May
LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
Ireas. HJ 10 A2 C.2
TREASURY BULLETIN
APRIL - 1946
LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
April 1946
1
Table of Contents
Pago
Cumulative table of contents
Articles:
Statement by Secretary Vinson on the proposed financial agreement with Britain, before the Senate Committee on Banking and Currency. A-1
Federal wartime financing and growth of liquid assets
Individual income tax returns for 1944 with adjusted gross income under $25,000 - marital and dependency status and number of employers
Preliminary statistics from corporation income and taxable excess profits tax returns for 1943 A-26
Treasury market financing A-32
Statistical section:
Summary of fiscal statistics 1
Receipts and expenditures and appropriations 4
General fund of the Treasury 18
Public debt and guaranteed obligations of the United States Government 21
Ownership of United States Government securities 48
Prices and yields of Government securities (including securities issued by Federal agencies)
Corporations and certain other agencies of the United States Government
Internal revenue statistics 76
Monetary statistics 81
Capital movements between the United States and foreign countries 86
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="2">1946</th><th colspan="10">Issue and page number</th></tr><tr><th>Apr.</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></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the Senate Committee on Banking and Currency.</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>Federal wartime financing and growth of liquid assets.</td><td>A-11</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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><td></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></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>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>7th War Loan, May-June 1945:</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><td></td></tr><tr><td>Sales by issues, by investor classes, and by States.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</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></td><td>A-23</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>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>War financing - some implications for the future (speech by Under Secretary of the Treasury).</td><td>A-1</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></tr><tr><td>Procedure for redemption of United States excess profits tax refund bonds.</td><td>A-7</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets and liabilities of all active banks in the United States:</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-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>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></td><td></td><td></td><td></td><td>A-6</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>Marital and dependency status and number of employers.</td><td>A-21</td><td></td><td></td><td></td><td>A-23</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial statistics of certain tax-exempt organizations for 1943.</td><td></td><td></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 1943:</td><td>A-26</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td></tr><tr><td>Preliminary 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>Advance tabulation.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Taxable individual and fiduciary income tax returns, with net income of $5,000 and over, for 1943 (advance tabulation).</td><td>A-21</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td>A-33</td><td></td><td></td><td></td></tr><tr><td>Publication of Statistics of Income for 1942, Part I.</td><td></td><td></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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal land bank bonds.</td><td></td><td></td><td></td><td></td><td>A-6</td><td>A-1</td><td></td><td></td><td>A-6</td><td>A-2</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></td><td></td><td>A-25</td><td></td><td></td><td></td></tr><tr><td>Invasion currency.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td>A-5</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></td><td></td><td></td><td>A-1</td></tr><tr><td>Maturity of Adjusted service bonds on June 15, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings bonds:</td><td></td><td></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>A-27</td><td></td><td></td><td></td><td>A-23</td><td></td><td></td><td></td></tr><tr><td>Maturity of Series B bonds.</td><td></td><td></td><td></td><td></td><td>A-28</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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-24</td><td></td><td></td><td></td></tr><tr><td>Redemption through banks and additional financial institutions.</td><td>A-32</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></tr><tr><td>Treasury market financing.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><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>6</td><td>6</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></tr><tr><td>Analysis of general expenditures.</td><td>7</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></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>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-10</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years.</td><td>10</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></tr><tr><td>Trust accounts, etc., receipts and expenditures.</td><td>11</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></tr><tr><td>Means of financing cash requirements.</td><td></td><td></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 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>12</td><td>14</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>13</td><td>15</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>13</td><td>15</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>14</td><td>16</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>14</td><td>16</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>14</td><td>16</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>15-16</td><td>17-18</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>17</td><td>19</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>17</td><td>19</td><td>17</td><td>17</td><td>17</td><td>17</td></tr></table>
(Continued on following page)
April 1946
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Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="3">1946</th><th colspan="9">Issue and page number 1945</th></tr><tr><th>Apr.</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></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>19</td><td>21</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>20</td><td>22</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>Issuance and retirement of the public debt.</td><td>22</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></tr><tr><td>Composition of the interest-bearing public debt.</td><td>22</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></tr><tr><td><b>Public debt and guaranteed obligations:</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>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>Miscal 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>23-24</td><td>25-26</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>24-25</td><td>26-27</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>26</td><td>28</td><td>26</td><td>26</td><td>26</td><td>26</td></tr><tr><td>Computed interest charge and computed interest rate.</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>29</td><td>27</td><td>27</td><td>27</td><td>27</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>27</td><td>29</td><td>27</td><td>27</td><td>27</td><td>27</td></tr><tr><td>Statutory limitation on the public debt - condition, as of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td></tr><tr><td>March 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td></tr><tr><td>June 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>30</td><td>28</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></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></td><td></td><td>28</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></td><td></td><td>28</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>28</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>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>January 31, 1946.</td><td>28</td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 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>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>29-31</td><td>31-33</td><td>29-31</td><td>28-30</td><td>28-30</td><td>29-31</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>34</td><td>32</td><td>31</td><td>31</td><td>32</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>35</td><td>33</td><td>32</td><td>32</td><td>33</td></tr><tr><td>Offerings and maturities of Treasury bills.</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>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></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>36</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>37-39</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-39</td><td>36-37</td><td>35-36</td><td>35-36</td><td>36-37</td></tr><tr><td>Sales by series, classified by denominations.</td><td>40</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></tr><tr><td>Number of pieces sold, classified by denominations.</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>40</td><td>40</td><td>41</td></tr><tr><td>Sales by series, classified by States.</td><td>42-43</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>41-42</td><td>39-40</td><td>38-39</td><td>38-39</td><td>39-40</td></tr><tr><td>Redemptions of series A-E, classified by States.</td><td>44</td><td>44</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>43</td><td>41</td><td>40</td><td>40</td><td>41</td></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>41</td><td>41</td><td>42</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>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></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>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></tr><tr><td>Type of purchaser.</td><td>46</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></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>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></tr><tr><td>Sales, classified by denomination.</td><td>47</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></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>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></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors.</td><td>50</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></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>50</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></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>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></td><td></td><td>48-52</td><td></td><td></td></tr><tr><td>May 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1945.</td><td></td><td></td><td></td><td></td><td>49-53</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></td><td>49-53</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>49-53</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>51-55</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>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></td><td></td><td>54-58</td><td></td><td>56-60</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)
1v
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="2">1946</th><th colspan="9">Issue and page number</th></tr><tr><th></th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Nov.</th><th>Cot.</th><th>Sept.</th><th>Aug.</th><th>July</th><th>June</th><th>May</th></tr><tr><td colspan="12">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></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></td><td></td><td>55-57</td><td></td><td></td></tr><tr><td>May 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-57</td><td>62-64</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>55-57</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>55-57</td><td></td><td>60-62</td><td>55-57</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>55-57</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>62-64</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1945</td><td></td><td>60</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>58</td></tr><tr><td>December 31, 1945</td><td></td><td>61</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>59</td></tr><tr><td>January 31, 1946</td><td></td><td>62</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>60</td></tr><tr><td>February 28, 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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yields beginning with 1937</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">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>61</td><td>64-68</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>69</td><td>72-75</td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></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></tr><tr><td>September 30, 1945</td><td></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></tr><tr><td>December 31, 1945</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><td></td></tr><tr><td>Loans outstanding, classified by type of loans:</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>March 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>68-70</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>70-72</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></td><td></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></td><td>62-67</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>62-67</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>64-69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First six months, fiscal year 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>69-74</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>52-73</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>70-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First six months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">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>78</td><td>62</td><td>75</td><td>61</td><td>62</td></tr><tr><td>Summary data</td><td>77</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>75</td><td>61</td><td>62</td></tr><tr><td>Chart</td><td>78</td><td>80</td><td>63</td><td>76</td><td>78</td><td>63</td><td>75</td><td>79</td><td>63</td><td>77</td><td>62</td><td>63</td></tr><tr><td>Comparative details for current periods</td><td>79-80</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></tr><tr><td colspan="12">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>67-68</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>67-68</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></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td>67-68</td><td></td><td>67-68</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td>82</td><td>84</td><td>69</td><td>80</td><td>82</td><td>69</td><td>80</td><td>87</td><td>69</td><td>81</td><td>66</td><td>69</td></tr><tr><td>Gold assets and liabilities of the Treasury, 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>69</td></tr><tr><td>March 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>69</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td>69</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>84</td><td>69</td><td>80</td><td>82</td><td>69</td><td>80</td><td>87</td><td>69</td><td>81</td><td>66</td><td>69</td></tr><tr><td>December 31, 1945</td><td>82</td><td>84</td><td>69</td><td>80</td><td>82</td><td>69</td><td>80</td><td>87</td><td>69</td><td>81</td><td>66</td><td>69</td></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td>83</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></tr><tr><td>Monetary stocks of gold and silver</td><td>83</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></tr><tr><td>Components of silver monetary stock</td><td>85</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></tr><tr><td>Silver production in the United States and silver accumulation by state and assay offices</td><td>87</td><td>89</td><td>74</td><td>85</td><td>87</td><td>76</td><td>82</td><td>85</td><td>71</td><td>83</td><td>68</td><td>71</td></tr><tr><td>Seizmorage on silver, by type</td><td>87</td><td>89</td><td>74</td><td>85</td><td>87</td><td>76</td><td>82</td><td>85</td><td>71</td><td>83</td><td>68</td><td>71</td></tr><tr><td>Money in circulation</td><td>88-104</td><td>90-106</td><td>75-91</td><td>86-102</td><td>88-104</td><td>77-93</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Capital movements between the United States and foreign countries</td></tr><tr><td>Discussion of composition of statistics</td><td></td><td></td><td></td><td></td><td></td><td>74-75</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of net capital movement since 1935</td><td>87</td><td>89</td><td>74</td><td>85</td><td>87</td><td>76</td><td>82</td><td>85</td><td>71</td><td>83</td><td>68</td><td>71</td></tr><tr><td>Summary by countries, January 1942-July 1945</td><td>88-104</td><td>90-106</td><td>75-91</td><td>86-102</td><td>88-104</td><td>77-93</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Details:</td><td></td><td></td><td></td><td></td><td></td><td>94-96</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>105-107</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>107-109</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>92-94</td><td>107-109</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 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 1945</td><td></td><td>107-109</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 1945</td><td>105-107</td><td>110-117</td><td>95-102</td><td>106-113</td><td>108-114</td><td>97-102</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Position in foreign currencies</td><td>108-115</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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Statement by Secretary Vinson on the Proposed Financial
Agreement with Britain, before the Senate Committee on Banking and Currency, March 5, 1946
I am happy to appear again before this committee. Your work and all of the work throughout Congress as we start our postwar building is of vital importance to our people. I hope that what I have to say will be helpful to you.
Our people ask their government to do everything possible to achieve enduring peace and sound prosperity. This objective requires vigilance and action on many fronts.
This morning we are concerned particularly with our international economic program. In my judgment, the best milestones we have seen on the road to peace and prosperity is our international economic program. This program is well developed and we can soon put it into full effect. But if this program is to succeed it is necessary to have the full participation of England. That is why the President stated in his message "that the next order of international business before the Congress should be our financial relations with the United Kingdom." The purpose of the financial agreement with England, which is now before you, is to make it possible to put this program into immediate operation.
We have based our policy on a simple proposition: conflicts between nations should not be settled by fire and sword; international problems should be solved in the common-sense way. The common-sense way is to deal with them through discussion and agreement, through international cooperation. It is essential, of course, for the United Nations to cooperate on political problems that effect world security. But that is not enough. There must be a sound economic foundation for peace. That foundation can be built only through cooperation among the nations.
Our International Economic Policy
For the past five years this government has stood for, and has advocated, a definite international economic policy. That policy is to restore world trade, to free it from the restrictions that isolate countries and from the discriminations that divide nations into conflicting economic blocs. We have not been content with
securing agreement on abstract principles. International economic problems must be dealt with in the concrete terms in which they arise. The responsibility for dealing with these problems does not rest in any one country. They are international in scope and they can be dealt with only when and if the several nations get together. We have proposed, therefore, that the United Nations provide the means for continuing cooperation through the International Bank, the International Fund and an International Trade Organization.
This policy of international economic co-operation is a frank recognition that the breakdown in world economic relations in the 1930's was an important factor in prolonging and intensifying the great depression. It is a frank recognition that the economic warfare of the 1930's was part of the master plan for aggression by Germany and Japan. Admitting that we should learn from experience, we have urged the United Nations to adopt a comprehensive policy of international cooperation to restore world trade.
The success of this policy depends upon securing prompt economic reconstruction, orderly currency arrangements, and the reduction of trade barriers. World trade cannot be restored until the war-devastated countries in Europe and the Far East are again able to produce, and to buy and sell. World trade cannot be restored until the currency restrictions that have plagued the world for more than a decade have been eliminated. World trade cannot be restored until the present barriers that block trade have been abolished. When the countries of the world are again producing, when they have put into effect fair currency and trade practices, world trade will expand and grow. Then the business men of all countries can secure access to world markets on fair and equal terms.
This international economic program is a big and vital part of what we are doing to give the American people peace and prosperity. You cannot maintain American production and employment in the midst of world-wide depression. You cannot
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expect sick and hungry men to build a peaceful world. You cannot raise a new generation dedicated to peace in the ruins of bombed-out cities. The chances for maintaining peace will be im-measurably better in a world that is working and trading — in a world in which economic warfare has been eliminated.
Importance to the United States
Our own program of maintaining high levels of production, employment and national income is dependent on our success in expanding world trade. Foreign trade is an important factor in our economy. We need markets abroad. Before the war, 8 percent of our physical production of agricultural and industrial goods was sold abroad. In many of our more important industries more than 10 percent of the entire output was exported.
In 1937 and 1938, 31 percent of our raw cotton, 30 percent of our leaf tobacco, and 12 percent of our wheat and flour, were sold abroad. Looking at industrial products, 54 percent of our refined copper, 15 percent of our farm equipment and machinery, 14 percent of our automobiles and trucks, 14 percent of our industrial machinery, and 11 percent of our refined mineral oil were sold abroad. The fact of the matter is that for large segments of agriculture and industry, exports mean the difference between prosperity and depression.
Our need for foreign markets will soon be greater than ever before. American production is at the highest level ever reached in peacetime. As a nation we must learn to use an industrial plant with a capacity nearly twice as great as before the war. For every steel ingot produced before the war we can now produce two. For every machine made before the war we can now make four. There are new fabrics, new plastics, new processes. And in agriculture, too, we have reached new records of production for nearly all our major crops.
Much the largest part of our output will, of course, be sold at home; but we must have foreign markets for many of our products. The world needs and wants American goods. We must make sure the world can buy them. The one way to keep the markets of other countries open to American products is to bring about an expansion of world trade. We want to trade. We want to export and we want to import. We ask no special advantages
in world trade. And we want no discriminations aimed against us.
A program that stimulates a full flow of trade among nations is necessary for world recovery. That is good business for America. But it is because of no sordid motive that we urge this program on the United Nations. It is also good business for the entire world. We want a prosperous America. We want a prosperous world. We gain more than material benefits, important though they are. In a prosperous world we gain a genuine chance for lasting peace.
That in brief is the program of international economic cooperation this Government has proposed to the United Nations. We have made much progress. The World Fund and the World Bank have been ratified by 35 countries. The inaugural meeting of the Fund and Bank will start in Savannah within the week. We have reached the stage where much of this program can be put into practical operation,
The one danger is delay. The longer we wait, the longer there will be reliance on the currency and trade restrictions, which reached new heights during the war. If postwar trade becomes adjusted to the protection that these devices provide, there will be strong opposition to their removal. That is why the success of our program depends largely on the prompt application of fair currency and trade practices. But England will not be able to put these positive principles into effect until she is sure she can secure her essential imports of food and raw materials.
The British Problem
The people of England are confronted with a difficult and urgent problem, vital to their whole economy. England must increase her export trade in order to buy the imports she needs. She must expand her export trade to the level necessary to maintain the living standard of her people and the functioning of her industries. In addition, England will require help from abroad to secure, during the next few years, the imports she must have. England must assure her people the means of living and working in the five critical years ahead.
The war has seriously disrupted England's international economic position. In the three years before the war England imported annually $4,200 million of goods. She paid for 55 percent
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of her imports by her merchandise exports. About 24 percent of her imports was paid for with the net income from British investments in all parts of the world. Another 17 percent of her imports was paid for out of the net receipts from ship- ping, insurance, banking and other services. England's foreign exchange receipts from all these sources have been sharply reduced.
In order to devote as much of her industrial output as possible to war purposes Britain converted her export industries to war production. Lend-Lease aid from the United States, Mutual Aid from Canada, and foreign loans in sterling made it possible for England to secure her war-time imports without maintaining the prewar volume of exports. In fact, British exports were deliberately reduced until in 1944 they amounted to 30 percent of the prewar volume. The producing power thus freed was diverted to Britain's armed forces and to her munitions industries.
England's exports have been rising since the end of the war and they will continue to rise. In view of the loss of foreign exchange from other sources, England's exports will have to be increased far above their prewar volume. But even with favorable conditions of world trade and with help from friendly countries England will need several years to expand her export trade. During these years she must find some way to feed her people and her factories with imported food and raw materials.
In financing her overseas war expenditure and her wartime imports England sold many of her foreign investments. These investments before the war yielded net foreign exchange income of nearly $1,000 million a year. With the sale of some investments, the destruction of others in Europe and the Far East, and with the new foreign debt that England incurred, the net income from her foreign investments has fallen sharply. In 1945 it was less than $400 million. With present
pay for only one-third the quantity of imports it bought before the war.
Shipping and other services have always been an important part of England's international business. During the war the losses from enemy action were enormous, and in spite of the fact that shipbuilding was given high priority, England's merchant fleet was greatly reduced. The insurance, banking, and commercial services that England formerly supplied to all parts of
the world have also fallen off along with her trade. With greatly expanded world trade, British income from shipping and other services will again pay for a large part of England's imports. But this, too, will take time.
Not all the ravages of war are seen in rubble heaps. Compare the cost to Britain of her lost foreign assets and her new foreign debt, amounting to more than $17,000 million, with the $6,000 million of damage done by German bombs, robots, and rockets and the $3,000 million of damage done by German submarines. To a country like England, unique in her dependence on overseas supplies, the deterioration in her international economic position is even more serious than the destruction from bombing.
Which Policy for England?
The restoring of her international economic position is primarily a problem for England to solve. She must revitalize her export industries. She must increase the efficiency of her workers and her business men. That is the only way in which England can increase her exports far above the prewar level. That is the only way in which she can continue to pay for her imports of essential raw materials. There can be no doubt that British industries are capable of developing technical efficiency of a character which would permit them to compete for their share of the world's markets. To survive, England must restore and expand her export trade.
England can deal with this problem in one of two ways. One way is to join in the economic program of the United Nations. She would accept and effectuate the fair trade and currency principles which we have proposed. Under this program, England would remove her war-time currency and trade controls without waiting until her exports have been restored. Then as world trade grows England would share in the growth, and her increased exports would in time pay for her imports.
The alternative is to continue and even to extend these currency and trade controls. England would form a British economic bloc. Countries that want to sell to her would have to take payment in British exports. The countries to whom Britain owes $13,000 million in blocked sterling would be compelled to take British goods in payment of the debts. In brief, England would form an exclusive British economic bloc in which trade inside the bloc is encouraged through pref-
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erences and pressures, and trade outside the bloc is discouraged through discriminations and controls. We would be one of the countries outside the bloc.
The people of England prefer to solve their international economic problem through cooperation with the United States and the United Nations. Britain's economic and political traditions and interests strongly favor such a solution. There are few people who want a British economic bloc for its own sake. England too, needs an expansion of world trade. That is the only way in which she can achieve her objectives of raising British production and maintaining the British standard of living.
England is willing to assume the risk of selling her exports in fair competition with the exporters of other countries. She is willing to commit herself to our program of fair currency and trade practices in order to encourage an expansion in world trade. Britain cannot undertake the commitment to put this program into effect, however, unless she gets help in financing her imports during the next few years.
This help can come only from us and to a lesser extent from Canada and some other countries. If England cannot secure help from the countries committed to a policy of international economic cooperation, she will have to continue and to extend the war-time impediments to world trade. In this way she would simply force additional aid out of the British trading bloc. This is not a matter of preference. It is sheer necessity.
During the war England took measures to mobilize and conserve foreign exchange for essential war purposes. These war-time currency and trade restrictions are still in effect. They were necessary in the war emergency; but they are harmful to world trade and prosperity in time of peace. The continuation of these restrictions would affect us more than any other country. The fact of the matter is that American exports would be excluded from their major markets abroad. We can see from the war-time controls what such a policy would involve.
You have heard a good deal about these wartime restrictions, particularly the sterling area, blocked sterling area, blocked sterling, the dollar pool, trade controls, and payments arrangements. You may want to know how these
restrictions operate and how they hurt American business.
The Sterling Area
The sterling area now includes the countries of the British Empire except Canada, and a number of other countries mainly in the Middle East. These countries do much of their business with England and they keep most of their monetary reserves in the form of sterling in England.
Before the war sterling could be used by these countries to buy goods all over the world—in the United States, Canada, Latin America, anywhere. For example, if Australia wanted to buy American cotton before the war it sold the sterling for dollars, and used the dollars to pay for American cotton. That is to say, sterling was freely convertible into dollars.
That was before the war. During the war the sterling area took on some new features. Because England didn't have enough gold and dollars, she no longer permitted sterling to be sold freely. She made sterling inconvertible. In practice, this means that the countries of the sterling area cannot use the sterling they receive for their exports to buy American goods, unless they obtain permission from England.
As it is now, Australia cannot use her sterling receipts to buy American cotton; but she can use the sterling to buy cotton in India or Egypt. In short, while trade among the sterling area countries continues unaffected by these currency restrictions, the trade of all sterling area countries with the United States is subject to the will of Britain.
We do not want England saying to Australia and other countries from which she imports: "You cannot use the sterling you acquire from us to buy goods in the United States." That would mean that American exporters would be discriminated against in all trade with the sterling area.
Blocked Sterling
That brings us to blocked sterling. England had to go on buying goods in the sterling area, and meeting the costs of her armies in India, Egypt and other countries. She bought the goods and she met her war expenses in these countries by paying in sterling. England did not have the means to convert the sterling into dollars, she could not export enough to let these countries use all of their sterling to buy goods. In
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effect, the accumulated sterling balances were blocked from use.
The amount of sterling accumulated by various countries during the war was very large. Although England sold $4,500 million worth of her foreign investments, her war-time overseas expenditures were so enormous that sterling balances accumulated in rapid fashion. These balances now amount to $13,000 million. They are held by foreign countries in the form of sterling deposits in London banks and sterling securities of the British Treasury. This is a tremendous sum for a foreign debt.
What is done about these blocked sterling balances will mean much to American trade. We do not want England saying to India and the other countries holding blocked sterling: "These balances will be freed only to buy goods in England." That would mean the exclusion of many American products from the whole sterling area.
Sterling Area Dollar Pool
England also needed and bought goods outside the sterling area. Many commodities we shipped to England had to be paid for in dollars. And that was also true of some of England's imports from other countries. England had to mobilize all her dollar resources. She sold some of her American investments to obtain dollars. Other dollars were borrowed by pledging some of her investments. In addition, England arranged to have the dollar receipts of the sterling area countries pooled in, and allocated by, London.
Under this system, when an Indian exporter sells goods in the United States he turns the dollars over to the Reserve Bank of India and receives rupees. These dollars are then sold to England for sterling. This happens in all of the sterling area countries that have net dollar receipts. In short, all the dollar holdings of the sterling area are pooled in London.
Then when a country in the sterling area needs dollars, it applies to London. To conserve dollars, no funds are allocated to buy goods in the United States if they can be secured in any sterling area country. That point needs emphasis. Under the sterling area dollar pool goods are not bought in the United States if they can be found in any sterling area country. American producers lose markets under this system. We want American exporters to have a fair chance to sell their products in every country that has dollars to pay
for them.
Other Trade and Payment Restrictions
Along with these financial controls there are direct trade controls on imports in England and all the sterling area countries. These controls are exercised through import licenses, shipping priorities, and in other ways. They are used to exclude goods that are bought with dollars. This has meant, throughout the war and even now, keeping to a minimum the imports of all goods from countries outside the sterling area and particularly American products.
Some countries, including England, do not have the means to pay for as much imports as their people want to buy. Total imports in such countries may have to be limited. But we want the limitations on imports to be applied across-the-board. We do not want discrimination against American exporters.
There is another kind of currency restriction that England is now using. During the war, and particularly since the war, England entered into bilateral agreements with a large number of countries to whom Britain is an important export market. Under these bilateral agreements England pays for her imports from these countries in sterling. The sterling can then be used to buy goods in England and in the sterling area.
Any sterling not used to buy imports from the sterling area must be kept idle. This means that some countries whose export trade is adequate to pay for the imports they want are compelled to restrict their purchases in the United States. We want such limitations removed so that countries can use the proceeds of their exports to every country to buy goods from any country.
Effect on World Trade
The continuation and the extension of these currency and trade controls in England would necessitate their retention in many other countries. Throughout the sterling area and the countries with which England has bilateral payments agreements, supplementary measures would be taken to restrict purchases from areas in which payment cannot be made in sterling. In other countries, particularly Canada, their exclusion from the sterling area market would limit seriously their exports, and they, in turn, would restrict purchases from the United States. It is a vicious cycle.
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We are going to have one system or the other. Either we will have prosperity producing world trade or we will have economic blocs. The currency and trade controls in England endanger the whole international economic program that the United Nations have developed over the past five years.
The countries that have close trade and currency relations with Britain are a major factor in world trade. Together they account for 55 percent of world imports and nearly 50 percent of world exports. Clearly, what such a group does on currency and trade policy must be a major factor in the world economy.
Our own trade relations with this group thus far have been very close. Nearly half of our total exports and imports in the years 1936-38 went to the countries of the sterling area and to the payments agreements countries. Omitting Germany and Japan, 56 percent of our trade was with these countries.
Our whole program for maintaining high levels of production, employment and national income would be seriously affected. In six commodity groups, constituting more than 80 percent of all United States exports in 1937, these countries were our indispensable buyers. Of our metal machinery and vehicle exports, they took 47 percent; of our leaf tobacco exports, they took 88 percent; of our meat, grain and other food exports, they took 59 percent; of our raw cotton exports, they took 49 percent; of our petroleum and related exports, they took 46 percent; and of our wood and paper exports, they took 47 percent. Gentlemen, the continuation of these war-time controls would be a body blow to our whole economy.
Conflicting Economic Blocs
We need and want our trade with India, Australia, New Zealand, South Africa and Egypt. These are some of the countries of the sterling area. We cannot risk the loss of our export markets in France, Belgium, Netherlands, Sweden, and Czechoslovakia, or in Brazil, Bolivia, and Peru. These are some of the countries with which England has payment agreements.
What we have here, potentially, is a British economic bloc. Such a powerful bloc excluding the United States, Canada, and the countries of the dollar area would be a challenge to our economy that we could not ignore. Our position in
world trade would be threatened. We would have to defend ourselves. We would be compelled to form an economic bloc of our own.
Two rival blocs would mean economic warfare. Probably we would win, but it would be a pyrrhic victory. World trade would be destroyed and all countries would suffer. If England and the United States should drift into such a conflict, it would be a tragedy for all. We would find our trade decreased and our people unemployed. England would find her standard of living deteriorated and her people impoverished. The hope for economic cooperation might be lost forever. The consequences to world prosperity and even to world peace would be disastrous.
This would be a sad augury for the post-war world. If we permit a renewal of economic warfare, we will not justify our heritage or our faith in the future. International economic problems can no more be solved by economic force than political problems can be solved by war. Our people know this. The British people know this. They know the dangers to themselves and to the entire world that would arise from a conflict in economic policy. They want this problem settled by discussion and agreement, not by economic warfare.
Provisions of the Financial Agreement
That is why the representatives of the United States and of England discussed this problem for three months. The American representatives wanted England to remove promptly the various war-time restrictions and discriminations. They wanted England to put into effect the fair currency and trade practices for which the United Nations stand. They wanted England to assure American exporters an opportunity to sell their goods in competition with the exporters of other countries on fair and equal terms. That is precisely what the financial agreement provides.
In brief, here is what we gain by the financial agreement:
1. Exports of goods and services from the United States to England will be paid for in dollars, or if they are paid in pounds, the sterling can be converted into dollars. This is particularly important to the American companies which in the past have experienced considerable difficulty in getting their earnings out of England. They will now be able to get dollars.
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That means, for all practical purposes, American business men can be just as sure of payment for their current claims in England as they were before the war.
2. Within a year, unless in exceptional cases the United States agrees to a later date, England will make all sterling arising from current trade convertible. England will thus return to the free use of sterling in international trade that she permitted before the war. For example, if Mexico and Egypt exports goods to England they will be able to use the money they get to buy goods in any country. That means they could convert the sterling into dollars and buy goods in the United States.
3. Within a year, unless in exceptional cases the United States agrees to a later date, England will dissolve the sterling area dollar pool. Each country in the sterling area will again have complete freedom to use its dollars as it wishes. For example, the money India gets for its exports to the United States and Latin America could be spent here without getting an allocation of dollars from England. That means India could use the dollars she gets to buy American machinery instead of being forced to buy English machinery.
4. The blocked sterling balances will be settled by England and the countries concerned. All payments on these balances now or later will be free for making purchases in any country, including the United States. This large debt will not be used to exclude American products from the sterling area, or to put our exporters at a disadvantage in competition with British exporters. England will not force the countries holding $13,000 million in blocked sterling to buy British instead of American goods.
5. England's import controls will be administered in a manner which does not discriminate against American products. If England finds it necessary to impose a quantitative limitation on her imports this will be applied on an equal basis toward all countries. That means England will not keep out American cotton and to-
bacco, grains and meats, fruits and nuts, or any of our industrial products, in order to buy these same goods in other countries.
6. Within a year, unless in exceptional cases the United States agrees to a later date, England will impose no restrictions on payments and transfers for ordinary current transactions. In effect, all of the countries that have payments agreements with England will be permitted to use the proceeds of their sales to England, if they wish to buy goods in other countries. They will be allowed to use the sterling they acquire in this way to buy American products on the same basis as they are able to buy British products.
In addition, England has agreed that she will support the American proposal for an International Trade Organization to reduce trade barriers and eliminate trade discriminations. Thus, England gives wholehearted support to our policy of expanded trade, with all countries having access to world markets on fair and equal terms. The adoption of the proposed fair trade practices will complete our program for international economic cooperation. England's support of our proposal assures the success of the United Nations trade conference to be held later this year.
The Credit to England
If the Congress approves, the aid that Britain needs in carrying out her commitments under the financial agreement will come largely from the United States. This Government will open a line of credit of $3,750 million on which England can draw until 1951 to pay for her current imports. Beginning in 1951, England is to repay the credit with interest at 2 percent. She will do this in 50 annual payments of $119 million. Including the payments under the Land-Lease settlement, England will pay the United States $140 million a year.
The greater part of the credit will be used to pay for exports from the United States. Directly or indirectly nearly all of the money will ultimately be spent in the United States. The credit to England will enable her to maintain her essential imports. May I emphasize that Britain will still have to enforce an austere level of consumption little different from that of the war years. For some time to come British imports will have to be far below the import demand of the Eng-
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Treasury Bulletin
lish people, perhaps as little as 60 percent of the pre-war amount.
I want to make it perfectly clear: that the credit is not a gift; that it is a loan which England is to repay; that it is to be repaid with interest; that it is not an unconditional credit. It is a credit which must be used only to meet Britain's current payments and to enable her to remove her war-time currency and trade restrictions. Nons of the credit can be used to pay the blocked sterling balances or any of England's present obligations. Payments on such obligations must be met by England out of her own resources or out of funds secured in some other way.
The principal of the credit due each year must be repaid without qualification. Under conditions of severe depression in world trade, and under objective standards stated in the agreement, the interest due in any year can be waived. If such an emergency situation develops, I believe that it is to our own benefit to collect the principal and not to force a default which might have serious consequences to the world economy. As soon as these temporary conditions pass, England would resume the payment of interest on the credit.
There are people in this country who say the terms are too easy. There are people in England who say the terms are too harsh. These people forget that the financial agreement is not just a loan. It is a contract with rights and obligations for both parties. When you think of the financial agreement in this way, I am confident that you will find that the terms are fair to both countries and they will prove beneficial to both countries.
It is true that the interest rate on this loan is less than England would have to pay on a strictly commercial loan from bankers. The interest is, nevertheless, substantial for an agreement of this character. The effective rate of interest, assuming the credit is used in five equal annual amounts and all payments are met, would be 1.63 percent. If the credit is used in three equal annual amounts, the effective rate of interest would be 1.76 percent. This is reasonably comparable to the cost of money to the Treasury.
There is no easy way of stating without qualification what is the cost of borrowing by
this Government. The computed average rate of interest on all outstanding Government loans is 1.97 percent. This rate is more than the cost of new borrowing and more than the Treasury actually pays. If the Treasury were now borrowing $3,750 million through the same securities we now have outstanding, and in the same proportions, the cost on the basis of present yields would be 1.64 percent. I say, therefore, that the rate of interest on the credit is quite comparable to the cost to the Treasury of borrowing this money.
The interest charged on the credit is only a part of the agreement. The terms on which this Government can offer the credit, the terms which England can undertake to pay, are determined by those provisions of the agreement which commit England to certain currency and trade practices. The benefits that this country will secure in the form of expanded trade and increased national income are far more important than the principal and interest that England will pay. Our people will see the effects in higher incomes for our farmers, our workers, and our business men. The Treasury will see the effects directly in the revenue it collects in taxes.
If you want to see the real meaning of the financial agreement, just consider the opposition to it in England. The opposition is directed very largely to the provisions regarding the convertibility of sterling received from current transactions and their free use to pay for exports from the United States. The opposition comes from a small but influential group which has urged that England retain the present restrictions, secure the necessary volume of exports through bilateral agreements, and form a British economic bloc. The great majority of the British people join with us in a desire to deal with international economic problems through international economic cooperation. They ask merely the aid to carry on until this program has had its effect in expanding trade.
Special Bond Issue
You have seen the proposal that the credit to England be given only from funds invested in special bonds issued for this purpose. The payment to bondholders of principal and interest would be made only from the sums received from England. Of course, no bond issue of this kind ever was or ever could be floated. This is not just a commercial loan, and it is not the kind of loan that private investors or private bankers should make. I have a feeling that this proposal
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is simply one form of saying "no" to the agreement.
It is most important to appreciate fully that a loan on bankers' terms would not give us the basic objective and the broad benefits of the financial agreement. That objective is the removal of discriminatory currency and trade restrictions. These restrictions reduce world trade, force it into uneconomic channels, and discriminate against our exports. The interest on a loan in which you get commitments to remove these restrictions must obviously be more favorable than the market rate for foreign securities.
British Investments in the United States
Some of the opponents of this loan have said that the British ought to sell their assets or put them up as collateral. This is based on a misconception of the amount of British investments in the United States. In order to pay for her purchases of munitions prior to Lend-Lease, England sold $320 million of her American investments. In addition, she pledged a considerable amount of her American investments with the Re-construction Finance Corporation in 1941 for a loan with which to meet obligations incurred prior to Lend-Lease.
At the end of 1945 British holdings of securities and direct investments in the United States, including pledged assets, amounted to about $1,475 million. This was divided into $575 million of securities and $900 million of direct investments. The Reconstruction Finance Corporation estimates the value of the collateral pledged against the loan at about $895 million. Of the $530 million of securities and direct investments which remain unpledged, many are small holdings and of the type that cannot readily be vested and sold by the British Government.
Apart from these assets, there are some British interests in estates and trusts set up under American law. British interest are intermingled with the American interests in these estates and trusts, and the assets cannot be taken by the British Government. They are under the jurisdiction of American courts. The only way to value these interests is by the arbitrary capitalization of the income. On such a basis, British interests in American estates and trusts would not exceed $350 million. All other scattered and miscellaneous British holdings in the United States, equally difficult to vest or
liquidate, are estimated at approximately $100 million.
Effect on Inflation Problem
Opponents to the loan make the point that the credit will add to the inflationary pressures in this country. I have been concerned with the inflation problem in more than mild fashion for some time now. I know how important it is to this country to prevent inflation. It remains our most important domestic problem. The long-run sound way to fight inflation is to produce more goods in the United States and to produce more goods throughout the world. The lifting of trade restrictions as a result of the financial agreement will stimulate trade and production everywhere. In that way, it will do much to relieve the world shortage of goods and help the fight against inflation.
The $3,750 million credit will not be spent all at once, nor will the bulk of it be used to purchase goods that are in scarce supply. It will be used over a five-year period. The amount of the credit is about one-half of one percent of the total demand for goods in the United States during the next five years. Part of the credit will be used to buy goods of which we already have a surplus, like cotton. Certainly, the credit will increase infinitesimally the total spending in this country. That will be more than offset, in my judgment, by its favorable effects on production and trade which are the real factors in preventing inflation.
Not a Precedent
The credit to England is in no way a precedent for other loans. Its particular purpose from the American point of view is to free a major segment of the world's trade from the currency and trade restrictions by which it is now shackled. The key to the removal of these restrictions is to make it possible for England to pay for its imports with funds that can be used to buy goods in any country. What England does about her currency and trade controls is of the utmost significance in determining whether the entire world will be one large and prosperous international trading group or whether it will be broken up into conflicting economic blocs.
The proposed credit to Britain is to enable her to participate in world trade, without currency and trade discriminations, while she reconverts her industries to peacetime production and
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Treasury Bulletin
resumes her usual place in world markets. No other country has the same problem. No other country has the same strategic position in world trade. That is why this loan cannot and will not be regarded as a precedent.
Other nations need help. Some will need help for which they cannot pay. They will get such help through UNRRA. Some will need help in maintaining the stability of their currency. They will get that help through the International Fund. And many countries will need help in restoring their economy. For all worthwhile projects, help of this character will be available through the Export-Import Bank and soon through the International Bank for Reconstruction and Development.
The Bretton Woods Agreements Act established the National Advisory Council on International Monetary and Financial Problems. This council is charged with coordinating the activities of all agencies of the Government on foreign loans and monetary transactions. The members of the Council have spent many hours during the last six months in carrying out their statutory responsibilities. They have met more than forty times to go over the foreign financial problems before this Government.
The first report of the Council, as required by law, has just been sent to the President and to Congress. When you examine this report, I believe that you will agree that the Council has been motivated by the desire to carry out in the financial field the major objectives of American foreign policy while securing the most efficient use of the funds of the American taxpayer.
An Investment in Peace and Prosperity
The loan to Britain is an essential and integral part of our program of international economic cooperation. A peaceful and prosperous world requires the full participation of England, and of the countries closely linked with England, in the world economy. The policy that Britain chooses in meeting her balance of payments problem will affect the economic well-being of the entire world. The United States has a vital in
terest in the solution of this problem.
The financial agreement is a sound investment in world peace and prosperity. Not only will the $3,750 million be fully repaid, but American business will reap rich dividends through its access to world markets on a fair and equal basis. Every section of this country, every sector of our economy, depends in part on world trade. The financial agreement will open the markets of England and many other countries to our exporters. This means more exports for our farmers and manufacturers, more jobs for our workers, more profits for business, and a higher income for all our people.
We live in a world that is growing more interdependent economically and politically. The great hope of mankind is that we will proceed to build the kind of world that our heads and hearts desire. We are doing that in cooperation with the United Nations. There can be no turning back. It is impossible to revert to the international political or economic conditions of the 1930's without endangering the welfare of this country and the survival of the entire world. Our people are determined that political and economic differences should be settled by peaceful and cooperative means.
Man will not have fulfilled his divine destiny while there is war and want. Two world wars and a world depression have made this a generation of bitter memory. It is wonderful to have again the hope of peace and plenty. The cynics shut their eyes and close their ears and sit among the scoffers. Ours is a higher duty — to find a way to give effect to the will of the people. Let us have faith equal to our great task. Let us put into effect the determination of our people for a world in which nations work and live together in peace and prosperity.
There are times that are turning points in the history of mankind. This is such a time. The decisions we make or do not make today will shape the destiny of the world for generations to come. I pray that we shall have the vision to act bravely and boldly.
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Federal Wartime Financing and Growth of Liquid Assets
The incurring of a large deficit by the Federal Government during the war years was accompanied by an unprecedented volume of liquid savings from income and a corresponding expansion in the liquid assets in the hands of the public. The fact that all three - the Federal deficit, liquid savings, and the increase in liquid assets - are approximately equal is not accidental; they are all the product of the same factors. This article presents a brief analysis of these factors, with special emphasis on the relation of wartime production and spendings to Federal financing; and liquid asset formation.
The production of goods and services is accompanied by the creation of an equivalent amount of money income 1/. For example, an airplane is built and sold to the Army. The manufacturer pays wages to his workers and dividends to his stockholders; he pays other producers for the materials they provide; he sets aside part of his gross receipts to cover depreciation and to meet his taxes, and he has some left that represents his profits. The same is true, of course, with the entire chain of production from raw materials to finished products. As a result, money income is received by individuals and business enterprises in an aggregate amount equal to the value of total production in the economy. In addition, individuals receive money income from certain governmental outlays not arising from current production such as war contract prepayments, veterans' pensions, and mustering out pay. As a total, then, the country's gross income flow is equal to the combined expenditures of individuals, corporations, and government. Total spendings 2/ and total income are really the same figures; they are the head and tail of a coin.
This is not to say, of course, that income and spending are equal for any particular individual or group. The wartime composition of spending as between individuals 3/, corporations, and State and local governments, on the one hand, and the Federal Government, on the other, was considerably different from the distribution of total income. Wartime taxes fell far short of covering total Federal expenditures so the Federal Government incurred a substantial deficit. As a corollary, taxes fell short of eliminating the war-swollen surpluses of income of the rest
of the economy.
It was these surpluses which the Federal Government tried to reach as far as possible in financing the war. It was important that every possible means be taken to persuade people to hold these funds rather than attempt to spend them, because such an attempt on a large scale would have meant inflation. The surpluses were dammed up in the first instance by governmental rationing and price controls which directly limited the ability of holders to spend their money. Scarce foods were rationed, many products requiring scarce materials and labor were not permitted to be made at all, and prices and wages were regulated. Once the savings were made, however, the Treasury had to operate on another front to see that they remained saved. The best way to accomplish this was to get as much of them as possible into Federal securities.
The Federal Deficit and Liquid Savings from Income
An analysis of the flow of income, spendings, and liquid savings 2/ with particular reference to Federal financing is presented in the following discussion, with accompanying charts. The figures cover the six calendar years 1940 through 1945, using preliminary data for December 1945.
Federal expenditures 1940-1945 totaled $365 billion. During the six calendar years, the Federal Government spent $365 billion, as shown in Chart 1. This is ten times as much as total Federal expenditures 4/ in the comparable World War I period. About 95 percent of the total was either for direct war costs or for "aftermath of war" expenditures - that is, interest on the public debt, aid to veterans, and tax refunds. Expenditures for munitions and government-financed war construction alone accounted for $211 billion.
Federal expenditures other than for war or aftermath of war totaled only $19 billion during these years, or about one-third less than similar expenditures during the six preceding years (1934-1939). These other expenditures include public works, aid to agriculture, and social security assistance (budgetary items only) as well as regular departmental expenditures and the net outlays of nonwar Government corporations. See Table 1 for details on Federal expenditures.
Note: See page A-18 for footnotes.
Treasury Bulletin
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receipts, and borrowing by calendar years, 1940-1945.
40% of Federal expenditures covered by taxes. Of the $365 billion expenditures, $156 billion, or over 40 percent, was covered by net budgetary receipts. The bulk of these receipts was from taxes, with the individual and corporation net income and excess profits taxes alone accounting for $113 billion, and the remainder supplied mainly by excise taxes. For the six years combined, then, there was a Federal deficit of $209 billion. This amount plus funds used (1) to build up the Treasury's cash balance and (2) for miscellaneous outlays, such as minor trust fund transactions, had to be financed through borrowing 5/.
Federal expenditures 3/8 of aggregate spendings in the country. Federal Government expenditures of $365 billion accounted for approximately three-eighths of aggregate spendings in the country of $937 billion during the last six years. (Chart 2). In addition to Federal Government spendings, State and local governments spent about $50 billion; individuals and corporations 6/7 together accounted for the remainder by their purchases of
$517 billion of consumer's goods and services and $55 billion of capital goods 1/. Over 96 percent of the aggregate expenditures of $937 billion 2/ represented the purchase of goods and services as distinguished from payments for penalties, relief, etc.
At the peak of wartime activity the Federal Government's share of total spendings was close to one-half. This situation may be contrasted with the experience of World War I, when Federal expenditures accounted for a maximum of only about one-quarter of total spendings.
Federal deficit of $209 billion matched by new liquid savings. The $987 billion of aggregate wartime spendings in the country was matched, of course, by an equivalent amount of gross money income received by individuals, by corporations, and by government. This income was received by the major recipient groups in proportions quite different from their spendings. It has already been noted that the Federal Government received $156 billion in taxes during the six years and incurred a deficit of $209 billion. At the same time, State and local governments received $58 billion in taxes as compared with
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their $50 billion of expenditures, so they had a surplus of about $3 billion. Individuals and corporations together had income of $773 billion left after taxes, or an amount $201 billion greater than their expenditures for available goods and services. This $201 billion surplus and the $5 billion surplus of State and local governments together equalled total liquid savings of $209 billion in the economy as a whole - exactly the same as the Federal deficit.
Growth in major forms of liquid assets amounted to $215 billion. Chart 3 shows the forms in which these liquid savings were accumulated - the kinds of liquid assets 9/ the public put them in - currency, commercial bank deposits, and Federal securities held by nonbank investors 10/. Total major rose by $215 billion during the six reflecting the $209 billion of 11 and certain other factors, principally in bank loans to individuals and corporations. For a detailed reconciliation of the deficit and liquid asset accumulation for the calendar years 1940-1945, see Table 2.
This $215 billion increase in the major forms of liquid assets for all nonbank investors balances out inter-investor transactions. This means, for example, that deposits by individuals in mutual savings banks, which are themselves nonbank investors, are not added as a separate item 10/. To avoid double counting of these funds they are considered as a part of the $215 billion increase only to the extent that assets of savings banks in the form of currency, commercial bank accounts, and Federal securities. Other examples of such inter-investor transactions are net individuals' savings in insurance, deposits in the postal savings system, investments in corporate securities, etc.
In its war financing program a major objective of the Treasury was to recapture as much as possible of this $215 billion through sales of securities to nonbank investors. Given the amount of the Federal deficit and other sources of expansion, the liquid assets held by the nonbank public would inevitably increase by the same amount. The problem was to hold down the propor-
tion of the total which went into money forms - currency and commercial bank accounts - and to e:large as much as possible the amount going into Federal securities. The reason for this is obvious; a dollar of wartime savings held in the form of Federal securities was less likely to be sud- denly drawn on for spending than a dollar in cash or commercial bank accounts. In other words, a dollar invested in war bonds was generally a ded- ication of that dollar for the prosecution of the war whereas a dollar in the form of idle cash might be drawn on more freely to add to the in- flationary spending stream.
Federal securities accounted for 2/3 of new liquid assets. In the final analysis, nonbank investors chose to take two-thirds of their new liquid assets in the form of Federal securities. The other one-third they acquired in the form of money assets. The actual figures were as follows: Nonbank investors acquired $133 billion of Federal securities, and increased their holdings of cash, including deposits, by $82 billion.
It is obvious that a considerable amount of increase in cash was necessary during the war period but the question naturally arises as to whether or not the' one-third ratio indicated an unduly large expansion of cash in the hands of the public. To seek an answer to this question, it is desirable to take up each of the major forms of liquid assets separately, studying not only the changes in volume during the war period
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but the ownership by various classes of investors
Growth and Ownership of Major Liquid Assets
Liquid assets more than tripled; rising to $297 billion. The $215 billion increase in major liquid assets held by nonbank investors during the war resulted in more than a trebling of the 1939 total. The prewar level of these liquid asset holdings was $82 billion, and the wartime addition of $215 billion meant that by the end of 1945, major liquid assets were close to the $300 billion mark. (Chart 4).
Nonbank holdings of Federal securities increased $133 billion; now at $162 billion. Chart 5 presents data on the ownership of Federal securities 9/ during the last six years. The lower area in the chart presents figures for all nonbank investors combined. Bank ownership is shown in the upper area of the chart. The total volume of interest-bearing Federal securities outstanding has risen from $47 billion at the end of 1939 to $276 billion six years later. Nonbank investors now own $162 billion of Federal securities as compared with $29 billion six years ago; they now hold about 60 percent of the total
debt - about the same proportion as in 1939.
Nearly one-quarter of the debt is currently held by individuals - $64 billion. Insurance companies, savings banks, and other corporations and associations 12/ together account for another quarter, with State, and local governments and Federal agencies and trust funds accounting for the rest of the 60 percent of total debt in nonbank hands. A total of $114 billion of Federal securities is owned by the banks - $90 billion by commercial banks and $24 billion by Federal Reserve Banks.
$96 billion. This absorption by banks resulted primarily from the fact that individuals and businesses, as already noted, chose to place about one-third of their new liquid assets in cash forms. (Chart 3). As a corollary of this decision on the part of the public to acquire cash assets, the banks in turn acquired Government securities. Acquisitions of Federal securities by banks were further enlarged by the fact that the Treasury increased its cash balance by a large
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sum during the war period. In summary, there was an increase in bank liabilities representing the growth of currency and deposits in the amount of $106 billion, and an increase on the asset side of the balance sheet in holdings of Federal securities of $96 billion. See Table 3 for a reconciliation of (1) expansion in currency and deposits and (2) increase in bank holdings of Federal securities.
Federal securities amounted to 35 percent of total liquid assets of nonbank investors at the end of December 1939; now they account for 55 percent of the total. The increase during the war in the proportion of liquid assets which non-bank investors have been keeping in Federal securities has, of course, been accompanied by a similar re-
duction in the relative importance of savings in money forms.
Currency rose to $27 billion. The total of currency outstanding 2/ in the hands of nonbank investors aggregated about $27 billion at the end of 1945 as compared with about $6 billion six years previously. (Chart 6). Practically all of the increase has been absorbed by individuals, who held all but an estimated $2 billion of the
total in December 1945.
In evaluating the $21 billion increase in currency it should be remembered that during the war the distribution of income by income size classes was altered, so that millions of families which were formerly on a bare subsistence level, or even below, received adequate incomes for the first time in their lives. For many of these people, currency holdings used to be almost non-existent, so it is natural that they should acquire significant amounts of currency when able to afford it.
Chart 7
Federal securities up from 35% of major liquid assets to 55%; bank deposits down correspondingly.
Office of the Secretary of the Treasury, Division of Research and Statistics
8.536.8.0
At the wartime peak, business activity was more than double 1939 levels and more currency than ever before was needed for current operations. In addition, the keeping of funds in banks was not always convenient for many people, because of odd working hours or a lack of nearby banking facilities; this also resulted in an increase of currency, particularly where industrial growth was more striking.
Some part of the expansion of currency, of course, arose from black market operations and tax evasion, because those who were guilty would obviously avoid bond
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purchases or increases in their bank accounts since it would leave a written record.
Finally, an important factor bearing on the growth of currency during the war period was that liquid assets of the public were rising to unprecedented levels. This meant there was a much greater ability to acquire and hold currency in convenient amounts than ever before. Chart 7 shows that currency represented around 8 or 9 percent of total liquid assets throughout the war period. The experience of World War I was similar, when currency fluctuated between 7-1/2 and 9-1/2 percent of liquid assets throughout the war period. This empirical evidence suggests a tendency for currency to grow roughly in the proportion of one dollar for each ten dollar growth in liquid assets. This is an interesting reflection of the force of the various factors accounting for currency increases as noted above.
Checking accounts now at $78 billion. Chart 8 shows that checking accounts 2/ owned by non bank investors amounted to $32 billion at the end of 1939. Six years later, the total had more than doubled in reaching $78 billion. Checking accounts actually exceeded $80 billion in November 1945 but the Victory Loan drew the total down before the end of the year. Although the general trend of checking accounts was steadily upwards during the war the movement from month to month was affected directly by the timing of the war loans. In the months prior to the war loans
checking accounts were built up, as many investors, principally corporations, accumulated funds in cash forms in anticipation of investment in the forthcoming drives. These holdings were drawn down when the war loan securities were purchased.
It may be estimated that about $38 billion, or almost half, of total checking accounts of nonbank investors at the end of 1945 was owned by individuals. This was almost equally divided between farmers and unincorporated businesses, on the one hand, and the broad group of wage earners, professionals and retired persons, etc., on the other. Most of the other half of checking accounts was held by other corporations and associations 12/ with minor amounts held by insurance companies and its banks. State and local governments for about $5 billion in all.
mutual savings banks. State and local governments accounted for about $5 billion in all.
Of the $46 billion increase in checking accounts in the six-year period, corporations and associations accounted for about $19 billion or 40 percent. For the most part, these funds were needed for increases in working capital and for reserves set aside in anticipation of reconversion expenditures or post-war expansion. In any event, corporation funds were seldom involved in inflationary spending so the holding of an increased volume of checking accounts by these investors was not inconsistent with the program to absorb inflationary dollars through bond sales.
Another large part of the increase in checking accounts took place in the accounts of unincorporated businesses and farmers. These groups were, in many cases, faced with the same need for larger working capital as corporations. About $12 billion of the checking accounts accumulated by individuals during the six-year period should be credited to these investors as business accounts. In addition, State and local governments added about $2 billion to their checking accounts. On the other hand, insurance companies and mutual savings banks actually reduced their deposits by nearly a billion dollars. This makes a total of about $32 billion of the increase in checking accounts which was mainly for business purposes. The remaining $14 billion of the increase in checking accounts was added to the holdings of
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April 1946
the broad group of wage earners, professionals, retired persons, etc. It is this portion which was potentially dangerous from an inflationary point of view, but not all of the $14 billion would fall in this class. This is because a large part of this money was certainly legitimate diversification of savings, rather than cash held for current spending agrees.
The $46 billion increase in checking accounts, large though it was, appears less startling when seen in the perspective of Chart 7. In December 1939, nonbank investors held 39 percent of their liquid assets in checking accounts. During the war the percentage fell by one-third so that only 26 percent was held in this form at the close of 1945.
Savings accounts in commercial banks increased to $30 billion. Savings accounts in commercial banks 2/ increased from $15 billion in December 1939 to $30 billion in December 1945. Nearly all of the increase has taken place in the last half of the six-year period, with 1945 alone showing an increase of about $6 billion. As shown in Chart 9, practically all of these savings accounts were held by individuals 13/. Wi-
Chart 9
Savings accounts in commercial banks doubled during the war; individuals own almost all
DOLLARS
Billions
0
4
8
12
16
20
24
28
1940
1941
1942
1943
1944
1945
OWNERSHIP
Dec. 1945
30
29
Individuals
1
All Other
Investors
Office of the Secretary of the Treasury, Division of Research and Statistics
C-608-A-2
nor amounts were held by State and local governments and by other corporations and associations.
The $15 billion growth of savings deposits in commercial banks during the war probably may be explained mostly by the desire of many people for diversification of their investments. The limited Treasury goals in war loan drives were often misinterpreted as maxima, and additional savings merely piled up in other forms.
Chart 10
In all, individuals held $181 billion of liquid assets on December 31, 1945
Federal Securities
E Bonds
Other Savings Bonds
All Other Securities
Checking Accounts
Currency
Savings Accts. In ComT Bk's
Other Savings Accounts
*Savings accounts placed with other nonbank investors (mutual savings bank accounts, postal savings, and savings and loan association shares)
Office of the Secretary of the Treasury Division of Research and Statistics
dividuals and small businesses accumulated large amounts in commercial bank accounts simply because they felt they had fulfilled their patriotic duty by putting a given percentage, say 10 percent, of their income into war bonds. Savings over that amount were often placed in savings accounts instead.
Even with a $15 billion increase during the war, the proportion of the liquid assets held in savings accounts in commercial banks dropped from 18 percent to 10 percent. (Chart 7).
Individuals' holdings of liquid assets now $181 billion; more than 3 times prewar level. The preceding analysis has considered non-bank investors as a group. The last five charto show that on Decem-
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Treasury Bulletin
ber 31, 1945 individuals alone held $64 billion in Federal securities, $38 billion in checking accounts, $29 billion in savings accounts in commercial banks, and $25 billion in currency. By adding the $25 billion of liquid assets that individuals held in the form of claims on other nonbank investors 14/ - such as mutual savings banks, postal savings, and savings and loan associations - a total of $181 billion is derived for individuals' holdings of liquid assets. (Chart IC). This was more than three times their holdings six years ago 15/.
This $181 billion of current holdings may be divided into three approximately equal parts. The largest segment - $64 billion - is in Federal securities, two-thirds of which consists of sav-
There are a number of concepts of income in current use, each of which is useful for particular purposes. Thus income payments to individuals represents the sum of all income flowing to individuals. This includes such items as wages, salaries, dividends, interest, net profits of farmers and unincorporated enterprise, and payments for relief, pensions, and social security benefits.
National income is individuals' income from production, including their equity in profits accumulating in the hands of corporations and equity in social insurance funds. National income differs from income payments by excluding payments, such as relief, which do not come from production, and by including (1) undistributed corporate profits as well as dividends, and (2) social insurance taxes on both employers and employees.
Gross national product is, on the one hand, the sum total of goods and services produced in the country and on the other hand, it represents the income generated by that product. National income, which is a kind of net national product, differs from gross national product by deducting the amount of (1) allowances for depreciation, depletion, etc., and (2) business taxes.
Gross income flow (and aggregate spendings), as used in this article, includes gross national product plus government expenditures for pensions, relief, prepayments and settlements on war contracts, tax refunds, etc. In one sense, a minor share of this gross income flow should not be called income because it represents either a return of capital or an adjustment to income for a past or future year. Thus the new reserves set aside by business for depreciation or depletion are the measure of capital used-up by current production, while the receipt of war contract prepayments and settlements or tax refunds by individuals or corporations are really transactions affecting either prior or future years' income. In addition, there are certain minor Federal items (such as the receipt of taxes on carriers and their employees and the transfer of the taxes to the Railroad Retirement Account) which are bookkeeping transactions. They tend to inflate both aggregate expenditures and gross income flow by a negligible amount - but it would be impractical to adjust regularly published Federal expenditures and receipts figures for them. As a practical matter, all of these deviations from more general definitions of income may be ignored in studying the flow of funds in relation to Federal borrowing.
Money income, used here to represent the total value of output in the country, is made up primarily of actual money receipts of individuals and corporations. In addition, it includes small amounts of income which are
ing's bonds. Currency and checking accounts together account for $63 billion, while various types of savings accounts amount to $54 billion.
In the current transition period, when the supply of goods and services is still seriously limited, every effort must be made to see that these accumulations continue to be saved and are not used to bid up prices. In the period after peacetime production has been resumed on a large scale, the existence of this huge fund of liquid assets may alter consumers' spending-saving patterns materially, a factor which may have a stimulating effect on consumption and new construction, and be an important key to the maintenance of a prosperous economy.
paid out in kind, such as wages paid to farm laborers in the form of food and lodging. There are, on the other hand, other forms of output not sold for money which are not included as part of income, such as gardening and housework undertaken by individuals for their own use.
2/ Spendings include purchases of new construction, durable producers' and consumers' goods, and increases in inventories, and therefore are not confined to expenditures for immediate consumption. Similarly, savings refer only to liquid savings and exclude economic savings in the form of net increases in physical assets.
3/ Individuals include unincorporated businesses (both partnerships and sole proprietorships) and personal trust accounts.
Throughout this analysis figures on Federal expenditures (and deficit) include net operating outlays of Government corporations (excluding their outlays for debt retirement). Department of Commerce estimates of Federal expenditures for goods and services are smaller than total Federal expenditures shown here since the Commerce figures exclude expenditures for relief, pensions, tax refunds, prepayments on war contracts, and similar items.
Figures on Federal expenditures do not include the expenditures of Federal trust funds for social insurance benefit payments. The expenditure figures do include, of course, budgetary social security assistance expenditures, such as aid to the blind, indigent aged, and dependent children where no trust fund contributory system is involved. They also include budgetary expenditures for interest paid on trust fund investments and transfers to trust accounts. In the analysis of gross income flow, Federal trust funds are treated as part of the broad category of "individuals and corporations" since their operations are considered to be like those of an insurance company or other private financial institution.
5/ See Table 1 for details on Federal expenditures, receipts, and borrowing by calendar years, 1940-1945.
6/ Spendings of business include only additions to capital assets and inventories, and exclude expenditures for raw materials and supplies used up in production, which are included in the valuation of products flowing to ultimate consumers.
1/ Capital goods comprise construction, producers' durable equipment, increase in inventory volume, net export of goods and services, and net exports and monetary use of gold and silver, as estimated by the Department of Com-
April 1946
A-19
merce as components of gross national product. The last two items present a conceptual problem in the present analysis which should be mentioned. Viewed in another way, the total of these two items equals the net import of capital plus the net increase in the nation's monetary stock of gold and silver, arising both from imports and from domestic production. "Spending" in the form of increases in monetary stock cannot be allocated to any specific group of purchasers since they are really purchased by the nation as a social entity. Inasmuch as they are not part of Federal expenditures in the accepted sense, they are treated in this analysis as purchases by individuals and corporations combined.
Aggregate spending of $987 billion consist of gross national product of $952 billion plus government payments of $35 billion for pensions and relief (budgetary expenditures only; trust fund payments are excluded) and miscellaneous expenditures other than for goods and services.
9/ Major forms of liquid assets comprise Federal securities, currency, checking accounts, and savings accounts in commercial banks which are defined as follows for this article:
(a) Federal securities: interest-bearing public debt and guaranteed obligations of the United States Government.
(b) Currency: holdings outside (1) Treasury, (2) Federal Reserve Banks, and (3) commercial banks.
(c) Checking accounts: demand deposits as reported by the Comptroller of the Currency for all active commercial banks in the continental United States for (1) individuals, partnerships, and corporations, (2) State and local governments, and (3) mutual savings banks (bank and reserve balances). Figures for checking accounts are on the basis of bank records rather than holder records and are, therefore, inflated slightly because of duplication represented by items in the process of collection.
(d) Savings accounts in commercial banks: time deposits as reported by the Comptroller of the Currency for all active commercial banks in the continental United States for (1) individuals, partnerships, and corporations, (2) State and local governments, and (3) postal savings redeposited with banks.
Nonbank investors include all investors in the economy except (1) Federal Government and (2) banks - commercial banks and Federal Reserve Banks. The investors who initially account for the liquid savings - individuals, corporations, and State and local governments - are, of course, nonbank investors. The amounts of liquid savings which they make in the first instance, however, are not the amounts which they have available to add to their liquid assets. Part of these savings is transferred to other nonbank investors through debt repayment, for example, or through investment by individuals in private life insurance or social security funds. The recipients of these transfers constitute the rest of the nonbank investor group: Insurance companies, mutual savings banks, savings and loan associations, government social insurance funds, credit unions, non-profit institutions, etc. These investors have only very minor amounts of liquid savings in the first instance; almost all of their income available for investment arises through transfers from other investors.
Mutual savings banks are classified as nonbank investors (as contrasted to commercial banks and Federal Reserve Banks) because their operations involve only the use of existing funds and do not involve the creation of credit. Accordingly, they were eligible to participate in the purchase of securities in war loans, which were confined to nonbank investors beginning with the Third War Loan.
Technically, savings placed in currency and commercial bank accounts also represent a transfer of funds from one investor group to another. Savings placed in commercial banks require the corollary purchase of Federal securities by commercial banks (or by Federal Reserve Banks), while savings in currency require, with minor exceptions, the purchase of Federal securities by Federal Reserve Banks. These items are not treated here as transfers between investor groups, because they represent the particular kinds of liquid asset creation which the war financing program intended to minimize.
When nonbank investors are considered as a group, liquid savings are reflected for the most part in increases in major forms of liquid assets: Federal securities, commercial bank accounts, and currency.
At the same time, certain other transactions of banks result in liquid asset expansion quite apart from the Federal deficit and liquid savings. These comprise (1) on the asset side, increases in bank loans and investments other than Federal securities and (2) on the liability side increases in bank liabilities and capital other than deposits and currency. Additions to the nation's stock of monetary gold and silver also result in liquid asset expansion.
12/ Other corporations and associations include dealers and brokers, non-profit institutions, savings and loan associations, foreign balances in this country, etc.
13/ Individuals' holdings of savings accounts placed with other nonbank investors (mutual savings banks, postal savings, and savings and loan associations) are shown in Chart 10.
These investments are essentially similar to savings accounts in commercial banks. There are many other inter-group items which represent assets of individuals and liabilities of other nonbank investors, of course. The most important of these are (1) equity in private life insurance policies and in social insurance funds, and (2) holdings of corporate, foreign, and State and local government securities. In a discussion of individuals' liquid asset accumulation in relation to federal financing, however, it is preferable that these assets be excluded. Individuals' holdings of corporate and State and local securities decreased slightly during the war, so no new savings of individuals as a whole were invested in these forms. Individuals' equity in insurance increased substantially during the period, but insurance cannot be placed in the same class as cash, bank accounts, or Federal securities as far as ease of liquidation is concerned.
15/ The Federal Reserve Bulletin for February 1946 presents data showing liquid asset holdings of individuals and businesses for December 1945 of $225 billion. Individuals alone are estimated to hold $173 billion of these liquid assets ($145 billion of personal holdings plus $28 billion of holdings by unincorporated businesses). This total differs from the $181 billion shown above for individuals primarily in that the Federal Reserve figures exclude individuals' holdings of savings and loan association shares.
A-20
Treasury Bulletin
Table 1.- Federal Deficit and Increases in Federal Securities Outstanding
Calendar Years 1940 - 1945
(In billions of dollars)
<table><tr><th></th><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</th><th>Total 1940-45</th></tr><tr><td>A. Federal deficit:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1. Budgetary deficit:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>a. Expenditures</td><td>9.7</td><td>19.1</td><td>56.0</td><td>88.1</td><td>97.2</td><td>90.6</td><td>360.5</td></tr><tr><td>b. Less: Net receipts</td><td>5.8</td><td>8.8</td><td>16.4</td><td>34.6</td><td>44.4</td><td>46.0</td><td>156.1</td></tr><tr><td>c. Equals: Deficit</td><td>3.8</td><td>10.2</td><td>39.6</td><td>53.5</td><td>52.7</td><td>44.5</td><td>204.4</td></tr><tr><td>2. Plus: Net operating outlaya of Government corporations</td><td>.1</td><td>1.5</td><td>1.8</td><td>2.0</td><td>.6</td><td>-1.3</td><td>4.8</td></tr><tr><td>3. Equals: Total Federal deficit</td><td>4.0</td><td>11.7</td><td>41.4</td><td>55.5</td><td>53.3</td><td>43.2</td><td>209.2</td></tr><tr><td>B. Plus: Miscellaneous Federal transactions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1. Net debt retirement outlays of Government corporations 1/</td><td>*</td><td>*</td><td>.1</td><td>.7</td><td>.1</td><td>.4</td><td>1.2</td></tr><tr><td>2. Net expenditures of trust and miscellaneous funds</td><td>-.1</td><td>-.1</td><td>-.2</td><td>-.3</td><td>-1.3</td><td>-.9</td><td>-2.9</td></tr><tr><td>3. Net retirement of non interest-bearing securities</td><td>*</td><td>.1</td><td>-.4</td><td>-.5</td><td>-.4</td><td>-.7</td><td>-1.9</td></tr><tr><td>4. Total miscellaneous Federal transactions</td><td>-.1</td><td>*</td><td>-.6</td><td>-.1</td><td>-1.7</td><td>-1.1</td><td>-3.6</td></tr><tr><td>C. Plus: Increase in Treasury General Fund balance</td><td>-.5</td><td>1.6</td><td>7.0</td><td>1.8</td><td>9.9</td><td>3.8</td><td>23.5</td></tr><tr><td>D. Equals: Net increase in Federal securities outstanding 2/</td><td>3.3</td><td>13.4</td><td>47.8</td><td>57.1</td><td>61.6</td><td>45.9</td><td>229.2</td></tr></table>
Less than $50 millions.
1/ Net outlays of Government corporations for redemptions of obligations in the market, less decreases in amount of
2/ outstandin securities guaranteed by the United States. Increase in interest-bearing securities issued or guaranteed by the United States Government.
Table 2.- Federal Deficit and Increases in Major Liquid Assets Held by Nonbank Investors
Calendar Years 1940 - 1945
(In billions of dollars)
<table><tr><th></th><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</th><th>Total 1940-45</th></tr><tr><td>A. Federal deficit (Table 1).</td><td>4.0</td><td>11.7</td><td>41.4</td><td>55.5</td><td>53.3</td><td>43</td><td>209</td></tr><tr><td>B. Plus: Miscellaneous Federal transactions (Table 1).</td><td>-1</td><td>*</td><td>-6</td><td>-1</td><td>-1.7</td><td>-1</td><td>-4</td></tr><tr><td>C. Plus: Other credit expansion factors:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1. Increase in monetary stock of gold and silver.</td><td>4.6</td><td>.9</td><td>.1</td><td>-.9</td><td>-.7</td><td>-1</td><td>2</td></tr><tr><td>2. Increase in bank loans and other investments 2/.</td><td>1.7</td><td>2.6</td><td>-3.1</td><td>-.8</td><td>2.6</td><td>5e</td><td>8e</td></tr><tr><td>3. Items in process of collection, etc.</td><td>.3</td><td>.3</td><td>1.7</td><td>.3</td><td>.1</td><td>1e</td><td>3e</td></tr><tr><td>4. Subtotal.</td><td>6.6</td><td>3.9</td><td>-1.3</td><td>-1.5</td><td>1.0</td><td>5e</td><td>14e</td></tr><tr><td>5. Less: Increases in other bank liabilities and capital 3/</td><td>.9</td><td>-.3</td><td>.2</td><td>1.3</td><td>.8</td><td>1e</td><td>4e</td></tr><tr><td>6. Equals: Total other credit expansion factors.</td><td>5.8</td><td>4.1</td><td>-1.5</td><td>-2.8</td><td>.2</td><td>4p</td><td>10p</td></tr><tr><td>D. Equals: Increases in major liquid assets.</td><td>9.6</td><td>15.9</td><td>39.3</td><td>52.6</td><td>51.9</td><td>46p</td><td>215p</td></tr></table>
e Estimated. 1/ Investors other than commercial banks and Federal Reserve Banks.
p Preliminary. 2/ Investments other than Federal securities.
* Less than $50 millions. 3/ Excluding total deposits and currency (see Table 3).
Table 3.- Money Savings 1/ of Nonbank Investors and Increases in Federal Securities
Held by Banks 2/ Calendar Years 1940 - 1945
(In billions of dollars)
<table><tr><th></th><th>1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945p</th><th>Total 1940-45p</th></tr><tr><td>A. Money savings of nonbank investors:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1. Increases in major liquid assets (Table 2)</td><td>9.6</td><td>15.9</td><td>39.3</td><td>52.6</td><td>51.9</td><td>46</td><td>215</td></tr><tr><td>2. Less: Nonbank investment in Federal securities</td><td>2.2</td><td>9.2</td><td>24.2</td><td>33.0</td><td>36.6</td><td>28</td><td>133</td></tr><tr><td>3. Equals: Money savings of nonbank investors</td><td>7.4</td><td>6.7</td><td>15.1</td><td>19.6</td><td>15.4</td><td>18</td><td>82</td></tr><tr><td>B. Plus: Increase in Treasury General Fund balance</td><td>-0.5</td><td>1.6</td><td>7.0</td><td>1.8</td><td>9.9</td><td>4</td><td>24</td></tr><tr><td>C. Equals: Total increase in deposits and currency</td><td>6.9</td><td>8.3</td><td>22.1</td><td>21.4</td><td>25.3</td><td>22</td><td>106</td></tr><tr><td>D. Less: Other credit expansion factors (Table 2)</td><td>5.8</td><td>4.1</td><td>-1.5</td><td>-2.8</td><td>.2</td><td>4</td><td>10</td></tr><tr><td>E. Equals: Net bank investment in Federal securities</td><td>1.1</td><td>4.2</td><td>23.6</td><td>24.2</td><td>25.1</td><td>18</td><td>96</td></tr></table>
Preliminary. Currency and commercial bank accounts. Comprises commercial banks and Federal Reserve Banks.
April 1946
A-21
Individual Income Tax Returns for 1944 With Adjusted
Gross Income Under $25,000
Marital and Dependency Status and Number of Employers
This is the second of two articles summarizing data from a preliminary sample study recently compiled by the Bureau of Internal Revenue relating to individual income tax returns with adjusted gross income under $25,000 filed for 1944. This article presents data on the marital and dependency status, and the number of employers reported on returns filed by salary or wage recipients. The first article 1/ dealt with sources of income and tax liability reported on the returns, provided summary statements with respect to the sample from which the data were derived, and summarized the important provisions of the Individual Income Tax Act of 1944.
Marital and Dependency Status
In total, an estimated 46.2 million individual income tax returns with adjusted gross income under $25,000 were covered by the tabulations prepared by the Bureau; these returns reported 109.8 million surtax exemptions or an average of 2.4 exemptions each.
Marital status. The table at the end of this article shows, for all returns and for each of four marital status groups, the distribution of returns by size of adjusted gross income and by number of surtax exemptions reported. The four marital status groups are: Single persons and married persons not living with husbands or wives, husbands and wives filing separate returns, husbands and wives with one income only filing joint returns, and husbands and wives with two incomes filing joint returns. The classification of returns according to marital status was based on the marital status of the taxpayer on December 31, 1944. However, persons whose spouses died within the taxable year were classified according to status as of the date of the death of the spouse. All Forms W-2, filed as combined returns of husbands and wives, were classified as joint returns with two incomes, regardless of whether tax liability on such returns was determined by the collector on a joint or separate basis.
In accordance with provisions of the Individual Income Tax Act of 1944, surtax exemptions could be claimed for the person filing; for the spouse of the taxpayer, if he or she did not file separately, or if either spouse filed separately
and the other spouse had no gross income for 1944; and for close relatives with 1944 incomes of less than $500 who received more than half of their support from the taxpayer. A person could not be claimed as a dependent if he (or she) was married and filed a joint return with his (or her) spouse.
Distribution of the 46.2 million returns, according to marital status of the taxpayer, is shown below together with the number of dependents and the total number of surtax exemptions claimed on returns in each category.
<table><tr><th>Marital status</th><th>Re-turns</th><th>Depend-ents</th><th>Total surtax exemp-tions</th></tr><tr><td colspan="4">(In millions)</td></tr><tr><td>Returns of single persons and married persons not living with husbands or wives.</td><td>17.5</td><td>5.9</td><td>23.4</td></tr><tr><td>Separate returns of hus-bands and wives.</td><td>4.7</td><td>2.3</td><td>7.0</td></tr><tr><td>Joint returns of husb-ands and wives with one in-come only.</td><td>18.0</td><td>24.0</td><td>60.02/</td></tr><tr><td>Joint returns of husb-ands and wives with two in-comes.</td><td>6.0</td><td>7.4</td><td>19.42/</td></tr><tr><td>Total.</td><td>46.2</td><td>39.6</td><td>109.82/</td></tr><tr><td colspan="4">(In percent)</td></tr><tr><td>Returns of single persons and married persons not living with husbands or wives.</td><td>38</td><td>15</td><td>21</td></tr><tr><td>Separate returns of hus-bands and wives.</td><td>10</td><td>6</td><td>6</td></tr><tr><td>Joint returns of husb-ands and wives with one in-come only.</td><td>39</td><td>61</td><td>55</td></tr><tr><td>Joint returns of husb-ands and wives with two in-comes.</td><td>13</td><td>19</td><td>18</td></tr><tr><td>Total.</td><td>100</td><td>100</td><td>100</td></tr></table>
Dependency status. Single persons and married persons not living with their spouses reported an average of about 1-1/3 surtax exemptions each. Over three-fourths of these returns reported one surtax exemption only, for the taxpayer, and claimed no dependents. About 14 per-
2/ Due to the coverage of two spouses on each joint return, figures will not add across.
1/ Published in the "Treasury Bulletin" for March 1946.
Treasury Bulletin
A-22
cent reported two exemptions, accounted for by the taxpayer and one dependent. Over 5 percent claimed two dependents and less than 3 percent claimed exemptions for 3 or more dependents.
An average of about 1-1/2 exemptions each were reported on separate returns of husbands and wives. About 68 percent of these reported one exemption only, for the spouse filing, and claimed no dependents. Over 20 percent of the returns reported two exemptions, accounted for by one dependent in addition to the person filing. About 8 percent claimed exemptions for two dependents, and about 4 percent claimed exemptions for 3 or more dependents.
Husbands and wives filing joint returns with one or two incomes claimed an average of somewhat less than 3-1/3 exemptions per return. About 37 percent of the returns reported exemptions for both spouses only, and claimed no dependents. About 26 percent of the returns reported 3 exemptions, accounted for by one dependent in addition to the two spouses. About 20 percent claimed exemptions for two dependents, and about 17 percent claimed exemptions for 3 or more dependents.
reported covered 17.5 million single persons or married persons not living with their spouses who filed returns, 4.7 million husbands or wives who filed separately, a total of 48.0 million husbands and wives who filed jointly, and an aggregate of 39.6 million dependents.
Number of Employers
Of the 46.2 million returns with adjusted gross income under $25,000 covered in the preliminary study, 40 million returns reported receipt of salaries or wages. These 40 million returns are distributed below by number of employers, (1) in the aggregate, and (2) separately for (a) returns filed jointly by husbands and wives each having income in non-community property states 1/, (b) returns filed jointly by husbands and wives each having income in community property states 2/, and (c) returns reporting only one income 3/.
In summary, the 40 million returns with salaries or wages reported an average of over 2-1/2 employers each. Of these returns, 25.4 million or 63 percent reported one employer only, 9.3 million or 23 percent reported two employers, 2.9 million or 7 percent reported three employers, and 2.1 million or 5 percent reported four or more employers.
Thus, the 109.8 million surtax exemptions
<table><tr><th>Number of employers</th><th colspan="2">Total number of returns</th><th colspan="2">Joint returns with two incomes: non-community basis</th><th colspan="2">Joint returns with two incomes: community basis</th><th colspan="2">All other returns reporting one income only</th></tr><tr><th></th><th>Number</th><th>Percent</th><th>Number</th><th>Percent</th><th>Number</th><th>Percent</th><th>Number</th><th>Percent</th></tr><tr><td>1</td><td>25,371</td><td>63.4</td><td>559</td><td>16.6</td><td>1,100</td><td>54.2</td><td>23,712</td><td>68.4</td></tr><tr><td>2</td><td>9,289</td><td>23.2</td><td>1,636</td><td>48.4</td><td>494</td><td>24.3</td><td>7,159</td><td>20.7</td></tr><tr><td>3</td><td>2,919</td><td>7.3</td><td>663</td><td>19.6</td><td>214</td><td>10.5</td><td>2,042</td><td>5.9</td></tr><tr><td>4</td><td>1,254</td><td>3.1</td><td>303</td><td>9.0</td><td>117</td><td>5.7</td><td>834</td><td>2.4</td></tr><tr><td>5</td><td>1,450</td><td>1.1</td><td>105</td><td>3.1</td><td>43</td><td>2.1</td><td>302</td><td>.9</td></tr><tr><td>6</td><td>194</td><td>.5</td><td>43</td><td>1.3</td><td>24</td><td>1.2</td><td>126</td><td>.4</td></tr><tr><td>7</td><td>89</td><td>.2</td><td>21</td><td>.6</td><td>10</td><td>.5</td><td>58</td><td>.2</td></tr><tr><td>8 or more</td><td>153</td><td>.4</td><td>31</td><td>.9</td><td>17</td><td>.8</td><td>105</td><td>.3</td></tr><tr><td>Not stated</td><td>326</td><td>.8</td><td>16</td><td>.5</td><td>14</td><td>.7</td><td>295</td><td>.8</td></tr><tr><td>Total</td><td>40,045</td><td>100.0</td><td>3,377</td><td>100.0</td><td>2,035</td><td>100.0</td><td>34,633</td><td>100.0</td></tr><tr><td>Average number of employers per return</td><td colspan="2">1.6</td><td colspan="2">2.4</td><td colspan="2">1.8</td><td colspan="2">1.5</td></tr></table>
Includes all joint returns on Form 1040 and combined returns on Form W-2 reporting two incomes filed in other than the eight community property states (Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, and Washington), and also all combined returns on Form W-2 filed in the community property states which did not report solely community income equally divided between the two spouses.
2/ Includes all joint returns on Form 1040 and combined returns on Form W-2 reporting two incomes filed in com-
community property states, excepting those combined returns on Form W-2 filed in community property states which did not report solely community income equally divided between the two spouses. The eight community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, and Washington.
3/ Includes returns filed by single persons or married persons not living with their spouses, by husbands or wives separately, and by husbands and wives jointly where only one spouse had income.
April 1946
A-23
Individual Income Tax Returns for 1944 with Adjusted Gross Income Under $25,00
Number of Returns and Number of Surtax Exemptions Classified by Size of Adjusted Gross Income and Number of Surtax Exemptions
<table><tr><th colspan="2">Part 1 - All Returns</th><th colspan="10">Number of returns reporting</th><th colspan="2">Returns reporting 10 or more aurtax exemptions</th></tr><tr><th>Size of adjusted Groes income</th><th>Taxable returns:</th><th>Total number of returns</th><th>Total number of aurtax exemption</th><th>1 aurtax exemption</th><th>2 aurtax exemption</th><th>3 aurtax exemption</th><th>4 aurtax exemption</th><th>5 aurtax exemption</th><th>6 aurtax exemption</th><th>7 aurtax exemption</th><th>8 aurtax exemption</th><th>9 aurtax exemption</th><th>Number of returns</th><th>Number of aurtax exemption</th></tr><tr><td>1500 under 1,750</td><td>1,500 under 1,750</td><td>2,070.1</td><td>3,369.4</td><td>1,314.8</td><td>387.9</td><td>154.7</td><td>77.1</td><td>35.5</td><td>23.1</td><td>9.8</td><td>4.6</td><td>1.5</td><td>1.0</td><td>10.4</td></tr><tr><td>1,750 under 2,000</td><td>1,750 under 2,000</td><td>3,025.8</td><td>5,689.5</td><td>1,075.4</td><td>965.9</td><td>376.1</td><td>148.9</td><td>93.0</td><td>48.8</td><td>25.0</td><td>12.8</td><td>5.2</td><td>3.1</td><td>24.2</td></tr><tr><td>2,000 under 2,250</td><td>2,000 under 2,250</td><td>3,474.0</td><td>7,098.4</td><td>1,591.6</td><td>1,004.7</td><td>436.2</td><td>225.7</td><td>105.2</td><td>53.8</td><td>30.6</td><td>16.2</td><td>7.1</td><td>2.4</td><td>28.1</td></tr><tr><td>2,250 under 2,500</td><td>2,250 under 2,500</td><td>3,348.9</td><td>7,439.0</td><td>1,290.7</td><td>928.6</td><td>524.5</td><td>260.3</td><td>145.6</td><td>69.8</td><td>34.8</td><td>19.7</td><td>6.0</td><td>6.3</td><td>57.5</td></tr><tr><td>2,500 under 2,750</td><td>2,500 under 2,750</td><td>3,082.6</td><td>7,149.5</td><td>1,334.9</td><td>82.6</td><td>518.2</td><td>304.0</td><td>157.4</td><td>68.6</td><td>34.1</td><td>17.2</td><td>7.5</td><td>5.0</td><td>51.7</td></tr><tr><td>2,750 under 3,000</td><td>2,750 under 3,000</td><td>3,776.0</td><td>7,332.4</td><td>1,521.6</td><td>710.3</td><td>546.8</td><td>317.4</td><td>176.8</td><td>77.0</td><td>36.2</td><td>18.8</td><td>8.0</td><td>5.9</td><td>37.3</td></tr><tr><td>3,000 under 3,250</td><td>3,000 under 3,250</td><td>3,591.3</td><td>7,124.1</td><td>1,282.0</td><td>741.0</td><td>571.5</td><td>407.2</td><td>192.1</td><td>85.1</td><td>37.1</td><td>18.0</td><td>6.5</td><td>5.7</td><td>30.3</td></tr><tr><td>3,250 under 3,500</td><td>3,250 under 3,500</td><td>4,039.0</td><td>11,992.0</td><td>1,846.9</td><td>1,140.4</td><td>931.1</td><td>721.9</td><td>348.7</td><td>141.6</td><td>62.0</td><td>25.3</td><td>10.2</td><td>5.1</td><td>60.2</td></tr><tr><td>3,500 under 4,000</td><td>3,500 under 4,000</td><td>2,121.2</td><td>5,336.4</td><td>331.5</td><td>748.8</td><td>632.5</td><td>547.5</td><td>323.3</td><td>104.0</td><td>39.0</td><td>17.5</td><td>7.4</td><td>3.6</td><td>40.2</td></tr><tr><td>4,000 under 5,000</td><td>4,000 under 5,000</td><td>1,721.7</td><td>2,079.1</td><td>127.3</td><td>236.1</td><td>325.4</td><td>209.4</td><td>152.1</td><td>54.0</td><td>21.1</td><td>14.5</td><td>3.4</td><td>2.6</td><td>26.6</td></tr><tr><td>5,000 under 6,000</td><td>5,000 under 6,000</td><td>983.5</td><td>2,653.7</td><td>123.8</td><td>23.7</td><td>195.2</td><td>178.5</td><td>75.4</td><td>32.0</td><td>11.5</td><td>4.5</td><td>1.4</td><td>1.3</td><td>18.2</td></tr><tr><td>6,000 under 7,000</td><td>6,000 under 7,000</td><td>401.8</td><td>1,135.3</td><td>76.3</td><td>117.6</td><td>87.6</td><td>70.5</td><td>30.8</td><td>10.6</td><td>4.1</td><td>2.3</td><td>1.4</td><td>1.2</td><td>3.9</td></tr><tr><td>7,000 under 8,000</td><td>7,000 under 8,000</td><td>160.6</td><td>415.7</td><td>16.3</td><td>52.8</td><td>22.4</td><td>16.3</td><td>6.4</td><td>2.1</td><td>1.1</td><td>1.2</td><td>1.1</td><td>1.1</td><td>2.4</td></tr><tr><td>8,000 under 9,000</td><td>8,000 under 9,000</td><td>112.0</td><td>230.5</td><td>20.3</td><td>27.4</td><td>15.8</td><td>11.9</td><td>4.8</td><td>1.9</td><td>1.4</td><td>1.2</td><td>1.1</td><td>1.1</td><td>1.4</td></tr><tr><td>9,000 under 10,000</td><td>9,000 under 10,000</td><td>82.8</td><td>211.2</td><td>20.5</td><td>27.4</td><td>15.8</td><td>11.9</td><td>4.8</td><td>1.9</td><td>1.4</td><td>1.2</td><td>1.1</td><td>1.1</td><td>1.4</td></tr><tr><td>10,000 under 15,000</td><td>10,000 under 15,000</td><td>221.0</td><td>522.9</td><td>58.8</td><td>66.6</td><td>42.4</td><td>32.5</td><td>13.7</td><td>4.7</td><td>1.5</td><td>1.5</td><td>1.1</td><td>1.1</td><td>1.2</td></tr><tr><td>15,000 under 20,000</td><td>15,000 under 20,000</td><td>49.7</td><td>121.8</td><td>15.7</td><td>13.3</td><td>9.1</td><td>6.5</td><td>3.0</td><td>1.2</td><td>1.3</td><td>1.1</td><td>1.1</td><td>1.1</td><td>1.6</td></tr><tr><td>20,000 under 25,000</td><td>20,000 under 25,000</td><td>49.2</td><td>131.1</td><td>15.7</td><td>13.3</td><td>9.1</td><td>6.5</td><td>3.0</td><td>1.2</td><td>1.3</td><td>1.1</td><td>1.1</td><td>1.1</td><td>1.6</td></tr><tr><td>Total taxable returns</td><td>Total taxable returns</td><td>41,400.2</td><td>101,690.5</td><td>13,711.9</td><td>11,466.5</td><td>7,166.5</td><td>4,944.2</td><td>2,296.8</td><td>994.2</td><td>462.3</td><td>220.9</td><td>63.2</td><td>53.7</td><td>567.6</td></tr><tr><td>Non-taxable returns:</td><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>1500 under 1,750</td><td>1500 under 1,750</td><td>187.8</td><td>436.6</td><td>64.3</td><td>65.9</td><td>23.1</td><td>17.1</td><td>10.2</td><td>3.4</td><td>1.7</td><td>1.1</td><td>1.4</td><td>2.7</td><td>7.7</td></tr><tr><td>1,750 under 2,000</td><td>1,750 under 2,000</td><td>3,295.7</td><td>4,814.7</td><td>2,501.3</td><td>425.5</td><td>180.3</td><td>69.8</td><td>49.1</td><td>21.9</td><td>10.2</td><td>6.1</td><td>2.6</td><td>2.7</td><td>23.0</td></tr><tr><td>2,000 under 2,250</td><td>2,000 under 2,250</td><td>219.6</td><td>568.7</td><td>117.3</td><td>103.0</td><td>32.4</td><td>23.7</td><td>10.7</td><td>5.1</td><td>2.0</td><td>1.2</td><td>1.7</td><td>2.3</td><td>8.3</td></tr><tr><td>2,250 and over</td><td>2,250 and over</td><td>137.4</td><td>288.8</td><td>13.3</td><td>30.2</td><td>18.1</td><td>15.4</td><td>6.7</td><td>3.9</td><td>1.8</td><td>1.5</td><td>1.4</td><td>1.7</td><td>8.5</td></tr><tr><td>Total non-taxable returns</td><td>Total non-taxable returns</td><td>4,787.1</td><td>8,139.7</td><td>3,052.2</td><td>906.1</td><td>373.3</td><td>209.8</td><td>107.0</td><td>55.7</td><td>26.8</td><td>14.4</td><td>6.4</td><td>5.3</td><td>56.0</td></tr><tr><td>Total all returns</td><td>Total all returns</td><td>46,187.3</td><td>109,830.1</td><td>16,794.1</td><td>12,372.6</td><td>7,539.9</td><td>5,154.1</td><td>2,403.8</td><td>1,050.0</td><td>489.1</td><td>235.3</td><td>89.6</td><td>58.9</td><td>623.6</td></tr><tr><td>Returne under $5,000 2/</td><td>Returne under $5,000 and under $25,000</td><td>44,182.4</td><td>104,206.9</td><td>16,403.2</td><td>11,778.9</td><td>7,111.7</td><td>4,602.4</td><td>2,255.6</td><td>992.4</td><td>469.0</td><td>226.8</td><td>86.1</td><td>56.4</td><td>596.9</td></tr><tr><td>Returne of $25,000</td><td>Returne of $25,000 and under $25,000</td><td>2,004.9</td><td>5,623.2</td><td>390.9</td><td>593.7</td><td>428.1</td><td>351.7</td><td>148.2</td><td>57.6</td><td>20.1</td><td>8.6</td><td>3.5</td><td>2.6</td><td>26.7</td></tr></table>
(Continued on following page)
A-24
Treasury Bulletin
Individual Income Tax Returns for 1944 with Adjusted Gross Income Under $25,000 - (Continued)
Number of Returns and Number of Surtax Exemptions Classified by Size of Adjusted Gross Income and Number of Surtax Exemptions - (Continued)
<table><tr><th rowspan="2">Size of adjusted Gross Income</th><th colspan="4">Part 2. - Returns of Single Persons and Married Husbands or Wives</th><th colspan="4">Part 3. - Separate Returns of Husbands and Wives</th></tr><tr><th>Total number of returns</th><th>Total number of returns with exemption</th><th>Total number of returns</th><th>Total number of returns with exemption</th><th>Number of returns reporting more surtax or porting 6 or more surtax exemptions</th><th>Number of returns reporting more surtax or porting 6 or more surtax exemptions</th></tr><tr><td>Taxable returns:</td><td>1,115.5</td><td>1,710.2</td><td>179.3</td><td>222.7</td><td>1</td><td>150.8</td><td>2</td><td>19.1</td></tr><tr><td>$500 under 1,500</td><td>1,884.3</td><td>2,124.0</td><td>240.8</td><td>319.7</td><td>1,218</td><td>1,872</td><td>1,248.6</td><td>125.6</td></tr><tr><td>1,500 under 1,750</td><td>1,769.9</td><td>2,555.2</td><td>259.8</td><td>395.7</td><td>29.2</td><td>231.6</td><td>297.5</td><td>105.6</td></tr><tr><td>1,750 under 1,950</td><td>1,767.9</td><td>2,429.3</td><td>339.8</td><td>425.9</td><td>31.9</td><td>254.0</td><td>274.3</td><td>108.5</td></tr><tr><td>1,950 under 2,250</td><td>1,750.9</td><td>2,199.0</td><td>350.6</td><td>510.8</td><td>48.6</td><td>279.0</td><td>291.0</td><td>76.2</td></tr><tr><td>2,250 under 3,500</td><td>1,665.4</td><td>1,158.2</td><td>355.6</td><td>550.8</td><td>28.6</td><td>329.1</td><td>152.1</td><td>63.2</td></tr><tr><td>3,500 under 4,500</td><td>764.3</td><td>1,156.3</td><td>412.4</td><td>492.9</td><td>27.2</td><td>392.1</td><td>122.7</td><td>42.5</td></tr><tr><td>4,500 under 5,000</td><td>478.4</td><td>1,221.4</td><td>421.5</td><td>473.5</td><td>17.1</td><td>474.8</td><td>152.1</td><td>42.5</td></tr><tr><td>5,000 under 6,000</td><td>610.1</td><td>924.4</td><td>421.5</td><td>473.5</td><td>17.1</td><td>474.8</td><td>152.1</td><td>42.5</td></tr><tr><td>6,000 under 7,000</td><td>289.0</td><td>444.3</td><td>233.5</td><td>277.5</td><td>1.6</td><td>358.2</td><td>72.7</td><td>20.6</td></tr><tr><td>7,000 under 8,000</td><td>170.8</td><td>266.4</td><td>74.0</td><td>121.5</td><td>1.6</td><td>31.0</td><td>4.3</td><td>1.3</td></tr><tr><td>8,000 under 9,000</td><td>98.1</td><td>158.8</td><td>22.1</td><td>61.2</td><td>1.4</td><td>12.1</td><td>1.6</td><td>0.3</td></tr><tr><td>9,000 under 10,000</td><td>51.8</td><td>75.5</td><td>22.1</td><td>61.2</td><td>1.4</td><td>12.1</td><td>1.6</td><td>0.3</td></tr><tr><td>10,000 under 15,000</td><td>21.6</td><td>31.0</td><td>15.1</td><td>38.1</td><td>1.3</td><td>12.1</td><td>1.6</td><td>0.3</td></tr><tr><td>15,000 under 20,000</td><td>11.0</td><td>15.2</td><td>6.0</td><td>13.1</td><td>1.2</td><td>1.7</td><td>1.1</td><td>0.2</td></tr><tr><td>20,000 under 25,000</td><td>10.2</td><td>14.2</td><td>6.0</td><td>13.1</td><td>1.2</td><td>1.7</td><td>1.1</td><td>0.2</td></tr><tr><td>Total taxable returns</td><td>14,291.2</td><td>19,756.6</td><td>4,438.1</td><td>6,691.8</td><td>362.1</td><td>2,968.1</td><td>4,943.4</td><td>350.8</td></tr><tr><td>Non-taxable returns:</td><td>2,048.1</td><td>2,892.2</td><td>79.5</td><td>106.1</td><td>1.6</td><td>59.4</td><td>129.2</td><td>1.0</td></tr><tr><td>Definite under $500</td><td>481.1</td><td>584.2</td><td>79.5</td><td>106.1</td><td>1.6</td><td>59.4</td><td>129.2</td><td>1.0</td></tr><tr><td>$500 under 1,500</td><td>1,567.0</td><td>2,308.0</td><td>43.8</td><td>66.2</td><td>1.4</td><td>41.4</td><td>45.1</td><td>1.3</td></tr><tr><td>1,500 under 1,750</td><td>1,722</td><td>2,073.2</td><td>20.6</td><td>43.8</td><td>1.4</td><td>11.7</td><td>3.0</td><td>1.3</td></tr><tr><td>1,750 and over</td><td>172</td><td>26.6</td><td>3.6</td><td>4.8</td><td>1.4</td><td>1.7</td><td>1.7</td><td>1.3</td></tr><tr><td>Total non-taxable returns</td><td>3,164.9</td><td>3,646.0</td><td>143.9</td><td>221.4</td><td>43.6</td><td>221.5</td><td>189.9</td><td>17.7</td></tr><tr><td>Total all returns</td><td>17,456.1</td><td>23,402.6</td><td>4,700.4</td><td>7,023.3</td><td>405.7</td><td>3,189.6</td><td>4,564.4</td><td>367.5</td></tr><tr><td>Returns under $5,000 and under $25,000</td><td>17,206.0</td><td>23,032.4</td><td>4,300.5</td><td>6,336.5</td><td>394.0</td><td>2,972.2</td><td>4,069.9</td><td>333.2</td></tr><tr><td>(In thousands)</td><td>250.1</td><td>370.2</td><td>399.9</td><td>686.8</td><td>11.7</td><td>217.4</td><td>49.5</td><td>17.7</td></tr></table>
(Continued on following page)
April 1946
A-25
Individual Income Tax Returns for 1944 with Adjusted Gross Income Under $25,000 - (Continued)
Number of Returns and Number of Surtax Exemptions Classified by Size of Adjusted Gross Income and Number of Surtax Exemptions - (Continued)
<table><tr><th colspan="2">Size of adjusted Gross Income</th><th colspan="5">Part 4.- Joint Returns of Husbands and Wives with One Income Only</th><th colspan="5">Part 5.- Joint Returns of Husbands and Wives with Two Income 3/</th></tr><tr><td>Taxable returns:</td><td>$500 under 750</td><td>1,000 under 1,250</td><td>1,250 under 1,500</td><td>1,500 under 1,750</td><td>1,750 under 2,000</td><td>2,000 under 2,250</td><td>2,250 under 2,500</td><td>2,500 under 2,750</td><td>2,750 under 3,000</td><td>3,000 under 4,000</td><td>4,000 under 5,000</td><td>5,000 under 6,000</td><td>6,000 under 7,000</td><td>7,000 under 8,000</td><td>8,000 under 9,000</td><td>9,000 under 10,000</td><td>10,000 under 15,000</td><td>15,000 under 20,000</td><td>20,000 under 25,000</td><td>Total taxable returns</td><td>Non-taxable returns:</td><td>Deficit under $500</td><td>750 under 1,000</td><td>1,000 under 1,250</td><td>1,250 and over</td><td>Total nontaxable returns</td><td>Total all returns</td><td>Returns under $5,000 and under $25,000</td></tr><tr><td>Number of returns</td><td>460.7</td><td>852.0</td><td>1,088.5</td><td>1,173.6</td><td>1,240.2</td><td>1,459.7</td><td>1,736.2</td><td>1,813.6</td><td>1,456.1</td><td>1,162.6</td><td>1,703.5</td><td>2,684</td><td>130.4</td><td>323.4</td><td>40.4</td><td>102.3</td><td>18.2</td><td>17,066.7</td><td>110.4</td><td>437.1</td><td>230.1</td><td>25.2</td><td>922.1</td><td>17,985.8</td><td>16,341.5</td><td>1,047.3</td></tr><tr><td>Total number of returns</td><td>1,398.9</td><td>3,182.6</td><td>3,749.6</td><td>4,020.5</td><td>4,149.3</td><td>4,759.3</td><td>4,468.2</td><td>4,746.2</td><td>5,132.7</td><td>4,745.1</td><td>7,100.6</td><td>1,501.8</td><td>1,501.8</td><td>1,813.6</td><td>1,813.6</td><td>1,703.5</td><td>2,684</td><td>17,066.7</td><td>1,501.8</td><td>1,813.6</td><td>1,813.6</td><td>17,985.8</td><td>16,341.5</td><td>1,047.3</td></tr><tr><td>Total number of returns</td><td>1,398.9</td><td>3,182.6</td><td>3,749.6</td><td>4,020.5</td><td>4,149.3</td><td>4,759.3</td><td>4,468.2</td><td>4,746.2</td><td>5,132.7</td><td>4,745.1</td><td>7,100.6</td><td>1,501.8</td><td>1,501.8</td><td>1,813.6</td><td>1,813.6</td><td>1,703.5</td><td>2,684</td><td>17,066.7</td><td>1,501.8</td><td>1,813.6</td><td>1,813.6</td><td>17,985.8</td><td>16,341.5</td><td>1,047.3</td></tr><tr><td>Total number of returns</td><td>1,398.9</td><td>3,182.6</td><td>3,749.6</td><td>4,020.5</td><td>4,149.3</td><td>4,759.3</td><td>4,468.2</td><td>4,746.2</td><td>5,132.7</td><td>4,745.1</td><td>7,100.6</td><td>1,501.8</td><td>1,501.8</td><td>1,813.6</td><td>1,813.6</td><td>1,703.5</td><td>2,684</td><td>17,066.7</td><td>1,501.8</td><td>1,813.6</td><td>1,813.6</td><td>17,985.8</td><td>16,341.5</td><td>1,047.3</td></tr><tr><td>Total number of returns</td><td>1,398.9</td><td>3,182.6</td><td>3,749.6</td><td>4,020.5</td><td>4,149.3</td><td>4,759.3</td><td>4,468.2</td><td>4,746.2</td><td>5,132.7</td><td>4,745.1</td><td>7,100.6</td><td>1,501.8</td><td>1,501.8</td><td>1,813.6</td><td>1,813.6</td><td>1,703.5</td><td>2,684</td><td>17,066.7</td><td>1,501.8</td><td>1,813.6</td><td>1,813.6</td><td>17,985.8</td><td>16,341.5</td><td>1,047.3</td></tr><tr><td>Total number of returns</td><td>1,398.9</td><td>3,182.6</td><td>3,749.6</td><td>4,020.5</td><td>4,149.3</td><td>4,759.3</td><td>4,468.2</td><td>4,746.2</td><td>5,132.7</td><td>4,745.1</td><td>7,100.6</td><td>1,501.8</td><td>1,501.8</td><td>1,813.6</td><td>1,813.6</td><td>1,703.5</td><td>2,684</td><td>17,066.7</td><td>1,501.8</td><td>1,813.6</td><td>1,813.6</td><td>17,985.8</td><td>16,341.5</td><td>1,047.3</td></tr><tr><td>Number of returns</td><td>235.5</td><td>545.9</td><td>535.3</td><td>517.5</td><td>453.9</td><td>421.2</td><td>380.2</td><td>390.1</td><td>236.7</td><td>138.4</td><td>64.3</td><td>32.9</td><td>14.3</td><td>12.5</td><td>11.3</td><td>5.3</td><td>1.3</td><td>1.0</td><td>1.0</td><td>1.0</td><td>1.0</td><td>1.0</td><td>1.0</td><td>1.0</td><td>1.0</td><td>1.0</td><td>1.0</td><td>1.0</td><td>1.0</td><td>1.0</td></tr><tr><td>Total number of surtax-exempt returns</td><td>100.2</td><td>171.8</td><td>233.8</td><td>218.2</td><td>244.3</td><td>299.9</td><td>292.9</td><td>212.9</td><td>266.5</td><td>128.8</td><td>15.4</td><td>13.3</td><td>12.3</td><td>12.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td></tr><tr><td>Number of returns</td><td>59.4</td><td>117.1</td><td>147.1</td><td>175.2</td><td>218.2</td><td>229.9</td><td>292.9</td><td>212.9</td><td>266.5</td><td>128.8</td><td>15.4</td><td>13.3</td><td>12.3</td><td>12.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td></tr><tr><td>Total number of surtax-exempt returns</td><td>100.2</td><td>171.8</td><td>233.8</td><td>218.2</td><td>244.3</td><td>299.9</td><td>292.9</td><td>212.9</td><td>266.5</td><td>128.8</td><td>15.4</td><td>13.3</td><td>12.3</td><td>12.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td><td>11.2</td></tr><tr><td>Number of returns</td><td>29.8</td><td>58.3</td><td>72.7</td><td>97.3</td><td>120.4</td><td>147.1</td><td>147.1</td><td>167.1</td><td>167.1</td><td>25.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td></tr><tr><td>Total number of surtax-exempt returns</td><td>29.8</td><td>58.3</td><td>72.7</td><td>97.3</td><td>120.4</td><td>147.1</td><td>147.1</td><td>167.1</td><td>167.1</td><td>25.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td><td>11.0</td></tr><tr><td>Number of returns</td><td>35.8</td><td>57.4</td><td>83.0</td><td>103.0</td><td>111.1</td><td>117.1</td><td>117.1</td><td>123.5</td><td>123.5</td><td>14.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td></tr><tr><td>Total number of surtax-exempt returns</td><td>35.8</td><td>57.4</td><td>83.0</td><td>103.0</td><td>111.1</td><td>117.1</td><td>117.1</td><td>123.5</td><td>123.5</td><td>14.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td></tr><tr><td>Number of returns</td><td>240.6</td><td>403.1</td><td>572.4</td><td>612.4</td><td>701.7</td><td>772.3</td><td>792.1</td><td>826.0</td><td>826.0</td><td>100.6</td><td>12.7</td><td>13.7</td><td>17.3</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td></tr><tr><td>Total number of surtax-exempt returns</td><td>240.6</td><td>403.1</td><td>572.4</td><td>612.4</td><td>701.7</td><td>772.3</td><td>792.1</td><td>826.0</td><td>826.0</td><td>100.6</td><td>12.7</td><td>13.7</td><td>17.3</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td><td>18.0</td></tr><tr><td>Number of returns</td><td>14.6</td><td>53.0</td><td>298.6</td><td>331.3</td><td>391.3</td><td>430.5</td><td>450.5</td><td>692.7</td><td>477.0</td><td>58.8</td><td>19.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td></tr><tr><td>Total number of surtax-exempt returns</td><td>14.6</td><td>53.0</td><td>298.6</td><td>331.3</td><td>391.3</td><td>430.5</td><td>450.5</td><td>692.7</td><td>477.0</td><td>58.8</td><td>19.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td><td>21.5</td></tr><tr><td>Number of returns</td><td>40.9</td><td>145.3</td><td>917.5</td><td>1,117.3</td><td>1,237.2</td><td>1,338.0</td><td>1,476.3</td><td>2,252.1</td><td>1,987.3</td><td>190.3</td><td>25.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td></tr><tr><td>Total number of surtax-exempt returns</td><td>40.9</td><td>145.3</td><td>917.5</td><td>1,117.3</td><td>1,237.2</td><td>1,338.0</td><td>1,476.3</td><td>2,252.1</td><td>1,987.3</td><td>190.3</td><td>25.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td><td>26.9</td></tr><tr><td>Number of returns</td><td>3.1</td><td>13.0</td><td>66.4</td><td>84.3</td><td>99.4</td><td>112.5</td><td>122.8</td><td>202.6</td><td>142.7</td><td>16.1</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td></tr><tr><td>Total number of surtax-exempt returns</td><td>3.1</td><td>13.0</td><td>66.4</td><td>84.3</td><td>99.4</td><td>112.5</td><td>122.8</td><td>202.6</td><td>142.7</td><td>16.1</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td><td>3.0</td></tr><tr><td>Number of returns</td><td>1.8</td><td>5.0</td><td>39.7</td><td>51.5</td><td>88.1</td><td>71.9</td><td>81.7</td><td>157.7</td><td>128.7</td><td>11.7</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td></tr><tr><td>Total number of surtax-exempt returns</td><td>1.8</td><td>5.0</td><td>39.7</td><td>51.5</td><td>88.1</td><td>71.9</td><td>81.7</td><td>157.7</td><td>128.7</td><td>11.7</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td><td>2.2</td></tr><tr><td>Number of returns</td><td>2.7</td><td>10.4</td><td>22.7</td><td>28.7</td><td>34.8</td><td>44.7</td><td>47.4</td><td>67.4</td><td>45.8</td><td>18.8</td><td>5.5</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td></tr><tr><td>Total number of surtax-exempt returns</td><td>2.7</td><td>10.4</td><td>22.7</td><td>28.7</td><td>34.8</td><td>44.7</td><td>47.4</td><td>67.4</td><td>45.8</td><td>18.8</td><td>5.5</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td><td>5.7</td></tr><tr><td>Number of returns</td><td>1.4</td><td>10.4</td><td>21.8</td><td>25.1</td><td>27.1</td><td>27.7</
Less than 50.
The total number of surtax exemptions is the summation of the number of returns reported in each column multiplied by the number of surtax exemptions shown at the head of the column.
Includes all nontaxable returns. Includes combined return of husband and wife filed on Form W-2, with taxes computed either on a joint or separate basis, whichever was to the taxpayer's advantage.
A-26
Treasury Bulletin
Preliminary Statistics from Corporation Income and
Taxable Excess-Profits Tax Returns for 1943
Secretary of the Treasury Vinson recently made public preliminary statistics from corporation income and taxable excess-profits tax returns for 1943, filed through December 31, 1944. 1/ The data released are summarized in this article. The preliminary report, "Statistics of Income for 1943, Part 2," 1a available at the U. S. Government Printing Office.
This release contains data on number of returns filed, receipts, net income, 2/ taxes, and dividends paid. Tabulations are given by major industrial groups, for returns with net income and returns with no net income, for all corporations and for corporations filing consolidated returns. Tabulations are also given by major industrial groups for all corporations of the wholly and partially tax-exempt items, dividends received and interest on Government obligations. Data from taxable excess-profits tax returns are tabulated by adjusted excess-profits net income classes. Finally, a historical summary is given for 1934-43 of selected items from similar tabulations for earlier years.
The data presented in this release are from corporation income tax returns (Form 1120) and corporation excess-profits tax returns (Form 1121) for the calendar year 1943, for fiscal years ending between July 1943 and June 1944, and for part years with the major part of the accounting period falling in 1943. Returns filed by foreign corporations engaged in business in the United States are included. Amended returns and tentative returns are not included. The statistics are compiled from the returns as filed, prior to any revisions that may be made as a result of audit by the Bureau of Internal Revenue, and prior to any changes which may result from the renegotiation of war contracts after the returns are filed. Changes resulting from the renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war contracts are recorded as settlements reached, however, and the effect of renegotiation of war
tiation settlements reached to date will be shown in a special tabulation to be included in the complete report, "Statistics of Income for 1943, Part 2".
For corporations filing returns for the calendar year 1943 or for fiscal or part years ending in 1943, there was no change in the income or excess-profit tax provisions from those in effect in 1942. Corporations filing on the basis of fiscal or part years with part of the accounting period falling in 1944, however, compute their tax under both the 1943 and the 1944 tax laws, pro-rated according to the part of the accounting period falling in 1944. Under the 1944 law, the excess-profits tax rate was increased from 90 to 95 percent, the specific exemption was increased from $5,000 to $10,000, and the invested-capital credit was decreased. Further information with respect to these changes may be found in the original release.
Number of Returns, Net Income, and Tax
Income tax returns. A total of 455,753 income tax returns for 1943 were filed through December 31, 1944. Of these, 283,693 reported net income 2/ of $28,689 million, 136,787 reported deficit of $899 million, and the remaining 35,268 showed no income data. The income tax liability reported totaled $4,476 million. The following table presents a comparison of 1943 data with similar data for 1942.
<table><tr><th></th><th>1943 (Preliminary)</th><th>1942 (Complete)</th><th>Number or amount</th><th>Percent</th></tr><tr><td>Number of returns: With net income 2/ With no net income Inactive returns..</td><td>283,698 136,787 35,268</td><td>269,942 172,723 37,012</td><td>13,756 -35,936 -1,744</td><td>5 -21 -5</td></tr><tr><td>Total</td><td>455,753</td><td>479,677</td><td>-23,924</td><td>-5</td></tr><tr><td colspan="5">(In millions of dollars)</td></tr><tr><td>Net income 2/, deficit and tax: Returns with net income: Net income 2/. Income tax...</td><td>28,689 4,476</td><td>24,052 4,338</td><td>4,637 139</td><td>19 3</td></tr><tr><td>Returns with no net income: Deficit....</td><td>899</td><td>1,001</td><td>-102</td><td>-10</td></tr></table>
April 1946
A-27
For 1943, the number of consolidated income-tax returns filed was 1,286, of which 1,005 show net income amounting to $3,536 million, while 277 show deficit of $120 million, and 4 have no income data. The number of consolidated returns is only 0.3 percent of all corporation returns, but the net income reported in consolidated returns is 12.3 percent of the net income of all returns showing net income, and the income tax reported, amounting to $771 million, is 17.2 percent of the income tax for all corporations.
Taxable excess-profits tax returns. A total of 68,163 taxable corporation excess-profits tax returns were filed for 1943. The excess-profits tax liability reported was $11,268 million. The following table shows the number of returns, income, and tax liability for 1942 and 1943.
Table 1 at the end of this article gives more detailed data on the number of income tax returns filed, income, taxes, and dividends paid, by major industrial groups. Table 2 presents a historical summary of selected items from income and excess-profits tax returns for the years 1934-1943.
<table><tr><th></th><th>1943 (Preliminary)</th><th>1942 (Complete)</th><th colspan="2">Increase or decrease (-)</th></tr><tr><th></th><th></th><th></th><th>Number or amount</th><th>Percent</th></tr><tr><td>Number of returns...</td><td>68,163</td><td>54,002</td><td>14,161</td><td>26</td></tr><tr><td colspan="5">(In millions of dollars)</td></tr><tr><td>Excess-profita net income 1/......</td><td>22,265</td><td>17,084</td><td>5,181</td><td>30</td></tr><tr><td>Adjusted excessa-profita net income 2/......</td><td>14,520</td><td>10,495</td><td>4,025</td><td>38</td></tr><tr><td>Excess-profita tax, net 3/......</td><td>11,268</td><td>7,852</td><td>3,417</td><td>44</td></tr></table>
1/ Excess-profits net income is obtained from net income by making certain adjustments, consisting principally of the exclusion of long-term capital gains and losses, dividends received, and the declared-value excess-profits tax, and the inclusion of the net operating loss deduction.
2/ Adjusted excess-profits net income is excess-profits net income less the sum of the specific exemption, the excess-profits credit, and the unused excess-profits credit adjustment.
3/ The excess-profits tax shown is that imposed by section 710 of the Internal Revenue Code, and should not be confused with the declared-value excess-profits tax. The tax is shown after deduction of the credit for debt retirement and the net postwar refund.
A-23
Treasury Bulletin
Table 1 - Corporation Income Tax Returns
Number of Returns, Net Income
ome, and Taxes, by Major Industrial Groups
<table><tr><th>Major industrial Groupe 1/</th><th>Total number of returns</th><th>Number of returns</th><th>Total compiled receipts 1/</th><th>Net income 2/</th><th>Income subject to excess profit tax 3/</th><th>Total tax</th><th>Income tax</th><th>Declaréd value excess profit tax</th><th>Excess-profit tax 5/</th><th>Dividende paid and received other than own stock</th><th>Number of returne</th><th>Total compiled receipts 2/</th><th>Deficit</th><th>Dividende paid in cash and other than own stock</th></tr><tr><td>All industrial Groupe:</td><td>455.8</td><td>233.7</td><td>240,550.2</td><td>28,689.4</td><td>14,448.6</td><td>15,698.3</td><td>4,476.5</td><td>153.3</td><td>11,268.5</td><td>5,623.1</td><td>136.8</td><td>8,912.3</td><td>898.7</td><td>96.7</td></tr><tr><td>Wining and quarrying:</td><td>1.9</td><td>.2</td><td>770.3</td><td>129.5</td><td>31.7</td><td>56.6</td><td>30.8</td><td>.1</td><td>25.6</td><td>81.7</td><td>.7</td><td>76.8</td><td>13.2</td><td>1.0</td></tr><tr><td>Metallique mining, peat.</td><td>1.8</td><td>1.0</td><td>273.1</td><td>10.3</td><td>26.6</td><td>49.2</td><td>27.5</td><td>.3</td><td>21.5</td><td>24.0</td><td>.6</td><td>169.4</td><td>7.0</td><td>1.2</td></tr><tr><td>Bituminous coal, lignite, natural gas, etc.</td><td>4.1</td><td>2.0</td><td>1,277.7</td><td>103.2</td><td>10.0</td><td>34.5</td><td>26.4</td><td>.2</td><td>7.9</td><td>60.5</td><td>1.8</td><td>149.4</td><td>20.0</td><td>4.3</td></tr><tr><td>Crude Petroleum and natural gas</td><td>1.6</td><td>.7</td><td>555.3</td><td>94.7</td><td>15.6</td><td>24.1</td><td>11.5</td><td>.1</td><td>12.5</td><td>19.7</td><td>.7</td><td>49.1</td><td>5.0</td><td>.3</td></tr><tr><td>Nonmetallic mining and quarrying</td><td>.7</td><td>.4</td><td>333.1</td><td>1.7</td><td>1.0</td><td>1.0</td><td>.2</td><td>.7</td><td>.8</td><td>.6</td><td>.1</td><td>2.0</td><td>1.2</td><td>.1</td></tr><tr><td>Wining and quarrying not allo-</td><td>10.1</td><td>4.0</td><td>3,221.7</td><td>387.3</td><td>86.3</td><td>169.5</td><td>99.4</td><td>.7</td><td>69.5</td><td>193.0</td><td>4.1</td><td>509.4</td><td>49.4</td><td>7.1</td></tr><tr><td>Total mining and quarrying...</td><td>10.1</td><td>4.0</td><td>3,221.7</td><td>387.3</td><td>86.3</td><td>169.5</td><td>99.4</td><td>.7</td><td>69.5</td><td>193.0</td><td>4.1</td><td>509.4</td><td>49.4</td><td>7.1</td></tr><tr><td>Manufacturing:</td><td>9.3</td><td>7.3</td><td>18,611.9</td><td>1,129.3</td><td>499.3</td><td>636.6</td><td>226.0</td><td>8.4</td><td>402.1</td><td>247.4</td><td>1.7</td><td>420.6</td><td>12.3</td><td>2.1</td></tr><tr><td>Food and kindred products</td><td>2.8</td><td>2.2</td><td>3,228.9</td><td>367.1</td><td>171.7</td><td>209.5</td><td>71.7</td><td>1.4</td><td>136.3</td><td>65.1</td><td>.1</td><td>58.1</td><td>2.8</td><td>.1</td></tr><tr><td>Beverage manufactures</td><td>.8</td><td>.7</td><td>2,093.7</td><td>138.0</td><td>49.5</td><td>92.2</td><td>52.0</td><td>.2</td><td>40.0</td><td>43.5</td><td>.1</td><td>32.3</td><td>1.6</td><td>2.1</td></tr><tr><td>Cotton-manufactures</td><td>3.7</td><td>3.1</td><td>5,032.1</td><td>511.2</td><td>307.8</td><td>221.1</td><td>37.8</td><td>3.3</td><td>245.1</td><td>66.4</td><td>.5</td><td>73.1</td><td>4.8</td><td>2.1</td></tr><tr><td>Cotton-will products, except</td><td>3.7</td><td>3.1</td><td>5,032.1</td><td>511.2</td><td>307.8</td><td>221.1</td><td>37.8</td><td>3.3</td><td>245.1</td><td>66.4</td><td>.5</td><td>73.1</td><td>4.8</td><td>2.1</td></tr><tr><td>Apparel and products made from cotton</td><td>2.1</td><td>1.8</td><td>4,004.8</td><td>254.3</td><td>147.3</td><td>148.2</td><td>35.4</td><td>2.4</td><td>110.3</td><td>28.4</td><td>1.2</td><td>97.1</td><td>2.7</td><td>.2</td></tr><tr><td>Leather and products</td><td>2.5</td><td>1.7</td><td>2,029.3</td><td>151.9</td><td>77.1</td><td>74.8</td><td>31.8</td><td>3.7</td><td>29.7</td><td>34.7</td><td>.7</td><td>37.1</td><td>7.6</td><td>1.5</td></tr><tr><td>Leather, products, bago, products</td><td>2.5</td><td>1.7</td><td>2,029.3</td><td>151.9</td><td>77.1</td><td>74.8</td><td>31.8</td><td>3.7</td><td>29.7</td><td>34.7</td><td>.7</td><td>37.1</td><td>7.6</td><td>1.5</td></tr><tr><td>Lumber and timber products</td><td>2.1</td><td>1.3</td><td>1,502.7</td><td>157.9</td><td>208.7</td><td>255.9</td><td>30.8</td><td>1.2</td><td>70.4</td><td>38.5</td><td>.9</td><td>114.3</td><td>6.0</td><td>1.5</td></tr><tr><td>Furniture and finished lumber</td><td>2.1</td><td>1.3</td><td>1,502.7</td><td>157.9</td><td>208.7</td><td>255.9</td><td>30.8</td><td>1.2</td><td>70.4</td><td>38.5</td><td>.9</td><td>114.3</td><td>6.0</td><td>1.5</td></tr><tr><td>Products, allied products</td><td>10.4</td><td>7.2</td><td>1,822.1</td><td>146.3</td><td>68.5</td><td>82.7</td><td>69.7</td><td>1.4</td><td>169.9</td><td>24.6</td><td>.3</td><td>112.7</td><td>3.1</td><td>0.5</td></tr><tr><td>Printing and publishing induc-</td><td>6.5</td><td>4.5</td><td>3,227.6</td><td>391.6</td><td>211.0</td><td>240.7</td><td>69.7</td><td>1.4</td><td>169.9</td><td>24.6</td><td>.3</td><td>112.7</td><td>3.1</td><td>0.5</td></tr><tr><td>Chemical and allied products</td><td>2.9</td><td>1.7</td><td>8,505.9</td><td>761.4</td><td>64.9</td><td>251.8</td><td>85.9</td><td>4.0</td><td>161.9</td><td>87.8</td><td>3.0</td><td>148.1</td><td>9.2</td><td>1.5</td></tr><tr><td>Petroleum and coal products</td><td>6.5</td><td>5.0</td><td>2,227.0</td><td>318.1</td><td>120.5</td><td>730.5</td><td>230.7</td><td>3.6</td><td>148.2</td><td>320.6</td><td>1.7</td><td>114.9</td><td>10.8</td><td>1.0</td></tr><tr><td>Stone, clay, and glass products</td><td>2.6</td><td>1.9</td><td>20,823.7</td><td>747.6</td><td>188.4</td><td>191.4</td><td>55.6</td><td>1.9</td><td>134.9</td><td>68.0</td><td>1.1</td><td>155.9</td><td>16.3</td><td>1.2</td></tr><tr><td>Iron, steel, metals and their</td><td>2.4</td><td>1.9</td><td>4,297.2</td><td>530.5</td><td>1,928.5</td><td>1,797.5</td><td>291.6</td><td>2.7</td><td>257.1</td><td>87.8</td><td>.5</td><td>338.7</td><td>22.5</td><td>2.3</td></tr><tr><td>Nonferrous metals and their</td><td>2.4</td><td>1.9</td><td>4,297.2</td><td>530.5</td><td>1,928.5</td><td>1,797.5</td><td>291.6</td><td>2.7</td><td>257.1</td><td>87.8</td><td>.5</td><td>338.7</td><td>22.5</td><td>2.3</td></tr><tr><td>Electrical machinery and equip-</td><td>1.7</td><td>1.3</td><td>6,777.3</td><td>1,080.4</td><td>338.2</td><td>339.5</td><td>69.7</td><td>7.3</td><td>634.2</td><td>142.4</td><td>.4</td><td>55.8</td><td>2.6</td><td>1.1</td></tr><tr><td>Plant, except transportation</td><td>6.2</td><td>4.8</td><td>11,358.0</td><td>2,202.5</td><td>805.4</td><td>739.4</td><td>97.9</td><td>20.9</td><td>1,337.4</td><td>197.3</td><td>1.1</td><td>153.7</td><td>12.0</td><td>1.5</td></tr><tr><td>Machinery, except electrical, ex-</td><td>6.2</td><td>4.8</td><td>11,358.0</td><td>2,202.5</td><td>805.4</td><td>739.4</td><td>97.9</td><td>20.9</td><td>1,337.4</td><td>197.3</td><td>1.1</td><td>153.7</td><td>12.0</td><td>1.5</td></tr><tr><td>Automobile and equipment</td><td>1.2</td><td>.9</td><td>4,021.7</td><td>414.3</td><td>1,825.6</td><td>1,523.9</td><td>57.6</td><td>3.6</td><td>201.9</td><td>28.7</td><td>.1</td><td>9.4</td><td>.6</td><td>.4</td></tr><tr><td>Transportation</td><td>1.2</td><td>.9</td><td>4,021.7</td><td>414.3</td><td>1,825.6</td><td>1,523.9</td><td>57.6</td><td>3.6</td><td>201.9</td><td>28.7</td><td>.1</td><td>9.4</td><td>.6</td><td>.4</td></tr><tr><td>Electrical equipment, except</td><td>3.3</td><td>2.8</td><td>21,921.7</td><td>2,332.8</td><td>1,776.4</td><td>2,570.6</td><td>217.1</td><td>16.1</td><td>1,316.4</td><td>412.6</td><td>.3</td><td>723.5</td><td>4.7</td><td>1.2</td></tr><tr><td>Automobiles</td><td>3.3</td><td>2.8</td><td>21,921.7</td><td>2,332.8</td><td>1,776.4</td><td>2,570.6</td><td>217.1</td><td>16.1</td><td>1,316.4</td><td>412.6</td><td>.3</td><td>723.5</td><td>4.7</td><td>1.2</td></tr><tr><td>Other manufacturing</td><td>2.3</td><td>1.5</td><td>1,606.4</td><td>217.8</td><td>145.2</td><td>140.0</td><td>25.8</td><td>2.1</td><td>111.8</td><td>36.9</td><td>.5</td><td>59.8</td><td>4.0</td><td>2</td></tr><tr><td>Manufacturing not allowable</td><td>2.3</td><td>1.5</td><td>1,606.4</td><td>217.8</td><td>145.2</td><td>140.0</td><td>25.8</td><td>2.1</td><td>111.8</td><td>36.9</td><td>.5</td><td>59.8</td><td>4.0</td><td>2</td></tr><tr><td>Total manufacturing</td><td>81.4</td><td>61.7</td><td>143,316.3</td><td>16,702.2</td><td>10,537.3</td><td>10,526.7</td><td>2,684.2</td><td>113.7</td><td>8,148.8</td><td>2,614.4</td><td>117.0</td><td>2,914.8</td><td>146.2</td><td>15.9</td></tr></table>
Note: See page A-31 for footnotes * Less than 50 returns or $50,000.
(Continued on following page)
Table 1 - Corporation Income Tax Returns - (Continued)
Number of Returns, Net Income, and Taxes, by Major Industrial Groups - (Continued)
April 1946
A-29
<table><tr><th>Major industrial Groups I/</th><th>Total number of returns</th><th>Number of returns</th><th>Total compiled receipts 3/</th><th>Net income 2/</th><th>Income subject to excise profit tax 4/</th><th>Total tax</th><th>Dealtor income tax</th><th>Excess-profit tax 5/</th><th>Dividends paid in cash and assets other than own stock</th><th>Dividends paid in cash and assets other than own stock</th><th>Total compiled receipts 3/</th><th>Total with no net income 2/</th><th>Number of returns</th><th>Total with no net income 2/</th></tr><tr><td>Public utilities:</td><td>(In thousands)</td><td></td><td></td><td></td><td>(In millions of dollars)</td><td></td><td></td><td></td><td></td><td></td><td>(In thousands)</td><td>(In millions of dollars)</td><td></td><td></td></tr><tr><td>Transportation</td><td>13.6</td><td>8.8</td><td>13,371.6</td><td>2,900.5</td><td>1,322.1</td><td>1,654.2</td><td>591.6</td><td>1,060.3</td><td>332.9</td><td>322.9</td><td>803.0</td><td>106.5</td><td>1.5</td><td>1.5</td></tr><tr><td>Communication</td><td>3.3</td><td>2.2</td><td>2,483.0</td><td>686.5</td><td>199.3</td><td>289.7</td><td>131.6</td><td>157.6</td><td>471.3</td><td>1.2</td><td>32.6</td><td>6.8</td><td>3.8</td><td>3.8</td></tr><tr><td>Other public utilities</td><td>3.3</td><td>2.1</td><td>4,573.1</td><td>1,029.3</td><td>233.3</td><td>459.2</td><td>24.2</td><td>194.7</td><td>471.1</td><td>1.9</td><td>75.6</td><td>121.8</td><td>5.4</td><td>5.4</td></tr><tr><td>Total public utilities</td><td>20.7</td><td>13.2</td><td>20,428.0</td><td>4,616.3</td><td>1,754.6</td><td>2,403.8</td><td>997.4</td><td>1,402.7</td><td>1,166.3</td><td>6.1</td><td>911.5</td><td>121.8</td><td>5.4</td><td>5.4</td></tr><tr><td>Trade:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholesale:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commission merchants</td><td>5.6</td><td>3.7</td><td>1,438.3</td><td>95.7</td><td>44.7</td><td>50.6</td><td>14.7</td><td>35.7</td><td>19.4</td><td>1.7</td><td>132.8</td><td>27.8</td><td>1.5</td><td>1.5</td></tr><tr><td>Other wholesale trade</td><td>29.8</td><td>23.8</td><td>25,709.1</td><td>1,120.0</td><td>576.2</td><td>641.1</td><td>179.3</td><td>452.7</td><td>172.0</td><td>5.2</td><td>836.3</td><td>22.8</td><td>2.1</td><td>2.1</td></tr><tr><td>Total wholesale trade</td><td>35.3</td><td>27.5</td><td>27,147.5</td><td>1,215.7</td><td>620.8</td><td>691.6</td><td>194.0</td><td>488.0</td><td>191.4</td><td>6.9</td><td>969.1</td><td>26.5</td><td>2.1</td><td>2.1</td></tr><tr><td>Retail:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>General merchandise, including mar. stores</td><td>5.8</td><td>4.1</td><td>8,246.4</td><td>788.6</td><td>448.9</td><td>491.7</td><td>126.5</td><td>361.9</td><td>161.9</td><td>4.8</td><td>48.5</td><td>1.5</td><td>1.6</td><td>1.6</td></tr><tr><td>Food and milk dealers</td><td>5.2</td><td>1.5</td><td>5,293.7</td><td>134.6</td><td>48.4</td><td>70.0</td><td>30.3</td><td>75.9</td><td>33.1</td><td>1.6</td><td>195.9</td><td>3.1</td><td>4.4</td><td>4.4</td></tr><tr><td>Package liquor stores</td><td>10.4</td><td>8.7</td><td>2,848.0</td><td>218.8</td><td>122.0</td><td>321.0</td><td>89.7</td><td>227.4</td><td>104.6</td><td>1.0</td><td>152.7</td><td>2.0</td><td>3.3</td><td>3.3</td></tr><tr><td>Drug stores</td><td>10.4</td><td>8.7</td><td>2,848.0</td><td>218.8</td><td>122.0</td><td>321.0</td><td>89.7</td><td>227.4</td><td>104.6</td><td>1.0</td><td>152.7</td><td>2.0</td><td>3.3</td><td>3.3</td></tr><tr><td>Apparel and house furn.</td><td>4.7</td><td>3.7</td><td>814.9</td><td>96.3</td><td>21.2</td><td>42.8</td><td>25.8</td><td>16.9</td><td>19.5</td><td>1.9</td><td>37.6</td><td>1.9</td><td>3.1</td><td>3.1</td></tr><tr><td>Furniture</td><td>9.3</td><td>6.2</td><td>1,104.8</td><td>65.1</td><td>28.3</td><td>37.0</td><td>11.7</td><td>22.8</td><td>19.0</td><td>1.8</td><td>157.0</td><td>4.2</td><td>1.4</td><td>1.4</td></tr><tr><td>Automobile and auto parts</td><td>1.2</td><td>1.0</td><td>119.8</td><td>11.6</td><td>4.1</td><td>6.2</td><td>2.8</td><td>3.5</td><td>2.3</td><td>1.4</td><td>10.3</td><td>1.4</td><td>1.1</td><td>1.1</td></tr><tr><td>Building materials, fuel, hardware</td><td>7.3</td><td>5.6</td><td>1,337.7</td><td>70.5</td><td>17.9</td><td>30.3</td><td>15.1</td><td>14.7</td><td>15.7</td><td>1.8</td><td>135.3</td><td>4.7</td><td>4.1</td><td>4.1</td></tr><tr><td>Other retail trade</td><td>7.3</td><td>5.7</td><td>1,337.7</td><td>92.1</td><td>15.9</td><td>51.5</td><td>15.7</td><td>10.9</td><td>17.8</td><td>1.6</td><td>199.2</td><td>5.0</td><td>1.1</td><td>1.1</td></tr><tr><td>Retail trade not allocable</td><td>74.3</td><td>56.6</td><td>24,438.0</td><td>1,674.9</td><td>799.4</td><td>943.7</td><td>291.9</td><td>639.9</td><td>61.5</td><td>16.0</td><td>974.7</td><td>28.1</td><td>2.7</td><td>2.7</td></tr><tr><td>Total retail trade</td><td>14.5</td><td>10.5</td><td>4,542.6</td><td>265.5</td><td>104.0</td><td>137.0</td><td>52.3</td><td>82.1</td><td>31.5</td><td>3.3</td><td>274.6</td><td>10.0</td><td>4.2</td><td>4.2</td></tr><tr><td>Trade not allocable</td><td>124.1</td><td>94.6</td><td>56,128.1</td><td>3,156.1</td><td>1,524.1</td><td>1,772.4</td><td>538.3</td><td>1,210.0</td><td>538.3</td><td>26.2</td><td>2,218.3</td><td>64.6</td><td>5.2</td><td>5.2</td></tr><tr><td>Total trade</td><td>14.5</td><td>10.5</td><td>4,542.6</td><td>265.5</td><td>104.0</td><td>137.0</td><td>52.3</td><td>82.1</td><td>31.5</td><td>3.3</td><td>274.6</td><td>10.0</td><td>4.2</td><td>4.2</td></tr><tr><td>Service:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Hospitals and other lodging places</td><td>4.5</td><td>3.0</td><td>809.0</td><td>96.7</td><td>32.5</td><td>45.7</td><td>19.3</td><td>25.9</td><td>10.2</td><td>1.4</td><td>134.8</td><td>14.4</td><td>1.4</td><td>1.4</td></tr><tr><td>Personal service</td><td>8.1</td><td>5.9</td><td>718.2</td><td>54.5</td><td>15.1</td><td>33.4</td><td>16.1</td><td>11.0</td><td>9.0</td><td>2.7</td><td>143.9</td><td>5.9</td><td>1.3</td><td>1.3</td></tr><tr><td>Automotive repair services and repair services</td><td>7.1</td><td>3.7</td><td>822.1</td><td>71.4</td><td>21.4</td><td>33.1</td><td>10.1</td><td>17.0</td><td>19.1</td><td>2.7</td><td>81.3</td><td>2.4</td><td>2.4</td><td>2.4</td></tr><tr><td>Real estate</td><td>3.4</td><td>1.7</td><td>114.7</td><td>8.8</td><td>2.2</td><td>3.5</td><td>1.7</td><td>1.7</td><td>1.3</td><td>1.6</td><td>46.1</td><td>2.4</td><td>2.4</td><td>2.4</td></tr><tr><td>Motion pictures, except motion picture</td><td>1.5</td><td>1.0</td><td>135.1</td><td>14.9</td><td>2.7</td><td>6.9</td><td>4.3</td><td>7.5</td><td>1.0</td><td>1.4</td><td>14.3</td><td>0.9</td><td>1.1</td><td>1.1</td></tr><tr><td>Amusement, except motion picture</td><td>4.8</td><td>1.7</td><td>1,321.5</td><td>262.9</td><td>127.5</td><td>147.2</td><td>42.3</td><td>102.5</td><td>52.6</td><td>2.2</td><td>66.0</td><td>5.4</td><td>1.1</td><td>1.1</td></tr><tr><td>Other service not allocable</td><td>1.1</td><td>1.1</td><td>375.1</td><td>48.5</td><td>15.7</td><td>25.9</td><td>6.3</td><td>15.6</td><td>5.1</td><td>1.2</td><td>61.4</td><td>8.7</td><td>1.1</td><td>1.1</td></tr><tr><td>Service not allocable</td><td>38.7</td><td>21.6</td><td>4,553.7</td><td>594.9</td><td>253.6</td><td>310.2</td><td>106.1</td><td>201.3</td><td>104.6</td><td>14.0</td><td>604.0</td><td>48.4</td><td>1.0</td><td>1.0</td></tr><tr><td>Total service</td><td>38.7</td><td>21.6</td><td>4,553.7</td><td>594.9</td><td>253.6</td><td>310.2</td><td>106.1</td><td>201.3</td><td>104.6</td><td>14.0</td><td>604.0</td><td>48.4</td><td>1.0</td><td>1.0</td></tr></table>
Note:
See page A-21 for 1000000. Less than 50 returns or $50,000.
(Continued on following page)
Table 1 - Corporation Income Tax Returns - (Continued)
Number of Returns, Net Income, and Taxes, by Major Industrial Groups - (Continued)
<table><tr><th>Major industrial Groups 1</th><th>Total number of returns</th><th>Number of returns</th><th>Total compiled receipts</th><th>Net income</th><th>Income subject to excise tax</th><th>Total income tax</th><th>Declared value excise profit tax</th><th>Excess-profit tax</th><th>Dividends paid in cash and assets other than own stock</th><th>Number of returns</th><th>Total compiled receipts</th><th>Deficit</th><th>Dividends paid in cash and assets other than own stock</th></tr><tr><td>Finance, insurance, real estate, and finance</td><td>15.8</td><td>12.6</td><td>1,980.4</td><td>457.2</td><td>3.6</td><td>119.0</td><td>.8</td><td>2.8</td><td>224.5</td><td>2.5</td><td>184.6</td><td>37.0</td><td>14.2</td></tr><tr><td>Banks and trust companies</td><td>3.3</td><td>1.5</td><td>27.1</td><td>6.5</td><td>.2</td><td>1.9</td><td>*</td><td>.1</td><td>2.5</td><td>1.6</td><td>7.2</td><td>10.7</td><td>6.4</td></tr><tr><td>Long-term credit agencies</td><td>4.0</td><td>2.4</td><td>197.4</td><td>53.5</td><td>3.2</td><td>20.4</td><td>.1</td><td>2.5</td><td>24.4</td><td>1.3</td><td>14.7</td><td>3.7</td><td>1.3</td></tr><tr><td>Mortgage companies, except bank</td><td>3.4</td><td>2.4</td><td>221.8</td><td>153.2</td><td>.3</td><td>10.0</td><td>.2</td><td>.1</td><td>138.9</td><td>.9</td><td>4.7</td><td>5.3</td><td>1.5</td></tr><tr><td>Short-term credit agencies, except trust and investment companies</td><td>1.9</td><td>1.4</td><td>407.7</td><td>290.1</td><td>1.0</td><td>34.7</td><td>.2</td><td>.8</td><td>253.6</td><td>.5</td><td>18.1</td><td>15.1</td><td>8.4</td></tr><tr><td>Other investment companies</td><td>1.4</td><td>.9</td><td>127.6</td><td>30.8</td><td>1.1</td><td>8.4</td><td>.1</td><td>.9</td><td>10.3</td><td>.4</td><td>13.5</td><td>2.5</td><td>4.4</td></tr><tr><td>Other holding companies</td><td>1.7</td><td>1.5</td><td>48.2</td><td>22.0</td><td>2.4</td><td>9.0</td><td>.1</td><td>1.9</td><td>5.1</td><td>.8</td><td>9.8</td><td>14.8</td><td>4.7</td></tr><tr><td>Security and commodity exchange brokerages</td><td>3.7</td><td>1.5</td><td>30.7</td><td>9.9</td><td>.3</td><td>2.1</td><td>*</td><td>.3</td><td>9.5</td><td>1.9</td><td>5.1</td><td>9.0</td><td>4.7</td></tr><tr><td>Other finance companies</td><td>35.1</td><td>23.2</td><td>3,040.8</td><td>1,033.2</td><td>12.1</td><td>205.8</td><td>1.5</td><td>9.4</td><td>668.8</td><td>9.9</td><td>257.8</td><td>98.1</td><td>41.1</td></tr><tr><td>Finance not allocable</td><td>1.9</td><td>1.5</td><td>3,302.1</td><td>1,357.9</td><td>20.6</td><td>121.2</td><td>*</td><td>17.0</td><td>124.5</td><td>.3</td><td>143.8</td><td>94.1</td><td>2.8</td></tr><tr><td>Total finance</td><td>6.0</td><td>3.6</td><td>159.3</td><td>29.6</td><td>5.5</td><td>11.4</td><td>.1</td><td>4.4</td><td>13.0</td><td>2.1</td><td>36.5</td><td>3.0</td><td>.2</td></tr><tr><td>Insurance carriers, agents, etc.</td><td>7.9</td><td>5.1</td><td>3,491.4</td><td>1,387.5</td><td>26.1</td><td>132.5</td><td>.1</td><td>21.4</td><td>137.5</td><td>2.4</td><td>180.3</td><td>97.1</td><td>3.0</td></tr><tr><td>Insurance carriers, brokers, etc.</td><td>91.8</td><td>43.3</td><td>1,326.9</td><td>259.1</td><td>18.0</td><td>80.7</td><td>1.3</td><td>14.3</td><td>74.7</td><td>43.1</td><td>655.8</td><td>194.4</td><td>11.6</td></tr><tr><td>Total insurance</td><td>7.4</td><td>3.3</td><td>201.5</td><td>105.1</td><td>13.4</td><td>44.7</td><td>.2</td><td>11.1</td><td>61.1</td><td>3.4</td><td>43.3</td><td>19.9</td><td>2.1</td></tr><tr><td>Real estate, including lessors of buildings</td><td>142.2</td><td>75.0</td><td>8,060.6</td><td>2,784.8</td><td>69.6</td><td>463.7</td><td>3.1</td><td>56.2</td><td>942.1</td><td>58.7</td><td>1,137.2</td><td>409.4</td><td>57.8</td></tr><tr><td>Lessors of real property, except buildings</td><td>13.3</td><td>7.5</td><td>3,873.3</td><td>294.4</td><td>173.4</td><td>174.8</td><td>3.4</td><td>135.3</td><td>29.7</td><td>4.7</td><td>469.0</td><td>27.1</td><td>1.6</td></tr><tr><td>Total finance, insurance and real estate</td><td>6.6</td><td>3.9</td><td>725.3</td><td>120.9</td><td>42.7</td><td>59.9</td><td>1.5</td><td>33.9</td><td>25.8</td><td>2.4</td><td>97.4</td><td>12.8</td><td>1.2</td></tr><tr><td>Construction</td><td>7.3</td><td>4.3</td><td>17.1</td><td>4.1</td><td>1.1</td><td>1.1</td><td>*</td><td>1.1</td><td>3.4</td><td>.2</td><td>1.9</td><td>1.4</td><td>.4</td></tr><tr><td>Agriculture, forestry, and fishery</td><td>17.9</td><td>1.9</td><td>22.8</td><td>3.2</td><td>1.4</td><td>1.6</td><td>*</td><td>.1</td><td>3.4</td><td>.1</td><td>1.9</td><td>1.4</td><td>.4</td></tr><tr><td>Agriculture, forestry, and fishery</td><td>7.3</td><td>4.3</td><td>765.2</td><td>128.2</td><td>44.2</td><td>62.5</td><td>1.6</td><td>35.1</td><td>29.5</td><td>2.6</td><td>102.5</td><td>14.3</td><td>1.6</td></tr><tr><td>Total agriculture, forestry and fishery</td><td>17.9</td><td>1.9</td><td>201.4</td><td>25.0</td><td>5.5</td><td>9.3</td><td>.3</td><td>4.3</td><td>5.4</td><td>3.4</td><td>25.5</td><td>17.4</td><td>1.0</td></tr><tr><td>Nature of business not allocable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Note: See page A-31 for footnotes. Less than 50 returns or $50,000.
A-3C
Treasury Bulletin
April 1946
A-31
Table 2.- Corporation Income and Excess Profits Tax Returns
Historical Summary 6/1934 - 1943
(In millions of dollars except as noted)
<table><tr><th></th><th>1934</th><th>1935</th><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>1940</th><th>1941</th><th>1942</th><th>1943</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Income and Declared Value Excess-Profits Tax Return
<table><tr><td>Returns of all active corporations:</td><td>470</td><td>477</td><td>479</td><td>478</td><td>471</td><td>470</td><td>473</td><td>469</td><td>443</td><td>420</td></tr><tr><td>Number (in thousands)</td><td>101,490</td><td>114,650</td><td>132,723</td><td>142,443</td><td>120,454</td><td>132,878</td><td>148,237</td><td>190,432</td><td>217,681</td><td>249,462</td></tr><tr><td>Total compiled receipts 3/.</td><td>94</td><td>1,696</td><td>7,326</td><td>7,354</td><td>3,673</td><td>6,735</td><td>8,919</td><td>16,333</td><td>23,052</td><td>27,791</td></tr><tr><td>Net income less deficit 1/.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Tax liability:</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 tax.</td><td>588</td><td>710</td><td>1,170</td><td>1,233</td><td>854</td><td>1,216</td><td>2,144</td><td>3,745</td><td>4,338</td><td>4,476</td></tr><tr><td>Declared value excess-profit tax.</td><td>8</td><td>25</td><td>22</td><td>43</td><td>6</td><td>16</td><td>31</td><td>64</td><td>67</td><td>153</td></tr><tr><td>Excess-profits tax 5/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>374</td><td>3,359</td><td>7,852</td><td>11,268</td></tr><tr><td>Total tax liability.</td><td>596</td><td>735</td><td>1,191</td><td>1,276</td><td>860</td><td>1,232</td><td>2,549</td><td>7,168</td><td>12,256</td><td>15,898</td></tr><tr><td>Income after taxes.</td><td>-502</td><td>961</td><td>6,135</td><td>6,078</td><td>2,813</td><td>5,502</td><td>6,371</td><td>9,165</td><td>10,795</td><td>11,892</td></tr><tr><td>Dividends paid in cash and assets other than own stook.</td><td>4,859</td><td>5,941</td><td>7,379</td><td>7,514</td><td>5,013</td><td>5,747</td><td>6,089</td><td>6,701</td><td>5,607</td><td>5,720</td></tr><tr><td>Incomes after taxes and dividends.</td><td>-5,361</td><td>-4,980</td><td>-1,244</td><td>-1,436</td><td>-2,200</td><td>-244</td><td>282</td><td>2,464</td><td>5,188</td><td>6,173</td></tr><tr><td>Returns of active corporations with net income 1/:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Number (in thousands)</td><td>145</td><td>164</td><td>203</td><td>192</td><td>170</td><td>199</td><td>221</td><td>265</td><td>270</td><td>284</td></tr><tr><td>Total compiled receipts 3/.</td><td>63,119</td><td>77,639</td><td>105,012</td><td>109,203</td><td>80,267</td><td>105,658</td><td>125,180</td><td>175,182</td><td>206,160</td><td>240,550</td></tr><tr><td>Net income 1/.</td><td>4,275</td><td>5,165</td><td>9,478</td><td>9,635</td><td>6,526</td><td>8,827</td><td>11,203</td><td>18,111</td><td>24,052</td><td>28,689</td></tr><tr><td>Tax liability:</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 tax.</td><td>588</td><td>710</td><td>1,170</td><td>1,233</td><td>854</td><td>1,216</td><td>2,144</td><td>3,745</td><td>4,338</td><td>4,476</td></tr><tr><td>Declared value excess-profits tax.</td><td>8</td><td>25</td><td>22</td><td>43</td><td>6</td><td>16</td><td>31</td><td>64</td><td>67</td><td>153</td></tr><tr><td>Excess-profits tax 5/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>374</td><td>3,359</td><td>7,852</td><td>11,268</td></tr><tr><td>Total tax liability.</td><td>596</td><td>735</td><td>1,191</td><td>1,276</td><td>860</td><td>1,232</td><td>2,549</td><td>7,168</td><td>12,256</td><td>15,898</td></tr><tr><td>Income after taxes.</td><td>3,679</td><td>4,430</td><td>8,287</td><td>8,359</td><td>5,666</td><td>7,594</td><td>8,655</td><td>10,943</td><td>11,796</td><td>12,791</td></tr><tr><td>Dividends paid in cash and assets other than own stook.</td><td>3,823</td><td>4,651</td><td>7,179</td><td>7,309</td><td>4,780</td><td>5,562</td><td>5,888</td><td>6,518</td><td>5,490</td><td>5,623</td></tr><tr><td>Income after taxes and dividends.</td><td>-143</td><td>-221</td><td>1,108</td><td>1,050</td><td>886</td><td>2,032</td><td>2,766</td><td>4,425</td><td>6,306</td><td>7,168</td></tr><tr><td>Returns of active corporations with no net income 1/:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Number (in thousands)</td><td>325</td><td>313</td><td>276</td><td>286</td><td>301</td><td>270</td><td>252</td><td>204</td><td>173</td><td>137</td></tr><tr><td>Total compiled receipts 3/.</td><td>38,371</td><td>37,011</td><td>27,711</td><td>33,241</td><td>40,186</td><td>27,220</td><td>23,056</td><td>15,250</td><td>11,520</td><td>8,912</td></tr><tr><td>Deficit 1/.</td><td>4,181</td><td>3,469</td><td>2,152</td><td>2,281</td><td>2,853</td><td>2,092</td><td>2,284</td><td>1,779</td><td>1,001</td><td>899</td></tr><tr><td>Dividends paid in cash and assets other than own stook.</td><td>1,037</td><td>1,290</td><td>200</td><td>205</td><td>233</td><td>184</td><td>200</td><td>183</td><td>117</td><td>97</td></tr><tr><td>Returns of inactive corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Number (in thousands)</td><td>59</td><td>57</td><td>52</td><td>51</td><td>49</td><td>46</td><td>44</td><td>40</td><td>37</td><td>35</td></tr></table>
Excess-Profits Tax Returns
<table><tr><td>Taxable excess-profits tax returns:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Number (in thousands)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13</td><td>42</td><td>54</td><td>68</td></tr><tr><td>Excess-profits net income 7/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,998</td><td>12,073</td><td>17,034</td><td>22,265</td></tr><tr><td>Adjusted excess-profits net income 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>912</td><td>6,335</td><td>10,495</td><td>14,520</td></tr><tr><td>Excess-profits tax 5/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>374</td><td>3,359</td><td>7,852</td><td>11,268</td></tr></table>
1/ The industrial classification is based on the business activity reported on the return. When multiple businesses are reported on a return, the classification is determined by the business activity which accounts for the largest percentage of total receipts. Therefore, the industrial groups do not reflect pure industry classifications.
2/ Net income or deficit is the amount reported for declared-value excess-profits tax computation adjusted by excluding the net operating loss deduction. Net income for declared-value excess-profits tax computation includes intercorporate dividends received.
3/ Total compiled receipts consists of gross sales, gross receipts from operations, all interest received on Government obligations, other interest, rents and royalties, net capital gain, dividends, and other receipts required to be included in gross income. Total compiled receipts excludes nontaxable income other than tax-exempt interest received on certain Government obligations.
4/ Income subject to excess-profits tax was allowed as a credit in computing normal tax and surtax net income for taxable years beginning after December 31, 1941 and is, in general, equal to the adjusted excess-profits net income.
5/ The excess-profits tax shown is that imposed by Section 710 of the Internal Revenue Code, and should not be confused with the declared-value excess-profits tax.
6/ In making historical comparisons of this kind, of course, consideration must be given to changes in the tax laws. Details concerning such changes for years through 1941 may be found in "Statistics of Income, Part 2," for the year in question. Changes applicable in 1942 are given in the preliminary "Statistics of Income, Part 2," for that year, and those applicable in 1943 are shown in the original press release which this article summarizes. Some of the more important changes which should be borne in mind are the presence of the surtax on undistributed profits in 1936 and 1937, the introduction of the excess-profits tax in 1940, and the changes in the method of computing income subject to excess-profits tax and income tax introduced in 1941 and 1942.
7/ In 1940, income tax was deducted from net income in determining excess-profits net income. In 1941, income tax was not deducted in arriving at excess-profits net income, but instead excess-profits tax was allowed as a deduction in the computation of normal tax net income. For 1942 and later years, income subject to excess-profits tax, rather than excess-profits tax, was deductible in determining normal tax net income.
8/ Adjusted excess-profits net income is excess-profits net income less the sum of the specific exemption, excess-profit credit, and unused excess-profit credit adjustment.
A-32
Treasury Bulletin
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 and Repayment in February
On February 18, 1946 Secretary of the Treasury Vinson announced the offering of an issue of one-year 7 3/8% certificates of indebtedness in exchange for all except about $1 billion of the certificates maturing on March 1, 1946. Cash subscriptions were not accepted. At the same time, he announced that payment would be made in cash for the Treasury bonds of 1946-56 called for redemption on March 15, 1946, and the Treasury notes maturing on March 15, 1946, as well as the $1 billion of maturing certificates. Altogether, the March maturities aggregated $5.9 billion of which $2.3 billion was to be paid off in cash.
Maturing issues. Details of the three issues maturing in March are shown in the following table:
<table><tr><th>Naturing issues</th><th>Amount outstanding (In millions of dollars)</th><th>Tax status 1/</th></tr><tr><td>7/8% certificates of indebtedness due 3/1/46...</td><td>4,147</td><td>Taxable</td></tr><tr><td>1% Treasury notes due 3/15/46....................</td><td>1,291</td><td>Taxable</td></tr><tr><td>3-3/4% Treasury bonds of 1946-56 called for redemption 3/15/46........</td><td>489</td><td>Partially exempt</td></tr><tr><td>Total....................................</td><td>5,927</td><td>-</td></tr></table>
An analysis of the Treasury reports on ownership of Government securities indicates that on January 31, 1946, about 83% of the maturing issues was owned by reporting commercial banks and Federal Reserve Banks. The following table summarizes the ownership figures of these three securities as reported to the Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, January 31, 1946.
<table><tr><th>Maturing issues</th><th>Total outstanding</th><th colspan="2">Held by</th></tr><tr><th></th><th></th><th>Reporting banks 2/</th><th>All others</th></tr><tr><td colspan="4">(In millions of dollars)</td></tr><tr><td>7/8% certificates of indebtedness due 3/1/46</td><td>4,147</td><td>3,567</td><td>580</td></tr><tr><td>1% Treasury notes due 3/15/46</td><td>1,291</td><td>1,072</td><td>219</td></tr><tr><td>3-3/4% Treasury bonds of 1946-56 called for redemption 3/15/46</td><td>489</td><td>254</td><td>235</td></tr><tr><td>Total</td><td>5,927</td><td>4,893</td><td>1,034</td></tr><tr><td colspan="4">(In per cent)</td></tr><tr><td>7/8% certificates of indebtedness due 3/1/46</td><td>100</td><td>86</td><td>14</td></tr><tr><td>1% Treasury notes due 3/15/46</td><td>100</td><td>83</td><td>17</td></tr><tr><td>3-3/4% Treasury bonds of 1946-56 called for redemption 3/15/46</td><td>100</td><td>52</td><td>48</td></tr><tr><td>Total</td><td>100</td><td>83</td><td>17</td></tr></table>
The distribution of ownership in the above table is based on the latest available data, and some changes probably occurred after January 31. The announcement that $2.8 billion of the $5.9 billion of maturing issues would be paid in cash may have caused some holders to sell in the market in order to reinvest in other securities. Such trading may have affected the distribution between bank and nonbank holders, but it is difficult to estimate the amount of such change.
New issue. Since the new one-year certificates were offered on an exchange basis for about $3.1 billion of the $4,147 million of the matur-
2/ Includes (1) 7,377 commercial banks holding approximately 95 percent of the United States Government obligations held by all commercial banks in the United States, and (2) Federal Reserve Banks.
1/
For definitions of tax status, see page 31.
April 1946
A-33
In certificates outstanding, subscriptions were received subject to allotment to all holders on an equal percentage basis, except that subscriptions in amounts up to and including $25,000 were to be allotted in full. On February 23, Secretary Vinson announced that subscriptions aggregated $4,104 million. Subscriptions in amounts of $25,000 or less were allotted in full in an amount of $49 million. Subscriptions in amounts of over $25,000 were allotted 761⁄2 on a straight percentage basis, but not less than $25,000 to any one subscriber with adjustments to the next highest thousand, where necessary. Total allotments amounted to $3,133 million, leaving $1,014 million to be paid off in cash.
The new certificates were dated March 1, 1946 and will mature March 1, 1947. Interest at the rate of 7.8% per annum is payable semi-annually on September 1, 1946 and March 1, 1947 and is subject to Federal income taxes.
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. Subscription books were
closed on February 20, except for the receipt of subscriptions from holders of $25,000 or less of the maturing securities for which they remained open through February 23.
Call of 3% and 3-1/8% Treasury Bonds
On February 14, 1946, the 3-1/8% Treasury bonds of 1946-49 and the 3% Treasury bonds of 1946-48 were called for redemption on June 15, 1946. The 3-1/8% bonds were dated June 15, 1931 and the 3% bonds were dated June 15, 1934. The final maturity dates on these bonds were June 15, 1949 and June 15, 1948, respectively, with the option to call for redemption by the Treasury, on four months' notice, on any interest payment date from June 15, 1946 to final maturity. There are now outstanding $319 million of the 3-1/8% bonds and $1,036 million of the 3% bonds.
The Treasury's announcement of call stated that holders of the bonds may be offered, in advance of the redemption date, the privilege of exchanging all or any part of their called bonds for other interest-bearing obligations of the United States, in which event public notice would hereafter be given.
April 1946
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budgetary Receipts and Expenditures
<table><tr><th rowspan="2"></th><th colspan="4">First 8 months, fiscal years 1944 to 1946</th><th colspan="5">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>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/ Estimated 1946 to estimated 1947 1/</th></tr></table>
(In millions of dollars)
<table><tr><td>Recelote: 2/</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></tr><tr><td>Income and profits taxes</td><td>18,860</td><td>20,404</td><td>19,045</td><td>-759</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>1,226</td><td>1,238</td><td>1,180</td><td>-58</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>3,554</td><td>4,777</td><td>5,204</td><td>+427</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>284</td><td>220</td><td>272</td><td>+52</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>2,285</td><td>1,911</td><td>1,960</td><td>+49</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>26,210</td><td>28,551</td><td>28,261</td><td>-289</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:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>918</td><td>913</td><td>861</td><td>-52</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>25,292</td><td>27,637</td><td>27,400</td><td>-237</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:</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></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>32,181</td><td>32,343</td><td>22,191</td><td>-10,152</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>16,822</td><td>19,983</td><td>12,339</td><td>-7,645</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>7,517</td><td>6,325</td><td>4,277</td><td>-2,048</td><td>11,259</td><td>9,645</td><td>6,103</td><td>3,002</td><td>-3,542</td><td>-3,101</td></tr><tr><td>Total</td><td>56,521</td><td>58,651</td><td>38,806</td><td>-19,845</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>422</td><td>822</td><td>2,333</td><td>+1,511</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>1,243</td><td>1,775</td><td>2,402</td><td>+627</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>53</td><td>933</td><td>1,242</td><td>+310</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>1,718</td><td>3,530</td><td>5,977</td><td>+2,448</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>557</td><td>267</td><td>220</td><td>-47</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>602</td><td>620</td><td>651</td><td>+31</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>316</td><td>233</td><td>244</td><td>+11</td><td>433</td><td>323</td><td>694</td><td>945</td><td>+371</td><td>+251</td></tr><tr><td>International finance:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bratton Woods Agreements Act:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>International Bank</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>64</td><td>254</td><td>+64</td><td>+190</td></tr><tr><td>International Monetary Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>950</td><td>-</td><td>+950</td><td>-950</td></tr><tr><td>Export-Import Bank-capital stock</td><td>-</td><td>-</td><td>174</td><td>+174</td><td>-</td><td>-</td><td>999</td><td>-</td><td>+999</td><td>-999</td></tr><tr><td>All other (based on proposed legislation)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>500</td><td>1,500</td><td>+500</td><td>+1,000</td></tr><tr><td>Total</td><td>-</td><td>-</td><td>174</td><td>+174</td><td>-</td><td>-</td><td>2,512</td><td>1,754</td><td>+2,512</td><td>-759</td></tr><tr><td>Other 5/ 6/</td><td>729</td><td>787</td><td>903</td><td>+116</td><td>958</td><td>1,092</td><td>1,357</td><td>1,582</td><td>+265</td><td>+224</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>Expenditures based on proposed legislation (other than international finance)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>250</td><td>1,500</td><td>+250</td><td>+1,250</td></tr><tr><td>Total expenditures</td><td>60,443</td><td>64,088</td><td>46,976</td><td>-17,112</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>35,151</td><td>36,451</td><td>19,575</td><td>-16,875</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>
Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering war-rante, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; and fiscal year 1945, $2,014 million. These figures include so-called 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.
7/ Includes expenditures for public works undertaken by Veterans' Administration.
8/ "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.
Source: Daily Treasury Statement, except as noted.
1/ Based upon the 1947 Budget as released in January; revised estimates of receipts and expenditures for the fiscal year 1946 were released by the President on April 11. They show estimated receipts of $42,932 million, expenditures (including net outlays of Government corporations) of $64,654 million, and deficit (including net outlays of Government corporations) of $21,722 million. Since the expenditure and deficit estimates include net outlays of Government corporations they are not strictly comparable to the figures shown in the table.
The revised estimates were not released in sufficient detail to permit their inclusion in the table; no revisions were made for the fiscal year 1947. The April 11 revision did not include any estimates for public debt and cash balance items, which appear on the following page.
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.
April 1946
3
Public Debt and Guaranteed Obligations Outstanding
<table><tr><th></th><th colspan="4">End of first 8 months, fiscal years 1944 to 1946</th><th colspan="6">End of fiscal years, 1944 to 1947</th></tr><tr><th></th><th>Feb. 29, 1944</th><th>Feb. 28, 1945</th><th>Feb. 28, 1946</th><th>Change Feb. 28, 1945 to Feb. 28, 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>126,171</td><td>162,379</td><td>199,810</td><td>+37,431</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>42,370</td><td>52,345</td><td>57,206</td><td>+4,851</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>168,541</td><td>214,724</td><td>257,016</td><td>+42,292</td><td>185,256</td><td>237,545</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Special issues</td><td>13,158</td><td>17,130</td><td>20,897</td><td>+3,766</td><td>14,287</td><td>18,812</td><td>2/</td><td>2/</td><td>2/</td><td>2/</td></tr><tr><td>Total interest-bearing debt</td><td>181,709</td><td>231,854</td><td>277,912</td><td>+46,058</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>1,398</td><td>1,853</td><td>1,301</td><td>-552</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>183,107</td><td>233,707</td><td>279,214</td><td>+45,506</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 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>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>3,469</td><td>786</td><td>39</td><td>-747</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>758</td><td>328</td><td>499</td><td>+172</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>4,227</td><td>1,114</td><td>539</td><td>-575</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>30</td><td>12</td><td>-18</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>4,233</td><td>1,144</td><td>551</td><td>-593</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>187,339</td><td>234,851</td><td>279,764</td><td>+44,913</td><td>202,626</td><td>259,115</td><td>275,510</td><td>271,635</td><td>+16,395</td><td>-3,875</td></tr></table>
Source: Daily Treasury Statement, except as noted. 1/ Based upon the 1947 Budget.
2/ Details not available.
3/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
<table><tr><th></th><th colspan="3">First 8 months, fiscal years 1944 to 1946</th><th colspan="4">Complete fiscal years, 1944 to 1947</th></tr><tr><th></th><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></th><th></th><th></th><th>1944</th><th>1945</th><th>1946</th><th>1947</th></tr><tr><td colspan="8">(In millions of dollars)</td></tr><tr><td>Amount required to be financed:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit....................</td><td>35,151</td><td>36,451</td><td>19,575</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>9,649</td><td>-</td><td>1,263</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>1,611</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>46,411</td><td>36,451</td><td>20,838</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>46,411</td><td>32,704</td><td>20,531</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>2,855</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>891</td><td>307</td><td>-</td><td>798</td><td>-</td><td>-</td></tr><tr><td>Total amount financed.....................</td><td>46,411</td><td>36,451</td><td>20,838</td><td>64,307</td><td>58,477</td><td>29,102</td><td>4,688</td></tr></table>
Source: Daily Treasury Statement, 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
April 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>Loss net appropriations to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 4/</th><th>War activities 5/</th><th>Transfers to trust accounts, etc. 6/</th></tr><tr><td>1936</td><td>4,116</td><td>3,513</td><td>387</td><td>216</td><td>-</td><td>4,116</td><td>8,666</td><td>5,946</td><td>900</td><td>1,820</td><td>4,550</td><td>403</td></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>8,177</td><td>6,641</td><td>929</td><td>608</td><td>3,149</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>1,184</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>3,433 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-February</td><td>3,987</td><td>3,815</td><td>23</td><td>149</td><td>220</td><td>3,767</td><td>7,460</td><td>463</td><td>6,948</td><td>48</td><td>3,693</td><td></td></tr><tr><td>March</td><td>6,908</td><td>6,431</td><td>33</td><td>444</td><td>15</td><td>6,892</td><td>9,433</td><td>1,142</td><td>8,246</td><td>45</td><td>2,940</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>9,640</td><td>1,469</td><td>7,871</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</td><td>7,325</td><td>530</td><td>5,662</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</td><td>6,399</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</td><td>5,367</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</td><td>5,126</td><td>38</td><td>3,140</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</td><td>4,226</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</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>664</td><td>1,073</td><td></td></tr><tr><td>February</td><td>3,875</td><td>3,684</td><td>33</td><td>158</td><td>196</td><td>3,678</td><td>3,510</td><td>660</td><td>2,702</td><td>148</td><td>-168</td><td></td></tr></table>
Source: Daily Treasury Statement.
* 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 re-
10/ Receipts from reductions in capital stock and paid-in surplus available to be released 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="4">Employment taxes</th><th rowspan="2">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><th>Total</th><th>Withheld by employers (Current Tax Payment Act of 1943) 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 4/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taring Act of 1937 (Railroad retirement)</th></tr><tr><td>1936</td><td>3,513</td><td>1,427</td><td>-</td><td>1,427</td><td>*</td><td>-</td><td>-</td><td>*</td><td>2,010</td><td>77</td></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>*</td><td>2,181</td><td>*</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,279</td><td>*</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,232</td><td>*</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td><td>*</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</td><td>*</td></tr><tr><td>1942</td><td>12,993</td><td>7,960</td><td>-</td><td>7,960</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,847</td><td>*</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>299</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-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>883</td><td>4,935</td><td>93</td><td>18</td><td>10</td><td>65</td><td>520</td><td>*</td></tr><tr><td>April</td><td>2,746</td><td>2,167</td><td>600</td><td>1,567</td><td>45</td><td>41</td><td>3</td><td>1</td><td>534</td><td>*</td></tr><tr><td>May</td><td>2,921</td><td>2,027</td><td>1,282</td><td>745</td><td>337</td><td>316</td><td>12</td><td>9</td><td>557</td><td>*</td></tr><tr><td>June</td><td>5,384</td><td>4,757</td><td>826</td><td>3,930</td><td>66</td><td>5</td><td>2</td><td>60</td><td>561</td><td>*</td></tr><tr><td>July</td><td>2,527</td><td>1,743</td><td>669</td><td>1,073</td><td>66</td><td>62</td><td>3</td><td>1</td><td>718</td><td>*</td></tr><tr><td>August</td><td>2,849</td><td>1,665</td><td>1,200</td><td>466</td><td>306</td><td>286</td><td>12</td><td>8</td><td>877</td><td>*</td></tr><tr><td>September</td><td>4,847</td><td>4,208</td><td>768</td><td>3,440</td><td>66</td><td>5</td><td>2</td><td>59</td><td>573</td><td>*</td></tr><tr><td>October</td><td>2,340</td><td>1,593</td><td>572</td><td>1,021</td><td>58</td><td>54</td><td>3</td><td>1</td><td>689</td><td>*</td></tr><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>2,795</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><tr><td>February</td><td>3,684</td><td>2,790</td><td>1,086</td><td>1,704</td><td>310</td><td>200</td><td>107</td><td>3</td><td>584</td><td>*</td></tr></table>
Source: Daily Treasury Statement.
Less than $500,000.
For further details, see chapter entitled "Internal Revenue Statistics".
Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
3/ Includes unjust enrichment tax.
4/ For the period prior to September 1939, the data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax Act" represent collections under Titles VIII and II, respectively, of the Social Security Act.
6
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditures</th><th colspan="4">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="7">Other general 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 3/</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 9/</th><th>Direct and work relief 9/</th><th>Miscellaneous 10/</th></tr><tr><td>1936</td><td>5,946</td><td>1,381</td><td>578</td><td>749</td><td>54</td><td>4,564</td><td>933</td><td>29</td><td>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>451</td><td>326</td><td>1,476</td><td>142</td></tr><tr><td>1939</td><td>7,313</td><td>1,594</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>4,327 11/</td><td>847</td><td>457</td><td>738</td><td>525</td><td>257</td><td>1,374</td><td>129</td></tr><tr><td>1942</td><td>6,005</td><td>1,906</td><td>555</td><td>1,260</td><td>91</td><td>4,099</td><td>1,098</td><td>515</td><td>680</td><td>544</td><td>163</td><td>970</td><td>129</td></tr><tr><td>1943</td><td>5,635</td><td>2,456</td><td>572</td><td>1,808</td><td>76</td><td>3,178</td><td>1,093</td><td>514</td><td>543</td><td>590</td><td>18</td><td>299</td><td>121</td></tr><tr><td>1944</td><td>6,149</td><td>3,500</td><td>629</td><td>2,609</td><td>262</td><td>2,649</td><td>912</td><td>529</td><td>433</td><td>692</td><td></td><td>17</td><td>66</td></tr><tr><td>1945</td><td>8,730</td><td>6,258</td><td>934</td><td>3,617</td><td>1,707</td><td>2,472 12/</td><td>763 12/</td><td>497</td><td>323</td><td>788</td><td></td><td></td><td>101</td></tr><tr><td>1945-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>61</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>133</td><td>145</td><td>225</td><td>85</td><td>50</td><td>20</td><td>61</td><td></td><td></td><td>9</td></tr><tr><td>May</td><td>822</td><td>342</td><td>95</td><td>66</td><td>181</td><td>480 12/</td><td>338 12/</td><td>40</td><td>20</td><td>71</td><td></td><td></td><td>11</td></tr><tr><td>June</td><td>1,469</td><td>1,319</td><td>96</td><td>1,009</td><td>214</td><td>149</td><td>16</td><td>33</td><td>25</td><td>67</td><td></td><td></td><td>8</td></tr><tr><td>July</td><td>702</td><td>525</td><td>103</td><td>156</td><td>266</td><td>176</td><td>28</td><td>47</td><td>31</td><td>65</td><td>13/</td><td>13/</td><td>5</td></tr><tr><td>August</td><td>793</td><td>556</td><td>110</td><td>99</td><td>347</td><td>238</td><td>46</td><td>61</td><td>34</td><td>74</td><td>13/</td><td>13/</td><td>23</td></tr><tr><td>September</td><td>1,210</td><td>1,060</td><td>112</td><td>647</td><td>301</td><td>150</td><td>26</td><td>24</td><td>29</td><td>64</td><td>13/</td><td>13/</td><td>7</td></tr><tr><td>October</td><td>787</td><td>387</td><td>133</td><td>172</td><td>82</td><td>400</td><td>35</td><td>73</td><td>37</td><td>68</td><td>13/</td><td>13/</td><td>188 13/</td></tr><tr><td>November</td><td>430</td><td>281</td><td>142</td><td>84</td><td>56</td><td>148</td><td>20</td><td>31</td><td>19</td><td>66</td><td>13/</td><td>13/</td><td>11</td></tr><tr><td>December</td><td>1,201</td><td>1,022</td><td>162</td><td>817</td><td>43</td><td>178</td><td>26</td><td>37</td><td>38</td><td>67</td><td>13/</td><td>13/</td><td>10</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><tr><td>February</td><td>660</td><td>467</td><td>255</td><td>118</td><td>94</td><td>193</td><td>40</td><td>50</td><td>25</td><td>65</td><td>13/</td><td>13/</td><td>14</td></tr></table>
Source: Daily Treasury Statement.
Back Figures: For monthly date for the period July 1941 through July 1944, see "Treasury Bulletin" for September 1945, pages 6 and 7.
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.
7/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Federal Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
8/ Includes 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, Hoos Owners' Loan Corporation, Federal home loan banks, and Disaster Loan Corporation.
11/ Gross expenditures have been reduced $160 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1945, page 9, footnote 12.
12/ Includes $257 million for restoration of capital impairment of Commercial 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.
April 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>Recovery 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>557</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><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>-</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,352</td><td>656</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>-</td><td>-</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>8,955</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>-</td><td>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,242</td><td>26,538</td><td>11,259</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>59</td><td>1,432</td><td>3,612</td><td>1,922</td><td>-</td><td>-</td><td>-</td><td>991</td></tr><tr><td>1945</td><td>90,029</td><td>50,337</td><td>30,047</td><td>9,645</td><td>1,198</td><td>122</td><td>185</td><td>70</td><td>63</td><td>1,462</td><td>3,227</td><td>2,042</td><td>140</td><td>114</td><td>3/</td><td>1,022</td></tr><tr><td>1945-February</td><td>6,948</td><td>3,866</td><td>2,792</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>2,799</td><td>803</td><td>85</td><td>9</td><td>14</td><td>8</td><td>4</td><td>136</td><td>259</td><td>189</td><td>-</td><td>8</td><td>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>64</td></tr><tr><td>May</td><td>8,156</td><td>4,530</td><td>2,724</td><td>901</td><td>87</td><td>5</td><td>19</td><td>1</td><td>5</td><td>159</td><td>259</td><td>209</td><td>60</td><td>27</td><td>3/</td><td>68</td></tr><tr><td>June</td><td>7,537</td><td>4,604</td><td>2,289</td><td>835</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>7,325</td><td>4,270</td><td>2,261</td><td>794</td><td>89</td><td>5</td><td>12</td><td>18</td><td>5</td><td>123</td><td>195</td><td>199</td><td>70</td><td>45</td><td>1</td><td>71</td></tr><tr><td>August</td><td>6,399</td><td>3,545</td><td>2,149</td><td>704</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>5,357</td><td>3,264</td><td>1,659</td><td>444</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>5,126</td><td>2,976</td><td>1,590</td><td>559</td><td>51</td><td>4</td><td>10</td><td>11</td><td>5</td><td>105</td><td>85</td><td>178</td><td>-</td><td>42</td><td>2</td><td>52</td></tr><tr><td>November</td><td>4,226</td><td>2,552</td><td>1,239</td><td>435</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>59</td></tr><tr><td>December</td><td>4,245</td><td>2,476</td><td>930</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>35</td><td>2</td><td>45</td></tr><tr><td>1946-January</td><td>3,447</td><td>1,519</td><td>1,566</td><td>331</td><td>10</td><td>3</td><td>7</td><td>2</td><td>3</td><td>50</td><td>35</td><td>112</td><td>-</td><td>60</td><td>2</td><td>50</td></tr><tr><td>February</td><td>2,702</td><td>1,588</td><td>833</td><td>231</td><td>62</td><td>2</td><td>6</td><td>-2</td><td>5</td><td>41</td><td>-73</td><td>72</td><td>2</td><td>74</td><td>3</td><td>39</td></tr></table>
Source: Daily Treasury Statement.
Note: For back figures for the period July 1940 through April 1943, see the "Treasury Bulletin", May 1943, page 7.
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 Sheller War Plants Corporation.
Includes Defense Aid Special Fund through the fiscal year 1943;
thereafter such expenditures are reflected within the respective departments. 3/ Classification changed to reflect expenditures for the fiscal year 1946 under "War activities". Prior year expenditures are included under "General". 4/ Payment of $370,286,944 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</th></tr><tr><td>1936</td><td>1,820</td><td>1,773</td><td>-</td><td>41</td><td>-</td><td>6</td></tr><tr><td>1937</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>187</td><td>-</td><td>107</td><td>75</td><td>*</td><td>5</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>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-February</td><td>48</td><td>48</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>March</td><td>45</td><td>45</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>April</td><td>236</td><td>200</td><td>36</td><td>-</td><td>-</td><td>1</td></tr><tr><td>May</td><td>296</td><td>296</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>June</td><td>335</td><td>335</td><td>-</td><td>-</td><td>-</td><td>1</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>1</td></tr><tr><td>September</td><td>34</td><td>34</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>October</td><td>38</td><td>1</td><td>37</td><td>-</td><td>-</td><td>1</td></tr><tr><td>November</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>1946-January</td><td>644</td><td>647</td><td>37</td><td>-</td><td>-</td><td>1</td></tr><tr><td>February</td><td>148</td><td>148</td><td>-</td><td>-</td><td>-</td><td>1</td></tr></table>
Sources: Daily Treasury Statement.
* 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 Dis- tribution and prior thereto under the Agricultural Marketing Administration.
8
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1936
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</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>3,678</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 expenditure 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>606</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>8,232</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>3,510</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>215</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,967</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>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</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>14,505</td></tr><tr><td>1946</td><td>1,073</td><td>-168</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.
April 1946
9
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
8-168-1
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>-35</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>+12</td><td>294</td><td>294</td><td>+2</td><td>148</td><td>146</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>+1</td><td>763</td><td>751</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1939</td><td>+824</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>123</td><td>125</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>-</td><td>959</td><td>957</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>-145</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-1</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>35</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>1,135</td><td>-11</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>-1,051</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>1946-February</td><td>+101</td><td>+200</td><td>220</td><td>19</td><td>+11</td><td>128</td><td>117</td><td>-14</td><td>212</td><td>227</td><td>-1</td><td>-</td><td>1</td></tr><tr><td>March</td><td>+262</td><td>-200</td><td>23</td><td>223</td><td>-7</td><td>122</td><td>129</td><td>-3</td><td>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>175</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>-43</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>-264</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><tr><td>February</td><td>39</td><td>+169</td><td>196</td><td>28</td><td>-56</td><td>194</td><td>250</td><td>+21</td><td>158</td><td>137</td><td>-</td><td>-</td><td>-</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="3">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>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>-103</td><td>+176</td><td>-</td><td>-</td><td>+108</td><td>4/</td><td>4/</td></tr><tr><td>1937</td><td>+20</td><td>558</td><td>338</td><td>-99</td><td>+40</td><td>-</td><td>-</td><td>+314</td><td>4/</td><td>5/</td></tr><tr><td>1938</td><td>+4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td>-</td><td>-</td><td>+204</td><td>4/</td><td>5/</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>-2</td><td>+768</td><td>+1,106</td><td>-337</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>-</td><td>+19</td><td>+16</td><td>43</td><td>27</td><td>+314</td><td>+283</td><td>-354</td></tr><tr><td>1941</td><td>+20</td><td>106</td><td>386</td><td>-</td><td>+20</td><td>+11</td><td>244</td><td>233</td><td>-218 r</td><td>+852</td><td>-1,069</td></tr><tr><td>1942</td><td>+16</td><td>472</td><td>426</td><td>-</td><td>+14</td><td>+39</td><td>331</td><td>292</td><td>-3,625</td><td>-1,809</td><td>-1,815</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>-</td><td>-</td><td>+241</td><td>155</td><td>-36</td><td>-2,194</td><td>-594</td><td>-1,500</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>-</td><td>-</td><td>+204</td><td>-3</td><td>-207</td><td>-4,403</td><td>-2,874</td><td>-1,529</td></tr><tr><td>1945</td><td>+620</td><td>1,693</td><td>1,072</td><td>-</td><td>-</td><td>+1,302</td><td>-1,302</td><td>-</td><td>-1,178</td><td>-1,553</td><td>+374</td></tr><tr><td>1945-February</td><td>+140</td><td>122</td><td>-18</td><td>-</td><td>-</td><td>+76</td><td>-</td><td>-76</td><td>-113</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>+64</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>-178</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>-14</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>+374</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>+105</td></tr><tr><td>1946-January</td><td>-356</td><td>74</td><td>430</td><td>-</td><td>+43</td><td>-99</td><td>-</td><td>99</td><td>+9</td><td>+46</td><td>-57</td></tr><tr><td>February</td><td>-51</td><td>168</td><td>219</td><td>-</td><td>+30</td><td>-65</td><td>-</td><td>65</td><td>-9</td><td>-11</td><td>+2</td></tr></table>
Source: Daily Treasury Statement. Back Figures: For Monthly data for the period July 1941 through July 1941, see "Treasury Bulletin" for September 1945, pages 11 and 12. r Revoked. * Less than $500,000. 1/ Includes Government Retirement funds, etc. (See footnote 2.) 2/ Consists Public Works Administration revolving fund, special
deposits (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stamps by the Department of Agri- culture. Commencing July 1, 1945, such transactions are classified as "other trust accounts". 3/ Net receipts in this column constitute net sales, and net expendi- tures constitute net redemptions of obligations. 4/ Details not available.
April 1946
11
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, etc. 2/</th></tr><tr><td>1936</td><td>5,390</td><td>4,550</td><td>840</td><td>-</td><td>5,390</td><td>5,078</td><td>-</td><td>312</td></tr><tr><td>1937</td><td>3,149</td><td>3,149</td><td>-</td><td>-</td><td>3,149</td><td>2,646</td><td>128</td><td>374</td></tr><tr><td>1938</td><td>1,384</td><td>1,384</td><td>-</td><td>-</td><td>1,384</td><td>740</td><td>338</td><td>306</td></tr><tr><td>1939</td><td>4,164</td><td>3,542</td><td>622</td><td>-</td><td>4,164</td><td>3,275</td><td>-</td><td>890</td></tr><tr><td>1940</td><td>3,611</td><td>3,611</td><td>-</td><td>-</td><td>3,611</td><td>2,528</td><td>947</td><td>136</td></tr><tr><td>1941</td><td>5,994</td><td>5,103</td><td>742</td><td>148</td><td>5,994</td><td>5,994</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>23,461</td><td>19,598</td><td>358</td><td>3,506</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>55,897</td><td>6,515</td><td>1,861</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>64,307</td><td>49,595</td><td>10,662</td><td>4,051</td><td>64,307</td><td>64,307</td><td>-</td><td>-</td></tr><tr><td>1945</td><td>58,477</td><td>53,948</td><td>4,529</td><td>-</td><td>58,477</td><td>57,679</td><td>-</td><td>798</td></tr><tr><td>1945-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><tr><td>February</td><td>366</td><td>-168</td><td>534</td><td>-</td><td>366</td><td>327</td><td>-</td><td>39</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises trust accounts, checking accounts of Government agencies.
etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
12
Treasury Bulletin
Social Security Program
Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1937</td><td>252.2</td><td>194.3</td><td>57.8</td><td>265.0</td><td>-12.8</td></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>187.0</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-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>1.5</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><tr><td>February</td><td>306.5</td><td>199.5</td><td>107.0</td><td>196.2</td><td>110.3</td></tr></table>
Expenditures
<table><tr><th rowspan="2">Total</th><th rowspan="2">Administrative expenses</th><th colspan="4">Social Security Board</th><th colspan="2">Public Health Service</th><th colspan="3">Department of Labor</th><th rowspan="2">Office for Emergency Management War Manpower Commission (U. S. Employment Service)</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></tr><tr><td>182.7</td><td>15.8</td><td>166.9</td><td>124.8</td><td>14.3</td><td>4.6</td><td>9.1</td><td>7.8</td><td>3.1</td><td>2.1</td><td>1.0</td><td>-</td><td>41.0</td><td>195.5</td></tr><tr><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>-</td><td>1.8</td><td>115.1</td></tr><tr><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>2.5</td><td>209.7</td></tr><tr><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.6</td><td>322.5</td></tr><tr><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>3.5</td><td>357.8</td></tr><tr><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>2.8</td><td>341.3</td></tr><tr><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>4.2</td><td>311.7</td></tr><tr><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>7.4</td><td>279.8</td></tr><tr><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>-</td><td>-</td></tr><tr><td>31.8</td><td>2.3</td><td>28.9</td><td>22.4</td><td>4.6</td><td>.8</td><td>.1</td><td>.3</td><td>.6</td><td>.3</td><td>-</td><td>-</td><td>.6</td><td>-84.6</td></tr><tr><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>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>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>24.5</td></tr><tr><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>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>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>45.0</td></tr><tr><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>72.0</td><td>3.1</td><td>68.2</td><td>47.4</td><td>7.1</td><td>1.5</td><td>11.8</td><td>-</td><td>.2</td><td>.1</td><td>.2</td><td>-</td><td>.6</td><td>66.6</td></tr><tr><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>.5</td><td>.3</td><td>.1</td><td>-</td><td>.5</td><td>17.8</td></tr><tr><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>41.6</td><td>2.7</td><td>61.7</td><td>41.0</td><td>8.6</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><tr><td>49.5</td><td>3.0</td><td>45.4</td><td>34.9</td><td>5.4</td><td>.7</td><td>2.8</td><td>-</td><td>.8</td><td>.7</td><td>.1</td><td>-</td><td>1.1</td><td>-60.8</td></tr></table>
<table><tr><th>Fiscal year or month</th></tr><tr><td>1937</td></tr><tr><td>1938</td></tr><tr><td>1939</td></tr><tr><td>1940</td></tr><tr><td>1941</td></tr><tr><td>1942</td></tr><tr><td>1943</td></tr><tr><td>1944</td></tr><tr><td>1945</td></tr><tr><td>1945-February</td></tr><tr><td>March</td></tr><tr><td>April</td></tr><tr><td>May</td></tr><tr><td>June</td></tr><tr><td>July</td></tr><tr><td>August</td></tr><tr><td>September</td></tr><tr><td>October</td></tr><tr><td>November</td></tr><tr><td>December</td></tr><tr><td>1946-January</td></tr><tr><td>February</td></tr></table>
Source: Daily Treasury Statement.
1/ Formerly Title VIII of the Social Security Act.
2/ Formerly Title II 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).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in
Section II, Table 1.
4/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
5/ Covered by appropriations by Congress.
6/ Second Deficiency Appropriation Act, fiscal year 1938, appropriated $41 million for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
April 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 rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Carriers' Taxing Act of 1937</th><th colspan="4">Expenditures</th><th rowspan="2">Excess of expenditures 2/</th></tr><tr><th>Total</th><th>Administrative expenses 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th></tr><tr><td>1937</td><td>.3</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td><td>1.2</td></tr><tr><td>1938</td><td>150.1</td><td>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-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><tr><td>February</td><td>3.5</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-3.2</td></tr></table>
Source: Daily Treasury Statement. Less than $50,000. / 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 1/ (In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Railroad unemployment insurance contributions 2/</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administration Fund 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th><th>Excess of expenditures 5/</th></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>5.5</td><td>5.5</td><td>-</td><td>5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1945</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-6</td></tr><tr><td>1945-February</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.1</td></tr><tr><td>March</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>April</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>May</td><td>.1</td><td>.4</td><td>.4</td><td>-</td><td>.3</td></tr><tr><td>June</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>July</td><td>*</td><td>9.9</td><td>.3</td><td>9.6</td><td>9.9</td></tr><tr><td>August</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.1</td></tr><tr><td>September</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>October</td><td>*</td><td>.4</td><td>.4</td><td>-</td><td>.4</td></tr><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><tr><td>February</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr></table>
Source: Daily Treasury Statement.
1/ 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 equal 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
years, as follows: 1937, $5.3 million; 1938, $6.8 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance). 3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. 4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 5/ Covered by appropriations by Congress.
14
Treasury Bulletin
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total</th><th>Investments</th><th>Unexpanded balance</th><th>In disbursing officer's account</th></tr><tr><td>1937</td><td>267.3</td><td>265.0</td><td>2.3</td><td>*</td><td>*</td><td>-</td><td>267.2</td><td>267.1</td><td>.1</td><td>.1</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>13.3</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>1,738.1</td><td>.5</td><td>6.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td><td>24.5</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>5,446.4</td><td>5,408.9</td><td>16.1</td><td>21.4</td></tr><tr><td>1945</td><td>7,549.8</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>783.5</td><td>152.9</td><td>6,613.4</td><td>6,546.3</td><td>32.0</td><td>35.1</td></tr><tr><td>1945-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><td>44.9</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>7,044.1</td><td>48.3</td><td>44.9</td></tr><tr><td>February</td><td>8,465.4</td><td>7,904.8</td><td>560.6</td><td>1,159.3</td><td>983.8</td><td>175.5</td><td>7,306.1</td><td>7,044.1</td><td>215.5</td><td>46.2</td></tr></table>
Source: Daily Treasury Statement. 2/ Under Section 201 (f) of the Social Security Act amendments of 1939. 1/ Includes transactions effected under the predecessor Old-Age Reserve
Table 2.- Railroad Retirement Account
(Cumulative from organisation - in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th>Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1937</td><td>46.6</td><td>46.6</td><td>-</td><td>4.0</td><td>42.6</td><td>-</td><td>36.6</td><td>6.0</td></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>57.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>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-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>88.1</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><tr><td>February</td><td>1,761.3</td><td>1,717.8</td><td>43.5</td><td>1,051.7</td><td>709.6</td><td>655.0</td><td>38.4</td><td>16.2</td></tr></table>
Source: Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
(Cumulative from organisation - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance contributions 2/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 3/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 1/</th><th>Railroad Unemployment Insurance Account 1/ Benefit payments</th><th>Total investments</th><th>Unexpended balance</th><th>Unexpended balance in General Fund (Special Deposit account 5/)</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>-</td><td>312.4</td><td>312.3</td><td>.1</td><td>-</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.3</td><td>105.9</td><td>261.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>502.5</td><td>106.3</td><td>38.0</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>44.6</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>.3</td></tr><tr><td>1945-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>46.0</td><td>7,537.4</td><td>7,508.2</td><td>26.0</td><td>3.2</td></tr><tr><td>1946-January</td><td>10,426.2</td><td>9,137.0</td><td>561.6</td><td>106.6</td><td>47.6</td><td>2,928.3</td><td>2,774.7</td><td>106.5</td><td>47.1</td><td>7,497.9</td><td>7,458.2</td><td>35.1</td><td>4.7</td></tr><tr><td>February</td><td>10,584.4</td><td>9,294.3</td><td>562.4</td><td>106.6</td><td>47.6</td><td>3,065.5</td><td>2,910.2</td><td>106.6</td><td>48.7</td><td>7,518.9</td><td>7,458.2</td><td>55.6</td><td>5.1</td></tr></table>
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and 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.
April 1946
15
Appropriations and Net Contract Authorizations for the War Activities Program 1/ As of February 28, 1946
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">77th Congress, 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>$2,257,137,102 4/ 5/</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China)</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942</td><td>30,412,737,900</td><td>-</td></tr><tr><td>Apr. 23, 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>227,726,864</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943</td><td>42,820,003,067</td><td>-</td></tr><tr><td>July 2, 1942</td><td>650</td><td>War Housing and Public Works Appropriation Act, 1942</td><td>32,500,000</td><td>-</td></tr><tr><td>July 25, 1942</td><td>678</td><td>First Supplemental National Defense Appropriation Act, 1943</td><td>1,845,234,990</td><td>-</td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943</td><td>6,299,361,448 3/</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session</td><td>$139,736,203,988</td><td>$2,407,137,102 5/</td></tr><tr><td colspan="5">78th Congress, First Session</td></tr><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System)</td><td>$21,160,000</td><td>-</td></tr><tr><td>Mar. 18, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943</td><td>4,063,948,984</td><td>-</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943</td><td>3,836,176,119</td><td>-</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program)</td><td>26,100,000</td><td>-</td></tr><tr><td>Mar. 7, 1943</td><td>50</td><td>Joint Resolution (Commerce Department - war training program)</td><td>3,500,000</td><td>-</td></tr><tr><td>June 2, 1943</td><td>64</td><td>War Department Civil Appropriation Act, 1944</td><td>1,457,898</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943</td><td>6,273,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Independent Offices Appropriation Act, 1944</td><td>1,395,013,569</td><td>$9,000,000</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944</td><td>27,637,226,198 3/</td><td>-</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Departments of States, 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>14,884,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>135</td><td>Labor - Federal Security Appropriation Act, 1944</td><td>307,953,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>139</td><td>National War Agencies Appropriation Act, 1944</td><td>2,911,697,224</td><td>10,456,710</td></tr><tr><td>July 12, 1943</td><td>140</td><td>Second Deficiency Appropriation Act, 1943</td><td>151,340,088</td><td>-</td></tr><tr><td>Oct. 1, 1943</td><td>156</td><td>Joint Resolution (Labor Department)</td><td>18,620,000</td><td>-</td></tr><tr><td>Dec. 17, 1943</td><td>204</td><td>Public Law (naval expansion program)</td><td>-</td><td>2,464,905,021 4/ 5/</td></tr><tr><td>Dec. 23, 1943</td><td>216</td><td>First Supplemental National Defense Appropriation Act, 1944</td><td>81,263,468</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, First Session</td><td>$105,916,492,321</td><td>$2,484,361,731 5/</td></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migration of workers)</td><td>$31,359,200</td><td>-</td></tr><tr><td>Apr. 1, 1944</td><td>279</td><td>First Deficiency Appropriation Act, 1944</td><td>170,221,080</td><td>$38,266,050</td></tr><tr><td>Apr. 4, 1944</td><td>288</td><td>Public Law (Federal Works Agency - public roads)</td><td>-</td><td>10,400,000</td></tr><tr><td>May 12, 1944</td><td>303</td><td>Joint Resolution (Labor Department - maternity and infant care)</td><td>6,700,000</td><td>-</td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945 6/</td><td>27,559,798,301 3/</td><td>2,000,000,000</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945 6/</td><td>1,451,840</td><td>-</td></tr><tr><td>June 27, 1944</td><td>358</td><td>Independent Offices Appropriation Act, 1945</td><td>6,836,008,943</td><td>4,929,367,659</td></tr><tr><td>June 28, 1944</td><td>365</td><td>Departments of State, Justice, and Commerce Appropriation Act, 1945</td><td>47,555,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945</td><td>30,700,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>369</td><td>Interior Department Appropriation Act, 1945</td><td>18,114,200</td><td>-</td></tr><tr><td>June 28, 1944</td><td>372</td><td>National War Agency Appropriation Act, 1945</td><td>1,030,937,242</td><td>2,198,577</td></tr><tr><td>June 28, 1944</td><td>373</td><td>Labor - Federal Security Appropriation Act, 1945</td><td>218,611,829</td><td>-</td></tr><tr><td>June 28, 1944</td><td>374</td><td>Military Appropriation Act, 1945</td><td>15,434,814,795</td><td>-</td></tr><tr><td>June 28, 1944</td><td>375</td><td>Second Deficiency Appropriation Act, 1944</td><td>186,266,524 3/</td><td>1,880,000,000 4/ 5/</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Defense Aid Appropriation Act, 1945</td><td>3,450,570,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>United-Nations Relief and Rehabilitation Administration Participation Appropriation Act, 1945</td><td>450,000,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Foreign Economic Administration Appropriation Act, 1945</td><td>19,730,000</td><td>-</td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>First Supplemental Appropriation Act, 1945</td><td>$10,291,029 3/</td><td>60,000,000 4/</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>$55,913,179,984</td><td>$8,920,232,286 5/</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program
1
As of February 28, 1946 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">79th Congress, First Session</td></tr><tr><td>Mar. 31, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1946.</td><td>$ 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>Department 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>23,601,136,004 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</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>$1,399,008,413</td></tr></table>
Rescission
<table><tr><td>June 22, 1944</td><td>347</td><td>78th Congress, Second Session: Naval Appropriation Act, 1945</td><td>$ -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. Maritime 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>Feb. 18, 1946</td><td>301</td><td>79th Congress, Second Session: First Supplemental Surplus Appropriation Reccission Act, 1946</td><td>$ -47,520,755,898</td><td>$ -2,206,033,879 3/</td></tr><tr><td></td><td></td><td>Total, resolutions</td><td>$ -50,740,567,470</td><td>$ -6,471,033,879</td></tr></table>
In pending legislation 9/
<table><tr><td></td><td>Independent Offices Appropriation Bill, 1947.................</td><td>$ 17,835,792</td><td>$ -17,838,792</td></tr><tr><td></td><td>War Department Civil Appropriation Bill, 1947.................</td><td>5,594,000</td><td>-</td></tr><tr><td></td><td>Urgent Deficiency Appropriation Bill, 1946....................</td><td>1,836,000</td><td>-</td></tr><tr><td></td><td>Second Supplemental Surplus Appropriation Reapportion Bill, 1946.................</td><td>-6,615,805,568</td><td>-5,000,000 10/</td></tr><tr><td></td><td>Total pending.................................................</td><td>$ -6,590,536,776</td><td>$ -22,838,792</td></tr></table>
Summary
<table><tr><td>Total, 76th Congress, Third Session 11/</td><td>$ 8,994,015,828</td><td>$ 662,000,000</td></tr><tr><td>Total, 77th Congress, First Session 11/</td><td>49,396,137,450</td><td>2,407,137,102 5/</td></tr><tr><td>Total, 77th Congress, Second Session</td><td>139,736,203,988</td><td>2,484,361,731 5/</td></tr><tr><td>Total, 78th Congress, First Session</td><td>105,916,492,321</td><td>8,920,232,286 5/</td></tr><tr><td>Total, 78th Congress, Second Session</td><td>55,913,179,984</td><td>1,399,008,413</td></tr><tr><td>Total, 79th Congress, First Session</td><td>53,060,913,491</td><td></td></tr><tr><td>Permanent appropriations and net transfers from other than war activities appropriations 12/</td><td>546,697,489</td><td>-</td></tr><tr><td>Total approved</td><td>$413,563,940,550</td><td>$15,872,739,532</td></tr><tr><td>Total rescinded</td><td>-50,740,567,470</td><td>-6,471,033,879</td></tr><tr><td>Total pending (79th Congress, Second Session)</td><td>-6,590,536,776</td><td>-22,838,792</td></tr><tr><td>Idquidations of 1940 and prior contract authorizations</td><td>-467,872,846</td><td>-</td></tr><tr><td>Total approved, rescinded, pending appropriations or rescissions, and net contract authorizations 1/</td><td>$355,704,963,458</td><td>$ 9,378,866,861</td></tr></table>
1/ Consists of appropriations and net contract authorisations available on and after July 1, 1940. Excludes: (1) authorisations of the Re-construction Finance Corporation and its affiliates for war purposes, and (2) unexpended balances of appropriations on June 30, 1940 (except immediately available funds from fiscal year 1941 appropriations), available for expenditure in the fiscal year 1941.
2/ Contract authorisations have been reduced by later appropriations which were earmarked in authorising acts for this purpose.
3/ Includes appropriations made available for prior years. For amounts see appropriate footnotes in "Treasury Bulletin" for July, 1945, page 16.
4/ Unappropriated contract authorisations for the naval expansion program are as follows:
Public Law No. 141 $2,257,137,102
Public Law No. 204 (Estimated by Navy Department) 2,484,905,021
Public Law No. 375 55,000,000
Public Law No. 375 (Estimated by Navy Department) 1,825,000,000
Public Law No. 529 60,000,000
5/ Revised to adjust classification.
6/ 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.
1/ Includes $180,000,000 for the fiscal year 1945.
8/ Excludes rescission of the unobligated portion of the contract authorization under Aviation, Navy.
9/ Pending appropriations, as need herein, represent appropriations 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 $12,169,327,281, are not included.
10/ Excludes rescission of the United States Maritime Commission in the amount of $460,000,000.
11/ For details of appropriations made by the 76th Congress, Third Session and 77th Congress, First Session, see "Treasury Bulletin" for March, 1941, 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 9063, 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 $292,505,191.
April 1946
17
Cash Income and Outgo of the Treasury, by Major Classifications
(In millions of dollars)
<table><tr><th></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><th>Feb.</th></tr><tr><td colspan="14">1945</td><td colspan="2">1946</td></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>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><td>2,790</td></tr><tr><td>Employment taxes</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><td>310</td></tr><tr><td>Miscellaneous internal revenue</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>645</td><td>584</td></tr><tr><td>Customs</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><td>33</td></tr><tr><td>Other</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><td>158</td></tr><tr><td>Subtotal</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><td>3,874</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund (deposite by States and Railroad Retirement Board)</td><td>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><td>158</td></tr><tr><td>Other trust funds and accounts</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><td>245</td></tr><tr><td>Subtotal</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><td>403</td></tr><tr><td>Total cash income</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><td>4,277</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>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><td>2,702</td></tr><tr><td>Veterans' Administration</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><td>255</td></tr><tr><td>Public works 2/.</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><td>25</td></tr><tr><td>Aid to agriculture 3/.</td><td>20</td><td>55</td><td>85</td><td>82</td><td>16</td><td>78</td><td>16</td><td>26</td><td>35</td><td>20</td><td>26</td><td>18</td><td>40</td></tr><tr><td>Social security program 4/.</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><td>50</td></tr><tr><td>Interest on the public debt 5/.</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><td>84</td></tr><tr><td>Other 6/.</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><td>176</td></tr><tr><td>Subtotal</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><td>3,332</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>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><td>31</td></tr><tr><td>Other</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><td>-41</td></tr><tr><td>Commodity Credit Corporation</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><td>-53</td></tr><tr><td>Unemployment Trust Fund</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><td>137</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>28</td></tr><tr><td>Railroad Retirement Account</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><td>13</td></tr><tr><td>Other</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><td>304</td></tr><tr><td>Subtotal</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>657</td><td>479</td></tr><tr><td>Redemption of adjusted service bonds</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>1</td><td>2</td></tr><tr><td>Redemption of excess profits 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>879</td><td>94</td></tr><tr><td>Total cash outgo</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>5,619</td><td>3,907</td></tr><tr><td>EXCESS OF CASH OUTGO</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><td>-370</td></tr></table>
1/ These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939. 
2/ 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. 
3/ Consists of Farm Credit Administration, Federal Farm Mortgage Cor-
4/ Excludes transactions under transfers to trust accounts, etc.
5/ Excludes accrued discount on United States savings bonds, and interest on trust fund investments.
6/ 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>19,297</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>4,277</td><td></td><td></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>7,960</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>89,331</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>95,112</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>3,907</td><td></td><td></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 onah 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>38,70</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>51,04</td></tr><tr><td>1944</td><td>4,623</td><td>4,895</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>46,565</td></tr><tr><td>1945</td><td>4,004</td><td>2,842</td><td>1,786</td><td>4,601</td><td>4,587</td><td>2,813</td><td>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>-370</td><td></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>
Treasury Bulletin
18
GENERAL FUND OF THE TREASURY
April 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>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,619</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 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>7,981</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>380</td></tr><tr><td>February</td><td>26,414</td><td>499</td><td>1,209</td><td>24,447</td><td>259</td></tr></table>
Source: Daily Treasury Statement.
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-February</td><td>17,734</td><td>420</td><td>17,313</td></tr><tr><td>March</td><td>15,722</td><td>445</td><td>15,277</td></tr><tr><td>April</td><td>11,809</td><td>443</td><td>11,366</td></tr><tr><td>May</td><td>10,055</td><td>430</td><td>9,625</td></tr><tr><td>June</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>July</td><td>22,469</td><td>386</td><td>22,082</td></tr><tr><td>August</td><td>19,018</td><td>387</td><td>18,631</td></tr><tr><td>September</td><td>16,582</td><td>447</td><td>16,134</td></tr><tr><td>October</td><td>13,307</td><td>494</td><td>12,813</td></tr><tr><td>November</td><td>14,849</td><td>404</td><td>14,445</td></tr><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><tr><td>February</td><td>26,414</td><td>453</td><td>25,961</td></tr></table>
Source: Daily Treasury Statement.
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>-3,119 1/</td><td>2,746 5/</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 5/</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>-3,906</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-February</td><td>-2,292</td><td>-3,693</td><td>1,360</td><td>101</td><td>338</td><td>-</td><td>-</td><td>76</td><td>-713</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>35</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>194</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>3,352</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>-66</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>-29</td><td>9</td></tr><tr><td>February</td><td>534</td><td>168</td><td>327</td><td>39</td><td>83</td><td>-</td><td>30</td><td>-65</td><td>-9</td></tr></table>
Source: Daily Treasury Statement. 
1/ Less than $500,000.
1/ This is the net budgetary deficit. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ This represents the increase in the gross public debt, except as noted. (See footnote 6.)
3/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government Insurance and retirement funds and other trust accounts. (See footnote 5.)
4/ Charges for retirement of national bank notes are reflected in this statement directly against increment on gold, in the years during which the retirements were actually made. (See footnote 6.)
5/ Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified in the column "Trust accounts".
6/ Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1936 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1936, $397 million; 1937, $99 million; 1938, $51 million; and 1939, $5 million. The increases in the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
1/ Includes inactive gold in the amount of $1,087 million.
April 1946
21
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
22
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Public debt outstanding end of fiscal year or month</th><th>Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (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 indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profit tax refund bonds</th><th>Ex-changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Ex-changes</th><th>Special issues</th></tr><tr><td>1936</td><td>33,779</td><td>5,078</td><td>14,121</td><td>8,958</td><td>-</td><td>1,669</td><td>-</td><td>2,978</td><td>516</td><td>9,043</td><td>5,542</td><td>-</td><td>2,978</td><td>523</td></tr><tr><td>1937</td><td>36,425</td><td>2,046</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,186</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>11,653</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>-</td><td>303</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>-</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-February</td><td>233,707</td><td>1,300</td><td>12,040</td><td>6,879</td><td>-</td><td>1</td><td>54</td><td>4,649</td><td>457</td><td>10,740</td><td>6,077</td><td>-</td><td>4,649</td><td>14</td></tr><tr><td>March</td><td>233,950</td><td>242</td><td>12,471</td><td>7,782</td><td>4</td><td>1</td><td>89</td><td>4,147</td><td>449</td><td>12,229</td><td>8,066</td><td>4</td><td>4,147</td><td>12</td></tr><tr><td>April</td><td>235,069</td><td>1,120</td><td>11,847</td><td>6,557</td><td>-</td><td>*</td><td>109</td><td>4,811</td><td>369</td><td>10,727</td><td>5,903</td><td>-</td><td>4,811</td><td>14</td></tr><tr><td>May</td><td>238,832</td><td>3,763</td><td>12,616</td><td>10,204</td><td>-</td><td>*</td><td>152</td><td>1,579</td><td>681</td><td>8,854</td><td>7,262</td><td>-</td><td>1,579</td><td>12</td></tr><tr><td>June</td><td>258,682</td><td>19,850</td><td>40,654</td><td>26,904</td><td>-</td><td>*</td><td>96</td><td>4,187</td><td>9,466</td><td>20,804</td><td>7,370</td><td>-</td><td>4,187</td><td>9,247</td></tr><tr><td>July</td><td>262,045</td><td>3,362</td><td>9,495</td><td>8,701</td><td>-</td><td>*</td><td>37</td><td>2,470</td><td>757</td><td>6,133</td><td>6,122</td><td>-</td><td>2,470</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>4,336</td><td>488</td><td>9,785</td><td>7,303</td><td>-</td><td>4,336</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>519</td><td>11,818</td><td>7,448</td><td>-</td><td>*</td><td>519</td><td>34</td></tr><tr><td>October</td><td>261,817</td><td>-203</td><td>9,915</td><td>6,908</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>180</td><td>7,643</td><td>7,643</td><td>7,596</td><td>-</td><td>180</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>278,887</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><tr><td>February</td><td>279,214</td><td>327</td><td>11,600</td><td>6,376</td><td>-</td><td>*</td><td>-3</td><td>4,954</td><td>273</td><td>11,273</td><td>6,288</td><td>-</td><td>4,954</td><td>31</td></tr></table>
Source: Daily Treasury Statement. Less than $500,000. 1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="6">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th></tr><tr><td>1936</td><td>32,989</td><td>17,368</td><td>1,261</td><td>11,381</td><td>-</td><td>-</td><td>2,354</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>7.1</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,517</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,117</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>35,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>1,096</td><td>2,508</td><td>7,855</td><td>100.0</td><td>53.2</td><td>15.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</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>193,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><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>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>1945-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>14.6</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>250,357</td><td>106,644</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>July</td><td>259,781</td><td>108,085</td><td>47,024</td><td>23,498</td><td>10,119</td><td>34,472</td><td>17,025</td><td>19,558</td><td>100.0</td><td>41.6</td><td>18.1</td><td>9.0</td><td>3.9</td><td>13.3</td><td>6.6</td><td>7.5</td></tr><tr><td>August</td><td>260,746</td><td>108,367</td><td>47,231</td><td>23,498</td><td>10,148</td><td>34,470</td><td>17,038</td><td>20,033</td><td>100.0</td><td>41.6</td><td>18.1</td><td>9.0</td><td>3.9</td><td>13.2</td><td>6.5</td><td>7.7</td></tr><tr><td>September</td><td>259,630</td><td>107,244</td><td>47,257</td><td>23,498</td><td>9,021</td><td>35,072</td><td>17,018</td><td>20,519</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.0</td><td>3.5</td><td>13.5</td><td>6.6</td><td>7.9</td></tr><tr><td>October</td><td>259,439</td><td>107,244</td><td>47,296</td><td>23,498</td><td>8,776</td><td>35,021</td><td>17,026</td><td>20,577</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.1</td><td>3.4</td><td>13.5</td><td>6.6</td><td>7.8</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>7.3</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>8.5</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><tr><td>February</td><td>277,912</td><td>121,814</td><td>49,163</td><td>19,551</td><td>8,043</td><td>41,413</td><td>17,032</td><td>20,897</td><td>100.0</td><td>43.8</td><td>17.6</td><td>7.0</td><td>3.0</td><td>15.0</td><td>6.1</td><td>7.5</td></tr></table>
Source: Daily Treasury Statement
April 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><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>4,979</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><tr><td colspan="11">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>2,908</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>45,5363/</td></tr><tr><td>Treasury notes - tax and savings series</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,015</td><td>7,495</td><td>9,557</td><td>10,136</td></tr><tr><td>Adjusted service bonds</td><td>945</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td><td>-</td></tr><tr><td>Depository bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td><td>505</td></tr><tr><td>Total non-marketable issues</td><td>1,261</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td><td>56,226</td></tr><tr><td>Total public issues</td><td>32,363</td><td>34,242</td><td>33,900</td><td>36,116</td><td>37,602</td><td>42,267</td><td>64,083</td><td>124,509</td><td>185,256</td><td>237,545</td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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 Funds</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>66</td><td>67</td><td>79</td><td>74</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 reserves)</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></table>
Guaranteed obligations 1/
<table><tr><th>Interest-bearing debt:</th><th>1</th><th>2</th><th>3</th><th>4</th><th>5</th><th>6</th><th>7</th><th>8</th><th>9</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></tr><tr><td>Marketable issues:</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>1,553</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>4</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>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><th>Feb. 28</th></tr><tr><td colspan="14">1945</td><td colspan="2">1946</td></tr><tr><td colspan="14">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debts:</td><td></td><td></td><td></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>231,854</td><td>232,026</td><td>233,063</td><td>235,161</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><td>277,912</td></tr><tr><td>Guaranteed obligations</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><td>539</td></tr><tr><td>Total</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><td>278,451</td></tr><tr><td>Matured debt and debt bearing no interest</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><td>1,313</td></tr><tr><td>Total outstanding</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><td>279,764</td></tr><tr><td colspan="14">Public debt</td></tr><tr><td>Interest-bearing debts:</td><td></td><td></td><td></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>16,399</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><td>17,032</td></tr><tr><td>Certificates of indebtedness</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><td>41,413</td></tr><tr><td>Treasury notes</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>22,967</td><td>19,551</td><td>19,551</td></tr><tr><td>Treasury bonds - bank restricted 2/</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><td>53,427</td></tr><tr><td>Treasury bonds - bank eligible</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><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>180</td><td>180</td></tr><tr><td>Total marketable issues</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><td>199,810</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>41,698</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><td>48,692</td></tr><tr><td>Treasury notes - tax and savings series 3/</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><td>8,043</td></tr><tr><td>Adjusted service bonds</td><td>216</td><td>217</td><td>217</td><td>217</td><td></td><td></td><td></td><td></td><td></td><td>497</td><td>497</td><td>474</td><td>471</td></tr><tr><td>Depository bonds</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></td><td></td><td></td><td></td></tr><tr><td>Total non-marketable issues</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><td>57,206</td></tr><tr><td>Total public issues</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><td>257,016</td></tr></table>
(Continued on following page)
April 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="13">1945</th><th colspan="3">1946</th></tr><tr><th></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>Sep. 30</th><th>Oct. 31</th><th>Nov. 30</th><th>Dec. 31</th><th>Jan. 31</th><th>Feb. 28</th></tr><tr><td colspan="14">Public debt - (Continued)</td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund.</td><td>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>13</td><td>12</td><td>12</td></tr><tr><td>Federal Deposit Insurance Corporation.</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>10</td><td>65</td><td>70</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund.</td><td>5,016</td><td>5,216</td><td>5,216</td><td>5,216</td><td>5,308</td><td>5,308</td><td>5,308</td><td>5,581</td><td>5,581</td><td>5,566</td><td>5,416</td><td>5,406</td><td>5,406</td></tr><tr><td>Federal Savings and Loan Insurance Corporation.</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>44</td><td>45</td><td>45</td></tr><tr><td>Government Life Insurance Fund.</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>605</td><td>606</td><td>606</td></tr><tr><td>Government Retirement Funds.</td><td>1,759</td><td>1,769</td><td>1,771</td><td>1,789</td><td>1,868</td><td>2,186</td><td>2,138</td><td>2,149</td><td>2,160</td><td>2,163</td><td>2,166</td><td>2,148</td><td>2,144</td></tr><tr><td>National Service Life Insurance Fund.</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>3,850</td><td>4,450</td><td>4,680</td></tr><tr><td>Postal Savings System.</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>452</td><td>503</td><td>527</td></tr><tr><td>Canal Zone, Postal Savings System.</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account.</td><td>500</td><td>489</td><td>512</td><td>500</td><td>501</td><td>669</td><td>657</td><td>644</td><td>669</td><td>657</td><td>644</td><td>668</td><td>655</td></tr><tr><td>Unemployment Trust Fund.</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>6,798</td><td>6,748</td><td>6,748</td></tr><tr><td>Total special issues.</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>20,571</td><td>20,710</td><td>20,000</td><td>20,655</td><td>20,897</td></tr><tr><td>Total interest-bearing debt.</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><td>277,912</td></tr><tr><td>Prepayments on securities.</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><td>-</td></tr><tr><td>Natured debt on which interest has ceased.</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><td>238</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>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><td>117</td></tr><tr><td>Excess profits tax refund bonds.</td><td>582</td><td>670</td><td>780</td><td>931</td><td>1,028</td><td>1,044</td><td>1,089</td><td>1,107</td><td>1,113</td><td>1,131</td><td>1,128</td><td>240</td><td>143</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>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><td>607</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>1,644</td><td>1,789</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><td>1,063</td></tr><tr><td>Total public debt outstanding.</td><td>233,707</td><td>233,950</td><td>235,069</td><td>238,832</td><td>258,682</td><td>262,045</td><td>263,001</td><td>262,020</td><td>261,817</td><td>265,342</td><td>278,115</td><td>278,687</td><td>279,214</td></tr><tr><td colspan="14">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public 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>Commodity Credit 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>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><td>-</td></tr><tr><td>Federal Housing Administration.</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><td>39</td></tr><tr><td>Home Owners' Loan Corporation.</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><td>-</td></tr><tr><td>Total Marketable issues.</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><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 2/.</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><td>493</td></tr><tr><td>Total interest-bearing debt.</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><td>539</td></tr><tr><td>Natured debt on which interest has ceased.</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><td>12</td></tr><tr><td>Total guaranteed obligations outstanding.</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><td>551</td></tr></table>
Daily Treasury Statement.
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 earnings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral.
1 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 I-A, I-B, and I-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
27
Guaranteed Obligations Held by the Treasury
(lo 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-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>12,458</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>9,302</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><tr><td>February</td><td>11,508</td><td>1,191</td><td>50</td><td>383</td><td>830</td><td>8,998</td><td>57</td></tr></table>
Source: Daily Treasury Statement. * Less than $500,000.
1/ These securities are not included in preceding statements of guaranteed obligations outstanding.
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations of the United States Government
(Amounts in millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th>Interest-bearing debt outstanding</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>36,575</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,176</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1945-February</td><td>232,968</td><td>4,482</td><td>1.924</td><td>231,854</td><td>4,465</td><td>1.926</td><td>1,114</td><td>16</td><td>1.457</td></tr><tr><td>March</td><td>233,145</td><td>4,488</td><td>1.925</td><td>232,026</td><td>4,472</td><td>1.927</td><td>1,119</td><td>16</td><td>1.454</td></tr><tr><td>April</td><td>234,194</td><td>4,512</td><td>1.927</td><td>233,063</td><td>4,496</td><td>1.929</td><td>1,132</td><td>16</td><td>1.449</td></tr><tr><td>May</td><td>236,912</td><td>4,570</td><td>1.929</td><td>235,761</td><td>4,553</td><td>1.931</td><td>1,151</td><td>17</td><td>1.441</td></tr><tr><td>June</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>July</td><td>260,265</td><td>5,054</td><td>1.942</td><td>259,781</td><td>5,048</td><td>1.943</td><td>464</td><td>6</td><td>1.241</td></tr><tr><td>August</td><td>261,261</td><td>5,078</td><td>1.943</td><td>260,746</td><td>5,071</td><td>1.945</td><td>515</td><td>6</td><td>1.251</td></tr><tr><td>September</td><td>260,156</td><td>5,051</td><td>1.942</td><td>259,630</td><td>5,044</td><td>1.943</td><td>527</td><td>7</td><td>1.275</td></tr><tr><td>October</td><td>259,980</td><td>5,052</td><td>1.943</td><td>259,439</td><td>5,045</td><td>1.945</td><td>511</td><td>7</td><td>1.254</td></tr><tr><td>November</td><td>263,386</td><td>5,133</td><td>1.949</td><td>262,449</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><tr><td>February</td><td>278,451</td><td>5,487</td><td>1.970</td><td>277,912</td><td>5,479</td><td>1.972</td><td>539</td><td>7</td><td>1.349</td></tr></table>
Source: Daily Treasury Statement.
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%. 2/ Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
28
Treasury Bulletin
Statutory Limitation on the Public Debt
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed aa 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 February 28, 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 limitations:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended 1/.</td><td>289,040</td></tr><tr><td>Guaranteed securities 2/.</td><td>551</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>289,591</td></tr><tr><td>Balance issuable under such authority.</td><td>10,409</td></tr></table>
Source: Public Debt Service. 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, February 28, 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><b>Interest-bearing securities:</b></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,032</td><td>17,032</td></tr><tr><td>Certificates of indebtedness</td><td>41,413</td><td>41,413</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>53,427</td><td>53,427</td></tr><tr><td>Treasury bonds - bank eligible</td><td>68,207</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>199,631</td><td>199,810</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>59,508</td><td>48,692</td></tr><tr><td>Treasury savings notes</td><td>8,043</td><td>8,043</td></tr><tr><td>Depositary bonds</td><td>471</td><td>471</td></tr><tr><td>Total non-marketable issues</td><td>68,022</td><td>57,206</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>20,897</td><td>20,897</td></tr><tr><td>Total interest-bearing securities</td><td>288,549</td><td>277,912</td></tr><tr><td>Natured securities on which interest has ceased</td><td>231</td><td>238</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>117</td><td>117</td></tr><tr><td>Excess profits tax refund bonds</td><td>143</td><td>143</td></tr><tr><td>Currency items, etc. 3/</td><td>-</td><td>304</td></tr><tr><td>Total obligations bearing no interest</td><td>259</td><td>1,063</td></tr><tr><td>Total</td><td>289,040</td><td>279,214</td></tr></table>
Sources: Public Debt Service.
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 speci-
3/ filed date (with minor exceptions). See footnote 2, page 25. 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.
April 1946
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of February 28, 1946
(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>1946-Mar....</td><td>Treasury bills 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 4,147 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 taxable</td><td></td></tr><tr><td>May....</td><td>Treasury bills 7/8% Certificate - 5/1/46</td><td>6,558 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>3,758 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>61,965</td><td></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>Feb....</td><td>7/8% Certificate - 2/1/47</td><td>4,954</td><td></td><td></td><td>2/1/46</td><td>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>15,341</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 3/16/36</td><td>taxable partially</td><td></td></tr><tr><td>June....</td><td>1-3/4% Treasury bond - 6/15/48</td><td>3,062</td><td></td><td></td><td>12/1/42</td><td>taxable</td><td></td></tr><tr><td>Sept....</td><td>2-1/4% 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></td><td></td><td></td><td></td></tr><tr><td>1949-June....</td><td>2% Treasury bond - 6/15/49-51</td><td>1,014</td><td></td><td></td><td>1/15/42</td><td>taxable</td><td></td></tr><tr><td>Sept....</td><td>2% Treasury bond - 9/15/49-51</td><td>1,292</td><td></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>2,098 491 1,786</td><td></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>6,682</td><td></td><td></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>1,115 1,953</td><td></td><td>1,115</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>1,186 4,939</td><td></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>571 2,635</td><td></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)
30
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/ As of February 28, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</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></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>3/15/36</td><td>partially</td><td>.....</td></tr><tr><td>June....</td><td>2-3/4% Treasury bond - 6/15/49-51......</td><td>.....</td><td>1,627</td><td>1,014</td><td>6/15/36</td><td>taxable partially</td><td>.....</td></tr><tr><td>Sept....</td><td>2-3% Treasury bond - 9/15/49-51......</td><td>.....</td><td>7,986</td><td>1,292</td><td>5/15/42</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2-3% Treasury bond - 9/15/51-53......</td><td>.....</td><td>755</td><td>.....</td><td>9/15/43</td><td>taxable partially</td><td>.....</td></tr><tr><td>Dec....</td><td>2% Treasury bond - 12/15/49-51......</td><td>.....</td><td>.....</td><td>2,098</td><td>7/15/42</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-53......</td><td>.....</td><td>1,118</td><td>.....</td><td>12/22/39</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 12/15/51-55......</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>.....</td><td>1,963</td><td>10/19/42</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2-1/2% Treasury bond - 3/15/52-54......</td><td>.....</td><td>1,024</td><td>.....</td><td>3/31/41</td><td>taxable</td><td>.....</td></tr><tr><td>June....</td><td>2% Treasury bond - 6/15/52-54......</td><td>.....</td><td>5,825</td><td>.....</td><td>6/26/44</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 6/15/52-55......</td><td>.....</td><td>1,501</td><td>.....</td><td>2/25/42</td><td>taxable</td><td>.....</td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond - 9/15/50-52......</td><td>.....</td><td>.....</td><td>1,186</td><td>9/15/38</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 9/15/50-52......</td><td>.....</td><td>.....</td><td>4,939</td><td>4/15/43</td><td>taxable</td><td>.....</td></tr><tr><td>Oct....</td><td>4-1/4% Treasury bond - 10/15/47-52......</td><td>.....</td><td>.....</td><td>759</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>.....</td><td>491</td><td>12/15/34</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 12/15/52-54......</td><td>.....</td><td>8,662</td><td>.....</td><td>12/1/44</td><td>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</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 6/15/52-54......</td><td>.....</td><td>.....</td><td>5,825</td><td>6/26/44</td><td>taxable</td><td>.....</td></tr><tr><td></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>Dec....</td><td>2% Treasury bond - 12/15/52-54......</td><td>.....</td><td>.....</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>.....</td><td>1,501</td><td>2/25/42</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 6/15/53-55......</td><td>.....</td><td>.....</td><td>725</td><td>10/7/40</td><td>partially</td><td>.....</td></tr><tr><td>Sept....</td><td>3% Treasury bond - 9/15/51-55......</td><td>.....</td><td>.....</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>.....</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>.....</td><td>681</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</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/56-59......</td><td>.....</td><td>3,823</td><td>.....</td><td>2/1/44</td><td>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>6/2/40</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>.....</td><td>982</td><td>9/15/36</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/56-59......</td><td>.....</td><td>.....</td><td>3,823</td><td>2/1/44</td><td>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>3,458</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>8,742</td><td>4,804</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
(Continued on following page)
April 1946
31
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of February 28, 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 leases 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>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>3,458</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>8,742</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</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>11,668</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>22,352</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>11,668</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>22,352</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 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. Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to a specified date. 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 subscription books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses)</th><th colspan="2">Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th>1/</th><th>Cash 2/</th><th>Exchange</th><th>For cash</th><th>In exchange for other securities</th><th></th></tr><tr><td>11/22/43</td><td>1/18/44</td><td>4th War Loan securities: 3/ 2-1/2% Treas. bond- 3/15/65-70 1/2 (21/1/44) 2-1/4% Treas. bond- 9/15/56-59 5/ (21/1/44) 7/8% Certificate- 2/1/45 (21/1/44)</td><td>26 yr.1 m (21 yr.1 m) 15 yr.7 m (12 yr.7 m) 1 yr</td><td>2,212 3,728 5,048</td><td>- - -</td><td>2,212 3,728 5,048</td><td>- - -</td><td>100 100 100</td></tr><tr><td>1/24/44</td><td>1/24/44</td><td>.90% Treas. note - 3/1/45 (21/1/44)</td><td>1 yr.1 m</td><td>-</td><td>2,127</td><td>-</td><td>2,127</td><td>100</td></tr><tr><td>3/2/44</td><td>3/2/44</td><td>2-1/2% Treas. bond- 3/15/65-70 1/2 5/ (21/1/44) 2-1/4% Treas. bond- 9/15/56-59 5/ (21/1/44)</td><td>26 yr (21 yr.6/ 15 yr.6 m (12 yr.6 m) 6/</td><td>- 77 95</td><td>-</td><td>-</td><td>77 95</td><td>100 130</td></tr><tr><td>3/22/44</td><td>3/22/44</td><td>1-1/2% Treas. note - 9/15/48 (3/15/44) 7/8% Certificate - 4/1/45 (4/1/44)</td><td>4 yr.6 m 1 yr</td><td>- 3,748 4,877</td><td>-</td><td>-</td><td>3,748 4,877</td><td>100 100</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>-</td><td>1,615</td><td>100</td></tr><tr><td>4/11/44</td><td>6/12/44</td><td>5th War Loan securities: 3/ 2-1/2% Treas. bond- 3/15/65-70 1/2 5/ (21/1/44) 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) 1/ 10 yr (8 yr) 2 yr.9 m 11 m</td><td>2,909 5,825 1,948 4,770</td><td>- - -</td><td>2,909 5,825 1,948 4,770</td><td>- - -</td><td>100 100 100 100</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>-</td><td>2,511</td><td>100</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>3,698</td><td>-</td><td>3,698</td><td>100</td></tr><tr><td>8/24/44</td><td>8/24/44</td><td>1% Treas. note - 3/15/45 5/ (11/1/41)</td><td>1 yr.6 m 5/</td><td>-</td><td>788</td><td>-</td><td>788</td><td>100</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>-</td><td>3,492</td><td>100</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 3/ 2-1/2% Treas. bond- 3/15/65-71 1/2 (12/1/44) 2% Treas. bond-12/15/52-54 (12/1/44) 1-1/4% Treas. note- 9/15/47 3/ (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>3,448 7,922 1,550 4,395</td><td>- - -</td><td>3,448 7,922 1,550 4,395</td><td>- - -</td><td>100 100 100 100</td></tr><tr><td>11/17/44</td><td>11/20/44</td><td>.90% Treas. note - 1/1/45 (12/1/44)</td><td>1 yr.1 m</td><td>-</td><td>3,416</td><td>-</td><td>3,416</td><td>100</td></tr><tr><td>11/17/44</td><td>11/20/44</td><td>2-1/2% Treas. bond - 3/15/65-71 9/ 1/2 (12/1/44) 2% Treas. bond - 12/15/52-54 2/ (12/1/44)</td><td>26 yr.3 m (21 yr.3 m) 10/ 10 yr (8 yr) 10/</td><td>- 33 740</td><td>-</td><td>-</td><td>33 740</td><td>100 100</td></tr><tr><td>1/22/45</td><td>1/22/45</td><td>1-1/4% Treas. note - 9/15/47 3/ (12/1/44)</td><td>2 yr.9 m 10/</td><td>-</td><td>137</td><td>-</td><td>137</td><td>100</td></tr><tr><td>2/19/45</td><td>2/19/45</td><td>7/8% Certificate - 2/1/46 (2/1/45)</td><td>1 yr</td><td>-</td><td>5,043</td><td>-</td><td>5,043</td><td>100</td></tr><tr><td>3/22/45</td><td>3/22/45</td><td>7/8% Certificate - 3/1/46 (3/1/45)</td><td>1 yr</td><td>-</td><td>4,117</td><td>-</td><td>4,117</td><td>100</td></tr><tr><td>4/19/45</td><td>4/19/45</td><td>7/8% Certificate - 4/1/46 (4/1/45)</td><td>1 yr</td><td>-</td><td>4,811</td><td>-</td><td>4,811</td><td>100</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>1,579</td><td>-</td><td>1,579</td><td>100</td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>7th War Loan securities: 3/ 2-1/2% Treas. bond- 6/15/67-72 1/2 (6/1/45) 2-1/4% Treas. bond- 6/15/59-62 5/ (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 (11 yr) 5 yr.6 m 1 yr</td><td>7,967 5,284 2,635 4,799</td><td>- - -</td><td>7,967 5,284 2,635 4,799</td><td>- - -</td><td>100 100 100 100</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>-</td><td>4,910</td><td>100</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>-</td><td>2,470</td><td>100</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>-</td><td>4,336</td><td>100</td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Victory Loan securities: 3/ 2-1/2% Treas. bond-12/15/67-72 1/2 (11/15/45) 2-1/4% Treas. bond-12/15/59-62 5/ (11/15/45) 7/8% Certificate - 12/1/46 (12/1/45)</td><td>27 yr.1 m (22 yr.1 m) 17 yr.1 m (11 yr.1 m) 1 yr</td><td>11,668 3,458 3,768</td><td>- - -</td><td>11,668 3,458 3,768</td><td>- - -</td><td>100 100 100</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>-</td><td>3,440</td><td>100</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>-</td><td>3,778</td><td>100</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>-</td><td>3,330</td><td>100</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>4,954</td><td>-</td><td>4,954</td><td>100</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>4,106 p</td><td>-</td><td>3,133 p</td><td>75</td></tr><tr><td>3/20/46</td><td>3/20/46</td><td>7/8% Certificate - 4/1/47 (4/1/46)</td><td>1 yr</td><td>-</td><td>4,742 p</td><td>-</td><td>2,820 p</td><td>59</td></tr></table>
To: Bureau of the Public Debt
For period December 1941 through December 1943, see "Treasury Bulletin" for November 1944, page 32.
p 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/ Consists of all public cash subscriptions and of subscriptions U. S. Government agencies and trust funds.
3/ 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 Treasury invest-
ment accounts.
4/ Bank restricted issue. See preceding table (maturity schedule of interest-bearing public marketable securities) for earliest date
which commercial banks may acquire this issue. 5/ Reopening of previously offered security
5/ Reopening or previously offered security
Interest commenced on March 15, 1944.
10 Interest commenced on June 26, 1944.
8/ Interest commenced on September 15, 1944.
9/ This is the same security that was offered in the Sixth War Loan. 10/ Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
April 1946
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th colspan="2">Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount outstanding</th><th colspan="2">Disposition offers by Treasury</th><th colspan="3">Results of exchange offers</th><th>Description of new security offered</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash retirement</th><th>Exchange security offered</th><th>Ex- changed</th><th>Turned in for cash</th><th>Percent ex- changed</th><th></th></tr><tr><td>2/1/44</td><td>1-3/8% PHA note - 7/8%</td><td>2/1/44 (2/1/39)</td><td>114 2,211</td><td>114 -</td><td>2,211 -</td><td>2,127 -</td><td>84 -</td><td>96</td><td>90% Treas. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>3-1/4% FPMC bond - 3% 3% RFC note - 3% EOLC bond - 3-1/4% Treas. note - 3/1/44 3/1/45 Treas. note - 6/15/44</td><td>3/15/44-64 (3/15/34) 5/15/44-49 (5/15/34) 4/15/44-52 (7/3/41) 5/1/44-52 (5/1/34) 4/15/44-46 (4/16/34) 3/15/44-46 (11/15/39) 6/15/44 (6/15/39)</td><td>95 835 571 779 1,519 515 416</td><td>- - - - - -</td><td>95 835 571 779 1,519 515 416</td><td>76 705 559 604 1,223 483 270</td><td>19 130 12 175 296 32 146</td><td>80 98 98 78 81 94 65</td><td>2-1/4% Treas. bond - 9/15/45-59 2-1/2% Treas. bond - 3/15/45-70 1-1/2% Treas. note - 9/15/48</td></tr><tr><td></td><td colspan="2">Totals for exchange transaction of 3/15/44</td><td>4,729</td><td>-</td><td>4,729</td><td>3,919</td><td>810</td><td>83</td><td></td></tr><tr><td>4/1/44</td><td>7/8% Certificate - 5/1/44 7/8% Certificate - 8/1/44 7/8% Certificate - 9/1/44 7/8% Certificate - 9/1/44</td><td>4/1/44 (4/15/43) 5/1/44 (5/1/43) 8/1/44 (8/2/43) 9/1/44 (9/15/43)</td><td>5,251 1,655 2,555 4,122</td><td>- - - -</td><td>5,251 1,655 2,555 4,122</td><td>4,877 1,615 2,511 3,694</td><td>374 40 34 128</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% Treas. note - 9/15/44 1% Treas. note - 9/15/44</td><td>(1/31/41) (12/22/39)</td><td>635 283</td><td>-</td><td>635 283</td><td>602 185</td><td>33 98</td><td>95 66</td><td>1% Treas. note - 3/15/46</td></tr><tr><td></td><td colspan="2">Totals for exchange transaction of 9/15/44</td><td>918</td><td>-</td><td>918</td><td>788</td><td>130</td><td>86</td><td></td></tr><tr><td>10/1/44</td><td>7/8% Certificate - 10/1/44 7/8% Certificate - 12/1/44</td><td>10/1/44 (10/15/43) 12/1/44 (12/1/43)</td><td>3,519 3,540</td><td>- -</td><td>3,519 3,540</td><td>3,492 3,416</td><td>27 124</td><td>99 96</td><td>7/8% Certificate - 10/1/45 90% Treas. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>1/2% Treas. bond - 12/15/44-54</td><td>(12/15/24)</td><td>1,037</td><td>-</td><td>1,037</td><td>911</td><td>126</td><td>88</td><td>1-1/4% Treas. note - 9/15/47 2-1/2% Treas. bond - 3/15/66-71 2/</td></tr><tr><td>2/1/45</td><td>7/8% Certificate - 2/1/45 1-1/8% CCC note - 2/15/45</td><td>(2/1/44) (7/21/41)</td><td>5,048 412</td><td>- -</td><td>5,048 412</td><td>4,649 395</td><td>400 17</td><td>92 96</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td></td><td colspan="2">Totals for exchange transaction of 2/1/45</td><td>5,460</td><td>-</td><td>5,460</td><td>5,043</td><td>416</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>.90% Treas. note - 3/1/45 3/4% Treas. note - 3/15/45 1-1/4% Treas. note - 3/15/45</td><td>(2/1/44) (3/15/40) (9/25/42)</td><td>2,127 718 1,606</td><td>- - -</td><td>2,127 718 1,606</td><td>2,109 493 1,546</td><td>18 225 60</td><td>99 69 95</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td></td><td colspan="2">Totals for exchange transaction of 3/1/45</td><td>4,451</td><td>-</td><td>4,451</td><td>4,147</td><td>304</td><td>93</td><td></td></tr><tr><td>4/1/45</td><td>7/8% Certificate - 4/1/45 5/1/45 7/8% Certificate - 5/1/45</td><td>(4/1/44) (5/1/44)</td><td>4,877 1,615</td><td>- -</td><td>4,877 1,615</td><td>4,811 1,579</td><td>66 35</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 1-1/2% EOLC bond - 6/1/45-47</td><td>(6/26/44) (6/1/39)</td><td>4,770 755</td><td>- -</td><td>4,770 755</td><td>4,187 723</td><td>583 32</td><td>88 96</td><td>90% Treas. note - 7/1/46</td></tr><tr><td></td><td colspan="2">Totals for exchange transaction of 6/1/45</td><td>5,525</td><td>-</td><td>5,525</td><td>4,910</td><td>615</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8% Certificate - 8/1/45</td><td>(8/1/44)</td><td>2,511</td><td>-</td><td>2,511</td><td>2,470</td><td>41</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 2-3/4% Treas. bond - 9/15/45-47</td><td>(9/1/44) (9/16/35)</td><td>3,694 1,214</td><td>- -</td><td>3,694 1,214</td><td>3,429 907</td><td>265 307</td><td>93 75</td><td>7/8% Certificate - 9/1/46</td></tr><tr><td></td><td colspan="2">Totals for exchange transaction of 9/1/45</td><td>4,908</td><td>-</td><td>4,908</td><td>4,336</td><td>572</td><td>88</td><td></td></tr><tr><td>10/1/45</td><td>7/8% Certificate - 10/1/45</td><td>(10/1/44)</td><td>3,492</td><td>-</td><td>3,492</td><td>3,440</td><td>52</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 3/4% Treas. note - 12/15/45 2-1/2% Treas. bond - 12/15/45</td><td>(12/1/44) (12/18/40) (12/15/37)</td><td>4,395 531 541</td><td>- - -</td><td>4,395 531 541</td><td>2,932 438 408</td><td>1,463 93 133</td><td>67 82 75</td><td>7/8% Certificate - 11/1/46</td></tr><tr><td></td><td colspan="2">Totals for exchange transaction of 12/1/45</td><td>5,467</td><td>-</td><td>5,467</td><td>3,778</td><td>1,689</td><td>69</td><td></td></tr><tr><td>1/1/46</td><td>3% Conversion bond - 1/1/46</td><td>(1/1/16)</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>1/1/46</td><td>.90% Treas. note - 1/1/46</td><td>(12/1/44)</td><td>3,416</td><td>-</td><td>3,416</td><td>3,330</td><td>85</td><td>98</td><td>7/8% Certificate - 1/1/47</td></tr><tr><td>2/1/46</td><td>7/8% Certificate - 3/1/46</td><td>(2/1/45)</td><td>5,043</td><td>-</td><td>5,043</td><td>4,954</td><td>89</td><td>98</td><td>7/8% Certificate - 2/1/47</td></tr><tr><td>3/1/46</td><td>7/8% Certificate - 3/1/46 3-3/4% Treas. bond - 3/15/46-56</td><td>(3/1/45) (3/15/26)</td><td>4,147 489</td><td>1,014 p 489</td><td>3,133 p -</td><td>3,133 p -</td><td>- -</td><td>3/ -</td><td>7/8% Certificate - 3/1/47</td></tr><tr><td>4/1/46</td><td>1% Treas. note - 3/15/46 7/8% Certificate - 4/1/46</td><td>(11/1/41) (4/1/45)</td><td>1,291 4,811</td><td>- 1,991 p</td><td>- 2,820 p</td><td>2,820 p -</td><td>- -</td><td>3/ -</td><td>7/8% Certificate - 4/1/47</td></tr></table>
Source: Bureau of the Public Debt.
Note: For period December 1941 through December 1943 see "Treasury Bulletin" for November 1944, page 33.
p Preliminary.
1/ Original call and maturity dates are used.
2/ Bank restricted issue.
3/ Prior to the refunding operation of March 1, 1946, maturing issues were either paid off in full or the holders were given the privilege to exchange into another security in full. Beginning with that operation, some maturities have been split by the Treasury into a stated portion for cash retirement with the remainder covered by an offering of an exchange security.
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="4">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-Feb. 1</td><td>1945-May 3</td><td>91</td><td>2,056.7</td><td>1,315.8</td><td>1,258.0</td><td>57.8</td><td>1,311.0</td><td>16,406.1</td></tr><tr><td>Feb. 8</td><td>May 10</td><td>91</td><td>2,027.9</td><td>1,310.2</td><td>1,252.7</td><td>57.5</td><td>1,314.3</td><td>16,404.0</td></tr><tr><td>Feb. 15</td><td>May 17</td><td>91</td><td>1,891.8</td><td>1,300.1</td><td>1,249.8</td><td>50.3</td><td>1,300.6</td><td>16,401.5</td></tr><tr><td>Feb. 23</td><td>May 24</td><td>90</td><td>1,888.0</td><td>1,308.7</td><td>1,242.7</td><td>66.0</td><td>1,313.5</td><td>16,398.7</td></tr><tr><td>Mar. 1</td><td>May 31</td><td>91</td><td>2,065.8</td><td>1,314.2</td><td>1,255.1</td><td>59.0</td><td>1,203.7</td><td>16,509.2</td></tr><tr><td>Mar. 8</td><td>June 7</td><td>91</td><td>2,136.4</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>16,721.6</td></tr><tr><td>Mar. 22</td><td>June 21</td><td>91</td><td>2,075.2</td><td>1,302.5</td><td>1,233.9</td><td>68.6</td><td>1,217.2</td><td>16,508.9</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>2,048.7</td><td>1,314.3</td><td>1,264.8</td><td>49.5</td><td>1,315.8</td><td>17,039.8</td></tr><tr><td>May 10</td><td>Aug. 9</td><td>91</td><td>2,012.9</td><td>1,307.4</td><td>1,252.9</td><td>54.5</td><td>1,310.2</td><td>17,037.0</td></tr><tr><td>May 17</td><td>Aug. 16</td><td>91</td><td>2,029.9</td><td>1,307.4</td><td>1,255.1</td><td>52.3</td><td>1,300.1</td><td>17,044.3</td></tr><tr><td>May 24</td><td>Aug. 23</td><td>91</td><td>2,067.9</td><td>1,313.1</td><td>1,262.1</td><td>51.0</td><td>1,308.7</td><td>17,048.7</td></tr><tr><td>May 31</td><td>Aug. 30</td><td>91</td><td>2,043.1</td><td>1,314.4</td><td>1,263.0</td><td>51.4</td><td>1,314.2</td><td>17,048.9</td></tr><tr><td>June 7</td><td>Sept. 6</td><td>91</td><td>2,071.4</td><td>1,302.3</td><td>1,251.7</td><td>50.6</td><td>1,310.2</td><td>17,041.1</td></tr><tr><td>June 14</td><td>Sept. 13</td><td>91</td><td>2,112.8</td><td>1,309.8</td><td>1,251.5</td><td>58.3</td><td>1,316.1</td><td>17,034.7</td></tr><tr><td>June 21</td><td>Sept. 20</td><td>91</td><td>2,243.0</td><td>1,305.3</td><td>1,246.5</td><td>58.9</td><td>1,302.5</td><td>17,037.5</td></tr><tr><td>June 28</td><td>Sept. 27</td><td>91</td><td>2,256.3</td><td>1,317.8</td><td>1,253.9</td><td>63.9</td><td>1,314.0</td><td>17,041.3</td></tr><tr><td>July 5</td><td>Oct. 4</td><td>91</td><td>2,028.5</td><td>1,304.9</td><td>1,253.0</td><td>51.9</td><td>1,317.1</td><td>17,029.1</td></tr><tr><td>July 12</td><td>Oct. 11</td><td>91</td><td>2,233.0</td><td>1,310.6</td><td>1,252.7</td><td>58.0</td><td>1,303.9</td><td>17,035.8</td></tr><tr><td>July 19</td><td>Oct. 18</td><td>91</td><td>2,044.7</td><td>1,305.5</td><td>1,237.4</td><td>68.1</td><td>1,318.2</td><td>17,023.1</td></tr><tr><td>July 26</td><td>Oct. 25</td><td>91</td><td>2,046.9</td><td>1,312.1</td><td>1,252.0</td><td>60.1</td><td>1,310.3</td><td>17,024.9</td></tr><tr><td>Aug. 2</td><td>Nov. 1</td><td>91</td><td>1,938.6</td><td>1,317.0</td><td>1,267.6</td><td>49.4</td><td>1,314.3</td><td>17,027.5</td></tr><tr><td>Aug. 9</td><td>Nov. 8</td><td>91</td><td>2,008.2</td><td>1,318.7</td><td>1,265.3</td><td>53.4</td><td>1,307.4</td><td>17,038.9</td></tr><tr><td>Aug. 16</td><td>Nov. 15</td><td>91</td><td>2,006.0</td><td>1,314.5</td><td>1,257.4</td><td>57.1</td><td>1,307.4</td><td>17,045.9</td></tr><tr><td>Aug. 23</td><td>Nov. 23</td><td>92</td><td>1,956.4</td><td>1,310.6</td><td>1,260.3</td><td>50.3</td><td>1,313.1</td><td>17,043.5</td></tr><tr><td>Aug. 30</td><td>Nov. 29</td><td>92</td><td>1,986.1</td><td>1,309.0</td><td>1,256.4</td><td>52.6</td><td>1,314.4</td><td>17,038.1</td></tr><tr><td>Sept. 6</td><td>Dec. 6</td><td>91</td><td>1,932.4</td><td>1,306.1</td><td>1,257.6</td><td>48.5</td><td>1,302.3</td><td>17,041.9</td></tr><tr><td>Sept. 13</td><td>Dec. 13</td><td>91</td><td>2,024.7</td><td>1,302.0</td><td>1,241.0</td><td>61.0</td><td>1,309.8</td><td>17,034.1</td></tr><tr><td>Sept. 20</td><td>Dec. 20</td><td>91</td><td>2,093.7</td><td>1,306.7</td><td>1,252.1</td><td>54.6</td><td>1,305.3</td><td>17,035.5</td></tr><tr><td>Sept. 27</td><td>Dec. 27</td><td>91</td><td>2,073.5</td><td>1,300.6</td><td>1,247.6</td><td>53.0</td><td>1,317.8</td><td>17,018.3</td></tr><tr><td>Oct. 4</td><td>1946-Jan. 3</td><td>91</td><td>2,159.1</td><td>1,310.5</td><td>1,263.3</td><td>47.1</td><td>1,304.9</td><td>17,023.9</td></tr><tr><td>Oct. 11</td><td>Jan. 10</td><td>91</td><td>2,157.5</td><td>1,311.0</td><td>1,256.1</td><td>54.9</td><td>1,310.6</td><td>17,024.3</td></tr><tr><td>Oct. 18</td><td>Jan. 17</td><td>91</td><td>2,048.0</td><td>1,309.6</td><td>1,256.1</td><td>53.6</td><td>1,305.5</td><td>17,028.5</td></tr><tr><td>Oct. 25</td><td>Jan. 24</td><td>91</td><td>2,084.7</td><td>1,310.0</td><td>1,251.1</td><td>59.0</td><td>1,312.1</td><td>17,026.4</td></tr><tr><td>Nov. 1</td><td>Jan. 31</td><td>92</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. 22</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>17,042.6</td></tr><tr><td>Feb. 7</td><td>May 9</td><td>91</td><td>1,928.2</td><td>1,314.8</td><td>1,268.1</td><td>46.7</td><td>1,316.7</td><td>17,039.7</td></tr><tr><td>Feb. 14</td><td>May 16</td><td>91</td><td>1,987.8</td><td>1,309.0</td><td>1,257.5</td><td>51.5</td><td>1,316.7</td><td>17,032.0</td></tr><tr><td>Feb. 21</td><td>May 23</td><td>91</td><td>2,037.3</td><td>1,301.3</td><td>1,253.1</td><td>48.1</td><td>1,302.1</td><td>17,031.2</td></tr><tr><td>Feb. 28</td><td>May 31</td><td>92</td><td>2,006.1</td><td>1,316.7</td><td>1,275.1</td><td>41.6</td><td>1,316.0</td><td>17,031.8</td></tr></table>
Source: Public Debt Service for data on new issues; Daily Treasury Statement for data on maturing issues and amounts outstanding. Note: See Annual Reports of the Secretary of the Treasury for back
1/ Tenders for $200,000 or less from any one bidder are accepted in full at 99.905 per hundred.
April 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-Feb. 1</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 8</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 15</td><td>99.905</td><td>0.375</td><td>99.911</td><td>0.352</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 23</td><td>99.906</td><td>0.376</td><td>99.910</td><td>0.360</td><td>99.906</td><td>0.376</td></tr><tr><td>Mar. 1</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 8</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 15</td><td>99.905</td><td>0.375</td><td>99.910 2/</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 22</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 29</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 5</td><td>99.905</td><td>0.376</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 12</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 19</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 26</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 3</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>May 10</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 17</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 24</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>May 31</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>June 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 14</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 21</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 28</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>July 5</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>July 12</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>July 19</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>July 26</td><td>99.905</td><td>0.375</td><td>99.908 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><tr><td>Feb. 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>Feb. 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>Feb. 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>Feb. 28</td><td>99.904</td><td>0.375</td><td>99.908</td><td>0.360</td><td>99.904</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 O outstanding are quoted at par.
Table 1.- Summary of Sales and Redemptions, by Series, as of February 28, 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>(In millions of dollars)</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>Matured series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series A</td><td>204</td><td>52</td><td>255</td><td>229</td><td>26</td><td>-</td><td>1/</td></tr><tr><td>Unmatured series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series B</td><td>370</td><td>85</td><td>455</td><td>161</td><td>-</td><td>294</td><td>35.44</td></tr><tr><td>Series C</td><td>1,010</td><td>184</td><td>1,194</td><td>276</td><td>-</td><td>918</td><td>23.08</td></tr><tr><td>Series D</td><td>2,355</td><td>295</td><td>2,659</td><td>426</td><td>-</td><td>2,233</td><td>16.02</td></tr><tr><td>Total, Series B, C, and D</td><td>3,745</td><td>564</td><td>4,309</td><td>863</td><td>-</td><td>3,446</td><td>20.03</td></tr><tr><td>Series E</td><td>40,688</td><td>692</td><td>41,379</td><td>10,601 2/</td><td>-</td><td>30,778</td><td>25.62</td></tr><tr><td>Series F</td><td>3,043</td><td>51</td><td>3,094</td><td>253</td><td>-</td><td>2,841</td><td>8.19</td></tr><tr><td>Series O</td><td>12,255</td><td>-</td><td>12,256</td><td>628</td><td>-</td><td>11,628</td><td>5.12</td></tr><tr><td>Total, Series E, F, and O</td><td>55,987</td><td>743</td><td>56,729</td><td>11,483</td><td>-</td><td>45,247</td><td>20.24</td></tr><tr><td>Total, Series B-O</td><td>59,731</td><td>1,307</td><td>61,038</td><td>12,346</td><td>-</td><td>48,692</td><td>20.23</td></tr><tr><td>Total, Series A-O</td><td>59,935</td><td>1,358</td><td>61,293</td><td>12,575</td><td>26</td><td>48,692</td><td>1/</td></tr></table>
Sources: Daily Treasury Statements. 1/ Not calculated for matured series.
2/ Includes unclassified redemptions which contain small amounts of Series A-D bonds.
April 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>Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th colspan="8">(In millions of dollars)</th></tr><tr><td>All series</td><td></td><td></td><td></td><td></td><td> Matured debt</td><td>Interest-bearing debt</td><td></td></tr><tr><td>Total, inception to February 28, 1946</td><td>59,935</td><td>1,358</td><td>61,293</td><td>12,575</td><td>26</td><td>48,692</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>31</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>367</td><td>15,278</td><td>4,298</td><td>-</td><td>45,586</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>3,149</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>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>1,568</td><td>436</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>46,508</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>41</td><td>555</td><td>528</td><td>-</td><td>46,781</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><tr><td>February</td><td>622</td><td>44</td><td>666</td><td>565</td><td>26</td><td>48,692</td><td>1.16</td></tr><tr><td colspan="8">Series A-D</td></tr><tr><td>Total, inception to February 28, 1946</td><td>3,949</td><td>615</td><td>4,564</td><td>1,092</td><td>26</td><td>3,446</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>31</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>3,149</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-February</td><td>-</td><td>8</td><td>8</td><td>6</td><td>-</td><td>3,947</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>7</td><td>7</td><td>20</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>.64</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>.71</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><tr><td>February</td><td>*</td><td>9</td><td>9</td><td>29</td><td>26</td><td>3,446</td><td>.82</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 1/</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 February 28, 1946</td><td>55,987</td><td>743</td><td>56,729</td><td>11,483</td><td>45,247</td><td>-</td></tr><tr><td>Miscal 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>17,048</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-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>406</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>574</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>February</td><td>622</td><td>35</td><td>657</td><td>537</td><td>45,247</td><td>1.19</td></tr><tr><td colspan="7">Series I</td></tr><tr><td>Total, Inception to February 28, 1946</td><td>40,688</td><td>692</td><td>41,379</td><td>10,601</td><td>30,778</td><td>-</td></tr><tr><td>Miscal 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>3,571</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-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>359</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>430</td><td>31</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>1.68</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>1.79</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><tr><td>February</td><td>367</td><td>33</td><td>400</td><td>492</td><td>30,778</td><td>1.60</td></tr></table>
(Continued on following page)
April 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></table>
<table><tr><th colspan="7">Series F</th></tr><tr><td>Total, inception to February 28, 1946</td><td>3,043</td><td>51</td><td>3,094</td><td>253</td><td>2,841</td><td>-</td></tr><tr><td colspan="7">Fiscal years:</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>58</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 colspan="7">Calendar years:</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>71</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 colspan="7">Months:</td></tr><tr><td>1945-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>2,576</td><td>.25</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>.32</td></tr><tr><td>August</td><td>22</td><td>2</td><td>23</td><td>8</td><td>2,662</td><td>.31</td></tr><tr><td>September</td><td>18</td><td>2</td><td>20</td><td>8</td><td>2,674</td><td>.30</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>.48</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>February</td><td>30</td><td>2</td><td>32</td><td>15</td><td>2,841</td><td>.52</td></tr></table>
<table><tr><th colspan="7">Series O</th></tr><tr><td>Total, inception to February 28, 1946</td><td>12,256</td><td>-</td><td>12,256</td><td>628</td><td>11,628</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>2,414</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>1,669</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-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><tr><td>February</td><td>225</td><td>-</td><td>225</td><td>30</td><td>11,628</td><td>.26</td></tr></table>
Source: Daily Treasury Statement. Loss than $500,000.
1/ Beginning October 1944 series X 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="5">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 3/3</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 3/3</th><th>$500 and $1,000</th><th>$5,000 and $10,000</th></tr><tr><td colspan="11">Series E</td><td colspan="5"></td></tr><tr><td>Total, inception through Feb. 28, 1946.</td><td>40,685</td><td>121</td><td>13,375</td><td>5,533</td><td>8,456</td><td>155</td><td>5,019</td><td>8,030</td><td>.....</td><td>.....</td><td>100.0</td><td>33.2</td><td>13.6</td><td>21.1</td><td>32.1</td></tr><tr><td colspan="11">Fiscal years:</td><td colspan="5"></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>4,119</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>1,325</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="5"></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>1,253</td><td>1,815</td><td>.....</td><td>.....</td><td>100.0</td><td>36.0</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>2,153</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="5"></td></tr><tr><td>1945-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>18.4</td><td>22.4</td></tr><tr><td>May.</td><td>1,195</td><td>7</td><td>341</td><td>158</td><td>217</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>865</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>Feb.</td><td>367</td><td>4</td><td>120</td><td>51</td><td>51</td><td>11</td><td>37</td><td>93</td><td>.....</td><td>.....</td><td>100.0</td><td>33.8</td><td>13.9</td><td>16.8</td><td>35.5</td></tr><tr><td colspan="11">Series F and G</td><td colspan="5"></td></tr><tr><td>Total, inception through Feb. 28, 1946.</td><td>15,299</td><td>.....</td><td>18</td><td>.....</td><td>471</td><td>.....</td><td>1,056</td><td>4,577</td><td>2,902</td><td>6,275</td><td>100.0</td><td>.1</td><td>.....</td><td>3.1</td><td>36.8</td><td>60.0</td></tr><tr><td colspan="11">Fiscal years:</td><td colspan="5"></td></tr><tr><td>1941</td><td>461</td><td>.....</td><td>.....</td><td>6</td><td>.....</td><td>.....</td><td>13</td><td>96</td><td>84</td><td>263</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>.....</td><td>141</td><td>702</td><td>498</td><td>1,055</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>.....</td><td>229</td><td>1,016</td><td>696</td><td>1,466</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>.....</td><td>291</td><td>1,156</td><td>683</td><td>1,409</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>.....</td><td>255</td><td>1,012</td><td>595</td><td>1,362</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="5"></td></tr><tr><td>1941</td><td>1,393</td><td>.....</td><td>.....</td><td>26</td><td>.....</td><td>.....</td><td>57</td><td>355</td><td>279</td><td>676</td><td>100.0</td><td>.....</td><td>.....</td><td>1.6</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>.....</td><td>196</td><td>906</td><td>634</td><td>1,331</td><td>100.0</td><td>.....</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>.....</td><td>267</td><td>1,116</td><td>687</td><td>1,187</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>.....</td><td>293</td><td>1,119</td><td>670</td><td>1,445</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>.....</td><td>215</td><td>933</td><td>537</td><td>1,342</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="5"></td></tr><tr><td>1945-Feb.</td><td>195</td><td>.....</td><td>.....</td><td>4</td><td>.....</td><td>.....</td><td>11</td><td>48</td><td>29</td><td>102</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>.....</td><td>12</td><td>53</td><td>31</td><td>76</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>.....</td><td>11</td><td>51</td><td>29</td><td>57</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>1</td><td>.....</td><td>12</td><td>.....</td><td>.....</td><td>29</td><td>119</td><td>68</td><td>117</td><td>100.0</td><td>.2</td><td>.....</td><td>3.1</td><td>42.9</td><td>53.5</td></tr><tr><td>June.</td><td>710</td><td>1</td><td>.....</td><td>15</td><td>.....</td><td>.....</td><td>36</td><td>144</td><td>91</td><td>424</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>.....</td><td>21</td><td>89</td><td>50</td><td>94</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>.....</td><td>11</td><td>49</td><td>26</td><td>39</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>.....</td><td>8</td><td>37</td><td>20</td><td>25</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>.....</td><td>9</td><td>45</td><td>23</td><td>34</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>.....</td><td>28</td><td>124</td><td>69</td><td>87</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>.....</td><td>22</td><td>103</td><td>62</td><td>148</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>.....</td><td>16</td><td>86</td><td>52</td><td>159</td><td>100.0</td><td>.1</td><td>.....</td><td>1.6</td><td>32.0</td><td>66.3</td></tr><tr><td>Feb.</td><td>255</td><td>.....</td><td>.....</td><td>4</td><td>.....</td><td>.....</td><td>11</td><td>63</td><td>43</td><td>135</td><td>100.0</td><td>.....</td><td>.....</td><td>1.4</td><td>29.1</td><td>69.5</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
* Less than $500,000 or less than .05 percent.
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 I bonds began in October 1945.
April 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 rowspan="2">Total all denominations</th><th colspan="7">Denominations</th></tr><tr><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><tr><td colspan="11">(Thousands of pieces sold)</td></tr><tr><td>Total, inception through February 25, 1946</td><td>1,014,825</td><td>16,098</td><td>713,315</td><td>147,544</td><td>112,746</td><td>1,032</td><td>13,364</td><td>10,706</td><td>......</td><td>......</td></tr><tr><td colspan="11">Series E</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>55,967</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>159,359</td><td>28,828</td><td>22,851</td><td>......</td><td>2,665</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>43,300</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>32,033</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-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>131</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>19,103</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>3,856</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>1,383</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><tr><td>February</td><td>9,255</td><td>516</td><td>6,404</td><td>1,365</td><td>674</td><td>74</td><td>99</td><td>124</td><td>......</td><td>......</td></tr><tr><td colspan="11">Series F and G</td></tr><tr><td>Total, inception through February 25, 1946</td><td>14,425</td><td>......</td><td>990</td><td>......</td><td>5,056</td><td>......</td><td>2,222</td><td>4,859</td><td>624</td><td>675</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>233</td><td>......</td><td>......</td><td>......</td><td>60</td><td>......</td><td>28</td><td>100</td><td>18</td><td>28</td></tr><tr><td>1942</td><td>2,110</td><td>......</td><td>72</td><td>......</td><td>774</td><td>......</td><td>300</td><td>745</td><td>106</td><td>112</td></tr><tr><td>1943</td><td>3,251</td><td>......</td><td>216</td><td>......</td><td>1,149</td><td>......</td><td>437</td><td>1,090</td><td>151</td><td>157</td></tr><tr><td>1944</td><td>3,859</td><td>......</td><td>303</td><td>......</td><td>1,425</td><td>......</td><td>610</td><td>1,231</td><td>143</td><td>153</td></tr><tr><td>1945</td><td>3,326</td><td>......</td><td>291</td><td>......</td><td>1,156</td><td>......</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><td></td><td></td><td></td></tr><tr><td>1941</td><td>901</td><td>......</td><td>......</td><td>......</td><td>277</td><td>......</td><td>121</td><td>373</td><td>59</td><td>71</td></tr><tr><td>1942</td><td>2,902</td><td>......</td><td>156</td><td>......</td><td>1,077</td><td>......</td><td>419</td><td>971</td><td>137</td><td>142</td></tr><tr><td>1943</td><td>3,624</td><td>......</td><td>270</td><td>......</td><td>1,317</td><td>......</td><td>565</td><td>1,195</td><td>149</td><td>128</td></tr><tr><td>1944</td><td>3,821</td><td>......</td><td>325</td><td>......</td><td>1,334</td><td>......</td><td>613</td><td>1,188</td><td>145</td><td>157</td></tr><tr><td>1945</td><td>2,807</td><td>......</td><td>224</td><td>......</td><td>899</td><td>......</td><td>447</td><td>978</td><td>115</td><td>145</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-February</td><td>150</td><td>......</td><td>12</td><td>......</td><td>48</td><td>......</td><td>23</td><td>50</td><td>6</td><td>11</td></tr><tr><td>March</td><td>159</td><td>......</td><td>14</td><td>......</td><td>51</td><td>......</td><td>24</td><td>55</td><td>7</td><td>8</td></tr><tr><td>April</td><td>152</td><td>......</td><td>13</td><td>......</td><td>50</td><td>......</td><td>23</td><td>53</td><td>6</td><td>6</td></tr><tr><td>May</td><td>369</td><td>......</td><td>30</td><td>......</td><td>126</td><td>......</td><td>61</td><td>125</td><td>15</td><td>13</td></tr><tr><td>June</td><td>492</td><td>......</td><td>42</td><td>......</td><td>158</td><td>......</td><td>75</td><td>152</td><td>20</td><td>47</td></tr><tr><td>July</td><td>263</td><td>......</td><td>21</td><td>......</td><td>84</td><td>......</td><td>44</td><td>24</td><td>11</td><td>10</td></tr><tr><td>August</td><td>136</td><td>......</td><td>10</td><td>......</td><td>43</td><td>......</td><td>22</td><td>51</td><td>5</td><td>4</td></tr><tr><td>September</td><td>112</td><td>......</td><td>12</td><td>......</td><td>36</td><td>......</td><td>17</td><td>39</td><td>4</td><td>3</td></tr><tr><td>October</td><td>116</td><td>......</td><td>6</td><td>......</td><td>38</td><td>......</td><td>19</td><td>46</td><td>5</td><td>3</td></tr><tr><td>November</td><td>343</td><td>......</td><td>21</td><td>......</td><td>109</td><td>......</td><td>58</td><td>131</td><td>15</td><td>9</td></tr><tr><td>December</td><td>298</td><td>......</td><td>22</td><td>......</td><td>90</td><td>......</td><td>47</td><td>109</td><td>13</td><td>17</td></tr><tr><td>1946-January</td><td>215</td><td>......</td><td>10</td><td>......</td><td>55</td><td>......</td><td>33</td><td>89</td><td>11</td><td>17</td></tr><tr><td>February</td><td>155</td><td>......</td><td>5</td><td>......</td><td>38</td><td>......</td><td>23</td><td>65</td><td>9</td><td>14</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. 1/ Sale of $10 denomination Series F bonds was authorised beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorised in December 1941.
3/ Sale of $200 denomination Series H bonds began in October 1945.
Treasury Bulletin
42
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, inception through Feb. 28, 1946</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><th>Feb.</th></tr><tr><td>Alabama</td><td>489,805</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><td>3,044</td></tr><tr><td>Arizona</td><td>146,638</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>4,924</td><td>2,661</td><td>1,215</td></tr><tr><td>Arkansas</td><td>261,193</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><td>2,228</td></tr><tr><td>California</td><td>3,288,617</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><td>28,180</td></tr><tr><td>Colorado</td><td>307,007</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><td>2,738</td></tr><tr><td>Connecticut</td><td>770,198</td><td>12,857</td><td>12,177</td><td>15,573</td><td>17,646</td><td>24,669</td><td>20,169</td><td>11,586</td><td>7,775</td><td>6,364</td><td>13,624</td><td>13,812</td><td>8,911</td><td>5,356</td></tr><tr><td>Delaware</td><td>97,494</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><td>751</td></tr><tr><td>Diet. of Columbia</td><td>472,093</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><td>6,395</td></tr><tr><td>Florida</td><td>500,439</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><td>4,580</td></tr><tr><td>Georgia</td><td>510,142</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>11,394</td><td>4,809</td></tr><tr><td>Idaho</td><td>133,052</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><td>842</td></tr><tr><td>Illinois</td><td>2,885,972</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><td>33,920</td></tr><tr><td>Indiana</td><td>1,073,761</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><td>9,726</td></tr><tr><td>Iowa</td><td>885,781</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><td>7,784</td></tr><tr><td>Kansas</td><td>549,787</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>9,854</td><td>7,707</td></tr><tr><td>Kentucky</td><td>431,963</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><td>4,492</td></tr><tr><td>Louisiana</td><td>454,966</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><td>4,316</td></tr><tr><td>Maloe</td><td>185,121</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><td>1,332</td></tr><tr><td>Maryland</td><td>543,666</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><td>4,714</td></tr><tr><td>Massachusetts</td><td>1,377,697</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><td>12,878</td></tr><tr><td>Michigan</td><td>2,214,377</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><td>14,810</td></tr><tr><td>Minnesota</td><td>843,377</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><td>7,235</td></tr><tr><td>Mississippi</td><td>284,728</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><td>2,150</td></tr><tr><td>Missouri</td><td>991,458</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><td>10,050</td></tr><tr><td>Montana</td><td>191,545</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><td>1,716</td></tr><tr><td>Nebraska</td><td>420,250</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><td>4,415</td></tr><tr><td>Nevada</td><td>50,183</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><td>383</td></tr><tr><td>New Hampshire</td><td>118,273</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><td>1,054</td></tr><tr><td>New Jersey</td><td>1,500,622</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><td>12,635</td></tr><tr><td>New Mexico</td><td>94,723</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><td>943</td></tr><tr><td>New York</td><td>4,956,147</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><td>45,439</td></tr><tr><td>North Carolina</td><td>536,306</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><td>4,784</td></tr><tr><td>North Dakota</td><td>192,478</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><td>1,729</td></tr><tr><td>Ohio</td><td>2,457,149</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><td>22,562</td></tr><tr><td>Oklahoma</td><td>465,302</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><td>4,251</td></tr><tr><td>Oregon</td><td>530,039</td><td>7,683</td><td>7,514</td><td>7,769</td><td>15,438</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><td>3,651</td></tr><tr><td>Pennsylvania</td><td>3,051,471</td><td>51,109</td><td>55,339</td><td>54,189</td><td>79,549</td><td>102,456</td><td>85,444</td><td>47,665</td><td>35,959</td><td>38,242</td><td>58,341</td><td>69,156</td><td>53,564</td><td>28,681</td></tr><tr><td>Rhode Island</td><td>232,346</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><td>1,841</td></tr><tr><td>South Carolina</td><td>267,686</td><td>4,636</td><td>5,084</td><td>4,593</td><td>6,898</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><td>2,331</td></tr><tr><td>South Dakota</td><td>174,682</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><td>1,826</td></tr><tr><td>Tennessee</td><td>503,293</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><td>4,606</td></tr><tr><td>Texas</td><td>1,634,313</td><td>26,910</td><td>28,045</td><td>26,075</td><td>51,289</td><td>62,828</td><td>48,290</td><td>22,475</td><td>18,074</td><td>16,662</td><td>33,377</td><td>35,043</td><td>34,145</td><td>13,332</td></tr><tr><td>Utah</td><td>182,116</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>2,499</td><td>2,342</td><td>2,122</td><td>5,098</td><td>5,812</td><td>3,044</td><td>1,709</td></tr><tr><td>Vermont</td><td>67,644</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><td>566</td></tr><tr><td>Virginia</td><td>704,168</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><td>6,283</td></tr><tr><td>Washington</td><td>839,269</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><td>6,657</td></tr><tr><td>West Virginia</td><td>333,821</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><td>3,553</td></tr><tr><td>Wisconsin</td><td>888,090</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><td>8,159</td></tr><tr><td>Wyoming</td><td>81,941</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><td>784</td></tr><tr><td>Alaska</td><td>27,318</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><td>141</td></tr><tr><td> Canal Zone</td><td>24,571</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><td>293</td></tr><tr><td>Hawaii</td><td>241,943</td><td>4,727</td><td>4,640</td><td>3,379</td><td>7,425</td><td>8,605</td><td>8,671</td><td>5,411</td><td>4,940
Source: Daily Treasury Statement and reports of Federal Reserve Banks p. Preliminary.
April 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, intercepted through Feb. 28, 1946</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><th>Feb.</th></tr><tr><td>Alabama</td><td>115,847</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><td>1,893</td></tr><tr><td>Arizona</td><td>35,854</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><td>441</td></tr><tr><td>Arkansas</td><td>71,042</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><td>760</td></tr><tr><td>California</td><td>986,647</td><td>11,738</td><td>13,678</td><td>9,691</td><td>23,225</td><td>29,352</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><td>16,232</td></tr><tr><td>Colorado</td><td>122,016</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>4,546</td><td>2,333</td><td>2,200</td><td>1,883</td></tr><tr><td>Connecticut</td><td>310,161</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><td>6,911</td></tr><tr><td>Delaware</td><td>58,943</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><td>1,148</td></tr><tr><td>District of Columbia</td><td>130,143</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>2,311</td><td>1,225</td></tr><tr><td>Florida</td><td>160,882</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>3,316</td><td>3,511</td><td>2,871</td></tr><tr><td>Georgia</td><td>148,168</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>2,371</td><td>2,573</td><td>1,276</td></tr><tr><td>Idaho</td><td>33,123</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><td>265</td></tr><tr><td>Illinois</td><td>1,147,110</td><td>15,122</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>25,364</td><td>18,810</td><td>31,038</td><td>19,851</td></tr><tr><td>Indiana</td><td>333,777</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><td>5,378</td></tr><tr><td>Iowa</td><td>336,802</td><td>4,742</td><td>5,842</td><td>4,859</td><td>10,533</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><td>5,734</td></tr><tr><td>Kansas</td><td>164,940</td><td>3,077</td><td>2,988</td><td>1,740</td><td>6,088</td><td>6,338</td><td>1,897</td><td>2,161</td><td>1,645</td><td>1,756</td><td>6,363</td><td>3,652</td><td>3,623</td><td>4,105</td></tr><tr><td>Kentucky</td><td>179,858</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><td>5,014</td></tr><tr><td>Louisiana</td><td>156,714</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><td>1,981</td></tr><tr><td>Maine</td><td>93,165</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><td>1,843</td></tr><tr><td>Maryland</td><td>221,422</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><td>3,409</td></tr><tr><td>Massachusetts</td><td>176,133</td><td>14,679</td><td>9,088</td><td>9,208</td><td>15,480</td><td>18,313</td><td>12,646</td><td>6,698</td><td>4,566</td><td>6,690</td><td>14,980</td><td>12,420</td><td>19,876</td><td>17,079</td></tr><tr><td>Michigan</td><td>443,951</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><td>6,733</td></tr><tr><td>Minnesota</td><td>294,065</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><td>5,371</td></tr><tr><td>Mississippi</td><td>80,358</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><td>1,100</td></tr><tr><td>Missouri</td><td>398,782</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><td>6,805</td></tr><tr><td>Montana</td><td>48,768</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><td>580</td></tr><tr><td>Nebraska</td><td>144,408</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><td>2,900</td></tr><tr><td>Nevada</td><td>15,381</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><td>76</td></tr><tr><td>New Hampshire</td><td>63,204</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><td>1,643</td></tr><tr><td>New Jersey</td><td>483,234</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><td>7,410</td></tr><tr><td>New Mexico</td><td>30,568</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><td>201</td></tr><tr><td>New York</td><td>2,509,169</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><td>46,564</td></tr><tr><td>North Carolina</td><td>171,364</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><td>2,830</td></tr><tr><td>North Dakota</td><td>56,504</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><td>850</td></tr><tr><td>Ohio</td><td>817,110</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><td>13,890</td></tr><tr><td>Oklahoma</td><td>105,551</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><td>1,634</td></tr><tr><td>Oregon</td><td>125,604</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><td>1,783</td></tr><tr><td>Pennsylvania</td><td>1,191,617</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><td>19,454</td></tr><tr><td>Rhode Island</td><td>115,843</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><td>2,440</td></tr><tr><td>South Carolina</td><td>80,741</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><td>992</td></tr><tr><td>South Dakota</td><td>44,142</td><td>418</td><td>380</td><td>578</td><td>1,044</td><td>1,408</td><td>747</td><td>486</td><td>344</td><td>321</td><td>2,184</td><td>1,331</td><td>1,049</td><td>824</td></tr><tr><td>Tennessee</td><td>150,545</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><td>1,692</td></tr><tr><td>Texas</td><td>425,585</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><td>5,131</td></tr><tr><td>Utah</td><td>31,647</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><td>338</td></tr><tr><td>Vermont</td><td>34,445</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><td>540</td></tr><tr><td>Virginia</td><td>205,898</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><td>2,533</td></tr><tr><td>Washington</td><td>211,304</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><td>3,503</td></tr><tr><td>West Virginia</td><td>75,890</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><td>1,260</td></tr><tr><td>Wisconsin</td><td>367,760</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><td>9,962</td></tr><tr><td>Wyoming</td><td>24,789</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><td>347</td></tr><tr><td>Alaska</td><td>5,201</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><td>21</td></tr><tr><td>Canal Zone</td><td>6,059</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>122</td><td>13</td></tr><tr><td>Hawaii</td><td>49,533</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>700</td><td>1,786</td></tr><tr><td>Puerto Rico</td><td>13,324</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><td>23</td></tr><tr><td>Virgin Islands</td><td>812</td><td>-</td><td>71</td><td>1</td><td>-</td><td>3</td><td>2</td><td>20</td><td>-</td><td>5</td><td>8</td><td>20</td><td>1</td><td>-</td></tr><tr><td>Other possessions</td><td>903</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><td>20</td></tr><tr><td>Unallocated</td><td>11,509</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><td>52</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+25,114</td><td>+8,534</td><td>+3,947</td><td>-670</td><td>-3,126</td><td>-2,866</td><td>+9,017</td><td>-13,382</td><td>+1,468</td
Source: Daily Treasury Statement 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 value)
<table><tr><th>State</th><th>Total Oct. 1944 Feb. 1946</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><th>Feb.</th></tr><tr><td>Alabama</td><td>104,885</td><td>4,602</td><td>5,515</td><td>4,862</td><td>5,303</td><td>5,017</td><td>5,423</td><td>8,568</td><td>7,964</td><td>7,975</td><td>6,991</td><td>7,354</td><td>7,892</td><td>8,532</td></tr><tr><td>Arizona</td><td>33,455</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>2,163</td><td>2,456</td><td>2,308</td><td>2,193</td><td>2,826</td><td>2,693</td></tr><tr><td>Arkansas</td><td>55,114</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><td>4,300</td></tr><tr><td>California</td><td>704,714</td><td>31,610</td><td>39,944</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><td>52,179</td></tr><tr><td>Colorado</td><td>58,072</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>5,346</td><td>4,880</td></tr><tr><td>Connecticut</td><td>117,324</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><td>8,212</td></tr><tr><td>Delaware</td><td>16,252</td><td>690</td><td>1,003</td><td>825</td><td>829</td><td>784</td><td>836</td><td>1,078</td><td>1,106</td><td>1,302</td><td>1,130</td><td>1,110</td><td>1,286</td><td>1,181</td></tr><tr><td>District of Columbia</td><td>80,365</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>5,711</td><td>6,118</td><td>6,301</td><td>5,413</td></tr><tr><td>Florida</td><td>116,848</td><td>5,417</td><td>6,474</td><td>5,827</td><td>6,289</td><td>5,512</td><td>5,698</td><td>7,762</td><td>7,578</td><td>8,820</td><td>8,550</td><td>8,713</td><td>10,252</td><td>8,654</td></tr><tr><td>Georgia</td><td>103,758</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><td>7,474</td></tr><tr><td>Idaho</td><td>19,952</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><td>1,871</td></tr><tr><td>Illinois</td><td>545,528</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><td>38,926</td></tr><tr><td>Indiana</td><td>240,664</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><td>15,155</td></tr><tr><td>Iowa</td><td>124,594</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><td>11,811</td></tr><tr><td>Kansas</td><td>81,082</td><td>2,998</td><td>4,597</td><td>4,716</td><td>4,492</td><td>4,184</td><td>4,248</td><td>4,597</td><td>7,038</td><td>5,863</td><td>5,377</td><td>5,432</td><td>7,252</td><td>6,427</td></tr><tr><td>Kentucky</td><td>92,133</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><td>6,314</td></tr><tr><td>Louisiana</td><td>91,175</td><td>4,034</td><td>5,183</td><td>4,762</td><td>4,999</td><td>4,707</td><td>4,940</td><td>6,350</td><td>6,637</td><td>6,781</td><td>6,557</td><td>6,508</td><td>7,051</td><td>6,209</td></tr><tr><td>Maine</td><td>28,483</td><td>1,045</td><td>1,587</td><td>1,522</td><td>1,660</td><td>1,509</td><td>1,530</td><td>1,948</td><td>2,001</td><td>2,254</td><td>2,041</td><td>2,189</td><td>1,993</td><td>1,673</td></tr><tr><td>Maryland</td><td>94,092</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><td>5,940</td></tr><tr><td>Massachusetts</td><td>212,259</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>13,411</td><td>13,959</td><td>16,305</td><td>13,796</td><td>11,705</td><td>14,822</td><td>14,413</td></tr><tr><td>Michigan</td><td>501,038</td><td>21,397</td><td>27,373</td><td>29,417</td><td>25,748</td><td>28,377</td><td>30,600</td><td>37,242</td><td>38,143</td><td>33,979</td><td>29,566</td><td>34,000</td><td>32,316</td><td>30,106</td></tr><tr><td>Minnesota</td><td>137,263</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><td>7,237</td></tr><tr><td>Mississippi</td><td>15,608</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><td>4,135</td></tr><tr><td>Missouri</td><td>198,901</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><td>14,835</td></tr><tr><td>Montana</td><td>23,665</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><td>1,990</td></tr><tr><td>Nebraska</td><td>59,149</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><td>4,587</td></tr><tr><td>Nevada</td><td>10,406</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><td>777</td></tr><tr><td>New Hampshire</td><td>17,658</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><td>1,113</td></tr><tr><td>New Jersey</td><td>250,545</td><td>9,904</td><td>14,834</td><td>12,859</td><td>12,909</td><td>13,973</td><td>13,057</td><td>16,444</td><td>17,115</td><td>18,679</td><td>17,971</td><td>19,332</td><td>19,016</td><td>17,162</td></tr><tr><td>New Mexico</td><td>19,150</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><td>1,614</td></tr><tr><td>New York</td><td>707,954</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><td>52,211</td></tr><tr><td>North Carolina</td><td>95,255</td><td>3,905</td><td>5,491</td><td>4,650</td><td>4,790</td><td>4,645</td><td>4,967</td><td>6,400</td><td>6,456</td><td>7,213</td><td>6,985</td><td>7,061</td><td>8,217</td><td>7,053</td></tr><tr><td>North Dakota</td><td>16,753</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><td>927</td></tr><tr><td>Ohio</td><td>494,180</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><td>32,144</td></tr><tr><td>Oklahoma</td><td>95,581</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><td>7,724</td></tr><tr><td>Oregon</td><td>108,166</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><td>7,530</td></tr><tr><td>Pennsylvania</td><td>566,163</td><td>21,337</td><td>33,525</td><td>31,284</td><td>30,889</td><td>30,023</td><td>29,997</td><td>38,800</td><td>38,199</td><td>45,691</td><td>39,991</td><td>37,828</td><td>41,050</td><td>35,886</td></tr><tr><td>Rhode Island</td><td>40,177</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><td>2,184</td></tr><tr><td>South Carolina</td><td>49,519</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><td>3,180</td></tr><tr><td>South Dakota</td><td>18,311</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><td>1,207</td></tr><tr><td>Tennessee</td><td>105,311</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><td>7,262</td></tr><tr><td>Texas</td><td>333,344</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>28,480</td><td>26,466</td></tr><tr><td>Utah</td><td>33,055</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>2,505</td><td>2,651</td><td>2,764</td></tr><tr><td>Vermont</td><td>7,951</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><td>536</td></tr><tr><td>Virginia</td><td>128,136</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><td>7,823</td></tr><tr><td>Washington</td><td>152,179</td><td>6,821</td><td>8,790</td><td>7,570</td><td>7,579</td><td>7,347</td><td>8,145</td><td>11,650</td><td>11,052</td><td>11,612</td><td>10,063</td><td>10,452</td><td>12,043</td><td>10,452</td></tr><tr><td>West Virginia</td><td>67,972</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><td>4,040</td></tr><tr><td>Wisconsin</td><td>146,048</td><td>6,100</td><td>8,836</td><td>7,379</td><td>7,170</td><td>7,699</td><td>7,951</td><td>10,750</td><td>10,225</td><td>10,796</td><td>9,324</td><td>10,315</td><td>10,855</td><td>10,050</td></tr><tr><td>Wyoming</td><td>12,115</td><td>480</td><td>688</td><td>570</td><td>602</td><td>591</td><td>625</td><td>777</td><td>886</td><td>947</td><td>794</td><td>832</td><td>1,153</td><td>963</td></tr><tr><td>Alaska</td><td>3,785</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><td>220</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>39,133</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>3,359</td><td>3,715</td></tr><tr><td>Puerto Rico</td><td>8,363</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>654</td><td>593</td></tr><tr><td>Virgin Islands</td><td>257</td><td>12</td><td>11</td><td>31</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><td>21</td></tr><tr><td>Other possessions</td><td>-</td><td>-</td><td>-</
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
Note: It should be noted that State figures presented in this table are not necessarily comparable with sales data by States inasmuch as bonds which have been purchased in one State may have been redeemed in another. Moreover, the figures shown in this table are based on
current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by states are not available prior to October 1944. Less than $500.
April 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 February 28, 1946
(In millions of dollars)
<table><tr><th>Treasury savings notes</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>Series A</td><td>407</td><td>390</td><td>60</td><td>330</td><td>17</td><td>-</td></tr><tr><td>Series B</td><td>4,944</td><td>4,941</td><td>182</td><td>4,759</td><td>2</td><td>-</td></tr><tr><td>Series C</td><td>26,182</td><td>18,117</td><td>2,769</td><td>15,347</td><td>22</td><td>8,043</td></tr><tr><td>Total</td><td>31,532</td><td>23,448</td><td>3,012</td><td>20,437</td><td>42</td><td>8,043</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>1,083</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>6,396</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>Month:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-February</td><td>212</td><td>148</td><td>20</td><td>128</td><td>-</td><td>9,441</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>10,064</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>145</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><tr><td>February</td><td>181</td><td>252</td><td>152</td><td>100</td><td>22</td><td>8,043</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>10.5</td><td>24.2</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>13.6</td><td>32.8</td><td>398.5</td><td>507.6</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>7,015.8</td><td>13.6</td><td>32.8</td><td>264.3</td><td>414.0</td><td>1,488.0</td><td>2,378.2</td><td>827.0</td><td>1,598.0</td></tr><tr><td>1945-February</td><td>212.4</td><td>.4</td><td>.8</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>.5</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>145.4</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>34.6</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>301.8</td><td>.5</td><td>1.3</td><td>7.8</td><td>11.3</td><td>52.6</td><td>91.3 r</td><td>50.0</td><td>87.0</td></tr><tr><td>February</td><td>181.0</td><td>.2</td><td>.5</td><td>3.4</td><td>4.7</td><td>22.2</td><td>49.4</td><td>33.5</td><td>67.1</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. r Revised.
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-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>85.8</td><td>1,011.0</td><td>100.0</td><td>8.0</td><td>94.0</td></tr><tr><td>June</td><td>1,113.5</td><td>62.4</td><td>1,051.1</td><td>100.0</td><td>5.6</td><td>94.4</td></tr><tr><td>July</td><td>307.4</td><td>23.0</td><td>284.4</td><td>100.0</td><td>7.5</td><td>92.5</td></tr><tr><td>August</td><td>145.4</td><td>14.7</td><td>130.7</td><td>100.0</td><td>10.1</td><td>89.9</td></tr><tr><td>September</td><td>91.6</td><td>9.6</td><td>82.0</td><td>100.0</td><td>10.5</td><td>89.5</td></tr><tr><td>October</td><td>336.1</td><td>29.7</td><td>306.4</td><td>100.0</td><td>8.8</td><td>91.2</td></tr><tr><td>November</td><td>704.1</td><td>56.0</td><td>648.1</td><td>100.0</td><td>8.0</td><td>92.0</td></tr><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><tr><td>February</td><td>181.0</td><td>9.9</td><td>171.1</td><td>100.0</td><td>5.4</td><td>94.6</td></tr></table>
Sources: Daily Treasury Statement and reports from Federal Reserve Banks.
April 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 4/</td><td>100.0</td><td>87.4</td><td>12.6 4/</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 4/</td><td>100.0</td><td>87.1</td><td>12.9 4/</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-February</td><td>185,710</td><td>+1,018</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>149,645</td><td>-6,268</td><td>17,686</td><td>23,955</td><td>16,641</td><td>7,114</td><td>100.0</td><td>70.3</td><td>29.7</td></tr><tr><td>September....................</td><td>144,679</td><td>-4,966</td><td>8,438</td><td>13,405</td><td>8,922</td><td>4,483</td><td>100.0</td><td>66.6</td><td>33.4</td></tr><tr><td>October.......................</td><td>141,372</td><td>-3,307</td><td>10,587</td><td>13,893</td><td>9,349</td><td>4,544</td><td>100.0</td><td>67.3</td><td>32.7</td></tr><tr><td>November.......................</td><td>139,356</td><td>-2,016</td><td>11,396</td><td>13,412</td><td>9,830</td><td>3,582</td><td>100.0</td><td>73.3</td><td>26.7</td></tr><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><tr><td>February.......................</td><td>116,855</td><td>-3,350</td><td>7,273</td><td>10,623</td><td>6,751</td><td>3,873</td><td>100.0</td><td>63.5</td><td>36.5</td></tr></table>
Sources: Daily Treasury Statement commencing November 1, 1942; prior thereto, Post Office Department. 1/ Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations. 2/ Estimated on the basis of samples made by the Post Office Department. 3/ Details not available for May, June, and July 1941.
4/ Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousand for the period August 1, 1941 through June 30, 1942 and $55 thousand for the period July 1, 1942 through October 31, 1942.
5/ Net of sales less redemptions. See footnote 1.
6/ Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
Table 2.- Sales, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1942</td><td>308,621</td><td>67,466</td><td>167,709</td><td>28,614</td><td>31,583</td><td>13,250</td><td>100.0</td><td>21.9</td><td>54.3</td><td>9.3</td><td>10.2</td><td>4.3</td></tr><tr><td>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,942</td><td>32,583</td><td>10,882</td><td>100.0</td><td>25.6</td><td>50.4</td><td>7.8</td><td>12.1</td><td>4.1</td></tr><tr><td>1945-February</td><td>20,731</td><td>5,857</td><td>10,155</td><td>1,463</td><td>2,288</td><td>957</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>7,336</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>2,043</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><tr><td>February</td><td>7,273</td><td>1,859</td><td>3,507</td><td>559</td><td>1,006</td><td>343</td><td>100.0</td><td>25.6</td><td>48.2</td><td>7.7</td><td>13.8</td><td>4.7</td></tr></table>
Source: (1) Total sales: Daily Treasury Statement 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
April 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">Securities issued by United States Government Distribution by classes of holders</th><th colspan="6">Securities guaranteed by United States 1/ Distribution by classes of holders</th></tr><tr><th colspan="3">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th>Total amount outstanding</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve Banks</th><th colspan="3">Private investors 2/</th></tr><tr><th></th><th></th><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th></th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th></tr><tr><td>1936</td><td>32,989</td><td>1,959</td><td>1,332</td><td>-</td><td>626</td><td>28,601</td><td>27,340</td><td>1,261</td><td>4,718</td><td>377</td><td>-</td><td>4,341</td><td>-</td></tr><tr><td>1937</td><td>35,800</td><td>3,251</td><td>1,693</td><td>-</td><td>1,558</td><td>30,023</td><td>28,835</td><td>1,188</td><td>4,665</td><td>363</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td>-</td><td>2,676</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>-</td><td>3,770</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>-</td><td>4,775</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1945-Feb.</td><td>231,854</td><td>22,391</td><td>5,245</td><td>16</td><td>17,130</td><td>190,024</td><td>137,695</td><td>52,329</td><td>1,114</td><td>6</td><td>-</td><td>780</td><td>328</td></tr><tr><td>Mar.</td><td>232,026</td><td>22,804</td><td>5,281</td><td>16</td><td>17,567</td><td>189,493</td><td>137,675</td><td>51,817</td><td>1,119</td><td>6</td><td>-</td><td>781</td><td>332</td></tr><tr><td>Apr.</td><td>233,063</td><td>23,180</td><td>5,240</td><td>16</td><td>17,923</td><td>189,428</td><td>136,984</td><td>52,444</td><td>1,132</td><td>6</td><td>-</td><td>782</td><td>343</td></tr><tr><td>May.</td><td>235,761</td><td>23,804</td><td>5,195</td><td>16</td><td>18,592</td><td>191,004</td><td>136,503</td><td>54,501</td><td>1,151</td><td>6</td><td>-</td><td>783</td><td>362</td></tr><tr><td>June.</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>July.</td><td>259,781</td><td>25,657</td><td>6,077</td><td>22</td><td>19,558</td><td>212,407</td><td>155,286</td><td>57,121</td><td>484</td><td>6</td><td>-</td><td>28</td><td>450</td></tr><tr><td>Aug.</td><td>260,746</td><td>26,247</td><td>6,085</td><td>29</td><td>20,033</td><td>212,069</td><td>154,719</td><td>57,350</td><td>515</td><td>7</td><td>-</td><td>29</td><td>479</td></tr><tr><td>Sept.</td><td>259,630</td><td>26,635</td><td>6,087</td><td>29</td><td>20,519</td><td>209,667</td><td>153,418</td><td>56,249</td><td>527</td><td>7</td><td>-</td><td>30</td><td>490</td></tr><tr><td>Oct.</td><td>259,439</td><td>26,745</td><td>6,139</td><td>29</td><td>20,577</td><td>209,418</td><td>153,375</td><td>56,043</td><td>541</td><td>7</td><td>-</td><td>32</td><td>502</td></tr><tr><td>Nov.</td><td>262,849</td><td>26,837</td><td>6,098</td><td>29</td><td>20,710</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>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>27,691</td><td>7,006</td><td>30</td><td>20,655</td><td>226,501</td><td>169,363</td><td>57,138</td><td>545</td><td>7</td><td>-</td><td>32</td><td>506</td></tr><tr><td>Feb.</td><td>277,912</td><td>27,933p</td><td>7,006p</td><td>30p</td><td>20,897</td><td>227,076p</td><td>169,900p</td><td>57,176p</td><td>539</td><td>7p</td><td>-</td><td>32p</td><td>499</td></tr></table>
Source: (1) Daily Treasury Statement for total amounts outstanding; (2) reports of agencies and trust funds for securities held by U. S. Government agencies and trust funds; and (3) Federal Reserve System for securities held by Federal Reserve Banks. p Preliminary. Less than $500,000.
1/ Excludes matured securities, and obligations held by the Treasury. 2/ 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
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investore</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 2/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual saving banks</th><th>Other corporations and associations 5/</th><th>State and local Governments 6/</th><th>U. S. Government agencies and trust funds</th></tr><tr><td>1939-December......</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.7</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June......</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.6</td><td>.3</td><td>7.1</td></tr><tr><td>December......</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.4</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.4</td><td>7.6</td></tr><tr><td>1941-June......</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>11.1</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.4</td><td>8.5</td></tr><tr><td>December......</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.8</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.5</td><td>9.5</td></tr><tr><td>1942-June......</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</td><td>18.2</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.6</td><td>10.6</td></tr><tr><td>December......</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.8</td><td>11.3</td><td>4.5</td><td>11.6</td><td>.8</td><td>12.2</td></tr><tr><td>1943-March......</td><td>118.6</td><td>50.1</td><td>44.2</td><td>5.9</td><td>68.6</td><td>26.6</td><td>11.2</td><td>4.6</td><td>12.2</td><td>.8</td><td>13.1</td></tr><tr><td>June......</td><td>139.5</td><td>59.4</td><td>52.2</td><td>7.2</td><td>80.0</td><td>30.3</td><td>13.1</td><td>5.3</td><td>15.7</td><td>1.3</td><td>14.3</td></tr><tr><td>September......</td><td>161.0</td><td>67.2</td><td>58.3</td><td>8.9</td><td>93.8</td><td>34.7</td><td>14.7</td><td>5.9</td><td>20.8</td><td>1.9</td><td>15.8</td></tr><tr><td>December......</td><td>168.7</td><td>71.5</td><td>59.9</td><td>11.5</td><td>97.3</td><td>37.1</td><td>15.1</td><td>6.1</td><td>20.1</td><td>2.0</td><td>16.9</td></tr><tr><td>1944-March......</td><td>185.6</td><td>76.2</td><td>64.0</td><td>12.1</td><td>109.4</td><td>42.2</td><td>16.4</td><td>6.8</td><td>23.4</td><td>2.6</td><td>18.1</td></tr><tr><td>June......</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.7</td><td>3.2</td><td>19.1</td></tr><tr><td>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-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......</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>30.2</td><td>6.3</td><td>27.0</td></tr><tr><td>1946-January p......</td><td>278.0</td><td>115.3</td><td>92.0</td><td>23.3</td><td>162.7</td><td>63.7</td><td>24.7</td><td>10.9</td><td>29.2</td><td>6.4</td><td>27.7</td></tr><tr><td>February p......</td><td>278.5</td><td>115.3</td><td>92.4</td><td>22.9</td><td>163.1</td><td>63.7</td><td>24.9</td><td>11.1</td><td>29.1</td><td>6.4</td><td>27.9</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 and personal trust accounts.
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 State 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>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>-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>-*</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-7</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. 1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund.
April 1946
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, January 31, 1946
Section I - Securities Issued or Guaranteed by the United States Government
The tables in Section I present summary data as of January 31, 1946 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">Banke 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 2/</th></tr><tr><th>7,377 commercial banks 2/</th><th>34 stock saving banks</th><th>541 mutual saving banks</th><th>Total</th><th>317 life insurance companies</th><th>648 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>199,672</td><td>84,240</td><td>460</td><td>10,726</td><td>23,758</td><td>20,953</td><td>2,305</td><td>30,278</td><td>50,210</td></tr><tr><td>Non-marketable securities 4/</td><td>57,674</td><td>1,390</td><td>11</td><td>221</td><td>301</td><td>111</td><td>189</td><td>29</td><td>55,217</td></tr><tr><td>Total public securities</td><td>257,346</td><td>85,630</td><td>471</td><td>10,947</td><td>24,058</td><td>21,064</td><td>2,994</td><td>30,307</td><td>105,427</td></tr><tr><td>Special issues</td><td>20,655</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20,655</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/</td><td>278,001</td><td>85,630</td><td>471</td><td>10,947</td><td>24,058</td><td>21,064</td><td>2,994</td><td>50,962</td><td>105,427</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 $506 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">Held by investore covered in Treasury Survey</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 2/</th></tr><tr><th>7,377 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>317 life insurance companies</th><th>648 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">Per values - in millions of dollars</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,042</td><td>2,387</td><td>*</td><td>1</td><td>390</td><td>210</td><td>180</td><td>12,872</td><td>1,731</td></tr><tr><td>Certificates of indebtedness</td><td>41,502</td><td>21,352</td><td>28</td><td>101</td><td>546</td><td>356</td><td>190</td><td>8,098</td><td>11,532</td></tr><tr><td>Treasury notes</td><td>19,551</td><td>13,516</td><td>36</td><td>176</td><td>17,446</td><td>16,445</td><td>1,001</td><td>1,413</td><td>1,754</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>53,151</td><td>1,540</td><td>189</td><td>7,846</td><td>17,446</td><td>16,445</td><td>1,001</td><td>5,190</td><td>22,939</td></tr><tr><td>Treasury bonds - bank eligible</td><td>68,207</td><td>45,318</td><td>206</td><td>2,599</td><td>5,351</td><td>3,929</td><td>1,432</td><td>2,662</td><td>1,551</td></tr><tr><td>Postal savings and other bonds</td><td>180</td><td>15</td><td>*</td><td>3</td><td>1</td><td>1</td><td>1</td><td>35</td><td>127</td></tr><tr><td>Guaranteed by United States 5/</td><td>39</td><td>12</td><td>*</td><td>3</td><td>13</td><td>12</td><td>1</td><td>7</td><td>4</td></tr><tr><td>Total</td><td>199,672</td><td>84,240</td><td>460</td><td>10,726</td><td>23,758</td><td>20,953</td><td>2,805</td><td>30,278</td><td>50,210</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>70,478</td><td>31,632</td><td>35</td><td>171</td><td>595</td><td>307</td><td>288</td><td>22,490</td><td>15,555</td></tr><tr><td>1 to 5 years</td><td>35,378</td><td>25,196</td><td>68</td><td>698</td><td>1,747</td><td>1,209</td><td>537</td><td>1,090</td><td>6,530</td></tr><tr><td>5 to 10 years</td><td>33,025</td><td>21,359</td><td>115</td><td>1,876</td><td>2,796</td><td>2,111</td><td>685</td><td>988</td><td>5,941</td></tr><tr><td>10 to 15 years</td><td>17,351</td><td>3,533</td><td>117</td><td>3,410</td><td>2,848</td><td>2,086</td><td>762</td><td>620</td><td>5,322</td></tr><tr><td>15 to 20 years</td><td>17,796</td><td>66</td><td>49</td><td>2,297</td><td>8,275</td><td>8,020</td><td>204</td><td>2,257</td><td>4,903</td></tr><tr><td>Over 20 years</td><td>25,605</td><td>2,442</td><td>77</td><td>2,321</td><td>7,535</td><td>7,208</td><td>327</td><td>2,825</td><td>10,405</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>39</td><td>12</td><td>*</td><td>3</td><td>13</td><td>12</td><td>1</td><td>7</td><td>4</td></tr><tr><td>Total</td><td>199,672</td><td>84,240</td><td>460</td><td>10,726</td><td>23,758</td><td>20,953</td><td>2,805</td><td>30,278</td><td>50,210</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>180</td><td>15</td><td>*</td><td>*</td><td>1</td><td>1</td><td>*</td><td>15</td><td>127</td></tr><tr><td>Partially exempt from Federal income taxes 7/</td><td>20,431</td><td>13,449</td><td>95</td><td>133</td><td>1,076</td><td>267</td><td>809</td><td>1,954</td><td>3,775</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>179,071</td><td>70,776</td><td>366</td><td>10,592</td><td>22,680</td><td>20,685</td><td>1,995</td><td>23,278</td><td>45,378</td></tr><tr><td>Total</td><td>199,672</td><td>84,240</td><td>460</td><td>10,726</td><td>23,758</td><td>20,953</td><td>2,805</td><td>30,273</td><td>50,210</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, January 31, 1946 - (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">Held by investore covered in Treasury Survey</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th colspan="2">Banks 1/</th><th>Total</th><th>317 life insurance companies</th><th>648 fire, casualty, and marine insurance companies</th></tr><tr><td></td><td>7,377 commercial banks 2/</td><td>34 stock savings banks</td><td>541 mutual savings banks</td><td></td><td></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><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>8.5</td><td>2.8</td><td>•</td><td>•</td><td>-</td><td>-</td><td>42.5</td><td>3.6</td><td>•</td></tr><tr><td>Certificates of indebtedness</td><td>20.8</td><td>25.3</td><td>6.2</td><td>.9</td><td>1.6</td><td>1.0</td><td>6.4</td><td>26.7</td><td>23.0</td></tr><tr><td>Treasury notes</td><td>9.8</td><td>16.2</td><td>7.8</td><td>1.6</td><td>2.3</td><td>1.7</td><td>6.8</td><td>4.7</td><td>7.5</td></tr><tr><td>Treasury bonds - bank restricted 1/2</td><td>26.6</td><td>1.5</td><td>41.1</td><td>73.2</td><td>73.4</td><td>78.5</td><td>35.7</td><td>17.1</td><td>41.7</td></tr><tr><td>Treasury bonds - bank eligible</td><td>34.2</td><td>53.8</td><td>44.9</td><td>24.2</td><td>22.6</td><td>18.8</td><td>51.1</td><td>8.8</td><td>24.0</td></tr><tr><td>Postal savings and other bonds</td><td>.1</td><td>•</td><td>•</td><td>•</td><td>.1</td><td>.1</td><td>•</td><td>.1</td><td>.3</td></tr><tr><td>Guaranteed by United States 5/</td><td>•</td><td>•</td><td>•</td><td>•</td><td>•</td><td>•</td><td>•</td><td>•</td><td>•</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>35.3</td><td>37.6</td><td>7.6</td><td>1.6</td><td>2.5</td><td>1.5</td><td>10.3</td><td>74.3</td><td>31.0</td></tr><tr><td>1 to 5 years</td><td>11.7</td><td>29.9</td><td>14.7</td><td>6.5</td><td>7.4</td><td>5.8</td><td>19.2</td><td>3.5</td><td>13.1</td></tr><tr><td>5 to 10 years</td><td>16.5</td><td>25.4</td><td>24.9</td><td>17.0</td><td>11.8</td><td>10.1</td><td>24.4</td><td>3.7</td><td>11.8</td></tr><tr><td>10 to 15 years</td><td>8.7</td><td>4.2</td><td>25.4</td><td>31.8</td><td>12.0</td><td>10.0</td><td>27.2</td><td>2.6</td><td>13.6</td></tr><tr><td>15 to 20 years</td><td>8.9</td><td>.1</td><td>10.6</td><td>21.4</td><td>34.6</td><td>38.3</td><td>7.3</td><td>7.5</td><td>9.8</td></tr><tr><td>Over 20 years</td><td>12.8</td><td>2.9</td><td>16.8</td><td>21.6</td><td>31.7</td><td>34.4</td><td>11.7</td><td>9.3</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></table>
<table><tr><th>Tax status: 6/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes....</td><td>.1</td><td>•</td><td>•</td><td>•</td><td>•</td><td>•</td><td>•</td><td>.1</td></tr><tr><td>Partially exempt from Federal income taxes/</td><td>10.2</td><td>16.0</td><td>20.5</td><td>1.2</td><td>4.5</td><td>1.3</td><td>28.9</td><td>6.5</td></tr><tr><td>Subject to Federal income taxes 1/............</td><td>89.7</td><td>84.0</td><td>79.4</td><td>98.8</td><td>95.5</td><td>98.7</td><td>71.1</td><td>93.4</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>14.0</td><td>&#8226;</td><td>&#8226;</td><td>-</td><td>-</td><td>-</td><td>75.5</td><td>10.5</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>51.1</td><td>.1</td><td>.2</td><td>.9</td><td>.5</td><td>.4</td><td>19.5</td><td>27.8</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>69.6</td><td>.2</td><td>.9</td><td>2.8</td><td>1.8</td><td>1.0</td><td>7.2</td><td>18.3</td></tr><tr><td>Treasury bonds - bank restricted</td><td>100.0</td><td>2.9</td><td>.4</td><td>14.8</td><td>32.8</td><td>30.9</td><td>1.9</td><td>9.8</td><td>19.4</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>66.4</td><td>.3</td><td>3.8</td><td>7.9</td><td>5.8</td><td>2.1</td><td>3.9</td><td>17.7</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.6</td><td>.1</td><td>.3</td><td>.7</td><td>.4</td><td>.3</td><td>19.7</td><td>70.7</td></tr><tr><td>Guaranteed by United States</td><td>100.0</td><td>31.5</td><td>.2</td><td>6.7</td><td>32.5</td><td>31.2</td><td>1.3</td><td>18.2</td><td>10.9</td></tr><tr><td>Total</td><td>100.0</td><td>42.2</td><td>.2</td><td>5.4</td><td>11.9</td><td>10.5</td><td>1.4</td><td>15.2</td><td>25.1</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>44.9</td><td>&#8226;</td><td>.2</td><td>.8</td><td>.4</td><td>.4</td><td>71.9</td><td>22.1</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>71.2</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>18.6</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>64.7</td><td>.3</td><td>5.5</td><td>8.5</td><td>6.4</td><td>2.1</td><td>3.0</td><td>18.7</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>20.4</td><td>.7</td><td>19.7</td><td>16.4</td><td>12.0</td><td>4.4</td><td>3.6</td><td>39.3</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>.4</td><td>.3</td><td>12.9</td><td>46.2</td><td>45.1</td><td>1.1</td><td>12.7</td><td>27.5</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>9.5</td><td>.3</td><td>9.1</td><td>29.4</td><td>28.2</td><td>1.3</td><td>11.0</td><td>40.6</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>31.5</td><td>.2</td><td>6.7</td><td>32.5</td><td>31.2</td><td>1.3</td><td>18.2</td><td>10.9</td></tr><tr><td>Total</td><td>100.0</td><td>42.2</td><td>.2</td><td>5.4</td><td>11.9</td><td>10.5</td><td>1.4</td><td>15.2</td><td>25.1</td></tr><tr><th>Tax status: 6/</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>8.6</td><td>.1</td><td>.3</td><td>.7</td><td>.4</td><td>.7</td><td>19.7</td><td>70.7</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>65.9</td><td>.5</td><td>.7</td><td>5.3</td><td>1.7</td><td>4.0</td><td>9.6</td><td>18.1</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>100.0</td><td>39.5</td><td>.2</td><td>5.9</td><td>12.7</td><td>11.6</td><td>1.1</td><td>15.8</td><td>25.9</td></tr><tr><td>Total</td><td>100.0</td><td>42.2</td><td>.2</td><td>5.4</td><td>11.9</td><td>10.5</td><td>1.4</td><td>15.2</td><td>25.1</td></tr></table>
(Continued on following page)
April 1946
53
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, January 31, 1946 - (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 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 fund, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,377 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>317 life insurance companies</th><th>64g fire, casualty, and marine insurance companies</th></tr><tr><td>Treasury bills.....(taxable)</td><td>17,042</td><td>2,387</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>12,872</td><td>1,783</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8 February 1946....(taxable)</td><td>5,043</td><td>2,630</td><td>3</td><td>6</td><td>28</td><td>7</td><td>21</td><td>1,368</td><td>1,009</td></tr><tr><td>7/8 March 1946.....(taxable)</td><td>4,147</td><td>2,599</td><td>1</td><td>10</td><td>23</td><td>2</td><td>21</td><td>968</td><td>546</td></tr><tr><td>7/8 April 1946.....(taxable)</td><td>4,811</td><td>2,787</td><td>3</td><td>18</td><td>19</td><td>12</td><td>7</td><td>1,392</td><td>592</td></tr><tr><td>7/8 May 1946.....(taxable)</td><td>1,579</td><td>1,035</td><td>2</td><td>2</td><td>2</td><td>*</td><td>2</td><td>368</td><td>170</td></tr><tr><td>7/8 June 1946.....(taxable)</td><td>4,799</td><td>1,405</td><td>3</td><td>18</td><td>49</td><td>9</td><td>40</td><td>305</td><td>3,019</td></tr><tr><td>7/8 August 1946.....(taxable)</td><td>2,470</td><td>1,555</td><td>5</td><td>7</td><td>8</td><td>*</td><td>8</td><td>669</td><td>225</td></tr><tr><td>7/8 September 1946.....(taxable)</td><td>4,336</td><td>2,242</td><td>3</td><td>10</td><td>79</td><td>64</td><td>15</td><td>1,369</td><td>612</td></tr><tr><td>7/8 October 1946.....(taxable)</td><td>3,440</td><td>2,156</td><td>3</td><td>12</td><td>10</td><td>*</td><td>10</td><td>812</td><td>447</td></tr><tr><td>7/8 November 1946.....(taxable)</td><td>3,778</td><td>2,195</td><td>2</td><td>8</td><td>123</td><td>90</td><td>33</td><td>373</td><td>1,078</td></tr><tr><td>7/8 December 1946.....(taxable)</td><td>3,768</td><td>461</td><td>2</td><td>5</td><td>20</td><td>1</td><td>19</td><td>4</td><td>3,277</td></tr><tr><td>7/8 January 1947.....(taxable)</td><td>3,330</td><td>2,288</td><td>1</td><td>5</td><td>28</td><td>25</td><td>3</td><td>451</td><td>558</td></tr><tr><td>Total certificates of indebtedness</td><td>41,502</td><td>21,352</td><td>28</td><td>101</td><td>390</td><td>210</td><td>180</td><td>8,098</td><td>11,532</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1 March 1946.....(taxable)</td><td>1,291</td><td>997</td><td>1</td><td>5</td><td>36</td><td>26</td><td>10</td><td>76</td><td>175</td></tr><tr><td>1-90 July 1946.....(taxable)</td><td>4,910</td><td>3,279</td><td>2</td><td>16</td><td>18</td><td>1</td><td>18</td><td>764</td><td>830</td></tr><tr><td>1-1/24 December 1946.....(taxable)</td><td>3,261</td><td>2,438</td><td>2</td><td>28</td><td>110</td><td>68</td><td>42</td><td>276</td><td>407</td></tr><tr><td>1-1/4 March 1947.....(taxable)</td><td>1,948</td><td>962</td><td>13</td><td>30</td><td>265</td><td>237</td><td>28</td><td>-</td><td>678</td></tr><tr><td>1-1/4 September 1947.....(taxable)</td><td>1,687</td><td>848</td><td>9</td><td>30</td><td>55</td><td>14</td><td>41</td><td>-</td><td>715</td></tr><tr><td>1-1/24 September 1947.....(taxable)</td><td>2,707</td><td>2,215</td><td>4</td><td>33</td><td>28</td><td>5</td><td>23</td><td>*</td><td>426</td></tr><tr><td>1-1/24 September 1948.....(taxable)</td><td>3,748</td><td>2,876</td><td>4</td><td>34</td><td>33</td><td>6</td><td>27</td><td>298</td><td>503</td></tr><tr><td>Total Treasury notes</td><td>19,551</td><td>13,616</td><td>36</td><td>176</td><td>546</td><td>356</td><td>190</td><td>1,413</td><td>3,764</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3-3/4 March 1946-56.....(partially)</td><td>489</td><td>210</td><td>*</td><td>9</td><td>8</td><td>*</td><td>8</td><td>77</td><td>185</td></tr><tr><td>3/4 June 1946-48.....(partially)</td><td>1,036</td><td>536</td><td>*</td><td>5</td><td>20</td><td>1</td><td>19</td><td>295</td><td>269</td></tr><tr><td>3-1/8 June 1946-49.....(partially)</td><td>819</td><td>417</td><td>*</td><td>6</td><td>11</td><td>1</td><td>11</td><td>87</td><td>297</td></tr><tr><td>4-1/4 October 1947-52.....(partially)</td><td>759</td><td>274</td><td>*</td><td>7</td><td>36</td><td>11</td><td>25</td><td>81</td><td>361</td></tr><tr><td>2 December 1947.....(partially)</td><td>701</td><td>553</td><td>*</td><td>1</td><td>23</td><td>*</td><td>23</td><td>*</td><td>123</td></tr><tr><td>2 March 1948-50.....(taxable)</td><td>1,115</td><td>821</td><td>1</td><td>64</td><td>75</td><td>64</td><td>10</td><td>40</td><td>115</td></tr><tr><td>2-3/4 March 1948-51.....(partially)</td><td>1,223</td><td>850</td><td>1</td><td>8</td><td>34</td><td>5</td><td>29</td><td>150</td><td>170</td></tr><tr><td>1-3/4 June 1948.....(taxable)</td><td>3,062</td><td>2,357</td><td>3</td><td>72</td><td>82</td><td>50</td><td>32</td><td>25</td><td>527</td></tr><tr><td>2-1/2 September 1948.....(partially)</td><td>451</td><td>377</td><td>*</td><td>2</td><td>10</td><td>*</td><td>10</td><td>-</td><td>62</td></tr><tr><td>2 December 1948-50.....(partially)</td><td>572</td><td>468</td><td>1</td><td>1</td><td>14</td><td>*</td><td>13</td><td>44</td><td>44</td></tr><tr><td>2 June 1949-51.....(taxable)</td><td>1,014</td><td>772</td><td>1</td><td>51</td><td>110</td><td>100</td><td>10</td><td>8</td><td>71</td></tr><tr><td>2 September 1949-51.....(taxable)</td><td>1,292</td><td>1,029</td><td>1</td><td>28</td><td>120</td><td>93</td><td>27</td><td>4</td><td>111</td></tr><tr><td>2 December 1949-51.....(taxable)</td><td>2,098</td><td>1,609</td><td>4</td><td>53</td><td>147</td><td>125</td><td>22</td><td>3</td><td>282</td></tr><tr><td>3-1/8 December 1949-52.....(partially)</td><td>491</td><td>362</td><td>1</td><td>6</td><td>31</td><td>11</td><td>20</td><td>40</td><td>52</td></tr><tr><td>2-1/2 December 1949-53.....(partially)</td><td>1,786</td><td>1,295</td><td>8</td><td>6</td><td>46</td><td>3</td><td>43</td><td>223</td><td>208</td></tr><tr><td>2 March 1950-52.....(taxable)</td><td>1,963</td><td>1,545</td><td>5</td><td>72</td><td>180</td><td>156</td><td>24</td><td>4</td><td>156</td></tr><tr><td>2 September 1950-52.....(taxable)</td><td>4,923</td><td>3,390</td><td>8</td><td>131</td><td>391</td><td>326</td><td>65</td><td>49</td><td>920</td></tr><tr><td>2-1/2 September 1950-52.....(partially)</td><td>1,146</td><td>977</td><td>2</td><td>9</td><td>51</td><td>2</td><td>49</td><td>112</td><td>35</td></tr><tr><td>1-1/24 December 1950.....(taxable)</td><td>2,635</td><td>1,614</td><td>2</td><td>9</td><td>15</td><td>*</td><td>15</td><td>*</td><td>995</td></tr><tr><td>2-3/4 June 1951-54.....(partially)</td><td>1,627</td><td>1,215</td><td>8</td><td>9</td><td>64</td><td>2</td><td>62</td><td>162</td><td>168</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, January 31, 1946 - (Continued)
Section I
Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.
Public Marketable Interest-Bearing Securities - (Continued)
PART B -
ISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(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>7,377 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>317 life insurance companies</th><th>646 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% September 1951-53 ......<i>(taxable)</i></td><td>7,936</td><td>5,284</td><td>22</td><td>393</td><td>757</td><td>636</td><td>121</td><td>115</td><td>1,416</td></tr><tr><td>2-1/4% September 1951-55 ......<i>(partially)</i></td><td>755</td><td>368</td><td>*</td><td>5</td><td>50</td><td>16</td><td>33</td><td>77</td><td>255</td></tr><tr><td>2-1/4% December 1951-55 ......<i>(taxable)</i></td><td>510</td><td>383</td><td>2</td><td>11</td><td>30</td><td>24</td><td>6</td><td>12</td><td>73</td></tr><tr><td>2-1/4% December 1951-53 ......<i>(partially)</i></td><td>1,118</td><td>897</td><td>2</td><td>2</td><td>34</td><td>3</td><td>30</td><td>108</td><td>75</td></tr><tr><td>2-1/4% March 1952-54 ......<i>(taxable)</i></td><td>1,024</td><td>519</td><td>*</td><td>216</td><td>64</td><td>48</td><td>17</td><td>64</td><td>162</td></tr><tr><td>2-1/4% June 1952-54 ......<i>(taxable)</i></td><td>5,825</td><td>3,930</td><td>21</td><td>282</td><td>560</td><td>483</td><td>77</td><td>6</td><td>1,026</td></tr><tr><td>2-1/4% December 1952-54 ......<i>(taxable)</i></td><td>8,662</td><td>5,426</td><td>22</td><td>687</td><td>822</td><td>679</td><td>144</td><td>12</td><td>1,691</td></tr><tr><td>2-1/4% June 1953-55 ......<i>(taxable)</i></td><td>1,501</td><td>905</td><td>2</td><td>189</td><td>182</td><td>158</td><td>24</td><td>69</td><td>155</td></tr><tr><td>2-1/4% June 1953-55 ......<i>(partially)</i></td><td>725</td><td>636</td><td>*</td><td>15</td><td>26</td><td>2</td><td>25</td><td>14</td><td>33</td></tr><tr><td>2-1/4% June 1954-56 ......<i>(partially)</i></td><td>681</td><td>522</td><td>2</td><td>1</td><td>49</td><td>14</td><td>35</td><td>35</td><td>71</td></tr><tr><td>2-7/8% March 1955-60 ......<i>(partially)</i></td><td>2,611</td><td>1,273</td><td>31</td><td>17</td><td>157</td><td>47</td><td>111</td><td>315</td><td>817</td></tr><tr><td>2-1/2% March 1956-58 ......<i>(taxable)</i></td><td>1,449</td><td>680</td><td>10</td><td>84</td><td>433</td><td>422</td><td>11</td><td>51</td><td>191</td></tr><tr><td>2-1/4% September 1956-59 1/2 ......<i>(taxable)</i></td><td>3,823</td><td>265</td><td>17</td><td>1,191</td><td>827</td><td>707</td><td>120</td><td>128</td><td>1,394</td></tr><tr><td>2-3/4% September 1956-59 ......<i>(partially)</i></td><td>982</td><td>602</td><td>16</td><td>11</td><td>105</td><td>30</td><td>74</td><td>96</td><td>151</td></tr><tr><td>2-3/4% June 1958-63 ......<i>(partially)</i></td><td>919</td><td>614</td><td>12</td><td>6</td><td>136</td><td>60</td><td>76</td><td>52</td><td>100</td></tr><tr><td>2-1/4% June 1959-62 1/2 ......<i>(taxable)</i></td><td>5,284</td><td>-</td><td>35</td><td>1,742</td><td>742</td><td>534</td><td>208</td><td>216</td><td>2,549</td></tr><tr><td>2-1/4% December 1959-62 1/2 ......<i>(taxable)</i></td><td>3,409</td><td>374</td><td>19</td><td>368</td><td>436</td><td>277</td><td>160</td><td>2</td><td>2,210</td></tr><tr><td>2-3/4% December 1960-65 ......<i>(partially)</i></td><td>1,485</td><td>998</td><td>9</td><td>7</td><td>169</td><td>57</td><td>112</td><td>75</td><td>228</td></tr><tr><td>2-1/2% June 1962-67 1/2 ......<i>(taxable)</i></td><td>2,118</td><td>-</td><td>4</td><td>403</td><td>1,140</td><td>1,099</td><td>41</td><td>208</td><td>363</td></tr><tr><td>2-1/2% December 1963-68 1/2 ......<i>(taxable)</i></td><td>2,831</td><td>-</td><td>3</td><td>507</td><td>1,383</td><td>1,347</td><td>36</td><td>262</td><td>675</td></tr><tr><td>2-1/2% June 1964-69 1/2 ......<i>(taxable)</i></td><td>3,761</td><td>-</td><td>14</td><td>685</td><td>1,604</td><td>1,567</td><td>37</td><td>417</td><td>1,041</td></tr><tr><td>2-1/2% December 1964-69 1/2 ......<i>(taxable)</i></td><td>3,838</td><td>-</td><td>13</td><td>475</td><td>1,613</td><td>1,567</td><td>46</td><td>502</td><td>1,234</td></tr><tr><td>2-1/2% March 1965-70 1/2 ......<i>(taxable)</i></td><td>5,197</td><td>66</td><td>15</td><td>226</td><td>2,484</td><td>2,440</td><td>44</td><td>858</td><td>1,539</td></tr><tr><td>2-1/2% March 1966-71 1/2 ......<i>(taxable)</i></td><td>3,481</td><td>89</td><td>11</td><td>145</td><td>1,600</td><td>1,582</td><td>19</td><td>675</td><td>960</td></tr><tr><td>2-1/2% June 1967-72 1/2 ......<i>(taxable)</i></td><td>7,967</td><td>-</td><td>25</td><td>938</td><td>3,231</td><td>3,133</td><td>99</td><td>888</td><td>2,886</td></tr><tr><td>2-1/2% September 1967-72 ......<i>(taxable)</i></td><td>2,716</td><td>1,606</td><td>8</td><td>74</td><td>319</td><td>301</td><td>18</td><td>238</td><td>472</td></tr><tr><td>2-1/2% December 1967-72 1/2 ......<i>(taxable)</i></td><td>11,441</td><td>747</td><td>33</td><td>1,154</td><td>2,385</td><td>2,193</td><td>191</td><td>1,024</td><td>6,087</td></tr><tr><td>Total Treasury bonds</td><td>121,358</td><td>46,858</td><td>396</td><td>10,445</td><td>22,808</td><td>20,374</td><td>2,434</td><td>7,852</td><td>33,001</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds ......<i>(wholly)</i></td><td>117</td><td>14</td><td>*</td><td>*</td><td>1</td><td>1</td><td>*</td><td>15</td><td>65</td></tr><tr><td>Panama Canal bonds ......<i>(wholly)</i></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 ......<i>(wholly)</i></td><td>13</td><td>1</td><td>*</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>12</td></tr><tr><td>Total postal savings and other bonds</td><td>130</td><td>15</td><td>*</td><td>*</td><td>1</td><td>1</td><td>*</td><td>35</td><td>127</td></tr><tr><td>Guaranteed securities 5/</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 debentures 8/ ......<i>(partially)</i></td><td>7</td><td>12</td><td>*</td><td>3</td><td>13</td><td>12</td><td>1</td><td>7</td><td>4</td></tr><tr><td>(taxable)</td><td>32</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total guaranteed securities</td><td>39</td><td>12</td><td>*</td><td>3</td><td>13</td><td>12</td><td>1</td><td>7</td><td>4</td></tr><tr><td>Total public marketable securities</td><td>199,672</td><td>84,240</td><td>460</td><td>10,726</td><td>23,758</td><td>20,953</td><td>2,805</td><td>30,278</td><td>50,210</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 52-53.
* 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 headnote to this section.
4/ Issues which commercial banks may not acquire prior to a specified
data (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. Includes an estimated amount of Federal Housing Administration debentures. Actual figures by tax status are unavailable except for the total amount outstanding.
April 1946
55
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, January 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values 1/ - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 2/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Held by investors covered in Treasury Survey</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 5/</th></tr><tr><th>7,377 commercial banks 4/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>317 life insurance companies</th><th>648 fire, casualty, and marine insurance companies</th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series B-D....................6/</td><td>3,462</td><td>182</td><td>*</td><td>5</td><td>11</td><td>3</td><td>7</td><td>*</td><td>3,263</td></tr><tr><td>Series E..................... (taxable)</td><td>30,870</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>25,870</td></tr><tr><td>Series F..................... (taxable)</td><td>2,823</td><td>215</td><td>1</td><td>8</td><td>37</td><td>15</td><td>21</td><td>1</td><td>2,552</td></tr><tr><td>Series G..................... (taxable)</td><td>11,432</td><td>471</td><td>6</td><td>207</td><td>243</td><td>90</td><td>153</td><td>10</td><td>10,489</td></tr><tr><td>Total United States savings bonds............</td><td>48,588</td><td>874</td><td>7</td><td>221</td><td>290</td><td>109</td><td>182</td><td>12</td><td>47,183</td></tr><tr><td>Treasury savings notes..................... (taxable)</td><td>8,107</td><td>73</td><td>3</td><td>*</td><td>10</td><td>2</td><td>8</td><td>17</td><td>8,003</td></tr><tr><td>Depository bonds.................... (taxable)</td><td>474</td><td>443</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31</td></tr><tr><td>Guaranteed securities 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations.................... (taxable)</td><td>526</td><td>-</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>57,674</td><td>1,390</td><td>11</td><td>221</td><td>301</td><td>111</td><td>189</td><td>29</td><td>55,217</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 curtail tax. "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 cur-
tax rates. "Taxable" securities are subject to both normal and surtax rates. Securities held in trust departments are excluded. This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section. Series B-D savings bonds sold prior to March 1, 1944 are partially tax-exempt; those sold on and after that date are taxable. Guaranteed securities held by the Treasury are not included. C.C.C. demand obligations in the amount of $506 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 rowspan="2">Issue (Tax status 2/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 3/</th><th colspan="2">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 5/</th></tr><tr><th>7,377 commercial banks 2/</th><th>34 stock savings banks</th><th>541 mutual savings banks</th><th>Total</th><th>317 life insurance companies</th><th>648 fire, casualty, and marine insurance companies</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></tr><tr><td>3/6 May 1946-56.........(wholly)</td><td>170</td><td>20</td><td>*</td><td>*</td><td>2</td><td>*</td><td>1</td><td>148</td></tr><tr><td>1-1/2/ October 1948-50.........(taxable)</td><td>176</td><td>143</td><td>1</td><td>*</td><td>1</td><td>*</td><td>1</td><td>32</td></tr><tr><td>1-1/2/ January 1951-53.........(taxable)</td><td>214</td><td>165</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>47</td></tr><tr><td>2-1/4/ February 1953-55.........(taxable)</td><td>114</td><td>89</td><td>*</td><td>2</td><td>?</td><td>1</td><td>1</td><td>21</td></tr><tr><td>Total Federal land bank bonds</td><td>674</td><td>417</td><td>1</td><td>3</td><td>5</td><td>2</td><td>3</td><td>246</td></tr><tr><td>Federal intermediate credit bank debentures</td><td>242</td><td>194</td><td>-</td><td>*</td><td>2</td><td>-</td><td>2</td><td>46</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States 1/</td><td>917</td><td>612</td><td>1</td><td>3</td><td>7</td><td>2</td><td>5</td><td>294</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/ 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
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
April 1946
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
February 28, 1946
Table 1.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (mil-lions)</th><th>Description</th><th colspan="4">Price data (Price decimals are thirty-secondes)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-secondes)</th><th colspan="4">1945-1946 price range 2/ (Price decimals are thirty-secondes)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Jan. 31, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from Jan.31, 1946</th><th>Yield to maturity 2/</th><th>High</th><th>Low</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td colspan="17">Treasury bonds - bank eligible</td></tr><tr><td>$1,115</td><td>2-3/4% - 3/15/48-50</td><td>102.12</td><td>102.13</td><td>102.12</td><td>+04</td><td>.82%</td><td>-.10%</td><td>1.39%</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>2/26/46</td><td>101.28</td><td>1/6/45</td></tr><tr><td>3,052</td><td>1-3/4% - 6/15/48</td><td>102.02</td><td>102.03</td><td>102.02</td><td>+06</td><td>.84</td><td>-.11</td><td>.34</td><td>12/1/42</td><td>102.02</td><td>2/28/46</td><td>100.01</td><td>12/23/42</td><td>102.02</td><td>2/28/46</td><td>101.09</td><td>1/3/45</td></tr><tr><td>1,014</td><td>2-6/15/49-51</td><td>103.21</td><td>103.22</td><td>103.22</td><td>+12</td><td>.86</td><td>-.14</td><td>1.28</td><td>1/15/42</td><td>103.22</td><td>2/28/46</td><td>100.06</td><td>8/5/42</td><td>103.22</td><td>2/28/46</td><td>101.26</td><td>1/4/45</td></tr><tr><td>1,292</td><td>2-9/15/49-51</td><td>103.27</td><td>103.28</td><td>103.28</td><td>+14</td><td>.89</td><td>-.14</td><td>1.27</td><td>5/15/42</td><td>103.28</td><td>2/28/46</td><td>100.04</td><td>10/6/42</td><td>103.28</td><td>2/28/46</td><td>101.24</td><td>1/4/45</td></tr><tr><td>2,098</td><td>2-12/15/49-51</td><td>103.31</td><td>104.00</td><td>104.00</td><td>+10</td><td>.92</td><td>-.11</td><td>1.28</td><td>7/15/42</td><td>104.00</td><td>2/28/46</td><td>100.03</td><td>8/5/42</td><td>104.00</td><td>2/28/46</td><td>101.30</td><td>1/2/45</td></tr><tr><td>1,953</td><td>2-3/15/50-52</td><td>104.00</td><td>104.01</td><td>104.00</td><td>+08</td><td>.99</td><td>-.08</td><td>1.31</td><td>10/19/42</td><td>104.00</td><td>2/28/46</td><td>100.01</td><td>11/2/42</td><td>104.00</td><td>2/28/46</td><td>101.16</td><td>1/2/45</td></tr><tr><td>4,939</td><td>2-9/15/50-52</td><td>104.04</td><td>104.05</td><td>104.05</td><td>+07</td><td>1.06</td><td>-.06</td><td>1.33</td><td>1/15/43</td><td>104.05</td><td>2/28/46</td><td>100.08</td><td>5/3/43</td><td>104.05</td><td>2/28/46</td><td>101.08</td><td>1/2/45</td></tr><tr><td>2,635</td><td>1-1/2-12/15/50</td><td>102.13</td><td>102.15</td><td>102.14</td><td>+13</td><td>.98</td><td>-.09</td><td>.98</td><td>6/1/45</td><td>102.14</td><td>2/28/46</td><td>100.29</td><td>8/21/45</td><td>102.14</td><td>2/28/46</td><td>100.29</td><td>8/21/45</td></tr><tr><td>7,986</td><td>2-9/15/51-53</td><td>104.13</td><td>104.14</td><td>104.14</td><td>+05</td><td>1.17</td><td>-.04</td><td>1.38</td><td>9/15/43</td><td>104.17</td><td>2/16/46</td><td>100.03</td><td>11/8/43</td><td>104.17</td><td>2/16/46</td><td>100.26</td><td>1/4/45</td></tr><tr><td>510</td><td>2-12/15/51-55</td><td>104.21</td><td>104.23</td><td>104.22</td><td>+08</td><td>1.16</td><td>-.05</td><td>1.48</td><td>12/15/41</td><td>104.22</td><td>2/28/46</td><td>100.01</td><td>12/5/42</td><td>104.22</td><td>2/28/46</td><td>100.36</td><td>1/9/45</td></tr><tr><td>1,024</td><td>2-1/2-3/15/52-54</td><td>107.08</td><td>107.10</td><td>107.09</td><td>+01</td><td>1.24</td><td>-.02</td><td>1.53</td><td>3/31/41</td><td>107.14</td><td>2/8/45</td><td>101.04</td><td>3/20/41</td><td>107.14</td><td>2/8/46</td><td>104.00</td><td>1/9/45</td></tr><tr><td>5,825</td><td>2-6/15/52-54</td><td>104.23</td><td>104.24</td><td>104.24</td><td>+06</td><td>1.21</td><td>-.04</td><td>1.39</td><td>6/26/44</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/24/44</td><td>104.27</td><td>2/18/46</td><td>100.16</td><td>1/2/45</td></tr><tr><td>1,501</td><td>2-1/4% - 6/15/52-55</td><td>105.31</td><td>106.01</td><td>106.00</td><td>.00</td><td>1.26</td><td>-.01</td><td>1.55</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/18/42</td><td>106.08</td><td>2/9/46</td><td>102.04</td><td>1/2/45</td></tr><tr><td>8,662</td><td>2-12/15/52-54</td><td>104.28</td><td>104.29</td><td>104.28</td><td>+06</td><td>1.25</td><td>-.04</td><td>1.41</td><td>12/1/44</td><td>105.00</td><td>2/18/46</td><td>100.09</td><td>12/19/44</td><td>105.00</td><td>2/18/46</td><td>100.12</td><td>1/2/45</td></tr><tr><td>1,449</td><td>2-1/2-3/15/55-58</td><td>110.07</td><td>110.09</td><td>110.08</td><td>-.01</td><td>1.40</td><td>-.01</td><td>1.56</td><td>6/2/41</td><td>110.22</td><td>2/8/46</td><td>101.30</td><td>12/26/41</td><td>110.22</td><td>2/3/45</td><td>103.23</td><td>1/2/45</td></tr><tr><td>2,716</td><td>2-1/2-9/15/57-72 1/2</td><td>109.02</td><td>109.04</td><td>109.03</td><td>+05</td><td>1.93</td><td>-.01</td><td>2.05</td><td>10/20/41</td><td>109.16</td><td>2/16/46</td><td>100.01</td><td>1/2/42</td><td>109.16</td><td>2/16/46</td><td>100.23</td><td>1/2/45</td></tr><tr><td colspan="17">Treasury bonds - bank restricted 5/</td></tr><tr><td>3,823</td><td>2-1/4% - 9/15/56-59</td><td>106.30</td><td>107.00</td><td>106.31</td><td>+10</td><td>1.53</td><td>-.04</td><td>1.67</td><td>2/1/44</td><td>107.08</td><td>2/16/46</td><td>100.01</td><td>2/29/44</td><td>107.08</td><td>2/16/46</td><td>100.26</td><td>1/2/45</td></tr><tr><td>5,284</td><td>2-1/4% - 5/15/59-52</td><td>103.11</td><td>103.13</td><td>103.12</td><td>+27</td><td>1.96</td><td>-.07</td><td>2.01</td><td>6/1/45</td><td>103.24</td><td>2/16/46</td><td>100.16</td><td>9/12/45</td><td>103.24</td><td>2/16/46</td><td>100.16</td><td>9/12/45</td></tr><tr><td>3,458</td><td>2-1/2-12/15/59-52</td><td>103.11</td><td>103.13</td><td>103.12</td><td>+27</td><td>1.97</td><td>-.07</td><td>2.01</td><td>11/15/45</td><td>103.24</td><td>2/16/46</td><td>100.14</td><td>12/11/45</td><td>103.24</td><td>2/16/46</td><td>100.14</td><td>12/11/45</td></tr><tr><td>2,118</td><td>2-1/2-6/15/52-57 1/2</td><td>106.30</td><td>107.00</td><td>106.31</td><td>+30</td><td>2.00</td><td>-.06</td><td>2.09</td><td>5/5/42</td><td>107.05</td><td>2/9/46</td><td>100.00</td><td>8/17/42</td><td>107.05</td><td>2/9/46</td><td>100.28</td><td>1/2/45</td></tr><tr><td>2,831</td><td>2-1/2-12/15/53-58 1/2</td><td>106.19</td><td>106.21</td><td>106.20</td><td>+1.06</td><td>2.05</td><td>-.08</td><td>2.13</td><td>12/1/42</td><td>106.23</td><td>2/16/46</td><td>100.00</td><td>2/17/44</td><td>106.23</td><td>2/16/46</td><td>100.18</td><td>1/2/45</td></tr><tr><td>3,761</td><td>2-1/2-6/15/61-69 1/2</td><td>106.06</td><td>106.08</td><td>106.07</td><td>+1.06</td><td>2.09</td><td>-.08</td><td>2.16</td><td>4/15/43</td><td>105.11</td><td>2/16/46</td><td>100.00</td><td>3/2/44</td><td>106.11</td><td>2/16/46</td><td>100.15</td><td>1/2/45</td></tr><tr><td>3,838</td><td>2-1/2-12/15/61-69 1/2</td><td>106.04</td><td>106.05</td><td>106.05</td><td>+1.06</td><td>2.10</td><td>-.08</td><td>2.17</td><td>9/15/43</td><td>106.09</td><td>2/16/46</td><td>100.00</td><td>3/2/44</td><td>106.09</td><td>2/16/46</td><td>100.15</td><td>1/2/45</td></tr><tr><td>5,197</td><td>2-1/2-3/15/65-70 1/2</td><td>106.03</td><td>106.05</td><td>106.04</td><td>+1.13</td><td>2.11</td><td>-.09</td><td>2.17</td><td>2/1/44</td><td>106.05</td><td>2/16/46</td><td>100.00</td><td>2/16/44</td><td>106.05</td><td>2/16/46</td><td>100.15</td><td>1/2/45</td></tr><tr><td>3,481</td><td>2-1/2-3/15/66-71 1/2</td><td>106.03</td><td>106.05</td><td>106.04</td><td>+1.15</td><td>2.12</td><td>-.09</td><td>2.18</td><td>12/1/44</td><td>106.04</td><td>2/28/46</td><td>100.06</td><td>12/19/44</td><td>106.04</td><td>2/28/46</td><td>100.15</td><td>1/2/45</td></tr><tr><td>7,967</td><td>2-1/2-6/15/67-72 1/2</td><td>104.31</td><td>105.01</td><td>105.00</td><td>+1.15</td><td>2.20</td><td>-.09</td><td>2.25</td><td>6/1/45</td><td>105.05</td><td>2/16/46</td><td>100.21</td><td>9/24/45</td><td>105.05</td><td>2/16/46</td><td>100.21</td><td>9/24/45</td></tr><tr><td>11,668</td><td>2-1/2-12/15/67-72 1/2</td><td>104.31</td><td>105.01</td><td>105.00</td><td>+1.15</td><td>2.21</td><td>-.08</td><td>2.25</td><td>11/15/45</td><td>105.05</td><td>2/16/46</td><td>100.24</td><td>12/11/45</td><td>105.05</td><td>2/16/46</td><td>100.24</td><td>12/11/45</td></tr><tr><td colspan="17">Treasury notes</td></tr><tr><td>1,291</td><td>1% A- 3/15/46</td><td>100.00</td><td>100.01</td><td>100.00</td><td>-.02</td><td>1.00</td><td>+54</td><td>1.00</td><td>11/1/41</td><td>100.18</td><td>10/25/41</td><td>99.92</td><td>12/29/42</td><td>100.08</td><td>4/9/45</td><td>100.00</td><td>2/28/45</td></tr><tr><td>4,910</td><td>.90% D- 7/1/46 5/1</td><td>.67%</td><td>.65%</td><td>.66%</td><td>-.10%</td><td>-</td><td>-</td><td>-</td><td>6/1/45</td><td>.54%</td><td>2/21/46</td><td>.36%</td><td>6/15/45</td><td>.54%</td><td>2/21/46</td><td>.36%</td><td>6/15/45</td></tr><tr><td>3,261</td><td>1-1/2-12/15/46</td><td>100.18</td><td>100.19</td><td>100.18</td><td>-.92</td><td>.79</td><td>+01</td><td>.79</td><td>6/5/42</td><td>101.00</td><td>4/4/46</td><td>100.01</td><td>1/2/43</td><td>101.00</td><td>4/4/46</td><td>100.18</td><td>2/28/45</td></tr><tr><td>1,948</td><td>1-1/4% B- 3/15/47</td><td>100.15*</td><td>100.16*</td><td>100.16</td><td>+01</td><td>.77</td><td>-.06</td><td>.77</td><td>6/26/44</td><td>100.30</td><td>3/5/45</td><td>100.07</td><td>12/28/44</td><td>100.30</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% A- 9/15/47</td><td>101.01*</td><td>101.02*</td><td>101.02</td><td>-.02</td><td>.80</td><td>-.08</td><td>.80</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% C- 9/15/47</td><td>100.22</td><td>100.23</td><td>100.22</td><td>-.02</td><td>.80</td><td>-.06</td><td>.80</td><td>12/1/44</td><td>100.23</td><td>2/15/46</td><td>100.06</td><td>12/27/44</td><td>100.23</td><td>2/16/45</td><td>100.08</td><td>1/5/45</td></tr><tr><td>3,748</td><td>1-1/2% A- 9/15/48</td><td>101.21</td><td>101.22</td><td>101.22</td><td>+08</td><td>.83</td><td>-.11</td><td>.83</td><td>3/15/44</td><td>101.22</td><td>2/28/46</td><td>100.05</td><td>3/8/44</td><td>101.22</td><td>2/28/46</td><td>100.17</td><td>1/2/45</td></tr><tr><td colspan="17">Certificatees of indebtedness 5/</td></tr><tr><td>4,147</td><td>7/8% B- 3/1/46 1/2</td><td>100.00</td><td>-</td><td>100.00</td><td>-</td><td>.87%</td><td>+70%</td><td>.87%</td><td>3/1/45</td><td>.00%</td><td>2/19/46</td><td>.87%</td><td>2/28/46</td><td>.00%</td><td>2/19/46</td><td>.37%</td><td>2/28/46</td></tr><tr><td>4,811</td><td>7/8% C- 4/1/46</td><td>.28%</td><td>.30%</td><td>.24%</td><td>-.30%</td><td>-</td><td>-</td><td>-</td><td>4/1/45</td><td>.22%</td><td>2/25/46</td><td>.83%</td><td>7/21/45</td><td>.32%</td><td>2/25/46</td><td>.37%</td><td>7/21/45</td></tr><tr><td>1,579</td><td>7/8% D- 5/1/46</td><td>.48%</td><td>.44%</td><td>.46%</td><td>-.16%</td><td>-</td><td>-</td><td>-</td><td>5/1/45</td><td>.46%</td><td>2/28/46</td><td>.82%</td><td>10/8/45</td><td>.46%</td><td>2/28/46</td><td>.32%</td><td>10/8/45</td></tr><tr><td>4,799</td><td>7/8% E- 6/1/46</td><td>.59%</td><td>.56%</td><td>.58%</td><td>-.13%</td><td>-</td><td>-</td><td>-</td><td>6/1/45</td><td>.58%</td><td>2/28/46</td><td>.84%</td><td>12/29/45</td><td>.58%</td><td>2/28/46</td><td>.34%</td><td>12/29/45</td></tr><tr><td>2,470</td><td>7/8% F- 8/1/46</td><td>.57%</td><td>.65%</td><td>.66%</td><td>-.10%</td><td>-</td><td>-</td><td>-</td><td>8/1/45</td><td>.65%</td><td>2/25/46</td><td>.35%</td><td>7/26/45</td><td>.65%</td><td>2/25/46</td><td>.35%</td><td>7/26/45</td></tr><tr><td>4,336</td><td>7/8% G- 9/1/46</td><td>.71%</td><td>.69%</td><td>.70%</td><td>-.07%</td><td>-</td><td>-</td><td>-</td><td>9/1/45</td><td>.70%</td><td>2/28/46</td><td>.86%</td><td>8/22/45</td><td>.70%</td><td>2/28/46</td><td>.86%</td><td>8/22/45</td></tr><tr><td>
(Continued on following page)
Treasury Bulletin
58
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
February 28, 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 Jan. 31, 1946</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Jan. 31, 1946</th></tr><tr><td>$1,303</td><td>3/7/46</td><td>12/6/45</td><td>.375</td><td>.20%</td><td>.29%</td><td>-.05%</td><td>$1,317</td><td>4/25/46</td><td>1/24/46</td><td>.375</td><td>.32%</td><td>.35%</td><td>-.01%</td></tr><tr><td>1,302</td><td>3/14/46</td><td>12/13/45</td><td>.375</td><td>.25</td><td>.31</td><td>-.03</td><td>1,316</td><td>5/2/46</td><td>1/31/46</td><td>.375</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,317</td><td>3/21/46</td><td>12/20/45</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,315</td><td>5/9/46</td><td>2/7/46</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,304</td><td>3/28/46</td><td>12/27/45</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,309</td><td>5/16/46</td><td>2/14/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,303</td><td>4/4/46</td><td>1/3/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,301</td><td>5/23/46</td><td>2/21/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,316</td><td>4/11/46</td><td>1/10/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,317</td><td>5/31/46</td><td>2/28/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,312</td><td>4/18/46</td><td>1/17/46</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="3">Price date (Price decimals are thirty-seconds)</th><th colspan="3">Yield date</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 Jan. 31, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from Jan. 31, 1946</th><th>Yield to maturity 3/</th><th></th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td colspan="17">Treasury bonds</td></tr><tr><td>$ 489</td><td>3-3/4- 3/15/46-56 9/</td><td>100.03</td><td>100.04</td><td>100.04</td><td>-.09</td><td>.51%</td><td>+.27%</td><td>-</td><td>3/15/26</td><td>116.11</td><td>12/14/40</td><td>89.18</td><td>1/12/32</td><td>103.30</td><td>2/17/45</td><td>100.04</td><td>2/28/46</td></tr><tr><td>1,036</td><td>3-1/8- 6/15/46-18 10/</td><td>100.22</td><td>100.23</td><td>100.22</td><td>-.10</td><td>.63%</td><td>+.35%</td><td>-</td><td>6/15/34</td><td>112.28</td><td>12/16/40</td><td>97.28</td><td>9/17/31</td><td>103.21</td><td>2/13/45</td><td>100.22</td><td>2/28/46</td></tr><tr><td>819</td><td>3-1/8- 6/15/46-19 10/</td><td>100.23</td><td>100.24</td><td>100.24</td><td>-.10</td><td>.54%</td><td>+.30%</td><td>-</td><td>6/15/31</td><td>113.19</td><td>12/11/40</td><td>83.05</td><td>1/11/32</td><td>103.27</td><td>2/8/45</td><td>100.24</td><td>2/28/46</td></tr><tr><td>759</td><td>4-1/4-10/15/47-52 10/</td><td>106.00</td><td>106.02</td><td>106.01</td><td>-.10</td><td>.51%</td><td>+.01</td><td>3.23%</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>106.01</td><td>2/28/46</td></tr><tr><td>701</td><td>2-12/15/47</td><td>102.17</td><td>102.19</td><td>102.18</td><td>-.03</td><td>.56%</td><td>-.01</td><td>.56%</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>104.08</td><td>104.10</td><td>104.09</td><td>-.03</td><td>.63%</td><td>-.03</td><td>1.86%</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>104.23</td><td>104.25</td><td>104.24</td><td>+.01</td><td>.61%</td><td>-.07</td><td>.61%</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>1/1/46</td></tr><tr><td>571</td><td>2-12/15/48-50</td><td>103.23</td><td>103.25</td><td>103.24</td><td>+.01</td><td>.64%</td><td>-.05</td><td>1.19%</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>108.27</td><td>108.29</td><td>108.28</td><td>-.01</td><td>.75%</td><td>-.03</td><td>1.73%</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>110.16</td><td>3/9/45</td><td>108.21</td><td>11/15/45</td></tr><tr><td>1,786</td><td>2-1/2-12/15/49-53</td><td>106.17</td><td>106.19</td><td>106.18</td><td>+.02</td><td>.74%</td><td>-.05</td><td>1.60%</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>107.17</td><td>107.19</td><td>107.18</td><td>+.02</td><td>.80%</td><td>-.04</td><td>1.29%</td><td>9/15/38</td><td>108.20</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>109.23</td><td>109.25</td><td>109.24</td><td>-.01</td><td>.86%</td><td>-.02</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>111.16</td><td>111.18</td><td>111.17</td><td>-.01</td><td>.86%</td><td>-.03</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>107.21</td><td>107.23</td><td>107.22</td><td>+.02</td><td>.89%</td><td>-.02</td><td>1.21%</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>107.17</td><td>107.19</td><td>107.18</td><td>+.04</td><td>.93%</td><td>+.01</td><td>1.14%</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- 6/15/54-56</td><td>109.26</td><td>109.28</td><td>109.27</td><td>+.01</td><td>1.01%</td><td>-.01</td><td>1.23%</td><td>7/22/40</td><td>109.29</td><td>2/25/46</td><td>102.02</td><td>7/24/40</td><td>109.29</td><td>2/25/46</td><td>107.25</td><td>1/2/45</td></tr><tr><td>2,611</td><td>2-7/8- 3/15/55-60</td><td>115.15</td><td>115.17</td><td>115.16</td><td>-.06</td><td>1.07%</td><td>.00</td><td>1.64%</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>116.03</td><td>116.05</td><td>116.04</td><td>-.04</td><td>1.12%</td><td>.00</td><td>1.44%</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>116.24</td><td>116.26</td><td>116.25</td><td>-.04</td><td>1.27%</td><td>.00</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>118.15</td><td>118.17</td><td>118.16</td><td>-.07</td><td>1.36%</td><td>.00</td><td>1.65%</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="17">Other bonds 11/</td></tr><tr><td>13</td><td>34 Conversion -1/1/47</td><td>102.08</td><td>-</td><td>102.08</td><td>-.04</td><td>.70%</td><td>-.10</td><td>.70%</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>1/13/45</td><td>102.08</td><td>2/28/45</td></tr><tr><td>50</td><td>35 Panama Canal-6/1/61</td><td>133.08</td><td>134.08</td><td>133.24</td><td>.00</td><td>.67%</td><td>-.01</td><td>.67%</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>2/28/46</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/ Quoted on price basis at par beginning February 20, 1946; from February 5 through February 19, quoted on basis of zero yield plus premium per thousand dollars; prior to February 5, quoted on a yield basis.
8/ For amount of this security issued on March 1, 1946, see table on "Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates" in the chapter on "Public Debt and Guaranteed Obligations of the United States Government."
9/ Called on November 14, 1945, for redemption on March 15, 1946.
10/ Called on February 14, for redemption on June 15, 1946.
11/ Excludes postal savings bonds.
April 1946
59
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies February 28, 1946 - (Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (million)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield date</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 Jan. 31, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from Jan. 31, 1946</th><th>Yield to maturity 2/</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr></table>
Taxable securities
<table><tr><th colspan="11">Federal Intermediate Credit Bank debentures 3/</th></tr><tr><td>$ 20</td><td>7/3/3</td><td>3/1/46</td><td>100.00</td><td>100.00</td><td>100.00</td><td>90%</td><td>90%</td><td>90%</td><td>9/1/45</td><td>100.00</td><td>2/27/46</td><td>100.00</td><td>2/27/46</td><td>100.00</td><td>2/27/46</td><td>100.00</td></tr><tr><td>23</td><td>.90%</td><td>4/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90%</td><td>.00</td><td>7/2/45</td><td>100.00</td><td>2/28/46</td><td>100.00</td><td>2/28/46</td><td>100.00</td><td>2/28/46</td><td>100.00</td></tr><tr><td>25</td><td>.90%</td><td>5/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90%</td><td>.00</td><td>8/1/45</td><td>100.00</td><td>2/28/46</td><td>100.00</td><td>2/28/46</td><td>100.00</td><td>2/28/46</td><td>100.00</td></tr><tr><td>16</td><td>.85%</td><td>5/1/46</td><td>130.00</td><td>-</td><td>100.00</td><td>.00</td><td>.35</td><td>.00</td><td>.85</td><td>11/1/45</td><td>100.00</td><td>2/28/46</td><td>100.00</td><td>2/28/46</td><td>100.00</td><td>2/28/46</td></tr><tr><td>17</td><td>.90%</td><td>6/1/46</td><td>100.00</td><td>-</td><td>130.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>10/1/45</td><td>100.00</td><td>2/28/46</td><td>130.00</td><td>2/28/46</td><td>100.00</td><td>2/28/46</td></tr><tr><td>41</td><td>7/3/3</td><td>7/1/46</td><td>100.00</td><td>-</td><td>130.00</td><td>.00</td><td>.375</td><td>.000</td><td>.375</td><td>1/2/46</td><td>100.00</td><td>2/28/46</td><td>100.00</td><td>2/28/46</td><td>100.00</td><td>2/28/46</td></tr><tr><td>26</td><td>.90%</td><td>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>2/28/46</td><td>100.00</td><td>2/28/46</td><td>100.00</td><td>2/28/46</td></tr><tr><td>41</td><td>.90%</td><td>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>2/28/46</td><td>100.00</td><td>2/28/46</td><td>100.00</td><td>2/28/46</td></tr><tr><td>31</td><td>7/8/4</td><td>11/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.375</td><td>.000</td><td>.875</td><td>2/1/46</td><td>100.00</td><td>2/28/46</td><td>100.00</td><td>2/28/46</td><td>100.00</td><td>2/28/46</td></tr><tr><th colspan="11">Federal Lend Bank bonds 5/</th></tr><tr><td>176</td><td>1-1/24-10/1/48-50</td><td>101.08</td><td>101.12</td><td>101.10</td><td>+.04</td><td>.98</td><td>-.07</td><td>1.20</td><td>8/1/45</td><td>101.10</td><td>2/28/46</td><td>100.12</td><td>9/19/45</td><td>101.10</td><td>2/28/46</td><td>100.12</td><td>9/19/45</td></tr><tr><td>214</td><td>1-1/24-1/1/51-53</td><td>101.18</td><td>101.22</td><td>101.20</td><td>+.12</td><td>1.15</td><td>-.09</td><td>1.25</td><td>1/2/46</td><td>101.30</td><td>2/28/46</td><td>100.13</td><td>12/22/45</td><td>101.30</td><td>2/28/46</td><td>100.13</td><td>12/22/45</td></tr><tr><td>114</td><td>2-1/4-2/1/55-55</td><td>105.24</td><td>106.00</td><td>105.28</td><td>+.03</td><td>1.36</td><td>-.04</td><td>1.54</td><td>2/1/45</td><td>105.28</td><td>2/28/46</td><td>101.14</td><td>1/18/45</td><td>105.28</td><td>2/28/46</td><td>101.14</td><td>1/18/45</td></tr></table>
Tax-exempt securities
<table><tr><td>$170</td><td>31/5</td><td>- 5/1/46-56</td><td>100.12</td><td>100.14</td><td>100.13</td><td>-.07</td><td>.42%</td><td>.00%</td><td>2.95%</td><td>5/1/36</td><td>111.32</td><td>12/10/40</td><td>98.30</td><td>4/8/37</td><td>103.30</td><td>1/8/45</td><td>100.13</td><td>2/28/45</td></tr><tr><td colspan="17">Federal Land Bank bonds 5/</td></tr></table>
1/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices for all securities except Federal Intermediate Credit Bank debentures are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
2/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to matu-
3/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.
4/ Not quoted on February 28, 1946.
5/ Excludes issues completely held by Farm Credit Administration agencies.
60
Treasury Bulletin
YIELDS OF TREASURY SECURITIES FEB. 28, 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-235-8
April 1946
61
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr></table>
Monthly series 3/
<table><tr><td>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>2.13</td><td>1945-Jan............</td><td>1.81</td><td>2.14</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>2.18</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>2.16</td><td>Mar................</td><td>1.70</td><td>2.10</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>2.14</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>2.15</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>2.13</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>2.16</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>2.17</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>2.16</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>2.15</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>2.17</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>2.19</td><td>Dec................</td><td>...</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>...</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>Feb................</td><td>...</td><td>2.12</td><td>2.36</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>2.55</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>2.50</td><td>Aug................</td><td>1.92</td><td>2.45</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Sept..............</td><td>2.35</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 5/
<table><tr><td>1945-Sept. 1.</td><td>1.68</td><td>2.37</td><td>2.57</td><td>1945-Nov. 3.</td><td>1.59</td><td>2.35</td><td>2.54</td><td>1946-Jan. 5.</td><td>...</td><td>2.27</td><td>2.47</td></tr><tr><td>8.</td><td>1.68</td><td>2.37</td><td>2.57</td><td>10.</td><td>1.58</td><td>2.33</td><td>2.56</td><td>12.</td><td>...</td><td>2.20</td><td>2.46</td></tr><tr><td>15.</td><td>1.69</td><td>2.37</td><td>2.55</td><td>17.</td><td>1.56</td><td>2.33</td><td>2.55</td><td>19.</td><td>...</td><td>2.19</td><td>2.42</td></tr><tr><td>22.</td><td>1.69</td><td>2.37</td><td>2.56</td><td>24.</td><td>1.54</td><td>2.32</td><td>2.54</td><td>26.</td><td>...</td><td>2.16</td><td>2.37</td></tr><tr><td>29.</td><td>1.66</td><td>2.36</td><td>2.56</td><td>Dec. 1.</td><td>1.53</td><td>2.33</td><td>2.55</td><td>Feb. 2.</td><td>...</td><td>2.17</td><td>2.38</td></tr><tr><td>Oct. 6.</td><td>1.63</td><td>2.36</td><td>2.55</td><td>8.</td><td>1.51</td><td>2.32</td><td>2.55</td><td>9.</td><td>...</td><td>2.10</td><td>2.36</td></tr><tr><td>11.</td><td>1.62</td><td>2.35</td><td>2.55</td><td>15.</td><td>...</td><td>2.33</td><td>2.54</td><td>16.</td><td>...</td><td>2.09</td><td>2.35</td></tr><tr><td>20.</td><td>1.60</td><td>2.34</td><td>2.54</td><td>22.</td><td>...</td><td>2.34</td><td>2.52</td><td>21.</td><td>...</td><td>2.10</td><td>2.36</td></tr><tr><td>26.</td><td>1.60</td><td>2.35</td><td>2.55</td><td>29.</td><td>...</td><td>2.31</td><td>2.52</td><td></td><td></td><td></td><td></td></tr></table>
Daily series
<table><tr><td>1946-Feb.</td><td>1</td><td>2.17</td><td>2.38</td><td>1946-Feb. 11</td><td>2.12</td><td>2.12</td><td>2.37</td><td>1946-Feb. 20</td><td>2.10</td><td>2.36</td></tr><tr><td>2</td><td>2.17</td><td>2.38</td><td>12</td><td>6/</td><td>2.11</td><td>6/</td><td>21</td><td>2.10</td><td>6/</td><td>2.36</td></tr><tr><td>4</td><td>2.17</td><td>2.38</td><td>13</td><td>2.10</td><td>2.36</td><td>22</td><td>7/</td><td>2.11</td><td>7/</td></tr><tr><td>5</td><td>2.16</td><td>2.37</td><td>14</td><td>2.09</td><td>2.35</td><td>23</td><td>2.10</td><td>2.36</td></tr><tr><td>6</td><td>2.14</td><td>2.37</td><td>15</td><td>2.09</td><td>2.35</td><td>25</td><td>2.11</td><td>2.36</td></tr><tr><td>7</td><td>2.13</td><td>2.37</td><td>16</td><td>2.09</td><td>2.35</td><td>26</td><td>2.11</td><td>2.36</td></tr><tr><td>8</td><td>2.12</td><td>2.36</td><td>18</td><td>2.10</td><td>2.35</td><td>27</td><td>2.10</td><td>2.36</td></tr><tr><td>9</td><td>2.10</td><td>2.36</td><td>19</td><td>2.10</td><td>2.35</td><td>28</td><td>2.10</td><td>2.36</td></tr></table>
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. For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for January 1945, page 55; for discussion of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1943, page 61. Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures. 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. On days when the exchanges are closed, the date and prices of the previous day are used. Closed.
Note: 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. 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. Monthly and weekly data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April 1944, pages 57-61.
1/ Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. The partially tax-exempt series was discontinued on December 15, 1945, because there were no longer any bonds of this classification due or callable in 15 or more years. 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
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Monthly average of daily yields
* Discontinued, see footnote 1 accompanying table
Office of the Secretary of the Treasury, Division of Research and Statistics
-220-D
Treasury Bulletin
62
April 1946
63
CORPORATIONS AND CERTAIN OTHER AGENCIES OF THE UNITED STATES GOVERNMENT
64
Treasury Bulletin
Section I -
Income and Expense of Corporations and Certain Other Agencies of the United States Government, for the Six Months Ended December 31, 1945
Table 1.- Summary
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Operating income and expense</b></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>107,917</td><td>89,681</td><td>18,236</td></tr><tr><td>Interest or dividends on investments</td><td>87,458</td><td>24,678</td><td>62,780</td></tr><tr><td>Guaranty and insurance premiums</td><td>78,884</td><td>60,595</td><td>18,289</td></tr><tr><td>Sales of commodities or services</td><td>1,520,326</td><td>1,520,326</td><td>-</td></tr><tr><td>Rents and royalties</td><td>48,959</td><td>4,822</td><td>44,137</td></tr><tr><td>Other interest and rental income</td><td>3,153</td><td>685</td><td>2,468</td></tr><tr><td>Premiums, fees, and assessments</td><td>40,119</td><td>40,119</td><td>-</td></tr><tr><td>Program operations income</td><td>543,180</td><td>27,233</td><td>515,947</td></tr><tr><td>Miscellaneous</td><td>13,881</td><td>13,647</td><td>234</td></tr><tr><td>Total operating income</td><td>2,443,875</td><td>1,781,785</td><td>662,091</td></tr><tr><td><b>Operating expense</b></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>78,584</td><td>74,812</td><td>3,772</td></tr><tr><td>Guaranty and insurance losses</td><td>7,834</td><td>7,834</td><td>-</td></tr><tr><td>Cost of sales</td><td>1,503,520</td><td>1,503,520</td><td>-</td></tr><tr><td>General overhead expense</td><td>112,424</td><td>56,568</td><td>55,856</td></tr><tr><td>Depreciation and obsolescence</td><td>3,124</td><td>3,124</td><td>-</td></tr><tr><td>Program operations expense</td><td>1,524,462</td><td>29,579</td><td>1,494,883</td></tr><tr><td>Maintenance and operation of properties</td><td>21,080</td><td>816</td><td>20,264</td></tr><tr><td>Miscellaneous</td><td>93,449</td><td>92,800</td><td>649</td></tr><tr><td>Total operating expense</td><td>3,344,478</td><td>1,769,053</td><td>1,575,424</td></tr><tr><td>Net operating income (or loss 1/)</td><td>-900,603</td><td>12,731</td><td>-913,334</td></tr><tr><td><b>Non-operating income (or loss 1/)</b></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-780,439</td><td>-755,464</td><td>-24,975</td></tr><tr><td>Loans receivable charged off</td><td>-3,843</td><td>-1,653</td><td>-2,190</td></tr><tr><td>Gain (or loss 1/)</td><td>-1,853</td><td>-1,249</td><td>-604</td></tr><tr><td>Gain (or loss 1/)</td><td>2,464</td><td>4,877</td><td>-2,413</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-853</td><td>-811</td><td>-72</td></tr><tr><td>Miscellaneous</td><td>-2,024</td><td>-2,027</td><td>3</td></tr><tr><td>Net non-operating income (or loss 1/)</td><td>-786,578</td><td>-756,326</td><td>-30,252</td></tr><tr><td>Net income (or loss 1/)</td><td>-1,687,180</td><td>-743,595</td><td>-943,585</td></tr><tr><td><b>Adjustment of valuation reserves</b></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-2,344</td><td>-5,215</td><td>2,871</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-1,700</td><td>1,331</td><td>-3,031</td></tr><tr><td>Other reserves</td><td>-34,065</td><td>-30,064</td><td>-4,001</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-38,108</td><td>-33,948</td><td>-4,161</td></tr><tr><td>Net income (or loss 1/)</td><td>-1,725,289</td><td>-777,543</td><td>-947,746</td></tr><tr><td><b>Analysis of unreserved earned surplus (or deficit)</b></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit 2/), June 30, 1945</td><td>-12,223,792 r</td><td>-3,341,865</td><td>-8,881,927 r 3/</td></tr><tr><td>Set income (or loss 1/)</td><td>-1,725,289</td><td>-777,543</td><td>-947,746</td></tr><tr><td>Surplus adjustments</td><td>-365,249</td><td>135,736</td><td>-500,985</td></tr><tr><td>Unreserved earned surplus (or deficit 2/), December 31, 1945</td><td>-14,314,330 4/</td><td>-3,983,672 4/</td><td>-10,330,658 3/</td></tr></table>
1/ Negative figures indicate loss.
2/ Negative figures indicate deficit.
3/ Represents excess of expenses and includes surplus reserves as well as unreserved surplus or deficit.
4/ Date for the Virgin Islands Company were not available in time for inclusion in the Assets and Liabilities Statement for the period ended December 31, 1945, published in the "Treasury Bulletin" March 1946, pages 69-76, but are included in this tabulation.
April 1946
65
Section I
Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Six Months Ended December 31, 1945 - (Continued)
Table 2. - Corporations
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th colspan="2">Executive Office of the President Office for Inter-American Affairs 2/</th><th>Commodity Credit Corporation</th><th colspan="3">Department of Agriculture (continued on following page) Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th>Office of Inter-American Affairs</th><th>Smaller War Plants Corporation</th><th></th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 3/</th></tr><tr><td>Operating income and expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating Income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>89,681</td><td>-</td><td>659</td><td>3,117</td><td>1,775</td><td>2,213</td><td>23,098</td></tr><tr><td>Interest or dividends on investments</td><td>24,678</td><td>-</td><td>-</td><td>-</td><td>490</td><td>451</td><td>1,673</td></tr><tr><td>Quaranty and insurance premiums</td><td>60,595</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>1,520,326</td><td>-</td><td>73</td><td>-</td><td>39</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>4,822</td><td>-</td><td>1,192</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>685</td><td>-</td><td>-</td><td>183</td><td>-</td><td>5</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>40,119</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>27,233</td><td>82</td><td>-</td><td>19,592</td><td>-</td><td>-</td><td>80</td></tr><tr><td>Miscellaneous</td><td>13,647</td><td>-</td><td>4</td><td>1,071</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>1,781,785</td><td>82</td><td>1,924</td><td>23,962</td><td>2,314</td><td>2,669</td><td>24,851</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>74,812</td><td>-</td><td>-</td><td>5,577</td><td>177</td><td>1,297</td><td>9,394</td></tr><tr><td>Quaranty and insurance losees</td><td>7,834</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>1,503,520</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expense</td><td>56,568</td><td>857</td><td>277</td><td>5,517</td><td>608</td><td>761</td><td>5,043</td></tr><tr><td>Depreciation and obsolescence</td><td>3,124</td><td>-</td><td>863</td><td>581</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations expense</td><td>29,579</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>816</td><td>-</td><td>4,135</td><td>-</td><td>-</td><td>39</td><td>-</td></tr><tr><td>Miscellaneous</td><td>92,800</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>1,769,053</td><td>857</td><td>5,275</td><td>11,674</td><td>784</td><td>2,096</td><td>14,437</td></tr><tr><td>Net operating income (or lose 4/)</td><td>12,731</td><td>-774</td><td>-3,351</td><td>12,288</td><td>1,530</td><td>572</td><td>10,414</td></tr><tr><td>Non-operating income (or lose 4/)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-755,464</td><td>-7,010</td><td>-</td><td>-249,217</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-1,653</td><td>-</td><td>-172</td><td>-610</td><td>-1</td><td>-</td><td>-11</td></tr><tr><td>Gain (or lose 4/) on acquired security or collateral</td><td>-1,249</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>455</td></tr><tr><td>Gain (or lose 4/) on sale of miscellaneous assets</td><td>4,877</td><td>-</td><td>-155</td><td>-</td><td>211</td><td>436</td><td>600</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-811</td><td>-55</td><td>-124</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-2,027</td><td>-</td><td>-98</td><td>-</td><td>1</td><td>-181</td><td>378</td></tr><tr><td>Net non-operating income (or lose 4/)</td><td>-756,326</td><td>-7,065</td><td>-550</td><td>-249,827</td><td>208</td><td>256</td><td>1,422</td></tr><tr><td>Net income (or lose 4/) before adjustment of valuation reserves</td><td>-743,595</td><td>-7,840</td><td>-3,901</td><td>-237,539</td><td>1,738</td><td>828</td><td>11,836</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losees on loans</td><td>-5,215</td><td>-</td><td>-74</td><td>-</td><td>-46</td><td>-</td><td>-640</td></tr><tr><td>Reserve for losees on acquired security or collateral</td><td>1,331</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>339</td></tr><tr><td>Other reserves</td><td>-30,064</td><td>-</td><td>-</td><td>-31,389</td><td>3</td><td>6</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-33,948</td><td>-</td><td>-74</td><td>-31,389</td><td>-43</td><td>6</td><td>-501</td></tr><tr><td>Net income (or lose 4/)</td><td>-777,543</td><td>-7,840</td><td>-3,975</td><td>-268,928 5/</td><td>1,696</td><td>834</td><td>11,335</td></tr><tr><td>Analysis of unreserved earned surplus (or deficit)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit 6/), June 30, 1945</td><td>-3,341,865</td><td>-54,119</td><td>-20,811</td><td>1,297,843</td><td>26,813</td><td>22,422</td><td>71,556</td></tr><tr><td>Net income (or lose 4/) for six months ended December 31, 1945</td><td>-777,543</td><td>-7,840</td><td>-3,975</td><td>-268,928 5/</td><td>1,696</td><td>834</td><td>11,335</td></tr><tr><td>Surplus adjustments</td><td>135,736</td><td>-</td><td>237</td><td>28,358</td><td>-</td><td>-</td><td>-3,817</td></tr><tr><td>Unreserved earned surplus (or deficit 6/), December 31, 1945</td><td>-3,983,672 1/</td><td>-61,958</td><td>-24,549</td><td>-1,538,413</td><td>28,509</td><td>23,256</td><td>79,075</td></tr></table>
Loose than $500.
1/ Consists of corporations in which the United States Government has a proprietary interest, direct or indirect, except Federal savings and loan associations and those corporations in which the proprietary interest of the United States is evidenced only by preferred stock or capital notes acquired through the Reconstruction Finance
2/ Corporation or production credit corporations. Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Prenstaradio, Inc. 3/ Includes activities of the Federal Land Banks of Springfield, Mass., Louisville, Ky., New Orleans, La., St. Louis, Mo., Omaha, Nebr.,
(Continued on following page)
66
Treasury Bulletin
Section
- Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Six Months Ended December 31, 1945 - (Continued)
Table 2.- Corporations1/ - (Continued
(In thousands of dollars)
<table><tr><th></th><th colspan="4">Department of Agriculture - (continued)</th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th></tr><tr><th></th><th>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</th><th>The Virgin Islands Company</th><th>Federal Prison Industries, Inc.</th></tr><tr><th>Production credit corporations</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Operating income and expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on Loans</td><td>-</td><td>212</td><td>7,427</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest or dividends on investments</td><td>834</td><td>-</td><td>-</td><td>8,797</td><td>-</td><td>40</td><td>-</td><td>-</td></tr><tr><td>Quaranty and insurance premiums</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38</td><td>51</td><td>6,358</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>18</td><td>-</td><td>48</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>25</td><td>63</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>3,314</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>834</td><td>236</td><td>7,491</td><td>8,814</td><td>-</td><td>3,439</td><td>51</td><td>6,358</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on Borrowed funds</td><td>-</td><td>-</td><td>795</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td></tr><tr><td>Quaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>7,761</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>5,333</td></tr><tr><td>General overhead expense</td><td>736</td><td>206</td><td>3,447</td><td>7,966</td><td>-</td><td>252</td><td>16</td><td>158</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td><td>292</td><td>5</td><td>-</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,480</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>765</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>3</td><td>-</td></tr><tr><td>Total operating expense</td><td>736</td><td>206</td><td>4,232</td><td>15,739</td><td>-</td><td>3,793</td><td>68</td><td>5,491 10</td></tr><tr><td>Net operating income (or loss $/)</td><td>98</td><td>30</td><td>3,259</td><td>-6,924</td><td>-</td><td>-354</td><td>-18</td><td>867</td></tr><tr><td>Non-operating income (or loss $/)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>51</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss $/) on acquired security or collateral</td><td>-</td><td>-</td><td>-123</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss $/) on sale of miscellaneous assets</td><td>2,962</td><td>-588</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (nat)</td><td>-608</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td></tr><tr><td>Net non-operating income (or loss $/)</td><td>2,354</td><td>-588</td><td>-72</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td></tr><tr><td>Net income (or loss $/) before adjustment of valuation reserves</td><td>2,452</td><td>-558</td><td>3,187</td><td>-6,924</td><td>-</td><td>-355</td><td>-18</td><td>902</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>628</td><td>-3,082</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>317</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>14</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>14</td><td>633</td><td>-2,766</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss $/)</td><td>2,466</td><td>75</td><td>421</td><td>-6,924</td><td>-</td><td>-355</td><td>-18</td><td>902</td></tr><tr><td>Analysis of unreserved earned surplus (or deficit)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit $/), June 30, 1945</td><td>12,716</td><td>-7,449</td><td>54,704</td><td>-70,594</td><td>2,673</td><td>172</td><td>25</td><td>17,394</td></tr><tr><td>Net income (or loss $/) for six months ended December 31, 1945</td><td>2,466</td><td>75</td><td>421</td><td>-6,924</td><td>-</td><td>-355</td><td>-18</td><td>902</td></tr><tr><td>Surplus adjustments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-37</td><td>-118</td></tr><tr><td>Unreserved earned surplus (or deficit $/), December 31, 1945</td><td>15,183</td><td>-7,374</td><td>55,125</td><td>-77,519</td><td>2,673</td><td>-182</td><td>-30</td><td>18,177</td></tr></table>
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. Negative figures indicate loss. Includes indirect grants, subsidies, and contributions. Negative figures indicate deficit.
1/ Data for the Virgin Islands Company were not available in time for inclusion in the Assets and Liabilities Statement for the period ended December 31, 1945, published in the "Treasury Bulletin" March 1946, pages 69-76, but are included in this tabulation.
2/ Figures are for the five months ended November 30, 1945, and include Warrior River Terminal Company, Inc., a wholly owned subsidiary.
(Continued on following page)
April 1946
67
Section I - Income and Expense of Corporations and Certain Other Agencies of the United States Government, for the Six Months Ended December 31, 1945 - (Continued)
Table 2. - Corporations1/ - (Continued)
(In thousands of dollars)
<table><tr><th></th><th>Department of War</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th colspan="4">Reconstruction Finance Corporation and certain affiliates</th></tr><tr><th></th><th>United States Spruce Production Corporation 11/</th><th></th><th></th><th>Reconstruction Finance Corporation</th><th>Merged War Affiliates 12/</th><th>Federal National Mortgage Association</th><th>The HFC Mortgage Company</th><th>Other 13/</th></tr><tr><th>Operating income and expense</th><td></td><td></td><td></td><th>Exclusive of Merged War Affiliates</th><th></th><th></th><th></th><th></th></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans.</td><td>2</td><td>3,230</td><td>6</td><td>21,984</td><td>1,010</td><td>202</td><td>940</td><td>-</td></tr><tr><td>Interest or dividends on investments.</td><td>-</td><td>-</td><td>10,560</td><td>6,547</td><td>-</td><td>8</td><td>108</td><td>90</td></tr><tr><td>Quaranty and insurance premium.</td><td>-</td><td>-</td><td>48,788</td><td>110</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,026,612</td><td>-</td><td>75</td><td>439,947</td></tr><tr><td>Rents and royalties.</td><td>3</td><td>311</td><td>136</td><td>-</td><td>-</td><td>-</td><td>20</td><td>16</td></tr><tr><td>Other interest and rental income.</td><td>-</td><td>-</td><td>73</td><td>182</td><td>39,426</td><td>-11</td><td>346</td><td>-</td></tr><tr><td>Premiums, fees, and assessments.</td><td>-</td><td>-</td><td>14</td><td>338</td><td>1,995</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income.</td><td>-</td><td>4</td><td>-</td><td>-</td><td>9,972</td><td>-</td><td>-</td><td>362</td></tr><tr><td>Miscellaneous.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income.</td><td>5</td><td>3,575</td><td>59,576</td><td>28,257</td><td>1,079,015</td><td>199</td><td>1,490</td><td>440,435</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds.</td><td>-</td><td>-</td><td>-</td><td>6,321 14/</td><td>41,053</td><td>-</td><td>421</td><td>2,041</td></tr><tr><td>Quaranty and insurance losses.</td><td>-</td><td>-</td><td>-</td><td>73</td><td>1,025,638</td><td>-</td><td>-</td><td>445,110</td></tr><tr><td>Cost of sales.</td><td>11</td><td>175</td><td>1,908</td><td>6,035</td><td>7,327</td><td>169</td><td>730</td><td>2,626</td></tr><tr><td>General overhead expense.</td><td>-</td><td>1</td><td>-</td><td>-</td><td>95</td><td>-</td><td>62</td><td>-</td></tr><tr><td>Depreciation and obsolescence.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,967</td><td>-</td><td>4</td><td>6,862</td></tr><tr><td>Program operations expense.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties.</td><td>-</td><td>-</td><td>-</td><td>7</td><td>88,261</td><td>-</td><td>-</td><td>11</td></tr><tr><td>Miscellaneous.</td><td>-</td><td>-</td><td>-</td><td>95</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense.</td><td>11</td><td>176</td><td>1,915</td><td>12,524</td><td>1,171,040</td><td>169</td><td>816</td><td>456,650</td></tr><tr><td>Net operating income (or loss 4/).</td><td>-6</td><td>3,400</td><td>57,660</td><td>15,733</td><td>-92,925</td><td>30</td><td>672</td><td>-16,214</td></tr><tr><td>Non-operating income (or loss 4/)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-496,387</td><td>-</td><td>-</td><td>-595</td></tr><tr><td>Loans receivable charged off.</td><td>-</td><td>-</td><td>-</td><td>-909</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss 4/ on accrued security or collateral.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-4</td><td>-</td></tr><tr><td>Gain (or loss 4/ on sale of miscellaneous assets</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (act).</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-16</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1,584</td><td>-</td><td>3</td><td>-1,145</td></tr><tr><td>Net non-operating income (or loss 4/).</td><td>-</td><td>-</td><td>21</td><td>-909</td><td>-497,968</td><td>5</td><td>-1</td><td>-1,742</td></tr><tr><td>Net income (or loss 4/ before adjustment of valuation reserves.</td><td>-6</td><td>3,400</td><td>57,681</td><td>14,824</td><td>-590,013</td><td>35</td><td>671</td><td>-17,957</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1,800</td></tr><tr><td>Reserve for losses on accrued security or collateral.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,300</td></tr><tr><td>Net adjustment of valuation reserves.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-500</td></tr><tr><td>Net income (or loss 4/).</td><td>-6</td><td>3,400</td><td>57,681</td><td>14,824</td><td>-590,013</td><td>35</td><td>671</td><td>-18,457</td></tr><tr><td>Analysis of unreserved earned surplus (or deficit)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit 5/).</td><td>105</td><td>24,446</td><td>15/</td><td>460,492</td><td>-2,281,110</td><td>1,949</td><td>2,579</td><td>-187,581</td></tr><tr><td>Net income (or loss 4/ for six months ended December 31, 1945.</td><td>-6</td><td>3,400</td><td>57,681</td><td>14,824</td><td>-590,013</td><td>35</td><td>671</td><td>-18,457</td></tr><tr><td>Surplus adjustments.</td><td>-</td><td>-2,610</td><td>-57,681</td><td>-15</td><td>164,423</td><td>-</td><td>-</td><td>16,348</td></tr><tr><td>Unreserved earned surplus (or deficit 6/).</td><td>99</td><td>25,235</td><td>15/</td><td>475,281</td><td>-2,706,699</td><td>1,983</td><td>3,250</td><td>-185,689</td></tr></table>
9/ Represents administrative expenses paid from General Fund Appropriations. The insurance program is not intended to absorb the cost of administering the Act.
10/ Depreciation charges for the period included within various operating expense accounts.
11/ World War I corporation in liquidation.
12/ 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.
13/ Includes War Assets Corporation (formerly Petroleum Reserves Corpor
(Continued on following page)
68
Treasury Bulletin
Section I - Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Six Months Ended December 31, 1945 - (Continued)
Table 2.- Corporations1/ - (Continued)
(In thousands of dollars)
<table><tr><th colspan="2"></th><th colspan="4">National Housing Agency</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc.</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th></th><th>Federal Home Loan Bank Administration</th><th colspan="3">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 16/</th><th>Federal Public Housing Authority 17/</th><th>Defense Homes Corporation</th><th></th><th></th></tr><tr><td colspan="9">Operating income and expense</td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>1,038</td><td>-</td><td>20,410</td><td>-</td><td>3,192</td><td>18</td><td>-</td><td>2</td><td>49</td></tr><tr><td>Interest or dividends on investments</td><td>1,522</td><td>1,859</td><td>369</td><td>-</td><td>-</td><td>-</td><td>128</td><td>-</td><td>-</td></tr><tr><td>Quaranty and insurance premiums</td><td>-</td><td>2,901</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>343</td><td>25,436</td><td>-</td><td>21,355</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>3,310</td><td>-</td><td>-</td><td>155</td></tr><tr><td>Other interest and rental income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>1</td><td>2</td><td>-</td><td>-</td><td>2,170</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,866</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>2,561</td><td>4,762</td><td>20,859</td><td>16</td><td>5,362</td><td>3,672</td><td>25,565</td><td>2</td><td>23,424</td></tr><tr><td colspan="9">Operating expense</td></tr><tr><td>Interest on borrowed funds</td><td>361</td><td>-</td><td>4,715</td><td>-</td><td>1,592</td><td>747</td><td>-</td><td>-</td><td>331</td></tr><tr><td>Quaranty and insurance losses</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>197</td><td>18,356</td><td>-</td><td>8,846</td></tr><tr><td>General overhead expense</td><td>418</td><td>204</td><td>2,967</td><td>-</td><td>1,084</td><td>52</td><td>5,194</td><td>-</td><td>2,525</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>27</td><td>-</td><td>-</td><td>766</td><td>422</td><td>-</td><td>-</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>517</td><td>1,993</td><td>-</td><td>-</td><td>8,755</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>51</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>237</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>1,016</td><td>211</td><td>7,759</td><td>-</td><td>3,193</td><td>3,754</td><td>23,972</td><td>-</td><td>20,456 10/</td></tr><tr><td>Net operating income (or loss 1/)</td><td>1,545</td><td>4,551</td><td>13,100</td><td>-</td><td>2,169</td><td>-83</td><td>1,593</td><td>2</td><td>2,968</td></tr><tr><td colspan="9">Non-operating income (or loss 1/)</td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2,255</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss 1/) on acquired security or collateral</td><td>-</td><td>-</td><td>-1,575</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss 1/) on sale of miscellaneous assets</td><td>1,236</td><td>-</td><td>-</td><td>-</td><td>-</td><td>156</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>125</td><td>146</td><td>-</td><td>-1</td><td>-</td><td>-2</td><td>-</td><td>-</td></tr><tr><td>Net non-operating income (or loss 1/)</td><td>1,224</td><td>125</td><td>-1,130</td><td>-</td><td>-2,257</td><td>156</td><td>-2</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss 1/) before adjustment of valuation reserves</td><td>2,769</td><td>4,676</td><td>11,970</td><td>-</td><td>-88</td><td>73</td><td>1,591</td><td>2</td><td>2,968</td></tr><tr><td colspan="9">Adjustment of valuation reserves</td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>675</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-</td><td>-</td><td>672</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss 1/)</td><td>2,769</td><td>4,676</td><td>12,643</td><td>-</td><td>-88</td><td>73</td><td>1,591</td><td>2</td><td>2,968 18/</td></tr><tr><td colspan="9">Analysis of unreserved earned surplus (or deficit)</td></tr><tr><td>Unreserved earned surplus (or deficit 5/)</td><td>8,053</td><td>15/</td><td>-106,089</td><td>-33,911</td><td>-30,166</td><td>1,969</td><td>47,438</td><td>-</td><td>-11,699</td></tr><tr><td>Net income (or loss 1/)) for six months ended December 31, 1945</td><td>2,769</td><td>4,676</td><td>12,643</td><td>-</td><td>-88</td><td>73</td><td>1,591</td><td>2</td><td>2,968 16/</td></tr><tr><td>Surplus adjustments</td><td>-2,914</td><td>-4,676</td><td>514</td><td>-</td><td>208</td><td>-74</td><td>-2,430</td><td>-</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit 5/)</td><td>3,803</td><td>15/</td><td>22,032</td><td>33,911</td><td>30,017</td><td>3,000</td><td>16,500</td><td>2</td><td>8,732</td></tr></table>
ration). Rubber Development Corporation and U. S. Commercial Company which were transferred to A.P.C. from Foreign Economic Administration under E.O. No. 9630; and War Damage Corporation. Exclude cost of financing war subsidiaries. The total surplus is shown as liability reserves to cover possible insurance losses. All assets and liabilities liquidated.
17/ Figures are for the five months ended 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 3.
18/ The net income from power operations has been reduced by the net outlay for non-revenue producing programs such as flood control, navigation, and experimental projects.
April 1946
69
Section I
Income and Expense of Corporations and Certain Other Agencies of the United
States Government, for the Six Months Ended December 31, 1945 - (Continued
Table 3.- Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management War Shipping Administration 1/</th><th>Department of Agriculture Farm Credit Administration 2/</th><th>Farm Security Administration</th><th>Rural Electrification Administration</th><th>Department of the Interior 3/</th><th>Federal Works Agency 4/</th><th>National Housing Agency Federal Housing Administration</th><th>United States Maritime Commission 5/</th><th>Other 6/</th></tr><tr><td>Operating income and expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>18,236</td><td>-</td><td>2,337</td><td>10,822</td><td>3,960</td><td>28</td><td>880</td><td>12</td><td>77</td><td>120</td></tr><tr><td>Interest or dividends on investments</td><td>62,780</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,354</td><td>-</td><td>61,426</td></tr><tr><td>Quaranty and insurance premiums</td><td>18,289</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13,997</td><td>-</td><td>4,293</td></tr><tr><td>Sales of commodities or services</td><td>44,137</td><td>-</td><td>-</td><td>528</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>43,609</td></tr><tr><td>Rents and royalties</td><td>2,468</td><td>-</td><td>-</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,412</td><td>20</td></tr><tr><td>Other interest and rental income</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>515,947</td><td>515,552</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>395</td><td>-</td></tr><tr><td>Program operations income</td><td>234</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>233</td><td>1</td><td>-</td></tr><tr><td>Miscellaneous</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>662,091</td><td>515,552</td><td>2,337</td><td>11,386</td><td>3,960</td><td>28</td><td>880</td><td>15,597</td><td>2,884</td><td>109,468</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>3,772</td><td>-</td><td>-</td><td>1,336</td><td>2,213</td><td>-</td><td>-</td><td>223</td><td>-</td><td>-</td></tr><tr><td>Quaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expense</td><td>55,856</td><td>6,204</td><td>3,845</td><td>14,005</td><td>1,686</td><td>88</td><td>1,814</td><td>5,578</td><td>16,299</td><td>6,336</td></tr><tr><td>Depreciation and obsolescence</td><td>1,494,883</td><td>1,493,680</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>904</td><td>299</td></tr><tr><td>Program operations expense</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>20,264</td><td>-</td><td>-</td><td>137</td><td>-</td><td>-</td><td>-</td><td>526</td><td>365</td><td>19,761</td></tr><tr><td>Miscellaneous</td><td>649</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>123</td><td>-</td></tr><tr><td>Total operating expense</td><td>1,575,424</td><td>1,499,884</td><td>3,845</td><td>15,477</td><td>3,899</td><td>88</td><td>1,814</td><td>6,327</td><td>17,569</td><td>26,521</td></tr><tr><td>Net operating income (or loss 1/)</td><td>-923,334</td><td>-984,331</td><td>-1,508</td><td>-4,092</td><td>61</td><td>-61</td><td>-934</td><td>9,270</td><td>-14,685</td><td>82,947</td></tr><tr><td>Non-operating income (or loss 1/)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-24,975</td><td>-</td><td>1</td><td>-72</td><td>-</td><td>-</td><td>-23,985</td><td>-</td><td>-919</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-2,190</td><td>-</td><td>-1,909</td><td>-40</td><td>-</td><td>-228</td><td>-</td><td>-</td><td>-</td><td>-13</td></tr><tr><td>Gain (or loss 1/) on acquired security or collateral</td><td>604</td><td>-</td><td>-3</td><td>-29</td><td>-</td><td>-</td><td>-</td><td>-571</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss 1/) on sale of miscellaneous assets</td><td>-2,413</td><td>-</td><td>-</td><td>-2,415</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-72</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-72</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net non-operating income (or loss 1/)</td><td>-30,252</td><td>-</td><td>-1,912</td><td>-2,553</td><td>-</td><td>-301</td><td>-23,985</td><td>-569</td><td>-919</td><td>-13</td></tr><tr><td>Net income (or loss 1/) before adjustment of valuation reserves</td><td>-943,585</td><td>-984,331</td><td>-3,421</td><td>-6,645</td><td>61</td><td>-361</td><td>-24,919</td><td>8,701</td><td>-15,604</td><td>82,934</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>2,871</td><td>-</td><td>6,600</td><td>-3,665</td><td>-92</td><td>29</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-3,031</td><td>-</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>165</td><td>-</td><td>-3,207</td></tr><tr><td>Other reserves</td><td>-4,001</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1,995</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-4,161</td><td>-</td><td>6,605</td><td>-3,665</td><td>-92</td><td>29</td><td>-</td><td>165</td><td>-</td><td>-1,202</td></tr><tr><td>Net income (or loss 1/)</td><td>-947,746</td><td>-984,331</td><td>3,185</td><td>-10,310</td><td>-31</td><td>-333</td><td>-24,919</td><td>8,866</td><td>-15,604</td><td>75,732</td></tr><tr><td>Analysis of earned surplus (or deficit)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Earned surplus (or deficit 8/), June 30, 1945</td><td>-8,881,927</td><td>-5,683,103</td><td>-497,535</td><td>-510,664</td><td>-7,154</td><td>-56,132</td><td>-1,839,285</td><td>28,895</td><td>-384,938</td><td>67,988</td></tr><tr><td>Net income (or loss 1/) for six months ended December 31, 1945</td><td>-947,746</td><td>-984,331</td><td>3,185</td><td>-10,310</td><td>-31</td><td>-333</td><td>-24,919</td><td>8,866</td><td>-15,604</td><td>75,732</td></tr><tr><td>Surplus adjustments</td><td>-500,985</td><td>-436,599</td><td>-2,292</td><td>-</td><td>13</td><td>2</td><td>-880</td><td>-</td><td>-2,490</td><td>-58,739</td></tr><tr><td>Earned surplus (or deficit 8/), December 31, 1945</td><td>-10,330,658</td><td>-7,104,033</td><td>-496,642</td><td>-520,974</td><td>-7,172</td><td>-56,462</td><td>-1,865,084</td><td>37,760</td><td>-401,032</td><td>84,981</td></tr></table>
5/ Figures in this statement 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 homesteads; Federal Security Agency, loans to students; and Treasury Department, miscellaneous loans and certain other assets.
7/ Negative figures indicate loss.
8/ Negative figures indicate deficit.
1/ Figures are for the five months ended November 30, 1945 with exception of Land-lease and U.H.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 Hurricane Relief Loan Section, and Puerto Rico Reconstruction Administration. 
4/ Consists of Public Works Administration and War Public Works, community facilities.
70
Treasury Bulletin
Section II
Sources and Application of Funds of Corporations and Certain Other Agencies of the United States Government, for the Six Months Ended December 31, 1945
Table 1. - Summary
(In thousands of dollars)
<table><tr><th></th><th>Total 1/</th><th>Corporations</th><th>Certain other agencies 1/</th></tr><tr><td><b>Sources of funds</b></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>1,136,300</td><td>1,136,300</td><td>-</td></tr><tr><td>From Government agencies</td><td>740,542</td><td>657,969</td><td>82,573</td></tr><tr><td>From public</td><td>716,956</td><td>710,763</td><td>6,193</td></tr><tr><td>Total borrowings</td><td>2,593,798</td><td>2,505,031</td><td>88,766</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>30,350</td><td>30,350</td><td>-</td></tr><tr><td>By Government agencies</td><td>177,943</td><td>177,943</td><td>-</td></tr><tr><td>By public</td><td>114,402</td><td>114,402</td><td>-</td></tr><tr><td>Total Capital and surplus subscriptions</td><td>222,696</td><td>222,696</td><td>-</td></tr><tr><td>Appropriations 2/</td><td>2,129,275</td><td>28,325</td><td>2,100,949</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>334,318</td><td>334,288</td><td>30</td></tr><tr><td>Securities of Government agencies</td><td>1,359,374</td><td>2,000</td><td>1,357,374</td></tr><tr><td>Other securities</td><td>27,620</td><td>26,945</td><td>674</td></tr><tr><td>Total sale or collection of investments</td><td>1,721,311</td><td>363,233</td><td>1,358,078</td></tr><tr><td>Repayment on loans</td><td>2,090,825</td><td>1,934,107</td><td>156,718</td></tr><tr><td>Sale of acquired security or collateral</td><td>28,942</td><td>17,004</td><td>11,938</td></tr><tr><td>Decrease in working capital and deferred items 3/</td><td>974,336 3/</td><td>926,673</td><td>47,662</td></tr><tr><td>Funds provided by profit on operations 4/ 5/ 6/</td><td>204,155 5/</td><td>115,114</td><td>89,040</td></tr><tr><td>Other sources</td><td>281,118</td><td>153,983</td><td>127,135</td></tr><tr><td>Total funds provided</td><td>10,246,454</td><td>6,266,167</td><td>3,980,287</td></tr><tr><td><b>Application of funds</b></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>1,529,674</td><td>1,529,674</td><td>-</td></tr><tr><td>To Government agencies</td><td>1,110,357</td><td>554,469</td><td>555,898</td></tr><tr><td>To public</td><td>714,206</td><td>714,206</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>3,354,246</td><td>2,798,349</td><td>555,898</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>83,676</td><td>82,582</td><td>1,094</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>11,830</td><td>11,830</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>95,506</td><td>94,412</td><td>1,094</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>332,173</td><td>322,773</td><td>9,400</td></tr><tr><td>Securities of Government agencies</td><td>964,998</td><td>998</td><td>964,000</td></tr><tr><td>Other securities</td><td>46</td><td>45</td><td>1</td></tr><tr><td>Total purchase of investments</td><td>1,297,217</td><td>323,815</td><td>973,401</td></tr><tr><td>Loans made</td><td>1,919,692</td><td>1,784,644</td><td>135,047</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>18,130</td><td>3,569</td><td>14,560</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>785,892</td><td>150,016</td><td>635,876</td></tr><tr><td>Increase in working capital and deferred items</td><td>264,251</td><td>136,749</td><td>127,502</td></tr><tr><td>Funds applied to lose on operations 4/ 6/</td><td>2,356,586 4/</td><td>903,288</td><td>1,453,398</td></tr><tr><td>Other applications</td><td>154,834</td><td>71,333</td><td>83,511</td></tr><tr><td>Total funds applied</td><td>10,246,454</td><td>6,266,167</td><td>3,980,287</td></tr><tr><td><b>Adjustments of net income (or loss)</b></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss 7/)</td><td>-1,709,685 8/</td><td>-777,543</td><td>-932,142 8/</td></tr><tr><td>Depreciation and obsolescence</td><td>9,304</td><td>9,304</td><td>-</td></tr><tr><td>Assets charged off</td><td>5,032</td><td>3,836</td><td>2,197</td></tr><tr><td>Capital gains 9/ and losses</td><td>-5,968</td><td>-6,683</td><td>2,714</td></tr><tr><td>Adjustments of valuation reserves</td><td>416</td><td>437</td><td>-21</td></tr><tr><td>Other adjustments</td><td>-454,629</td><td>-17,525</td><td>-437,105</td></tr><tr><td>Funds provided by profit on operations</td><td>204,155</td><td>115,114</td><td>89,040</td></tr><tr><td>Funds applied to lose on operations</td><td>2,356,686</td><td>903,288</td><td>1,453,398</td></tr></table>
1. Less than $500.
2/ Represents net expenditures from appropriated funds.
3/ The increase in working capital and deferred items is shown below under "Application of Funds".
4/ For additional information, see the adjustments of net income or loss at bottom of table.
5/ Funds applied to lose on operations are shown below under "Application of Funds".
6/ After adjustment for non-cash, prior year, and other items.
1/ Negative figures indicate net loss.
8/ This figure excludes United States Maritime Commission; the corresponding figure in the preceding statement of income and expenses includes the United States Maritime Commission.
9/ Negative figures indicate capital gain.
April 1946
71
Section I
- Sources and Application of Funds of Corporations and Certain Other Agencies of the United States Government, for the Six Months Ended December 31, 1945 - (Continued)
Table 2.- Corporations 1/ (in thousands of dollars)
<table><tr><th></th><th>Total</th><th colspan="2">Executive Office of the President Office for Agency Management</th><th>Commodity Credit Corporation</th><th colspan="3">Department of Agriculture (continued on following page) Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th>Office of Inter-American Affairs 2/</th><th>Smaller War Plants Corporation</th><th></th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 3/</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>1,136,300</td><td>-</td><td>-</td><td>518,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>657,969</td><td>-</td><td>-</td><td>-</td><td>34,506</td><td>-</td><td>172,300</td></tr><tr><td>From public</td><td>710,763</td><td>-</td><td>-</td><td>157,590</td><td>8,450</td><td>199,795</td><td>244,428</td></tr><tr><td>Total borrowings</td><td>2,505,031</td><td>-</td><td>-</td><td>675,590</td><td>42,956</td><td>199,795</td><td>416,728</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>30,350</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>177,943</td><td>3,943</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>14,402</td><td>116</td><td>-</td><td>-</td><td>4,171</td><td>-</td><td>5,207</td></tr><tr><td>Total capital and surplus subscriptions</td><td>222,696</td><td>4,060</td><td>-</td><td>-</td><td>4,171</td><td>-</td><td>5,207</td></tr><tr><td>Appropriations 4/</td><td>28,325</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>334,288</td><td>-</td><td>-</td><td>-</td><td>5,791</td><td>16,168</td><td>38,196</td></tr><tr><td>Securities of Government agencies</td><td>2,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,000</td></tr><tr><td>Other securities</td><td>26,945</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>363,233</td><td>-</td><td>-</td><td>-</td><td>5,791</td><td>16,168</td><td>39,196</td></tr><tr><td>Repayments on loans</td><td>1,934,107</td><td>13</td><td>42,356</td><td>108,667</td><td>184,364</td><td>454,431</td><td>129,187</td></tr><tr><td>Sale of acquired security or collateral</td><td>17,004</td><td>-</td><td>-</td><td>-</td><td>7</td><td>-</td><td>2,829</td></tr><tr><td>Decrease in working capital and deferred items 5/</td><td>926,673 5/</td><td>3,619</td><td>-</td><td>506,843</td><td>8,782</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations 6/ 7/ 8/.</td><td>115,114 7/</td><td>-</td><td>-</td><td>-</td><td>1,533</td><td>393</td><td>10,727</td></tr><tr><td>Other sources</td><td>153,983</td><td>14</td><td>721</td><td>42,711</td><td>3 2/</td><td>5 2/</td><td>376 2/</td></tr><tr><td>Total funds provided</td><td>6,266,167</td><td>7,906</td><td>43,077</td><td>1,333,812</td><td>247,608</td><td>670,792</td><td>604,250</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>1,529,674</td><td>-</td><td>-</td><td>852,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>554,469</td><td>-</td><td>-</td><td>-</td><td>14,621</td><td>-</td><td>172,300</td></tr><tr><td>To public</td><td>714,206</td><td>-</td><td>-</td><td>101,489</td><td>500</td><td>227,840</td><td>293,055</td></tr><tr><td>Total repayment of borrowings</td><td>2,798,349</td><td>-</td><td>-</td><td>953,489</td><td>15,121</td><td>227,840</td><td>465,355</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>82,582</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19,598</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>11,830</td><td>-</td><td>-</td><td>-</td><td>3,248</td><td>-</td><td>8,130</td></tr><tr><td>Total repayment of paid-in capital</td><td>94,412</td><td>-</td><td>-</td><td>-</td><td>3,248</td><td>-</td><td>27,728</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>322,773</td><td>-</td><td>-</td><td>-</td><td>5,624</td><td>22,372</td><td>21,504</td></tr><tr><td>Securities of Government agencies</td><td>998</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>323,816</td><td>-</td><td>-</td><td>-</td><td>5,624</td><td>22,372</td><td>21,504</td></tr><tr><td>Loans made</td><td>1,784,644</td><td>118</td><td>31,053</td><td>133,389</td><td>223,610</td><td>410,393</td><td>83,632</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>3,569</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>617</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>150,016</td><td>4</td><td>543</td><td>2,074</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Increase in working capital and deferred items</td><td>136,749</td><td>-</td><td>9,131</td><td>-</td><td>-</td><td>9,999</td><td>2,429</td></tr><tr><td>Funds applied to lose on operations 6/ 8/.</td><td>903,288 6/</td><td>7,784</td><td>2,349</td><td>244,859</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other applications</td><td>71,323</td><td>-</td><td>-</td><td>-</td><td>-</td><td>189 9/</td><td>2,974 9/</td></tr><tr><td>Total funds applied</td><td>6,266,167</td><td>7,906</td><td>43,077</td><td>1,333,812</td><td>247,608</td><td>670,792</td><td>604,250</td></tr><tr><td>Adjustments of net income (or loss)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss 10/)</td><td>-777,543</td><td>-7,840</td><td>-3,975</td><td>-268,928</td><td>1,696</td><td>834</td><td>11,335</td></tr><tr><td>Depreciation and obsolescence</td><td>9,304</td><td>-</td><td>863</td><td>581</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Assets charged off</td><td>3,835</td><td>55</td><td>296</td><td>610</td><td>1</td><td>-</td><td>16</td></tr><tr><td>Capital gains 11/ and losses</td><td>-6,683</td><td>-</td><td>155</td><td>-</td><td>-208</td><td>-436</td><td>-1,049</td></tr><tr><td>Adjustments of valuation reserves</td><td>437</td><td>-</td><td>74</td><td>-3,851</td><td>44</td><td>-4</td><td>425</td></tr><tr><td>Other adjustments</td><td>-17,525</td><td>-</td><td>237</td><td>26,729</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Fund provided by profit on operations</td><td>115,114</td><td>-</td><td>-</td><td>-</td><td>1,533</td><td>393</td><td>10,727</td></tr><tr><td>Funds applied to lose on operations</td><td>903,288</td><td>7,784</td><td>2,349</td><td>244,859</td><td>-</td><td>-</td><td>-</td></tr></table>
Less than $500. 1/ Consists of corporations in which the United States Government has a proprietary interest, direct or indirect, except Federal savings and loan associations and those corporations in which the proprietary interest of the United States is evidenced only by preferred stock or capital notes acquired through the Reconstruction Finance
2/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Precinradio, Inc.
3/ Includes funds of Federal Land Banks of Springfield, Ill., Louisville, Ky., New Orleans, La., St. Louis, Mo., Omaha, Nebr.
(Continued on following page)
72
Treasury Bulletin
Section II
Sources and Application of Funds of Corporations and Certain Other Agencies of the
United States Government, for the Six Months Ended December 31, 1945 - (Continued)
Table 2.
Corporations1/ - (Continued)
(In thousands 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>Federal Agricultural Credit Corporation of Washington, D. C.</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation</th><th>Inland Waterways Corporation 12/</th><th>The Virgin Islands Company</th><th>Federal Prison Industries, Inc.</th></tr><tr><th>Production credit corporations</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>222,300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>85</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>222,300</td><td>-</td><td>-</td><td>-</td><td>85</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>350</td><td>-</td><td>30,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>350</td><td>-</td><td>30,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations</td><td>-</td><td>-</td><td>-</td><td>7,415</td><td>-</td><td>-</td><td>3</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>80,196</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>402</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sales or collection of investments</td><td>80,597</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>-</td><td>7,707</td><td>90,335</td><td>-</td><td>-</td><td>17</td><td>-</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>-</td><td>29</td><td>1,553</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td>-</td><td>64</td><td>-</td><td>-</td><td>-</td><td>185</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations 6/ 7/ 8/</td><td>3 2/</td><td>7 2/</td><td>3,380</td><td>-</td><td>-</td><td>2</td><td>1,048</td><td>91</td></tr><tr><td>Other sources</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>80,601</td><td>8,197</td><td>317,568</td><td>37,415</td><td>2</td><td>219</td><td>88</td><td>1,139</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>254,300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>2,627</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>-</td><td>256,927</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>50,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>-</td><td>-</td><td>50,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>79,991</td><td>40</td><td>-</td><td>-</td><td>-</td><td>150</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>80,036</td><td>40</td><td>-</td><td>-</td><td>-</td><td>150</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td>-</td><td>4,953</td><td>6,163</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>49</td><td>533</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>-</td><td>-</td><td>10,502</td><td>2</td><td>7</td><td>8</td><td>144</td></tr><tr><td>Increase in working capital and deferred items</td><td>55</td><td>3,155</td><td>3,945</td><td>6,912</td><td>2</td><td>62</td><td>59</td><td>851</td></tr><tr><td>Funds applied to loss on operations 6/ 7/ 8/</td><td>510</td><td>-</td><td>3 2/</td><td>20,000</td><td>-</td><td>-</td><td>21</td><td>114</td></tr><tr><td>Other applications</td><td>- 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>80,601</td><td>8,197</td><td>317,568</td><td>37,415</td><td>2</td><td>219</td><td>88</td><td>1,139</td></tr><tr><td>Adjustments of net income (or losses)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss 10/)</td><td>2,466</td><td>75</td><td>421</td><td>-6,924</td><td>-</td><td>-355</td><td>-18</td><td>902</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>622</td><td>123</td><td>12</td><td>-</td><td>292</td><td>5</td><td>151</td></tr><tr><td>Assets charged off</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains 11/ and losses</td><td>-2,962</td><td>-</td><td>71</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-14</td><td>-633</td><td>2,766</td><td>-</td><td>-</td><td>1</td><td>-9</td><td>-5</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>64</td><td>3,380</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,048</td></tr><tr><td>Funds applied to loss on operations</td><td>510</td><td>-</td><td>3 2/</td><td>6,912</td><td>-</td><td>62</td><td>21</td><td>-</td></tr></table>
Wichita, Kane, Houston, Tex., Berkeley, Calif., and Spokane, Wash. which have retired the capital stock and paid-in surplus previously held by the United States Government.
Represents net expenditures from appropriated funds.
The increase in working capital and deferred items is shown below under "Application of funds".
6/ For additional information, see the adjustments of net income or loss shown at bottom of table.
1/ Funds applied to lose on operations are shown below under "Application of funds".
8/ After adjustment for non-cash, prior year, and other items.
9/ Figures are shown net.
(Continued on following page)
April 1946
73
Section II - Sources and Application of Funds of Corporations and Certain Other Agencies of the United States Government, for the Six Months Ended December 31, 1945 - (Continued)
Table 2.- Corporations1/ - (Continued)
(In thousands of dollars)
<table><tr><th></th><th colspan="2">Department of War</th><th colspan="5">Federal Loan Agency</th></tr><tr><th></th><th>United States Spruce Production Corporation 13/</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th>Reconstruction Finance Corporation 14/</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>Other 15/</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>396,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>928</td><td>449,949</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>-</td><td>396,000</td><td>-</td><td>928</td><td>449,949</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>-</td><td>-</td><td>-</td><td>174,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>-</td><td>-</td><td>174,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations 16/</td><td>-</td><td>-</td><td>-</td><td>23</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>-</td><td>-</td><td>1,379</td><td>25,842</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>-</td><td>1,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>21,731</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>-</td><td>-</td><td>1,379</td><td>48,572</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>-</td><td>15,961 16/</td><td>4,652</td><td>649,717</td><td>2,642</td><td>21,893</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>6</td><td>13,488</td><td>5,294</td><td>4,307</td><td>5</td><td>509</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items 5/</td><td>-</td><td>3,400</td><td>-</td><td>384,172</td><td>-</td><td>549</td><td>24</td></tr><tr><td>Funds provided by profit on operations 6/ 7/ 8/</td><td>*</td><td>-</td><td>57,681</td><td>-</td><td>34</td><td>737</td><td>4,375</td></tr><tr><td>Other sources</td><td>-</td><td>-</td><td>-</td><td>97,755</td><td>-</td><td>-</td><td>827</td></tr><tr><td>Total funds provided</td><td>6</td><td>32,849</td><td>69,007</td><td>1,754,547</td><td>2,680</td><td>24,616</td><td>455,175</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>290,392</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>20,148</td><td>343,654</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>-</td><td>-</td><td>290,402</td><td>-</td><td>20,148</td><td>343,654</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>-</td><td>-</td><td>63,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>998</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>-</td><td>-</td><td>63,000</td><td>-</td><td>-</td><td>998</td><td>-</td></tr><tr><td>Loans made</td><td>-</td><td>30,236 16/</td><td>814</td><td>686,649</td><td>18</td><td>2,443</td><td>2,366</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>-</td><td>412</td><td>672</td><td>*</td><td>1,026</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>1</td><td>-</td><td>133,801</td><td>-</td><td>-</td><td>279</td></tr><tr><td>Increase in working capital and deferred items</td><td>-</td><td>-</td><td>4,772</td><td>-</td><td>2,662</td><td>-</td><td>77,185</td></tr><tr><td>Funds applied to loss on operations 6/ 8/</td><td>6</td><td>-</td><td>-</td><td>636,601</td><td>-</td><td>-</td><td>4,184</td></tr><tr><td>Other applications</td><td>-</td><td>2,610</td><td>9</td><td>6,432</td><td>-</td><td>-</td><td>27,507</td></tr><tr><td>Total funds applied</td><td>6</td><td>32,849</td><td>69,007</td><td>1,754,547</td><td>2,680</td><td>24,616</td><td>455,175</td></tr><tr><td>Adjustments of net income (or loss)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss 10/)</td><td>-6</td><td>3,400</td><td>57,681</td><td>-575,188</td><td>35</td><td>671</td><td>-18,457</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>1</td><td>-</td><td>95</td><td>-</td><td>62</td><td>-</td></tr><tr><td>Assets charged off</td><td>-</td><td>-</td><td>-</td><td>2,029</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains 11/ and losses</td><td>-</td><td>-</td><td>-21</td><td>-2,145</td><td>-1</td><td>-</td><td>2,300</td></tr><tr><td>Adjustments of valuation reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>16,348</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>21</td><td>-61,121</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>3,400</td><td>57,681</td><td>-</td><td>34</td><td>737</td><td>4,375</td></tr><tr><td>Funds applied to loss on operations</td><td>6</td><td>-</td><td>-</td><td>636,601</td><td>-</td><td>-</td><td>4,184</td></tr></table>
10/ Negative figures indicate net loss.
11/ Negative figures indicate capital gain.
12/ Figures are for the five months ended November 30, 1945, and include funds of Warrior River Terminal Company, Inc., a wholly owned subsidiary.
13/ World War I corporation in liquidation.
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. 
Includes War Assets Corporation (formerly Petroleum Reserves
(Continued on following page)
74
Treasury Bulletin
Section 11
Sources and Application of Funds of Corporations and Certain Other Agencies of the
United States Government, for the Six Months Ended December 31, 1945 - (Continued)
Table 2. - Corporations1/ - (Continued)
(In thousands of dollars)
<table><tr><th colspan="8">National Housing Agency</th></tr><tr><th></th><th colspan="4">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliate</th><th>Panama Railroad Company</th><th>Tennessee Valley Associated Cooperative, Inc.</th><th>Tennessee Valley Authority</th></tr><tr><th></th><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>United States Housing Corporation 17/</th><th>Federal Public Housing Authority 18/</th><th>Defense Homes Corporation</th><th></th><th></th><th></th></tr><tr><td colspan="9">Sources of funds</td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>200</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>100,500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>100,500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>200</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>4,908</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>4,908</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations 1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,255</td><td>-</td><td>-</td><td>-</td><td>18,629</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>165,176</td><td>1,500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>4,613</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>165,176</td><td>1,500</td><td>4,613</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>103,190</td><td>815</td><td>114,257</td><td>-</td><td>4,326</td><td>18</td><td>-</td><td>9</td><td>367</td></tr><tr><td>Sale of acquired security or collateral</td><td>-</td><td>1,656</td><td>1,656</td><td>-</td><td>-</td><td>-</td><td>827</td><td>16</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items 5/</td><td>-</td><td>7,577</td><td>7,577</td><td>386</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations 5/ 7/ 8/</td><td>1,616</td><td>4,676</td><td>13,569</td><td>-</td><td>120</td><td>649</td><td>2,013</td><td>2</td><td>9,097</td></tr><tr><td>Other sources</td><td>-</td><td>-</td><td>15</td><td>-</td><td>8,008</td><td>2,864</td><td>2</td><td>-</td><td>560</td></tr><tr><td>Total funds provided</td><td>375,389</td><td>6,991</td><td>141,886</td><td>386</td><td>14,708</td><td>3,731</td><td>2,842</td><td>27</td><td>28,653</td></tr><tr><td colspan="9">Application of funds</td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>132,982</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,735</td><td>-</td><td>-</td><td>1,000</td></tr><tr><td>To public</td><td>82,000</td><td>-</td><td>6,685</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>82,000</td><td>-</td><td>139,667</td><td>-</td><td>-</td><td>2,735</td><td>-</td><td>-</td><td>1,000</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>386</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,598</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>452</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>452</td><td>-</td><td>-</td><td>386</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,598</td></tr><tr><td>Purchases of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>122,652</td><td>6,750</td><td>-</td><td>-</td><td>-</td><td>-</td><td>690</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>122,652</td><td>6,750</td><td>-</td><td>-</td><td>-</td><td>-</td><td>690</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td>166,396</td><td>-</td><td>1,960</td><td>-</td><td>423</td><td>-</td><td>-</td><td>27</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>6</td><td>251</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,594</td><td>387</td><td>31</td><td>-</td><td>8,143</td></tr><tr><td>Increase in working capital and deferred items</td><td>2,466</td><td>235</td><td>-</td><td>-</td><td>2,032</td><td>325</td><td>-</td><td>-</td><td>6,913</td></tr><tr><td>Funds applied to loss on operations 6/ 8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other applications</td><td>1,423</td><td>8</td><td>8</td><td>-</td><td>7,659</td><td>285</td><td>2,120</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>375,389</td><td>6,991</td><td>141,886</td><td>386</td><td>14,708</td><td>3,731</td><td>2,842</td><td>27</td><td>28,553</td></tr><tr><td colspan="9">Adjustments of net income (or loss)</td></tr><tr><td>Net income (or loss 10/)</td><td>2,769</td><td>4,676</td><td>12,643</td><td>-</td><td>-88</td><td>73</td><td>1,591</td><td>2</td><td>2,958</td></tr><tr><td>Depreciation and obsolescence</td><td>83</td><td>-4</td><td>27</td><td>-</td><td>-</td><td>766</td><td>422</td><td>-</td><td>6,029</td></tr><tr><td>Assets charged off</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains 11/ and losses</td><td>-1,236</td><td>1</td><td>1,574</td><td>-</td><td>-</td><td>-156</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-</td><td>-</td><td>-675</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>208</td><td>-34</td><td>-</td><td>-</td><td>100</td></tr><tr><td>Funds provided by profit on operations</td><td>1,616</td><td>4,676</td><td>13,569</td><td>-</td><td>120</td><td>649</td><td>2,013</td><td>2</td><td>9,097</td></tr><tr><td>Funds applied to loss on operations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Corporation), Rubber Development Corporation and U. S. Commercial Company, which were transferred to E. F. C. from Foreign Economic Administration under E.O. No. 9630; and War Damage Corporation.
Excludes loans made by commercial banks on behalf of the Export-Import Bank under agency agreements.
17 All assets and liabilities liquidated.
18 Figures are for the five months ended November 30, 1945, and representing activities under U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 3.
April 1946
75
Section II - Sources and Application of Funds of Corporations and Certain Other Agencies of the
United States Government, for the Six Months Ended December 31, 1945 - (Continued)
Table 3.- Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total 1/</th><th>Executive Office of the President Office for Emergency Management War Shipping Administration 2/</th><th>Department of Agriculture Farm Credit Administration 3/</th><th>Farm Security Administration</th><th>Rural Electrification Administration</th><th>Department of the Interior 4/</th><th>National Housing Agency 2/</th><th>Federal Housing Administration</th><th>United States Maritime Commission 6/</th><th>Other 1/</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From Government agencies</td><td>82,573</td><td>-</td><td>-</td><td>50,575</td><td>31,000</td><td>-</td><td>-</td><td>998</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>6,193</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,193</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>88,766</td><td>-</td><td>-</td><td>50,575</td><td>31,000</td><td>-</td><td>-</td><td>7,191</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations 5/</td><td>2,100,949</td><td>1,868,291</td><td>-10,875</td><td>15,073</td><td>6,606</td><td>-200</td><td>39,399</td><td>-</td><td>-</td><td>182,656</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>30</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>1,357,374</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,357,374</td></tr><tr><td>Other securities</td><td>674</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>673</td></tr><tr><td>Total sale or collection of investments</td><td>1,358,078</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>1,358,046</td></tr><tr><td>Repayments on loans</td><td>156,718</td><td>-</td><td>17,255</td><td>68,361</td><td>5,523</td><td>569</td><td>348</td><td>3,412</td><td>-</td><td>61,251</td></tr><tr><td>Sale of acquired security or collateral</td><td>11,938</td><td>-</td><td>125</td><td>555</td><td>-</td><td>-</td><td>-</td><td>11,257</td><td>-</td><td>1</td></tr><tr><td>Decrease in working capital and deferred items 9/</td><td>47,6629</td><td>-</td><td>-</td><td>-</td><td>571</td><td>72</td><td>46,576</td><td>-</td><td>-</td><td>143</td></tr><tr><td>Funds provided by profit on operations 10/11/12/</td><td>89,04011</td><td>-</td><td>44</td><td>-</td><td>61</td><td>-</td><td>363</td><td>9,272</td><td>-</td><td>79,301</td></tr><tr><td>Other sources</td><td>127,135</td><td>113,585</td><td>-</td><td>9,555</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,995</td></tr><tr><td>Total funds provided</td><td>3,980,287</td><td>1,981,876</td><td>6,549</td><td>144,118</td><td>43,761</td><td>441</td><td>86,685</td><td>31,164</td><td>6/</td><td>1,685,693</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To Government agencies</td><td>555,898</td><td>-</td><td>-</td><td>-</td><td>7,770</td><td>-</td><td>-</td><td>-</td><td>-</td><td>548,128</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>555,898</td><td>-</td><td>-</td><td>-</td><td>7,770</td><td>-</td><td>-</td><td>-</td><td>-</td><td>548,128</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>1,094</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24</td><td>616</td><td>-</td><td>124</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>9,400</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,400</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>964,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>964,000</td></tr><tr><td>Other securities</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>973,401</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,401</td><td>-</td><td>964,000</td></tr><tr><td>Loans made</td><td>135,047</td><td>-</td><td>2,390</td><td>37,840</td><td>35,975</td><td>304</td><td>3,713</td><td>1,196</td><td>-</td><td>53,629</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>14,560</td><td>-</td><td>9</td><td>551</td><td>-</td><td>-</td><td>-</td><td>14,001</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>635,876</td><td>539,555</td><td>-</td><td>1,082</td><td>10</td><td>-</td><td>56,773</td><td>11</td><td>-</td><td>38,146</td></tr><tr><td>Increase in working capital and deferred items</td><td>127,502</td><td>21,366</td><td>315</td><td>81,098</td><td>-</td><td>-</td><td>14</td><td>5,909</td><td>-</td><td>18,771</td></tr><tr><td>Funds applied to loss on operations 10/12/</td><td>1,453,39810</td><td>1,420,930</td><td>1,553</td><td>18,903</td><td>6</td><td>133</td><td>25,282</td><td>-</td><td>-</td><td>61,110</td></tr><tr><td>Other applications</td><td>83,511</td><td>25</td><td>2,252</td><td>-</td><td>-</td><td>4</td><td>880</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>3,980,287</td><td>1,981,876</td><td>6,549</td><td>144,118</td><td>43,761</td><td>141</td><td>86,685</td><td>31,164</td><td>6/</td><td>1,685,693</td></tr><tr><td>Adjustments of net income (or loss)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss) 13/</td><td>-932,14214/</td><td>-984,331</td><td>3,185</td><td>-10,310</td><td>-31</td><td>-333</td><td>-24,919</td><td>8,866</td><td>-</td><td>75,732</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>1,915</td><td>40</td><td>-</td><td>228</td><td>-</td><td>-</td><td>-</td><td>13</td></tr><tr><td>Assets charged off</td><td>2,197</td><td>-</td><td>-</td><td>2,146</td><td>-</td><td>-</td><td>-</td><td>571</td><td>-</td><td>-</td></tr><tr><td>Capital gains 15/ and losses</td><td>2,714</td><td>-</td><td>-3</td><td>3,478</td><td>92</td><td>-29</td><td>-</td><td>-165</td><td>-</td><td>3,207</td></tr><tr><td>Adjustments of valuation reserves</td><td>-21</td><td>-</td><td>-6,605</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-95</td></tr><tr><td>Other adjustments</td><td>-437,105</td><td>-436,599</td><td>-1</td><td>-</td><td>61</td><td>-</td><td>353</td><td>9,272</td><td>6/</td><td>79,701</td></tr><tr><td>Funds provided by profit on operations</td><td>89,040</td><td>-</td><td>114</td><td>-</td><td>61</td><td>-</td><td>353</td><td>9,272</td><td>6/</td><td>79,701</td></tr><tr><td>Funds applied to loss on operations</td><td>1,453,398</td><td>1,420,930</td><td>1,553</td><td>18,903</td><td>-</td><td>133</td><td>25,282</td><td>-</td><td>6/</td><td>854</td></tr></table>
1/ Excludes United States Maritime Commission and Puerto Rico Reconstruction Administration.
2/ Figures are for the five months ended November 30, 1945, with exception of Land-Lease and U.S.S.R.A. activities.
3/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
4/ Consists of Indian loans, Puerto Rican Hurricane Relief Loan Section. Information not available for Puerto Rico Reconstruction Administration.
5/ Consists of Public Works Administration and War Public Works, community facilities.
6/ Information not available.
7/ Consists of Navy Department, sale of surplus supplies (World War I), and guaranteed loans (World War II); War Department, guaranteed loans (World War II); Federal Public Housing Authority, war housing
and substance homestende; Federal Security Agency, loans to students; and Treasury Department, miscellaneous loans and certain other assets.
g/ Represents net expenditures from appropriated funds.
9/ The increase in working capital and deferred items is shown below under "Application of Funds".
10/ For additional information, see the adjustments of net income or loss at bottom of table.
11/ Funds applied to loss on operations are shown below under "Application of Funds".
12/ After adjustment for non-cash, prior year, and other items.
13/ Negative figures indicate net loss.
14/ This figure excludes the United States Maritime Commission; the corresponding figure in the preceding statement of income and expense includes the United States Maritime Commission.
15/ Negative figures indicate capital galo.
76
Treasury Bulletin
INTERNAL REVENUE STATISTICS
April 1946
77
Summary of Internal Revenue Collections 1/
(In thousands of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total receipts from internal revenue (Daily Treasury Statement)</th><th rowspan="2">Adjustment to Daily Treasury Statement</th><th rowspan="2">Total internal revenue collections</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><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 Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><td>1936</td><td>3,512,852</td><td>+18,521</td><td>3,494,331</td><td>1,427,446</td><td>674,416</td><td>738,521</td><td>14,509</td><td>48</td><td>-</td><td>-</td><td>48</td></tr><tr><td>1937</td><td>4,597,140</td><td>-37,168</td><td>4,634,308</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>1,286,322</td><td>1,299,332</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,835</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,772</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>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,688</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>166,489</td><td>284,758</td></tr><tr><td>1945-February</td><td>3,814,557</td><td>-170,735</td><td>3,985,292</td><td>3,157,954</td><td>2,726,523</td><td>425,366</td><td>6,065</td><td>317,412</td><td>194,263</td><td>106,572</td><td>16,577</td></tr><tr><td>March</td><td>6,431,321</td><td>+613,540</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>1,989,318</td><td>407,123</td><td>9,885</td><td>296,726</td><td>256,314</td><td>10,330</td><td>30,082</td></tr><tr><td>June</td><td>5,364,393</td><td>+743,245</td><td>4,641,148</td><td>4,025,296</td><td>1,208,613</td><td>2,795,700</td><td>20,983</td><td>44,020</td><td>4,428</td><td>1,129</td><td>38,464</td></tr><tr><td>July</td><td>2,526,623</td><td>-631,609</td><td>3,158,232</td><td>2,241,907</td><td>1,587,872</td><td>646,443</td><td>7,592</td><td>125,471</td><td>117,656</td><td>5,093</td><td>2,722</td></tr><tr><td>August</td><td>2,848,726</td><td>-165,959</td><td>3,014,684</td><td>1,916,334</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>1,859</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>213,343</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><tr><td>February</td><td>3,683,858</td><td>-418,248</td><td>4,102,106</td><td>3,206,274</td><td>2,839,049</td><td>363,553</td><td>3,672</td><td>299,140</td><td>183,223</td><td>98,737</td><td>17,175</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>2,186,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>80,161</td><td>-</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502</td><td>-</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td><td>-</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td><td>-</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,015</td><td>732,332</td><td>-</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>511,210</td><td>1,618,045</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,401</td><td>-</td></tr><tr><td>1945</td><td>6,959,634</td><td>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-February</td><td>509,926</td><td>247</td><td>37,445</td><td>194,594</td><td>66,047</td><td>5,893</td><td>115,946</td><td>89,755</td><td>-</td></tr><tr><td>March</td><td>560,337</td><td>409</td><td>89,153</td><td>170,878</td><td>73,621</td><td>5,546</td><td>104,199</td><td>116,530</td><td>-</td></tr><tr><td>April</td><td>516,871</td><td>409</td><td>75,473</td><td>171,062</td><td>67,625</td><td>5,435</td><td>96,517</td><td>100,350</td><td>-</td></tr><tr><td>May</td><td>570,842</td><td>(-67)</td><td>64,298</td><td>180,164</td><td>83,025</td><td>5,983</td><td>116,192</td><td>121,246</td><td>-</td></tr><tr><td>June</td><td>571,832</td><td>261</td><td>61,807</td><td>190,852</td><td>93,230</td><td>6,300</td><td>103,697</td><td>115,686</td><td>-</td></tr><tr><td>July</td><td>790,854</td><td>104,924</td><td>49,324</td><td>198,335</td><td>83,658</td><td>5,870</td><td>120,739</td><td>228,004</td><td>-</td></tr><tr><td>August</td><td>824,199</td><td>208,936</td><td>68,601</td><td>198,621</td><td>108,472</td><td>5,479</td><td>102,324</td><td>131,767</td><td>-</td></tr><tr><td>September</td><td>531,352</td><td>6,742</td><td>33,516</td><td>198,497</td><td>100,738</td><td>5,500</td><td>93,471</td><td>92,888</td><td>-</td></tr><tr><td>October</td><td>705,907</td><td>30,015</td><td>44,391</td><td>242,799</td><td>119,534</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><tr><td>February</td><td>596,692</td><td>111</td><td>53,690</td><td>210,021</td><td>89,496</td><td>8,139</td><td>141,929</td><td>93,306</td><td>-</td></tr></table>
(1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943. 3/ Includes income tax collections on Alaskan Railroads. The excess 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 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the Carriers Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1935.
78
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury. Division of Research and Statistics
B-165-F
April 1946
79
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 8 months</th><th>February 1945</th><th>February 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>Income and profits taxes: 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>7,489,868</td><td>7,719,412</td><td>1,891,502</td><td>1,847,562</td></tr><tr><td>Revenue Act of 1942</td><td>784,997</td><td>802</td><td>761</td><td>105</td><td>27</td><td>3</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>10,253,831</td><td>8,567,147</td><td>4,595,852</td><td>4,987,540</td><td>758,906</td><td>949,204</td></tr><tr><td>Back</td><td>183,740</td><td>202,947</td><td>168,007</td><td>240,419</td><td>76,088</td><td>42,279</td></tr><tr><td>Total individual income taxes</td><td>18,261,005</td><td>19,034,313</td><td>12,254,488</td><td>12,947,475</td><td>2,726,523</td><td>2,839,049</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>2,378,355</td><td>2,109,346</td><td>56,966</td><td>(-2,668)</td></tr><tr><td>Back</td><td>521,431</td><td>458,034</td><td>301,971</td><td>540,254</td><td>67,016</td><td>130,232</td></tr><tr><td>Excise profits taxes (Second Revenue Act of 1940, as amended)</td><td>9,345,198</td><td>11,003,520</td><td>6,200,724</td><td>5,080,200</td><td>301,384</td><td>235,989</td></tr><tr><td>Total corporation taxes</td><td>14,629,344</td><td>15,883,235</td><td>8,881,049</td><td>7,729,800</td><td>425,366</td><td>363,553</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>90,040</td><td>58,122</td><td>6,062</td><td>3,672</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>101</td><td>15</td><td>3</td><td>1</td></tr><tr><td>Total miscellaneous profits taxes</td><td>137,452</td><td>143,978</td><td>90,741</td><td>58,137</td><td>6,065</td><td>3,672</td></tr><tr><td>Total income and profits taxes</td><td>33,027,802</td><td>35,061,526</td><td>21,226,279</td><td>20,735,412</td><td>3,157,954</td><td>3,206,274</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 5/</td><td>1,290,025</td><td>1,307,931</td><td>941,484</td><td>895,449</td><td>194,263</td><td>183,229</td></tr><tr><td>Unemployment insurance 6/</td><td>183,337</td><td>186,489</td><td>166,736</td><td>155,814</td><td>106,572</td><td>98,737</td></tr><tr><td>Total Social Security taxes</td><td>1,473,361</td><td>1,494,420</td><td>1,108,220</td><td>1,051,262</td><td>300,835</td><td>281,965</td></tr><tr><td>Railroad retirement 7/</td><td>265,011</td><td>284,798</td><td>162,190</td><td>162,181</td><td>16,577</td><td>17,175</td></tr><tr><td>Total employment taxes</td><td>1,738,372</td><td>1,779,177</td><td>1,270,350</td><td>1,213,444</td><td>317,412</td><td>299,140</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>370,987</td><td>352,354</td><td>247</td><td>111</td></tr><tr><td>Estate tax</td><td>473,466</td><td>596,137</td><td>345,134</td><td>391,073</td><td>35,207</td><td>52,991</td></tr><tr><td>Gift tax</td><td>37,745</td><td>46,918</td><td>7,190</td><td>8,843</td><td>2,238</td><td>749</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>119,191</td><td>77,066</td><td>11,137</td><td>10,010</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>611,835</td><td>1,284,613</td><td>903,551</td><td>1,070,339</td><td>114,931</td><td>137,182</td></tr><tr><td>Distilled spirits rectification tax</td><td>18,874</td><td>32,549</td><td>21,071</td><td>26,835</td><td>2,749</td><td>3,360</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>4,027</td><td>2,122</td><td>1,606</td><td>1,234</td><td>153</td><td>114</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>30,068</td><td>45,269</td><td>30,245</td><td>33,130</td><td>4,005</td><td>5,129</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940)</td><td>12</td><td>51</td><td>51</td><td>83</td><td>51</td><td>83</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>8,109</td><td>8,308</td><td>5,296</td><td>5,381</td><td>90</td><td>190</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>2</td><td>6</td><td>5</td><td>23</td><td>-</td><td>-</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>1,369</td><td>886</td><td>662</td><td>558</td><td>46</td><td>79</td></tr><tr><td>Container stamps</td><td>8,516</td><td>11,213</td><td>8,048</td><td>8,629</td><td>885</td><td>1,160</td></tr><tr><td>Floor taxes</td><td>85,834</td><td>83,343</td><td>81,974</td><td>613</td><td>17,544</td><td>36</td></tr><tr><td>Fermented malt liquors</td><td>559,152</td><td>638,682</td><td>423,128</td><td>461,111</td><td>42,974</td><td>52,625</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,375</td><td>3,130</td><td>2,077</td><td>2,078</td><td>30</td><td>53</td></tr><tr><td>Total alcoholic beverage taxes</td><td>1,618,045</td><td>2,309,804</td><td>1,596,908</td><td>1,687,140</td><td>194,994</td><td>210,021</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>24,083</td><td>26,602</td><td>3,063</td><td>3,489</td></tr><tr><td>Cigars (small)</td><td>107</td><td>84</td><td>59</td><td>47</td><td>(-52)</td><td>5</td></tr><tr><td>Cigarettes (large)</td><td>88</td><td>695</td><td>290</td><td>169</td><td>58</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>903,958</td><td>836,058</td><td>551,282</td><td>694,148</td><td>58,358</td><td>82,732</td></tr><tr><td>Stuff</td><td>7,692</td><td>7,741</td><td>5,003</td><td>4,999</td><td>701</td><td>571</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>45,269</td><td>49,574</td><td>33,125</td><td>29,781</td><td>3,806</td><td>2,629</td></tr><tr><td>Cigarette papers and tubes</td><td>1,164</td><td>1,390</td><td>798</td><td>1,641</td><td>102</td><td>69</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>6</td><td>2</td><td>1</td><td>-</td></tr><tr><td>Total tobacco taxes</td><td>988,483</td><td>932,145</td><td>614,645</td><td>757,389</td><td>66,047</td><td>89,496</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>21,148</td><td>27,653</td><td>2,666 r</td><td>3,772</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>17,096</td><td>24,852</td><td>15,808</td><td>20,512</td><td>2,683</td><td>3,562</td></tr><tr><td>Playing cards</td><td>7,414</td><td>7,493</td><td>5,291</td><td>6,452</td><td>540</td><td>791</td></tr><tr><td>Silver bullion sales or transfers</td><td>47</td><td>25</td><td>16</td><td>135</td><td>4</td><td>14</td></tr><tr><td>Total stamp taxes</td><td>50,800</td><td>65,528</td><td>42,263</td><td>54,752</td><td>5,893</td><td>8,139</td></tr></table>
(Continued on following page)
80
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections 1/ - (Continued
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 8 months</th><th>February 1945</th><th>February 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>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>In lubricating oils</td><td>52,473</td><td>92,865</td><td>52,034</td><td>53,255</td><td>5,839</td><td>5,567</td></tr><tr><td>Gasoline</td><td>271,217</td><td>405,563</td><td>263,532</td><td>279,945</td><td>31,608</td><td>32,423</td></tr><tr><td>Tires and tubes</td><td>40,309</td><td>75,257</td><td>47,120</td><td>66,288</td><td>5,307</td><td>7,124</td></tr><tr><td>Floor taxes on tires and tubes</td><td>25</td><td>*</td><td>*</td><td>18</td><td>*</td><td>-</td></tr><tr><td>Automobile trucks and buses</td><td>3,247</td><td>20,847</td><td>9,242</td><td>26,396</td><td>1,143</td><td>3,453</td></tr><tr><td>Other automobiles and motorcycles</td><td>1,222</td><td>2,558</td><td>1,393</td><td>4,516</td><td>178</td><td>424</td></tr><tr><td>Parts and accessories for automobiles</td><td>31,551</td><td>49,440</td><td>28,592</td><td>43,398</td><td>4,056</td><td>5,279</td></tr><tr><td>Electrical energy</td><td>51,239</td><td>57,004</td><td>37,766</td><td>38,259</td><td>4,241</td><td>4,979</td></tr><tr><td>Electric, gas, and oil appliances</td><td>5,027</td><td>12,060</td><td>6,512</td><td>12,851</td><td>810</td><td>2,110</td></tr><tr><td>Electric light bulbs and tubes</td><td>5,368</td><td>11,035</td><td>8,656</td><td>12,153</td><td>1,631</td><td>1,691</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>255</td><td>55</td><td>42</td><td>43</td><td>1</td><td>2</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>3,402</td><td>4,753</td><td>3,057</td><td>4,218</td><td>230</td><td>979</td></tr><tr><td>Phonograph records</td><td>1,889</td><td>2,015</td><td>1,221</td><td>1,943</td><td>157</td><td>251</td></tr><tr><td>Musical instruments</td><td>633</td><td>927</td><td>506</td><td>1,178</td><td>108</td><td>192</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>2,406</td><td>1,637</td><td>896</td><td>4,660</td><td>110</td><td>1,687</td></tr><tr><td>Matches</td><td>8,671</td><td>9,349</td><td>5,342</td><td>6,293</td><td>483</td><td>404</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>5,829</td><td>9,458</td><td>971</td><td>1,352</td></tr><tr><td>Furs - retailers' excise</td><td>58,726</td><td>79,418</td><td>57,304</td><td>68,403</td><td>12,077</td><td>13,819</td></tr><tr><td>Jewelry - retailers' excise</td><td>113,373</td><td>184,220</td><td>129,285</td><td>158,038</td><td>25,927</td><td>34,743</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>8,343</td><td>73,851</td><td>51,978</td><td>56,078</td><td>8,677</td><td>10,069</td></tr><tr><td>Luggage - manufacturers' excise (expended as of 4/1/44)</td><td>4,777</td><td>6</td><td>6</td><td>11</td><td>*</td><td>-</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>8</td><td>73</td><td>7</td><td>7</td><td>1</td><td>1</td></tr><tr><td>Photographic apparatus</td><td>11,907</td><td>19,288</td><td>10,248</td><td>12,567</td><td>1,050</td><td>1,680</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>295</td><td>228</td><td>198</td><td>109</td><td>2</td><td>*</td></tr><tr><td>Sporting goods</td><td>2,498</td><td>4,248</td><td>2,148</td><td>4,153</td><td>403</td><td>486</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>44,790</td><td>86,615</td><td>60,406</td><td>68,252</td><td>10,814</td><td>13,145</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>2,349</td><td>2,815</td><td>86</td><td>72</td></tr><tr><td>Pistols and revolvers</td><td>37</td><td>5</td><td>2</td><td>1</td><td>*</td><td>*</td></tr><tr><td>Repealed taxes not listed above</td><td>98</td><td>35</td><td>21</td><td>13</td><td>2</td><td>(-1)</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>728,694</td><td>1,206,616</td><td>786,010</td><td>935,290</td><td>115,946</td><td>141,929</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bituminous Coal Act of 1937</td><td>1,403</td><td>35</td><td>19</td><td>28</td><td>4</td><td>1</td></tr><tr><td>Sugar Act of 1937</td><td>68,789</td><td>73,294</td><td>50,617</td><td>38,439</td><td>6,594</td><td>3,653</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>wires, etc.</td><td>141,275</td><td>208,018</td><td>126,519</td><td>148,631</td><td>11,202</td><td>10,478</td></tr><tr><td>Local telephone service</td><td>90,199</td><td>133,569</td><td>84,063</td><td>91,878</td><td>8,016</td><td>7,683</td></tr><tr><td>Transportation of oil by pipe line</td><td>15,851</td><td>16,286</td><td>10,914</td><td>10,034</td><td>1,523</td><td>979</td></tr><tr><td>Transportation of persons, easte, berthe</td><td>153,683</td><td>234,182</td><td>160,592</td><td>157,892</td><td>17,472</td><td>19,503</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>215,488</td><td>221,088</td><td>146,502</td><td>147,524</td><td>15,101</td><td>15,458</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>134,326</td><td>128,701</td><td>119,963</td><td>115,701</td><td>159</td><td>134</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>352</td><td>336</td><td>202</td><td>179</td><td>1</td><td>2</td></tr><tr><td>Leases of safe-deposit boxes</td><td>6,594</td><td>7,311</td><td>4,659</td><td>5,086</td><td>766</td><td>856</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>178,563</td><td>300,589</td><td>199,781</td><td>222,705</td><td>21,528</td><td>25,243</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>26,726</td><td>56,877</td><td>37,881</td><td>47,361</td><td>4,770</td><td>6,224</td></tr><tr><td>Club dues and initiation fees</td><td>9,182</td><td>14,160</td><td>7,884</td><td>10,759</td><td>1,344</td><td>1,671</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>2,208</td><td>4,160</td><td>3,410</td><td>3,337</td><td>44</td><td>54</td></tr><tr><td>Coin operated devices</td><td>18,475</td><td>19,100</td><td>15,402</td><td>14,241</td><td>232</td><td>302</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour & filled cheese</td><td>18</td><td>58</td><td>24</td><td>40</td><td>5</td><td>1</td></tr><tr><td>Oleomargarine, including special taxes</td><td>4,084</td><td>5,503</td><td>3,746</td><td>3,370</td><td>409</td><td>321</td></tr><tr><td>Narcotics, including marihuana and special taxes</td><td>779</td><td>756</td><td>391</td><td>368</td><td>57</td><td>29</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>7,190</td><td>6,208</td><td>4,022</td><td>4,361</td><td>525</td><td>704</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>15</td><td>7</td><td>1</td><td>*</td></tr><tr><td>Total miscellaneous taxes</td><td>1,075,401</td><td>1,430,428</td><td>976,616</td><td>1,021,944</td><td>89,725</td><td>93,306</td></tr><tr><td>Total miscellaneous internal revenue</td><td>5,353,336</td><td>6,959,634</td><td>4,739,752</td><td>5,207,786</td><td>509,926</td><td>596,692</td></tr><tr><td>Total internal revenue collections</td><td>40,119,510</td><td>43,800,338</td><td>27,236,381</td><td>27,156,641</td><td>3,985,292</td><td>4,102,106</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+1,565,477</td><td>+101,604</td><td>-816,897</td><td>-1,127,633</td><td>-170,735</td><td>-128,248</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>41,684,987</td><td>43,902,002</td><td>26,419,484</td><td>26,029,008</td><td>3,814,557</td><td>3,683,858</td></tr></table>
Source: (1) Total receipts from internal revenues: Daily Treasury Statement; (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 filed.
4/ Current individual income tax collections for the fiscal year 1945 include payments on unforgiven portion of 1942 tax, due March 15, 1945, of $308,605 thousand for the period January 1, 1945 through April 30, 1945.
5/ Represents collections under the Federal Insurance Contributions Act.
6/ Represents collections under the Federal Unemployment Tax Act.
7/ Represents collections under the Carriers' Taxing Act of 1937.
8/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
April 1946
g1
MONETARY STATISTICS
Treasury Bulletin
82
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>582.4</td></tr><tr><td>1939</td><td>17,543.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,504.8</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-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>20,156.0</td><td>18,034.0</td><td>156.0</td><td>1,800.0</td><td>165.9</td></tr><tr><td>February p</td><td>20,232.2</td><td>18,099.7</td><td>156.0</td><td>1,800.0</td><td>176.4</td></tr></table>
Source: Daily Treasury Statement. p 1/ Preliminary. Comprises (1) gold certificates 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.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,118.7</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-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>20,004.9</td><td>3,512.8</td><td>14.9</td></tr><tr><td>1946-January</td><td>20,156.0</td><td>3,508.3</td><td>14.8</td></tr><tr><td>February p</td><td>20,232.2</td><td>3,508.6</td><td>14.8</td></tr></table>
Sources: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
April 1946
83
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $.29 per ounce</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 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>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.1</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>11.4</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-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>3,665.8</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>1,703.5</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</td><td>1,771.7</td><td>355.8</td><td>13.4</td><td>*</td><td>157.7</td><td>138.2</td><td>848.6</td><td>3,508.3</td></tr><tr><td>February p.</td><td>1,818.5</td><td>355.3</td><td>16.6</td><td>.1</td><td>139.6</td><td>138.6</td><td>849.3</td><td>3,508.6</td></tr></table>
Source: Dally Treasury Statement and Circulation Statement of United Statee Money. p Preliminary. * Less than $50,000. 1/ Valued at $1.29+ per ounce.
2/ Valued at $1.73+ per ounce.
3/ Valued at $1.33+ per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coin 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">Nationalized silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>-</td><td>-</td><td>355.4</td><td>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>1945-January</td><td>2.6</td><td>-</td><td>-</td><td>...</td><td>...</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2.2</td><td>-</td><td>-</td><td>...</td><td>...</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>2.8</td><td>-</td><td>-</td><td>...</td><td>...</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>2.9</td><td>-</td><td>-</td><td>...</td><td>...</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>3.2</td><td>-</td><td>-</td><td>...</td><td>...</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1.7</td><td>-</td><td>-</td><td>...</td><td>...</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>2.1</td><td>-</td><td>-</td><td>...</td><td>...</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>2.3</td><td>-</td><td>-</td><td>...</td><td>...</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>2.3</td><td>-</td><td>-</td><td>...</td><td>...</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>2.8</td><td>-</td><td>-</td><td>...</td><td>...</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><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><tr><td>1946-January</td><td>2.2</td><td>.3</td><td>.2</td><td>...</td><td>...</td><td>-</td><td>-</td><td>.3</td><td>.2</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; at 77.57+ cents from April 23, 1935 to December 31, 1937; at 64.64+ cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11+ cents since July 1, 1939.
3) Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938.
4) Acquired at various prices averaging approximately 51 cents per ounce.
Treasury Bulletin
84
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="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Novly-mined silver (Proc. Dec. 21, 1933)</th><th>Novly-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></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-February</td><td>367.7</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>692.5</td></tr><tr><td>March</td><td>369.1</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>670.9</td></tr><tr><td>April</td><td>380.1</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>646.2</td></tr><tr><td>May</td><td>394.0</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>589.2</td></tr><tr><td>June</td><td>400.0</td><td>48.7</td><td>87.6</td><td>65.5</td><td>584.3</td><td>34.7</td><td>820.8</td><td>575.0</td></tr><tr><td>July</td><td>403.2</td><td>48.7</td><td>87.6</td><td>65.5</td><td>619.0</td><td>34.7</td><td>855.5</td><td>510.7</td></tr><tr><td>August</td><td>409.9</td><td>48.7</td><td>87.6</td><td>65.5</td><td>627.2</td><td>34.7</td><td>863.7</td><td>491.6</td></tr><tr><td>September</td><td>414.7</td><td>48.7</td><td>87.6</td><td>65.5</td><td>647.9</td><td>34.7</td><td>889.4</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><tr><td>February</td><td>436.0</td><td>48.7</td><td>87.6</td><td>65.8</td><td>774.3</td><td>34.7</td><td>1,011.1</td><td>246.7</td></tr></table>
Source: Daily Treasury Statement. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
April 1946
85
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th 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 3/</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>190</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>564</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,511</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-February</td><td>25,751</td><td>24,593</td><td>53</td><td>1,583</td><td>1</td><td>330</td><td>21,964</td><td>590</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>1,533</td><td>1</td><td>321</td><td>22,384</td><td>537</td><td>121</td></tr><tr><td>May</td><td>26,528</td><td>25,331</td><td>52</td><td>1,652</td><td>1</td><td>322</td><td>22,621</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</td><td>27,917</td><td>26,627</td><td>51</td><td>1,827</td><td>1</td><td>307</td><td>23,867</td><td>487</td><td>117</td></tr><tr><td>February p</td><td>27,940</td><td>26,676</td><td>51</td><td>1,864</td><td>1</td><td>307</td><td>23,853</td><td>484</td><td>116</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>49.08</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>235</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-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>201.28</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</td><td>1,261</td><td>136</td><td>819</td><td>306</td><td>198.92</td></tr><tr><td>February</td><td>1,264</td><td>136</td><td>821</td><td>307</td><td>198.99</td></tr></table>
(1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1944, pages 774-777. Preliminary. 1/ Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of
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.
86
Treasury Bulletin
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES
April 1946
87
Capital Movements Between the United States and Foreign Countries
Section I - Summary
Table 1.- Summary of Net Capital Movement 1935 - 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balancee</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,412,486</td><td>964,629</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,195,922</td><td>397,342</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>801,915</td><td>255,594</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>415,256</td><td>331,268</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,383</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>706,380</td><td>852,928</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-496,923</td><td>-286,622</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>604,321</td><td>561,573</td><td>3,523</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>77,596</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-Oct. 31, 1945)</td><td>1,065,171</td><td>1,188,235</td><td>8,083</td><td>-116,779</td><td>-11,168</td></tr><tr><td>Total (Jan. 2, 1935-Oct. 31, 1945)</td><td>8,541,110</td><td>6,606,482</td><td>134,367</td><td>795,053</td><td>1,005,208</td></tr><tr><td>1942-January (Jan. 1-Jan. 28)</td><td>-66,927</td><td>-74,305</td><td>1,175</td><td>4,264</td><td>1,939</td></tr><tr><td>February (Jan. 29-Feb. 25)</td><td>-94,698</td><td>-88,565</td><td>-59</td><td>-4,782</td><td>-1,292</td></tr><tr><td>March (Feb. 26-Apr. 1)</td><td>13,345 1/</td><td>19,020 1/</td><td>2,297</td><td>-1,329</td><td>-6,643</td></tr><tr><td>April (Apr. 2-Apr. 29)</td><td>227,185</td><td>232,238</td><td>-370</td><td>1,687</td><td>-6,370</td></tr><tr><td>May (Apr. 30-June 3)</td><td>103,821</td><td>100,712</td><td>640</td><td>2,458</td><td>11</td></tr><tr><td>June (June 4-June 30)</td><td>81,881 2/</td><td>81,602 2/</td><td>1,692</td><td>2,961</td><td>-4,374 2/</td></tr><tr><td>July</td><td>47,282</td><td>58,078</td><td>-2,593</td><td>1,303</td><td>-9,506</td></tr><tr><td>August</td><td>57,345</td><td>48,413</td><td>251</td><td>9,427</td><td>-746</td></tr><tr><td>September</td><td>55,018</td><td>46,121</td><td>3,574</td><td>3,401</td><td>1,922</td></tr><tr><td>October</td><td>39,788</td><td>23,382</td><td>-3,331</td><td>8,146</td><td>11,591</td></tr><tr><td>November</td><td>66,905</td><td>57,538</td><td>-90</td><td>6,725</td><td>2,732</td></tr><tr><td>December</td><td>73,376</td><td>57,339</td><td>327</td><td>12,338</td><td>3,372</td></tr><tr><td>1943-January</td><td>72,750</td><td>151,809</td><td>2,658</td><td>5,205</td><td>-86,922</td></tr><tr><td>February</td><td>107,175</td><td>119,683</td><td>-600</td><td>-2,503</td><td>-9,405</td></tr><tr><td>March</td><td>132,152</td><td>61,505</td><td>2,134</td><td>9,381</td><td>58,632</td></tr><tr><td>April</td><td>65,206</td><td>58,289</td><td>922</td><td>6,937</td><td>-942</td></tr><tr><td>May</td><td>70,330</td><td>74,311</td><td>-1,027</td><td>-389</td><td>-2,565</td></tr><tr><td>June</td><td>223,795</td><td>224,845</td><td>3,662</td><td>-4,537</td><td>-175</td></tr><tr><td>July</td><td>49,592</td><td>58,720</td><td>420</td><td>4,392</td><td>-13,940</td></tr><tr><td>August</td><td>170,342</td><td>59,027</td><td>1,698</td><td>-5,283</td><td>114,900</td></tr><tr><td>September</td><td>45,011 3/</td><td>1,903 3/</td><td>565</td><td>21,044</td><td>21,499</td></tr><tr><td>October</td><td>133,267</td><td>135,679</td><td>-747</td><td>-687</td><td>-978</td></tr><tr><td>November</td><td>168,979</td><td>163,436</td><td>1,304</td><td>2,715</td><td>1,524</td></tr><tr><td>December</td><td>44,994</td><td>55,551</td><td>2,383</td><td>-9,008</td><td>-3,932</td></tr><tr><td>1944-January</td><td>154,350</td><td>155,209</td><td>-713</td><td>-6,005</td><td>5,859</td></tr><tr><td>February</td><td>145,622</td><td>147,637</td><td>1,831</td><td>3,686</td><td>-7,532</td></tr><tr><td>March</td><td>44,341 5/</td><td>76,736 5/</td><td>684</td><td>-12,985</td><td>-20,094</td></tr><tr><td>April</td><td>1,405</td><td>1,038</td><td>-1,289</td><td>411</td><td>1,245</td></tr><tr><td>May</td><td>-5,438</td><td>1,151</td><td>1,616</td><td>-6,082</td><td>-2,123</td></tr><tr><td>June</td><td>764</td><td>-47,329</td><td>-747</td><td>22,268</td><td>26,572</td></tr><tr><td>July</td><td>-36,215</td><td>-116,872</td><td>119</td><td>4,525</td><td>76,013</td></tr><tr><td>August</td><td>17,480</td><td>10,534</td><td>650</td><td>2,445</td><td>3,851</td></tr><tr><td>September</td><td>-9,953</td><td>-57,289</td><td>2,313</td><td>28,454</td><td>16,569</td></tr><tr><td>October</td><td>29,275</td><td>26,852</td><td>4,911</td><td>-2,061</td><td>-427</td></tr><tr><td>November</td><td>70,296</td><td>76,248</td><td>-2,141</td><td>-3,339</td><td>-472</td></tr><tr><td>December</td><td>-54,773 6a/</td><td>-229,521 6a/</td><td>1,295</td><td>179,418</td><td>-5,965</td></tr><tr><td>1945-January</td><td>157,405 7b/</td><td>153,895 7b/</td><td>-195</td><td>-2,808</td><td>6,513</td></tr><tr><td>February</td><td>122,225</td><td>174,973</td><td>3,840</td><td>-64,055</td><td>7,667</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>-17,489</td><td>27,738</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>1,821</td></tr><tr><td>August</td><td>56,350</td><td>81,132</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><tr><td>October</td><td>71,193</td><td>146,467</td><td>-227</td><td>-23,368</td><td>-51,679</td></tr></table>
Footnotes appear on pages 91 and 92.
88
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, January 1942 - October 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>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>+18,305</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>-3,518</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>+485</td></tr><tr><td>Italy</td><td>-2,473</td><td>+534</td><td>+138</td><td>-4,390</td><td>-18</td><td>+570</td><td>+180</td><td>+487</td><td>+608</td><td>+116</td><td>+170</td><td>-943</td><td>+75</td></tr><tr><td>Netherlands</td><td>+9,612</td><td>-3,649</td><td>+360</td><td>-3,625</td><td>+9,729</td><td>+9,506</td><td>+1,134</td><td>-1,781</td><td>-3,384</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 2a</td><td>-511</td><td>+7,536</td><td>+15,205</td><td>+16,647</td><td>+22,587</td><td>+1,321</td></tr><tr><td>Latin America</td><td>+268,291</td><td>-2,473</td><td>+21,981</td><td>+17,954</td><td>+22,244</td><td>+69,260</td><td>+32,508 2b</td><td>+32,730</td><td>+14,071</td><td>-3,871</td><td>-10,993</td><td>+48,767</td><td>+26,113</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchurie)</td><td>-98</td><td>+240</td><td>+1,280</td><td>-1,295</td><td>+13</td><td>+90</td><td>-28</td><td>+238</td><td>-25</td><td>-334</td><td>-164</td><td>+205</td><td>-318</td></tr><tr><td>Other Asia</td><td>+220,082</td><td>-10,459</td><td>+6,582</td><td>-2,687 1/</td><td>+212,975</td><td>+5,862</td><td>+4,472</td><td>+4,824</td><td>+3,390</td><td>+3,273</td><td>+11,318</td><td>+8,936</td><td>-884</td></tr><tr><td>Total Asia</td><td>+219,984</td><td>-10,219</td><td>+7,862</td><td>-3,982 1/</td><td>+212,988</td><td>+5,952</td><td>+4,444</td><td>+4,566</td><td>+3,365</td><td>+2,939</td><td>+11,154</td><td>+8,731</td><td>-1,202</td></tr><tr><td>All other</td><td>+49,660</td><td>+7,798</td><td>-3,195</td><td>-3,733</td><td>+10,866</td><td>+6,602</td><td>-681</td><td>-2,387</td><td>+4,688</td><td>-3,354</td><td>+9,109</td><td>+1,089</td><td>+22,858</td></tr><tr><td>Grand total</td><td>+604,321</td><td>-66,927</td><td>-94,698</td><td>+13,345 1/</td><td>+227,185</td><td>+103,821</td><td>+81,881 2/</td><td>+47,282</td><td>+57,345</td><td>+55,018</td><td>+39,788</td><td>+66,905</td><td>+73,376</td></tr></table>
(Continued on following page)
April 1946
89
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, January 1942 - October 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>+419,932</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>+807</td><td>-2,510</td><td>-1,718</td><td>+481</td><td>+1,416</td><td>+479</td><td>+1,097</td><td>+277</td></tr><tr><td>Denmark</td><td>-1,865</td><td>-72</td><td>+2,222</td><td>-725</td><td>-1,277</td><td>-927</td><td>+292</td><td>-603</td><td>-251</td><td>-103</td><td>-294</td><td>-449</td><td>+322</td></tr><tr><td>Finland</td><td>-1,992</td><td>+83</td><td>-339</td><td>+365</td><td>-158</td><td>+132</td><td>-845</td><td>+270</td><td>-182</td><td>+138</td><td>-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>-3,371</td><td>+1,045</td></tr><tr><td>Norway</td><td>+29,402</td><td>+8,321</td><td>-10</td><td>+5,845</td><td>+410</td><td>+2,187</td><td>-80</td><td>+1,734</td><td>+3,107</td><td>+2,211</td><td>-522</td><td>+3,307</td><td>+2,891</td></tr><tr><td>Portugal</td><td>+18,826</td><td>-1,993</td><td>+1,229</td><td>+1,739</td><td>-7,996</td><td>+1,353</td><td>+1,056</td><td>+1,731</td><td>+2,809</td><td>+1,693</td><td>+11,498</td><td>+1,976</td><td>+3,731</td></tr><tr><td>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>+2,899</td><td>-2,161</td><td>-1,943</td><td>+1,916</td><td>+4,603</td><td>+323</td><td>+1,160</td><td>-5,373</td></tr><tr><td>Yugoslavia</td><td>-7,765</td><td>+91</td><td>-41</td><td>+39</td><td>-99</td><td>-2,973</td><td>+339</td><td>-81</td><td>+1,911</td><td>-179</td><td>+131</td><td>-45</td><td>-36</td></tr><tr><td>Other Europe</td><td>+25,720</td><td>+438</td><td>+3,659</td><td>+3,658</td><td>+6,852</td><td>+3,804</td><td>+7,400</td><td>+681</td><td>+1,463</td><td>+1,206</td><td>+2,486</td><td>+428</td><td>-3,087</td></tr><tr><td>Total Europe</td><td>+584,737</td><td>-86,975</td><td>+35,259</td><td>+52,524</td><td>+58,297</td><td>+19,221</td><td>+112,612</td><td>+79,947</td><td>+97,653</td><td>+35,674</td><td>+94,419</td><td>+34,105</td><td>+52,001</td></tr><tr><td>Canada</td><td>+335,199</td><td>+164,921</td><td>+45,152</td><td>+15,669</td><td>+4,108</td><td>-15,692</td><td>+42,813</td><td>-61,487</td><td>+76,692</td><td>+16,793</td><td>+36,906</td><td>+91,404</td><td>-83,080</td></tr><tr><td>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>-1,509</td><td>-3,145</td><td>-1,296</td><td>+1,613</td><td>-2,503</td><td>+2,398</td><td>-374</td><td>+1,498</td><td>+2,932</td><td>-1,125</td><td>+5,275</td><td>-9,488</td><td>+2,706</td></tr><tr><td>Bolivia</td><td>+3,201</td><td>+1,050</td><td>+2,694</td><td>+239</td><td>-1,126</td><td>-451</td><td>+663</td><td>-25</td><td>-165</td><td>-424</td><td>-287</td><td>-1,412</td><td>+2,445</td></tr><tr><td>Brazil</td><td>+30,152</td><td>-448</td><td>+11,291</td><td>+6,293</td><td>-7,796</td><td>+16,355</td><td>+7,678</td><td>+9,037</td><td>-1,708</td><td>-4,035</td><td>-12,191</td><td>-831</td><td>+4,845</td></tr><tr><td>Chile</td><td>+19,514</td><td>+8,253</td><td>-5,306</td><td>-2,468</td><td>+3,095</td><td>+2,922</td><td>+8,572</td><td>+236</td><td>+5,743</td><td>-1,805</td><td>+1,335</td><td>+3,590</td><td>+4,653</td></tr><tr><td>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>+185</td><td>-137</td><td>+4,670</td><td>+3,148</td><td>+4,077</td><td>+7,436</td></tr><tr><td>Costa Rica</td><td>+266</td><td>+1,092</td><td>+584</td><td>+734</td><td>+866</td><td>+1,102</td><td>+1,764</td><td>-5,338</td><td>+55</td><td>-615</td><td>-2</td><td>-50</td><td>+458</td></tr><tr><td>Cuba</td><td>-33,171</td><td>-4,152</td><td>-1,458</td><td>-6,353</td><td>+3,703</td><td>+3,535</td><td>-20,444</td><td>+14,111</td><td>-2,979</td><td>-2,183</td><td>-11,705</td><td>-3,370</td><td>-1,876</td></tr><tr><td>French West Indies and Guiana</td><td>-2,067</td><td>+563</td><td>-44</td><td>-587</td><td>-88</td><td>+33</td><td>-311</td><td>+191</td><td>-2,036</td><td>-17</td><td>+24</td><td>-46</td><td>+251</td></tr><tr><td>Mexico</td><td>-28,231</td><td>-21,162</td><td>-4,257</td><td>-380</td><td>+4,512</td><td>+17,708</td><td>+10,113</td><td>+9,519</td><td>-40,609</td><td>-13,706</td><td>+725</td><td>+3,250</td><td>+6,056</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20,403</td><td>+1,143</td><td>-659</td><td>-1,048</td><td>+491</td><td>+12,958</td><td>+1,332</td><td>-879</td><td>+643</td><td>+231</td><td>+540</td><td>+5,246</td><td>+405</td></tr><tr><td>Panama</td><td>+28,547</td><td>+2,352</td><td>+3,347</td><td>+5,001</td><td>+966</td><td>+2,826</td><td>+2,405</td><td>-1,933</td><td>+4,484</td><td>-388</td><td>+5,803</td><td>+488</td><td>+3,196</td></tr><tr><td>Peru</td><td>+1,399</td><td>-1,218</td><td>+994</td><td>-2</td><td>-1,132</td><td>+567</td><td>+2,409</td><td>+213</td><td>+1,165</td><td>-455</td><td>+1,779</td><td>+4,237</td><td>+1,316</td></tr><tr><td>Venezuela</td><td>+4,683</td><td>+192</td><td>+3</td><td>+3,123</td><td>-1,284</td><td>-1,527</td><td>+1,582</td><td>+2,744</td><td>-4,324</td><td>+706</td><td>+213</td><td>+3,398</td><td>-143</td></tr><tr><td>Other Latin America</td><td>+37,877</td><td>+5,052</td><td>+11,253</td><td>+10,389</td><td>+8,789</td><td>-232</td><td>+5,314</td><td>-6,365</td><td>-54</td><td>+931</td><td>+1,077</td><td>-151</td><td>+1,874</td></tr><tr><td>Total Latin America</td><td>+115,131</td><td>-6,789</td><td>+19,159</td><td>+23,064</td><td>+2,332</td><td>+61,254</td><td>+26,902</td><td>+23,194</td><td>-36,990</td><td>-18,215</td><td>-4,266</td><td>+2,086</td><td>+23,400</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+222,629</td><td>+1,797</td><td>-6,607</td><td>+28,583</td><td>+9,574</td><td>+7,096</td><td>+21,930</td><td>+13,453</td><td>+22,762</td><td>+15,526</td><td>+15,130</td><td>+24,215</td><td>+69,170</td></tr><tr><td>French Indo-China</td><td>-105</td><td>+6</td><td>-361</td><td>-52</td><td>-1</td><td>+120</td><td>+10</td><td>+153</td><td>+108</td><td>-49</td><td>-65</td><td>+6</td><td>+20</td></tr><tr><td>Hong Kong</td><td>-17,831</td><td>-261</td><td>-823</td><td>+750</td><td>-7,557</td><td>-32</td><td>-10,656</td><td>+487</td><td>+133</td><td>+763</td><td>-450</td><td>+32</td><td>-217</td></tr><tr><td>India, Burma, and Ceylon</td><td>+4,773</td><td>+3,130</td><td>+2,655</td><td>-2,874</td><td>-3,619</td><td>+4,466</td><td>+4,133</td><td>-7,202</td><td>-115</td><td>-728</td><td>-1,910</td><td>+1,633</td><td>+5,204</td></tr><tr><td>British Malaya</td><td>+73</td><td>-87</td><td>+60</td><td>+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>-763</td></tr><tr><td>Turkey</td><td>+4,229</td><td>-7,257</td><td>+20,399</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>+2,627</td><td>+1,653</td><td>+4,605</td></tr><tr><td>Other Asia</td><td>+25,867</td><td>+3,429</td><td>+6,576</td><td>+6,722</td><td>-497</td><td>-314</td><td>-91</td><td>-270</td><td>+245</td><td>+1,048</td><td>+6,860</td><td>+2,982</td><td>-823</td></tr><tr><td>Total Asia</td><td>+225,409</td><td>-1,518</td><td>+7,100</td><td>+20,045</td><td>-527</td><td>+1,986</td><td>+15,096</td><td>+3,051</td><td>+25,208</td><td>+14,440</td><td>+23,683</td><td>+40,634</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>-16,856</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>-3,892</td></tr><tr><td>Union of South Africa</td><td>-7,565</td><td>-2,357</td><td>-966</td><td>-877</td><td>+2,286</td><td>-3,442</td><td>+832</td><td>-1,721</td><td>+1,087</td><td>-1,099</td><td>+2,007</td><td>-417</td><td>-3,732</td></tr><tr><td>All other</td><td>+22,831</td><td>+388</td><td>-834</td><td>+18,091</td><td>-16,776</td><td>+10,574</td><td>+23,061</td><td>+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)
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 - October 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-167,701</td><td>+72,758</td><td>-2,715</td><td>-37,630</td><td>+1,913</td><td>+33,490</td><td>-4,965</td><td>-59,089</td><td>-35,174</td><td>-99,312</td><td>-73,362</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>-49,4936b/</td></tr><tr><td>Belgium</td><td>-5,972</td><td>+1,799</td><td>-3,652</td><td>+2,499</td><td>+169</td><td>+1,896</td><td>-11,197</td><td>-313</td><td>+1,005</td><td>+1,644</td><td>-579</td><td>+93</td><td>+664</td></tr><tr><td>Denmark</td><td>+1,082</td><td>-241</td><td>-322</td><td>+522</td><td>-242</td><td>+539</td><td>-560</td><td>-317</td><td>+177</td><td>+492</td><td>-436</td><td>-265</td><td>+1,735</td></tr><tr><td>Finland</td><td>+7,182</td><td>-215</td><td>+248</td><td>-210</td><td>+193</td><td>-543</td><td>-290</td><td>-60</td><td>+8,444</td><td>-348</td><td>-11</td><td>-13</td><td>-13</td></tr><tr><td>Germany</td><td>+581</td><td>+7</td><td>+35</td><td>-45</td><td>+97</td><td>-74</td><td>-66</td><td>+52</td><td>+6</td><td>+39</td><td>+272</td><td>+69</td><td>+189</td></tr><tr><td>Greece</td><td>+4,731</td><td>-180</td><td>-139</td><td>+2,327</td><td>+38</td><td>+190</td><td>+132</td><td>+433</td><td>-191</td><td>+117</td><td>+2,429</td><td>-115</td><td>-310</td></tr><tr><td>Italy</td><td>+14,911</td><td>-251</td><td>-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>+1,6156a/</td></tr><tr><td>Luxembourg</td><td>+49</td><td>+39</td><td>-86</td><td>-18</td><td>+42</td><td>+37</td><td>+5</td><td>-54</td><td>-43</td><td>+21</td><td>+87</td><td>-422</td><td>+441</td></tr><tr><td>Netherlands</td><td>+18,585</td><td>+1,493</td><td>-146</td><td>+5,731</td><td>+486</td><td>+1,174</td><td>-43</td><td>+714</td><td>-2,457</td><td>+3,885</td><td>+5,525</td><td>-1,321</td><td>+3,544</td></tr><tr><td>Norway</td><td>+29,608</td><td>+7,722</td><td>+15,677</td><td>+1,303</td><td>+8,415</td><td>+2,883</td><td>-14,549</td><td>-8,883</td><td>+9,010</td><td>+525</td><td>+8,109</td><td>-82</td><td>-522</td></tr><tr><td>Portugal</td><td>+1,909</td><td>+6,691</td><td>+11,040</td><td>-14,393</td><td>-8,413</td><td>-9,714</td><td>-2,226</td><td>+3,906</td><td>+1,453</td><td>+5,236</td><td>-259</td><td>+4,223</td><td>+4,365</td></tr><tr><td>Rumania</td><td>+249</td><td>+15</td><td>-51</td><td>+64</td><td>+182</td><td>-269</td><td>-4</td><td>-1</td><td>-32</td><td>+39</td><td>-14</td><td>+274</td><td>+46</td></tr><tr><td>Spain</td><td>+11,435</td><td>+716</td><td>+2,087</td><td>+443</td><td>+3,375</td><td>+11,678</td><td>+397</td><td>-1,181</td><td>+1,832</td><td>-5,314</td><td>-4,332</td><td>+2,560</td><td>-826</td></tr><tr><td>Sweden</td><td>-8,976</td><td>+1,048</td><td>+129</td><td>-13,555</td><td>+264</td><td>+2,706</td><td>+1,182</td><td>-170</td><td>-7,757</td><td>+2,730</td><td>+1,404</td><td>-1,145</td><td>+4,188</td></tr><tr><td>Switzerland</td><td>+35,190</td><td>-4,028</td><td>+3,933</td><td>+5,370</td><td>+193</td><td>+10,560</td><td>+1,645</td><td>+3,057</td><td>+1,687</td><td>+1,449</td><td>-334</td><td>+1,565</td><td>+9,893</td></tr><tr><td>U. S. S. R.</td><td>+3,822</td><td>+3,328</td><td>+1,703</td><td>-569</td><td>-3,431</td><td>+1,207</td><td>+1,848</td><td>-8,177</td><td>-677</td><td>+290</td><td>+399</td><td>+4,666</td><td>+3,235</td></tr><tr><td>Yugoslavia</td><td>-1,199</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>-1,148</td><td>-32</td><td></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>-12,4456/</td></tr><tr><td>Canada</td><td>+216,056</td><td>+31,707</td><td>+86,860</td><td>+57,472</td><td>-62,657</td><td>-44,864</td><td>+3,952</td><td>+3,409</td><td>+39,179</td><td>+76,563</td><td>+62,486</td><td>+1,171</td><td>-39,222</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+54,256</td><td>+8,066</td><td>-11,170</td><td>+679</td><td>+3,491</td><td>+1,604</td><td>+8,117</td><td>+9,212</td><td>-2,380</td><td>+2,026</td><td>+8,780</td><td>+14,394</td><td>+11,437</td></tr><tr><td>Bolivia</td><td>+6,238</td><td>-605</td><td>+289</td><td>+1,940</td><td>-1,089</td><td>-339</td><td>+323</td><td>+260</td><td>+1,974</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>+3,506</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>+42,292</td><td>-824</td><td>+3,030</td><td>+1,349</td><td>+7,934</td><td>-2,217</td><td>+39,006</td><td>+7,154</td><td>+250</td><td>-4,091</td><td>-5,852</td><td>+874</td><td>-4,315</td></tr><tr><td>French West Indies and Guiana</td><td>+1,771</td><td>-494</td><td>-52</td><td>+420</td><td>+153</td><td>+101</td><td>+375</td><td>+579</td><td>-219</td><td>+104</td><td>+826</td><td>-690</td><td>+1,268</td></tr><tr><td>Mexico</td><td>+22,540</td><td>+739</td><td>-13,400</td><td>+9,106</td><td>+13,234</td><td>+7,568</td><td>-4,140</td><td>+3,842</td><td>+6,790</td><td>+5,069</td><td>-1,566</td><td>+2,993</td><td>-7,695</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-5,420</td><td>-856</td><td>-504</td><td>-1,239</td><td>+2,169</td><td>+852</td><td>-2,341</td><td>+866</td><td>-2,290</td><td>-679</td><td>+619</td><td>-2,439</td><td>+4,222</td></tr><tr><td>Panama</td><td>+16,164</td><td>-1,601</td><td>-633</td><td>+3,335</td><td>+2,106</td><td>+3,925</td><td>-1,402</td><td>+2,313</td><td>+769</td><td>+2,151</td><td>+1,816</td><td>+1,602</td><td>+1,783</td></tr><tr><td>Peru</td><td>+10,427</td><td>+1,843</td><td>+620</td><td>-1,925</td><td>-131</td><td>+2,065</td><td>+507</td><td>-1,758</td><td>+1,281</td><td>+3,335</td><td>+1,084</td><td>+1,893</td><td>+1,613</td></tr><tr><td>Venezuela</td><td>+6,206</td><td>+1,016</td><td>-2,642</td><td>+3,938</td><td>+5,041</td><td>-8,422</td><td>-1,680</td><td>+974</td><td>+975</td><td>+7,556</td><td>+8,261</td><td>-11,481</td><td>+2,670</td></tr><tr><td>Other Lat. America</td><td>+25,749</td><td>+10,902</td><td>-1,844</td><td>-972</td><td>+9,250</td><td>+969</td><td>+7,045</td><td>+801</td><td>-4,834</td><td>+2,474</td><td>-2,634</td><td>+5,313</td><td>-721</td></tr><tr><td>Total Latin America</td><td>+242,767</td><td>+15,004</td><td>-623</td><td>+32,711</td><td>+39,191</td><td>+14,844</td><td>+57,700</td><td>+36,084</td><td>+6,763</td><td>+6,923</td><td>+7,019</td><td>+28,072</td><td>-921</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+23,975</td><td>+11,113</td><td>+30,040</td><td>+25,016</td><td>-812</td><td>-424</td><td>+1,339</td><td>-16,868</td><td>-3,901</td><td>-3,962</td><td>+2,176</td><td>-10,250</td><td>-9,492</td></tr><tr><td>French Indo-China</td><td>-2</td><td>-12</td><td>+21</td><td>-6</td><td>+6</td><td>-10</td><td>+4</td><td>-47</td><td>+42</td><td>-13</td><td>-3</td><td>+10</td><td>+6</td></tr><tr><td>Song Kong</td><td>-1,425</td><td>-675</td><td>+327</td><td>+1,047</td><td>+56</td><td>-34</td><td>-1,071</td><td>+195</td><td>+101</td><td>+46</td><td>-691</td><td>-142</td><td>-584</td></tr><tr><td>India, Burma, and Ceylon</td><td>-16,043</td><td>+877</td><td>-3,141</td><td>-6,749</td><td>+9,375</td><td>-49</td><td>-990</td><td>+8,847</td><td>+123</td><td>-3,417</td><td>+193</td><td>+14,396</td><td>-35,508</td></tr><tr><td>British Malaya</td><td>+768</td><td>+18</td><td>+113</td><td>+434</td><td>-237</td><td>-79</td><td>+143</td><td>+38</td><td>+208</td><td>+8</td><td>-2</td><td>+68</td><td>+56</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-298</td><td>-355</td><td>+292</td><td>+47</td><td>+43</td><td>-16</td><td>-124</td><td>+107</td><td>-121</td><td>-44</td><td>-18</td><td>-57</td><td>-52</td></tr><tr><td>Netherlands East Indies</td><td>+6,564</td><td>-728</td><td>+726</td><td>+3,009</td><td>-480</td><td>-1,149</td><td>+363</td><td>+4,077</td><td>-190</td><td>-281</td><td>+2,563</td><td>+1,742</td><td>-3,128</td></tr><tr><td>Philippine Islands</td><td>+2,664</td><td>+615</td><td>-55</td><td>+637</td><td>-498</td><td>-393</td><td>-220</td><td>+765</td><td>+46</td><td>+348</td><td>+5,292</td><td>-5,128</td><td>+1,347</td></tr><tr><td>Turkey</td><td>-10,267</td><td>+2,107</td><td>+18,065</td><td>+11,688</td><td>+8,005</td><td>+17,380</td><td>+1,510</td><td>+9,607</td><td>+822</td><td>-585</td><td>-322</td><td>-152</td><td>+2,958</td></tr><tr><td>Other Asia</td><td>+1,895</td><td>-1,643</td><td>-1,552</td><td>-401</td><td>+292</td><td>-1,805</td><td>-2,025</td><td>+2,581</td><td>-227</td><td>+534</td><td>+4,230</td><td>-682</td><td>+2,593</td></tr><tr><td>Total Asia</td><td>+7,531</td><td>+11,317</td><td>+44,836</td><td>+11,346</td><td>+11,750</td><td>-21,339</td><td>-1,071</td><td>-9,912</td><td>-3,149</td><td>-7,366</td><td>+13,418</td><td>-195</td><td>-41,804</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+28,669</td><td>+7,949</td><td>-4,235</td><td>+2,687</td><td>+9,256</td><td>-3,828</td><td>-11,659</td><td>+3,685</td><td>+2,429</td><td>+3,071</td><td>+1,670</td><td>+4,655</td><td>+12,989</td></tr><tr><td>Sew Zealand</td><td>-1,729</td><td>+1,636</td><td>-197</td><td>-757</td><td>-37</td><td>-560</td><td>-1,011</td><td>-981</td><td>+194</td><td>+2,985</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>+154</td><td>+562</td><td>+320</td><td>-1,006</td><td>+528</td><td>+184</td><td>+693</td><td>+63</td><td>+629</td><td>+88</td></tr><tr><td>French Morocco</td><td>-5,970</td><td>+833</td><td>+161</td><td>-2,608</td><td>-894</td><td>-3,006</td><td>+240</td><td>-251</td><td>+15</td><td>+160</td><td>-269</td><td>-234</td><td>-117</td></tr><tr><td>Union of South Africa</td><td>-3,610</td><td>+2,031</td><td>+1,946</td><td>-3,412</td><td>-1,753</td><td>-1,926</td><td>-855</td><td>-3,554</td><td>+1,430</td><td>-1,951</td><td>+2,469</td><td>-2,625</td><td>+4,390</td></tr><tr><td>All other</td><td>-16,809</td><td>-4,582</td><td>-3,424</td><td>-5,902</td><td>-1,560</td><td>-2,295</td><td>-15,532</td><td>+936</td><td>-8,721</td><td>-2,224</td><td>+1,317</td><td>+1,171</td><td>+24,0076b/</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>+41,1876b/</td></tr><tr><td>Unidentified</td><td>-162</td><td>+460</td><td>-194</td><td>-2</td><td>-183</td><td>+161</td><td>+764</td><td>-610</td><td>+1,371</td><td>-1,327</td><td>+273</td><td>+693</td><td>-1,568</td></tr><tr><td>Grand total</td><td>+357,154</td><td>+154,350</td><td>+145,622</td><td>+44,3415/</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>-54,7736a/</td></tr></table>
(Continued on following page)
April 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 - October 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><th>October</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></tr><tr><td>United Kingdom</td><td>-81,430</td><td>+45,050</td><td>-4,718</td><td>-22,879</td><td>+3,278</td><td>+36,948</td><td>+8,728</td><td>-56,184</td><td>-72,093</td><td>-8,936</td></tr><tr><td>France</td><td>-19,035 7/8</td><td>-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><td>+16,934</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><td>-22,522</td></tr><tr><td>Denmark</td><td>-451</td><td>-128</td><td>+610</td><td>-672</td><td>-346</td><td>+623</td><td>+49</td><td>+521</td><td>+2,334</td><td>+1,785</td></tr><tr><td>Finland</td><td>-101</td><td>-403</td><td>+471</td><td>-50</td><td>-174</td><td>-170</td><td>-24</td><td>+44</td><td>+1,168</td><td>-137</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><td>+163</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>+2,607</td><td>+2,930</td><td>+2,509</td></tr><tr><td>Italy</td><td>+3,571</td><td>+3,106</td><td>+2,281</td><td>+3,440</td><td>+2,045</td><td>+2,462</td><td>+5,189</td><td>+4,381</td><td>+4,600</td><td>+3,839</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><td>-84</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><td>+5,754</td></tr><tr><td>Norway</td><td>-423</td><td>+1,631</td><td>+7,798</td><td>+5,376</td><td>+5,924</td><td>+6,933</td><td>+4,441</td><td>-7,022</td><td>-2,786</td><td>-1,786</td></tr><tr><td>Portugal</td><td>-12,276</td><td>-608</td><td>-5,788</td><td>+3,923</td><td>-2,762</td><td>+4,194</td><td>+5,999</td><td>-7,371</td><td>+6,439</td><td>-319</td></tr><tr><td>Rumania</td><td>-51</td><td>-312</td><td>+199</td><td>+33</td><td>-15</td><td>-34</td><td>+31</td><td>+417</td><td>-455</td><td>+15</td></tr><tr><td>Spain</td><td>-4,456</td><td>+2,623</td><td>-13,924</td><td>+4,430</td><td>+5,487</td><td>+4,857</td><td>+5,114</td><td>+3,008</td><td>+7,280</td><td>-8,251</td></tr><tr><td>Sweden</td><td>-3,623</td><td>+3,900</td><td>+3,078</td><td>+69</td><td>+3,200</td><td>+5,290</td><td>+17,891</td><td>+9,666</td><td>+5,881</td><td>+14,167</td></tr><tr><td>Switzerland</td><td>-4,651</td><td>+6,748</td><td>+6,648</td><td>-2,290</td><td>+6,381</td><td>+2,564</td><td>+10,251</td><td>+5,665</td><td>+2,775</td><td>+6,809</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><td>-965</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><td>+14</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><td>-240</td></tr><tr><td><b>Total Europe</b></td><td>-132,817 7/8</td><td>+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><td>+38,445</td></tr><tr><td><b>Canada</b></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>+80,399</td><td>+28,036</td><td>+7,997</td></tr><tr><td><b>Latino America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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><td>+809</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><td>-628</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><td>+2,411</td></tr><tr><td>Chile</td><td>-228</td><td>-1,335</td><td>+331</td><td>-1,700</td><td>+6,217</td><td>+13,375</td><td>-3,584</td><td>+2,089</td><td>-2,623</td><td>+1,413</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><td>+7,149</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><td>+471</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>-527</td><td>-6,205</td><td>-8,284</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><td>-308</td></tr><tr><td>Mexico</td><td>+15,412</td><td>+15,783</td><td>+13,982</td><td>+10,850</td><td>+19,503</td><td>+5,507</td><td>+12,035</td><td>-17,438</td><td>+5,223</td><td>-5,253</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>+2,565</td><td>+38</td><td>+1,204</td><td>+1,073</td></tr><tr><td>Panama</td><td>+2,153 7/8</td><td>+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><td>-1,003</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><td>+3,959</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>+8,958</td><td>+7,041</td><td>+1,500</td><td>+2,600</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><td>+794</td></tr><tr><td><b>Total Latin America</b></td><td>+56,426 7/8</td><td>+12,221</td><td>-28,215</td><td>+28,857</td><td>+61,305</td><td>+29,498</td><td>+57,822</td><td>-19,529</td><td>+21,644</td><td>-9,095</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></tr><tr><td>China</td><td>+145,578</td><td>-15,604</td><td>-2,805</td><td>-6,899</td><td>-4,768</td><td>-6,407</td><td>-6,740</td><td>+76,809</td><td>+9,619</td><td>+6,793</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><td>-77</td></tr><tr><td>Hoog Kong</td><td>+359</td><td>+164</td><td>-904</td><td>-262</td><td>+264</td><td>+219</td><td>-71</td><td>-246</td><td>+149</td><td>-143</td></tr><tr><td>India, Burma, and Ceylon</td><td>+8,684</td><td>+654</td><td>+284</td><td>+1,696</td><td>+4,416</td><td>+383</td><td>+3,123</td><td>+631</td><td>+10,539</td><td>+5,232</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><td>+67</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>+58</td><td>-167</td><td>+159</td><td>-17</td><td>-13</td><td>+69</td><td>+272</td><td>-391</td><td>+261</td><td>-53</td></tr><tr><td>Netherlands East Indies</td><td>+656</td><td>+2,184</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><td>-3,924</td></tr><tr><td>Philippine Islands</td><td>-376</td><td>+2,790</td><td>-2,251</td><td>+3,375</td><td>+1,468</td><td>+4,530</td><td>+2,141</td><td>-14,360</td><td>+54,137</td><td>-2,243</td></tr><tr><td>Turkey</td><td>+13,197</td><td>+9,135</td><td>+4,423</td><td>+1,167</td><td>-1,031</td><td>+801</td><td>-861</td><td>+443</td><td>-928</td><td>+658</td></tr><tr><td>Other Asia</td><td>+10,050</td><td>+1,851</td><td>+3,354</td><td>-1475</td><td>-2,840</td><td>-11,571</td><td>+497</td><td>+4,060</td><td>+13,315</td><td>-1,299</td></tr><tr><td><b>Total Asia</b></td><td>+178,236</td><td>+948</td><td>+5,168</td><td>-2,362</td><td>+9,080</td><td>-18,355</td><td>+43</td><td>+63,226</td><td>+77,528</td><td>+5,011</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></tr><tr><td>Australia</td><td>-18,875</td><td>+748</td><td>-219</td><td>-9</td><td>-2,773</td><td>-1,232</td><td>-4,009</td><td>+1,126</td><td>+1,158</td><td>-71</td></tr><tr><td>New Zealand</td><td>+2,101</td><td>-749</td><td>-820</td><td>-497</td><td>-11</td><td>-291</td><td>+64</td><td>+1,177</td><td>-1,132</td><td>-138</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+1,004</td><td>+326</td><td>+59</td><td>+713</td><td>-228</td><td>+1,562</td><td>-228</td><td>+2,685</td><td>+89</td><td>+3,311</td></tr><tr><td>French Morocco</td><td>-196</td><td>-101</td><td>-165</td><td>+243</td><td>+132</td><td>-631</td><td>+344</td><td>+754</td><td>+966</td><td>+1,903</td></tr><tr><td>Union of South Africa</td><td>+1,988 7/8</td><td>+160</td><td>-106</td><td>-444</td><td>-554</td><td>+487</td><td>-950</td><td>+1,224</td><td>+3,116</td><td>-1,586</td></tr><tr><td>All other</td><td>+14,888 7/8</td><td>+1,970</td><td>+4,459</td><td>-1,027</td><td>+1,378</td><td>+492</td><td>+4,115</td><td>+6,354</td><td>+10,327</td><td>+23,043</td></tr><tr><td><b>Total other countries</b></td><td>+910 7/8</td><td>+2,354</td><td>+3,208</td><td>-991</td><td>-2,086</td><td>+387</td><td>-664</td><td>+13,320</td><td>+14,224</td><td>+28,374</td></tr><tr><td><b>Uididentified</b></td><td>+215</td><td>+1,222</td><td>+494</td><td>+311</td><td>-123</td><td>-422</td><td>-125</td><td>-646</td><td>+739</td><td>+4,1</td></tr><tr><td><b>Grand total</b></td><td>+157,405 7/8</td><td>+122,225</td><td>-16,298</td><td>+58,274</td><td>+60,364</td><td>+214,213</td><td>+224,913</td><td>+56,350</td><td>+116,732</td><td>+71,104</td></tr></table>
1/ Adjusted for the inclusion of a foreign account of $13.9 million reported for the first time on March 11, 1942.
2/ Adjusted to cover two large transactions in foreign securities, as follows: (a) the inclusion on July 1 of $14,787 thousand representing
(Continued on following page)
Treasury Bulletin
92
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Continuation of footnotes
sales of Canadian long-term securities, and (b) the inclusion of $2,564 thousand representing redemptions on July 1 of Argentine securities, as well as (c) net disbursements from the United Kingdom account to domestic payees of $3,498 thousand.
3) Adjusted for the inclusion of accounts of (a) $2 million for France and (b) $7.8 million for Sweden previously reported as foreign and reclassified as domestic for the first time in the September report.
Adjusted to cover the following transactions: (a) $6,042 thousand of banking funds previously reported under "French Morocco" now reported under "All other"; (b) $5,471 thousand of banking funds previously reported under "Other Asia" now reported under "All other"; (c) $15,346 thousand of banking funds previously reported under
"All other" now reported under "Unidentified".
5/ Adjusted to include $510 thousand of short-term banking funds which
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"
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.
April 1946
93
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - October 1945
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1942</th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+172,827</td><td>-27,915</td><td>-30,865</td><td>+39,607</td><td>-22,740</td><td>+61,817</td><td>+26,132 2/</td><td>+24,592</td><td>+27,568</td><td>+26,871</td><td>+18,752</td><td>-3,296</td><td>+32,304</td></tr><tr><td>France</td><td>-21,156</td><td>-1,565</td><td>-4,392</td><td>-2,681</td><td>-516</td><td>-2,500</td><td>+1,071</td><td>+1,767</td><td>-5,833</td><td>-1,390</td><td>-538</td><td>-3,954</td><td>-625</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>-924</td></tr><tr><td>Germany</td><td>+233</td><td>+279</td><td>-1,119</td><td>+21</td><td>-26</td><td>+9</td><td>-161</td><td>-17</td><td>+8,147</td><td>-7,608</td><td>+129</td><td>+145</td><td>+434</td></tr><tr><td>Italy</td><td>-2,383</td><td>+541</td><td>+127</td><td>+4,317</td><td>-118</td><td>+559</td><td>+209</td><td>+545</td><td>+573</td><td>+247</td><td>+157</td><td>-939</td><td>+33</td></tr><tr><td>Netherlands</td><td>+9,494</td><td>-3,994</td><td>+308</td><td>-3,574</td><td>+9,647</td><td>+9,250</td><td>+917</td><td>+933</td><td>-3,874</td><td>+416</td><td>-993</td><td>-94</td><td>+852</td></tr><tr><td>Sweden</td><td>-61,182</td><td>-1,095</td><td>-19,834</td><td>-18,950</td><td>-2,785</td><td>-23,813</td><td>+2,475</td><td>+219</td><td>+1,337</td><td>-1,935</td><td>+1,403</td><td>+397</td><td>+1,399</td></tr><tr><td>Switzerland</td><td>-158,719</td><td>-38,040</td><td>-41,335</td><td>-54,477</td><td>-1,457</td><td>-733</td><td>-1,808</td><td>-10,384</td><td>+1,530</td><td>+5,100</td><td>-8,829</td><td>-5,007</td><td>-2,279</td></tr><tr><td>Other Europe</td><td>+2,484</td><td>+10,481</td><td>-18,927</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>+5,795</td><td>-15,026</td></tr><tr><td><b>Total Europe</b></td><td><b>-55,172</b></td><td><b>-61,398</b></td><td><b>-115,442</b></td><td><b>+46,432</b></td><td><b>-21,048</b></td><td><b>+50,684</b></td><td><b>+30,302 2/</b></td><td><b>+20,948</b></td><td><b>+25,515</b></td><td><b>+37,458</b></td><td><b>+10,294</b></td><td><b>-2,161</b></td><td><b>+16,108</b></td></tr><tr><td><b>Canada</b></td><td><b>+122,270</b></td><td><b>-5,091</b></td><td><b>-70</b></td><td><b>+57,962</b></td><td><b>+8,667</b></td><td><b>-24,903</b></td><td><b>+19,798 2/</b></td><td><b>+16,668</b></td><td><b>+3,698</b></td><td><b>+14,432</b></td><td><b>+7,812</b></td><td><b>+25,215</b></td><td><b>-1,918</b></td></tr><tr><td><b>Latin America</b></td><td><b>+236,608</b></td><td><b>-5,156</b></td><td><b>+22,838</b></td><td><b>+15,275</b></td><td><b>+20,901</b></td><td><b>+63,100</b></td><td><b>+29,015 2/</b></td><td><b>+27,725</b></td><td><b>+12,581</b></td><td><b>-5,218</b></td><td><b>-13,082</b></td><td><b>+46,489</b></td><td><b>+22,140</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><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-36</td><td>+189</td><td>+1,150</td><td>-1,340</td><td>+2</td><td>+1</td><td>+16</td><td>+217</td><td>-33</td><td>-79</td><td>-89</td><td>+181</td><td>-251</td></tr><tr><td>Other Asia</td><td>+209,834</td><td>-10,647</td><td>+6,480</td><td>-2,731 1/</td><td>+213,142</td><td>+5,385</td><td>+3,306</td><td>-5,073</td><td>+2,186</td><td>+2,917</td><td>+9,606</td><td>-13,151</td><td>-1,586</td></tr><tr><td><b>Total Asia</b></td><td><b>+209,798</b></td><td><b>-10,458</b></td><td><b>+7,630</b></td><td><b>-4,071 1/</b></td><td><b>+213,144</b></td><td><b>+5,386</b></td><td><b>+3,322</b></td><td><b>-4,856</b></td><td><b>+2,153</b></td><td><b>+2,838</b></td><td><b>+9,517</b></td><td><b>-12,970</b></td><td><b>-1,837</b></td></tr><tr><td><b>All other</b></td><td><b>+48,069</b></td><td><b>+7,798</b></td><td><b>-3,521</b></td><td><b>-3,714</b></td><td><b>+10,574</b></td><td><b>+6,445</b></td><td><b>-835</b></td><td><b>-2,407</b></td><td><b>+4,466</b></td><td><b>-3,389</b></td><td><b>+8,841</b></td><td><b>+965</b></td><td><b>+22,846</b></td></tr><tr><td><b>Grand total</b></td><td><b>+561,573</b></td><td><b>-74,305</b></td><td><b>-88,565</b></td><td><b>+19,020 1/</b></td><td><b>+232,235</b></td><td><b>+100,712</b></td><td><b>+51,602 2/</b></td><td><b>+58,078</b></td><td><b>+48,413</b></td><td><b>+46,121</b></td><td><b>+23,382</b></td><td><b>+57,538</b></td><td><b>+57,339</b></td></tr></table>
(Continued on following page)
94
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - October 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+438,904</td><td>-97,596</td><td>+23,100</td><td>+31,745</td><td>+53,927</td><td>+3,185</td><td>+98,010</td><td>+74,589</td><td>+76,301</td><td>+40,675</td><td>+80,858</td><td>+12,939</td><td>+41,171</td></tr><tr><td>France</td><td>+9,705</td><td>+2,702</td><td>+1,038</td><td>+3,456</td><td>+1,188</td><td>+545</td><td>+4,169</td><td>+11,128</td><td>+2,934</td><td>-5,960</td><td>-6,737</td><td>+762</td><td>+1,392</td></tr><tr><td>Belgium</td><td>+1,193</td><td>+2,295</td><td>+426</td><td>+416</td><td>+989</td><td>+1,291</td><td>-2,452</td><td>-4,594</td><td>+518</td><td>+1,053</td><td>+609</td><td>+1,164</td><td>-522</td></tr><tr><td>Denmark</td><td>-3,840</td><td>-431</td><td>+2,218</td><td>-1,066</td><td>-2,673</td><td>-939</td><td>+405</td><td>-696</td><td>-220</td><td>-112</td><td>-395</td><td>+456</td><td>+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>-104</td><td>-72</td></tr><tr><td>Greece</td><td>+4,646</td><td>+102</td><td>+206</td><td>+222</td><td>-129</td><td>-88</td><td>-73</td><td>+69</td><td>-36</td><td>-163</td><td>+488</td><td>+3,110</td><td>+938</td></tr><tr><td>Italy</td><td>-678</td><td>+483</td><td>-189</td><td>-753</td><td>-659</td><td>-714</td><td>-417</td><td>-6</td><td>+644</td><td>+291</td><td>+701</td><td>+168</td><td>-227</td></tr><tr><td>Luxembourg</td><td>+107</td><td>+52</td><td>-29</td><td>-28</td><td>+25</td><td>+7</td><td>+6</td><td>+19</td><td>+30</td><td>+15</td><td>-56</td><td>+42</td><td>+24</td></tr><tr><td>Setherlands</td><td>+6,929</td><td>-1,923</td><td>+1,030</td><td>+5,172</td><td>-578</td><td>+85</td><td>-809</td><td>+1,675</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>-746</td><td>+5,638</td><td>+348</td><td>+2,141</td><td>-134</td><td>+1,486</td><td>+2,285</td><td>+2,043</td><td>-678</td><td>+3,203</td><td>+2,833</td></tr><tr><td>Portugal</td><td>+18,679</td><td>-1,981</td><td>+1,233</td><td>+1,750</td><td>-8,034</td><td>+1,333</td><td>+828</td><td>+1,790</td><td>+2,815</td><td>+1,699</td><td>+11,416</td><td>+1,947</td><td>+3,883</td></tr><tr><td>Romania</td><td>-122</td><td>+56</td><td>-3</td><td>-13</td><td>-6</td><td>+19</td><td>-1</td><td>-12</td><td>-6</td><td>+15</td><td>+65</td><td>-217</td><td>-19</td></tr><tr><td>Spain</td><td>+14,351</td><td>-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>+3,861</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>-99</td><td>-2,973</td><td>+339</td><td>-81</td><td>-4,911</td><td>-179</td><td>+132</td><td>-47</td><td>-35</td></tr><tr><td>Other Europe</td><td>+22,385</td><td>+666</td><td>+3,627</td><td>+3,321</td><td>+6,669</td><td>+4,123</td><td>+7,300</td><td>+646</td><td>+1,391</td><td>-1,230</td><td>-582</td><td>+468</td><td>-3,084</td></tr><tr><td>Total Europe</td><td>+568,644</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>+59,671</td><td>-41,047</td><td>+9,890</td><td>-6,095</td><td>+43,509</td><td>+43,607</td><td>-30,925</td><td>-7,303</td><td>+43,812</td><td>+94,495</td><td>+71,402</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-6,313</td><td>-3,057</td><td>-606</td><td>+1,880</td><td>-1,473</td><td>+1,880</td><td>-903</td><td>+1,262</td><td>+2,266</td><td>-2,551</td><td>+4,727</td><td>-10,839</td><td>+1,101</td></tr><tr><td>Bolivia</td><td>+3,090</td><td>+1,029</td><td>+2,773</td><td>+229</td><td>-1,139</td><td>-472</td><td>+471</td><td>+127</td><td>-177</td><td>-486</td><td>-248</td><td>-1,452</td><td>+2,435</td></tr><tr><td>Brazil</td><td>+28,847</td><td>-631</td><td>+10,736</td><td>+6,612</td><td>-7,786</td><td>+16,207</td><td>+7,582</td><td>+8,812</td><td>-1,725</td><td>-4,019</td><td>-12,193</td><td>+605</td><td>+4,647</td></tr><tr><td>Chile</td><td>+18,234</td><td>+8,327</td><td>+5,116</td><td>-2,434</td><td>+3,145</td><td>+1,950</td><td>+8,688</td><td>+112</td><td>+5,986</td><td>+1,686</td><td>+1,252</td><td>+2,886</td><td>+4,886</td></tr><tr><td>Colombia</td><td>+32,137</td><td>+3,435</td><td>+1,832</td><td>+6,180</td><td>-6,190</td><td>+2,721</td><td>+5,468</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>-4,081</td><td>-12,723</td><td>-3,438</td><td>-1,747</td></tr><tr><td>French West Indies and Guiana</td><td>-2,053</td><td>+560</td><td>-41</td><td>-590</td><td>-97</td><td>+57</td><td>-313</td><td>+190</td><td>-2,038</td><td>-14</td><td>+12</td><td>-5</td><td>+226</td></tr><tr><td>Mexico</td><td>-31,709</td><td>-20,888</td><td>-4,507</td><td>-959</td><td>+5,050</td><td>+17,793</td><td>+10,062</td><td>+9,354</td><td>-41,995</td><td>-14,717</td><td>+736</td><td>+2,477</td><td>+5,885</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20,363</td><td>+1,282</td><td>-642</td><td>-1,073</td><td>+465</td><td>+13,001</td><td>+1,243</td><td>-865</td><td>+646</td><td>+206</td><td>+462</td><td>+5,248</td><td>+390</td></tr><tr><td>Panama</td><td>+21,678</td><td>+2,018</td><td>+3,653</td><td>+4,281</td><td>-1,342</td><td>+2,197</td><td>+3,157</td><td>-588</td><td>+3,822</td><td>-209</td><td>+8,803</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 Latino America</td><td>+36,580</td><td>+4,885</td><td>+11,407</td><td>+10,280</td><td>+8,270</td><td>+601</td><td>+5,399</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 Latino America</td><td>+83,451</td><td>-9,038</td><td>+15,595</td><td>+22,377</td><td>+149</td><td>+59,859</td><td>+26,323</td><td>+24,244</td><td>-40,688</td><td>-25,104</td><td>-6,465</td><td>-3,198</td><td>+19,397</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+222,716</td><td>+1,515</td><td>-6,364</td><td>+28,203</td><td>+8,342</td><td>+8,114</td><td>+22,034</td><td>+13,589</td><td>+21,654</td><td>+15,200</td><td>+16,496</td><td>+23,950</td><td>+69,983</td></tr><tr><td>French Indo-China</td><td>-27</td><td>+6</td><td>-361</td><td>-52</td><td>-1</td><td>+120</td><td>+10</td><td>+231</td><td>+108</td><td>-49</td><td>-71</td><td>+12</td><td>+20</td></tr><tr><td>Hong Kong</td><td>-17,723</td><td>-262</td><td>-823</td><td>+746</td><td>-7,563</td><td>-29</td><td>-10,659</td><td>+485</td><td>+116</td><td>+780</td><td>-452</td><td>+25</td><td>-87</td></tr><tr><td>India, Burma, and Ceylon</td><td>+5,324</td><td>+3,129</td><td>+2,763</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>+71</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>-153</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>+18,519</td><td>-3,281</td><td>+5,264</td><td>-2,729</td><td>+2,490</td><td>+721</td><td>+2,123</td><td>+1,636</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>+6,843</td><td>+3,027</td><td>-886</td></tr><tr><td>Total Asia</td><td>+189,946</td><td>-2,852</td><td>+7,025</td><td>+12,016</td><td>-2,555</td><td>+1,945</td><td>+15,088</td><td>+11,350</td><td>+23,253</td><td>+6,160</td><td>+24,641</td><td>+40,006</td><td>+76,569</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+2,049</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>+12,905</td></tr><tr><td>New Zealand</td><td>+754</td><td>-264</td><td>+859</td><td>-155</td><td>+2,076</td><td>-1,388</td><td>+870</td><td>-1,079</td><td>-692</td><td>+2,734</td><td>-892</td><td>-144</td><td>-1,161</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-793</td><td>+118</td><td>+135</td><td>-18</td><td>-25</td><td>-716</td><td>+497</td><td>-94</td><td>-279</td><td>-476</td><td>+241</td><td>-211</td><td>-35</td></tr><tr><td>French Morocco</td><td>+4,249</td><td>+2,614</td><td>+172</td><td>+1,230</td><td>+9,397</td><td>+3,021</td><td>-5,583</td><td>-4,209</td><td>+2,902</td><td>-3,482</td><td>-1,409</td><td>+2,885</td><td>-7,289</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>+625</td><td>+1,685</td><td>+1,234</td><td>-1,092</td><td>+2,019</td><td>+820</td><td>-3,738</td></tr><tr><td>All other</td><td>+21,383</td><td>+130</td><td>-872</td><td>+18,045</td><td>-17,251</td><td>+10,455</td><td>+23,079</td><td>+8,915</td><td>+611</td><td>-6,007</td><td>-2,016</td><td>-12,536</td><td>-1,191</td></tr><tr><td>Total other countries</td><td>+21,043</td><td>+2,208</td><td>+629</td><td>+19,226</td><td>+69</td><td>+3,001</td><td>+26,375</td><td>+4,671</td><td>+8,099</td><td>-3,689</td><td>-17,534</td><td>+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>-251</td><td>+3</td><td>+25</td><td>-49</td><td>-212</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>+61,805</td><td>+58,289</td><td>+78,311</td><td>+224,845</td><td>+54,720</td><td>+59,027</td><td>+1,903</td><td>+135,679</td><td>+163,436</td><td>+55,551</td></tr></table>
(Continued on following page)
April 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 - October 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>-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>-504</td><td>-306</td><td>-60</td><td>+8,446</td><td>-348</td><td>-11</td><td>-13</td><td>-13</td></tr><tr><td>Germany</td><td>+361</td><td>+23</td><td>+24</td><td>-36</td><td>+89</td><td>-74</td><td>-66</td><td>+49</td><td>-2</td><td>+44</td><td>+209</td><td>-57</td><td>+158</td></tr><tr><td>Greece</td><td>+5,150</td><td>-152</td><td>-127</td><td>+2,459</td><td>+35</td><td>+184</td><td>+132</td><td>+4,32</td><td>-197</td><td>+116</td><td>+2,425</td><td>-116</td><td>-41</td></tr><tr><td>Italy</td><td>+13,957</td><td>-428</td><td>-457</td><td>+494</td><td>+920</td><td>+780</td><td>+582</td><td>+2,470</td><td>+1,540</td><td>+1,828</td><td>+2,227</td><td>+2,738</td><td>+1,263</td></tr><tr><td>Luxembourg</td><td>+134</td><td>+60</td><td>-57</td><td>-43</td><td>+38</td><td>+4</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>+11,044</td><td>+427</td><td>-1,167</td><td>+1,812</td><td>-5,313</td><td>-4,223</td><td>+2,636</td><td>-924</td></tr><tr><td>Sweden</td><td>-11,091</td><td>+1,189</td><td>+64</td><td>-13,496</td><td>+258</td><td>+3,010</td><td>+1,304</td><td>+404</td><td>-11,297</td><td>+2,816</td><td>+1,528</td><td>-1,045</td><td>+4,174</td></tr><tr><td>Switzerland</td><td>+30,397</td><td>-3,958</td><td>+3,060</td><td>+4,311</td><td>-18</td><td>+10,353</td><td>+1,756</td><td>+2,082</td><td>+1,672</td><td>+2,343</td><td>-784</td><td>+601</td><td>+8,979</td></tr><tr><td>U.S.S.R.</td><td>+3,775</td><td>+3,312</td><td>+1,697</td><td>-575</td><td>-3,436</td><td>+1,207</td><td>+1,844</td><td>-8,183</td><td>-671</td><td>+379</td><td>+309</td><td>+4,657</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>-58,577</td><td>-37,576</td><td>-24,110</td><td>-65,262</td><td>+33,179</td><td>+26,163</td><td>+65,610</td><td>+9,470</td><td>-30,257</td></tr><tr><td><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>+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>+5,142</td><td>-612</td><td>+248</td><td>+1,968</td><td>-1,132</td><td>-287</td><td>+113</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>+14,866</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>-13,414</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>+3,111</td><td>-8,330</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-5,073</td><td>-861</td><td>-425</td><td>-1,511</td><td>+2,256</td><td>+828</td><td>-2,542</td><td>+854</td><td>-2,257</td><td>-567</td><td>+665</td><td>-1,824</td><td>+311</td></tr><tr><td>Panama</td><td>+11,799</td><td>-2,460</td><td>-1,005</td><td>+3,461</td><td>+2,054</td><td>+3,758</td><td>-646</td><td>+1,147</td><td>+221</td><td>+272</td><td>+1,628</td><td>+1,853</td><td>+1,516</td></tr><tr><td>Peru</td><td>+10,410</td><td>+1,662</td><td>+577</td><td>-2,026</td><td>-338</td><td>+2,069</td><td>+521</td><td>-1,678</td><td>+1,302</td><td>+3,353</td><td>+1,029</td><td>+1,880</td><td>+2,059</td></tr><tr><td>Venezuela</td><td>+5,977</td><td>+1,070</td><td>-2,658</td><td>+3,918</td><td>+4,924</td><td>-8,530</td><td>-1,506</td><td>+917</td><td>+890</td><td>+7,517</td><td>+8,463</td><td>-11,568</td><td>+2,540</td></tr><tr><td>Other 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>+6,159</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><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>-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>-117</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>-89</td><td>-61</td></tr><tr><td>Netherlands East Indies</td><td>+560</td><td>-716</td><td>+730</td><td>-1,996</td><td>-480</td><td>-1,150</td><td>-137</td><td>+3,570</td><td>-143</td><td>-282</td><td>+2,563</td><td>+1,729</td><td>-3,128</td></tr><tr><td>Philippine Islands</td><td>+2,593</td><td>+539</td><td>-15</td><td>+766</td><td>-509</td><td>-394</td><td>-300</td><td>+820</td><td>-76</td><td>+111</td><td>+5,340</td><td>-5,083</td><td>+1,194</td></tr><tr><td>Turkey</td><td>-10,310</td><td>+2,119</td><td>+18,067</td><td>-11,687</td><td>+3,992</td><td>-17,381</td><td>+1,507</td><td>-9,594</td><td>+806</td><td>-610</td><td>-322</td><td>-151</td><td>+2,944</td></tr><tr><td>Other Asia</td><td>+1,703</td><td>-1,800</td><td>-1,501</td><td>-439</td><td>+282</td><td>-1,863</td><td>-2,054</td><td>+2,370</td><td>-289</td><td>+377</td><td>+4,491</td><td>-514</td><td>+2,653</td></tr><tr><td>Total Asia</td><td>-166,882</td><td>+11,121</td><td>+44,872</td><td>+6,673</td><td>+12,533</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><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>+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>+162</td><td>-2,572</td><td>-920</td><td>-2,994</td><td>+230</td><td>-266</td><td>+23</td><td>+189</td><td>-275</td><td>-238</td><td>-101</td></tr><tr><td>Union of South Africa</td><td>-3,451</td><td>+2,030</td><td>+1,943</td><td>-3,409</td><td>-1,794</td><td>-1,927</td><td>-769</td><td>-3,351</td><td>+1,404</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>-2,135</td><td>-15,978</td><td>+918</td><td>-6,680</td><td>-2,372</td><td>+1,233</td><td>+1,158</td><td>+23,845</td></tr><tr><td>Total other countries</td><td>+11</td><td>+7,695</td><td>-6,985</td><td>-9,753</td><td>+5,323</td><td>-11,386</td><td>-29,861</td><td>+456</td><td>-4,736</td><td>+2,443</td><td>+2,647</td><td>+3,098</td><td>+41,070</td></tr><tr><td>Voidotified</td><td>-152</td><td>+460</td><td>-194</td><td>-2</td><td>-185</td><td>+163</td><td>+704</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><b>Grand total</b></td><td>+44,394</td><td>+155,209</td><td>+147,637</td><td>+76,736</td><td>+1,034</td><td>+1,151</td><td>-47,329</td><td>-116,872</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)
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 - October 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><th>October</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></tr><tr><td>United Kingdom</td><td>-77,816</td><td>+8,948</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><td>-2,565</td></tr><tr><td>France</td><td>-17,795 Ta/</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>-42,284</td><td>-43,280</td><td>+47,152</td></tr><tr><td>Belgium</td><td>-2,473</td><td>+1,605</td><td>+10,143</td><td>+6,015</td><td>+7,589</td><td>-5,125</td><td>+8,406</td><td>-579</td><td>+68,884</td><td>-23,011</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>+736</td><td>+2,405</td><td>+1,731</td></tr><tr><td>Finland</td><td>-101</td><td>-425</td><td>+469</td><td>-54</td><td>-175</td><td>-171</td><td>-32</td><td>+445</td><td>+482</td><td>-473</td></tr><tr><td>Germany</td><td>-29</td><td>+446</td><td>+88</td><td>+51</td><td>-246</td><td>-5</td><td>+26</td><td>+99</td><td>+13</td><td>+191</td></tr><tr><td>Greece</td><td>+93</td><td>-96</td><td>+1,978</td><td>+1,846</td><td>+1,182</td><td>+2,928</td><td>+3,925</td><td>+2,664</td><td>+2,926</td><td>+2,584</td></tr><tr><td>Italy</td><td>+3,681</td><td>+2,781</td><td>+2,276</td><td>+3,391</td><td>+3,419</td><td>+1,072</td><td>+5,559</td><td>+4,401</td><td>+4,591</td><td>+3,724</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><td>-43</td></tr><tr><td>Netherlands</td><td>-3,101</td><td>+2,691</td><td>-503</td><td>-131</td><td>+554</td><td>+3,767</td><td>+2,844</td><td>+2,030</td><td>+2,466</td><td>+7,429</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>-9,116</td><td>-2,758</td><td>-1,700</td></tr><tr><td>Portugal</td><td>-12,388</td><td>-631</td><td>-5,868</td><td>+3,927</td><td>-2,766</td><td>+4,186</td><td>+5,985</td><td>-7,385</td><td>+6,450</td><td>-258</td></tr><tr><td>Rumania</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><td>-8,216</td></tr><tr><td>Spain</td><td>-4,298</td><td>+2,630</td><td>-13,936</td><td>+4,669</td><td>+5,397</td><td>-5,099</td><td>+5,058</td><td>+2,927</td><td>-7,292</td><td>+14,203</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><td></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><td>+6,426</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><td>+965</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><td>-14</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><td>-361</td></tr><tr><td><b>Total Europe</b></td><td>-125,340 Ta/</td><td>+59,457</td><td>+27,801</td><td>-17,391</td><td>+6,047</td><td>+103,967</td><td>+93,675</td><td>-78,933</td><td>-30,075</td><td>+45,862</td></tr><tr><td>Canada</td><td>+46,534</td><td>+100,510</td><td>+59,763</td><td>+36,540</td><td>-6,083</td><td>+77,813</td><td>+91,059</td><td>+103,786</td><td>+44,155</td><td>+67,142</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></tr><tr><td>Argentina</td><td>-4,342</td><td>+562</td><td>-19,163</td><td>-3,410</td><td>-2,140</td><td>+2,559</td><td>+3,484</td><td>-4,318</td><td>+1,183</td><td>+1,118</td></tr><tr><td>Bolivia</td><td>+2,273</td><td>-462</td><td>-1,936</td><td>+1,325</td><td>-764</td><td>+1,633</td><td>-2,089</td><td>+875</td><td>-72</td><td>-637</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><td>+1,202</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>-1,640</td><td>+1,945</td><td>-2,418</td><td>+1,027</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><td>-7,675</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><td>+484</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><td>-7,792</td></tr><tr><td>French West Indies and Guiana</td><td>+156</td><td>+545</td><td>+327</td><td>-244</td><td>+1,136</td><td>-77</td><td>+2,242</td><td>-1,229</td><td>+364</td><td>-306</td></tr><tr><td>Mexico</td><td>+15,602</td><td>+15,829</td><td>+14,014</td><td>+11,365</td><td>+18,508</td><td>+5,198</td><td>+12,043</td><td>-16,949</td><td>+5,412</td><td>-798</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+898</td><td>+377</td><td>-1,278</td><td>-558</td><td>-1,145</td><td>-3,352</td><td>+2,389</td><td>+160</td><td>+1,221</td><td>+630</td></tr><tr><td>Panama</td><td>+230 Ta/</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><td>+1,330</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><td>+3,803</td></tr><tr><td>Venezuela</td><td>+18,524</td><td>-4,701</td><td>+5,184</td><td>-7,040</td><td>+4,052</td><td>-6,532</td><td>+8,904</td><td>-6,946</td><td>+1,286</td><td>+3,679</td></tr><tr><td>Other Latin America</td><td>+1,655</td><td>+3,456</td><td>+3,597</td><td>+4,029</td><td>+3,230</td><td>-1,639</td><td>+158</td><td>-1,024</td><td>-7,016</td><td>-1,883</td></tr><tr><td><b>Total Latin America</b></td><td>+53,059 Ta/</td><td>+11,387</td><td>+29,726</td><td>+28,530</td><td>+58,678</td><td>+25,229</td><td>+58,514</td><td>-20,098</td><td>+19,217</td><td>-5,820</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></tr><tr><td>Chile</td><td>+146,459</td><td>-16,524</td><td>-2,644</td><td>-7,466</td><td>-4,992</td><td>-22,220</td><td>-18,344</td><td>+77,528</td><td>+9,784</td><td>+3,125</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><td>-151</td></tr><tr><td>Hong Kong</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>+876</td><td>+3,203</td><td>+641</td><td>+10,581</td><td>+5,278</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>+1</td><td>+67</td></tr><tr><td>Japan (including Korea and Manchurie)</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><td>-49</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>-6,514</td><td>+1,414</td><td>-3,871</td><td>+9,494</td><td>+5,155</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><td>-1,761</td></tr><tr><td>Turkey</td><td>+13,198</td><td>+9,119</td><td>+4,393</td><td>+1,186</td><td>-1,032</td><td>+804</td><td>-862</td><td>+442</td><td>-935</td><td>+659</td></tr><tr><td>Other Asia</td><td>+10,105</td><td>+1,941</td><td>+3,529</td><td>-463</td><td>-2,879</td><td>-11,545</td><td>+436</td><td>+4,053</td><td>+13,249</td><td>-1,482</td></tr><tr><td><b>Total Asia</b></td><td>+178,510</td><td>-71</td><td>+5,412</td><td>-2,641</td><td>-9,141</td><td>-35,218</td><td>-11,418</td><td>+64,049</td><td>+77,765</td><td>+10,757</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></tr><tr><td>Australia</td><td>-18,916</td><td>+698</td><td>-287</td><td>-132</td><td>-2,677</td><td>-1,274</td><td>-4,029</td><td>+825</td><td>+1,176</td><td>+512</td></tr><tr><td>New Zealand</td><td>+2,097</td><td>-750</td><td>-819</td><td>-491</td><td>-46</td><td>-290</td><td>+73</td><td>+1,179</td><td>-1,436</td><td>+392</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+996</td><td>+324</td><td>+123</td><td>+782</td><td>-227</td><td>+1,593</td><td>-207</td><td>+2,693</td><td>+32</td><td>+3,629</td></tr><tr><td>French Morocco</td><td>-175</td><td>-69</td><td>-198</td><td>+245</td><td>+128</td><td>-638</td><td>+339</td><td>+765</td><td>+1,028</td><td>+1,910</td></tr><tr><td>Union of South Africa</td><td>+2,021</td><td>+165</td><td>-64</td><td>-323</td><td>-521</td><td>+468</td><td>-844</td><td>+1,226</td><td>+3,114</td><td>-1,581</td></tr><tr><td>All other</td><td>+14,895 Ta/</td><td>+2,099</td><td>+4,413</td><td>-989</td><td>+1,264</td><td>+459</td><td>+4,041</td><td>+6,336</td><td>+10,276</td><td>+22,969</td></tr><tr><td><b>Total other countries</b></td><td>+918 Ta/</td><td>+2,467</td><td>+3,168</td><td>-908</td><td>-2,079</td><td>+318</td><td>-627</td><td>+13,024</td><td>+14,190</td><td>+28,068</td></tr><tr><td>Unidentified</td><td>+214</td><td>+1,223</td><td>+4,914</td><td>+316</td><td>-116</td><td>-422</td><td>-178</td><td>-696</td><td>+742</td><td>+458</td></tr><tr><td><b>Grand total</b></td><td>+153,895 Ta/</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</td><td>+125,994</td><td>+146,467</td></tr></table>
Footnotes appear on pages 91 and 92.
97
April 1946
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 - October 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1942</th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+572</td><td>+46</td><td>-76</td><td>+270</td><td>+143</td><td>-5</td><td>+336</td><td>-268</td><td>-75</td><td>+203</td><td>-90</td><td>-17</td><td>+105</td></tr><tr><td>France</td><td>+811</td><td>-97</td><td>-55</td><td>+593</td><td>-130</td><td>+25</td><td>+254</td><td>-183</td><td>+18</td><td>+395</td><td>-332</td><td>+8</td><td>+315</td></tr><tr><td>Belgium</td><td>-121</td><td>+29</td><td>-2</td><td>-35</td><td>-98</td><td>-51</td><td>-21</td><td>+9</td><td>-4</td><td>+74</td><td>+64</td><td>+91</td><td>-177</td></tr><tr><td>Germany</td><td>+75</td><td>+10</td><td>-11</td><td>+1</td><td>+5</td><td>-3</td><td>+3</td><td>+38</td><td>-1</td><td>+138</td><td>-115</td><td>-1</td><td>+11</td></tr><tr><td>Italy</td><td>+23</td><td>-3</td><td>+17</td><td>+8</td><td>-1</td><td>+6</td><td>-21</td><td>+7</td><td>+66</td><td>144</td><td>-6</td><td>+17</td><td>-23</td></tr><tr><td>Netherlands</td><td>-139</td><td>+420</td><td>+51</td><td>+245</td><td>+108</td><td>+312</td><td>+288</td><td>-2,902</td><td>-2</td><td>+380</td><td>+40</td><td>+147</td><td>+774</td></tr><tr><td>Sweden</td><td>+95</td><td>+45</td><td>+12</td><td>+13</td><td>+67</td><td>-25</td><td>-16</td><td>+10</td><td>-5</td><td>+25</td><td>-15</td><td>-11</td><td>-5</td></tr><tr><td>Switzerland</td><td>+275</td><td>-211</td><td>-22</td><td>+1,091</td><td>-354</td><td>+177</td><td>-114</td><td>+631</td><td>-83</td><td>+96</td><td>-530</td><td>-571</td><td>+165</td></tr><tr><td>Other Europe</td><td>+738</td><td>-439</td><td>-25</td><td>+375</td><td>+174</td><td>+278</td><td>+10</td><td>-20</td><td>+142</td><td>+143</td><td>-200</td><td>+84</td><td>+216</td></tr><tr><td>Total Europe</td><td>+2,329</td><td>-200</td><td>-111</td><td>+2,561</td><td>-86</td><td>+714</td><td>+719</td><td>-2,678</td><td>+56</td><td>+1,410</td><td>-1,184</td><td>-253</td><td>+1,381</td></tr><tr><td>Canada</td><td>+1,072</td><td>+212</td><td>+291</td><td>-59</td><td>-76</td><td>-130</td><td>+268</td><td>-181</td><td>+109</td><td>+682</td><td>-382</td><td>+30</td><td>+308</td></tr><tr><td>Latin America</td><td>+261</td><td>+1,124</td><td>-300</td><td>+111</td><td>-252</td><td>+73</td><td>+534</td><td>+250</td><td>+52</td><td>+1,168</td><td>-1,481</td><td>+133</td><td>-1,151</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-27</td><td>-5</td><td>+1</td><td>+12</td><td>-3</td><td>-</td><td>-29</td><td>+14</td><td>+6</td><td>+77</td><td>-82</td><td>+21</td><td>-39</td></tr><tr><td>Other Asia</td><td>-264</td><td>+99</td><td>-44</td><td>-279</td><td>+1</td><td>+10</td><td>+42</td><td>-13</td><td>+5</td><td>+183</td><td>-180</td><td>-116</td><td>+28</td></tr><tr><td>Total Asia</td><td>-291</td><td>+94</td><td>-43</td><td>-267</td><td>-2</td><td>+10</td><td>+13</td><td>+1</td><td>+11</td><td>+260</td><td>-262</td><td>-95</td><td>-11</td></tr><tr><td>All other</td><td>+142</td><td>-55</td><td>+104</td><td>-49</td><td>+46</td><td>-27</td><td>+158</td><td>+15</td><td>+23</td><td>+54</td><td>-22</td><td>+95</td><td>-200</td></tr><tr><td>Grand total</td><td>+3,513</td><td>+1,175</td><td>-59</td><td>+2,297</td><td>-370</td><td>+640</td><td>+1,692</td><td>-2,593</td><td>+251</td><td>+3,574</td><td>-3,331</td><td>-90</td><td>+327</td></tr></table>
(Continued on following page)
98
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section 1 - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - October 1945 - (Continued)
(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 1943</th><th colspan="12">1943</th></tr><tr><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>-3</td><td>+1</td><td>-34</td><td>+1</td><td>-17</td><td>-18</td><td>+82</td><td>-43</td><td>-</td><td>+36</td><td>+11</td><td>+3</td></tr><tr><td>Picland</td><td>-8</td><td>+68</td><td>-</td><td>+1</td><td>-72</td><td>-</td><td>-</td><td>-2</td><td>+2</td><td>+2</td><td>-8</td><td>-</td><td>+1</td></tr><tr><td>Germany</td><td>-33</td><td>-12</td><td>+6</td><td>+8</td><td>+6</td><td>-18</td><td>+41</td><td>-4</td><td>-7</td><td>-67</td><td>-9</td><td>+10</td><td>+13</td></tr><tr><td>Greece</td><td>+16</td><td>+10</td><td>+1</td><td>-6</td><td>-5</td><td>-1</td><td>-2</td><td>+6</td><td>-4</td><td>+3</td><td>-2</td><td>+5</td><td>+11</td></tr><tr><td>Italy</td><td>+110</td><td>+32</td><td>-2</td><td>+10</td><td>+5</td><td>+2</td><td>+6</td><td>+5</td><td>-15</td><td>+33</td><td>+7</td><td>+60</td><td>-33</td></tr><tr><td>Luxembourg</td><td>+272</td><td>+210</td><td>-90</td><td>-24</td><td>-86</td><td>+80</td><td>+39</td><td>-33</td><td>+6</td><td>+275</td><td>-51</td><td>+15</td><td>-69</td></tr><tr><td>Netherlands</td><td>+2,387</td><td>+148</td><td>-413</td><td>+560</td><td>+131</td><td>-113</td><td>+266</td><td>+397</td><td>+204</td><td>-85</td><td>+216</td><td>+5</td><td>+1,071</td></tr><tr><td>Norway</td><td>+474</td><td>+178</td><td>+34</td><td>+49</td><td>+3</td><td>-</td><td>+20</td><td>+42</td><td>+7</td><td>+15</td><td>+85</td><td>+26</td><td>+15</td></tr><tr><td>Portugal</td><td>+146</td><td>+3</td><td>-1</td><td>-2</td><td>+3</td><td>-2</td><td>+93</td><td>-77</td><td>+4</td><td>-7</td><td>+73</td><td>+61</td><td>-2</td></tr><tr><td>Romania</td><td>+6</td><td>+4</td><td>-22</td><td>+19</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>+1</td><td>+1</td><td>+4</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>+4</td><td>-15</td><td>+7</td><td>+5</td><td>-1</td><td>+4</td><td>-1</td><td>+4</td><td>-2</td><td>-</td><td>+4</td><td>+5</td><td>+4</td></tr><tr><td>Sweden</td><td>-71</td><td>-19</td><td>+34</td><td>+38</td><td>+114</td><td>-67</td><td>-7</td><td>+44</td><td>+67</td><td>-148</td><td>-108</td><td>+260</td><td>-279</td></tr><tr><td>Switzerland</td><td>+5,556</td><td>-239</td><td>-2,627</td><td>+3,453</td><td>-382</td><td>+797</td><td>+1,376</td><td>+1,274</td><td>+913</td><td>+643</td><td>+11</td><td>+82</td><td>+255</td></tr><tr><td>U. S. S. R.</td><td>+4</td><td>+2</td><td>-21</td><td>+20</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>+68</td><td>-69</td><td>-</td><td>+2</td><td>-1</td></tr><tr><td>Yugoslavia</td><td>+1</td><td>-274</td><td>-98</td><td>+195</td><td>+140</td><td>-323</td><td>+57</td><td>-29</td><td>+54</td><td>+17</td><td>-148</td><td>+44</td><td>+18</td></tr><tr><td>Other Europe</td><td>-347</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Europe</td><td>+1,039</td><td>+309</td><td>-4,034</td><td>+4,055</td><td>+1,728</td><td>+267</td><td>+3,480</td><td>+1,199</td><td>+1,136</td><td>+595</td><td>-337</td><td>+860</td><td>+1,781</td></tr><tr><td>Canada</td><td>+2,433</td><td>+743</td><td>+715</td><td>+228</td><td>-600</td><td>+132</td><td>+610</td><td>-571</td><td>+156</td><td>+145</td><td>+507</td><td>-242</td><td>+610</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-807</td><td>+163</td><td>-72</td><td>+481</td><td>-553</td><td>-510</td><td>-34</td><td>-150</td><td>+4</td><td>-560</td><td>-728</td><td>+1,185</td><td>-33</td></tr><tr><td>Bolivia</td><td>+12</td><td>+2</td><td>+4</td><td>-</td><td>+4</td><td>-6</td><td>+156</td><td>-152</td><td>-</td><td>+38</td><td>-39</td><td>-7</td><td>+12</td></tr><tr><td>Brazil</td><td>-215</td><td>-142</td><td>+281</td><td>-578</td><td>-6</td><td>+77</td><td>+7</td><td>+143</td><td>-58</td><td>+31</td><td>-8</td><td>-8</td><td>+46</td></tr><tr><td>Chile</td><td>-104</td><td>-52</td><td>-156</td><td>+234</td><td>+206</td><td>-117</td><td>-38</td><td>+98</td><td>-43</td><td>-208</td><td>-6</td><td>-14</td><td>-8</td></tr><tr><td>Colombia</td><td>+22</td><td>-15</td><td>+19</td><td>-15</td><td>-68</td><td>+29</td><td>+55</td><td>+116</td><td>+6</td><td>-62</td><td>-155</td><td>+90</td><td>+22</td></tr><tr><td>Costa Rica</td><td>+36</td><td>+18</td><td>-2</td><td>+12</td><td>-27</td><td>+1</td><td>+8</td><td>+5</td><td>-10</td><td>+2</td><td>+3</td><td>-10</td><td>+36</td></tr><tr><td>Cuba</td><td>-431</td><td>+529</td><td>+2,587</td><td>-2,474</td><td>-152</td><td>-369</td><td>-312</td><td>-103</td><td>-965</td><td>+355</td><td>+838</td><td>-170</td><td>-195</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>+3</td><td>-3</td><td>+3</td><td>+15</td><td>-20</td><td>+2</td><td>+4</td><td>-1</td><td>-3</td><td>+12</td><td>-41</td><td>+29</td></tr><tr><td>Mexico</td><td>-255</td><td>-209</td><td>+237</td><td>+166</td><td>-412</td><td>-327</td><td>-65</td><td>-</td><td>+154</td><td>+60</td><td>-151</td><td>+342</td><td>-50</td></tr><tr><td>Netherlands West Indies and Suricam</td><td>+20</td><td>+4</td><td>-67</td><td>+13</td><td>-</td><td>-21</td><td>+10</td><td>+22</td><td>+10</td><td>+73</td><td>-18</td><td>-16</td><td>+10</td></tr><tr><td>Panama</td><td>+1,902</td><td>+373</td><td>+192</td><td>+351</td><td>+462</td><td>+494</td><td>-303</td><td>-183</td><td>+1,027</td><td>-201</td><td>+107</td><td>-321</td><td>-96</td></tr><tr><td>Peru</td><td>+244</td><td>+15</td><td>+104</td><td>-164</td><td>+23</td><td>+36</td><td>-169</td><td>-36</td><td>+414</td><td>-3</td><td>-30</td><td>+42</td><td>+12</td></tr><tr><td>Venezuela</td><td>-24</td><td>-52</td><td>-64</td><td>+168</td><td>+24</td><td>-44</td><td>-60</td><td>-55</td><td>-286</td><td>-34</td><td>-119</td><td>+185</td><td>+313</td></tr><tr><td>Other Latin America</td><td>-831</td><td>+240</td><td>-130</td><td>+248</td><td>+520</td><td>-711</td><td>+142</td><td>-104</td><td>+91</td><td>+311</td><td>-536</td><td>-604</td><td>-298</td></tr><tr><td>Total Latin America</td><td>-431</td><td>+877</td><td>+2,930</td><td>-1,555</td><td>+36</td><td>-1,488</td><td>-601</td><td>-395</td><td>+343</td><td>-201</td><td>-830</td><td>+653</td><td>-200</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>-154</td><td>+293</td><td>-107</td><td>-328</td><td>-250</td><td>-53</td><td>+42</td><td>-135</td><td>+46</td><td>+42</td><td>-30</td><td>+205</td><td>+121</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+6</td><td>-6</td><td>-</td></tr><tr><td>Hong Kong</td><td>+47</td><td>+1</td><td>-</td><td>+4</td><td>+6</td><td>-3</td><td>+3</td><td>+2</td><td>+17</td><td>+3</td><td>+2</td><td>+7</td><td>+5</td></tr><tr><td>India, Burma, and Ceylon</td><td>+20</td><td>+11</td><td>-</td><td>+32</td><td>-38</td><td>+10</td><td>+5</td><td>+4</td><td>-3</td><td>+1</td><td>-5</td><td>-1</td><td>+4</td></tr><tr><td>British Malaya</td><td>+1</td><td>+3</td><td>-3</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-17</td><td>+4</td><td>-1</td><td>+6</td><td>+3</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>-8</td><td>+8</td><td>-28</td></tr><tr><td>Netherlands East Indies</td><td>+1</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-2</td><td>+2</td><td>-3</td><td>+7</td><td>-2</td></tr><tr><td>Philippine Islands</td><td>+88</td><td>+40</td><td>+35</td><td>-26</td><td>+6</td><td>-</td><td>+1</td><td>+5</td><td>-14</td><td>+65</td><td>-9</td><td>+15</td><td>-</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+4</td><td>-4</td></tr><tr><td>Other Asia</td><td>-79</td><td>-115</td><td>-19</td><td>-3</td><td>-11</td><td>+13</td><td>+13</td><td>+83</td><td>-77</td><td>+1</td><td>-</td><td>+5</td><td>+31</td></tr><tr><td>Total Asia</td><td>-93</td><td>+238</td><td>-96</td><td>-314</td><td>-285</td><td>-36</td><td>+64</td><td>-42</td><td>-63</td><td>+116</td><td>-47</td><td>+245</td><td>+127</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+120</td><td>+125</td><td>-54</td><td>-162</td><td>+23</td><td>+51</td><td>+18</td><td>+84</td><td>+91</td><td>-61</td><td>-27</td><td>+70</td><td>-38</td></tr><tr><td>New Zealand</td><td>-5</td><td>+61</td><td>-31</td><td>-50</td><td>+21</td><td>+13</td><td>+70</td><td>+112</td><td>-43</td><td>-15</td><td>-28</td><td>-120</td><td>+5</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+113</td><td>+55</td><td>-1</td><td>+1</td><td>+3</td><td>-4</td><td>+2</td><td>+3</td><td>+12</td><td>-2</td><td>+1</td><td>+34</td><td>+9</td></tr><tr><td>French Morocco</td><td>+31</td><td>+2</td><td>-30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+60</td><td>-</td><td>-1</td></tr><tr><td>Union of South Africa</td><td>-21</td><td>+5</td><td>-29</td><td>+2</td><td>-8</td><td>+5</td><td>-</td><td>-</td><td>+1</td><td>-1</td><td>-</td><td>+2</td><td>+2</td></tr><tr><td>All other</td><td>+187</td><td>+241</td><td>-</td><td>-41</td><td>+3</td><td>+36</td><td>+19</td><td>+30</td><td>+61</td><td>-12</td><td>-45</td><td>-196</td><td>+91</td></tr><tr><td>Total other countries</td><td>+425</td><td>+489</td><td>-115</td><td>-280</td><td>+42</td><td>+101</td><td>+109</td><td>+229</td><td>+122</td><td>-91</td><td>-39</td><td>-210</td><td>+68</td></tr><tr><td>Unidentified</td><td>-1</td><td>+2</td><td>-</td><td>-</td><td>+1</td><td>-3</td><td>-</td><td>-</td><td>+4</td><td>+1</td><td>-1</td><td>-2</td><td>-3</td></tr><tr><td>Grand total</td><td>+13,372</td><td>+2,658</td><td>-600</td><td>+2,134</td><td>+922</td><td>-1,027</td><td>+3,662</td><td>+420</td><td>+1,698</td><td>+565</td><td>-747</td><td>+1,304</td><td>+2,383</td></tr></table>
(Continued on following page)
April 1946
99
Capital Movements Between the United States and Foreign Countries - (Continued
Section 1 - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - October 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>-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>-1</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>+711</td><td>+157</td><td>+942</td></tr><tr><td>Norway</td><td>+285</td><td>-29</td><td>+31</td><td>+13</td><td>+30</td><td>+14</td><td>-228</td><td>+205</td><td>+31</td><td>+110</td><td>+3</td><td>-52</td><td>-157</td></tr><tr><td>Portugal</td><td>-116</td><td>+17</td><td>-25</td><td>+1</td><td>+8</td><td>+2</td><td>+4</td><td>+6</td><td>+8</td><td>-5</td><td>+3</td><td>-10</td><td>-125</td></tr><tr><td>Rumania</td><td>-6</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-10</td><td>+6</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>+88</td><td>-16</td><td>+9</td><td>+11</td><td>-19</td><td>-</td><td>-</td><td>+2</td><td>+1</td><td>-</td><td>+19</td><td>-82</td><td>+163</td></tr><tr><td>Sweden</td><td>+90</td><td>-5</td><td>+78</td><td>+88</td><td>+66</td><td>-162</td><td>-47</td><td>+57</td><td>-10</td><td>+33</td><td>-9</td><td>+39</td><td>-38</td></tr><tr><td>Switzerland</td><td>+3,758</td><td>+761</td><td>-1,245</td><td>+909</td><td>-523</td><td>+716</td><td>-506</td><td>+1,098</td><td>+318</td><td>+653</td><td>+1,001</td><td>-881</td><td>+1,457</td></tr><tr><td>U. S. S. R.</td><td>+4</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+6</td><td>-6</td><td>-90</td><td>+90</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>+3</td><td>-1</td><td>-1</td><td>-</td><td>+1</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>+1</td><td>-</td></tr><tr><td>Other Europe</td><td>-79</td><td>-26</td><td>-30</td><td>+83</td><td>-12</td><td>+35</td><td>-127</td><td>+18</td><td>+139</td><td>-29</td><td>-24</td><td>+44</td><td>-150</td></tr><tr><td>Total Europe</td><td>+6,582</td><td>+290</td><td>-654</td><td>+1,188</td><td>-576</td><td>+696</td><td>-201</td><td>+2,347</td><td>+358</td><td>+1,420</td><td>+1,938</td><td>-1,802</td><td>+3,578</td></tr><tr><td>Canada</td><td>-1,417</td><td>-494</td><td>+273</td><td>+396</td><td>+300</td><td>-931</td><td>+345</td><td>-912</td><td>-320</td><td>-272</td><td>+2,196</td><td>-1,440</td><td>-558</td></tr><tr><td>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>+1,141</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>-51</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>-5</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>Veocuella</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>Total Latin America</td><td>+1,309</td><td>-551</td><td>+2,265</td><td>-759</td><td>-414</td><td>+1,302</td><td>-308</td><td>-748</td><td>+195</td><td>+788</td><td>+726</td><td>+150</td><td>-1,337</td></tr><tr><td>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>+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>Fresch 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>+95</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 Manchurie)</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>Total Asia</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>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>-254</td><td>+29</td><td>+13</td><td>+26</td><td>+6</td><td>-32</td><td>-271</td><td>-12</td><td>-</td><td>+11</td><td>-3</td><td>-15</td><td>-6</td></tr><tr><td>New Zealand</td><td>-33</td><td>+10</td><td>+1</td><td>+9</td><td>-1</td><td>+18</td><td>-67</td><td>-5</td><td>+1</td><td>-</td><td>+1</td><td>-1</td><td>+1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+3</td><td>-7</td><td>-30</td><td>+1</td><td>+14</td><td>+17</td><td>-20</td><td>+1</td><td>+16</td><td>+3</td><td>-4</td><td>+11</td><td>+1</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>+3</td><td>-</td><td>+2</td><td>-1</td><td>+2</td><td>+1</td><td>+7</td><td>+1</td><td>-</td><td>-1</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>+53</td><td>+268</td><td>+296</td><td>+14</td><td>+7</td><td>+37</td></tr><tr><td>Total other countries</td><td>+467</td><td>+7</td><td>-25</td><td>+79</td><td>+36</td><td>+9</td><td>-348</td><td>+70</td><td>+286</td><td>+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>Grand total</td><td>+6,529</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)
Treasury Bulletin
100
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4.- N
Net Movement in Brokerage Balances, by Countries, January 1942 - October 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><th>October</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></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><td>+28</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><td>+129</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><td>-115</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><td>+52</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><td>-</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><td>+26</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><td>+11</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><td>+11</td></tr><tr><td>Luxembourg</td><td>+21</td><td>-1</td><td>+29</td><td>+36</td><td>-418</td><td>+5</td><td>-5</td><td>+300</td><td>+78</td><td>+22</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><td>+452</td></tr><tr><td>Norway</td><td>-37</td><td>-121</td><td>+97</td><td>+6</td><td>+31</td><td>+117</td><td>+46</td><td>+205</td><td>+94</td><td>-35</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><td>-11</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><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><td>+2</td></tr><tr><td>Sweden</td><td>+23</td><td>+44</td><td>+11</td><td>+11</td><td>+94</td><td>+148</td><td>+42</td><td>-38</td><td>+67</td><td>+33</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><td>-511</td></tr><tr><td>U. S. S. R.</td><td>-9</td><td>+9</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>+2</td><td>-2</td><td>-</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><td>-</td></tr><tr><td>Other Europe</td><td>-3</td><td>+142</td><td>-413</td><td>+4</td><td>-17</td><td>+42</td><td>-158</td><td>+43</td><td>+1</td><td>+336</td></tr><tr><td>Total Europe</td><td>-1,121</td><td>+2,454</td><td>+353</td><td>+664</td><td>+1,072</td><td>+3,674</td><td>-2,024</td><td>+626</td><td>+2,761</td><td>+309</td></tr><tr><td>Canada</td><td>+557</td><td>+305</td><td>-86</td><td>+80</td><td>+2,256</td><td>-1,367</td><td>-611</td><td>+866</td><td>+368</td><td>-923</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>+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><td>-321</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><td>+10</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><td>+1,096</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><td>-15</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><td>+118</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><td>+6</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><td>-442</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><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><td>-404</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><td>+454</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><td>+334</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><td>+172</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><td>-957</td></tr><tr><td>Other Latin America</td><td>+79</td><td>+405</td><td>-14</td><td>-64</td><td>-214</td><td>-607</td><td>-21</td><td>-51</td><td>+40</td><td>-86</td></tr><tr><td>Total Latin America</td><td>+1,163</td><td>+944</td><td>+300</td><td>-530</td><td>+494</td><td>-3,328</td><td>-1,792</td><td>+4</td><td>+2,187</td><td>-35</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>-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><td>+424</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><td>+8</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><td>+72</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><td>-7</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><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-3</td><td>+1</td><td>-3</td><td>-</td><td>+1</td><td>-</td><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><td>+153</td></tr><tr><td>Philippine Islands</td><td>+6</td><td>-4</td><td>+65</td><td>+14</td><td>-78</td><td>-44</td><td>-28</td><td>-39</td><td>+80</td><td>-169</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><td>-</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><td>-36</td></tr><tr><td>Total Asia</td><td>-835</td><td>+62</td><td>-79</td><td>-263</td><td>-580</td><td>-833</td><td>-307</td><td>+499</td><td>-62</td><td>+445</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>+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><td>+3</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><td>+1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-</td><td>+10</td><td>-9</td><td>-31</td><td>-2</td><td>+10</td><td>-25</td><td>+3</td><td>+1</td><td>+2</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><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><td>-1</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><td>-35</td></tr><tr><td>Total other countries</td><td>+27</td><td>+79</td><td>+33</td><td>-27</td><td>-26</td><td>+23</td><td>-9</td><td>+69</td><td>+217</td><td>-26</td></tr><tr><td>Unidentified</td><td>+14</td><td>-4</td><td>-</td><td>-2</td><td>-7</td><td>-</td><td>+54</td><td>-</td><td>-2</td><td>+3</td></tr><tr><td>Grand total</td><td>-195</td><td>+3,840</td><td>+521</td><td>-78</td><td>+3,209</td><td>-1,831</td><td>-4,689</td><td>+2,064</td><td>+5,469</td><td>-227</td></tr></table>
April 1946
101
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1942</th><th 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>+3,465</td></tr><tr><td>Belgium</td><td>-1,620</td><td>+338</td><td>+114</td><td>+169</td><td>-158</td><td>-301</td><td>-153</td><td>-533</td><td>-318</td><td>+13</td><td>-24</td><td>-363</td><td>-404</td></tr><tr><td>Germany</td><td>-711</td><td>-10</td><td>-21</td><td>-19</td><td>+25</td><td>+5</td><td>-110</td><td>-135</td><td>-241</td><td>-85</td><td>-157</td><td>-3</td><td>+40</td></tr><tr><td>Italy</td><td>-113</td><td>-4</td><td>-6</td><td>-81</td><td>+101</td><td>+5</td><td>-8</td><td>-65</td><td>-31</td><td>-87</td><td>+19</td><td>-21</td><td>+65</td></tr><tr><td>Netherlande</td><td>+257</td><td>-75</td><td>+1</td><td>+4</td><td>-26</td><td>-56</td><td>-71</td><td>+188</td><td>-8</td><td>+12</td><td>-57</td><td>-46</td><td>+391</td></tr><tr><td>Sweden</td><td>+1,791</td><td>+18</td><td>-1,256</td><td>+299</td><td>-46</td><td>+308</td><td>+231</td><td>+940</td><td>-181</td><td>+191</td><td>-81</td><td>+857</td><td>+511</td></tr><tr><td>Switzerland</td><td>+24,786</td><td>+3,056</td><td>+818</td><td>-89</td><td>+2,856</td><td>+1,745</td><td>+1,822</td><td>+2,661</td><td>+2,030</td><td>+1,760</td><td>+3,420</td><td>+3,406</td><td>+1,301</td></tr><tr><td>Other Europe</td><td>+13,607</td><td>+314</td><td>+1,250</td><td>+368</td><td>+420</td><td>+377</td><td>+159</td><td>+278</td><td>+577</td><td>+3,551</td><td>+2,381</td><td>+1,851</td><td>+2,078</td></tr><tr><td>Total Europe</td><td>+34,638</td><td>+3,174</td><td>+1,410</td><td>-2,308</td><td>+1,919</td><td>+2,128</td><td>+39</td><td>+3,766</td><td>+2,114</td><td>+5,231</td><td>+4,761</td><td>+5,607</td><td>+6,797</td></tr><tr><td>Canada</td><td>-38,751</td><td>+1,270</td><td>-7,424</td><td>-8,618</td><td>-8,289</td><td>-6,486</td><td>-5,5161</td><td>-16,998</td><td>+3,729</td><td>+91</td><td>+9,217</td><td>-2,658</td><td>+2,931</td></tr><tr><td>Latin America</td><td>+31,422</td><td>+1,559</td><td>-557</td><td>+2,568</td><td>+1,595</td><td>+6,087</td><td>+2,9591</td><td>+4,755</td><td>+1,438</td><td>+179</td><td>+3,570</td><td>+2,145</td><td>+5,124</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-35</td><td>+56</td><td>+129</td><td>+33</td><td>+14</td><td>+89</td><td>-15</td><td>+7</td><td>+2</td><td>-332</td><td>+7</td><td>+3</td><td>-28</td></tr><tr><td>Other Asia</td><td>+10,512</td><td>+89</td><td>+146</td><td>+323</td><td>-168</td><td>+467</td><td>+1,124</td><td>+262</td><td>+1,199</td><td>+173</td><td>+1,892</td><td>+4,331</td><td>+674</td></tr><tr><td>Total Asia</td><td>+10,477</td><td>+145</td><td>+275</td><td>+356</td><td>-154</td><td>+556</td><td>+1,109</td><td>+269</td><td>+1,201</td><td>-159</td><td>+1,899</td><td>+4,334</td><td>+646</td></tr><tr><td>All other</td><td>+1,449</td><td>+55</td><td>+222</td><td>+30</td><td>+246</td><td>+184</td><td>-4</td><td>+5</td><td>+199</td><td>-19</td><td>+290</td><td>+29</td><td>+212</td></tr><tr><td>Grand total</td><td>+39,235</td><td>+6,203</td><td>-6,074</td><td>-7,972</td><td>-4,683</td><td>+2,469</td><td>-1,4131</td><td>-8,203</td><td>+8,681</td><td>+5,323</td><td>+19,737</td><td>+9,457</td><td>+15,710</td></tr></table>
(Continued on following page)
102
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(lo thousande of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-20,435</td><td>-111</td><td>-713</td><td>-1,301</td><td>-1,631</td><td>-1,410</td><td>-5,517</td><td>-2,703</td><td>+1,211</td><td>-2,814</td><td>-1,208</td><td>-1,941</td><td>-2,297</td></tr><tr><td>France</td><td>+464</td><td>-895</td><td>+93</td><td>-248</td><td>+1,158</td><td>+4,013</td><td>+135</td><td>-6,496</td><td>-1,894</td><td>+3,233</td><td>+1,014</td><td>+261</td><td>+90</td></tr><tr><td>Belgium</td><td>+1,535</td><td>-772</td><td>+80</td><td>-160</td><td>-742</td><td>-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>+87</td><td>+2</td><td>-10</td><td>+4</td><td>-3</td><td>+6</td><td>-16</td><td>+27</td></tr><tr><td>Italy</td><td>+680</td><td>-2</td><td>-20</td><td>+39</td><td>-90</td><td>+87</td><td>+463</td><td>+90</td><td>+52</td><td>+43</td><td>+7</td><td>-1</td><td>-70</td></tr><tr><td>Luxembourg</td><td>-111</td><td>+16</td><td>+15</td><td>+43</td><td>+16</td><td>+9</td><td>-124</td><td>+18</td><td>-6</td><td>-41</td><td>+14</td><td>-1</td><td>-70</td></tr><tr><td>Netherlands</td><td>+4,374</td><td>+859</td><td>+414</td><td>+61</td><td>+1,127</td><td>+1,106</td><td>+213</td><td>+149</td><td>-156</td><td>+129</td><td>+594</td><td>+8</td><td>-130</td></tr><tr><td>Norway</td><td>+2,360</td><td>-6</td><td>+702</td><td>+159</td><td>+59</td><td>+46</td><td>+34</td><td>+206</td><td>+815</td><td>+153</td><td>+71</td><td>+78</td><td>+43</td></tr><tr><td>Portugal</td><td>+1</td><td>-15</td><td>-3</td><td>-9</td><td>+35</td><td>+22</td><td>+135</td><td>+18</td><td>-10</td><td>+1</td><td>+9</td><td>-32</td><td>-150</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>+24</td><td>+1</td><td>-40</td><td>+3</td><td>+1</td><td>+54</td><td>+2</td><td>+4</td><td>+8</td><td>-24</td><td>+33</td><td>-1</td><td>-15</td></tr><tr><td>Sweden</td><td>+3,356</td><td>+269</td><td>-38</td><td>+420</td><td>+2,415</td><td>-74</td><td>-24</td><td>+30</td><td>-567</td><td>-139</td><td>-501</td><td>+1,612</td><td>-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 Europe</td><td>+3,682</td><td>+46</td><td>+130</td><td>+136</td><td>+43</td><td>+4</td><td>+43</td><td>+64</td><td>+18</td><td>+7</td><td>+3,216</td><td>-1</td><td>-21</td></tr><tr><td>Total Europe</td><td>+5,054</td><td>+2,085</td><td>+2,454</td><td>-370</td><td>+5,893</td><td>+3,581</td><td>-4,569</td><td>-6,011</td><td>-2,746</td><td>+3,191</td><td>+3,529</td><td>+1,577</td><td>-3,560</td></tr><tr><td>Canada</td><td>+31,070</td><td>-86,520</td><td>-15,234</td><td>+57,488</td><td>-5,182</td><td>-9,729</td><td>-1,306</td><td>-17,309</td><td>+107,461</td><td>+23,951</td><td>-7,413</td><td>-2,849</td><td>-12,288</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+5,611</td><td>-251</td><td>-618</td><td>-748</td><td>-477</td><td>+1,028</td><td>+563</td><td>+386</td><td>+662</td><td>+1,986</td><td>+1,276</td><td>+166</td><td>+1,638</td></tr><tr><td>Bolivia</td><td>+99</td><td>+19</td><td>-83</td><td>+10</td><td>+9</td><td>+27</td><td>+36</td><td>-</td><td>+12</td><td>+24</td><td>-</td><td>+47</td><td>-2</td></tr><tr><td>Brazil</td><td>+1,520</td><td>+325</td><td>+274</td><td>+259</td><td>-4</td><td>+71</td><td>+89</td><td>+82</td><td>+75</td><td>-47</td><td>+10</td><td>+234</td><td>+152</td></tr><tr><td>Chile</td><td>+1,384</td><td>-22</td><td>-34</td><td>-268</td><td>-256</td><td>+1,079</td><td>-78</td><td>+26</td><td>-200</td><td>+89</td><td>+89</td><td>+718</td><td>+241</td></tr><tr><td>Colombia</td><td>+2,140</td><td>+219</td><td>+162</td><td>+345</td><td>+97</td><td>+310</td><td>+676</td><td>-17</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>Peru</td><td>+77</td><td>-8</td><td>+83</td><td>+22</td><td>-126</td><td>-86</td><td>+146</td><td>+191</td><td>-296</td><td>+83</td><td>+33</td><td>+8</td><td>+27</td></tr><tr><td>Venezuela</td><td>+1,365</td><td>+263</td><td>+339</td><td>+224</td><td>+213</td><td>+191</td><td>+99</td><td>+79</td><td>+176</td><td>+160</td><td>+87</td><td>-264</td><td>-202</td></tr><tr><td>Other Latin America</td><td>+2,128</td><td>-73</td><td>-24</td><td>-139</td><td>-1</td><td>-122</td><td>-227</td><td>+20</td><td>-134</td><td>+2,209</td><td>-24</td><td>+89</td><td>+554</td></tr><tr><td>Total Latin America</td><td>+32,111</td><td>+1,372</td><td>+634</td><td>+2,242</td><td>+2,147</td><td>+2,883</td><td>+1,180</td><td>-655</td><td>+3,355</td><td>+7,090</td><td>+3,029</td><td>+4,631</td><td>+4,203</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+67</td><td>-11</td><td>-136</td><td>+708</td><td>+1,482</td><td>-965</td><td>-146</td><td>-1</td><td>+1,062</td><td>+284</td><td>-1,336</td><td>+60</td><td>-934</td></tr><tr><td>French Indo-China</td><td>-78</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-78</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-155</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>-135</td></tr><tr><td>India, Burma, and Ceylon</td><td>-571</td><td>-10</td><td>-108</td><td>-52</td><td>-202</td><td>-250</td><td>-40</td><td>-99</td><td>-136</td><td>-11</td><td>+29</td><td>-11</td><td>+319</td></tr><tr><td>British Malaya</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-28</td><td>-</td><td>-7</td><td>-7</td><td>-7</td><td>-3</td><td>-</td><td>-9</td><td>+7</td><td>-1</td><td>+10</td><td>-</td><td>-11</td></tr><tr><td>Netherlands East Indies</td><td>+35,400</td><td>+1,170</td><td>+3</td><td>+8,000</td><td>+1,000</td><td>+1,000</td><td>-</td><td>+14,350</td><td>+1,000</td><td>+8,097</td><td>+350</td><td>+500</td><td>-</td></tr><tr><td>Philippine Islands</td><td>-244</td><td>-20</td><td>+45</td><td>-15</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>+44</td><td>+106</td><td>+198</td><td>+98</td><td>-21</td><td>-139</td><td>+17</td><td>-50</td><td>+32</td></tr><tr><td>Total Asia</td><td>+35,556</td><td>+1,096</td><td>+171</td><td>+8,943</td><td>+2,313</td><td>+77</td><td>-56</td><td>+14,443</td><td>+2,018</td><td>+8,164</td><td>-911</td><td>+583</td><td>-1,285</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+1,382</td><td>+244</td><td>+84</td><td>+80</td><td>+393</td><td>+117</td><td>+59</td><td>+30</td><td>+69</td><td>+28</td><td>+82</td><td>+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>+1</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><b>Grand total</b></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)
April 1946
103
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>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>-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>+525</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>-2</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>+66</td><td>-9</td><td>-1</td><td>-</td><td>+5</td><td>+15</td><td>-7</td><td>+4</td><td>+9</td><td>-7</td><td>+28</td><td>+26</td><td>+7</td></tr><tr><td>Greece</td><td>-420</td><td>-28</td><td>-12</td><td>-134</td><td>+4</td><td>+2</td><td>+8</td><td>+5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-265</td></tr><tr><td>Italy</td><td>+979</td><td>+242</td><td>+76</td><td>-5</td><td>-10</td><td>-18</td><td>+64</td><td>+82</td><td>-109</td><td>-13</td><td>+76</td><td>+250</td><td>+344</td></tr><tr><td>Luxembourg</td><td>-718</td><td>-17</td><td>-5</td><td>-19</td><td>-</td><td>+2</td><td>-8</td><td>-3</td><td>-550</td><td>+4</td><td>-108</td><td>-26</td><td>+12</td></tr><tr><td>Netherlands</td><td>-264</td><td>+565</td><td>+33</td><td>-282</td><td>-149</td><td>+11</td><td>+716</td><td>-173</td><td>-353</td><td>+86</td><td>-58</td><td>-320</td><td>-371</td></tr><tr><td>Norway</td><td>+2,348</td><td>+177</td><td>+574</td><td>+86</td><td>+48</td><td>+78</td><td>+327</td><td>+151</td><td>+574</td><td>+154</td><td>+51</td><td>+67</td><td>+61</td></tr><tr><td>Portugal</td><td>+262</td><td>+16</td><td>+48</td><td>+51</td><td>+81</td><td>-15</td><td>+11</td><td>-12</td><td>+51</td><td>+21</td><td>-5</td><td>+5</td><td>+10</td></tr><tr><td>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>-1,520</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>+2,550</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>+4,381</td><td>-5,535</td><td>+16,385</td><td>-1,256</td><td>-3,559</td><td>-13,285</td><td>+1,249</td><td>+131</td><td>+7,057</td></tr><tr><td>Canada</td><td>+93,850</td><td>-328</td><td>-7,266</td><td>-21,625</td><td>-4,280</td><td>-6,357</td><td>+27,717</td><td>+69,583</td><td>+6,320</td><td>+50,672</td><td>-5,320</td><td>-6,859</td><td>-8,407</td></tr><tr><td>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>+16,709</td><td>+2,300</td><td>+287</td><td>+442</td><td>+491</td><td>+749</td><td>+226</td><td>+2,933</td><td>+1,040</td><td>+1,062</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>+35</td></tr><tr><td>Brazil</td><td>+1,394</td><td>+92</td><td>-75</td><td>-226</td><td>+183</td><td>-60</td><td>-40</td><td>+669</td><td>+1,672</td><td>+284</td><td>+299</td><td>+564</td><td>+1,032</td></tr><tr><td>Chile</td><td>+1,124</td><td>-164</td><td>-14</td><td>-62</td><td>+60</td><td>+1,153</td><td>-14</td><td>-95</td><td>+147</td><td>+82</td><td>-86</td><td>+45</td><td>+72</td></tr><tr><td>Colombia</td><td>+2,933</td><td>-250</td><td>+43</td><td>+14</td><td>+43</td><td>+38</td><td>+304</td><td>+216</td><td>+535</td><td>+309</td><td>+1,092</td><td>+264</td><td>+325</td></tr><tr><td>Costa Rica</td><td>-70</td><td>+9</td><td>-4</td><td>-16</td><td>+7</td><td>+14</td><td>-13</td><td>-52</td><td>-8</td><td>+11</td><td>+6</td><td>-5</td><td>-19</td></tr><tr><td>Cuba</td><td>+1,822</td><td>+16</td><td>+364</td><td>-731</td><td>+245</td><td>-4</td><td>-27</td><td>+3,329</td><td>-1,696</td><td>+43</td><td>-45</td><td>-662</td><td>+990</td></tr><tr><td>French West Indies and Guiana</td><td>-13</td><td>-</td><td>+14</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td></tr><tr><td>Mexico</td><td>+6,164</td><td>-205</td><td>+115</td><td>-139</td><td>+300</td><td>+1,170</td><td>+2,518</td><td>+1,939</td><td>+47</td><td>+478</td><td>-40</td><td>-375</td><td>+356</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-649</td><td>+13</td><td>-88</td><td>-38</td><td>-7</td><td>-21</td><td>+172</td><td>+18</td><td>-22</td><td>-125</td><td>-11</td><td>-601</td><td>+121</td></tr><tr><td>Panama</td><td>+4,110</td><td>+1,318</td><td>+195</td><td>+93</td><td>-82</td><td>+230</td><td>-722</td><td>+1,215</td><td>+828</td><td>+1,063</td><td>-374</td><td>+1,068</td><td>-722</td></tr><tr><td>Peru</td><td>+515</td><td>+222</td><td>+48</td><td>+98</td><td>+188</td><td>-64</td><td>+54</td><td>-80</td><td>+15</td><td>-7</td><td>+51</td><td>-29</td><td>+19</td></tr><tr><td>Venezuela</td><td>+108</td><td>+121</td><td>+179</td><td>-16</td><td>+12</td><td>+127</td><td>-222</td><td>+24</td><td>+384</td><td>-93</td><td>-13</td><td>+232</td><td>-327</td></tr><tr><td>Other Latin America</td><td>+5,747</td><td>+64</td><td>+220</td><td>+288</td><td>+126</td><td>+232</td><td>+763</td><td>+479</td><td>+300</td><td>+527</td><td>+166</td><td>+1,527</td><td>+1,055</td></tr><tr><td>Total Latin America</td><td>+44,252</td><td>+3,539</td><td>+1,307</td><td>-364</td><td>+1,586</td><td>+3,515</td><td>+2,996</td><td>+10,601</td><td>+3,245</td><td>+7,551</td><td>+1,775</td><td>+3,788</td><td>+4,713</td></tr><tr><td>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>+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>-14</td></tr><tr><td>Hong Kong</td><td>+69</td><td>+30</td><td>+8</td><td>-</td><td>-116</td><td>+33</td><td>+81</td><td>+4</td><td>+10</td><td>-5</td><td>+9</td><td>+1</td><td>-</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>-46</td><td>-147</td><td>+26</td><td>-9</td><td>+134</td><td>-56</td><td>+35</td><td>+51</td><td>-70</td><td>-35</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>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>+1,339</td><td>+39</td><td>+279</td><td>+57</td><td>+202</td><td>+59</td><td>+24</td><td>+20</td><td>+336</td><td>+88</td><td>+224</td><td>+25</td><td>-14</td></tr><tr><td>New Zealand</td><td>-21</td><td>-</td><td>-9</td><td>-</td><td>-6</td><td>-</td><td>-1</td><td>-7</td><td>-2</td><td>+9</td><td>-5</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+85</td><td>-2</td><td>-7</td><td>+25</td><td>-</td><td>-</td><td>+3</td><td>+78</td><td>-1</td><td>-1</td><td>-</td><td>-8</td><td>-2</td></tr><tr><td>French Morocco</td><td>-39</td><td>-</td><td>-3</td><td>-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>+6,295</td><td>+45,023</td><td>-2,488</td><td>-3,811</td><td>+173,453</td></tr></table>
(Continued on following page)
104
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</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></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><td>-6,399</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><td>-347</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><td>+604</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><td>+2</td></tr><tr><td>Filand</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><td>+35</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><td>-2</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><td>-90</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><td>+104</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><td>-53</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>-483</td><td>-200</td><td>-2,820</td><td>-2,127</td></tr><tr><td>Norway</td><td>-2</td><td>+14</td><td>+169</td><td>+91</td><td>-1</td><td>+227</td><td>-63</td><td>+1,889</td><td>-122</td><td>-51</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><td>-50</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+15</td><td>-</td><td>+15</td></tr><tr><td>Spaia</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><td>-37</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><td>-3</td></tr><tr><td>Switzerland</td><td>-2,363</td><td>-2,641</td><td>-1,152</td><td>-2,155</td><td>-778</td><td>+3,840</td><td>+743</td><td>-1,491</td><td>-1,573</td><td>+897</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><td>-</td></tr><tr><td>Yucolavia</td><td>-</td><td>+1</td><td>-</td><td>-17</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>+3</td><td>-</td></tr><tr><td>Other Europe</td><td>+70</td><td>-1,108</td><td>-6,133</td><td>+87</td><td>-33</td><td>+129</td><td>-1,027</td><td>-103</td><td>+46</td><td>-215</td></tr><tr><td>Total Europe</td><td>-6,356</td><td>-6,963</td><td>-23,539</td><td>-10,354</td><td>-6,546</td><td>+23,430</td><td>-8,541</td><td>-2,063</td><td>+1,875</td><td>-7,726</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><td>-58,222</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></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><td>+12</td></tr><tr><td>Bolivia</td><td>-17</td><td>+14</td><td>+5</td><td>+20</td><td>+2</td><td>-145</td><td>+451</td><td>+13</td><td>-16</td><td>-1</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><td>+113</td></tr><tr><td>Chile</td><td>-127</td><td>-72</td><td>+651</td><td>-89</td><td>+2,453</td><td>+264</td><td>+23</td><td>-95</td><td>-57</td><td>+401</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><td>+408</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><td>-19</td></tr><tr><td>Cuba</td><td>+166</td><td>+189</td><td>+168</td><td>+481</td><td>-115</td><td>+741</td><td>+719</td><td>+879</td><td>-431</td><td>-50</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-5</td><td>+10</td><td>-3</td><td>-</td><td>-9</td><td>-</td><td>-47</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>-267</td><td>-10</td><td>+261</td><td>-14</td><td>-318</td><td>-24</td><td>+289</td><td>+73</td><td>-693</td><td>-4,051</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><td>-11</td></tr><tr><td>Panama</td><td>+1,892</td><td>-733</td><td>-45</td><td>-547</td><td>-2,072</td><td>+804</td><td>-1,212</td><td>-1,616</td><td>-858</td><td>-2,667</td></tr><tr><td>Peru</td><td>+46</td><td>-29</td><td>+214</td><td>+82</td><td>+282</td><td>+617</td><td>+111</td><td>-68</td><td>+165</td><td>-16</td></tr><tr><td>Venezuela</td><td>-253</td><td>-117</td><td>+107</td><td>+67</td><td>-379</td><td>+20</td><td>+349</td><td>+117</td><td>-268</td><td>-122</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><td>+2,763</td></tr><tr><td>Total Latin America</td><td>+2,204</td><td>-110</td><td>+1,211</td><td>+857</td><td>+2,133</td><td>+7,597</td><td>+1,100</td><td>+565</td><td>+240</td><td>-3,240</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></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><td>+3,244</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>-2</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><td>-64</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><td>-39</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-4</td><td>-4</td></tr><tr><td>Japan (including Korea and Manchurie)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+3</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>-25</td><td>-</td><td>-</td><td>-</td><td>-15</td><td>-9,232</td></tr><tr><td>Philippine Islands</td><td>-50</td><td>+180</td><td>+93</td><td>-34</td><td>+42</td><td>-38</td><td>-104</td><td>-137</td><td>-63</td><td>-313</td></tr><tr><td>Turkey</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><td>-1</td></tr><tr><td>Other Asia</td><td>-76</td><td>-94</td><td>-161</td><td>-28</td><td>+29</td><td>-30</td><td>+45</td><td>-19</td><td>+13</td><td>+219</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><td>-6,191</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></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><td>+124</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><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+8</td><td>-8</td><td>-55</td><td>-8</td><td>+1</td><td>-41</td><td>+4</td><td>-11</td><td>+56</td><td>+110</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><td>-7</td></tr><tr><td>Union of South Africa</td><td>-36</td><td>-39</td><td>-31</td><td>-87</td><td>-30</td><td>+15</td><td>-106</td><td>-35</td><td>-</td><td>-4</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><td>+109</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><td>+332</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><td>-</td></tr><tr><td>Grand total</td><td>+3,705</td><td>-56,588</td><td>-28,129</td><td>+13,906</td><td>+9,849</td><td>+44,357</td><td>-1,423</td><td>-26,846</td><td>-11,731</td><td>-75,047</td></tr></table>
a total collection of $2,504 thousand representing redemptions on July 1 of Argentine securities.
1/ Adjusted to cover two large transactions in foreign securities, as follows: (a) the inclusion on July 1 of $14,787 thousand repre-senting sales of Canadian long-term securities, and (b) the inclu-
April 1946
105
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of October, 1945
Table 1.- Short-Term Claims on Foreigners as of October 31, 1945, as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term claims</th><th colspan="3">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptance 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>21,500</td><td>11,895</td><td>5,408</td><td>498</td><td>5,989</td><td>9,605</td><td>6,854</td><td>2,043</td><td>708</td></tr><tr><td>France</td><td>999</td><td>100</td><td>33</td><td>37</td><td>30</td><td>899</td><td>389</td><td>-</td><td>510</td></tr><tr><td>Belgium</td><td>529</td><td>44</td><td>29</td><td>12</td><td>3</td><td>485</td><td>349</td><td>-</td><td>136</td></tr><tr><td>Denmark</td><td>1,523</td><td>8</td><td>1</td><td>-</td><td>1</td><td>1,515</td><td>-</td><td>-</td><td>1,515</td></tr><tr><td>Finland</td><td>2</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Germany</td><td>33,854</td><td>53</td><td>7</td><td>28</td><td>18</td><td>33,801</td><td>20,556</td><td>67</td><td>13,178</td></tr><tr><td>Greece</td><td>628</td><td>12</td><td>-</td><td>8</td><td>4</td><td>616</td><td>-</td><td>-</td><td>616</td></tr><tr><td>Italy</td><td>123</td><td>40</td><td>24</td><td>9</td><td>7</td><td>87</td><td>-</td><td>-</td><td>83</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>636</td><td>82</td><td>31</td><td>48</td><td>3</td><td>554</td><td>162</td><td>-</td><td>392</td></tr><tr><td>Sorway</td><td>74</td><td>39</td><td>4</td><td>-</td><td>35</td><td>35</td><td>-</td><td>-</td><td>35</td></tr><tr><td>Portugal</td><td>216</td><td>61</td><td>59</td><td>1</td><td>1</td><td>155</td><td>41</td><td>-</td><td>114</td></tr><tr><td>Russia</td><td>28</td><td>4</td><td>1</td><td>3</td><td>-</td><td>24</td><td>1</td><td>-</td><td>23</td></tr><tr><td>Spain</td><td>1,012</td><td>139</td><td>4</td><td>43</td><td>92</td><td>873</td><td>629</td><td>-</td><td>244</td></tr><tr><td>Sweden</td><td>532</td><td>248</td><td>220</td><td>23</td><td>5</td><td>284</td><td>67</td><td>-</td><td>217</td></tr><tr><td>Switzerland</td><td>3,036</td><td>819</td><td>50</td><td>762</td><td>7</td><td>2,217</td><td>125</td><td>-</td><td>2,092</td></tr><tr><td>U. S. S. R.</td><td>6</td><td>4</td><td>4</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Yugoslavia</td><td>14</td><td>6</td><td>-</td><td>-</td><td>6</td><td>8</td><td>5</td><td>-</td><td>3</td></tr><tr><td>Other Europe</td><td>4,982</td><td>185</td><td>58</td><td>72</td><td>55</td><td>4,797</td><td>1,380</td><td>-</td><td>3,417</td></tr><tr><td>Total Europe</td><td>69,763</td><td>13,740</td><td>5,939</td><td>1,544</td><td>6,257</td><td>56,023</td><td>30,558</td><td>2,110</td><td>23,355</td></tr><tr><td>Canada</td><td>32,156</td><td>20,323</td><td>15,176</td><td>4,598</td><td>549</td><td>11,833</td><td>1,382</td><td>2,266</td><td>8,205</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>10,844</td><td>804</td><td>96</td><td>670</td><td>38</td><td>10,040</td><td>8,147</td><td>171</td><td>1,722</td></tr><tr><td>Bolivia</td><td>1,796</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,796</td><td>915</td><td>-</td><td>881</td></tr><tr><td>Brazil</td><td>18,181</td><td>39</td><td>18</td><td>4</td><td>17</td><td>18,142</td><td>2,269</td><td>1,599</td><td>14,274</td></tr><tr><td>Chile</td><td>6,797</td><td>1</td><td>1</td><td>-</td><td>-</td><td>6,796</td><td>9</td><td>1,199</td><td>5,588</td></tr><tr><td>Colombia</td><td>14,194</td><td>49</td><td>32</td><td>17</td><td>-</td><td>14,145</td><td>3,453</td><td>1,787</td><td>8,905</td></tr><tr><td>Costa Rica</td><td>1,415</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,415</td><td>76</td><td>104</td><td>1,235</td></tr><tr><td>Cuba</td><td>16,993</td><td>79</td><td>76</td><td>-</td><td>3</td><td>16,914</td><td>8,610</td><td>5,734</td><td>2,570</td></tr><tr><td>French West Indies and Guiana</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>Mexico</td><td>9,670</td><td>1,293</td><td>1,095</td><td>150</td><td>48</td><td>8,377</td><td>2,124</td><td>950</td><td>5,303</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>363</td><td>3</td><td>-</td><td>-</td><td>3</td><td>360</td><td>-</td><td>-</td><td>360</td></tr><tr><td>Panama</td><td>823</td><td>-</td><td>-</td><td>-</td><td>-</td><td>823</td><td>-</td><td>1</td><td>822</td></tr><tr><td>Peru</td><td>1,342</td><td>23</td><td>12</td><td>-</td><td>11</td><td>1,319</td><td>2</td><td>13</td><td>1,304</td></tr><tr><td>Venezuela</td><td>5,670</td><td>48</td><td>39</td><td>-</td><td>9</td><td>5,622</td><td>2,755</td><td>107</td><td>2,760</td></tr><tr><td>Other Latin America</td><td>25,446</td><td>41</td><td>34</td><td>-</td><td>1</td><td>25,405</td><td>15,254</td><td>302</td><td>9,849</td></tr><tr><td>Total Latin America</td><td>113,563</td><td>2,380</td><td>1,403</td><td>841</td><td>136</td><td>111,183</td><td>43,614</td><td>11,961</td><td>55,602</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>1,176</td><td>24</td><td>7</td><td>4</td><td>13</td><td>1,152</td><td>210</td><td>155</td><td>787</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>7,155</td><td>5,422</td><td>116</td><td>5,286</td><td>20</td><td>1,733</td><td>274</td><td>928</td><td>531</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 Manchurie)</td><td>532</td><td>3</td><td>2</td><td>1</td><td>-</td><td>529</td><td>512</td><td>-</td><td>17</td></tr><tr><td>Netherlands East Indies</td><td>1,409</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,409</td><td>-</td><td>1,333</td><td>76</td></tr><tr><td>Philippine Islands</td><td>13,024</td><td>117</td><td>30</td><td>1</td><td>86</td><td>12,907</td><td>8,292</td><td>679</td><td>3,936</td></tr><tr><td>Turkey</td><td>1,631</td><td>11</td><td>-</td><td>5</td><td>6</td><td>1,620</td><td>848</td><td>-</td><td>772</td></tr><tr><td>Other Asia</td><td>11,429</td><td>55</td><td>54</td><td>-</td><td>1</td><td>11,374</td><td>9,785</td><td>-</td><td>1,589</td></tr><tr><td>Total Asia</td><td>37,314</td><td>5,954</td><td>381</td><td>5,426</td><td>147</td><td>31,360</td><td>20,115</td><td>3,194</td><td>8,051</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>738</td><td>72</td><td>24</td><td>-</td><td>48</td><td>666</td><td>1</td><td>194</td><td>471</td></tr><tr><td>New Zealand</td><td>615</td><td>18</td><td>6</td><td>-</td><td>12</td><td>597</td><td>-</td><td>70</td><td>527</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>152</td><td>2</td><td>-</td><td>1</td><td>1</td><td>150</td><td>25</td><td>-</td><td>125</td></tr><tr><td>French Morocco</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td><td>6</td></tr><tr><td>Union of South Africa</td><td>4,149</td><td>63</td><td>56</td><td>7</td><td>7</td><td>4,086</td><td>-</td><td>-</td><td>4,086</td></tr><tr><td>All Other</td><td>1,214</td><td>54</td><td>18</td><td>36</td><td>1</td><td>1,160</td><td>47</td><td>1</td><td>1,112</td></tr><tr><td>Total other countries</td><td>6,874</td><td>209</td><td>48</td><td>57</td><td>104</td><td>6,665</td><td>73</td><td>265</td><td>6,327</td></tr><tr><td>Unidentified</td><td>282</td><td>-</td><td>-</td><td>-</td><td>-</td><td>282</td><td>-</td><td>-</td><td>282</td></tr><tr><td>Grand total</td><td>259,952</td><td>42,606</td><td>22,947</td><td>12,466</td><td>7,193</td><td>217,346</td><td>95,742</td><td>19,782</td><td>101,822</td></tr></table>
106
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of October 1945 - (Continued)
Table 2.- Short-Term Liabilities to Foreigners as of October 31, 1945, as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">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>Total</th><th>Deposits of foreigners</th><th>Bills held for account of foreigners</th><th>U.S. Government treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>740,221</td><td>730,793</td><td>720,596</td><td>1,969</td><td>4,975</td><td>3,258</td><td>9,423</td><td>976</td><td>1,642</td><td>6,805</td></tr><tr><td>France</td><td>360,321</td><td>359,871</td><td>318,152</td><td>172</td><td>41,119</td><td>418</td><td>450</td><td>149</td><td>269</td><td>32</td></tr><tr><td>Belgium</td><td>195,602</td><td>195,321</td><td>189,499</td><td>1,242</td><td>4,384</td><td>196</td><td>281</td><td>183</td><td>-</td><td>98</td></tr><tr><td>Denmark</td><td>20,070</td><td>20,054</td><td>19,264</td><td>6</td><td>760</td><td>34</td><td>6</td><td>5</td><td>-</td><td>1</td></tr><tr><td>Finland</td><td>6,679</td><td>6,675</td><td>6,675</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>-</td><td>1</td></tr><tr><td>Germany</td><td>7,051</td><td>7,036</td><td>6,816</td><td>62</td><td>116</td><td>42</td><td>15</td><td>14</td><td>-</td><td>1</td></tr><tr><td>Greece</td><td>63,669</td><td>68,594</td><td>67,918</td><td>185</td><td>485</td><td>6</td><td>75</td><td>49</td><td>-</td><td>26</td></tr><tr><td>Italy</td><td>61,980</td><td>61,969</td><td>61,579</td><td>21</td><td>200</td><td>169</td><td>11</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>22,853</td><td>22,853</td><td>22,806</td><td>17</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>228,051</td><td>227,147</td><td>216,473</td><td>54</td><td>10,615</td><td>5</td><td>904</td><td>786</td><td>88</td><td>30</td></tr><tr><td>Norway</td><td>182,673</td><td>182,655</td><td>63,448</td><td>26</td><td>119,060</td><td>121</td><td>18</td><td>8</td><td>-</td><td>10</td></tr><tr><td>Portugal</td><td>45,166</td><td>44,694</td><td>43,804</td><td>716</td><td>-</td><td>174</td><td>472</td><td>20</td><td>-</td><td>452</td></tr><tr><td>Rumunia</td><td>9,227</td><td>9,227</td><td>9,198</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>24,443</td><td>24,362</td><td>23,875</td><td>319</td><td>160</td><td>8</td><td>81</td><td>80</td><td>-</td><td>1</td></tr><tr><td>Sweden</td><td>213,466</td><td>213,432</td><td>95,256</td><td>10,173</td><td>108,000</td><td>3</td><td>34</td><td>33</td><td>-</td><td>1</td></tr><tr><td>Switzerland</td><td>284,420</td><td>283,838</td><td>268,703</td><td>4,369</td><td>10,004</td><td>762</td><td>582</td><td>126</td><td>-</td><td>456</td></tr><tr><td>U. S. S. R.</td><td>24,373</td><td>24,373</td><td>24,359</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>5,229</td><td>5,229</td><td>5,183</td><td>1</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>44,462</td><td>44,438</td><td>41,137</td><td>68</td><td>3,190</td><td>13</td><td>24</td><td>17</td><td>-</td><td>7</td></tr><tr><td>Total Europe</td><td>2,544,956</td><td>2,532,576</td><td>2,204,751</td><td>19,443</td><td>303,143</td><td>5,239</td><td>12,380</td><td>2,461</td><td>1,999</td><td>7,920</td></tr><tr><td>Canada</td><td>1,551,790</td><td>1,548,192</td><td>376,854</td><td>713</td><td>1,170,528</td><td>97</td><td>3,598</td><td>1,238</td><td>6</td><td>2,354</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>77,183</td><td>77,142</td><td>70,132</td><td>2,912</td><td>3,995</td><td>103</td><td>46</td><td>34</td><td>-</td><td>12</td></tr><tr><td>Bolivia</td><td>17,879</td><td>17,879</td><td>16,660</td><td>19</td><td>1,200</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>179,157</td><td>179,074</td><td>164,693</td><td>13,537</td><td>-</td><td>844</td><td>83</td><td>82</td><td>-</td><td>1</td></tr><tr><td>Chile</td><td>63,557</td><td>63,552</td><td>62,365</td><td>845</td><td>300</td><td>42</td><td>5</td><td>5</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>83,078</td><td>83,078</td><td>83,014</td><td>64</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>6,631</td><td>6,631</td><td>6,430</td><td>200</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>145,374</td><td>145,366</td><td>143,266</td><td>1,679</td><td>400</td><td>21</td><td>8</td><td>8</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>7,329</td><td>7,329</td><td>7,329</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>164,306</td><td>164,165</td><td>146,172</td><td>868</td><td>17,080</td><td>45</td><td>141</td><td>10</td><td>-</td><td>131</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>33,598</td><td>33,598</td><td>28,265</td><td>-</td><td>5,333</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>90,461</td><td>90,461</td><td>80,677</td><td>9</td><td>9,775</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>42,625</td><td>42,575</td><td>41,010</td><td>524</td><td>1,040</td><td>1</td><td>50</td><td>50</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>48,452</td><td>48,451</td><td>48,219</td><td>222</td><td>10</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Other Latin America</td><td>138,105</td><td>137,361</td><td>120,352</td><td>1,487</td><td>14,810</td><td>712</td><td>744</td><td>338</td><td>-</td><td>406</td></tr><tr><td>Total Latino America</td><td>1,097,740</td><td>1,096,662</td><td>1,018,584</td><td>22,366</td><td>53,943</td><td>1,769</td><td>1,078</td><td>527</td><td>-</td><td>551</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>591,685</td><td>588,877</td><td>340,433</td><td>143</td><td>248,167</td><td>134</td><td>2,808</td><td>416</td><td>-</td><td>2,392</td></tr><tr><td>French Indo-China</td><td>27,523</td><td>27,523</td><td>27,448</td><td>-</td><td>50</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>21,731</td><td>18,799</td><td>18,755</td><td>5</td><td>-</td><td>39</td><td>2,932</td><td>2,932</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>33,243</td><td>33,108</td><td>31,401</td><td>999</td><td>656</td><td>52</td><td>135</td><td>130</td><td>-</td><td>5</td></tr><tr><td>British Malaya</td><td>987</td><td>986</td><td>960</td><td>-</td><td>-</td><td>26</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>4,158</td><td>4,124</td><td>3,398</td><td>465</td><td>22</td><td>239</td><td>34</td><td>24</td><td>-</td><td>10</td></tr><tr><td>Netherlands East Indies</td><td>104,447</td><td>104,445</td><td>39,382</td><td>209</td><td>64,842</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>89,731</td><td>89,640</td><td>86,815</td><td>26</td><td>925</td><td>1,874</td><td>91</td><td>91</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>50,464</td><td>50,464</td><td>49,990</td><td>327</td><td>-</td><td>147</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>83,747</td><td>83,728</td><td>60,936</td><td>408</td><td>22,012</td><td>372</td><td>19</td><td>19</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>1,007,716</td><td>1,001,694</td><td>659,518</td><td>2,582</td><td>336,674</td><td>2,920</td><td>6,022</td><td>3,615</td><td>-</td><td>2,407</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>29,005</td><td>28,708</td><td>25,032</td><td>3,350</td><td>270</td><td>56</td><td>297</td><td>11</td><td>-</td><td>286</td></tr><tr><td>New Zealand</td><td>3,737</td><td>3,694</td><td>3,517</td><td>175</td><td>-</td><td>2</td><td>43</td><td>38</td><td>5</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>17,292</td><td>16,887</td><td>15,972</td><td>246</td><td>-</td><td>669</td><td>405</td><td>-</td><td>-</td><td>405</td></tr><tr><td>French Morocco</td><td>7,679</td><td>7,662</td><td>7,055</td><td>26</td><td>-</td><td>581</td><td>17</td><td>-</td><td>-</td><td>17</td></tr><tr><td>Union of South Africa</td><td>6,443</td><td>6,307</td><td>6,208</td><td>8</td><td>15</td><td>76</td><td>141</td><td>-</td><td>-</td><td>141</td></tr><tr><td>All other</td><td>112,813</td><td>112,175</td><td>106,505</td><td>398</td><td>5,225</td><td>47</td><td>638</td><td>564</td><td>-</td><td>74</td></tr><tr><td>Total other countries</td><td>176,974</td><td>175,433</td><td>164,289</td><td>4,203</td><td>5,510</td><td>1,431</td><td>1,541</td><td>613</td><td>5</td><td>923</td></tr><tr><td>Unidentified</td><td>17,610</td><td>17,610</td><td>17,607</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,396,786</td><td>6,372,167</td><td>4,441,603</td><td>49,310</td><td>1,869,798</td><td>11,456</td><td>24,619</td><td>8,454</td><td>2,010</td><td>14,155</td></tr></table>
April 1946
107
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of October 1945 - (Continued)
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners During October 1945 as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th></th><th colspan="6">Purchases by "foreigners"</th><th colspan="6">Sales by "foreigners"</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocke</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>Stocke</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>3,278</td><td>2,691</td><td>1,116</td><td>1,575</td><td>587</td><td>255</td><td>332</td><td>9,677</td><td>9,202</td><td>7,876</td><td>1,326</td><td>475</td><td>93</td><td>382</td></tr><tr><td>France</td><td>13,740</td><td>13,618</td><td>1,820</td><td>11,798</td><td>122</td><td>6</td><td>116</td><td>14,087</td><td>13,860</td><td>2,134</td><td>11,726</td><td>227</td><td>10</td><td>217</td></tr><tr><td>Belgium</td><td>674</td><td>609</td><td>414</td><td>195</td><td>65</td><td>7</td><td>58</td><td>70</td><td>64</td><td>22</td><td>42</td><td>6</td><td>-</td><td>6</td></tr><tr><td>Denmark</td><td>467</td><td>400</td><td>280</td><td>120</td><td>67</td><td>-</td><td>67</td><td>465</td><td>457</td><td>26</td><td>431</td><td>8</td><td>3</td><td>5</td></tr><tr><td>Finland</td><td>36</td><td>-</td><td>33</td><td>15</td><td>36</td><td>-</td><td>36</td><td>50</td><td>19</td><td>32</td><td>17</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Germany</td><td>48</td><td>48</td><td>33</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>98</td><td>98</td><td>2</td><td>96</td><td>-</td><td>-</td><td>-</td><td>188</td><td>118</td><td>118</td><td>-</td><td>70</td><td>-</td><td>70</td></tr><tr><td>Italy</td><td>203</td><td>155</td><td>17</td><td>148</td><td>38</td><td>-</td><td>38</td><td>99</td><td>58</td><td>-</td><td>58</td><td>41</td><td>-</td><td>41</td></tr><tr><td>Luxembourg</td><td>47</td><td>47</td><td>-</td><td>47</td><td>-</td><td>-</td><td>-</td><td>110</td><td>98</td><td>43</td><td>55</td><td>12</td><td>12</td><td>-</td></tr><tr><td>Netherlands</td><td>650</td><td>446</td><td>442</td><td>4</td><td>204</td><td>81</td><td>123</td><td>2,777</td><td>2,753</td><td>703</td><td>2,050</td><td>24</td><td>6</td><td>18</td></tr><tr><td>Norway</td><td>519</td><td>280</td><td>223</td><td>57</td><td>239</td><td>53</td><td>186</td><td>570</td><td>530</td><td>505</td><td>25</td><td>40</td><td>29</td><td>11</td></tr><tr><td>Portugal</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>55</td><td>55</td><td>36</td><td>19</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rumania</td><td>15</td><td>15</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>48</td><td>48</td><td>16</td><td>12</td><td>-</td><td>-</td><td>-</td><td>85</td><td>76</td><td>38</td><td>38</td><td>9</td><td>-</td><td>9</td></tr><tr><td>Sve
108
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Section I - Net Position, January 1942 - October 1945
(In thousands of dollars; negative figures indicate short position)
<table><tr><th>Position at end of month</th><th>Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th></th><th></th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lande</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>-190</td><td>-516</td><td>-35</td><td>-105</td><td>-1,271</td><td>1/</td><td>1/</td><td>-97</td></tr><tr><td>Feb. (Jan.29-Feb.25)</td><td>-2,411</td><td>-1,254</td><td>+1,208</td><td>-365</td><td>-516</td><td>-35</td><td>-103</td><td>-1,269</td><td>1/</td><td>1/</td><td>+2</td></tr><tr><td>Mar. (Feb.26-Apr. 1)</td><td>-1,424</td><td>-1,488</td><td>+1,018</td><td>-387</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/</td><td>1/</td><td>-74</td></tr><tr><td>Apr. (Apr. 2-Apr.29)</td><td>-2,105</td><td>-1,391</td><td>+1,221</td><td>-395</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/</td><td>1/</td><td>-95</td></tr><tr><td>May (Apr.30-June 3)</td><td>-3,622</td><td>-1,987</td><td>+555</td><td>-393</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/</td><td>1/</td><td>-30</td></tr><tr><td>June (June 4-July 1)</td><td>-3,261</td><td>-1,516</td><td>+915</td><td>-347</td><td>-515</td><td>-37</td><td>-105</td><td>-1,264</td><td>1/</td><td>1/</td><td>+5</td></tr><tr><td>July</td><td>-3,442</td><td>-1,870</td><td>+629</td><td>-365</td><td>-516</td><td>-37</td><td>-102</td><td>-1,266</td><td>1/</td><td>1/</td><td>-4</td></tr><tr><td>August</td><td>-1,210</td><td>-712</td><td>+1,785</td><td>-369</td><td>-516</td><td>-31</td><td>-103</td><td>-1,266</td><td>1/</td><td>1/</td><td>+24</td></tr><tr><td>September</td><td>-1,058</td><td>-582</td><td>+1,808</td><td>-358</td><td>-516</td><td>-30</td><td>-104</td><td>-1,266</td><td>1/</td><td>1/</td><td>+38</td></tr><tr><td>October</td><td>-1,275</td><td>-303</td><td>+2,149</td><td>-366</td><td>-516</td><td>-29</td><td>-103</td><td>-1,266</td><td>1/</td><td>1/</td><td>+45</td></tr><tr><td>November</td><td>-834</td><td>-61</td><td>+2,422</td><td>-392</td><td>-479</td><td>-26</td><td>-103</td><td>-1,255</td><td>1/</td><td>1/</td><td>-</td></tr><tr><td>December</td><td>-663</td><td>+430</td><td>+2,740</td><td>-383</td><td>-516</td><td>-30</td><td>-103</td><td>-1,259</td><td>1/</td><td>1/</td><td>+44</td></tr><tr><td>1943-January</td><td>-402</td><td>+1,011</td><td>+3,373</td><td>-383</td><td>-516</td><td>-30</td><td>-105</td><td>-1,259</td><td>+14</td><td>-84</td><td>+34</td></tr><tr><td>February</td><td>+577</td><td>+1,939</td><td>+4,399</td><td>-389</td><td>-519</td><td>-30</td><td>-106</td><td>-1,258</td><td>+15</td><td>-84</td><td>-14</td></tr><tr><td>March</td><td>+108</td><td>+1,615</td><td>+4,131</td><td>-388</td><td>-522</td><td>-29</td><td>-106</td><td>-1,419</td><td>-1</td><td>-84</td><td>+63</td></tr><tr><td>April</td><td>+1,963</td><td>+1,127</td><td>+3,727</td><td>-390</td><td>-530</td><td>-29</td><td>-107</td><td>-1,419</td><td>+12</td><td>-83</td><td>+35</td></tr><tr><td>May</td><td>+2,222</td><td>+1,447</td><td>+4,035</td><td>-384</td><td>-530</td><td>-29</td><td>-107</td><td>-1,419</td><td>+11</td><td>-76</td><td>+31</td></tr><tr><td>June</td><td>+1,025</td><td>+857</td><td>+3,490</td><td>-418</td><td>-596</td><td>-30</td><td>-106</td><td>-1,419</td><td>+10</td><td>-68</td><td>-4</td></tr><tr><td>July</td><td>+157</td><td>+505</td><td>+2,953</td><td>-215</td><td>-530</td><td>-27</td><td>-109</td><td>-1,419</td><td>+45</td><td>-69</td><td>+22</td></tr><tr><td>August</td><td>+394</td><td>+239</td><td>+2,722</td><td>-218</td><td>-539</td><td>-29</td><td>-108</td><td>-1,419</td><td>-17</td><td>-72</td><td>-2</td></tr><tr><td>September</td><td>+4,382</td><td>+2,024</td><td>+4,432</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>-82</td><td>+27</td></tr><tr><td>February</td><td>+6,262</td><td>+3,107</td><td>+5,759</td><td>-202</td><td>-542</td><td>-29</td><td>-102</td><td>-1,389</td><td>+99</td><td>-77</td><td>-19</td></tr><tr><td>March</td><td>+7,803</td><td>+4,499</td><td>+6,927</td><td>-202</td><td>-541</td><td>-29</td><td>-102</td><td>-1,417</td><td>+92</td><td>-80</td><td>-32</td></tr><tr><td>April</td><td>+5,108</td><td>+3,621</td><td>+6,145</td><td>-205</td><td>-542</td><td>-30</td><td>-103</td><td>-1,423</td><td>+77</td><td>-82</td><td>-61</td></tr><tr><td>May</td><td>+2,112</td><td>+2,533</td><td>+4,908</td><td>-198</td><td>-536</td><td>-27</td><td>-102</td><td>-1,387</td><td>+76</td><td>-75</td><td>-6</td></tr><tr><td>June</td><td>+5,716</td><td>+3,420</td><td>+5,861</td><td>-196</td><td>-538</td><td>-27</td><td>-102</td><td>-1,388</td><td>-</td><td>-89</td><td>+5</td></tr><tr><td>July</td><td>+8,541</td><td>+6,140</td><td>+8,503</td><td>-194</td><td>-538</td><td>-27</td><td>-56</td><td>-1,388</td><td>+16</td><td>-90</td><td>+4</td></tr><tr><td>August</td><td>+9,260</td><td>+5,705</td><td>+8,019</td><td>-195</td><td>-538</td><td>-28</td><td>-56</td><td>-1,388</td><td>+17</td><td>-88</td><td>+15</td></tr><tr><td>September</td><td>+7,569</td><td>+4,630</td><td>+6,894</td><td>-195</td><td>-491</td><td>-28</td><td>-59</td><td>-1,383</td><td>-10</td><td>-86</td><td>+29</td></tr><tr><td>October</td><td>+4,305</td><td>+2,691</td><td>+4,933</td><td>-195</td><td>-491</td><td>-28</td><td>-58</td><td>-1,381</td><td>+1</td><td>-86</td><td>+36</td></tr><tr><td>November</td><td>+4,117</td><td>+2,796</td><td>+4,950</td><td>-195</td><td>-491</td><td>-28</td><td>-58</td><td>-1,381</td><td>+14</td><td>-90</td><td>+149</td></tr><tr><td>December</td><td>+5,500</td><td>+3,936</td><td>+6,207</td><td>-185</td><td>-493</td><td>-28</td><td>-58</td><td>-1,381</td><td>-15</td><td>-95</td><td>+26</td></tr><tr><td>1945-January</td><td>+6,830</td><td>+4,520</td><td>+6,783</td><td>-193</td><td>-493</td><td>-29</td><td>-58</td><td>-1,381</td><td>+5</td><td>-88</td><td>+13</td></tr><tr><td>February</td><td>+3,559</td><td>+3,509</td><td>+5,778</td><td>-193</td><td>-493</td><td>-29</td><td>-59</td><td>-1,381</td><td>+2</td><td>-88</td><td>+11</td></tr><tr><td>March</td><td>+7,124</td><td>+4,777</td><td>+6,499</td><td>-195</td><td>-479</td><td>-29</td><td>-59</td><td>-1,853</td><td>+21</td><td>-86</td><td>+23</td></tr><tr><td>April</td><td>+6,357</td><td>+5,325</td><td>+6,985</td><td>-179</td><td>-475</td><td>-29</td><td>-59</td><td>-864</td><td>+26</td><td>-88</td><td>+46</td></tr><tr><td>May</td><td>+6,279</td><td>+5,794</td><td>+7,212</td><td>-168</td><td>-333</td><td>-27</td><td>-59</td><td>-863</td><td>+50</td><td>-87</td><td>+99</td></tr><tr><td>June</td><td>+9,961</td><td>+7,314</td><td>+8,534</td><td>-170</td><td>-285</td><td>-28</td><td>-61</td><td>-646</td><td>+41</td><td>-86</td><td>+81</td></tr><tr><td>July</td><td>+5,890</td><td>+2,489</td><td>+3,542</td><td>-171</td><td>-331</td><td>-</td><td>-19</td><td>-808</td><td>+11</td><td>-90</td><td>+356</td></tr><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><tr><td>October</td><td>-260</td><td>-2,162</td><td>-396</td><td>-164</td><td>-334</td><td>-29</td><td>-61</td><td>-769</td><td>-4</td><td>-99</td><td>-273</td></tr></table>
(Continued on following page)
109
April 1946
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section I - Net Position, January 1942 - October 1945 - (Continued
(In thousands of dollars; negative figures indicate short position)
<table><tr><th rowspan="2">Position at end of month</th><th colspan="2">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="5">Currency of: Asia</th><th rowspan="2">All other</th></tr><tr><th>Switzerland</th><th>Other Europe</th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (including Korea and Manchuria)</th><th>Other Asia</th></tr><tr><td>1942-Jan. (Jan. 1-Jan.28)</td><td>+25</td><td>-226</td><td>+966</td><td>+79</td><td>-2,438</td><td>1/</td><td>1/</td><td>-165</td><td>-2,273</td><td>-22</td></tr><tr><td>Feb. (Jan.29-Feb.25)</td><td>+58</td><td>-234</td><td>+1,165</td><td>+119</td><td>-2,414</td><td>1/</td><td>1/</td><td>-165</td><td>-2,249</td><td>-27</td></tr><tr><td>Mar. (Feb.26-Apr. 1)</td><td>+109</td><td>-229</td><td>+2,458</td><td>+115</td><td>-2,484</td><td>1/</td><td>1/</td><td>-166</td><td>-2,318</td><td>-25</td></tr><tr><td>Apr. (Apr. 2-Apr.29)</td><td>+15</td><td>-212</td><td>+1,412</td><td>+291</td><td>-2,430</td><td>1/</td><td>1/</td><td>-166</td><td>-2,264</td><td>+13</td></tr><tr><td>May (Apr.30-June 3)</td><td>+32</td><td>-226</td><td>+777</td><td>-15</td><td>-2,409</td><td>1/</td><td>1/</td><td>-168</td><td>-2,241</td><td>+12</td></tr><tr><td>June (June 4-July 1)</td><td>+43</td><td>-211</td><td>+498</td><td>+114</td><td>-2,397</td><td>1/</td><td>1/</td><td>-168</td><td>-2,229</td><td>+40</td></tr><tr><td>July</td><td>-27</td><td>-182</td><td>+543</td><td>+287</td><td>-2,313</td><td>1/</td><td>1/</td><td>-68</td><td>-2,245</td><td>-89</td></tr><tr><td>August</td><td>-25</td><td>-211</td><td>+1,341</td><td>+475</td><td>-2,209</td><td>1/</td><td>1/</td><td>-71</td><td>-2,138</td><td>-105</td></tr><tr><td>September</td><td>+77</td><td>-231</td><td>+1,543</td><td>+304</td><td>-2,279</td><td>1/</td><td>1/</td><td>-72</td><td>-2,207</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/</td><td>1/</td><td>-72</td><td>-2,254</td><td>-28</td></tr><tr><td>November</td><td>-24</td><td>-204</td><td>+1,242</td><td>+269</td><td>-2,192</td><td>1/</td><td>1/</td><td>-51</td><td>-2,141</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/</td><td>1/</td><td>-71</td><td>-2,222</td><td>-174</td></tr><tr><td>1943-January</td><td>+78</td><td>-111</td><td>+371</td><td>+508</td><td>-2,153</td><td>-53</td><td>-2,118</td><td>-71</td><td>+89</td><td>-139</td></tr><tr><td>February</td><td>+45</td><td>-120</td><td>+518</td><td>+405</td><td>-2,144</td><td>-53</td><td>-2,116</td><td>-71</td><td>+96</td><td>-141</td></tr><tr><td>March</td><td>+94</td><td>-124</td><td>+371</td><td>+304</td><td>-2,150</td><td>-53</td><td>-2,111</td><td>-50</td><td>+64</td><td>-32</td></tr><tr><td>April</td><td>+32</td><td>-121</td><td>+2,022</td><td>+1,004</td><td>-2,177</td><td>-53</td><td>-2,117</td><td>-50</td><td>+43</td><td>-13</td></tr><tr><td>May</td><td>+31</td><td>-116</td><td>+2,032</td><td>+903</td><td>-2,235</td><td>-53</td><td>-2,113</td><td>-50</td><td>-19</td><td>+75</td></tr><tr><td>June</td><td>+9</td><td>-111</td><td>+1,335</td><td>+946</td><td>-2,227</td><td>-53</td><td>-2,111</td><td>-50</td><td>-13</td><td>+114</td></tr><tr><td>July</td><td>-32</td><td>-114</td><td>+1,350</td><td>+712</td><td>-2,245</td><td>-53</td><td>-2,110</td><td>-50</td><td>-32</td><td>-165</td></tr><tr><td>August</td><td>+14</td><td>-93</td><td>+1,512</td><td>+713</td><td>-2,158</td><td>-53</td><td>-2,106</td><td>-50</td><td>+51</td><td>+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>+27</td></tr><tr><td>February</td><td>+30</td><td>-99</td><td>+1,321</td><td>+533</td><td>-2,089</td><td>-40</td><td>-2,124</td><td>-27</td><td>+102</td><td>+285</td></tr><tr><td>March</td><td>+24</td><td>-89</td><td>+3,858</td><td>+721</td><td>-2,195</td><td>-40</td><td>-2,124</td><td>-27</td><td>-4</td><td>-37</td></tr><tr><td>April</td><td>+51</td><td>-89</td><td>+2,034</td><td>+1,028</td><td>-2,114</td><td>-41</td><td>-2,123</td><td>-27</td><td>+77</td><td>+84</td></tr><tr><td>May</td><td>+14</td><td>-44</td><td>+1,423</td><td>+908</td><td>-2,127</td><td>-51</td><td>-2,123</td><td>-27</td><td>+74</td><td>+281</td></tr><tr><td>June</td><td>-53</td><td>-13</td><td>+4,023</td><td>+698</td><td>-2,035</td><td>-51</td><td>-2,123</td><td>-27</td><td>+166</td><td>-39</td></tr><tr><td>July</td><td>-24</td><td>+23</td><td>+4,788</td><td>+677</td><td>-2,110</td><td>-51</td><td>-2,123</td><td>-27</td><td>+91</td><td>+46</td></tr><tr><td>August</td><td>-45</td><td>-15</td><td>+5,242</td><td>+461</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><tr><td>October</td><td>+24</td><td>-57</td><td>+3,800</td><td>+446</td><td>-2,406</td><td>-53</td><td>-2,120</td><td>-27</td><td>-206</td><td>+62</td></tr></table>
1/ Not available
110
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued
Section II
Outstanding Forward Exchange Contracts, January - October 1945
(In thousands of dollars)
<table><tr><th>Contracte as of end of month</th><th>Grand total</th><th colspan="8">Currency of! Europe (continued on following page)</th></tr><tr><th></th><th></th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lande</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><th colspan="11">Purchase contracts</th></tr><tr><td>Total: 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>243</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>243</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>183</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>6,183</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>10,337</td><td>10,197</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>19,421</td><td>12,931</td><td>12,800</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><th colspan="11">From foreign customers: 1945-January</th></tr><tr><td>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>1,534</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>392</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>63</td><td>63</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>2,496</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>October</td><td>2,339</td><td>619</td><td>619</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><th colspan="11">From domestic customers: 1945-January</th></tr><tr><td>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>1,534</td><td>733</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>1,753</td><td>575</td><td>295</td><td>3</td><td>171</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>2,121</td><td>461</td><td>235</td><td>3</td><td>122</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1,577</td><td>332</td><td>216</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>3,939</td><td>2,356</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>9,436</td><td>9,336</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>17,082</td><td>12,282</td><td>12,181</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><th colspan="11">Sales contracts</th></tr><tr><td>Total: 1945-January</td><td>5,820</td><td>3,868</td><td>1,972</td><td>2</td><td>679</td><td>-</td><td>13</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>2,235</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>10,932</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>October</td><td>24,769</td><td>16,661</td><td>15,758</td><td>2</td><td>59</td><td>-</td><td>10</td><td>412</td><td>35</td><td>1</td><td>350</td></tr><tr><th colspan="11">To foreign customers: 1945-January</th></tr><tr><td>January</td><td>2,254</td><td>2,254</td><td>976</td><td>-</td><td>610</td><td>-</td><td>-</td><td>733</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2,254</td><td>2,254</td><td>976</td><td>-</td><td>610</td><td>-</td><td>-</td><td>733</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,485</td><td>1,476</td><td>926</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>983</td><td>463</td><td>-</td><td>317</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>673</td><td>623</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>October</td><td>2,000</td><td>1,645</td><td>1,249</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>346</td></tr><tr><th colspan="11">To domestic customers: 1945-January</th></tr><tr><td>January</td><td>3,566</td><td>1,614</td><td>1,066</td><td>2</td><td>69</td><td>-</td><td>13</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>903</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>6,612</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>9,533</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>3,320</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>October</td><td>22,759</td><td>15,015</td><td>14,509</td><td>2</td><td>9</td><td>-</td><td>10</td><td>412</td><td>35</td><td>1</td><td>4</td></tr></table>
(Continued on following page)
April 1946
111
Position in Form
gn Currencies as Reported by Banks and Bankers in the United States
(Continued)
Section II
Outstanding Forward Exchange Contracts, January - October 1945 - (Continued)
(Io 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:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>17</td><td>1</td><td>777</td><td>336</td><td>1,297</td><td>380</td><td>824</td><td>-</td><td>93</td><td>4</td></tr><tr><td>February</td><td>17</td><td>2</td><td>1,291</td><td>-</td><td>1,297</td><td>380</td><td>824</td><td>-</td><td>93</td><td>1</td></tr><tr><td>March</td><td>17</td><td>2</td><td>1,404</td><td>-</td><td>1,253</td><td>380</td><td>824</td><td>-</td><td>49</td><td>22</td></tr><tr><td>April</td><td>17</td><td>8</td><td>1,136</td><td>6</td><td>1,301</td><td>380</td><td>824</td><td>-</td><td>97</td><td>42</td></tr><tr><td>May</td><td>17</td><td>2</td><td>2,843</td><td>750</td><td>1,305</td><td>380</td><td>824</td><td>-</td><td>101</td><td>-</td></tr><tr><td>June</td><td>17</td><td>2</td><td>2,219</td><td>129</td><td>1,331</td><td>380</td><td>824</td><td>-</td><td>127</td><td>-</td></tr><tr><td>July</td><td>17</td><td>2</td><td>2,196</td><td>129</td><td>1,309</td><td>380</td><td>824</td><td>-</td><td>105</td><td>-</td></tr><tr><td>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>October</td><td>-</td><td>4</td><td>5,156</td><td>3</td><td>1,230</td><td>380</td><td>824</td><td>-</td><td>26</td><td>131</td></tr><tr><td>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>October</td><td>-</td><td>-</td><td>490</td><td>-</td><td>1,230</td><td>380</td><td>824</td><td>-</td><td>26</td><td>-</td></tr><tr><td>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>6</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>-</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>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td></tr><tr><td>October</td><td>-</td><td>4</td><td>4,666</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>131</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>53</td><td>1</td><td>1,209</td><td>566</td><td>134</td><td>19</td><td>-</td><td>4</td><td>111</td><td>43</td></tr><tr><td>February</td><td>53</td><td>2</td><td>1,516</td><td>183</td><td>135</td><td>19</td><td>-</td><td>4</td><td>112</td><td>105</td></tr><tr><td>March</td><td>30</td><td>2</td><td>2,357</td><td>108</td><td>93</td><td>19</td><td>-</td><td>4</td><td>70</td><td>138</td></tr><tr><td>April</td><td>30</td><td>8</td><td>1,890</td><td>88</td><td>309</td><td>19</td><td>-</td><td>4</td><td>286</td><td>81</td></tr><tr><td>May</td><td>30</td><td>2</td><td>3,211</td><td>845</td><td>250</td><td>19</td><td>-</td><td>4</td><td>227</td><td>58</td></tr><tr><td>June</td><td>30</td><td>2</td><td>8,926</td><td>206</td><td>289</td><td>19</td><td>-</td><td>4</td><td>266</td><td>59</td></tr><tr><td>July</td><td>30</td><td>2</td><td>4,592</td><td>650</td><td>230</td><td>19</td><td>-</td><td>4</td><td>207</td><td>1</td></tr><tr><td>August</td><td>-</td><td>2</td><td>3,974</td><td>591</td><td>254</td><td>19</td><td>-</td><td>4</td><td>231</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>4</td><td>279</td><td>29</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,565</td><td>355</td><td>163</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr><tr><td>To foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>74</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>460</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-</td><td>-</td><td>73</td><td>435</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</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>9</td><td>355</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>53</td><td>1</td><td>1,209</td><td>566</td><td>134</td><td>19</td><td>-</td><td>4</td><td>111</td><td>43</td></tr><tr><td>February</td><td>53</td><td>2</td><td>1,516</td><td>183</td><td>135</td><td>19</td><td>-</td><td>4</td><td>112</td><td>105</td></tr><tr><td>March</td><td>30</td><td>2</td><td>2,348</td><td>108</td><td>93</td><td>19</td><td>-</td><td>4</td><td>70</td><td>138</td></tr><tr><td>April</td><td>30</td><td>8</td><td>1,816</td><td>88</td><td>309</td><td>19</td><td>-</td><td>4</td><td>286</td><td>81</td></tr><tr><td>May</td><td>30</td><td>2</td><td>3,193</td><td>845</td><td>250</td><td>19</td><td>-</td><td>4</td><td>227</td><td>58</td></tr><tr><td>June</td><td>30</td><td>2</td><td>8,466</td><td>206</td><td>289</td><td>19</td><td>-</td><td>4</td><td>266</td><td>59</td></tr><tr><td>July</td><td>30</td><td>2</td><td>4,519</td><td>650</td><td>230</td><td>19</td><td>-</td><td>4</td><td>207</td><td>1</td></tr><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>4</td><td>231</td><td>2</td></tr><tr><td>September</td><td>220</td><td>3</td><td>4,720</td><td>5</td><td>302</td><td>19</td><td>-</td><td>4</td><td>279</td><td>29</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,565</td><td>-</td><td>163</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr></table>
112
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section III - Purchases and Sales of Foreign Exchange (Spot and Forward)
January - October 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: 1945-January</td><td>46,852</td><td>21,692</td><td>16,932</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>338</td><td>726</td></tr><tr><td>Spot</td><td>1,540</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>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>February</td><td>1,819</td><td>275</td><td>275</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>51,533</td><td>24,022</td><td>16,235</td><td>25</td><td>250</td><td>-</td><td>-</td><td>528</td><td>469</td><td>518</td></tr><tr><td>Forward</td><td>1,930</td><td>121</td><td>121</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>45,759</td><td>19,884</td><td>14,743</td><td>250</td><td>50</td><td>-</td><td>-</td><td>-</td><td>480</td><td>220</td></tr><tr><td>Spot</td><td>1,983</td><td>165</td><td>165</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>55,879</td><td>25,133</td><td>18,162</td><td>584</td><td>282</td><td>-</td><td>-</td><td>-</td><td>436</td><td>351</td></tr><tr><td>May</td><td>5,226</td><td>157</td><td>157</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>71,280</td><td>29,527</td><td>22,298</td><td>81</td><td>304</td><td>-</td><td>-</td><td>219</td><td>342</td><td>472</td></tr><tr><td>Forward</td><td>3,700</td><td>224</td><td>224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>54,160</td><td>26,844</td><td>19,098</td><td>106</td><td>531</td><td>-</td><td>-</td><td>20</td><td>504</td><td>259</td></tr><tr><td>Spot</td><td>3,958</td><td>2,392</td><td>2,392</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>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>August</td><td>4,985</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>Spot</td><td>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</td><td>7,306</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>September</td><td>19,149</td><td>38,056</td><td>28,728</td><td>268</td><td>92</td><td>-</td><td>-</td><td>44</td><td>849</td><td>511</td></tr><tr><td>Spot</td><td>13,432</td><td>7,770</td><td>7,765</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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="11">Purchases from banks: 1945-January</td></tr><tr><td>Spot</td><td>27,614</td><td>13,100</td><td>8,628</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>330</td><td>661</td></tr><tr><td>Forward</td><td>1,271</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>24,580</td><td>12,048</td><td>7,965</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>316</td><td>284</td></tr><tr><td>Spot</td><td>1,474</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>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>March</td><td>1,511</td><td>121</td><td>121</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>27,016</td><td>12,138</td><td>7,388</td><td>225</td><td>50</td><td>-</td><td>-</td><td>-</td><td>472</td><td>187</td></tr><tr><td>Forward</td><td>1,416</td><td>104</td><td>104</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>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>Spot</td><td>4,873</td><td>142</td><td>142</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>46,522</td><td>19,501</td><td>12,460</td><td>71</td><td>295</td><td>-</td><td>-</td><td>210</td><td>334</td><td>461</td></tr><tr><td>June</td><td>3,456</td><td>218</td><td>218</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>32,816</td><td>18,129</td><td>11,132</td><td>97</td><td>428</td><td>-</td><td>-</td><td>20</td><td>446</td><td>259</td></tr><tr><td>Forward</td><td>2,536</td><td>1,220</td><td>1,220</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>31,652</td><td>18,995</td><td>10,498</td><td>266</td><td>339</td><td>-</td><td>-</td><td>-</td><td>608</td><td>327</td></tr><tr><td>Spot</td><td>2,896</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>Forward</td><td>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>September</td><td>4,783</td><td>3,749</td><td>3,748</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td></tr><tr><td>Spot</td><td>48,043</td><td>25,846</td><td>17,289</td><td>184</td><td>37</td><td>-</td><td>-</td><td>44</td><td>809</td><td>482</td></tr><tr><td>October</td><td>9,937</td><td>6,747</td><td>6,742</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Forward</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Purchases from others: 1945-January</td></tr><tr><td>Spot</td><td>19,238</td><td>8,592</td><td>8,304</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>65</td></tr><tr><td>Forward</td><td>269</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>13,709</td><td>6,018</td><td>5,763</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>42</td></tr><tr><td>Spot</td><td>345</td><td>58</td><td>58</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>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>March</td><td>419</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>18,743</td><td>7,746</td><td>7,355</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>33</td></tr><tr><td>Forward</td><td>567</td><td>61</td><td>61</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>24,647</td><td>10,693</td><td>10,351</td><td>174</td><td>1</td><td>-</td><td>-</td><td>-</td><td>27</td><td>1</td></tr><tr><td>Spot</td><td>353</td><td>15</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>24,758</td><td>10,026</td><td>9,838</td><td>10</td><td>9</td><td>-</td><td>-</td><td>9</td><td>8</td><td>11</td></tr><tr><td>June</td><td>244</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>21,344</td><td>8,715</td><td>7,966</td><td>9</td><td>103</td><td>-</td><td>-</td><td>-</td><td>58</td><td>-</td></tr><tr><td>Forward</td><td>1,422</td><td>1,172</td><td>1,172</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>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>Spot</td><td>2,089</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>Forward</td><td>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>September</td><td>2,523</td><td>2,060</td><td>2,060</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>31,106</td><td>12,210</td><td>11,439</td><td>84</td><td>55</td><td>-</td><td>-</td><td>-</td><td>40</td><td>29</td></tr><tr><td>October</td><td>3,495</td><td>1,023</td><td>1,023</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Forward</td><td></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)
April 1946
113
Position
in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section III
Purchases and Sales of Foreign Exchange (Spot and Forward)
January - October 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="2">Currency of:</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latin America</th><th>Total Aela</th><th>Japan (in-cluding Korea and Manchurie)</th><th>Other Aela</th></tr><tr><td colspan="10">Purchases</td></tr><tr><td>Total purchases: 1945-January</td><td>Spot</td><td>653</td><td>2,986</td><td>52</td><td>11,732</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>956</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>15</td><td>-</td><td>15</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>4,475</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>141</td><td>141</td></tr><tr><td>October</td><td>Spot</td><td>1,826</td><td>5,564</td><td>174</td><td>31,505</td><td>3,130</td><td>1,254</td><td>-</td><td>1,254</td><td>5,204</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>5,646</td><td>-</td><td>13</td><td>-</td><td>13</td><td>3</td></tr><tr><td colspan="10">Purchases from banks: 1945-January</td></tr><tr><td></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>17</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>956</td><td>80</td><td>-</td><td>80</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>776</td><td>4,788</td><td>106</td><td>20,997</td><td>3,385</td><td>1,031</td><td>-</td><td>1,031</td><td>1,608</td></tr><tr><td></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>1,302</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><td>October</td><td>Spot</td><td>1,675</td><td>5,234</td><td>92</td><td>16,479</td><td>2,191</td><td>1,191</td><td>-</td><td>1,191</td><td>2,336</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,174</td><td>-</td><td>13</td><td>-</td><td>13</td><td>3</td></tr><tr><td colspan="10">Purchases from others: 1945-January</td></tr><tr><td></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>2,056</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>2,640</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><tr><td>October</td><td>Spot</td><td>152</td><td>330</td><td>82</td><td>15,026</td><td>939</td><td>63</td><td>-</td><td>63</td><td>2,868</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,472</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
114
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section III - Purchases and Sales of Foreign Exchange (Spot and Forward), January - October 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Salee</td></tr><tr><td>Total sales: 1945-January</td><td>44,883</td><td>21,401</td><td>16,651</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>322</td><td>722</td></tr><tr><td>Spot</td><td>2,099</td><td>291</td><td>291</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>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>February</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>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>Forward</td><td>3,824</td><td>149</td><td>138</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td></tr><tr><td>March</td><td>45,854</td><td>20,067</td><td>15,134</td><td>236</td><td>46</td><td>-</td><td>-</td><td>11</td><td>479</td><td>223</td></tr><tr><td>Spot</td><td>3,172</td><td>197</td><td>197</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>April</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>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>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>June</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>Spot</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>Forward</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>July</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>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>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>August</td><td>78,309</td><td>37,995</td><td>28,814</td><td>261</td><td>83</td><td>-</td><td>-</td><td>17</td><td>797</td><td>518</td></tr><tr><td>Spot</td><td>15,307</td><td>8,105</td><td>7,712</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>-</td></tr><tr><td>Forward</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="11">Sales to banks:</td></tr><tr><td>1945-January</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>Spot</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>Forward</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>February</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>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>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>March</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>Spot</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>Forward</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>April</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>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>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>May</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>Spot</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>Forward</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>June</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>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>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>July</td><td>34,291</td><td>15,775</td><td>12,974</td><td>73</td><td>40</td><td>-</td><td>-</td><td>2</td><td>438</td><td>431</td></tr><tr><td>Spot</td><td>8,129</td><td>4,423</td><td>4,077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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="11">Sales to others:</td></tr><tr><td>1945-January</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>Spot</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>Forward</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>February</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>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>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>March</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>Spot</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>Forward</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>111</td></tr><tr><td>April</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>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>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>May</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>Spot</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>Forward</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>June</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>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>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><tr><td>July</td><td>44,018</td><td>22,220</td><td>15,840</td><td>188</td><td>43</td><td>-</td><td>-</td><td>15</td><td>359</td><td>87</td></tr><tr><td>Spot</td><td>7,178</td><td>3,682</td><td>3,635</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>-</td></tr><tr><td>Forward</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)
April 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 - October 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 colspan="2">Asia</th><th></th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><th>Total Asia</th><th>Japan (in-cluding Korea and Manchuria)</th><th>Other Asia</th><td></td></tr></table>
Soleo
<table><tr><th>Total sales:</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>665</td><td>2,962</td><td>74</td><td>14,940</td><td>3,923</td><td>897</td><td>897</td><td>3,722</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>1,739</td><td>-</td><td>18</td><td>18</td><td>51</td></tr><tr><td>February</td><td>Spot.</td><td>297</td><td>3,306</td><td>79</td><td>12,143</td><td>4,747</td><td>708</td><td>708</td><td>3,641</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>2,503</td><td>73</td><td>3</td><td>3</td><td>70</td></tr><tr><td>March</td><td>Spot.</td><td>475</td><td>5,393</td><td>142</td><td>14,637</td><td>3,725</td><td>861</td><td>861</td><td>3,671</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>3,575</td><td>54</td><td>2</td><td>2</td><td>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>769</td><td>2,753</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>2,775</td><td>29</td><td>143</td><td>143</td><td>28</td></tr><tr><td>May</td><td>Spot.</td><td>479</td><td>4,652</td><td>131</td><td>21,702</td><td>4,437</td><td>865</td><td>865</td><td>3,399</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>3,791</td><td>976</td><td>168</td><td>168</td><td>-</td></tr><tr><td>June</td><td>Spot.</td><td>833</td><td>4,888</td><td>144</td><td>23,853</td><td>4,088</td><td>933</td><td>933</td><td>3,750</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>90</td><td>-</td></tr><tr><td>July</td><td>Spot.</td><td>768</td><td>5,047</td><td>207</td><td>15,078</td><td>3,591</td><td>815</td><td>815</td><td>3,303</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>4,233</td><td>487</td><td>-</td><td>-</td><td>30</td></tr><tr><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>935</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>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>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>47</td><td>20</td></tr><tr><td>October</td><td>Spot.</td><td>1,746</td><td>5,579</td><td>180</td><td>31,202</td><td>3,146</td><td>1,331</td><td>1,331</td><td>4,635</td></tr><tr><td></td><td>Forward.</td><td>346</td><td>-</td><td>-</td><td>6,956</td><td>187</td><td>56</td><td>56</td><td>3</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></tr><tr><td>1945-January</td><td>Spot.</td><td>392</td><td>323</td><td>20</td><td>8,023</td><td>555</td><td>74</td><td>74</td><td>1,535</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>877</td><td>-</td><td>-</td><td>-</td><td>33</td></tr><tr><td>February</td><td>Spot.</td><td>183</td><td>396</td><td>11</td><td>6,269</td><td>886</td><td>35</td><td>35</td><td>1,407</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>771</td><td>17</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot.</td><td>64</td><td>541</td><td>24</td><td>8,284</td><td>288</td><td>24</td><td>24</td><td>1,557</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>785</td><td>41</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot.</td><td>79</td><td>411</td><td>17</td><td>8,752</td><td>423</td><td>29</td><td>29</td><td>1,264</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>868</td><td>21</td><td>-</td><td>-</td><td>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>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>34</td><td>-</td></tr><tr><td>June</td><td>Spot.</td><td>250</td><td>796</td><td>36</td><td>9,822</td><td>316</td><td>132</td><td>132</td><td>1,550</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>1,813</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>Spot.</td><td>361</td><td>761</td><td>76</td><td>6,776</td><td>268</td><td>126</td><td>126</td><td>1,216</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>1,475</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><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>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></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>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></tr><tr><td>October</td><td>Spot.</td><td>750</td><td>1,023</td><td>44</td><td>15,799</td><td>387</td><td>218</td><td>218</td><td>2,112</td></tr><tr><td></td><td>Forward.</td><td>346</td><td>-</td><td>-</td><td>3,703</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><th>Sales to others:</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>823</td><td>2,187</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>862</td><td>-</td><td>18</td><td>18</td><td>18</td></tr><tr><td>February</td><td>Spot.</td><td>114</td><td>2,910</td><td>68</td><td>5,874</td><td>3,861</td><td>673</td><td>673</td><td>2,234</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>1,732</td><td>56</td><td>3</td><td>3</td><td>70</td></tr><tr><td>March</td><td>Spot.</td><td>411</td><td>4,852</td><td>118</td><td>6,353</td><td>3,437</td><td>837</td><td>837</td><td>2,114</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>2,790</td><td>13</td><td>2</td><td>2</td><td>44</td></tr><tr><td>April</td><td>Spot.</td><td>224</td><td>3,098</td><td>109</td><td>9,541</td><td>3,549</td><td>740</td><td>740</td><td>1,489</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>1,907</td><td>8</td><td>143</td><td>143</td><td>-</td></tr><tr><td>May</td><td>Spot.</td><td>331</td><td>4,041</td><td>105</td><td>12,088</td><td>4,202</td><td>783</td><td>783</td><td>1,792</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>2,782</td><td>976</td><td>134</td><td>134</td><td>-</td></tr><tr><td>June</td><td>Spot.</td><td>583</td><td>4,092</td><td>108</td><td>14,031</td><td>3,772</td><td>801</td><td>801</td><td>2,200</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>8,581</td><td>41</td><td>90</td><td>90</td><td>-</td></tr><tr><td>July</td><td>Spot.</td><td>407</td><td>4,286</td><td>131</td><td>8,302</td><td>3,323</td><td>689</td><td>689</td><td>2,087</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>2,758</td><td>487</td><td>-</td><td>-</td><td>15</td></tr><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>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>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>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>47</td><td>20</td></tr><tr><td>October</td><td>Spot.</td><td>996</td><td>4,556</td><td>136</td><td>15,403</td><td>2,759</td><td>1,113</td><td>1,113</td><td>2,523</td></tr><tr><td></td><td>Forward.</td><td>-</td><td>-</td><td>-</td><td>3,253</td><td>187</td><td>56</td><td>56</td><td>-</td></tr></table>
PENALTY FOR PRIVATE USE TO AVOID
UNITED STATES TREASURY DEPARTMENT
PAYMENT OF POSTAGE, $300
OFFICE OF THE SECRETARY
WASHINGTON 25, D. C.
OFFICIAL BUSINESS
PERMIT NO. 1002
FORM A-6/46-2050
<table><tr><td>Treas. HJ 10</td><td>U.S. Treasury Dept.</td></tr><tr><td>.A2 1946 c.2</td><td>Treasury Bulletin</td></tr></table>
U.S. TREASURY LIBRARY
1 0031945