td>.....</td></tr><tr><td>1943</td><td>215,709</td><td>.....</td><td>159,369</td><td>28,828</td><td>22,851</td><td>.....</td><td>2,686</td><td>1,975</td><td>.....</td><td>.....</td></tr><tr><td>1944</td><td>305,986</td><td>.....</td><td>221,284</td><td>43,800</td><td>34,447</td><td>.....</td><td>3,725</td><td>2,730</td><td>.....</td><td>.....</td></tr><tr><td>1945</td><td>303,116</td><td>9,223</td><td>209,480</td><td>45,995</td><td>32,083</td><td>.....</td><td>3,535</td><td>2,800</td><td>.....</td><td>.....</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>13,219</td><td>.....</td><td>6,077</td><td>2,485</td><td>3,446</td><td>.....</td><td>612</td><td>600</td><td>.....</td><td>.....</td></tr><tr><td>1942</td><td>135,227</td><td>.....</td><td>94,354</td><td>18,999</td><td>17,842</td><td>.....</td><td>2,282</td><td>1,751</td><td>.....</td><td>.....</td></tr><tr><td>1943</td><td>270,068</td><td>.....</td><td>198,333</td><td>37,060</td><td>28,915</td><td>.....</td><td>3,340</td><td>2,420</td><td>.....</td><td>.....</td></tr><tr><td>1944</td><td>320,527</td><td>3,582</td><td>226,213</td><td>47,915</td><td>36,077</td><td>.....</td><td>3,856</td><td>2,884</td><td>.....</td><td>.....</td></tr><tr><td>1945</td><td>253,078</td><td>11,381</td><td>172,948</td><td>37,773</td><td>24,554</td><td>769</td><td>2,984</td><td>2,669</td><td>.....</td><td>.....</td></tr><tr><td>Months:</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>22,367</td><td>795</td><td>15,798</td><td>3,326</td><td>2,047</td><td>.....</td><td>206</td><td>195</td><td>.....</td><td>.....</td></tr><tr><td>February</td><td>19,808</td><td>624</td><td>14,353</td><td>2,987</td><td>1,576</td><td>.....</td><td>136</td><td>151</td><td>.....</td><td>.....</td></tr><tr><td>March</td><td>22,344</td><td>1,028</td><td>16,074</td><td>3,266</td><td>1,700</td><td>.....</td><td>144</td><td>132</td><td>.....</td><td>.....</td></tr><tr><td>April</td><td>21,235</td><td>1,027</td><td>15,218</td><td>3,071</td><td>1,642</td><td>.....</td><td>144</td><td>132</td><td>.....</td><td>.....</td></tr><tr><td>May</td><td>27,475</td><td>976</td><td>18,203</td><td>4,206</td><td>3,287</td><td>.....</td><td>427</td><td>375</td><td>.....</td><td>.....</td></tr><tr><td>June</td><td>30,413</td><td>1,191</td><td>19,108</td><td>4,768</td><td>4,238</td><td>.....</td><td>606</td><td>502</td><td>.....</td><td>.....</td></tr><tr><td>July</td><td>25,582</td><td>1,116</td><td>17,209</td><td>3,886</td><td>2,734</td><td>.....</td><td>341</td><td>296</td><td>.....</td><td>.....</td></tr><tr><td>August</td><td>17,748</td><td>1,103</td><td>12,460</td><td>2,566</td><td>1,333</td><td>.....</td><td>126</td><td>109</td><td>.....</td><td>.....</td></tr><tr><td>September</td><td>14,088</td><td>1,187</td><td>9,748</td><td>2,028</td><td>981</td><td>.....</td><td>79</td><td>66</td><td>.....</td><td>.....</td></tr><tr><td>October</td><td>16,040</td><td>904</td><td>11,404</td><td>2,313</td><td>1,214</td><td>2</td><td>109</td><td>94</td><td>.....</td><td>.....</td></tr><tr><td>November</td><td>17,304</td><td>785</td><td>11,207</td><td>2,511</td><td>1,849</td><td>365</td><td>330</td><td>317</td><td>.....</td><td>.....</td></tr><tr><td>December</td><td>18,613</td><td>645</td><td>12,164</td><td>2,845</td><td>1,902</td><td>401</td><td>335</td><td>320</td><td>.....</td><td>.....</td></tr><tr><td>1946-January</td><td>13,452</td><td>620</td><td>8,985</td><td>1,947</td><td>1,240</td><td>189</td><td>212</td><td>259</td><td>.....</td><td>.....</td></tr></table>
Series 1 and 0
<table><tr><td>Total, inception through January 31, 1946</td><td>14,271</td><td>984</td><td>5,018</td><td>2,198</td><td>4,794</td><td>615</td><td>661</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>233</td><td>72</td><td>60</td><td>28</td><td>100</td><td>18</td><td>28</td></tr><tr><td>1942</td><td>2,110</td><td>216</td><td>774</td><td>300</td><td>745</td><td>106</td><td>112</td></tr><tr><td>1943</td><td>3,251</td><td>303</td><td>1,149</td><td>487</td><td>1,090</td><td>151</td><td>157</td></tr><tr><td>1944</td><td>3,869</td><td>291</td><td>1,425</td><td>610</td><td>1,231</td><td>148</td><td>153</td></tr><tr><td>1945</td><td>3,326</td><td></td><td>1,156</td><td>532</td><td>1,071</td><td>128</td><td>148</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>901</td><td>156</td><td>277</td><td>121</td><td>373</td><td>59</td><td>72</td></tr><tr><td>1942</td><td>2,902</td><td>270</td><td>1,077</td><td>419</td><td>971</td><td>137</td><td>142</td></tr><tr><td>1943</td><td>3,624</td><td>325</td><td>1,317</td><td>555</td><td>1,195</td><td>149</td><td>128</td></tr><tr><td>1944</td><td>3,821</td><td>224</td><td>1,394</td><td>613</td><td>1,188</td><td>115</td><td>157</td></tr><tr><td>1945</td><td>2,807</td><td></td><td>899</td><td>447</td><td>978</td><td></td><td>145</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>217</td><td>20</td><td>67</td><td>34</td><td>74</td><td>8</td><td>15</td></tr><tr><td>February</td><td>190</td><td>12</td><td>48</td><td>23</td><td>50</td><td>6</td><td>11</td></tr><tr><td>March</td><td>159</td><td>14</td><td>51</td><td>24</td><td>55</td><td>7</td><td>8</td></tr><tr><td>April</td><td>152</td><td>13</td><td>50</td><td>23</td><td>53</td><td>6</td><td>6</td></tr><tr><td>May</td><td>369</td><td>30</td><td>126</td><td>61</td><td>125</td><td>15</td><td>13</td></tr><tr><td>June</td><td>492</td><td>42</td><td>158</td><td>75</td><td>152</td><td>20</td><td>47</td></tr><tr><td>July</td><td>263</td><td>21</td><td>84</td><td>44</td><td>94</td><td>11</td><td>10</td></tr><tr><td>August</td><td>136</td><td>10</td><td>43</td><td>22</td><td>51</td><td>5</td><td>4</td></tr><tr><td>September</td><td>112</td><td>12</td><td>36</td><td>17</td><td>39</td><td>4</td><td>3</td></tr><tr><td>October</td><td>116</td><td>6</td><td>38</td><td>19</td><td>46</td><td>5</td><td>3</td></tr><tr><td>November</td><td>343</td><td>21</td><td>109</td><td>58</td><td>131</td><td>15</td><td>9</td></tr><tr><td>December</td><td>298</td><td>22</td><td>90</td><td>47</td><td>109</td><td>13</td><td>17</td></tr><tr><td>1946-January</td><td>215</td><td>10</td><td>55</td><td>33</td><td>89</td><td>11</td><td>17</td></tr></table>
Source: Daily Treasury Statements and reports from Federal Reserve Banks. 1/ Sale of $10 denomination Series E bonds was authorised beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series I bonds was authorised in December 1941.
3/ Sale of $200 denomination Series II bonds began in October 1945.
42
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 5.- Sales of Series E Savings Bonds, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, interception through Jan. 31, 1946</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>Jan. P 1946</th></tr><tr><td>Alabama</td><td>486,161</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><td>15,701</td><td>10,848</td></tr><tr><td>Arizona</td><td>145,422</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><td>1,924</td><td>2,661</td></tr><tr><td>Arkansas</td><td>258,965</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><td>6,617</td><td>4,910</td></tr><tr><td>California</td><td>3,260,437</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><td>73,966</td><td>54,984</td></tr><tr><td>Colorado</td><td>304,269</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>8,572</td><td>7,535</td><td>5,797</td></tr><tr><td>Connecticut</td><td>704,842</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>6,304</td><td>13,624</td><td>13,812</td><td>8,911</td></tr><tr><td>Delaware</td><td>96,743</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><td>1,996</td><td>1,938</td></tr><tr><td>District of Columbia</td><td>466,698</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><td>12,747</td><td>8,192</td></tr><tr><td>Florida</td><td>495,859</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><td>11,326</td><td>10,335</td></tr><tr><td>Georgia</td><td>505,333</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><td>10,947</td><td>11,396</td></tr><tr><td>Idaho</td><td>132,210</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><td>5,035</td><td>1,404</td></tr><tr><td>Illinois</td><td>2,852,052</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><td>68,804</td><td>58,136</td></tr><tr><td>Indiana</td><td>1,004,036</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><td>22,684</td><td>17,411</td></tr><tr><td>Iowa</td><td>877,998</td><td>16,376</td><td>10,173</td><td>11,149</td><td>11,958</td><td>29,885</td><td>40,277</td><td>22,438</td><td>8,561</td><td>6,883</td><td>6,591</td><td>27,024</td><td>28,979</td><td>16,828</td></tr><tr><td>Kansas</td><td>542,080</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><td>14,678</td><td>9,654</td></tr><tr><td>Kentucky</td><td>427,471</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><td>9,005</td><td>9,642</td></tr><tr><td>Louisiana</td><td>460,651</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><td>9,370</td><td>7,088</td></tr><tr><td>Maine</td><td>183,789</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><td>4,154</td><td>2,465</td></tr><tr><td>Maryland</td><td>538,952</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><td>9,978</td><td>13,979</td></tr><tr><td>Massachusetts</td><td>1,364,819</td><td>32,585</td><td>20,936</td><td>23,883</td><td>25,370</td><td>29,552</td><td>48,310</td><td>37,745</td><td>18,882</td><td>16,795</td><td>16,489</td><td>25,860</td><td>27,840</td><td>26,731</td></tr><tr><td>Michigan</td><td>2,199,568</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><td>44,696</td><td>28,392</td></tr><tr><td>Minnesota</td><td>836,142</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><td>22,623</td><td>12,578</td></tr><tr><td>Mississippi</td><td>282,579</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><td>7,196</td><td>4,820</td></tr><tr><td>Missouri</td><td>981,408</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><td>24,525</td><td>16,789</td></tr><tr><td>Montana</td><td>189,829</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><td>3,800</td><td>3,268</td></tr><tr><td>Nebraska</td><td>415,835</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><td>13,327</td><td>8,143</td></tr><tr><td>Nevada</td><td>49,800</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><td>1,098</td><td>796</td></tr><tr><td>New Hampshire</td><td>117,219</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><td>2,475</td><td>1,866</td></tr><tr><td>New Jersey</td><td>1,487,987</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><td>31,167</td><td>22,087</td></tr><tr><td>New Mexico</td><td>93,780</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><td>2,273</td><td>1,662</td></tr><tr><td>New York</td><td>4,910,708</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><td>132,671</td><td>76,489</td></tr><tr><td>North Carolina</td><td>531,522</td><td>13,650</td><td>9,009</td><td>9,360</td><td>8,416</td><td>13,011</td><td>19,357</td><td>15,624</td><td>7,126</td><td>5,571</td><td>5,244</td><td>12,565</td><td>15,838</td><td>9,046</td></tr><tr><td>North Dakota</td><td>190,749</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><td>4,702</td><td>2,641</td></tr><tr><td>Ohio</td><td>2,434,587</td><td>55,767</td><td>40,703</td><td>46,252</td><td>42,191</td><td>66,764</td><td>85,748</td><td>70,233</td><td>39,274</td><td>29,028</td><td>25,767</td><td>46,972</td><td>51,775</td><td>39,909</td></tr><tr><td>Oklahoma</td><td>461,051</td><td>13,060</td><td>7,066</td><td>7,475</td><td>6,810</td><td>12,957</td><td>20,363</td><td>15,424</td><td>6,335</td><td>4,611</td><td>4,136</td><td>11,844</td><td>15,054</td><td>10,630</td></tr><tr><td>Oregon</td><td>526,388</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><td>13,201</td><td>5,626</td></tr><tr><td>Pennsylvania</td><td>3,022,791</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>36,242</td><td>58,341</td><td>69,156</td><td>53,564</td></tr><tr><td>Rhode Island</td><td>230,505</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><td>4,874</td><td>4,626</td></tr><tr><td>South Carolina</td><td>265,355</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><td>5,249</td><td>6,181</td></tr><tr><td>South Dakota</td><td>172,856</td><td>2,519</td><td>1,640</td><td>1,777</td><td>2,456</td><td>5,755</td><td>8,100</td><td>5,011</td><td>1,629</td><td>1,401</td><td>1,331</td><td>7,361</td><td>5,566</td><td>2,746</td></tr><tr><td>Tennessee</td><td>498,687</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><td>11,158</td><td>9,453</td></tr><tr><td>Texas</td><td>1,620,980</td><td>34,119</td><td>26,910</td><td>28,045</td><td>26,015</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><td>35,043</td><td>34,145</td></tr><tr><td>Utah</td><td>180,407</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><td>5,812</td><td>3,044</td></tr><tr><td>Vermont</td><td>67,078</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><td>1,603</td><td>1,101</td></tr><tr><td>Virginia</td><td>697,884</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><td>17,871</td><td>14,656</td></tr><tr><td>Washington</td><td>832,612</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><td>16,790</td><td>12,350</td></tr><tr><td>West Virginia</td><td>330,288</td><td>9,091</td><td>5,650</td><td>5,723</td><td>6,273</td><td>8,512</td><td>10,951</td><td>10,625</td><td>6,164</td><td>4,442</td><td>4,459</td><td>7,098</td><td>8,063</td><td>7,495</td></tr><tr><td>Wisconsin</td><td>879,932</td><td>19,928</td><td>13,269</td><td>14,295</td><td>15,469</td><td>24,158</td><td>36,765</td><td>24,705</td><td>12,915</td><td>9,770</td><td>8,620</td><td>20,263</td><td>22,678</td><td>15,426</td></tr><tr><td>Wyoming</td><td>81,157</td><td>1,794</td><td>1,047</td><td>1,241</td><td>1,058</td><td>1,735</td><td>2,976</td><td>2,098</td><td>1,000</td><td>1,025</td><td>766</td><td>2,228</td><td>2,158</td><td>1,350</td></tr><tr><td>Alaska</td><td>27,177</td><td>230</td><td>212</td><td>254</td><td>225</td><td>362</td><td>888</td><td>1,448</td><td>549</td><td>313</td><td>302</td><td>642</td><td>505</td><td>422</td></tr><tr><td>Canal Zone</td><td>24,272</td><td>549</td><td>535</td><td>539</td><td>538</td><td>577</td><td>557</td><td>2,133</td><td>550</td><td>448</td><td>472</td><td>425</td><td>992</td><td>500</td></tr><tr><td>Hawaii</td><td>241,233</td><td>5,125</td><td>4,727</td><td>4,640</td><td>3,379</td><td>
Source: Daily Treasury Statements and reports of Federal Reserve Banks.
p Preliminary.
* Less than $500.
March 1946
43
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 6.- Sales of Series F and G Savings Bonds Combined to Investors Other than Commercial Banks, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, inception through Jan. 31, 1946</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>1946 Jan.</th></tr><tr><td>Alabama</td><td>113,954</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><td>2,210</td><td>2,075</td></tr><tr><td>Arizona</td><td>35,413</td><td>1,181</td><td>378</td><td>319</td><td>246</td><td>1,112</td><td>1,647</td><td>597</td><td>296</td><td>260</td><td>302</td><td>802</td><td>1,101</td><td>633</td></tr><tr><td>Arkansas</td><td>70,282</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><td>899</td><td>1,822</td></tr><tr><td>California</td><td>970,415</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><td>20,391</td><td>18,347</td></tr><tr><td>Colorado</td><td>120,133</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><td>2,333</td><td>2,200</td></tr><tr><td>Connecticut</td><td>303,250</td><td>11,154</td><td>5,033</td><td>4,863</td><td>2,795</td><td>5,449</td><td>6,993</td><td>4,976</td><td>2,817</td><td>2,152</td><td>1,698</td><td>4,246</td><td>4,354</td><td>7,059</td></tr><tr><td>Delaware</td><td>57,795</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><td>1,778</td><td>2,222</td></tr><tr><td>District of Columbia</td><td>128,918</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><td>2,253</td><td>2,331</td></tr><tr><td>Florida</td><td>158,011</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><td>3,216</td><td>3,511</td></tr><tr><td>Georgia</td><td>146,892</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><td>2,372</td><td>2,573</td></tr><tr><td>Idaho</td><td>32,858</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><td>557</td><td>586</td></tr><tr><td>Illinois</td><td>1,127,259</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><td>18,810</td><td>31,088</td></tr><tr><td>Indiana</td><td>328,399</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><td>6,728</td><td>8,213</td></tr><tr><td>Iowa</td><td>331,068</td><td>10,990</td><td>4,742</td><td>5,842</td><td>4,859</td><td>10,538</td><td>9,342</td><td>5,126</td><td>3,433</td><td>2,239</td><td>2,320</td><td>11,780</td><td>7,608</td><td>7,859</td></tr><tr><td>Kansas</td><td>160,835</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>1,750</td><td>6,363</td><td>3,652</td><td>3,623</td></tr><tr><td>Kentucky</td><td>174,844</td><td>6,411</td><td>2,515</td><td>1,709</td><td>2,894</td><td>4,970</td><td>5,673</td><td>2,219</td><td>1,646</td><td>1,358</td><td>1,714</td><td>3,802</td><td>2,605</td><td>2,845</td></tr><tr><td>Louisiana</td><td>154,733</td><td>5,959</td><td>2,148</td><td>1,447</td><td>1,163</td><td>3,910</td><td>3,952</td><td>3,303</td><td>1,133</td><td>1,042</td><td>1,139</td><td>3,186</td><td>2,959</td><td>2,158</td></tr><tr><td>Maine</td><td>91,322</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><td>1,541</td><td>2,301</td></tr><tr><td>Maryland</td><td>218,013</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><td>3,141</td><td>4,286</td></tr><tr><td>Massachusetts</td><td>719,054</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>12,645</td><td>6,698</td><td>4,566</td><td>6,590</td><td>14,980</td><td>12,420</td><td>19,876</td></tr><tr><td>Michigan</td><td>437,218</td><td>15,328</td><td>5,289</td><td>5,119</td><td>4,626</td><td>12,085</td><td>14,163</td><td>9,369</td><td>5,169</td><td>3,360</td><td>3,172</td><td>10,835</td><td>12,288</td><td>9,193</td></tr><tr><td>Minnesota</td><td>288,694</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><td>5,711</td><td>6,612</td></tr><tr><td>Mississippi</td><td>79,258</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>386</td><td>497</td><td>1,844</td><td>1,650</td><td>1,342</td></tr><tr><td>Missouri</td><td>391,977</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><td>7,080</td><td>9,615</td></tr><tr><td>Montana</td><td>48,189</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><td>900</td><td>937</td></tr><tr><td>Nebraska</td><td>141,508</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><td>4,021</td><td>3,594</td></tr><tr><td>Nevada</td><td>15,305</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><td>212</td><td>264</td></tr><tr><td>New Hampshire</td><td>61,561</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><td>824</td><td>1,298</td></tr><tr><td>New Jersey</td><td>475,824</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><td>7,624</td><td>9,665</td></tr><tr><td>New Mexico</td><td>30,367</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><td>657</td><td>199</td></tr><tr><td>New York</td><td>2,462,605</td><td>68,503</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><td>34,370</td><td>50,872</td></tr><tr><td>North Carolina</td><td>168,533</td><td>6,812</td><td>2,480</td><td>2,240</td><td>2,566</td><td>4,605</td><td>4,451</td><td>2,019</td><td>1,840</td><td>1,137</td><td>1,414</td><td>3,487</td><td>3,439</td><td>2,816</td></tr><tr><td>North Dakota</td><td>55,654</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><td>1,248</td><td>1,108</td></tr><tr><td>Ohio</td><td>803,219</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><td>15,504</td><td>24,383</td></tr><tr><td>Oklahoma</td><td>103,917</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>607</td><td>552</td><td>3,212</td><td>2,703</td><td>2,699</td></tr><tr><td>Oregon</td><td>123,821</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><td>2,658</td><td>1,894</td></tr><tr><td>Pennsylvania</td><td>1,172,164</td><td>35,133</td><td>12,971</td><td>12,245</td><td>12,528</td><td>29,852</td><td>31,252</td><td>16,352</td><td>10,381</td><td>7,332</td><td>8,769</td><td>24,029</td><td>20,108</td><td>20,886</td></tr><tr><td>Rhode Island</td><td>113,403</td><td>2,959</td><td>1,486</td><td>1,276</td><td>919</td><td>1,952</td><td>2,113</td><td>2,503</td><td>1,347</td><td>441</td><td>960</td><td>1,927</td><td>1,573</td><td>2,172</td></tr><tr><td>South Carolina</td><td>79,748</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><td>1,328</td><td>1,219</td></tr><tr><td>South Dakota</td><td>43,318</td><td>1,481</td><td>418</td><td>360</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><td>1,331</td><td>1,049</td></tr><tr><td>Tennessee</td><td>148,853</td><td>6,401</td><td>1,735</td><td>1,473</td><td>1,464</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><td>3,105</td><td>3,510</td></tr><tr><td>Texas</td><td>420,454</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><td>8,028</td><td>7,113</td></tr><tr><td>Utah</td><td>31,309</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><td>504</td><td>780</td></tr><tr><td>Vermont</td><td>33,905</td><td>1,526</td><td>555</td><td>421</td><td>316</td><td>802</td><td>954</td><td>925</td><td>268</td><td>249</td><td>189</td><td>807</td><td>493</td><td>990</td></tr><tr><td>Virginia</td><td>203,365</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><td>4,360</td><td>4,032</td></tr><tr><td>Washington</td><td>207,801</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><td>4,446</td><td>3,946</td></tr><tr><td>West Virginia</td><td>74,630</td><td>2,801</td><td>825</td><td>655</td><td>649</td><td>1,739</td><td>1,911</td><td>1,386</td><td>683</td><td>705</td><td>891</td><td>1,750</td><td>1,741</td><td>1,532</td></tr><tr><td>Wisconsin</td><td>361,798</td><td>14,094</td><td>5,025</td><td>4,559</td><td>5,169</td><td>9,788</td><td>13,616</td><td>5,851</td><td>3,872</td><td>2,957</td><td>2,638</td><td>10,717</td><td>8,610</td><td>9,203</td></tr><tr><td>Wyoming</td><td>24,442</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><td>634</td><td>426</td></tr><tr><td>Alaska</td><td>5,177</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><td>37</td><td>79</td></tr><tr><td>Canal Zone</td><td>6,046</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>99</td><td>51</td><td>125</td></tr><tr><td>Hawaii</td><td>47,786</td><td>946</td><td>564</td><td>675</td><td>613</td><td>1,329</td><td>818</td><td>853</td><td>346</td><td>304</td><td>430</td><td>517</td><td>1,018</td><td>100</td></tr><tr><td>Puerto Rico</td><td>13,301</td><td>259</td><td>149</td><td>140</td><td>120</td><td>148</td><td>344</td><td>548</td><td>134</td><td>90</td><td>50</td><td>500</td><td>140</td><td>126</td></tr><tr><td>Virgin Islands</td><td>812</td><td>10</td><td>-</td><td>71</td><td>1</td><td>-</td><td>3</td><td>2</td><td>20</td><td>-</td><td>-</td><td>8</td><td>20</td><td>-</td></tr><tr><td>Other possessions</td><td>883</td><td>-</td><td>100</td><td>-</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>11,457</td><td>4</td><td>12</td><td>53</td><td>9</td><td>19</td><td>12</td><td>38</td><td>10</td><td>25</td><td>21</td><td>16</td><td>45</td><td>2</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>-16,252</td><td>-196,235</td><td>+8,534</td><td>+3,947</td><td>-670</td><td>-3,126</
Source: Daily Treasury Statements and reports from Federal Reserve Banks. p. Preliminary. * Less than $500.
Treasury Bulletin
44
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 7.- Redemptions of Series A through E Savings Bonds, Classified by States
(In thousands of dollars at current redemption values)
<table><tr><th>State</th><th>Total Oct. 1944 Jan. 1945</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>Jan.</th></tr><tr><td>Alabama</td><td>96,353</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>5,823</td><td>8,568</td><td>7,954</td><td>7,975</td><td>6,991</td><td>7,958</td><td>7,892</td></tr><tr><td>Arizona</td><td>30,737</td><td>1,515</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><td>2,493</td><td>2,826</td></tr><tr><td>Arkansas</td><td>50,814</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><td>4,224</td><td>4,876</td></tr><tr><td>California</td><td>652,533</td><td>33,246</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><td>50,602</td><td>58,213</td></tr><tr><td>Colorado</td><td>53,192</td><td>2,663</td><td>2,073</td><td>2,766</td><td>2,894</td><td>3,033</td><td>2,783</td><td>2,990</td><td>3,327</td><td>4,230</td><td>4,854</td><td>3,987</td><td>4,128</td><td>5,316</td></tr><tr><td>Connecticut</td><td>109,112</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><td>8,461</td><td>8,578</td></tr><tr><td>Delaware</td><td>15,071</td><td>754</td><td>690</td><td>1,003</td><td>825</td><td>889</td><td>784</td><td>836</td><td>1,078</td><td>1,106</td><td>1,302</td><td>1,130</td><td>1,110</td><td>1,286</td></tr><tr><td>District of Columbia</td><td>74,933</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><td>6,118</td><td>6,301</td></tr><tr><td>Florida</td><td>108,194</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>8,530</td><td>8,783</td><td>10,252</td></tr><tr><td>Georgia</td><td>96,284</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><td>7,153</td><td>8,977</td></tr><tr><td>Idaho</td><td>18,082</td><td>843</td><td>802</td><td>1,121</td><td>971</td><td>974</td><td>907</td><td>978</td><td>1,404</td><td>1,440</td><td>1,481</td><td>1,309</td><td>1,580</td><td>1,776</td></tr><tr><td>Illinois</td><td>506,602</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><td>36,800</td><td>41,292</td></tr><tr><td>Indiana</td><td>225,509</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><td>14,761</td><td>16,183</td></tr><tr><td>Iowa</td><td>112,783</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><td>7,858</td><td>10,119</td></tr><tr><td>Kansas</td><td>74,655</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>4,591</td><td>7,038</td><td>5,863</td><td>9,377</td><td>5,432</td><td>7,252</td></tr><tr><td>Kentucky</td><td>85,819</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><td>6,376</td><td>6,721</td></tr><tr><td>Louisiana</td><td>84,967</td><td>4,136</td><td>4,034</td><td>5,183</td><td>4,752</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><td>6,508</td><td>7,051</td></tr><tr><td>Maine</td><td>26,810</td><td>1,212</td><td>1,045</td><td>1,557</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><td>2,189</td><td>1,993</td></tr><tr><td>Maryland</td><td>85,152</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><td>6,626</td><td>7,124</td></tr><tr><td>Massachusetts</td><td>197,616</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><td>14,705</td><td>14,822</td></tr><tr><td>Michigan</td><td>470,933</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>37,282</td><td>38,143</td><td>33,979</td><td>29,566</td><td>34,000</td><td>32,316</td></tr><tr><td>Minnesota</td><td>130,025</td><td>5,647</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><td>9,279</td><td>12,120</td></tr><tr><td>Mississippi</td><td>41,473</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><td>3,521</td><td>4,102</td></tr><tr><td>Missouri</td><td>184,066</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><td>14,016</td><td>17,790</td></tr><tr><td>Montana</td><td>21,675</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><td>1,738</td><td>2,439</td></tr><tr><td>Nebraska</td><td>54,562</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><td>4,062</td><td>4,628</td></tr><tr><td>Nevada</td><td>9,629</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><td>766</td><td>888</td></tr><tr><td>New Hampshire</td><td>16,545</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><td>1,375</td><td>1,247</td></tr><tr><td>New Jersey</td><td>233,383</td><td>10,075</td><td>9,904</td><td>14,834</td><td>12,659</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><td>19,332</td><td>19,016</td></tr><tr><td>New Mexico</td><td>17,506</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><td>1,368</td><td>1,769</td></tr><tr><td>New York</td><td>655,742</td><td>25,690</td><td>28,941</td><td>38,195</td><td>34,763</td><td>36,918</td><td>34,785</td><td>35,889</td><td>40,874</td><td>49,531</td><td>68,227</td><td>48,379</td><td>54,804</td><td>61,425</td></tr><tr><td>North Carolina</td><td>88,202</td><td>4,111</td><td>3,905</td><td>5,491</td><td>4,650</td><td>4,790</td><td>4,642</td><td>4,967</td><td>6,400</td><td>6,456</td><td>7,213</td><td>6,985</td><td>7,061</td><td>8,217</td></tr><tr><td>North Dakota</td><td>15,826</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><td>1,153</td><td>1,718</td></tr><tr><td>Ohio</td><td>462,037</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><td>31,851</td><td>34,031</td></tr><tr><td>Oklahoma</td><td>87,857</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>4,546</td><td>6,360</td><td>8,195</td><td>7,168</td><td>6,666</td><td>6,252</td><td>9,650</td></tr><tr><td>Oregon</td><td>100,636</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><td>7,200</td><td>8,691</td></tr><tr><td>Pennsylvania</td><td>530,277</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>29,937</td><td>38,800</td><td>38,199</td><td>45,691</td><td>39,991</td><td>37,828</td><td>41,050</td></tr><tr><td>Rhode Island</td><td>37,933</td><td>1,713</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><td>2,836</td><td>2,622</td></tr><tr><td>South Carolina</td><td>46,339</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><td>3,773</td><td>3,955</td></tr><tr><td>South Dakota</td><td>17,104</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><td>1,302</td><td>1,773</td></tr><tr><td>Tennessee</td><td>98,048</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><td>7,425</td><td>7,679</td></tr><tr><td>Texas</td><td>303,879</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><td>23,573</td><td>28,460</td></tr><tr><td>Utah</td><td>30,290</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><td>2,509</td><td>2,651</td></tr><tr><td>Vermont</td><td>7,415</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><td>665</td><td>622</td></tr><tr><td>Virginia</td><td>120,313</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><td>9,170</td><td>10,421</td></tr><tr><td>Washington</td><td>141,721</td><td>7,108</td><td>6,621</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><td>10,452</td><td>12,043</td></tr><tr><td>West Virginia</td><td>63,932</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><td>4,647</td><td>5,470</td></tr><tr><td>Wisconsin</td><td>135,998</td><td>6,234</td><td>6,100</td><td>8,616</td><td>7,379</td><td>7,170</td><td>7,699</td><td>7,351</td><td>10,150</td><td>10,225</td><td>10,796</td><td>9,324</td><td>10,315</td><td>10,855</td></tr><tr><td>Wyoming</td><td>11,152</td><td>573</td><td>480</td><td>668</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><td>832</td><td>1,153</td></tr><tr><td>Alaska</td><td>3,564</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>268</td><td>268</td><td>299</td></tr><tr><td>Canal Zone</td><td>8</td><td>-</td><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>35,414</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>3,506</td><td>3,164</td><td>3,159</td></tr><tr><td>Puerto Rico</td><td>7,769</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>593</td><td>732</td><td>624</td></tr><tr><td>Virgin Islands</td><td>236</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><td>25</td><td>37</td></tr><tr><td>Other possessions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-
Sources: Daily Treasury Statement and reports from Federal Reserve Banks. Notes: 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 prices. Data on redemptions by States are not available prior to October 1944. Less than $500.
March 1946
45
Sales and Redemptions of Treasury Savings Notes
Treasury savings notes were issued in three series, series A from August 1, 1941 through June 22, 1943, series B from August 1, 1941 through September 12, 1942, and series C which have been on continuous sale since September 14, 1942. All of series A and B and some of series C notes have matured.
Series C notes are sold at par, and accrue in value each month, yielding 1.07% per annum if held to maturity (3 years from date of issue). These notes may be used in payment of taxes any time after 2 months after issue, or may be redeemed for cash any time after 6 months after issue. For details concerning features, investment yields, and tax-payment or redemption values see "Treasury Bulletin" for October 1945, pages A-4 and A-5. For details concerning the features of series
A and B notes, see "Annual Report of the Secretary of the Treasury" for 1942, pages 207 and 220.
In the following tables sales and redemptions of Treasury savings notes are shown at par value. Matured notes turned in for redemption (either for cash or for tax-payment) are included in the figures on redemptions. Matured notes outstanding are reflected in the interest-bearing debt until all notes of the series have matured, when they are transferred to matured debt upon which interest has ceased, in accordance with the practice of the Daily Treasury Statement. For sales and redemptions of series A and B notes by fiscal years and months see "Treasury Bulletin" for February 1946, pages 42 and 43.
Table 1.- Summary of Sales and Redemptions, by Series, as of January 31, 1946
(In millions of dollars)
<table><tr><th rowspan="2">Treasury savings notes</th><th rowspan="2">Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>358</td><td>59 1/2</td><td>328</td><td>19</td><td>-</td></tr><tr><td>Series B</td><td>4,944</td><td>4,941</td><td>182 1/2</td><td>4,759</td><td>3</td><td>-</td></tr><tr><td>Series C</td><td>26,001</td><td>17,864</td><td>2,617</td><td>15,247</td><td>30</td><td>8,107</td></tr><tr><td>Total</td><td>31,351</td><td>23,193</td><td>2,859</td><td>20,334</td><td>52</td><td>8,107</td></tr></table>
Source: Daily Treasury Statement 1/ Includes exchanges.
Table 2.- Sales and Redemptions of Series C Treasury Savings Notes
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>7,547</td><td>1,033</td><td>36</td><td>1,047</td><td>-</td><td>6,464</td></tr><tr><td>1944</td><td>8,954</td><td>5,970</td><td>462</td><td>5,508</td><td>-</td><td>9,448</td></tr><tr><td>1945</td><td>7,016</td><td>6,336</td><td>543</td><td>5,853</td><td>-</td><td>10,068</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942</td><td>3,704</td><td>29</td><td>1</td><td>28</td><td>-</td><td>3,675</td></tr><tr><td>1943</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,302</td></tr><tr><td>1944</td><td>8,533</td><td>7,087</td><td>590</td><td>6,497</td><td>-</td><td>9,748</td></tr><tr><td>1945</td><td>5,504</td><td>6,966</td><td>1,637</td><td>5,329</td><td>51</td><td>8,235</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>258</td><td>229</td><td>53</td><td>177</td><td>-</td><td>9,776</td></tr><tr><td>February</td><td>212</td><td>148</td><td>20</td><td>128</td><td>-</td><td>9,811</td></tr><tr><td>March</td><td>233</td><td>1,204</td><td>26</td><td>1,178</td><td>-</td><td>8,870</td></tr><tr><td>April</td><td>408</td><td>244</td><td>22</td><td>222</td><td>-</td><td>9,034</td></tr><tr><td>May</td><td>1,097</td><td>175</td><td>51</td><td>124</td><td>-</td><td>9,956</td></tr><tr><td>June</td><td>1,114</td><td>1,002</td><td>54</td><td>948</td><td>-</td><td>10,068</td></tr><tr><td>July</td><td>307</td><td>323</td><td>36</td><td>287</td><td>-</td><td>10,052</td></tr><tr><td>August</td><td>115</td><td>115</td><td>18</td><td>97</td><td>-</td><td>10,082</td></tr><tr><td>September</td><td>92</td><td>1,153</td><td>276</td><td>877</td><td>-</td><td>9,021</td></tr><tr><td>October</td><td>336</td><td>581</td><td>291</td><td>290</td><td>-</td><td>8,776</td></tr><tr><td>November</td><td>704</td><td>423</td><td>295</td><td>128</td><td>-</td><td>9,058</td></tr><tr><td>December</td><td>598</td><td>1,370</td><td>494</td><td>875</td><td>51</td><td>8,235</td></tr><tr><td>1946-January</td><td>302</td><td>451</td><td>166</td><td>285</td><td>30</td><td>8,107</td></tr></table>
Source: Daily Treasury Statement.
46
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 3.- Sales of Series C, Classified by Denominations (In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total all denominations</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</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>2,535.5</td><td>1,124.5</td><td>1,917.0</td></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.5</td><td>1,858.5</td><td>3,086.7</td><td>1,259.5</td><td>1,808.0</td></tr><tr><td>1945</td><td>7,015.3</td><td>13.6</td><td>32.3</td><td>294.3</td><td>414.0</td><td>1,488.0</td><td>2,378.2</td><td>827.0</td><td>1,598.0</td></tr><tr><td>1945-January</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>77.5</td><td>41.0</td><td>68.0</td></tr><tr><td>February</td><td>212.4</td><td>.4</td><td>.3</td><td>5.7</td><td>10.0</td><td>38.4</td><td>74.9</td><td>18.0</td><td>64.0</td></tr><tr><td>March</td><td>233.1</td><td>.5</td><td>.7</td><td>6.1</td><td>8.9</td><td>36.4</td><td>74.6</td><td>24.0</td><td>82.0</td></tr><tr><td>April</td><td>407.7</td><td>.4</td><td>.3</td><td>7.7</td><td>11.8</td><td>62.0</td><td>122.9</td><td>74.0</td><td>128.0</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>387.3</td><td>126.0</td><td>249.0</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>372.2</td><td>121.5</td><td>249.0</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>94.0</td><td>58.0</td><td>74.0</td></tr><tr><td>August</td><td>115.4</td><td>.2</td><td>.5</td><td>4.7</td><td>7.2</td><td>26.5</td><td>44.3</td><td>16.0</td><td>46.0</td></tr><tr><td>September</td><td>91.6</td><td>.2</td><td>.4</td><td>3.2</td><td>4.6</td><td>16.5</td><td>29.7</td><td>9.0</td><td>28.0</td></tr><tr><td>October</td><td>336.1</td><td>.4</td><td>.9</td><td>7.3</td><td>12.8</td><td>57.8</td><td>120.9</td><td>83.0</td><td>53.0</td></tr><tr><td>November</td><td>704.1</td><td>1.3</td><td>4.0</td><td>34.5</td><td>52.3</td><td>182.7</td><td>254.2</td><td>66.0</td><td>109.0</td></tr><tr><td>December</td><td>598.0</td><td>.7</td><td>2.5</td><td>17.1</td><td>32.4</td><td>111.8</td><td>185.0</td><td>51.5</td><td>197.0</td></tr><tr><td>1946-January</td><td>301.3</td><td>.5</td><td>1.3</td><td>7.8</td><td>11.3</td><td>52.5</td><td>91.2</td><td>50.0</td><td>87.0</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
Table 4.- Sales of Series C, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Individuals, partnerships, and trust accounts</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships, and trust accounts</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>1945-January</td><td>257.7</td><td>18.3</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>9.5</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><tr><td>December</td><td>598.0</td><td>40.6</td><td>557.4</td><td>100.0</td><td>6.8</td><td>93.2</td></tr><tr><td>1946-January</td><td>301.8</td><td>20.4</td><td>281.4</td><td>100.0</td><td>6.8</td><td>93.2</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
March 1946
47
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1942{July 1941-Aug. 1941-June 1942.}</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>127,948</td><td>18,468</td><td>100.0</td><td>87.4</td><td>12.6</td></tr><tr><td>1943</td><td>213,350</td><td>+45,6205/6/</td><td>590,268 6/</td><td>544,647</td><td>474,168</td><td>70,480</td><td>100.0</td><td>87.1</td><td>12.9</td></tr><tr><td>1944</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>1945</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>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>38,091</td><td>29,653</td><td>8,438</td><td>100.0</td><td>77.8</td><td>22.2</td></tr><tr><td>August</td><td>149,045</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>9,319</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><tr><td>December</td><td>133,229</td><td>-6,128</td><td>5,259</td><td>11,387</td><td>7,990</td><td>3,397</td><td>100.0</td><td>70.2</td><td>29.8</td></tr><tr><td>1946-January</td><td>120,204</td><td>-13,024</td><td>3,689</td><td>16,713</td><td>11,229</td><td>5,484</td><td>100.0</td><td>67.2</td><td>32.8</td></tr></table>
Source: Daily Treasury Statements commanding 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.
Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousand for the period August 1, 1941 through June 30, 1942 and $55 thousand for the period July 1, 1942 through October 31, 1942.
Net of sales less redemptions. See footnote 1.
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="5">Sales in thousands of dollars</th><th colspan="5">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>4.5</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>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>6.3</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><tr><td>December</td><td>5,259</td><td>1,204</td><td>2,643</td><td>398</td><td>692</td><td>322</td><td>100.0</td><td>22.9</td><td>50.2</td><td>7.6</td><td>13.2</td><td>6.1</td></tr><tr><td>1946-January</td><td>3,689</td><td>946</td><td>1,839</td><td>271</td><td>478</td><td>157</td><td>100.0</td><td>25.6</td><td>49.8</td><td>7.3</td><td>13.0</td><td>4.3</td></tr></table>
Source: (1) Total sales: Daily Treasury Statements commencing November 1, 1942; prior thereto Post Office Department; (2) Distribution by denominations: Based upon Post Office Department data.
48
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
March 1946
49
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 rowspan="2">Total amount outstanding</th><th colspan="6">Distribution by classes of holders</th><th colspan="6">Distribution by classes of holders</th></tr><tr><th colspan="3">U. S. Government agencies and trust funds</th><th colspan="2">Federal Reserve Banks</th><th colspan="3">Private investors 2/</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>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public marketable issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Total amount unmatured out-standing</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th></tr><tr><td>1936</td><td>32,989</td><td>1,959</td><td>1,332</td><td>*</td><td>626</td><td>2,430</td><td>28,601</td><td>27,340</td><td>1,261</td><td>4,718</td><td>377</td><td>-</td><td>4,341</td><td>-</td></tr><tr><td>1937</td><td>35,800</td><td>3,251</td><td>1,693</td><td>*</td><td>1,558</td><td>2,526</td><td>30,023</td><td>28,835</td><td>1,188</td><td>4,665</td><td>363</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td>*</td><td>2,576</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>*</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>*</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,540</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,121</td><td>94,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1945-Jan.</td><td>230,672</td><td>21,955</td><td>5,256</td><td>11</td><td>16,688</td><td>19,004</td><td>189,713</td><td>138,002</td><td>51,712</td><td>1,496</td><td>6</td><td>-</td><td>1,191</td><td>300</td></tr><tr><td>Feb.</td><td>231,854</td><td>22,391</td><td>5,245</td><td>16</td><td>17,130</td><td>19,439</td><td>190,024</td><td>137,635</td><td>52,329</td><td>1,114</td><td>6</td><td>-</td><td>780</td><td>328</td></tr><tr><td>Mar.</td><td>232,026</td><td>22,864</td><td>5,281</td><td>16</td><td>17,567</td><td>19,659</td><td>189,493</td><td>137,675</td><td>51,817</td><td>1,119</td><td>6</td><td>-</td><td>781</td><td>332</td></tr><tr><td>Apr.</td><td>233,063</td><td>23,180</td><td>5,240</td><td>16</td><td>17,923</td><td>20,455</td><td>189,428</td><td>136,984</td><td>52,444</td><td>1,132</td><td>6</td><td>-</td><td>782</td><td>343</td></tr><tr><td>May.</td><td>235,761</td><td>23,804</td><td>5,195</td><td>16</td><td>18,592</td><td>20,954</td><td>191,004</td><td>136,503</td><td>54,501</td><td>1,151</td><td>6</td><td>-</td><td>783</td><td>362</td></tr><tr><td>June.</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>July.</td><td>259,781</td><td>25,657</td><td>6,077</td><td>22</td><td>19,558</td><td>21,717</td><td>212,407</td><td>155,286</td><td>57,121</td><td>484</td><td>6</td><td>-</td><td>28</td><td>450</td></tr><tr><td>Aug.</td><td>260,746</td><td>26,147</td><td>6,085</td><td>29</td><td>20,033</td><td>22,530</td><td>212,069</td><td>154,719</td><td>57,350</td><td>515</td><td>7</td><td>-</td><td>29</td><td>479</td></tr><tr><td>Sept.</td><td>259,630</td><td>26,635</td><td>6,087</td><td>29</td><td>20,519</td><td>23,328</td><td>209,667</td><td>153,418</td><td>56,249</td><td>527</td><td>7</td><td>-</td><td>30</td><td>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>23,276</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>262,849</td><td>26,837</td><td>6,098</td><td>29</td><td>20,710</td><td>23,472</td><td>212,541</td><td>155,542</td><td>56,998</td><td>536</td><td>7</td><td>-</td><td>32</td><td>497</td></tr><tr><td>Dec.</td><td>275,694</td><td>27,031</td><td>7,002</td><td>29</td><td>20,000</td><td>21,262</td><td>224,400</td><td>167,515</td><td>56,886</td><td>553</td><td>7</td><td>-</td><td>34</td><td>512</td></tr><tr><td>1946-Jan.</td><td>277,456</td><td>27,688 p</td><td>7,004 p</td><td>29 p</td><td>20,655</td><td>23,264</td><td>226,504 p</td><td>169,365 p</td><td>57,139 p</td><td>545</td><td>7 p</td><td>-</td><td>32 p</td><td>506</td></tr></table>
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 $500,000.
Excludes matured securities, and obligations held by the Treasury. The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and by Federal Reserve Banks.
50
Treasury Bulletin
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Per values 1/ - to billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th>$</th><th>Total</th><th>Commercial banks</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations</th><th>State and local governments</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>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>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</td><td>4.3</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</td><td>4.4</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</td><td>4.4</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</td><td>4.4</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</td><td>4.4</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</td><td>4.4</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</td><td>5.3</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</td><td>5.5</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</td><td>5.5</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><tr><td>October</td><td>260.0</td><td>107.7</td><td>84.4</td><td>23.3</td><td>152.3</td><td>59.3</td><td>22.4</td><td>10.0</td><td>28.3</td><td>5.5</td><td>26.8</td></tr><tr><td>November</td><td>263.4</td><td>109.3</td><td>85.9</td><td>23.5</td><td>154.0</td><td>62.0</td><td>22.2</td><td>9.8</td><td>27.8</td><td>5.3</td><td>26.8</td></tr><tr><td>December p</td><td>276.2</td><td>114.3</td><td>90.1</td><td>24.3</td><td>161.9</td><td>63.6</td><td>24.1</td><td>10.7</td><td>30.3</td><td>6.2</td><td>27.0</td></tr></table>
Preliminary. 
1/ United States savings bonds, Series A-D, E, and F are included at current redemption values. 
2/ Guaranteed securities held by the Treasury are excluded. 
3/ Consists of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular possessions. Excludes securities held in trust departments.
4/ Includes partnerships, personal trust accounts, and unincorporated business.
5/ Includes savings and loan associations, dealers and brokers, and investments of foreign balances in this country.
6/ Comprises trust, sinking, and investment funds of States and local governments and their agencies, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(In millions of dollars)
<table><tr><th></th><th colspan="12">Net market purchases or sales (-)</th></tr><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>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>-1.7</td><td>-.2</td><td>.4</td><td>*</td><td>-</td><td>*</td><td>-.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-.5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-.3</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-.2</td><td>-12.5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Less than $50,000. 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.
March 1946
51
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, December 31, 1945
Section I - Securities Issued or Guaranteed by the United States Government
The tables in Section I present summary data as of December 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 and Federal intermediate credit bank debentures.
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">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 1/</th></tr><tr><th>7,382 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>652 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>198,820</td><td>82,390</td><td>440</td><td>10,491</td><td>23,183</td><td>20,422</td><td>2,761</td><td>31,271</td><td>51,046</td></tr><tr><td>Non-marketable securities 4/</td><td>57,427</td><td>1,397</td><td>10</td><td>200</td><td>281</td><td>102</td><td>178</td><td>29</td><td>54,999</td></tr><tr><td>Total public securities</td><td>256,246</td><td>83,787</td><td>450</td><td>10,690</td><td>23,464</td><td>20,525</td><td>2,939</td><td>31,299</td><td>106,045</td></tr><tr><td>Special issues</td><td>20,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20,000</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/</td><td>276,246</td><td>83,787</td><td>450</td><td>10,690</td><td>23,464</td><td>20,525</td><td>2,939</td><td>51,300</td><td>106,045</td></tr></table>
1/ Securities held in trust departments are excluded. 2/ Includes trust companies. 3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote
4/ C.C.C. demand obligations in the amount of $512 million held by all commercial banks are shown only in total amount outstanding.
5/ 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 1/</th></tr><tr><th>7,362 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>652 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">Par values - in millions of dollars</td></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>17,037</td><td>2,476</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>12,836</td><td>1,723</td></tr><tr><td>Certificates of indebtedness</td><td>38,155</td><td>18,065</td><td>26</td><td>91</td><td>360</td><td>185</td><td>176</td><td>8,402</td><td>11,211</td></tr><tr><td>Treasury notes</td><td>22,961</td><td>15,664</td><td>37</td><td>179</td><td>576</td><td>381</td><td>195</td><td>2,128</td><td>4,383</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>52,216</td><td>1,532</td><td>162</td><td>7,370</td><td>16,699</td><td>15,762</td><td>937</td><td>5,179</td><td>21,273</td></tr><tr><td>Treasury bonds - bank eligible</td><td>68,207</td><td>44,626</td><td>215</td><td>2,847</td><td>5,531</td><td>4,081</td><td>1,450</td><td>2,683</td><td>12,306</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>36</td><td>144</td></tr><tr><td>Guaranteed by United States 5/</td><td>41</td><td>11</td><td>*</td><td>3</td><td>14</td><td>13</td><td>1</td><td>7</td><td>6</td></tr><tr><td>Total</td><td>198,820</td><td>82,390</td><td>440</td><td>10,491</td><td>23,183</td><td>20,422</td><td>2,761</td><td>31,271</td><td>51,046</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>70,546</td><td>30,504</td><td>34</td><td>156</td><td>598</td><td>306</td><td>291</td><td>23,476</td><td>15,778</td></tr><tr><td>1 to 5 years</td><td>35,391</td><td>25,096</td><td>67</td><td>701</td><td>1,741</td><td>1,211</td><td>530</td><td>1,100</td><td>6,685</td></tr><tr><td>5 to 10 years</td><td>33,025</td><td>20,891</td><td>117</td><td>2,056</td><td>2,900</td><td>2,194</td><td>705</td><td>997</td><td>6,064</td></tr><tr><td>10 to 15 years</td><td>17,239</td><td>3,465</td><td>111</td><td>3,275</td><td>2,789</td><td>2,042</td><td>746</td><td>617</td><td>6,982</td></tr><tr><td>15 to 20 years</td><td>17,796</td><td>67</td><td>47</td><td>2,249</td><td>8,208</td><td>8,005</td><td>204</td><td>2,253</td><td>4,972</td></tr><tr><td>Over 20 years</td><td>24,781</td><td>2,354</td><td>63</td><td>2,051</td><td>6,934</td><td>6,650</td><td>284</td><td>2,820</td><td>10,559</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>41</td><td>11</td><td>*</td><td>3</td><td>14</td><td>13</td><td>1</td><td>7</td><td>6</td></tr><tr><td>Total</td><td>198,820</td><td>82,390</td><td>440</td><td>10,491</td><td>23,183</td><td>20,422</td><td>2,761</td><td>31,271</td><td>51,046</td></tr><tr><th>Tax status: 6/</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>196</td><td>16</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>36</td><td>144</td></tr><tr><td>Partially exempt from Federal income taxes 7/</td><td>20,425</td><td>13,549</td><td>100</td><td>115</td><td>1,091</td><td>270</td><td>821</td><td>1,957</td><td>3,603</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>178,199</td><td>68,825</td><td>339</td><td>10,375</td><td>22,092</td><td>20,153</td><td>1,939</td><td>29,268</td><td>47,299</td></tr><tr><td>Total</td><td>198,820</td><td>82,390</td><td>440</td><td>10,491</td><td>23,183</td><td>20,422</td><td>2,761</td><td>31,271</td><td>51,046</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, December 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>7,382 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>652 fire, casualty, and marine insurance companies</th></tr></table>
Percentage distribution by classes of securities
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>8.6</td><td>3.0</td><td>5.9</td><td>.9</td><td>1.6</td><td>.9</td><td>6.4</td><td>41.0</td><td>3.4</td></tr><tr><td>Certificates of indebtedness</td><td>19.2</td><td>21.9</td><td>8.4</td><td>1.7</td><td>2.5</td><td>1.9</td><td>7.1</td><td>26.9</td><td>22.0</td></tr><tr><td>Treasury notes</td><td>11.6</td><td>19.0</td><td>36.9</td><td>70.3</td><td>72.0</td><td>77.2</td><td>34.0</td><td>6.8</td><td>8.6</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>26.3</td><td>1.9</td><td></td><td></td><td></td><td></td><td></td><td>16.6</td><td>41.7</td></tr><tr><td>Treasury bonds - bank eligible</td><td>34.3</td><td>54.2</td><td>48.8</td><td>27.1</td><td>23.9</td><td>20.0</td><td>52.5</td><td>8.6</td><td>24.1</td></tr><tr><td>Postal savings and other bonds</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>Guaranteed by United States 5/</td><td></td><td></td><td></td><td>.1</td><td></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>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>35.5</td><td>37.0</td><td>7.8</td><td>1.5</td><td>2.6</td><td>1.5</td><td>10.6</td><td>75.1</td><td>30.9</td></tr><tr><td>1 to 5 years</td><td>17.8</td><td>30.5</td><td>15.3</td><td>6.7</td><td>7.5</td><td>5.9</td><td>19.2</td><td>3.5</td><td>13.1</td></tr><tr><td>5 to 10 years</td><td>16.6</td><td>25.4</td><td>26.6</td><td>19.6</td><td>12.5</td><td>10.7</td><td>25.6</td><td>3.2</td><td>11.9</td></tr><tr><td>10 to 15 years</td><td>8.7</td><td>4.2</td><td>25.3</td><td>31.2</td><td>12.0</td><td>10.0</td><td>27.0</td><td>2.0</td><td>13.7</td></tr><tr><td>15 to 20 years</td><td>9.0</td><td>1.1</td><td>10.8</td><td>21.4</td><td>35.4</td><td>39.2</td><td>7.4</td><td>7.2</td><td>9.7</td></tr><tr><td>Over 20 years</td><td>12.5</td><td>2.9</td><td>14.3</td><td>19.6</td><td>29.9</td><td>32.6</td><td>10.3</td><td>9.0</td><td>20.7</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td></td><td></td><td></td><td></td><td>.1</td><td>.1</td><td></td><td></td><td></td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Tax status:</th><td>6/</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 7/</td><td>10.3</td><td>16.4</td><td>22.8</td><td>1.1</td><td>4.7</td><td>1.3</td><td>29.7</td><td>6.3</td><td>7.1</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>89.6</td><td>83.5</td><td>77.2</td><td>98.9</td><td>95.3</td><td>98.7</td><td>70.2</td><td>93.6</td><td>92.7</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by groups of investors
<table><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>14.5</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>75.3</td><td>10.1</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>47.3</td><td>.1</td><td>.2</td><td>.9</td><td>.5</td><td>.5</td><td>22.0</td><td>29.4</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>68.2</td><td>.2</td><td>.8</td><td>2.5</td><td>1.7</td><td>.9</td><td>9.3</td><td>19.1</td></tr><tr><td>Treasury bonds - bank restricted</td><td>100.0</td><td>2.9</td><td>.3</td><td>14.1</td><td>32.0</td><td>30.2</td><td>1.8</td><td>9.9</td><td>40.7</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>65.4</td><td>.3</td><td>4.2</td><td>8.1</td><td>6.0</td><td>2.1</td><td>3.9</td><td>18.0</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>18.2</td><td>73.4</td></tr><tr><td>Guaranteed by United States</td><td>100.0</td><td>27.8</td><td>*</td><td>6.7</td><td>33.7</td><td>32.4</td><td>1.3</td><td>17.1</td><td>14.7</td></tr><tr><td>Total</td><td>100.0</td><td>41.4</td><td>.2</td><td>5.3</td><td>11.7</td><td>10.3</td><td>1.4</td><td>15.7</td><td>25.7</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>43.2</td><td>*</td><td>.2</td><td>.8</td><td>.4</td><td>.4</td><td>33.3</td><td>22.4</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>70.9</td><td>.2</td><td>2.0</td><td>4.9</td><td>3.4</td><td>1.5</td><td>3.1</td><td>18.9</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>63.3</td><td>.4</td><td>6.2</td><td>8.8</td><td>6.6</td><td>2.1</td><td>3.0</td><td>18.4</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>20.1</td><td>.6</td><td>19.0</td><td>16.2</td><td>11.8</td><td>4.3</td><td>3.6</td><td>40.5</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>.4</td><td>.3</td><td>12.6</td><td>46.1</td><td>45.0</td><td>1.1</td><td>12.7</td><td>27.9</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>9.5</td><td>.3</td><td>8.3</td><td>28.0</td><td>26.8</td><td>1.1</td><td>11.4</td><td>42.6</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>27.8</td><td>*</td><td>6.7</td><td>33.7</td><td>32.4</td><td>1.3</td><td>17.1</td><td>14.7</td></tr><tr><td>Total</td><td>100.0</td><td>41.4</td><td>.2</td><td>5.3</td><td>11.7</td><td>10.3</td><td>1.4</td><td>15.7</td><td>25.7</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>8.0</td><td>*</td><td>*</td><td>.3</td><td>.1</td><td>.3</td><td>18.2</td><td>73.4</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>66.3</td><td>.5</td><td>.6</td><td>5.3</td><td>1.3</td><td>4.0</td><td>9.6</td><td>17.6</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>38.6</td><td>.2</td><td>5.8</td><td>12.4</td><td>11.3</td><td>1.1</td><td>16.4</td><td>26.5</td></tr><tr><td>Total</td><td>100.0</td><td>41.4</td><td>.2</td><td>5.3</td><td>11.7</td><td>10.3</td><td>1.4</td><td>15.7</td><td>25.7</td></tr></table>
(Continued on following page)
March 1946
53
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, December 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 6/ 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>7,382 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>652 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>17,037</td><td>2,476</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>12,836</td><td>1,783</td></tr><tr><td colspan="10">Certificates of indebtedness</td></tr><tr><td>7/8% February 1946......(taxable)</td><td>5,043</td><td>2,520</td><td>3</td><td>7</td><td>28</td><td>7</td><td>21</td><td>1,368</td><td>1,119</td></tr><tr><td>7/8% March 1946......(taxable)</td><td>4,147</td><td>2,565</td><td>1</td><td>10</td><td>23</td><td>2</td><td>21</td><td>1,033</td><td>516</td></tr><tr><td>7/8% April 1946......(taxable)</td><td>4,811</td><td>2,677</td><td>3</td><td>18</td><td>19</td><td>12</td><td>7</td><td>1,488</td><td>605</td></tr><tr><td>7/8% May 1946......(taxable)</td><td>1,579</td><td>1,016</td><td>2</td><td>2</td><td>2</td><td>-</td><td>2</td><td>404</td><td>154</td></tr><tr><td>7/8% June 1946......(taxable)</td><td>4,799</td><td>1,352</td><td>3</td><td>19</td><td>51</td><td>9</td><td>42</td><td>361</td><td>3,013</td></tr><tr><td>7/8% August 1946......(taxable)</td><td>2,470</td><td>1,455</td><td>4</td><td>5</td><td>8</td><td>*</td><td>8</td><td>771</td><td>226</td></tr><tr><td>7/8% September 1946......(taxable)</td><td>4,336</td><td>2,124</td><td>3</td><td>6</td><td>79</td><td>64</td><td>15</td><td>1,506</td><td>618</td></tr><tr><td>7/8% October 1946......(taxable)</td><td>3,440</td><td>2,019</td><td>3</td><td>12</td><td>10</td><td>*</td><td>10</td><td>929</td><td>467</td></tr><tr><td>7/8% November 1946......(taxable)</td><td>3,777</td><td>2,006</td><td>2</td><td>7</td><td>120</td><td>89</td><td>31</td><td>538</td><td>1,102</td></tr><tr><td>7/8% December 1946......(taxable)</td><td>3,753</td><td>331</td><td>2</td><td>5</td><td>19</td><td>1</td><td>19</td><td>4</td><td>3,391</td></tr><tr><td>Total certificates of indebtedness</td><td>38,155</td><td>18,065</td><td>26</td><td>91</td><td>360</td><td>185</td><td>176</td><td>8,402</td><td>11,211</td></tr><tr><td colspan="10">Treasury notes</td></tr><tr><td>.90% January 1946......(taxable)</td><td>3,416</td><td>2,225</td><td>1</td><td>3</td><td>31</td><td>25</td><td>5</td><td>577</td><td>579</td></tr><tr><td>1% March 1946......(taxable)</td><td>1,291</td><td>999</td><td>1</td><td>5</td><td>36</td><td>26</td><td>10</td><td>76</td><td>173</td></tr><tr><td>.90% July 1946......(taxable)</td><td>4,910</td><td>3,130</td><td>2</td><td>12</td><td>18</td><td>*</td><td>18</td><td>902</td><td>844</td></tr><tr><td>1-1/2% December 1946......(taxable)</td><td>3,261</td><td>2,395</td><td>2</td><td>29</td><td>111</td><td>68</td><td>43</td><td>276</td><td>448</td></tr><tr><td>1-1/4% March 1947......(taxable)</td><td>1,948</td><td>965</td><td>13</td><td>31</td><td>266</td><td>237</td><td>29</td><td>-</td><td>673</td></tr><tr><td>1-1/4% September 1947......(taxable)</td><td>1,687</td><td>847</td><td>9</td><td>27</td><td>55</td><td>14</td><td>42</td><td>-</td><td>749</td></tr><tr><td>1-1/2% September 1947......(taxable)</td><td>2,707</td><td>2,181</td><td>4</td><td>36</td><td>27</td><td>5</td><td>23</td><td>*</td><td>458</td></tr><tr><td>1-1/2% September 1948......(taxable)</td><td>3,748</td><td>2,922</td><td>4</td><td>34</td><td>31</td><td>6</td><td>25</td><td>298</td><td>459</td></tr><tr><td>Total Treasury notes</td><td>22,967</td><td>15,604</td><td>37</td><td>179</td><td>576</td><td>381</td><td>195</td><td>2,128</td><td>4,383</td></tr><tr><td colspan="10">Treasury bonds</td></tr><tr><td>3-3/4% March 1946-56......(partially)</td><td>489</td><td>234</td><td>*</td><td>3</td><td>8</td><td>*</td><td>8</td><td>77</td><td>167</td></tr><tr><td>3% June 1946-48......(partially)</td><td>1,036</td><td>527</td><td>1</td><td>5</td><td>20</td><td>1</td><td>19</td><td>207</td><td>275</td></tr><tr><td>3-1/8% June 1946-49......(partially)</td><td>819</td><td>439</td><td>*</td><td>6</td><td>11</td><td>1</td><td>11</td><td>87</td><td>275</td></tr><tr><td>4-1/4% October 1947-52......(partially)</td><td>759</td><td>306</td><td>*</td><td>7</td><td>36</td><td>11</td><td>25</td><td>81</td><td>329</td></tr><tr><td>2% December 1947......(partially)</td><td>701</td><td>556</td><td>*</td><td>1</td><td>24</td><td>*</td><td>24</td><td>*</td><td>120</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>783</td><td>1</td><td>63</td><td>75</td><td>64</td><td>10</td><td>41</td><td>152</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,223</td><td>895</td><td>1</td><td>8</td><td>34</td><td>5</td><td>29</td><td>160</td><td>126</td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>2,350</td><td>3</td><td>73</td><td>82</td><td>50</td><td>32</td><td>25</td><td>529</td></tr><tr><td>2-1/2% September 1948......(partially)</td><td>451</td><td>378</td><td>*</td><td>1</td><td>10</td><td>*</td><td>10</td><td>-</td><td>62</td></tr><tr><td>2% December 1948-50......(partially)</td><td>571</td><td>473</td><td>1</td><td>1</td><td>14</td><td>*</td><td>13</td><td>44</td><td>39</td></tr><tr><td>2% June 1949-51......(taxable)</td><td>1,014</td><td>774</td><td>1</td><td>52</td><td>110</td><td>100</td><td>10</td><td>10</td><td>67</td></tr><tr><td>2% September 1949-51......(taxable)</td><td>1,292</td><td>1,027</td><td>1</td><td>29</td><td>119</td><td>93</td><td>26</td><td>6</td><td>111</td></tr><tr><td>2% December 1949-51......(taxable)</td><td>2,098</td><td>1,570</td><td>4</td><td>54</td><td>147</td><td>125</td><td>22</td><td>7</td><td>216</td></tr><tr><td>3-1/8% December 1949-52......(partially)</td><td>491</td><td>370</td><td>1</td><td>5</td><td>32</td><td>11</td><td>20</td><td>40</td><td>141</td></tr><tr><td>2-1/2% December 1949-53......(partially)</td><td>1,786</td><td>1,295</td><td>8</td><td>7</td><td>47</td><td>3</td><td>43</td><td>223</td><td>207</td></tr><tr><td>2% March 1950-52......(taxable)</td><td>1,963</td><td>1,553</td><td>5</td><td>54</td><td>181</td><td>156</td><td>24</td><td>4</td><td>167</td></tr><tr><td>2% September 1950-52......(taxable)</td><td>4,939</td><td>3,312</td><td>8</td><td>201</td><td>389</td><td>328</td><td>61</td><td>50</td><td>980</td></tr><tr><td>2-1/2% September 1950-52......(partially)</td><td>1,186</td><td>1,006</td><td>2</td><td>9</td><td>50</td><td>2</td><td>48</td><td>112</td><td>7</td></tr><tr><td>1-1/2% December 1950......(taxable)</td><td>2,635</td><td>1,534</td><td>2</td><td>8</td><td>13</td><td>*</td><td>13</td><td>*</td><td>1,078</td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,627</td><td>1,214</td><td>8</td><td>11</td><td>73</td><td>2</td><td>71</td><td>162</td><td>158</td></tr></table>
(Continued on following page)
54
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, December 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-(Continued)
(Per values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 6/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,382 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>652 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">Treasury bonds-(continued)</td></tr><tr><td>2% September 1951-53......(taxable)</td><td>7,986</td><td>5,204</td><td>23</td><td>460</td><td>781</td><td>654</td><td>127</td><td>115</td><td>1,404</td></tr><tr><td>3% September 1951-55......(partially)</td><td>755</td><td>357</td><td>*</td><td>6</td><td>51</td><td>16</td><td>34</td><td>77</td><td>265</td></tr><tr><td>2% December 1951-55......(taxable)</td><td>510</td><td>380</td><td>2</td><td>11</td><td>30</td><td>24</td><td>6</td><td>12</td><td>75</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>1,118</td><td>891</td><td>2</td><td>2</td><td>34</td><td>4</td><td>30</td><td>108</td><td>81</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>1,024</td><td>499</td><td>1</td><td>236</td><td>66</td><td>49</td><td>17</td><td>67</td><td>155</td></tr><tr><td>2% June 1952-54......(taxable)</td><td>5,825</td><td>3,808</td><td>20</td><td>340</td><td>587</td><td>507</td><td>79</td><td>6</td><td>1,065</td></tr><tr><td>2% December 1952-54......(taxable)</td><td>8,662</td><td>5,237</td><td>24</td><td>770</td><td>863</td><td>717</td><td>146</td><td>13</td><td>1,754</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>1,501</td><td>869</td><td>2</td><td>196</td><td>183</td><td>159</td><td>23</td><td>73</td><td>178</td></tr><tr><td>2% June 1953-55......(partially)</td><td>725</td><td>637</td><td>*</td><td>2</td><td>27</td><td>2</td><td>25</td><td>14</td><td>45</td></tr><tr><td>2-1/4% June 1954-56......(partially)</td><td>681</td><td>530</td><td>2</td><td>2</td><td>49</td><td>14</td><td>35</td><td>35</td><td>63</td></tr><tr><td>2-7/8% March 1955-60......(partially)</td><td>2,611</td><td>1,266</td><td>31</td><td>22</td><td>158</td><td>47</td><td>111</td><td>315</td><td>820</td></tr><tr><td>2-1/2% March 1955-58......(taxable)</td><td>1,449</td><td>661</td><td>9</td><td>90</td><td>140</td><td>429</td><td>11</td><td>51</td><td>197</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>3,823</td><td>261</td><td>17</td><td>1,254</td><td>831</td><td>717</td><td>114</td><td>130</td><td>1,330</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>982</td><td>602</td><td>16</td><td>3</td><td>105</td><td>30</td><td>76</td><td>96</td><td>159</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>919</td><td>602</td><td>12</td><td>7</td><td>136</td><td>60</td><td>77</td><td>52</td><td>110</td></tr><tr><td>2-1/4% June 1959-62......(taxable)</td><td>5,284</td><td>-</td><td>28</td><td>1,622</td><td>724</td><td>513</td><td>211</td><td>212</td><td>2,698</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>3,298</td><td>369</td><td>16</td><td>291</td><td>382</td><td>236</td><td>146</td><td>1</td><td>2,339</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>1,485</td><td>971</td><td>13</td><td>7</td><td>170</td><td>58</td><td>113</td><td>75</td><td>249</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>-</td><td>4</td><td>395</td><td>1,137</td><td>1,096</td><td>41</td><td>206</td><td>375</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>-</td><td>3</td><td>516</td><td>1,380</td><td>1,344</td><td>35</td><td>264</td><td>668</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,761</td><td>-</td><td>13</td><td>674</td><td>1,599</td><td>1,562</td><td>37</td><td>413</td><td>1,063</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>-</td><td>13</td><td>464</td><td>1,611</td><td>1,565</td><td>46</td><td>502</td><td>1,248</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>66</td><td>15</td><td>200</td><td>2,481</td><td>2,437</td><td>44</td><td>857</td><td>1,569</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,481</td><td>64</td><td>11</td><td>132</td><td>1,593</td><td>1,577</td><td>17</td><td>675</td><td>1,006</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>7,967</td><td>-</td><td>24</td><td>886</td><td>3,221</td><td>3,118</td><td>103</td><td>884</td><td>2,953</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>2,716</td><td>1,518</td><td>9</td><td>97</td><td>379</td><td>359</td><td>20</td><td>238</td><td>475</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>10,617</td><td>773</td><td>19</td><td>936</td><td>1,740</td><td>1,597</td><td>144</td><td>1,024</td><td>6,125</td></tr><tr><td>Total Treasury bonds</td><td>120,423</td><td>46,157</td><td>377</td><td>10,217</td><td>22,231</td><td>19,843</td><td>2,388</td><td>7,862</td><td>33,579</td></tr><tr><td colspan="10">Postal savings and other bonds</td></tr><tr><td>Postal savings bonds......(wholly)</td><td>117</td><td>13</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>36</td><td>68</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>50</td><td>1</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>49</td></tr><tr><td>Conversion bonds......(wholly)</td><td>29</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>27</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>36</td><td>144</td></tr><tr><td colspan="10">Guaranteed securities 5/</td></tr><tr><td>Federal Housing Administration debentures......(partially) (taxable)</td><td>10 32</td><td>11 g/</td><td>g/</td><td>3 g/</td><td>14 g/</td><td>13 g/</td><td>1 g/</td><td>7 g/</td><td>6 g/</td></tr><tr><td>Total guaranteed securities</td><td>41</td><td>11</td><td>*</td><td>3</td><td>14</td><td>13</td><td>1</td><td>7</td><td>6</td></tr><tr><td>Total public marketable securities</td><td>198,820</td><td>82,390</td><td>440</td><td>10,491</td><td>23,183</td><td>20,422</td><td>2,761</td><td>31,271</td><td>51,046</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%.
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
3/ 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/ Issues which commercial banks may not acquire prior to a specified
5. date (with minor exceptions). See footnote 2, page 25. Guaranteed securities held by the Treasury are not included. 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.
7. Includes an estimated amount of Federal Housing Administration debentures.
8. Actual figures by tax status are unavailable.
March 1946
55
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, December 31, 1945 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued
Table 3. - Public Non-Marketable Interest-Bearing Securities
(Par values 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 3/</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 5/</th></tr><tr><th></th><th></th><th>7,382 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>652 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series B-D.................6/</td><td>3,477</td><td>182</td><td>*</td><td>5</td><td>11</td><td>3</td><td>7</td><td>*</td><td>3,278</td></tr><tr><td>Series E..................(taxable)</td><td>30,727</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,726</td></tr><tr><td>Series F..................(taxable)</td><td>2,793</td><td>215</td><td>1</td><td>7</td><td>35</td><td>15</td><td>20</td><td>1</td><td>2,534</td></tr><tr><td>Series G..................(taxable)</td><td>11,186</td><td>473</td><td>5</td><td>187</td><td>224</td><td>82</td><td>142</td><td>9</td><td>10,287</td></tr><tr><td>Total United States savings bonds</td><td>48,183</td><td>870</td><td>7</td><td>200</td><td>269</td><td>100</td><td>170</td><td>12</td><td>46,826</td></tr><tr><td>Treasury savings notes........(taxable)</td><td>8,235</td><td>67</td><td>3</td><td>*</td><td>12</td><td>3</td><td>9</td><td>17</td><td>8,137</td></tr><tr><td>Depository bonds............(taxable)</td><td>497</td><td>460</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36</td></tr><tr><td>Guaranteed securities 7/</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>512</td><td>8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total public non-marketable securities</td><td>57,427</td><td>1,397</td><td>10</td><td>200</td><td>281</td><td>102</td><td>178</td><td>29</td><td>54,999</td></tr></table>
1/ United States savings bonds, Series B-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 principal 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 B-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; these sold on and after that date are taxable.
7/ Guaranteed securities held by the Treasury are not included.
8/ C.C.C. demand obligations in the amount of $512 million held by all commercial banks are shown only in total amount outstanding.
Section II - Interest-Bearing Securities Issued by Federal Agencies
But not Guaranteed by the United States
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 3/</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 5/</th></tr><tr><th></th><th></th><th>7,382 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>652 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% January 1946-56......(wholly)</td><td>171</td><td>36</td><td>-</td><td>*</td><td>1</td><td>1</td><td>1</td><td>-</td><td>133</td></tr><tr><td>3% May 1946-56......(wholly)</td><td>170</td><td>20</td><td>*</td><td>*</td><td>2</td><td>*</td><td>1</td><td>-</td><td>148</td></tr><tr><td>1-1/2% October 1948-50......(taxable)</td><td>176</td><td>141</td><td>1</td><td>1</td><td>1</td><td>*</td><td>1</td><td>-</td><td>32</td></tr><tr><td>2-1/4% February 1953-55......(taxable)</td><td>114</td><td>89</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>286</td><td>1</td><td>3</td><td>7</td><td>2</td><td>4</td><td>-</td><td>334</td></tr><tr><td>Federal intermediate credit bank debentures</td><td>242</td><td>213</td><td>-</td><td>*</td><td>2</td><td>-</td><td>2</td><td>-</td><td>28</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States 1/</td><td>874</td><td>499</td><td>1</td><td>3</td><td>8</td><td>2</td><td>6</td><td>-</td><td>362</td></tr></table>
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. 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.
56
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, December 31, 1945 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System
Section I - Securities Issued or Guaranteed by the United States Government
Table 1.- Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total 7,352 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,610 nonmember commercial banks</th></tr><tr><th>Total 4,772 member commercial banks</th><th colspan="3">Central Reserve City banks</th><th>349 Reserve City banks</th><th>4,374 country banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th></th><th></th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>82,390</td><td>73,981</td><td>21,490</td><td>17,321</td><td>4,169</td><td>28,956</td><td>23,535</td><td>8,409</td></tr><tr><td>Non-marketable securities</td><td>1,397</td><td>1,085</td><td>69</td><td>51</td><td>17</td><td>245</td><td>771</td><td>312</td></tr><tr><td>Total public securities</td><td>83,787</td><td>75,066</td><td>21,559</td><td>17,372</td><td>4,186</td><td>29,200</td><td>24,307</td><td>8,721</td></tr></table>
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<table><tr><th>Classification</th><th>Total 7,382 commercial banks 1/</th><th>Total 4,772 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,610 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>349 Reserve City banks</th><th>4,374 country banks</th><th></th></tr><tr><td colspan="8">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></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>2,476</td><td>2,169</td><td>611</td><td>478</td><td>133</td><td>1,031</td><td>527</td><td>307</td></tr><tr><td>Certificates of indebtedness</td><td>18,065</td><td>16,346</td><td>4,937</td><td>3,472</td><td>1,464</td><td>6,906</td><td>4,504</td><td>1,719</td></tr><tr><td>Treasury notes</td><td>15,664</td><td>14,057</td><td>4,054</td><td>3,310</td><td>745</td><td>5,749</td><td>4,254</td><td>1,607</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>1,532</td><td>1,179</td><td>73</td><td>66</td><td>8</td><td>191</td><td>915</td><td>353</td></tr><tr><td>Treasury bonds - bank eligible</td><td>44,626</td><td>40,209</td><td>11,812</td><td>9,994</td><td>1,818</td><td>15,072</td><td>13,325</td><td>4,417</td></tr><tr><td>Postal savings and other bonds</td><td>16</td><td>11</td><td>1</td><td>1</td><td>1</td><td>3</td><td>7</td><td>5</td></tr><tr><td>Guaranteed by United States 3/</td><td>11</td><td>10</td><td>1</td><td>1</td><td>-</td><td>5</td><td>5</td><td>1</td></tr><tr><td>Total</td><td>82,390</td><td>73,981</td><td>21,490</td><td>17,321</td><td>4,169</td><td>28,956</td><td>23,535</td><td>8,409</td></tr><tr><td>Call classes:</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></tr><tr><td>Within 1 year</td><td>30,504</td><td>27,647</td><td>8,707</td><td>6,615</td><td>2,091</td><td>11,707</td><td>7,234</td><td>2,857</td></tr><tr><td>1 to 5 years</td><td>25,096</td><td>22,618</td><td>6,823</td><td>5,710</td><td>1,113</td><td>8,554</td><td>7,241</td><td>2,478</td></tr><tr><td>5 to 10 years</td><td>20,891</td><td>18,668</td><td>5,133</td><td>4,528</td><td>605</td><td>6,941</td><td>6,594</td><td>2,223</td></tr><tr><td>10 to 15 years</td><td>3,465</td><td>3,066</td><td>671</td><td>372</td><td>299</td><td>1,215</td><td>1,181</td><td>399</td></tr><tr><td>15 to 20 years</td><td>67</td><td>46</td><td>*</td><td>*</td><td>*</td><td>4</td><td>43</td><td>20</td></tr><tr><td>Over 20 years</td><td>2,354</td><td>1,925</td><td>155</td><td>94</td><td>61</td><td>531</td><td>1,239</td><td>430</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>11</td><td>10</td><td>1</td><td>1</td><td>-</td><td>5</td><td>5</td><td>1</td></tr><tr><td>Total</td><td>82,390</td><td>73,981</td><td>21,490</td><td>17,321</td><td>4,169</td><td>28,956</td><td>23,535</td><td>8,409</td></tr><tr><td>Tax status: 4/</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>16</td><td>11</td><td>1</td><td>1</td><td>1</td><td>3</td><td>7</td><td>5</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>13,549</td><td>12,862</td><td>4,848</td><td>3,849</td><td>999</td><td>5,538</td><td>2,476</td><td>687</td></tr><tr><td>Subject to Federal income taxes 5/</td><td>68,825</td><td>61,108</td><td>16,640</td><td>13,471</td><td>3,169</td><td>23,415</td><td>21,053</td><td>7,717</td></tr><tr><td>Total</td><td>82,390</td><td>73,981</td><td>21,490</td><td>17,321</td><td>4,169</td><td>28,956</td><td>23,535</td><td>8,409</td></tr></table>
(Continued on following page)
March 1946
57
Treasury Survey of Ownership of Securities issued by the United States Government and by Federal Agencies, December 31, 1945 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I
Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.
Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total 7,382 commercial banks 1/</th><th colspan="5">Number commercial banks</th><th rowspan="2">2,610 nonmember commercial banks</th></tr><tr><th>Total 4,772 member commercial banks</th><th colspan="3">Central Reserve City banks</th><th>349 Reserve City banks</th><th>4,374 country banks</th></tr><tr><td></td><td></td><td>Total 49 Central Reserve City banks</td><td>37 New York City banks</td><td>12 Chicago banks</td><td></td><td></td><td></td></tr></table>
Percentage distribution by classes of securities
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills....................</td><td>3.0</td><td>2.9</td><td>2.8</td><td>2.8</td><td>3.2</td><td>3.6</td><td>2.2</td><td>3.7</td></tr><tr><td>Certificate of indebtedness......</td><td>21.9</td><td>22.1</td><td>23.0</td><td>20.0</td><td>35.1</td><td>23.8</td><td>19.1</td><td>20.4</td></tr><tr><td>Treasury notes....................</td><td>19.0</td><td>19.0</td><td>18.9</td><td>19.1</td><td>17.9</td><td>19.9</td><td>18.1</td><td>19.1</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>1.9</td><td>1.6</td><td>.3</td><td>.4</td><td>.2</td><td>.7</td><td>3.9</td><td>4.2</td></tr><tr><td>Treasury bonds - bank eligible.....</td><td>54.2</td><td>54.4</td><td>55.0</td><td>57.7</td><td>43.6</td><td>52.1</td><td>56.6</td><td>52.5</td></tr><tr><td>Postal savings and other bonds.....</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>.1</td></tr><tr><td>Guaranteed by United States 3/......</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Call classes:</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></tr><tr><td>Within 1 year.....................</td><td>37.0</td><td>37.4</td><td>40.5</td><td>38.2</td><td>50.2</td><td>40.4</td><td>30.7</td><td>34.0</td></tr><tr><td>1 to 5 years......................</td><td>30.5</td><td>30.6</td><td>31.7</td><td>33.0</td><td>26.7</td><td>29.5</td><td>30.8</td><td>29.5</td></tr><tr><td>5 to 10 years.....................</td><td>25.4</td><td>25.2</td><td>23.9</td><td>26.1</td><td>14.5</td><td>24.0</td><td>28.0</td><td>26.4</td></tr><tr><td>10 to 15 years.....................</td><td>4.2</td><td>4.1</td><td>3.1</td><td>2.1</td><td>7.2</td><td>4.2</td><td>5.0</td><td>4.7</td></tr><tr><td>15 to 20 years.....................</td><td>1.1</td><td>1.1</td><td></td><td></td><td></td><td></td><td>.2</td><td>.2</td></tr><tr><td>Over 20 years......................</td><td>2.9</td><td>2.6</td><td>.7</td><td>.5</td><td>1.5</td><td>1.3</td><td>5.3</td><td>5.1</td></tr><tr><td>Various (Federal Housing Administra-tion debentures)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Tax status: 4/</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></td><td></td><td></td><td></td><td></td><td></td><td></td><td>.1</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>16.4</td><td>17.4</td><td>22.5</td><td>22.2</td><td>24.0</td><td>19.1</td><td>10.5</td><td>8.2</td></tr><tr><td>Subject to Federal income taxes 5/........</td><td>83.5</td><td>82.6</td><td>77.4</td><td>77.8</td><td>76.0</td><td>80.9</td><td>89.5</td><td>91.8</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></tr></table>
Percentage distribution by groups of investors
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>87.6</td><td>24.7</td><td>19.3</td><td>5.4</td><td>41.6</td><td>21.3</td><td>12.4</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>90.5</td><td>27.3</td><td>19.2</td><td>8.1</td><td>38.2</td><td>24.9</td><td>9.5</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>89.7</td><td>25.9</td><td>21.1</td><td>4.8</td><td>36.7</td><td>27.2</td><td>10.3</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>100.0</td><td>76.9</td><td>4.8</td><td>4.3</td><td>.5</td><td>12.4</td><td>59.7</td><td>23.1</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>90.1</td><td>26.5</td><td>22.4</td><td>4.1</td><td>33.8</td><td>29.9</td><td>9.9</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>70.3</td><td>7.9</td><td>4.6</td><td>3.3</td><td>17.7</td><td>44.7</td><td>29.7</td></tr><tr><td>Guaranteed by United States 3/</td><td>100.0</td><td>91.0</td><td>9.9</td><td>9.9</td><td>-</td><td>41.5</td><td>39.6</td><td>9.0</td></tr><tr><td>Total</td><td>100.0</td><td>89.8</td><td>26.1</td><td>21.0</td><td>5.1</td><td>35.1</td><td>28.6</td><td>10.2</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>90.6</td><td>28.5</td><td>21.7</td><td>6.9</td><td>38.4</td><td>23.7</td><td>9.4</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>90.1</td><td>27.2</td><td>22.8</td><td>4.4</td><td>34.1</td><td>28.9</td><td>9.9</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>89.4</td><td>24.6</td><td>21.7</td><td>2.9</td><td>33.2</td><td>31.6</td><td>10.6</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>88.5</td><td>19.4</td><td>10.7</td><td>8.6</td><td>35.1</td><td>34.1</td><td>11.5</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>69.3</td><td>.2</td><td>.2</td><td>.6</td><td>5.3</td><td>63.8</td><td>30.7</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>81.7</td><td>6.6</td><td>4.0</td><td>2.6</td><td>22.5</td><td>52.6</td><td>18.3</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>91.0</td><td>9.9</td><td>9.9</td><td>-</td><td>41.5</td><td>39.6</td><td>9.0</td></tr><tr><td>Total</td><td>100.0</td><td>89.8</td><td>26.1</td><td>21.0</td><td>5.1</td><td>35.1</td><td>28.6</td><td>10.2</td></tr><tr><th>Tax status: 4/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>70.3</td><td>7.9</td><td>4.6</td><td>3.3</td><td>17.7</td><td>44.7</td><td>29.7</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>100.0</td><td>94.9</td><td>35.8</td><td>28.1</td><td>7.4</td><td>40.9</td><td>18.7</td><td>5.1</td></tr><tr><td>Subject to Federal income taxes 5/</td><td>100.0</td><td>88.8</td><td>24.2</td><td>19.6</td><td>4.6</td><td>34.0</td><td>30.6</td><td>11.2</td></tr><tr><td>Total</td><td>100.0</td><td>89.8</td><td>26.1</td><td>21.0</td><td>5.1</td><td>35.1</td><td>28.6</td><td>10.2</td></tr></table>
(Continued on following page)
Treasury Bulletin
58
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, December 31, 1945 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status ½ is shown in parentheses)</th><th>Total 7,352 commercial banks 1/</th><th>Total 4,772 member commercial banks</th><th colspan="4">Central Reserve City banks</th><th>349 Reserve City banks</th><th>4,374 country banks</th><th>2,610 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>Treasury bills (taxable)</td><td>2,476</td><td>2,169</td><td>611</td><td>478</td><td>133</td><td>1,031</td><td>527</td><td>307</td></tr><tr><td colspan="9">Certificates of indebtedness</td></tr><tr><td>7/8 February 1946 (taxable)</td><td>2,520</td><td>2,281</td><td>815</td><td>647</td><td>168</td><td>974</td><td>492</td><td>239</td></tr><tr><td>7/8 March 1946 (taxable)</td><td>2,565</td><td>2,279</td><td>677</td><td>540</td><td>137</td><td>953</td><td>649</td><td>285</td></tr><tr><td>7/8 April 1946 (taxable)</td><td>2,677</td><td>2,394</td><td>832</td><td>738</td><td>94</td><td>942</td><td>620</td><td>283</td></tr><tr><td>7/8 May 1946 (taxable)</td><td>1,016</td><td>935</td><td>213</td><td>96</td><td>117</td><td>414</td><td>308</td><td>81</td></tr><tr><td>7/8 June 1946 (taxable)</td><td>1,352</td><td>1,258</td><td>562</td><td>464</td><td>98</td><td>438</td><td>257</td><td>94</td></tr><tr><td>7/8 August 1946 (taxable)</td><td>1,455</td><td>1,307</td><td>332</td><td>155</td><td>177</td><td>559</td><td>416</td><td>149</td></tr><tr><td>7/8 September 1946 (taxable)</td><td>2,124</td><td>1,947</td><td>538</td><td>334</td><td>204</td><td>859</td><td>550</td><td>177</td></tr><tr><td>7/8 October 1946 (taxable)</td><td>2,019</td><td>1,814</td><td>398</td><td>191</td><td>207</td><td>820</td><td>596</td><td>206</td></tr><tr><td>7/8 November 1946 (taxable)</td><td>2,006</td><td>1,851</td><td>475</td><td>250</td><td>225</td><td>877</td><td>500</td><td>155</td></tr><tr><td>7/8 December 1946 (taxable)</td><td>331</td><td>281</td><td>94</td><td>58</td><td>36</td><td>71</td><td>116</td><td>51</td></tr><tr><td>Total certificates of indebtedness</td><td>18,065</td><td>16,346</td><td>4,937</td><td>3,472</td><td>1,464</td><td>6,906</td><td>4,504</td><td>1,719</td></tr><tr><td colspan="9">Treasury notes</td></tr><tr><td>1-1/2 January 1946 (taxable)</td><td>2,225</td><td>2,016</td><td>444</td><td>344</td><td>99</td><td>1,027</td><td>546</td><td>209</td></tr><tr><td>1-1/2 March 1946 (taxable)</td><td>999</td><td>905</td><td>343</td><td>337</td><td>6</td><td>268</td><td>294</td><td>94</td></tr><tr><td>1-1/2 July 1946 (taxable)</td><td>3,130</td><td>2,830</td><td>856</td><td>656</td><td>199</td><td>1,331</td><td>644</td><td>300</td></tr><tr><td>1-1/2 December 1946 (taxable)</td><td>2,395</td><td>2,211</td><td>796</td><td>689</td><td>108</td><td>880</td><td>535</td><td>184</td></tr><tr><td>1-1/4 March 1947 (taxable)</td><td>965</td><td>848</td><td>190</td><td>129</td><td>61</td><td>356</td><td>302</td><td>117</td></tr><tr><td>1-1/4 September 1947 (taxable)</td><td>847</td><td>707</td><td>168</td><td>135</td><td>33</td><td>248</td><td>291</td><td>140</td></tr><tr><td>1-1/2 September 1947 (taxable)</td><td>2,181</td><td>1,958</td><td>537</td><td>385</td><td>152</td><td>757</td><td>664</td><td>223</td></tr><tr><td>1-1/2 September 1948 (taxable)</td><td>2,922</td><td>2,583</td><td>721</td><td>634</td><td>87</td><td>883</td><td>978</td><td>339</td></tr><tr><td>Total Treasury notes</td><td>15,684</td><td>14,057</td><td>4,054</td><td>3,310</td><td>745</td><td>5,749</td><td>4,254</td><td>1,607</td></tr><tr><td colspan="9">Treasury bonds</td></tr><tr><td>3-3/4 March 1946-56 (partially)</td><td>234</td><td>229</td><td>151</td><td>124</td><td>27</td><td>64</td><td>15</td><td>5</td></tr><tr><td>3-1/8 June 1946-48 (partially)</td><td>527</td><td>507</td><td>285</td><td>257</td><td>28</td><td>110</td><td>112</td><td>20</td></tr><tr><td>3-1/8 June 1946-49 (partially)</td><td>439</td><td>424</td><td>283</td><td>257</td><td>27</td><td>88</td><td>53</td><td>14</td></tr><tr><td>4-1/4 October 1947-52 (partially)</td><td>306</td><td>295</td><td>197</td><td>171</td><td>26</td><td>68</td><td>31</td><td>11</td></tr><tr><td>2-1/2 December 1947 (partially)</td><td>556</td><td>533</td><td>214</td><td>171</td><td>43</td><td>220</td><td>99</td><td>22</td></tr><tr><td>2-1/2 March 1948-50 (taxable)</td><td>783</td><td>724</td><td>274</td><td>245</td><td>29</td><td>266</td><td>183</td><td>60</td></tr><tr><td>2-3/4 March 1948-51 (partially)</td><td>895</td><td>857</td><td>391</td><td>364</td><td>27</td><td>363</td><td>103</td><td>38</td></tr><tr><td>1-3/4 June 1948 (taxable)</td><td>2,350</td><td>2,138</td><td>670</td><td>404</td><td>206</td><td>785</td><td>683</td><td>213</td></tr><tr><td>2-1/2 September 1948 (partially)</td><td>378</td><td>363</td><td>158</td><td>138</td><td>21</td><td>143</td><td>62</td><td>15</td></tr><tr><td>2-1/2 December 1948-50 (partially)</td><td>473</td><td>450</td><td>161</td><td>136</td><td>25</td><td>215</td><td>74</td><td>23</td></tr><tr><td>2-1/2 June 1949-51 (taxable)</td><td>774</td><td>705</td><td>167</td><td>152</td><td>15</td><td>292</td><td>246</td><td>69</td></tr><tr><td>2-1/2 September 1949-51 (taxable)</td><td>1,027</td><td>945</td><td>317</td><td>205</td><td>112</td><td>368</td><td>260</td><td>81</td></tr><tr><td>2-1/2 December 1949-51 (taxable)</td><td>1,570</td><td>1,413</td><td>353</td><td>286</td><td>67</td><td>554</td><td>507</td><td>157</td></tr><tr><td>2-1/2 December 1949-52 (partially)</td><td>370</td><td>349</td><td>139</td><td>109</td><td>30</td><td>166</td><td>44</td><td>21</td></tr><tr><td>2-1/2 December 1949-53 (partially)</td><td>1,295</td><td>1,240</td><td>410</td><td>374</td><td>36</td><td>618</td><td>212</td><td>55</td></tr><tr><td>2-1/2 March 1950-52 (taxable)</td><td>1,553</td><td>1,355</td><td>321</td><td>290</td><td>30</td><td>521</td><td>513</td><td>198</td></tr><tr><td>2-1/2 September 1950-52 (taxable)</td><td>3,312</td><td>2,952</td><td>989</td><td>932</td><td>58</td><td>948</td><td>1,015</td><td>360</td></tr><tr><td>2-1/2 September 1950-52 (partially)</td><td>1,006</td><td>933</td><td>320</td><td>279</td><td>42</td><td>404</td><td>209</td><td>13</td></tr><tr><td>1-1/2 December 1950 (taxable)</td><td>1,534</td><td>1,270</td><td>126</td><td>111</td><td>15</td><td>381</td><td>763</td><td>264</td></tr></table>
(Continued on following page)
March 1946
59
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, December 31, 1945 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status ½ is shown in parentheses)</th><th>Total 7,362 commercial banks 1/</th><th>Total 4,772 member commercial banks</th><th colspan="4">Member commercial banks</th><th>349 Reserve City banks</th><th>4,374 country banks</th><th>2,610 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th></th><th></th><th></th></tr><tr><td colspan="10">Treasury bonds - (continued)</td></tr><tr><td>2-3/4% June 1951-54......(partially)</td><td>1,214</td><td>1,172</td><td>529</td><td>480</td><td>49</td><td>449</td><td>194</td><td>42</td></tr><tr><td>23 September 1951-53......(taxable)</td><td>5,304</td><td>4,504</td><td>1,730</td><td>1,254</td><td>76</td><td>1,438</td><td>1,797</td><td>640</td></tr><tr><td>3% September 1951-55......(partially)</td><td>357</td><td>335</td><td>134</td><td>98</td><td>37</td><td>127</td><td>74</td><td>22</td></tr><tr><td>24 December 1951-55......(taxable)</td><td>380</td><td>314</td><td>64</td><td>61</td><td>3</td><td>77</td><td>172</td><td>67</td></tr><tr><td>2-1/4% December 1951-53......(partially)</td><td>891</td><td>850</td><td>211</td><td>137</td><td>74</td><td>456</td><td>164</td><td>41</td></tr><tr><td>2-1/2% March 1952-54......(taxable)</td><td>499</td><td>449</td><td>153</td><td>121</td><td>32</td><td>129</td><td>167</td><td>50</td></tr><tr><td>2% June 1952-54......(taxable)</td><td>3,808</td><td>3,324</td><td>806</td><td>770</td><td>36</td><td>1,189</td><td>1,329</td><td>484</td></tr><tr><td>23 December 1952-54......(taxable)</td><td>5,237</td><td>4,613</td><td>1,045</td><td>991</td><td>53</td><td>1,744</td><td>1,824</td><td>624</td></tr><tr><td>2-1/4% June 1952-55......(taxable)</td><td>869</td><td>755</td><td>163</td><td>135</td><td>28</td><td>249</td><td>343</td><td>115</td></tr><tr><td>24 June 1953-55......(partially)</td><td>637</td><td>602</td><td>149</td><td>74</td><td>75</td><td>297</td><td>156</td><td>35</td></tr><tr><td>2-1/4% June 1954-55......(partially)</td><td>530</td><td>497</td><td>137</td><td>98</td><td>39</td><td>239</td><td>121</td><td>33</td></tr><tr><td>2-7/8% March 1955-60......(partially)</td><td>1,266</td><td>1,195</td><td>413</td><td>309</td><td>104</td><td>548</td><td>234</td><td>71</td></tr><tr><td>2-1/2% March 1956-58......(taxable)</td><td>661</td><td>564</td><td>93</td><td>88</td><td>5</td><td>169</td><td>302</td><td>97</td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>261</td><td>198</td><td>6</td><td>5</td><td>1</td><td>34</td><td>158</td><td>63</td></tr><tr><td>2-3/4% September 1956-59......(partially)</td><td>602</td><td>558</td><td>192</td><td>84</td><td>108</td><td>238</td><td>129</td><td>44</td></tr><tr><td>2-3/4% June 1958-63......(partially)</td><td>602</td><td>563</td><td>161</td><td>87</td><td>74</td><td>265</td><td>137</td><td>39</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>369</td><td>276</td><td>6</td><td>4</td><td>2</td><td>48</td><td>222</td><td>92</td></tr><tr><td>2-3/4% December 1960-65......(partially)</td><td>971</td><td>908</td><td>213</td><td>104</td><td>109</td><td>462</td><td>233</td><td>63</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>66</td><td>45</td><td>*</td><td>*</td><td>*</td><td>3</td><td>42</td><td>20</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>64</td><td>45</td><td>1</td><td>*</td><td>1</td><td>6</td><td>42</td><td>14</td></tr><tr><td>2-1/2% September 1967-72......(taxable)</td><td>1,518</td><td>1,265</td><td>24</td><td>38</td><td>56</td><td>425</td><td>746</td><td>253</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>713</td><td>610</td><td>60</td><td>56</td><td>4</td><td>100</td><td>450</td><td>162</td></tr><tr><td>Total Treasury bonds</td><td>46,157</td><td>41,387</td><td>11,885</td><td>10,059</td><td>1,826</td><td>15,263</td><td>14,240</td><td>4,770</td></tr><tr><td colspan="10">Postal savings and other bonds</td></tr><tr><td>Postal savings bonds......(wholly)</td><td>13</td><td>9</td><td>*</td><td>-</td><td>*</td><td>2</td><td>6</td><td>4</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>1</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Conversion bonds......(wholly)</td><td>2</td><td>2</td><td>1</td><td>1</td><td>*</td><td>-</td><td>1</td><td>*</td></tr><tr><td>Total postal savings and other bonds</td><td>16</td><td>11</td><td>1</td><td>1</td><td>1</td><td>3</td><td>7</td><td>5</td></tr><tr><td colspan="10">Guaranteed securities 3/</td></tr><tr><td>Federal Housing Administration debentures......6/</td><td>11</td><td>10</td><td>1</td><td>1</td><td>-</td><td>5</td><td>5</td><td>1</td></tr><tr><td>Total guaranteed securities</td><td>11</td><td>10</td><td>1</td><td>1</td><td>-</td><td>5</td><td>5</td><td>1</td></tr><tr><td>Total public marketable securities</td><td>82,390</td><td>73,981</td><td>21,490</td><td>17,321</td><td>4,159</td><td>28,956</td><td>23,535</td><td>8,409</td></tr></table>
1/ Includes trust companies but excludes securities held in trust departments.
2/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 25.
3/ Guaranteed securities held by the Treasury are not included.
4/ Federal securities fall into three broad groups with respect to im-position of Federal income taxes on income derived therefrom.
*Wholly* tax-exempt securities are exempt from both the normal and
"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. Include an estimated amount of Federal Housing Administration debentures. Actual figures by tax status are unavailable.
60
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, December 31, 1945 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership
In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Per values 1/ - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total 7,382 commercial banks 3/</th><th>Total 4,772 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,610 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th colspan="4">Central Reserve City banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago Banks</th><th>349 Reserve City banks</th><th>4,374 country banks</th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td>*</td><td>*</td><td>*</td><td>8</td><td>113</td><td>61</td></tr><tr><td>Series B-D....................4/</td><td>182</td><td>122</td><td>1</td><td>*</td><td>1</td><td>13</td><td>126</td><td>75</td></tr><tr><td>Series F....................(taxable)</td><td>215</td><td>140</td><td>3</td><td>1</td><td>2</td><td>27</td><td>112</td><td>132</td></tr><tr><td>Series O....................(taxable)</td><td>473</td><td>341</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total United States savings bonds</td><td>870</td><td>602</td><td>4</td><td>1</td><td>3</td><td>47</td><td>551</td><td>268</td></tr><tr><td>Treasury savings notes........(taxable)</td><td>67</td><td>53</td><td>30</td><td>23</td><td>7</td><td>11</td><td>12</td><td>14</td></tr><tr><td>Depository bonds............(taxable)</td><td>460</td><td>430</td><td>35</td><td>27</td><td>8</td><td>186</td><td>208</td><td>31</td></tr><tr><td>Total public non-marketable securities</td><td>1,397</td><td>1,085</td><td>69</td><td>51</td><td>17</td><td>245</td><td>771</td><td>312</td></tr></table>
1/ United States savings bonds, Series B-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
2/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Holly" 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. Includes trust companies but excludes securities held in trust departments. Series B-D savings bonds sold prior to March 1, 1941 were partially tax-exempt; those sold on and after that date are taxable.
Section II - Interest-Bearing Securities Issued by Federal Agencies
But not Guaranteed by the United States
(Par values - millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total 7,382 commercial banks 1/</th><th colspan="6">Member commercial banks</th><th>2,610 nonmember commercial banks</th></tr><tr><th></th><th></th><th>Total 4,772 member commercial banks</th><th colspan="4">Central Reserve City banks</th><th>349 Reserve City banks</th><th>4,374 country banks</th><th></th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>Federal land bank bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3% January 1946-56......(wholly)</td><td>36</td><td>33</td><td>20</td><td>17</td><td>3</td><td>5</td><td>7</td><td>3</td></tr><tr><td>3% May 1946-56......(wholly)</td><td>20</td><td>15</td><td>8</td><td></td><td>8</td><td>3</td><td>4</td><td>5</td></tr><tr><td>1-1/2% October 1948-50......(taxable)</td><td>141</td><td>126</td><td>16</td><td>11</td><td>5</td><td>55</td><td>55</td><td>16</td></tr><tr><td>2-1/4% February 1953-55......(taxable)</td><td>89</td><td>76</td><td>9</td><td>4</td><td>4</td><td>31</td><td>37</td><td>12</td></tr><tr><td>Total Federal land bank bonds......</td><td>286</td><td>250</td><td>53</td><td>33</td><td>21</td><td>94</td><td>103</td><td>36</td></tr><tr><td>Federal intermediate credit bank debentures....</td><td>213</td><td>203</td><td>75</td><td>62</td><td>13</td><td>101</td><td>27</td><td>9</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States 1/......</td><td>499</td><td>453</td><td>129</td><td>95</td><td>34</td><td>194</td><td>130</td><td>46</td></tr></table>
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 of both the normal and surtax Federal income tax rates. 3/ Includes trust companies but excludes securities held in trust departments.
March 1946
61
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
62
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies January 31, 1946
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (millions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th>Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1945-1946 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Dec. 31, 1945</th><th>Yield to earliest call 3/</th><th>Change in yield from Dec.31, 1945</th><th>Yield to maturity 3/</th><th></th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="2">Treasury bonds - bank eligible</td><td></td><td></td><td></td><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>$1.115</td><td>2/15/48-50</td><td>102.08</td><td>102.09</td><td>102.08</td><td>+.04</td><td>.92%</td><td>-1.0%</td><td>1.44%</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>2/26/45</td><td>101.28</td><td>1/6/45</td></tr><tr><td>3.062</td><td>3/3/48-6/15/49</td><td>101.28</td><td>101.29</td><td>101.28</td><td>+.06</td><td>.95</td><td>-1.10</td><td>.95</td><td>12/1/42</td><td>101.30</td><td>1/28/45</td><td>100.01</td><td>12/23/42</td><td>101.30</td><td>1/28/45</td><td>101.09</td><td>1/3/45</td></tr><tr><td>1.014</td><td>6/15/49-51</td><td>103.10</td><td>103.11</td><td>103.10</td><td>+.07</td><td>1.00</td><td>-0.08</td><td>1.36</td><td>1/15/42</td><td>103.12</td><td>1/28/45</td><td>100.06</td><td>8/5/42</td><td>103.12</td><td>1/28/45</td><td>101.26</td><td>1/4/45</td></tr><tr><td>1.292</td><td>9/15/49-51</td><td>103.14</td><td>103.15</td><td>103.14</td><td>+.08</td><td>1.03</td><td>-0.09</td><td>1.36</td><td>5/15/42</td><td>103.17</td><td>1/28/45</td><td>100.04</td><td>10/6/42</td><td>103.17</td><td>1/28/45</td><td>101.24</td><td>1/4/45</td></tr><tr><td>2.098</td><td>12/15/49-51</td><td>103.22</td><td>103.23</td><td>103.22</td><td>+.14</td><td>1.03</td><td>-1.13</td><td>1.34</td><td>7/15/42</td><td>103.24</td><td>1/28/45</td><td>100.03</td><td>8/5/42</td><td>103.24</td><td>1/28/45</td><td>101.20</td><td>1/2/45</td></tr><tr><td>1.963</td><td>3/15/50-52</td><td>103.23</td><td>103.24</td><td>103.24</td><td>+.12</td><td>1.07</td><td>-1.10</td><td>1.36</td><td>10/19/42</td><td>103.26</td><td>1/28/45</td><td>100.01</td><td>11/2/42</td><td>103.26</td><td>1/28/45</td><td>101.16</td><td>1/2/45</td></tr><tr><td>4.939</td><td>9/15/50-52</td><td>103.29</td><td>103.30</td><td>103.30</td><td>+.13</td><td>1.12</td><td>-1.10</td><td>1.38</td><td>4/15/43</td><td>104.01</td><td>1/28/45</td><td>100.08</td><td>5/3/43</td><td>104.01</td><td>1/28/45</td><td>101.08</td><td>1/2/45</td></tr><tr><td>2.635</td><td>12/15/50</td><td>102.00</td><td>102.01</td><td>102.01</td><td>+.14</td><td>1.07</td><td>-1.10</td><td>1.07</td><td>6/1/45</td><td>102.05</td><td>1/28/45</td><td>100.29</td><td>8/21/45</td><td>102.05</td><td>1/28/45</td><td>100.29</td><td>8/21/45</td></tr><tr><td>7.986</td><td>9/15/51-53</td><td>104.08</td><td>104.10</td><td>104.09</td><td>+.08</td><td>1.21</td><td>-0.05</td><td>1.42</td><td>9/15/43</td><td>104.14</td><td>1/28/45</td><td>100.03</td><td>11/8/43</td><td>104.14</td><td>1/28/45</td><td>100.26</td><td>1/4/45</td></tr><tr><td>510</td><td>12/15/51-55</td><td>104.13</td><td>104.15</td><td>104.14</td><td>+.03</td><td>1.21</td><td>-0.03</td><td>1.51</td><td>12/15/41</td><td>104.20</td><td>1/9/45</td><td>100.01</td><td>12/5/42</td><td>104.20</td><td>1/9/45</td><td>100.26</td><td>1/9/45</td></tr><tr><td>1.024</td><td>2-1/2% 3/15/52-54</td><td>107.07</td><td>107.09</td><td>107.08</td><td>+.07</td><td>1.26</td><td>-0.06</td><td>1.55</td><td>3/31/41</td><td>107.12</td><td>1/28/45</td><td>101.04</td><td>3/20/41</td><td>107.12</td><td>1/28/45</td><td>104.00</td><td>1/9/45</td></tr><tr><td>5.825</td><td>6/15/52-54</td><td>104.17</td><td>104.18</td><td>104.18</td><td>+.07</td><td>1.25</td><td>-0.05</td><td>1.42</td><td>6/26/41</td><td>104.24</td><td>1/28/45</td><td>100.08</td><td>7/24/41</td><td>104.24</td><td>1/28/45</td><td>100.16</td><td>1/2/45</td></tr><tr><td>1.501</td><td>6/15/52-55</td><td>105.31</td><td>106.01</td><td>106.00</td><td>+.11</td><td>1.27</td><td>-0.06</td><td>1.56</td><td>2/25/42</td><td>106.03</td><td>1/29/45</td><td>100.16</td><td>2/18/42</td><td>106.03</td><td>1/29/45</td><td>102.04</td><td>1/2/45</td></tr><tr><td>8.662</td><td>12/15/52-54</td><td>104.21</td><td>104.22</td><td>104.22</td><td>+.09</td><td>1.29</td><td>-0.04</td><td>1.44</td><td>12/1/41</td><td>104.28</td><td>1/28/45</td><td>100.09</td><td>12/19/41</td><td>104.28</td><td>1/28/45</td><td>100.12</td><td>1/2/45</td></tr><tr><td>1.449</td><td>3/15/55-58</td><td>110.08</td><td>110.10</td><td>110.09</td><td>+.13</td><td>1.41</td><td>-0.05</td><td>1.57</td><td>6/2/41</td><td>110.16</td><td>1/11/45</td><td>101.30</td><td>12/26/41</td><td>110.16</td><td>1/11/45</td><td>103.23</td><td>1/2/45</td></tr><tr><td>2.716</td><td>9/15/67-72</td><td>108.29</td><td>108.31</td><td>108.30</td><td>+.02</td><td>1.99</td><td>.00</td><td>2.06</td><td>10/20/41</td><td>109.01</td><td>1/26/45</td><td>100.01</td><td>1/2/42</td><td>109.01</td><td>1/26/45</td><td>100.23</td><td>1/2/45</td></tr><tr><td colspan="2">Treasury bonds - bank restricted 5/</td><td></td><td></td><td></td><td></td><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>3.823</td><td>2-1/4% 9/15/56-59</td><td>106.20</td><td>106.22</td><td>106.21</td><td>+.11</td><td>1.57</td><td>-0.04</td><td>1.70</td><td>2/1/44</td><td>107.00</td><td>1/26/45</td><td>100.01</td><td>2/29/44</td><td>107.00</td><td>1/26/45</td><td>100.26</td><td>1/2/45</td></tr><tr><td>5.284</td><td>6/15/59-62</td><td>102.16</td><td>102.18</td><td>102.17</td><td>+.1.20</td><td>2.03</td><td>-1.14</td><td>2.07</td><td>6/1/45</td><td>102.18</td><td>1/29/45</td><td>100.16</td><td>9/12/45</td><td>102.18</td><td>1/29/45</td><td>100.16</td><td>9/12/45</td></tr><tr><td>3.409</td><td>12/15/59-62</td><td>102.16</td><td>102.18</td><td>102.17</td><td>+.1.20</td><td>2.04</td><td>-1.13</td><td>2.07</td><td>11/15/45</td><td>102.19</td><td>1/26/45</td><td>100.14</td><td>12/11/45</td><td>102.19</td><td>1/26/45</td><td>100.14</td><td>12/11/45</td></tr><tr><td>2.118</td><td>6/15/62-67</td><td>106.00</td><td>106.02</td><td>106.01</td><td>+.14</td><td>2.06</td><td>-1.18</td><td>2.15</td><td>5/5/42</td><td>106.03</td><td>1/29/45</td><td>100.00</td><td>8/17/42</td><td>106.03</td><td>1/29/45</td><td>100.28</td><td>1/2/45</td></tr><tr><td>2.831</td><td>12/15/63-68</td><td>105.13</td><td>105.15</td><td>105.14</td><td>+.16</td><td>2.13</td><td>-1.17</td><td>2.20</td><td>12/1/42</td><td>105.15</td><td>1/29/45</td><td>100.00</td><td>2/17/44</td><td>105.15</td><td>1/29/45</td><td>100.18</td><td>1/2/45</td></tr><tr><td>3.761</td><td>2-1/2% 6/15/64-69</td><td>105.00</td><td>105.02</td><td>105.01</td><td>+.14</td><td>2.17</td><td>-1.16</td><td>2.22</td><td>4/15/43</td><td>105.01</td><td>1/31/45</td><td>100.00</td><td>3/2/44</td><td>105.01</td><td>1/31/45</td><td>100.15</td><td>1/2/45</td></tr><tr><td>3.838</td><td>12/15/64-69</td><td>104.30</td><td>105.00</td><td>104.31</td><td>+.14</td><td>2.18</td><td>-1.15</td><td>2.23</td><td>9/15/43</td><td>105.00</td><td>1/26/45</td><td>100.00</td><td>3/2/44</td><td>105.00</td><td>1/26/45</td><td>100.15</td><td>1/2/45</td></tr><tr><td>5.197</td><td>3/15/65-70</td><td>104.22</td><td>104.24</td><td>104.23</td><td>+.13</td><td>2.20</td><td>-1.15</td><td>2.25</td><td>2/1/44</td><td>104.24</td><td>1/30/45</td><td>100.00</td><td>2/16/44</td><td>104.24</td><td>1/30/45</td><td>100.15</td><td>1/2/45</td></tr><tr><td>3.481</td><td>3/15/66-71</td><td>104.20</td><td>104.22</td><td>104.21</td><td>+.14</td><td>2.21</td><td>-1.15</td><td>2.26</td><td>12/1/44</td><td>104.22</td><td>1/30/45</td><td>100.06</td><td>12/19/44</td><td>104.22</td><td>1/30/45</td><td>100.15</td><td>1/2/45</td></tr><tr><td>7.967</td><td>6/15/67-72</td><td>103.16</td><td>103.18</td><td>103.17</td><td>+.02</td><td>2.29</td><td>-1.12</td><td>2.32</td><td>6/1/45</td><td>103.22</td><td>1/26/45</td><td>100.21</td><td>9/24/45</td><td>103.22</td><td>1/26/45</td><td>100.21</td><td>9/24/45</td></tr><tr><td>11.441</td><td>12/15/67-72</td><td>103.16</td><td>103.18</td><td>103.17</td><td>+.02</td><td>2.29</td><td>-1.12</td><td>2.32</td><td>11/15/45</td><td>103.22</td><td>1/26/45</td><td>100.24</td><td>12/11/45</td><td>103.22</td><td>1/26/45</td><td>100.24</td><td>12/11/45</td></tr><tr><td colspan="2">Treasury 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><td></td><td></td><td></td><td></td></tr><tr><td>1.291</td><td>1% 3/15/46</td><td>100.01</td><td>100.02</td><td>100.02</td><td>+.01</td><td>.46</td><td>-0.38</td><td>.46</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>1/9/45</td><td>100.00</td><td>12/29/45</td></tr><tr><td>4.910</td><td>90/4 7/1/46 6/1</td><td>.77%</td><td>.75%</td><td>.76%</td><td>-.08</td><td>1.88</td><td>1.86</td><td>1.86</td><td>6/1/45</td><td>.74%</td><td>1/28/46</td><td>.86%</td><td>6/15/45</td><td>.74%</td><td>1/28/46</td><td>.86%</td><td>6/15/45</td></tr><tr><td>3.261</td><td>1-1/2% 3-12/15/46</td><td>100.19</td><td>100.20</td><td>100.20</td><td>+.02</td><td>.78</td><td>-1.12</td><td>.78</td><td>6/5/45</td><td>101.00</td><td>4/4/45</td><td>100.01</td><td>1/2/43</td><td>101.00</td><td>4/4/45</td><td>100.18</td><td>1/5/46</td></tr><tr><td>1.948</td><td>1-1/4% 3/15/47</td><td>100.14</td><td>100.15</td><td>100.15</td><td>+.03</td><td>.83</td><td>-1.10</td><td>.83</td><td>6/25/44</td><td>100.20</td><td>3/5/45</td><td>100.07</td><td>12/28/44</td><td>100.20</td><td>3/5/45</td><td>100.08</td><td>1/4/45</td></tr><tr><td>2.707</td><td>1-1/2% 9/15/47</td><td>101.00</td><td>101.01</td><td>101.00</td><td>+.04</td><td>.88</td><td>-1.10</td><td>.88</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>3/5/45</td><td>100.24</td><td>8/1/45</td></tr><tr><td>1.687</td><td>1-1/4% 9/15/47</td><td>100.20</td><td>100.21</td><td>100.20</td><td>+.05</td><td>.86</td><td>-1.11</td><td>.86</td><td>12/1/44</td><td>100.23</td><td>3/5/45</td><td>100.06</td><td>12/27/44</td><td>100.23</td><td>3/5/45</td><td>100.08</td><td>1/5/45</td></tr><tr><td>3.748</td><td>1-1/2% 9/15/48</td><td>101.13</td><td>101.14</td><td>101.14</td><td>+.08</td><td>.94</td><td>-1.11</td><td>.94</td><td>3/15/44</td><td>101.17</td><td>1/10/46</td><td>100.05</td><td>3/8/44</td><td>101.17</td><td>1/10/46</td><td>100.17</td><td>1/2/45</td></tr><tr><td colspan="2">Certificates of indebtedness 6/</td><td></td><td></td><td></td><td></td><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>5.043</td><td>7/8% 2/1/46 1/1/46 1/1/46</td><td>1/1/46</td><td>1/1/46</td><td>1/1/46</td><td>1/1/46</td><td>1/1/46</td><td>1/1/46</td><td>1/1/46</td><td>2/1/45</td><td>1.00%</td><td>1/22/46</td><td>.87%</td><td>1/30/46</td><td>1.00%</td><td>1/22/46</td><td>.87%</td><td>1/30/46</td></tr><tr><td>4.147</td><td>7/8% 3/1/46</td><td>.22%</td><td>.12%</td><td>.17%</td><td>-.61%</td><td>1.55%</td><td>1.55%</td><td>1.55%</td><td>3/1/45</td><td>1.55%</td><td>1/29/45</td><td>.82%</td><td>8/23/45</td><td>1.55%</td><td>1/29/45</td><td>.82%</td><td>8/23/45</td></tr><tr><td>4.811</td><td>7/8% 4/1/46</td><td>.57%</td><td>.52%</td><td>.54%</td><td>-.27%</td><td>1.64%</td><td>1.64%</td><td>1.64%</td><td>4/1/45</td><td>.54%</td><td>1/31/46</td><td>.53%</td><td>7/21/45</td><td>.54%</td><td>1/31/46</td><td>.53%</td><td>7/21/45</td></tr><tr><td>1.579</td><td>7/8% 5/1/46</td><td>.64%</td><td>.51%</td><td>.62%</td><td>-.18%</td><td>1.62%</td><td>1.62%</td><td>1.62%</td><td>5/1/45</td><td>.62%</td><td>1/31/46</td><td>.82%</td><td>10/8/45</td><td>.62%</td><td>1/31/46</td><td>.82%</td><td>10/8/45</td></tr><tr><td>4.799</td><td>7/8% 6/1
(Continued on following page)
March 1946
63
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
January 31, 1946 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government 1/-(Continued)
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount out- standing (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount out- standing (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 Dec. 31, 1945</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Dec. 31, 1945</th></tr><tr><td>$1,317</td><td>2/7/46</td><td>11/8/45</td><td>.375%</td><td>.20%</td><td>.29%</td><td>-.05%</td><td>$1,304</td><td>3/28/46</td><td>12/27/45</td><td>.375%</td><td>.32%</td><td>.35</td><td>-.01%</td></tr><tr><td>1,317</td><td>2/14/46</td><td>11/15/45</td><td>.375</td><td>.25</td><td>.31</td><td>-.03</td><td>1,303</td><td>4/14/46</td><td>1/3/46</td><td>.375</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,302</td><td>2/21/46</td><td>11/23/45</td><td>.375</td><td>.25</td><td>.31</td><td>-.05</td><td>1,316</td><td>4/11/46</td><td>1/10/46</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,316</td><td>2/28/46</td><td>11/29/45</td><td>.375</td><td>.25</td><td>.31</td><td>-.05</td><td>1,312</td><td>4/18/46</td><td>1/17/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,303</td><td>3/7/46</td><td>12/6/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,317</td><td>4/25/46</td><td>1/24/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,302</td><td>3/14/46</td><td>12/13/45</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,316</td><td>5/2/46</td><td>1/31/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,317</td><td>3/21/46</td><td>12/20/45</td><td>.375</td><td>.32</td><td>.35</td><td>-.01</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th>Amount outstanding (millions)</th><th>Description</th><th colspan="4">Price date (Price decimals are thirty-seconds)</th><th colspan="4">Yield date</th><th colspan="4">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1945-1946 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Dec. 31, 1945</th><th>Yield to earliest call 3/</th><th>Change in yield from Dec. 31, 1945</th><th>Yield to maturity 3/</th><th></th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td colspan="18">Treasury bonds</td></tr><tr><td>$ 489</td><td>3-3/4- 3/15/46-56 2/</td><td>100.12+</td><td>100.13+</td><td>100.13</td><td>-.07</td><td>.24%</td><td>-.36%</td><td>-.56%</td><td>3/15/26</td><td>116.14</td><td>12/14/40</td><td>89.18</td><td>1/12/32</td><td>103.30</td><td>2/7/45</td><td>100.13</td><td>1/31/46</td></tr><tr><td>1,036</td><td>3-1/8- 6/15/46-18</td><td>101.00</td><td>101.01</td><td>101.00</td><td>-.01</td><td>.28</td><td>-.42</td><td>2.56%</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>103.21</td><td>2/13/45</td><td>101.00</td><td>1/31/46</td></tr><tr><td>819</td><td>3-1/8- 6/15/46-19</td><td>101.01</td><td>101.03</td><td>101.02</td><td>-.01</td><td>.24</td><td>-.45</td><td>2.79</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>2/8/45</td><td>101.00</td><td>1/31/46</td></tr><tr><td>759</td><td>4-1/4-10/15/47-52</td><td>106.10</td><td>106.12</td><td>106.11</td><td>+.05</td><td>.50</td><td>-.25</td><td>3.19</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>2/26/45</td><td>106.05</td><td>1/7/46</td></tr><tr><td>701</td><td>2-12/15/47</td><td>102.20</td><td>102.22</td><td>102.21</td><td>+.07</td><td>.57</td><td>-.17</td><td>.57</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>2/26/45</td><td>102.14</td><td>1/7/46</td></tr><tr><td>1,223</td><td>2-3/4- 3/15/48-51</td><td>104.11</td><td>104.13</td><td>104.12</td><td>+.04</td><td>.66</td><td>-.14</td><td>1.25</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>1/31/45</td><td>104.08</td><td>1/7/46</td></tr><tr><td>451</td><td>2-1/2- 9/15/48</td><td>104.22</td><td>104.24</td><td>104.23</td><td>+.07</td><td>.68</td><td>-.13</td><td>.68</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>1/23/45</td><td>104.16</td><td>1/4/46</td></tr><tr><td>571</td><td>2-12/15/48-50</td><td>103.22</td><td>103.24</td><td>103.23</td><td>+.09</td><td>.69</td><td>-.13</td><td>1.21</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>2/10/45</td><td>103.14</td><td>1/3/46</td></tr><tr><td>491</td><td>3-1/8-12/15/49-52</td><td>108.28</td><td>108.30</td><td>108.29</td><td>+.04</td><td>.78</td><td>-.08</td><td>1.74</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/41</td><td>110.16</td><td>3/9/45</td><td>108.21</td><td>11/5/45</td></tr><tr><td>1,786</td><td>2-1/2-12/15/49-53</td><td>106.15</td><td>106.17</td><td>106.16</td><td>+.06</td><td>.79</td><td>-.08</td><td>1.62</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>4/8/37</td><td>107.23</td><td>3/8/45</td><td>106.03</td><td>10/14/45</td></tr><tr><td>1,186</td><td>2-1/2- 9/15/50-52</td><td>107.15</td><td>107.17</td><td>107.16</td><td>+.06</td><td>.84</td><td>-.07</td><td>1.71</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>3/8/45</td><td>106.22</td><td>8/23/45</td></tr><tr><td>1,627</td><td>2-3/4- 6/15/51-54</td><td>109.24</td><td>109.26</td><td>109.25</td><td>+.10</td><td>.88</td><td>-.08</td><td>1.50</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>3/8/45</td><td>108.22</td><td>8/23/45</td></tr><tr><td>755</td><td>3- 9/15/51-55</td><td>111.17</td><td>111.19</td><td>111.18</td><td>+.09</td><td>.89</td><td>-.07</td><td>1.69</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>3/15/45</td><td>110.19</td><td>9/19/45</td></tr><tr><td>1,118</td><td>2-1/4-12/15/51-53</td><td>107.19</td><td>107.21</td><td>107.20</td><td>+.07</td><td>.91</td><td>-.06</td><td>1.23</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>3/10/45</td><td>106.19</td><td>9/19/45</td></tr><tr><td>725</td><td>2- 6/15/53-55</td><td>107.21</td><td>107.23</td><td>107.22</td><td>+.18</td><td>.92</td><td>-.09</td><td>1.13</td><td>10/7/40</td><td>107.25</td><td>1/12/46</td><td>101.19</td><td>2/15/41</td><td>107.25</td><td>1/12/46</td><td>105.26</td><td>1/2/45</td></tr><tr><td>681</td><td>2-1/4- 6/15/56-56</td><td>109.25</td><td>109.27</td><td>109.26</td><td>+.20</td><td>1.02</td><td>-.09</td><td>1.24</td><td>7/22/40</td><td>109.29</td><td>1/12/46</td><td>102.02</td><td>7/24/40</td><td>109.29</td><td>1/12/46</td><td>107.25</td><td>1/2/45</td></tr><tr><td>2,611</td><td>2-7/8- 3/15/57-60</td><td>115.21</td><td>115.23</td><td>115.22</td><td>+.26</td><td>1.07</td><td>-.10</td><td>1.63</td><td>3/15/35</td><td>116.02</td><td>1/12/46</td><td>98.30</td><td>9/20/35</td><td>116.02</td><td>1/12/46</td><td>112.21</td><td>8/22/45</td></tr><tr><td>982</td><td>2-3/4- 9/15/56-59</td><td>116.07</td><td>116.09</td><td>116.08</td><td>+.04</td><td>1.12</td><td>-.12</td><td>1.43</td><td>9/15/36</td><td>116.13</td><td>1/26/46</td><td>98.10</td><td>4/1/37</td><td>116.13</td><td>1/26/46</td><td>112.04</td><td>1/2/45</td></tr><tr><td>919</td><td>2-3/4- 6/15/58-63</td><td>116.28</td><td>116.30</td><td>116.29</td><td>+.04</td><td>1.27</td><td>-.10</td><td>1.63</td><td>6/15/38</td><td>117.04</td><td>1/15/46</td><td>99.15</td><td>9/25/39</td><td>117.04</td><td>1/15/46</td><td>112.04</td><td>1/2/45</td></tr><tr><td>1,485</td><td>2-3/4-12/15/60-65</td><td>118.22</td><td>118.24</td><td>118.23</td><td>+.09</td><td>1.36</td><td>-.09</td><td>1.64</td><td>12/15/38</td><td>119.00</td><td>1/25/46</td><td>99.14</td><td>9/25/39</td><td>119.00</td><td>1/25/46</td><td>112.16</td><td>1/2/45</td></tr><tr><td colspan="18">Other bonds 10/</td></tr><tr><td>13</td><td>3% Conversion -1/1/47</td><td>102.12</td><td>-</td><td>102.12</td><td>-.08</td><td>.40</td><td>+.04</td><td>.40</td><td>1/1/17</td><td>115.00</td><td>1935</td><td>75.00</td><td>1920</td><td>104.29</td><td>1/13/43</td><td>102.12</td><td>1/31/46</td></tr><tr><td>50</td><td>3% Panama Canal-6/1/61</td><td>133.08</td><td>134.08</td><td>133.24</td><td>+.08</td><td>.68</td><td>-.02</td><td>.66</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>1/31/46</td><td>133.00</td><td>5/9/45</td></tr></table>
1/ Excludes Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding).
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 Yield of Long-Term Taxable Treasury Bonds.
5/ Issues which commercial banks may not acquire prior to a specified
6/ date (with minor exceptions). See footnote 2, page 25.
7/ Not quoted on January 31, 1946; quoted on price basis at par from January 23 through January 30; from January 14 through January 22, quoted on basis of zero yield plus premium per thousand dollars; prior to January 14, quoted on a yield basis.
8/ For amount of this security issued on February 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 11, 1945, for redemption on March 15, 1946.
10/ Excludes postal savings bonds.
64
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies January 31, 1946 - (Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Price decimals are thirty-seconds)</th><th colspan="4">1945-1946 price range 1/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Dec.31, 1945</th><th>Yield to earliest call 2/</th><th>Change in yield from Dec.31, 1945</th><th>Yield to maturity 2/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Taxable securities
<table><tr><td colspan="13">Federal Intermediate Credit Bank debentures 3/</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>1/31/46</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</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>9/2/45</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</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>1/31/46</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</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>1/31/46</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</td></tr><tr><td>16</td><td>.85% - 5/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.85</td><td>.00</td><td>.85</td><td>11/1/45</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</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>1/31/46</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</td></tr><tr><td>41</td><td>7/8% - 7/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>1/2/46</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</td></tr><tr><td>26</td><td>.90% - 8/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>11/1/45</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</td></tr><tr><td>44</td><td>.90% - 9/3/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>12/1/45</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</td><td>100.00</td><td>1/31/46</td></tr><tr><td colspan="13">Federal Land Bank bonds 4/</td></tr><tr><td>176</td><td>1-1/2% 10/1/45-50</td><td>101.04</td><td>101.08</td><td>101.06</td><td>+1.10</td><td>1.05</td><td>-1.13</td><td>1.24</td><td>5/1/46</td><td>101.08</td><td>1/28/46</td><td>100.12</td><td>9/19/45</td><td>101.08</td><td>1/28/46</td><td>100.12</td><td>9/19/45</td></tr><tr><td>214</td><td>1-1/2% 1/1/51-53</td><td>101.06</td><td>101.10</td><td>101.08</td><td>+1.10</td><td>1.24</td><td>-1.07</td><td>1.31</td><td>1/2/46</td><td>101.12</td><td>1/29/46</td><td>100.18</td><td>12/22/45</td><td>101.12</td><td>1/29/46</td><td>100.18</td><td>12/22/45</td></tr><tr><td>114</td><td>2-1/4% 2/1/53-55</td><td>105.16</td><td>105.24</td><td>105.20</td><td>+1.16</td><td>1.40</td><td>-1.08</td><td>1.58</td><td>2/1/45</td><td>105.26</td><td>1/16/46</td><td>101.14</td><td>1/18/45</td><td>105.26</td><td>1/10/46</td><td>101.14</td><td>1/18/45</td></tr></table>
Tax-exempt securities
<table><tr><td>Federal Land Bank bonds 4/</td><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>170</td><td>3% - 5/1/46-56</td><td>100.19</td><td>100.21</td><td>100.20</td><td>-.08</td><td>.424</td><td>+.09%</td><td>2.93%</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>1/8/45</td><td>100.20</td><td>1/31/46</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 exempt Federal Intermediate Credit Bank debentures are included beginning November 1, 1940. Dates of highs and lows, in case of recurrence, are the latest dates.
2/ Market convention treats the yield to earliest call date as more
3/ significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par. Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.
4/ Includes issues completely held by Farm Credit Administration agencies.
March 1946
65
YIELDS OF TREASURY SECURITIES
JAN. 31, 1946
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
Treasury Bulletin
66
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="11">Monthly series 3/</td></tr><tr><td>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>2.43</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>Dec.</td><td>5/</td><td>2.33</td><td>2.54</td></tr><tr><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>1946-Jan.</td><td>5/</td><td>2.21</td><td>2.43</td></tr><tr><td>Feb.</td><td>2.32</td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td></td><td></td><td></td><td></td></tr><tr><td>Mar.</td><td>2.26</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td></td><td></td><td></td><td></td></tr><tr><td>Apr.</td><td>2.26</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</td><td></td><td></td><td></td><td></td></tr><tr><td>May</td><td>2.39</td><td>2.87</td><td>May</td><td>1.96</td><td>2.46</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2.40</td><td>2.93</td><td>June.</td><td>1.91</td><td>2.45</td><td></td><td></td><td></td><td></td></tr><tr><td>July.</td><td>2.30</td><td>2.95</td><td>July.</td><td>1.91</td><td>2.45</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>2.31</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2.25</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>2.21</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>2.09</td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.01</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td></td><td></td><td></td><td></td></tr></table>
Weekly series - Saturday figures 6/
<table><tr><td>1945-Aug.</td><td>4.</td><td>1.66</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><td>1945-Dec.</td><td>1.</td><td>1.53</td><td>2.33</td><td>2.55</td></tr><tr><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><td></td><td>8.</td><td>1.51</td><td>2.32</td><td>2.55</td></tr><tr><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><td></td><td>15.</td><td>5/</td><td>2.33</td><td>2.54</td></tr><tr><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><td></td><td>22.</td><td>5/</td><td>2.34</td><td>2.52</td></tr><tr><td>Sept.</td><td>1.</td><td>1.68</td><td>2.37</td><td>2.57</td><td>Nov.</td><td>3.</td><td>1.59</td><td>2.35</td><td>2.54</td><td>1946-Jan.</td><td>5.</td><td>5/</td><td>2.27</td><td>2.47</td></tr><tr><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><td></td><td>12.</td><td>5/</td><td>2.20</td><td>2.46</td></tr><tr><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><td></td><td>19.</td><td>5/</td><td>2.19</td><td>2.42</td></tr><tr><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><td></td><td>26.</td><td>5/</td><td>2.16</td><td>2.37</td></tr><tr><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><td></td><td></td><td></td><td></td><td></td></tr></table>
Daily series
<table><tr><td>1946-Jan.</td><td>1</td><td>7/</td><td>1/</td><td>1/</td><td>1946-Jan. 11</td><td>5/</td><td>2.21</td><td>2.46</td><td>1946-Jan. 21</td><td>5/</td><td>2.19</td><td>2.40</td></tr><tr><td></td><td>2</td><td>5/</td><td>2.30</td><td>2.51</td><td>12</td><td>5/</td><td>2.20</td><td>2.46</td><td>22</td><td>5/</td><td>2.19</td><td>2.40</td></tr><tr><td></td><td>3</td><td>5/</td><td>2.30</td><td>2.51</td><td>13</td><td>5/</td><td>2.19</td><td>2.45</td><td>23</td><td>5/</td><td>2.19</td><td>2.39</td></tr><tr><td></td><td>4</td><td>5/</td><td>2.28</td><td>2.47</td><td>14</td><td>5/</td><td>2.18</td><td>2.45</td><td>24</td><td>5/</td><td>2.17</td><td>2.37</td></tr><tr><td></td><td>5</td><td>5/</td><td>2.27</td><td>2.47</td><td>15</td><td>5/</td><td>2.19</td><td>2.45</td><td>25</td><td>5/</td><td>2.16</td><td>2.37</td></tr><tr><td></td><td>6</td><td>5/</td><td>2.26</td><td>2.46</td><td>16</td><td>5/</td><td>2.20</td><td>2.43</td><td>26</td><td>5/</td><td>2.17</td><td>2.37</td></tr><tr><td></td><td>7</td><td>5/</td><td>2.25</td><td>2.46</td><td>17</td><td>5/</td><td>2.20</td><td>2.42</td><td>27</td><td>5/</td><td>2.17</td><td>2.37</td></tr><tr><td></td><td>8</td><td>5/</td><td>2.23</td><td>2.47</td><td>18</td><td>5/</td><td>2.19</td><td>2.42</td><td>28</td><td>5/</td><td>2.17</td><td>2.37</td></tr><tr><td></td><td>9</td><td>5/</td><td>2.22</td><td>2.46</td><td>19</td><td>5/</td><td></td><td></td><td>29</td><td>5/</td><td>2.17</td><td>2.37</td></tr><tr><td></td><td>10</td><td>5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td>30</td><td>5/</td><td>2.17</td><td>2.37</td></tr><tr><td></td><td>11</td><td>5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td>31</td><td>5/</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 53. 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 rate 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/ Discontinued on December 15 because after that date there were no bonds outstanding due or callable after 15 years.
6/ On days when the exchanges are closed, the date and prices of the previous day are used.
7/ Holiday.
March 1946
67
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Office of the Secretary of the Treasury, Division of Research and Statistics
F-220-D
68
Treasury Bulletin
CORPORATIONS AND CREDIT AGENCIES OF THE UNITED STATES GOVERNMENT
March 1946
69
Section I - Summary of Assets and Liabilities of Corporations and Certain Other Agencies
of the United States Government
Table 1.- Summary of Balance Sheet Items, Segregating Interagency Items, December 31, 1945
(In millions of dollars)
<table><tr><th>a</th><th>Total</th><th>Corporations</th><th>Certain other agencies</th><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Assets</b></td><td></td><td></td><td></td><td><b>Liabilities (continued)</b></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>924.6</td><td>510.1</td><td>414.6</td><td>Bonds, debentures, and notes payable to: 1/</td><td></td><td></td><td></td></tr><tr><td>Deposits with Government agencies</td><td>296.2</td><td>296.2</td><td>-</td><td>Government agencies:</td><td></td><td></td><td></td></tr><tr><td>Loans receivable from Government agencies</td><td>1,031.3</td><td>1,031.1</td><td>.2</td><td>Guaranteed securities issued to Treasury</td><td>11,775.3</td><td>11,775.3</td><td>-</td></tr><tr><td>Loans receivable from others, less reserves</td><td>5,290.0</td><td>4,365.9</td><td>924.1</td><td>Guaranteed securities - public issues</td><td>7.0</td><td>-</td><td>7.0</td></tr><tr><td>Accounts and other receivables from: 2/</td><td></td><td></td><td></td><td>Not guaranteed 1/</td><td>1,034.6</td><td>625.1</td><td>409.5</td></tr><tr><td>Government agencies</td><td>1,518.4</td><td>1,345.1</td><td>173.3</td><td>Others:</td><td>555.2</td><td>521.1</td><td>34.1</td></tr><tr><td>Others, less reserves</td><td>1,128.7</td><td>507.4</td><td>621.2</td><td>Guaranteed securities</td><td>1,113.3</td><td>1,113.3</td><td>-</td></tr><tr><td>Commodities, supplies, and materials</td><td>2,287.6</td><td>2,189.2</td><td>98.4</td><td>Not guaranteed 1/</td><td></td><td></td><td></td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td>Other liabilities 5/</td><td>3,089.2</td><td>2,281.9</td><td>807.3</td></tr><tr><td>Public debt obligations of United States</td><td>1,682.7</td><td>1,576.8</td><td>105.9</td><td>Total liabilities</td><td>22,980.8</td><td>21,061.5</td><td>1,919.3</td></tr><tr><td>Securities of Government agencies: Guaranteed securities - public issues</td><td>7.0</td><td>7.0</td><td>-</td><td><b>Capital</b></td><td></td><td></td><td></td></tr><tr><td>Not guaranteed</td><td>3.3</td><td>3.3</td><td>-</td><td>United States interest:</td><td></td><td></td><td></td></tr><tr><td>Other, less reserves</td><td>325.0</td><td>320.4</td><td>4.7</td><td>Government agencies</td><td>445.0</td><td>266.5</td><td>178.5</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>11,775.3</td><td>-</td><td>11,775.3</td><td>Other</td><td>25,023.3</td><td>-757.0</td><td>25,780.3</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>21,017.4</td><td>8,001.9</td><td>13,015.5</td><td>Total United States interest</td><td>25,468.3</td><td>-490.4</td><td>25,958.8</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>66.0</td><td>43.8</td><td>22.2</td><td>Private interests</td><td>471.8</td><td>471.8</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>445.0</td><td>266.5</td><td>178.5</td><td>Total capital</td><td>25,940.1</td><td>-18.6</td><td>25,958.8</td></tr><tr><td>Other assets 3/</td><td>1,122.3</td><td>578.2</td><td>544.1</td><td>Total liabilities and capital</td><td>48,921.0</td><td>21,042.9</td><td>27,878.0</td></tr><tr><td>Total assets</td><td>48,921.0</td><td>21,042.9</td><td>27,878.0</td><td><b>Analysis of investment of United States</b></td><td></td><td></td><td></td></tr><tr><td><b>Liabilities</b></td><td></td><td></td><td></td><td><b>Paid-in capital</b></td><td>39,836.7</td><td>3,547.3</td><td>36,289.4</td></tr><tr><td>Accounts payable and accrued liabilities to:</td><td></td><td></td><td></td><td>Treasury loans to Government corporations</td><td>-</td><td>11,775.3</td><td>-11,775.3</td></tr><tr><td>Government agencies</td><td>947.5</td><td>675.9</td><td>271.6</td><td>Total investment of United States</td><td>39,836.7</td><td>15,322.6</td><td>24,514.1</td></tr><tr><td>Others</td><td>697.6</td><td>411.8</td><td>285.8</td><td>Earned surplus 5/ (United States share)</td><td>-14,368.4</td><td>-4,037.7</td><td>-10,330.7</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td>Book value of United States interest, including interagency items</td><td>25,468.3</td><td>11,284.9</td><td>14,183.4</td></tr><tr><td>Government agencies</td><td>3,335.8</td><td>3,258.3</td><td>77.4</td><td>Interagency items (net), amounts due to: 1/</td><td></td><td></td><td></td></tr><tr><td>Others</td><td>425.3</td><td>398.8</td><td>26.5</td><td>Government corporations</td><td>-127.9</td><td>-266.5</td><td>138.6</td></tr><tr><td></td><td></td><td></td><td></td><td>Certain other Government agencies</td><td>-317.1</td><td>-317.1</td><td>-</td></tr><tr><td></td><td></td><td></td><td></td><td>Government agencies not required to report</td><td>2,468.6</td><td>2,193.7</td><td>274.9</td></tr><tr><td></td><td></td><td></td><td></td><td>Book value of United States interest after exclusion of interagency items</td><td>27,492.0</td><td>12,894.9</td><td>14,597.0</td></tr><tr><td></td><td></td><td></td><td></td><td><b>Contingent liabilities</b></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td>Guaranteed loans</td><td>479.7</td><td>46.6</td><td>433.1</td></tr><tr><td></td><td></td><td></td><td></td><td>Other</td><td>446.2</td><td>444.6</td><td>1.6</td></tr></table>
Source: Daily Treasury Statement, February 15, 1946.
1/ Excludes unexpended balances of Appropriated funds.
2/ Consists of accounts and notes receivable, accrued assets, and advances to contractors and agents.
3/ Consists of deferred charges, undistributed charges, and other assets.
4/ Includes notes for short-term borrowings.
5/ Consists of deferred credits, undistributed credits, and other liabilities (including liability reserves).
6/ Negative figures indicate deficit.
7/ Negative figures indicate amounts due from agencies indicated.
70
Treasury Bulletin
Section I -
Summary of Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government - (Continued)
Table 2.- Comparison of Total Loans Outstanding by Type of Loan for Recent Quarterly Periods
(In millions of dollars)
<table><tr><th></th><th>1944<br>Dec. 31</th><th colspan="4">1945</th><th>Change<br>Dec. 31, 1944-<br>Dec. 31, 1945</th></tr><tr><th></th><th></th><th>Mar. 31</th><th>June 30</th><th>Sept. 30</th><th>Dec. 31</th><th></th></tr><tr><td>To aid agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agricultural credit corporations</td><td>202.4</td><td>263.0</td><td>294.3</td><td>279.3</td><td>229.4</td><td>+27.1</td></tr><tr><td>Cooperative associations</td><td>3.3</td><td>197.5</td><td>137.7</td><td>129.8</td><td>162.3</td><td>+158.5</td></tr><tr><td>Crop, livestock, and commodity loans</td><td>491.3</td><td>180.2</td><td>196.2</td><td>259.3</td><td>274.2</td><td>-217.6</td></tr><tr><td>Farm mortgage loans</td><td>2,007.0</td><td>1,945.0</td><td>1,908.7</td><td>1,838.7</td><td>1,757.2</td><td>-249.8</td></tr><tr><td>Other</td><td>680.5</td><td>451.2</td><td>434.0</td><td>441.1</td><td>454.6</td><td>-225.9</td></tr><tr><td>Total</td><td>3,385.4</td><td>3,036.8</td><td>2,970.9</td><td>2,948.3</td><td>2,877.7</td><td>-507.7</td></tr><tr><td>To aid home owners:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Savings and loan associations</td><td>11.6</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>-11.6</td></tr><tr><td>Mortgage loans</td><td>874.3</td><td>802.8</td><td>698.3</td><td>646.3</td><td>598.0</td><td>-276.7</td></tr><tr><td>Reconditioning loans</td><td>.5</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>-.5</td></tr><tr><td>Other</td><td>350.6</td><td>345.3</td><td>328.2</td><td>314.4</td><td>297.7</td><td>-52.9</td></tr><tr><td>Total</td><td>1,237.5</td><td>1,149.1</td><td>1,026.3</td><td>961.3</td><td>895.3</td><td>-342.7</td></tr><tr><td>To aid industry:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Railroads</td><td>342.6</td><td>280.6</td><td>243.0</td><td>231.7</td><td>223.2</td><td>-119.3</td></tr><tr><td>Ship construction and reconditioning</td><td>7.2</td><td>7.2</td><td>6.7</td><td>6.7</td><td>6.7</td><td>-.5</td></tr><tr><td>Other</td><td>167.4</td><td>201.8</td><td>178.5</td><td>178.1</td><td>225.3</td><td>+57.8</td></tr><tr><td>Total</td><td>517.2</td><td>489.6</td><td>428.3</td><td>416.5</td><td>455.2</td><td>-62.0</td></tr><tr><td>To aid States, Territory, etc.</td><td>510.2</td><td>492.5</td><td>489.2</td><td>484.2</td><td>483.6</td><td>-26.7</td></tr><tr><td>To aid financial institutions:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks</td><td>54.0</td><td>49.2</td><td>46.4</td><td>42.8</td><td>40.2</td><td>-13.3</td></tr><tr><td>Insurance companies</td><td>34.2</td><td>34.0</td><td>33.9</td><td>33.7</td><td>33.9</td><td>-.4</td></tr><tr><td>Mortgage loan companies</td><td>128.2</td><td>58.3</td><td>129.5</td><td>97.9</td><td>192.3</td><td>+61.6</td></tr><tr><td>Total</td><td>216.5</td><td>142.0</td><td>209.3</td><td>174.3</td><td>266.3</td><td>+50.4</td></tr><tr><td>Foreign loans</td><td>537.3</td><td>519.6</td><td>511.4</td><td>530.8</td><td>525.6</td><td>-12.3</td></tr><tr><td>Other loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage loans (not otherwise classified)</td><td>37.5</td><td>37.5</td><td>40.7</td><td>36.3</td><td>35.7</td><td>-1.8</td></tr><tr><td>Other</td><td>395.5</td><td>377.8</td><td>319.9</td><td>323.5</td><td>187.7</td><td>-207.9</td></tr><tr><td>Total</td><td>433.1</td><td>415.2</td><td>360.5</td><td>360.5</td><td>223.3</td><td>-209.7</td></tr><tr><td>Total loans</td><td>6,837.8</td><td>6,244.9</td><td>5,997.1</td><td>5,865.8</td><td>5,728.0</td><td>-1,109.7</td></tr></table>
Daily Treasury Statements. Less than $50,000.
1/ Excludes loans receivable from Government agencies. Figures do not reflect any reserves for losses that may have been established.
March 1946
71
Section I - Summary of Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government - (Continued)
Table 3.- Comparison of Loans Outstanding of Each Agency by Type of Loan 1/, December 31, 1944 and 1945
(In millions of dollars)
<table><tr><th>Corporation or other agency</th><th colspan="2">Total</th><th colspan="2">Loans to aid agriculture</th><th colspan="2">Loans to aid home owners</th><th colspan="2">Loans to aid industry</th></tr><tr><th></th><th>Dec. 31, 1944</th><th>Dec. 31, 1945</th><th>Dec. 31, 1944</th><th>Dec. 31, 1945</th><th>Dec. 31, 1944</th><th>Dec. 31, 1945</th><th>Dec. 31, 1944</th><th>Dec. 31, 1945</th></tr><tr><td>Corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Executive Office of the President: Office for Emergency Management:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Office of Inter-American Affairs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Frencilradio, Inc.</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Smaller War Plants Corporation.</td><td>35.8</td><td>28.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35.8</td><td>28.5</td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation.</td><td>353.3</td><td>99.3</td><td>353.3</td><td>99.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks for cooperatives.</td><td>189.4</td><td>196.7</td><td>189.4 2/</td><td>196.7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks.</td><td>257.3</td><td>231.3</td><td>257.3</td><td>231.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks.</td><td>1,220.1</td><td>1,088.4</td><td>1,220.1</td><td>1,088.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C.</td><td>12.2</td><td>6.2</td><td>12.2</td><td>6.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation.</td><td>350.8</td><td>242.4</td><td>350.8</td><td>242.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Inland Waterways Corporation.</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington.</td><td>224.5</td><td>252.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation.</td><td>19.7</td><td>11.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency: Reconstruction Finance Corporation and certain affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation.</td><td>1,236.5</td><td>990.0</td><td>.4</td><td>.3</td><td>12.1</td><td>11.5</td><td>355.4</td><td>353.8</td></tr><tr><td>Disaster Loan Corporation 3/.</td><td>1.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal National Mortgage Association.</td><td>52.4</td><td>7.4</td><td>-</td><td>-</td><td>52.4</td><td>7.4</td><td>-</td><td>-</td></tr><tr><td>The RFC Mortgage Company.</td><td>101.1</td><td>39.5</td><td>-</td><td>-</td><td>80.7</td><td>23.6</td><td>-</td><td>-</td></tr><tr><td>Defense Supplies Corporation 3/.</td><td>86.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>67.5</td><td>-</td></tr><tr><td>Rubber Development Corporation 4/.</td><td>2.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. Commercial Company 4/.</td><td>2.5</td><td>2.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal home loan banks.</td><td>130.6</td><td>194.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation.</td><td>1,091.4</td><td>852.3</td><td>-</td><td>-</td><td>1,091.4</td><td>852.3</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority and affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Public Housing Authority.</td><td>304.7</td><td>285.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Defense Homes Corporation.</td><td>.9</td><td>.9</td><td>-</td><td>-</td><td>.9</td><td>.9</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>.2</td><td>.3</td><td>.2</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority.</td><td>2.9</td><td>2.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.5</td><td>2.1</td></tr><tr><td>Total loans 1/ of Government corporations.</td><td>5,676.9</td><td>4,533.0</td><td>2,383.8</td><td>1,864.8</td><td>1,237.5</td><td>895.8</td><td>461.1</td><td>384.4</td></tr><tr><td>Certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration 5/.</td><td>142.6</td><td>133.5</td><td>142.6</td><td>133.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration.</td><td>492.4</td><td>467.2</td><td>492.4</td><td>467.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration.</td><td>360.7</td><td>407.5</td><td>360.7</td><td>407.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior 6/.</td><td>13.8</td><td>12.3</td><td>5.8</td><td>4.8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Works Agency 1/.</td><td>75.0</td><td>80.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration.</td><td>17.2</td><td>19.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United States Maritime Commission.</td><td>7.2</td><td>6.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7.2</td><td>6.7</td></tr><tr><td>Other 8/.</td><td>51.9</td><td>68.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>48.9</td><td>64.1</td></tr><tr><td>Total loans 1/ of certain other Government agencies.</td><td>1,160.8</td><td>1,195.0</td><td>1,001.6</td><td>1,013.0</td><td>-</td><td>-</td><td>56.0</td><td>70.7</td></tr><tr><td>Corporations and certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans 1/.</td><td>6,837.8</td><td>5,728.0</td><td>3,385.4</td><td>2,877.7</td><td>1,237.5</td><td>895.8</td><td>517.2</td><td>455.2</td></tr></table>
Source: Daily Treasury Statements. * Less than $50,000. 1/ Excludes loans receivable from Government agencies. Figures do not reflect any reserves for losses that may have been established. 2/ Excludes loans discounted with Federal intermediate credit banks amounting to $24.1 million. 3/ Merged within the Reconstruction Finance Corporation as of July 1,
4 Transferred from Foreign Economic Administration to Reconstruction Finance Corporation under E.C. No. 9630. 
5 Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans. 
6 Consists of Indian loans, Puerto Rican Hurricane Relief Loan Section, and Puerto Rico Reconstruction Administration.
(Continued on following page)
72
Treasury Bulletin
Section I - Summary of Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government - (Continued)
Table 3.- Comparison of Loans Outstanding of Each Agency by Type of Loan 1/ December 31, 1944 and 1945 - (Continued)
(In millions of dollars)
<table><tr><th>Corporation or other agency</th><th colspan="2">Loans to aid States, Territories, etc.</th><th colspan="2">Loans to aid financial institutions</th><th colspan="2">Foreign loans</th><th colspan="2">Other loans</th></tr><tr><th></th><th>Dec. 31, 1944</th><th>Dec. 31, 1945</th><th>Dec. 31, 1944</th><th>Dec. 31, 1945</th><th>Dec. 31, 1944</th><th>Dec. 31, 1945</th><th>Dec. 31, 1944</th><th>Dec. 31, 1945</th></tr><tr><td>Corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Executive Office of the President: Office for Emergency Management:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>.1</td></tr><tr><td>Office of Inter-American Affairs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Frencinradio, Inc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Smaller War Plants Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks for cooperatives</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Inland Waterways Corporation</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>224.3</td><td>252.0</td><td>.2</td><td>.2</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>-</td><td>19.7</td><td>11.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency: Reconstruction Finance Corporation and certain affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation</td><td>131.3</td><td>118.8</td><td>66.2</td><td>60.1</td><td>292.2</td><td>271.2</td><td>379.0</td><td>174.3</td></tr><tr><td>Disaster Loan Corporation 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.7</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>The RFC Mortgage Company</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18.9</td><td>-</td><td>20.4</td><td>15.9</td></tr><tr><td>Defense Supplies Corporation 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rubber Development Corporation 4/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.5</td><td>2.4</td><td>2.0</td><td>-</td></tr><tr><td>U. S. Commercial Company 4/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal home loan banks</td><td>-</td><td>-</td><td>130.6</td><td>194.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority and affiliate:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Public Housing Authority</td><td>303.2</td><td>284.2 10/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.6</td><td>1.5</td></tr><tr><td>Defense Homes Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans 1/ of Government corporations</td><td>435.2</td><td>403.6</td><td>216.5</td><td>266.8</td><td>537.9</td><td>525.6</td><td>404.9</td><td>192.0</td></tr><tr><td>Certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td>8.0</td><td>7.6</td></tr><tr><td>Federal Works Agency 7/</td><td>75.0</td><td>80.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17.2</td><td>19.1</td></tr><tr><td>United States Maritime Commission</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3.0</td><td>4.6</td></tr><tr><td>Total loans 1/ of certain other Government agencies</td><td>75.0</td><td>80.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>28.2</td><td>31.3</td></tr><tr><td>Corporations and certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans 1/</td><td>510.2</td><td>483.6</td><td>216.5</td><td>266.8</td><td>537.9</td><td>525.6</td><td>433.1</td><td>223.3</td></tr></table>
1/ Consists of Public Works Administration and War Public Works. Communi-ty Facilities.
3/ Consists of Navy Department Guaranteed Loans (World War II); War Department Guaranteed Loans (World War II); Federal Security Agency. Loans to Students; Federal Public Housing Authority, subsistence homestead loans; and Treasury Department, Miscellaneous Loans.
9/ Loans made by commercial banks on behalf of the Export-Import Bank under agency agreements are included in the amount of $66.7 million as of December 31, 1944 and $102.9 million as of December 31, 1945.
10/ Commitments to purchase loans amounted to an additional $35.0 million on December 31, 1945.
March 1946
73
Section
Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government, December 31, 1945
Table 1.
Corporations 1/2
(in millions of dollars)
<table><tr><th></th><th>Total</th><th colspan="2">Executive Office of the President Office for Emergency Management</th><th rowspan="2">Commodity Credit Corporation</th><th colspan="3">Department of Agriculture (continued on following page)</th></tr><tr><th>Assets</th><th></th><th>Office of Inter-American Affairs 2/</th><th>Smaller War Plants Corporation</th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 3/</th></tr><tr><td>Cash 4/</td><td>510.1</td><td>16.3</td><td>131.7</td><td>29.7</td><td>27.7</td><td>20.2</td><td>47.9</td></tr><tr><td>Deposits with other Government agencies</td><td>296.2</td><td>-</td><td>3.3</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from Government agencies</td><td>1,031.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40.5</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>4,533.0</td><td>.1</td><td>28.5</td><td>99.3</td><td>196.7</td><td>291.3</td><td>1,088.4 5/</td></tr><tr><td>Less: Reserve for losses</td><td>-167.1</td><td>-</td><td>-1.2</td><td>-</td><td>-8</td><td>-*</td><td>-72.4 6/</td></tr><tr><td>Loans receivable from others (net)</td><td>4,365.9</td><td>.1</td><td>27.3</td><td>99.3</td><td>195.8</td><td>291.3</td><td>1,016.0</td></tr><tr><td>Accounts and other receivables, less reserves 1/</td><td>1,852.5</td><td>.2</td><td>1.1</td><td>585.0</td><td>1.2</td><td>2.8</td><td>15.6</td></tr><tr><td>Commodities, supplies, and materials</td><td>2,189.2</td><td>-</td><td>-</td><td>1,034.3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>1,576.8</td><td>-</td><td>-</td><td>-</td><td>43.3</td><td>43.2</td><td>144.7</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>7.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>3.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>320.4</td><td>-</td><td>-</td><td>-</td><td>8/</td><td>-</td><td>-</td></tr><tr><td>Total investments (net)</td><td>1,907.5</td><td>-</td><td>-</td><td>-</td><td>43.3</td><td>43.2</td><td>144.7</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>8,001.9</td><td>.6</td><td>14.0</td><td>4.4</td><td>.1</td><td>-</td><td>5.3</td></tr><tr><td>Acquired security or collateral (net)</td><td>43.8</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>1.5</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>266.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 2/</td><td>578.2</td><td>-</td><td>.9</td><td>8.7</td><td>.2</td><td>.3</td><td>.8</td></tr><tr><td>Total assets</td><td>21,042.9</td><td>17.2</td><td>178.3</td><td>1,761.4</td><td>268.3</td><td>338.2</td><td>1,231.9</td></tr><tr><th>Liabilities</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Accounts payable and accrued liabilities</td><td>1,087.7</td><td>11.4</td><td>.9</td><td>250.2</td><td>.1</td><td>.9</td><td>9.1</td></tr><tr><td>Trust and deposit liabilities</td><td>3,657.1</td><td>-</td><td>1.1</td><td>635.9</td><td>*</td><td>.1</td><td>21.9</td></tr><tr><td>Bonds, debentures, and notes payable 10/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>11,775.3</td><td>-</td><td>-</td><td>1,257.0 11/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>521.1</td><td>-</td><td>-</td><td>506.5 12/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 10/</td><td>1,738.4</td><td>-</td><td>-</td><td>-</td><td>48.5</td><td>244.9</td><td>791.8</td></tr><tr><td>Total bonds, debentures, and notes payable 10/</td><td>14,034.9</td><td>-</td><td>-</td><td>1,763.5</td><td>48.5</td><td>244.9</td><td>791.8</td></tr><tr><td>Other liabilities 13/</td><td>2,281.9</td><td>-</td><td>.8</td><td>149.5</td><td>.4</td><td>.2</td><td>10.9</td></tr><tr><td>Total liabilities</td><td>21,061.5</td><td>11.4</td><td>2.8</td><td>2,799.1</td><td>49.0</td><td>246.2</td><td>833.7</td></tr><tr><th>Capital</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>2,097.5</td><td>.6</td><td>200.0</td><td>100.0</td><td>178.5</td><td>60.0</td><td>117.8</td></tr><tr><td>Paid-in surplus</td><td>684.1</td><td>15.9</td><td>-</td><td>400.7</td><td>-</td><td>-</td><td>50.3</td></tr><tr><td>Expanded appropriations</td><td>785.7</td><td>51.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 14/</td><td>-4,037.7</td><td>-62.0</td><td>-24.5</td><td>-1,538.4</td><td>33.2</td><td>32.0</td><td>-</td></tr><tr><td>Total United States owned</td><td>-490.4</td><td>5.8</td><td>175.5</td><td>-1,037.7</td><td>211.7</td><td>92.0</td><td>168.0</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>287.5</td><td>-</td><td>-</td><td>-</td><td>6.4</td><td>-</td><td>68.1</td></tr><tr><td>Earned surplus</td><td>184.3</td><td>-</td><td>-</td><td>-</td><td>1.2</td><td>-</td><td>162.1</td></tr><tr><td>Total privately owned</td><td>471.8</td><td>-</td><td>-</td><td>-</td><td>7.6</td><td>-</td><td>230.2</td></tr><tr><td>Total capital</td><td>-18.6</td><td>5.8</td><td>175.5</td><td>-1,037.7</td><td>219.3</td><td>92.0</td><td>398.2</td></tr><tr><td>Total liabilities and capital</td><td>21,042.9</td><td>17.2</td><td>178.3</td><td>1,761.4</td><td>268.3</td><td>338.2</td><td>1,231.9</td></tr><tr><th>Analysis of investment of United States</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Book value of United States interest, including interagency items 15/</td><td>11,284.9</td><td>5.8</td><td>175.5</td><td>219.3</td><td>211.7</td><td>92.0</td><td>168.0</td></tr><tr><td>Interagency items (net), amounts due to 16/</td><td>-266.5</td><td>-</td><td>-3.3</td><td>.5</td><td>40.6</td><td>-40.6</td><td>.6</td></tr><tr><td>Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>1,876.5</td><td>*</td><td>-.4</td><td>94.5</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>12,894.9</td><td>5.9</td><td>171.8</td><td>314.3</td><td>252.3</td><td>51.4</td><td>168.6</td></tr><tr><th>Contingent liabilities</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Guaranteed loans</td><td>46.6</td><td>-</td><td>46.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>444.6</td><td>-</td><td>-</td><td>206.4</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement, February 15, 1946.
1/ Consists of corporations in which the United States Government has a proprietary interest, direct or indirect, except Federal savings and loan associations and those corporations in which the proprietary interest of the United States is evidenced only by preferred stock or capital notes acquired through the Reconstruction Finance Corporation or production credit corporations.
2/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, In
3. Inter-American Navigation Corporation, and Prenicinradio, Inc. Includes the assets and liabilities of the Federal Land Banks of Springfield, Nase.; Louisville, Ky.; New Orleans, La.; St. Louis, Mo; Omaha, Febr.; Wichita, Kans.; Houston, Tex.; Berkeley, Calif.; and Spokane, Wash.; which have retired the capital stock and paid-in surplus previously held by the United States Government.
4. Excludes unexpended balances of appropriated funds.
5. Includes real estate sales contracts.
6. The reserve for losses on loans receivable includes other loss reserves which cannot be distributed to the assets to which they apply.
(Continued on
llowing page)
74
Treasury Bulletin
Section II - Assets and Liabilities of Corporations and Certain Other Agencies
of the United States Government, December 31, 1945 - (Continued)
Table 1.- Corporations 1/ - (Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="5">Department of Agriculture - (continued)</th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th></tr><tr><th></th><th>Farm Credit Administration - (continued)</th><th>Regional Agricultural Credit Corporation of Washington, D. C.</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation</th><th>Inland Waterways Corporation 17/</th><th>The Virgin Islands Company 18/</th><th>Federal Prison Industries, Inc.</th></tr><tr><th>Assets</th><th>Production credit corporations</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Cash 1/</td><td>.7</td><td>11.2</td><td>11.8</td><td>11.2</td><td>2.7</td><td>1.0</td><td>.1</td><td>14.0</td></tr><tr><td>Deposits with other Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>5.2</td><td>242.4 5/</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>-</td><td>-2.3</td><td>-69.6 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others (net)</td><td>-</td><td>3.9</td><td>172.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>accounts and other receivables, less reserves 1/.</td><td>.3</td><td>*</td><td>5.3</td><td>4.0</td><td>*</td><td>.4</td><td>.2</td><td>1.5</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>-</td><td>3.4</td><td>-</td><td>.3</td><td>.8</td><td>3.9</td></tr><tr><th>Investments:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Public debt obligations of United States</td><td>67.0</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>6.8</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>55.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total investments (net)</td><td>122.3</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>6.8</td><td>-</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>*</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>14.5</td><td>.3</td><td>4.1</td></tr><tr><td>Acquired security or collateral (net)</td><td>-</td><td>.1</td><td>1.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 2/</td><td>.2</td><td>.2</td><td>*</td><td>20.0 19/</td><td>*</td><td>.1</td><td>.1</td><td>.1</td></tr><tr><td>Total assets</td><td>123.5</td><td>15.7</td><td>191.7</td><td>38.7</td><td>2.7</td><td>23.6</td><td>1.4</td><td>23.8</td></tr><tr><th>Liabilities</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Accounts payable and accrued liabilities</td><td>*</td><td>*</td><td>1.0</td><td>6.3</td><td>.1</td><td>.5</td><td>.2</td><td>.6</td></tr><tr><td>Trust and deposit liabilities</td><td>*</td><td>1.4</td><td>3.7</td><td>.1</td><td>-</td><td>.1</td><td>*</td><td>*</td></tr><tr><td>Bonds, debentures, and notes payable: 10/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>76.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>5.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 10/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable 10/</td><td>-</td><td>-</td><td>81.2</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Other liabilities 13/</td><td>*</td><td>*</td><td>.6</td><td>.1</td><td>-</td><td>.3</td><td>*</td><td>.2</td></tr><tr><td>Total liabilities</td><td>*</td><td>1.4</td><td>86.6</td><td>6.4</td><td>.1</td><td>.9</td><td>.4</td><td>.8</td></tr><tr><th>Capital</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>108.3</td><td>.1</td><td>50.0</td><td>70.0</td><td>-</td><td>12.0</td><td>*</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>21.6 20/</td><td>-</td><td>-</td><td>-</td><td>10.5</td><td>-</td><td>4.8</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>39.9 21/</td><td>-</td><td>-</td><td>.9</td><td>-</td></tr><tr><td>Earned surplus 11/</td><td>15.2</td><td>-7.4</td><td>55.1</td><td>-17.5 21/</td><td>2.7</td><td>.2</td><td>.1</td><td>18.2</td></tr><tr><td>Total United States owned</td><td>123.5</td><td>14.3</td><td>105.1</td><td>32.3</td><td>2.7</td><td>22.5</td><td>1.0</td><td>23.0</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>123.5</td><td>14.3</td><td>105.1</td><td>32.3</td><td>2.7</td><td>22.6</td><td>1.0</td><td>23.0</td></tr><tr><td>Total liabilities and capital</td><td>123.5</td><td>15.7</td><td>191.7</td><td>38.7</td><td>2.7</td><td>23.6</td><td>1.4</td><td>23.8</td></tr><tr><th>Analysis of investment of United States</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Book value of United States interest, including interagency items 15/</td><td>123.5</td><td>14.3</td><td>181.1</td><td>32.3</td><td>2.7</td><td>22.6</td><td>1.0</td><td>23.0</td></tr><tr><td>interagency items (net), amounts due to: 16/</td><td>-</td><td>*</td><td>-.6</td><td>3.4</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Government corporations</td><td>*</td><td>*</td><td>.2</td><td>*</td><td>*</td><td>*</td><td>.2</td><td>-1.5</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>123.5</td><td>14.3</td><td>180.8</td><td>35.8</td><td>2.7</td><td>22.6</td><td>1.1</td><td>21.5</td></tr><tr><th>Contingent liabilities</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
1/ Consists of accounts and notes receivable, accrued assets, and advances to contractors and agents.
8/ Paper purchased under C.C.C. programs reclassified as "Loans receivable from others".
9/ Consists of deferred charges, undistributed charges, and other assets.
10/ Includes notes for short-term borrowings.
11/ Includes $2,000,000 note in transit.
12/ The figure for demand obligations of the Commodity Credit Corporation reflected in this statement differs from that shown elsewhere.
in the "Treasury Bulletin" because in other tables this figure is partially as of November 30, 1945.
13/ Consists of deferred credits, undistributed credits, and other liabilities (including liability reserves).
14/ Negative figures indicate deficit.
15/ Consists of paid-in capital (U. S. owned), Treasury loans to Government corporations, and earned surplus or deficit (U. S. share).
16/ Negative figures indicate amounts due from Government agencies.
17/ Figures are as of November 30, 1945 and include Warrior River
(Continued on following page)
March 1946
75
Section II - Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government, December 31, 1945 - (Continued)
Table 1.- Corporations 1/ - (Continued)
(In millions 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 22/</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th>Reconstruction Finance Corporation 23/</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>Other 24/</th></tr><tr><th>Assets</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>*</td><td>1.3</td><td>15.7</td><td>61.1</td><td>-</td><td>*</td><td>3.7</td></tr><tr><td>Deposits with other Government agencies</td><td>-</td><td>55.2</td><td>-</td><td>.1</td><td>7.3</td><td>.6</td><td>228.6</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>-</td><td>-</td><td>990.6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>-</td><td>252.3 25/</td><td>11.9 -5.5</td><td>990.0</td><td>7.4</td><td>39.5 -1.3</td><td>2.4 -1.8</td></tr><tr><td>Less: Reserve for losses</td><td>-</td><td>-</td><td>6.4</td><td>-</td><td>-</td><td>38.2</td><td>.6</td></tr><tr><td>Loans receivable from others (net)</td><td>-</td><td>252.3</td><td>-</td><td>990.0</td><td>7.4</td><td>-</td><td>-</td></tr><tr><td>Accounts and other receivables, less reserves 1/</td><td>.1</td><td>1.9</td><td>3.1</td><td>709.0</td><td>.1</td><td>.4</td><td>500.8</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>.1</td><td>965.2</td><td>-</td><td>-</td><td>165.8</td></tr><tr><th>Investments</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>.1</td><td>-</td><td>897.2</td><td>49.2</td><td>-</td><td>-</td><td>-</td></tr><tr><th>Securities of Government agencies:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.6</td><td>6.5</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>3.3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>-</td><td>240.5</td><td>-</td><td>-</td><td>3.0</td></tr><tr><td>Total investments (net)</td><td>.1</td><td>-</td><td>897.2</td><td>293.1</td><td>.6</td><td>6.5</td><td>3.0</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>*</td><td>*</td><td>*</td><td>6,902.3</td><td>-</td><td>7.0</td><td>9.8</td></tr><tr><td>Acquired security or collateral (net)</td><td>-</td><td>*</td><td>8.7</td><td>26.4</td><td>*</td><td>3.9</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government Corporations</td><td>-</td><td>-</td><td>-</td><td>166.5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 2/</td><td>-</td><td>.1</td><td>-</td><td>330.5</td><td>*</td><td>1.0</td><td>213.3</td></tr><tr><td>Total assets</td><td>.3</td><td>310.7</td><td>931.1</td><td>11,434.7</td><td>15.4</td><td>57.7</td><td>1,125.5</td></tr><tr><th>Liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>*</td><td>*</td><td>.4</td><td>615.8</td><td>*</td><td>.5</td><td>174.9</td></tr><tr><td>Trust and deposit liabilities</td><td>-</td><td>110.5 25/</td><td>1.0</td><td>2,565.8</td><td>.2</td><td>.7</td><td>244.9</td></tr><tr><th>Bonds, debentures, and notes payable 10/</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>-</td><td>9,125.6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 10/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25.5</td><td>501.6</td></tr><tr><td>Total bonds, debentures, and notes payable 10/</td><td>-</td><td>-</td><td>-</td><td>9,125.6</td><td>-</td><td>25.5</td><td>501.6</td></tr><tr><td>Other liabilities 13/</td><td>-</td><td>-</td><td>640.4</td><td>1,015.7 26/</td><td>*</td><td>2.7</td><td>383.8 27/</td></tr><tr><td>Total liabilities</td><td>*</td><td>110.5</td><td>641.8</td><td>13,322.9</td><td>.3</td><td>29.4</td><td>1,305.1</td></tr><tr><th>Capital</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><th>United States owned:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>.1</td><td>175.0</td><td>150.0</td><td>325.0</td><td>10.0</td><td>25.0</td><td>6.1</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>5.7</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>10.2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 11/</td><td>.2</td><td>25.2</td><td>- 28/</td><td>-2,229.1</td><td>4.1</td><td>3.2</td><td>-185.7</td></tr><tr><td>Total United States owned</td><td>.3</td><td>200.2</td><td>150.0</td><td>-1,838.2</td><td>15.1</td><td>28.2</td><td>-179.6</td></tr><tr><th>Privately owned:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>- 28/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>.3</td><td>200.2</td><td>289.3</td><td>-1,888.2</td><td>15.1</td><td>28.2</td><td>-179.6</td></tr><tr><td>Total liabilities and capital</td><td>.3</td><td>310.7</td><td>931.1</td><td>11,434.7</td><td>15.4</td><td>57.7</td><td>1,125.5</td></tr><tr><th>Analysis of investment of United States</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 15/</td><td>.3</td><td>200.2</td><td>150.0</td><td>7,237.4</td><td>15.1</td><td>28.2</td><td>-179.6</td></tr><tr><td>Interagency items (net), amounts due to: 16/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Government corporations</td><td>-</td><td>-55.1</td><td>-</td><td>-292.3</td><td>-7.3</td><td>25.4</td><td>105.1</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>*</td><td>7.0</td><td>-</td><td>1,772.6</td><td>-.6</td><td>-6.6</td><td>10.5</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>.3</td><td>152.1</td><td>150.0</td><td>8,717.6</td><td>7.3</td><td>47.1</td><td>-64.0</td></tr><tr><th>Contingent liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9.0</td></tr></table>
23/ Effective July 1, 1945, pursuant to Public Law 109 approved June 30, 1945, Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, Rubber Reserve Company and Disaster Loan Corporation were dissolved and merged within the Reconstruction Finance Corporation.
24/ Consists of War Assets Corporation (formerly Petroleum Reserves Corporation), Rubber Development Corporation and U. S. Commercial Company which were transferred to E.P.C. from Foreign Economic Administration under 2.0. 9630; and War Damage Corporation.
18/19/20/21/22/ Terminal Company, Inc., a wholly owned subsidiary. Figures are as of September 30, 1945, the latest available. Represents unacquisitioned funds for capital stock issued to Treasury Department. Represents advances from the Reconstruction Finance Corporation for the payment of operating expenses. Includes administrative expense costs of $10.9 million advanced from Federal funds. World War I corporation in liquidation.
(Continued on following page)
76
Treasury Bulletin
Section II - Assets and Liabilities of Corporations and Certain Other Agencies
of the United States Government, December 31, 1945 - (Continued)
Table 1.- Corporations 1/ - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="5">National Housing Agency</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc.</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th colspan="3">Federal Home Loan Bank Administration</th><th>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 29/</th><th>Federal Public Housing Authority 30/</th><th>Defense Homes Corporation</th><th></th><th></th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 3/</td><td>20.8</td><td>1.6</td><td>36.0</td><td>-</td><td>29.0</td><td>.8</td><td>7.1</td><td>7.0</td></tr><tr><td>Deposits with other Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>194.9</td><td>-</td><td>852.3</td><td>-</td><td>285.7 31/</td><td>.9</td><td>-</td><td>.3</td><td>2.4</td></tr><tr><td>Loans: Reserve for losses</td><td>-</td><td>-</td><td>-12.3 6/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others (net)</td><td>194.9</td><td>-</td><td>840.0</td><td>-</td><td>285.7</td><td>.9</td><td>-</td><td>.3</td><td>2.4</td></tr><tr><td>Accounts and other receivables, less reserves 1/</td><td>.8</td><td>2.2</td><td>2.8</td><td>-</td><td>6.5</td><td>.1</td><td>1.9</td><td>4.6</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7.3</td><td>-</td><td>8.0</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>118.4</td><td>160.7</td><td>15.0</td><td>-</td><td>7.9</td><td>-</td><td>22.9</td><td>-</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>21.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total investments (net)</td><td>118.4</td><td>160.7</td><td>36.4</td><td>-</td><td>7.9</td><td>-</td><td>22.9</td><td>-</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>4</td><td>-</td><td>2.5</td><td>-</td><td>222.3</td><td>64.4</td><td>29.7</td><td>720.5</td></tr><tr><td>Acquired security or collateral (net)</td><td>-</td><td>.7</td><td>1.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>-</td><td>-</td><td>100.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 2/</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>.3</td><td>.3</td><td>.2</td><td>.3</td></tr><tr><td>Total assets</td><td>334.9</td><td>165.3</td><td>1,019.6</td><td>-</td><td>551.6</td><td>67.5</td><td>69.0</td><td>742.8</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>1.5</td><td>1.0</td><td>-</td><td>1.8</td><td>.7</td><td>2.4</td><td>7.2</td></tr><tr><td>Trust and deposit liabilities</td><td>45.7</td><td>23.1</td><td>-</td><td>-</td><td>.1</td><td>1.8</td></tr><tr><td>Bonds, debentures, and notes payable: 10/</td><td></td><td></td><td>877.0 32/</td><td>383.0</td><td>-</td><td>-</td><td>56.8</td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>9.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>68.5</td><td>-</td><td>.1</td><td>54.0</td><td>-</td><td>-</td><td>3.3</td></tr><tr><td>Not guaranteed 10/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable 10/</td><td>68.5</td><td>-</td><td>886.6</td><td>383.0</td><td>54.0</td><td>60.1</td></tr><tr><td>Other liabilities 13/</td><td>-</td><td>65.2</td><td>1.9</td><td>.8</td><td>.6</td><td>7.2</td><td>.5</td></tr><tr><td>Total liabilities</td><td>115.7</td><td>65.3</td><td>912.5</td><td>385.6</td><td>55.5</td><td>9.6</td><td>68.6</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>124.5</td><td>100.0</td><td>200.0</td><td>66.5</td><td>1.0</td><td>10.0</td><td>7.0</td><td>38.5</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>-32.6</td><td>114.8</td><td>-</td><td>.3</td><td>64.5</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>71.6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus 14/</td><td>-</td><td>-28/</td><td>-92.9</td><td>-33.9</td><td>-21.4</td><td>2.0</td><td>52.4</td><td>-8.7</td></tr><tr><td>Total United States owned</td><td>124.5</td><td>100.0</td><td>107.1</td><td>-</td><td>166.1</td><td>12.0</td><td>59.4</td><td>674.2</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>73.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>21.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>94.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>219.2</td><td>100.0</td><td>107.1</td><td>-</td><td>166.1</td><td>12.0</td><td>59.4</td><td>674.2</td></tr><tr><td>Total liabilities and capital</td><td>334.9</td><td>165.3</td><td>1,019.6</td><td>-</td><td>551.6</td><td>67.5</td><td>69.0</td><td>742.8</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 15/</td><td>124.5</td><td>100.0</td><td>984.1</td><td>-</td><td>549.1</td><td>12.0</td><td>59.4</td><td>731.0</td></tr><tr><td>Interagency items (net), amounts due to: 16/</td><td>.8</td><td>100.0</td><td>-</td><td>53.2</td><td>-</td><td>3.1</td></tr><tr><td>Government corporations</td><td>-</td><td>-</td><td>.1</td><td>1.6</td><td>-</td><td>-.7</td><td>-.4</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>125.3</td><td>100.0</td><td>884.1</td><td>-</td><td>550.6</td><td>65.2</td><td>58.7</td><td>733.8</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>229.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
25) Includes $102.9 million of loans made by commercial banks on behalf of the Export-Import Bank under agency agreements.
26) Includes $125.0 million valuation reserves which are not apportioned to applicable assets.
27) Includes $138.5 million of valuation reserves established by U.S. Commercial Company which are not apportioned to applicable assets.
28) For purposes of this report the entire amount of earned surplus of this Corporation is reported as a liability reserve to cover possible insurance losses until experience shall have been gained which will
permit the determination of adequate reserves. All assets and liabilities liquidated. Figures are as of November 30, 1945 and represent activities under U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 2. Loan commitments amount to $319.1 million against which advances of $284.2 million have been made, leaving commitments to purchase loans of $35.0 million. Exclude $7.0 million in transit for redemption.
March 1946
77
Section
II - Assets and Liabilities of Corporations and Certain Other Agencies of the United States Government, December 31, 1945 - (Continued)
Table 2.- Certain Other Agencies
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management War Shipping Administration 1/</th><th colspan="3">Department of Agriculture</th><th>Department of the Interior 1/</th><th>Federal Works Agency 1/</th><th>National Housing Agency Federal Housing Administration</th><th>United States Maritime Commission 5/</th><th>Other 6/</th></tr><tr><th>Assets</th><td></td><td></td><td>Farm Credit Administration 2/</td><td>Farm Security Administration</td><td>Rural Electrification Administration</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>414.6</td><td>179.3</td><td>1.3</td><td>57.4</td><td>3.1</td><td>.1</td><td>1.8</td><td>23.7</td><td>20.8</td><td>127.0</td></tr><tr><td>Loans receivable from Government agencies</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from others</td><td>1,195.0</td><td>-</td><td>133.5</td><td>457.2</td><td>407.5</td><td>12.3</td><td>80.0</td><td>19.1</td><td>6.7</td><td>68.7</td></tr><tr><td>Less: Reserve for losses</td><td>-270.9</td><td>-</td><td>-120.4</td><td>-117.1</td><td>-1.1</td><td>-1.3</td><td>-</td><td>-</td><td>-</td><td>-2.0</td></tr><tr><td>Loans receivable from others (net)</td><td>924.1</td><td>-</td><td>13.1</td><td>320.2</td><td>407.3</td><td>11.1</td><td>80.0</td><td>19.1</td><td>6.7</td><td>66.7</td></tr><tr><td>Accounts and other receivables, less reserves 3/</td><td>794.5</td><td>472.3</td><td>.3</td><td>89.7</td><td>5.3</td><td>.4</td><td>2.1</td><td>.6</td><td>167.5</td><td>55.8</td></tr><tr><td>Commodities, supplies, and materials</td><td>98.4</td><td>54.0</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>44.3</td><td>-</td></tr><tr><th>Investments:</th><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>105.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>105.9</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies: Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>4.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.7</td><td>2.0</td></tr><tr><td>Total investments (net)</td><td>110.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>105.9</td><td>2.7</td><td>2.0</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>11,775.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11,775.3</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>13,015.5</td><td>7,812.3</td><td>-</td><td>24.3</td><td>.2</td><td>13.8</td><td>147.0</td><td>.6</td><td>3,334.7</td><td>1,622.1</td></tr><tr><td>Acquired security or collateral (net)</td><td>22.2</td><td>-</td><td>1.4</td><td>2.0</td><td>-</td><td>-</td><td>-</td><td>18.2</td><td>-</td><td>.6</td></tr><tr><td>Capital stock of Government corporations</td><td>178.5</td><td>-</td><td>178.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets 2/</td><td>544.1</td><td>352.0</td><td>-</td><td>22.7</td><td>-</td><td>-</td><td>41.0</td><td>-</td><td>127.4</td><td>.9</td></tr><tr><td>Total assets</td><td>27,878.0</td><td>8,870.5</td><td>195.0</td><td>516.4</td><td>416.1</td><td>25.3</td><td>272.0</td><td>168.2</td><td>3,704.0</td><td>13,630.5</td></tr><tr><th>Liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable and accrued liabilities</td><td>557.4</td><td>514.9</td><td>-</td><td>2.4</td><td>-</td><td>.1</td><td>-</td><td>5.6</td><td>15.5</td><td>19.0</td></tr><tr><td>Trust and deposit liabilities</td><td>104.9</td><td>15.0</td><td>-</td><td>9.6</td><td>.1</td><td>.1</td><td>1.8</td><td>1.4</td><td>27.5</td><td>48.4</td></tr><tr><th>Bonds, debentures, and notes payable:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>41.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41.1</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>409.5</td><td>-</td><td>-</td><td>116.1</td><td>263.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total bonds, debentures, and notes payable</td><td>450.6</td><td>-</td><td>-</td><td>116.1</td><td>263.4</td><td>-</td><td>-</td><td>41.1</td><td>-</td><td>-</td></tr><tr><td>Other liabilities 10/</td><td>807.3</td><td>691.8</td><td>1.3</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>84.4</td><td>29.7</td></tr><tr><td>Total liabilities</td><td>1,919.3</td><td>1,221.8</td><td>1.3</td><td>158.2</td><td>263.5</td><td>.1</td><td>1.8</td><td>48.1</td><td>127.3</td><td>97.1</td></tr><tr><th>Proprietary interest</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Expanded appropriations</td><td>36,289.4</td><td>14,752,711/</td><td>690.3</td><td>879.2</td><td>159.7</td><td>81.7</td><td>2,135.2</td><td>82.4</td><td>4,039,712/</td><td>13,468.4</td></tr><tr><td>Excess of income 13/ 14/</td><td>-10,330.7</td><td>-7,104.0</td><td>-496.5</td><td>-521.0</td><td>-7.2</td><td>-56.5</td><td>-1,865.1</td><td>37,815/</td><td>-403.0</td><td>85.0</td></tr><tr><td>Total proprietary interest</td><td>25,958.8</td><td>7,648.7</td><td>193.7</td><td>358.2</td><td>152.5</td><td>25.2</td><td>270.1</td><td>120.2</td><td>3,636.7</td><td>13,553.4</td></tr><tr><td>Total liabilities and proprietary interest</td><td>27,878.0</td><td>8,870.5</td><td>195.0</td><td>516.4</td><td>416.1</td><td>25.3</td><td>272.0</td><td>168.2</td><td>3,704.0</td><td>13,630.5</td></tr><tr><th>Analysis of investment of United States</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value United States interest, including interagency items 16/</td><td>14,183.4</td><td>7,648.7</td><td>193.7</td><td>358.2</td><td>152.5</td><td>25.2</td><td>270.1</td><td>120.2</td><td>3,636.7</td><td>1,778.0</td></tr><tr><td>Interagency items (net), amounts due to: 17/ Government corporations and those Government agencies not required to report</td><td>-</td><td>1.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1.5</td><td>-</td></tr><tr><td>Certain other Government agencies, excluding Treasury loans to Government corporations</td><td>413.6</td><td>225.5</td><td>-178.5</td><td>90.9</td><td>263.3</td><td>.1</td><td>1.7</td><td>7.6</td><td>2.4</td><td>.7</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>14,597.0</td><td>7,875.7</td><td>15.2</td><td>449.2</td><td>415.8</td><td>25.3</td><td>271.8</td><td>127.7</td><td>3,637.5</td><td>1,778.8</td></tr><tr><th>Contingent liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>433.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>432.7</td></tr><tr><td>Other</td><td>1.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.6</td><td>-</td></tr></table>
Source: Daily Treasury Statement, February 15, 1946.
1/ Less than $50,000.
1/ Figures are as of November 30, 1945, with exception of those of Lands- lease and U.S.R.R.A. activities.
2/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
3/ Consists of Indian Loans, Puerto Rican Hurricanes Relief Loan Sec- tion, and Puerto Rico Reconstruction Administration.
4/ Consists of Public Works Administration and War Public Works, Com- munity Facilities.
5/ Figures are a combination of accrual and cash bases.
6/ 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 homes; Federal Security Agency, loans to stu- dents; and Treasury Department, miscellaneous loans and certain other assets.
7/ Includes unexpended balances of appropriated funds.
8/ Consists of accounts and notes receivable, accrued assets, and ad- vances to contractors and agents.
9/ Consists of deferred charges, undistributed charges, and other assets.
10/ Consists of deferred credits, undistributed credits, and other liabilities (including liability reserves).
11/ Includes the value of vessels and other expenses transferred from the U. S. Maritime Commission.
12/ Excludes the value of vessels and other expenses transferred to the War Shipping Administration for which no transfer of funds will be required.
13/ Represents excess of expenditures incurred pursuant to legislation for such activities as: Construction and operation of merchant marine fleet in interest of the war effort; relief to farmers; loans and grants for rural rehabilitation and subsistence homesteads; relief and rehabilitation in Puerto Rico; loans, grants, and relief in construction of housing, public works, and community facilities; and others.
14/ Negative figures indicate excess of expense.
15/ Includes $70.5 million representing equity of mortgagees in earnings of group accounts of the Mutual Mortgage Insurance Fund.
16/ Consists of paid-in capital (U. S. owned), less Treasury loans to Government corporations, plus excess of income (or expenses).
17/ Negative figures indicate amounts due from Government agencies.
78
Treasury Bulletin
INTERNAL REVENUE STATISTICS
March 1946
79
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Pecal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collections</th><th colspan="4">Income and profits taxes</th><th colspan="3">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 taxes 4/</th><th>Total employment taxes</th><th>Social Security taxes 014-ago insurance 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 1/</th></tr><tr><td>1936</td><td>3,512,852</td><td>+18,521</td><td>3,494,331</td><td>1,427,446</td><td>674,416</td><td>738,521</td><td>14,509</td><td>48</td><td>-</td><td>-</td><td>48</td></tr><tr><td>1937</td><td>4,597,140</td><td>-37,168</td><td>4,634,308</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>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,932</td><td>42,785</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,534</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>122,048</td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,514</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>4,687,482</td><td>56,621</td><td>1,185,362</td><td>895,338</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>19,034,713</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>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>30,025r</td><td>1,502</td></tr><tr><td>February</td><td>3,814,957</td><td>-170,735</td><td>3,985,892</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>+813,540</td><td>5,617,781</td><td>4,995,874</td><td>1,821,017</td><td>3,161,712</td><td>13,145</td><td>61,571</td><td>5,789</td><td>3,362</td><td>52,419</td></tr><tr><td>April</td><td>2,745,867</td><td>-285,266</td><td>3,031,133</td><td>2,407,751</td><td>1,760,877</td><td>637,651</td><td>9,224</td><td>106,510</td><td>99,916</td><td>4,931</td><td>1,663</td></tr><tr><td>May</td><td>2,920,937</td><td>-352,957</td><td>3,273,895</td><td>2,406,326</td><td>1,989,718</td><td>407,123</td><td>9,855</td><td>296,725</td><td>256,314</td><td>10,330</td><td>30,082</td></tr><tr><td>June</td><td>5,384,393</td><td>+743,245</td><td>4,641,148</td><td>4,025,296</td><td>1,208,613</td><td>2,795,700</td><td>80,983</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>3,158,234</td><td>2,242,907</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>1,916,334</td><td>1,569,985</td><td>341,598</td><td>4,751</td><td>274,151</td><td>230,282</td><td>8,791</td><td>35,078</td></tr><tr><td>September</td><td>4,846,585</td><td>+725,043</td><td>4,121,542</td><td>3,552,851</td><td>1,162,276</td><td>2,379,553</td><td>11,022</td><td>37,339</td><td>3,352</td><td>619</td><td>33,368</td></tr><tr><td>October</td><td>2,340,240</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>2,383,196</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><tr><td>December</td><td>3,948,437</td><td>+656,276</td><td>3,292,161</td><td>2,741,561</td><td>586,112</td><td>2,142,631</td><td>12,817</td><td>39,012</td><td>4,455</td><td>818</td><td>33,739</td></tr><tr><td>1946-January</td><td>3,451,384</td><td>-473,348</td><td>3,924,731</td><td>3,189,493</td><td>2,346,821</td><td>836,516</td><td>6,156</td><td>92,718</td><td>61,849</td><td>28,172</td><td>2,698</td></tr></table>
Miscellaneous internal revenue
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes</th><th>Agricultural adjustment taxes</th></tr><tr><td>1936</td><td>2,004,513</td><td>94,943</td><td>378,840</td><td>505,243</td><td>500,785</td><td>68,990</td><td>379,540</td><td>76,173</td><td>62,323</td></tr><tr><td>1937</td><td>2,185,735</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>396,391</td><td>183,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,611</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>728,695</td><td>1,075,401</td><td>-</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td><td>-</td></tr><tr><td>1945-January</td><td>546,805</td><td>(-21)</td><td>49,295</td><td>206,408</td><td>78,450</td><td>5,718</td><td>116,579</td><td>90,376</td><td>-</td></tr><tr><td>February</td><td>509,926</td><td>247</td><td>37,445</td><td>194,594</td><td>66,047</td><td>5,893</td><td>115,946</td><td>89,755</td><td>-</td></tr><tr><td>March</td><td>560,337</td><td>409</td><td>89,153</td><td>170,878</td><td>73,621</td><td>5,546</td><td>104,199</td><td>116,530</td><td>-</td></tr><tr><td>April</td><td>516,872</td><td>409</td><td>75,473</td><td>173,062</td><td>67,625</td><td>5,435</td><td>96,517</td><td>100,350</td><td>-</td></tr><tr><td>May</td><td>570,842</td><td>(-67)</td><td>64,298</td><td>180,164</td><td>83,025</td><td>5,983</td><td>116,192</td><td>121,246</td><td>-</td></tr><tr><td>June</td><td>571,832</td><td>261</td><td>61,807</td><td>190,852</td><td>93,230</td><td>6,300</td><td>103,697</td><td>115,686</td><td>-</td></tr><tr><td>July</td><td>790,854</td><td>104,924</td><td>49,324</td><td>198,335</td><td>83,658</td><td>5,870</td><td>120,739</td><td>228,004</td><td>-</td></tr><tr><td>August</td><td>824,199</td><td>208,936</td><td>68,601</td><td>198,621</td><td>108,472</td><td>5,479</td><td>102,724</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>92,588</td><td>-</td></tr><tr><td>October</td><td>705,907</td><td>30,015</td><td>44,391</td><td>242,799</td><td>119,584</td><td>6,784</td><td>122,295</td><td>140,039</td><td>-</td></tr><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>113,438</td><td>-</td></tr><tr><td>December</td><td>511,588</td><td>233</td><td>45,178</td><td>188,126</td><td>62,049</td><td>7,443</td><td>106,878</td><td>101,680</td><td>-</td></tr><tr><td>1946-January</td><td>642,520</td><td>192</td><td>60,793</td><td>221,156</td><td>95,736</td><td>7,952</td><td>135,869</td><td>120,821</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. Revised.
1/ Includes collections for credit to certain trust accounts for territories and insular possessions, etc.
2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943.
3/ Includes income tax collections on Alaskan Railroads. The excess profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profits tax, the profit limit-
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1979; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1979; prior thereto, collections under Title II of the Social Security Act.
1/ 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, 1935.
80
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-F
March 1946
81
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 7 months</th><th>January 1945</th><th>January 1946</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th><th></th><th></th></tr><tr><td colspan="7">Income and profits taxes:</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>5,598,366</td><td>5,871,850</td><td>689,792</td><td>603,532</td></tr><tr><td>Revenue Act of 1942............</td><td>784,997</td><td>802</td><td>734</td><td>102</td><td>26</td><td>7</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>8,567,114</td><td>3,836,946r5/</td><td>4,038,335</td><td>1,889,129</td><td>1,670,322</td></tr><tr><td>Back....................</td><td>183,710</td><td>202,947</td><td>91,919r5/</td><td>198,139</td><td>38,374</td><td>72,960</td></tr><tr><td>Total individual income taxes.</td><td>18,261,005</td><td>19,034,313</td><td>9,527,965</td><td>10,108,147</td><td>2,617,322</td><td>2,346,821</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>2,321,389</td><td>2,112,014</td><td>43,451</td><td>151,466</td></tr><tr><td>Back....................</td><td>521,471</td><td>458,034</td><td>234,955</td><td>410,022</td><td>87,906</td><td>149,223</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>5,899,340</td><td>4,844,211</td><td>270,460</td><td>535,825</td></tr><tr><td>Total corporation taxes.</td><td>14,629,384</td><td>15,883,235</td><td>8,455,684</td><td>7,366,247</td><td>401,817</td><td>836,516</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>84,578</td><td>54,450</td><td>5,021</td><td>6,155</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>98</td><td>14</td><td>4</td><td>1</td></tr><tr><td>Total miscellaneous profits taxes.</td><td>137,452</td><td>143,978</td><td>84,676</td><td>54,464</td><td>5,026</td><td>6,156</td></tr><tr><td>Total income and profits taxes.</td><td>33,027,802</td><td>35,061,526</td><td>18,068,325</td><td>17,529,138</td><td>3,024,154</td><td>3,189,493</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>747,221</td><td>712,220</td><td>71,268</td><td>61,849</td></tr><tr><td>Unemployment insurance 1/.</td><td>183,337</td><td>185,489</td><td>60,104</td><td>57,077</td><td>30,025r</td><td>28,172</td></tr><tr><td>Total Social Security taxes.</td><td>1,473,361</td><td>1,493,420</td><td>807,325</td><td>769,297</td><td>101,293</td><td>90,021</td></tr><tr><td>Railroad retirement 8/.</td><td>265,011</td><td>284,758</td><td>145,553</td><td>115,007</td><td>1,502</td><td>2,698</td></tr><tr><td>Total employment taxes.</td><td>1,738,372</td><td>1,779,177</td><td>952,938</td><td>914,304</td><td>102,795</td><td>92,718</td></tr><tr><td>Miscellaneous internal revenues:</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>370,740</td><td>351,243</td><td>(-21)</td><td>192</td></tr><tr><td>Estate tax.</td><td>473,466</td><td>596,137</td><td>309,927</td><td>338,133</td><td>49,065</td><td>58,736</td></tr><tr><td>Gift tax.</td><td>57,745</td><td>46,218</td><td>4,952</td><td>8,094</td><td>230</td><td>2,057</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>108,054</td><td>67,056</td><td>11,203</td><td>9,765</td></tr><tr><td>Distilled spirits (domestic, excise).</td><td>611,835</td><td>1,284,613</td><td>788,620</td><td>933,257</td><td>132,367r</td><td>145,907</td></tr><tr><td>Distilled spirits rectification tax.</td><td>18,874</td><td>32,549</td><td>18,325</td><td>23,475</td><td>2,799</td><td>3,599</td></tr><tr><td>Wines, cordials, etc. (imported, excise).</td><td>4,027</td><td>2,122</td><td>1,454</td><td>1,180</td><td>114</td><td>133</td></tr><tr><td>Wines, cordials, etc. (domestic, excise).</td><td>30,068</td><td>45,269</td><td>26,240</td><td>28,002</td><td>3,971</td><td>4,733</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>5,206</td><td>5,191</td><td>105</td><td>165</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>2</td><td>6</td><td>5</td><td>22</td><td>*</td><td>1</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>1,369</td><td>885</td><td>616</td><td>479</td><td>63</td><td>78</td></tr><tr><td>Container stamps.</td><td>8,516</td><td>11,213</td><td>7,163r</td><td>7,469</td><td>1,045</td><td>1,244</td></tr><tr><td>Floor taxes.</td><td>85,834</td><td>83,243</td><td>64,430</td><td>578</td><td>10,330</td><td>25</td></tr><tr><td>Fermented malt liquors.</td><td>559,152</td><td>638,662</td><td>380,154</td><td>408,486</td><td>44,344</td><td>55,439</td></tr><tr><td>Brewers; dealers in malt liquor (special taxes)</td><td>3,375</td><td>3,130</td><td>2,046</td><td>2,025</td><td>36</td><td>66</td></tr><tr><td>Total alcoholic beverage taxes.</td><td>1,618,045</td><td>2,309,804</td><td>1,402,314</td><td>1,477,119</td><td>206,408</td><td>221,156</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>21,020</td><td>23,113</td><td>2,990</td><td>3,570</td></tr><tr><td>Cigars (small).</td><td>107</td><td>84</td><td>111</td><td>142</td><td>66</td><td>8</td></tr><tr><td>Cigarettes (large).</td><td>88</td><td>695</td><td>232</td><td>169</td><td>59</td><td>1</td></tr><tr><td>Cigarettes (small).</td><td>903,958</td><td>836,058</td><td>492,924</td><td>611,416</td><td>70,272</td><td>83,291</td></tr><tr><td>Snuff.</td><td>7,692</td><td>7,741</td><td>4,302</td><td>4,428</td><td>663</td><td>677</td></tr><tr><td>Tobacco (chewing and smoking).</td><td>45,269</td><td>49,574</td><td>29,309</td><td>27,152</td><td>4,292</td><td>3,068</td></tr><tr><td>Cigarette papers and tubes.</td><td>1,164</td><td>1,390</td><td>696</td><td>1,571</td><td>108</td><td>121</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 and cigar floor taxes.</td><td>50</td><td>8</td><td>5</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Total tobacco taxes.</td><td>988,483</td><td>932,145</td><td>548,599</td><td>667,894</td><td>78,490</td><td>95,736</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>18,482</td><td>23,881</td><td>2,615</td><td>3,887</td></tr><tr><td>Transfers of capital stock and similar interest sales.</td><td>17,096</td><td>24,852</td><td>13,125</td><td>16,951</td><td>2,430</td><td>3,179</td></tr><tr><td>Playing cards.</td><td>7,414</td><td>7,493</td><td>4,751</td><td>5,662</td><td>672</td><td>875</td></tr><tr><td>Silver bullion sales or transfers.</td><td>47</td><td>25</td><td>12</td><td>120</td><td>*</td><td>11</td></tr><tr><td>Total stamp taxes.</td><td>50,800</td><td>65,528</td><td>36,370</td><td>46,613</td><td>5,718</td><td>7,925</td></tr></table>
(Continued on following page)
82
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 7 months</th><th rowspan="2">January 1945</th><th rowspan="2">January 1946</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>Injuring oils</td><td>52,473</td><td>92,865</td><td>46,195</td><td>47,687</td><td>6,827</td><td>4,188</td></tr><tr><td>Gasoline</td><td>271,217</td><td>405,563</td><td>231,924</td><td>247,522</td><td>28,930</td><td>25,495</td></tr><tr><td>Tires and tubes</td><td>40,309</td><td>75,257</td><td>41,813</td><td>59,104</td><td>7,650</td><td>12,019</td></tr><tr><td>Floor taxes on tires and tubes</td><td>25</td><td></td><td>-</td><td>18</td><td>-</td><td>12</td></tr><tr><td>Automobile trucks and buses</td><td>3,247</td><td>20,647</td><td>8,099</td><td>22,911</td><td>425</td><td>3,244</td></tr><tr><td>Other automobiles and motorcycles</td><td>1,222</td><td>2,558</td><td>1,215</td><td>4,092</td><td>96</td><td>866</td></tr><tr><td>Parts and accessories for automobiles</td><td>31,551</td><td>49,440</td><td>24,535</td><td>38,119</td><td>2,926</td><td>4,894</td></tr><tr><td>Electrical energy</td><td>51,239</td><td>57,004</td><td>33,525</td><td>33,281</td><td>3,683</td><td>4,881</td></tr><tr><td>Electric, gas, and oil appliances</td><td>5,027</td><td>12,060</td><td>5,702</td><td>10,772</td><td>693</td><td>2,056</td></tr><tr><td>Electric light bulbs and tubes</td><td>5,358</td><td>11,035</td><td>7,025</td><td>10,462</td><td>1,245</td><td>1,639</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>255</td><td>55</td><td>38</td><td>41</td><td>10</td><td>3</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>3,402</td><td>4,753</td><td>2,826</td><td>3,239</td><td>502</td><td>539</td></tr><tr><td>Phonograph records</td><td>1,889</td><td>2,015</td><td>1,034</td><td>1,692</td><td>109</td><td>434</td></tr><tr><td>Musical instruments</td><td>633</td><td>927</td><td>398</td><td>986</td><td>68</td><td>217</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>2,406</td><td>1,637</td><td>786</td><td>2,972</td><td>84</td><td>616</td></tr><tr><td>Watches</td><td>5,671</td><td>9,349</td><td>4,858</td><td>5,889</td><td>846</td><td>807</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>4,858</td><td>8,107</td><td>1,054</td><td>1,340</td></tr><tr><td>Pure - retailers' excise</td><td>58,726</td><td>79,418</td><td>45,227</td><td>54,584</td><td>11,877</td><td>14,854</td></tr><tr><td>Jewelry - retailers' excise</td><td>113,373</td><td>184,220</td><td>103,357</td><td>123,295</td><td>26,550</td><td>31,713</td></tr><tr><td>Language - retailers' excise (effective 4/1/44)</td><td>8,343</td><td>73,851</td><td>43,301</td><td>46,009</td><td>9,131</td><td>10,019</td></tr><tr><td>Language - manufacturers' excise (suspended as of 4/1/44)</td><td>4,777</td><td>6</td><td>6</td><td>11</td><td>-</td><td>4</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>8</td><td>73</td><td>6</td><td>6</td><td>1</td><td>1</td></tr><tr><td>Photographic apparatus</td><td>11,907</td><td>19,288</td><td>9,198</td><td>10,887</td><td>1,517</td><td>1,763</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>295</td><td>228</td><td>196</td><td>109</td><td>104</td><td>50</td></tr><tr><td>Sporting goods</td><td>2,498</td><td>4,248</td><td>2,045</td><td>3,657</td><td>283</td><td>563</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>44,790</td><td>86,615</td><td>49,592</td><td>55,107</td><td>11,746</td><td>13,005</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>1,061</td><td>3,132</td><td>2,263</td><td>2,743</td><td>225</td><td>647</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>29</td><td>14</td><td>9</td><td>1</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>728,694</td><td>1,206,616</td><td>670,063</td><td>793,361</td><td>116,579</td><td>135,869</td></tr></table>
Miscellaneous taxes:
<table><tr><th>Internal Revenue</th><th>1937</th><th>1936</th><th>1935</th><th>1934</th><th>1933</th><th>1932</th></tr><tr><td>Bituminous Coal Act of 1937</td><td>1,403</td><td>35</td><td>15</td><td>26</td><td>2</td><td>3</td></tr><tr><td>Sugar Act of 1937</td><td>68,789</td><td>73,294</td><td>44,022</td><td>34,786</td><td>3,504</td><td>4,457</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased wires, etc.</td><td>141,275</td><td>208,018</td><td>115,317</td><td>138,153</td><td>18,857</td><td>25,276</td></tr><tr><td>Local telephone service</td><td>90,199</td><td>133,569</td><td>76,046</td><td>84,195</td><td>10,484</td><td>15,183</td></tr><tr><td>Transportation of oil by pipe line</td><td>15,851</td><td>16,286</td><td>9,391</td><td>9,055</td><td>1,085</td><td>1,355</td></tr><tr><td>Transportation of persons, seats, berths</td><td>153,683</td><td>234,182</td><td>143,119</td><td>138,389</td><td>13,381</td><td>19,280</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>215,488</td><td>221,088</td><td>131,401</td><td>132,066</td><td>15,734</td><td>18,144</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>134,326</td><td>128,701</td><td>119,804</td><td>115,567</td><td>211</td><td>174</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>352</td><td>336</td><td>201</td><td>177</td><td>1</td><td>1</td></tr><tr><td>Leases of safe-deposit boxes</td><td>6,594</td><td>7,311</td><td>3,893</td><td>4,230</td><td>485</td><td>615</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>178,563</td><td>300,589</td><td>178,253</td><td>197,463</td><td>20,002</td><td>27,584</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>26,726</td><td>56,877</td><td>33,111</td><td>41,137</td><td>4,344</td><td>6,158</td></tr><tr><td>Club dues and initiation fees</td><td>9,182</td><td>14,160</td><td>6,541</td><td>9,088</td><td>728</td><td>1,160</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>2,208</td><td>4,160</td><td>3,365</td><td>3,282</td><td>50</td><td>76</td></tr><tr><td>Coin operated devices</td><td>18,475</td><td>19,100</td><td>15,170</td><td>13,939</td><td>279</td><td>359</td></tr><tr><td>Adulterated and processed or renovated butter</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>mixed flour 2/ and filled cheese</td><td>18</td><td>58</td><td>19</td><td>40</td><td>1</td><td>5</td></tr><tr><td>Oleomargarine, including special taxes</td><td>4,084</td><td>5,503</td><td>3,337</td><td>3,039</td><td>517</td><td>419</td></tr><tr><td>Herocites, including marijuana and special taxes</td><td>779</td><td>756</td><td>334</td><td>339</td><td>32</td><td>40</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>7,190</td><td>6,208</td><td>3,497</td><td>3,656</td><td>674</td><td>533</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>14</td><td>6</td><td>7</td><td></td></tr><tr><td>Total miscellaneous taxes</td><td>1,075,401</td><td>1,430,428</td><td>886,861</td><td>928,638</td><td>90,376</td><td>120,821</td></tr><tr><td>Total miscellaneous internal revenue</td><td>5,353,336</td><td>6,959,634</td><td>4,229,826</td><td>4,611,095</td><td>546,809</td><td>642,520</td></tr><tr><td>Total internal revenue collections</td><td>40,119,510</td><td>43,800,338</td><td>23,251,089</td><td>23,054,535</td><td>3,673,704</td><td>3,924,731</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+1,565,477</td><td>+101,664</td><td>-646,162</td><td>-709,385</td><td>-631,287</td><td>-473,348</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>41,684,987</td><td>43,902,002</td><td>22,604,926</td><td>22,345,150</td><td>3,042,477</td><td>3,451,384</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. Revised. * Less than $500. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Consists only of collections for which returns have been filed with the Collector of Internal Revenue. Collections under this act as shown in Daily Treasury Statements consist of withholdings deposited in Government depositaries in addition to payments accompanying returns filed with the Collector of Internal Revenue. 3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was
4/ Current individual income tax collections for the fiscal year 1945 include payments on unforgiven portion of 1942 tax, due March 15, 1945, of $308,605 thousand for the period January 1, 1945 through April 30, 1945.
Revolvons 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.
Represent collections under the Federal Employers' Tariff Act of 1937.
Tax imposed upon the manufacture and sale of, and the occupational
tax imposed upon the manufacture and sale of, and the tax on, mixed flour repealed as of November 1, 1942.
March 1946
83
MONETARY STATISTICS
84
Treasury Bulletin
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificate 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</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>1945</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</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</td><td>20,029.7</td><td>17,921.0</td><td>156.0</td><td>1,800.0</td><td>152.6</td></tr><tr><td>December</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1946-January</td><td>20,156.5</td><td>18,034.0</td><td>156.0</td><td>1,800.0</td><td>166.4</td></tr></table>
Source: Daily Treasury Statements.
1/ Comprises (1) gold certificate held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Certificate Fund - Board of Governors, Federal Reserve System.
and (b) the Redemption Fund - Federal Reserve notes. 2/ Reserve against United States notes and Treasury notes of 1890. 3/ Excludes gold in active portion of Exchange Stabilization Fund.
Treasury Gold Receipts
(in millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Newly-mined domestic gold</th><th>Gold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th></tr><tr><td>1940 - Jan.-Mar....</td><td>46.77</td><td>739.62</td><td>2.93</td><td>789.32</td></tr><tr><td>Apr.-June....</td><td>46.37</td><td>1,480.79</td><td>3.14</td><td>1,530.30</td></tr><tr><td>July-Sept....</td><td>52.27</td><td>1,225.88</td><td>3.16</td><td>1,281.31</td></tr><tr><td>Oct.-Dec....</td><td>73.63</td><td>674.04</td><td>2.50</td><td>750.17</td></tr><tr><td>1941 - Jan.-Mar....</td><td>49.67</td><td>320.20</td><td>2.59</td><td>372.46</td></tr><tr><td>Apr.-June....</td><td>30.91</td><td>224.76</td><td>1.40</td><td>257.07</td></tr><tr><td>July-Sept....</td><td>57.05</td><td>76.11</td><td>3.27</td><td>136.43</td></tr><tr><td>Oct.-Dec....</td><td>49.20</td><td>-75.91</td><td>2.31</td><td>-24.40</td></tr><tr><td>1942 - Jan.-Mar....</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr.-June....</td><td>30.03</td><td>17.62</td><td>1.43</td><td>49.08</td></tr><tr><td>July-Sept....</td><td>32.36</td><td>-16.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec....</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan.-Mar....</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td></tr><tr><td>Apr.-June....</td><td>-3.01 3/</td><td>-187.03</td><td>1.77</td><td>-188.27</td></tr><tr><td>July-Sept....</td><td>6.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec....</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan.-Mar....</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr><tr><td>Apr.-June....</td><td>-7.11 3/</td><td>-419.55</td><td>.31</td><td>-426.35</td></tr><tr><td>July-Sept....</td><td>-5.67 3/</td><td>-343.20</td><td>.87</td><td>-348.00</td></tr><tr><td>Oct.-Dec....</td><td>-12.70 3/</td><td>-194.36</td><td>.80</td><td>-206.26</td></tr><tr><td>1945 - Jan.-Mar....</td><td>-17.89 3/</td><td>-183.33</td><td>1.10</td><td>-200.12</td></tr><tr><td>Apr.-June....</td><td>-18.48 3/</td><td>-188.08</td><td>.85</td><td>-205.71</td></tr><tr><td>July-Sept....</td><td>-14.70 3/</td><td>-126.32</td><td>.85</td><td>-140.17</td></tr><tr><td>Oct.-Dec....</td><td>-18.90 3/</td><td>10.02</td><td>1.01</td><td>-7.87</td></tr></table>
1/ Includes gold released from earmark or gold placed under earmark.
2/ Comprises domestic coin, secondary gold, etc.
3/ Excess of sales of gold to domestic industry over receipts of newly-mined domestic gold.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocke</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>19,953.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,118.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>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</td><td>20,029.7</td><td>3,552.2</td><td>15.1</td></tr><tr><td>December</td><td>20,064.9</td><td>3,512.8</td><td>14.9</td></tr><tr><td>1946-January p</td><td>20,156.5</td><td>3,509.4</td><td>14.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statements of United States Money. p Preliminary.
March 1946
85
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29 per ounce</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th><th></th></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>44.4</td><td>372.8</td><td>3,346.2</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>1945</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</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</td><td>1,671.6</td><td>358.5</td><td>11.7</td><td>.2</td><td>212.9</td><td>135.4</td><td>840.5</td><td>3,552.2</td></tr><tr><td>December</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946-January p</td><td>1,771.7</td><td>355.8</td><td>12.7</td><td>-</td><td>158.0</td><td>138.1</td><td>849.7</td><td>3,509.4</td></tr></table>
2/ Valued at $1.38+ per ounce.
3/ Valued at $1.38+ per ounce or at $.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="7">Silver acquired by mints and assay offices</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalised silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</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>1945</td><td>29.3 p</td><td>.9</td><td>.6</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.9</td><td>.6</td></tr><tr><td>1941-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>2.5</td><td>-</td><td>-</td><td>....</td><td>....</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>2.7</td><td>.4</td><td>.3</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.4</td><td>.3</td></tr><tr><td>December</td><td>2.0</td><td>.4</td><td>.3</td><td>....</td><td>....</td><td>-</td><td>-</td><td>.4</td><td>.3</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures on U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures.
P Preliminary.
* 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 64.64+ cents per fine ounce until April 9, 1935; at 71.11+ cents per fine ounce from that date until April 23, 1935; 77.57+ cents from April 23, 1935 to December 31, 1937; at 64.64+ cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11+ cents since July 1, 1939.
3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938.
1/ Acquired at various prices averaging approximately 51 cents per ounce.
86
Treasury Bulletin
Seigniorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="6">Source of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mixed silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>....</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1945-January</td><td>365.8</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>697.3</td></tr><tr><td>February</td><td>367.7</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>692.5</td></tr><tr><td>March</td><td>369.1</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>670.9</td></tr><tr><td>April</td><td>380.1</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>646.2</td></tr><tr><td>May</td><td>394.0</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>589.2</td></tr><tr><td>June</td><td>400.0</td><td>48.7</td><td>87.6</td><td>65.5</td><td>584.3</td><td>34.7</td><td>820.3</td><td>575.0</td></tr><tr><td>July</td><td>403.2</td><td>48.7</td><td>87.6</td><td>65.5</td><td>619.0</td><td>34.7</td><td>855.5</td><td>510.7</td></tr><tr><td>August</td><td>409.9</td><td>48.7</td><td>87.6</td><td>65.5</td><td>627.2</td><td>34.7</td><td>863.7</td><td>491.6</td></tr><tr><td>September</td><td>414.7</td><td>48.7</td><td>87.6</td><td>65.5</td><td>647.9</td><td>34.7</td><td>884.4</td><td>463.2</td></tr><tr><td>October</td><td>419.6</td><td>48.7</td><td>87.6</td><td>65.5</td><td>664.4</td><td>34.7</td><td>900.9</td><td>404.8</td></tr><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><tr><td>December</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946-January</td><td>432.4</td><td>48.7</td><td>87.6</td><td>65.7</td><td>744.6</td><td>34.7</td><td>981.3</td><td>279.2</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 obligation thereon changes.
March 1946
87
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>25,511</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>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>24,729</td><td>53</td><td>1,589</td><td>1</td><td>320</td><td>22,100</td><td>544</td><td>122</td></tr><tr><td>April</td><td>26,189</td><td>25,009</td><td>52</td><td>1,593</td><td>1</td><td>321</td><td>22,334</td><td>537</td><td>121</td></tr><tr><td>May</td><td>26,528</td><td>25,331</td><td>52</td><td>1,652</td><td>1</td><td>322</td><td>22,651</td><td>533</td><td>121</td></tr><tr><td>June</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>July</td><td>27,108</td><td>25,885</td><td>52</td><td>1,731</td><td>1</td><td>322</td><td>23,139</td><td>521</td><td>119</td></tr><tr><td>August</td><td>27,685</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>23,818</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</td><td>28,211</td><td>26,948</td><td>51</td><td>1,827</td><td>1</td><td>316</td><td>24,136</td><td>499</td><td>118</td></tr><tr><td>December</td><td>28,515</td><td>27,240</td><td>51</td><td>1,872</td><td>1</td><td>316</td><td>24,388</td><td>494</td><td>117</td></tr><tr><td>1946-January p</td><td>27,923</td><td>26,662</td><td>51</td><td>1,827</td><td>1</td><td>307</td><td>23,873</td><td>487</td><td>117</td></tr></table>
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Coin</th><th rowspan="2">Money in circulation per capita (in dollars)</th></tr><tr><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th></tr><tr><td>1936</td><td>486</td><td>35</td><td>316</td><td>135</td><td>$48.60</td></tr><tr><td>1937</td><td>523</td><td>38</td><td>341</td><td>144</td><td>49.88</td></tr><tr><td>1938</td><td>527</td><td>39</td><td>342</td><td>146</td><td>49.62</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>361</td><td>155</td><td>53.72</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>59.47</td></tr><tr><td>1941</td><td>680</td><td>53</td><td>433</td><td>194</td><td>72.16</td></tr><tr><td>1942</td><td>783</td><td>66</td><td>504</td><td>213</td><td>91.88</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>127.04</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>1945-January</td><td>1,150</td><td>117</td><td>751</td><td>282</td><td>181.95</td></tr><tr><td>February</td><td>1,158</td><td>118</td><td>757</td><td>283</td><td>185.15</td></tr><tr><td>March</td><td>1,170</td><td>120</td><td>765</td><td>285</td><td>186.11</td></tr><tr><td>April</td><td>1,180</td><td>122</td><td>772</td><td>287</td><td>188.08</td></tr><tr><td>May</td><td>1,196</td><td>123</td><td>784</td><td>290</td><td>190.41</td></tr><tr><td>June</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.86</td></tr><tr><td>July</td><td>1,223</td><td>127</td><td>800</td><td>296</td><td>194.02</td></tr><tr><td>August</td><td>1,236</td><td>129</td><td>808</td><td>299</td><td>197.99</td></tr><tr><td>September</td><td>1,243</td><td>130</td><td>812</td><td>301</td><td>198.82</td></tr><tr><td>October</td><td>1,252</td><td>132</td><td>818</td><td>303</td><td>200.24</td></tr><tr><td>November</td><td>1,263</td><td>133</td><td>825</td><td>305</td><td>201.24</td></tr><tr><td>December</td><td>1,274</td><td>136</td><td>832</td><td>307</td><td>203.29</td></tr><tr><td>1946-January p</td><td>1,262</td><td>136</td><td>820</td><td>306</td><td>198.96</td></tr></table>
Source: Circulation Statements of United States Money and Annual Report of the Secretary of the Treasury for 1944, pages 774-777. p 1/ Preliminary. Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of
the United States. Includes paper currency held outside the continental limits of the United States.
2/ Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury.
3/ Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
88
Treasury Bulletin
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES
March 1946
89
Capital Movements Between the United States and Foreign Countries
Section I - Summary
Table 1.- Summary of Net Capital Movement 1935 - 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,412,486</td><td>964,629</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,195,922</td><td>397,342</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>801,915</td><td>255,594</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>415,256</td><td>331,268</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,383</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>706,330</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-Sept. 30, 1945)</td><td>994,178</td><td>1,041,768</td><td>8,310</td><td>-93,411</td><td>37,511</td></tr><tr><td>Total (Jan. 2, 1935-Sept. 30, 1945)</td><td>8,469,917</td><td>6,460,015</td><td>134,594</td><td>818,421</td><td>1,056,887</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>-1,822</td></tr><tr><td>March (Feb. 26-Apr. 1)</td><td>13,345 1/</td><td>19,020 1/</td><td>2,297</td><td>-1,329</td><td>-6,643</td></tr><tr><td>April (Apr. 2-Apr. 29)</td><td>227,185</td><td>232,238</td><td>-370</td><td>1,687</td><td>-6,370</td></tr><tr><td>May (Apr. 30-June 3)</td><td>103,821</td><td>100,712</td><td>640</td><td>2,458</td><td>11</td></tr><tr><td>June (June 4-June 30)</td><td>81,881 2/</td><td>81,602 2/</td><td>1,692</td><td>2,961</td><td>-4,374 2/</td></tr><tr><td>July</td><td>47,282</td><td>58,078</td><td>-2,593</td><td>1,303</td><td>-9,506</td></tr><tr><td>August</td><td>57,345</td><td>48,413</td><td>251</td><td>9,427</td><td>-746</td></tr><tr><td>September</td><td>55,018</td><td>46,121</td><td>3,574</td><td>3,401</td><td>1,922</td></tr><tr><td>October</td><td>39,788</td><td>23,382</td><td>-3,331</td><td>8,146</td><td>11,591</td></tr><tr><td>November</td><td>66,905</td><td>57,538</td><td>-90</td><td>6,725</td><td>2,732</td></tr><tr><td>December</td><td>73,376</td><td>57,339</td><td>327</td><td>12,338</td><td>3,372</td></tr><tr><td>1943-January</td><td>72,750</td><td>151,809</td><td>2,658</td><td>5,205</td><td>-86,922</td></tr><tr><td>February</td><td>107,175</td><td>119,683</td><td>-600</td><td>-2,503</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>58,632</td></tr><tr><td>April</td><td>65,206</td><td>58,289</td><td>922</td><td>6,937</td><td>-942</td></tr><tr><td>May</td><td>70,330</td><td>74,311</td><td>-1,027</td><td>-389</td><td>-2,565</td></tr><tr><td>June</td><td>223,795</td><td>224,845</td><td>3,662</td><td>-4,537</td><td>-175</td></tr><tr><td>July</td><td>49,592</td><td>58,720</td><td>420</td><td>4,392</td><td>-13,940</td></tr><tr><td>August</td><td>170,342</td><td>59,027</td><td>1,698</td><td>-5,283</td><td>114,900</td></tr><tr><td>September</td><td>45,011 3/</td><td>1,903 3/</td><td>565</td><td>21,044</td><td>21,499</td></tr><tr><td>October</td><td>133,267</td><td>135,679</td><td>-747</td><td>-687</td><td>-978</td></tr><tr><td>November</td><td>168,979</td><td>163,436</td><td>1,304</td><td>2,715</td><td>1,524</td></tr><tr><td>December</td><td>44,994</td><td>55,551</td><td>2,383</td><td>-9,008</td><td>-3,932</td></tr><tr><td>1944-January</td><td>154,350</td><td>155,209</td><td>-713</td><td>-6,005</td><td>5,859</td></tr><tr><td>February</td><td>145,622</td><td>147,637</td><td>1,831</td><td>3,686</td><td>-7,532</td></tr><tr><td>March</td><td>44,341 5/</td><td>76,736 5/</td><td>684</td><td>-12,985</td><td>-20,094</td></tr><tr><td>April</td><td>1,405</td><td>1,038</td><td>-1,289</td><td>411</td><td>1,245</td></tr><tr><td>May</td><td>-5,438</td><td>1,151</td><td>1,616</td><td>-6,082</td><td>-2,123</td></tr><tr><td>June</td><td>764</td><td>-47,329</td><td>-747</td><td>22,268</td><td>26,572</td></tr><tr><td>July</td><td>-36,215</td><td>-116,872</td><td>119</td><td>4,525</td><td>76,013</td></tr><tr><td>August</td><td>17,480</td><td>10,534</td><td>650</td><td>2,445</td><td>3,651</td></tr><tr><td>September</td><td>-9,953</td><td>-57,289</td><td>2,313</td><td>28,454</td><td>16,569</td></tr><tr><td>October</td><td>29,275</td><td>26,852</td><td>4,911</td><td>-2,061</td><td>-427</td></tr><tr><td>November</td><td>70,296</td><td>76,248</td><td>-2,141</td><td>-3,339</td><td>-472</td></tr><tr><td>December</td><td>-54,773 6/</td><td>-229,521 6/</td><td>1,295</td><td>179,418</td><td>-5,965</td></tr><tr><td>1945-January</td><td>157,405 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>31,985</td></tr><tr><td>May</td><td>60,364</td><td>47,306</td><td>3,209</td><td>-17,189</td><td>27,338</td></tr><tr><td>June</td><td>214,213</td><td>171,687</td><td>-1,831</td><td>63,424</td><td>-19,067</td></tr><tr><td>July</td><td>224,913</td><td>231,025</td><td>-4,689</td><td>-5,244</td><td>3,821</td></tr><tr><td>August</td><td>56,350 r</td><td>81,132 r</td><td>2,064</td><td>-11,570</td><td>-15,276</td></tr><tr><td>September</td><td>116,732</td><td>125,994</td><td>5,469</td><td>-13,202</td><td>-1,529</td></tr></table>
Footnotes appear on pages 93 and 94.
90
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 - September 1945
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1942</th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-(Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+163,713</td><td>-28,521</td><td>-30,796</td><td>+37,519</td><td>-24,200</td><td>+61,117</td><td>+24,356 2c</td><td>+24,416</td><td>+26,976</td><td>+26,566</td><td>+18,306</td><td>-3,785</td><td>+31,759</td></tr><tr><td>France</td><td>-14,018</td><td>-1,473</td><td>-4,082</td><td>-2,689</td><td>-296</td><td>-1,735</td><td>+1,606</td><td>+1,924</td><td>-5,012</td><td>-614</td><td>-1,254</td><td>-3,548</td><td>+3,155</td></tr><tr><td>Belgium</td><td>+1,489</td><td>+277</td><td>+737</td><td>+311</td><td>-503</td><td>-876</td><td>-426</td><td>-1,535</td><td>-6,661</td><td>+7,482</td><td>-272</td><td>+4,520</td><td>-1,565</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>-268</td><td>-114</td><td>+7,905</td><td>-7,555</td><td>-143</td><td>+141</td><td>+489</td></tr><tr><td>Italy</td><td>-2,473</td><td>+534</td><td>+138</td><td>-4,390</td><td>-18</td><td>+570</td><td>+180</td><td>+487</td><td>+608</td><td>+116</td><td>+170</td><td>-943</td><td>+75</td></tr><tr><td>Netherlands</td><td>+9,512</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>-5,939</td><td>-3,172</td><td>-813</td></tr><tr><td>Other Europe</td><td>+16,829</td><td>+10,356</td><td>-17,732</td><td>-1,195</td><td>-2,212</td><td>+7,274</td><td>+1,888</td><td>+4,562</td><td>+3,125</td><td>+12,059</td><td>+2,706</td><td>+8,730</td><td>-12,732</td></tr><tr><td>Total Europe</td><td>-18,205</td><td>-58,424</td><td>-114,143</td><td>+46,179</td><td>-19,215</td><td>+53,526</td><td>+31,060 2c</td><td>+22,036</td><td>+27,685</td><td>+44,099</td><td>+13,871</td><td>+3,193</td><td>+24,286</td></tr><tr><td>Canada</td><td>+84,591</td><td>-3,609</td><td>-7,203</td><td>+49,285</td><td>+302</td><td>-31,519</td><td>+14,550 2c</td><td>-511</td><td>+7,536</td><td>+15,205</td><td>+16,647</td><td>+22,587</td><td>+1,321</td></tr><tr><td>Latin America</td><td>+268,291</td><td>-2,473</td><td>+21,981</td><td>+17,954</td><td>+22,244</td><td>+69,260</td><td>+32,508 2d</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>-2,6871/2</td><td>+212,975</td><td>+5,852</td><td>+4,472</td><td>-4,824</td><td>+3,390</td><td>+3,273</td><td>+11,318</td><td>-8,936</td><td>-884</td></tr><tr><td>Total Asia</td><td>+219,984</td><td>-10,219</td><td>+7,862</td><td>-3,9821/2</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>+13,3451/2</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)
March 1946
91
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, January 1942 - September 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>+91,932</td><td>-97,503</td><td>+22,178</td><td>+29,403</td><td>+54,012</td><td>+1,966</td><td>+93,548</td><td>+71,480</td><td>+77,201</td><td>+37,902</td><td>+79,211</td><td>+11,070</td><td>+39,464</td></tr><tr><td>France</td><td>+10,990</td><td>+1,733</td><td>+813</td><td>-3,003</td><td>+2,288</td><td>+4,328</td><td>+4,850</td><td>+4,493</td><td>+1,283</td><td>-2,945</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>+715</td><td>+212</td><td>-233</td></tr><tr><td>Luxembourg</td><td>+268</td><td>+278</td><td>-104</td><td>-9</td><td>+45</td><td>+96</td><td>-79</td><td>+4</td><td>+30</td><td>+249</td><td>-93</td><td>+56</td><td>-115</td></tr><tr><td>Netherlands</td><td>+13,690</td><td>-916</td><td>+1,031</td><td>+5,793</td><td>+680</td><td>+1,078</td><td>-330</td><td>+2,222</td><td>-2,020</td><td>+4,449</td><td>+3,029</td><td>-2,371</td><td>+1,045</td></tr><tr><td>Norway</td><td>+29,402</td><td>+8,321</td><td>-10</td><td>+5,846</td><td>+410</td><td>+2,187</td><td>-80</td><td>+1,734</td><td>+1,107</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>Rumania</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>-4,911</td><td>-179</td><td>+131</td><td>-45</td><td>-36</td></tr><tr><td>Other Europe</td><td>+25,720</td><td>+438</td><td>+3,659</td><td>+3,658</td><td>+6,852</td><td>+3,804</td><td>+7,400</td><td>+681</td><td>+1,463</td><td>+1,206</td><td>+2,486</td><td>-428</td><td>-3,087</td></tr><tr><td>Total Europe</td><td>+584,737</td><td>-86,975</td><td>+35,259</td><td>+52,524</td><td>+58,937</td><td>+19,221</td><td>+112,612</td><td>+79,947</td><td>+97,553</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>+15,669</td><td>+4,108</td><td>-25,692</td><td>+42,813</td><td>-61,487</td><td>+76,692</td><td>+16,793</td><td>+35,906</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>-3,245</td><td>-1,296</td><td>+1,513</td><td>-2,503</td><td>+2,398</td><td>-374</td><td>+1,498</td><td>+2,932</td><td>-1,125</td><td>+5,275</td><td>-9,488</td><td>+2,706</td></tr><tr><td>Bolivia</td><td>+3,201</td><td>+1,050</td><td>+2,694</td><td>+239</td><td>-1,126</td><td>-451</td><td>+663</td><td>-25</td><td>-165</td><td>-24</td><td>-287</td><td>-1,412</td><td>+2,445</td></tr><tr><td>Brazil</td><td>+30,152</td><td>-448</td><td>+11,291</td><td>+6,293</td><td>-7,796</td><td>+16,355</td><td>+7,678</td><td>+9,037</td><td>-1,708</td><td>-4,035</td><td>-12,191</td><td>+831</td><td>+4,845</td></tr><tr><td>Chile</td><td>+19,514</td><td>+8,253</td><td>-5,306</td><td>-2,468</td><td>+3,095</td><td>+2,922</td><td>+8,572</td><td>+236</td><td>+5,743</td><td>-1,805</td><td>+1,335</td><td>+3,590</td><td>-4,653</td></tr><tr><td>Colombia</td><td>+34,599</td><td>+3,639</td><td>+2,013</td><td>+6,510</td><td>-6,161</td><td>+3,060</td><td>+6,199</td><td>+1,85</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>+1,111</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>-10,609</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>+6,789</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>-351</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>-251</td><td>-823</td><td>+750</td><td>-7,557</td><td>-32</td><td>-10,656</td><td>+487</td><td>+133</td><td>+763</td><td>-450</td><td>+32</td><td>-217</td></tr><tr><td>India, Burma, and Ceylon</td><td>+4,773</td><td>+3,130</td><td>+2,655</td><td>-2,874</td><td>-3,619</td><td>+4,466</td><td>+4,133</td><td>-7,202</td><td>-115</td><td>-728</td><td>-1,910</td><td>+1,633</td><td>+5,204</td></tr><tr><td>British Malaya</td><td>+73</td><td>-87</td><td>+60</td><td>+35</td><td>-43</td><td>+7</td><td>+231</td><td>-23</td><td>+20</td><td>-12</td><td>+60</td><td>-162</td><td>-13</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-774</td><td>+40</td><td>-97</td><td>-529</td><td>-44</td><td>+4</td><td>-13</td><td>+30</td><td>-16</td><td>+36</td><td>-30</td><td>-28</td><td>-127</td></tr><tr><td>Netherlands East Indies</td><td>-14,921</td><td>-2,022</td><td>-5,034</td><td>+1,979</td><td>+5,158</td><td>-14,781</td><td>+1,467</td><td>-5,844</td><td>+1,580</td><td>-4,544</td><td>+1,115</td><td>+7,650</td><td>-1,645</td></tr><tr><td>Philippine Islands</td><td>+1,469</td><td>-293</td><td>+332</td><td>+508</td><td>-255</td><td>+103</td><td>+815</td><td>-239</td><td>-229</td><td>+291</td><td>+1,346</td><td>-147</td><td>-753</td></tr><tr><td>Turkey</td><td>+4,289</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>+6,850</td><td>+2,982</td><td>-623</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>+831</td><td>-212</td><td>+2,097</td><td>-1,369</td><td>+940</td><td>-967</td><td>-748</td><td>+2,719</td><td>-927</td><td>-264</td><td>-1,151</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-730</td><td>+178</td><td>+137</td><td>-21</td><td>-45</td><td>-684</td><td>-497</td><td>-82</td><td>-274</td><td>-473</td><td>+245</td><td>-185</td><td>-23</td></tr><tr><td>French Morocco</td><td>+4,366</td><td>+2,616</td><td>+174</td><td>+1,275</td><td>+9,426</td><td>+3,018</td><td>-5,571</td><td>-4,226</td><td>+2,892</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>+385</td><td>-834</td><td>+18,091</td><td>-16,776</td><td>+10,574</td><td>+23,061</td><td>+8,928</td><td>+950</td><td>-5,876</td><td>-2,046</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)
92
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 - September 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>+539</td><td>-560</td><td>-317</td><td>+177</td><td>+492</td><td>-436</td><td>-265</td><td>+1,735</td></tr><tr><td>Finland</td><td>+7,162</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>+1,515 6b/</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>Romania</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>+797</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>+1,566</td><td>+9,893</td></tr><tr><td>U.S.S.R.</td><td>+3,822</td><td>+3,328</td><td>+1,703</td><td>-569</td><td>-3,431</td><td>+1,207</td><td>+1,848</td><td>-8,177</td><td>-677</td><td>+290</td><td>+399</td><td>+4,666</td><td>+3,235</td></tr><tr><td>Yugoslavia</td><td>-4,199</td><td>-2,549</td><td>+78</td><td>-342</td><td>-18</td><td>-4</td><td>-128</td><td>+66</td><td>-172</td><td>+25</td><td>+25</td><td>-1,148</td><td>-32</td></tr><tr><td>Other Europe</td><td>-2,339</td><td>+1,172</td><td>-290</td><td>-2,177</td><td>+3,704</td><td>-91</td><td>-1,050</td><td>+68</td><td>-869</td><td>-976</td><td>-46</td><td>+561</td><td>-2,345</td></tr><tr><td>Total Europe</td><td>-111,031</td><td>+88,077</td><td>+21,483</td><td>-47,548</td><td>+7,730</td><td>+57,055</td><td>-30,758</td><td>+65,549</td><td>-22,215</td><td>-87,440</td><td>-56,856</td><td>+37,435</td><td>-12,445 6b/</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>+250</td><td>+3,974</td><td>+586</td><td>+566</td><td>+1,582</td><td>-1,249</td></tr><tr><td>Brazil</td><td>+41,486</td><td>+9,235</td><td>+21,304</td><td>+12,330</td><td>-6,608</td><td>-1,230</td><td>-6,382</td><td>+9,937</td><td>+2,042</td><td>+2,453</td><td>-7,120</td><td>+7,482</td><td>-1,957</td></tr><tr><td>Chile</td><td>+10,004</td><td>-2,317</td><td>+306</td><td>+1,880</td><td>+235</td><td>+3,958</td><td>+14,971</td><td>-741</td><td>+1,074</td><td>-17,602</td><td>+79</td><td>+11,219</td><td>-2,588</td></tr><tr><td>Colombia</td><td>+16,567</td><td>-10,162</td><td>+3,548</td><td>+1,669</td><td>+3,878</td><td>+10,217</td><td>+3,871</td><td>+3,092</td><td>-564</td><td>+3,922</td><td>+2,907</td><td>-4,033</td><td>-1,778</td></tr><tr><td>Costa Rica</td><td>-5,519</td><td>+62</td><td>+525</td><td>+201</td><td>-2</td><td>-4,207</td><td>-570</td><td>-447</td><td>-105</td><td>-381</td><td>-147</td><td>-637</td><td>+189</td></tr><tr><td>Cuba</td><td>+42,298</td><td>-824</td><td>+3,030</td><td>+1,349</td><td>+7,934</td><td>-2,217</td><td>+39,006</td><td>+7,154</td><td>+250</td><td>-4,091</td><td>-5,852</td><td>+874</td><td>-4,315</td></tr><tr><td>French West Indies and Guiana</td><td>+1,771</td><td>-494</td><td>-52</td><td>+420</td><td>+153</td><td>+101</td><td>+375</td><td>+579</td><td>-219</td><td>+104</td><td>+226</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>+5,042</td><td>-8,422</td><td>-1,680</td><td>+974</td><td>+975</td><td>+7,556</td><td>+8,261</td><td>-11,481</td><td>+2,670</td></tr><tr><td>Other Latin America</td><td>+25,749</td><td>+10,902</td><td>-1,844</td><td>-972</td><td>+9,250</td><td>+969</td><td>+7,045</td><td>+801</td><td>-4,834</td><td>+2,474</td><td>-2,534</td><td>+5,313</td><td>-721</td></tr><tr><td>Total Latin America</td><td>+242,767</td><td>+15,004</td><td>-623</td><td>+32,711</td><td>+39,191</td><td>+14,844</td><td>+57,700</td><td>+36,084</td><td>+6,753</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>+434</td><td>-237</td><td>-79</td><td>+113</td><td>+38</td><td>+208</td><td>+8</td><td>-2</td><td>+68</td><td>+56</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-298</td><td>-355</td><td>+292</td><td>+47</td><td>+43</td><td>-16</td><td>-124</td><td>+107</td><td>-121</td><td>-44</td><td>-18</td><td>-57</td><td>-52</td></tr><tr><td>Netherlands East Indies</td><td>+6,564</td><td>-728</td><td>+726</td><td>+3,009</td><td>-480</td><td>-1,149</td><td>+363</td><td>+4,077</td><td>-150</td><td>-281</td><td>+2,563</td><td>+1,742</td><td>-3,128</td></tr><tr><td>Philippine Islands</td><td>+2,664</td><td>+615</td><td>-55</td><td>+637</td><td>-498</td><td>-393</td><td>-220</td><td>+765</td><td>-46</td><td>+348</td><td>+5,292</td><td>-5,128</td><td>+1,347</td></tr><tr><td>Turkey</td><td>-10,267</td><td>+2,107</td><td>+18,065</td><td>-11,658</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>-1,605</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>+4,555</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>-961</td><td>+194</td><td>+2,945</td><td>-2,315</td><td>-476</td><td>-170</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+1,342</td><td>-82</td><td>-991</td><td>+354</td><td>+562</td><td>+320</td><td>-1,006</td><td>+528</td><td>+184</td><td>+693</td><td>+63</td><td>+629</td><td>+88</td></tr><tr><td>French Morocco</td><td>-5,970</td><td>+833</td><td>+161</td><td>-2,608</td><td>-894</td><td>-3,006</td><td>+280</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>-3,810</td><td>+2,031</td><td>+1,945</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>+8,721</td><td>-2,224</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>Undeclared</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 6b/</td></tr></table>
(Continued on following page)
March 1946
93
Capital Movements Between the United States and Foreign Countries - (Continued) Section I - Summary - (Continued)
Table 2.- Net' Capital Movement, by Countries, January 1942 - September 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><th>August</th><th>September</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></tr><tr><td>United Kingdom</td><td>-81,430</td><td>+15,050</td><td>-4,718</td><td>-22,879</td><td>+3,278</td><td>+16,948</td><td>+8,728</td><td>-56,184</td><td>-72,093</td></tr><tr><td>France</td><td>-19,035</td><td>7a/-8,362</td><td>-51,793</td><td>-28,925</td><td>-24,513</td><td>+68,634</td><td>+20,696</td><td>-42,548</td><td>-35,906</td></tr><tr><td>Belgium</td><td>-2,372</td><td>+1,774</td><td>+9,326</td><td>+5,012</td><td>+7,759</td><td>-3,157</td><td>+8,570</td><td>-979</td><td>+69,123</td></tr><tr><td>Denmark</td><td>-451</td><td>-128</td><td>+610</td><td>-672</td><td>-316</td><td>+693</td><td>+49</td><td>+521</td><td>+2,334</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><td>+111</td><td>+1,168</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><td>+116</td><td>+173</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>+3,870</td><td>+2,807</td><td>+2,930</td></tr><tr><td>Italy</td><td>+3,711</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><td>+4,331</td><td>+4,600</td></tr><tr><td>Luxembourg</td><td>-20</td><td>+22</td><td>+26</td><td>-114</td><td>-163</td><td>+270</td><td>+3,554</td><td>+72</td><td>+114</td></tr><tr><td>Netherlands</td><td>-2,961</td><td>+3,019</td><td>-569</td><td>+591</td><td>+527</td><td>+6,169</td><td>+3,038</td><td>+2,003</td><td>+31</td></tr><tr><td>Norway</td><td>-423</td><td>+1,531</td><td>+7,798</td><td>+5,376</td><td>-5,924</td><td>+6,933</td><td>-4,411</td><td>-7,022</td><td>-2,786</td></tr><tr><td>Portugal</td><td>-12,275</td><td>-608</td><td>-5,788</td><td>+3,923</td><td>-2,762</td><td>+4,194</td><td>+5,999</td><td>-7,371</td><td>+6,439</td></tr><tr><td>Romania</td><td>-51</td><td>-312</td><td>+199</td><td>+33</td><td>-45</td><td>-34</td><td>+11</td><td>+417</td><td>-455</td></tr><tr><td>Soaio</td><td>-4,456</td><td>+2,623</td><td>-13,924</td><td>+1,430</td><td>+5,487</td><td>+4,857</td><td>+5,114</td><td>+3,038</td><td>+7,280</td></tr><tr><td>Sweden</td><td>-3,623</td><td>+3,900</td><td>+3,978</td><td>+69</td><td>+3,200</td><td>+5,290</td><td>+17,891</td><td>+9,666</td><td>+5,881</td></tr><tr><td>Switzerland</td><td>-4,651</td><td>+6,748</td><td>+6,648</td><td>-2,290</td><td>+6,381</td><td>+2,504</td><td>+10,251</td><td>+5,665</td><td>+2,775</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><td>+3,396</td><td>-374</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><td>-56</td><td>+106</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><td>+1,694</td><td>-2,219</td></tr><tr><td>Total Europe</td><td>-132,817</td><td>7a/-54,948</td><td>-50,987</td><td>-27,081</td><td>+573</td><td>+131,071</td><td>+83,110</td><td>-80,370</td><td>-25,439</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>+84,727</td><td>+83,399</td><td>+28,036</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></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><td>-3,747</td><td>+1,747</td></tr><tr><td>Bolivia</td><td>+2,259</td><td>-1455</td><td>-1,928</td><td>+1,355</td><td>-751</td><td>+1,601</td><td>-1,639</td><td>+866</td><td>-95</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><td>+1,573</td><td>+21,356</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>+3,534</td><td>+2,089</td><td>-2,623</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><td>+7,062</td><td>+3,460</td></tr><tr><td>Costa Rica</td><td>-277</td><td>+8</td><td>+573</td><td>+577</td><td>+91</td><td>-820</td><td>+496</td><td>-958</td><td>-1,159</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><td>-517</td><td>-6,205</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><td>-1,276</td><td>+364</td></tr><tr><td>Mexico</td><td>+15,412</td><td>+15,783</td><td>+13,982</td><td>+10,850</td><td>+19,503</td><td>+5,577</td><td>+12,035</td><td>-17,438</td><td>+5,223</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><td>+38</td><td>+1,204</td></tr><tr><td>Panama</td><td>+2,153</td><td>7b/+2,191</td><td>+4,110</td><td>-1,578</td><td>+559</td><td>+2,337</td><td>+1,766</td><td>-2,745</td><td>+918</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><td>+2,723</td><td>+812</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>+8,955</td><td>-7,041</td><td>+1,500</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><td>-158</td><td>+4,858</td></tr><tr><td>Total Latin America</td><td>+55,426</td><td>7b/+12,221</td><td>-28,215</td><td>+28,857</td><td>+61,305</td><td>+29,498</td><td>+57,822</td><td>-19,529</td><td>+21,044</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></tr><tr><td>China</td><td>+145,578</td><td>-15,604</td><td>-2,805</td><td>-6,899</td><td>-4,758</td><td>-6,407</td><td>-6,740</td><td>+76,809</td><td>+9,619</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><td>+37</td><td>+53</td></tr><tr><td>Hong Kong</td><td>+359</td><td>+164</td><td>-904</td><td>-262</td><td>+244</td><td>+219</td><td>-71</td><td>-246</td><td>-149</td></tr><tr><td>India, Burma, and Ceylon</td><td>+8,684</td><td>+654</td><td>+284</td><td>+1,696</td><td>+4,416</td><td>+333</td><td>+3,123</td><td>+631</td><td>+10,539</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><td>+2</td><td>+4</td></tr><tr><td>Jeosan (including Korea and Kanchuria)</td><td>+58</td><td>-167</td><td>+159</td><td>-17</td><td>-13</td><td>+69</td><td>+272</td><td>-391</td><td>+261</td></tr><tr><td>Netherlands 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>+1,414</td><td>-3,759</td><td>-9,621</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>+2,441</td><td>-14,360</td><td>+54,137</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>+301</td><td>+861</td><td>+443</td><td>-928</td></tr><tr><td>Other Asia</td><td>+10,050</td><td>+1,851</td><td>+3,354</td><td>-475</td><td>-2,840</td><td>-11,571</td><td>+497</td><td>+4,060</td><td>+13,315</td></tr><tr><td>Total Asia</td><td>+178,236</td><td>+943</td><td>+5,163</td><td>-2,362</td><td>-9,030</td><td>-18,155</td><td>+43</td><td>+63,226</td><td>+77,528</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></tr><tr><td>Australia</td><td>-19,875</td><td>+743</td><td>-219</td><td>-9</td><td>-2,773</td><td>-1,232</td><td>-4,099</td><td>+1,126</td><td>+1,154</td></tr><tr><td>New Zealand</td><td>+2,101</td><td>-749</td><td>-820</td><td>-497</td><td>-41</td><td>-291</td><td>+64</td><td>+1,177</td><td>-1,432</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><td>+2,685</td><td>+89</td></tr><tr><td>French Morocco</td><td>-196</td><td>-101</td><td>-165</td><td>-243</td><td>-132</td><td>-511</td><td>+344</td><td>+754</td><td>+966</td></tr><tr><td>Union of South Africa</td><td>+1,938</td><td>+160</td><td>-106</td><td>+444</td><td>-554</td><td>+487</td><td>-950</td><td>+1,204</td><td>+3,116</td></tr><tr><td>All other</td><td>+14,838</td><td>7a/+1,970</td><td>+4,459</td><td>-1,027</td><td>+1,378</td><td>+492</td><td>+4,115</td><td>+6,154</td><td>+10,327</td></tr><tr><td>Total other countries</td><td>+910</td><td>7a/+2,354</td><td>+3,208</td><td>-991</td><td>-2,086</td><td>+387</td><td>-654</td><td>+13,320</td><td>+14,224</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><td>-596</td><td>+739</td></tr><tr><td>Grand total</td><td>+157,405</td><td>7b/+122,225</td><td>-16,293</td><td>+53,274</td><td>+60,364</td><td>+14,213</td><td>+224,913</td><td>+56,350</td><td>+116,732</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)
94
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 re-reported under "All other"; (b) $5,471 thousand of banking funds previously reported under "Other Asia" now reported under "All other"; (c) $15,336 thousand of banking funds previously reported under
"5/ Adjusted to include $510 thousand of short-term banking funds which were omitted due to the elimination of several branch bank reports.
6/ Adjusted for (a) the inclusion under "Italy" of an account of $2,023 thousand which was previously classified as domestic, and (b) the transfer of $8,887 thousand from the "All other" classification to "France".
1/ Adjusted to cover the following changes: (a) $35,457 thousand transferred from the "All other" classification to "France";
(b) $6,918 thousand previously classified as domestic was reclassified for account of Panama.
March 1946
95
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - September 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>+172,827</td><td>-27,915</td><td>-30,855</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>Netherlande</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>-19,814</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>-5,007</td><td>-2,279</td></tr><tr><td>Other Europe</td><td>+2,484</td><td>+10,481</td><td>-18,957</td><td>-1,938</td><td>-2,806</td><td>+6,619</td><td>+1,719</td><td>+4,304</td><td>+2,406</td><td>+8,362</td><td>+525</td><td>+6,795</td><td>-15,026</td></tr><tr><td>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>-2,162</td><td>+16,108</td></tr><tr><td>Canada</td><td>+122,270</td><td>-5,091</td><td>-70</td><td>+57,962</td><td>+8,667</td><td>-24,903</td><td>+19,798 2/</td><td>+16,668</td><td>+3,698</td><td>+14,432</td><td>+7,812</td><td>+25,215</td><td>-1,918</td></tr><tr><td>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 (including Korea and Manchurie)</td><td>-36</td><td>+189</td><td>+1,150</td><td>-1,340</td><td>+2</td><td>+1</td><td>+16</td><td>+217</td><td>-33</td><td>-79</td><td>-89</td><td>+181</td><td>-252</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>+22,848</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>+232,238</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)
96
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - September 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><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>+438,904</td><td>-97,596</td><td>+23,100</td><td>+31,745</td><td>+53,927</td><td>+3,185</td><td>+98,010</td><td>+74,589</td><td>+76,301</td><td>+40,675</td><td>+80,858</td><td>+12,939</td><td>+41,171</td></tr><tr><td>France</td><td>+9,705</td><td>+2,702</td><td>+1,038</td><td>-3,456</td><td>+1,185</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>+752</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>-322</td></tr><tr><td>Denmark</td><td>-1,840</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>+525</td></tr><tr><td>Finland</td><td>-2,248</td><td>+13</td><td>-341</td><td>+250</td><td>-100</td><td>+129</td><td>-853</td><td>+262</td><td>-182</td><td>+65</td><td>-181</td><td>-768</td><td>-542</td></tr><tr><td>Germany</td><td>-875</td><td>+163</td><td>-7</td><td>+70</td><td>-189</td><td>+78</td><td>+15</td><td>-105</td><td>-535</td><td>+61</td><td>-190</td><td>-164</td><td>-72</td></tr><tr><td>Greece</td><td>+4,646</td><td>+102</td><td>+206</td><td>+222</td><td>-129</td><td>-88</td><td>-73</td><td>+69</td><td>-36</td><td>-163</td><td>+488</td><td>+3,110</td><td>+938</td></tr><tr><td>Italy</td><td>-678</td><td>+483</td><td>-189</td><td>-753</td><td>-659</td><td>-714</td><td>-417</td><td>-6</td><td>+644</td><td>+291</td><td>+701</td><td>+158</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>+1,071</td><td>+5,172</td><td>-578</td><td>+85</td><td>-809</td><td>+1,676</td><td>-2,068</td><td>+4,405</td><td>+2,219</td><td>-2,384</td><td>+104</td></tr><tr><td>Norway</td><td>+26,568</td><td>+8,149</td><td>+1</td><td>+3,538</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>-1,982</td><td>+1,213</td><td>+1,750</td><td>-8,034</td><td>+1,333</td><td>+628</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>Rumania</td><td>-122</td><td>+56</td><td>-3</td><td>-13</td><td>-6</td><td>+19</td><td>-1</td><td>-12</td><td>-6</td><td>+15</td><td>+65</td><td>-217</td><td>-19</td></tr><tr><td>Spain</td><td>+14,351</td><td>-816</td><td>+2,879</td><td>-3,056</td><td>-1,865</td><td>+400</td><td>+2,496</td><td>+3,094</td><td>+4,413</td><td>-3,750</td><td>+5,073</td><td>+1,016</td><td>+4,467</td></tr><tr><td>Sweden</td><td>+17,708</td><td>-637</td><td>+2,655</td><td>+1,448</td><td>+3,851</td><td>+3,836</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. S. R.</td><td>-1,936</td><td>+1,967</td><td>+4,535</td><td>-44</td><td>+264</td><td>+2,849</td><td>-2,161</td><td>-2,088</td><td>+1,846</td><td>+4,541</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>-29</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>+6,653</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>+568,644</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>+31,668</td><td>+53,780</td></tr><tr><td>Canada</td><td>+301,696</td><td>+250,698</td><td>+59,571</td><td>-41,047</td><td>+9,890</td><td>-6,095</td><td>+43,509</td><td>+43,607</td><td>+30,925</td><td>-7,303</td><td>+43,812</td><td>+94,495</td><td>-71,402</td></tr><tr><td><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>-6,313</td><td>-3,057</td><td>-606</td><td>+1,880</td><td>-1,473</td><td>+1,880</td><td>-903</td><td>+1,262</td><td>+2,266</td><td>-2,551</td><td>+4,727</td><td>-10,539</td><td>+1,101</td></tr><tr><td>Bolivia</td><td>+3,090</td><td>+1,029</td><td>+2,773</td><td>+289</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>+10,735</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>+5,986</td><td>+1,686</td><td>+1,252</td><td>+2,886</td><td>+4,886</td></tr><tr><td>Colombia</td><td>+32,137</td><td>+3,435</td><td>+1,832</td><td>+6,180</td><td>-6,130</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>+3,864</td><td>-20,301</td><td>+14,572</td><td>-4,182</td><td>-4,061</td><td>-12,723</td><td>-3,438</td><td>-1,747</td></tr><tr><td>French West Indies and Guiana</td><td>-2,053</td><td>+560</td><td>-41</td><td>-590</td><td>-97</td><td>+57</td><td>-313</td><td>+190</td><td>-2,038</td><td>-14</td><td>+12</td><td>-5</td><td>+226</td></tr><tr><td>Mexico</td><td>-31,709</td><td>-20,888</td><td>-4,507</td><td>-959</td><td>+5,050</td><td>+17,793</td><td>+10,062</td><td>+9,354</td><td>-41,995</td><td>-14,717</td><td>+736</td><td>+2,477</td><td>+5,885</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20,363</td><td>+1,282</td><td>-642</td><td>-1,073</td><td>+465</td><td>+13,001</td><td>+1,243</td><td>-865</td><td>+646</td><td>+206</td><td>+462</td><td>+5,248</td><td>+390</td></tr><tr><td>Panama</td><td>+21,678</td><td>+2,018</td><td>+3,657</td><td>+4,281</td><td>-1,342</td><td>+2,197</td><td>+3,157</td><td>-588</td><td>+3,822</td><td>-209</td><td>+4,803</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>+4,685</td><td>+11,407</td><td>+10,280</td><td>+8,270</td><td>+601</td><td>+5,399</td><td>+6,281</td><td>-11</td><td>-1,589</td><td>+1,637</td><td>+364</td><td>+1,618</td></tr><tr><td>Total Latin America</td><td>+83,451</td><td>-9,038</td><td>+15,595</td><td>+22,377</td><td>+149</td><td>+59,659</td><td>+26,323</td><td>+24,244</td><td>-40,688</td><td>-25,104</td><td>-6,465</td><td>-1,198</td><td>+19,397</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+222,716</td><td>+1,515</td><td>-6,364</td><td>+28,203</td><td>+8,342</td><td>+8,114</td><td>+22,034</td><td>+13,589</td><td>+21,654</td><td>+15,200</td><td>+16,496</td><td>+23,950</td><td>+69,983</td></tr><tr><td>French Indo-China</td><td>-27</td><td>+6</td><td>-361</td><td>-52</td><td>-1</td><td>+120</td><td>+10</td><td>+231</td><td>+108</td><td>-49</td><td>-71</td><td>+12</td><td>+20</td></tr><tr><td>Hong Kong</td><td>-17,723</td><td>-262</td><td>-823</td><td>+746</td><td>-7,563</td><td>-29</td><td>-10,659</td><td>+485</td><td>+116</td><td>+780</td><td>-452</td><td>+25</td><td>-87</td></tr><tr><td>India, Burma, and Ceylon</td><td>+5,324</td><td>+3,129</td><td>+2,763</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>-88</td></tr><tr><td>Netherlands East Indies</td><td>-50,322</td><td>-3,123</td><td>-5,036</td><td>-6,021</td><td>+4,158</td><td>-15,781</td><td>+1,467</td><td>-20,193</td><td>+582</td><td>-12,643</td><td>+768</td><td>+7,143</td><td>-1,643</td></tr><tr><td>Philippine Islands</td><td>+1,625</td><td>-313</td><td>+252</td><td>+579</td><td>-239</td><td>-33</td><td>+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>+14,519</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>-2,852</td><td>+7,025</td><td>+12,016</td><td>-2,555</td><td>+1,945</td><td>+15,088</td><td>-11,350</td><td>+23,253</td><td>+6,160</td><td>+24,641</td><td>+40,006</td><td>+76,569</td></tr><tr><td><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>+2,049</td><td>+1,948</td><td>+1,209</td><td>+982</td><td>+3,531</td><td>-4,929</td><td>+6,687</td><td>+2,823</td><td>+4,323</td><td>+4,634</td><td>-15,477</td><td>+9,827</td><td>-12,909</td></tr><tr><td>New Zealand</td><td>+764</td><td>-264</td><td>+859</td><td>-155</td><td>+2,076</td><td>-1,388</td><td>+870</td><td>-1,079</td><td>-692</td><td>+2,734</td><td>-892</td><td>-144</td><td>-1,161</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-793</td><td>+118</td><td>+135</td><td>-18</td><td>-25</td><td>-716</td><td>+497</td><td>-94</td><td>-279</td><td>-476</td><td>+241</td><td>-211</td><td>-35</td></tr><tr><td>French Morocco</td><td>+4,249</td><td>+2,514</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>-1,809</td><td>+2,885</td><td>-3,289</td></tr><tr><td>Union of South Africa</td><td>-7,209</td><td>-2,358</td><td>-874</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>-3,738</td></tr><tr><td>All other</td><td>+21,383</td><td>+150</td><td>-872</td><td>+18,046</td><td>-17,251</td><td>+10,455</td><td>+23,073</td><td>+8,915</td><td>+611</td><td>-6,007</td><td>-2,016</td><td>-12,536</td><td>-1,191</td></tr><tr><td>Total other countries</td><td>+21,043</td><td>+2,208</td><td>+629</td><td>+19,226</td><td>+69</td><td>+3,001</td><td>+26,375</td><td>+4,671</td><td>+8,099</td><td>-3,689</td><td>-17,534</td><td>+241</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>-240</td><td>+224</td><td>-540</td></tr><tr><td>Grand total</td><td>+1,164,758</td><td>+151,809</td><td>+119,683</td><td>+61,505</td><td>+58,289</td><td>+74,311</td><td>+224,845</td><td>+58,720</td><td>+59,027</td><td>+1,303</td><td>+135,679</td><td>+163,436</td><td>+55,551</td></tr></table>
(Continued on following page)
March 1946
97
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 - September 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-141,117</td><td>+75,685</td><td>-1,001</td><td>+34,212</td><td>+3,688</td><td>+35,562</td><td>-1,948</td><td>-58,943</td><td>-30,397</td><td>-98,200</td><td>-72,412</td><td>+27,674</td><td>+13,387</td></tr><tr><td>France</td><td>+47,723</td><td>-720</td><td>-8,068</td><td>+15,617</td><td>-525</td><td>+1,934</td><td>-10,332</td><td>+1,492</td><td>+1,813</td><td>+10,238</td><td>-1,521</td><td>-400</td><td>-57,251</td></tr><tr><td>Belgium</td><td>+1,430</td><td>+2,141</td><td>-3,505</td><td>+2,083</td><td>+50</td><td>+3,501</td><td>-4,872</td><td>-313</td><td>+1,105</td><td>+1,648</td><td>-547</td><td>+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>+2,221</td><td>+2,738</td><td>+1,263</td></tr><tr><td>Luxembourg</td><td>+134</td><td>+60</td><td>-57</td><td>-43</td><td>+38</td><td>+34</td><td>+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>-14,648</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>Romania</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>+12,967</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>-4,223</td><td>+2,636</td><td>-324</td></tr><tr><td>Sweden</td><td>+11,091</td><td>+1,189</td><td>+64</td><td>-13,496</td><td>+253</td><td>+3,010</td><td>+1,304</td><td>+404</td><td>+11,297</td><td>+2,816</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>+379</td><td>+309</td><td>+1,657</td><td>+3,235</td></tr><tr><td>Yugoslavia</td><td>-4,198</td><td>-2,548</td><td>+79</td><td>-342</td><td>-19</td><td>+1</td><td>-132</td><td>+66</td><td>-172</td><td>+25</td><td>+25</td><td>-1,149</td><td>-32</td></tr><tr><td>Other Europe</td><td>-24,845</td><td>+1,213</td><td>-287</td><td>-2,297</td><td>-898</td><td>-130</td><td>-16,814</td><td>+63</td><td>-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>+39,106</td><td>-23,080</td></tr><tr><td>Canada</td><td>+123,623</td><td>+32,529</td><td>+93,853</td><td>+78,701</td><td>-58,677</td><td>-37,576</td><td>-24,110</td><td>-65,252</td><td>+33,179</td><td>+26,163</td><td>+65,610</td><td>+9,470</td><td>-30,257</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+36,406</td><td>+5,833</td><td>-11,756</td><td>-969</td><td>+3,138</td><td>+714</td><td>+8,232</td><td>+5,991</td><td>-3,645</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>+6,612</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>+666</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>+3,753</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>+3,913</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 Latin America</td><td>+21,519</td><td>+10,782</td><td>-2,854</td><td>+86</td><td>+9,265</td><td>+936</td><td>+6,459</td><td>+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 Latin America</td><td>+197,206</td><td>+12,016</td><td>-4,195</td><td>+33,834</td><td>+38,019</td><td>+10,027</td><td>+55,012</td><td>+26,231</td><td>+3,323</td><td>-1,416</td><td>+4,518</td><td>+24,134</td><td>-4,297</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>-146,709</td><td>+11,031</td><td>+30,050</td><td>+25,260</td><td>-18</td><td>-493</td><td>+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>-1,936</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>Philippines 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>-1,663</td><td>-2,054</td><td>+2,370</td><td>-289</td><td>+377</td><td>+4,491</td><td>-534</td><td>+2,663</td></tr><tr><td>Total Asia</td><td>-166,682</td><td>+11,121</td><td>+44,872</td><td>+6,673</td><td>+12,633</td><td>-21,971</td><td>-2,192</td><td>-11,047</td><td>-3,589</td><td>-7,577</td><td>+13,847</td><td>-253</td><td>-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>-3,895</td><td>-11,412</td><td>+3,677</td><td>+2,093</td><td>+2,972</td><td>+1,449</td><td>+4,645</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>-3,481</td><td>+2,030</td><td>+1,943</td><td>-3,409</td><td>-1,754</td><td>-1,927</td><td>+769</td><td>-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>+23,645</td></tr><tr><td>Total other countries</td><td>+11</td><td>+7,695</td><td>-6,985</td><td>-9,153</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>+2,647</td><td>+3,098</td><td>+41,070</td></tr><tr><td>Unedited</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>+76,736</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</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 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - September 1945 - (Continued)
<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><th>August</th><th>September</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>-77,816</td><td>+43,948</td><td>+127</td><td>-16,524</td><td>+7,064</td><td>+32,373</td><td>+13,177</td><td>-54,769</td><td>-71,064</td></tr><tr><td>France</td><td>-17,795 7a/</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><td>-42,294</td><td>-43,280</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>+3,406</td><td>-579</td><td>+68,884</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><td>+735</td><td>+2,405</td></tr><tr><td>Finland</td><td>-101</td><td>-225</td><td>+469</td><td>-54</td><td>-175</td><td>-171</td><td>-32</td><td>+45</td><td>+482</td></tr><tr><td>Germany</td><td>-29</td><td>+46</td><td>+83</td><td>+51</td><td>-246</td><td>-5</td><td>+26</td><td>+99</td><td>+13</td></tr><tr><td>Iracea</td><td>+93</td><td>-96</td><td>+1,973</td><td>+1,846</td><td>+1,182</td><td>+2,923</td><td>+3,925</td><td>+2,664</td><td>+2,926</td></tr><tr><td>Italy</td><td>+3,581</td><td>+2,731</td><td>+2,276</td><td>+3,391</td><td>+3,419</td><td>+1,072</td><td>+5,559</td><td>+4,401</td><td>+4,591</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><td>+85</td><td>-42</td></tr><tr><td>Netherlands</td><td>-3,101</td><td>+2,691</td><td>-503</td><td>-131</td><td>+554</td><td>+3,757</td><td>+2,844</td><td>+2,030</td><td>+2,466</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><td>-9,115</td><td>-2,758</td></tr><tr><td>Portugal</td><td>-12,388</td><td>-531</td><td>-5,868</td><td>+3,927</td><td>-2,766</td><td>+4,186</td><td>+5,985</td><td>-7,335</td><td>+6,450</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><td>+401</td><td>-455</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>+5,958</td><td>+2,927</td><td>-7,892</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><td>+9,796</td><td>+5,891</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><td>+6,931</td><td>+3,153</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><td>+3,388</td><td>-374</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><td>-57</td><td>+103</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><td>+1,754</td><td>-2,174</td></tr><tr><td>Total Europe</td><td>-125,340 7a/</td><td>+59,457</td><td>-27,801</td><td>+17,391</td><td>+6,047</td><td>+103,967</td><td>+93,575</td><td>-78,933</td><td>-30,075</td></tr><tr><td>Canada</td><td>+46,534</td><td>+100,510</td><td>+59,763</td><td>+36,540</td><td>-6,033</td><td>+77,813</td><td>+91,059</td><td>+103,786</td><td>+44,155</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>-4,342</td><td>-562</td><td>-19,163</td><td>+3,410</td><td>-2,140</td><td>+2,559</td><td>+3,494</td><td>-4,318</td><td>+1,183</td></tr><tr><td>Polovia</td><td>+2,273</td><td>-452</td><td>-1,936</td><td>+1,325</td><td>-764</td><td>+1,533</td><td>-2,039</td><td>+875</td><td>-72</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><td>+1,165</td><td>+21,155</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><td>+1,945</td><td>-2,418</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><td>+7,097</td><td>+3,476</td></tr><tr><td>Costa Rica</td><td>-278</td><td>+14</td><td>+568</td><td>+585</td><td>+103</td><td>-814</td><td>+491</td><td>-999</td><td>-1,093</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><td>-1,121</td><td>-6,272</td></tr><tr><td>French West Indies and Guiana</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><td>-16,949</td><td>+5,412</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-898</td><td>+377</td><td>-1,273</td><td>-558</td><td>-1,145</td><td>-3,352</td><td>+2,339</td><td>+160</td><td>+1,221</td></tr><tr><td>Panama</td><td>+332 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><td>-1,563</td><td>+1,335</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><td>+2,809</td><td>+656</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>-5,532</td><td>+8,904</td><td>-5,946</td><td>+1,286</td></tr><tr><td>Other Latin America</td><td>+2,655</td><td>+3,456</td><td>+3,597</td><td>+4,929</td><td>+3,230</td><td>-1,639</td><td>+158</td><td>-1,024 r</td><td>-7,016</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>+53,514</td><td>-20,098 r</td><td>+19,217</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>+146,459</td><td>-16,524</td><td>-2,644</td><td>-7,466</td><td>-4,992</td><td>-22,220</td><td>-12,344</td><td>+77,528</td><td>+9,784</td></tr><tr><td>French Indo-China</td><td>-292</td><td>+164</td><td>-916</td><td>-274</td><td>+252</td><td>+224</td><td>-78</td><td>-214</td><td>+144</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></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>-336</td><td>+3,203</td><td>+641</td><td>+10,581</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><td>+2</td><td>+4</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><td>-391</td><td>+265</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><td>-3,871</td><td>-9,494</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><td>-14,184</td><td>+54,120</td></tr><tr><td>Turkey</td><td>+13,198</td><td>+9,119</td><td>+4,393</td><td>+1,185</td><td>-1,032</td><td>+804</td><td>-352</td><td>+442</td><td>-935</td></tr><tr><td>Other Asia</td><td>+10,105</td><td>+1,941</td><td>+3,529</td><td>-463</td><td>-2,379</td><td>-11,545</td><td>+436</td><td>+4,053</td><td>+13,249</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>-35,213</td><td>-11,418</td><td>+64,249</td><td>+77,765</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>-13,916</td><td>+698</td><td>-237</td><td>-132</td><td>-2,677</td><td>-1,274</td><td>-4,029</td><td>+825</td><td>+1,175</td></tr><tr><td>New Zealand</td><td>+2,097</td><td>-750</td><td>-319</td><td>-491</td><td>-46</td><td>-290</td><td>+73</td><td>+1,179</td><td>-1,436</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+995</td><td>+324</td><td>+123</td><td>+782</td><td>-227</td><td>+1,593</td><td>-207</td><td>+2,693</td><td>+32</td></tr><tr><td>French Morocco</td><td>-175</td><td>-69</td><td>-138</td><td>+245</td><td>+128</td><td>-538</td><td>+339</td><td>+755</td><td>+1,028</td></tr><tr><td>Union of South Africa</td><td>+2,021</td><td>+165</td><td>-54</td><td>-323</td><td>-521</td><td>+468</td><td>-844</td><td>+1,226</td><td>+3,114</td></tr><tr><td>All other</td><td>+14,895 7a/</td><td>+2,099</td><td>+4,413</td><td>-939</td><td>+1,264</td><td>+459</td><td>+4,041</td><td>+6,336</td><td>+10,276</td></tr><tr><td>Total other countries</td><td>+918 7a/</td><td>+2,167</td><td>+3,158</td><td>-902</td><td>-2,079</td><td>+313</td><td>-527</td><td>+13,024</td><td>+14,190</td></tr><tr><td>Unidentified</td><td>+214</td><td>+1,223</td><td>+494</td><td>+315</td><td>-116</td><td>-422</td><td>-178</td><td>-696</td><td>+742</td></tr><tr><td>Grand total</td><td>+153,395 7b/</td><td>+174,973</td><td>+11,310</td><td>+44,446</td><td>+47,306</td><td>+171,687</td><td>+231,025</td><td>+81,132 r</td><td>+125,994</td></tr></table>
Footnotes appear on pages 93 and 94.
r Revised.
March 1946
99
Capital Movements Between the United States and Foreign Countries - (Continued
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - September 1945
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1942</th><th colspan="12">1942</th></tr><tr><th></th><th></th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+572</td><td>+46</td><td>-76</td><td>+270</td><td>+143</td><td>-5</td><td>+336</td><td>-268</td><td>-75</td><td>+203</td><td>-90</td><td>-17</td><td>+105</td></tr><tr><td>France</td><td>+811</td><td>-97</td><td>-55</td><td>+593</td><td>-130</td><td>+25</td><td>+254</td><td>-183</td><td>+18</td><td>+395</td><td>-332</td><td>+8</td><td>+315</td></tr><tr><td>Belgium</td><td>-121</td><td>+29</td><td>-2</td><td>-35</td><td>-98</td><td>-51</td><td>-21</td><td>+9</td><td>-4</td><td>+74</td><td>+64</td><td>+91</td><td>-177</td></tr><tr><td>Germany</td><td>+75</td><td>+10</td><td>-11</td><td>+1</td><td>+5</td><td>-3</td><td>+3</td><td>+38</td><td>-1</td><td>+138</td><td>-115</td><td>-1</td><td>+11</td></tr><tr><td>Italy</td><td>+23</td><td>-3</td><td>+17</td><td>+8</td><td>-1</td><td>+6</td><td>-21</td><td>+7</td><td>+66</td><td>144</td><td>-6</td><td>+17</td><td>-23</td></tr><tr><td>Netherlands</td><td>-139</td><td>+420</td><td>+51</td><td>+245</td><td>+108</td><td>+312</td><td>+288</td><td>-2,902</td><td>-2</td><td>+380</td><td>+40</td><td>+147</td><td>+774</td></tr><tr><td>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><b>Total Europe</b></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>Latin 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><b>Total Asia</b></td><td>-292</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>+2,297</td><td>-370</td><td>+640</td><td>+1,692</td><td>-2,593</td><td>+251</td><td>+3,574</td><td>-3,331</td><td>-90</td><td>+327</td></tr></table>
(Continued on following page)
100
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - September 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>+1</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>+11</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>-113</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>-57</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>-2</td><td>-21</td><td>-167</td><td>+167</td><td>-</td><td>-</td><td>+1</td><td>+68</td><td>-69</td><td>-</td><td>-2</td><td>+4</td></tr><tr><td>Yugoslavia</td><td>+1</td><td>+2</td><td>-</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>-23</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>+257</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>Latia 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>-58</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>-359</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>+17</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 East 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 Latia 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 Latia America</td><td>-431</td><td>+877</td><td>+2,930</td><td>-1,555</td><td>+36</td><td>-1,488</td><td>-601</td><td>-395</td><td>+343</td><td>-201</td><td>-830</td><td>+653</td><td>-200</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>-154</td><td>+293</td><td>-107</td><td>-328</td><td>-250</td><td>-53</td><td>+42</td><td>-135</td><td>+46</td><td>+42</td><td>-30</td><td>+205</td><td>+121</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+6</td><td>-6</td><td>-</td></tr><tr><td>Hong Kong</td><td>+47</td><td>+1</td><td>-</td><td>+4</td><td>+6</td><td>-3</td><td>+3</td><td>+2</td><td>+17</td><td>+3</td><td>+2</td><td>+7</td><td>+5</td></tr><tr><td>India, Burma, and Ceylon</td><td>+20</td><td>+11</td><td>-</td><td>+32</td><td>-38</td><td>+10</td><td>+5</td><td>+4</td><td>-3</td><td>+1</td><td>-5</td><td>-1</td><td>+4</td></tr><tr><td>British Malaya</td><td>+1</td><td>+3</td><td>-3</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td></tr><tr><td>Jepa (including Korea and Manchuria)</td><td>-17</td><td>+4</td><td>-1</td><td>+6</td><td>+3</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>-8</td><td>+8</td><td>-28</td></tr><tr><td>Netherlands East Indies</td><td>+1</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-2</td><td>+2</td><td>-3</td><td>+7</td><td>-2</td></tr><tr><td>Philippine Islands</td><td>+88</td><td>+40</td><td>+35</td><td>-26</td><td>+6</td><td>-</td><td>+1</td><td>+5</td><td>-44</td><td>+65</td><td>-9</td><td>+15</td><td>-4</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>-</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>+34</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>Uolca 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>+439</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>Uidentified</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)
March 1946
101
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 - September 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>-83</td><td>+121</td><td>-366</td><td>-154</td><td>-180</td><td>+154</td><td>+346</td><td>-282</td><td>+462</td><td>+150</td><td>-769</td><td>+291</td></tr><tr><td>France</td><td>+1,539</td><td>-119</td><td>+26</td><td>+296</td><td>-328</td><td>+283</td><td>+318</td><td>+128</td><td>+107</td><td>+159</td><td>+191</td><td>+87</td><td>+391</td></tr><tr><td>Belgium</td><td>+108</td><td>+9</td><td>-69</td><td>+21</td><td>+51</td><td>-31</td><td>-4</td><td>+166</td><td>-79</td><td>+27</td><td>+12</td><td>-47</td><td>+52</td></tr><tr><td>Denmark</td><td>+39</td><td>-31</td><td>+32</td><td>+9</td><td>+4</td><td>+3</td><td>+9</td><td>-6</td><td>-3</td><td>+41</td><td>+2</td><td>-</td><td>-3</td></tr><tr><td>Finland</td><td>+1</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>+154</td><td>-7</td><td>+12</td><td>-9</td><td>+3</td><td>-15</td><td>+7</td><td>-1</td><td>-1</td><td>+2</td><td>+35</td><td>+100</td><td>+28</td></tr><tr><td>Greece</td><td>+1</td><td>-</td><td>-</td><td>+2</td><td>-1</td><td>+4</td><td>-8</td><td>+4</td><td>+6</td><td>+1</td><td>+4</td><td>+1</td><td>-4</td></tr><tr><td>Italy</td><td>+25</td><td>-65</td><td>+5</td><td>-</td><td>-</td><td>-7</td><td>+6</td><td>+56</td><td>-55</td><td>+3</td><td>+23</td><td>+1</td><td>+8</td></tr><tr><td>Luxembourg</td><td>+633</td><td>-4</td><td>-24</td><td>+44</td><td>+4</td><td>+1</td><td>+11</td><td>-48</td><td>+502</td><td>-</td><td>+129</td><td>-391</td><td>+409</td></tr><tr><td>Netherlands</td><td>+2,423</td><td>-107</td><td>+425</td><td>+103</td><td>+294</td><td>+33</td><td>+208</td><td>+318</td><td>-308</td><td>+47</td><td>+311</td><td>+157</td><td>+942</td></tr><tr><td>Norway</td><td>+285</td><td>-29</td><td>+31</td><td>+3</td><td>+30</td><td>+14</td><td>-228</td><td>+205</td><td>+11</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>Sweden</td><td>+90</td><td>-5</td><td>+78</td><td>+88</td><td>+62</td><td>-162</td><td>-47</td><td>+57</td><td>-10</td><td>+33</td><td>-9</td><td>+39</td><td>-38</td></tr><tr><td>Switzerland</td><td>+3,758</td><td>+761</td><td>-1,245</td><td>+909</td><td>-523</td><td>+716</td><td>-506</td><td>+1,098</td><td>+318</td><td>+653</td><td>+1,001</td><td>-881</td><td>+1,457</td></tr><tr><td>U. S. S. R.</td><td>+4</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+6</td><td>-6</td><td>-90</td><td>+90</td><td>-</td><td>-</td></tr><tr><td>Tuqoelavia</td><td>+3</td><td>-1</td><td>-1</td><td>-</td><td>+1</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>+1</td><td>-</td></tr><tr><td>Other Europe</td><td>-79</td><td>-26</td><td>-30</td><td>+83</td><td>-12</td><td>+35</td><td>-127</td><td>+18</td><td>+139</td><td>-29</td><td>-24</td><td>+44</td><td>-150</td></tr><tr><td><b>Total Europe</b></td><td>+8,582</td><td>+290</td><td>-654</td><td>+1,188</td><td>-576</td><td>+696</td><td>-201</td><td>+2,347</td><td>+358</td><td>+1,420</td><td>+1,935</td><td>-1,802</td><td>+3,578</td></tr><tr><td>Canada</td><td>-1,417</td><td>-194</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>Costa Rica</td><td>-32</td><td>-3</td><td>-2</td><td>+13</td><td>-6</td><td>-9</td><td>-5</td><td>+20</td><td>-11</td><td>-10</td><td>-19</td><td>+119</td><td>-119</td></tr><tr><td>Cuba</td><td>-1,121</td><td>-185</td><td>+1,213</td><td>-1,208</td><td>-181</td><td>+37</td><td>-34</td><td>-387</td><td>+131</td><td>-253</td><td>-127</td><td>-131</td><td>+4</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-51</td><td>+51</td><td>+7</td><td>+9</td><td>-16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>+1,105</td><td>-208</td><td>-81</td><td>+332</td><td>-73</td><td>-140</td><td>+151</td><td>-78</td><td>+332</td><td>-108</td><td>+462</td><td>+237</td><td>+279</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+302</td><td>-8</td><td>+9</td><td>+370</td><td>-80</td><td>+45</td><td>+29</td><td>-6</td><td>-11</td><td>+13</td><td>-35</td><td>-14</td><td>-10</td></tr><tr><td>Panama</td><td>+255</td><td>+459</td><td>+177</td><td>-219</td><td>+134</td><td>-63</td><td>-34</td><td>-49</td><td>-280</td><td>+816</td><td>+562</td><td>-1,319</td><td>+989</td></tr><tr><td>Peru</td><td>-498</td><td>-41</td><td>-5</td><td>+3</td><td>+19</td><td>+60</td><td>-68</td><td>-</td><td>-36</td><td>-11</td><td>+4</td><td>+42</td><td>-465</td></tr><tr><td>Veocurain</td><td>-179</td><td>-175</td><td>-163</td><td>+36</td><td>+105</td><td>-19</td><td>+48</td><td>+33</td><td>-299</td><td>+132</td><td>-189</td><td>-145</td><td>+457</td></tr><tr><td>Other 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>Netherlands East Indies</td><td>+2</td><td>-</td><td>-4</td><td>+5</td><td>-</td><td>+1</td><td>-</td><td>+7</td><td>-7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>-6</td><td>+8</td><td>+6</td><td>+18</td><td>-15</td><td>+10</td><td>-54</td><td>+1</td><td>-6</td><td>-14</td><td>+22</td><td>-9</td><td>+27</td></tr><tr><td>Turkey</td><td>+3</td><td>-</td><td>+3</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</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>-145</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>+43</td><td>+950</td><td>-411</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-254</td><td>+29</td><td>+13</td><td>+26</td><td>+6</td><td>-32</td><td>-271</td><td>-12</td><td>-11</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>+17</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>Unidentified</td><td>-10</td><td>-</td><td>-</td><td>+1</td><td>+2</td><td>-2</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-10</td></tr><tr><td><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)
102
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 - September 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><th>August</th><th>September</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></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><td>-290</td><td>+823</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><td>+293</td><td>-53</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><td>-205</td><td>+101</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><td>-110</td><td>+71</td></tr><tr><td>Finland</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>+1</td><td>+5</td><td>-</td><td>+1</td></tr><tr><td>Germany</td><td>-128</td><td>-1</td><td>+20</td><td>+6</td><td>-13</td><td>+1</td><td>+1</td><td>+9</td><td>+139</td></tr><tr><td>Greece</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>+1</td><td>-10</td></tr><tr><td>Italy</td><td>+1</td><td>+2</td><td>+10</td><td>+9</td><td>-8</td><td>+14</td><td>+14</td><td>+5</td><td>+1</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><td>+300</td><td>+78</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><td>+173</td><td>+385</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>-146</td><td>+205</td><td>+94</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><td>+16</td><td>-14</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>+13</td><td>-3</td><td>+2</td><td>-</td><td>+1</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>-152</td><td>+1</td><td>+7</td><td>-3</td><td>+8</td><td>+2</td><td>+5</td><td>-3</td><td>+18</td></tr><tr><td>Sweden</td><td>+23</td><td>+44</td><td>+11</td><td>+11</td><td>+94</td><td>+148</td><td>-142</td><td>-38</td><td>-67</td></tr><tr><td>Switzerland</td><td>-112</td><td>+1,014</td><td>+521</td><td>+240</td><td>+1,117</td><td>+187</td><td>+381</td><td>+225</td><td>+1,195</td></tr><tr><td>U. S. S. R.</td><td>-9</td><td>+9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>-2</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>-3</td><td>+142</td><td>-113</td><td>+4</td><td>-17</td><td>+42</td><td>-158</td><td>+43</td><td>+1</td></tr><tr><td><b>Total Europe</b></td><td><b>-1,121</b></td><td><b>+2,454</b></td><td><b>+353</b></td><td><b>+664</b></td><td><b>+1,072</b></td><td><b>+3,674</b></td><td><b>+2,024</b></td><td><b>+626</b></td><td><b>+2,761</b></td></tr><tr><td><b>Canada</b></td><td><b>+557</b></td><td><b>+305</b></td><td><b>-86</b></td><td><b>+80</b></td><td><b>+2,256</b></td><td><b>-1,367</b></td><td><b>-611</b></td><td><b>+866</b></td><td><b>+368</b></td></tr><tr><td><b>Latino America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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><td>+331</td><td>+460</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><td>-22</td><td>-7</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><td>+36</td><td>-7</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><td>+239</td><td>-148</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><td>-30</td><td>-70</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><td>+48</td><td>-49</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><td>-275</td><td>+498</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><td>-</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><td>-562</td><td>+504</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><td>+86</td><td>+52</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><td>+434</td><td>+441</td></tr><tr><td>Peru</td><td>-37</td><td>-25</td><td>-131</td><td>-494</td><td>+254</td><td>+590</td><td>-586</td><td>-18</td><td>-9</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><td>-212</td><td>+482</td></tr><tr><td>Other Latino America</td><td>+79</td><td>+405</td><td>-14</td><td>-64</td><td>-244</td><td>-607</td><td>-21</td><td>-51</td><td>+40</td></tr><tr><td><b>Total Latino America</b></td><td><b>+1,163</b></td><td><b>+944</b></td><td><b>+300</b></td><td><b>-530</b></td><td><b>+494</b></td><td><b>-3,328</b></td><td><b>-1,792</b></td><td><b>+4</b></td><td><b>+2,187</b></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></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><td>+381</td><td>-75</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>+6</td></tr><tr><td>Hong Kong</td><td>+658</td><td>+1</td><td>+11</td><td>+18</td><td>+1</td><td>+5</td><td>+5</td><td>+2</td><td>-13</td></tr><tr><td>India, Burma, and Ceylon</td><td>-57</td><td>+67</td><td>-9</td><td>-8</td><td>-3</td><td>-11</td><td>-68</td><td>+23</td><td>-2</td></tr><tr><td>British Malaya</td><td>-</td><td>+2</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchurie)</td><td>-3</td><td>+1</td><td>-3</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+56</td><td>-56</td><td>-</td><td>+112</td><td>-112</td></tr><tr><td>Philippine Islands</td><td>+6</td><td>-4</td><td>+65</td><td>+34</td><td>-78</td><td>-44</td><td>-28</td><td>-39</td><td>+80</td></tr><tr><td>Turkey</td><td>-</td><td>+14</td><td>+4</td><td>-3</td><td>-6</td><td>-3</td><td>+1</td><td>-</td><td>+1</td></tr><tr><td>Other Asia</td><td>+21</td><td>+4</td><td>-14</td><td>+16</td><td>+10</td><td>+4</td><td>+16</td><td>+26</td><td>+53</td></tr><tr><td><b>Total Asia</b></td><td><b>-835</b></td><td><b>+62</b></td><td><b>-79</b></td><td><b>-263</b></td><td><b>-580</b></td><td><b>-833</b></td><td><b>-307</b></td><td><b>+499</b></td><td><b>-62</b></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></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><td>+17</td><td>-35</td></tr><tr><td>New Zealand</td><td>-1</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-1</td><td>-3</td><td>+1</td><td>-2</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><td>+3</td><td>+1</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><td>+1</td><td>-</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><td>+33</td><td>+2</td></tr><tr><td>All other</td><td>+18</td><td>+14</td><td>+51</td><td>+16</td><td>+12</td><td>+4</td><td>+6</td><td>+14</td><td>+251</td></tr><tr><td><b>Total other countries</b></td><td><b>+27</b></td><td><b>+79</b></td><td><b>+33</b></td><td><b>-27</b></td><td><b>-26</b></td><td><b>+23</b></td><td><b>-9</b></td><td><b>+69</b></td><td><b>+217</b></td></tr><tr><td><b>Unidentified</b></td><td><b>+14</b></td><td><b>-4</b></td><td><b>-</b></td><td><b>-2</b></td><td><b>-7</b></td><td><b>-</b></td><td><b>+54</b></td><td><b>-</b></td><td><b>-2</b></td></tr><tr><td><b>Grand total</b></td><td><b>-195</b></td><td><b>+3,840</b></td><td><b>+521</b></td><td><b>-78</b></td><td><b>+3,209</b></td><td><b>-1,831</b></td><td><b>-4,689</b></td><td><b>+2,064</b></td><td><b>+5,469</b></td></tr></table>
March 1946
103
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary
- (Continued)
Table 5.- No
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="12">1942</th></tr><tr><th></th><th></th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>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>+3,466</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>-67</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>-45</td><td>+391</td></tr><tr><td>Sweden</td><td>+1,791</td><td>+18</td><td>-1,256</td><td>+299</td><td>-46</td><td>+308</td><td>+231</td><td>+940</td><td>-181</td><td>+191</td><td>-51</td><td>+857</td><td>+511</td></tr><tr><td>Switzerland</td><td>+24,786</td><td>+3,056</td><td>+618</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>-5,516</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>+2,959</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>+218</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>-1,413</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)
104
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>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>-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>+4,64</td><td>-395</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>-</td><td>+2</td><td>-10</td><td>+4</td><td>-3</td><td>+6</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>+680</td><td>-2</td><td>-20</td><td>+39</td><td>-90</td><td>+87</td><td>+463</td><td>+90</td><td>+52</td><td>+43</td><td>+7</td><td>-16</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>Rumania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>+24</td><td>+1</td><td>-40</td><td>+3</td><td>-1</td><td>+54</td><td>+2</td><td>+4</td><td>+8</td><td>-24</td><td>+33</td><td>-1</td><td>-15</td></tr><tr><td>Svden</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>-</td><td>-</td><td>-</td></tr><tr><td>Other Europa</td><td>+3,682</td><td>+46</td><td>+130</td><td>+136</td><td>+43</td><td>+1</td><td>+43</td><td>+61</td><td>+18</td><td>+7</td><td>+3,216</td><td>-4</td><td>-21</td></tr><tr><td>Total Europe</td><td>+5,054</td><td>+2,085</td><td>+2,454</td><td>-370</td><td>+5,893</td><td>+3,581</td><td>-4,569</td><td>-6,011</td><td>-2,746</td><td>+3,191</td><td>+3,529</td><td>+1,577</td><td>-3,560</td></tr><tr><td>Canada</td><td>+31,070</td><td>-86,520</td><td>-15,234</td><td>+57,488</td><td>-5,182</td><td>-9,729</td><td>-1,306</td><td>-17,309</td><td>+107,461</td><td>+23,351</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></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>Eolivia</td><td>+9</td><td>+19</td><td>-83</td><td>+10</td><td>+9</td><td>+27</td><td>+35</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>+893</td><td>+2,809</td><td>+1,406</td></tr><tr><td>Paru</td><td>+77</td><td>-8</td><td>+83</td><td>+22</td><td>-126</td><td>-86</td><td>+146</td><td>+191</td><td>-296</td><td>+83</td><td>+33</td><td>+8</td><td>+27</td></tr><tr><td>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></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>-135</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>-</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>Japao (including Korea and Manchuria)</td><td>-28</td><td>-</td><td>-7</td><td>-7</td><td>-7</td><td>-3</td><td>-</td><td>-9</td><td>+7</td><td>-1</td><td>+10</td><td>-</td><td>-11</td></tr><tr><td>Netherlands East Indies</td><td>+35,400</td><td>+1,100</td><td>+3</td><td>+8,000</td><td>+1,000</td><td>+1,000</td><td>-14,350</td><td>+1,000</td><td>+8,097</td><td>+350</td><td>+500</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>-244</td><td>-20</td><td>+45</td><td>-45</td><td>-22</td><td>+136</td><td>-67</td><td>+166</td><td>+107</td><td>-27</td><td>+28</td><td>+9</td><td>-554</td></tr><tr><td>Turkey</td><td>+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>+98</td><td>-21</td><td>-139</td><td>+17</td><td>-50</td><td>+32</td></tr><tr><td>Total Asia</td><td>+35,556</td><td>+1,096</td><td>+171</td><td>+8,943</td><td>+2,313</td><td>+77</td><td>-56</td><td>+14,443</td><td>+2,018</td><td>+8,164</td><td>-911</td><td>+583</td><td>-1,285</td></tr><tr><td>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>+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)
March 1946
105
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-26,274</td><td>-2,844</td><td>-1,835</td><td>-3,052</td><td>-1,621</td><td>-1,892</td><td>-3,171</td><td>-492</td><td>-4,495</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>+1</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>-109</td><td>-13</td><td>+76</td><td>+250</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>-550</td><td>+4</td><td>-108</td><td>-26</td><td>+112</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>-</td><td>-</td><td>-</td><td>-</td><td>-</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>+2,148</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>+148</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>Rumania</td><td>+30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+30</td><td>-</td></tr><tr><td>Spain</td><td>-1,620</td><td>+5</td><td>-1,455</td><td>+16</td><td>-5</td><td>+34</td><td>-30</td><td>-16</td><td>+19</td><td>-1</td><td>-128</td><td>+6</td><td>-65</td></tr><tr><td>Sweden</td><td>+2,025</td><td>-136</td><td>-13</td><td>-147</td><td>-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>+4</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>+9</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-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>-16,019</td><td>+1,381</td><td>-5,535</td><td>+16,385</td><td>-1,256</td><td>-3,559</td><td>-13,285</td><td>+1,249</td><td>+131</td><td>+7,057</td></tr><tr><td>Canada</td><td>+93,850</td><td>-328</td><td>-7,266</td><td>-21,625</td><td>-4,280</td><td>-6,357</td><td>+27,717</td><td>+69,583</td><td>+6,320</td><td>+50,672</td><td>-5,320</td><td>-6,859</td><td>-8,407</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+16,709</td><td>+2,300</td><td>+287</td><td>+142</td><td>+191</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>+15</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>-140</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>+13</td><td>+14</td><td>+13</td><td>+38</td><td>+304</td><td>+216</td><td>+535</td><td>+309</td><td>+1,092</td><td>+264</td><td>+325</td></tr><tr><td>Costa Rica</td><td>-70</td><td>+9</td><td>-4</td><td>-16</td><td>+7</td><td>+14</td><td>-13</td><td>-52</td><td>-8</td><td>-11</td><td>+6</td><td>-5</td><td>-19</td></tr><tr><td>Cuba</td><td>+1,822</td><td>+16</td><td>+364</td><td>-731</td><td>+245</td><td>-4</td><td>-27</td><td>+3,329</td><td>-1,696</td><td>+43</td><td>-45</td><td>-662</td><td>+990</td></tr><tr><td>French West Indies and Guiana</td><td>-13</td><td>-</td><td>+14</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td></tr><tr><td>Mexico</td><td>+6,164</td><td>-205</td><td>+115</td><td>-139</td><td>+300</td><td>+1,170</td><td>+2,518</td><td>+1,939</td><td>+47</td><td>+478</td><td>-140</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>Peru</td><td>+515</td><td>+222</td><td>+48</td><td>+98</td><td>+188</td><td>-64</td><td>+54</td><td>-80</td><td>+15</td><td>-7</td><td>+51</td><td>-29</td><td>+19</td></tr><tr><td>Venezuela</td><td>+1,008</td><td>+121</td><td>+179</td><td>-16</td><td>+12</td><td>+127</td><td>-222</td><td>+24</td><td>+384</td><td>-93</td><td>-13</td><td>+232</td><td>-327</td></tr><tr><td>Other Latin America</td><td>+5,747</td><td>+64</td><td>+220</td><td>+288</td><td>+126</td><td>+232</td><td>+763</td><td>+479</td><td>+300</td><td>+527</td><td>+166</td><td>+1,527</td><td>+1,055</td></tr><tr><td>Total Latin America</td><td>+44,252</td><td>+3,539</td><td>+1,307</td><td>-364</td><td>+1,586</td><td>+3,515</td><td>+2,996</td><td>+10,601</td><td>+3,245</td><td>+7,551</td><td>+1,775</td><td>+3,788</td><td>+4,713</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+170,438</td><td>+30</td><td>+5</td><td>-7</td><td>-612</td><td>-47</td><td>+618</td><td>+1,124</td><td>+239</td><td>-98</td><td>-243</td><td>-599</td><td>+170,028</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>+69</td><td>+30</td><td>+8</td><td>-</td><td>-116</td><td>+33</td><td>+21</td><td>+4</td><td>+10</td><td>-5</td><td>+9</td><td>+1</td><td>+14</td></tr><tr><td>India, Burma, and Ceylon</td><td>+427</td><td>-4</td><td>+62</td><td>+14</td><td>+455</td><td>+79</td><td>+4</td><td>-60</td><td>-19</td><td>+172</td><td>-52</td><td>-52</td><td>-172</td></tr><tr><td>British Malaya</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-157</td><td>-110</td><td>-1</td><td>-8</td><td>-</td><td>-24</td><td>+4</td><td>-6</td><td>-8</td><td>-1</td><td>-</td><td>-11</td><td>+8</td></tr><tr><td>Netherlands East Indies</td><td>+6,002</td><td>-12</td><td>-</td><td>+5,000</td><td>-</td><td>-</td><td>+500</td><td>+500</td><td>-</td><td>+1</td><td>-</td><td>+13</td><td>-</td></tr><tr><td>Philippine Islands</td><td>+77</td><td>+68</td><td>-146</td><td>-1147</td><td>+26</td><td>-9</td><td>+134</td><td>-56</td><td>+36</td><td>+51</td><td>-70</td><td>-36</td><td>+126</td></tr><tr><td>Turkey</td><td>+40</td><td>-12</td><td>-5</td><td>-1</td><td>+14</td><td>-</td><td>+3</td><td>-13</td><td>+16</td><td>+24</td><td>-</td><td>-</td><td>+14</td></tr><tr><td>Other Asia</td><td>+221</td><td>+171</td><td>-31</td><td>+43</td><td>-13</td><td>+58</td><td>+11</td><td>+282</td><td>+35</td><td>+1</td><td>-116</td><td>-208</td><td>-12</td></tr><tr><td>Total Asia</td><td>+177,115</td><td>+161</td><td>-8</td><td>+4,894</td><td>-246</td><td>+90</td><td>+1,355</td><td>+1,773</td><td>+309</td><td>+145</td><td>-472</td><td>-892</td><td>+170,006</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+1,339</td><td>+39</td><td>+279</td><td>+57</td><td>+202</td><td>+59</td><td>+24</td><td>+20</td><td>+336</td><td>+88</td><td>+224</td><td>+25</td><td>+11</td></tr><tr><td>New Zealand</td><td>-21</td><td>-</td><td>-9</td><td>-</td><td>-6</td><td>-</td><td>-1</td><td>-7</td><td>-2</td><td>+9</td><td>-5</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+85</td><td>-2</td><td>-7</td><td>+25</td><td>-</td><td>-</td><td>+3</td><td>+78</td><td>-1</td><td>-1</td><td>-</td><td>-8</td><td>-2</td></tr><tr><td>French Morocco</td><td>-39</td><td>-</td><td>-3</td><td>-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>+84</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)
106
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 foreigner)
<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><th>August</th><th>September</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></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><td>-1,125</td><td>-1,852</td></tr><tr><td>France</td><td>-72</td><td>-89</td><td>-8,828</td><td>-904</td><td>-771</td><td>+11,211</td><td>-6,002</td><td>-557</td><td>+7,427</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><td>-195</td><td>+138</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><td>-105</td><td>-142</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><td>-1</td><td>+685</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><td>+8</td><td>+21</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><td>+142</td><td>+14</td></tr><tr><td>Italy</td><td>-111</td><td>+323</td><td>-5</td><td>+40</td><td>-1,366</td><td>+1,376</td><td>-384</td><td>-25</td><td>+8</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><td>-313</td><td>+78</td></tr><tr><td>Netherlands</td><td>+6</td><td>+77</td><td>+12</td><td>+298</td><td>-122</td><td>+1,991</td><td>-433</td><td>-200</td><td>-2,820</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><td>+1,889</td><td>-122</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><td>-2</td><td>+3</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+15</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><td>+84</td><td>-6</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><td>-92</td><td>+57</td></tr><tr><td>Switzerland</td><td>-2,353</td><td>-2,541</td><td>-1,152</td><td>-2,155</td><td>-778</td><td>+3,840</td><td>+743</td><td>-1,491</td><td>-1,573</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><td>+6</td><td>+2</td></tr><tr><td>Yugoslavia</td><td>-</td><td>+1</td><td>-</td><td>-77</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>+3</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><td>-103</td><td>-46</td></tr><tr><td>Total Europe</td><td>-6,356</td><td>-6,363</td><td>-23,539</td><td>-10,354</td><td>-6,546</td><td>+23,430</td><td>-8,541</td><td>-2,063</td><td>+1,875</td></tr><tr><td>Canada</td><td>+7,344</td><td>-50,283</td><td>-5,643</td><td>+22,920</td><td>+13,602</td><td>-4,412</td><td>-5,721</td><td>-24,253</td><td>-16,487</td></tr><tr><td><b>Latino America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+256</td><td>+48</td><td>-35</td><td>-49</td><td>+1,634</td><td>+1,685</td><td>-456</td><td>+240</td><td>+104</td></tr><tr><td>Bolivia</td><td>-17</td><td>+14</td><td>+5</td><td>+20</td><td>+2</td><td>-36</td><td>+451</td><td>+13</td><td>-16</td></tr><tr><td>Brazil</td><td>+294</td><td>+95</td><td>+349</td><td>+233</td><td>+333</td><td>+1,186</td><td>+370</td><td>+372</td><td>+208</td></tr><tr><td>Chile</td><td>-127</td><td>-72</td><td>+651</td><td>-89</td><td>+2,453</td><td>+204</td><td>+23</td><td>-95</td><td>-57</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><td>-5</td><td>+54</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><td>-7</td><td>-17</td></tr><tr><td>Cuba</td><td>+156</td><td>+189</td><td>+163</td><td>+481</td><td>-115</td><td>+741</td><td>+719</td><td>+879</td><td>-431</td></tr><tr><td>French West Indies and Guiana</td><td>-267</td><td>-10</td><td>+19</td><td>-3</td><td>-</td><td>-9</td><td>-</td><td>-47</td><td>-</td></tr><tr><td>Mexico</td><td>-</td><td>-</td><td>+261</td><td>-14</td><td>-318</td><td>-24</td><td>+259</td><td>+73</td><td>-693</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-82</td><td>-52</td><td>+11</td><td>+40</td><td>+5</td><td>+163</td><td>+72</td><td>-208</td><td>-69</td></tr><tr><td>Panama</td><td>+1,892</td><td>-733</td><td>-45</td><td>-547</td><td>-2,972</td><td>+804</td><td>-1,212</td><td>-1,516</td><td>-858</td></tr><tr><td>Peru</td><td>+446</td><td>-29</td><td>+214</td><td>+82</td><td>+282</td><td>+617</td><td>+111</td><td>-58</td><td>+165</td></tr><tr><td>Venezuela</td><td>-253</td><td>-217</td><td>+107</td><td>+67</td><td>-379</td><td>+20</td><td>+349</td><td>+117</td><td>-268</td></tr><tr><td>Other Latin America</td><td>+254</td><td>+438</td><td>-78</td><td>+524</td><td>+205</td><td>+1,858</td><td>+173</td><td>+917</td><td>+2,118</td></tr><tr><td>Total Latin America</td><td>+2,204</td><td>-110</td><td>+1,211</td><td>+357</td><td>+2,133</td><td>+7,597</td><td>+1,100</td><td>+565</td><td>+240</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></tr><tr><td>China</td><td>+580</td><td>+943</td><td>-27</td><td>+887</td><td>+785</td><td>+16,541</td><td>+11,837</td><td>-1,100</td><td>-90</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></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><td>-34</td><td>+18</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><td>-33</td><td>-40</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+3</td><td>-</td><td>-</td><td>-4</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></tr><tr><td>Netherlands East Indies</td><td>-50</td><td>+130</td><td>+93</td><td>-34</td><td>+25</td><td>-38</td><td>-104</td><td>-137</td><td>-15</td></tr><tr><td>Philippine Islands</td><td>-1</td><td>+2</td><td>+26</td><td>+4</td><td>+7</td><td>-</td><td>-</td><td>+1</td><td>+6</td></tr><tr><td>Turkey</td><td>-76</td><td>-94</td><td>-161</td><td>-28</td><td>+29</td><td>-30</td><td>+45</td><td>-19</td><td>+13</td></tr><tr><td>Other Asia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>+561</td><td>+957</td><td>-165</td><td>+542</td><td>+641</td><td>+17,696</td><td>+11,768</td><td>-1,322</td><td>-175</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></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><td>+284</td><td>+17</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><td>-3</td><td>+6</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+8</td><td>-3</td><td>-55</td><td>-8</td><td>+1</td><td>-41</td><td>+4</td><td>-11</td><td>+56</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><td>-12</td><td>-62</td></tr><tr><td>Union of South Africa</td><td>-35</td><td>-39</td><td>-31</td><td>-87</td><td>-30</td><td>+15</td><td>-106</td><td>-35</td><td>-</td></tr><tr><td>All other</td><td>-25</td><td>-143</td><td>-5</td><td>-54</td><td>+102</td><td>+29</td><td>+68</td><td>+4</td><td>-200</td></tr><tr><td>Total other countries</td><td>-35</td><td>-192</td><td>+7</td><td>-56</td><td>+19</td><td>+46</td><td>-28</td><td>+227</td><td>-183</td></tr><tr><td>Unidentified</td><td>-13</td><td>+3</td><td>-</td><td>-3</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-1</td></tr><tr><td>Grand totals</td><td>+3,705</td><td>-56,583</td><td>-28,129</td><td>+13,906</td><td>+9,849</td><td>+44,357</td><td>-1,423</td><td>-26,846</td><td>-14,731</td></tr></table>
1/ Adjusted to cover two large transactions in foreign securities, as follows: (a) the inclusion on July 1 of $11,737 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.
March 1946
107
Capital Movements Between the United States and Foreign Countries - (Continued
Section II - Details for Month of September 1945
Table 1.- Short-Term Claims on Foreigners as of September 30, 1945, as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>24,871</td><td>9,709</td><td>3,796</td><td>590</td><td>5,323</td><td>15,162</td><td>12,673</td><td>1,709</td><td>780</td></tr><tr><td>France</td><td>1,247</td><td>117</td><td>50</td><td>38</td><td>29</td><td>1,130</td><td>606</td><td>7</td><td>517</td></tr><tr><td>Belgium</td><td>531</td><td>38</td><td>23</td><td>11</td><td>4</td><td>493</td><td>356</td><td>-</td><td>137</td></tr><tr><td>Denmark</td><td>9</td><td>3</td><td>3</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Finland</td><td>3</td><td>2</td><td>1</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Germany</td><td>33,850</td><td>54</td><td>7</td><td>28</td><td>19</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>346</td><td>247</td><td>26</td><td>210</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>577</td><td>86</td><td>37</td><td>48</td><td>1</td><td>491</td><td>139</td><td>153</td><td>199</td></tr><tr><td>Norway</td><td>65</td><td>32</td><td>4</td><td>-</td><td>28</td><td>33</td><td>-</td><td>-</td><td>33</td></tr><tr><td>Portugal</td><td>256</td><td>37</td><td>34</td><td>2</td><td>1</td><td>219</td><td>92</td><td>-</td><td>127</td></tr><tr><td>Romania</td><td>37</td><td>4</td><td>1</td><td>3</td><td>-</td><td>33</td><td>1</td><td>-</td><td>32</td></tr><tr><td>Spain</td><td>942</td><td>141</td><td>6</td><td>43</td><td>92</td><td>801</td><td>614</td><td>-</td><td>187</td></tr><tr><td>Sweden</td><td>331</td><td>161</td><td>134</td><td>20</td><td>7</td><td>170</td><td>22</td><td>-</td><td>148</td></tr><tr><td>Switzerland</td><td>2,710</td><td>1,271</td><td>101</td><td>1,164</td><td>6</td><td>1,439</td><td>259</td><td>-</td><td>1,180</td></tr><tr><td>U.S.S.R.</td><td>72</td><td>12</td><td>12</td><td>-</td><td>-</td><td>60</td><td>56</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>5,110</td><td>174</td><td>83</td><td>72</td><td>19</td><td>4,936</td><td>1,593</td><td>-</td><td>3,343</td></tr><tr><td>Total Europe</td><td>71,681</td><td>12,114</td><td>4,318</td><td>2,237</td><td>5,559</td><td>59,567</td><td>36,971</td><td>1,936</td><td>20,660</td></tr><tr><td>Canada</td><td>39,581</td><td>18,545</td><td>13,588</td><td>4,622</td><td>335</td><td>21,036</td><td>2,050</td><td>2,308</td><td>16,678</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>12,804</td><td>852</td><td>143</td><td>670</td><td>39</td><td>11,952</td><td>10,099</td><td>79</td><td>1,774</td></tr><tr><td>Bolivia</td><td>1,138</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,138</td><td>102</td><td>-</td><td>1,036</td></tr><tr><td>Brazil</td><td>21,730</td><td>35</td><td>17</td><td>1</td><td>17</td><td>21,695</td><td>3,497</td><td>1,208</td><td>16,990</td></tr><tr><td>Chile</td><td>7,475</td><td>3</td><td>1</td><td>-</td><td>2</td><td>7,472</td><td>50</td><td>1,623</td><td>5,799</td></tr><tr><td>Colombia</td><td>16,688</td><td>12</td><td>-</td><td>12</td><td>-</td><td>16,676</td><td>4,590</td><td>1,701</td><td>10,385</td></tr><tr><td>Costa Rica</td><td>1,514</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,514</td><td>137</td><td>151</td><td>1,226</td></tr><tr><td>Cuba</td><td>18,303</td><td>113</td><td>107</td><td>-</td><td>6</td><td>18,190</td><td>5,637</td><td>4,618</td><td>7,935</td></tr><tr><td>French West Indies and Guiana</td><td>212</td><td>-</td><td>-</td><td>-</td><td>-</td><td>212</td><td>-</td><td>-</td><td>212</td></tr><tr><td>Mexico</td><td>9,015</td><td>1,359</td><td>1,165</td><td>118</td><td>76</td><td>7,656</td><td>1,226</td><td>936</td><td>5,494</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>314</td><td>3</td><td>-</td><td>-</td><td>3</td><td>311</td><td>-</td><td>-</td><td>311</td></tr><tr><td>Panama</td><td>764</td><td>-</td><td>-</td><td>-</td><td>-</td><td>764</td><td>-</td><td>2</td><td>762</td></tr><tr><td>Peru</td><td>1,317</td><td>27</td><td>13</td><td>-</td><td>14</td><td>1,290</td><td>6</td><td>19</td><td>1,265</td></tr><tr><td>Venezuela</td><td>5,224</td><td>171</td><td>167</td><td>-</td><td>4</td><td>5,053</td><td>1,288</td><td>140</td><td>3,615</td></tr><tr><td>Other Latin America</td><td>24,072</td><td>43</td><td>37</td><td>-</td><td>6</td><td>24,029</td><td>13,667</td><td>219</td><td>10,113</td></tr><tr><td>Total Latin America</td><td>120,570</td><td>2,618</td><td>1,650</td><td>801</td><td>167</td><td>117,952</td><td>40,309</td><td>10,696</td><td>66,947</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>1,077</td><td>24</td><td>7</td><td>4</td><td>13</td><td>1,053</td><td>85</td><td>155</td><td>813</td></tr><tr><td>French Indo-China</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>817</td><td>307</td><td>172</td><td>129</td><td>6</td><td>510</td><td>192</td><td>63</td><td>255</td></tr><tr><td>India, Burma, and Ceylon</td><td>8,047</td><td>5,042</td><td>192</td><td>5,446</td><td>4</td><td>2,405</td><td>653</td><td>1,089</td><td>663</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 Manchuria)</td><td>539</td><td>4</td><td>3</td><td>1</td><td>-</td><td>535</td><td>512</td><td>-</td><td>23</td></tr><tr><td>Netherlands East Indies</td><td>1,413</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,413</td><td>-</td><td>1,325</td><td>88</td></tr><tr><td>Philippine Islands</td><td>13,577</td><td>136</td><td>33</td><td>1</td><td>102</td><td>13,441</td><td>9,660</td><td>625</td><td>3,156</td></tr><tr><td>Turkey</td><td>2,301</td><td>6</td><td>-</td><td>-</td><td>6</td><td>2,295</td><td>1,567</td><td>-</td><td>728</td></tr><tr><td>Other Asia</td><td>2,885</td><td>60</td><td>47</td><td>-</td><td>13</td><td>2,825</td><td>1,597</td><td>-</td><td>1,228</td></tr><tr><td>Total Asia</td><td>30,797</td><td>6,194</td><td>454</td><td>5,581</td><td>159</td><td>24,603</td><td>14,268</td><td>3,293</td><td>7,042</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>741</td><td>102</td><td>45</td><td>-</td><td>57</td><td>639</td><td>58</td><td>128</td><td>453</td></tr><tr><td>New Zealand</td><td>347</td><td>17</td><td>5</td><td>-</td><td>12</td><td>330</td><td>-</td><td>39</td><td>291</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>328</td><td>1</td><td>-</td><td>1</td><td>-</td><td>327</td><td>80</td><td>-</td><td>247</td></tr><tr><td>French Morocco</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29</td><td>-</td><td>-</td><td>29</td></tr><tr><td>Union of South Africa</td><td>4,522</td><td>68</td><td>-</td><td>56</td><td>12</td><td>4,454</td><td>-</td><td>-</td><td>4,454</td></tr><tr><td>All Other</td><td>1,352</td><td>113</td><td>16</td><td>-</td><td>97</td><td>1,239</td><td>79</td><td>1</td><td>1,159</td></tr><tr><td>Total other countries</td><td>7,319</td><td>301</td><td>66</td><td>57</td><td>178</td><td>7,018</td><td>217</td><td>166</td><td>6,633</td></tr><tr><td>Unidentified</td><td>278</td><td>-</td><td>-</td><td>-</td><td>-</td><td>278</td><td>-</td><td>-</td><td>278</td></tr><tr><td>Grand total</td><td>270,226</td><td>39,772</td><td>20,076</td><td>13,298</td><td>6,398</td><td>230,454</td><td>93,815</td><td>18,401</td><td>118,238</td></tr></table>
108
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of September 1945 - (Continued
Table 2.- Short-Term Liabilities to Foreigners as of September 30, 1945, as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bill 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>746,157</td><td>737,915</td><td>728,164</td><td>2,165</td><td>5,975</td><td>1,631</td><td>8,222</td><td>860</td><td>1,129</td><td>6,233</td></tr><tr><td>France</td><td>213,417</td><td>213,091</td><td>271,614</td><td>119</td><td>4,126</td><td>232</td><td>326</td><td>172</td><td>117</td><td>37</td></tr><tr><td>Belgium</td><td>218,615</td><td>218,309</td><td>213,661</td><td>212</td><td>4,334</td><td>102</td><td>306</td><td>202</td><td>-</td><td>104</td></tr><tr><td>Denmark</td><td>16,825</td><td>16,819</td><td>15,630</td><td>5</td><td>1,110</td><td>74</td><td>6</td><td>5</td><td>-</td><td>1</td></tr><tr><td>Finland</td><td>7,153</td><td>7,149</td><td>7,149</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>6,856</td><td>6,841</td><td>6,666</td><td>18</td><td>116</td><td>41</td><td>15</td><td>14</td><td>-</td><td>1</td></tr><tr><td>Greece</td><td>66,097</td><td>66,022</td><td>65,357</td><td>178</td><td>485</td><td>2</td><td>75</td><td>49</td><td>-</td><td>26</td></tr><tr><td>Italy</td><td>58,479</td><td>58,468</td><td>58,075</td><td>33</td><td>200</td><td>160</td><td>11</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>22,896</td><td>22,896</td><td>22,853</td><td>13</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>220,563</td><td>219,601</td><td>205,729</td><td>79</td><td>13,790</td><td>5</td><td>960</td><td>817</td><td>113</td><td>30</td></tr><tr><td>Norway</td><td>184,364</td><td>184,350</td><td>60,354</td><td>17</td><td>123,960</td><td>9</td><td>14</td><td>3</td><td>-</td><td>11</td></tr><tr><td>Portugal</td><td>45,464</td><td>44,998</td><td>44,303</td><td>593</td><td>-</td><td>102</td><td>466</td><td>15</td><td>-</td><td>451</td></tr><tr><td>Romania</td><td>9,236</td><td>9,236</td><td>9,207</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13</td></tr><tr><td>Spain</td><td>32,589</td><td>32,493</td><td>31,941</td><td>388</td><td>160</td><td>4</td><td>96</td><td>83</td><td>-</td><td>-</td></tr><tr><td>Sweden</td><td>199,062</td><td>198,984</td><td>65,901</td><td>8,974</td><td>124,100</td><td>3</td><td>78</td><td>78</td><td>-</td><td>-</td></tr><tr><td>Switzerland</td><td>277,668</td><td>276,873</td><td>261,676</td><td>5,139</td><td>9,635</td><td>423</td><td>795</td><td>148</td><td>-</td><td>647</td></tr><tr><td>U.S.S.R.</td><td>25,404</td><td>25,404</td><td>25,386</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>5,216</td><td>5,216</td><td>5,170</td><td>1</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>44,951</td><td>44,939</td><td>39,648</td><td>56</td><td>5,190</td><td>45</td><td>12</td><td>7</td><td>-</td><td>5</td></tr><tr><td>Total Europe</td><td>2,501,012</td><td>2,489,626</td><td>2,138,500</td><td>18,037</td><td>330,256</td><td>2,833</td><td>11,386</td><td>2,468</td><td>1,359</td><td>7,559</td></tr><tr><td>Canada</td><td>1,492,073</td><td>1,489,016</td><td>317,850</td><td>559</td><td>1,170,514</td><td>93</td><td>3,057</td><td>961</td><td>6</td><td>2,084</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>78,030</td><td>77,995</td><td>70,835</td><td>2,861</td><td>3,995</td><td>302</td><td>35</td><td>25</td><td>-</td><td>10</td></tr><tr><td>Ecuador</td><td>17,858</td><td>17,858</td><td>16,237</td><td>21</td><td>1,600</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>181,504</td><td>181,412</td><td>167,375</td><td>13,192</td><td>-</td><td>845</td><td>92</td><td>85</td><td>-</td><td>7</td></tr><tr><td>Chile</td><td>63,208</td><td>63,198</td><td>61,967</td><td>839</td><td>350</td><td>42</td><td>10</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>93,247</td><td>93,246</td><td>93,222</td><td>24</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>6,246</td><td>6,246</td><td>5,927</td><td>318</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>154,476</td><td>154,476</td><td>152,387</td><td>1,668</td><td>400</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>7,820</td><td>7,820</td><td>7,820</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>164,449</td><td>164,284</td><td>146,553</td><td>584</td><td>17,080</td><td>67</td><td>165</td><td>12</td><td>-</td><td>153</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>32,919</td><td>32,919</td><td>27,585</td><td>-</td><td>5,333</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>89,072</td><td>89,072</td><td>79,289</td><td>8</td><td>9,775</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>38,791</td><td>38,748</td><td>37,955</td><td>252</td><td>540</td><td>1</td><td>49</td><td>49</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>44,327</td><td>44,327</td><td>41,014</td><td>82</td><td>10</td><td>3,221</td><td>-</td><td>-</td><td>-</td><td>407</td></tr><tr><td>Other Latin America</td><td>138,614</td><td>137,884</td><td>120,345</td><td>885</td><td>16,060</td><td>594</td><td>730</td><td>323</td><td>-</td><td>-</td></tr><tr><td>Total Latin America</td><td>1,110,567</td><td>1,109,485</td><td>1,028,511</td><td>20,736</td><td>55,143</td><td>5,095</td><td>1,082</td><td>505</td><td>-</td><td>577</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>588,461</td><td>586,658</td><td>434,172</td><td>133</td><td>152,222</td><td>131</td><td>1,803</td><td>415</td><td>-</td><td>1,388</td></tr><tr><td>French Indo-China</td><td>27,607</td><td>27,607</td><td>27,533</td><td>-</td><td>50</td><td>24</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>21,882</td><td>18,949</td><td>18,905</td><td>5</td><td>-</td><td>39</td><td>2,933</td><td>2,933</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>28,857</td><td>28,824</td><td>26,454</td><td>1,665</td><td>656</td><td>49</td><td>33</td><td>25</td><td>-</td><td>8</td></tr><tr><td>British Malaya</td><td>920</td><td>919</td><td>904</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 Manchurie)</td><td>4,214</td><td>4,180</td><td>3,476</td><td>465</td><td>-</td><td>239</td><td>34</td><td>24</td><td>-</td><td>10</td></tr><tr><td>Netherlands East Indies</td><td>99,296</td><td>99,294</td><td>36,327</td><td>213</td><td>62,742</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>92,045</td><td>91,949</td><td>89,197</td><td>16</td><td>925</td><td>1,851</td><td>96</td><td>96</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>50,475</td><td>50,424</td><td>40,079</td><td>327</td><td>10,000</td><td>18</td><td>51</td><td>51</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>76,685</td><td>76,667</td><td>53,998</td><td>335</td><td>22,012</td><td>322</td><td>18</td><td>18</td><td>-</td><td>51</td></tr><tr><td>Total Asia</td><td>990,442</td><td>985,471</td><td>731,005</td><td>3,159</td><td>248,607</td><td>2,700</td><td>4,971</td><td>3,514</td><td>-</td><td>1,457</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>28,496</td><td>28,040</td><td>24,078</td><td>3,740</td><td>270</td><td>352</td><td>456</td><td>19</td><td>-</td><td>431</td></tr><tr><td>New Zealand</td><td>3,070</td><td>3,036</td><td>2,878</td><td>158</td><td>-</td><td>-</td><td>34</td><td>29</td><td>5</td><td>2</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>13,609</td><td>13,270</td><td>12,185</td><td>536</td><td>-</td><td>549</td><td>339</td><td>-</td><td>-</td><td>339</td></tr><tr><td>French Morocco</td><td>5,792</td><td>5,776</td><td>5,456</td><td>20</td><td>-</td><td>300</td><td>16</td><td>-</td><td>-</td><td>16</td></tr><tr><td>Union of South Africa</td><td>8,402</td><td>8,314</td><td>8,276</td><td>18</td><td>15</td><td>5</td><td>88</td><td>-</td><td>-</td><td>88</td></tr><tr><td>All other</td><td>89,982</td><td>89,634</td><td>88,118</td><td>541</td><td>925</td><td>50</td><td>348</td><td>282</td><td>-</td><td>66</td></tr><tr><td>Total other countries</td><td>149,351</td><td>148,070</td><td>140,991</td><td>4,613</td><td>1,210</td><td>1,256</td><td>1,281</td><td>330</td><td>5</td><td>946</td></tr><tr><td>Unidentified</td><td>17,148</td><td>17,148</td><td>17,145</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,260,593</td><td>6,238,816</td><td>4,774,002</td><td>47,107</td><td>1,805,730</td><td>11,977</td><td>21,177</td><td>7,784</td><td>1,370</td><td>12,623</td></tr></table>
March 1946
109
Section II - Details for Month of September 1945 - (Continued)
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners During September 1945, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th></th><th colspan="5">Purchases by "foreigners"</th><th colspan="5">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>1,235</td><td>831</td><td>481</td><td>350</td><td>404</td><td>216</td><td>188</td><td>3,087</td><td>2,703</td><td>1,885</td><td>818</td><td>384</td><td>119</td><td>265</td></tr><tr><td>France</td><td>13,733</td><td>13,683</td><td>1,292</td><td>12,391</td><td>50</td><td>3</td><td>47</td><td>6,306</td><td>6,302</td><td>1,157</td><td>5,145</td><td>4</td><td>1</td><td>3</td></tr><tr><td>Belgium</td><td>270</td><td>230</td><td>228</td><td>2</td><td>40</td><td>10</td><td>30</td><td>132</td><td>130</td><td>130</td><td>-</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Denmark</td><td>35</td><td>35</td><td>5</td><td>30</td><td>-</td><td>-</td><td>-</td><td>177</td><td>177</td><td>102</td><td>75</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>910</td><td>-</td><td>-</td><td>-</td><td>910</td><td>-</td><td>910</td><td>225</td><td>1</td><td>1</td><td>1</td><td>224</td><td>-</td><td>224</td></tr><tr><td>Germany</td><td>36</td><td>36</td><td>6</td><td>30</td><td>-</td><td>-</td><td>-</td><td>15</td><td>15</td><td>4</td><td>11</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>18</td><td>18</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>105</td><td>105</td><td>17</td><td>88</td><td>-</td><td>-</td><td>-</td><td>97</td><td>92</td><td>18</td><td>74</td><td>5</td><td>-</td><td>5</td></tr><tr><td>luxembourg</td><td>159</td><td>159</td><td>141</td><td>18</td><td>-</td><td>-</td><td>-</td><td>81</td><td>81</td><td>79</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>858</td><td>854</td><td>562</td><td>292</td><td>4</td><td>-</td><td>4</td><td>3,678</td><td>3,676</td><td>547</td><td>3,129</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Norway</td><td>152</td><td>145</td><td>126</td><td>19</td><td>7</td><td>-</td><td>7</td><td>274</td><td>260</td><td>256</td><td>4</td><td>14</td><td>2</td><td>12</td></tr><tr><td>Portugal</td><td>23</td><td>10</td><td>7</td><td>3</td><td>13</td><td>-</td><td>13</td><td>20</td><td>20</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</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><td>-</td></tr><tr><td>Spain</td><td>72</td><td>56</td><td>37</td><td>19</td><td>16</td><td>6</td><td>10</td><td>78</td><td>76</td><td>50</td><td>26</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>262</td><td>230</td><td>230</td><td>-</td><td>32</td><td>15</td><td>17</td><td>205</td><td>189</td><td>182</td><td>7</td><td>16</td><td>-</td><td>16</td></tr><tr><td>Switzerland</td><td>5,440</td><td>5,010</td><td>4,572</td><td>438</td><td>430</td><td>195</td><td>235</td><td>7,013</td><td>6,801</td><td>5,042</td><td>1,759</td><td>212</td><td>52</td><td>160</td></tr><tr><td>U. S. S. R.</td><td>2</td><td>2</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>3</td><td>3</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>67</td><td>67</td><td>26</td><td>41</td><td>-</td><td>-</td><td>-</td><td>113</td><td>113</td><td>65</td><td>48</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Europe</td><td>23,380</td><td>21,472</td><td>7,748</td><td>13,724</td><td>1,903</td><td>445</td><td>1,463</td><td>21,505</td><td>20,640</td><td>9,541</td><td>11,099</td><td>865</td><td>174</td><td>691</td></tr><tr><td>Canada</td><td>22,973</td><td>11,671</td><td>3,592</td><td>8,079</td><td>11,302</td><td>1,347</td><td>9,955</td><td>39,460</td><td>24,193</td><td>10,078</td><td>14,115</td><td>15,267</td><td>1,433</td><td>13,834</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>2,183</td><td>1,298</td><td>1,296</td><td>2</td><td>885</td><td>253</td><td>632</td><td>2,079</td><td>1,761</td><td>1,655</td><td>106</td><td>318</td><td>100</td><td>218</td></tr><tr><td>Bolivia</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>20</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>902</td><td>588</td><td>478</td><td>110</td><td>314</td><td>16</td><td>298</td><td>694</td><td>637</td><td>583</td><td>54</td><td>57</td><td>45</td><td>12</td></tr><tr><td>Chile</td><td>254</td><td>241</td><td>177</td><td>64</td><td>13</td><td>13</td><td>-</td><td>311</td><td>263</td><td>229</td><td>34</td><td>48</td><td>22</td><td>26</td></tr><tr><td>Colombia</td><td>102</td><td>61</td><td>57</td><td>4</td><td>41</td><td>-</td><td>41</td><td>48</td><td>44</td><td>14</td><td>-</td><td>4</td><td>4</td><td>-</td></tr><tr><td>Costa Rica</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</td><td>16</td><td>7</td><td>9</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Cuba</td><td>2,099</td><td>1,690</td><td>1,585</td><td>105</td><td>409</td><td>80</td><td>329</td><td>2,530</td><td>2,254</td><td>2,193</td><td>61</td><td>276</td><td>158</td><td>118</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>906</td><td>788</td><td>753</td><td>35</td><td>118</td><td>31</td><td>87</td><td>1,599</td><td>1,427</td><td>894</td><td>533</td><td>172</td><td>64</td><td>108</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>75</td><td>75</td><td>74</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>1,105</td><td>927</td><td>484</td><td>443</td><td>178</td><td>25</td><td>153</td><td>1,963</td><td>1,950</td><td>1,330</td><td>620</td><td>13</td><td>-</td><td>13</td></tr><tr><td>Peru</td><td>323</td><td>287</td><td>280</td><td>7</td><td>36</td><td>36</td><td>-</td><td>158</td><td>151</td><td>99</td><td>52</td><td>7</td><td>7</td><td>-</td></tr><tr><td>Venezuela</td><td>370</td><td>370</td><td>370</td><td>744</td><td>451</td><td>129</td><td>322</td><td>638</td><td>634</td><td>606</td><td>28</td><td>4</td><td>4</td><td>307</td></tr><tr><td>Other Latin America</td><td>4,235</td><td>3,784</td><td>3,040</td><td>744</td><td>451</td><td>129</td><td>322</td><td>2,117</td><td>1,747</td><td>1,262</td><td>485</td><td>370</td><td>63</td><td>307</td></tr><tr><td>Total Latin America</td><td>12,490</td><td>10,045</td><td>8,531</td><td>1,514</td><td>2,445</td><td>583</td><td>1,862</td><td>12,250</td><td>10,979</td><td>8,996</td><td>1,983</td><td>1,271</td><td>467</td><td>804</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>373</td><td>333</td><td>317</td><td>16</td><td>40</td><td>11</td><td>29</td><td>463</td><td>439</td><td>202</td><td>237</td><td>24</td><td>1</td><td>23</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Song Kong</td><td>30</td><td>30</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>12</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Indie, Burme, and Ceylon</td><td>3</td><td>3</td><td>2</td><td>1</td><td>-</td><td>-</td><td>-</td><td>43</td><td>27</td><td>19</td><td>8</td><td>16</td><td>-</td><td>16</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>4</td><td>4</td><td>4</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>15</td><td>15</td><td>15</td><td>15</td><td>19</td><td>18</td><td>1</td></tr><tr><td>Philippine Islands</td><td>136</td><td>90</td><td>35</td><td>55</td><td>46</td><td>18</td><td>28</td><td>199</td><td>180</td><td>154</td><td>26</td><td>19</td><td>18</td><td>1</td></tr><tr><td>Turkey</td><td>6</td><td>-</td><td>-</td><td>-</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>228</td><td>102</td><td>97</td><td>5</td><td>126</td><td>11</td><td>115</td><td>215</td><td>170</td><td>132</td><td>38</td><td>45</td><td>1</td><td>44</td></tr><tr><td>Total Asia</td><td>776</td><td>558</td><td>481</td><td>77</td><td>218</td><td>46</td><td>172</td><td>951</td><td>847</td><td>523</td><td>324</td><td>104</td><td>20</td><td>84</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>121</td><td>15</td><td>15</td><td>-</td><td>106</td><td>-</td><td>106</td><td>104</td><td>104</td><td>102</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>New Zealand</td><td>6</td><td>6</td><td>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>Egypt and Anglo-Egyptian Sudan</td><td>63</td><td>59</td><td>2</td><td>57</td><td>4</td><td>-</td><td>4</td><td>7</td><td>4</td><td>1</td><td>3</td><td>3</td><td>-</td><td>3</td></tr><tr><td>French Morocco</td><td>19</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>79</td><td>79</td><td>-</td><td>2</td><td>-</td><td>2</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>10</td><td>10</td><td>8</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>200</td><td>200</td><td>200</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total other countries</td><td>219</td><td>109</td><td>52</td><td>57</td><td>110</td><td>-</td><td>110</td><td>402</td><td>397</td><td>390</td><td>7</td><td>5</td><td>-</td><td>5</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>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>59,838</td><td>43,855</td><td>20,404</td><td>23,451</td><td>15,983</td><td>2,421</td><td>13,562</td><td>74,569</td><td>57,057</td><td>29,529</td><td>27,528</td><td>17,512</td><td>2,094</td><td>15,418</td></tr></table>
110
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Section I - Net Position, January 1942 - September 1945
(In thousands of dollars; negative figures indicate short position)
<table><tr><th>Position at end of month</th><th>Grand total</th><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>1/1</td><td>1/1</td><td>-97</td></tr><tr><td>Feb. (Jan.29-Feb.25)</td><td>-2,411</td><td>-1,254</td><td>+1,208</td><td>-365</td><td>-516</td><td>-35</td><td>-103</td><td>-1,269</td><td>1/1</td><td>1/1</td><td>+2</td></tr><tr><td>Mar. (Feb.26-Apr. 1)</td><td>-1,424</td><td>-1,488</td><td>+1,018</td><td>-387</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/1</td><td>1/1</td><td>-74</td></tr><tr><td>Apr. (Apr. 2-Apr.29)</td><td>-2,105</td><td>-1,391</td><td>+1,221</td><td>-395</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/1</td><td>1/1</td><td>-95</td></tr><tr><td>May (Apr.30-June 3)</td><td>-3,622</td><td>-1,987</td><td>+555</td><td>-393</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/1</td><td>1/1</td><td>-30</td></tr><tr><td>June (June 4-July 1)</td><td>-3,261</td><td>-1,516</td><td>+915</td><td>-347</td><td>-515</td><td>-37</td><td>-105</td><td>-1,264</td><td>1/1</td><td>1/1</td><td>+5</td></tr><tr><td>July</td><td>-3,442</td><td>-1,870</td><td>+629</td><td>-365</td><td>-516</td><td>-37</td><td>-102</td><td>-1,266</td><td>1/1</td><td>1/1</td><td>-4</td></tr><tr><td>August</td><td>-1,210</td><td>-712</td><td>+1,785</td><td>-369</td><td>-516</td><td>-31</td><td>-103</td><td>-1,266</td><td>1/1</td><td>1/1</td><td>+24</td></tr><tr><td>September</td><td>-1,058</td><td>-582</td><td>+1,808</td><td>-353</td><td>-516</td><td>-30</td><td>-104</td><td>-1,266</td><td>1/1</td><td>1/1</td><td>+36</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>1/1</td><td>1/1</td><td>+45</td></tr><tr><td>November</td><td>-884</td><td>-61</td><td>+2,422</td><td>-392</td><td>-479</td><td>-26</td><td>-103</td><td>-1,255</td><td>1/1</td><td>1/1</td><td>-</td></tr><tr><td>December</td><td>-663</td><td>+430</td><td>+2,740</td><td>-383</td><td>-516</td><td>-30</td><td>-103</td><td>-1,259</td><td>1/1</td><td>1/1</td><td>+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>-54</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>-54</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>-54</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>-53</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>-58</td><td>-17</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>-44</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>-52</td><td>+27</td></tr><tr><td>February</td><td>+6,252</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>-52</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>-59</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>-58</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>-56</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>-56</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>+119</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>-58</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>-58</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>-1,853</td><td>+21</td><td>-56</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>-58</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>-57</td><td>+99</td></tr><tr><td>June</td><td>+9,961</td><td>+7,314</td><td>+8,534</td><td>-170</td><td>-285</td><td>-28</td><td>-61</td><td>-646</td><td>+41</td><td>-56</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><tr><td>August</td><td>+9,061</td><td>+5,448</td><td>+6,993</td><td>-170</td><td>-351</td><td>-28</td><td>-62</td><td>-771</td><td>-3</td><td>-92</td><td>-8</td></tr><tr><td>September</td><td>+2,181</td><td>-581</td><td>+930</td><td>-168</td><td>-352</td><td>-28</td><td>-60</td><td>-801</td><td>+5</td><td>-94</td><td>-2</td></tr></table>
(Continued on following page)
March 1946
111
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section I - Net Position, January 1942 - September 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 - (cootloued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="5">Currency of: Asia</th><th rowspan="2">All other</th></tr><tr><th>Switzer-land</th><th>Other Europe</th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (in- cluding Korea and Manchurie)</th><th>Other 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>1/1</td><td>1/1</td><td>-165</td><td>-2,273</td><td>-22</td></tr><tr><td>Feb. (Jan.29-Feb.25)......</td><td>+58</td><td>-234</td><td>+1,165</td><td>+119</td><td>-2,414</td><td>1/1</td><td>1/1</td><td>-165</td><td>-2,249</td><td>-27</td></tr><tr><td>Mar. (Feb.26-Apr.1)......</td><td>+109</td><td>-229</td><td>+2,458</td><td>+115</td><td>-2,484</td><td>1/1</td><td>1/1</td><td>-166</td><td>-2,318</td><td>-25</td></tr><tr><td>Apr. (Apr. 2-Apr.29)......</td><td>+15</td><td>-212</td><td>+1,412</td><td>+291</td><td>-2,430</td><td>1/1</td><td>1/1</td><td>-166</td><td>-2,264</td><td>+13</td></tr><tr><td>May (Apr.30-June 3)......</td><td>+32</td><td>-226</td><td>+777</td><td>-15</td><td>-2,409</td><td>1/1</td><td>1/1</td><td>-168</td><td>-2,242</td><td>+12</td></tr><tr><td>June (June 4-July 1)......</td><td>+43</td><td>-211</td><td>+498</td><td>+114</td><td>-2,397</td><td>1/1</td><td>1/1</td><td>-168</td><td>-2,229</td><td>+40</td></tr><tr><td>July.......................</td><td>-27</td><td>-162</td><td>+543</td><td>+287</td><td>-2,313</td><td>1/1</td><td>1/1</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>1/1</td><td>1/1</td><td>-71</td><td>-2,138</td><td>-105</td></tr><tr><td>September................</td><td>+77</td><td>-231</td><td>+1,543</td><td>+304</td><td>-2,279</td><td>1/1</td><td>1/1</td><td>-72</td><td>-2,207</td><td>-44</td></tr><tr><td>October...................</td><td>+14</td><td>-231</td><td>+1,426</td><td>-44</td><td>-2,326</td><td>1/1</td><td>1/1</td><td>-72</td><td>-2,254</td><td>-28</td></tr><tr><td>November..................</td><td>-24</td><td>-204</td><td>+1,242</td><td>+269</td><td>-2,192</td><td>1/1</td><td>1/1</td><td>-51</td><td>-2,141</td><td>-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>1/1</td><td>1/1</td><td>-71</td><td>-2,222</td><td>-174</td></tr><tr><td>1943-January................</td><td>+78</td><td>-111</td><td>+371</td><td>+508</td><td>-2,153</td><td>-53</td><td>-2,118</td><td>-71</td><td>+89</td><td>-139</td></tr><tr><td>February...................</td><td>+45</td><td>-120</td><td>+518</td><td>+405</td><td>-2,144</td><td>-53</td><td>-2,116</td><td>-71</td><td>+96</td><td>-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>+68</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>-1</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>+64</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><tr><td>August.....................</td><td>-45</td><td>-15</td><td>+5,242</td><td>+481</td><td>-2,285</td><td>-51</td><td>-2,122</td><td>-27</td><td>-85</td><td>+175</td></tr><tr><td>September..................</td><td>+39</td><td>-50</td><td>+4,342</td><td>+672</td><td>-2,283</td><td>-51</td><td>-2,122</td><td>-27</td><td>-83</td><td>+31</td></tr></table>
1/
Not available.
112
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section II - Outstanding Forward Exchange Contracts, January - September 1945
(In thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th>Grand total</th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Netherlands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><td colspan="12">Currency of: Europe (continued on following page)</td></tr><tr><td colspan="12">Purchase contracts</td></tr><tr><td>Total purchase contracts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>3,851</td><td>1,437</td><td>649</td><td>3</td><td>519</td><td>-</td><td>-</td><td>248</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>3,897</td><td>1,308</td><td>519</td><td>3</td><td>519</td><td>-</td><td>-</td><td>248</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>3,684</td><td>1,005</td><td>452</td><td>3</td><td>283</td><td>-</td><td>-</td><td>248</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>3,397</td><td>912</td><td>410</td><td>3</td><td>237</td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>5,661</td><td>763</td><td>316</td><td>3</td><td>188</td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>4,394</td><td>715</td><td>377</td><td>3</td><td>79</td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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>August</td><td>8,394</td><td>5,105</td><td>5,006</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>13,276</td><td>10,397</td><td>10,107</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 purchase 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>August</td><td>2,406</td><td>443</td><td>443</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>2,575</td><td>911</td><td>721</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>236</td><td>3</td><td>122</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1,577</td><td>332</td><td>216</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><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><tr><td>August</td><td>5,988</td><td>4,662</td><td>4,563</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>10,701</td><td>9,486</td><td>9,386</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="12">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><td></td></tr><tr><td>1945-January</td><td>5,820</td><td>3,868</td><td>1,972</td><td>2</td><td>679</td><td>-</td><td>10</td><td>1,150</td><td>-</td><td>1</td><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><td>August</td><td>10,494</td><td>5,673</td><td>5,165</td><td>32</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>September</td><td>16,983</td><td>11,531</td><td>10,832</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>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><td></td></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>468</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>567</td><td>517</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>991</td><td>556</td><td>506</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>1,958</td><td>1,562</td><td>1,512</td><td>-</td><td>50</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><td></td></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><tr><td>August</td><td>9,503</td><td>5,117</td><td>4,659</td><td>32</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>September</td><td>15,025</td><td>9,969</td><td>9,320</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)
March 1946
113
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section II - Outstanding Forward Exchange Contracts, January - September 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>99</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>August</td><td>-</td><td>2</td><td>1,868</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>5</td></tr><tr><td>September</td><td>190</td><td>3</td><td>1,427</td><td>3</td><td>1,300</td><td>380</td><td>824</td><td>-</td><td>96</td><td>149</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>August</td><td>-</td><td>-</td><td>547</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>-</td></tr><tr><td>September</td><td>190</td><td>-</td><td>235</td><td>-</td><td>1,300</td><td>380</td><td>824</td><td>-</td><td>96</td><td>129</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>August</td><td>-</td><td>2</td><td>1,321</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>September</td><td>-</td><td>3</td><td>1,192</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</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>44</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>44</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>44</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>44</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>44</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>44</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>44</td><td>207</td><td>1</td></tr><tr><td>August</td><td>-</td><td>2</td><td>3,974</td><td>591</td><td>254</td><td>19</td><td>-</td><td>44</td><td>211</td><td>2</td></tr><tr><td>September</td><td>220</td><td>3</td><td>4,729</td><td>392</td><td>302</td><td>19</td><td>-</td><td>44</td><td>279</td><td>29</td></tr><tr><td>Contracts for sales to foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-</td><td>-</td><td>74</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>460</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>73</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-</td><td>435</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>9</td><td>387</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</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>44</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>44</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>44</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>44</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>44</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>44</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>44</td><td>207</td><td>1</td></tr><tr><td>August</td><td>-</td><td>2</td><td>3,974</td><td>156</td><td>254</td><td>19</td><td>-</td><td>44</td><td>231</td><td>2</td></tr><tr><td>September</td><td>220</td><td>3</td><td>4,729</td><td>5</td><td>302</td><td>19</td><td>-</td><td>44</td><td>279</td><td>29</td></tr></table>
114
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 - September 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</td><td>Spot............. 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............. 1,540</td><td></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</td><td>Spot............. 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............. 1,819</td><td></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</td><td>Spot............. 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............. 1,930</td><td></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</td><td>Spot............. 45,759</td><td>19,884</td><td>14,743</td><td>250</td><td>50</td><td>-</td><td>-</td><td>-</td><td>480</td><td>220</td></tr><tr><td>Forward............. 1,983</td><td></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</td><td>Spot............. 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............. 5,226</td><td></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</td><td>Spot............. 71,280</td><td>29,527</td><td>22,298</td><td>81</td><td>304</td><td>-</td><td>-</td><td>219</td><td>342</td><td>472</td></tr><tr><td>Forward............. 3,700</td><td></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</td><td>Spot............. 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............. 3,958</td><td></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>August</td><td>Spot............. 58,112</td><td>32,782</td><td>23,868</td><td>268</td><td>365</td><td>-</td><td>-</td><td>-</td><td>629</td><td>338</td></tr><tr><td>Forward............. 4,985</td><td></td><td>3,103</td><td>3,103</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot............. 72,184</td><td>39,946</td><td>33,449</td><td>117</td><td>267</td><td>-</td><td>-</td><td>-</td><td>531</td><td>239</td></tr><tr><td>Forward............. 7,306</td><td></td><td>5,809</td><td>5,808</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td colspan="11">Purchases from banks:</td></tr><tr><td>1945-January</td><td>Spot............. 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............. 1,271</td><td></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</td><td>Spot............. 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............. 1,474</td><td></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</td><td>Spot............. 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............. 1,511</td><td></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</td><td>Spot............. 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............. 1,416</td><td></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</td><td>Spot............. 31,232</td><td>14,440</td><td>7,811</td><td>410</td><td>281</td><td>-</td><td>-</td><td>-</td><td>409</td><td>350</td></tr><tr><td>Forward............. 4,873</td><td></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</td><td>Spot............. 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............. 3,456</td><td></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</td><td>Spot............. 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............. 2,536</td><td></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>August</td><td>Spot............. 31,652</td><td>18,935</td><td>10,438</td><td>266</td><td>339</td><td>-</td><td>-</td><td>-</td><td>608</td><td>327</td></tr><tr><td>Forward............. 2,896</td><td></td><td>1,674</td><td>1,674</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot............. 36,594</td><td>19,576</td><td>13,329</td><td>114</td><td>255</td><td>-</td><td>-</td><td>-</td><td>528</td><td>236</td></tr><tr><td>Forward............. 4,783</td><td></td><td>3,749</td><td>3,748</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td colspan="11">Purchases from customers other than banks:</td></tr><tr><td>1945-January</td><td>Spot............. 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............. 269</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>Spot............. 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............. 345</td><td></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</td><td>Spot............. 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............. 419</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot............. 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............. 567</td><td></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</td><td>Spot............. 24,647</td><td>10,693</td><td>10,351</td><td>174</td><td>1</td><td>-</td><td>-</td><td>-</td><td>27</td><td>1</td></tr><tr><td>Forward............. 353</td><td></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</td><td>Spot............. 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............. 244</td><td></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</td><td>Spot............. 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............. 1,422</td><td></td><td>1,172</td><td>1,172</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>Spot............. 26,460</td><td>13,787</td><td>13,370</td><td>2</td><td>26</td><td>-</td><td>-</td><td>-</td><td>21</td><td>11</td></tr><tr><td>Forward............. 2,089</td><td></td><td>1,429</td><td>1,429</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot............. 35,590</td><td>20,370</td><td>20,120</td><td>3</td><td>12</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td></tr><tr><td>Forward............. 2,523</td><td></td><td>2,060</td><td>2,060</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
March 1946
115
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 - September 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europs - (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>
Purchases
<table><tr><th>Total purchases:</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>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>-</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>-</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>-</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><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>-</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>-</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>-</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>-</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>-</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>556</td><td>114</td><td>-</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>-</td><td>1,056</td><td>4,038</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,417</td><td>-</td><td>59</td><td>-</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>-</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>-</td><td>15</td></tr><tr><td>August</td><td>Spot</td><td>957</td><td>6,195</td><td>162</td><td>17,742</td><td>2,622</td><td>865</td><td>-</td><td>865</td><td>4,101</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,836</td><td>-</td><td>46</td><td>-</td><td>46</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>665</td><td>4,576</td><td>102</td><td>23,759</td><td>2,739</td><td>1,305</td><td>-</td><td>1,305</td><td>4,435</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,353</td><td>3</td><td>-</td><td>-</td><td>-</td><td>141</td></tr><tr><th>Purchases from banks:</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>Spot</td><td>577</td><td>2,887</td><td>17</td><td>8,151</td><td>3,261</td><td>1,003</td><td>-</td><td>1,003</td><td>2,099</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,050</td><td>-</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>-</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><td>-</td></tr><tr><td>March</td><td>Spot</td><td>400</td><td>5,297</td><td>75</td><td>9,194</td><td>3,242</td><td>759</td><td>-</td><td>759</td><td>1,630</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,373</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td></tr><tr><td>April</td><td>Spot</td><td>287</td><td>3,481</td><td>48</td><td>9,279</td><td>3,292</td><td>933</td><td>-</td><td>933</td><td>1,374</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,263</td><td>-</td><td>49</td><td>-</td><td>49</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>473</td><td>4,588</td><td>118</td><td>10,348</td><td>3,880</td><td>909</td><td>-</td><td>909</td><td>1,655</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,695</td><td>556</td><td>80</td><td>-</td><td>80</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>776</td><td>4,788</td><td>106</td><td>20,997</td><td>3,385</td><td>1,031</td><td>-</td><td>1,031</td><td>1,608</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,179</td><td>-</td><td>59</td><td>-</td><td>59</td><td>-</td></tr><tr><td>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>-</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>-</td><td>15</td></tr><tr><td>August</td><td>Spot</td><td>919</td><td>5,967</td><td>71</td><td>8,351</td><td>1,767</td><td>768</td><td>-</td><td>768</td><td>1,771</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,176</td><td>-</td><td>46</td><td>-</td><td>46</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>539</td><td>4,539</td><td>36</td><td>11,916</td><td>2,037</td><td>1,270</td><td>-</td><td>1,270</td><td>1,795</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>994</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40</td></tr><tr><th>Purchases from customers other than banks:</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>Spot</td><td>76</td><td>99</td><td>35</td><td>6,581</td><td>1,837</td><td>21</td><td>-</td><td>21</td><td>2,207</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>269</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot</td><td>78</td><td>91</td><td>30</td><td>5,250</td><td>542</td><td>21</td><td>-</td><td>21</td><td>1,878</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>287</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>60</td><td>87</td><td>78</td><td>9,885</td><td>734</td><td>1</td><td>-</td><td>1</td><td>2,066</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>378</td><td>41</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>41</td><td>206</td><td>78</td><td>8,214</td><td>782</td><td>7</td><td>-</td><td>7</td><td>1,994</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>485</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>57</td><td>25</td><td>57</td><td>10,990</td><td>717</td><td>34</td><td>-</td><td>34</td><td>2,247</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>304</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>38</td><td>33</td><td>70</td><td>11,639</td><td>638</td><td>25</td><td>-</td><td>25</td><td>2,430</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>238</td><td>-</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>-</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><td>-</td></tr><tr><td>August</td><td>Spot</td><td>38</td><td>228</td><td>91</td><td>9,391</td><td>855</td><td>97</td><td>-</td><td>97</td><td>2,330</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>660</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>126</td><td>37</td><td>66</td><td>11,843</td><td>702</td><td>35</td><td>-</td><td>35</td><td>2,040</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>359</td><td>3</td><td>-</td><td>-</td><td>-</td><td>101</td></tr></table>
(Continued on following page)
116
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 - September 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th></tr></table>
<table><tr><th colspan="11">Sales</th></tr><tr><td>Total sales:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>Spot</td><td>44,883</td><td>21,401</td><td>16,651</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>322</td><td>722</td></tr><tr><td></td><td>Forward</td><td>2,099</td><td>291</td><td>291</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot</td><td>40,392</td><td>19,153</td><td>14,809</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>321</td><td>327</td></tr><tr><td></td><td>Forward</td><td>3,128</td><td>479</td><td>479</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>45,449</td><td>22,555</td><td>15,328</td><td>25</td><td>236</td><td>-</td><td>-</td><td>-</td><td>438</td><td>518</td></tr><tr><td></td><td>Forward</td><td>3,824</td><td>149</td><td>138</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>11</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>45,854</td><td>20,067</td><td>15,134</td><td>236</td><td>46</td><td>-</td><td>-</td><td>11</td><td>479</td><td>223</td></tr><tr><td></td><td>Forward</td><td>3,172</td><td>197</td><td>197</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>53,964</td><td>23,561</td><td>16,825</td><td>572</td><td>142</td><td>-</td><td>-</td><td>-</td><td>412</td><td>348</td></tr><tr><td></td><td>Forward</td><td>6,441</td><td>1,506</td><td>1,506</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>60,938</td><td>28,314</td><td>21,284</td><td>82</td><td>256</td><td>-</td><td>-</td><td>-</td><td>356</td><td>471</td></tr><tr><td></td><td>Forward</td><td>11,020</td><td>495</td><td>495</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>54,613</td><td>31,826</td><td>24,143</td><td>106</td><td>581</td><td>-</td><td>-</td><td>176</td><td>533</td><td>265</td></tr><tr><td></td><td>Forward</td><td>7,342</td><td>2,592</td><td>2,592</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>Spot</td><td>53,167</td><td>30,109</td><td>20,791</td><td>270</td><td>383</td><td>-</td><td>-</td><td>2</td><td>650</td><td>340</td></tr><tr><td></td><td>Forward</td><td>6,298</td><td>3,156</td><td>3,139</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>75,980</td><td>46,874</td><td>40,421</td><td>118</td><td>267</td><td>-</td><td>-</td><td>-</td><td>533</td><td>238</td></tr><tr><td></td><td>Forward</td><td>9,626</td><td>5,419</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td colspan="12">Sales to banks:</td></tr><tr><td>1945-January</td><td>Spot</td><td>19,704</td><td>9,517</td><td>8,155</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>62</td><td>565</td></tr><tr><td></td><td>Forward</td><td>1,051</td><td>141</td><td>141</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot</td><td>15,492</td><td>6,895</td><td>5,998</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>149</td><td>158</td></tr><tr><td></td><td>Forward</td><td>1,030</td><td>242</td><td>242</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>17,477</td><td>7,324</td><td>6,140</td><td>1</td><td>186</td><td>-</td><td>-</td><td>-</td><td>184</td><td>184</td></tr><tr><td></td><td>Forward</td><td>927</td><td>101</td><td>101</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>18,000</td><td>7,532</td><td>6,639</td><td>-</td><td>26</td><td>-</td><td>-</td><td>11</td><td>231</td><td>118</td></tr><tr><td></td><td>Forward</td><td>1,031</td><td>114</td><td>114</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>21,137</td><td>9,599</td><td>8,259</td><td>192</td><td>26</td><td>-</td><td>-</td><td>-</td><td>133</td><td>204</td></tr><tr><td></td><td>Forward</td><td>1,325</td><td>282</td><td>282</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>22,715</td><td>10,895</td><td>9,432</td><td>8</td><td>35</td><td>-</td><td>-</td><td>-</td><td>92</td><td>246</td></tr><tr><td></td><td>Forward</td><td>2,132</td><td>319</td><td>319</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>22,851</td><td>14,465</td><td>12,590</td><td>13</td><td>181</td><td>-</td><td>-</td><td>-</td><td>245</td><td>238</td></tr><tr><td></td><td>Forward</td><td>2,889</td><td>1,399</td><td>1,399</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>Spot</td><td>22,635</td><td>13,309</td><td>10,951</td><td>8</td><td>16</td><td>-</td><td>-</td><td>-</td><td>343</td><td>276</td></tr><tr><td></td><td>Forward</td><td>2,180</td><td>1,741</td><td>1,741</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>43,818</td><td>27,278</td><td>25,715</td><td>13</td><td>14</td><td>-</td><td>-</td><td>-</td><td>171</td><td>189</td></tr><tr><td></td><td>Forward</td><td>4,806</td><td>3,905</td><td>3,905</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="12">Sales to customers other than banks:</td></tr><tr><td>1945-January</td><td>Spot</td><td>25,179</td><td>11,884</td><td>8,496</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>260</td><td>157</td></tr><tr><td></td><td>Forward</td><td>1,048</td><td>150</td><td>150</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot</td><td>24,900</td><td>12,258</td><td>8,811</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>172</td><td>169</td></tr><tr><td></td><td>Forward</td><td>2,098</td><td>237</td><td>237</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>27,972</td><td>15,231</td><td>9,188</td><td>24</td><td>50</td><td>-</td><td>-</td><td>-</td><td>254</td><td>334</td></tr><tr><td></td><td>Forward</td><td>2,897</td><td>48</td><td>37</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>27,854</td><td>12,535</td><td>8,495</td><td>236</td><td>20</td><td>-</td><td>-</td><td>-</td><td>248</td><td>105</td></tr><tr><td></td><td>Forward</td><td>2,141</td><td>83</td><td>83</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>32,827</td><td>13,962</td><td>8,566</td><td>380</td><td>116</td><td>-</td><td>-</td><td>-</td><td>279</td><td>144</td></tr><tr><td></td><td>Forward</td><td>5,116</td><td>1,224</td><td>1,224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>38,223</td><td>17,419</td><td>11,852</td><td>74</td><td>221</td><td>-</td><td>-</td><td>-</td><td>264</td><td>225</td></tr><tr><td></td><td>Forward</td><td>8,888</td><td>176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>31,762</td><td>17,361</td><td>11,553</td><td>93</td><td>400</td><td>-</td><td>-</td><td>176</td><td>288</td><td>27</td></tr><tr><td></td><td>Forward</td><td>4,453</td><td>1,193</td><td>1,193</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>Spot</td><td>30,532</td><td>16,800</td><td>9,840</td><td>262</td><td>367</td><td>-</td><td>-</td><td>2</td><td>307</td><td>64</td></tr><tr><td></td><td>Forward</td><td>4,118</td><td>1,415</td><td>1,398</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>32,162</td><td>19,596</td><td>14,706</td><td>105</td><td>253</td><td>-</td><td>-</td><td>-</td><td>362</td><td>49</td></tr><tr><td></td><td>Forward</td><td>4,820</td><td>1,514</td><td>1,513</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr></table>
(Continued on following page)
March 1946
117
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 - September 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"></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>Total sales:</th><th></th><th></th><th></th><th>Sales</th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>1945-January</td><td>Spot</td><td>665</td><td>2,962</td><td>74</td><td>14,940</td><td>3,923</td><td>897</td><td>-</td><td>897</td><td>3,722</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,739</td><td>-</td><td>18</td><td>-</td><td>18</td><td>51</td></tr><tr><td>February</td><td>Spot</td><td>297</td><td>3,306</td><td>79</td><td>12,143</td><td>4,747</td><td>708</td><td>-</td><td>708</td><td>3,041</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>-</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>-</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>-</td><td>2</td><td>44</td></tr><tr><td>April</td><td>Spot</td><td>303</td><td>3,509</td><td>126</td><td>18,293</td><td>3,972</td><td>769</td><td>-</td><td>769</td><td>2,753</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,775</td><td>29</td><td>143</td><td>-</td><td>143</td><td>28</td></tr><tr><td>May</td><td>Spot</td><td>479</td><td>4,652</td><td>131</td><td>21,702</td><td>4,437</td><td>865</td><td>-</td><td>865</td><td>3,399</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,791</td><td>976</td><td>168</td><td>-</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>-</td><td>933</td><td>3,750</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>-</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>-</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>-</td><td>30</td></tr><tr><td>August</td><td>Spot</td><td>1,315</td><td>6,189</td><td>169</td><td>15,987</td><td>2,728</td><td>985</td><td>-</td><td>985</td><td>3,358</td></tr><tr><td></td><td>Forward</td><td>-</td><td>17</td><td>-</td><td>2,991</td><td>41</td><td>110</td><td>-</td><td>110</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>661</td><td>4,489</td><td>147</td><td>21,644</td><td>2,417</td><td>1,274</td><td>-</td><td>1,274</td><td>3,771</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,052</td><td>88</td><td>47</td><td>-</td><td>47</td><td>20</td></tr><tr><th>Sales to banks:</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>Spot</td><td>392</td><td>323</td><td>20</td><td>8,023</td><td>555</td><td>74</td><td>-</td><td>74</td><td>1,535</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>877</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33</td></tr><tr><td>February</td><td>Spot</td><td>183</td><td>396</td><td>11</td><td>6,269</td><td>886</td><td>35</td><td>-</td><td>35</td><td>1,407</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>771</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>64</td><td>541</td><td>24</td><td>8,284</td><td>288</td><td>24</td><td>-</td><td>24</td><td>1,557</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>785</td><td>41</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>79</td><td>411</td><td>17</td><td>8,752</td><td>423</td><td>29</td><td>-</td><td>29</td><td>1,204</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><td>28</td></tr><tr><td>May</td><td>Spot</td><td>148</td><td>611</td><td>26</td><td>9,614</td><td>235</td><td>82</td><td>-</td><td>82</td><td>1,607</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,009</td><td>-</td><td>34</td><td>-</td><td>34</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>250</td><td>796</td><td>36</td><td>9,822</td><td>316</td><td>132</td><td>-</td><td>132</td><td>1,550</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,813</td><td>-</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>-</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>-</td><td>15</td></tr><tr><td>August</td><td>Spot</td><td>783</td><td>882</td><td>50</td><td>7,355</td><td>311</td><td>209</td><td>-</td><td>209</td><td>1,451</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>439</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>398</td><td>759</td><td>19</td><td>14,184</td><td>292</td><td>170</td><td>-</td><td>170</td><td>1,894</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>901</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><th>Sales to customer other than banks:</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>Spot</td><td>273</td><td>2,639</td><td>54</td><td>6,917</td><td>3,368</td><td>823</td><td>-</td><td>823</td><td>2,187</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>862</td><td>-</td><td>18</td><td>-</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>-</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>-</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>-</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>-</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>-</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>-</td><td>143</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>331</td><td>4,041</td><td>105</td><td>12,088</td><td>4,202</td><td>783</td><td>-</td><td>783</td><td>1,792</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,782</td><td>976</td><td>134</td><td>-</td><td>134</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>583</td><td>4,092</td><td>108</td><td>14,031</td><td>3,772</td><td>801</td><td>-</td><td>801</td><td>2,200</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>8,581</td><td>41</td><td>90</td><td>-</td><td>90</td><td>-</td></tr><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>-</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>-</td><td>15</td></tr><tr><td>August</td><td>Spot</td><td>532</td><td>5,307</td><td>119</td><td>8,632</td><td>2,417</td><td>776</td><td>-</td><td>776</td><td>1,907</td></tr><tr><td></td><td>Forward</td><td>-</td><td>17</td><td>-</td><td>2,552</td><td>41</td><td>110</td><td>-</td><td>110</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>263</td><td>3,730</td><td>128</td><td>7,460</td><td>2,125</td><td>1,104</td><td>-</td><td>1,104</td><td>1,877</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,151</td><td>88</td><td>47</td><td>-</td><td>47</td><td>20</td></tr></table>
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
WASHINGTON 25, D. C.
OFFICIAL BUSINESS
PERMIT NO. 1002
FORM A-3/46-2000
PENALTY FOR PRIVATE USE TO AVOID
PAYMENT OF POSTAGE, $300
COPY No. 2
Trease HJ 10 A2 1946 c.2
U.S. Treasury Dept. Treasury Bulletin