of 14
LIBRARY
ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
TREASURY
BULLETIN
MAY - 1946
LIBRARY ROOM 5013
MAY 1 71946
CASU 017001
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
May 1946
1
Table of Contents
Page
<table><tr><td>Cumulative table of contents</td><td>11</td></tr><tr><td>Articles:</td><td></td></tr><tr><td>Statement by Secretary Vinson on the Extension of the Stabilization Act, before the House Banking and Currency Committee</td><td>A-1</td></tr><tr><td>Statement by Secretary Vinson on the Reduction of the Debt Limitation, before the Senate Committee on Finance</td><td>A-4</td></tr><tr><td>American prosperity and world prosperity are interlinked (speech by the Secretary of the Treasury)</td><td>A-7</td></tr><tr><td>Treasury market financing</td><td>A-13</td></tr><tr><td>Statistical section:</td><td></td></tr><tr><td>Summary of fiscal statistics</td><td>1</td></tr><tr><td>Receipts and expenditures and appropriations</td><td>4</td></tr><tr><td>General fund of the Treasury</td><td>18</td></tr><tr><td>Public debt and guaranteed obligations of the United States Government</td><td>21</td></tr><tr><td>Ownership of United States Government securities</td><td>48</td></tr><tr><td>Prices and yields of Government securities (including securities issued by Federal agencies)</td><td>56</td></tr><tr><td>Internal revenue statistics</td><td>63</td></tr><tr><td>Monetary statistics</td><td>68</td></tr><tr><td>Capital movements between the United States and foreign countries</td><td>75</td></tr></table>
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th></th><th colspan="7">1946</th><th colspan="8">1945</th></tr><tr><th>Articles</th><th>May</th><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></tr><tr><td>Statement by Secretary Vinson on the Extension of the Stabilization Act, before the House Banking and Currency Committee.</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><td></td></tr><tr><td>Statement by Secretary Vinson on the Reduction of the Debt Limitation, before the Senate Committee on Finance.</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><td></td></tr><tr><td>American prosperity and world prosperity are interlinked (speech by the Secretary of the Treasury).</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><td></td></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the Senate Committee on Banking and Currency.</td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal wartime financing and growth of liquid assets.</td><td></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></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Our system of government has stood the test (speech by the Secretary of the Treasury).</td><td></td><td></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></tr><tr><td>Victory Loan Drive, October-December 1945:</td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>A-1</td><td></td><td></td><td></td><td></td></tr><tr><td>Outline of plans and comparison of features of securities offered.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td></tr><tr><td>7th War Loan, May-June 1945: Sales by issues, by investor classes, and by States.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Security purchases outside war loans by commercial banks and by Treasury investment accounts:</td><td></td><td></td><td></td><td></td><td>A-22</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-23</td><td></td></tr><tr><td>Victory 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><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><td></td></tr><tr><td>Transition from war to peace and prosperity (speech by the Secretary of the Treasury).</td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War financing - some implications for the future (speech by Under Secretary of the Treasury).</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Procedure for redemption of United States excess profit tax refund bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-6</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>A-7</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 31, 1939-June 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Dec. 31, 1939-Dec. 31, 1941.</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><td>A-1</td></tr><tr><td>Federal Government expenditures for the fiscal years 1940, 1945, and 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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><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><td></td></tr><tr><td>Income and tax liability.</td><td></td><td></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></tr><tr><td>Marital and dependency status and number of employers.</td><td></td><td>A-21</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial statistics of certain tax-exempt organizations for 1943.</td><td></td><td></td><td>A-23</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation income and taxable excess profit tax returns 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><td></td></tr><tr><td>Preliminary statistics.</td><td></td><td>A-26</td><td></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>A-1</td><td></td><td></td><td></td><td></td></tr><tr><td>Taxable individual and fiduciary income tax returns, with net income of $5,000 and over for 1943 (advance tabulation).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>A-21</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation income and taxable excess profit tax returns for 1942 (complete returns).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-6</td><td></td><td>A-1</td><td></td><td></td><td>A-2</td></tr><tr><td>Federal land bank bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-6</td><td></td><td>A-2</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></td><td></td><td></td><td>A-25</td><td></td></tr><tr><td>Invasion currency.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity of Series A bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-23</td><td></td></tr><tr><td>Maturity of Series B bonds.</td><td></td><td></td><td></td><td>A-27</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Continuation of the savings bond program.</td><td></td><td></td><td></td><td>A-28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Redemption through banks and additional financial institutions.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-21</td><td></td></tr><tr><td>Treasury market financing.</td><td>A-13</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></td></tr><tr><th>Summary of fiscal statistics</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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><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><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><td>3</td></tr><tr><th>Receipts and expenditures and appropriations</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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><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><td>5</td></tr><tr><td>Analysis of receipts from internal revenue.</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of general expenditures.</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Analysis of 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>8</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>8</td><td>7</td><td>7</td><td>8</td><td>7</td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years.</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>9-10</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td></tr><tr><td>Trust accounts, etc., receipts and expenditures.</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>11-12</td><td>10</td><td>10</td><td>10</td><td>10</td></tr><tr><td>Means of financing cash requirements.</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>13</td><td>11</td><td>11</td><td>11</td><td>11</td></tr><tr><td>Social security program:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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><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>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Railroad Retirement Act.</td><td>13</td><td>13</td><td>13</td><td>13</td><td>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>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><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>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>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>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>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><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>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>17</td><td>19</td><td>17</td><td>17</td><td>17</td><td>17</td></tr></table>
(Continued on following page)
May 1946
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Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="6">1946</th><th colspan="8">1945</th></tr><tr><th>May</th><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></tr><tr><td>General Fund of the Treasury</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td><td>21<br>22</td><td>19<br>20</td><td>19<br>20</td><td>19<br>20</td></tr><tr><td>Assets, liabilities, and balance in General Fund.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis of changes in balance of Federal Fund.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Publo debt and guaranteed obligations of United States Government</td><td>22</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></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>22</td><td>24</td><td>22</td><td>22</td><td>22</td></tr><tr><td>Composition of the interest-bearing public debt.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Detailed statement:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal years, 1936-1945.</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>23-24</td><td>25-26</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>24-25</td><td>26-27</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>26</td><td>28</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>27</td><td>29</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>27</td><td>29</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>28</td><td></td><td></td></tr><tr><td>June 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>32</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></td><td>28</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>28</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>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1945.</td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></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>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>March 31, 1946.</td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>29-31</td><td>31-33</td><td>29-31</td><td>28-30</td><td>28-30</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>34</td><td>32</td><td>31</td><td>31</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness.</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>35</td><td>33</td><td>32</td><td>32</td></tr><tr><td>Offerings and maturities of Treasury bills.</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>36-37</td><td>34-35</td><td>33-34</td><td>33-34</td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series.</td><td>36</td><td>36</td><td>36</td><td>36</td><td>36</td><td>36</td><td>36</td><td>36</td><td>38-39</td><td>36-37</td><td>35-36</td><td>35-36</td></tr><tr><td>History of sales and redemptions.</td><td>37-39</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>38-39</td><td>36-37</td><td>35-36</td><td>35-36</td></tr><tr><td>Sales by series, classified by denominations.</td><td>40</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></tr><tr><td>Number of pieces sold, classified by denominations.</td><td>41</td><td>41</td><td>41</td><td>39</td><td>39</td><td>39</td><td>39</td><td>39</td><td>41</td><td>39</td><td>38-39</td><td>38-39</td></tr><tr><td>Sales by series, classified by States.</td><td>42-43</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></tr><tr><td>Redemptions of series A-E, classified by States.</td><td>44</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></tr><tr><td>Payroll savings plans.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>44</td><td>42</td><td>41</td><td>41</td></tr><tr><td>Treasury notes - tax and savings series:</td><td>45</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></tr><tr><td>Summary of sales and redemptions, by series.</td><td>45</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></tr><tr><td>Sales, classified by:</td><td>46</td><td>46</td><td>46</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>46</td><td>44</td><td>43</td><td>43</td></tr><tr><td>Denomination.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Type of purchaser.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions.</td><td>47</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></tr><tr><td>Sales, classified by denomination.</td><td>47</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></tr><tr><td>Ownership of United States Government securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary distribution, by holders.</td><td>49</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></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors.</td><td>50</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></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>50</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></tr><tr><td>Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing January 31, 1945):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by banks and insurance companies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>48-52</td><td></td><td></td></tr><tr><td>April 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</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>49-53</td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</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>49-53</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>49-53</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></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>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>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></td><td></td><td></td><td>56-60</td><td></td><td>4</td><td></td></tr><tr><td>September 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td>51-58</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>56-60</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 rowspan="2"></th><th colspan="3">Issue and page number 1946</th><th colspan="8">1945</th></tr><tr><th>May</th><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></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>51-56</td><td>51-56</td><td></td></tr><tr><td>April 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-64</td><td>55-57</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></td><td>55-57</td><td>55-57</td><td>60-62</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 29, 1945.</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><td></td></tr><tr><td>October 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 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>December 31, 1945.</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><td></td></tr><tr><td>January 31, 1946.</td><td>57-59</td><td></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>65</td><td>58</td><td>58</td><td>63</td><td>53</td><td>58</td><td>65</td><td>58</td><td>57</td><td>57</td></tr><tr><td>March 31, 1946.</td><td>60</td><td>60</td><td>65</td><td>58</td><td>58</td><td>63</td><td>53</td><td>58</td><td>65</td><td>58</td><td>57</td><td>57</td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes.</td><td>61</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>58</td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds:</td><td>62</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>59</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 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></td><td></td><td>61</td><td>61-63</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>72-76</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></td><td>69</td><td>73-77</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>70-72</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans outstanding, classified by type of loan:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-63</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></td><td></td><td></td><td></td><td>68-70</td><td></td><td>70-71</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></td><td>62-67</td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1945.</td><td></td><td></td><td></td><td></td><td>62-67</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>61-69</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></td><td></td><td></td><td>69-74</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></td><td></td><td>68-73</td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1945.</td><td></td><td></td><td></td><td></td><td>68-73</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>Collectioos of internal revenues:</td><td>64</td><td>77</td><td>79</td><td>62</td><td>75</td><td>77</td><td>62</td><td>75</td><td>73</td><td>62</td><td>76</td><td>61</td></tr><tr><td>Summary data.</td><td>65</td><td>78</td><td>80</td><td>63</td><td>76</td><td>78</td><td>63</td><td>76</td><td>73</td><td>63</td><td>77</td><td>62</td></tr><tr><td>Chart.</td><td>66-67</td><td>79-80</td><td>81-82</td><td>61-65</td><td>77-78</td><td>79-80</td><td>61-65</td><td>77-78</td><td>80-81</td><td>61-65</td><td>76-79</td><td>62-64</td></tr><tr><td>Comparative details for current periods.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td 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>67-68</td><td></td><td></td></tr><tr><td>March 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945.</td><td></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></tr><tr><td>September 30, 1945.</td><td>69-70</td><td>82</td><td>84</td><td>69</td><td>80</td><td>82</td><td>69</td><td>80</td><td>83</td><td>69</td><td>81</td><td>66</td></tr><tr><td>December 31, 1945.</td><td>71</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cold assets and liabilities of the Treasury.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945.</td><td>71</td><td></td><td>84</td><td>69</td><td>80</td><td>82</td><td>69</td><td>80</td><td>83</td><td>69</td><td>81</td><td>66</td></tr><tr><td>September 30, 1945.</td><td>71</td><td>82</td><td>84</td><td>69</td><td>80</td><td>82</td><td>69</td><td>80</td><td>83</td><td>69</td><td>81</td><td>66</td></tr><tr><td>December 31, 1945.</td><td>72</td><td>83</td><td>85</td><td>70</td><td>81</td><td>81</td><td>70</td><td>81</td><td>84</td><td>70</td><td>82</td><td>67</td></tr><tr><td>March 31, 1946.</td><td>72</td><td>83</td><td>85</td><td>70</td><td>81</td><td>81</td><td>70</td><td>81</td><td>84</td><td>70</td><td>82</td><td>67</td></tr><tr><td>Treasury gold receipts, for recent quarterly periods.</td><td>73</td><td>84</td><td>86</td><td>71</td><td>82</td><td>84</td><td>71</td><td>82</td><td>85</td><td>72</td><td>83</td><td>63</td></tr><tr><td>Monetary stocks of gold and silver.</td><td>74</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>64</td></tr><tr><td>Components of silver monetary stock.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Semimorace on silver, by types.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Money in circulation.</td><td>76</td><td>87</td><td>89</td><td>74</td><td>85</td><td>87</td><td>74-75</td><td>76</td><td>82</td><td>85</td><td>71</td><td>83</td><td>68</td></tr><tr><td>Capital movements between the United States and foreign 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>Discussion of composition of statistics.</td><td>77-93</td><td>83-104</td><td>90-106</td><td>75-91</td><td>85-102</td><td>88-104</td><td>77-93</td><td></td><td>85</td><td>71</td><td>83</td><td>68</td></tr><tr><td>Summary of net capital movement since 1935.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by countries, January 1942-July 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Details:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 1945.</td><td></td><td></td><td></td><td></td><td></td><td>105-107</td><td>91-96</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 1945.</td><td></td><td></td><td></td><td>103-105</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 1945.</td><td></td><td></td><td>92-94</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 1945.</td><td></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>September 1945.</td><td>91-96</td><td>105-107</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 1945.</td><td>97-104</td><td>108-115</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></tr><tr><td>November 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>Position in foreign currencies.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
May 1946
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Statement by Secretary Vinson on the Extension of the
Stabilization Act, before the House Banking and
Currency Committee, March 27, 1946
I am always very pleased to appear before this able Committee of the Congress. Before this Committee comes some of the most important legislation considered by the Congress. I have ever found your work to be painstaking and thorough and all of the members of the Committee have a high devotion to duty and honesty of purpose.
Of all the important subjects you are called upon to consider, none, in my judgment, outranks the prevention of inflation. The extension of the Stabilization Act, without crippling amendments, is the biggest single aspect of our battle against inflation. We won this battle year after year during the war, and I am confident that now we are not going to walk off the field and lose by default.
The battle against inflation was my direct assignment from our great President, Franklin D. Roosevelt, for nearly two years. Later in the Office of War Mobilization and Reconversion, I had a no less vital interest in economic stabilization while William H. Davis was the field general in the Office of Economic Stabilization. At all times both of us had the courageous and able help of Chester Bowles, the Administrator of the Office of Price Administration. I should like to report also that Paul Porter was one of my assistants while I was in the Office of Economic Stabilization. He did a fine job for us there, and I have full confidence in his ability to administer with success the Office of Price Administration while Chester Bowles is carrying out the over-all program of economic stabilization. We were all fortunate to be working under a law that gave us full opportunity to accomplish the results that were desired and expected. We had a good team to administer the law. And my brief summary shows that the team, while having some changes, is still intact.
It is, I believe, a part of our common knowledge that war brings powerful inflationary pressures to bear on the economy. This is because a large proportion of the population is removed from its normal tasks of making goods and rendering services for the civilian population, and is placed, instead, in the business of making the goods and rendering the services of war. The product of the persons in the armed forces and in
the war industries is not of a type which can be sold to the civilian population; but the persons producing it continue to receive incomes, and these incomes will be spent, in large part, on the products of the persona still in the civilian industries. During war, all of the population is living on the product of only part of it.
An upward pressure on prices is inevitable, therefore, and can only be counteracted by vigorous measures on the part of the Government. In the case of the war which we have just finished, these upward pressures were the most powerful which have yet been generated in the American economy; but the American people, acting through their Government, combatted them so vigorously that the rise in prices during the war which has just ended was less than in any previous major war in which the United States has been engaged.
For a considerable period during World War II, about half of the national product was going for war purposes. This compares with a maximum of only about one-fourth of the national product going for war purposes in World War I - and then for a much shorter period. Yet, retail prices paid by consumers, as measured in each case by the index number of the Bureau of Labor Statistics, advanced only 31 percent between the outbreak of the war in Europe in 1939 and VJ-Day, as compared with a rise of 62 percent between the outbreak of the war in Europe in 1914 and Armistice Day.
What were the measures by which prices were thus held down during World War II? They may be grouped into three major classes: taxation, the stimulation of savings, and direct controls over prices and the physical allocation of goods.
All three of these methods were applied also in World War I; yet prices rose much more, although in response to weaker pressures. Why, then, were we so much more successful in World War II?
In the first place, we applied all of the methods in a more vigorous fashion. This was made possible, in large part, because we started sooner. We took our first step toward the war-
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Treasury Bulletin
time level of taxation with the enactment of the first Revenue Act of 1940 in June 1940; we formed the Advisory Commission to the Council of Na-tional Defense in May 1940, and so commenced the organization of the allocation of goods on the physical level; we formed the Defense Savings Staff in March 1941, and so commenced the organi-zation of war savings. In World War I, all of the corresponding steps were taken after we had entered the war.
As a consequence, in part, of starting earlier, we have achieved better results on the fiscal front in World War II. From July 1, 1940, about the beginning of the program of defense finance, to the present time, 44 percent of the expenditures of the Federal Government have been covered by taxation and other nonborrowing receipts. This compares with 33 percent for the World War I period beginning with the outbreak of the war in Europe and continuing to June 30, 1919.
The most important difference between World War I and World War II, however, is the difference in emphasis on the different types of controls. We learned a great deal from experience. In World War I, very little emphasis was placed on direct controls. There was no rationing at the retail level; and no public announcement of fixed prices, even of war goods, until September 1917. Furthermore, such price control and allocation as existed were removed almost immediately after the Armistice.
The inflationary pressures generated by a war continue for some time after it has been concluded on the battlefronts. In World War I, retail prices rose 62 percent in the 52 months between the outbreak of the war in Europe in 1914 and Armistice Day. From Armistice Day until June 1920, retail prices rose another 46 points, making a total of 108 percent above the 1914 level. On the other hand, retail prices have risen only 0.5 percent between VJ-Day and January 15, 1946.
The problem before us is to prevent a repetition of the experience after World War I. We can prevent it if we try; and one of the most important things to do is to extend the Stabilization Act with as little delay as possible.
The task ahead of us does not appear so difficult if we remember the work that we have done. During the fight against the armed enemy abroad and the insidious enemy of inflation at home, we had our headaches and our heartaches. There were shortages of raw materials. There were great transfers of manpower from peacetime pursuits to
war production, and from the homes to the factories. There were kinks in the production line and in the transportation system. In large part we had to prepare for war after the battle had started. And we were fighting enemies who had prepared for years. Yet we overwhelmed the enemy with our armed might, had more than enough to live on at home, and kept our economy on even keel.
After the shooting stopped we had to change over again, this time from war to the pursuits of peace. Again we have had our problems. By and large, however, the job is done, and we can say it was well done.
Today we can be more optimistic about the future than ever before. It would be pathetic if we muffed this grand opportunity. We must maintain our controls over inflation a little longer.
In view of the work I have had in the field of stabilization, I have, of course, a strong personal interest in the subject. Of much more importance, however, is the fact that as Secretary of the Treasury I have a vital official interest in the prevention of inflation.
Two of the most important subjects in the Treasury Department are taxes and the management of the public debt. Inflation, or its prevention, has a direct effect on both problems.
At present we are travelling a sound and pleasant road. Our receipts are larger than the estimates made at the time of the President's Budget Message. In fact, our net receipts from July 1, 1945, through March 22, 1946, have been only 2 percent less than during the corresponding period of the previous fiscal year. Our revenues have been large because our national income has stayed at a high level. Meanwhile, expenditures are smaller than the estimates made at the time of the Budget Message. In fact, our expenditures in February were $3,500 million against the high of $9,700 million last June. This decline of nearly two-thirds in eight months is because we have all made a wholehearted effort to leave the wartime basis and adopt the peacetime course. The two together mean that we are well on the way to a balanced budget. That has a novel sound, but it is a happy situation which I am glad to report to this Committee, to the Congress, and to all the people of the country who have the same problem in their daily lives.
With our current expenditures much lower, the cash balance of the Treasury can be less.
May 1946
A-3
Chiefly by this means we have been able to make two substantial reductions in the public debt. That, too, has a novel sound. In fact, they are the first substantial reductions in 16 years.
In spite of this generally good situation, taxes must remain high and the burden of carrying the public debt is still significant. The raising of substantial revenues and the carrying of the public debt can both be done without undue burden to our economy. Can be done, that is, if our economy is maintained at a high level.
The only desirable, sound, long-term solution to the problems of revenue and debt management is high-level production, employment, and national income. With our economy in high gear the burden will be much lighter. The war has demonstrated that we have a $200 billion nation.
As Secretary of the Treasury I want a sound and expansive economy. And on that point the prevention of inflation has its all important impact. We cannot have that stable, high-level economy with full production, full employment, and high national income, nor can we meet successfully our revenue and debt management problems, if we have the dislocation of all values and relationships throughout our economy that comes with a bad case of inflation.
We have built up a tremendous demand for most consumer goods. This demand is backed up by large savings. The amount of currency, bank deposits, and United States securities owned by all non-bank investors has increased from about $82 billion at the end of 1939 to about $300 billion today. Our wants, fortified by these liquid reserves, can give us the impetus to begin a volume of peacetime production far greater than we have ever seen. Moreover, these savings can be the flywheel for our economy for a long time to come. This can give us the future that all Americans want. It can be the pleasant aftermath of war.
This result, however, is not an inevitable one. We could quickly spend ourselves in the dissipation of spiralling prices and speculative markets. We have the heart and the mind to avoid this catastrophe. Let us have the fortitude and the wit to carry out the decision that we know is right. Our children would look back and consider it the most pathetic thing our generation did, if, after thwarting the inflation ogre all through the war, we gave up just before the job was finished.
Production to meet the demand is the final
answer. Some quarters, taking advantage of the appeal of this end, have suggested that the removal of price controls is the best way to stimulate production and is therefore the best way to beat the inflation danger. These people, consciously or unconsciously, overlook the needs of the interim period. Although we are well on our way of peacetime production, we cannot produce enough tomorrow or the next day to meet the demand that has accumulated over months. During that period, the removal of price control would be stimulating - stimulating in a fanciful, dizzy sort of way. In my judgment, there would be so much effort spent in beating the market, in buying and selling materials and inventories, in concentrating on the speculative gain, that we would find total production decreased rather than increased.
I therefore take issue with those who say that removal of price control will stimulate and increase production. This sounds like the 1946 version of the old argument that price control has stifled production. Price control did not stifle production during the war and in spite of the obstacles we have had, the expansion of peacetime production in the period since VJ-Day as a whole has been more rapid than in any other period of our history. The present physical level of production in the whole economy is now above the average of the year 1941, despite the tremendous problems which have been presented to industry in the past year by the change-over from a wartime to a peacetime demand. When the pipelines are full, most types of consumers' goods will be on the market in volume. But the extension of the Stabilization Act is necessary to hold the line until supply once more matches demand.
When we are served up tempting departures from our present program, let us remember that the record under price control is remarkably good. Let us recall again and again that the best index of retail prices we have showed an increase in the 72 months of this war of one-half what it did in the 52 months during World War I. Let us recall that after November 11, 1918, prices continued to increase rapidly until June 1920 when they reached a point double what they were at the start of the war. Then came the crash. This time prices have been relatively stable since the end of the war. We are in a good position to avoid an insecure boom followed by a terrible collapse. Let us not undo what we have done. I fully endorse the extension of the Stabilization Act.
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Treasury Bulletin
Statement by Secretary Vinson on the Reduction
of the Debt Limitation, before the Senate
Committee on Finance, April 23, 1946
I am appearing here today to give you my views on S. 1760, a bill to decrease the debt limit of the United States from $300 billion to $275 billion.
I am in complete accord with the purpose of this bill, and I wish to say so clearly at the beginning of my statement. Not only do I think that the public debt should be reduced, but I also think that it should be reduced as rapidly as possible consistent with the maintenance of maximum employment and production in the economy; and as Secretary of the Treasury I am here to tell you that it is the Administration's objective to do so.
However, I feel I should mention at the outset that the debt limit should not be viewed apart from all of the factors that cause the debt to go up or one occasion and go down on another. The amount of the public debt is a residual figure. Changes in it come about only after the Treasury has taken into account all of the Government's receipts from taxes and other sources in relation to the volume of expenditures that have been authorized by Congress.
If there are not enough funds available from receipts, money must be borrowed by the Treasury to augment its cash balance so that the expenditure checks can be paid as they are presented. Under the circumstances, the public debt must, of necessity, go up. If, on the other hand, there are more than enough funds available from taxes and receipts to meet the expenditures authorized by Congress, then the Treasury is able to take some of this surplus and use it to pay off some of its securities. Under these circumstances, the public debt will go down.
In the final analysis, therefore, it should be clearly understood that the amount of the public debt is determined by Congress and is the end result at the Treasury of the appropriation and the revenue legislation.
There may, it is true, be some fluctuation in the volume of the public debt in extraordinary periods of short duration when the size of the Treasury's cash balance is being increased or is
being decreased significantly. But, in the final analysis and for periods of extended duration, the debt will decrease if revenues exceed expenditures; and, conversely, the debt will increase if expenditures exceed revenues. The debt limit is, therefore, not the controlling factor. The existing limitation has not meant that the public debt is a penny higher today than it otherwise would have been; neither is it a penny lower.
This does not mean to say that I am against having a debt limit. On the contrary, the Treasury has always believed - and I too have believed both when I've been in and out of the Treasury - that a debt limit is a good thing to have. Its existence requires the officials of the Treasury to come to the Congress from time to time, particularly, as in the past, when fundamental changes in the debt structure are going on, and to set forth before Congressional committees the detail of the public debt picture. In my opinion, the review of the situation that results is beneficial.
The point that I want to make is only that the limit in itself does not reduce the debt, and that the limit should not be set so low that it will remove from the Treasury some of the flexibility that it needs in current public debt management operations. I believe the present bill sets the limit a little too low; and I shall give you some figures on this in a few minutes. Before I do so, however, I should like to make a few comments on the subject of public debt management. Debt management is a subject that many people are just beginning to think about, but it is a subject that the Treasury has been doing something about since the very beginning of the war.
You can't defer the planning of post-war public debt management until the debt has grown from $45 billion to $280 billion. You have to plan that management as and when the debt is actually incurred.
At the outset, for example, it was decided that the various classes of investors should be sold securities which fitted their requirements. This meant that they should have the particular
May 1946
A-5
types of securities that would best suit them and that they should have the particular length of maturities that they needed.
To give the various classes of investors the various securities required, a broad list of issues was offered by the Treasury. Some of these securities were of the savings bond type that were not transferable, and were redeemable on demand. Some of these securities were transferable in the market, but were restricted as to bank ownership for a period of years. More than half of the total increase in the public debt that occurred in the last six years represented these types of securities. Today, those securities cannot move into bank portfolios.
This was planning, on the part of the Treasury, and I believe it was wise planning. Today, holders of Savings Bonds who need money can come directly to the Treasury and get it through the facilities of the Savings Bond redemption agents. That was planning too; and there is no selling of securities on the market by small investors. There is no repetition of the pressure on bond prices that occurred after the first World War. Prices of Liberty Bonds fell to a low of 82 in the Spring of 1920. As this occurred, many people sold their securities in the fear of further losses; while others found it necessary to get their money, regardless of price. Now, the small holders of Savings Bonds are protected against price risks because the bonds are redeemable according to the values set forth on their face.
There was also planning by the Treasury with respect to the particular length of maturity of the issues that were sold to the various classes of investors. A conscious effort was made to fit the debt to the needs of those investor classes. Accordingly, about 90 percent of the securities held by commercial and Federal Reserve Banks mature within ten years; similarly, about 80 percent of securities held by nonfinancial corporations mature within this period of time.
On the other hand, in the case of insurance companies and savings banks, long-term securities predominate. About 75 percent of the holdings of these two groups of investors do not mature until after ten years. The amount of the debt held by the different classes of investors and the composition of their holdings will, naturally, shift with the passage of time and the changing character of our economy. This means that the debt will have to be tailored to meet these shifting
demands. This is part of the policy of flexible debt management.
I have gone into these matters in some detail because I want to make clear that the Treasury planned its post-war management of the debt from the beginning. The Treasury is now reducing the debt; and it has so managed its debt operations that the entire reduction has been effected in bank holdings. In fact, the reports of leading commercial banks and of the Federal Reserve Banks following our April 1 debt payoff indicated a combined reduction in holdings of Government securities in excess of the total debt reduction since the end of last year.
The reduction of the bank-held debt has come about directly as a result of the application to debt repayment of a part of the cash balance that was left over from the Victory Loan. Since that Loan closed, the Government has not sold any securities to the public in order to raise new money (except Savings Bonds which have been on continuous sale for over ten years, and Savings Notes which are used primarily as tax anticipation instruments).
The Government has, instead, been paying off maturing securities with a considerable degree of rapidity. On March 1, the Treasury paid off $1 billion of maturing certificates. On March 15, it paid off $1.5 billion of maturing bonds and notes. On April 1, it paid off $2 billion of maturing certificates. We have already announced that on May 1, the Treasury will pay off an additional $1.6 billion of certificates.
After these transactions have been completed, and after allowing for such other public debt transactions as have occurred during this period, the public debt will show an aggregate reduction of $7 billion in the short period of two months between February 23 - the date on which the last of the Victory Loan money was paid into the Treasury - and May 1.
The size of the Treasury's cash balance will permit us to pay off other maturing securities from time to time as we find it convenient and desirable. Every movement on this account has its effect on the financial markets, because the public debt is so intimately woven into the entire financial structure of our country. On the occasion of each maturity of a public debt obligation, I have found it necessary, therefore, to go over in detail the information in the Treasury
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Treasury Bulletin
on a number of factors. First of all, there are matters with respect to the ownership of the securities and the effect that repayment of these obligations would have on the money markets. I also have to go over the Treasury's current cash position and investigate the prospective cash outlook before determining how much of the maturity, if any, should be paid off.
In this connection, I have been very much pleased - as I know you have been - by the continued improvement in the Federal budgetary situation. Revenues for the fiscal year 1946 have proved to be considerably higher than we had originally anticipated. This has occurred because the reconversion of our economy from war to peace was more rapid than even our most optimistic hopes.
On the expenditure side of the picture, the Government has been reducing its expenditures as rapidly as possible, and more rapidly than originally expected. The expenditures of the Government reached a high of $9.7 billion last June. By March of this year, they had fallen to under $4 billion and the decrease is continuing, so that average monthly expenditures in the fiscal year 1947 will be quite a bit lower than the March level.
As the President announced ten days ago, we are well on the way toward a balanced budget because of the strides we have made toward full peacetime production.
"It is the aim of our fiscal policy", the President said, "to balance the budget for 1947 and to retire national debt in boom times such as these. In our present fight against inflation, fiscal policy has a vital role to play. A continuation of our present policy, which is to maintain the existing tax structure for the present, and to avoid nonessential expenditures, is the best fiscal contribution we can make to eco-
1/ The regular "Bulletin" table on page 28 presents all of the data in the summary and reconciliation referred to, although in a somewhat different arrangement.
2/ Secretary Vinson suggested in the above statement that the limit on the face amount of Government obligations be reduced from $300 billion to $285 billion. At the conclusion of the statement Senator
nomio stability.
The reason I have discussed these matters in detail today is that I want to make a particular point to you; that is, the Government's fiscal outlook is good at this time, its debt is in good shape, and we are managing it well.
In setting a figure for the debt limitation, an adjustment must be made between the present outstanding debt and the amount of the statutory debt limitation. The principal item relates to the unearned discount of approximately $11 billion on United States Savings Bonds. The law requires the inclusion of United States Savings Bonds at full maturity value for debt limitation purposes; whereas, the debt itself includes these bonds at any given time at their current redemption value.
On the other hand, there is about $1 billion of debt items which are not subject to the statutory debt limitation. The attached summary and reconciliation may be helpful in this connection. It shows the exact relationship on March 31 between the gross public debt of $276.6 billion and $286.3 billion under the statutory debt limitation.
In view of these facts, therefore, I should like to suggest to your committee that the bill provide for a reduction in the debt limit to $285 billion from the present level of $300 billion. I should like to suggest further that we take this matter up again sometime next year.
In closing, I should like to emphasize the importance of maintaining a strong tax structure in order to pay off debt as rapidly as possible at the present time. This has the added advantage of combating inflationary pressures and will help us stabilize the economy at the present high level of production and employment.
Byrd asked Secretary Vinson if he would be agreeable to a debt limit of $275 billion under which obligations redeemable prior to maturity at the option of the holder would be computed at current redemption value rather than face amount. Secretary Vinson said the two proposals meant about the same thing, and he would agree with Senator Byrd's suggestion.
May 1946
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American Prosperity and World Prosperity Are Interlinked
The following address was delivered by Secretary Vinson before the Buffalo Chamber of Commerce at Buffalo, New York on March 29, 1946.
I am happy to visit the great State of New York. I am particularly pleased to be in Buffalo and to meet you folks. You know, I come here with a definite preconception. I believe that you folks are like my folks in Kentucky, and whether you believe it or not, I can assure you that most of the people in Washington are just folks too, doing their work the best they know how. And by and large they are doing a good job.
What the future holds for us is always an interesting question. I wish to discuss some of our economic policies which I am convinced will help us to have a future of peace and prosperity.
Basically we have a twofold job. We must build a strong and sound economy in America. You have heard many times of late, I am sure, that the economy of the world must be stable or we cannot have an expanding economy at home. With that I do not disagree, but I wish to emphasize, in turn, that the world does not stand a chance of having a stable economy unless this country has a sound, high-level economy. Other countries recognize the major impact that our domestic policies and achievements have upon the condition of the world. Let us recognize their importance at least as much and put our domestic economy into high gear.
The second basic part of our job is to co-operate with other nations in building a sound world economy. We must do our part or more in making international cooperation work and in establishing healthy economic relationships among nations. Such a course will mean much to other peoples, but it is not simply, or even primarily, a matter of altruism. Assisting in the building of a sound world economy is in our own self-interest. A world economically healthy means that all nations can produce more. It means also a large flow of trade among nations. That means more markets for American products. That means we can buy more goods to improve our standard of living. A high level of foreign trade is a vital and integral part of our domestic program of full production and employment, with a higher national
income and a better standard of living.
Our basic economic objectives can be stated simply; vast production, a good job for every man seeking employment, a high national income, and a full American standard of living. To find and carry out all of the ways and means to these simply stated but most important objectives will require attention and action on many fronts.
During the war our people learned what it is like for the job to seek the man, and they also learned what a terrific productive capacity this nation has. Our people want this high-level economy duplicated in peacetime. They will feel that something is wrong, as indeed it will be, if it takes war to make a full economy.
Our people wish to reach these economic objectives under the system that built us a great nation and will build us a greater nation - the system of free enterprise. Again they are right, for the system of free enterprise not only pre-serves the human values we hold dear, but it af-fords the best opportunity of material progress. There are, of course, threats to the system of free enterprise. The biggest threat is mass un-employment.
The great depression proved that mass unemployment could topple our system. The pleas of the false prophets were strong. It is ever to the credit of the American people that they did not succumb to the starry-eyed plans of men with liquid promises. Strong as we are, it is the wiser course to avoid the danger of over-temptation.
Today we have the best opportunity that we have ever had for mass production and employment. During the war a tremendous demand was built up for most consumers' goods. At the same time a large reservoir of savings to back up that demand was created. Industry is eager to match that demand with production and it is eager to try out its newly learned production know-how. We certainly have a made-to-order opportunity to reach
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a high level of production and employment. This can be one aftermath of war that is pleasant.
This good fortune, however, is not inevitable. We could dissipate quickly our energy and our reserves in spiralling prices and speculative markets. We must continue the fight against inflation. All through the war we beat this insidious enemy. Let us win the tenth and final round.
We must maintain our program of preventing inflation not only through direct controls such as price ceilings but also through less direct deterrents like taxation. We need large revenues not only to help the battle against inflation, but also for the very practical purpose of meeting our expenditures.
Our nation should strive to make both ends meet just as every family that composes that nation must do. The post-war budget will be large. The legacy of the war - in debt, obligations to veterans, and maintenance of sufficient armed strength - accounts for most of the increase in our expenses.
We mean to balance the budget as soon as possible. We mean to reduce the public debt whenever possible and as much as we can. On both scores I can report we are well on our way.
Since the President transmitted the budget to Congress in January, experience has shown our receipts to be higher and our expenditures to be lower than was estimated at that time. Our receipts have been greater than estimated because our national income has remained at a very high level. Our expenditures have been less than estimated because all of Washington is working to cut back to a peacetime basis. In the eight months between June 1945 and February 1946, the rate of our expenditures was decreased nearly two-thirds. We are on the road to a balanced budget. In view of the fact that our current expenditures are much less, the Treasury does not need to maintain as large a cash balance, and we have twice made substantial reductions in the public debt. Each reduction of the debt means the carrying charge is less and our expenditures in turn go down. Yes, the different factors of a sound, prosperous economy can influence and
strengthen each other for good just as during a depression general contraction can lead us into a vicious downward cycle.
The only desirable and long-term solution of our tax problem and our debt problem is a high level of production, employment, and national income. A large tax from a high level of income is less burdensome than a small tax from a low level of income. We can have that high level of income. The war has demonstrated that this is a $200 billion nation. It has also been demonstrated that we can have mass employment. We are on the road to a sound, expansive economy under the system of free enterprise.
Our foreign economic policy goes hand-in-hand with our domestic program. For some time this country has stood for international economic cooperation. It is a good thing to learn from experience. No one will gainsay that, but people and nations have been known to fail in the practice of it. The policy of cooperation among the nations is in large part a frank recognition that the breakdown in world economic relations was an important factor in intensifying, here as well as abroad, the great depression.
There is, as well, a frank recognition that the economic warfare of the 1930's was part of the master plan for aggression by Germany and Japan. The United States wants the United Nations to adopt a comprehensive policy of international economic cooperation to restore world trade and to establish standards of fair currency and trade practice.
We have made much progress. At Bretton Woods representatives of 44 countries agreed on the establishment and principles of two great institutions, the International Bank for Reconstruction and Development and the International Monetary Fund. These two institutions were conceived to help promote good economic relations among nations, and to remove as far as possible the economic and financial irritations that feed the greedy god of war.
Bretton Woods is perhaps the best example this old world has seen of so many nations nut-ting their heads together to solve their common problems in the interest of economic peace among
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nations and in their own self-interest. The representatives of 44 countries not only agreed on the fact that these economic problems should be met but also agreed on a complete and basic constitution of principles for the two novel institutions. By the end of 1945 more than enough countries ratified this work so that it could become effective. We have just been to Savannah, Georgia, and there we established the World Bank and Fund as living organisms. Again at this meeting there was a re-dedication to the efficacy of effort and again there was solemn resolve to make the discussion process work. Again, as at Bretton Woods, there was not only a meeting of the minds, but also a meeting of our hearts. The spirit of these meetings builds a firm foundation for faith in the future.
Through the International Bank, countries will find it possible to reconstruct and develop their economies. They, then, can produce more. Through the International Fund, they will remove monetary restrictions and substitute fair standards of currency exchange. All countries, then, can trade more. And the United States has proposed that an International Trade Organization be established to reduce other barriers and discriminations that hamper the growth of trade.
Through this program, the United Nations can put into effect the fair currency and trade practices which will be conducive to a full flow of trade among the nations. The expansion of world trade will benefit all countries. It will make it possible to maintain high levels of production and employment, and to raise standards of living. The adoption of fair currency and trade practices will give all countries access to world markets on fair and equal terms.
We believe that such a program is necessary for world recovery. We know that it is good for American business. It is because of no sordid motive, however, that we urge this program on the United Nations. We want a prosperous world, not just for the resulting material benefits, important though they are, but even more because a prosperous world is likely to be a peaceful world. In contrast, a world raked with economic warfare and depression cannot be a world of security and stable enduring peace.
We have reached the stage where much of our
international economic program can be, and is being, put into effect. The big danger is delay. If we wait too long, continued reliance on wartime currency and trade restrictions may make it much more difficult to remove those restrictions later. That is why the success of our program depends in large part on securing prompt adherence to these fair currency and trade practices. Unfortunately, England will not be able to put these principles into effect until she is assured, in one way or another, of necessary food and raw materials to feed her people and her factories.
England's international economic position was disrupted by the war. In 1944 her exports were only 40 percent of her pre-war volume. Her production was diverted from goods for export trade to the matériel of war. England sold many of her foreign investments. She has lost the income from these. Similarly she has lost much of her income from shipping, insurance, banking and other services. In addition to this she incurred a tremendous foreign debt among the sterling area countries amounting to some $13,000 million measured in our money. For some time what England sells will be far short of what she must buy, nor will she have sufficient income from other sources to make up the difference. That creates a difficult problem for the people of England. It is an urgent problem that they cannot decide on the basis of abstract principles. To assure the flow of essential imports during the next few years, they must have some help from abroad. To restore their wartime economy to high standards of efficiency they must increase their export trade. The policy that England chooses must have the very practical effect of assuring her people that they can eat and work in the five critical years ahead. It must offer the opportunity of expanding England's export trade to the level necessary to maintain the living standard of her people and the operation of her industries.
One choice is for England to accept fully the program of the United Nations. She would do this by cooperating promptly with the fair currency principles of the International Monetary Fund and with the fair trade principles of the proposed International Trade Organization. This would mean that England would remove her wartime currency controls without waiting for the end of the post-war transition period.
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trade grows England would share in this growth and her increased exports would in time pay for her essential imports.
This is the choice that the people of England would prefer. England's economic and political traditions and interests argue for her to find a solution to her problem within the framework of a world economy. The difficulty is that the effect of expanding world trade on her exports may not come for a few years. In the meantime, she must find some means for continuing her essential imports. She needs help to follow this course.
The second choice is for England to continue and even extend her wartime currency and trade controls. She would form a British economic bloc. Countries that wish to sell to England would be compelled to take payment in British exports. The countries to whom she owes $13,000 million in blocked sterling would be compelled to take British goods in payment of the debts. Our trade with England would be a trickle under such conditions. In fact the formation of a British economic bloc might exclude us from trade with most of the British Empire, the sterling area, and the countries with which England has established trade and payments agreements.
England's choice is very important to us. Our program for international economic cooperation depends on having England adopt the fair trade and currency practices for which we stand. England's action will set the pattern for the whole British Empire and the sterling area and for many countries in Europe. These countries account for nearly one-half of the international trade of the entire world. The continuation of currency and trade restrictions in England will necessitate their continuation in large areas of the world. Their practical effect would be to isolate the United States from an enormous trading area. Our position in world trade would be threatened. We would have to defend ourselves. We would retaliate.
That would be economic warfare. Probably 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 policy 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. And other countries would be unable to reconstruct their bombed and wrecked economies. The hope for international economic cooperation might be lost forever. The consequences to world prosperity, and even to world peace, would be disastrous. That is not the kind of world our people want.
Our basic goal is to establish a world in which countries can live and work together in peace and prosperity. International economic problems can no more be solved by economic force than political problems can be solved by war.
Out of discussion and agreement between the representatives of the United States and of England came the proposed financial agreement now before Congress for approval. We found a way to help England meet her problem within the framework of the fair currency and trade principles that have been accepted by the United Nations.
Our representatives agreed that subject to the approval of Congress we would open a line of credit of $3,750 million to be used by England to pay for her most essential imports. Their representatives agreed, in turn, that subject to the approval of Parliament they would commit themselves to remove various wartime restrictions and discriminations.
In brief, this is what England undertakes to do under the financial agreement:
1. Within a year, unless we agree to a temporary extension, 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. If Mexico and Egypt export to England they will be able to use the money they receive in any country. That means they could convert the sterling into dollars and buy radios or refrigerators in the United States.
2. Within a year, unless we agree to a temporary extension, Britain will dissolve the sterling area dollar pool. During the war, under the dollar pool, when a sterling area country received dollars
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they were pooled in London. These dollars could be used only if allocated, and London did not allocate unless the goods wanted could not be obtained in any sterling area country. American producers lose markets, and fast, under that system. Under the provisions of the financial agreement, every country in the sterling area will have complete freedom to use its dollars as it wishes. All dollars that the sterling area countries receive for their exports could be spent in the United States without obtaining an allocation from England. That means India could use dollars to buy American machinery instead of being forced to buy English machinery.
3. Current exports of goods and services from the United States to England will be paid for in dollars, or if paid in pounds, the money can be converted into dollars by American exporters. That means that American companies which in the past have experienced considerable difficulty in getting their earnings out of England will now be paid in dollars. For all practical purposes American businessmen can be just as sure of payment for their sales in England as they were before the war.
4. The blocked sterling balances will be settled by England and the countries concerned. Any payments on these balances, made now or later, will be free for making purchases in any country, including the United States. That means England will not force these countries holding more than $13,000 million in sterling to buy British instead of American goods. 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.
5. England's import controls will be administered in a manner which does not discriminate against American products. That means England will not keep out American cotton, tobacco, grains, fruits and nuts,
or our industrial products in order to buy these same goods in other countries. Any quantitative limitation that England finds it necessary to impose on her imports will be applied on an equal basis toward all countries.
6. England will support the American proposal for an International Trade Organization to reduce trade barriers and eliminate trade restrictions. In this way, England supports our policy of expanded trade, with all countries having access to world markets on fair terms. England's support of our proposal augurs well for the success of the United Nations Trade Conference to be held later this year.
We have asked England to adopt these principles because they will help world trade and American trade. In the long run, these fair trade and currency practices will help England, too. With expanded world trade, British exporters will find better markets. But it will take several years before British exports are increased sufficiently to make good her heavy foreign exchange losses during the war. In the meantime, England needs credit if she is to secure the imports essential to her people and to her economy.
Part of the credit England needs she will get from other countries. Canada has a vital interest in securing British agreement to these principles and she will help England adhere to them. Much of the credit England can get only from us.
Under the financial agreement, England can draw upon the line of credit of $3,750 million until 1951. The money is to be used to pay for her imports and other current needs. Any part of the credit not used by then will reduce the amount owed by England. Beginning in 1951, England is to repay the credit with interest at 2 percent. She will do this in 50 equal annual payments.
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 written in the agreement, the interest due in any given year would be
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waived, but payment of interest would be resumed as soon as trade recovers. Such a provision to take care of an emergency situation is certainly preferable to forcing a default.
The greater part of the credit will be used to pay for exports from the United States. Directly and 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 on a modest level. I should like to emphasize that England will still have to enforce an austera standard of consumption, little different from that of the war years.
This credit is not a gift. It is a loan, a loan which England is to repay. It bears interest at 2 percent, a rate comparable to the Government's cost of borrowing money. 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 wartime currency and trade restrictions.
This financial agreement is good business for the United States. The credit we extend may prove to be one of the most important investments we have yet made in world peace and prosperity. Not only is the $3,750 million to be repaid, but American business will reap rich dividends through its access to world markets on a fair and equal basis.
The expansion of international trade will be a great help to this country in carrying out our own policy of maintaining high levels of produc-
tion and employment. Foreign trade is an important factor in our national economy.
I suppose all of us, at one time or another, have thought of the great turning points of history and wondered. Did people know then that what they were doing would decide the fate of nations? We live in just such a critical time. The decisions we make now may shape the destiny of the world for generations.
We have one more chance to build a world in which countries can live and work together in peace and prosperity. We are determined that the United Nations shall do everything in their power to build such a world.
We have started with the proposition that if conflicts between nations are not to be settled again by fire and sword, some other way must be found to deal with international problems. The common-sense way is to deal with such problems through discussion and agreement - through international cooperation. Cooperation on political problems that affect world security is essential But it is not enough. We must provide a sound economic foundation for peace.
We have made good progress on the road of international economic cooperation. We have made good progress in building a sound and expansive economy at home. If we continue to apply ourselves, if we exercise the same intelligence and unity of purpose that we did during the war, we can look forward with full faith to a bright future.
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Treasury Market Financing During March
Historical details of Treasury market financing operations involving bonds, notes, and certificates of indebtedness, beginning with the FourthWar Loan, are published in the tables on pages 32 and 33. Details of weekly Treasury bill offerings are shown on pages 34 and 35.
Repayment and Refunding
On April 1, 1946, there was a maturity of 7/8% certificates of indebtedness in the amount of $4,511 million. The Secretary of the Treasury announced on March 20, 1946 that about $2 billion of this would be paid off in cash with a new certificate of indebtedness offered in exchange for the remainder. The new certificate was also a 7/8% one-year issue. Exchange subscriptions were received subject to allotment to all holders on an equal percentage basis. Subscriptions in the amounts of $25,000 and less, however, were allotted in full. Cash subscriptions were not accepted.
The Treasury reports on the ownership of Government securities indicate that on February 28, 1946 about 85% of the $4.3 billion of maturing certificates was owned by reporting commercial banks and Federal Reserve Banks.
The new certificates were dated April 1, 1946 and will mature April 1, 1947. Interest at the rate of 7.5% per annum is payable on Octo-
ber 1, 1946 and April 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 open from March 20 through March 22, except for receipt of subscriptions from holders of $25,000 or less of the maturing certificates, for which the books remained open through March 25.
On March 29, Secretary Vinson announced that subscriptions for the new issue aggregated $4,742 million. Subscriptions of $25,000 or less were allotted in full in the amount of $46 million. Subscriptions in amounts over $25,000 were allotted 59% on a straight percentage basis, but not less than $25,000 to any one subscriber and with adjustments up to the next highest thousand, where necessary. Total allotments amounted to $2,820 million, leaving $1,991 million to be paid off in cash.
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SUMMARY OF FISCAL STATISTICS
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Treasury Bulletin
Budgetary Receipts and Expenditures
<table><tr><th rowspan="2"></th><th colspan="4">First 9 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>Actual 1944</th><th>Actual 1945</th><th>Estimated 1946 1/</th><th>Estimated 1947 2/</th><th>Change Actual 1945 to estimated 1946 1/</th><th>Change Estimated 1946 to estimated 1947 1/2/</th></tr><tr><td colspan="11">(In millions of dollars)</td></tr><tr><td>Receipts:</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>24,772</td><td>26,222</td><td>24,482</td><td>-1,740</td><td>34,655</td><td>35,173</td><td>n.a.</td><td>20,380</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Employment taxes</td><td>1,292</td><td>1,331</td><td>1,277</td><td>-54</td><td>1,739</td><td>1,780</td><td>n.a.</td><td>1,847</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>3,928</td><td>5,297</td><td>5,853</td><td>+556</td><td>5,291</td><td>6,949</td><td>n.a.</td><td>7,030</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Customs</td><td>326</td><td>252</td><td>314</td><td>+61</td><td>431</td><td>355</td><td>n.a.</td><td>434</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Other receipts 4/</td><td>2,467</td><td>2,355</td><td>2,098</td><td>-256</td><td>3,292</td><td>3,483</td><td>n.a.</td><td>3,249</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Total receipts</td><td>32,785</td><td>35,458</td><td>34,024</td><td>-1,435</td><td>45,408</td><td>47,740</td><td>n.a.</td><td>32,939</td><td>n.a.</td><td>n.a.</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>920</td><td>929</td><td>876</td><td>-53</td><td>1,260</td><td>1,283</td><td>n.a.</td><td>1,426</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Net receipts</td><td>31,865</td><td>34,529</td><td>33,148</td><td>-1,382</td><td>44,149</td><td>46,457</td><td>42,932</td><td>31,513</td><td>-3,525</td><td>-11,419</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>30,642</td><td>37,027</td><td>23,573</td><td>-13,354</td><td>49,242</td><td>50,337</td><td>n.a.</td><td>7,928</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Naval Department</td><td>19,104</td><td>22,742</td><td>13,072</td><td>-9,670</td><td>26,538</td><td>30,047</td><td>n.a.</td><td>5,000</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Miscellaneous war activities 5/</td><td>8,501</td><td>7,128</td><td>4,611</td><td>-2,515</td><td>11,259</td><td>9,645</td><td>n.a.</td><td>3,002</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Total</td><td>64,246</td><td>66,897</td><td>41,357</td><td>-25,540</td><td>87,039</td><td>90,029</td><td>48,433</td><td>16,000</td><td>-41,596</td><td>-32,433</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>Veteran's Administration 6/ 7/</td><td>484</td><td>952</td><td>2,674</td><td>+1,722</td><td>730</td><td>2,060</td><td>n.a.</td><td>4,338</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Interest on the public debt</td><td>1,693</td><td>2,403</td><td>3,048</td><td>+644</td><td>2,603</td><td>3,617</td><td>n.a.</td><td>5,000</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Refunds of taxes and duties 8/</td><td>99</td><td>1,167</td><td>1,191</td><td>+321</td><td>262</td><td>1,707</td><td>n.a.</td><td>1,576</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Total</td><td>2,276</td><td>4,522</td><td>7,215</td><td>+2,693</td><td>3,601</td><td>7,384</td><td>11,327</td><td>10,914</td><td>+7,943</td><td>-413</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>Eroton 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>n.a.</td><td>254</td><td>n.a.</td><td>n.a.</td></tr><tr><td>International Monetary Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>n.a.</td><td>-</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Export-Import Bank-capital stock</td><td>-</td><td>-</td><td>274</td><td>+274</td><td>-</td><td>-</td><td>n.a.</td><td>-</td><td>n.a.</td><td>n.a.</td></tr><tr><td>All other (based on proposed legislation)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>n.a.</td><td>1,500</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Total</td><td>-</td><td>-</td><td>274</td><td>+274</td><td>-</td><td>-</td><td>1,848</td><td>1,754</td><td>+1,848</td><td>-94</td></tr><tr><td>Aid to agriculture 6/</td><td>553</td><td>322</td><td>782</td><td>+460</td><td>909</td><td>762</td><td></td><td>698</td><td></td><td></td></tr><tr><td>Social security program 6/ 9/</td><td>638</td><td>657</td><td>683</td><td>+26</td><td>803</td><td>815</td><td>3,940</td><td>857</td><td>+948</td><td>+142</td></tr><tr><td>Public works</td><td>356</td><td>257</td><td>275</td><td>+18</td><td>433</td><td>323</td><td></td><td>945</td><td></td><td></td></tr><tr><td>Other 5/ 6/</td><td>799</td><td>865</td><td>990</td><td>+125</td><td>958</td><td>1,092</td><td></td><td>1,582</td><td></td><td></td></tr><tr><td>Expenditures from anticipated supplemental appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>875</td><td>-</td><td>+875</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>50</td><td>1,500</td><td>+50</td><td>+1,450</td></tr><tr><td>Total expenditures</td><td>68,968</td><td>73,520</td><td>51,577</td><td>-21,943</td><td>93,744</td><td>100,405</td><td>65,598</td><td>15,125</td><td>-34,807</td><td>-10,473</td></tr><tr><td>Net budgetary deficit</td><td>37,103</td><td>38,991</td><td>18,430</td><td>-20,561</td><td>49,595</td><td>53,948</td><td>22,666</td><td>3,612</td><td>-31,282</td><td>-19,054</td></tr></table>
Source: Daily Treasury Statement, except as noted.
* Less than $500,000.
n.s. Not available.
1/ Based upon the President's Budget Statement of April 11, 1946.
2/ Based on the 1947 Budget released in January; no revision of these figures was made in the President's Budget Statement of April 11.
3/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
4/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; and fiscal year 1945, $2,011 million. These figures include so-called voluntary returns.
5/ Classification changed to reflect expenditures of surplus property
5/ 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.
May 1946
3
Public Debt and Guaranteed Obligations Outstanding
<table><tr><th rowspan="2"></th><th colspan="4">End of first 9 months, fiscal years 1944 to 1946</th><th colspan="2">End of fiscal years, 1944 and 1945</th></tr><tr><th>Mar. 31, 1944</th><th>Mar. 31, 1945</th><th>Mar. 31, 1946</th><th>Change Mar. 31, 1945 to Mar. 31, 1946</th><th>June 30, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="7">(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></tr><tr><td>Interest-bearing debt:</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></tr><tr><td>Marketable</td><td>128,080</td><td>162,625</td><td>197,063</td><td>+34,438</td><td>140,401</td><td>181,319</td></tr><tr><td>Non-marketable</td><td>41,762</td><td>51,833</td><td>56,550</td><td>+4,716</td><td>44,855</td><td>56,226</td></tr><tr><td>Total public issues</td><td>169,842</td><td>214,459</td><td>253,613</td><td>+39,155</td><td>185,256</td><td>237,545</td></tr><tr><td>Special issues</td><td>13,507</td><td>17,567</td><td>21,135</td><td>+3,568</td><td>14,287</td><td>18,812</td></tr><tr><td>Total interest-bearing debt</td><td>183,348</td><td>232,026</td><td>274,748</td><td>+42,722</td><td>199,543</td><td>256,357</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,367</td><td>1,923</td><td>1,264</td><td>-659</td><td>1,460</td><td>2,326</td></tr><tr><td>Total public debt outstanding</td><td>184,715</td><td>233,950</td><td>276,012</td><td>+42,063</td><td>201,003</td><td>258,682</td></tr><tr><td>Securities guaranteed by the United States 1/</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></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>1,544</td><td>787</td><td>40</td><td>-747</td><td>1,190</td><td>34</td></tr><tr><td>Non-marketable</td><td>711</td><td>332</td><td>501</td><td>+170</td><td>326</td><td>375</td></tr><tr><td>Total interest-bearing debt</td><td>2,258</td><td>1,119</td><td>542</td><td>-577</td><td>1,516</td><td>409</td></tr><tr><td>Matured debt</td><td>20</td><td>25</td><td>11</td><td>-14</td><td>107</td><td>24</td></tr><tr><td>Total guaranteed securities outstanding</td><td>2,278</td><td>1,144</td><td>553</td><td>-591</td><td>1,623</td><td>433</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>186,993</td><td>235,094</td><td>276,565</td><td>+41,472</td><td>202,626</td><td>259,115</td></tr></table>
Source: Daily Treasury Statement. 1/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
<table><tr><th></th><th colspan="3">First 9 months, fiscal years 1944 to 1946</th><th colspan="2">Complete fiscal years, 1944 and 1945</th></tr><tr><th></th><th>1944</th><th>1945</th><th>1946</th><th>1944</th><th>1945</th></tr><tr><td colspan="6">(In millions of dollars)</td></tr><tr><td>Amount required to be financed:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit</td><td>37,103</td><td>38,991</td><td>18,430</td><td>49,595</td><td>53,948</td></tr><tr><td>Net increase in General Fund balance</td><td>7,100</td><td>-</td><td>-</td><td>10,662</td><td>4,529</td></tr><tr><td>Net expenditures in trust accounts, etc. 1/</td><td>3,816</td><td>-</td><td>-</td><td>4,051</td><td>-</td></tr><tr><td>Total amount required to be financed</td><td>48,019</td><td>38,991</td><td>18,430</td><td>64,307</td><td>58,477</td></tr><tr><td>Means of financing:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increase in public debt</td><td>48,019</td><td>32,946</td><td>17,330</td><td>64,307</td><td>57,679</td></tr><tr><td>Net decrease in General Fund balance</td><td>-</td><td>4,891</td><td>330</td><td>-</td><td>-</td></tr><tr><td>Net receipts in trust accounts, etc. 1/</td><td>-</td><td>1,154</td><td>769</td><td>-</td><td>798</td></tr><tr><td>Total amount financed</td><td>48,019</td><td>38,991</td><td>18,430</td><td>64,307</td><td>58,477</td></tr></table>
Source: Daily Treasury Statement. 1/ Campriees 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
May 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="5">Expenditures 1/</th><th rowspan="2">Public debt retire-ments 8/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less not appropri-ations to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expendi-tures</th><th>General 4/</th><th>War acti-vities 5/</th><th>Transfers to trust accounts, etc. 6/</th><th>Net budgetary deficit 7/</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>1,002</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>8,707</td><td>7,313</td><td>1,206</td><td>187</td><td>3,542</td><td>58</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 9/</td><td>538</td><td>5,387</td><td>8,998</td><td>7,109</td><td>1,657</td><td>232</td><td>3,611</td><td>129</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 9/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,079 10/</td><td>6,301</td><td>331</td><td>5,103</td><td>64</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 9/</td><td>869</td><td>12,799</td><td>32,397</td><td>6,005</td><td>26,011</td><td>381</td><td>19,598</td><td>95</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 9/ 11/</td><td>1,103</td><td>22,282</td><td>78,179</td><td>5,635</td><td>72,109</td><td>435</td><td>55,897</td><td>3</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292 11/</td><td>1,260</td><td>44,149</td><td>93,744</td><td>6,149</td><td>87,039</td><td>556</td><td>49,595</td><td></td></tr><tr><td>1945</td><td>47,740</td><td>43,902</td><td>355</td><td>3,483 11/</td><td>1,283</td><td>46,457</td><td>100,405</td><td>8,730</td><td>90,029</td><td>1,646</td><td>53,948</td><td></td></tr><tr><td>1945-March</td><td>6,908</td><td>6,431</td><td>33</td><td>444</td><td>15</td><td>6,892</td><td>9,433</td><td>1,142</td><td>8,246</td><td>45</td><td>2,540</td><td>-</td></tr><tr><td>April</td><td>2,967</td><td>2,746</td><td>33</td><td>188</td><td>39</td><td>2,929</td><td>7,968</td><td>594</td><td>7,139</td><td>236</td><td>5,040</td><td>-</td></tr><tr><td>May</td><td>3,398</td><td>2,921</td><td>36</td><td>441</td><td>313</td><td>3,085</td><td>9,275</td><td>822</td><td>8,156</td><td>296</td><td>6,190</td><td>-</td></tr><tr><td>June</td><td>5,916</td><td>5,384</td><td>33</td><td>498</td><td>2</td><td>5,914</td><td>9,641</td><td>1,469</td><td>7,871</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>570</td><td>5,862</td><td></td></tr><tr><td>August</td><td>3,281</td><td>2,849</td><td>32</td><td>400</td><td>283</td><td>2,997</td><td>7,354</td><td>793</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>2,310</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>3,420</td><td></td></tr><tr><td>November</td><td>2,609</td><td>2,383</td><td>35</td><td>191</td><td>235</td><td>2,374</td><td>4,656</td><td>430</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>3,520</td><td>660</td><td>2,702</td><td>148</td><td>-168</td><td></td></tr><tr><td>March</td><td>5,762</td><td>5,583</td><td>42</td><td>138</td><td>15</td><td>5,747</td><td>4,602</td><td>2,028</td><td>2,590</td><td>23</td><td>-1,146</td><td></td></tr></table>
Source: Daily Treasury Statement.
1/ Less than $500,000.
2/ Includes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
3/ For further details, see Table 2.
4/ For explanation see tables which follow entitled "Social Security Program".
5/ For further details, see Table 3.
6/ For further details, see Table 4.
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-
coveries totaled $54 million in the fiscal year 1940; $19 million in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943.
10/ Receipts from reductions in capital stock and paid-in surplus available to be 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>Fiscal year or month</th><th>Total</th><th colspan="3">Income and profit taxes</th><th colspan="3">Employment taxes</th><th>Miscellaneous internal revenue</th><th>Agricultural adjustment taxes</th></tr><tr><th></th><th></th><th>Total</th><th>Withheld by employer (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><th></th><th></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>2,252</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>1,166</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>289</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-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>2,716</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>574</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>5</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>1,666</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>2,310</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>1,449</td><td>257</td><td>238</td><td>10</td><td>8</td><td>602</td><td>*</td></tr><tr><td>December</td><td>3,948</td><td>3,366</td><td>707</td><td>2,659</td><td>66</td><td>7</td><td>1</td><td>59</td><td>516</td><td>*</td></tr><tr><td>1946-January</td><td>3,451</td><td>2,755</td><td>554</td><td>2,201</td><td>51</td><td>33</td><td>13</td><td>5</td><td>645</td><td>*</td></tr><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><tr><td>March</td><td>5,583</td><td>4,838</td><td>658</td><td>4,180</td><td>97</td><td>18</td><td>14</td><td>65</td><td>649</td><td>*</td></tr></table>
Source: Daily Treasury Statement.
1/ Less than $500,000.
2/ For further details, see chapter entitled "Internal Revenue Statistics"
Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
Includes unjust enrichment tax. For the period prior to September 1939, the data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax Act" represent collections under Titles VIII and IX, respectively, of the Social Security Act.
Treasury Bulletin
6
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 4/</th><th>Total</th><th>Aid to agriculture 3/5/</th><th>Social security program 3/6/</th><th>Public works 1/</th><th>Departmental not otherwise classified 8/</th><th>Civilian Conservation Corps</th><th>Direct and work relief 9/</th><th>Miscellaneous 10/</th></tr><tr><td>1930</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>130</td><td>424</td><td>486</td><td>1,759</td><td>204</td></tr><tr><td>1931</td><td>6,641</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>1932</td><td>5,985</td><td>1,567</td><td>582</td><td>926</td><td>59</td><td>4,416</td><td>854</td><td>335</td><td>804</td><td>481</td><td>326</td><td>1,476</td><td>141</td></tr><tr><td>1933</td><td>7,313</td><td>1,504</td><td>557</td><td>941</td><td>66</td><td>5,751</td><td>1,228</td><td>347</td><td>1,000</td><td>517</td><td>290</td><td>2,242</td><td>125</td></tr><tr><td>1934</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>580</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-March</td><td>1,142</td><td>947</td><td>85</td><td>628</td><td>234</td><td>194</td><td>55</td><td>37</td><td>24</td><td>70</td><td>*</td><td>*</td><td>8</td></tr><tr><td>April</td><td>594</td><td>369</td><td>85</td><td>139</td><td>145</td><td>225</td><td>85</td><td>50</td><td>20</td><td>61</td><td>*</td><td>*</td><td>9</td></tr><tr><td>May</td><td>822</td><td>342</td><td>95</td><td>66</td><td>181</td><td>480 12/</td><td>338 12/</td><td>40</td><td>20</td><td>71</td><td>*</td><td>*</td><td>11</td></tr><tr><td>June</td><td>1,469</td><td>1,319</td><td>96</td><td>1,009</td><td>214</td><td>149</td><td>16</td><td>33</td><td>25</td><td>67</td><td>*</td><td>*</td><td>8</td></tr><tr><td>July</td><td>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>168 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><tr><td>March</td><td>2,028</td><td>1,215</td><td>318</td><td>646</td><td>251</td><td>813</td><td>562 15/</td><td>32</td><td>32</td><td>77</td><td>13/</td><td>13/</td><td>111 13/</td></tr></table>
Source: Daily Treasury Statement.
Less than $500,000.
General expenditures now include expenditures for revolving funds; back figures have been revised accordingly.
Includes public works undertaken by the Veterans' Administration.
Does not include transfers to trust accounts, etc. These are shown in Table 5.
"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.
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.
Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of Social Security Act. For further details, see tables which follow on the Social security program.
1/ Includes public buildings, public highways (including forest roads and trelle), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
3/ Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social security program and the Department of Agriculture departmental expenditures.
9/ For additional information, see "Treasury Bulletin" for August 1945, page 6.
10/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; Post Office Department postal deficiencies; Federal Housing Administration; Treasury Department investments in Federal earnings and loan acquisitions; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, and Dissector Loan Corporation.
11/ These expenditures have been reduced $315 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
12/ Includes $257 million for restoration of capital impairment of Commodity Credit Corporation applicable to fiscal years 1943 and 1944.
13/ Classified as miscellaneous expenditures commencing July 1, 1945.
14/ Expenditures during October 1945 and March 1946 include $174 million and $100 million respectively for Export-Import Bank of Washington - capital stock.
15/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
May 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>Navy 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 Administration</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>132</td><td>200</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>696</td><td>111</td><td>62</td><td>237</td><td>33</td><td>519</td><td>929</td><td>1,105</td><td>40</td><td>-</td><td>-</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>8,955</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,922</td><td>-</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>3,812</td><td>2,042</td><td>140</td><td>114</td><td>3/</td><td>991</td></tr><tr><td>1945</td><td>90,029</td><td>50,337</td><td>30,047</td><td>9,645</td><td>1,198</td><td>122</td><td>185</td><td>70</td><td>63</td><td>1,462</td><td>3,227</td><td>2,042</td><td>140</td><td>114</td><td>3/</td><td>1,022</td></tr><tr><td>1945-March</td><td>8,246</td><td>4,684</td><td>2,759</td><td>803</td><td>85</td><td>9</td><td>14</td><td>8</td><td>4</td><td>136</td><td>259</td><td>189</td><td>-</td><td>8</td><td>3/</td><td>91</td></tr><tr><td>April</td><td>7,139</td><td>4,116</td><td>2,292</td><td>731</td><td>68</td><td>11</td><td>11</td><td>8</td><td>5</td><td>104</td><td>246</td><td>168</td><td>-</td><td>27</td><td>3/</td><td>84</td></tr><tr><td>May</td><td>8,156</td><td>4,530</td><td>2,724</td><td>901</td><td>87</td><td>5</td><td>19</td><td>1</td><td>5</td><td>159</td><td>259</td><td>209</td><td>60</td><td>27</td><td>3/</td><td>63</td></tr><tr><td>June</td><td>7,837</td><td>4,664</td><td>2,289</td><td>885</td><td>80</td><td>2</td><td>12</td><td>11</td><td>5</td><td>103</td><td>277</td><td>220</td><td>60</td><td>42</td><td>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>159</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>5,367</td><td>3,204</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>88</td><td>178</td><td>-</td><td>42</td><td>2</td><td>62</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>990</td><td>778</td><td>445</td><td>1</td><td>9</td><td>4</td><td>4</td><td>72</td><td>44</td><td>118</td><td>-</td><td>36</td><td>-</td><td>66</td></tr><tr><td>1946-January</td><td>3,417</td><td>1,519</td><td>1,566</td><td>331</td><td>10</td><td>3</td><td>7</td><td>-</td><td>3</td><td>90</td><td>35</td><td>112</td><td>-</td><td>60</td><td>-</td><td>50</td></tr><tr><td>February</td><td>2,702</td><td>1,588</td><td>853</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><tr><td>March</td><td>2,590</td><td>1,482</td><td>734</td><td>334</td><td>29</td><td>4</td><td>5</td><td>-13</td><td>3</td><td>44</td><td>16</td><td>78</td><td>14</td><td>118</td><td>1</td><td>36</td></tr></table>
Source: Daily Treasury Statement. 
* Less than $500,000. 
1/ Includes war public housing functions. 
2/ Similar items for periods prior to fiscal year 1941 are classified under "Other departmental" and "Other general expenditures" in Table 3. Includes war expenditures of Commerce, Justice, Interior, Labor, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management); Panama Canal; and capital stock of Smaller War Plants Corporation. Includes Defense Aid Special Fund through the Fiscal year 1943; thereafter such expenditures are reflected within the respective
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>3</td></tr><tr><td>1939</td><td>187</td><td>-</td><td>107</td><td>75</td><td>-</td><td>2</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>475</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-March</td><td>45</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>236</td><td>200</td><td>36</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>296</td><td>296</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>335</td><td>335</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>530</td><td>105</td><td>190</td><td>247</td><td>-18</td><td>6</td></tr><tr><td>August</td><td>162</td><td>162</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>34</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>38</td><td>1</td><td>37</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>684</td><td>647</td><td>37</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>148</td><td>148</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>23</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Sources: Daily Treasury Statement.
1/ Less than $500,000.
1/ Additional transactions are shown in Table 3.
2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
3/ Includes railroad retirement and railroad unemployment activities.
For further explanations see tables which follow on Social security program.
Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Distribution and prior thereto under the Agricultural Marketing Administration.
8
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1936
(in millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>357</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>669</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>2,990</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>5,747</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="14">Budgetary expenditures 2/</td></tr><tr><td>1936</td><td>521</td><td>480</td><td>636</td><td>631</td><td>686</td><td>2,427</td><td>656</td><td>574</td><td>676</td><td>677</td><td>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>557</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>651</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,225</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,133</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>4,602</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="14">Net budgetary deficit 3/</td></tr><tr><td>1936</td><td>293</td><td>262</td><td>-116</td><td>400</td><td>430</td><td>1,898</td><td>362</td><td>231</td><td>177</td><td>405</td><td>331</td><td>199</td><td>4,872</td></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>140</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,967</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>5,104</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>5,436</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>5,852</td><td>4,357</td><td>1,422</td><td>3,420</td><td>2,282</td><td>1,327</td><td>44,505</td></tr><tr><td>1946</td><td>1,073</td><td>-168</td><td>-1,146</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 Statement. 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.
May 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>-85</td><td>-</td><td>267</td><td>267</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>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td></tr><tr><td>1938</td><td>+255</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1939</td><td>+884</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>+2</td><td>123</td><td>125</td></tr><tr><td>1940</td><td>+136</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1941</td><td>-148</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>*</td><td>1,244</td><td>1,243</td><td>*</td><td>144</td><td>144</td></tr><tr><td>1942</td><td>-3,506</td><td>+6</td><td>1,190</td><td>1,185</td><td>+4</td><td>316</td><td>320</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td></tr><tr><td>1943</td><td>-1,861</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>1944</td><td>-4,051</td><td>+30</td><td>1,407</td><td>1,377</td><td>+26</td><td>2,127</td><td>2,102</td><td>-1</td><td>1,508</td><td>1,508</td><td>+1</td><td>324</td><td>323</td></tr><tr><td>1945</td><td>+798</td><td></td><td></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-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>475</td><td>575</td><td>*</td><td>97</td><td>97</td><td>+1</td><td>13</td><td>13</td></tr><tr><td>July</td><td>-116</td><td>+36</td><td>59</td><td>23</td><td>-10</td><td>183</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>-70</td><td>+260</td><td>283</td><td>23</td><td>+67</td><td>246</td><td>179</td><td>-13</td><td>259</td><td>273</td><td>*</td><td>*</td><td>*</td></tr><tr><td>September</td><td>-95</td><td>-286</td><td>11</td><td>296</td><td>-48</td><td>120</td><td>169</td><td>+6</td><td>11</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><tr><td>March</td><td>+452</td><td>-134</td><td>24</td><td>209</td><td>-28</td><td>102</td><td>131</td><td>-13</td><td>40</td><td>53</td><td>+1</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>Net</th><th>Receipts</th><th>Expenditures</th><th>Total</th><th>Issuance of obligations (net) 3/</th><th>Other transactions (net)</th></tr><tr><td>1936.</td><td>+34</td><td>2,053</td><td>2,020</td><td>-403</td><td>+176</td><td>-</td><td>-</td><td>-</td><td>+108</td><td>4/</td><td>4/</td></tr><tr><td>1937.</td><td>+20</td><td>858</td><td>838</td><td>-99</td><td>+40</td><td>-</td><td>-</td><td>-</td><td>+314</td><td>4/</td><td>4/</td></tr><tr><td>1938.</td><td>-4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td>-</td><td>-</td><td>-</td><td>+204</td><td>4/</td><td>4/</td></tr><tr><td>1939.</td><td>+24</td><td>349</td><td>325</td><td>-5</td><td>+90</td><td>+2</td><td>*</td><td>-2</td><td>+768</td><td>+1,105</td><td>-337</td></tr><tr><td>1940.</td><td>+35</td><td>366</td><td>331</td><td>*</td><td>+49</td><td>+16</td><td>43</td><td>27</td><td>+34</td><td>+288</td><td>-254</td></tr><tr><td>1941.</td><td>+20</td><td>406</td><td>386</td><td>*</td><td>+20</td><td>+11</td><td>244</td><td>233</td><td>-218</td><td>+852</td><td>-1,069</td></tr><tr><td>1942.</td><td>+46</td><td>472</td><td>426</td><td>*</td><td>+14</td><td>+39</td><td>331</td><td>292</td><td>-3,625</td><td>-1,809</td><td>-1,815</td></tr><tr><td>1943.</td><td>+92</td><td>658</td><td>567</td><td>*</td><td>*</td><td>+241</td><td>155</td><td>-86</td><td>-2,194</td><td>-694</td><td>-1,900</td></tr><tr><td>1944.</td><td>+129</td><td>949</td><td>820</td><td>*</td><td>-</td><td>+204</td><td>-3</td><td>-207</td><td>+4,403</td><td>-2,874</td><td>-1,529</td></tr><tr><td>1945.</td><td>+620</td><td>1,693</td><td>1,072</td><td>*</td><td>*</td><td>+1,302</td><td>*</td><td>-1,302</td><td>-1,178</td><td>-1,553</td><td>+374</td></tr><tr><td>1945-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>151</td><td>43</td><td>*</td><td>-</td><td>+70</td><td>-</td><td>-70</td><td>+154</td><td>-214</td><td>+301</td></tr><tr><td>June</td><td>+84</td><td>226</td><td>142</td><td>*</td><td>-</td><td>+51</td><td>-</td><td>-51</td><td>-773</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>+83</td><td>-86</td><td>-</td><td>86</td><td>+26</td><td>+201</td><td>-175</td></tr><tr><td>September</td><td>+209</td><td>266</td><td>58</td><td>*</td><td>+21</td><td>+55</td><td>-</td><td>-55</td><td>-51</td><td>-10</td><td>-41</td></tr><tr><td>October</td><td>+84</td><td>179</td><td>95</td><td>*</td><td>+17</td><td>-118</td><td>-</td><td>118</td><td>+274</td><td>+29</td><td>+246</td></tr><tr><td>November</td><td>+81</td><td>194</td><td>113</td><td>*</td><td>+17</td><td>-24</td><td>-</td><td>24</td><td>+79</td><td>-24</td><td>+103</td></tr><tr><td>December</td><td>+57</td><td>138</td><td>81</td><td>*</td><td>+21</td><td>-74</td><td>-</td><td>74</td><td>+395</td><td>-10</td><td>+405</td></tr><tr><td>1946-January</td><td>-356</td><td>74</td><td>429</td><td>*</td><td>+43</td><td>-99</td><td>-</td><td>99</td><td>+9</td><td>+46</td><td>-37</td></tr><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><tr><td>March</td><td>+1</td><td>58</td><td>57</td><td>*</td><td>+21</td><td>+30</td><td>-</td><td>-30</td><td>+635</td><td>-4</td><td>+639</td></tr></table>
Source: Daily Treasury Statement. 
* Less than $500,000. 
1/ Includes Government Retirement funds, etc. (See footnote 2.) 
2/ Comprises Public Works Administration revolving fund, special deposits (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stamps by the Department of Agric
3/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
4/ Details not available.
May 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-March</td><td>2,540</td><td>2,540</td><td>-</td><td>-</td><td>2,540</td><td>242</td><td>2,036</td><td>262</td></tr><tr><td>April</td><td>5,040</td><td>5,040</td><td>-</td><td>-</td><td>5,040</td><td>1,120</td><td>3,911</td><td>9</td></tr><tr><td>May</td><td>6,190</td><td>6,190</td><td>-</td><td>-</td><td>6,190</td><td>3,763</td><td>1,741</td><td>686</td></tr><tr><td>June</td><td>19,850</td><td>3,727</td><td>15,073</td><td>1,050</td><td>19,850</td><td>19,850</td><td>-</td><td>-</td></tr><tr><td>July</td><td>5,978</td><td>5,862</td><td>-</td><td>116</td><td>5,978</td><td>3,362</td><td>2,615</td><td>-</td></tr><tr><td>August</td><td>4,407</td><td>4,357</td><td>-</td><td>50</td><td>4,407</td><td>956</td><td>3,451</td><td>-</td></tr><tr><td>September</td><td>1,517</td><td>1,422</td><td>-</td><td>95</td><td>1,517</td><td>980</td><td>2,147</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><tr><td>March</td><td>1,146</td><td>1,146</td><td>-</td><td>-</td><td>1,146</td><td>3,201</td><td>1,593</td><td>462</td></tr></table>
Sources: 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 amount credited to Federal Old-Age and Survivors Insurance Trust Fund 1/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1937</td><td>252.2</td><td>194.3</td><td>57.8</td><td>265.0</td><td>-12.8</td></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>611.2</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>651.3</td><td>125.9</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>1,194.5</td><td>1,309.9</td><td>184.5</td><td>1,283.0</td><td>211.5</td></tr><tr><td>1945-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>14.0</td><td>41.2</td><td>2.8</td><td>38.8</td><td>5.2</td></tr><tr><td>May</td><td>328.0</td><td>315.6</td><td>12.3</td><td>313.2</td><td>14.7</td></tr><tr><td>June</td><td>6.2</td><td>4.6</td><td>1.6</td><td>2.2</td><td>3.9</td></tr><tr><td>July</td><td>64.5</td><td>61.5</td><td>3.0</td><td>59.0</td><td>5.5</td></tr><tr><td>August</td><td>297.9</td><td>285.8</td><td>12.1</td><td>283.1</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>107.2</td><td>196.2</td><td>110.3</td></tr><tr><td>March</td><td>31.9</td><td>18.4</td><td>13.6</td><td>15.1</td><td>16.9</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses</th><th colspan="9">Expenditures Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures</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 Service</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th><th>Office for Emergency Management</th></tr><tr><td>1937</td><td>182.7</td><td>15.8</td><td>166.9</td><td>124.8</td><td>14.3</td><td>4.6</td><td>9.1</td><td>7.8</td><td>3.1</td><td>2.1</td><td>1.0</td><td>-</td><td>195.5</td></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>-</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>355.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>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>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>311.7</td></tr><tr><td>1945</td><td>491.3</td><td>31.9</td><td>451.9</td><td>333.6</td><td>52.8</td><td>10.0</td><td>34.2</td><td>10.7</td><td>5.4</td><td>3.8</td><td>1.4</td><td>1.1</td><td>279.8</td></tr><tr><td>1945-March</td><td>36.1</td><td>3.2</td><td>32.5</td><td>27.6</td><td>3.4</td><td>.8</td><td>.1</td><td>.2</td><td>.3</td><td>.2</td><td>-</td><td>-</td><td>24.1</td></tr><tr><td>April</td><td>49.3</td><td>2.8</td><td>45.9</td><td>31.6</td><td>4.7</td><td>1.0</td><td>4.8</td><td>2.2</td><td>.7</td><td>.6</td><td>.3</td><td>-</td><td>44.1</td></tr><tr><td>May</td><td>39.3</td><td>3.0</td><td>35.7</td><td>28.9</td><td>4.6</td><td>1.0</td><td>.1</td><td>.2</td><td>.5</td><td>.4</td><td>-</td><td>-</td><td>24.6</td></tr><tr><td>June</td><td>32.7</td><td>2.8</td><td>29.2</td><td>22.1</td><td>3.4</td><td>.3</td><td>2.7</td><td>.1</td><td>.4</td><td>.2</td><td>-</td><td>-</td><td>28.8</td></tr><tr><td>July</td><td>46.8</td><td>2.4</td><td>43.8</td><td>29.0</td><td>4.5</td><td>.7</td><td>8.3</td><td>.2</td><td>.4</td><td>.2</td><td>.1</td><td>-</td><td>41.3</td></tr><tr><td>August</td><td>60.6</td><td>3.2</td><td>56.9</td><td>45.3</td><td>7.6</td><td>1.6</td><td>1.2</td><td>-</td><td>.4</td><td>.5</td><td>.2</td><td>-</td><td>46.0</td></tr><tr><td>September</td><td>23.3</td><td>3.1</td><td>19.4</td><td>14.2</td><td>2.1</td><td>.2</td><td>2.3</td><td>-</td><td>.4</td><td>.7</td><td>-</td><td>-</td><td>19.0</td></tr><tr><td>October</td><td>72.0</td><td>3.1</td><td>68.2</td><td>47.4</td><td>7.1</td><td>1.5</td><td>11.8</td><td>-</td><td>.2</td><td>.1</td><td>.2</td><td>-</td><td>66.6</td></tr><tr><td>November</td><td>30.9</td><td>3.3</td><td>27.1</td><td>21.2</td><td>3.4</td><td>.5</td><td>1.2</td><td>-</td><td>.3</td><td>.3</td><td>.1</td><td>-</td><td>17.5</td></tr><tr><td>December</td><td>36.0</td><td>3.4</td><td>32.4</td><td>26.2</td><td>2.7</td><td>.8</td><td>1.1</td><td>-</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>32.4</td></tr><tr><td>1946-January</td><td>64.6</td><td>2.7</td><td>61.7</td><td>41.0</td><td>8.5</td><td>1.4</td><td>9.5</td><td>-</td><td>.7</td><td>.5</td><td>.2</td><td>-</td><td>48.0</td></tr><tr><td>February</td><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>-60.8</td></tr><tr><td>March</td><td>31.3</td><td>4.6</td><td>26.3</td><td>21.3</td><td>3.2</td><td>.5</td><td>1.0</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>14.4</td></tr></table>
1/ Formerly Title VIII of the Social Security Act.
2/ Formerly Title IX of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1, 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently, recipients 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
4/ Section II, Table 1.
Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses payable under the Begger-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.
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.
May 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>.1</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-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><tr><td>March</td><td>64.6</td><td>.2</td><td>.2</td><td>-</td><td>-</td><td>-64.3</td></tr></table>
Source: Daily Treasury Statement. * Less than $50,000. 1/ Includee only expenditures from appropriations made specifically for
2/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1941</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1945</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-6</td></tr><tr><td>1945-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><tr><td>March</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>0-2.9</td></tr></table>
Source: Daily Treasury Statement. 
* Lees than $50,000.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $15.0 million and were distributed by calendar
3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ Covered by appropriations by Congress.
Treasury Bulletin
14
Section II.- Statements of Trust Accounts
Social Security Program - (Continued)
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organisation - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th colspan="2">In General Fund</th><th>In disbursement officer's account</th></tr><tr><td>1937</td><td>267.3</td><td>265.0</td><td>2.3</td><td>•</td><td>•</td><td>-</td><td>267.2</td><td>267.1</td><td>.1</td><td>.1</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>13.3</td><td>19.3</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>1,738.1</td><td>.5</td><td>6.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</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>1946-January</td><td>8,265.9</td><td>7,705.3</td><td>560.6</td><td>1,128.3</td><td>956.1</td><td>172.2</td><td>7,137.6</td><td>7,044.4</td><td>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>7,044.4</td><td>215.5</td><td>46.2</td></tr><tr><td>March</td><td>8,493.0</td><td>7,923.2</td><td>569.8</td><td>1,191.2</td><td>1,012.4</td><td>178.8</td><td>7,301.8</td><td>7,224.4</td><td>30.9</td><td>46.5</td></tr></table>
Source: Daily Treasury Statement. * Less than $50,000. 1/ Include transactions effected under the predecessor Old-Age Reserve
2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Account
(Cumulative from organisation - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures Benefit payments</th><th colspan="4">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In 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>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>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>18.2</td></tr><tr><td>March</td><td>1,761.5</td><td>1,717.8</td><td>43.8</td><td>1,064.5</td><td>697.1</td><td>642.0</td><td>38.3</td><td>16.9</td></tr></table>
Sources: Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
(Cumulative from organisation - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance contributions</th><th>Transfers from States 3/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 4/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance withdrawals by States</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment insurance Account Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpanded balance</th><th>In General Fund (Special Deposit Account)</th><th>In disbursing officer's account 5/</th></tr><tr><td>1937</td><td>313.4</td><td>310.6</td><td>-</td><td>-</td><td>-</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><td>-</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>-</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td><td>-</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.6</td><td>105.9</td><td>7.5</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td><td>-</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>11.4</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td><td>-</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>274.3</td><td>105.9</td><td>17.4</td><td>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td><td>-</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>1.3</td><td>-</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>502.5</td><td>106.3</td><td>38.0</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>44.6</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>1.3</td><td>-</td></tr><tr><td>1946-January</td><td>10,426.2</td><td>9,137.0</td><td>561.6</td><td>106.5</td><td>47.6</td><td>573.4</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><td>-</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>47.5</td><td>573.4</td><td>3,055.5</td><td>2,910.2</td><td>106.6</td><td>48.7</td><td>7,518.2</td><td>7,458.2</td><td>58.6</td><td>5.1</td><td>-</td></tr><tr><td>March</td><td>10,624.2</td><td>9,302.1</td><td>590.3</td><td>106.6</td><td>47.6</td><td>577.5</td><td>3,198.3</td><td>3,040.3</td><td>106.6</td><td>51.3</td><td>7,428.0</td><td>7,378.2</td><td>42.9</td><td>4.9</td><td>-</td></tr></table>
Sources: Daily Treasury Statement. 
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940. 
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.) 
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
May 1946
15
Appropriations and Net Contract Authorizations for the War Activities Program
As of March 31, 1946
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">77th Congress, Second Session</td></tr><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942</td><td>$ 12,525,872,474</td><td>-</td></tr><tr><td>Feb. 7, 1942</td><td>431</td><td>Naval Appropriation Act, 1943</td><td>23,738,865,474 3/</td><td>$2,257,137,102 4/</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China)</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942</td><td>30,412,737,900</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943</td><td>57,886,385</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>Justice, State and Commerce Departments Appropriation Act, 1943</td><td>261,908,180</td><td>-</td></tr><tr><td>July 2, 1942</td><td>645</td><td>Interior Department Appropriation Act, 1943</td><td>8,977,370</td><td>-</td></tr><tr><td>July 2, 1942</td><td>647</td><td>Labor - Federal Security Appropriation Act, 1943</td><td>227,726,864</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>6,299,361,048 3/</td><td>-</td></tr><tr><td></td><td></td><td>Total, 77th Congress, Second Session</td><td>$139,736,203,988</td><td>$2,407,137,102</td></tr><tr><td colspan="5">78th Congress, First Session</td></tr><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System)</td><td>$ 21,160,000</td><td>-</td></tr><tr><td>Mar. 18, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943</td><td>4,063,948,984</td><td>-</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943</td><td>3,836,176,119</td><td>-</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program)</td><td>26,100,000</td><td>-</td></tr><tr><td>Mar. 7, 1943</td><td>50</td><td>Joint Resolution (Commerce Department - war training program)</td><td>3,500,000</td><td>-</td></tr><tr><td>June 2, 1943</td><td>64</td><td>War Department Civil Appropriation Act, 1944</td><td>1,457,898</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943</td><td>6,273,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Independent Offices Appropriation Act, 1944</td><td>1,395,013,569</td><td>-</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944</td><td>27,637,226,198 3/</td><td>$ 9,000,000</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Department of State, Justice, and Commerce Appropriation Act, 1944</td><td>67,635,000</td><td>-</td></tr><tr><td>July 1, 1943</td><td>108</td><td>Military Appropriation Act, 1944</td><td>59,034,839,673</td><td>-</td></tr><tr><td>July 12, 1943</td><td>129</td><td>Department of Agriculture Appropriation Act, 1944</td><td>38,048,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Urgent Deficiency Appropriation Act, 1943</td><td>31,979,600</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944</td><td>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/</td></tr><tr><td>Dec. 23, 1943</td><td>216</td><td>First Supplemental National Defense Appropriation Act, 1944</td><td>81,283,468</td><td>-</td></tr><tr><td></td><td></td><td>Total, 78th Congress, First Session</td><td>$105,916,492,321</td><td>$2,484,361,711</td></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migrant of workers)</td><td>$ 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>3,076,845</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 5/</td><td>27,569,798,301 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 5/</td><td>1,451,846</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>Department of State, Justice, and Commerce Appropriation Act, 1945</td><td>47,585,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945</td><td>30,700,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>369</td><td>Interior Department Appropriation Act, 1945</td><td>18,114,200</td><td>-</td></tr><tr><td>June 28, 1944</td><td>372</td><td>National War Agency Appropriation Act, 1945</td><td>1,030,937,242</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/</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>19,750,000</td><td>-</td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>First Supplemental Appropriation Act, 1945</td><td>410,291,029 3/</td><td>60,000,000 4/</td></tr><tr><td></td><td></td><td>Total, 78th Congress, Second Session</td><td>$55,913,179,984</td><td>$8,912,909,131</td></tr><tr><td colspan="5">79th Congress, First Session</td></tr><tr><td>Mar. 31, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1946</td><td>$ 2,697,140</td><td>-</td></tr><tr><td>Apr. 25, 1945</td><td>40</td><td>First Deficiency Appropriation Act, 1945</td><td>2,015,384,112 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>23,601,136,064 6/</td><td>$1,199,008,413</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></td><td></td><td>Total, 79th Congress, First Session</td><td>$53,060,913,491</td><td>$1,399,008,413</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program
As of March 31, 1946 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorisations 2/</th></tr><tr><td colspan="5">79th Congress, Second Session</td></tr><tr><td>Mar. 22, 1946</td><td>329</td><td>Urgent Deficiency Appropriation Act, 1946</td><td>$ 3,259,000</td><td>-</td></tr><tr><td>Mar. 28, 1946</td><td>334</td><td>Independent Offices Appropriation Act, 1947</td><td>17,838,792</td><td>-</td></tr><tr><td>Mar. 28, 1946</td><td>335</td><td>Second Urgent Deficiency Appropriation Act, 1946</td><td>3,089,000</td><td>-</td></tr><tr><td colspan="3">Total, 79th Congress, Second Session</td><td>$ 24,186,792</td><td>-</td></tr><tr><td colspan="5">Rescissions</td></tr><tr><td colspan="5">78th Congress, Second Session:</td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945</td><td>$ -7,500,000</td><td>-</td></tr><tr><td>June 20, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945</td><td>-30,257,572</td><td>-</td></tr><tr><td colspan="5">79th Congress, First Session:</td></tr><tr><td>May 29, 1945</td><td>68</td><td>Joint Resolution (U. S. Maritime Commission)</td><td>-3,100,000,000</td><td>$-4,265,000,000</td></tr><tr><td>July 1, 1945</td><td>127</td><td>Joint Resolution (reducing certain appropriations)</td><td>-82,054,000</td><td>-</td></tr><tr><td colspan="5">79th Congress, Second Session:</td></tr><tr><td>Feb. 18, 1946</td><td>301</td><td>First Supplemental Surplus Appropriation Rescission Act, 1946</td><td>-47,520,755,898</td><td>-2,206,033,879 1/</td></tr><tr><td colspan="3">Total, rescissions</td><td>$-50,740,567,470</td><td>$-6,471,033,879</td></tr></table>
In pending legislation 8/
<table><tr><td></td><td>War Department Civil Appropriation Bill, 1947.....................................</td><td>$ 5,594,000</td><td>$ -</td></tr><tr><td></td><td>Second Supplemental Surplus Appropriation Reconciliation Bill, 1946.........</td><td>-6,715,155,568</td><td>$ -5,000,000 9/</td></tr><tr><td></td><td>Second Deficiency Appropriation Bill, 1946.....................................</td><td>2,635,012</td><td>-</td></tr><tr><td></td><td>Total pending....................................................</td><td>$ -6,706,926,556</td><td>$ -5,000,000</td></tr></table>
Summary
<table><tr><td></td><td>Total, 76th Congress, Third Session 10/.........</td><td>$ 8,994,015,828</td><td>$ 651,484,363</td></tr><tr><td></td><td>Total, 77th Congress, First Session 10/.........</td><td>49,396,437,450</td><td>2,407,137,102</td></tr><tr><td></td><td>Total, 77th Congress, Second Session............</td><td>139,736,203,985</td><td>2,484,361,731</td></tr><tr><td></td><td>Total, 78th Congress, First Session............</td><td>105,916,492,321</td><td>8,912,909,131</td></tr><tr><td></td><td>Total, 78th Congress, Second Session............</td><td>55,913,179,984</td><td>1,399,008,413</td></tr><tr><td></td><td>Total, 79th Congress, First Session............</td><td>53,060,913,491</td><td></td></tr><tr><td></td><td>Total, 79th Congress, Second Session............</td><td>24,186,792</td><td></td></tr><tr><td></td><td>Permanent appropriations and net transfers to and from other than war activities appropriations 11/............</td><td>164,900,825</td><td>-</td></tr><tr><td></td><td>Total approved.........................</td><td>$413,206,730,678</td><td>$15,854,900,740</td></tr><tr><td></td><td>Total rescinded.........................</td><td>-50,740,567,470</td><td>-6,471,033,879</td></tr><tr><td></td><td>Total pending (79th Congress, Second Session)....</td><td>-6,706,926,556</td><td>-5,000,000</td></tr><tr><td></td><td>Liquidations of 1940 and prior contract authorisations....................</td><td>-467,872,846</td><td>-</td></tr><tr><td></td><td>Total approved, rescinded, pending appropriations or rescissions, and not contract authorisations 1/....................</td><td>$355,290,963,806</td><td>$ 9,378,866,861</td></tr></table>
1/ Consists of appropriations and net contract authorizations available on and after July 1, 1940. Excludes: (1) authorizations of the Re-construction Finance Corporation and its affiliates for war purposes, and (2) unexpended balances of appropriations on June 30, 1940 (except immediately available funds from fiscal year 1941 appropriations), available for expenditure in the fiscal year 1941.
2/ Contract authorizations have been reduced by later appropriations which were earmarked in authorizing acts for this purpose.
3/ Includes appropriations made available for prior years. For amounts see appropriate footnotes in "Treasury Bulletin" for July, 1945, page 16.
4/ Unappropriated contract authorizations for the naval expansion program are as follows:
Public Law No. 441 $2,257,137,102
Public Law No. 204 (Estimated by Navy Department) 2,404,905,021
Public Law No. 375 55,000,000
Public Law No. 315 (Estimated by Navy Department) 1,825,000,000
Public Law No. 529 60,000,000
5/ The amounts of appropriations repealed by Congress and carried to the surplus fund in accordance with the provisions of this act are shown separately below.
6/ Includes $180,000,000 for the fiscal year 1945.
1/ Excludes rescission of the unobligated portion of the contract authorisation under Aviation, Navy.
8/ Pending appropriations, as used herein, represent appropriation bills reported from the Committee on Appropriations to the House, or in subsequent stages of Congressional action before Presidential approval. Estimates of appropriations for national defense purposes reported by the President to Congress and submitted to the Committee on Appropriations, amounting to $11,194,131,000, are not included.
9/ Excludes rescission of the United States Maritime Commission in the amount of $460,000,000.
10/ For details of appropriations made by the 76th Congress, Third Session and 77th Congress, First Session, see "Treasury Bulletin" for March, 1944, page 5.
11/ Includes actual transfer of balances of the Bureau of Marine Inspection and Navigation from the Department of Commerce to Coast Guard, Navy, in the amount of $1,153,802 in accordance with Executive Order 9083, dated February 26, 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 $307,714,933.
May 1946
17
Cash Income and Outgo of the Treasury, by Major Classification
8 1/
(In millions of dollars)
<table><tr><th></th><th colspan="10">1945</th><th colspan="5">1946</th></tr><tr><th></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><th>Mar.</th></tr><tr><td>CASH INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>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>1,824</td><td>3,366</td><td>2,755</td><td>2,790</td><td>4,838</td></tr><tr><td>Employment taxes</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><td>97</td></tr><tr><td>Miscellaneous internal revenue</td><td>520</td><td>534</td><td>557</td><td>561</td><td>718</td><td>871</td><td>573</td><td>689</td><td>602</td><td>516</td><td>615</td><td>584</td><td>649</td></tr><tr><td>Customs</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><td>42</td></tr><tr><td>Other</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><td>137</td></tr><tr><td>Subtotal</td><td>6,907</td><td>2,967</td><td>3,996</td><td>5,906</td><td>2,710</td><td>3,280</td><td>5,192</td><td>2,581</td><td>2,608</td><td>4,112</td><td>3,798</td><td>3,874</td><td>5,762</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>40</td><td>47</td><td>278</td><td>34</td><td>63</td><td>299</td><td>37</td><td>42</td><td>184</td><td>37</td><td>33</td><td>155</td><td>36</td></tr><tr><td>Other trust funds and accounts</td><td>221</td><td>210</td><td>232</td><td>214</td><td>239</td><td>174</td><td>369</td><td>282</td><td>295</td><td>257</td><td>152</td><td>245</td><td>153</td></tr><tr><td>Subtotal</td><td>261</td><td>258</td><td>511</td><td>248</td><td>301</td><td>473</td><td>106</td><td>124</td><td>478</td><td>295</td><td>195</td><td>403</td><td>129</td></tr><tr><td>Total cash income</td><td>7,168</td><td>3,225</td><td>2,908</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><td>5,950</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>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>5,120</td><td>4,226</td><td>4,245</td><td>3,417</td><td>2,702</td><td>2,550</td></tr><tr><td>Veterans' Administration</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><td>318</td></tr><tr><td>Public works 2/</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>10</td><td>25</td><td>12</td></tr><tr><td>Aid to agriculture 3/</td><td>55</td><td>85</td><td>82</td><td>16</td><td>78</td><td>76</td><td>26</td><td>35</td><td>20</td><td>26</td><td>46</td><td>40</td><td>62</td></tr><tr><td>Social security program 4/</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>31</td><td>65</td><td>50</td><td>32</td></tr><tr><td>Interest on the public debt 5/</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><td>591</td></tr><tr><td>Other 6/</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><td>339</td></tr><tr><td>Subtotal</td><td>9,256</td><td>7,597</td><td>8,549</td><td>8,838</td><td>7,993</td><td>7,128</td><td>6,509</td><td>5,701</td><td>4,608</td><td>5,395</td><td>4,107</td><td>3,332</td><td>3,924</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 Corporations:</td><td></td><td></td><td></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>-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>21</td><td>-96</td></tr><tr><td>Other</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><td>-4</td></tr><tr><td>Commodity Credit Corporation</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><td>-132</td></tr><tr><td>Unemployment Trust Fund</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><td>137</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>29</td></tr><tr><td>Railroad Retirement Account</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><td>11</td></tr><tr><td>Other</td><td>-217</td><td>219</td><td>-208</td><td>-133</td><td>-110</td><td>461</td><td>-84</td><td>179</td><td>63</td><td>183</td><td>490</td><td>364</td><td>259</td></tr><tr><td>Subtotal</td><td>-303</td><td>228</td><td>-55</td><td>21</td><td>-36</td><td>713</td><td>134</td><td>300</td><td>196</td><td>-88</td><td>670</td><td>479</td><td>202</td></tr><tr><td>Redemption of adjusted service bonds</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>7</td><td>2</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>879</td><td>94</td><td>33</td></tr><tr><td>Total cash outgo</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>3,997</td><td>4,161</td></tr><tr><td>EXCESS OF CASH OUTGO</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>1,101</td><td>1,722</td><td>892</td><td>1,626</td><td>-370</td><td>-1,789</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 "var 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>Sep.</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>19,251</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>51,378</td></tr><tr><td>1946</td><td>3,993</td><td>4,277</td><td>5,950</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,778</td><td>20,841</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,166</td><td>7,710</td><td>7,654</td><td>7,795</td><td>7,852</td><td>89,334</td></tr><tr><td>1944</td><td>7,567</td><td>8,032</td><td>8,575</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,301</td><td>8,221</td><td>7,710</td><td>7,978</td><td>7,461</td><td>8,241</td><td>95,449</td></tr><tr><td>1945</td><td>7,805</td><td>7,243</td><td>8,953</td><td>7,826</td><td>8,494</td><td>8,967</td><td>8,000</td><td>7,855</td><td>6,650</td><td>6,007</td><td>4,809</td><td>5,299</td><td>87,906</td></tr><tr><td>1946</td><td>5,619</td><td>3,907</td><td>4,161</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Excess of cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>704</td><td>426</td><td>-85</td><td>935</td><td>685</td><td>219</td><td>940</td><td>982</td><td>841</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,982</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,358</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,185</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,304</td><td>2,121</td><td>5,412</td><td>5,051</td><td>1,971</td><td>51,081</td></tr><tr><td>1944</td><td>4,623</td><td>4,899</td><td>1,873</td><td>4,351</td><td>4,375</td><td>2,146</td><td>4,909</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,496</td><td>2,640</td><td>46,568</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>-1,789</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
May 1946
19
Anasta 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>Millions, one, and currency</th><th>Deposits in Federal Reserve banks</th><th>Partial deposits amount of sales of investment securities (For loan accounts)</th><th>Other deposits and collections</th></tr><tr><td>1936</td><td>2,936</td><td>859</td><td>369</td><td>1,190</td><td>98</td></tr><tr><td>1937</td><td>2,709</td><td>1,867</td><td>101</td><td>609</td><td>99</td></tr><tr><td>1938</td><td>2,413</td><td>827</td><td>383</td><td>611</td><td>92</td></tr><tr><td>1939</td><td>3,047</td><td>1,194</td><td>1,080</td><td>775</td><td>98</td></tr><tr><td>1940</td><td>2,038</td><td>878</td><td>294</td><td>806</td><td>168</td></tr><tr><td>1941</td><td>2,212</td><td>904</td><td>1,638</td><td>651</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>553</td><td>1,673</td><td>548</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,078</td><td>7,567</td><td>933</td></tr><tr><td>1944</td><td>20,775</td><td>826</td><td>1,448</td><td>18,487</td><td>851</td></tr><tr><td>1945</td><td>25,113</td><td>798</td><td>1,936</td><td>22,582</td><td>883</td></tr><tr><td>1945-March</td><td>15,722</td><td>775</td><td>1,947</td><td>12,099</td><td>341</td></tr><tr><td>April</td><td>11,205</td><td>777</td><td>1,204</td><td>3,452</td><td>216</td></tr><tr><td>May</td><td>10,099</td><td>628</td><td>1,146</td><td>7,341</td><td>226</td></tr><tr><td>June</td><td>23,113</td><td>792</td><td>1,355</td><td>20,522</td><td>203</td></tr><tr><td>July</td><td>22,449</td><td>551</td><td>1,222</td><td>25,353</td><td>101</td></tr><tr><td>August</td><td>13,018</td><td>581</td><td>1,305</td><td>16,374</td><td>163</td></tr><tr><td>September</td><td>15,922</td><td>978</td><td>1,192</td><td>13,385</td><td>162</td></tr><tr><td>October</td><td>13,307</td><td>937</td><td>1,124</td><td>11,385</td><td>226</td></tr><tr><td>November</td><td>14,245</td><td>923</td><td>1,372</td><td>12,504</td><td>244</td></tr><tr><td>December</td><td>25,920</td><td>927</td><td>1,674</td><td>24,010</td><td>279</td></tr><tr><td>1946-January</td><td>29,351</td><td>656</td><td>1,611</td><td>24,030</td><td>256</td></tr><tr><td>February</td><td>26,414</td><td>659</td><td>1,839</td><td>24,147</td><td>298</td></tr><tr><td>March</td><td>24,753</td><td>664</td><td>2,165</td><td>21,778</td><td>243</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>2,336</td><td>256</td><td>2,620</td></tr><tr><td>1937</td><td>2,706</td><td>135</td><td>2,581</td></tr><tr><td>1938</td><td>2,412</td><td>253</td><td>2,226</td></tr><tr><td>1939</td><td>1,647</td><td>242</td><td>1,478</td></tr><tr><td>1940</td><td>2,672</td><td>147</td><td>1,891</td></tr><tr><td>1941</td><td>2,412</td><td>173</td><td>2,673</td></tr><tr><td>1942</td><td>1,447</td><td>492</td><td>2,951</td></tr><tr><td>1943</td><td>10,160</td><td>547</td><td>3,357</td></tr><tr><td>1944</td><td>25,779</td><td>457</td><td>21,49</td></tr><tr><td>1945</td><td>25,113</td><td>421</td><td>21,558</td></tr><tr><td>1945-March</td><td>19,722</td><td>449</td><td>19,377</td></tr><tr><td>April</td><td>11,809</td><td>447</td><td>11,366</td></tr><tr><td>May</td><td>15,053</td><td>430</td><td>3,520</td></tr><tr><td>June</td><td>25,423</td><td>421</td><td>21,698</td></tr><tr><td>July</td><td>22,469</td><td>386</td><td>22,325</td></tr><tr><td>August</td><td>13,014</td><td>187</td><td>13,571</td></tr><tr><td>September</td><td>15,982</td><td>447</td><td>16,211</td></tr><tr><td>October</td><td>13,307</td><td>424</td><td>12,833</td></tr><tr><td>November</td><td>14,200</td><td>424</td><td>14,468</td></tr><tr><td>December</td><td>26,925</td><td>511</td><td>26,703</td></tr><tr><td>1946-January</td><td>25,251</td><td>424</td><td>25,427</td></tr><tr><td>February</td><td>25,411</td><td>427</td><td>25,361</td></tr><tr><td>March</td><td>21,717</td><td>376</td><td>21,755</td></tr></table>
Source: Daily Energy Review
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</th><th colspan="5">Trust accounts, etc.</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Trust accounts 2/</th><th>Increment on gold 3/</th><th>Seigniorage on silver</th><th>Miscellaneous funds and accounts 4/</th><th>Checking accounts of Government agencies, etc.</th></tr><tr><td>1936</td><td>840</td><td>-4,550</td><td>5,475</td><td>-85</td><td>34</td><td>-403</td><td>176</td><td>-</td><td>108</td></tr><tr><td>1937</td><td>-128</td><td>-3,149 6/</td><td>2,746</td><td>275</td><td>19</td><td>-99</td><td>40</td><td>-</td><td>314</td></tr><tr><td>1938</td><td>-138</td><td>-1,384</td><td>792</td><td>259</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</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>19</td><td>16</td><td>34</td></tr><tr><td>1941</td><td>742</td><td>-5,103</td><td>5,994</td><td>-188</td><td>37</td><td>-</td><td>20</td><td>11</td><td>-217</td></tr><tr><td>1942</td><td>358</td><td>-19,598</td><td>23,461</td><td>-3,506</td><td>66</td><td>-</td><td>14</td><td>39</td><td>-1,625</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>-1,403</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-March</td><td>-2,036</td><td>-2,540</td><td>242</td><td>262</td><td>-138</td><td>-</td><td>-</td><td>-7</td><td>407</td></tr><tr><td>April</td><td>-3,911</td><td>-5,040</td><td>1,120</td><td>9</td><td>95</td><td>-</td><td>-</td><td>-15</td><td>-71</td></tr><tr><td>May</td><td>-1,741</td><td>-6,190</td><td>3,763</td><td>685</td><td>462</td><td>-</td><td>-</td><td>70</td><td>154</td></tr><tr><td>June</td><td>15,073</td><td>-3,727</td><td>19,850</td><td>-1,050</td><td>-323</td><td>-</td><td>-</td><td>51</td><td>-778</td></tr><tr><td>July</td><td>-2,615</td><td>-5,862</td><td>3,362</td><td>-116</td><td>101</td><td>-</td><td>35</td><td>-29</td><td>-222</td></tr><tr><td>August</td><td>-7,451</td><td>-4,357</td><td>956</td><td>-50</td><td>2</td><td>-</td><td>8</td><td>-86</td><td>26</td></tr><tr><td>September</td><td>-2,497</td><td>-1,822</td><td>-980</td><td>-95</td><td>-119</td><td>-</td><td>21</td><td>55</td><td>-51</td></tr><tr><td>October</td><td>-3,321</td><td>-3,420</td><td>-203</td><td>302</td><td>129</td><td>-</td><td>17</td><td>-118</td><td>274</td></tr><tr><td>November</td><td>1,632</td><td>-2,282</td><td>3,524</td><td>390</td><td>318</td><td>-</td><td>17</td><td>-24</td><td>79</td></tr><tr><td>December</td><td>11,558</td><td>-1,327</td><td>12,773</td><td>113</td><td>-228</td><td>-</td><td>21</td><td>-74</td><td>395</td></tr><tr><td>1946-January</td><td>-577</td><td>-1,073</td><td>772</td><td>-276</td><td>-229</td><td>-</td><td>43</td><td>-99</td><td>9</td></tr><tr><td>February</td><td>534</td><td>166</td><td>327</td><td>39</td><td>83</td><td>-</td><td>30</td><td>-65</td><td>-9</td></tr><tr><td>March</td><td>-1,593</td><td>1,146</td><td>-3,201</td><td>462</td><td>-224</td><td>-</td><td>21</td><td>30</td><td>635</td></tr></table>
Source: Daily Treasury Statement.
1/ Less than $500,000.
This is the net budgetary deficit (-) or surplus. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ 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 4.)
3/ 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 5.)
4/ Comprises Public Works Administration revolving fund, special de-
5/ 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.
6/ Includes inactive gold in the amount of $1,087 million.
May 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 rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding at end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (Issuance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profits tax refund bonds</th><th>Ex-changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Ex-changes</th><th>Special issues</th></tr><tr><td>1936</td><td>33,779</td><td>5,078</td><td>14,121</td><td>8,958</td><td>-</td><td>1,669</td><td>-</td><td>2,978</td><td>516</td><td>9,043</td><td>5,542</td><td>-</td><td>2,978</td><td>523</td></tr><tr><td>1937</td><td>36,425</td><td>2,646</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>587</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,557</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,512</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,512</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1945-March</td><td>233,950</td><td>242</td><td>12,471</td><td>7,782</td><td>4</td><td>1</td><td>89</td><td>4,147</td><td>449</td><td>12,229</td><td>8,066</td><td>4</td><td>4,147</td><td>12</td></tr><tr><td>April</td><td>235,069</td><td>1,120</td><td>11,847</td><td>6,557</td><td>-</td><td>*</td><td>109</td><td>4,811</td><td>369</td><td>10,727</td><td>5,903</td><td>-</td><td>4,811</td><td>14</td></tr><tr><td>May</td><td>238,832</td><td>3,763</td><td>12,616</td><td>10,204</td><td>-</td><td>*</td><td>152</td><td>1,579</td><td>681</td><td>8,854</td><td>7,262</td><td>-</td><td>1,579</td><td>12</td></tr><tr><td>June</td><td>258,682</td><td>19,850</td><td>40,654</td><td>26,904</td><td>-</td><td>*</td><td>96</td><td>4,187</td><td>9,466</td><td>20,804</td><td>7,370</td><td>-</td><td>4,187</td><td>9,247</td></tr><tr><td>July</td><td>262,045</td><td>3,362</td><td>9,495</td><td>8,701</td><td>-</td><td>*</td><td>37</td><td>-</td><td>757</td><td>6,133</td><td>6,122</td><td>-</td><td>-</td><td>11</td></tr><tr><td>August</td><td>263,001</td><td>956</td><td>10,741</td><td>7,760</td><td>-</td><td>*</td><td>24</td><td>2,470</td><td>488</td><td>9,785</td><td>7,303</td><td>-</td><td>2,470</td><td>13</td></tr><tr><td>September</td><td>262,020</td><td>-980</td><td>10,837</td><td>5,964</td><td>-</td><td>*</td><td>19</td><td>4,336</td><td>519</td><td>11,818</td><td>7,448</td><td>-</td><td>4,336</td><td>34</td></tr><tr><td>October</td><td>261,817</td><td>-203</td><td>9,915</td><td>6,308</td><td>-</td><td>*</td><td>5</td><td>3,441</td><td>161</td><td>10,118</td><td>6,575</td><td>-</td><td>3,441</td><td>103</td></tr><tr><td>November</td><td>265,342</td><td>3,524</td><td>11,168</td><td>10,969</td><td>-</td><td>*</td><td>19</td><td>-</td><td>180</td><td>7,643</td><td>7,596</td><td>-</td><td>-</td><td>47</td></tr><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><tr><td>March</td><td>276,012</td><td>-3,201</td><td>9,643</td><td>6,138</td><td>-</td><td>*</td><td>*</td><td>3,133</td><td>372</td><td>12,844</td><td>9,578</td><td>-</td><td>3,133</td><td>133</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="6">Interest-bearing public debt outstanding (in millions of dollars)</th><th colspan="6">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><th></th><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th></th><th></th><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th></th><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>-</td><td>7.1</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>-</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>-</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>-</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>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</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>28,522</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-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>233,053</td><td>92,572</td><td>43,351</td><td>18,588</td><td>9,109</td><td>34,478</td><td>17,041</td><td>17,923</td><td>100.0</td><td>39.7</td><td>18.6</td><td>8.0</td><td>3.9</td><td>14.8</td><td>7.3</td><td>7.7</td></tr><tr><td>May</td><td>235,761</td><td>92,572</td><td>44,487</td><td>18,588</td><td>10,031</td><td>34,442</td><td>17,049</td><td>18,592</td><td>100.0</td><td>39.3</td><td>18.9</td><td>7.9</td><td>4.3</td><td>14.6</td><td>7.2</td><td>7.9</td></tr><tr><td>June</td><td>256,357</td><td>106,644</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>July</td><td>259,781</td><td>108,085</td><td>47,024</td><td>23,498</td><td>10,119</td><td>34,472</td><td>17,025</td><td>19,558</td><td>100.0</td><td>41.6</td><td>18.1</td><td>9.0</td><td>3.9</td><td>13.3</td><td>6.6</td><td>7.5</td></tr><tr><td>August</td><td>260,746</td><td>108,367</td><td>47,231</td><td>23,498</td><td>10,148</td><td>34,430</td><td>17,038</td><td>20,033</td><td>100.0</td><td>41.6</td><td>18.1</td><td>9.0</td><td>3.9</td><td>13.2</td><td>6.5</td><td>7.7</td></tr><tr><td>September</td><td>259,630</td><td>107,244</td><td>47,257</td><td>23,498</td><td>9,021</td><td>35,072</td><td>17,018</td><td>20,519</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.0</td><td>3.5</td><td>13.5</td><td>6.6</td><td>7.9</td></tr><tr><td>October</td><td>259,439</td><td>107,244</td><td>47,296</td><td>23,498</td><td>8,776</td><td>35,021</td><td>17,026</td><td>20,577</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.1</td><td>3.4</td><td>13.5</td><td>6.6</td><td>7.9</td></tr><tr><td>November</td><td>262,849</td><td>109,566</td><td>47,970</td><td>23,498</td><td>9,058</td><td>35,021</td><td>17,026</td><td>20,710</td><td>100.0</td><td>41.7</td><td>18.2</td><td>8.9</td><td>3.4</td><td>13.3</td><td>6.5</td><td>7.9</td></tr><tr><td>December</td><td>275,694</td><td>120,619</td><td>48,679</td><td>22,967</td><td>8,235</td><td>38,155</td><td>17,037</td><td>20,000</td><td>100.0</td><td>43.8</td><td>17.6</td><td>8.3</td><td>3.0</td><td>13.8</td><td>6.2</td><td>7.3</td></tr><tr><td>1946-January</td><td>277,456</td><td>121,538</td><td>49,061</td><td>19,551</td><td>8,107</td><td>41,502</td><td>17,042</td><td>20,655</td><td>100.0</td><td>43.8</td><td>17.7</td><td>7.0</td><td>2.9</td><td>15.0</td><td>6.1</td><td>7.5</td></tr><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><tr><td>March</td><td>274,748</td><td>121,357</td><td>49,184</td><td>18,261</td><td>7,365</td><td>40,399</td><td>17,047</td><td>21,135</td><td>100.0</td><td>44.2</td><td>17.9</td><td>6.6</td><td>2.7</td><td>14.7</td><td>6.2</td><td>7.7</td></tr></table>
Source: Daily Treasury Statement.
May 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></table>
Public debt and guaranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>4,949</td><td>4,092</td><td>1,516</td><td>409</td></tr><tr><td>Total</td><td>37,707</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>139,472</td><td>201,059</td><td>256,766</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>790</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td><td>2,350</td></tr><tr><td>Total outstanding</td><td>38,497</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td><td>259,115</td></tr></table>
Public debt
<table><tr><th>Interest-bearing debt:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>2,354</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,508</td><td>11,864</td><td>14,734</td><td>17,041</td></tr><tr><td>Certificates of indebtedness</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,561</td><td>28,822</td><td>34,136</td></tr><tr><td>Treasury notes</td><td>11,381</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>19,935</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></tr><tr><td>U. S. savings bonds</td><td>316</td><td>800</td><td>1,238</td><td>1,868</td><td>2,905</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td><td>45,5863/4</td></tr><tr><td>Treasury notes - tax and savings series</td><td>945</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>229</td><td>222</td><td>217</td><td>-</td></tr><tr><td>Depository bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td><td>505</td></tr><tr><td>Total non-marketable issues</td><td>1,261</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td><td>56,226</td></tr><tr><td>Total public issues</td><td>32,363</td><td>34,242</td><td>33,900</td><td>36,116</td><td>37,602</td><td>42,267</td><td>64,083</td><td>124,509</td><td>185,256</td><td>237,545</td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>127</td><td>38</td><td>26</td><td>20</td><td>11</td><td>19</td><td>18</td><td>18</td><td>17</td><td>15</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>100</td><td>95</td><td>85</td><td>101</td><td>56</td><td>90</td><td>95</td><td>103</td><td>98</td><td>97</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>-</td><td>267</td><td>662</td><td>1,177</td><td>1,738</td><td>2,381</td><td>3,133</td><td>4,044</td><td>4,766</td><td>5,308</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>106</td><td>27</td><td>37</td></tr><tr><td>Government Life Insurance Fund</td><td>-</td><td>500</td><td>523</td><td>537</td><td>524</td><td>531</td><td>537</td><td>538</td><td>502</td><td>589</td></tr><tr><td>Government Retirement 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>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>2</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account</td><td>-</td><td>-</td><td>66</td><td>67</td><td>79</td><td>74</td><td>92</td><td>178</td><td>319</td><td>501</td></tr><tr><td>Unemployment Trust Fund</td><td>19</td><td>312</td><td>872</td><td>1,267</td><td>1,710</td><td>2,273</td><td>3,114</td><td>4,257</td><td>5,610</td><td>6,747</td></tr><tr><td>Total special issues</td><td>626</td><td>1,558</td><td>2,676</td><td>3,770</td><td>4,775</td><td>6,120</td><td>7,885</td><td>10,871</td><td>14,287</td><td>18,812</td></tr><tr><td>Total interest-bearing debt</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td></tr><tr><td>Matured debt on which interest has ceased</td><td>169</td><td>119</td><td>141</td><td>142</td><td>205</td><td>205</td><td>98</td><td>141</td><td>201</td><td>269</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td><td>178</td></tr><tr><td>Excess profits tax refund bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td><td>1,028</td></tr><tr><td>United States notes (less gold 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>201,001</td><td>258,682</td></tr></table>
(Continued on following page)
24
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART A - FISCAL YEARS, 1936-1945-(Continued)
(In millions of dollars)
<table><tr><th></th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="11">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,422</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>-</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td><td>34</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>3,044</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,553</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>-</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 colspan="10">1945</th><th colspan="3">1946</th></tr><tr><th></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><th>Mar. 31</th></tr><tr><th colspan="13">Public debt and guaranteed obligations 1/</th></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>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><td>274,748</td></tr><tr><td>Guaranteed obligations</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><td>542</td></tr><tr><td>Total</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><td>275,290</td></tr><tr><td>Matured debt and debt bearing no interest</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><td>1,275</td></tr><tr><td>Total outstanding</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><td>276,565</td></tr><tr><th colspan="13">Public debt</th></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>16,921</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><td>17,047</td></tr><tr><td>Certificates of indebtedness</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><td>40,399</td></tr><tr><td>Treasury notes</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><td>18,261</td></tr><tr><td>Treasury bonds - bank restricted 2/</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><td>53,459</td></tr><tr><td>Treasury bonds - bank eligible</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><td>67,718</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>180</td><td>180</td><td>180</td></tr><tr><td>Total marketable issues</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><td>197,063</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>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>46,785</td><td>47,473</td><td>48,183</td><td>48,588</td><td>48,692</td><td>48,733</td></tr><tr><td>Treasury notes - tax and savings series 3/</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><td>7,165</td></tr><tr><td>Adjusted service bonds</td><td>217</td><td>217</td><td>217</td><td>136</td><td>136</td><td>136</td><td>136</td><td>136</td><td>136</td><td>136</td><td>136</td><td>136</td><td>136</td></tr><tr><td>Depository bonds</td><td>509</td><td>508</td><td>503</td><td>505</td><td>516</td><td>516</td><td>515</td><td>510</td><td>497</td><td>497</td><td>474</td><td>471</td><td>451</td></tr><tr><td>Total non-marketable issues</td><td>52,833</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><td>56,550</td></tr><tr><td>Total public issues</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><td>253,613</td></tr></table>
(Continued on following page)
May 1946
25
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART B
- MONTHLY DATA-(Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="11">1945</th><th colspan="3">1946</th></tr><tr><th></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><th>Mar. 31</th></tr></table>
Publi
c debt - (Continued)
<table><tr><th>Interest-bearing debt (continued): Special issues:</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><th>10</th><th>11</th><th>12</th><th>13</th></tr><tr><td>Adjusted Service Certificate Fund</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><td>12</td></tr><tr><td>Federal Deposit Insurance Corporation</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><td>85</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>5,586</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</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><td>46</td></tr><tr><td>Government Life Insurance Fund</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>685</td><td>606</td><td>606</td><td>612</td></tr><tr><td>Government Retirement Funds</td><td>1,769</td><td>1,777</td><td>1,789</td><td>1,868</td><td>2,126</td><td>2,138</td><td>2,149</td><td>2,160</td><td>2,163</td><td>2,166</td><td>2,148</td><td>2,144</td><td>2,106</td></tr><tr><td>National Service Life Insurance Fund</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><td>4,785</td></tr><tr><td>Postal Savings System</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><td>589</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>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><td>642</td></tr><tr><td>Unemployment Trust Fund</td><td>6,501</td><td>6,526</td><td>6,609</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><td>6,668</td></tr><tr><td>Total special issues</td><td>17,567</td><td>17,923</td><td>18,592</td><td>18,812</td><td>19,558</td><td>20,033</td><td>20,519</td><td>20,577</td><td>20,710</td><td>20,000</td><td>20,655</td><td>20,897</td><td>21,135</td></tr><tr><td>Total interest-bearing debt</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><td>274,748</td></tr><tr><td>Prepayments on securities</td><td>-</td><td>-</td><td>947</td><td>-</td><td>-</td><td>-</td><td>-</td><td>94</td><td>192</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Matured debt on which interest has ceased</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><td>244</td></tr><tr><th>Debt bearing no interest:</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><th>10</th><th>11</th><th>12</th><th>13</th></tr><tr><td>United States savings stamps</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><td>112</td></tr><tr><td>Excess profits tax refund bonds</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><td>109</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>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><td>602</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>1,729</td><td>1,831</td><td>1,974</td><td>2,057</td><td>2,065</td><td>2,077</td><td>2,086</td><td>2,082</td><td>2,092</td><td>2,078</td><td>1,171</td><td>1,063</td><td>1,019</td></tr><tr><td>Total public debt outstanding</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>278,887</td><td>279,214</td><td>276,012</td></tr></table>
Quart
unteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation................</td><td>-</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>34</td><td>34</td><td>34</td><td>34</td><td>35</td><td>371</td><td>39</td><td>39</td><td>41</td><td>40</td></tr><tr><td>Federal Housing Administration................</td><td>32</td><td>34</td><td>34</td><td>34</td><td>34</td><td>35</td><td>371</td><td>39</td><td>39</td><td>41</td><td>40</td></tr><tr><td>Home Owners' Loan Corporation................</td><td>755</td><td>755</td><td>755</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues.....................</td><td>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>40</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 4/................</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>501</td></tr><tr><td>Total interest-bearing debt................</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>542</td></tr><tr><td>Matured debt on which interest has ceased.....</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><td>11</td></tr><tr><td>Total Guaranteed obligations outstanding......</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><td>553</td></tr></table>
Source
Daily Treasury Statement.
Less than $500,000. Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table. Bank restricted issues are those which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to a specified date, with two exceptions: (1) concurrently with the 4th, 5th and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeitures of collateral.
3/ The face value of any yearly series of United States earnings 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 stated as of the previous month to agree with the Contingent Liability Statement in the Daily Treasury Statement.
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
May 1946
27
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations
of the United States Government
(Amounts in millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th>Interest-bearing debt outstanding (in millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (In millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding (In millions of dollars)</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td>1936</td><td>37,707</td><td>970</td><td>2.573</td><td>32,989</td><td>845</td><td>2.562</td><td>4,718</td><td>125</td><td>2.650</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,058</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,350</td><td>117</td><td>1.874</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-March</td><td>233,145</td><td>4,488</td><td>1.925</td><td>232,026</td><td>4,472</td><td>1.927</td><td>1,119</td><td>16</td><td>1.454</td></tr><tr><td>April</td><td>234,194</td><td>4,512</td><td>1.927</td><td>233,063</td><td>4,496</td><td>1.929</td><td>1,132</td><td>16</td><td>1.449</td></tr><tr><td>May</td><td>236,912</td><td>4,570</td><td>1.929</td><td>235,761</td><td>4,553</td><td>1.931</td><td>1,151</td><td>17</td><td>1.441</td></tr><tr><td>June</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>July</td><td>260,265</td><td>5,054</td><td>1.942</td><td>259,781</td><td>5,048</td><td>1.943</td><td>484</td><td>6</td><td>1.241</td></tr><tr><td>August</td><td>261,261</td><td>5,078</td><td>1.943</td><td>260,746</td><td>5,071</td><td>1.945</td><td>515</td><td>6</td><td>1.251</td></tr><tr><td>September</td><td>260,156</td><td>5,051</td><td>1.942</td><td>259,630</td><td>5,044</td><td>1.943</td><td>527</td><td>7</td><td>1.275</td></tr><tr><td>October</td><td>259,980</td><td>5,052</td><td>1.943</td><td>259,439</td><td>5,045</td><td>1.945</td><td>541</td><td>7</td><td>1.294</td></tr><tr><td>November</td><td>263,386</td><td>5,133</td><td>1.949</td><td>262,849</td><td>5,126</td><td>1.950</td><td>536</td><td>7</td><td>1.322</td></tr><tr><td>December</td><td>276,246</td><td>5,424</td><td>1.963</td><td>275,694</td><td>5,416</td><td>1.965</td><td>553</td><td>7</td><td>1.338</td></tr><tr><td>1946-January</td><td>278,001</td><td>5,472</td><td>1.968</td><td>277,456</td><td>5,465</td><td>1.970</td><td>545</td><td>7</td><td>1.338</td></tr><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><tr><td>March</td><td>275,290</td><td>5,445</td><td>1.978</td><td>274,748</td><td>5,438</td><td>1.979</td><td>542</td><td>7</td><td>1.353</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%. Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
Guaranteed Obligations Held by the Treasury
1/
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th></tr><tr><td>1936</td><td>4,030</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,030</td><td>-</td></tr><tr><td>1937</td><td>3,630</td><td>-</td><td>-</td><td>-</td><td>25</td><td>3,605</td><td>-</td></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>4</td><td>15</td><td>864</td><td>-</td></tr><tr><td>1939</td><td>273</td><td>10</td><td>-</td><td>-</td><td>20</td><td>243</td><td>-</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>20</td><td>-</td><td>7</td><td>52</td></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>85</td><td>-</td><td>20</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>263</td><td>274</td><td>551</td><td>2,534</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>283</td><td>212</td><td>5,033</td><td>57</td></tr><tr><td>1944</td><td>10,717</td><td>900</td><td>366</td><td>398</td><td>580</td><td>8,416</td><td>57</td></tr><tr><td>1945</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>1945-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>251</td><td>8,927</td><td>57</td></tr><tr><td>June</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>July</td><td>12,468</td><td>1,602</td><td>326</td><td>383</td><td>987</td><td>9,113</td><td>57</td></tr><tr><td>August</td><td>12,427</td><td>1,679</td><td>146</td><td>383</td><td>961</td><td>9,202</td><td>57</td></tr><tr><td>September</td><td>12,492</td><td>1,724</td><td>130</td><td>383</td><td>944</td><td>9,255</td><td>57</td></tr><tr><td>October</td><td>12,269</td><td>1,688</td><td>111</td><td>383</td><td>922</td><td>9,109</td><td>57</td></tr><tr><td>November</td><td>12,194</td><td>1,625</td><td>94</td><td>383</td><td>900</td><td>9,136</td><td>57</td></tr><tr><td>December</td><td>11,780</td><td>1,255</td><td>76</td><td>383</td><td>884</td><td>9,126</td><td>57</td></tr><tr><td>1946-January</td><td>11,678</td><td>1,272</td><td>61</td><td>383</td><td>860</td><td>9,046</td><td>57</td></tr><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><tr><td>March</td><td>11,282</td><td>1,069</td><td>37</td><td>383</td><td>807</td><td>8,930</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.
28
Treasury Bulletin
Statutory Limitation on the Public Debt
Section 21 of the Second Liberty Bond Act, as amended, provides that the face amount of obligations issued under authority of that Act, and the face amount of obligations guaranteed as to principal and interest
by the United States (except such guaranteed obligations as may be held by the Secretary of the Treasury), shall not exceed in the aggregate $300 billion outstanding at any one time.
Table 1.- Condition as of March 31, 1946
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>300,000</td></tr><tr><td colspan="2">Amount of securities outstanding subject to such statutory debt limitations:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended 1/</td><td>285,759</td></tr><tr><td>Guaranteed securities 2/</td><td>553</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>286,312</td></tr><tr><td>Balance issuable under such authority.</td><td>13,688</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, March 31, 1946
(In millions of dollars)
<table><tr><th></th><th>U. S. Government securities outstanding subject to statutory debt limitation 1/</th><th>Total public debt outstanding</th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,047</td><td>17,047</td></tr><tr><td>Certificates of indebtedness</td><td>40,399</td><td>40,399</td></tr><tr><td>Treasury notes</td><td>18,261</td><td>18,261</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>53,459</td><td>53,459</td></tr><tr><td>Treasury bonds - bank eligible</td><td>67,718</td><td>67,718</td></tr><tr><td>Postal savings and other bonds</td><td>-</td><td>180</td></tr><tr><td>Total marketable issues</td><td>196,584</td><td>197,063</td></tr><tr><td>Non-marketable issues: [Current redemption value.</td><td></td><td>48,733</td></tr><tr><td>U. S. savings bonds [Maturity value</td><td>59,463</td><td>-</td></tr><tr><td>Treasury savings notes</td><td>7,365</td><td>7,365</td></tr><tr><td>Depository bonds</td><td>451</td><td>451</td></tr><tr><td>Total non-marketable issues</td><td>67,280</td><td>56,550</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>21,135</td><td>21,135</td></tr><tr><td>Total interest-bearing securities</td><td>285,299</td><td>274,748</td></tr><tr><td>Matured securities on which interest has ceased</td><td>238</td><td>244</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>112</td><td>112</td></tr><tr><td>Excess profit tax refund bonds</td><td>109</td><td>109</td></tr><tr><td>Currency items, etc. 3/</td><td>-</td><td>198</td></tr><tr><td>Total obligations bearing no interest</td><td>221</td><td>1,019</td></tr><tr><td>Total</td><td>285,759</td><td>276,012</td></tr></table>
Source: 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 specia
3/ filed date (with minor exceptions). See footnote 2, page 25. Consists of United States notes (less gold reserve); deposits for retirements of national bank and Federal Reserve Bank notes; and other obligations bearing no interest.
May 1946
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of March 31, 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 1/</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-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>Treasury bills 7/8% Certificate - 6/1/46 3% Treasury bond - 6/15/46-48 3-1/8% Treasury bond - 6/15/46-49</td><td>5,242 1,799 1,036 819</td><td></td><td></td><td>Various 6/1/45 6/15/44 6/15/41</td><td>taxable taxable partially partially</td><td></td></tr><tr><td>July</td><td>0.90% Treasury note - 7/1/46</td><td>1,910</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 1-1/2% Treasury note - 12/1/46 - 12/15/46</td><td>3,768 3,261</td><td></td><td></td><td>12/3/45 6/5/42</td><td>taxable taxable</td><td></td></tr><tr><td>Total</td><td></td><td>56,053</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>7/8% Certificate - 3/1/47</td><td>3,133</td><td></td><td></td><td>3/1/46</td><td>taxable</td><td></td></tr><tr><td>1-1/4% Treasury note - 3/15/47</td><td></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></td><td>759</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>18,474</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></td><td>1,115 1,223</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>2-1/2% Treasury bond - 9/15/48 1-1/2% Treasury note - 9/15/48</td><td>451 3,748</td><td></td><td></td><td>3/15/38 3/15/44</td><td>partially taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td></td><td>571</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></td><td>1,014</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></td><td>1,292</td><td></td><td>5/15/42</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51 3-1/8% Treasury bond - 12/15/49-52 2-1/2% Treasury bond - 12/15/49-53</td><td></td><td>2,098 491 1,786</td><td></td><td>7/15/42 12/15/34 12/15/36</td><td>taxable partially partially</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>6,682</td><td></td><td></td><td></td><td></td></tr><tr><td>1950-Mar.</td><td>2% Treasury bond - 3/15/48-50 2% Treasury bond - 3/15/50-52</td><td></td><td>1,953</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>3-1/2% Treasury bond - 9/15/50-52 2% Treasury bond - 9/15/50-52</td><td></td><td>1,185 4,939</td><td></td><td>9/15/38 4/15/43</td><td>partially taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50 1-1/2% Treasury bond - 12/15/50</td><td>2,635</td><td></td><td>571</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
As of March 31, 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 issuese 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>2-3/4% 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>2-3/4% Treasury bond - 9/15/51-53</td><td></td><td>755</td><td></td><td>9/15/43</td><td>taxable</td><td></td></tr><tr><td>Dec....</td><td>2-3/4% Treasury bond - 12/15/49-51</td><td></td><td>1,118</td><td>2,098</td><td>7/15/42</td><td>taxable</td><td></td></tr><tr><td>2-1/4% Treasury bond - 12/15/51-53</td><td></td><td>510</td><td></td><td>12/22/39</td><td>taxable partially</td><td></td></tr><tr><td>2-3/4% Treasury bond - 12/15/51-55</td><td></td><td></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>2-3/4% 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>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>2-3/4% Treasury bond - 6/15/52-54</td><td></td><td>5,825</td><td>6/26/44</td><td>taxable</td><td></td></tr><tr><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>1,186</td><td>9/15/38</td><td>partially</td><td></td></tr><tr><td>2-3/4% Treasury bond - 9/15/50-52</td><td></td><td></td><td>4,939</td><td>9/15/43</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>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>491</td><td>12/15/34</td><td>partially</td><td></td></tr><tr><td>2-3/4% 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>2-3/4% 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>2-3/4% Treasury bond - 9/15/51-53</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>1,786</td><td>12/15/36</td><td>partially</td><td></td></tr><tr><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>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>1,627</td><td>6/15/36</td><td>partially</td><td></td></tr><tr><td>2-3/4% 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>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>2-3/4% Treasury bond - 12/15/52-54</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>1,501</td><td>2/25/42</td><td>taxable</td><td></td></tr><tr><td>2-3/4% 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>3-1/2% Treasury bond - 9/15/51-55</td><td></td><td>755</td><td>9/15/31</td><td>partially</td><td></td></tr><tr><td>Dec....</td><td>2-3/4% Treasury bond - 12/15/51-55</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>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>9/15/36</td><td>partially</td><td></td></tr><tr><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>6/2/41</td><td>taxable</td><td></td></tr><tr><td>June....</td><td>2-3/4% Treasury bond - 6/15/58-63</td><td></td><td>919</td><td>6/15/38</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>919</td><td>1,449</td><td></td><td></td><td></td></tr><tr><td>1959-June....</td><td>2-1/4% Treasury bond - 6/15/59-62</td><td></td><td>5,284</td><td></td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td></td><td>982</td><td>9/15/36</td><td>partially</td><td></td></tr><tr><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>Dec....</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td></td><td>3,467</td><td>11/15/45</td><td>taxable</td><td>12/15/52</td></tr><tr><td>Total</td><td></td><td></td><td>8,751</td><td>4,804</td><td></td><td></td><td></td></tr></table>
(Continued on following page)
May 1946
31
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/ As of March 31, 1946 - (Continued
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date of issue</th><th rowspan="2">Tax status 3/</th><th rowspan="2">Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>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>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>3,467</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>8,751</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>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>11,691</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>22,375</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>11,691</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>22,375</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
Sources: 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 federal 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.
Treasury Bulletin
32
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date terms of offering were announced</th><th>Date subscrip-tion books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses) 1/</th><th colspan="2">Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allot-ment ratio</th></tr><tr><th></th><th></th><th></th><th></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 (2/1/44) 2-1/4% Treas. bond- 9/15/56-59 1/2 (2/1/44) 7/8% Certificate- 2/1/45 (2/1/44)</td><td>26 yr,1 m (21 yr,1 m) 15 yr,7 m (12 yr,7 m) 1 yr</td><td>2,212 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 (2/1/44)</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 (2/1/44) 2-1/4% Treas. bond- 9/15/56-59 1/2 (2/1/44) 1-1/2% Treas. note- 9/15/48 (3/15/44)</td><td>26 yr (21 yr) 15 yr,6 m (12 yr,6 m) 4 yr,6 m</td><td>- 77 95</td><td>-</td><td>-</td><td>77 95</td><td>100 100</td></tr><tr><td>3/22/44</td><td>3/22/44</td><td>7/8% Certificate- 4/1/45 (4/1/44)</td><td>1 yr</td><td>-</td><td>3,718</td><td>-</td><td>3,718</td><td>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>4/14/44</td><td>6/12/44</td><td>5th War Loan securities: 3/ 2-1/2% Treas. bond- 3/15/65-70 1/2 (2/1/44) 2% Treas. bond- 6/15/52-54 (6/26/44) 1-1/4% Treas. note- 3/15/47 (6/26/44) 7/8% Certificate- 6/1/45 (6/26/44)</td><td>25 yr,9 m (20 yr,9 m) 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>3,694</td><td>-</td><td>3,694</td><td>100</td></tr><tr><td>8/24/44</td><td>8/24/44</td><td>1% Treas. note- 3/15/45 5/ (11/1/44)</td><td>1 yr,6 m 8/</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- 3/15/66-71 1/2 (12/1/44) 2% Treas. bond-12/15/52-54 (12/1/44) 1-1/4% Treas. note- 9/15/47 (12/1/44) 7/8% Certificate- 12/1/45 (12/1/44)</td><td>26 yr,3 m (21 yr,3 m) 10 yr (8 yr) 2 yr,9 m 1 yr</td><td>3,448 7,922 1,590 4,395</td><td>- - - -</td><td>3,448 7,922 1,590 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- 1/1/46 (12/1/44) 2-1/2% Treas. bond- 3/15/66-71 1/2 (12/1/44)</td><td>1 yr,1 m (21 yr,3 m) 26 yr,3 m (8 yr) 10/</td><td>- 3,416 33</td><td>-</td><td>-</td><td>3,416 33</td><td>100 100</td></tr><tr><td>11/17/44</td><td>11/20/44</td><td>2% Treas. bond- 12/15/52-54 1/2 (12/1/44) 1-1/4% Treas. note- 9/15/47 1/2 (12/1/44)</td><td>10 yr (8 yr) 10/</td><td>- 740</td><td>-</td><td>-</td><td>740</td><td>100</td></tr><tr><td>1/22/45</td><td>1/22/45</td><td>7/8% Certificate- 2/1/46 (2/1/45)</td><td>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- 3/1/46 (3/1/45)</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- 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 1/2 (6/1/45) 1-1/2% Treas. bond-12/15/59 (6/1/45) 7/8% Certificate- 6/1/46 (6/1/45)</td><td>27 yr (22 yr) 17 yr (14 yr) 5 yr,6 m 1 yr</td><td>7,967 5,284 2,675 4,799</td><td>- - - -</td><td>7,967 5,284 2,675 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 1/2 (11/15/45) 7/8% Certificate- 12/1/46 (12/3/45)</td><td>27 yr,1 m (22 yr,1 m) 17 yr,1 m (14 yr,1 m) 1 yr</td><td>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</td><td>-</td><td>3,133</td><td>76</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>
Source: Bureau of the Public Debt.
p 1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening.
2/ Consists of all public cash subscriptions and of subscriptions by 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 investment accounts.
4. Bank restricted issue. See preceding table (maturity schedule of interest-bearing public marketable securities) for earliest date on which commercial banks may acquire this issue.
5/ Reopening of previously offered security.
6. Interest commenced on March 15, 1944.
7. Interest commenced on June 25, 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.
May 1946
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th>Description of called or maturing security 1/ (Date of issue is shown in parootheses)</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>Cash retirement</th><th>Exchange security offered</th><th>Exchanged</th><th>Turned in for cash</th><th>Percent exchanged</th><th></th></tr><tr><td>2/1/44</td><td>1-3/8% FRA note - 7/8% Certificate - 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 .90%</td><td>Treas. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>3-1/4% FMC bond - 3/15/44-64......(3/15/34) 3% FMC bond - 5/15/44-49......(5/15/34) 1% RFC note - 4/15/44-41......(7/3/41) 3% EOLC bond - 5/1/44-52......(5/1/34) 5-1/4% Treas. bond - 4/15/44-46......(4/16/34) 1% Treas. note - 3/15/44......(11/1/39) 3/4% Treas. note - 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>130 12 175 296 32 146</td><td>80 98 78 81 94 65</td><td>2-1/4% Treas. bond - 9/15/56-59 2-1/2% Treas. bond - 3/15/58-70 1-1/2% Treas. note - 9/15/43</td></tr><tr><td></td><td>Totals for exchange transaction of 3/15/44...</td><td>4,729</td><td>4,729</td><td>3,919</td><td>810</td><td>83</td><td></td><td></td></tr><tr><td>4/1/44 5/2/44 8/1/44 9/1/44</td><td>7/8% Certificate - 4/1/44......(4/1/43) 7/8% Certificate - 5/2/44......(5/1/43) 7/8% Certificate - 8/1/44......(8/2/43) 7/8% Certificate - 9/1/44......(9/15/43)</td><td>5,251 1,655 2,545 4,122</td><td>- - - -</td><td>5,251 1,655 2,545 4,122</td><td>4,877 1,615 2,511 3,694</td><td>374 40 34 428</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......(1/31/41) 1% Treas. note - 9/15/44......(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>Totals for exchange transaction of 9/15/44...</td><td>918</td><td>918</td><td>788</td><td>130</td><td>86</td><td></td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% Certificate - 10/1/44......(10/15/43) 7/8% Certificate - 12/1/44......(12/1/43)</td><td>3,519 3,540</td><td>- -</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>1/4% Treas. bond - 12/15/44-54......(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......(2/1/44) 1-1/8% CCC note - 2/15/45......(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>Totals for exchange transaction of 2/1/45...</td><td>5,460</td><td>5,460</td><td>5,043</td><td>416</td><td>92</td><td></td><td></td></tr><tr><td>3/1/45</td><td>.90% Treas. note - 3/1/45......(2/1/44) 3/4% Treas. note - 3/15/45......(3/15/40) 1-1/4% Treas. note - 3/15/45......(9/25/42)</td><td>2,127 718 1,606</td><td>- - -</td><td>2,127 718 1,606</td><td>2,109 493 1,516</td><td>18 225 60</td><td>99 69 96</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td></td><td>Totals for exchange transaction of 3/1/45...</td><td>4,451</td><td>4,451</td><td>4,147</td><td>304</td><td>93</td><td></td><td></td></tr><tr><td>4/1/45 5/1/45</td><td>7/8% Certificate - 4/1/45......(4/1/44) 7/8% Certificate - 5/1/45......(5/1/44)</td><td>4,877 1,615</td><td>- -</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......(6/26/44) 1-1/2% EOLC bond - 6/1/45-47......(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>Totals for exchange transaction of 6/1/45...</td><td>5,525</td><td>5,525</td><td>4,910</td><td>615</td><td>89</td><td></td><td></td></tr><tr><td>8/1/45</td><td>7/8% Certificate - 8/1/45......(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......(9/1/44) 2-3/4% Treas. bond - 9/15/45-47......(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>Totals for exchange transaction of 9/1/45...</td><td>4,908</td><td>4,908</td><td>4,336</td><td>572</td><td>88</td><td></td><td></td></tr><tr><td>10/1/45</td><td>7/8% Certificate - 10/1/45......(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......(12/1/44) 3/4% Treas. note - 12/15/45......(12/18/40) 2-1/2% Treas. bond - 12/15/45......(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>Totals for exchange transaction of 12/1/45...</td><td>5,467</td><td>5,467</td><td>3,778</td><td>1,689</td><td>69</td><td></td><td></td></tr><tr><td>1/1/46</td><td>3% Conversion bond - 1/1/46......(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 2/1/46</td><td>.90% Treas. note - 1/1/46......(12/1/44) 7/8% Certificate - 3/1/46......(2/1/45)</td><td>3,416 5,043</td><td>- -</td><td>3,416 5,043</td><td>3,330 4,954</td><td>85 89</td><td>98 98</td><td>7/8% Certificate - 1/1/47 7/8% Certificate - 2/1/47</td></tr><tr><td>3/1/46 4/1/46 5/1/46</td><td>7/8% Certificate - 3/1/46......(3/1/45) 3-3/4% Treas. bond - 3/15/46-56......(3/15/26) 1% Treas. note - 3/15/46......(11/1/41) 7/8% Certificate - 4/1/46......(4/1/45) 7/8% Certificate - 5/1/46......(5/1/45)</td><td>4,147 1,89 1,291 4,811 1,579</td><td>1,014 489 1,291 1,991 p 1,579</td><td>3,133 - - - -</td><td>3,133 - - 2,820 p -</td><td>- - - - -</td><td>3/ - - - -</td><td>7/8% Certificate - 3/1/47 7/8% Certificate - 4/1/47</td></tr></table>
Source: Bureau of the Public Debt.
Preliminary.
Original call and maturity dates are used.
Bank restricted issue
Prior to the refunding operation of March 1, 1946, maturing 1e-
gues 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="5">Description of new issue</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th colspan="3">Amount of bids accepted</th></tr><tr><th></th><th></th><th></th><th></th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th><th></th></tr><tr><td>1945-Mar. 1.</td><td>1945-May 31.</td><td>91</td><td>2,065.8</td><td>1,314.2</td><td>1,255.1</td><td>59.0</td><td>1,203.7</td><td>16,509.2</td></tr><tr><td>Mar. 8.</td><td>June 7.</td><td>91</td><td>2,436.4</td><td>1,310.2</td><td>1,249.6</td><td>60.5</td><td>1,204.9</td><td>16,614.5</td></tr><tr><td>Mar. 15.</td><td>June 14.</td><td>91</td><td>2,085.8</td><td>1,316.1</td><td>1,253.4</td><td>62.7</td><td>1,207.0</td><td>16,723.6</td></tr><tr><td>Mar. 22.</td><td>June 21.</td><td>91</td><td>2,075.2</td><td>1,302.5</td><td>1,233.9</td><td>68.6</td><td>1,217.2</td><td>16,908.9</td></tr><tr><td>Mar. 29.</td><td>June 28.</td><td>91</td><td>2,022.1</td><td>1,314.0</td><td>1,254.0</td><td>60.1</td><td>1,202.3</td><td>16,920.7</td></tr><tr><td>Apr. 5.</td><td>July 5.</td><td>91</td><td>1,842.8</td><td>1,317.1</td><td>1,271.1</td><td>46.0</td><td>1,204.9</td><td>17,032.8</td></tr><tr><td>Apr. 12.</td><td>July 12.</td><td>91</td><td>2,164.0</td><td>1,303.9</td><td>1,243.2</td><td>60.8</td><td>1,303.0</td><td>17,033.7</td></tr><tr><td>Apr. 19.</td><td>July 19.</td><td>91</td><td>2,092.1</td><td>1,318.2</td><td>1,255.0</td><td>63.2</td><td>1,302.6</td><td>17,049.3</td></tr><tr><td>Apr. 26.</td><td>July 26.</td><td>91</td><td>2,109.3</td><td>1,310.3</td><td>1,254.2</td><td>56.0</td><td>1,318.4</td><td>17,041.2</td></tr><tr><td>May 3.</td><td>Aug. 2.</td><td>91</td><td>2,018.7</td><td>1,314.3</td><td>1,264.8</td><td>49.5</td><td>1,315.8</td><td>17,039.8</td></tr><tr><td>May 10.</td><td>Aug. 9.</td><td>91</td><td>2,012.9</td><td>1,307.4</td><td>1,252.9</td><td>54.5</td><td>1,310.2</td><td>17,037.0</td></tr><tr><td>May 17.</td><td>Aug. 16.</td><td>91</td><td>2,029.9</td><td>1,307.4</td><td>1,255.1</td><td>52.3</td><td>1,300.1</td><td>17,044.3</td></tr><tr><td>May 24.</td><td>Aug. 23.</td><td>91</td><td>2,057.9</td><td>1,313.1</td><td>1,262.1</td><td>51.0</td><td>1,308.7</td><td>17,048.7</td></tr><tr><td>May 31.</td><td>Aug. 30.</td><td>91</td><td>2,043.1</td><td>1,314.4</td><td>1,263.0</td><td>51.4</td><td>1,314.2</td><td>17,048.9</td></tr><tr><td>June 7.</td><td>Sept. 6.</td><td>91</td><td>2,071.4</td><td>1,302.3</td><td>1,251.7</td><td>50.6</td><td>1,310.2</td><td>17,041.1</td></tr><tr><td>June 14.</td><td>Sept. 13.</td><td>91</td><td>2,112.8</td><td>1,309.8</td><td>1,251.5</td><td>58.3</td><td>1,316.1</td><td>17,034.7</td></tr><tr><td>June 21.</td><td>Sept. 20.</td><td>91</td><td>2,243.0</td><td>1,305.3</td><td>1,246.5</td><td>58.9</td><td>1,302.5</td><td>17,037.5</td></tr><tr><td>June 28.</td><td>Sept. 27.</td><td>91</td><td>2,256.3</td><td>1,317.8</td><td>1,253.9</td><td>63.9</td><td>1,314.0</td><td>17,041.3</td></tr><tr><td>July 5.</td><td>Oct. 4.</td><td>91</td><td>2,028.5</td><td>1,304.9</td><td>1,253.0</td><td>51.9</td><td>1,317.1</td><td>17,029.1</td></tr><tr><td>July 12.</td><td>Oct. 11.</td><td>91</td><td>2,233.0</td><td>1,310.6</td><td>1,252.7</td><td>58.0</td><td>1,303.9</td><td>17,035.8</td></tr><tr><td>July 19.</td><td>Oct. 18.</td><td>91</td><td>2,044.7</td><td>1,305.5</td><td>1,237.4</td><td>68.1</td><td>1,318.2</td><td>17,023.1</td></tr><tr><td>July 26.</td><td>Oct. 25.</td><td>91</td><td>2,045.9</td><td>1,312.1</td><td>1,252.0</td><td>60.1</td><td>1,310.3</td><td>17,024.9</td></tr><tr><td>Aug. 2.</td><td>Nov. 1.</td><td>91</td><td>1,938.6</td><td>1,317.0</td><td>1,267.6</td><td>49.4</td><td>1,314.3</td><td>17,027.5</td></tr><tr><td>Aug. 9.</td><td>Nov. 8.</td><td>91</td><td>2,008.2</td><td>1,318.7</td><td>1,265.3</td><td>53.4</td><td>1,307.4</td><td>17,038.9</td></tr><tr><td>Aug. 16.</td><td>Nov. 15.</td><td>91</td><td>2,006.0</td><td>1,314.5</td><td>1,257.4</td><td>57.1</td><td>1,307.4</td><td>17,045.9</td></tr><tr><td>Aug. 23.</td><td>Nov. 23.</td><td>92</td><td>1,956.4</td><td>1,310.6</td><td>1,260.3</td><td>50.3</td><td>1,313.1</td><td>17,043.5</td></tr><tr><td>Aug. 30.</td><td>Nov. 29.</td><td>91</td><td>1,986.1</td><td>1,309.0</td><td>1,256.4</td><td>52.6</td><td>1,314.4</td><td>17,038.1</td></tr><tr><td>Sept. 6.</td><td>Dec. 6.</td><td>91</td><td>1,932.4</td><td>1,306.1</td><td>1,257.6</td><td>48.5</td><td>1,302.3</td><td>17,041.9</td></tr><tr><td>Sept. 13.</td><td>Dec. 13.</td><td>91</td><td>2,024.7</td><td>1,302.0</td><td>1,241.0</td><td>61.0</td><td>1,309.8</td><td>17,034.1</td></tr><tr><td>Sept. 20.</td><td>Dec. 20.</td><td>91</td><td>2,093.7</td><td>1,306.7</td><td>1,252.1</td><td>54.6</td><td>1,305.3</td><td>17,035.5</td></tr><tr><td>Sept. 27.</td><td>Dec. 27.</td><td>91</td><td>2,073.5</td><td>1,300.6</td><td>1,247.6</td><td>53.0</td><td>1,317.8</td><td>17,018.3</td></tr><tr><td>Oct. 4.</td><td>1946-Jan. 3.</td><td>91</td><td>2,159.1</td><td>1,310.5</td><td>1,263.3</td><td>47.1</td><td>1,304.9</td><td>17,023.9</td></tr><tr><td>Oct. 11.</td><td>Jan. 10.</td><td>91</td><td>2,157.5</td><td>1,311.0</td><td>1,256.1</td><td>54.9</td><td>1,310.6</td><td>17,024.3</td></tr><tr><td>Oct. 18.</td><td>Jan. 17.</td><td>91</td><td>2,048.0</td><td>1,309.6</td><td>1,256.1</td><td>53.6</td><td>1,305.5</td><td>17,028.5</td></tr><tr><td>Oct. 25.</td><td>Jan. 24.</td><td>91</td><td>2,084.7</td><td>1,310.0</td><td>1,251.1</td><td>59.0</td><td>1,312.1</td><td>17,026.4</td></tr><tr><td>Nov. 1.</td><td>Jan. 31.</td><td>91</td><td>2,210.5</td><td>1,318.2</td><td>1,267.0</td><td>51.3</td><td>1,317.0</td><td>17,027.6</td></tr><tr><td>Nov. 8.</td><td>Feb. 7.</td><td>91</td><td>2,076.8</td><td>1,316.7</td><td>1,261.6</td><td>55.1</td><td>1,318.7</td><td>17,025.6</td></tr><tr><td>Nov. 15.</td><td>Feb. 14.</td><td>91</td><td>1,940.7</td><td>1,316.7</td><td>1,273.8</td><td>42.9</td><td>1,314.5</td><td>17,027.9</td></tr><tr><td>Nov. 23.</td><td>Feb. 21.</td><td>90</td><td>2,178.5</td><td>1,302.1</td><td>1,242.1</td><td>60.0</td><td>1,310.6</td><td>17,019.4</td></tr><tr><td>Nov. 29.</td><td>Feb. 28.</td><td>91</td><td>2,154.7</td><td>1,316.0</td><td>1,269.5</td><td>46.2</td><td>1,309.0</td><td>17,026.3</td></tr><tr><td>Dec. 6.</td><td>Mar. 7.</td><td>91</td><td>2,163.0</td><td>1,303.5</td><td>1,254.7</td><td>48.8</td><td>1,306.1</td><td>17,023.7</td></tr><tr><td>Dec. 13.</td><td>Mar. 14.</td><td>91</td><td>2,085.4</td><td>1,301.8</td><td>1,246.2</td><td>55.6</td><td>1,302.0</td><td>17,023.5</td></tr><tr><td>Dec. 20.</td><td>Mar. 21.</td><td>91</td><td>2,030.9</td><td>1,316.5</td><td>1,262.1</td><td>54.4</td><td>1,306.7</td><td>17,033.3</td></tr><tr><td>Dec. 27.</td><td>Mar. 28.</td><td>91</td><td>2,038.4</td><td>1,304.4</td><td>1,265.0</td><td>39.3</td><td>1,300.6</td><td>17,037.1</td></tr><tr><td>1946-Jan. 3.</td><td>Apr. 4.</td><td>91</td><td>2,905.0</td><td>1,302.9</td><td>1,264.4</td><td>38.5</td><td>1,310.5</td><td>17,029.5</td></tr><tr><td>Jan. 10.</td><td>Apr. 11.</td><td>91</td><td>2,259.5</td><td>1,316.1</td><td>1,253.6</td><td>62.5</td><td>1,311.0</td><td>17,034.6</td></tr><tr><td>Jan. 17.</td><td>Apr. 18.</td><td>91</td><td>2,005.3</td><td>1,312.1</td><td>1,250.9</td><td>61.2</td><td>1,309.6</td><td>17,037.1</td></tr><tr><td>Jan. 24.</td><td>Apr. 25.</td><td>91</td><td>2,016.3</td><td>1,316.9</td><td>1,256.9</td><td>60.0</td><td>1,310.0</td><td>17,044.0</td></tr><tr><td>Jan. 31.</td><td>May 2.</td><td>91</td><td>2,025.2</td><td>1,315.9</td><td>1,262.1</td><td>53.7</td><td>1,318.2</td><td>17,041.6</td></tr><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><tr><td>Mar. 7.</td><td>June 6.</td><td>91</td><td>2,015.0</td><td>1,309.0</td><td>1,261.2</td><td>47.8</td><td>1,303.5</td><td>17,037.4</td></tr><tr><td>Mar. 14.</td><td>June 13.</td><td>91</td><td>2,084.6</td><td>1,303.8</td><td>1,249.2</td><td>54.6</td><td>1,301.8</td><td>17,039.4</td></tr><tr><td>Mar. 21.</td><td>June 20.</td><td>91</td><td>2,074.8</td><td>1,315.3</td><td>1,265.5</td><td>49.8</td><td>1,316.5</td><td>17,038.2</td></tr><tr><td>Mar. 28.</td><td>June 27.</td><td>91</td><td>1,984.5</td><td>1,313.4</td><td>1,268.6</td><td>44.8</td><td>1,304.4</td><td>17,047.2</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.
May 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-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><tr><td>Mar. 7.</td><td>99.905</td><td>0.375</td><td>99.913</td><td>0.344</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 14.</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. 21.</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 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></table>
Source: Public Debt Service. Note: See Annual Reports of the Secretary of the Treasury for back figures.
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, and page A-22. For details concerning features, investment yields, and redemption values see "Treasury Bulletin" for October 1945, pages A-4 and A-5.
Series A bonds matured in 1945, and bonds of series B began to mature in January 1946. Matured bonds turned in for redemption are included in the figures on redemptions. Matured bonds outstanding are reflected in the interest-bearing debt until all bonds of the series have matured, when they are transferred to matured debt upon which interest has ceased, in accordance with the practice of the Daily Treasury Statement.
In the following tables sales figures are quoted at issue price, and redemptions and amounts outstanding at current redemption values. Amounts of series G outstanding are quoted at par.
Table 1.- Summary of Sales and Redemptions, by Series, as of March 31, 1946
<table><tr><th>United States savings bonds</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="8">(In millions of dollars)</td></tr><tr><td>Matured series: Series A.................</td><td>204</td><td>52</td><td>255</td><td>232</td><td>23</td><td>-</td><td>1/</td></tr><tr><td>Unmatured series: Series B................</td><td>370</td><td>86</td><td>456</td><td>181</td><td>-</td><td>275</td><td>39.62</td></tr><tr><td>Series C.....................</td><td>1,010</td><td>187</td><td>1,197</td><td>278</td><td>-</td><td>919</td><td>23.21</td></tr><tr><td>Series D.....................</td><td>2,365</td><td>298</td><td>2,663</td><td>432</td><td>-</td><td>2,231</td><td>16.23</td></tr><tr><td>Total, Series B, O, and D....</td><td>3,745</td><td>571</td><td>4,316</td><td>891</td><td>-</td><td>3,425</td><td>20.94</td></tr><tr><td>Series E.....................</td><td>41,059</td><td>727</td><td>41,786</td><td>11,152 2/</td><td>-</td><td>30,635</td><td>26.69</td></tr><tr><td>Series F.....................</td><td>3,071</td><td>54</td><td>3,124</td><td>270</td><td>-</td><td>2,855</td><td>8.63</td></tr><tr><td>Series O.....................</td><td>12,484</td><td>-</td><td>12,484</td><td>665</td><td>-</td><td>11,818</td><td>5.33</td></tr><tr><td>Total, Series E, F, and O....</td><td>56,613</td><td>781</td><td>57,394</td><td>12,086</td><td>-</td><td>45,308</td><td>21.06</td></tr><tr><td>Total, Series B-O............</td><td>60,358</td><td>1,353</td><td>61,710</td><td>12,977</td><td>-</td><td>48,733</td><td>21.03</td></tr><tr><td>Total, Series A-O............</td><td>60,562</td><td>1,404</td><td>61,966</td><td>13,209</td><td>23</td><td>48,733</td><td>1/</td></tr></table>
Source: Daily Treasury Statement. 1/ Not calculated for matured series.
2/ Includes unclassified redemptions which contain small amounts of Series A-D bonds.
May 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</th><th colspan="2">Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>1/</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="8">(In millions of dollars)</td></tr><tr><td>All series</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total, inception to March 31, 1946.</td><td>60,562</td><td>1,404</td><td>61,966</td><td>13,209</td><td>23</td><td>48,733</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>118</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>31,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,298</td><td>-</td><td>45,586</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>3,036</td><td>77</td><td>3,113</td><td>168</td><td>-</td><td>6,140</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>15,020</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-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>426</td><td>-</td><td>43,767</td><td>.97</td></tr><tr><td>June</td><td>2,178</td><td>44</td><td>2,222</td><td>403</td><td>-</td><td>45,586</td><td>.88</td></tr><tr><td>July</td><td>1,294</td><td>56</td><td>1,351</td><td>428</td><td>-</td><td>46,508</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>46,741</td><td>1.13</td></tr><tr><td>October</td><td>624</td><td>37</td><td>661</td><td>616</td><td>-</td><td>46,786</td><td>1.32</td></tr><tr><td>November</td><td>1,184</td><td>36</td><td>1,220</td><td>533</td><td>-</td><td>47,473</td><td>1.12</td></tr><tr><td>December</td><td>1,254</td><td>57</td><td>1,310</td><td>559</td><td>41</td><td>48,183</td><td>1.16</td></tr><tr><td>1946-January</td><td>960</td><td>64</td><td>1,023</td><td>629</td><td>30</td><td>48,588</td><td>1.29</td></tr><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>March</td><td>626</td><td>46</td><td>672</td><td>634</td><td>23</td><td>48,733</td><td>1.30</td></tr><tr><td colspan="8">Series A-D</td></tr><tr><td>Total, inception to March 31, 1946.</td><td>3,949</td><td>623</td><td>4,571</td><td>1,123</td><td>23</td><td>3,425</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>828</td><td>65</td><td>893</td><td>118</td><td>-</td><td>3,650</td><td>-</td></tr><tr><td>1942</td><td>1</td><td>86</td><td>87</td><td>133</td><td>-</td><td>3,604</td><td>-</td></tr><tr><td>1943</td><td>*</td><td>92</td><td>92</td><td>88</td><td>-</td><td>3,608</td><td>-</td></tr><tr><td>1944</td><td>*</td><td>96</td><td>96</td><td>79</td><td>-</td><td>3,625</td><td>-</td></tr><tr><td>1945</td><td>*</td><td>103</td><td>103</td><td>143</td><td>-</td><td>3,585</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>499</td><td>77</td><td>576</td><td>155</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1942</td><td>*</td><td>90</td><td>92</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-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>.61</td></tr><tr><td>December</td><td>*</td><td>9</td><td>9</td><td>25</td><td>41</td><td>3,477</td><td>.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><tr><td>March</td><td>*</td><td>7</td><td>7</td><td>31</td><td>23</td><td>3,425</td><td>.89</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 March 31, 1946.</td><td>56,613</td><td>781</td><td>57,394</td><td>12,086</td><td>45,308</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>6,584</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>17,043</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>11,147</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-March</td><td>839</td><td>28</td><td>917</td><td>133</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>43,933</td><td>1.16</td></tr><tr><td>December</td><td>1,254</td><td>48</td><td>1,301</td><td>534</td><td>44,706</td><td>1.19</td></tr><tr><td>1946-January</td><td>960</td><td>48</td><td>1,008</td><td>587</td><td>45,126</td><td>1.30</td></tr><tr><td>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>March</td><td>626</td><td>39</td><td>665</td><td>604</td><td>45,303</td><td>1.33</td></tr><tr><td colspan="7">Series I</td></tr><tr><td>Total, inception to March 31, 1946.</td><td>41,059</td><td>727</td><td>41,786</td><td>11,152</td><td>30,635</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>3,671</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-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>420</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>29,834</td><td>1.88</td></tr><tr><td>November</td><td>865</td><td>28</td><td>893</td><td>474</td><td>30,263</td><td>1.57</td></tr><tr><td>December</td><td>908</td><td>45</td><td>953</td><td>490</td><td>30,727</td><td>1.59</td></tr><tr><td>1946-January</td><td>841</td><td>44</td><td>885</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><tr><td>March</td><td>371</td><td>36</td><td>407</td><td>550</td><td>30,635</td><td>1.60</td></tr></table>
(Continued on following page)
May 1946
39
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="7">(In millions of dollars)</td></tr><tr><td colspan="7">Series F</td></tr><tr><td>Total, inception to March 31, 1946.</td><td>3,071</td><td>54</td><td>3,124</td><td>270</td><td>2,855</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>*</td><td>435</td><td>3</td><td>499</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>1,242</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>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>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>208</td><td>-</td><td>208</td><td>*</td><td>207</td><td>-</td></tr><tr><td>1942</td><td>652</td><td>2</td><td>654</td><td>7</td><td>854</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>2,793</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-March</td><td>26</td><td>2</td><td>28</td><td>9</td><td>2,357</td><td>.39</td></tr><tr><td>April</td><td>23</td><td>2</td><td>25</td><td>6</td><td>2,376</td><td>.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><tr><td>March</td><td>27</td><td>3</td><td>30</td><td>16</td><td>2,855</td><td>.57</td></tr><tr><td colspan="7">Series G</td></tr><tr><td>Total, inception to March 31, 1946.</td><td>12,484</td><td>-</td><td>12,484</td><td>665</td><td>11,818</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>3,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>-</td><td>2,891</td><td>181</td><td>8,931</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>204</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-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><tr><td>March</td><td>228</td><td>-</td><td>228</td><td>37</td><td>11,818</td><td>.31</td></tr></table>
Source: Daily Treasury Statement. * Less than $500,000.
1/ Beginning October 1944 series I 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 colspan="8">Sales in millions of dollars at issue price</th><th colspan="4">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25 2/3</th><th>$50</th><th>$100</th><th>$200 3/1</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2 and $25 2/3</th><th>$50</th><th>$100 and $200 3/1</th><th>$500, $1,000 and $10,000</th></tr></table>
Series E
<table><tr><td>Total, inception through Mar. 31, 1946.</td><td>41,059</td><td>125</td><td>13,492</td><td>5,581</td><td>8,510</td><td>166</td><td>5,058</td><td>8,127</td><td></td><td>100.0</td><td>33.2</td><td>13.6</td><td>21.1</td><td>32.1</td><td></td></tr><tr><td>Fiscal year:</td><td></td><td></td><td></td><td></td><td></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>203</td><td></td><td>14</td><td>13</td><td>41</td><td></td><td>41</td><td>93</td><td></td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>66.0</td><td></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>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>49.3</td><td></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>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>30.1</td><td></td></tr><tr><td>1944</td><td>11,820</td><td></td><td>4,149</td><td>1,642</td><td>2,584</td><td></td><td>1,397</td><td>2,048</td><td></td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>29.1</td><td></td></tr><tr><td>1945</td><td>11,553</td><td>69</td><td>3,928</td><td>1,725</td><td>2,406</td><td></td><td>1,326</td><td>2,100</td><td></td><td>100.0</td><td>34.6</td><td>14.9</td><td>20.8</td><td>29.7</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><td></td><td></td><td></td><td></td><td></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>100.0</td><td>10.0</td><td>8.1</td><td>22.6</td><td>59.3</td><td></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>100.0</td><td>29.5</td><td>11.9</td><td>22.4</td><td>36.2</td><td></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>100.0</td><td>36.0</td><td>13.4</td><td>21.0</td><td>29.6</td><td></td></tr><tr><td>1944</td><td>12,380</td><td>27</td><td>4,242</td><td>1,797</td><td>2,706</td><td></td><td>1,446</td><td>2,153</td><td></td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td><td></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>100.0</td><td>33.9</td><td>14.8</td><td>19.9</td><td>31.8</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><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>100.0</td><td>43.4</td><td>17.2</td><td>17.9</td><td>21.5</td><td></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>100.0</td><td>42.8</td><td>16.8</td><td>18.0</td><td>22.4</td><td></td></tr><tr><td>May</td><td>1,195</td><td>7</td><td>342</td><td>158</td><td>247</td><td></td><td>160</td><td>282</td><td></td><td>100.0</td><td>29.2</td><td>13.2</td><td>20.6</td><td>37.0</td><td></td></tr><tr><td>June</td><td>1,468</td><td>9</td><td>353</td><td>179</td><td>318</td><td></td><td>227</td><td>376</td><td></td><td>100.0</td><td>25.0</td><td>12.2</td><td>21.7</td><td>41.1</td><td></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>100.0</td><td>32.1</td><td>14.1</td><td>19.9</td><td>33.9</td><td></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>100.0</td><td>42.3</td><td>16.8</td><td>18.2</td><td>22.7</td><td></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>100.0</td><td>45.6</td><td>18.1</td><td>17.5</td><td>18.8</td><td></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>100.0</td><td>43.2</td><td>17.0</td><td>18.0</td><td>21.8</td><td></td></tr><tr><td>Nov.</td><td>855</td><td>6</td><td>210</td><td>94</td><td>139</td><td>55</td><td>124</td><td>238</td><td></td><td>100.0</td><td>25.0</td><td>10.9</td><td>22.3</td><td>41.8</td><td></td></tr><tr><td>Dec.</td><td>903</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>100.0</td><td>25.6</td><td>11.8</td><td>22.3</td><td>40.3</td><td></td></tr><tr><td>1946-Jan.</td><td>941</td><td>5</td><td>163</td><td>73</td><td>93</td><td>28</td><td>80</td><td>194</td><td></td><td>100.0</td><td>27.0</td><td>11.4</td><td>18.9</td><td>42.7</td><td></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>100.0</td><td>33.8</td><td>13.9</td><td>16.8</td><td>35.5</td><td></td></tr><tr><td>Mar.</td><td>371</td><td>4</td><td>117</td><td>49</td><td>54</td><td>11</td><td>39</td><td>98</td><td></td><td>100.0</td><td>32.6</td><td>13.1</td><td>17.7</td><td>36.6</td><td></td></tr></table>
Series F and G
<table><tr><td>Total, incetion through Mar. 31, 1946.</td><td>15,554</td><td>18</td><td>475</td><td>1.068</td><td>4,649</td><td>2,950</td><td>6,394</td><td>100.0</td><td>.1</td><td>3.0</td><td>36.8</td><td>60.1</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><td></td><td></td></tr><tr><td>1941</td><td>461</td><td></td><td>6</td><td>13</td><td>96</td><td>84</td><td>263</td><td>100.0</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>1</td><td>71</td><td>141</td><td>702</td><td>498</td><td>1,055</td><td>100.0</td><td>*</td><td>2.9</td><td>34.1</td><td>63.0</td></tr><tr><td>1943</td><td>3,517</td><td>4</td><td>106</td><td>229</td><td>1,016</td><td>696</td><td>1,466</td><td>100.0</td><td>.1</td><td>3.0</td><td>35.4</td><td>61.5</td></tr><tr><td>1944</td><td>3,678</td><td>6</td><td>134</td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td>100.0</td><td>.2</td><td>3.6</td><td>39.3</td><td>56.9</td></tr><tr><td>1945</td><td>3,337</td><td>5</td><td>109</td><td>255</td><td>1,012</td><td>595</td><td>1,362</td><td>100.0</td><td>.2</td><td>3.3</td><td>37.9</td><td>58.6</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><td></td><td></td></tr><tr><td>1941</td><td>1,393</td><td></td><td>26</td><td>57</td><td>355</td><td>279</td><td>676</td><td>100.0</td><td></td><td>1.8</td><td>29.6</td><td>68.6</td></tr><tr><td>1942</td><td>3,168</td><td>3</td><td>98</td><td>196</td><td>906</td><td>634</td><td>1,331</td><td>100.0</td><td>.1</td><td>3.1</td><td>34.8</td><td>62.0</td></tr><tr><td>1943</td><td>3,385</td><td>5</td><td>123</td><td>267</td><td>1,116</td><td>687</td><td>1,187</td><td>100.0</td><td>.1</td><td>3.6</td><td>40.9</td><td>55.4</td></tr><tr><td>1944</td><td>3,604</td><td>6</td><td>131</td><td>293</td><td>1,119</td><td>670</td><td>1,445</td><td>100.0</td><td>.2</td><td>3.6</td><td>38.5</td><td>57.7</td></tr><tr><td>1945</td><td>3,115</td><td>4</td><td>84</td><td>215</td><td>933</td><td>537</td><td>1,342</td><td>100.0</td><td>.1</td><td>2.7</td><td>36.9</td><td>60.3</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><td></td><td></td></tr><tr><td>1945-Mar.</td><td>177</td><td>*</td><td>5</td><td>12</td><td>53</td><td>31</td><td>76</td><td>100.0</td><td>.2</td><td>2.7</td><td>36.4</td><td>60.7</td></tr><tr><td>Apr.</td><td>153</td><td>*</td><td>5</td><td>11</td><td>51</td><td>29</td><td>57</td><td>100.0</td><td>.2</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>12</td><td>29</td><td>119</td><td>68</td><td>117</td><td>100.0</td><td>.2</td><td>3.4</td><td>42.9</td><td>53.5</td></tr><tr><td>June</td><td>710</td><td>1</td><td>15</td><td>36</td><td>144</td><td>91</td><td>424</td><td>100.0</td><td>.1</td><td>2.1</td><td>25.2</td><td>72.6</td></tr><tr><td>July</td><td>263</td><td>*</td><td>8</td><td>21</td><td>89</td><td>50</td><td>94</td><td>100.0</td><td>.2</td><td>3.0</td><td>42.0</td><td>54.8</td></tr><tr><td>Aug</td><td>128</td><td>*</td><td>4</td><td>11</td><td>49</td><td>26</td><td>39</td><td>100.0</td><td>.1</td><td>3.2</td><td>46.3</td><td>50.4</td></tr><tr><td>Sept.</td><td>94</td><td>*</td><td>3</td><td>8</td><td>37</td><td>20</td><td>25</td><td>100.0</td><td>.2</td><td>3.6</td><td>48.2</td><td>48.0</td></tr><tr><td>Oct.</td><td>115</td><td>*</td><td>4</td><td>9</td><td>45</td><td>23</td><td>34</td><td>100.0</td><td>.1</td><td>3.2</td><td>47.4</td><td>49.3</td></tr><tr><td>Nov.</td><td>319</td><td>*</td><td>10</td><td>28</td><td>124</td><td>69</td><td>87</td><td>100.0</td><td>.1</td><td>3.2</td><td>47.8</td><td>48.9</td></tr><tr><td>Dec.</td><td>345</td><td>*</td><td>8</td><td>22</td><td>103</td><td>62</td><td>148</td><td>100.0</td><td>.1</td><td>2.5</td><td>36.4</td><td>61.0</td></tr><tr><td>1945-Jan.</td><td>319</td><td>*</td><td>5</td><td>16</td><td>86</td><td>52</td><td>159</td><td>100.0</td><td>.1</td><td>1.6</td><td>32.0</td><td>66.3</td></tr><tr><td>Feb.</td><td>255</td><td>*</td><td>4</td><td>11</td><td>63</td><td>43</td><td>135</td><td>100.0</td><td>*</td><td>1.4</td><td>29.1</td><td>69.5</td></tr><tr><td>Mar.</td><td>255</td><td>*</td><td>4</td><td>13</td><td>72</td><td>48</td><td>119</td><td>100.0</td><td>*</td><td>1.4</td><td>33.0</td><td>65.6</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 authorized beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorized in December 1941.
3/ Sale of $200 denomination Series E bonds began in October 1945.
May 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="8">Denominations (Thousands of pieces sold)</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>Total, inception through March 31, 1946</td><td>1,023,906</td><td>16,607</td><td>719,560</td><td>148,838</td><td>113,469</td><td>1,108</td><td>13,487</td><td>10,836</td><td></td><td></td></tr><tr><td colspan="11">Fiscal years:</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>22,852</td><td></td><td>2,586</td><td>1,975</td><td></td><td></td></tr><tr><td>1944</td><td>305,986</td><td></td><td>221,284</td><td>43,800</td><td>34,447</td><td></td><td>3,725</td><td>2,130</td><td></td><td></td></tr><tr><td>1945</td><td>303,116</td><td>9,223</td><td>209,480</td><td>45,995</td><td>32,083</td><td></td><td>3,535</td><td>2,800</td><td></td><td></td></tr><tr><td colspan="11">Calendar years:</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 colspan="11">Months:</td></tr><tr><td>1945-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>1,042</td><td></td><td>144</td><td>132</td><td></td><td></td></tr><tr><td>May</td><td>27,475</td><td>976</td><td>18,203</td><td>4,206</td><td>3,287</td><td></td><td>427</td><td>375</td><td></td><td></td></tr><tr><td>June</td><td>30,413</td><td>1,191</td><td>19,108</td><td>4,768</td><td>4,238</td><td></td><td>606</td><td>502</td><td></td><td></td></tr><tr><td>July</td><td>25,582</td><td>1,116</td><td>17,209</td><td>3,886</td><td>2,734</td><td></td><td>341</td><td>296</td><td></td><td></td></tr><tr><td>August</td><td>17,748</td><td>1,103</td><td>12,460</td><td>2,566</td><td>1,383</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>17,364</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>18,513</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>March</td><td>9,081</td><td>509</td><td>6,246</td><td>1,294</td><td>723</td><td>77</td><td>103</td><td>130</td><td></td><td></td></tr><tr><td colspan="11">Series F and O</td></tr><tr><td>Total, inception through March 31, 1946</td><td>14,590</td><td></td><td>994</td><td></td><td>5,094</td><td></td><td>2,247</td><td>4,933</td><td>634</td><td>687</td></tr><tr><td colspan="11">Fiscal years:</td></tr><tr><td>1941</td><td>233</td><td></td><td></td><td>60</td><td></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>774</td><td></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>1,149</td><td></td><td></td><td>487</td><td>1,090</td><td>151</td><td>157</td></tr><tr><td>1944</td><td>3,869</td><td></td><td>303</td><td>1,425</td><td></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>1,156</td><td></td><td></td><td>532</td><td>1,071</td><td>128</td><td>148</td></tr><tr><td colspan="11">Calendar years:</td></tr><tr><td>1941</td><td>901</td><td></td><td></td><td>277</td><td></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>1,077</td><td></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>1,317</td><td></td><td></td><td>565</td><td>1,195</td><td>149</td><td>128</td></tr><tr><td>1944</td><td>3,521</td><td></td><td>325</td><td>1,394</td><td></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>899</td><td></td><td></td><td>447</td><td>978</td><td>115</td><td>145</td></tr><tr><td colspan="11">Months:</td></tr><tr><td>1945-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>169</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>94</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><tr><td>March</td><td>164</td><td></td><td>5</td><td></td><td>38</td><td></td><td>26</td><td>74</td><td>10</td><td>12</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. 1/ Sale of $10 denomination Series E bonds was authorised beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorized in December 1941.
3/ Sale of $200 denomination Series E bonds began in October 1945.
42
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continue
Table 5.- Sales of Series E Savings Bonds, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, inception through Mar. 31, 1946</th><th colspan="10">1945</th><th colspan="4">1946</th></tr><tr><th></th><th></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><th>Mar.</th></tr><tr><td>Alabama</td><td>493,463</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>3,644</td><td>3,658</td></tr><tr><td>Arizona</td><td>117,877</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><td>1,239</td></tr><tr><td>Arkansas</td><td>263,544</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><td>2,351</td></tr><tr><td>California</td><td>3,318,244</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><td>29,627</td></tr><tr><td>Colorado</td><td>310,493</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><td>3,487</td></tr><tr><td>Connecticut</td><td>776,150</td><td>12,177</td><td>15,573</td><td>17,646</td><td>24,659</td><td>20,169</td><td>11,586</td><td>7,775</td><td>6,364</td><td>13,624</td><td>13,812</td><td>8,911</td><td>5,356</td><td>5,951</td></tr><tr><td>Delaware</td><td>98,513</td><td>1,730</td><td>1,684</td><td>2,455</td><td>3,241</td><td>2,679</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><td>1,019</td></tr><tr><td>District of Columbia</td><td>480,786</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><td>8,693</td></tr><tr><td>Florida</td><td>505,436</td><td>10,316</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>6,772</td><td>8,415</td><td>11,326</td><td>10,335</td><td>4,580</td><td>4,997</td></tr><tr><td>Georgia</td><td>514,617</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>11,194</td><td>4,809</td><td>4,475</td></tr><tr><td>Idaho</td><td>133,927</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><td>875</td></tr><tr><td>Illinois</td><td>2,920,544</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><td>14,573</td></tr><tr><td>Indiana</td><td>1,083,759</td><td>19,239</td><td>20,747</td><td>29,982</td><td>38,632</td><td>28,469</td><td>18,211</td><td>12,474</td><td>13,284</td><td>20,604</td><td>22,664</td><td>17,411</td><td>9,726</td><td>9,998</td></tr><tr><td>Iowa</td><td>896,013</td><td>11,149</td><td>11,956</td><td>29,885</td><td>40,277</td><td>22,438</td><td>8,561</td><td>6,883</td><td>6,592</td><td>27,024</td><td>28,979</td><td>16,828</td><td>7,784</td><td>10,231</td></tr><tr><td>Kansas</td><td>559,373</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><td>9,585</td></tr><tr><td>Kentucky</td><td>436,815</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><td>4,851</td></tr><tr><td>Louisiana</td><td>469,063</td><td>8,477</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><td>4,097</td></tr><tr><td>Maine</td><td>186,591</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>1,732</td><td>1,470</td></tr><tr><td>Maryland</td><td>548,157</td><td>10,019</td><td>9,055</td><td>14,917</td><td>18,138</td><td>14,553</td><td>8,866</td><td>6,544</td><td>6,117</td><td>9,550</td><td>9,978</td><td>13,979</td><td>4,711</td><td>4,492</td></tr><tr><td>Massachusetts</td><td>1,791,055</td><td>23,863</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><td>13,158</td></tr><tr><td>Michigan</td><td>2,229,995</td><td>37,334</td><td>37,125</td><td>64,094</td><td>71,034</td><td>51,053</td><td>34,721</td><td>21,933</td><td>18,635</td><td>34,151</td><td>44,696</td><td>28,332</td><td>14,810</td><td>15,618</td></tr><tr><td>Minnesota</td><td>851,098</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><td>7,721</td></tr><tr><td>Mississippi</td><td>287,129</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><td>2,401</td></tr><tr><td>Missouri</td><td>1,001,931</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><td>10,474</td></tr><tr><td>Montana</td><td>193,272</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><td>1,728</td></tr><tr><td>Nebraska</td><td>426,714</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><td>6,463</td></tr><tr><td>Nevada</td><td>50,515</td><td>850</td><td>821</td><td>1,063</td><td>2,080</td><td>1,510</td><td>751</td><td>511</td><td>649</td><td>1,153</td><td>1,098</td><td>796</td><td>383</td><td>332</td></tr><tr><td>New Hampshire</td><td>119,407</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>1,856</td><td>1,054</td><td>1,115</td></tr><tr><td>New Jersey</td><td>1,514,565</td><td>27,755</td><td>23,143</td><td>38,109</td><td>49,078</td><td>41,142</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><td>13,913</td></tr><tr><td>New Mexico</td><td>95,610</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><td>887</td></tr><tr><td>New York</td><td>5,002,380</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>48,307</td><td>103,378</td><td>132,671</td><td>76,489</td><td>45,439</td><td>46,233</td></tr><tr><td>North Carolina</td><td>541,782</td><td>9,360</td><td>8,116</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><td>5,476</td></tr><tr><td>North Dakota</td><td>193,988</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><td>1,509</td></tr><tr><td>Ohio</td><td>2,487,053</td><td>46,252</td><td>42,191</td><td>65,764</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><td>29,904</td></tr><tr><td>Oklahoma</td><td>469,941</td><td>7,175</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><td>4,639</td></tr><tr><td>Oregon</td><td>533,426</td><td>7,514</td><td>7,769</td><td>15,488</td><td>23,286</td><td>15,658</td><td>6,507</td><td>4,824</td><td>3,937</td><td>11,456</td><td>13,201</td><td>5,626</td><td>3,651</td><td>3,387</td></tr><tr><td>Pennsylvania</td><td>3,081,786</td><td>55,339</td><td>54,189</td><td>79,549</td><td>102,456</td><td>85,144</td><td>47,665</td><td>35,959</td><td>38,242</td><td>58,341</td><td>69,156</td><td>53,561</td><td>26,681</td><td>30,314</td></tr><tr><td>Rhode Island</td><td>234,248</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><td>1,901</td></tr><tr><td>South Carolina</td><td>270,064</td><td>5,084</td><td>4,593</td><td>6,298</td><td>9,602</td><td>8,229</td><td>3,959</td><td>3,045</td><td>3,601</td><td>5,895</td><td>5,249</td><td>6,181</td><td>2,331</td><td>2,378</td></tr><tr><td>South Dakota</td><td>176,904</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><td>2,222</td></tr><tr><td>Tennessee</td><td>507,599</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><td>4,306</td></tr><tr><td>Texas</td><td>1,647,707</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><td>13,394</td></tr><tr><td>Utah</td><td>183,552</td><td>2,956</td><td>2,758</td><td>5,571</td><td>9,050</td><td>5,166</td><td>2,439</td><td>2,212</td><td>2,122</td><td>5,098</td><td>5,812</td><td>3,044</td><td>1,709</td><td>1,436</td></tr><tr><td>Vermont</td><td>68,251</td><td>869</td><td>1,008</td><td>1,389</td><td>2,444</td><td>2,015</td><td>914</td><td>541</td><td>534</td><td>1,197</td><td>1,603</td><td>1,101</td><td>566</td><td>606</td></tr><tr><td>Virginia</td><td>710,885</td><td>12,922</td><td>12,310</td><td>10,757</td><td>26,040</td><td>25,000</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><td>6,717</td></tr><tr><td>Washington</td><td>845,119</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><td>5,850</td></tr><tr><td>West Virginia</td><td>337,661</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>3,563</td><td>3,843</td></tr><tr><td>Wisconsin</td><td>896,622</td><td>14,295</td><td>15,149</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><td>8,531</td></tr><tr><td>Wyoming</td><td>82,725</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><td>784</td></tr><tr><td>Aleutians</td><td>27,462</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><td>144</td></tr><tr><td>Canal Zone</td><td>24,828</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>299</td><td>257</td></tr><tr><td>Hawaii</td><td>242,929</td><td>4,640</td><td>3,379</td><td>7,425</td><td>8,605</td><td>8,671</td
Source: Daily Treasury Statement and reports of Federal Reserve Banks. p Proliminary.
May 1946
43
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 6.- Sales of Series F and G Savings Bonds Combined, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, inception through Mar. 31, 1946</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><th>Mar.</th></tr><tr><td>Alabama</td><td>117,480</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><td>1,633</td></tr><tr><td>Arizona</td><td>36,263</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><td>409</td></tr><tr><td>Arkansas</td><td>72,141</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><td>1,098</td></tr><tr><td>California</td><td>1,003,156</td><td>13,678</td><td>9,691</td><td>23,225</td><td>29,362</td><td>22,126</td><td>11,357</td><td>7,317</td><td>8,089</td><td>21,377</td><td>20,391</td><td>18,347</td><td>16,232</td><td>16,509</td></tr><tr><td>Colorado</td><td>124,214</td><td>973</td><td>1,606</td><td>3,613</td><td>3,387</td><td>1,539</td><td>1,488</td><td>637</td><td>27</td><td>4,548</td><td>2,333</td><td>2,200</td><td>1,883</td><td>2,198</td></tr><tr><td>Connecticut</td><td>315,470</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>4,394</td><td>7,059</td><td>6,911</td><td>5,304</td></tr><tr><td>Delaware</td><td>60,551</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><td>1,607</td></tr><tr><td>Dist. of Columbia</td><td>132,585</td><td>1,409</td><td>1,109</td><td>3,488</td><td>3,377</td><td>1,712</td><td>1,319</td><td>523</td><td>1,433</td><td>2,582</td><td>2,253</td><td>2,331</td><td>1,225</td><td>2,442</td></tr><tr><td>Florida</td><td>164,040</td><td>1,774</td><td>2,410</td><td>5,276</td><td>3,948</td><td>2,996</td><td>1,895</td><td>1,201</td><td>1,361</td><td>3,314</td><td>3,216</td><td>3,511</td><td>2,871</td><td>3,158</td></tr><tr><td>Georgia</td><td>150,878</td><td>1,899</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><td>2,710</td></tr><tr><td>Idaho</td><td>33,828</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><td>705</td></tr><tr><td>Illinois</td><td>1,169,724</td><td>17,094</td><td>15,186</td><td>26,901</td><td>32,736</td><td>15,710</td><td>12,705</td><td>8,254</td><td>9,409</td><td>25,384</td><td>18,810</td><td>31,088</td><td>19,851</td><td>22,613</td></tr><tr><td>Indiana</td><td>340,863</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><td>7,086</td></tr><tr><td>Iowa</td><td>345,740</td><td>5,842</td><td>4,859</td><td>10,538</td><td>9,342</td><td>5,126</td><td>3,433</td><td>2,239</td><td>2,320</td><td>11,780</td><td>7,608</td><td>7,859</td><td>5,734</td><td>8,937</td></tr><tr><td>Kansas</td><td>168,816</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><td>3,876</td></tr><tr><td>Kentucky</td><td>183,189</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><td>3,331</td></tr><tr><td>Louisiana</td><td>159,349</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><td>2,635</td></tr><tr><td>Maine</td><td>94,371</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><td>1,206</td></tr><tr><td>Maryland</td><td>226,102</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><td>4,680</td></tr><tr><td>Massachusetts</td><td>754,045</td><td>9,068</td><td>9,208</td><td>15,480</td><td>18,313</td><td>12,646</td><td>6,638</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><td>17,912</td></tr><tr><td>Michigan</td><td>449,939</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><td>5,988</td></tr><tr><td>Minnesota</td><td>300,039</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><td>5,974</td></tr><tr><td>Mississippi</td><td>81,441</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><td>1,083</td></tr><tr><td>Missouri</td><td>406,083</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><td>7,301</td></tr><tr><td>Montana</td><td>49,779</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><td>1,011</td></tr><tr><td>Nebraska</td><td>148,832</td><td>2,550</td><td>2,136</td><td>4,004</td><td>5,759</td><td>2,278</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><td>4,424</td></tr><tr><td>Nevada</td><td>15,583</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><td>202</td></tr><tr><td>New Hampshire</td><td>64,774</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><td>1,570</td></tr><tr><td>New Jersey</td><td>490,795</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><td>7,562</td></tr><tr><td>New Mexico</td><td>30,853</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><td>285</td></tr><tr><td>New York</td><td>2,554,706</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><td>45,537</td></tr><tr><td>North Carolina</td><td>174,452</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><td>3,088</td></tr><tr><td>North Dakota</td><td>57,792</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><td>1,288</td></tr><tr><td>Ohio</td><td>832,503</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><td>15,394</td></tr><tr><td>Oklahoma</td><td>107,269</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>2,899</td><td>1,534</td><td>1,717</td></tr><tr><td>Oregon</td><td>127,371</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><td>1,767</td></tr><tr><td>Pennsylvania</td><td>1,217,201</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><td>25,584</td></tr><tr><td>Rhode Island</td><td>117,900</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>2,140</td><td>2,057</td></tr><tr><td>South Carolina</td><td>82,205</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><td>1,464</td></tr><tr><td>South Dakota</td><td>45,058</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><td>916</td></tr><tr><td>Tennessee</td><td>152,846</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><td>2,301</td></tr><tr><td>Texas</td><td>432,010</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><td>6,425</td></tr><tr><td>Utah</td><td>31,961</td><td>155</td><td>223</td><td>1,199</td><td>825</td><td>184</td><td>171</td><td>232</td><td>262</td><td>586</td><td>504</td><td>780</td><td>338</td><td>314</td></tr><tr><td>Vermon</td><td>35,008</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><td>563</td></tr><tr><td>Virginia</td><td>208,097</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><td>2,199</td></tr><tr><td>Washington</td><td>214,884</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>7,946</td><td>3,503</td><td>3,581</td></tr><tr><td>West Virginia</td><td>76,684</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><td>794</td></tr><tr><td>Viccoo</td><td>375,885</td><td>4,599</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>5,962</td><td>8,125</td></tr><tr><td>Wyoming</td><td>24,962</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>826</td><td>347</td><td>173</td></tr><tr><td>Alaska</td><td>5,236</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>24</td><td>35</td></tr><tr><td>Canal Zone</td><td>6,112</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><td>53</td></tr><tr><td>Hawaii</td><td>50,076</td><td>675</td><td>613</td><td>1,329</td><td>818</td><td>653</td><td>346</td><td>304</td><td>430</td><td>517</td><td>1,018</td><td>700</td><td>1,748</td><td>543</td></tr><tr><td>Puerto Rico</td><td>13,328</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><td>6</td></tr><tr><td>Virgin Islands</td><td>812</td><td>71</td><td>1</td><td>-</td><td>3</td><td>2</td><td>20</td><td>-</td><td>-</td><td>8</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other possessions</td><td>903</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><td>8</td></tr><tr><td>Unallocated</td><td>11,547</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><td>38</td></tr><tr><td>Sales to commercial banks 1/.</td><td>895,480</td><td>-</td><td>-</td><td>-</td><td>327,591</td><td>22,585</td><td>-</td><td>-</td><td>-</td><td>-</td><td>90,703</td
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
p Proliminary.
* Less than $500.
1/ State figures exclude sales of Series F and G bonds to commercial banks. Commercial banks were permitted to purchase Series F and G
boards under certain conditions during the calendar year 1944 (Treasury Bulletin" for December 1944, page 36, footnote 9); from June 15 through June 30, 1945 ("Treasury Bulletin" for February 1946, page 37, footnote 9); and from December 3 through December 8, 1945 ("Treasury Bulletin" for February 1946, page 4-22.)
44
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 7.- Redemptions of Series A through E Savings Bonds, Classified by States
(In thousands of dollars at current redemption values)
<table><tr><th>State</th><th>Total Oct. 1944-Mar. 1946</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><th>Mar.</th></tr><tr><td>Alabama</td><td>112,812</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><td>7,927</td></tr><tr><td>Arizona</td><td>36,463</td><td>1,836</td><td>1,643</td><td>1,691</td><td>1,581</td><td>1,603</td><td>2,195</td><td>2,168</td><td>2,456</td><td>2,308</td><td>2,493</td><td>2,826</td><td>2,698</td><td>3,008</td></tr><tr><td>Arkansas</td><td>59,419</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><td>4,305</td></tr><tr><td>California</td><td>760,585</td><td>39,544</td><td>34,919</td><td>35,329</td><td>34,671</td><td>36,169</td><td>49,441</td><td>46,460</td><td>51,387</td><td>49,254</td><td>50,602</td><td>58,213</td><td>52,179</td><td>55,672</td></tr><tr><td>Colorado</td><td>63,604</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><td>5,532</td></tr><tr><td>Connecticut</td><td>126,949</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><td>9,625</td></tr><tr><td>Delaware</td><td>17,624</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>1,285</td><td>1,151</td><td>1,372</td></tr><tr><td>District of Columbia</td><td>87,743</td><td>5,004</td><td>3,815</td><td>4,300</td><td>4,331</td><td>4,050</td><td>4,891</td><td>5,051</td><td>5,953</td><td>5,741</td><td>6,118</td><td>6,301</td><td>5,413</td><td>7,377</td></tr><tr><td>Florida</td><td>124,323</td><td>6,474</td><td>5,827</td><td>6,289</td><td>5,518</td><td>5,698</td><td>7,762</td><td>7,578</td><td>8,820</td><td>8,550</td><td>8,733</td><td>10,252</td><td>8,654</td><td>7,475</td></tr><tr><td>Georgia</td><td>112,283</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><td>8,525</td></tr><tr><td>Idaho</td><td>22,035</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><td>2,083</td></tr><tr><td>Illinois</td><td>584,185</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><td>38,658</td></tr><tr><td>Indiana</td><td>255,456</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><td>14,792</td></tr><tr><td>Iowa</td><td>135,379</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>11,611</td><td>10,785</td></tr><tr><td>Kansas</td><td>89,339</td><td>4,597</td><td>4,746</td><td>4,492</td><td>4,184</td><td>4,248</td><td>4,597</td><td>7,038</td><td>5,863</td><td>5,377</td><td>5,432</td><td>7,232</td><td>6,427</td><td>8,257</td></tr><tr><td>Kentucky</td><td>99,160</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>7,957</td><td>6,399</td><td>6,376</td><td>6,721</td><td>6,314</td><td>7,068</td></tr><tr><td>Louisiana</td><td>97,895</td><td>5,183</td><td>4,762</td><td>4,999</td><td>4,707</td><td>4,980</td><td>6,350</td><td>6,637</td><td>6,781</td><td>6,557</td><td>6,908</td><td>7,051</td><td>6,209</td><td>6,719</td></tr><tr><td>Maine</td><td>30,629</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>2,294</td><td>2,041</td><td>2,189</td><td>1,993</td><td>1,673</td><td>2,146</td></tr><tr><td>Maryland</td><td>101,470</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><td>7,378</td></tr><tr><td>Massachusetts</td><td>228,185</td><td>13,447</td><td>11,199</td><td>11,938</td><td>11,504</td><td>11,320</td><td>13,414</td><td>13,959</td><td>16,305</td><td>13,796</td><td>14,705</td><td>14,822</td><td>15,443</td><td>15,926</td></tr><tr><td>Michigan</td><td>533,673</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><td>32,634</td></tr><tr><td>Minnesota</td><td>149,507</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><td>12,244</td></tr><tr><td>Mississippi</td><td>50,040</td><td>2,351</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><td>4,431</td></tr><tr><td>Missouri</td><td>216,157</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><td>17,256</td></tr><tr><td>Montana</td><td>25,580</td><td>1,351</td><td>1,257</td><td>1,145</td><td>1,178</td><td>1,197</td><td>1,664</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><td>1,916</td></tr><tr><td>Nebraska</td><td>65,251</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><td>6,102</td></tr><tr><td>Nevada</td><td>11,244</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>771</td><td>838</td></tr><tr><td>New Hampshire</td><td>18,996</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><td>1,338</td></tr><tr><td>New Jersey</td><td>269,776</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><td>19,231</td></tr><tr><td>New Mexico</td><td>21,024</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>1,044</td><td>1,874</td></tr><tr><td>New York</td><td>761,854</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><td>53,901</td></tr><tr><td>North Carolina</td><td>104,694</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><td>9,439</td></tr><tr><td>North Dakota</td><td>18,561</td><td>901</td><td>999</td><td>955</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>1,193</td><td>1,718</td><td>927</td><td>1,807</td></tr><tr><td>Ohio</td><td>530,438</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>31,604</td><td>31,851</td><td>34,031</td><td>32,144</td><td>36,258</td></tr><tr><td>Oklahoma</td><td>104,067</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>9,690</td><td>7,724</td><td>8,486</td></tr><tr><td>Oregon</td><td>116,495</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><td>8,329</td></tr><tr><td>Pennsylvania</td><td>617,178</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><td>51,015</td></tr><tr><td>Rhode Island</td><td>42,953</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><td>2,776</td></tr><tr><td>South Carolina</td><td>53,642</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><td>4,123</td></tr><tr><td>South Dakota</td><td>20,212</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><td>1,901</td></tr><tr><td>Tennessee</td><td>113,332</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>6,957</td><td>7,425</td><td>7,679</td><td>7,262</td><td>8,021</td></tr><tr><td>Texas</td><td>360,342</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><td>29,998</td></tr><tr><td>Utah</td><td>36,171</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><td>3,117</td></tr><tr><td>Vermont</td><td>8,670</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><td>719</td></tr><tr><td>Virginia</td><td>139,481</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><td>11,245</td></tr><tr><td>Washington</td><td>164,390</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>11,612</td><td>11,612</td><td>10,063</td><td>10,452</td><td>12,043</td><td>10,452</td><td>12,211</td></tr><tr><td>West Virginia</td><td>74,250</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><td>6,277</td></tr><tr><td>Wisconsin</td><td>156,638</td><td>8,336</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><td>10,591</td></tr><tr><td>Wyoming</td><td>13,413</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><td>1,298</td></tr><tr><td>Alaska</td><td>4,110</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><td>325</td></tr><tr><td>Canal Zone</td><td>369</td><td>-</td><td>-</td><td>-</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>41,575</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>3,104</td><td>3,339</td><td>3,719</td><td>2,142</td></tr><tr><td>Puerto Rico</td><td>9,730</td><td>479</td><td>524</td><td>246</td><td>237</td><td>304</td><td>347</td><td>456</td><td>836</td><td>593</td><td>732</td><td>654</td><td>593</td><td>1,367</td></tr><tr><td>Virgin Islands</td><td>302</td><td>11</td><td>34</td><td>15</td><td>9</td><td>15</td><td>16</td><td>21</td><td>12</td><td>-</td><td>25</td><td>37</td><td>21</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. Date on redemptions by states are not available prior to October 1944. Less than $500.
May 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 March 31, 1946
(In millions of dollars)
<table><tr><th>Treasury savings notes</th><th>Salee</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>394</td><td>61 1/</td><td>333</td><td>13</td><td>-</td></tr><tr><td>Series B</td><td>4,944</td><td>4,942</td><td>182 1/</td><td>4,760</td><td>2</td><td>-</td></tr><tr><td>Series C</td><td>26,360</td><td>18,979</td><td>2,993</td><td>15,986</td><td>16</td><td>7,365</td></tr><tr><td>Total</td><td>31,711</td><td>24,314</td><td>3,236</td><td>21,078</td><td>31</td><td>7,365</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>6,404</td></tr><tr><td>1944</td><td>5,954</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>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-March</td><td>233</td><td>1,204</td><td>26</td><td>1,178</td><td>-</td><td>8,870</td></tr><tr><td>April</td><td>408</td><td>244</td><td>22</td><td>222</td><td>-</td><td>9,034</td></tr><tr><td>May</td><td>1,097</td><td>175</td><td>51</td><td>124</td><td>-</td><td>9,956</td></tr><tr><td>June</td><td>1,114</td><td>1,002</td><td>54</td><td>948</td><td>-</td><td>10,068</td></tr><tr><td>July</td><td>307</td><td>323</td><td>36</td><td>287</td><td>-</td><td>10,052</td></tr><tr><td>August</td><td>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><tr><td>March</td><td>179</td><td>862</td><td>224</td><td>639</td><td>16</td><td>7,365</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 colspan="7">Denomination</th></tr><tr><th></th><th></th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1943</td><td>7,546.7</td><td></td><td></td><td>249.0</td><td>332.1</td><td>1,388.6</td><td>2,535.5</td><td>1,124.5</td><td>1,917.0</td></tr><tr><td>1944</td><td>8,953.7</td><td>10.3</td><td>24.2</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>7,015.3</td><td>13.6</td><td>32.8</td><td>204.3</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-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>.8</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</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><tr><td>March</td><td>178.7</td><td>.3</td><td>.5</td><td>2.9</td><td>3.9</td><td>19.7</td><td>52.4</td><td>45.5</td><td>53.2</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
Table 4.- Sales of Series C, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Individuals, partnerships and trust accounts</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships and trust accounts</th><th>Corporations</th></tr><tr><td>1943</td><td>7,546.7</td><td>611.3</td><td>6,935.4</td><td>100.0</td><td>8.1</td><td>91.9</td></tr><tr><td>1944</td><td>8,953.7</td><td>654.9</td><td>8,298.7</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>1945</td><td>7,015.3</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-March</td><td>233.1</td><td>18.2</td><td>214.9</td><td>100.0</td><td>7.8</td><td>92.2</td></tr><tr><td>April</td><td>407.7</td><td>34.7</td><td>373.0</td><td>100.0</td><td>8.5</td><td>91.5</td></tr><tr><td>May</td><td>1,096.8</td><td>65.8</td><td>1,031.0</td><td>100.0</td><td>6.0</td><td>94.0</td></tr><tr><td>June</td><td>1,113.5</td><td>62.4</td><td>1,051.1</td><td>100.0</td><td>5.6</td><td>94.4</td></tr><tr><td>July</td><td>307.4</td><td>23.0</td><td>284.4</td><td>100.0</td><td>7.5</td><td>92.5</td></tr><tr><td>August</td><td>115.4</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><tr><td>March</td><td>178.7</td><td>13.5</td><td>165.2</td><td>100.0</td><td>7.6</td><td>92.4</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
May 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-June 1942.}</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>117,574</td><td>127,948 3/</td><td>18,468 3/</td><td>100.0</td><td>87.4 3/</td><td>12.6 3/</td></tr><tr><td>1943</td><td>213,350</td><td>+45,620 5/6/</td><td>590,268 6/</td><td>544,647</td><td>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-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>25,114</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>-2,146</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>-2,699</td><td>19,069</td><td>27,167</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>134,645</td><td>-6,268</td><td>17,686</td><td>23,955</td><td>16,841</td><td>7,114</td><td>100.0</td><td>70.3</td><td>29.7</td></tr><tr><td>September</td><td>114,679</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>114,372</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><tr><td>March</td><td>112,335</td><td>-1,519</td><td>9,847</td><td>11,357</td><td>8,999</td><td>5,367</td><td>100.0</td><td>62.6</td><td>37.4</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 stamps made by the Post Office Department.
3/ Details not available for May, June, and July 1941.
4/ Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousand for the period August 1, 1941 through June 30, 1942 and $55 thousand for the period July 1, 1942 through October 31, 1942. 5/ Net of sales lease redemptions. See footnote 1. 6/ Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
Table 2.- Sales, Classified by Denomination
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Sales in thousands of dollars</th><th colspan="5">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1942</td><td>308,621</td><td>67,466</td><td>167,709</td><td>28,614</td><td>31,583</td><td>13,250</td><td>100.0</td><td>21.9</td><td>54.3</td><td>9.3</td><td>10.2</td><td>4.3</td></tr><tr><td>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</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-March</td><td>28,254</td><td>8,059</td><td>13,981</td><td>2,017</td><td>3,201</td><td>996</td><td>100.0</td><td>28.5</td><td>49.5</td><td>7.2</td><td>11.3</td><td>3.5</td></tr><tr><td>April</td><td>24,748</td><td>6,966</td><td>12,226</td><td>1,878</td><td>2,755</td><td>924</td><td>100.0</td><td>28.2</td><td>49.4</td><td>7.6</td><td>11.1</td><td>3.7</td></tr><tr><td>May</td><td>26,132</td><td>7,236</td><td>12,975</td><td>1,953</td><td>2,981</td><td>987</td><td>100.0</td><td>27.7</td><td>49.6</td><td>7.5</td><td>11.4</td><td>3.8</td></tr><tr><td>June</td><td>19,089</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>1,321</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>4,420</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>1,70</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>1,499</td><td>100.0</td><td>26.2</td><td>50.0</td><td>7.6</td><td>11.8</td><td>4.4</td></tr><tr><td>December</td><td>5,259</td><td>1,204</td><td>2,643</td><td>398</td><td>692</td><td>322</td><td>100.0</td><td>22.9</td><td>50.2</td><td>7.6</td><td>13.2</td><td>6.1</td></tr><tr><td>1946-January</td><td>3,689</td><td>946</td><td>1,839</td><td>271</td><td>478</td><td>157</td><td>100.0</td><td>25.6</td><td>49.8</td><td>7.3</td><td>13.0</td><td>4.3</td></tr><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>13.2</td><td>4.7</td></tr><tr><td>March</td><td>9,847</td><td>2,502</td><td>4,868</td><td>806</td><td>1,218</td><td>453</td><td>100.0</td><td>25.4</td><td>49.4</td><td>8.2</td><td>12.4</td><td>4.6</td></tr></table>
Sources: (1) Total sales: Daily Treasury Statement commencing November 1, 1942; prior thereto Post Office Department; (2) Distribution by denominations: Based upon Post Offices Department data.
48
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
May 1946
49
Summary Distribution by Classes of Holders of Interest-Bearing Securities Issued by United States Government and Guaranteed by United States
(In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Distribution by classes of holders</th><th colspan="6">Distribution by classes of holders</th></tr><tr><th colspan="4">U. S. Government agencies and trust funds</th><th colspan="2">Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th colspan="4">U. S. Government agencies and trust funds and Federal Reserve Banks</th><th colspan="2">Private investors 2/</th></tr><tr><th></th><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public marketable issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Total amount unmatured out-standing</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public non-marketable issues 3/</th></tr><tr><td>1936</td><td>32,989</td><td>1,959</td><td>1,332</td><td>-</td><td>626</td><td>2,430</td><td>28,601</td><td>27,340</td><td>1,261</td><td>4,718</td><td>377</td><td>-</td><td>4,341</td><td>-</td></tr><tr><td>1937</td><td>35,800</td><td>3,251</td><td>1,693</td><td>-</td><td>1,558</td><td>2,526</td><td>30,023</td><td>28,835</td><td>1,188</td><td>4,665</td><td>363</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td>-</td><td>2,676</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>-</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>-</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,968</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1945-Mar</td><td>232,026</td><td>22,864</td><td>5,281</td><td>16</td><td>17,567</td><td>19,669</td><td>189,493</td><td>137,675</td><td>51,817</td><td>1,119</td><td>6</td><td>-</td><td>781</td><td>332</td></tr><tr><td>Apr.</td><td>233,063</td><td>23,180</td><td>5,240</td><td>16</td><td>17,983</td><td>20,455</td><td>189,428</td><td>136,984</td><td>52,444</td><td>1,132</td><td>6</td><td>-</td><td>782</td><td>343</td></tr><tr><td>May</td><td>235,761</td><td>23,804</td><td>5,195</td><td>16</td><td>18,592</td><td>20,954</td><td>191,004</td><td>136,503</td><td>54,501</td><td>1,151</td><td>6</td><td>-</td><td>783</td><td>362</td></tr><tr><td>June</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>July</td><td>259,781</td><td>25,657</td><td>6,077</td><td>22</td><td>19,558</td><td>21,717</td><td>212,407</td><td>155,286</td><td>57,121</td><td>484</td><td>6</td><td>-</td><td>28</td><td>450</td></tr><tr><td>Aug.</td><td>260,746</td><td>26,147</td><td>6,085</td><td>29</td><td>20,033</td><td>22,530</td><td>212,069</td><td>154,719</td><td>57,350</td><td>515</td><td>7</td><td>-</td><td>29</td><td>479</td></tr><tr><td>Sept.</td><td>259,630</td><td>26,635</td><td>6,087</td><td>29</td><td>20,519</td><td>23,328</td><td>209,667</td><td>153,418</td><td>56,249</td><td>527</td><td>7</td><td>-</td><td>30</td><td>490</td></tr><tr><td>Oct.</td><td>259,439</td><td>26,745</td><td>6,139</td><td>29</td><td>20,577</td><td>23,276</td><td>209,418</td><td>153,375</td><td>56,043</td><td>541</td><td>7</td><td>-</td><td>32</td><td>503</td></tr><tr><td>Nov.</td><td>262,849</td><td>26,837</td><td>6,098</td><td>29</td><td>20,710</td><td>23,472</td><td>212,541</td><td>155,542</td><td>56,998</td><td>536</td><td>7</td><td>-</td><td>32</td><td>497</td></tr><tr><td>Dec.</td><td>275,694</td><td>27,031</td><td>7,002</td><td>29</td><td>20,000</td><td>24,262</td><td>224,400</td><td>167,515</td><td>56,886</td><td>553</td><td>7</td><td>-</td><td>34</td><td>512</td></tr><tr><td>1946-Jan.</td><td>277,456</td><td>27,691</td><td>7,006</td><td>30</td><td>20,655</td><td>23,264</td><td>286,501</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>27,949</td><td>7,023</td><td>30</td><td>20,897</td><td>22,904</td><td>227,099</td><td>169,884</td><td>57,176</td><td>539</td><td>8</td><td>-</td><td>32</td><td>499</td></tr><tr><td>Mar.</td><td>274,748</td><td>28,155 p</td><td>6,989 p</td><td>30 p</td><td>21,135</td><td>22,601</td><td>223,993 p</td><td>167,474 p</td><td>56,520 p</td><td>542</td><td>8 p</td><td>-</td><td>33 p</td><td>501</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 $500,000.
1/ Excludes matured securities, and obligations held by the Treasury.
2/ The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and by Federal Reserve Banks.
3/ Stated as of close of previous month.
50
Treasury Bulletin
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par value 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th>$</th><th>Total</th><th>Commercial banks</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations</th><th>State and local governments</th><th>U.S. Government agencies and trust funds</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.7</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.6</td><td>.3</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.4</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.4</td><td>7.6</td></tr><tr><td>1941-June</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>11.1</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.4</td><td>8.5</td></tr><tr><td>December</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.8</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.5</td><td>9.5</td></tr><tr><td>1942-June</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</td><td>18.2</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.6</td><td>10.6</td></tr><tr><td>December</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.8</td><td>11.3</td><td>4.5</td><td>11.6</td><td>.5</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>166.7</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>18.3</td><td>133.3</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-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>24.4 r</td><td>10.7</td><td>29.9 r</td><td>6.3</td><td>27.0</td></tr><tr><td>1946-January</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>29.3</td><td>6.4</td><td>27.7</td></tr><tr><td>February p.</td><td>278.5</td><td>115.4</td><td>92.5</td><td>22.9</td><td>163.0</td><td>63.7</td><td>24.8</td><td>11.1</td><td>29.0</td><td>6.4</td><td>28.0</td></tr></table>
Preliminary. Revised. 1/ United States savings bonds, Series A-D, E, and F are included at current redemption values. 2/ Guaranteed securities held by the Treasury are excluded. 3/ Consols of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular possessions.
4/ Excludes securities held in trust departments. 
5/ Includes partnerships and personal trust accounts. 
6/ Includes savings and loan associations, dealers and brokers, and investments of foreign balances in this country. 
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 1/
(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>-1.7</td><td>-2</td><td>.4</td><td>*</td><td>-</td><td>*</td><td>-2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-.5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.6</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 Stabilisation Fund.
May 1946
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, February 28, 1946
The tables in Section I present summary data as of February 23, 1946 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banka 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.
Section I - Securities Issued or Guaranteed by the United States Government
Table 1. - Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,377 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>Total</th><th>315 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>199,849</td><td>84,727</td><td>465</td><td>10,871</td><td>23,895</td><td>21,071</td><td>2,824</td><td>29,934</td><td>49,957</td></tr><tr><td>Non-marketable securities 4/</td><td>57,705</td><td>1,387</td><td>11</td><td>228</td><td>309</td><td>114</td><td>195</td><td>30</td><td>55,242</td></tr><tr><td>Total public securities</td><td>257,555</td><td>86,114</td><td>476</td><td>11,099</td><td>24,204</td><td>21,185</td><td>3,019</td><td>29,964</td><td>105,198</td></tr><tr><td>Special issues</td><td>20,897</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20,897</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/</td><td>278,451</td><td>86,114</td><td>476</td><td>11,099</td><td>24,204</td><td>21,185</td><td>3,019</td><td>50,860</td><td>105,198</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. demand obligations in the amount of $499 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 3/</th></tr><tr><th>7,377 commercial banks 2/</th><th>314 stock savings banks</th><th>540 mutual savings banks</th><th>Total</th><th>315 life insurance companies</th><th>648 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="10">Par values - in millions of dollars</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,032</td><td>2,395</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>13,052</td><td>1,584</td></tr><tr><td>Certificates of indebtedness</td><td>41,413</td><td>21,687</td><td>29</td><td>119</td><td>531</td><td>361</td><td>170</td><td>7,604</td><td>11,442</td></tr><tr><td>Treasury notes</td><td>19,551</td><td>13,589</td><td>36</td><td>184</td><td>538</td><td>356</td><td>183</td><td>1,380</td><td>3,824</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>53,427</td><td>1,519</td><td>195</td><td>8,099</td><td>17,562</td><td>16,509</td><td>1,053</td><td>5,195</td><td>20,858</td></tr><tr><td>Treasury bonds - bank eligible</td><td>68,207</td><td>45,510</td><td>205</td><td>2,466</td><td>5,250</td><td>3,834</td><td>1,417</td><td>2,661</td><td>12,116</td></tr><tr><td>Postal savings and other bonds</td><td>180</td><td>14</td><td>*</td><td>1</td><td>1</td><td>*</td><td>*</td><td>35</td><td>128</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>8</td><td>4</td></tr><tr><td>Total</td><td>199,849</td><td>84,727</td><td>465</td><td>10,871</td><td>23,895</td><td>21,071</td><td>2,824</td><td>29,934</td><td>49,957</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>70,379</td><td>31,876</td><td>36</td><td>197</td><td>720</td><td>457</td><td>263</td><td>22,142</td><td>15,407</td></tr><tr><td>1 to 5 years</td><td>35,378</td><td>25,339</td><td>66</td><td>678</td><td>1,749</td><td>1,203</td><td>541</td><td>1,087</td><td>6,459</td></tr><tr><td>5 to 10 years</td><td>33,025</td><td>21,394</td><td>114</td><td>1,731</td><td>2,739</td><td>2,059</td><td>680</td><td>990</td><td>6,057</td></tr><tr><td>10 to 15 years</td><td>17,400</td><td>3,566</td><td>120</td><td>3,459</td><td>2,802</td><td>2,019</td><td>782</td><td>623</td><td>6,831</td></tr><tr><td>15 to 20 years</td><td>17,796</td><td>66</td><td>49</td><td>2,292</td><td>8,240</td><td>8,021</td><td>219</td><td>2,259</td><td>4,889</td></tr><tr><td>Over 20 years</td><td>25,832</td><td>2,474</td><td>79</td><td>2,512</td><td>7,532</td><td>7,294</td><td>339</td><td>2,825</td><td>10,309</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>8</td><td>4</td></tr><tr><td>Total</td><td>199,849</td><td>84,727</td><td>465</td><td>10,871</td><td>23,895</td><td>21,071</td><td>2,824</td><td>29,934</td><td>49,957</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>14</td><td>*</td><td>1</td><td>1</td><td>*</td><td>*</td><td>35</td><td>128</td></tr><tr><td>Partially exempt from Federal income taxes 7/</td><td>20,423</td><td>13,499</td><td>95</td><td>117</td><td>1,026</td><td>229</td><td>796</td><td>1,965</td><td>3,722</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>179,247</td><td>71,214</td><td>371</td><td>10,754</td><td>22,868</td><td>20,842</td><td>2,027</td><td>27,934</td><td>46,106</td></tr><tr><td>Total</td><td>199,849</td><td>84,727</td><td>465</td><td>10,871</td><td>23,895</td><td>21,071</td><td>2,824</td><td>29,934</td><td>49,957</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, February 28, 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>Classification</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">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>540 mutual savings banks</th><th>Total</th><th>315 life insurance companies</th><th>648 fire, casualty, and marine insurance companies</th><th></th></tr><tr><th colspan="9">Percentage distribution by classes of securities</th></tr><tr><td>Types of security: Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>8.5</td><td>2.8</td><td>.1</td><td></td><td></td><td></td><td>43.6</td><td>3.2</td></tr><tr><td>Certificates of indebtedness</td><td>20.7</td><td>25.6</td><td>6.1</td><td>1.1</td><td>2.2</td><td>1.7</td><td>6.0</td><td>22.9</td></tr><tr><td>Treasury notes</td><td>9.8</td><td>16.0</td><td>7.8</td><td>1.7</td><td>2.3</td><td>1.7</td><td>6.5</td><td>7.7</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>26.7</td><td>1.8</td><td>41.9</td><td>74.5</td><td>73.5</td><td>78.3</td><td>37.3</td><td>41.8</td></tr><tr><td>Treasury bonds - bank eligible</td><td>34.1</td><td>53.7</td><td>44.0</td><td>22.7</td><td>22.0</td><td>18.2</td><td>50.2</td><td>24.3</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>.3</td></tr><tr><td>Guaranteed by United States 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td>.1</td><td></td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Call classes: Due or First becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>35.2</td><td>37.6</td><td>7.8</td><td>1.8</td><td>3.0</td><td>2.2</td><td>9.3</td><td>30.8</td></tr><tr><td>1 to 5 years</td><td>17.7</td><td>29.9</td><td>14.3</td><td>6.2</td><td>7.3</td><td>5.7</td><td>19.1</td><td>12.9</td></tr><tr><td>5 to 10 years</td><td>16.5</td><td>25.2</td><td>24.6</td><td>15.9</td><td>11.5</td><td>9.8</td><td>24.1</td><td>12.1</td></tr><tr><td>10 to 15 years</td><td>8.7</td><td>4.2</td><td>25.7</td><td>31.8</td><td>11.7</td><td>9.6</td><td>27.7</td><td>13.7</td></tr><tr><td>15 to 20 years</td><td>8.9</td><td>.1</td><td>10.6</td><td>21.1</td><td>34.5</td><td>38.1</td><td>7.7</td><td>9.8</td></tr><tr><td>Over 20 years</td><td>12.9</td><td>2.9</td><td>17.0</td><td>23.1</td><td>31.9</td><td>34.6</td><td>12.0</td><td>20.6</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></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.1</td><td></td><td></td><td></td><td></td><td></td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>10.2</td><td>15.9</td><td>20.3</td><td>1.1</td><td>4.3</td><td>1.1</td><td>28.2</td><td>7.5</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>89.7</td><td>84.1</td><td>79.7</td><td>98.9</td><td>95.7</td><td>98.9</td><td>71.8</td><td>92.3</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th colspan="9">Percentage distribution by groups of investors</th></tr><tr><td>Types of security: Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>14.1</td><td></td><td></td><td></td><td></td><td>76.6</td><td>9.3</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>52.4</td><td>.1</td><td>.3</td><td>1.3</td><td>.9</td><td>18.4</td><td>27.6</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>69.5</td><td>.2</td><td>.9</td><td>2.8</td><td>1.8</td><td>.9</td><td>19.6</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>100.0</td><td>2.8</td><td>.4</td><td>15.2</td><td>32.9</td><td>30.9</td><td>2.0</td><td>39.0</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>66.7</td><td>.3</td><td>3.6</td><td>7.7</td><td>5.6</td><td>2.1</td><td>17.8</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.0</td><td></td><td>.4</td><td>.3</td><td>.1</td><td>.3</td><td>71.5</td></tr><tr><td>Guaranteed by United States 5/</td><td>100.0</td><td>30.4</td><td>.4</td><td>6.6</td><td>32.0</td><td>30.7</td><td>1.3</td><td>19.6</td><td>11.1</td></tr><tr><td>Total</td><td>100.0</td><td>42.4</td><td>.2</td><td>5.4</td><td>12.0</td><td>10.5</td><td>1.4</td><td>15.0</td><td>25.0</td></tr><tr><td>Call classes: Due or First becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>45.3</td><td>.1</td><td>.3</td><td>1.0</td><td>.6</td><td>.4</td><td>31.5</td><td>21.9</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>71.6</td><td>.2</td><td>1.9</td><td>4.9</td><td>3.4</td><td>1.5</td><td>3.1</td><td>18.3</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>64.8</td><td>.3</td><td>5.2</td><td>8.3</td><td>6.2</td><td>2.1</td><td>3.0</td><td>18.3</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>20.5</td><td>.7</td><td>19.9</td><td>16.1</td><td>11.6</td><td>4.5</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>46.3</td><td>45.1</td><td>1.2</td><td>12.7</td><td>27.5</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>9.6</td><td>.3</td><td>9.7</td><td>29.5</td><td>28.2</td><td>1.3</td><td>10.9</td><td>39.9</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>30.4</td><td>.4</td><td>6.6</td><td>32.0</td><td>30.7</td><td>1.3</td><td>19.6</td><td>11.1</td></tr><tr><td>Total</td><td>100.0</td><td>42.4</td><td>.2</td><td>5.4</td><td>12.0</td><td>10.5</td><td>1.4</td><td>15.0</td><td>25.0</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>8.0</td><td></td><td>.4</td><td>.3</td><td>.1</td><td>.3</td><td>19.8</td><td>71.5</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>100.0</td><td>66.1</td><td>.5</td><td>.6</td><td>5.0</td><td>1.1</td><td>3.9</td><td>9.6</td><td>18.2</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>100.0</td><td>39.7</td><td>.2</td><td>6.0</td><td>12.8</td><td>11.6</td><td>1.1</td><td>15.6</td><td>25.7</td></tr><tr><td>Total</td><td>100.0</td><td>42.4</td><td>.2</td><td>5.4</td><td>12.0</td><td>10.5</td><td>1.4</td><td>15.0</td><td>25.0</td></tr></table>
(Continued on following page)
May 1946
53
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, February 28, 1946 - (Continued)
Section I
Securities Issued or Guaranteed by the United States Government - (Continued
Table 2.
Public Marketable Interest-Bearing Securities - (Continued)
PART 9
DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
r 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>540 mutual savings banks</th><th>Total</th><th>315 life insurance companies</th><th>648 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills............. (taxable)</td><td>17,032</td><td>2,395</td><td>1</td><td>*</td><td>*</td><td>-</td><td>*</td><td>13,052</td><td>1,584</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 March 1946......... (taxable)</td><td>4,147</td><td>2,544</td><td>1</td><td>9</td><td>23</td><td>2</td><td>21</td><td>953</td><td>618</td></tr><tr><td>7/8 April 1946......... (taxable)</td><td>4,811</td><td>2,763</td><td>3</td><td>18</td><td>19</td><td>12</td><td>7</td><td>1,321</td><td>686</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>352</td><td>185</td></tr><tr><td>7/8 June 1946........... (taxable)</td><td>4,795</td><td>1,517</td><td>3</td><td>25</td><td>43</td><td>9</td><td>34</td><td>269</td><td>2,943</td></tr><tr><td>7/8 August 1946......... (taxable)</td><td>2,470</td><td>1,541</td><td>5</td><td>12</td><td>8</td><td>*</td><td>8</td><td>647</td><td>255</td></tr><tr><td>7/8 September 1946...... (taxable)</td><td>4,336</td><td>2,413</td><td>4</td><td>15</td><td>19</td><td>64</td><td>15</td><td>1,374</td><td>451</td></tr><tr><td>7/8 October 1946......... (taxable)</td><td>3,440</td><td>2,182</td><td>2</td><td>12</td><td>9</td><td>*</td><td>9</td><td>775</td><td>459</td></tr><tr><td>7/8 November 1946........ (taxable)</td><td>3,778</td><td>2,274</td><td>2</td><td>8</td><td>121</td><td>89</td><td>32</td><td>331</td><td>1,042</td></tr><tr><td>7/8 December 1946........ (taxable)</td><td>3,768</td><td>485</td><td>2</td><td>6</td><td>20</td><td>1</td><td>19</td><td>4</td><td>3,252</td></tr><tr><td>7/8 January 1947......... (taxable)</td><td>3,330</td><td>2,175</td><td>1</td><td>6</td><td>138</td><td>135</td><td>3</td><td>382</td><td>627</td></tr><tr><td>7/8 February 1947........ (taxable)</td><td>4,954</td><td>2,751</td><td>4</td><td>6</td><td>68</td><td>48</td><td>19</td><td>1,196</td><td>924</td></tr><tr><td>Total certificates of indebtedness</td><td>41,413</td><td>21,687</td><td>29</td><td>119</td><td>531</td><td>361</td><td>170</td><td>7,604</td><td>11,442</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>1,007</td><td>1</td><td>6</td><td>35</td><td>26</td><td>9</td><td>76</td><td>166</td></tr><tr><td>.90% July 1946........... (taxable)</td><td>4,910</td><td>3,209</td><td>3</td><td>26</td><td>18</td><td>1</td><td>17</td><td>731</td><td>923</td></tr><tr><td>1-1/2% December 1946..... (taxable)</td><td>3,261</td><td>2,435</td><td>2</td><td>29</td><td>99</td><td>67</td><td>32</td><td>276</td><td>420</td></tr><tr><td>1-1/4% March 1947........ (taxable)</td><td>1,948</td><td>963</td><td>12</td><td>28</td><td>269</td><td>237</td><td>32</td><td>-</td><td>675</td></tr><tr><td>1-1/4% September 1947..... (taxable)</td><td>1,687</td><td>880</td><td>9</td><td>26</td><td>56</td><td>14</td><td>42</td><td>-</td><td>716</td></tr><tr><td>1-1/2% September 1947..... (taxable)</td><td>2,707</td><td>2,177</td><td>4</td><td>37</td><td>28</td><td>5</td><td>23</td><td>*</td><td>462</td></tr><tr><td>1-1/2% September 1948..... (taxable)</td><td>3,748</td><td>2,919</td><td>4</td><td>32</td><td>34</td><td>6</td><td>28</td><td>298</td><td>461</td></tr><tr><td>Total Treasury notes</td><td>19,551</td><td>13,539</td><td>36</td><td>184</td><td>538</td><td>356</td><td>183</td><td>1,380</td><td>3,824</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>213</td><td>*</td><td>6</td><td>8</td><td>*</td><td>8</td><td>77</td><td>185</td></tr><tr><td>3% June 1946-48......... (partially)</td><td>1,036</td><td>523</td><td>*</td><td>5</td><td>18</td><td>1</td><td>17</td><td>205</td><td>285</td></tr><tr><td>3-1/8% June 1946-49..... (partially)</td><td>819</td><td>393</td><td>*</td><td>6</td><td>10</td><td>1</td><td>10</td><td>87</td><td>322</td></tr><tr><td>4-1/4% October 1947-52... (partially)</td><td>759</td><td>275</td><td>*</td><td>7</td><td>34</td><td>11</td><td>23</td><td>81</td><td>362</td></tr><tr><td>2% December 1947......... (partially)</td><td>701</td><td>554</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>781</td><td>1</td><td>60</td><td>77</td><td>64</td><td>12</td><td>40</td><td>158</td></tr><tr><td>2-3/4% March 1948-51..... (partially)</td><td>1,223</td><td>888</td><td>1</td><td>10</td><td>33</td><td>5</td><td>28</td><td>160</td><td>132</td></tr><tr><td>1-3/4% June 1948......... (taxable)</td><td>3,062</td><td>2,351</td><td>3</td><td>65</td><td>62</td><td>50</td><td>33</td><td>25</td><td>526</td></tr><tr><td>2-1/2% September 1948..... (partially)</td><td>451</td><td>377</td><td>*</td><td>2</td><td>9</td><td>*</td><td>9</td><td>-</td><td>62</td></tr><tr><td>2% December 1948-50..... (partially)</td><td>571</td><td>468</td><td>*</td><td>1</td><td>14</td><td>*</td><td>13</td><td>44</td><td>45</td></tr><tr><td>2% June 1949-51......... (taxable)</td><td>1,014</td><td>769</td><td>1</td><td>52</td><td>110</td><td>100</td><td>10</td><td>8</td><td>74</td></tr><tr><td>2% September 1949-51..... (taxable)</td><td>1,292</td><td>1,033</td><td>1</td><td>31</td><td>120</td><td>93</td><td>27</td><td>1</td><td>107</td></tr><tr><td>2% December 1949-51..... (taxable)</td><td>2,098</td><td>1,600</td><td>4</td><td>47</td><td>147</td><td>125</td><td>22</td><td>3</td><td>237</td></tr><tr><td>3-1/8% December 1949-52.. (partially)</td><td>491</td><td>362</td><td>1</td><td>5</td><td>31</td><td>11</td><td>20</td><td>40</td><td>53</td></tr><tr><td>2-1/2% December 1949-53.. (partially)</td><td>1,786</td><td>1,298</td><td>8</td><td>5</td><td>45</td><td>3</td><td>42</td><td>223</td><td>208</td></tr><tr><td>2% March 1950-52......... (taxable)</td><td>1,963</td><td>1,606</td><td>5</td><td>73</td><td>181</td><td>156</td><td>25</td><td>4</td><td>94</td></tr><tr><td>2% September 1950-52..... (taxable)</td><td>4,939</td><td>3,399</td><td>8</td><td>167</td><td>387</td><td>325</td><td>62</td><td>47</td><td>931</td></tr><tr><td>2-1/2% September 1950-52.. (partially)</td><td>1,186</td><td>988</td><td>2</td><td>17</td><td>54</td><td>2</td><td>52</td><td>112</td><td>13</td></tr><tr><td>1-1/2% December 1950..... (taxable)</td><td>2,635</td><td>1,604</td><td>2</td><td>13</td><td>16</td><td>*</td><td>16</td><td>*</td><td>960</td></tr><tr><td>2-3/4% June 1951-54..... (partially)</td><td>1,627</td><td>1,203</td><td>8</td><td>8</td><td>63</td><td>2</td><td>61</td><td>163</td><td>182</td></tr><tr><td>2% September 1951-53..... (taxable)</td><td>7,986</td><td>5,335</td><td>22</td><td>378</td><td>748</td><td>628</td><td>120</td><td>115</td><td>1,388</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, February 28, 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-(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 Bank</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>540 mutual savings banks</th><th>Total</th><th>315 life insurance companies</th><th>648 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>3% September 1951-55.....(partially)</td><td>755</td><td>373</td><td>*</td><td>5</td><td>48</td><td>16</td><td>32</td><td>77</td><td>253</td></tr><tr><td>2% December 1951-55.....(taxable)</td><td>510</td><td>364</td><td>2</td><td>11</td><td>30</td><td>24</td><td>6</td><td>12</td><td>13</td></tr><tr><td>2-1/4% December 1951-53.....(partially)</td><td>1,118</td><td>905</td><td>2</td><td>1</td><td>33</td><td>3</td><td>30</td><td>108</td><td>68</td></tr><tr><td>2-1/2% March 1952-54.....(taxable)</td><td>1,024</td><td>547</td><td>*</td><td>211</td><td>62</td><td>45</td><td>17</td><td>65</td><td>142</td></tr><tr><td>2% June 1952-54.....(taxable)</td><td>5,825</td><td>3,801</td><td>20</td><td>263</td><td>557</td><td>481</td><td>77</td><td>7</td><td>1,178</td></tr><tr><td>2% December 1952-54.....(taxable)</td><td>8,662</td><td>5,480</td><td>23</td><td>674</td><td>806</td><td>664</td><td>142</td><td>13</td><td>1,667</td></tr><tr><td>2-1/4% June 1952-55.....(taxable)</td><td>1,501</td><td>919</td><td>2</td><td>162</td><td>180</td><td>157</td><td>23</td><td>68</td><td>170</td></tr><tr><td>2% June 1953-55.....(partially)</td><td>725</td><td>630</td><td>*</td><td>1</td><td>28</td><td>2</td><td>26</td><td>14</td><td>52</td></tr><tr><td>2-1/4% June 1954-56.....(partially)</td><td>681</td><td>530</td><td>2</td><td>1</td><td>37</td><td>3</td><td>35</td><td>35</td><td>75</td></tr><tr><td>2-7/8% March 1955-60.....(partially)</td><td>2,611</td><td>1,290</td><td>32</td><td>16</td><td>147</td><td>35</td><td>111</td><td>315</td><td>811</td></tr><tr><td>2-1/2% March 1956-58.....(taxable)</td><td>1,449</td><td>702</td><td>9</td><td>79</td><td>418</td><td>407</td><td>11</td><td>51</td><td>189</td></tr><tr><td>2-1/4% September 1959-59 3/.....(taxable)</td><td>3,823</td><td>257</td><td>18</td><td>1,208</td><td>791</td><td>656</td><td>135</td><td>130</td><td>1,418</td></tr><tr><td>2-3/4% September 1956-59.....(partially)</td><td>982</td><td>619</td><td>16</td><td>6</td><td>98</td><td>24</td><td>73</td><td>96</td><td>148</td></tr><tr><td>2-3/4% June 1958-63.....(partially)</td><td>919</td><td>611</td><td>12</td><td>7</td><td>134</td><td>59</td><td>75</td><td>52</td><td>104</td></tr><tr><td>2-1/4% June. 1959-62 3/.....(taxable)</td><td>5,284</td><td>-</td><td>36</td><td>1,721</td><td>763</td><td>545</td><td>218</td><td>216</td><td>2,542</td></tr><tr><td>2-1/4% December 1959-62 3/.....(taxable)</td><td>3,458</td><td>379</td><td>21</td><td>425</td><td>441</td><td>280</td><td>162</td><td>2</td><td>2,191</td></tr><tr><td>2-1/4% December 1960-65.....(partially)</td><td>1,485</td><td>998</td><td>9</td><td>7</td><td>157</td><td>48</td><td>108</td><td>75</td><td>240</td></tr><tr><td>2-1/2% June 1962-67 3/.....(taxable)</td><td>2,118</td><td>-</td><td>4</td><td>388</td><td>1,141</td><td>1,094</td><td>47</td><td>208</td><td>377</td></tr><tr><td>2-1/2% December 1963-68 3/.....(taxable)</td><td>2,831</td><td>-</td><td>4</td><td>497</td><td>1,384</td><td>1,345</td><td>39</td><td>264</td><td>682</td></tr><tr><td>2-1/2% June 1964-69 3/.....(taxable)</td><td>3,761</td><td>-</td><td>14</td><td>692</td><td>1,606</td><td>1,568</td><td>38</td><td>418</td><td>1,031</td></tr><tr><td>2-1/2% December 1964-69 3/.....(taxable)</td><td>3,838</td><td>-</td><td>13</td><td>478</td><td>1,627</td><td>1,576</td><td>52</td><td>507</td><td>1,217</td></tr><tr><td>2-1/2% March 1965-70 3/.....(taxable)</td><td>5,197</td><td>65</td><td>15</td><td>235</td><td>2,481</td><td>2,438</td><td>44</td><td>857</td><td>1,534</td></tr><tr><td>2-1/2% March 1966-71 3/.....(taxable)</td><td>3,481</td><td>76</td><td>11</td><td>155</td><td>1,602</td><td>1,582</td><td>20</td><td>674</td><td>964</td></tr><tr><td>3-1/2% June 1967-72 3/.....(taxable)</td><td>7,967</td><td>-</td><td>25</td><td>937</td><td>3,235</td><td>3,136</td><td>99</td><td>888</td><td>2,882</td></tr><tr><td>2-1/2% September 1967-72.....(taxable)</td><td>2,716</td><td>1,658</td><td>8</td><td>65</td><td>306</td><td>287</td><td>19</td><td>238</td><td>442</td></tr><tr><td>2-1/2% December 1967-72 3/.....(taxable)</td><td>11,668</td><td>741</td><td>35</td><td>1,355</td><td>2,489</td><td>2,288</td><td>201</td><td>1,026</td><td>6,021</td></tr><tr><td>Total Treasury bonds.....</td><td>121,635</td><td>47,029</td><td>400</td><td>10,565</td><td>22,812</td><td>20,342</td><td>2,470</td><td>7,855</td><td>32,973</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds.....(wholly)</td><td>117</td><td>13</td><td>*</td><td>1</td><td>1</td><td>*</td><td>*</td><td>35</td><td>67</td></tr><tr><td>Panama Canal bonds.....(wholly)</td><td>50</td><td>1</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>49</td></tr><tr><td>Conversion bonds.....(wholly)</td><td>13</td><td>*</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>13</td></tr><tr><td>Total postal savings and other bonds.....</td><td>180</td><td>14</td><td>*</td><td>1</td><td>1</td><td>*</td><td>*</td><td>35</td><td>128</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 6/(partially) (taxable)</td><td>7 32</td><td>12</td><td>*</td><td>3</td><td>13</td><td>12</td><td>1</td><td>8</td><td>4</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>8</td><td>4</td></tr><tr><td>Total public marketable securities.....</td><td>199,849</td><td>84,727</td><td>465</td><td>10,871</td><td>23,895</td><td>21,071</td><td>2,824</td><td>29,934</td><td>49,957</td></tr></table>
5/ 6/ date (with minor exceptions). See footnote 2, page 25. Guaranteed securities held by the Treasury are not included. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rate. "Taxable" securities are subject to both normal and surtax rates. 7/ Includes an estimated amount of Federal Housing Administration debentures. 8/ Actual figures by tax status are available only for total amount outstanding.
Note: The Treasury Survey commenced with data for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of date for September 30, 1944 appeared in the February 1945 issue, page 53; reclassification of date on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of date on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-63.
* Less than $500,000 or less than .05%.
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section.
4/ Issues which commercial banks may not acquire prior to a specified
May 1946
55
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, February 28, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 1/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 2/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,377 commercial banks 3/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>Total</th><th>315 life insurance companies</th><th>648 fire, casualty, and marine insurance companies</th></tr><tr><td>United States savings bonds 5/</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>3,446</td><td>180</td><td>*</td><td>5</td><td>11</td><td>3</td><td>7</td><td>*</td><td>3,249</td></tr><tr><td>Series E.....................(taxable)</td><td>30,778</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,777</td></tr><tr><td>Series F.....................(taxable)</td><td>2,841</td><td>217</td><td>1</td><td>8</td><td>38</td><td>16</td><td>22</td><td>1</td><td>2,576</td></tr><tr><td>Series G.....................(taxable)</td><td>11,628</td><td>476</td><td>6</td><td>215</td><td>250</td><td>93</td><td>158</td><td>10</td><td>10,670</td></tr><tr><td>Total United States savings bonds...............</td><td>48,692</td><td>874</td><td>7</td><td>228</td><td>299</td><td>112</td><td>187</td><td>13</td><td>47,272</td></tr><tr><td>Treasury savings notes.....................(taxable)</td><td>8,043</td><td>74</td><td>3</td><td>*</td><td>10</td><td>2</td><td>8</td><td>17</td><td>7,938</td></tr><tr><td>Depositary bonds.....................(taxable)</td><td>471</td><td>439</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>31</td></tr><tr><td>Guaranteed securities 7/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations........(taxable)</td><td>499</td><td>8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total public non-marketable securities......</td><td>57,705</td><td>1,387</td><td>11</td><td>228</td><td>309</td><td>114</td><td>195</td><td>30</td><td>55,242</td></tr></table>
* Less than $500,000.
1/ 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.
2/ Securities held in trust departments are excluded.
3/ Includes trust companies.
4/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section.
5/ 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.
6/ Series B-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable.
7/ Guaranteed securities held by the Treasury are not included.
8/ C.C.C. demand obligations in the amount of $499 million held by all commercial banks are shown only in total amount outstanding.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 3/</th><th colspan="3">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Filed by all other investors 5/</th></tr><tr><th></th><th></th><th>7,377 commercial banks 4/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>Total</th><th>35 life insurance companies</th><th>548 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Federal land bank bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/ May 1946-56......(wholly)</td><td>170</td><td>21</td><td>*</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</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>-</td><td>12</td></tr><tr><td>1-1/2/ January 1951-53......(taxable)</td><td>214</td><td>167</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>-</td><td>46</td></tr><tr><td>2-1/2/ February 1953-55......(taxable)</td><td>114</td><td>91</td><td>*</td><td>2</td><td>2</td><td>1</td><td>1</td><td>-</td><td>19</td></tr><tr><td>Total Federal land bank bonds</td><td>674</td><td>421</td><td>1</td><td>3</td><td>5</td><td>2</td><td>4</td><td>-</td><td>244</td></tr><tr><td>Federal intermediate credit bank debentures</td><td>243</td><td>200</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td><td>-</td><td>42</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States 1/</td><td>918</td><td>621</td><td>1</td><td>3</td><td>7</td><td>2</td><td>6</td><td>-</td><td>286</td></tr></table>
1/ Less than $500,000. 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 imoecition
1/ 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)
May 1946
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
March 30, 1946
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (millions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1945-1946 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 Feb. 23, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from Feb. 28, 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><tr><td colspan="16">Treasury bonds - bank eligible</td></tr><tr><td>$1,115</td><td>2/3/15/48-50</td><td>102.01</td><td>102.02</td><td>102.02</td><td>-.10</td><td>.933</td><td>+.11%</td><td>1.464</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.16</td><td>2/26/45</td><td>101.28</td><td>1/6/45</td></tr><tr><td>3,062</td><td>1-3/4/48 - 6/15/49</td><td>101.23</td><td>101.24</td><td>101.24</td><td>-.10</td><td>.95</td><td>+.11</td><td>.95</td><td>12/1/42</td><td>102.02</td><td>3/2/46</td><td>100.01</td><td>12/23/42</td><td>102.02</td><td>3/2/46</td><td>101.09</td><td>1/3/45</td></tr><tr><td>1,014</td><td>2/6/15/49-51</td><td>103.03</td><td>103.04</td><td>103.04</td><td>-.18</td><td>1.01</td><td>+.15</td><td>1.38</td><td>1/15/42</td><td>103.22</td><td>3/7/46</td><td>100.06</td><td>8/5/42</td><td>103.22</td><td>3/7/46</td><td>101.26</td><td>1/4/45</td></tr><tr><td>1,292</td><td>2/9/15/49-51</td><td>103.08</td><td>103.09</td><td>103.08</td><td>-.20</td><td>1.04</td><td>+.15</td><td>1.38</td><td>5/15/42</td><td>103.28</td><td>3/2/46</td><td>100.04</td><td>10/6/42</td><td>103.28</td><td>3/2/46</td><td>101.24</td><td>1/4/45</td></tr><tr><td>2,098</td><td>2/12/15/49-51</td><td>103.12</td><td>103.13</td><td>103.12</td><td>-.20</td><td>1.07</td><td>+.15</td><td>1.38</td><td>7/15/42</td><td>104.00</td><td>3/2/46</td><td>100.03</td><td>8/5/42</td><td>104.00</td><td>3/2/46</td><td>101.20</td><td>1/2/45</td></tr><tr><td>1,963</td><td>2/3/15/50-52</td><td>103.17</td><td>103.18</td><td>103.18</td><td>-.14</td><td>1.08</td><td>+.09</td><td>1.37</td><td>10/19/42</td><td>104.01</td><td>3/11/46</td><td>100.01</td><td>11/2/42</td><td>104.01</td><td>3/11/46</td><td>101.16</td><td>1/2/45</td></tr><tr><td>4,939</td><td>2/9/15/50-52</td><td>103.25</td><td>103.26</td><td>103.26</td><td>-.11</td><td>1.12</td><td>+.06</td><td>1.38</td><td>4/15/43</td><td>104.07</td><td>3/11/46</td><td>100.08</td><td>5/3/43</td><td>104.07</td><td>3/11/46</td><td>101.08</td><td>1/2/45</td></tr><tr><td>2,635</td><td>1-1/2/45 - 12/15/50</td><td>102.02</td><td>102.04</td><td>102.03</td><td>-.11</td><td>1.04</td><td>+.06</td><td>1.04</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.29</td><td>8/21/45</td><td>102.15</td><td>3/11/46</td><td>100.29</td><td>8/21/45</td></tr><tr><td>7,986</td><td>2/9/15/51-53</td><td>104.08</td><td>104.09</td><td>104.08</td><td>-.06</td><td>1.19</td><td>+.02</td><td>1.40</td><td>9/15/43</td><td>104.18</td><td>3/11/46</td><td>100.03</td><td>11/8/43</td><td>104.18</td><td>3/11/46</td><td>100.26</td><td>1/4/45</td></tr><tr><td>510</td><td>2/12/15/51-55</td><td>104.16</td><td>104.18</td><td>104.17</td><td>-.05</td><td>1.18</td><td>+.02</td><td>1.50</td><td>12/15/41</td><td>104.26</td><td>3/11/46</td><td>100.01</td><td>12/5/42</td><td>104.26</td><td>3/11/46</td><td>100.26</td><td>1/9/45</td></tr><tr><td>1,024</td><td>2-1/2/45 - 3/15/52-54</td><td>107.01</td><td>107.03</td><td>107.02</td><td>-.07</td><td>1.27</td><td>+.03</td><td>1.55</td><td>3/31/41</td><td>107.14</td><td>3/11/46</td><td>101.04</td><td>3/20/41</td><td>107.14</td><td>3/11/46</td><td>104.00</td><td>1/9/45</td></tr><tr><td>5,825</td><td>2/6/15/52-54</td><td>104.16</td><td>104.17</td><td>104.16</td><td>-.08</td><td>1.24</td><td>+.03</td><td>1.42</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>2-1/4/45 - 6/15/52-55</td><td>105.25</td><td>105.27</td><td>105.26</td><td>-.06</td><td>1.27</td><td>+.01</td><td>1.57</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>2/9/15/52-54</td><td>104.23</td><td>104.24</td><td>104.24</td><td>-.04</td><td>1.26</td><td>+.01</td><td>1.42</td><td>12/1/44</td><td>105.00</td><td>3/11/46</td><td>100.09</td><td>12/19/44</td><td>105.00</td><td>3/11/46</td><td>100.12</td><td>1/2/45</td></tr><tr><td>1,449</td><td>2-1/2/45 - 3/15/56-58</td><td>110.04</td><td>110.06</td><td>110.05</td><td>-.03</td><td>1.40</td><td>.00</td><td>1.57</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>2/8/46</td><td>103.23</td><td>1/2/45</td></tr><tr><td>2,716</td><td>2-1/2/45 - 9/15/67-72 1/</td><td>108.31</td><td>109.01</td><td>109.00</td><td>-.03</td><td>1.98</td><td>.00</td><td>2.06</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="16">Treasury bonds - bank restrioted 5/</td></tr><tr><td>3,823</td><td>2-1/4/45 - 9/15/56-59</td><td>107.08</td><td>107.10</td><td>107.09</td><td>+.10</td><td>1.50</td><td>-.03</td><td>1.64</td><td>2/1/44</td><td>107.09</td><td>3/30/46</td><td>100.01</td><td>2/29/44</td><td>107.09</td><td>3/30/46</td><td>100.26</td><td>1/2/45</td></tr><tr><td>5,284</td><td>2-1/4/45 - 6/15/59-62</td><td>103.18</td><td>103.20</td><td>103.19</td><td>+.07</td><td>1.94</td><td>-.02</td><td>1.99</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>3,467</td><td>2-1/4/45 - 12/15/59-62</td><td>103.19</td><td>103.21</td><td>103.20</td><td>+.08</td><td>1.95</td><td>-.02</td><td>1.99</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>2-1/2/45 - 6/15/62-67 1/</td><td>107.10</td><td>107.12</td><td>107.11</td><td>+.12</td><td>1.97</td><td>-.03</td><td>2.07</td><td>5/5/42</td><td>107.14</td><td>3/11/46</td><td>100.00</td><td>8/17/42</td><td>107.14</td><td>3/11/46</td><td>100.28</td><td>1/2/45</td></tr><tr><td>2,931</td><td>2-1/2/45 - 12/15/63-68 5/</td><td>107.01</td><td>107.03</td><td>107.02</td><td>+.14</td><td>2.02</td><td>-.03</td><td>2.11</td><td>12/1/42</td><td>107.02</td><td>3/30/46</td><td>100.00</td><td>2/17/42</td><td>107.02</td><td>3/30/46</td><td>100.18</td><td>1/2/45</td></tr><tr><td>3,761</td><td>2-1/2/45 - 6/15/64-69 1/</td><td>106.23</td><td>106.25</td><td>106.24</td><td>+.17</td><td>2.05</td><td>-.04</td><td>2.13</td><td>4/15/43</td><td>106.24</td><td>3/30/46</td><td>100.00</td><td>3/2/44</td><td>106.24</td><td>3/30/46</td><td>100.15</td><td>1/2/45</td></tr><tr><td>3,838</td><td>2-1/2/45 - 12/15/64-69 5/</td><td>106.22</td><td>106.24</td><td>106.23</td><td>+.18</td><td>2.07</td><td>-.03</td><td>2.14</td><td>9/15/43</td><td>106.23</td><td>3/30/46</td><td>100.00</td><td>3/2/44</td><td>106.23</td><td>3/30/46</td><td>100.15</td><td>1/2/45</td></tr><tr><td>5,197</td><td>2-1/2/45 - 3/15/65-70 5/</td><td>106.21</td><td>106.23</td><td>106.22</td><td>+.18</td><td>2.07</td><td>-.04</td><td>2.14</td><td>2/1/44</td><td>106.22</td><td>3/30/46</td><td>100.00</td><td>2/16/44</td><td>106.22</td><td>3/30/46</td><td>100.15</td><td>1/2/45</td></tr><tr><td>3,481</td><td>2-1/2/45 - 3/15/66-71 5/</td><td>106.21</td><td>106.23</td><td>106.22</td><td>+.18</td><td>2.09</td><td>-.03</td><td>2.15</td><td>12/1/44</td><td>106.22</td><td>3/30/46</td><td>100.06</td><td>12/19/44</td><td>106.22</td><td>3/30/46</td><td>100.15</td><td>1/2/45</td></tr><tr><td>7,967</td><td>2-1/2/45 - 6/15/67-72 5/</td><td>105.09</td><td>105.11</td><td>105.10</td><td>+.10</td><td>2.19</td><td>-.02</td><td>2.23</td><td>6/1/45</td><td>105.10</td><td>3/30/46</td><td>100.21</td><td>9/24/45</td><td>105.10</td><td>3/30/46</td><td>100.21</td><td>9/24/45</td></tr><tr><td>11,691</td><td>2-1/2/45 - 12/15/67-72 5/</td><td>105.09</td><td>105.11</td><td>105.10</td><td>+.10</td><td>2.19</td><td>-.02</td><td>2.23</td><td>11/15/45</td><td>105.10</td><td>3/30/46</td><td>100.21</td><td>12/11/45</td><td>105.10</td><td>3/30/46</td><td>100.21</td><td>12/11/45</td></tr><tr><td colspan="16">Treasury notes</td></tr><tr><td>4,910</td><td>1-90/4 - 7/1/46 6/</td><td>.804</td><td>.789</td><td>.794</td><td>+.134</td><td>-.87</td><td>+.63</td><td>.87</td><td>6/1/45</td><td>.644</td><td>2/21/46</td><td>.864</td><td>6/15/45</td><td>.644</td><td>2/21/46</td><td>.864</td><td>6/15/45</td></tr><tr><td>3,261</td><td>1-1/2/45 - 3/15/46</td><td>100.14</td><td>100.15</td><td>100.14</td><td>-.04</td><td>.88</td><td>+.09</td><td>.88</td><td>6/15/42</td><td>101.00</td><td>4/4/45</td><td>100.01</td><td>1/2/43</td><td>101.00</td><td>4/4/45</td><td>100.14</td><td>3/30/46</td></tr><tr><td>1,948</td><td>1-1/4/45 - 3/15/47</td><td>100.12</td><td>100.13</td><td>100.12</td><td>-.04</td><td>.85</td><td>+.08</td><td>.85</td><td>6/26/44</td><td>100.20</td><td>3/5/45</td><td>100.07</td><td>12/28/44</td><td>100.20</td><td>3/5/45</td><td>100.08</td><td>1/4/45</td></tr><tr><td>2,701</td><td>1-1/2/45 - 3/15/47</td><td>100.27</td><td>100.28</td><td>100.28</td><td>-.06</td><td>.89</td><td>+.09</td><td>.89</td><td>7/12/43</td><td>101.06</td><td>3/5/45</td><td>100.16</td><td>10/11/43</td><td>101.06</td><td>3/5/45</td><td>100.24</td><td>8/1/45</td></tr><tr><td>1,587</td><td>1-1/4/45 - 9/15/47</td><td>100.17</td><td>100.18</td><td>100.18</td><td>-.04</td><td>.86</td><td>+.06</td><td>.86</td><td>12/1/44</td><td>100.23</td><td>2/16/46</td><td>100.06</td><td>12/27/44</td><td>100.23</td><td>2/16/46</td><td>100.08</td><td>1/5/45</td></tr><tr><td>3,748</td><td>1-1/2/4 - 9/15/48</td><td>101.10</td><td>101.11</td><td>101.10</td><td>-.12</td><td>.96</td><td>+.13</td><td>.96</td><td>3/15/44</td><td>101.22</td><td>3/2/46</td><td>100.05</td><td>3/8/44</td><td>101.22</td><td>3/2/46</td><td>100.17</td><td>1/2/45</td></tr><tr><td colspan="16">Certificates of indebtedness 6/</td></tr><tr><td>4,811</td><td>7/8/4 - 4/1/46 1/</td><td>100.00</td><td>100.00</td><td>100.00</td><td>-.87</td><td>-.87</td><td>4/1/45</td><td>100.00</td><td>3/21/46</td><td>.874</td><td>3/30/46</td><td>100.00</td><td>3/21/46</td><td>.874</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td></tr><tr><td>1,579</td><td>7/8/4 - 5/1/46</td><td>.604</td><td>.594</td><td>.594</td><td>+.114</td><td>-.864</td><td>3/2/46</td><td>.864</td><td>5/1/45</td><td>.864</td><td>3/2/46</td><td>.824</td><td>10/8/45</td><td>.864</td><td>3/2/46</td><td>.824</td><td>10/8/45</td></tr><tr><td>4,799</td><td>7/8/4 - 6/1/46</td><td>.774</td><td>.764</td><td>.764</td><td>+.184</td><td>-.854</td><td>3/4/46</td><td>.854</td><td>6/1/45</td><td>.854</td><td>3/4/46</td><td>.824</td><td>12/9/45</td><td>.854</td><td>3/4/46</td><td>.824</td><td>12/9/45</td></tr><tr><td>2,470</td><td>7/8/4 - 8/1/46</td><td>.804</td><td>.784</td><td>.794</td><td>+.134</td><td>-.864</td><td>3/4/46</td><td>.864</td><td>8/1/45</td><td>.864</td><td>3/4/46</td><td>.854</td><td>7/26/45</td><td>.864</td><td>3/4/46</td><td>.854</td><td>7/26/45</td></tr><tr><td>4,336</td><td>7/8/4 - 9/1/46</td><td>.804</td><td>.784</td><td>.794</td><td>+.094</td><td>-.864</td><td>3/4/46</td><td>.864</td><td>9/1/45</td><td>.704</td><td>8/22/45</td><td>.704</td><td>3/4/46</td><td>.864</td><td>8/22/45</td><td>.704</td><td>3/4/46</td></tr><tr><td>3,440</td><td>7/8/4 - 10/1/46</td><td>.814</td><td>.794</td><td>.804</td><td>+.084</td><td>-.854</td><td>3/4/46</td><td>.854</td><td>10/1/45</td><td>.724</td><td>3/4/46</td><td>.854</td><td>10/1/45</td><td>.724</td><td>3/4/46</td><td>.
(Continued on following page)
58
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
March 30, 1946 - (Continued)
Table 1.- Securities Issued or Guaranteed by the United States Government 1-(Continued)
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Feb. 28, 1946</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Feb. 28, 1946</th></tr><tr><td>$1,303</td><td>4/4/46</td><td>1/3/46</td><td>.375%</td><td>.20%</td><td>.29%</td><td>-.05%</td><td>$1,301</td><td>5/23/46</td><td>2/21/46</td><td>.375%</td><td>.32%</td><td>.35%</td><td>-.01%</td></tr><tr><td>1,316</td><td>4/11/46</td><td>1/10/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.03</td><td>1,317</td><td>5/31/46</td><td>2/28/46</td><td>.375</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,312</td><td>4/18/46</td><td>1/17/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,309</td><td>6/6/46</td><td>3/7/46</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,317</td><td>4/25/46</td><td>1/24/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,304</td><td>6/13/46</td><td>3/14/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,316</td><td>5/2/46</td><td>1/31/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,315</td><td>6/20/46</td><td>3/21/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,315</td><td>5/9/46</td><td>2/7/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,313</td><td>6/27/46</td><td>3/28/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,309</td><td>5/16/46</td><td>2/14/46</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 data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th>Date of Issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">1945-1946 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Feb.28, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from Feb.28, 1946</th><th>Yield to maturity 3/</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="17">Treasury bonds</td></tr><tr><td>$1.036</td><td>3 3/4 6/15/46-18 9/</td><td>100.14</td><td>100.15</td><td>100.14</td><td>-.08</td><td>.87%</td><td>+.24%</td><td>6/15/44</td><td>112.28</td><td>12/16/40</td><td>97.28</td><td>9/17/34</td><td>103.21</td><td>2/13/45</td><td>100.14</td><td>3/30/46</td></tr><tr><td>819</td><td>3-1/84-6/15/46-49 9/</td><td>100.15</td><td>100.16</td><td>100.16</td><td>-.08</td><td>.69</td><td>+.15</td><td>6/15/31</td><td>113.19</td><td>12/14/40</td><td>83.05</td><td>1/11/32</td><td>103.27</td><td>2/6/45</td><td>100.16</td><td>3/30/46</td></tr><tr><td>759</td><td>4-1/4-10/15/47-52</td><td>105.16</td><td>105.18</td><td>105.17</td><td>-.16</td><td>.63</td><td>+.12</td><td>3.30%</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>105.17</td><td>3/30/46</td></tr><tr><td>701</td><td>2-12/15/47</td><td>102.05</td><td>102.07</td><td>102.06</td><td>-.12</td><td>.71</td><td>+.15</td><td>1.71</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>102.06</td><td>3/30/46</td></tr><tr><td>1.223</td><td>2-3/4-3/15/48-51</td><td>103.28</td><td>103.30</td><td>103.29</td><td>-.12</td><td>.73</td><td>+.10</td><td>1.92</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>103.29</td><td>3/30/46</td></tr><tr><td>451</td><td>2-1/24-9/15/48</td><td>104.09</td><td>104.11</td><td>104.10</td><td>-.14</td><td>.72</td><td>+.11</td><td>.72</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>104.10</td><td>3/30/46</td></tr><tr><td>571</td><td>2-12/15/48-50</td><td>103.10</td><td>103.12</td><td>103.11</td><td>-.13</td><td>.75</td><td>+.11</td><td>1.27</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>103.11</td><td>3/30/46</td></tr><tr><td>491</td><td>3-1/84-12/15/49-52</td><td>108.12</td><td>108.14</td><td>108.13</td><td>-.15</td><td>.82</td><td>+.07</td><td>1.79</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>116.16</td><td>3/9/45</td><td>108.13</td><td>3/30/46</td></tr><tr><td>1.786</td><td>2-1/24-12/15/49-53</td><td>106.03</td><td>106.05</td><td>106.04</td><td>-.14</td><td>.82</td><td>+.08</td><td>1.65</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>10/4/45</td></tr><tr><td>1.186</td><td>2-1/24-9/15/50-52</td><td>107.04</td><td>107.06</td><td>107.05</td><td>-.13</td><td>.86</td><td>+.06</td><td>1.34</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>99.15</td><td>9/25/39</td><td>106.24</td><td>3/8/45</td><td>106.22</td><td>8/23/45</td></tr><tr><td>1.627</td><td>2-3/44-6/15/51-54</td><td>109.11</td><td>109.13</td><td>109.12</td><td>-.12</td><td>.90</td><td>+.04</td><td>1.53</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>3-1/4-9/15/51-55</td><td>111.00</td><td>111.02</td><td>111.01</td><td>-.16</td><td>.92</td><td>+.06</td><td>1.73</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>107.12</td><td>107.14</td><td>107.13</td><td>-.09</td><td>.92</td><td>+.03</td><td>1.24</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>106.01</td><td>3/10/45</td><td>106.19</td><td>9/19/45</td></tr><tr><td>725</td><td>2-6/15/51-55</td><td>107.06</td><td>107.08</td><td>107.07</td><td>-.11</td><td>.96</td><td>+.03</td><td>1.17</td><td>10/17/40</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>2-1/4-6/15/51-56</td><td>109.20</td><td>109.22</td><td>109.21</td><td>-.06</td><td>1.02</td><td>+.01</td><td>1.24</td><td>7/22/40</td><td>109.29</td><td>3/12/46</td><td>102.02</td><td>7/24/40</td><td>109.29</td><td>3/12/46</td><td>107.25</td><td>1/2/45</td></tr><tr><td>2,611</td><td>2-7/84-3/15/52-60</td><td>115.07</td><td>115.09</td><td>115.08</td><td>-.08</td><td>1.08</td><td>+.01</td><td>1.65</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>2-3/44-9/15/52-59</td><td>115.24</td><td>115.26</td><td>115.25</td><td>-.11</td><td>1.14</td><td>+.02</td><td>1.15</td><td>9/15/36</td><td>116.13</td><td>1/26/45</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>2-3/44-6/15/52-53</td><td>116.13</td><td>116.15</td><td>116.14</td><td>-.11</td><td>1.29</td><td>+.02</td><td>1.65</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>2-3/44-12/15/60-65</td><td>118.07</td><td>118.09</td><td>118.08</td><td>-.08</td><td>1.38</td><td>+.02</td><td>1.66</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 10/</td></tr><tr><td>13</td><td>3 3/4 Conversion -1/1/47</td><td>102.02</td><td>102.02</td><td>102.02</td><td>-.06</td><td>.25</td><td>-.05</td><td>.25</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>102.02</td><td>3/30/46</td></tr><tr><td>50</td><td>3 3/4 Panama Canal-6/1/61</td><td>133.00</td><td>133.00</td><td>133.16</td><td>-.08</td><td>.67</td><td>.00</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>3/13/46</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 high and low, 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 Treasury Bonds.
5) Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 25.
6) Quoted on a yield basis.
7) Quoted on price basis at par from March 22 through March 30; from March 18 through March 21, quoted on basis of zero yield plus premium per thousand dollars; prior to March 18, quoted on a yield basis.
8) For amount of this security issued on April 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 February 14, for redemption on June 15, 1946.
10) Excludes postal savings bonds.
May 1946
59
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
March 30, 1946 - (Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="4">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Price decimals are thirty-seconds)</th><th colspan="4">19h5-19h6 price range 1/ (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 Feb.25, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from Feb.25, 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><tr><td colspan="17">Taxable securities</td></tr><tr><td colspan="17">Federal Intermediate Credit Bank debentures 3/</td></tr><tr><td>$23</td><td>.90% - 4/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90%</td><td>.00%</td><td>.90%</td><td>7/2/45</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td></tr><tr><td>25</td><td>.90% - 5/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>8/1/45</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td></tr><tr><td>16</td><td>.85% - 5/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.85</td><td>.00</td><td>.85</td><td>11/1/45</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td></tr><tr><td>17</td><td>.90% - 6/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>10/1/45</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td></tr><tr><td>4</td><td>7/8% - 7/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>1/2/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td></tr><tr><td>26</td><td>.90% - 8/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>11/1/45</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td></tr><tr><td>44</td><td>.90% - 9/3/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>12/1/45</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td></tr><tr><td>31</td><td>7/8% - 11/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>2/1/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td></tr><tr><td>38</td><td>.825% - 12/2/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.825</td><td>.000</td><td>.825</td><td>3/1/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td><td>100.00</td><td>3/30/46</td></tr><tr><td colspan="17">Federal Land Bank bonds 4/</td></tr><tr><td>176</td><td>1-1/2% 10/1/48-50</td><td>101.00</td><td>101.04</td><td>101.02</td><td>-.08</td><td>1.07</td><td>+0.09%</td><td>1.26</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>100.12</td><td>9/19/45</td><td>101.10</td><td>3/6/46</td><td>100.12</td><td>9/19/45</td></tr><tr><td>214</td><td>1-1/2% 1/1/51-53</td><td>101.12</td><td>101.16</td><td>101.14</td><td>-.06</td><td>1.19</td><td>+0.04</td><td>1.28</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>100.18</td><td>12/22/45</td><td>101.22</td><td>3/11/46</td><td>100.18</td><td>12/22/45</td></tr><tr><td>114</td><td>2-1/4% 2/1/53-55</td><td>105.20</td><td>105.28</td><td>105.24</td><td>-.04</td><td>1.37</td><td>+0.01</td><td>1.55</td><td>2/1/45</td><td>105.31</td><td>3/12/46</td><td>101.14</td><td>1/18/45</td><td>105.31</td><td>3/12/46</td><td>101.14</td><td>1/18/45</td></tr><tr><td colspan="17">Tax-exempt securities</td></tr><tr><td colspan="17">Federal Land Bank bonds 4/</td></tr><tr><td>$170</td><td>3% - 5/1/46-56</td><td>100.05</td><td>100.07</td><td>100.06</td><td>-.07</td><td>.67%</td><td>+0.25%</td><td>2.98%</td><td>5/1/36</td><td>111.22</td><td>12/10/40</td><td>98.30</td><td>4/5/37</td><td>103.20</td><td>1/8/45</td><td>100.06</td><td>3/30/46</td></tr></table>
1/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices for all securities exempt Federal Intermediate Credit Bank debentures are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates. 2/ Market convention treats the yield to earliest call date as more
significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par. Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue. 4/ Includes issues completely held by Farm Credit Administration agency.
Treasury Bulletin
60
YIELDS OF TREASURY SECURITIES MAR.30, 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.
May 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><tr><td colspan="11">Monthly series 3/</td></tr><tr><td>1938-Jan.</td><td>2.69</td><td></td><td>3.17</td><td>1941-Jan.</td><td>2.12</td><td></td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb.</td><td>2.68</td><td></td><td>3.15</td><td>Feb.</td><td>2.22</td><td></td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar.</td><td>2.67</td><td></td><td>3.16</td><td>Mar.</td><td>2.12</td><td></td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>Apr.</td><td>2.66</td><td></td><td>3.25</td><td>Apr.</td><td>2.07</td><td></td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>May</td><td>2.56</td><td></td><td>3.14</td><td>May</td><td>2.04</td><td></td><td>2.75</td><td>May</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June.</td><td>2.58</td><td></td><td>3.15</td><td>June.</td><td>2.01</td><td></td><td>2.70</td><td>June.</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>July.</td><td>2.58</td><td></td><td>3.12</td><td>July.</td><td>1.98</td><td></td><td>2.66</td><td>July.</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>Aug.</td><td>2.57</td><td></td><td>3.10</td><td>Aug.</td><td>2.01</td><td></td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.63</td><td></td><td>3.12</td><td>Sept.</td><td>2.02</td><td></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></td><td>3.06</td><td>Oct.</td><td>1.98</td><td>2.34</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td>Nov.</td><td>2.56</td><td></td><td>3.04</td><td>Nov.</td><td>1.95</td><td>2.34</td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.51</td></tr><tr><td>Dec.</td><td>2.56</td><td></td><td>3.02</td><td>Dec.</td><td>2.06</td><td>2.17</td><td>2.63</td><td>Dec.</td><td>1.87</td><td>2.48</td><td>2.59</td></tr><tr><td>1939-Jan.</td><td>2.54</td><td></td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td>2.13</td><td>2.76</td><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td></tr><tr><td>Feb.</td><td>2.51</td><td></td><td>2.90</td><td>Feb.</td><td>2.17</td><td>2.14</td><td>2.80</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td></td><td>2.87</td><td>Mar.</td><td>2.10</td><td>2.14</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.38</td><td></td><td>2.92</td><td>Apr.</td><td>2.07</td><td>2.14</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May.</td><td>2.27</td><td></td><td>2.86</td><td>May.</td><td>2.06</td><td>2.15</td><td>2.76</td><td>May.</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td></td><td>2.78</td><td>June.</td><td>2.04</td><td>2.13</td><td>2.75</td><td>June.</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July.</td><td>2.23</td><td></td><td>2.76</td><td>July.</td><td>2.04</td><td>2.14</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td></td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.17</td><td>2.73</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></td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.16</td><td>2.73</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></td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.15</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td></td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.17</td><td>2.71</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></td><td>2.86</td><td>Dec.</td><td>2.13</td><td>2.19</td><td>2.72</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></td><td>2.81</td><td>1943-Jan.</td><td>2.11</td><td>2.14</td><td>2.70</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></td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.14</td><td>2.68</td><td>Feb.</td><td></td><td>2.12</td><td>2.36</td></tr><tr><td>Mar.</td><td>2.26</td><td></td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.14</td><td>2.70</td><td>Mar.</td><td></td><td>2.09</td><td>2.35</td></tr><tr><td>Apr.</td><td>2.26</td><td></td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.14</td><td>2.68</td><td></td><td></td><td></td><td></td></tr><tr><td>May.</td><td>2.39</td><td></td><td>2.87</td><td>May.</td><td>1.96</td><td>2.14</td><td>2.65</td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2.40</td><td></td><td>2.93</td><td>June.</td><td>1.91</td><td>2.14</td><td>2.63</td><td></td><td></td><td></td><td></td></tr><tr><td>July.</td><td>2.30</td><td></td><td>2.85</td><td>July.</td><td>1.91</td><td>2.15</td><td>2.58</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug.</td><td>2.31</td><td></td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.16</td><td>2.57</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2.25</td><td></td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.16</td><td>2.59</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>2.21</td><td></td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.18</td><td>2.60</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>2.09</td><td></td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.18</td><td>2.61</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.01</td><td></td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.19</td><td>2.63</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="11">Weekly series - Saturday figures 5/</td></tr><tr><td>1945-Oct. 6.</td><td>1.63</td><td>2.35</td><td>2.55</td><td>1945-Dec. 1.</td><td>1.53</td><td>2.33</td><td>2.55</td><td>1946-Feb. 2.</td><td>2.17</td><td>2.38</td><td></td></tr><tr><td>11.</td><td>1.62</td><td>2.35</td><td>2.55</td><td>8.</td><td>1.51</td><td>2.32</td><td>2.55</td><td>9.</td><td>2.10</td><td>2.36</td><td></td></tr><tr><td>20.</td><td>1.60</td><td>2.34</td><td>2.54</td><td>15.</td><td></td><td>2.33</td><td>2.54</td><td>16.</td><td>2.09</td><td>2.35</td><td></td></tr><tr><td>26.</td><td>1.60</td><td>2.35</td><td>2.55</td><td>22.</td><td></td><td>2.34</td><td>2.52</td><td>21.</td><td>2.10</td><td>2.36</td><td></td></tr><tr><td>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><td>Mar. 2.</td><td>2.10</td><td>2.35</td><td></td></tr><tr><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><td>9.</td><td>2.09</td><td>2.35</td><td></td></tr><tr><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><td>16.</td><td>2.09</td><td>2.35</td><td></td></tr><tr><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><td>23.</td><td>2.09</td><td>2.34</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>30.</td><td>2.07</td><td>2.34</td><td></td></tr><tr><td colspan="11">Daily series</td></tr><tr><td>1946-Mar. 1.</td><td>2.10</td><td>2.36</td><td>2.35</td><td>1946-Mar. 11.</td><td>2.08</td><td>2.35</td><td>2.35</td><td>1946-Mar. 21.</td><td>2.09</td><td>2.35</td><td></td></tr><tr><td>2.</td><td>2.10</td><td>2.35</td><td></td><td>12.</td><td>2.09</td><td>2.34</td><td>2.34</td><td>22.</td><td>2.09</td><td>2.33</td><td></td></tr><tr><td>4.</td><td></td><td>2.11</td><td>2.35</td><td>13.</td><td>2.09</td><td>2.34</td><td>2.34</td><td>23.</td><td>2.09</td><td>2.34</td><td></td></tr><tr><td>5.</td><td></td><td>2.10</td><td>2.35</td><td>14.</td><td>2.09</td><td>2.34</td><td>2.34</td><td>25.</td><td>2.09</td><td>2.34</td><td></td></tr><tr><td>6.</td><td></td><td>2.10</td><td>2.36</td><td>15.</td><td>2.09</td><td>2.34</td><td>2.35</td><td>26.</td><td>2.09</td><td>2.34</td><td></td></tr><tr><td>7.</td><td></td><td>2.09</td><td>2.36</td><td>16.</td><td>2.09</td><td>2.35</td><td>2.35</td><td>27.</td><td>2.09</td><td>2.34</td><td></td></tr><tr><td>8.</td><td></td><td>2.09</td><td>2.36</td><td>18.</td><td>2.09</td><td>2.35</td><td>2.35</td><td>28.</td><td>2.08</td><td>2.34</td><td></td></tr><tr><td>9.</td><td></td><td>2.09</td><td>2.35</td><td>19.</td><td>2.09</td><td>2.35</td><td>2.35</td><td>29.</td><td>2.07</td><td>2.34</td><td></td></tr><tr><td></td><td></td><td></td><td></td><td>20.</td><td>2.09</td><td>2.35</td><td>2.35</td><td>30.</td><td>2.07</td><td>2.34</td><td></td></tr></table><p>Notes: 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.</p><p>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 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.</p><p>2/ For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for January 1945, page 56; for discussion of its previous composition, see "Treasury Bulletin" for April 1943, page 61.</p><p>3/ Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures.</p><p>4/ The composition of the high-grade corporate bond average was revised commencing with November 1, 1944. The old average for November 1944 was 2.55%. See footnote 2.</p><p>5/ On days when the exchanges are closed, the date and prices of the previous day are used.</p>
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Office of the Secretary of the Treasury, Division of Research and Statistics
F-£20-D
62
Treasury Bulletin
May 1946
63
INTERNAL REVENUE STATISTICS
64
Treasury Bulletin
Summary of Internal Revenue Collections 1/
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collections</th><th colspan="4">Income and profit taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profits 4/</th><th>Total employment taxes</th><th>Social Security taxes</th><th>Railroad retirement</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th>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>5,597,140</td><td>-37,168</td><td>4,631,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,932</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>122,048</td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>12,933,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,802</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,152</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,602</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>1,779,171</td><td>1,397,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1945-March</td><td>6,431,321</td><td>+813,540</td><td>5,617,781</td><td>4,995,874</td><td>1,821,017</td><td>3,161,712</td><td>13,145</td><td>61,571</td><td>5,789</td><td>3,362</td><td>52,419</td></tr><tr><td>April</td><td>2,745,867</td><td>-285,266</td><td>3,031,133</td><td>2,407,751</td><td>1,760,877</td><td>637,651</td><td>9,224</td><td>106,510</td><td>99,916</td><td>4,931</td><td>1,663</td></tr><tr><td>May</td><td>2,920,937</td><td>-352,957</td><td>3,273,895</td><td>2,406,326</td><td>1,989,318</td><td>407,123</td><td>9,885</td><td>296,726</td><td>256,314</td><td>10,330</td><td>30,082</td></tr><tr><td>June</td><td>5,384,393</td><td>+713,245</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>41,020</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>271,451</td><td>230,282</td><td>8,791</td><td>35,078</td></tr><tr><td>September</td><td>4,846,585</td><td>+725,043</td><td>4,121,542</td><td>3,552,851</td><td>1,162,276</td><td>2,379,553</td><td>11,022</td><td>37,339</td><td>3,352</td><td>619</td><td>33,368</td></tr><tr><td>October</td><td>2,340,240</td><td>-498,887</td><td>2,839,127</td><td>2,030,951</td><td>1,388,792</td><td>636,181</td><td>5,978</td><td>102,270</td><td>96,706</td><td>3,595</td><td>1,969</td></tr><tr><td>November</td><td>2,383,156</td><td>-320,902</td><td>2,704,058</td><td>1,856,041</td><td>1,466,568</td><td>383,325</td><td>6,149</td><td>243,343</td><td>197,920</td><td>9,990</td><td>35,433</td></tr><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>33,733</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>183,229</td><td>98,737</td><td>17,175</td></tr><tr><td>March</td><td>5,582,943</td><td>+559,269</td><td>5,023,673</td><td>4,320,110</td><td>2,036,735</td><td>2,274,592</td><td>8,783</td><td>61,565</td><td>7,012</td><td>7,920</td><td>49,633</td></tr></table>
Miscellaneous internal revenue
<table><tr><th>Pieoal 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>Manufac-turere' and retailers' excise taxes</th><th>Miscellaneous taxes</th><th>Agricultural adjustment taxes</th></tr><tr><td>1936</td><td>2,004,513</td><td>94,943</td><td>378,840</td><td>505,243</td><td>500,785</td><td>68,990</td><td>379,540</td><td>76,173</td><td>62,323</td></tr><tr><td>1937</td><td>2,185,735</td><td>137,499</td><td>305,548</td><td>533,831</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-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>87,025</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>551,352</td><td>6,742</td><td>33,516</td><td>198,497</td><td>100,738</td><td>5,500</td><td>93,471</td><td>92,888</td><td>-</td></tr><tr><td>October</td><td>705,907</td><td>30,015</td><td>44,391</td><td>242,799</td><td>119,584</td><td>6,784</td><td>122,295</td><td>140,039</td><td>-</td></tr><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><tr><td>March</td><td>638,998</td><td>169</td><td>84,471</td><td>212,322</td><td>99,436</td><td>8,848</td><td>113,798</td><td>119,953</td><td>-</td></tr></table>
(1) Total receipts from internal revenue: Daily Treasury Statement; (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 ineluar 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.
1/ Represents collections under the Carriers Taxing Act of 1937.
3/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
May 1946
65
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes.
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-F
66
Treasury Bulletin
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 9 months</th><th rowspan="2">March 1945</th><th rowspan="2">March 1946</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>7,038,438</td><td>10,263,418</td><td>7,550,775</td><td>7,873,414</td><td>60,908</td><td>154,002</td></tr><tr><td>Revenue Act of 1942</td><td>784,997</td><td>802</td><td>775</td><td>109</td><td>14</td><td>4</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>6,332,779</td><td>6,808,733</td><td>1,736,927</td><td>1,821,193</td></tr><tr><td>Back</td><td>183,740</td><td>208,947</td><td>191,176</td><td>301,954</td><td>23,168</td><td>61,536</td></tr><tr><td>Total individual income taxes</td><td>18,261,005</td><td>19,034,313</td><td>14,075,505</td><td>14,984,211</td><td>1,821,017</td><td>2,036,735</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>4,423,682</td><td>3,334,126</td><td>3,042,769</td><td>955,771</td><td>933,422</td></tr><tr><td>Back</td><td>521,431</td><td>458,034</td><td>338,052</td><td>613,203</td><td>36,081</td><td>72,949</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>8,370,583</td><td>6,348,421</td><td>2,169,860</td><td>1,268,221</td></tr><tr><td>Total corporation taxes</td><td>14,629,344</td><td>15,883,235</td><td>12,042,762</td><td>10,004,392</td><td>3,161,712</td><td>2,274,592</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>103,752</td><td>66,904</td><td>13,112</td><td>8,782</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>134</td><td>16</td><td>33</td><td>1</td></tr><tr><td>Total miscellaneous profits taxes</td><td>137,452</td><td>143,978</td><td>103,886</td><td>66,920</td><td>13,145</td><td>8,783</td></tr><tr><td>Total income and profits taxes</td><td>33,027,802</td><td>35,061,526</td><td>26,222,153</td><td>25,055,522</td><td>4,995,874</td><td>4,320,110</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>947,273</td><td>902,461</td><td>5,789</td><td>7,012</td></tr><tr><td>Unemployment insurance 6/</td><td>183,377</td><td>186,489</td><td>170,099</td><td>153,733</td><td>3,362</td><td>7,920</td></tr><tr><td>Total Social Security taxes</td><td>1,473,351</td><td>1,494,430</td><td>1,117,372</td><td>1,066,194</td><td>9,152</td><td>14,932</td></tr><tr><td>Railroad retirement 7/</td><td>265,011</td><td>284,758</td><td>214,529</td><td>211,814</td><td>52,419</td><td>49,673</td></tr><tr><td>Total employment taxes</td><td>1,738,372</td><td>1,779,177</td><td>1,331,920</td><td>1,278,008</td><td>61,571</td><td>64,565</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>371,396</td><td>351,523</td><td>409</td><td>169</td></tr><tr><td>Estate tax</td><td>471,666</td><td>596,137</td><td>401,100</td><td>444,790</td><td>55,966</td><td>53,717</td></tr><tr><td>Gift tax</td><td>37,745</td><td>46,918</td><td>40,377</td><td>39,597</td><td>33,187</td><td>10,754</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>131,173</td><td>91,137</td><td>11,981</td><td>14,671</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>611,835</td><td>1,284,613</td><td>1,003,076</td><td>1,211,324</td><td>99,525</td><td>140,985</td></tr><tr><td>Distilled spirits rectification tax</td><td>18,874</td><td>32,549</td><td>23,920</td><td>30,871</td><td>2,847</td><td>4,035</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>4,027</td><td>2,122</td><td>1,746</td><td>1,500</td><td>139</td><td>206</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>30,068</td><td>45,269</td><td>31,492</td><td>40,163</td><td>4,247</td><td>7,033</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>-</td><td>-</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>5,391</td><td>5,414</td><td>95</td><td>33</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>2</td><td>6</td><td>6</td><td>23</td><td>-</td><td>1</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>1,369</td><td>886</td><td>717</td><td>633</td><td>55</td><td>75</td></tr><tr><td>Container stamps</td><td>8,516</td><td>11,213</td><td>8,665</td><td>9,804</td><td>617</td><td>1,175</td></tr><tr><td>Floor taxes</td><td>85,834</td><td>83,343</td><td>82,324</td><td>646</td><td>350</td><td>33</td></tr><tr><td>Fermented malt liquors</td><td>559,152</td><td>638,682</td><td>474,120</td><td>505,823</td><td>50,993</td><td>44,712</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,375</td><td>3,130</td><td>2,106</td><td>2,125</td><td>29</td><td>46</td></tr><tr><td>Total alcoholic beverage taxes</td><td>1,618,045</td><td>2,309,804</td><td>1,767,785</td><td>1,899,462</td><td>170,878</td><td>212,322</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>27,259</td><td>30,248</td><td>3,176</td><td>3,646</td></tr><tr><td>Cigars (small)</td><td>107</td><td>84</td><td>57</td><td>53</td><td>8</td><td>5</td></tr><tr><td>Cigarettes (large)</td><td>88</td><td>695</td><td>761</td><td>169</td><td>71</td><td>-</td></tr><tr><td>Cigarettes (small)</td><td>903,955</td><td>836,058</td><td>616,660</td><td>786,953</td><td>65,379</td><td>92,405</td></tr><tr><td>Snuff</td><td>1,092</td><td>7,741</td><td>5,723</td><td>5,617</td><td>727</td><td>618</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>45,269</td><td>49,574</td><td>37,266</td><td>32,497</td><td>4,141</td><td>2,715</td></tr><tr><td>Cigarette papers and tubes</td><td>1,164</td><td>1,390</td><td>917</td><td>1,687</td><td>119</td><td>47</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>-</td><td>-</td></tr><tr><td>Total tobacco taxes</td><td>988,483</td><td>932,145</td><td>688,266</td><td>856,826</td><td>73,621</td><td>99,436</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>23,814</td><td>32,927</td><td>2,666</td><td>5,274</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>17,096</td><td>24,852</td><td>18,120</td><td>23,135</td><td>2,313</td><td>2,623</td></tr><tr><td>Playing cards</td><td>7,414</td><td>7,493</td><td>5,857</td><td>7,397</td><td>565</td><td>945</td></tr><tr><td>Silver bullion sales or transfers</td><td>47</td><td>25</td><td>18</td><td>141</td><td>2</td><td>7</td></tr><tr><td>Total stamp taxes</td><td>50,800</td><td>65,528</td><td>47,810</td><td>63,601</td><td>5,546</td><td>8,848</td></tr></table>
(Continued on following page)
May 1946
67
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 9 months</th><th colspan="2"></th></tr><tr><th></th><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th><th>March 1945</th><th>March 1946</th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>      Lubricating oils.................... 52,473</td><td></td><td>92,865</td><td>61,935</td><td>58,118</td><td>9,902</td><td>4,864</td></tr><tr><td>      Gasoline......................... 271,217</td><td></td><td>405,563</td><td>298,430</td><td>304,689</td><td>34,898</td><td>21,744</td></tr><tr><td>      Tires and tubes.................... 40,309</td><td></td><td>15,257</td><td>54,350</td><td>80,625</td><td>7,229</td><td>11,397</td></tr><tr><td>      Floor taxes on tires and tubes...... 25</td><td></td><td>*</td><td>*</td><td>18</td><td>-</td><td>-</td></tr><tr><td>      Automobile trucks and buses......... 3,247</td><td></td><td>20,847</td><td>10,846</td><td>29,927</td><td>1,604</td><td>3,531</td></tr><tr><td>      Other automobiles and motorcycles.... 1,222</td><td></td><td>2,558</td><td>1,652</td><td>7,721</td><td>259</td><td>3,206</td></tr><tr><td>      Parts and accessories for automobiles 31,551</td><td></td><td>49,440</td><td>33,272</td><td>49,761</td><td>4,680</td><td>6,363</td></tr><tr><td>      Electrical energy.................. 51,239</td><td></td><td>57,004</td><td>43,218</td><td>44,088</td><td>5,452</td><td>5,829</td></tr><tr><td>      Electric, gas, and oil appliances.... 5,027</td><td></td><td>12,060</td><td>7,443</td><td>15,720</td><td>931</td><td>2,838</td></tr><tr><td>      Electric light bulbs and tubes...... 5,368</td><td></td><td>11,035</td><td>9,237</td><td>13,683</td><td>581</td><td>1,531</td></tr><tr><td>      Electric signs (repealed as of 11/1/42) 255</td><td></td><td>55</td><td>44</td><td>47</td><td>2</td><td>3</td></tr><tr><td>      Radio sets, phonographs, components, etc. 3,402</td><td></td><td>4,753</td><td>3,649</td><td>5,755</td><td>592</td><td>1,537</td></tr><tr><td>      Phonograph records.................. 1,889</td><td></td><td>2,015</td><td>1,409</td><td>2,342</td><td>188</td><td>393</td></tr><tr><td>      Musical instruments.................. 633</td><td></td><td>927</td><td>603</td><td>1,486</td><td>97</td><td>208</td></tr><tr><td>      Mechanical refrigerators, air-conditioners, etc. 2,406</td><td></td><td>1,637</td><td>1,132</td><td>6,242</td><td>235</td><td>1,582</td></tr><tr><td>      Watches............................ 8,671</td><td></td><td>9,349</td><td>6,635</td><td>7,498</td><td>1,294</td><td>1,205</td></tr><tr><td>      Floor taxes on matches................ 55</td><td></td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>      Business and store machines........... 3,760</td><td></td><td>10,120</td><td>6,849</td><td>11,539</td><td>1,019</td><td>2,081</td></tr><tr><td>      Pure - retailers' excise............. 58,726</td><td></td><td>79,418</td><td>66,244</td><td>77,504</td><td>8,940</td><td>9,101</td></tr><tr><td>      Jewelry - retailers' excise........... 113,373</td><td></td><td>184,220</td><td>142,216</td><td>173,414</td><td>12,931</td><td>15,375</td></tr><tr><td>      Luggage - retailers' excise (effective 4/1/44) 8,343</td><td></td><td>73,851</td><td>56,195</td><td>60,864</td><td>4,217</td><td>4,786</td></tr><tr><td>      Language - manufacturers' excises (suspended as of 8/1/44).................... 4,777</td><td></td><td>6</td><td>6</td><td>25</td><td>*</td><td>14</td></tr><tr><td>      Optical equipment (repealed as of 11/1/42) 8</td><td></td><td>73</td><td>9</td><td>15</td><td>1</td><td>9</td></tr><tr><td>      Photographic apparatus................ 11,907</td><td></td><td>19,288</td><td>12,485</td><td>14,547</td><td>2,337</td><td>1,980</td></tr><tr><td>      Rubber articles (repealed as of 11/1/42) 295</td><td></td><td>228</td><td>199</td><td>378</td><td>2</td><td>269</td></tr><tr><td>      Sporting goods....................... 2,498</td><td></td><td>4,248</td><td>2,886</td><td>5,054</td><td>438</td><td>901</td></tr><tr><td>      Toilet preparations - retailers' excise 44,790</td><td></td><td>86,615</td><td>66,677</td><td>74,957</td><td>6,271</td><td>6,704</td></tr><tr><td>      Washing machines (repealed as of 11/1/42) 32</td><td></td><td>4</td><td>4</td><td>1</td><td>-</td><td>-</td></tr><tr><td>      Firearms, shells and cartridges...... 1,061</td><td></td><td>3,132</td><td>2,547</td><td>3,051</td><td>199</td><td>236</td></tr><tr><td>      Pistols and revolvers................ 37</td><td></td><td>5</td><td>2</td><td>7</td><td>*</td><td>6</td></tr><tr><td>      Repealed taxes not listed above...... 98</td><td></td><td>35</td><td>32</td><td>13</td><td>1</td><td>1</td></tr><tr><td>      Total manufacturers' and retailers' excise taxes 728,694</td><td></td><td>1,206,616</td><td>890,209</td><td>1,049,088</td><td>104,199</td><td>113,798</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........... 1,403</td><td></td><td>35</td><td>21</td><td>29</td><td>1</td><td>2</td></tr><tr><td>      Sugar Act of 1937.................... 68,789</td><td></td><td>73,294</td><td>55,755</td><td>41,858</td><td>5,138</td><td>3,419</td></tr><tr><td>      Telephone, telegraph, radio, and cable, leased wires, etc. 141,275</td><td></td><td>208,018</td><td>149,981</td><td>172,979</td><td>23,162</td><td>24,348</td></tr><tr><td>      Local telephone service.............. 90,199</td><td></td><td>133,569</td><td>96,245</td><td>106,357</td><td>12,182</td><td>14,488</td></tr><tr><td>      Transportation of oil by pipe line.... 15,851</td><td></td><td>16,286</td><td>12,359</td><td>11,225</td><td>1,445</td><td>1,191</td></tr><tr><td>      Transportation of persons, easte, berths 153,683</td><td></td><td>234,182</td><td>181,104</td><td>174,360</td><td>20,513</td><td>16,467</td></tr><tr><td>      Transportation of property (effective 12/1/42) 215,488</td><td></td><td>221,088</td><td>166,109</td><td>167,166</td><td>19,607</td><td>19,642</td></tr><tr><td>      Use of motor vehicles (effective 2/1/42) 134,326</td><td></td><td>128,701</td><td>120,092</td><td>115,783</td><td>129</td><td>83</td></tr><tr><td>      Use of boats (effective 2/1/42)...... 352</td><td></td><td>336</td><td>203</td><td>180</td><td>1</td><td>1</td></tr><tr><td>      Leases of safe-deposit boxes........... 6,594</td><td></td><td>7,311</td><td>5,317</td><td>5,857</td><td>658</td><td>781</td></tr><tr><td>      Admissions to theaters, concerts, etc. 178,563</td><td></td><td>300,589</td><td>225,740</td><td>252,899</td><td>25,959</td><td>30,194</td></tr><tr><td>      Admissions to cebars, roof gardens, etc. 26,726</td><td></td><td>56,877</td><td>42,568</td><td>53,542</td><td>4,687</td><td>6,181</td></tr><tr><td>      Club dues and initiation fees......... 9,182</td><td></td><td>14,160</td><td>9,357</td><td>12,616</td><td>1,472</td><td>1,857</td></tr><tr><td>      Bowling alleys, pool tables, etc. 2,208</td><td></td><td>4,160</td><td>3,446</td><td>3,393</td><td>36</td><td>57</td></tr><tr><td>      Coin operated devices................ 18,475</td><td></td><td>19,100</td><td>15,553</td><td>14,451</td><td>151</td><td>210</td></tr><tr><td>      Ameliorated and processed or renovated butter, mixed flour &amp; filled cheese........ 18</td><td></td><td>58</td><td>33</td><td>42</td><td>9</td><td>1</td></tr><tr><td>      Oleomargarine, including special taxes... 4,084</td><td></td><td>5,503</td><td>4,102</td><td>3,665</td><td>356</td><td>295</td></tr><tr><td>      Narcotics, including marihuana and special taxes 719</td><td></td><td>756</td><td>440</td><td>418</td><td>49</td><td>50</td></tr><tr><td>      Coconut and other vegetable oils processed 7,190</td><td></td><td>6,208</td><td>4,695</td><td>5,047</td><td>673</td><td>687</td></tr><tr><td>      National Firearms Act................ 16</td><td></td><td>16</td><td>11</td><td>3</td><td>*</td><td>*</td></tr><tr><td>      All other, including repealed taxes not listed above 201</td><td></td><td>180</td><td>16</td><td>8</td><td>1</td><td>1</td></tr><tr><td>      Total miscellaneous taxes............. 1,075,401</td><td></td><td>1,430,428</td><td>1,093,146</td><td>1,141,897</td><td>116,530</td><td>119,993</td></tr><tr><td>Total miscellaneous internal revenue 5,353,336</td><td></td><td>6,959,634</td><td>5,300,089</td><td>5,846,784</td><td>560,337</td><td>638,998</td></tr><tr><td>Total internal revenue collections 40,119,510</td><td></td><td>43,800,338</td><td>32,854,162</td><td>32,180,315</td><td>5,617,781</td><td>5,023,673</td></tr><tr><td>Adjustment to Daily Treasury Statement..... +1,565,477</td><td></td><td>+101,664</td><td>-3,358</td><td>-568,364</td><td>+813,540</td><td>+559,269</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement) 41,684,987</td><td></td><td>43,902,002</td><td>32,850,805</td><td>31,611,950</td><td>6,431,321</td><td>5,582,941</td></tr></table>
Source: (1) Total receipts from internal revenue; (2) Detailed collections by type of tax; Reports of collections made by collectors of internal revenue. Rev. 1/ Less that $500. 2/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. Consists only of collections for which returns have been filed with the Collector of Internal Revenue. Collections under this act as shown in Daily Treasury Statements consist of withholdings deposited in Governmental depositories in addition to payments accompanying returns filed with the Collector of Internal Revenue.
3 Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
4 Current individual income tax collections for the fiscal year 1945 include payments on unforgiven portion of 1942 tax, due March 15, 1945, as follows: $308,605 thousand for the period January 1, 1945 through April 30, 1945, and $173,595 thousand for March 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.
68
Treasury Bulletin
MONETARY STATISTICS
May 1946
69
Balace Sheet of the Exchange Stabilization Fund
As of June 30, 1945 and December 31, 1945
<table><tr><th></th><th>June 30, 1945</th><th>December 31, 1945</th></tr><tr><td><b>Assets</b></td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, gold.................</td><td>$1,800,000,000.00</td><td>$1,800,000,000.00</td></tr><tr><td>Treasurer of the United States, checking account...</td><td>1,226,238.59</td><td>1,733,067.18</td></tr><tr><td>Federal Reserve Bank of New York, special account...</td><td>163,900,911.08</td><td>230,370,875.90</td></tr><tr><td>Disbursing officers' balances and advance accounts...</td><td>7,114.13</td><td>17,258.09</td></tr><tr><td>Total cash........................................</td><td>$1,965,134,292.80</td><td>$2,032,121,201.17</td></tr><tr><td>Special accounts of Secretary of the Treasury in Federal Reserve Bank of New York:</td><td></td><td></td></tr><tr><td>Special account No. 1, gold (Schedule 1)............</td><td>80,618,147.77</td><td>18,176,581.05</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss france.....................</td><td>$ 4,439,237.32</td><td>$ 53,667.78</td></tr><tr><td>French france.....................</td><td>17.88</td><td>17.88</td></tr><tr><td>Belgian.....................</td><td>505.06</td><td>505.06</td></tr><tr><td>Sterling.....................</td><td>2,980.05</td><td>2,980.05</td></tr><tr><td>All other.....................</td><td>14,594,516.42</td><td>4,834,689.79</td></tr><tr><td>Foreign depositories.....................</td><td>42,929.77</td><td>42,929.77</td></tr><tr><td>Total due from foreign banks.....................</td><td>19,080,186.50</td><td>4,934,790.33</td></tr><tr><td>Due from the Government of the Republic of Cuba........</td><td>5,011,705.27</td><td>5,012,699.77</td></tr><tr><td>Investments in United States Government securities (Schedule 2).....................</td><td>20,448,723.13</td><td>30,448,723.13</td></tr><tr><td>Accrued interest receivable (Schedule 2)............</td><td>82,420.95</td><td>115,812.32</td></tr><tr><td>Other accounts (deferred charges).....................</td><td>18.30</td><td>19.36</td></tr><tr><td>Commodity sales contracts (deferred charges).........</td><td>2,636.00</td><td>2,636.00</td></tr><tr><td>Total assets.....................</td><td>$2,090,378,130.72</td><td>$2,090,812,463.13</td></tr><tr><td><b>Liabilities and Capital</b></td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Vouchers payable.....................</td><td>$ 422.09</td><td>$ 188.28</td></tr><tr><td>Employees' pay-roll allotment account, United States savings bonds.....................</td><td>1,125.15</td><td>1,790.29</td></tr><tr><td>Withholding taxes.....................</td><td>374.00</td><td>374.00</td></tr><tr><td>Miscellaneous.....................</td><td>5,980,011.16</td><td>1,197.35</td></tr><tr><td>Total accounts payable.....................</td><td>$ 5,981,558.40</td><td>$ 3,549.92</td></tr><tr><td>Reserve for excrence and contingencies (net).........</td><td>9,459,790.24</td><td>13,001,708.23</td></tr><tr><td>Capital account.....................</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td></tr><tr><td>Deduct - Subcription to International Monetary Fund.....................</td><td>2,000,000,000.00</td><td>275,000.00</td></tr><tr><td></td><td>-</td><td>1,999,725,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)</td><td>74,936,782.08</td><td>78,082,204.98</td></tr><tr><td>Total liabilities and capital.....................</td><td>$2,090,378,130.72</td><td>$2,090,812,463.13</td></tr></table>
for 1940. Quarterly balance sheets commencing December 31, 1938 may be found in previous issues of the "Treasury Bulletin".
Note: Annual balance sheets for the years 1934 through 1940 may be found in the "Annual Report of the Secretary of the Treasury
Schedules for Balance Sheet of the Exchange Stabilization Fund Schedule 1
Location of gold held by and for account of the Exchange Stabilization Fund 1/
<table><tr><th></th><th colspan="2">June 30, 1945</th><th colspan="2">December 31, 1945</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York</td><td>247,635.715</td><td>$8,667,250.01</td><td>405,103.807</td><td>$14,178,633.26</td></tr><tr><td>O. S. Assay Office, New York</td><td>2,055,739.968</td><td>71,950,897.76</td><td>114,227.088</td><td>3,997,947.79</td></tr><tr><td>Total</td><td>2,303,375.683</td><td>$80,618,147.77</td><td>519,330.895</td><td>$18,176,581.05</td></tr></table>
1/ Excludes gold held by Treasurer of the United States.
70
Treasury Bulletin
Schedules for Balance Sheet of the Exchange Stabilization Fund - (Continued)
Schedule 2
United States Government securities held by the Exchange Stabilization Fund
<table><tr><th>Issue</th><th colspan="4">June 30, 1945</th><th colspan="4">December 31, 1945</th></tr><tr><th></th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/4% Treasury bonds, 1951-53..</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$ 9,221.31</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$ 9,890.11</td></tr><tr><td>2-3/4% Treasury bonds, 1958-63..</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>56.35</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>60.44</td></tr><tr><td>2-3/4% Treasury bonds, 1960-65..</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>453.07</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>485.93</td></tr><tr><td>2-1/2% Treasury bonds, 1965-70..</td><td>10,000,000</td><td>10,000,000.00</td><td>100.0000</td><td>72,690.22</td><td>10,000,000</td><td>10,000,000.00</td><td>100.0000</td><td>73,895.03</td></tr><tr><td>2-1/2% Treasury bonds, 1967-72..</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10,000,000</td><td>10,000,000.00</td><td>100.0000</td><td>31,480.81</td></tr><tr><td>Total United States Government securities.</td><td>$20,452,000</td><td>$20,448,723.13</td><td>............</td><td>$82,420.95</td><td>$30,452,000</td><td>$30,448,723.13</td><td>............</td><td>$115,812.32</td></tr></table>
Schedule 3
Earnings of the Exchange Stabilisation Fund
<table><tr><th>Source</th><th>January 31, 1934 through June 30, 1945</th><th>January 31, 1934 through December 31, 1945</th></tr><tr><td>Profit on British sterling transactions</td><td>$ 310,638.09</td><td>$ 310,638.09</td></tr><tr><td>Profit on French franc transactions</td><td>351,537.99</td><td>351,537.99</td></tr><tr><td>Profit on gold bullion (including profits from handling charges on gold)</td><td>27,340,105.45</td><td>28,701,313.60</td></tr><tr><td>Profit on other gold and exchange transactions</td><td>38,000,000.00</td><td>40,000,000.00</td></tr><tr><td>Profit on silver transactions</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profit on sale of silver bullion to Treasury (nationalised)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profit on investments</td><td>1,019,326.18</td><td>1,019,326.18</td></tr><tr><td>Interest on investments</td><td>4,676,016.53</td><td>4,940,852.90</td></tr><tr><td>Miscellaneous profits</td><td>744,549.85</td><td>744,617.20</td></tr><tr><td>Interest earned on foreign balances</td><td>123,888.59</td><td>123,888.59</td></tr><tr><td>Interest earned on Chinese yuan</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td>Total earnings</td><td>$78,120,113.31</td><td>$81,746,255.18</td></tr></table>
Schedule 4
Administrative expenses of the Exchange Stabilization Fund
<table><tr><th>Classification</th><th>January 31, 1934 through June 30, 1945</th><th>January 31, 1934 through December 31, 1945</th></tr><tr><td>Salaries</td><td>$2,016,800.59</td><td>$2,270,222.28</td></tr><tr><td>Travel</td><td>90,191.56</td><td>99,504.14</td></tr><tr><td>Subsistence</td><td>83,592.40</td><td>89,731.44</td></tr><tr><td>Telephone and telegraph</td><td>420,678.64</td><td>433,640.39</td></tr><tr><td>Stationery, etc.</td><td>23,690.79</td><td>25,383.01</td></tr><tr><td>All other</td><td>548,377.25</td><td>745,568.94</td></tr><tr><td>Total administrative expenses</td><td>$3,183,331.23</td><td>$3,664,050.20</td></tr></table>
May 1946
71
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>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1945-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>18,153.3</td><td>156.0</td><td>1,800.0</td><td>150.4</td></tr><tr><td>June</td><td>20,213.0</td><td>18,106.6</td><td>156.0</td><td>1,800.0</td><td>150.3</td></tr><tr><td>July</td><td>20,152.4</td><td>18,032.5</td><td>156.0</td><td>1,800.0</td><td>163.9</td></tr><tr><td>August</td><td>20,087.8</td><td>17,977.9</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>155.9</td></tr><tr><td>February</td><td>20,232.2</td><td>18,099.7</td><td>156.0</td><td>1,800.0</td><td>176.5</td></tr><tr><td>March</td><td>20,256.9</td><td>18,125.5</td><td>156.0</td><td>1,800.0</td><td>175.1</td></tr></table>
Source: Daily Treasury Statement. 1/ 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. Reserve against United States notes and Treasury notes of 1890. Excludes gold in active portion of Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,136.7</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-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>3,042.1</td><td>15.3</td></tr><tr><td>August</td><td>20,087.3</td><td>3,633.2</td><td>15.3</td></tr><tr><td>September</td><td>20,072.8</td><td>3,626.9</td><td>15.3</td></tr><tr><td>October</td><td>20,035.9</td><td>3,565.3</td><td>15.1</td></tr><tr><td>November</td><td>20,029.7</td><td>3,552.2</td><td>15.1</td></tr><tr><td>December</td><td>20,064.9</td><td>3,512.8</td><td>14.9</td></tr><tr><td>1946-January</td><td>20,156.0</td><td>3,508.3</td><td>14.8</td></tr><tr><td>February</td><td>20,232.2</td><td>3,508.3</td><td>14.8</td></tr><tr><td>March p</td><td>20,256.9</td><td>3,508.7</td><td>14.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statements of United States Money. p. Preliminary.
Increment Resulting from the Reduction in the Weight of the Gold Dollar, March 31, 1946
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilization Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>23,862,750.78</td><td>-</td><td>23,862,750.76</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,851,793.89</td><td>323,328.04</td></tr><tr><td>Retirement of National Bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>8,139,223.60</td><td>-</td><td>8,139,223.60</td></tr><tr><td>Total increment</td><td>2,818,664,618.75</td><td>2,674,786,070.31</td><td>144,078,548.44</td></tr></table>
72
Treasury Bulletin
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th rowspan="2">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 rowspan="2">Total silver at $.29 per ounce</th></tr><tr><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoining 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>•</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.2</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>•</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>•</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>•</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>•</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>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-March</td><td>1,520.1</td><td>372.1</td><td>9.9</td><td>.1</td><td>378.2</td><td>121.9</td><td>779.9</td><td>3,800.7</td></tr><tr><td>April</td><td>1,520.1</td><td>370.6</td><td>20.2</td><td>.1</td><td>364.3</td><td>123.4</td><td>786.2</td><td>3,777.7</td></tr><tr><td>May</td><td>1,520.1</td><td>368.7</td><td>27.0</td><td>.2</td><td>332.3</td><td>125.3</td><td>795.8</td><td>3,704.3</td></tr><tr><td>June</td><td>1,520.3</td><td>366.8</td><td>24.2</td><td>.2</td><td>324.5</td><td>127.1</td><td>801.6</td><td>3,685.8</td></tr><tr><td>July</td><td>1,574.6</td><td>365.1</td><td>15.1</td><td>.2</td><td>287.8</td><td>128.8</td><td>814.6</td><td>3,642.1</td></tr><tr><td>August</td><td>1,587.5</td><td>363.3</td><td>14.9</td><td>•</td><td>277.3</td><td>130.6</td><td>822.7</td><td>3,633.2</td></tr><tr><td>September</td><td>1,619.9</td><td>361.7</td><td>13.9</td><td>•</td><td>261.4</td><td>132.2</td><td>829.5</td><td>3,626.9</td></tr><tr><td>October</td><td>1,645.7</td><td>360.3</td><td>14.5</td><td>-</td><td>228.3</td><td>133.6</td><td>833.5</td><td>3,565.3</td></tr><tr><td>November</td><td>1,671.6</td><td>358.5</td><td>11.7</td><td>.2</td><td>212.9</td><td>135.4</td><td>840.5</td><td>3,553.2</td></tr><tr><td>December</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946-January</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</td><td>1,818.5</td><td>355.3</td><td>17.0</td><td>.1</td><td>139.4</td><td>138.7</td><td>848.9</td><td>3,508.3</td></tr><tr><td>March p</td><td>1,850.3</td><td>354.7</td><td>17.3</td><td>.4</td><td>127.1</td><td>139.2</td><td>850.0</td><td>3,508.7</td></tr></table>
Source: Daily Treasury Statements and Circulation Statements of United States Money. 
p. Preliminary. 
* Less than $50,000. 
1/ Valued at $1.29+ per ounce.
2/ Valued at $1.38+ per ounce.
3/ Valued at $1.38+ per ounce or at $1.29 per ounce according to whether the bullion is held for recoining of subsidiary silver coins or for recoining of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices 1/
(In millions of ounces or dollars)
<table><tr><th rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="7">Silver acquired by mints and assay offices</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalised silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th></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-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><tr><td>February</td><td>n.a</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures on U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures. p. Preliminary. s.a. Not available. * 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, resealed April 28, 1938.
4/ Acquired at various prices averaging approximately 51 cents per ounce.
May 1946
73
Signiorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="6">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>Newly-mixed silver (Proc. Dec. 21, 1933)</th><th>Newly-mixed silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalised silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th></th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>...</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>...</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>...</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>...</td><td>657.7</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-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>616.2</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>853.7</td><td>491.6</td></tr><tr><td>September</td><td>414.7</td><td>48.7</td><td>87.6</td><td>65.5</td><td>647.9</td><td>34.7</td><td>884.4</td><td>463.2</td></tr><tr><td>October</td><td>419.6</td><td>48.7</td><td>87.6</td><td>65.5</td><td>664.4</td><td>34.7</td><td>900.9</td><td>404.8</td></tr><tr><td>November</td><td>424.3</td><td>48.7</td><td>87.6</td><td>65.5</td><td>680.9</td><td>34.7</td><td>917.4</td><td>377.6</td></tr><tr><td>December</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946-January</td><td>432.4</td><td>48.7</td><td>87.6</td><td>65.7</td><td>744.6</td><td>34.7</td><td>981.3</td><td>279.2</td></tr><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><tr><td>March</td><td>438.0</td><td>48.7</td><td>87.6</td><td>65.8</td><td>795.0</td><td>34.7</td><td>1,031.8</td><td>224.7</td></tr></table>
Source:
Daily Treasury Statement
These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
silver certificates
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
74
Treasury Bulletin
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 2/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 3/</th><th>National bank notes 3/</th></tr><tr><td>1936</td><td>6,241</td><td>5,755</td><td>101</td><td>955</td><td>1</td><td>278</td><td>4,002</td><td>52</td><td>366</td></tr><tr><td>1937</td><td>6,447</td><td>5,924</td><td>88</td><td>1,078</td><td>1</td><td>281</td><td>4,169</td><td>38</td><td>269</td></tr><tr><td>1938</td><td>6,461</td><td>5,934</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,484</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1945-March</td><td>25,899</td><td>24,729</td><td>53</td><td>1,589</td><td>1</td><td>320</td><td>22,100</td><td>544</td><td>122</td></tr><tr><td>April</td><td>26,189</td><td>25,009</td><td>52</td><td>1,593</td><td>1</td><td>321</td><td>22,384</td><td>537</td><td>121</td></tr><tr><td>May</td><td>26,528</td><td>25,331</td><td>52</td><td>1,652</td><td>1</td><td>322</td><td>22,651</td><td>533</td><td>121</td></tr><tr><td>June</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>July</td><td>27,108</td><td>25,855</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>26,657</td><td>51</td><td>1,827</td><td>1</td><td>307</td><td>23,857</td><td>487</td><td>117</td></tr><tr><td>February</td><td>27,954</td><td>26,691</td><td>51</td><td>1,864</td><td>1</td><td>307</td><td>23,868</td><td>484</td><td>116</td></tr><tr><td>March p</td><td>27,875</td><td>26,606</td><td>51</td><td>1,916</td><td>1</td><td>305</td><td>23,738</td><td>479</td><td>116</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (in dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th></th></tr><tr><td>1936</td><td>486</td><td>35</td><td>316</td><td>135</td><td>$ 48.60</td></tr><tr><td>1937</td><td>523</td><td>38</td><td>341</td><td>144</td><td>49.88</td></tr><tr><td>1938</td><td>527</td><td>39</td><td>342</td><td>146</td><td>49.62</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>361</td><td>155</td><td>53.72</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>59.47</td></tr><tr><td>1941</td><td>680</td><td>53</td><td>433</td><td>194</td><td>72.16</td></tr><tr><td>1942</td><td>783</td><td>66</td><td>504</td><td>213</td><td>91.88</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>127.64</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>163.07</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.86</td></tr><tr><td>1945-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>1,195</td><td>123</td><td>784</td><td>290</td><td>190.41</td></tr><tr><td>June</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.86</td></tr><tr><td>July</td><td>1,223</td><td>127</td><td>800</td><td>296</td><td>194.02</td></tr><tr><td>August</td><td>1,236</td><td>129</td><td>808</td><td>299</td><td>197.99</td></tr><tr><td>September</td><td>1,243</td><td>130</td><td>812</td><td>301</td><td>198.82</td></tr><tr><td>October</td><td>1,252</td><td>132</td><td>818</td><td>303</td><td>200.24</td></tr><tr><td>November</td><td>1,263</td><td>133</td><td>825</td><td>305</td><td>201.24</td></tr><tr><td>December</td><td>1,274</td><td>136</td><td>832</td><td>307</td><td>203.29</td></tr><tr><td>1946-January</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>820</td><td>307</td><td>198.83</td></tr><tr><td>March p.</td><td>1,269</td><td>137</td><td>823</td><td>308</td><td>198.13</td></tr></table>
Sources: (1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1945, pages 674-677. p 1/ Preliminary. Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of
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.
May 1946
75
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES
76
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries
Section I - Summary
Table 1.- Summary of Net Capital Movement 1935 - 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th>Short-term banking funds</th><th>Brokerage balance</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,412,486</td><td>954,629</td><td>6,039</td><td>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>14</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,383</td><td>32,990</td><td>-85,427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>706,380</td><td>852,928</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-496,923</td><td>-286,622</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>604,321</td><td>561,573</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943</td><td>1,283,593</td><td>1,164,758</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>357,154</td><td>44,394</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945 (Jan. 1, 1945-Nov. 30, 1945)</td><td>933,251</td><td>1,031,009</td><td>12,719</td><td>-132,764</td><td>22,287</td></tr><tr><td>Total (Jan. 2, 1935-Nov. 30, 1945)</td><td>8,408,990</td><td>6,449,256</td><td>139,003</td><td>779,068</td><td>1,041,663</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>2,453</td><td>11</td></tr><tr><td>June (June 4-June 30)</td><td>81,881 2/</td><td>81,602 2/</td><td>1,692</td><td>2,961</td><td>-4,374 2/</td></tr><tr><td>July</td><td>47,282</td><td>58,078</td><td>-2,593</td><td>1,303</td><td>-9,506</td></tr><tr><td>August</td><td>57,345</td><td>48,413</td><td>251</td><td>9,427</td><td>-746</td></tr><tr><td>September</td><td>55,018</td><td>46,121</td><td>3,574</td><td>3,401</td><td>1,922</td></tr><tr><td>October</td><td>39,788</td><td>23,382</td><td>-3,331</td><td>8,146</td><td>11,591</td></tr><tr><td>November</td><td>66,905</td><td>57,538</td><td>-90</td><td>6,725</td><td>2,732</td></tr><tr><td>December</td><td>73,376</td><td>57,339</td><td>327</td><td>12,338</td><td>3,372</td></tr><tr><td>1943-January</td><td>72,750</td><td>151,809</td><td>2,658</td><td>5,205</td><td>-86,922</td></tr><tr><td>February</td><td>107,175</td><td>119,683</td><td>-600</td><td>-2,503</td><td>-9,405</td></tr><tr><td>March</td><td>132,152</td><td>61,505</td><td>2,134</td><td>9,881</td><td>58,632</td></tr><tr><td>April</td><td>65,206</td><td>58,289</td><td>922</td><td>6,937</td><td>-942</td></tr><tr><td>May</td><td>70,330</td><td>74,311</td><td>-1,027</td><td>-389</td><td>-2,565</td></tr><tr><td>June</td><td>223,795</td><td>224,845</td><td>3,662</td><td>4,537</td><td>-175</td></tr><tr><td>July</td><td>49,592</td><td>58,720</td><td>420</td><td>4,392</td><td>-13,940</td></tr><tr><td>August</td><td>170,342</td><td>59,027</td><td>1,698</td><td>-5,283</td><td>114,900</td></tr><tr><td>September</td><td>45,011 3/</td><td>1,903 3/</td><td>565</td><td>21,044</td><td>21,499</td></tr><tr><td>October</td><td>133,267</td><td>135,679</td><td>-747</td><td>-687</td><td>-978</td></tr><tr><td>November</td><td>168,979</td><td>163,436</td><td>1,304</td><td>2,715</td><td>1,524</td></tr><tr><td>December</td><td>44,994</td><td>55,551</td><td>2,383</td><td>-9,008</td><td>-3,932</td></tr><tr><td>1944-January</td><td>154,350</td><td>155,209</td><td>-713</td><td>-6,005</td><td>5,859</td></tr><tr><td>February</td><td>145,622</td><td>147,637</td><td>1,831</td><td>3,686</td><td>-7,532</td></tr><tr><td>March</td><td>44,341 5/</td><td>76,736 5/</td><td>684</td><td>-12,985</td><td>-20,094</td></tr><tr><td>April</td><td>1,405</td><td>1,038</td><td>-1,289</td><td>411</td><td>1,245</td></tr><tr><td>May</td><td>-5,438</td><td>1,151</td><td>1,616</td><td>-6,082</td><td>-2,123</td></tr><tr><td>June</td><td>764</td><td>-47,329</td><td>-747</td><td>22,268</td><td>26,572</td></tr><tr><td>July</td><td>-36,215</td><td>-116,872</td><td>119</td><td>4,525</td><td>76,013</td></tr><tr><td>August</td><td>17,480</td><td>10,534</td><td>650</td><td>2,445</td><td>3,851</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>70,295</td><td>76,248</td><td>-2,141</td><td>-3,339</td><td>-472</td></tr><tr><td>December</td><td>-54,773 6a/</td><td>-229,521 6a/</td><td>1,295</td><td>179,418</td><td>-5,965</td></tr><tr><td>1945-January</td><td>157,405 7b/</td><td>153,895 7b/</td><td>-195</td><td>-2,808</td><td>6,513</td></tr><tr><td>February</td><td>122,225</td><td>174,973</td><td>3,840</td><td>-64,055</td><td>7,467</td></tr><tr><td>March</td><td>-16,298</td><td>11,310</td><td>521</td><td>-24,388</td><td>-3,741</td></tr><tr><td>April</td><td>58,274</td><td>44,446</td><td>-78</td><td>-18,079</td><td>31,985</td></tr><tr><td>May</td><td>60,364</td><td>47,306</td><td>3,209</td><td>-17,489</td><td>27,338</td></tr><tr><td>June</td><td>214,213</td><td>171,687</td><td>-1,831</td><td>63,424</td><td>-19,067</td></tr><tr><td>July</td><td>224,913</td><td>231,025</td><td>-4,689</td><td>-5,244</td><td>3,821</td></tr><tr><td>August</td><td>56,350</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><tr><td>November</td><td>-132,120</td><td>-157,226</td><td>4,636</td><td>-15,985</td><td>36,455</td></tr></table>
Footnotes appear on pages 80 and 81.
May 1946
77
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, January 1942 - November 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th rowspan="2"></th><th rowspan="2">Total calendar year 1942</th><th colspan="12">1942</th></tr><tr><th>January (Jan.1- Jan.28)</th><th>February (Jan.29- Feb.25)</th><th>March (Feb.26- Apr.1)</th><th>April (Apr.2- Apr.29)</th><th>May (Apr.30- June 3)</th><th>June (June 4- June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+163,713</td><td>-28,521</td><td>-30,796</td><td>+37,519</td><td>-24,200</td><td>+61,117</td><td>+24,356 2c</td><td>+24,416</td><td>+26,976</td><td>+26,566</td><td>+18,306</td><td>-3,785</td><td>+31,759</td></tr><tr><td>France</td><td>-14,018</td><td>-1,473</td><td>-4,082</td><td>-2,689</td><td>-296</td><td>-1,735</td><td>+1,606</td><td>+1,924</td><td>-5,012</td><td>-614</td><td>-1,254</td><td>-3,548</td><td>+3,155</td></tr><tr><td>Belgium</td><td>+1,489</td><td>+277</td><td>+737</td><td>+311</td><td>-503</td><td>-876</td><td>-426</td><td>-1,535</td><td>-6,661</td><td>+7,482</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>-3,884</td><td>+808</td><td>-1,010</td><td>+7</td><td>+2,017</td></tr><tr><td>Sweden</td><td>-59,296</td><td>-1,032</td><td>-21,078</td><td>-18,638</td><td>-2,764</td><td>-23,530</td><td>+2,690</td><td>+1,169</td><td>+1,151</td><td>-1,719</td><td>+1,307</td><td>+1,243</td><td>+1,905</td></tr><tr><td>Switzerland</td><td>-133,658</td><td>-35,195</td><td>-40,539</td><td>-53,475</td><td>+1,045</td><td>+1,189</td><td>-100</td><td>-7,092</td><td>+3,477</td><td>+6,956</td><td>-5,939</td><td>-3,172</td><td>-813</td></tr><tr><td>Other Europe</td><td>+16,829</td><td>+10,356</td><td>-17,732</td><td>-1,195</td><td>-2,212</td><td>+7,274</td><td>+1,888</td><td>+4,562</td><td>+3,125</td><td>+12,059</td><td>+2,706</td><td>+8,730</td><td>-12,732</td></tr><tr><td>Total Europe</td><td>-18,205</td><td>-58,424</td><td>-114,143</td><td>-46,179</td><td>-19,215</td><td>+53,526</td><td>+31,060 2c</td><td>+22,036</td><td>+27,685</td><td>+44,099</td><td>+13,871</td><td>+3,193</td><td>+24,286</td></tr><tr><td>Canada</td><td>+84,591</td><td>-3,609</td><td>-7,203</td><td>+49,285</td><td>+302</td><td>-31,519</td><td>+14,550 2e</td><td>-511</td><td>+7,536</td><td>+15,205</td><td>+16,647</td><td>+22,587</td><td>+1,321</td></tr><tr><td>Latin America</td><td>+268,291</td><td>-2,473</td><td>+21,981</td><td>+17,954</td><td>+22,244</td><td>+69,260</td><td>+32,508 2d</td><td>+32,730</td><td>+14,071</td><td>-3,871</td><td>-10,993</td><td>+48,767</td><td>+26,113</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-98</td><td>+240</td><td>+1,280</td><td>-1,295</td><td>+13</td><td>+90</td><td>-28</td><td>+238</td><td>-25</td><td>-334</td><td>-164</td><td>+205</td><td>-318</td></tr><tr><td>Other Asia</td><td>+220,082</td><td>-10,459</td><td>+6,582</td><td>-2,6871/</td><td>+212,975</td><td>+5,862</td><td>+4,472</td><td>-4,824</td><td>+3,390</td><td>+3,273</td><td>+11,318</td><td>-8,936</td><td>-884</td></tr><tr><td>Total Asia</td><td>+219,984</td><td>-10,219</td><td>+7,862</td><td>-3,9821/</td><td>+212,988</td><td>+5,952</td><td>+4,444</td><td>-4,586</td><td>+3,365</td><td>+2,939</td><td>+11,154</td><td>-8,731</td><td>-1,202</td></tr><tr><td>All other</td><td>+49,660</td><td>+7,798</td><td>-3,195</td><td>-3,733</td><td>+10,866</td><td>+6,602</td><td>-681</td><td>-2,387</td><td>+4,688</td><td>-3,354</td><td>+9,109</td><td>+1,089</td><td>+22,853</td></tr><tr><td>Grand total</td><td>+604,321</td><td>-66,927</td><td>-94,698</td><td>+13,3451/</td><td>+227,185</td><td>+103,821</td><td>+81,881 2/</td><td>+47,282</td><td>+57,345</td><td>+55,018</td><td>+39,788</td><td>+66,905</td><td>+73,376</td></tr></table>
(Continued on following page)
78
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 - November 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+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>-158</td><td>-757</td><td>-531</td></tr><tr><td>Germany</td><td>-926</td><td>+159</td><td>-30</td><td>+59</td><td>-160</td><td>+58</td><td>+29</td><td>-139</td><td>-537</td><td>+42</td><td>-202</td><td>-150</td><td>-55</td></tr><tr><td>Greece</td><td>+4,525</td><td>+108</td><td>+99</td><td>+188</td><td>-130</td><td>-89</td><td>-73</td><td>+65</td><td>-36</td><td>-163</td><td>+492</td><td>+3,115</td><td>+949</td></tr><tr><td>Italy</td><td>+112</td><td>+513</td><td>-211</td><td>-704</td><td>-744</td><td>-625</td><td>+52</td><td>+89</td><td>+681</td><td>+367</td><td>+715</td><td>+212</td><td>-233</td></tr><tr><td>Luxembourg</td><td>+268</td><td>+278</td><td>-104</td><td>-9</td><td>+45</td><td>+96</td><td>-79</td><td>+4</td><td>+30</td><td>+249</td><td>-93</td><td>+56</td><td>-115</td></tr><tr><td>Netherlands</td><td>+13,690</td><td>-916</td><td>+1,031</td><td>+5,793</td><td>+680</td><td>+1,078</td><td>-330</td><td>+2,222</td><td>-2,020</td><td>+4,419</td><td>+3,029</td><td>-2,371</td><td>+1,045</td></tr><tr><td>Norway</td><td>+29,402</td><td>+8,321</td><td>-10</td><td>+5,846</td><td>+410</td><td>+2,187</td><td>-80</td><td>+1,734</td><td>+3,107</td><td>+2,211</td><td>-522</td><td>+3,307</td><td>+2,891</td></tr><tr><td>Portugal</td><td>+18,826</td><td>-1,993</td><td>+1,229</td><td>+1,739</td><td>-7,996</td><td>+1,353</td><td>+1,056</td><td>+1,731</td><td>+2,809</td><td>+1,693</td><td>+11,498</td><td>+1,976</td><td>+3,731</td></tr><tr><td>Rumania</td><td>-116</td><td>+60</td><td>-25</td><td>+6</td><td>-6</td><td>+19</td><td>-1</td><td>-13</td><td>-5</td><td>+16</td><td>+69</td><td>-217</td><td>-19</td></tr><tr><td>Spain</td><td>+14,379</td><td>-830</td><td>+2,846</td><td>-3,048</td><td>-1,867</td><td>+458</td><td>+2,497</td><td>+3,102</td><td>+4,419</td><td>-3,774</td><td>+5,110</td><td>+1,010</td><td>+4,456</td></tr><tr><td>Sweden</td><td>+20,993</td><td>-387</td><td>+2,651</td><td>+1,906</td><td>+6,390</td><td>+3,695</td><td>+609</td><td>-4,211</td><td>+3,086</td><td>-2,676</td><td>+267</td><td>+3,251</td><td>+6,412</td></tr><tr><td>Switzerland</td><td>+37,021</td><td>-681</td><td>-5,597</td><td>+10,682</td><td>+49</td><td>+995</td><td>+8,019</td><td>+2,784</td><td>+9,119</td><td>+2,840</td><td>-2,480</td><td>+11,079</td><td>+310</td></tr><tr><td>U. S. S. R.</td><td>-1,409</td><td>+2,009</td><td>+4,698</td><td>-197</td><td>-97</td><td>+2,859</td><td>-2,161</td><td>-1,943</td><td>+1,916</td><td>-4,603</td><td>+323</td><td>+1,160</td><td>-5,373</td></tr><tr><td>Yugoslavia</td><td>-7,765</td><td>+91</td><td>+41</td><td>+39</td><td>-99</td><td>-2,973</td><td>+339</td><td>-81</td><td>+4,911</td><td>-179</td><td>+131</td><td>-45</td><td>-36</td></tr><tr><td>Other Europe</td><td>+25,720</td><td>+438</td><td>+3,659</td><td>+3,658</td><td>+6,852</td><td>+3,804</td><td>+7,400</td><td>+681</td><td>+1,463</td><td>-1,206</td><td>+2,486</td><td>-428</td><td>-3,087</td></tr><tr><td><b>Total Europe</b></td><td>+584,137</td><td>-86,975</td><td>+35,259</td><td>+52,524</td><td>+58,297</td><td>+19,221</td><td>+112,612</td><td>+79,947</td><td>+97,653</td><td>+35,674</td><td>+94,419</td><td>+34,105</td><td>+52,001</td></tr><tr><td>Canada</td><td>+335,199</td><td>+164,921</td><td>+45,152</td><td>+16,669</td><td>+4,108</td><td>-15,692</td><td>+42,813</td><td>-61,487</td><td>+76,692</td><td>+16,793</td><td>+36,906</td><td>+91,404</td><td>-83,080</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-1,509</td><td>-3,145</td><td>-1,296</td><td>+1,613</td><td>-2,503</td><td>+2,398</td><td>-374</td><td>+1,498</td><td>+2,932</td><td>-1,125</td><td>+5,275</td><td>-9,488</td><td>+2,706</td></tr><tr><td>Bolivia</td><td>+3,201</td><td>+1,050</td><td>+2,694</td><td>+239</td><td>-1,126</td><td>+451</td><td>+663</td><td>-25</td><td>-165</td><td>-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>-7,795</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>+4,553</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>+4,037</td><td>+7,436</td></tr><tr><td>Costa Rica</td><td>-266</td><td>+1,092</td><td>+584</td><td>+734</td><td>+866</td><td>+1,102</td><td>+1,794</td><td>-5,338</td><td>+55</td><td>-615</td><td>-2</td><td>-50</td><td>-458</td></tr><tr><td>Ouba</td><td>-33,171</td><td>-4,152</td><td>-1,458</td><td>-6,353</td><td>+3,703</td><td>+3,535</td><td>-20,444</td><td>+1,111</td><td>-2,979</td><td>-2,183</td><td>-11,705</td><td>-3,370</td><td>-1,876</td></tr><tr><td>French West Indies and Guiana</td><td>-2,067</td><td>+563</td><td>-44</td><td>-587</td><td>-88</td><td>+33</td><td>-311</td><td>+191</td><td>-2,036</td><td>-17</td><td>+24</td><td>-46</td><td>+251</td></tr><tr><td>Mexico</td><td>-28,231</td><td>-21,162</td><td>-4,257</td><td>-380</td><td>+4,512</td><td>+17,708</td><td>+10,113</td><td>+9,519</td><td>+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>+561</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><b>Total Latin America</b></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><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+222,629</td><td>+1,797</td><td>-6,607</td><td>+28,583</td><td>+9,574</td><td>+7,096</td><td>+21,930</td><td>+13,453</td><td>+22,762</td><td>+15,526</td><td>+15,130</td><td>+24,215</td><td>+69,170</td></tr><tr><td>French Indo-China</td><td>-105</td><td>+6</td><td>-361</td><td>-52</td><td>-1</td><td>+120</td><td>+10</td><td>+153</td><td>+108</td><td>-49</td><td>-65</td><td>+6</td><td>+30</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>+1,746</td><td>-147</td><td>-763</td></tr><tr><td>Turkey</td><td>+4,229</td><td>-7,257</td><td>+10,399</td><td>+14,477</td><td>-3,243</td><td>+5,317</td><td>-2,730</td><td>+2,506</td><td>+720</td><td>+2,109</td><td>+1,627</td><td>+4,653</td><td>+4,605</td></tr><tr><td>Other Asia</td><td>+25,867</td><td>+3,429</td><td>+6,576</td><td>+6,722</td><td>-497</td><td>-314</td><td>-91</td><td>-270</td><td>+245</td><td>+1,048</td><td>+6,860</td><td>+2,982</td><td>-823</td></tr><tr><td><b>Total Asia</b></td><td>+225,409</td><td>-1,518</td><td>+7,100</td><td>+20,045</td><td>-527</td><td>+1,986</td><td>+15,096</td><td>+3,051</td><td>+25,208</td><td>+14,440</td><td>+23,683</td><td>+40,834</td><td>+75,411</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+4,151</td><td>+2,317</td><td>+1,239</td><td>+900</td><td>+3,947</td><td>-4,761</td><td>+6,764</td><td>+2,937</td><td>+4,483</td><td>+4,601</td><td>-15,422</td><td>+10,042</td><td>-12,836</td></tr><tr><td>New Zealand</td><td>+754</td><td>-195</td><td>+831</td><td>-212</td><td>+2,097</td><td>-1,369</td><td>+940</td><td>-967</td><td>-748</td><td>+2,719</td><td>-927</td><td>-264</td><td>-1,151</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-730</td><td>+178</td><td>+137</td><td>-21</td><td>-45</td><td>-684</td><td>+497</td><td>-82</td><td>-274</td><td>-473</td><td>+245</td><td>-185</td><td>-23</td></tr><tr><td>French Morocco</td><td>+4,366</td><td>+2,616</td><td>+174</td><td>+1,275</td><td>+9,426</td><td>+3,018</td><td>-5,571</td><td>-4,226</td><td>+2,891</td><td>-3,505</td><td>-1,329</td><td>+2,889</td><td>-3,292</td></tr><tr><td>Union of South Africa</td><td>+7,565</td><td>-2,357</td><td>-966</td><td>+877</td><td>+2,286</td><td>+3,442</td><td>+832</td><td>-1,721</td><td>+1,087</td><td>-1,099</td><td>+2,007</td><td>+417</td><td>-3,732</td></tr><tr><td>All other</td><td>+22,831</td><td>+388</td><td>-834</td><td>+18,091</td><td>-16,776</td><td>+10,574</td><td>+23,061</td><td>+6,928</td><td>+950</td><td>-5,876</td><td>-2,046</td><td>-12,528</td><td>-1,101</td></tr><tr><td><b>Total other countries</b></td><td>+23,807</td><td>+2,947</td><td>+581</td><td>+19,156</td><td>+935</td><td>+3,338</td><td>+26,523</td><td>+4,869</td><td>+8,389</td><td>-3,633</td><td>-17,472</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>-338</td><td>+179</td><td>-543</td></tr><tr><td><b>Grand total</b></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)
May 1946
79
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Ne
t Capital Movement, by Countries, January 1942 - November 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-167,701</td><td>+72,758</td><td>-2,715</td><td>-37,630</td><td>+1,913</td><td>+33,490</td><td>-4,965</td><td>-59,089</td><td>-35,174</td><td>-99,312</td><td>-73,381</td><td>+25,223</td><td>+11,181</td></tr><tr><td>France</td><td>-51,178</td><td>-1,287</td><td>-5,670</td><td>+2,643</td><td>-147</td><td>+635</td><td>-1,541</td><td>+1,792</td><td>-33</td><td>+200</td><td>+1,960</td><td>-277</td><td>-49,493 6b/</td></tr><tr><td>Belgium</td><td>-5,972</td><td>+1,799</td><td>-3,652</td><td>+2,499</td><td>+169</td><td>+1,896</td><td>-11,191</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>+1,911</td><td>-251</td><td>-376</td><td>+489</td><td>+910</td><td>+755</td><td>+652</td><td>+2,608</td><td>+1,376</td><td>+1,818</td><td>+2,326</td><td>+2,989</td><td>+1,615 6a/</td></tr><tr><td>Luxembourg</td><td>+49</td><td>+39</td><td>-86</td><td>-18</td><td>+42</td><td>+37</td><td>+5</td><td>-5</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>+886</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>+1,887</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>+25</td><td>-1,148</td><td>-32</td></tr><tr><td>Other Europe</td><td>-2,339</td><td>+1,172</td><td>-290</td><td>-2,177</td><td>+3,704</td><td>-91</td><td>-1,050</td><td>+68</td><td>-869</td><td>-976</td><td>-46</td><td>+561</td><td>-2,345</td></tr><tr><td>Total Europe</td><td>-111,031</td><td>+88,077</td><td>+21,483</td><td>-47,548</td><td>+7,730</td><td>+57,055</td><td>-30,758</td><td>-65,549</td><td>-22,215</td><td>-87,440</td><td>-56,856</td><td>+37,435</td><td>-12,445 6/</td></tr><tr><td>Canada</td><td>+216,056</td><td>+31,707</td><td>+86,860</td><td>+57,472</td><td>-62,657</td><td>-44,864</td><td>+3,952</td><td>+3,409</td><td>+39,179</td><td>+76,563</td><td>+62,486</td><td>+1,171</td><td>-39,222</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+54,256</td><td>+8,066</td><td>-11,170</td><td>+679</td><td>+3,491</td><td>+1,604</td><td>+8,117</td><td>+9,212</td><td>-2,380</td><td>+2,026</td><td>+8,780</td><td>+14,394</td><td>+11,437</td></tr><tr><td>Bolivia</td><td>+6,238</td><td>-605</td><td>+289</td><td>+1,940</td><td>-1,089</td><td>-339</td><td>+323</td><td>+260</td><td>+3,974</td><td>+586</td><td>+566</td><td>+1,582</td><td>-1,249</td></tr><tr><td>Brazil</td><td>+41,486</td><td>+9,235</td><td>+21,304</td><td>+12,330</td><td>-6,608</td><td>-1,230</td><td>-6,382</td><td>+9,937</td><td>+2,042</td><td>+2,453</td><td>-7,120</td><td>+7,482</td><td>-1,957</td></tr><tr><td>Chile</td><td>+10,004</td><td>-2,317</td><td>+3,060</td><td>+1,880</td><td>-235</td><td>+3,958</td><td>+14,971</td><td>-741</td><td>+1,074</td><td>-17,602</td><td>+79</td><td>+11,219</td><td>-2,588</td></tr><tr><td>Colombia</td><td>+16,567</td><td>-10,162</td><td>+3,548</td><td>+1,669</td><td>+3,878</td><td>+10,217</td><td>+3,871</td><td>+3,092</td><td>-564</td><td>+3,922</td><td>+2,907</td><td>-4,033</td><td>-1,778</td></tr><tr><td>Costa Rica</td><td>-5,519</td><td>+62</td><td>+525</td><td>+201</td><td>-2</td><td>-4,207</td><td>-570</td><td>-447</td><td>-105</td><td>-381</td><td>-187</td><td>-637</td><td>+189</td></tr><tr><td>Cuba</td><td>+42,298</td><td>-824</td><td>+3,030</td><td>+1,349</td><td>+7,934</td><td>-2,217</td><td>+39,006</td><td>+7,154</td><td>-250</td><td>-4,091</td><td>-5,852</td><td>+874</td><td>-4,315</td></tr><tr><td>French West Indies and Guiana</td><td>+1,771</td><td>-494</td><td>-52</td><td>+420</td><td>+153</td><td>+101</td><td>+375</td><td>+579</td><td>-219</td><td>+104</td><td>+226</td><td>-690</td><td>+1,268</td></tr><tr><td>Mexico</td><td>+22,540</td><td>+739</td><td>-13,400</td><td>+9,106</td><td>+13,234</td><td>+7,568</td><td>-4,140</td><td>+3,842</td><td>+6,790</td><td>+5,069</td><td>-1,566</td><td>+2,993</td><td>-7,695</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-5,420</td><td>-856</td><td>-504</td><td>-1,239</td><td>+2,169</td><td>+852</td><td>-2,341</td><td>+866</td><td>-2,290</td><td>-679</td><td>+619</td><td>-2,439</td><td>+422</td></tr><tr><td>Panama</td><td>+16,164</td><td>-1,601</td><td>-633</td><td>+3,335</td><td>+2,106</td><td>+3,925</td><td>-1,402</td><td>+2,313</td><td>+769</td><td>+2,151</td><td>+1,816</td><td>+1,602</td><td>+1,783</td></tr><tr><td>Peru</td><td>+10,427</td><td>+1,843</td><td>+620</td><td>-1,925</td><td>-131</td><td>+2,065</td><td>+507</td><td>-1,758</td><td>+1,281</td><td>+3,335</td><td>+1,084</td><td>+1,893</td><td>+1,613</td></tr><tr><td>Venezuela</td><td>+6,206</td><td>+1,016</td><td>-2,642</td><td>+3,938</td><td>+5,041</td><td>-8,422</td><td>-1,680</td><td>+974</td><td>+975</td><td>+7,556</td><td>+8,261</td><td>-11,481</td><td>+2,670</td></tr><tr><td>Other Latin America</td><td>+25,749</td><td>+10,902</td><td>-1,844</td><td>-972</td><td>+9,250</td><td>+969</td><td>+7,045</td><td>+801</td><td>-4,834</td><td>+2,474</td><td>-2,634</td><td>+5,313</td><td>-721</td></tr><tr><td>Total Latin America</td><td>+242,767</td><td>+15,004</td><td>-623</td><td>+32,711</td><td>+39,191</td><td>+14,844</td><td>+57,700</td><td>+36,084</td><td>+6,763</td><td>+6,923</td><td>+7,019</td><td>+28,072</td><td>-921</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+23,975</td><td>+11,113</td><td>+30,040</td><td>+25,016</td><td>-812</td><td>-424</td><td>+1,339</td><td>-16,868</td><td>-3,901</td><td>-3,962</td><td>+2,176</td><td>-10,250</td><td>-9,492</td></tr><tr><td>French Indo-China</td><td>-2</td><td>-12</td><td>+21</td><td>-6</td><td>+6</td><td>-10</td><td>+4</td><td>-47</td><td>+42</td><td>-13</td><td>-3</td><td>+10</td><td>+6</td></tr><tr><td>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>-150</td><td>-281</td><td>+2,563</td><td>+1,742</td><td>-3,128</td></tr><tr><td>Philippine Islands</td><td>+2,664</td><td>+615</td><td>-55</td><td>+637</td><td>-498</td><td>-393</td><td>-220</td><td>+765</td><td>-46</td><td>+348</td><td>+5,292</td><td>-5,128</td><td>+1,347</td></tr><tr><td>Turkey</td><td>-10,267</td><td>+2,107</td><td>+18,065</td><td>+11,688</td><td>+4,005</td><td>+17,380</td><td>+1,510</td><td>+9,607</td><td>+822</td><td>-585</td><td>-322</td><td>-152</td><td>+2,958</td></tr><tr><td>Other Asia</td><td>+1,895</td><td>-1,643</td><td>-1,552</td><td>-401</td><td>+292</td><td>-1,805</td><td>-2,025</td><td>+2,581</td><td>-227</td><td>+534</td><td>+4,230</td><td>-682</td><td>+2,593</td></tr><tr><td>Total Asia</td><td>+7,831</td><td>+11,317</td><td>+44,836</td><td>+11,346</td><td>+11,750</td><td>-21,339</td><td>-1,071</td><td>-9,912</td><td>-3,149</td><td>-7,366</td><td>+13,418</td><td>-195</td><td>-41,804</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+28,669</td><td>+7,949</td><td>-4,235</td><td>+2,687</td><td>+9,256</td><td>-3,828</td><td>-11,659</td><td>+3,685</td><td>+2,429</td><td>+3,071</td><td>+1,670</td><td>+4,655</td><td>+12,989</td></tr><tr><td>New Zealand</td><td>-1,729</td><td>+1,636</td><td>-197</td><td>-757</td><td>-37</td><td>-560</td><td>-1,011</td><td>-981</td><td>+194</td><td>+2,945</td><td>-2,315</td><td>-476</td><td>-170</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+1,342</td><td>-62</td><td>-991</td><td>+354</td><td>+562</td><td>+120</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>-1,751</td><td>+2,469</td><td>-2,625</td><td>+4,390</td></tr><tr><td>All other</td><td>-16,809</td><td>+4,582</td><td>-3,424</td><td>-5,902</td><td>-1,560</td><td>-2,295</td><td>-15,532</td><td>+936</td><td>-8,721</td><td>-2,224</td><td>+1,317</td><td>+1,171</td><td>+24,007 6b/</td></tr><tr><td>Total other countries</td><td>+1,693</td><td>+7,175</td><td>-6,740</td><td>-9,638</td><td>+5,574</td><td>-11,295</td><td>-29,823</td><td>+363</td><td>-4,469</td><td>+2,694</td><td>+2,935</td><td>+3,120</td><td>+41,187 6b/</td></tr><tr><td>Unidentified</td><td>-162</td><td>+460</td><td>-194</td><td>-2</td><td>-183</td><td>+161</td><td>+764</td><td>-610</td><td>+1,371</td><td>-1,327</td><td>+273</td><td>+693</td><td>-1,568</td></tr><tr><td>Grand total</td><td>+357,154</td><td>+154,350</td><td>+145,622</td><td>+44,341 5/</td><td>+1,405</td><td>-5,438</td><td>+764</td><td>-36,215</td><td>+17,480</td><td>-9,953</td><td>+29,275</td><td>+70,296</td><td>-54,773 6a/</td></tr></table>
(Continued on following page)
80
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 - November 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><th>November</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>-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><td>-49,063</td></tr><tr><td>France</td><td>-19,035</td><td>-8,362</td><td>-51,793</td><td>-24,925</td><td>-24,513</td><td>+68,634</td><td>+20,696</td><td>-42,548</td><td>-35,906</td><td>+46,934</td><td>-41,088</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><td>-12,135</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><td>+4,227</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>-437</td><td>-466</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><td>-86</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>+2,505</td><td>+3,456</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><td>+2,812</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><td>+186</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>+3,033</td><td>+2,003</td><td>+31</td><td>+5,754</td><td>+2,434</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><td>+299</td></tr><tr><td>Portugal</td><td>-12,276</td><td>-508</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><td>+3,240</td></tr><tr><td>Romania</td><td>-51</td><td>-312</td><td>+199</td><td>+33</td><td>-45</td><td>-34</td><td>+31</td><td>+417</td><td>-455</td><td>+15</td><td>+20</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>-7,260</td><td>-8,251</td><td>+6,914</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>+5,890</td><td>+17,891</td><td>+9,666</td><td>+5,881</td><td>+14,167</td><td>+2,925</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><td>+4,611</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><td>+401</td></tr><tr><td>Yugoslavia</td><td>-43</td><td>-20</td><td>+78</td><td>-446</td><td>-1145</td><td>+34</td><td>-503</td><td>-56</td><td>+106</td><td>+14</td><td>+199</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>+1,624</td><td>-2,219</td><td>-240</td><td>+479</td></tr><tr><td>Total Europe</td><td>-132,817</td><td>+54,948</td><td>-50,977</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><td>-70,635</td></tr><tr><td>Canada</td><td>+54,435</td><td>+50,532</td><td>+54,034</td><td>+59,540</td><td>+9,775</td><td>+72,034</td><td>+84,727</td><td>+80,399</td><td>+28,036</td><td>+7,997</td><td>+15,177</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>-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><td>+8,384</td></tr><tr><td>Brazil</td><td>+2,253</td><td>-455</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><td>-1,988</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>+1,853</td><td>+21,839</td><td>+1,573</td><td>+21,356</td><td>+2,411</td><td>+2,262</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><td>+8,685</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><td>-3,629</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><td>+720</td></tr><tr><td>Cuba</td><td>-1,737</td><td>-2,965</td><td>-6,118</td><td>+23,593</td><td>+27,030</td><td>+10,591</td><td>+3,269</td><td>-517</td><td>-6,805</td><td>-8,284</td><td>-19,077</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><td>-690</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><td>-54,311</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><td>-2,024</td></tr><tr><td>Panama</td><td>+2,153</td><td>+2,192</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><td>-221</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><td>+3,129</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><td>-8,524</td></tr><tr><td>Other Latin America</td><td>+1,988</td><td>+4,299</td><td>+3,505</td><td>+4,889</td><td>+3,191</td><td>-388</td><td>+310</td><td>-158</td><td>-4,858</td><td>+794</td><td>-922</td></tr><tr><td>Total Latin America</td><td>+56,426</td><td>+12,221</td><td>-28,215</td><td>+28,857</td><td>+61,305</td><td>+29,498</td><td>+57,622</td><td>-19,529</td><td>+21,644</td><td>-9,095</td><td>-65,206</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>+145,578</td><td>-15,504</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><td>-10,935</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><td>-220</td></tr><tr><td>Singapore</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><td>+424</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><td>+1,426</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><td>+46</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><td>-150</td></tr><tr><td>Netherlands East Indies</td><td>+656</td><td>+2,484</td><td>+2,911</td><td>-999</td><td>+2,233</td><td>-6,470</td><td>+1,414</td><td>-3,759</td><td>-9,621</td><td>-3,924</td><td>-1,836</td></tr><tr><td>Philippine Islands</td><td>-376</td><td>+2,790</td><td>-2,251</td><td>+3,375</td><td>+1,468</td><td>+4,530</td><td>+2,441</td><td>-14,360</td><td>+54,137</td><td>-2,243</td><td>+18,419</td></tr><tr><td>Turkey</td><td>+13,197</td><td>+9,135</td><td>+4,423</td><td>+1,187</td><td>-1,031</td><td>+801</td><td>-461</td><td>+443</td><td>-928</td><td>+658</td><td>-3,284</td></tr><tr><td>Other Asia</td><td>+10,050</td><td>+1,851</td><td>+3,354</td><td>-475</td><td>-2,840</td><td>-11,571</td><td>+497</td><td>+4,060</td><td>+13,315</td><td>-1,299</td><td>-1,318</td></tr><tr><td>Total Asia</td><td>+178,736</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><td>+2,572</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>-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>+645</td><td>+1,053</td></tr><tr><td>New Zealand</td><td>+2,101</td><td>-749</td><td>-820</td><td>-497</td><td>-41</td><td>-291</td><td>+64</td><td>+1,177</td><td>-1,432</td><td>+398</td><td>+467</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+1,004</td><td>+326</td><td>+59</td><td>+743</td><td>-228</td><td>+1,562</td><td>-228</td><td>+2,685</td><td>+89</td><td>+3,971</td><td>+2,263</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><td>+1,474</td></tr><tr><td>Union of South Africa</td><td>+1,988</td><td>+160</td><td>-106</td><td>-445</td><td>-554</td><td>+487</td><td>-950</td><td>+1,224</td><td>+3,116</td><td>-1,586</td><td>+727</td></tr><tr><td>All other</td><td>+14,488</td><td>+1,970</td><td>+4,459</td><td>-1,027</td><td>+1,378</td><td>+492</td><td>+1,115</td><td>+6,354</td><td>+10,327</td><td>+23,043</td><td>-17,565</td></tr><tr><td>Total other countries</td><td>+910</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><td>-11,581</td></tr><tr><td>Unidentified</td><td>+215</td><td>+1,222</td><td>+494</td><td>+311</td><td>-123</td><td>-422</td><td>-125</td><td>-696</td><td>+739</td><td>+461</td><td>-553</td></tr><tr><td>Grand total</td><td>+157,405</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>+71,193</td><td>-132,120</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)
May 1946
81
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. 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
5/ All other now reported under "Unidentified." Adjusted to include $510 thousand of short-term banking funds which were omitted due to the elimination of several branch bank reports.
6/ Adjusted for (a) the inclusion under "Italy" of an account of $2,023 thousand which was previously classified as domestic, and (b) the transfer of $8,887 thousand from the "All other" classification to "France".
7/ Adjusted to cover the following changes: (a) $35,457 thousand transferred from the "All other" classification to "France"; (b) $6,918 thousand previously classified as domestic was reclassified for account of Panama.
82
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 - November 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>+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>-5,339</td><td>+7,395</td><td>-312</td><td>+4,792</td><td>-984</td></tr><tr><td>Germany</td><td>+233</td><td>+279</td><td>-1,119</td><td>+21</td><td>-26</td><td>+9</td><td>-161</td><td>-17</td><td>+8,147</td><td>-7,608</td><td>+129</td><td>+145</td><td>+434</td></tr><tr><td>Italy</td><td>-2,383</td><td>+541</td><td>+127</td><td>-1,317</td><td>-118</td><td>+559</td><td>+209</td><td>+545</td><td>+573</td><td>+247</td><td>+157</td><td>-939</td><td>+33</td></tr><tr><td>Netherlands</td><td>+9,494</td><td>-3,994</td><td>+308</td><td>-3,874</td><td>+9,647</td><td>+9,250</td><td>+917</td><td>+933</td><td>-3,874</td><td>+416</td><td>-993</td><td>-94</td><td>+852</td></tr><tr><td>Sweden</td><td>-61,182</td><td>-1,095</td><td>-19,834</td><td>-18,950</td><td>-2,785</td><td>-23,813</td><td>+2,475</td><td>+219</td><td>+1,337</td><td>-1,935</td><td>+1,403</td><td>+397</td><td>+1,399</td></tr><tr><td>Switzerland</td><td>-158,719</td><td>-38,040</td><td>-41,335</td><td>-54,477</td><td>-1,457</td><td>-733</td><td>-1,808</td><td>-10,384</td><td>+1,530</td><td>+5,100</td><td>-8,829</td><td>-5,007</td><td>-2,279</td></tr><tr><td>Other Europe</td><td>+2,484</td><td>+10,481</td><td>-18,957</td><td>-1,938</td><td>-2,806</td><td>+6,619</td><td>+1,719</td><td>+1,304</td><td>+2,806</td><td>+8,362</td><td>+525</td><td>+6,795</td><td>-15,026</td></tr><tr><td>Total Europe</td><td>-55,172</td><td>-61,398</td><td>-115,442</td><td>+46,432</td><td>-21,048</td><td>+50,684</td><td>+30,302 2/</td><td>+20,948</td><td>+25,515</td><td>+37,458</td><td>+10,294</td><td>-2,161</td><td>+16,108</td></tr><tr><td>Canada</td><td>+122,270</td><td>-5,091</td><td>-70</td><td>+57,962</td><td>+8,667</td><td>-24,903</td><td>+19,798 2/</td><td>+16,668</td><td>+3,698</td><td>+14,432</td><td>+7,812</td><td>+25,215</td><td>-1,918</td></tr><tr><td>Latin America</td><td>+236,608</td><td>-5,156</td><td>+22,838</td><td>+15,275</td><td>+20,901</td><td>+63,100</td><td>+29,015 2/</td><td>+27,725</td><td>+12,581</td><td>-5,218</td><td>-13,082</td><td>+46,489</td><td>+22,140</td></tr><tr><td>Asia</td><td></td><td></td><td></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>+2</td><td>+16</td><td>+217</td><td>-33</td><td>-79</td><td>-89</td><td>+181</td><td>-251</td></tr><tr><td>Other Asia</td><td>+209,834</td><td>-10,647</td><td>+6,480</td><td>-2,731 1/</td><td>+213,142</td><td>+5,385</td><td>+3,306</td><td>-5,073</td><td>+2,186</td><td>+2,917</td><td>+9,606</td><td>-13,151</td><td>-1,586</td></tr><tr><td>Total Asia</td><td>+209,798</td><td>-10,458</td><td>+7,630</td><td>+4,071 1/</td><td>+213,144</td><td>+5,386</td><td>+3,322</td><td>-4,856</td><td>+2,153</td><td>+2,838</td><td>+9,517</td><td>-12,970</td><td>-1,837</td></tr><tr><td>All other</td><td>+48,069</td><td>+7,798</td><td>-3,521</td><td>-3,714</td><td>+10,574</td><td>+6,445</td><td>-835</td><td>-2,407</td><td>+4,466</td><td>-3,389</td><td>+8,841</td><td>+965</td><td>+22,846</td></tr><tr><td>Grand total</td><td>+561,573</td><td>-74,305</td><td>-88,565</td><td>+19,020 1/</td><td>+232,238</td><td>+100,712</td><td>+81,602 2/</td><td>+58,078</td><td>+48,413</td><td>+46,121</td><td>+23,382</td><td>+57,538</td><td>+57,339</td></tr></table>
(Continued on following page)
May 1946
83
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 - November 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>+1,183</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>+3</td><td>-341</td><td>+250</td><td>-100</td><td>+129</td><td>-853</td><td>+262</td><td>-182</td><td>+65</td><td>-181</td><td>-768</td><td>+542</td></tr><tr><td>Germany</td><td>-875</td><td>+163</td><td>-7</td><td>+70</td><td>-189</td><td>+78</td><td>+15</td><td>-105</td><td>-535</td><td>+61</td><td>-190</td><td>-164</td><td>-72</td></tr><tr><td>Greece</td><td>+4,646</td><td>+102</td><td>+206</td><td>+222</td><td>-129</td><td>-88</td><td>-73</td><td>+69</td><td>-36</td><td>-163</td><td>+488</td><td>+3,110</td><td>+938</td></tr><tr><td>Italy</td><td>+678</td><td>+483</td><td>-189</td><td>-753</td><td>-659</td><td>-714</td><td>-417</td><td>-6</td><td>+644</td><td>+291</td><td>+701</td><td>+168</td><td>-227</td></tr><tr><td>Luxembourg</td><td>+107</td><td>+52</td><td>-29</td><td>-28</td><td>+25</td><td>+7</td><td>+6</td><td>+19</td><td>+30</td><td>+15</td><td>-56</td><td>+42</td><td>+24</td></tr><tr><td>Netherlands</td><td>+6,929</td><td>-1,923</td><td>+1,030</td><td>+5,172</td><td>-578</td><td>+85</td><td>-809</td><td>+1,676</td><td>-2,068</td><td>+4,405</td><td>+2,219</td><td>-2,384</td><td>+104</td></tr><tr><td>Sorway</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>+1,485</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>+6,285</td><td>+3,586</td><td>-2,389</td><td>+876</td><td>+1,379</td><td>+6,738</td></tr><tr><td>Switzerland</td><td>+24,934</td><td>-2,722</td><td>-4,773</td><td>+7,198</td><td>-1,735</td><td>+66</td><td>+6,393</td><td>+1,867</td><td>+10,458</td><td>-110</td><td>-2,593</td><td>+9,295</td><td>+1,590</td></tr><tr><td>U. S. S. R.</td><td>-1,936</td><td>+1,967</td><td>+4,535</td><td>+44</td><td>-264</td><td>+2,849</td><td>-2,161</td><td>-2,088</td><td>+1,846</td><td>+4,541</td><td>+202</td><td>+1,147</td><td>-5,384</td></tr><tr><td>Yugoslavia</td><td>-7,766</td><td>+89</td><td>-20</td><td>+19</td><td>-29</td><td>-2,973</td><td>+339</td><td>-81</td><td>+4,911</td><td>-179</td><td>+132</td><td>+17</td><td>-35</td></tr><tr><td>Other Europe</td><td>+22,385</td><td>+666</td><td>+3,627</td><td>+3,327</td><td>+6,669</td><td>+4,123</td><td>+7,300</td><td>+646</td><td>+1,391</td><td>-1,230</td><td>-582</td><td>-468</td><td>-3,084</td></tr><tr><td>Total Europe</td><td>+568,044</td><td>-89,369</td><td>+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>+47,812</td><td>+94,495</td><td>+71,402</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-6,313</td><td>-3,057</td><td>-606</td><td>+1,880</td><td>-1,473</td><td>+1,380</td><td>-903</td><td>+1,262</td><td>+2,266</td><td>-2,551</td><td>+4,727</td><td>-10,839</td><td>+1,101</td></tr><tr><td>Bolivia</td><td>+3,090</td><td>+1,029</td><td>+2,773</td><td>+229</td><td>-1,139</td><td>-472</td><td>+471</td><td>+127</td><td>-177</td><td>-486</td><td>-248</td><td>-1,452</td><td>+2,435</td></tr><tr><td>Brazil</td><td>+28,847</td><td>-631</td><td>+10,736</td><td>+6,612</td><td>-7,786</td><td>+16,207</td><td>+7,582</td><td>+8,812</td><td>-1,725</td><td>-4,019</td><td>-12,193</td><td>+605</td><td>+4,647</td></tr><tr><td>Chile</td><td>+18,234</td><td>+8,327</td><td>-5,116</td><td>-2,434</td><td>+3,145</td><td>+1,960</td><td>+8,688</td><td>+112</td><td>+5,986</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>-5,190</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>-4,051</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>Sotherlands 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>+3,553</td><td>+4,281</td><td>-1,342</td><td>+2,197</td><td>+3,157</td><td>-588</td><td>+3,822</td><td>-209</td><td>+4,803</td><td>-2,000</td><td>+1,886</td></tr><tr><td>Peru</td><td>+1,078</td><td>-1,225</td><td>+807</td><td>+140</td><td>-1,029</td><td>+617</td><td>+2,432</td><td>+58</td><td>+1,047</td><td>-535</td><td>+1,776</td><td>-4,287</td><td>+1,277</td></tr><tr><td>Venezuela</td><td>+3,342</td><td>-19</td><td>-272</td><td>+2,731</td><td>-1,521</td><td>-1,674</td><td>+1,543</td><td>+2,720</td><td>-4,214</td><td>+580</td><td>+245</td><td>+3,477</td><td>-254</td></tr><tr><td>Other Latin America</td><td>+36,580</td><td>+4,885</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 Latin America</td><td>+83,451</td><td>-9,038</td><td>+15,595</td><td>+22,377</td><td>+149</td><td>+59,859</td><td>+26,323</td><td>+24,244</td><td>-40,668</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>+77</td><td>-90</td><td>+63</td><td>+34</td><td>-42</td><td>+7</td><td>+231</td><td>-23</td><td>+20</td><td>-7</td><td>+60</td><td>-163</td><td>-13</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-729</td><td>+36</td><td>-89</td><td>-528</td><td>-40</td><td>+10</td><td>-13</td><td>+39</td><td>-23</td><td>+35</td><td>-32</td><td>-36</td><td>-88</td></tr><tr><td>Sotherlands 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>-23</td><td>+881</td><td>-410</td><td>-292</td><td>+253</td><td>+1,327</td><td>-171</td><td>-209</td></tr><tr><td>Turkey</td><td>+4,049</td><td>-7,258</td><td>+10,377</td><td>-14,519</td><td>-3,241</td><td>+5,264</td><td>-2,729</td><td>+2,490</td><td>+721</td><td>+2,123</td><td>+1,636</td><td>+4,574</td><td>+4,611</td></tr><tr><td>Other Asia</td><td>+24,956</td><td>+3,508</td><td>+6,243</td><td>+6,428</td><td>-550</td><td>-333</td><td>-302</td><td>-451</td><td>+343</td><td>+1,186</td><td>+6,844</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>-11,390</td><td>+23,253</td><td>+6,160</td><td>+24,641</td><td>+40,006</td><td>+76,569</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+2,649</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>-12,903</td></tr><tr><td>New Zealand</td><td>+764</td><td>-264</td><td>+859</td><td>-155</td><td>+2,076</td><td>-1,388</td><td>+870</td><td>-1,079</td><td>-692</td><td>+2,734</td><td>-892</td><td>-1,144</td><td>-1,151</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>-33</td></tr><tr><td>French Morocco</td><td>+4,289</td><td>+2,614</td><td>+172</td><td>+1,230</td><td>+9,397</td><td>+3,021</td><td>-5,583</td><td>-4,209</td><td>+2,902</td><td>-3,482</td><td>-1,409</td><td>+2,885</td><td>-3,289</td></tr><tr><td>Union of South Africa</td><td>-7,209</td><td>-2,358</td><td>-874</td><td>-859</td><td>+2,341</td><td>-3,442</td><td>+825</td><td>-1,585</td><td>+1,234</td><td>-1,092</td><td>+2,019</td><td>+420</td><td>-3,738</td></tr><tr><td>All other</td><td>+21,383</td><td>+150</td><td>-872</td><td>+18,046</td><td>-17,251</td><td>+10,455</td><td>+23,079</td><td>+8,915</td><td>+611</td><td>-6,007</td><td>-2,016</td><td>-12,536</td><td>-1,191</td></tr><tr><td>Total other countries</td><td>+21,043</td><td>+2,208</td><td>+629</td><td>+19,226</td><td>+69</td><td>+3,001</td><td>+26,375</td><td>+4,671</td><td>+8,099</td><td>-3,689</td><td>-17,534</td><td>+281</td><td>-22,253</td></tr><tr><td>Unidentified</td><td>-22</td><td>+162</td><td>-76</td><td>+94</td><td>+60</td><td>+228</td><td>-151</td><td>+3</td><td>+25</td><td>-49</td><td>-24c</td><td>+224</td><td>-540</td></tr><tr><td>Grand total</td><td>+1,164,758</td><td>+151,809</td><td>+119,683</td><td>+61,505</td><td>+58,289</td><td>+74,311</td><td>+224,845</td><td>+58,720</td><td>+59,027</td><td>+1,903</td><td>+135,679</td><td>+163,436</td><td>+55,551</td></tr></table>
(Continued on following page)
84
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 - November 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>+1,613</td><td>+10,238</td><td>-1,521</td><td>-400</td><td>-57,251</td></tr><tr><td>Belgium</td><td>+1,430</td><td>+2,141</td><td>-3,505</td><td>+2,083</td><td>+50</td><td>+3,501</td><td>-4,872</td><td>-313</td><td>+1,105</td><td>+1,648</td><td>-547</td><td>+152</td><td>-13</td></tr><tr><td>Denmark</td><td>+957</td><td>-215</td><td>-149</td><td>+455</td><td>-187</td><td>-531</td><td>-658</td><td>-270</td><td>+334</td><td>+452</td><td>-340</td><td>-216</td><td>+1,420</td></tr><tr><td>Finland</td><td>+7,045</td><td>-222</td><td>+247</td><td>-284</td><td>+173</td><td>-564</td><td>-306</td><td>-60</td><td>+8,446</td><td>-348</td><td>-11</td><td>-13</td><td>-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>+432</td><td>-197</td><td>+116</td><td>+2,425</td><td>-116</td><td>-41</td></tr><tr><td>Italy</td><td>+13,957</td><td>-428</td><td>-457</td><td>+494</td><td>+920</td><td>+780</td><td>+582</td><td>+2,470</td><td>+1,540</td><td>+1,828</td><td>+2,227</td><td>+2,738</td><td>+1,263</td></tr><tr><td>Luxembourg</td><td>+134</td><td>+60</td><td>-57</td><td>-43</td><td>+38</td><td>+34</td><td>+2</td><td>-3</td><td>+5</td><td>+17</td><td>+66</td><td>-5</td><td>+20</td></tr><tr><td>Hetherlande</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>+5,337</td><td>+2,791</td><td>-14,648</td><td>-9,239</td><td>+8,405</td><td>+261</td><td>+8,055</td><td>-97</td><td>-740</td></tr><tr><td>Portugal</td><td>+1,763</td><td>+6,658</td><td>+11,017</td><td>-14,445</td><td>-8,502</td><td>-9,701</td><td>-2,241</td><td>+3,912</td><td>+1,394</td><td>+5,220</td><td>-257</td><td>+4,228</td><td>+4,480</td></tr><tr><td>Romania</td><td>+225</td><td>+15</td><td>-52</td><td>+64</td><td>+182</td><td>-269</td><td>-5</td><td>-1</td><td>-22</td><td>+33</td><td>-10</td><td>+244</td><td>+46</td></tr><tr><td>Spain</td><td>+12,967</td><td>+727</td><td>+3,533</td><td>+416</td><td>+3,399</td><td>+11,644</td><td>+427</td><td>-1,167</td><td>+1,812</td><td>-5,313</td><td>-4,223</td><td>+2,636</td><td>-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>+1,597</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>-1,199</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>-66,040</td><td>-19,014</td><td>-75,575</td><td>-60,043</td><td>+39,106</td><td>-23,080</td></tr><tr><td>Canada</td><td>+123,623</td><td>+32,529</td><td>+93,853</td><td>+78,701</td><td>-58,677</td><td>-37,576</td><td>-24,110</td><td>-65,262</td><td>+33,179</td><td>+26,163</td><td>+65,610</td><td>+9,470</td><td>-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>+5,141</td><td>-612</td><td>+248</td><td>+1,968</td><td>-1,132</td><td>-287</td><td>+313</td><td>+221</td><td>+3,973</td><td>-322</td><td>+551</td><td>+1,485</td><td>-1,295</td></tr><tr><td>Brazil</td><td>+35,840</td><td>+8,825</td><td>+21,338</td><td>+12,542</td><td>-6,744</td><td>-2,598</td><td>-6,289</td><td>+9,714</td><td>+153</td><td>+1,788</td><td>-7,191</td><td>+7,037</td><td>-2,735</td></tr><tr><td>Chile</td><td>+8,634</td><td>-2,285</td><td>+375</td><td>+1,891</td><td>-276</td><td>+2,812</td><td>+14,886</td><td>-633</td><td>+956</td><td>-17,579</td><td>+36</td><td>+11,177</td><td>-2,726</td></tr><tr><td>Columbia</td><td>+13,318</td><td>-10,048</td><td>+3,532</td><td>+1,656</td><td>+3,853</td><td>+10,133</td><td>+3,503</td><td>+2,831</td><td>+1,028</td><td>+3,596</td><td>+1,735</td><td>+4,176</td><td>-2,269</td></tr><tr><td>Costa Rica</td><td>-5,417</td><td>+56</td><td>+531</td><td>+204</td><td>-3</td><td>-4,212</td><td>-552</td><td>-415</td><td>-86</td><td>-382</td><td>-134</td><td>-751</td><td>+327</td></tr><tr><td>Cuba</td><td>+41,597</td><td>-655</td><td>+1,453</td><td>+3,288</td><td>+7,870</td><td>-2,250</td><td>+39,067</td><td>+4,212</td><td>+1,815</td><td>-3,881</td><td>-5,680</td><td>+1,667</td><td>-5,309</td></tr><tr><td>French West Indies and Guiana</td><td>+1,784</td><td>-443</td><td>-117</td><td>+413</td><td>+145</td><td>+116</td><td>+375</td><td>+600</td><td>-219</td><td>+104</td><td>+226</td><td>-684</td><td>+1,268</td></tr><tr><td>Mexico</td><td>+15,271</td><td>+1,152</td><td>-13,434</td><td>+8,913</td><td>+13,007</td><td>+6,538</td><td>-6,809</td><td>+1,981</td><td>+6,411</td><td>+4,699</td><td>-1,988</td><td>+3,131</td><td>-8,330</td></tr><tr><td>Hetherlande 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 Latto America</td><td>+21,519</td><td>+10,782</td><td>-2,854</td><td>+86</td><td>+9,265</td><td>+936</td><td>+6,459</td><td>+489</td><td>+5,163</td><td>+1,608</td><td>-2,742</td><td>+2,397</td><td>+256</td></tr><tr><td>Total Latin America</td><td>+197,206</td><td>+12,016</td><td>-4,195</td><td>+33,834</td><td>+38,019</td><td>+10,027</td><td>+55,012</td><td>+26,231</td><td>+3,323</td><td>-1,416</td><td>+4,518</td><td>+24,134</td><td>-4,297</td></tr><tr><td><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>Bong Kong</td><td>-845</td><td>-702</td><td>+319</td><td>+1,044</td><td>+170</td><td>-34</td><td>-1,120</td><td>+156</td><td>+59</td><td>+45</td><td>-696</td><td>-147</td><td>+61</td></tr><tr><td>India, Burma, and Ceylon</td><td>-16,505</td><td>+885</td><td>-3,207</td><td>+6,758</td><td>+9,384</td><td>-575</td><td>-984</td><td>+8,996</td><td>+53</td><td>-3,595</td><td>+190</td><td>+14,448</td><td>-35,342</td></tr><tr><td>British Malaya</td><td>+770</td><td>+18</td><td>+114</td><td>+434</td><td>-237</td><td>-79</td><td>+143</td><td>+41</td><td>+207</td><td>+8</td><td>-2</td><td>+68</td><td>+55</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-137</td><td>-241</td><td>+294</td><td>+55</td><td>+43</td><td>+8</td><td>-125</td><td>+113</td><td>-114</td><td>-43</td><td>-17</td><td>-49</td><td>-61</td></tr><tr><td>Netherlande 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>Philippines Islands</td><td>+2,593</td><td>+539</td><td>-15</td><td>+766</td><td>-509</td><td>-394</td><td>-300</td><td>+820</td><td>-16</td><td>+311</td><td>+5,340</td><td>-5,083</td><td>+1,194</td></tr><tr><td>Turkey</td><td>-10,310</td><td>+2,119</td><td>+18,067</td><td>-11,687</td><td>+3,992</td><td>-17,381</td><td>+1,507</td><td>-9,594</td><td>+806</td><td>-610</td><td>-322</td><td>-151</td><td>+2,944</td></tr><tr><td>Other Asia</td><td>+1,703</td><td>-1,800</td><td>-1,501</td><td>-439</td><td>+282</td><td>-1,863</td><td>-2,054</td><td>+2,370</td><td>-289</td><td>+377</td><td>+4,491</td><td>-534</td><td>+2,663</td></tr><tr><td>Total Asia</td><td>-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>+409</td><td>+169</td><td>+691</td><td>+67</td><td>+626</td><td>+89</td></tr><tr><td>French Morocone</td><td>-5,931</td><td>+833</td><td>-161</td><td>-2,571</td><td>-920</td><td>-2,944</td><td>+230</td><td>-268</td><td>+23</td><td>-189</td><td>-275</td><td>-238</td><td>-101</td></tr><tr><td>Union of South Africa</td><td>-3,481</td><td>+2,030</td><td>+1,943</td><td>-3,409</td><td>-1,754</td><td>-1,927</td><td>+769</td><td>-3,351</td><td>+1,464</td><td>-1,973</td><td>+2,484</td><td>-2,618</td><td>+4,399</td></tr><tr><td>All other</td><td>-17,740</td><td>-4,602</td><td>-3,419</td><td>-5,939</td><td>-1,569</td><td>-2,355</td><td>-15,978</td><td>+918</td><td>-8,580</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>+2,547</td><td>+3,098</td><td>+41,070</td></tr><tr><td>Unidentified</td><td>-152</td><td>+460</td><td>-194</td><td>-2</td><td>-185</td><td>+163</td><td>+764</td><td>-610</td><td>+1,371</td><td>-1,327</td><td>+273</td><td>+693</td><td>-1,558</td></tr><tr><td>Grand total</td><td>+44,394</td><td>+155,209</td><td>+147,637</td><td>+76,736</td><td>+1,038</td><td>+1,151</td><td>-47,329</td><td>-116,872</td><td>+10,534</td><td>-57,289</td><td>+26,852</td><td>+76,248</td><td>-229,521</td></tr></table>
(Continued on following page)
May 1946
85
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 - November 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><th>November</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></tr><tr><td>United Kingdom</td><td>-77,816</td><td>+48,948</td><td>+127</td><td>-16,524</td><td>+7,064</td><td>+32,373</td><td>+13,177</td><td>-54,769</td><td>-71,064</td><td>-2,565</td><td>-45,051</td></tr><tr><td>France</td><td>-17,795 1a</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><td>-33,141</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><td>-12,678</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><td>+4,259</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>+45</td><td>+482</td><td>-473</td><td>-483</td></tr><tr><td>Germany</td><td>-29</td><td>+46</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><td>-167</td></tr><tr><td>Oreece</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><td>+2,304</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><td>+3,160</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>-143</td><td>+170</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><td>+5,734</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><td>+253</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><td>+3,157</td></tr><tr><td>Romania</td><td>-51</td><td>-312</td><td>+186</td><td>+36</td><td>-47</td><td>-34</td><td>+30</td><td>+401</td><td>-455</td><td>-</td><td>+14</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>-8,215</td><td>+6,913</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>+14,203</td><td>+3,251</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><td>+6,937</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><td>+399</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><td>+218</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><td>-66</td></tr><tr><td><b>Total Europe</b></td><td><b>-125,340 1a</b></td><td><b>+59,457</b></td><td><b>-27,801</b></td><td><b>-17,391</b></td><td><b>+6,047</b></td><td><b>+103,967</b></td><td><b>+93,675</b></td><td><b>-78,933</b></td><td><b>-30,075</b></td><td><b>+45,862</b></td><td><b>-54,817</b></td></tr><tr><td>Canada</td><td>+46,534</td><td>+100,510</td><td>+59,753</td><td>+36,540</td><td>-6,083</td><td>+77,813</td><td>+91,059</td><td>+103,786</td><td>+44,155</td><td>+67,142</td><td>-11,925</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></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><td>-1,564</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><td>-1,691</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><td>+2,595</td></tr><tr><td>Chile</td><td>-98</td><td>-1,303</td><td>-354</td><td>-1,675</td><td>+3,876</td><td>+13,346</td><td>+3,640</td><td>+1,945</td><td>-2,418</td><td>+1,027</td><td>+7,472</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><td>-3,778</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><td>+680</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><td>-19,166</td></tr><tr><td>French West Indies and Guiana</td><td>+156</td><td>+545</td><td>+327</td><td>-214</td><td>+1,136</td><td>-77</td><td>+2,242</td><td>-1,229</td><td>+364</td><td>-308</td><td>-690</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><td>-53,424</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><td>-2,581</td></tr><tr><td>Panama</td><td>+230 1b</td><td>+2,254</td><td>+3,783</td><td>-633</td><td>+1,149</td><td>+2,941</td><td>+3,354</td><td>-1,563</td><td>+1,335</td><td>+1,730</td><td>+115</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><td>+2,941</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><td>-10,516</td></tr><tr><td>Other Latin America</td><td>+1,655</td><td>+3,456</td><td>+3,591</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><td>-1,655</td></tr><tr><td><b>Total Latin America</b></td><td><b>+53,059 1b</b></td><td><b>+11,387</b></td><td><b>-29,726</b></td><td><b>+28,530</b></td><td><b>+58,678</b></td><td><b>+25,229</b></td><td><b>+58,514</b></td><td><b>-20,098</b></td><td><b>+19,217</b></td><td><b>-5,820</b></td><td><b>-84,262</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></tr><tr><td>China</td><td>+146,459</td><td>-16,524</td><td>-2,644</td><td>-7,466</td><td>-4,992</td><td>-22,220</td><td>-18,344</td><td>+77,528</td><td>+9,784</td><td>+3,125</td><td>-10,831</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>+43</td><td>+47</td><td>-84</td><td>-212</td></tr><tr><td>Hong Kong</td><td>-292</td><td>+164</td><td>-916</td><td>-274</td><td>+252</td><td>+224</td><td>-78</td><td>-214</td><td>+114</td><td>-151</td><td>+396</td></tr><tr><td>India, Burma, and Ceylon</td><td>+8,626</td><td>+660</td><td>+390</td><td>+1,985</td><td>+4,205</td><td>-836</td><td>+3,203</td><td>+641</td><td>+10,581</td><td>+5,278</td><td>+1,422</td></tr><tr><td>British Malaya</td><td>+30</td><td>-111</td><td>-3</td><td>+16</td><td>-53</td><td>+113</td><td>-39</td><td>+2</td><td>+4</td><td>+67</td><td>+46</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>+61</td><td>-168</td><td>+162</td><td>-17</td><td>-14</td><td>+66</td><td>+272</td><td>-391</td><td>+265</td><td>-49</td><td>-81</td></tr><tr><td>Netherlands East Indies</td><td>+655</td><td>+2,484</td><td>+2,911</td><td>-999</td><td>+2,202</td><td>-6,414</td><td>+1,414</td><td>-3,871</td><td>-9,494</td><td>+5,155</td><td>-680</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><td>+18,883</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><td>-3,328</td></tr><tr><td>Other Asia</td><td>+10,105</td><td>+1,941</td><td>+3,529</td><td>-463</td><td>-2,679</td><td>-11,545</td><td>+416</td><td>+4,053</td><td>+13,249</td><td>-1,482</td><td>-1,311</td></tr><tr><td><b>Total Asia</b></td><td><b>+178,510</b></td><td><b>-71</b></td><td><b>+5,412</b></td><td><b>-2,641</b></td><td><b>-9,141</b></td><td><b>-35,218</b></td><td><b>-11,418</b></td><td><b>+64,049</b></td><td><b>+77,765</b></td><td><b>+10,757</b></td><td><b>+4,304</b></td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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><td>+980</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>+399</td><td>+4,196</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>+3,859</td><td>+2,270</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><td>+1,651</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><td>+748</td></tr><tr><td>All other</td><td>+14,895 1a</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><td>-17,194</td></tr><tr><td><b>Total other countries</b></td><td><b>+918 1a</b></td><td><b>+2,467</b></td><td><b>+3,168</b></td><td><b>-908</b></td><td><b>-2,079</b></td><td><b>+318</b></td><td><b>-627</b></td><td><b>+13,024</b></td><td><b>+14,190</b></td><td><b>+28,068</b></td><td><b>-11,079</b></td></tr><tr><td>Unidentified</td><td>+214</td><td>+1,223</td><td>+494</td><td>+316</td><td>-116</td><td>-422</td><td>-178</td><td>-696</td><td>+742</td><td>+458</td><td>+553</td></tr><tr><td><b>Grand total</b></td><td><b>+153,895 1b</b></td><td><b>+174,973</b></td><td><b>+11,310</b></td><td><b>+44,446</b></td><td><b>+47,306</b></td><td><b>+171,687</b></td><td><b>+231,025</b></td><td><b>+81,132</b></td><td><b>+125,994</b></td><td><b>+146,467</b></td><td><b>-157,226</b></td></tr></table>
Footnotes appear on pages 80 and 81.
86
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - November 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1942</th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+572</td><td>+46</td><td>-76</td><td>+270</td><td>+143</td><td>-5</td><td>+336</td><td>-268</td><td>-75</td><td>+203</td><td>-90</td><td>-17</td><td>+105</td></tr><tr><td>France</td><td>+811</td><td>-97</td><td>-55</td><td>+593</td><td>-130</td><td>+25</td><td>+254</td><td>-183</td><td>+18</td><td>+395</td><td>-332</td><td>+8</td><td>+315</td></tr><tr><td>Belgium</td><td>-121</td><td>+29</td><td>-2</td><td>-35</td><td>-98</td><td>-51</td><td>-21</td><td>+9</td><td>-4</td><td>+74</td><td>+64</td><td>+91</td><td>-177</td></tr><tr><td>Germany</td><td>+75</td><td>+10</td><td>-11</td><td>+1</td><td>+5</td><td>-3</td><td>+3</td><td>+38</td><td>-1</td><td>+138</td><td>-115</td><td>-1</td><td>+11</td></tr><tr><td>Italy</td><td>+23</td><td>-3</td><td>+17</td><td>+8</td><td>-1</td><td>+6</td><td>-21</td><td>+7</td><td>+66</td><td>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><b>Canada</b></td><td>+1,072</td><td>+212</td><td>+291</td><td>-59</td><td>-76</td><td>-130</td><td>+268</td><td>-181</td><td>+109</td><td>+682</td><td>-382</td><td>+30</td><td>+308</td></tr><tr><td><b>Latin America</b></td><td>+261</td><td>+1,124</td><td>-300</td><td>+111</td><td>-252</td><td>+73</td><td>+534</td><td>+250</td><td>+52</td><td>+1,168</td><td>-1,481</td><td>+133</td><td>-1,151</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-27</td><td>-5</td><td>+1</td><td>+12</td><td>-3</td><td>-</td><td>-29</td><td>+14</td><td>+6</td><td>+77</td><td>-82</td><td>+21</td><td>-39</td></tr><tr><td>Other Asia</td><td>-264</td><td>+99</td><td>-44</td><td>-279</td><td>+1</td><td>+10</td><td>+42</td><td>-13</td><td>+5</td><td>+183</td><td>-180</td><td>-116</td><td>+28</td></tr><tr><td>Total Asia</td><td>-291</td><td>+94</td><td>-43</td><td>-267</td><td>-2</td><td>+10</td><td>+13</td><td>+1</td><td>+11</td><td>+260</td><td>-262</td><td>-95</td><td>-11</td></tr><tr><td><b>All other</b></td><td>+142</td><td>-55</td><td>+104</td><td>-49</td><td>+46</td><td>-27</td><td>+158</td><td>+15</td><td>+23</td><td>+54</td><td>-22</td><td>+95</td><td>-200</td></tr><tr><td><b>Grand total</b></td><td>+3,513</td><td>+1,175</td><td>-59</td><td>+2,297</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)
May 1946
87
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 - November 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+1,463</td><td>+204</td><td>-209</td><td>-1,041</td><td>+1,716</td><td>+191</td><td>+1,055</td><td>-406</td><td>-311</td><td>+41</td><td>-439</td><td>+72</td><td>+590</td></tr><tr><td>France</td><td>+821</td><td>-74</td><td>-318</td><td>+701</td><td>-58</td><td>-230</td><td>+546</td><td>-139</td><td>+243</td><td>-218</td><td>+91</td><td>+166</td><td>+111</td></tr><tr><td>Belgium</td><td>+224</td><td>+91</td><td>-316</td><td>+270</td><td>+46</td><td>-36</td><td>+9</td><td>+35</td><td>-51</td><td>+158</td><td>-97</td><td>+46</td><td>+69</td></tr><tr><td>Denmark</td><td>+14</td><td>-8</td><td>+1</td><td>-34</td><td>+1</td><td>-17</td><td>-18</td><td>+82</td><td>-43</td><td>-</td><td>+36</td><td>+11</td><td>+3</td></tr><tr><td>Finland</td><td>-8</td><td>+68</td><td>-</td><td>+1</td><td>-72</td><td>-</td><td>-</td><td>-2</td><td>+2</td><td>+2</td><td>-8</td><td>-</td><td>+1</td></tr><tr><td>Germany</td><td>-33</td><td>-12</td><td>+6</td><td>+8</td><td>+6</td><td>-18</td><td>+41</td><td>-4</td><td>-7</td><td>-67</td><td>-9</td><td>+10</td><td>+13</td></tr><tr><td>Greece</td><td>+10</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>+5</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>+51</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>-</td><td>-</td><td>+167</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>+68</td><td>-69</td><td>-</td><td>-</td><td>+4</td></tr><tr><td>Yugoslavia</td><td>+1</td><td>+2</td><td>-21</td><td>+20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-2</td><td>+2</td><td>-1</td></tr><tr><td>Other Europe</td><td>-347</td><td>-274</td><td>-98</td><td>+195</td><td>+140</td><td>-323</td><td>+57</td><td>-29</td><td>+54</td><td>+17</td><td>-148</td><td>+44</td><td>+18</td></tr><tr><td>Total Europe</td><td>+11,039</td><td>+309</td><td>-4,034</td><td>+4,055</td><td>+1,728</td><td>+267</td><td>+3,480</td><td>+1,199</td><td>+1,136</td><td>+595</td><td>-337</td><td>+860</td><td>+1,781</td></tr><tr><td>Canada</td><td>+2,433</td><td>+743</td><td>+715</td><td>+228</td><td>-600</td><td>+132</td><td>+610</td><td>-571</td><td>+156</td><td>+145</td><td>+507</td><td>-242</td><td>+610</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-807</td><td>+163</td><td>-72</td><td>+481</td><td>-553</td><td>-510</td><td>-34</td><td>-150</td><td>+4</td><td>-560</td><td>-728</td><td>+1,185</td><td>-33</td></tr><tr><td>Bolivia</td><td>+12</td><td>+2</td><td>+4</td><td>-</td><td>+4</td><td>-6</td><td>+156</td><td>-152</td><td>-</td><td>+38</td><td>-39</td><td>-7</td><td>+12</td></tr><tr><td>Brazil</td><td>-215</td><td>-142</td><td>+281</td><td>-578</td><td>-6</td><td>+77</td><td>+7</td><td>+143</td><td>-58</td><td>+31</td><td>-8</td><td>-8</td><td>+46</td></tr><tr><td>Chile</td><td>-104</td><td>-52</td><td>-156</td><td>+234</td><td>+206</td><td>-117</td><td>-38</td><td>+98</td><td>-43</td><td>-208</td><td>-6</td><td>-14</td><td>-8</td></tr><tr><td>Colombia</td><td>+22</td><td>-15</td><td>+19</td><td>-15</td><td>-68</td><td>+29</td><td>+55</td><td>+116</td><td>+6</td><td>-62</td><td>-155</td><td>+90</td><td>+22</td></tr><tr><td>Costa Rica</td><td>+36</td><td>+18</td><td>-2</td><td>+12</td><td>-27</td><td>+1</td><td>+8</td><td>+5</td><td>-10</td><td>+2</td><td>+3</td><td>-10</td><td>+36</td></tr><tr><td>Cuba</td><td>-431</td><td>+529</td><td>+2,587</td><td>-2,474</td><td>-152</td><td>-369</td><td>-312</td><td>-103</td><td>-965</td><td>+355</td><td>+838</td><td>-170</td><td>-195</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>+3</td><td>-3</td><td>+3</td><td>+15</td><td>-20</td><td>+2</td><td>+4</td><td>-1</td><td>-3</td><td>+12</td><td>-41</td><td>+29</td></tr><tr><td>Mexico</td><td>-255</td><td>-209</td><td>+237</td><td>+166</td><td>-412</td><td>-327</td><td>-65</td><td>-</td><td>+154</td><td>+60</td><td>-151</td><td>+342</td><td>-50</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20</td><td>+4</td><td>-67</td><td>+13</td><td>-</td><td>-21</td><td>+10</td><td>+22</td><td>+10</td><td>+73</td><td>-18</td><td>-16</td><td>+10</td></tr><tr><td>Panama</td><td>+1,902</td><td>+373</td><td>+192</td><td>+351</td><td>+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 Manchurias)</td><td>-17</td><td>+4</td><td>-1</td><td>+6</td><td>+3</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>-8</td><td>+8</td><td>-28</td></tr><tr><td>Netherlands East Indies</td><td>+1</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-2</td><td>+2</td><td>-3</td><td>+7</td><td>-2</td></tr><tr><td>Philippine Islands</td><td>+88</td><td>+40</td><td>+35</td><td>-26</td><td>+6</td><td>-</td><td>+1</td><td>+5</td><td>-44</td><td>+65</td><td>-9</td><td>+15</td><td>-4</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+4</td><td>-</td></tr><tr><td>Other Asia</td><td>-79</td><td>-115</td><td>-19</td><td>-3</td><td>-11</td><td>+13</td><td>+13</td><td>+83</td><td>-77</td><td>+1</td><td>-</td><td>+5</td><td>+31</td></tr><tr><td>Total Asia</td><td>-93</td><td>+238</td><td>-96</td><td>-314</td><td>-285</td><td>-36</td><td>+64</td><td>-42</td><td>-63</td><td>+116</td><td>-47</td><td>+245</td><td>+127</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+120</td><td>+125</td><td>-54</td><td>-162</td><td>+23</td><td>+51</td><td>+18</td><td>+84</td><td>+91</td><td>-61</td><td>-27</td><td>+70</td><td>-34</td></tr><tr><td>New Zealand</td><td>-5</td><td>+61</td><td>-31</td><td>-50</td><td>+21</td><td>+13</td><td>+70</td><td>+112</td><td>-43</td><td>-15</td><td>-28</td><td>-120</td><td>+5</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+113</td><td>+55</td><td>-1</td><td>+1</td><td>+3</td><td>-4</td><td>+2</td><td>+3</td><td>+12</td><td>-2</td><td>+1</td><td>+34</td><td>+9</td></tr><tr><td>French Morocco</td><td>+31</td><td>+2</td><td>-</td><td>-30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+60</td><td>-</td><td>-1</td></tr><tr><td>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>+289</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>+11,372</td><td>+2,658</td><td>-600</td><td>+2,134</td><td>+922</td><td>-1,027</td><td>+3,562</td><td>+420</td><td>+1,693</td><td>+565</td><td>-747</td><td>+1,304</td><td>+2,383</td></tr></table>
(Continued on following page)
88
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - November 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-310</td><td>-83</td><td>+121</td><td>-366</td><td>-154</td><td>-180</td><td>+154</td><td>+346</td><td>-282</td><td>+462</td><td>+150</td><td>-769</td><td>+291</td></tr><tr><td>France</td><td>+1,539</td><td>-119</td><td>+26</td><td>+296</td><td>-328</td><td>+283</td><td>+318</td><td>+128</td><td>+107</td><td>+159</td><td>+191</td><td>+87</td><td>+391</td></tr><tr><td>Belgium</td><td>+108</td><td>+9</td><td>-69</td><td>+21</td><td>+51</td><td>-31</td><td>-4</td><td>+166</td><td>-79</td><td>+27</td><td>+12</td><td>-47</td><td>+52</td></tr><tr><td>Denmark</td><td>+39</td><td>-31</td><td>+32</td><td>-9</td><td>+4</td><td>+3</td><td>+9</td><td>-6</td><td>-3</td><td>+41</td><td>+2</td><td>-</td><td>-3</td></tr><tr><td>Finland</td><td>+1</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>+154</td><td>-7</td><td>+12</td><td>-9</td><td>+3</td><td>-15</td><td>+7</td><td>-1</td><td>-1</td><td>+2</td><td>+35</td><td>+100</td><td>+28</td></tr><tr><td>Greece</td><td>+1</td><td>-</td><td>-</td><td>+2</td><td>-1</td><td>+4</td><td>-8</td><td>-4</td><td>+6</td><td>+1</td><td>+4</td><td>+1</td><td>-4</td></tr><tr><td>Italy</td><td>-25</td><td>-65</td><td>+5</td><td>-</td><td>-</td><td>-7</td><td>+6</td><td>+56</td><td>-55</td><td>+3</td><td>+23</td><td>+1</td><td>+8</td></tr><tr><td>Luxembourg</td><td>+633</td><td>-4</td><td>-24</td><td>+44</td><td>+4</td><td>+1</td><td>+11</td><td>-48</td><td>+502</td><td>-</td><td>+129</td><td>-391</td><td>+409</td></tr><tr><td>Netherlands</td><td>+2,423</td><td>+107</td><td>+425</td><td>+103</td><td>+294</td><td>+33</td><td>+208</td><td>+318</td><td>-308</td><td>+47</td><td>+311</td><td>+157</td><td>+942</td></tr><tr><td>Norway</td><td>+285</td><td>-29</td><td>+31</td><td>+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>-861</td><td>+1,457</td></tr><tr><td>U.S.S.R.</td><td>-4</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+6</td><td>-6</td><td>-90</td><td>+90</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>+3</td><td>-1</td><td>-1</td><td>-</td><td>+1</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>+1</td><td>-</td></tr><tr><td>Other Europe</td><td>-79</td><td>-26</td><td>-30</td><td>+83</td><td>-12</td><td>+35</td><td>-127</td><td>+18</td><td>+139</td><td>-29</td><td>-24</td><td>+44</td><td>-150</td></tr><tr><td>Total Europe</td><td>+8,582</td><td>+290</td><td>-654</td><td>+1,188</td><td>-576</td><td>+696</td><td>-201</td><td>+2,347</td><td>+358</td><td>+1,420</td><td>+1,938</td><td>-1,802</td><td>+3,578</td></tr><tr><td>Canada</td><td>-1,417</td><td>-494</td><td>+273</td><td>+396</td><td>+300</td><td>-931</td><td>+345</td><td>-912</td><td>-320</td><td>-272</td><td>+2,196</td><td>-1,440</td><td>-558</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+1,141</td><td>-67</td><td>+299</td><td>+1,206</td><td>-138</td><td>+141</td><td>-341</td><td>+288</td><td>+225</td><td>-414</td><td>+145</td><td>+226</td><td>-429</td></tr><tr><td>Bolivia</td><td>+39</td><td>+4</td><td>+18</td><td>-17</td><td>+22</td><td>-2</td><td>+13</td><td>+12</td><td>-2</td><td>-9</td><td>-</td><td>-11</td><td>+11</td></tr><tr><td>Brazil</td><td>+1,252</td><td>+318</td><td>+41</td><td>+14</td><td>-47</td><td>+1,428</td><td>-53</td><td>-446</td><td>+217</td><td>+381</td><td>-228</td><td>-119</td><td>-254</td></tr><tr><td>Chile</td><td>+246</td><td>+132</td><td>-55</td><td>+51</td><td>-19</td><td>-7</td><td>+99</td><td>-13</td><td>-29</td><td>-105</td><td>+129</td><td>-3</td><td>+66</td></tr><tr><td>Colombia</td><td>+316</td><td>+136</td><td>-27</td><td>-1</td><td>-18</td><td>+46</td><td>+64</td><td>+45</td><td>-71</td><td>+17</td><td>+60</td><td>-121</td><td>+166</td></tr><tr><td>Costa Rica</td><td>-32</td><td>-3</td><td>-2</td><td>+13</td><td>-6</td><td>-9</td><td>-5</td><td>+20</td><td>-11</td><td>-10</td><td>-19</td><td>+119</td><td>-119</td></tr><tr><td>Cuba</td><td>-1,121</td><td>-185</td><td>+1,213</td><td>-1,208</td><td>-181</td><td>+37</td><td>-34</td><td>-387</td><td>+131</td><td>-253</td><td>-127</td><td>-131</td><td>+4</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-51</td><td>+51</td><td>+7</td><td>+9</td><td>-16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>+1,105</td><td>-208</td><td>-81</td><td>+332</td><td>-73</td><td>-140</td><td>+151</td><td>-78</td><td>+332</td><td>-108</td><td>+462</td><td>+237</td><td>+279</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+302</td><td>-8</td><td>+9</td><td>+370</td><td>-80</td><td>+45</td><td>+29</td><td>-6</td><td>-11</td><td>+13</td><td>-35</td><td>-14</td><td>-10</td></tr><tr><td>Panama</td><td>+255</td><td>-459</td><td>+177</td><td>-219</td><td>+134</td><td>-63</td><td>-34</td><td>-49</td><td>-280</td><td>+816</td><td>+562</td><td>-1,319</td><td>+989</td></tr><tr><td>Peru</td><td>-498</td><td>-41</td><td>-5</td><td>+3</td><td>+19</td><td>+60</td><td>-68</td><td>-</td><td>-36</td><td>-11</td><td>+4</td><td>+42</td><td>-465</td></tr><tr><td>Venezuela</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><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+246</td><td>+52</td><td>-15</td><td>-237</td><td>-182</td><td>+116</td><td>-153</td><td>-520</td><td>-6</td><td>-89</td><td>+116</td><td>+893</td><td>+271</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-649</td><td>-3</td><td>-</td><td>+3</td><td>+2</td><td>-33</td><td>-32</td><td>+35</td><td>+32</td><td>+6</td><td>-4</td><td>+4</td><td>-659</td></tr><tr><td>India, Burma, and Ceylon</td><td>+35</td><td>-4</td><td>+4</td><td>-5</td><td>-464</td><td>+447</td><td>-10</td><td>-89</td><td>+89</td><td>+6</td><td>+55</td><td>-</td><td>+6</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+1</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-4</td><td>-4</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>+1</td><td>-</td><td>-1</td><td>+3</td><td>+1</td></tr><tr><td>Netherlands East Indies</td><td>+2</td><td>-</td><td>-4</td><td>+5</td><td>-</td><td>+1</td><td>-</td><td>+7</td><td>-7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>-6</td><td>+8</td><td>+6</td><td>+18</td><td>-15</td><td>+10</td><td>-54</td><td>+1</td><td>-6</td><td>-14</td><td>+22</td><td>-9</td><td>+27</td></tr><tr><td>Turkey</td><td>+3</td><td>-14</td><td>+3</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-1</td><td>+1</td><td>-</td></tr><tr><td>Other 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><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-254</td><td>+29</td><td>+13</td><td>+26</td><td>+6</td><td>-32</td><td>-271</td><td>-12</td><td>-</td><td>+11</td><td>-3</td><td>-15</td><td>-6</td></tr><tr><td>New Zealand</td><td>-33</td><td>+10</td><td>+1</td><td>+9</td><td>-1</td><td>+18</td><td>-67</td><td>-5</td><td>+1</td><td>-</td><td>+1</td><td>-1</td><td>+1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+3</td><td>-7</td><td>-30</td><td>+1</td><td>+14</td><td>+17</td><td>-20</td><td>+1</td><td>+16</td><td>+3</td><td>-4</td><td>+11</td><td>+1</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>+3</td><td>-</td><td>+2</td><td>-1</td><td>+2</td><td>+1</td><td>-7</td><td>+1</td><td>-</td><td>-</td><td>-1</td></tr><tr><td>Union of South Africa</td><td>+5</td><td>-</td><td>-3</td><td>-</td><td>-</td><td>-1</td><td>-1</td><td>+2</td><td>+8</td><td>-</td><td>-</td><td>-1</td><td>+1</td></tr><tr><td>All other</td><td>+746</td><td>-25</td><td>-9</td><td>+43</td><td>+15</td><td>+8</td><td>+9</td><td>+83</td><td>+268</td><td>+296</td><td>+14</td><td>+7</td><td>+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>+8,529</td><td>-713</td><td>+1,831</td><td>+684</td><td>-1,289</td><td>+1,616</td><td>-747</td><td>+119</td><td>+650</td><td>+2,313</td><td>+4,911</td><td>-2,141</td><td>+1,295</td></tr></table>
(Continued on following page)
May 1946
89
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 - November 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><th>November</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></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><td>250</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><td>-126</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>216</td><td>-205</td><td>101</td><td>-115</td><td>-199</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><td>-78</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><td>5</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><td>17</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><td>3</td></tr><tr><td>Italy</td><td>1</td><td>2</td><td>10</td><td>9</td><td>-8</td><td>11</td><td>14</td><td>5</td><td>1</td><td>11</td><td>1</td></tr><tr><td>Luxembourg</td><td>21</td><td>-4</td><td>29</td><td>38</td><td>-418</td><td>5</td><td>-5</td><td>300</td><td>78</td><td>22</td><td>76</td></tr><tr><td>Netherlands</td><td>134</td><td>251</td><td>-78</td><td>24</td><td>95</td><td>111</td><td>677</td><td>173</td><td>385</td><td>452</td><td>-1,067</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>-16</td><td>205</td><td>94</td><td>-35</td><td>131</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><td>-19</td></tr><tr><td>Bulgaria</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><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><td>3</td></tr><tr><td>Sweden</td><td>23</td><td>44</td><td>11</td><td>11</td><td>34</td><td>148</td><td>-42</td><td>-38</td><td>-67</td><td>-33</td><td>99</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>-514</td><td>861</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><td>-19</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><td></td></tr><tr><td>Other Europe</td><td>-3</td><td>142</td><td>-113</td><td>4</td><td>-17</td><td>42</td><td>-158</td><td>43</td><td>1</td><td>336</td><td>1,100</td></tr><tr><td><b>Total Europe</b></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><td>1,038</td></tr><tr><td><b>Canada</b></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><td>1,168</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></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><td>875</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><td>-49</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><td>-186</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><td>-100</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><td>5</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>18</td><td>-49</td><td>6</td><td>9</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>142</td><td>35</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><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>104</td><td>-295</td></tr><tr><td>Netherlands West Indies and Suriname</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>154</td><td>12</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>444</td><td>41</td><td>334</td><td>249</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><td>23</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>182</td><td>-957</td><td>1,518</td></tr><tr><td>Other Latin America</td><td>79</td><td>405</td><td>-14</td><td>-64</td><td>-244</td><td>-607</td><td>-21</td><td>-51</td><td>40</td><td>86</td><td>368</td></tr><tr><td><b>Total Latin America</b></td><td>1,163</td><td>914</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><td>2,418</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></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><td>-278</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>46</td><td>8</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><td>5</td></tr><tr><td>India, Burma, and Ceylon</td><td>-57</td><td>67</td><td>-9</td><td>-8</td><td>-3</td><td>-11</td><td>-68</td><td>23</td><td>-2</td><td>-7</td><td>6</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><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><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><td>-152</td></tr><tr><td>Philippine Islands</td><td>6</td><td>4</td><td>65</td><td>34</td><td>-78</td><td>144</td><td>-28</td><td>-39</td><td>80</td><td>-169</td><td>251</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>26</td><td>53</td><td>-16</td><td>-48</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></td><td></td></tr><tr><td><b>Total Asia</b></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><td>-175</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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>9</td><td>1</td></tr><tr><td>New Zealand</td><td>-1</td><td>1</td><td>-1</td><td></td><td>-2</td><td>-1</td><td>-3</td><td>1</td><td>-2</td><td>-1</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><td>4</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>3</td><td>3</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>-6</td><td>33</td><td>2</td><td>-1</td><td>-11</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>75</td><td>191</td></tr><tr><td><b>Total other countries</b></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><td>167</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><td></td></tr><tr><td><b>Grand total</b></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><td>4,636</td></tr></table>
90
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
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th rowspan="2"></th><th rowspan="2">Total calendar year 1942</th><th colspan="12">1942</th></tr><tr><th>January (Jan.1- Jan.28)</th><th>February (Jan.29- Feb.25)</th><th>March (Feb.26- Apr.1)</th><th>April (Apr.2- Apr.29)</th><th>May (Apr.30- June 3)</th><th>June (June 4- June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-9,686</td><td>-652</td><td>+145</td><td>-2,358</td><td>-1,603</td><td>-695</td><td>-2,112</td><td>+92</td><td>-517</td><td>-508</td><td>-356</td><td>-472</td><td>-650</td></tr><tr><td>France</td><td>+6,327</td><td>+189</td><td>+365</td><td>-601</td><td>+350</td><td>+740</td><td>+281</td><td>+340</td><td>+803</td><td>+381</td><td>-384</td><td>+398</td><td>+3,465</td></tr><tr><td>Belgium</td><td>-1,620</td><td>+338</td><td>+114</td><td>+169</td><td>-158</td><td>-301</td><td>-153</td><td>-533</td><td>-318</td><td>+13</td><td>-24</td><td>-363</td><td>-404</td></tr><tr><td>Germany</td><td>-711</td><td>-10</td><td>-21</td><td>-19</td><td>+25</td><td>+5</td><td>-110</td><td>-135</td><td>-241</td><td>-85</td><td>-157</td><td>-3</td><td>+40</td></tr><tr><td>Italy</td><td>-113</td><td>-4</td><td>-6</td><td>-81</td><td>+101</td><td>+5</td><td>-8</td><td>-65</td><td>-31</td><td>-87</td><td>+19</td><td>-21</td><td>+65</td></tr><tr><td>Netherlands</td><td>+257</td><td>-75</td><td>+1</td><td>+4</td><td>-26</td><td>-56</td><td>-71</td><td>+188</td><td>-8</td><td>+12</td><td>-57</td><td>-46</td><td>+391</td></tr><tr><td>Sweden</td><td>+1,791</td><td>+18</td><td>-1,256</td><td>+299</td><td>-46</td><td>+308</td><td>+231</td><td>+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>+1,750</td><td>+3,420</td><td>+3,406</td><td>+1,301</td></tr><tr><td>Other Europe</td><td>+13,607</td><td>+314</td><td>+1,250</td><td>+368</td><td>+420</td><td>+377</td><td>+159</td><td>+278</td><td>+577</td><td>+3,554</td><td>+2,381</td><td>+1,851</td><td>+2,078</td></tr><tr><td>Total Europe</td><td>+34,638</td><td>+3,174</td><td>+1,410</td><td>-2,308</td><td>+1,919</td><td>+2,128</td><td>+39</td><td>+3,766</td><td>+2,114</td><td>+5,231</td><td>+4,761</td><td>+5,607</td><td>+6,797</td></tr><tr><td>Canada</td><td>-38,751</td><td>+1,270</td><td>-7,424</td><td>-8,618</td><td>-8,289</td><td>-6,486</td><td>-5,5161a</td><td>-16,998</td><td>+3,729</td><td>+91</td><td>+9,217</td><td>-2,658</td><td>+2,931</td></tr><tr><td>Latin America</td><td>+31,422</td><td>+1,559</td><td>-557</td><td>+2,568</td><td>+1,595</td><td>+6,087</td><td>+2,9591b</td><td>+4,755</td><td>+1,438</td><td>+179</td><td>+3,570</td><td>+2,145</td><td>+5,124</td></tr><tr><td>Asia (including Korea and Manchuria)</td><td>-35</td><td>+56</td><td>+129</td><td>+33</td><td>+14</td><td>+89</td><td>-15</td><td>+7</td><td>+2</td><td>-332</td><td>+7</td><td>+3</td><td>-28</td></tr><tr><td>Other Asia</td><td>+10,512</td><td>+89</td><td>+146</td><td>+323</td><td>-168</td><td>+467</td><td>+1,124</td><td>+262</td><td>+1,199</td><td>+173</td><td>+1,892</td><td>+4,331</td><td>+674</td></tr><tr><td>Total Asia</td><td>+10,477</td><td>+145</td><td>+275</td><td>+356</td><td>-154</td><td>+556</td><td>+1,109</td><td>+269</td><td>+1,201</td><td>-159</td><td>+1,899</td><td>+4,334</td><td>+846</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>-1,413 2/</td><td>-8,203</td><td>+8,681</td><td>+5,323</td><td>+19,737</td><td>+9,457</td><td>+15,710</td></tr></table>
(Continued on following page)
May 1946
91
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-20,435</td><td>-111</td><td>-713</td><td>-1,301</td><td>-1,631</td><td>-1,410</td><td>-5,517</td><td>-2,703</td><td>+1,211</td><td>-2,814</td><td>-1,208</td><td>-1,941</td><td>-2,297</td></tr><tr><td>France</td><td>+1,534</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>+712</td><td>+80</td><td>-160</td><td>-742</td><td>-443</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>Danmark</td><td>+1,961</td><td>+367</td><td>+3</td><td>+375</td><td>+1,395</td><td>+29</td><td>+95</td><td>+11</td><td>+12</td><td>+9</td><td>+65</td><td>+4</td><td>+206</td></tr><tr><td>Finland</td><td>+264</td><td>+2</td><td>+2</td><td>+114</td><td>+14</td><td>+3</td><td>+8</td><td>+10</td><td>-2</td><td>+71</td><td>+21</td><td>+11</td><td>+10</td></tr><tr><td>Germany</td><td>-18</td><td>+8</td><td>-29</td><td>-19</td><td>+23</td><td>-2</td><td>-27</td><td>-30</td><td>+5</td><td>+43</td><td>-3</td><td>+4</td><td>+4</td></tr><tr><td>Greece</td><td>-137</td><td>-4</td><td>-108</td><td>-28</td><td>+4</td><td>+87</td><td>+463</td><td>+10</td><td>+4</td><td>+3</td><td>+6</td><td>-16</td><td>+27</td></tr><tr><td>Italy</td><td>+680</td><td>-2</td><td>-20</td><td>+39</td><td>-90</td><td>+9</td><td>+124</td><td>+18</td><td>-6</td><td>+41</td><td>+14</td><td>-1</td><td>-70</td></tr><tr><td>Luxembourg</td><td>-111</td><td>+16</td><td>+15</td><td>+43</td><td>+16</td><td>+9</td><td>-124</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Netherlands</td><td>+4,374</td><td>+859</td><td>+414</td><td>+61</td><td>+1,127</td><td>+1,106</td><td>+213</td><td>+149</td><td>-156</td><td>+129</td><td>+594</td><td>+8</td><td>-130</td></tr><tr><td>Norway</td><td>+2,360</td><td>-6</td><td>+702</td><td>+159</td><td>+59</td><td>+46</td><td>+34</td><td>+206</td><td>+815</td><td>+153</td><td>+71</td><td>+78</td><td>+43</td></tr><tr><td>Portugal</td><td>+1</td><td>-15</td><td>-3</td><td>-9</td><td>+35</td><td>+22</td><td>+135</td><td>+18</td><td>+10</td><td>+1</td><td>+9</td><td>-32</td><td>-150</td></tr><tr><td>Rumania</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Spain</td><td>+24</td><td>+1</td><td>-40</td><td>+3</td><td>-1</td><td>+54</td><td>+2</td><td>+4</td><td>+8</td><td>-24</td><td>+33</td><td>-1</td><td>-15</td></tr><tr><td>Sweden</td><td>+3,356</td><td>+269</td><td>+38</td><td>+420</td><td>+2,415</td><td>+74</td><td>-24</td><td>+30</td><td>-567</td><td>-139</td><td>-501</td><td>+1,612</td><td>-147</td></tr><tr><td>Switzerland</td><td>+6,531</td><td>+2,280</td><td>+1,803</td><td>+31</td><td>+2,068</td><td>+132</td><td>+250</td><td>-357</td><td>-2,252</td><td>+2,307</td><td>+102</td><td>+1,702</td><td>-1,535</td></tr><tr><td>U. S. S. R.</td><td>+523</td><td>+42</td><td>+163</td><td>+14</td><td></td><td>+10</td><td></td><td>+144</td><td>+2</td><td>+7</td><td>+121</td><td>+13</td><td>+7</td></tr><tr><td>Yugoslavia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other Europe</td><td>+3,682</td><td>+46</td><td>+130</td><td>+136</td><td>+43</td><td>+4</td><td>+43</td><td>+64</td><td>+18</td><td>+7</td><td>+3,216</td><td>+4</td><td>-21</td></tr><tr><td>Total Europe</td><td>+5,054</td><td>+2,085</td><td>+2,454</td><td>-370</td><td>+5,893</td><td>+3,581</td><td>-4,569</td><td>-6,011</td><td>-2,746</td><td>+3,191</td><td>+3,529</td><td>+1,577</td><td>-3,560</td></tr><tr><td>Canada</td><td>+31,070</td><td>-86,520</td><td>-15,234</td><td>+57,488</td><td>-5,182</td><td>-9,729</td><td>-1,306</td><td>-17,309</td><td>+107,461</td><td>+23,951</td><td>-7,413</td><td>-2,849</td><td>-12,288</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>+562</td><td>+1,986</td><td>+1,276</td><td>+166</td><td>+1,638</td></tr><tr><td>Bolivia</td><td>+99</td><td>+19</td><td>-83</td><td>+10</td><td>+9</td><td>+27</td><td>+36</td><td></td><td>+12</td><td>+24</td><td></td><td>+47</td><td>-2</td></tr><tr><td>Brazil</td><td>+1,520</td><td>+325</td><td>+274</td><td>+259</td><td>-4</td><td>+71</td><td>+89</td><td>+82</td><td>+75</td><td>-47</td><td>+10</td><td>+234</td><td>+152</td></tr><tr><td>Chile</td><td>+1,384</td><td>-22</td><td>-14</td><td>-268</td><td>-256</td><td>+1,079</td><td>-78</td><td>+26</td><td>-200</td><td>+89</td><td>+89</td><td>+718</td><td>+241</td></tr><tr><td>Colombia</td><td>+2,440</td><td>+219</td><td>+162</td><td>+345</td><td>+97</td><td>+310</td><td>+676</td><td>+47</td><td>+26</td><td>+118</td><td>+269</td><td>+129</td><td>+136</td></tr><tr><td>Costa Rica</td><td>+106</td><td>-15</td><td>-14</td><td>-16</td><td>-16</td><td>-6</td><td>-39</td><td>+2</td><td>+9</td><td>-</td><td>-20</td><td>+12</td><td>-35</td></tr><tr><td>Cuba</td><td>+8,887</td><td>+1,162</td><td>+984</td><td>+1,759</td><td>+936</td><td>+40</td><td>+169</td><td>-358</td><td>+2,168</td><td>+1,543</td><td>+180</td><td>+238</td><td>+66</td></tr><tr><td>French West Indies and Guiana</td><td>-14</td><td></td><td>-</td><td>-</td><td>-6</td><td>-4</td><td>-</td><td>-3</td><td>+3</td><td>-</td><td>-</td><td>-</td><td>-4</td></tr><tr><td>Mexico</td><td>+3,733</td><td>-65</td><td>+13</td><td>+413</td><td>-126</td><td>+242</td><td>+116</td><td>+165</td><td>+1,232</td><td>+951</td><td>+140</td><td>+431</td><td>+221</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20</td><td>-143</td><td>+50</td><td>+12</td><td>+26</td><td>-22</td><td>+79</td><td>-36</td><td>-13</td><td>-43</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>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+67</td><td>-11</td><td>-136</td><td>+708</td><td>+1,482</td><td>-955</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>-20</td><td></td><td></td><td>-135</td></tr><tr><td>Hong Kong</td><td>-155</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>India, Burma, and Ceylon</td><td>-571</td><td>-10</td><td>-108</td><td>-52</td><td>-202</td><td>-250</td><td>-40</td><td>-99</td><td>-136</td><td>-11</td><td>+29</td><td>-11</td><td>+319</td></tr><tr><td>British Malayo</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>-7</td><td>-7</td><td>-7</td><td>-7</td><td>-3</td><td>-9</td><td>+7</td><td>-1</td><td>+10</td><td>-</td><td>-11</td><td></td></tr><tr><td>Netherlands East Indies</td><td>+35,400</td><td>+1,100</td><td>+3</td><td>+8,000</td><td>+1,000</td><td>+1,000</td><td>-14,350</td><td>+1,000</td><td>+8,097</td><td>+350</td><td>+500</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>+244</td><td>-20</td><td>+45</td><td>-45</td><td>-22</td><td>+136</td><td>-67</td><td>+166</td><td>+107</td><td>-27</td><td>+28</td><td>+9</td><td>-554</td></tr><tr><td>Turkey</td><td>+180</td><td>+1</td><td>+22</td><td>+42</td><td>-2</td><td>+53</td><td>-1</td><td>+16</td><td>-1</td><td>-14</td><td>-9</td><td>+75</td><td>-2</td></tr><tr><td>Other Asia</td><td>+990</td><td>+36</td><td>+352</td><td>+297</td><td>+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>+2,323</td><td>+77</td><td>-56</td><td>+14,443</td><td>+2,018</td><td>+8,164</td><td>-911</td><td>+483</td><td>-1,285</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+1,382</td><td>+244</td><td>+84</td><td>+80</td><td>+393</td><td>+117</td><td>+59</td><td>+30</td><td>+69</td><td>+28</td><td>+32</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>-61</td></tr><tr><td>French Morocco</td><td>+86</td><td>-</td><td>+2</td><td>+75</td><td>+29</td><td>-3</td><td>+12</td><td>-17</td><td>-11</td><td>-23</td><td>+20</td><td>+4</td><td>-2</td></tr><tr><td>Union of South Africa</td><td>-335</td><td>-4</td><td>-63</td><td>-20</td><td>-47</td><td>-5</td><td>+7</td><td>-36</td><td>-148</td><td>-6</td><td>-12</td><td>-5</td><td>+4</td></tr><tr><td>All other</td><td>+1,261</td><td>-3</td><td>+38</td><td>+86</td><td>+472</td><td>+83</td><td>-37</td><td>-17</td><td>+278</td><td>+143</td><td>+15</td><td>+204</td><td>-1</td></tr><tr><td>Total other countries</td><td>+2,339</td><td>+250</td><td>+67</td><td>+210</td><td>+824</td><td>+234</td><td>+39</td><td>-31</td><td>+168</td><td>+147</td><td>+101</td><td>+340</td><td>-10</td></tr><tr><td>Unidentified</td><td>-667</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+15</td><td>-639</td><td>-</td><td>-</td><td>-43</td><td>-</td></tr><tr><td>Grand total</td><td>+105,463</td><td>-81,717</td><td>-11,908</td><td>+68,513</td><td>+5,995</td><td>-2,954</td><td>-4,712</td><td>-9,548</td><td>+109,617</td><td>+42,543</td><td>-1,655</td><td>+4,239</td><td>-12,940</td></tr></table>
(Continued on following page)
92
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(10 thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 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>+625</td></tr><tr><td>Denmark</td><td>+86</td><td>+5</td><td>-5</td><td>+76</td><td>-59</td><td>+5</td><td>+89</td><td>-41</td><td>-154</td><td>-1</td><td>-98</td><td>-49</td><td>+318</td></tr><tr><td>Finland</td><td>+136</td><td>+7</td><td>+1</td><td>+73</td><td>+20</td><td>+21</td><td>+16</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>+66</td><td>-9</td><td>-1</td><td>-</td><td>+5</td><td>+15</td><td>-7</td><td>+4</td><td>+9</td><td>-7</td><td>+28</td><td>+26</td><td>+1</td></tr><tr><td>Greece</td><td>-420</td><td>-28</td><td>-12</td><td>-134</td><td>+4</td><td>+2</td><td>+8</td><td>+5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-265</td></tr><tr><td>Italy</td><td>+979</td><td>+242</td><td>+76</td><td>-5</td><td>-10</td><td>-18</td><td>+64</td><td>+82</td><td>-109</td><td>-13</td><td>+76</td><td>+250</td><td>+344</td></tr><tr><td>Luxembourg</td><td>-718</td><td>-17</td><td>-5</td><td>-19</td><td>-</td><td>+2</td><td>-8</td><td>-3</td><td>-550</td><td>+4</td><td>-108</td><td>-26</td><td>+12</td></tr><tr><td>Netherlands</td><td>-264</td><td>+566</td><td>+33</td><td>-282</td><td>-149</td><td>+11</td><td>+716</td><td>-173</td><td>-353</td><td>+86</td><td>-58</td><td>-320</td><td>-371</td></tr><tr><td>Norway</td><td>+2,348</td><td>+177</td><td>+574</td><td>+86</td><td>+48</td><td>+78</td><td>+327</td><td>+151</td><td>+574</td><td>+154</td><td>+51</td><td>+67</td><td>+61</td></tr><tr><td>Portugal</td><td>+262</td><td>+16</td><td>+48</td><td>+51</td><td>+81</td><td>-15</td><td>+11</td><td>-12</td><td>+51</td><td>+21</td><td>-5</td><td>+5</td><td>+10</td></tr><tr><td>Rumania</td><td>+30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+30</td><td>-</td></tr><tr><td>Spain</td><td>-1,620</td><td>+5</td><td>-1,455</td><td>+16</td><td>-5</td><td>+34</td><td>-30</td><td>-15</td><td>+19</td><td>-1</td><td>-128</td><td>+6</td><td>-65</td></tr><tr><td>Sweden</td><td>+2,025</td><td>-136</td><td>-13</td><td>-147</td><td>-60</td><td>-142</td><td>-75</td><td>-631</td><td>+3,550</td><td>-119</td><td>-115</td><td>-139</td><td>+52</td></tr><tr><td>Switzerland</td><td>+1,035</td><td>-831</td><td>+2,118</td><td>+150</td><td>+734</td><td>-509</td><td>+395</td><td>-123</td><td>-103</td><td>-1,547</td><td>-551</td><td>+1,845</td><td>-543</td></tr><tr><td>U. S. S. R.</td><td>+51</td><td>+20</td><td>+6</td><td>+6</td><td>+5</td><td>-5</td><td>+3</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>+9</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>+4,062</td><td>+745</td><td>+1,658</td><td>+1,776</td></tr><tr><td>Bolivia</td><td>+1,058</td><td>+3</td><td>+23</td><td>-11</td><td>+21</td><td>-50</td><td>-3</td><td>+27</td><td>+3</td><td>+917</td><td>-15</td><td>+108</td><td>+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>-68</td><td>-98</td><td>-7</td><td>-21</td><td>+172</td><td>+18</td><td>-22</td><td>-125</td><td>-11</td><td>-601</td><td>+121</td></tr><tr><td>Panama</td><td>+4,110</td><td>+1,318</td><td>+195</td><td>+93</td><td>-82</td><td>+230</td><td>-722</td><td>+1,215</td><td>+828</td><td>+1,063</td><td>-374</td><td>+1,058</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>+408</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>-</td></tr><tr><td>Hong Kong</td><td>+69</td><td>+30</td><td>+8</td><td>-</td><td>-116</td><td>+33</td><td>+81</td><td>+4</td><td>+10</td><td>-5</td><td>+9</td><td>+1</td><td>+14</td></tr><tr><td>India, Burma, and Ceylon</td><td>+427</td><td>-4</td><td>+62</td><td>+14</td><td>+455</td><td>+79</td><td>+4</td><td>-60</td><td>-19</td><td>+172</td><td>-52</td><td>-52</td><td>-172</td></tr><tr><td>British Malaya</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and 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>-16</td><td>+5,000</td><td>-147</td><td>+26</td><td>+500</td><td>+500</td><td>-1</td><td>+1</td><td>-13</td><td>-13</td><td>-</td></tr><tr><td>Philippines Islands</td><td>+77</td><td>+68</td><td>-46</td><td>-147</td><td>+26</td><td>-9</td><td>+134</td><td>-56</td><td>+36</td><td>+51</td><td>-70</td><td>-36</td><td>+126</td></tr><tr><td>Turkey</td><td>+40</td><td>-12</td><td>-5</td><td>-1</td><td>+14</td><td>-</td><td>+3</td><td>-13</td><td>+16</td><td>+24</td><td>-</td><td>-</td><td>+14</td></tr><tr><td>Other Asia</td><td>+221</td><td>+171</td><td>-31</td><td>+43</td><td>-13</td><td>+58</td><td>+11</td><td>+282</td><td>+35</td><td>+1</td><td>-116</td><td>-208</td><td>-12</td></tr><tr><td>Total Asia</td><td>+177,115</td><td>+161</td><td>-8</td><td>+4,894</td><td>-246</td><td>+90</td><td>+1,355</td><td>+1,773</td><td>+309</td><td>+145</td><td>-472</td><td>-892</td><td>+170,006</td></tr><tr><td>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>+1</td><td>-15</td></tr><tr><td>Uoice of South Africa</td><td>-334</td><td>+1</td><td>+6</td><td>-3</td><td>+1</td><td>+2</td><td>-85</td><td>-205</td><td>-42</td><td>+22</td><td>-15</td><td>-6</td><td>-10</td></tr><tr><td>All other</td><td>+185</td><td>+45</td><td>+4</td><td>-6</td><td>-6</td><td>+32</td><td>+437</td><td>-65</td><td>-309</td><td>-148</td><td>+70</td><td>+6</td><td>+125</td></tr><tr><td>Total other countries</td><td>+1,215</td><td>+83</td><td>+270</td><td>+36</td><td>+215</td><td>+82</td><td>+386</td><td>-163</td><td>-19</td><td>-60</td><td>+280</td><td>+21</td><td>+84</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>+304,231</td><td>-146</td><td>-3,846</td><td>-33,079</td><td>+1,656</td><td>-8,205</td><td>+48,840</td><td>+80,538</td><td>+6,296</td><td>+45,023</td><td>-2,488</td><td>-3,811</td><td>+173,453</td></tr></table>
(Continued on following page)
May 1946
93
Capital Movements Between the United States and Foreign Countries - (Continued)
Section 1 - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>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></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></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>-2,852</td><td>-6,399</td><td>-4,262</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><td>-7,821</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><td>+742</td></tr><tr><td>Denmark</td><td>-15</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><td>+16</td></tr><tr><td>Finland</td><td>-</td><td>+22</td><td>+1</td><td>+4</td><td>+1</td><td>-</td><td>+3</td><td>-1</td><td>+665</td><td>+36</td><td>+12</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><td>+64</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>+12</td><td>+14</td><td>-90</td><td>+1,149</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><td>-349</td></tr><tr><td>Luxembourg</td><td>-17</td><td>-9</td><td>-1</td><td>-42</td><td>-56</td><td>+19</td><td>+50</td><td>-313</td><td>+78</td><td>-63</td><td>-60</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><td>-2,233</td></tr><tr><td>Norway</td><td>-2</td><td>+14</td><td>+169</td><td>+92</td><td>-3</td><td>+227</td><td>-63</td><td>+1,889</td><td>-122</td><td>-51</td><td>-85</td></tr><tr><td>Portugal</td><td>-74</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><td>+102</td></tr><tr><td>Sumaria</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+15</td><td>-</td><td>+15</td><td>+6</td></tr><tr><td>Spain</td><td>-6</td><td>-8</td><td>+5</td><td>-236</td><td>+82</td><td>+240</td><td>+51</td><td>+84</td><td>-6</td><td>-37</td><td>-2</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><td>-425</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><td>-3,187</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><td>+2</td></tr><tr><td>Yugoslavia</td><td>-</td><td>+1</td><td>-</td><td>-77</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>+3</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>+70</td><td>-1,108</td><td>-6,133</td><td>+67</td><td>-33</td><td>+129</td><td>-1,027</td><td>-103</td><td>-46</td><td>-215</td><td>-555</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><td>-16,856</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><td>+25,934</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></tr><tr><td>Argentina</td><td>+256</td><td>+48</td><td>-35</td><td>-49</td><td>+1,634</td><td>+1,665</td><td>-456</td><td>+240</td><td>+104</td><td>+12</td><td>+12,073</td></tr><tr><td>Bolivia</td><td>-17</td><td>+14</td><td>+5</td><td>+20</td><td>+2</td><td>-46</td><td>+451</td><td>+13</td><td>-16</td><td>-1</td><td>-248</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><td>-147</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><td>+1,313</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><td>+144</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><td>+31</td></tr><tr><td>Cuba</td><td>+166</td><td>+189</td><td>+158</td><td>+481</td><td>-115</td><td>+741</td><td>+719</td><td>+879</td><td>-431</td><td>-50</td><td>+54</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>-17</td><td>-</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>-692</td><td>-4,051</td><td>-592</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><td>+545</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><td>-585</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><td>-211</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>+319</td><td>+117</td><td>-268</td><td>-122</td><td>+474</td></tr><tr><td>Other Latino America</td><td>+254</td><td>+436</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><td>+565</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>+290</td><td>-3,240</td><td>+13,638</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></tr><tr><td>China</td><td>+580</td><td>+913</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>+3,240</td><td>+174</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>-1</td><td>-</td></tr><tr><td>Hong Kong</td><td>-7</td><td>-1</td><td>+1</td><td>-6</td><td>+11</td><td>-10</td><td>+2</td><td>-34</td><td>+18</td><td>-64</td><td>+23</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><td>-2</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+3</td><td>-</td><td>-</td><td>-4</td><td>-4</td><td>-69</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><td>-1,004</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><td>-715</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><td>-5</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><td>+41</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>-1,722</td><td>-175</td><td>-6,191</td><td>-1,557</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></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><td>+66</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><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><td>-1</td></tr><tr><td>French Morocco</td><td>-24</td><td>-35</td><td>+35</td><td>-2</td><td>+4</td><td>-3</td><td>+14</td><td>-12</td><td>-62</td><td>-7</td><td>-180</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>-1</td><td>-10</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><td>-562</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><td>-689</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><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>-14,731</td><td>-75,047</td><td>+20,170</td></tr></table>
1/ Adjusted to cover two large transactions in foreign securities, as follows: (a) the inclusion on July 1 of $14,787 thousand representing sales of Canadian long-term securities, and (b) the inclu-
sion of $2,564 thousand representing redemptions on July 1 of Argentine securities.
Treasury Bulletin
94
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of November, 1945
Table 1.- Short-Term Claims on Foreigners as of November 30, 1945, as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term claims</th><th colspan="3">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>25,947</td><td>15,547</td><td>7,897</td><td>839</td><td>6,811</td><td>10,400</td><td>7,138</td><td>1,783</td><td>1,479</td></tr><tr><td>France</td><td>1,075</td><td>128</td><td>32</td><td>39</td><td>57</td><td>947</td><td>421</td><td>-</td><td>526</td></tr><tr><td>Belgium</td><td>602</td><td>79</td><td>64</td><td>11</td><td>4</td><td>523</td><td>356</td><td>-</td><td>167</td></tr><tr><td>Denmark</td><td>1,521</td><td>6</td><td>5</td><td>-</td><td>1</td><td>1,515</td><td>-</td><td>-</td><td>1,515</td></tr><tr><td>Finland</td><td>8</td><td>2</td><td>1</td><td>-</td><td>1</td><td>6</td><td>-</td><td>-</td><td>6</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>672</td><td>14</td><td>-</td><td>8</td><td>6</td><td>618</td><td>-</td><td>-</td><td>618</td></tr><tr><td>Italy</td><td>343</td><td>239</td><td>24</td><td>209</td><td>6</td><td>104</td><td>-</td><td>-</td><td>104</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>36,493</td><td>400</td><td>350</td><td>48</td><td>2</td><td>36,093</td><td>139</td><td>-</td><td>35,654</td></tr><tr><td>Norway</td><td>84</td><td>27</td><td>5</td><td>-</td><td>22</td><td>57</td><td>-</td><td>-</td><td>57</td></tr><tr><td>Portugal</td><td>390</td><td>129</td><td>127</td><td>1</td><td>1</td><td>261</td><td>149</td><td>-</td><td>112</td></tr><tr><td>Romania</td><td>27</td><td>3</td><td>-</td><td>3</td><td>-</td><td>24</td><td>1</td><td>-</td><td>23</td></tr><tr><td>Spain</td><td>854</td><td>100</td><td>5</td><td>43</td><td>92</td><td>724</td><td>525</td><td>-</td><td>199</td></tr><tr><td>Sweden</td><td>1,011</td><td>564</td><td>533</td><td>22</td><td>9</td><td>447</td><td>47</td><td>-</td><td>400</td></tr><tr><td>Switzerland</td><td>1,645</td><td>531</td><td>392</td><td>130</td><td>9</td><td>1,114</td><td>313</td><td>-</td><td>801</td></tr><tr><td>U. S. S. R.</td><td>82</td><td>10</td><td>10</td><td>-</td><td>1</td><td>72</td><td>69</td><td>-</td><td>3</td></tr><tr><td>Yugoslavia</td><td>8</td><td>1</td><td>-</td><td>-</td><td>1</td><td>7</td><td>5</td><td>-</td><td>2</td></tr><tr><td>Other Europe</td><td>4,901</td><td>228</td><td>92</td><td>72</td><td>64</td><td>4,675</td><td>1,327</td><td>-</td><td>3,348</td></tr><tr><td>Total Europe</td><td>109,558</td><td>18,101</td><td>9,544</td><td>1,453</td><td>7,104</td><td>91,457</td><td>31,346</td><td>1,850</td><td>58,261</td></tr><tr><td>Canada</td><td>38,024</td><td>17,122</td><td>12,384</td><td>4,262</td><td>476</td><td>20,902</td><td>1,297</td><td>2,604</td><td>17,001</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>20,525</td><td>855</td><td>139</td><td>672</td><td>44</td><td>19,670</td><td>6,982</td><td>188</td><td>12,500</td></tr><tr><td>Bolivia</td><td>1,249</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,249</td><td>491</td><td>-</td><td>758</td></tr><tr><td>Brazil</td><td>22,032</td><td>39</td><td>15</td><td>7</td><td>17</td><td>21,993</td><td>1,934</td><td>1,652</td><td>18,407</td></tr><tr><td>Chile</td><td>7,179</td><td>1</td><td>1</td><td>-</td><td>-</td><td>7,178</td><td>61</td><td>1,108</td><td>6,009</td></tr><tr><td>Colombia</td><td>19,402</td><td>19</td><td>-</td><td>17</td><td>2</td><td>19,383</td><td>6,039</td><td>2,015</td><td>11,329</td></tr><tr><td>Costa Rica</td><td>1,163</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,163</td><td>9</td><td>4</td><td>1,170</td></tr><tr><td>Cuba</td><td>27,246</td><td>61</td><td>55</td><td>-</td><td>6</td><td>27,185</td><td>12,541</td><td>6,566</td><td>8,078</td></tr><tr><td>French West Indies and Guiana</td><td>24</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24</td><td>-</td><td>-</td><td>24</td></tr><tr><td>Mexico</td><td>10,606</td><td>1,256</td><td>1,028</td><td>123</td><td>105</td><td>9,350</td><td>1,480</td><td>1,280</td><td>6,590</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>336</td><td>3</td><td>-</td><td>-</td><td>3</td><td>333</td><td>-</td><td>-</td><td>333</td></tr><tr><td>Panama</td><td>979</td><td>-</td><td>-</td><td>-</td><td>-</td><td>979</td><td>-</td><td>1</td><td>978</td></tr><tr><td>Peru</td><td>1,680</td><td>17</td><td>4</td><td>-</td><td>13</td><td>1,663</td><td>-</td><td>3</td><td>1,660</td></tr><tr><td>Venezuela</td><td>6,057</td><td>68</td><td>61</td><td>-</td><td>7</td><td>5,989</td><td>1,705</td><td>107</td><td>4,177</td></tr><tr><td>Other Latin America</td><td>27,330</td><td>55</td><td>39</td><td>-</td><td>16</td><td>27,275</td><td>15,549</td><td>586</td><td>11,140</td></tr><tr><td>Total Latin America</td><td>145,828</td><td>2,374</td><td>1,342</td><td>819</td><td>213</td><td>143,454</td><td>46,791</td><td>13,510</td><td>83,153</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>1,702</td><td>24</td><td>7</td><td>4</td><td>13</td><td>1,678</td><td>899</td><td>154</td><td>625</td></tr><tr><td>French Indo-China</td><td>190</td><td>1</td><td>-</td><td>-</td><td>1</td><td>169</td><td>-</td><td>-</td><td>189</td></tr><tr><td>Fong Kong</td><td>805</td><td>287</td><td>155</td><td>129</td><td>3</td><td>518</td><td>192</td><td>63</td><td>263</td></tr><tr><td>India, Burma, and Ceylon</td><td>7,051</td><td>5,193</td><td>100</td><td>5,074</td><td>19</td><td>1,858</td><td>20</td><td>933</td><td>855</td></tr><tr><td>British Malaya</td><td>139</td><td>17</td><td>-</td><td>-</td><td>17</td><td>122</td><td>2</td><td>36</td><td>84</td></tr><tr><td>Japan (including Korea and Manchurie)</td><td>532</td><td>4</td><td>3</td><td>1</td><td>-</td><td>528</td><td>512</td><td>-</td><td>16</td></tr><tr><td>Netherlands East Indies</td><td>1,400</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,400</td><td>-</td><td>1,324</td><td>76</td></tr><tr><td>Philippine Islands</td><td>13,658</td><td>132</td><td>33</td><td>1</td><td>98</td><td>13,526</td><td>8,064</td><td>811</td><td>4,651</td></tr><tr><td>Turkey</td><td>1,681</td><td>7</td><td>1</td><td>1</td><td>6</td><td>1,674</td><td>861</td><td>-</td><td>811</td></tr><tr><td>Other Asia</td><td>1,990</td><td>46</td><td>45</td><td>-</td><td>1</td><td>1,944</td><td>266</td><td>-</td><td>1,678</td></tr><tr><td>Total Asia</td><td>29,148</td><td>5,711</td><td>343</td><td>5,210</td><td>158</td><td>23,477</td><td>10,818</td><td>3,371</td><td>9,248</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>907</td><td>116</td><td>64</td><td>-</td><td>52</td><td>791</td><td>2</td><td>315</td><td>474</td></tr><tr><td>New Zealand</td><td>715</td><td>11</td><td>6</td><td>-</td><td>5</td><td>704</td><td>-</td><td>31</td><td>673</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>217</td><td>1</td><td>-</td><td>-</td><td>1</td><td>216</td><td>14</td><td>-</td><td>202</td></tr><tr><td>French Morocco</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td><td>39</td><td>-</td><td>-</td><td>39</td></tr><tr><td>Union of South Africa</td><td>5,001</td><td>43</td><td>-</td><td>28</td><td>15</td><td>4,958</td><td>6</td><td>-</td><td>4,952</td></tr><tr><td>All Other</td><td>1,676</td><td>117</td><td>13</td><td>-</td><td>104</td><td>1,559</td><td>163</td><td>-</td><td>1,396</td></tr><tr><td>Total other countries</td><td>8,555</td><td>288</td><td>83</td><td>28</td><td>177</td><td>8,267</td><td>185</td><td>346</td><td>7,735</td></tr><tr><td>Unidentified</td><td>207</td><td>-</td><td>-</td><td>-</td><td>-</td><td>207</td><td>-</td><td>-</td><td>207</td></tr><tr><td>Grand total</td><td>231,320</td><td>43,596</td><td>23,696</td><td>11,772</td><td>8,128</td><td>287,724</td><td>93,437</td><td>21,681</td><td>175,606</td></tr></table>
May 1946
95
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of November 1945 - (Continued)
Table 2.- Short-Term Liabilities to Foreigners as of November 30, 1945, as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>699,617</td><td>688,747</td><td>678,878</td><td>1,741</td><td>5,034</td><td>3,094</td><td>10,870</td><td>985</td><td>2,522</td><td>7,363</td></tr><tr><td>France</td><td>327,256</td><td>326,807</td><td>280,221</td><td>176</td><td>45,490</td><td>920</td><td>449</td><td>138</td><td>204</td><td>47</td></tr><tr><td>Belgium</td><td>182,997</td><td>182,852</td><td>178,132</td><td>189</td><td>4,384</td><td>147</td><td>145</td><td>46</td><td>-</td><td>99</td></tr><tr><td>Denmark</td><td>24,327</td><td>24,324</td><td>23,506</td><td>5</td><td>760</td><td>53</td><td>3</td><td>2</td><td>-</td><td>1</td></tr><tr><td>Finland</td><td>6,202</td><td>6,198</td><td>6,198</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>-</td><td>1</td></tr><tr><td>Germany</td><td>6,884</td><td>6,869</td><td>6,704</td><td>62</td><td>2</td><td>41</td><td>15</td><td>14</td><td>-</td><td>1</td></tr><tr><td>Greece</td><td>10,977</td><td>70,902</td><td>70,135</td><td>205</td><td>535</td><td>27</td><td>75</td><td>49</td><td>-</td><td>26</td></tr><tr><td>Italy</td><td>65,360</td><td>65,349</td><td>64,943</td><td>57</td><td>200</td><td>149</td><td>11</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>23,023</td><td>23,023</td><td>22,977</td><td>16</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>269,642</td><td>269,278</td><td>260,613</td><td>53</td><td>8,577</td><td>35</td><td>304</td><td>329</td><td>7</td><td>28</td></tr><tr><td>Norway</td><td>182,936</td><td>182,920</td><td>66,889</td><td>48</td><td>115,960</td><td>23</td><td>16</td><td>6</td><td>-</td><td>10</td></tr><tr><td>Portugal</td><td>48,497</td><td>48,014</td><td>46,916</td><td>794</td><td>-</td><td>304</td><td>463</td><td>8</td><td>-</td><td>475</td></tr><tr><td>Rumania</td><td>9,240</td><td>9,240</td><td>9,211</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>31,208</td><td>31,127</td><td>30,651</td><td>313</td><td>160</td><td>3</td><td>81</td><td>80</td><td>-</td><td>1</td></tr><tr><td>Sweden</td><td>217,196</td><td>217,132</td><td>94,881</td><td>14,239</td><td>108,000</td><td>12</td><td>64</td><td>64</td><td>-</td><td>-</td></tr><tr><td>Switzerland</td><td>289,966</td><td>289,425</td><td>274,991</td><td>4,660</td><td>9,659</td><td>115</td><td>541</td><td>176</td><td>-</td><td>365</td></tr><tr><td>U. S. R.</td><td>24,848</td><td>24,848</td><td>24,836</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>5,441</td><td>5,436</td><td>5,390</td><td>1</td><td>45</td><td>-</td><td>5</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Other Europe</td><td>44,317</td><td>44,288</td><td>42,135</td><td>80</td><td>2,030</td><td>43</td><td>29</td><td>24</td><td>-</td><td>5</td></tr><tr><td>Total Europe</td><td>2,529,934</td><td>2,516,779</td><td>2,188,267</td><td>22,680</td><td>300,866</td><td>4,966</td><td>13,155</td><td>1,936</td><td>2,793</td><td>8,426</td></tr><tr><td>Canada</td><td>1,545,733</td><td>1,541,430</td><td>374,454</td><td>633</td><td>1,166,179</td><td>164</td><td>4,303</td><td>1,181</td><td>6</td><td>3,116</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>82,305</td><td>82,279</td><td>75,088</td><td>1,195</td><td>3,995</td><td>1</td><td>26</td><td>17</td><td>-</td><td>9</td></tr><tr><td>Bolivia</td><td>15,041</td><td>15,041</td><td>14,837</td><td>4</td><td>800</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>185,603</td><td>185,495</td><td>170,374</td><td>14,277</td><td>-</td><td>844</td><td>108</td><td>108</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>71,411</td><td>71,408</td><td>70,210</td><td>853</td><td>300</td><td>45</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>84,508</td><td>84,507</td><td>84,495</td><td>12</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>7,079</td><td>7,079</td><td>6,893</td><td>185</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>136,461</td><td>136,461</td><td>134,917</td><td>1,117</td><td>400</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>6,634</td><td>6,634</td><td>6,634</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>111,818</td><td>111,605</td><td>110,933</td><td>522</td><td>105</td><td>45</td><td>213</td><td>22</td><td>-</td><td>191</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>30,990</td><td>30,990</td><td>25,647</td><td>-</td><td>5,343</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>90,732</td><td>90,732</td><td>80,936</td><td>21</td><td>9,775</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>45,904</td><td>44,301</td><td>41,340</td><td>620</td><td>2,340</td><td>1</td><td>1,603</td><td>1,602</td><td>-</td><td>1</td></tr><tr><td>Venezuela</td><td>38,323</td><td>38,281</td><td>37,844</td><td>427</td><td>10</td><td>-</td><td>42</td><td>42</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>138,334</td><td>137,983</td><td>121,823</td><td>749</td><td>14,710</td><td>701</td><td>351</td><td>346</td><td>-</td><td>5</td></tr><tr><td>Total Latin America</td><td>1,045,743</td><td>1,043,396</td><td>981,971</td><td>21,982</td><td>37,778</td><td>1,665</td><td>2,347</td><td>2,141</td><td>-</td><td>206</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>581,380</td><td>578,623</td><td>329,528</td><td>144</td><td>248,817</td><td>134</td><td>2,757</td><td>415</td><td>-</td><td>2,342</td></tr><tr><td>French Indo-China</td><td>27,500</td><td>27,500</td><td>27,450</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>22,115</td><td>19,183</td><td>19,139</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>34,561</td><td>34,301</td><td>32,565</td><td>1,177</td><td>506</td><td>53</td><td>260</td><td>223</td><td>35</td><td>2</td></tr><tr><td>British Malaya</td><td>1,032</td><td>1,017</td><td>1,000</td><td>-</td><td>-</td><td>17</td><td>15</td><td>15</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>4,077</td><td>4,041</td><td>3,315</td><td>465</td><td>22</td><td>239</td><td>36</td><td>24</td><td>-</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>103,758</td><td>103,756</td><td>38,423</td><td>209</td><td>65,112</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>109,248</td><td>109,099</td><td>106,185</td><td>47</td><td>925</td><td>1,942</td><td>149</td><td>109</td><td>-</td><td>40</td></tr><tr><td>Turkey</td><td>47,186</td><td>47,186</td><td>46,786</td><td>308</td><td>-</td><td>92</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>72,997</td><td>72,969</td><td>67,072</td><td>503</td><td>5,012</td><td>382</td><td>23</td><td>28</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>1,003,854</td><td>997,675</td><td>671,463</td><td>2,858</td><td>320,444</td><td>2,910</td><td>6,179</td><td>3,748</td><td>35</td><td>2,396</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>30,154</td><td>29,989</td><td>26,728</td><td>2,873</td><td>270</td><td>118</td><td>165</td><td>10</td><td>-</td><td>155</td></tr><tr><td>New Zealand</td><td>4,303</td><td>4,147</td><td>4,052</td><td>95</td><td>-</td><td>-</td><td>156</td><td>155</td><td>-</td><td>1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>19,627</td><td>19,094</td><td>17,057</td><td>254</td><td>-</td><td>1,783</td><td>533</td><td>-</td><td>-</td><td>533</td></tr><tr><td>French Morocco</td><td>9,363</td><td>9,346</td><td>8,596</td><td>18</td><td>-</td><td>732</td><td>17</td><td>-</td><td>-</td><td>17</td></tr><tr><td>Union of South Africa</td><td>8,048</td><td>7,919</td><td>7,897</td><td>2</td><td>15</td><td>5</td><td>129</td><td>-</td><td>-</td><td>129</td></tr><tr><td>All other</td><td>96,081</td><td>95,175</td><td>89,196</td><td>208</td><td>5,725</td><td>46</td><td>906</td><td>786</td><td>-</td><td>120</td></tr><tr><td>Total other countries</td><td>167,576</td><td>165,670</td><td>153,526</td><td>3,450</td><td>6,010</td><td>2,684</td><td>1,906</td><td>951</td><td>-</td><td>955</td></tr><tr><td>Unidentified</td><td>18,088</td><td>18,088</td><td>18,074</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,310,928</td><td>6,283,038</td><td>4,387,755</td><td>51,617</td><td>1,832,277</td><td>12,389</td><td>27,890</td><td>9,957</td><td>2,634</td><td>15,099</td></tr></table>
96
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of November 1945 - (Continued)
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners During November 1945, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th></th><th colspan="6">Purchases by "foreigners"</th><th colspan="6">Sales by "foreigners"</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>2,542</td><td>1,300</td><td>849</td><td>451</td><td>1,242</td><td>802</td><td>440</td><td>6,804</td><td>5,435</td><td>4,404</td><td>1,031</td><td>1,369</td><td>630</td><td>739</td></tr><tr><td>France</td><td>2,232</td><td>2,053</td><td>1,241</td><td>812</td><td>179</td><td>87</td><td>92</td><td>10,053</td><td>9,893</td><td>1,464</td><td>8,429</td><td>160</td><td>-</td><td>160</td></tr><tr><td>Belgium</td><td>2,687</td><td>2,558</td><td>549</td><td>2,009</td><td>129</td><td>-</td><td>129</td><td>1,945</td><td>1,876</td><td>327</td><td>1,549</td><td>69</td><td>2</td><td>67</td></tr><tr><td>Denmark</td><td>315</td><td>269</td><td>68</td><td>201</td><td>46</td><td>-</td><td>46</td><td>269</td><td>259</td><td>165</td><td>94</td><td>10</td><td>-</td><td>10</td></tr><tr><td>Finland</td><td>30</td><td>1</td><td>-</td><td>1</td><td>29</td><td>-</td><td>29</td><td>18</td><td>18</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>158</td><td>158</td><td>37</td><td>121</td><td>-</td><td>-</td><td>-</td><td>94</td><td>94</td><td>38</td><td>56</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>1,405</td><td>1,405</td><td>101</td><td>1,304</td><td>-</td><td>-</td><td>-</td><td>256</td><td>256</td><td>88</td><td>168</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>190</td><td>176</td><td>51</td><td>125</td><td>14</td><td>-</td><td>14</td><td>539</td><td>539</td><td>456</td><td>83</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Luxembourg</td><td>96</td><td>96</td><td>86</td><td>10</td><td>-</td><td>-</td><td>-</td><td>156</td><td>154</td><td>154</td><td>-</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Netherlands</td><td>1,134</td><td>1,159</td><td>1,108</td><td>51</td><td>175</td><td>3</td><td>172</td><td>3,567</td><td>2,744</td><td>1,050</td><td>1,694</td><td>823</td><td>4</td><td>819</td></tr><tr><td>Norway</td><td>669</td><td>431</td><td>253</td><td>178</td><td>238</td><td>-</td><td>238</td><td>754</td><td>712</td><td>688</td><td>24</td><td>42</td><td>16</td><td>26</td></tr><tr><td>Portugal</td><td>136</td><td>136</td><td>101</td><td>35</td><td>-</td><td>-</td><td>-</td><td>34</td><td>29</td><td>24</td><td>5</td><td>5</td><td>-</td><td>5</td></tr><tr><td>Romania</td><td>6</td><td>6</td><td>5</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>26</td><td>-</td><td>26</td></tr><tr><td>Spain</td><td>55</td><td>55</td><td>30</td><td>25</td><td>-</td><td>-</td><td>-</td><td>57</td><td>31</td><td>23</td><td>8</td><td>26</td><td>-</td><td>26</td></tr><tr><td>Sweden</td><td>446</td><td>371</td><td>324</td><td>47</td><td>75</td><td>6</td><td>69</td><td>871</td><td>394</td><td>238</td><td>156</td><td>477</td><td>2</td><td>475</td></tr><tr><td>Switzerland</td><td>7,298</td><td>6,701</td><td>5,348</td><td>1,353</td><td>597</td><td>74</td><td>523</td><td>10,485</td><td>9,425</td><td>7,988</td><td>1,437</td><td>1,060</td><td>108</td><td>952</td></tr><tr><td>U. S. S. R.</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>614</td><td>604</td><td>85</td><td>519</td><td>13</td><td>-</td><td>10</td><td>1,169</td><td>607</td><td>398</td><td>209</td><td>562</td><td>215</td><td>347</td></tr><tr><td>Total Europe</td><td>20,215</td><td>17,479</td><td>10,236</td><td>7,243</td><td>2,736</td><td>972</td><td>1,764</td><td>37,071</td><td>32,466</td><td>17,523</td><td>14,943</td><td>4,605</td><td>977</td><td>3,628</td></tr><tr><td>Canada</td><td>71,369</td><td>13,048</td><td>7,294</td><td>5,754</td><td>58,321</td><td>2,308</td><td>56,013</td><td>45,435</td><td>23,391</td><td>13,502</td><td>9,889</td><td>22,044</td><td>5,287</td><td>16,757</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>15,572</td><td>12,502</td><td>1,794</td><td>10,708</td><td>3,070</td><td>88</td><td>2,982</td><td>3,499</td><td>2,381</td><td>2,097</td><td>284</td><td>1,118</td><td>323</td><td>795</td></tr><tr><td>Bolivia</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td><td>250</td><td>24</td><td>24</td><td>-</td><td>226</td><td>1</td><td>225</td></tr><tr><td>Brazil</td><td>1,066</td><td>893</td><td>786</td><td>107</td><td>173</td><td>91</td><td>82</td><td>1,213</td><td>1,169</td><td>1,038</td><td>131</td><td>44</td><td>26</td><td>18</td></tr><tr><td>Chile</td><td>1,926</td><td>694</td><td>588</td><td>106</td><td>1,232</td><td>26</td><td>1,206</td><td>613</td><td>546</td><td>539</td><td>7</td><td>67</td><td>31</td><td>36</td></tr><tr><td>Colombia</td><td>305</td><td>117</td><td>115</td><td>2</td><td>188</td><td>1</td><td>187</td><td>161</td><td>153</td><td>153</td><td>-</td><td>8</td><td>8</td><td>-</td></tr><tr><td>Costa Rica</td><td>81</td><td>71</td><td>8</td><td>63</td><td>10</td><td>10</td><td>-</td><td>50</td><td>41</td><td>38</td><td>3</td><td>9</td><td>-</td><td>9</td></tr><tr><td>Cuba</td><td>3,571</td><td>3,078</td><td>3,031</td><td>47</td><td>493</td><td>297</td><td>196</td><td>3,517</td><td>2,573</td><td>2,525</td><td>48</td><td>944</td><td>876</td><td>68</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>1,311</td><td>1,291</td><td>1,199</td><td>92</td><td>20</td><td>4</td><td>16</td><td>1,903</td><td>1,830</td><td>1,287</td><td>543</td><td>73</td><td>39</td><td>34</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>663</td><td>651</td><td>179</td><td>472</td><td>12</td><td>11</td><td>1</td><td>118</td><td>115</td><td>115</td><td>-</td><td>3</td><td>3</td><td>121</td></tr><tr><td>Panama</td><td>2,472</td><td>2,360</td><td>748</td><td>1,612</td><td>112</td><td>31</td><td>81</td><td>3,057</td><td>2,936</td><td>1,624</td><td>1,312</td><td>121</td><td>-</td><td>121</td></tr><tr><td>Paru.</td><td>321</td><td>211</td><td>156</td><td>55</td><td>110</td><td>2</td><td>108</td><td>110</td><td>71</td><td>56</td><td>15</td><td>39</td><td>-</td><td>39</td></tr><tr><td>Venezuela</td><td>1,934</td><td>1,786</td><td>745</td><td>1,041</td><td>148</td><td>5</td><td>143</td><td>1,460</td><td>1,458</td><td>1,196</td><td>262</td><td>2</td><td>2</td><td>765</td></tr><tr><td>Other Latin America</td><td>5,054</td><td>4,136</td><td>3,707</td><td>429</td><td>918</td><td>498</td><td>420</td><td>4,689</td><td>3,325</td><td>3,206</td><td>119</td><td>1,364</td><td>599</td><td>765</td></tr><tr><td>Total Latin America</td><td>34,278</td><td>27,790</td><td>13,056</td><td>14,734</td><td>6,488</td><td>1,064</td><td>5,424</td><td>20,640</td><td>16,622</td><td>13,898</td><td>2,724</td><td>4,018</td><td>1,908</td><td>2,110</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>2,343</td><td>2,304</td><td>1,936</td><td>368</td><td>39</td><td>13</td><td>26</td><td>2,169</td><td>1,787</td><td>1,280</td><td>507</td><td>382</td><td>22</td><td>360</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>29</td><td>29</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>49</td><td>49</td><td>36</td><td>13</td><td>-</td><td>-</td><td>-</td><td>51</td><td>51</td><td>34</td><td>17</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>69</td><td>69</td><td>2</td><td>67</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>1,160</td><td>1,160</td><td>1</td><td>1,159</td><td>-</td><td>-</td><td>-</td><td>2,164</td><td>2,164</td><td>-</td><td>2,164</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>107</td><td>107</td><td>101</td><td>6</td><td>-</td><td>-</td><td>-</td><td>822</td><td>814</td><td>598</td><td>216</td><td>8</td><td>8</td><td>1</td></tr><tr><td>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>4</td><td>4</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Other Asia</td><td>328</td><td>255</td><td>219</td><td>36</td><td>73</td><td>36</td><td>37</td><td>287</td><td>242</td><td>145</td><td>97</td><td>45</td><td>3</td><td>42</td></tr><tr><td>Total Asia</td><td>4,016</td><td>3,904</td><td>2,322</td><td>1,582</td><td>112</td><td>49</td><td>63</td><td>5,573</td><td>5,137</td><td>2,069</td><td>3,068</td><td>436</td><td>33</td><td>403</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>132</td><td>34</td><td>30</td><td>4</td><td>98</td><td>-</td><td>98</td><td>66</td><td>55</td><td>50</td><td>5</td><td>11</td><td>-</td><td>11</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>EGYPT and Anglo-Egyptian Sudan</td><td>17</td><td>9</td><td>9</td><td>-</td><td>8</td><td>4</td><td>4</td><td>20</td><td>19</td><td>5</td><td>14</td><td>1</td><td>-</td><td>1</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>180</td><td>-</td><td>-</td><td>-</td><td>180</td><td>-</td><td>180</td></tr><tr><td>Union of South Africa</td><td>28</td><td>28</td><td>28</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38</td><td>38</td><td>22</td><td>16</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>208</td><td>110</td><td>109</td><td>1</td><td>98</td><td>-</td><td>98</td><td>170</td><td>659</td><td>553</td><td>106</td><td>111</td><td>11</td><td>100</td></tr><tr><td>Total other countries</td><td>385</td><td>181</td><td>176</td><td>5</td><td>204</td><td>4</td><td>200</td><td>1,074</td><td>771</td><td>630</td><td>141</td><td>303</td><td>11</td><td>292</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>130,263</td><td>62,402</td><td>33,084</td><td>29,318</td><td>67,861</td><td>4,397</td><td>63,464</td><td>109,793</td><td>78,387</td><td>47,622</td><td>30,765</td><td>31,406</td><td>8,216</td><td>23,190</td></tr></table>
May 1946
97
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Section I - Net Position, January 1942 - November 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="9">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-lands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><td>1942-Jan. (Jan. 1-Jan.28)</td><td>-3,066</td><td>-1,651</td><td>+966</td><td>-390</td><td>-518</td><td>-35</td><td>-105</td><td>-1,271</td><td>1/</td><td>1/</td><td>-97</td></tr><tr><td>Feb. (Jan.29-Feb.25)</td><td>-2,411</td><td>-1,254</td><td>+1,208</td><td>-365</td><td>-516</td><td>-35</td><td>-103</td><td>-1,269</td><td>1/</td><td>1/</td><td>+2</td></tr><tr><td>Mar. (Feb.26-Apr. 1)</td><td>-1,424</td><td>-1,488</td><td>+1,018</td><td>-387</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/</td><td>1/</td><td>-74</td></tr><tr><td>Apr. (Apr. 2-Apr.29)</td><td>-2,105</td><td>-1,391</td><td>+1,221</td><td>-395</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/</td><td>1/</td><td>-95</td></tr><tr><td>May (Apr.30-June 3)</td><td>-3,622</td><td>-1,987</td><td>+555</td><td>-393</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/</td><td>1/</td><td>-30</td></tr><tr><td>June (June 4-July 1)</td><td>-3,261</td><td>-1,516</td><td>+915</td><td>-347</td><td>-515</td><td>-37</td><td>-105</td><td>-1,264</td><td>1/</td><td>1/</td><td>+5</td></tr><tr><td>July</td><td>-3,442</td><td>-1,870</td><td>+629</td><td>-365</td><td>-516</td><td>-37</td><td>-102</td><td>-1,266</td><td>1/</td><td>1/</td><td>-4</td></tr><tr><td>August</td><td>-1,210</td><td>-712</td><td>+1,785</td><td>-369</td><td>-516</td><td>-31</td><td>-103</td><td>-1,266</td><td>1/</td><td>1/</td><td>+24</td></tr><tr><td>September</td><td>-1,058</td><td>-582</td><td>+1,808</td><td>-358</td><td>-516</td><td>-30</td><td>-104</td><td>-1,266</td><td>1/</td><td>1/</td><td>+8</td></tr><tr><td>October</td><td>-1,275</td><td>-303</td><td>+2,149</td><td>-366</td><td>-516</td><td>-29</td><td>-103</td><td>-1,266</td><td>1/</td><td>1/</td><td>+45</td></tr><tr><td>November</td><td>-884</td><td>-61</td><td>+2,422</td><td>-392</td><td>-479</td><td>-26</td><td>-103</td><td>-1,255</td><td>1/</td><td>1/</td><td>-</td></tr><tr><td>December</td><td>-663</td><td>+430</td><td>+2,740</td><td>-383</td><td>-516</td><td>-30</td><td>-103</td><td>-1,259</td><td>1/</td><td>1/</td><td>+41</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>+31</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>-11</td></tr><tr><td>March</td><td>+108</td><td>+1,615</td><td>+4,131</td><td>-388</td><td>-522</td><td>-29</td><td>-106</td><td>-1,419</td><td>-1</td><td>-84</td><td>+63</td></tr><tr><td>April</td><td>+1,963</td><td>+1,127</td><td>+3,727</td><td>-390</td><td>-530</td><td>-29</td><td>-107</td><td>-1,419</td><td>+12</td><td>-83</td><td>+35</td></tr><tr><td>May</td><td>+2,222</td><td>+1,447</td><td>+4,035</td><td>-384</td><td>-530</td><td>-29</td><td>-107</td><td>-1,419</td><td>+11</td><td>-76</td><td>+31</td></tr><tr><td>June</td><td>+1,025</td><td>+857</td><td>+3,490</td><td>-418</td><td>-496</td><td>-30</td><td>-106</td><td>-1,419</td><td>+10</td><td>-68</td><td>-4</td></tr><tr><td>July</td><td>+157</td><td>+905</td><td>+2,953</td><td>-215</td><td>-530</td><td>-27</td><td>-109</td><td>-1,419</td><td>+45</td><td>-69</td><td>+22</td></tr><tr><td>August</td><td>+394</td><td>+239</td><td>+2,722</td><td>-218</td><td>-539</td><td>-29</td><td>-108</td><td>-1,419</td><td>-17</td><td>-72</td><td>-2</td></tr><tr><td>September</td><td>+4,382</td><td>+2,024</td><td>+4,482</td><td>-218</td><td>-539</td><td>-29</td><td>-108</td><td>-1,419</td><td>+29</td><td>-71</td><td>+51</td></tr><tr><td>October</td><td>+4,983</td><td>+1,566</td><td>+4,162</td><td>-218</td><td>-539</td><td>-29</td><td>-109</td><td>-1,419</td><td>+39</td><td>-71</td><td>+52</td></tr><tr><td>November</td><td>+5,675</td><td>+2,105</td><td>+4,620</td><td>-218</td><td>-539</td><td>-30</td><td>-108</td><td>-1,419</td><td>+128</td><td>-70</td><td>+30</td></tr><tr><td>December</td><td>+4,069</td><td>+2,442</td><td>+5,022</td><td>-219</td><td>-542</td><td>-29</td><td>-107</td><td>-1,419</td><td>+124</td><td>-72</td><td>-44</td></tr><tr><td>1944-January</td><td>+5,774</td><td>+4,310</td><td>+6,881</td><td>-215</td><td>-542</td><td>-29</td><td>-107</td><td>-1,419</td><td>+137</td><td>-82</td><td>+27</td></tr><tr><td>February</td><td>+6,262</td><td>+3,107</td><td>+5,759</td><td>-202</td><td>-542</td><td>-29</td><td>-102</td><td>-1,389</td><td>+99</td><td>-77</td><td>-19</td></tr><tr><td>March</td><td>+7,803</td><td>+4,499</td><td>+6,927</td><td>-202</td><td>-541</td><td>-29</td><td>-102</td><td>-1,417</td><td>+92</td><td>-80</td><td>-32</td></tr><tr><td>April</td><td>+5,108</td><td>+3,621</td><td>+6,145</td><td>-205</td><td>-542</td><td>-30</td><td>-103</td><td>-1,423</td><td>+77</td><td>-82</td><td>-61</td></tr><tr><td>May</td><td>+2,112</td><td>+2,533</td><td>+4,908</td><td>-198</td><td>-536</td><td>-27</td><td>-102</td><td>-1,387</td><td>+76</td><td>-75</td><td>-6</td></tr><tr><td>June</td><td>+5,716</td><td>+3,420</td><td>+5,861</td><td>-196</td><td>-538</td><td>-27</td><td>-102</td><td>-1,388</td><td>-</td><td>-89</td><td>+5</td></tr><tr><td>July</td><td>+8,541</td><td>+6,140</td><td>+8,503</td><td>-194</td><td>-538</td><td>-27</td><td>-56</td><td>-1,388</td><td>+16</td><td>-90</td><td>+4</td></tr><tr><td>August</td><td>+9,260</td><td>+5,705</td><td>+8,019</td><td>-195</td><td>-538</td><td>-28</td><td>-56</td><td>-1,388</td><td>+17</td><td>-88</td><td>+15</td></tr><tr><td>September</td><td>+7,569</td><td>+4,630</td><td>+6,894</td><td>-195</td><td>-491</td><td>-28</td><td>-59</td><td>-1,383</td><td>-10</td><td>-86</td><td>+29</td></tr><tr><td>October</td><td>+4,305</td><td>+2,691</td><td>+4,933</td><td>-195</td><td>-491</td><td>-28</td><td>-58</td><td>-1,381</td><td>+1</td><td>-86</td><td>+36</td></tr><tr><td>November</td><td>+4,117</td><td>+2,796</td><td>+4,950</td><td>-195</td><td>-491</td><td>-28</td><td>-58</td><td>-1,381</td><td>+14</td><td>-90</td><td>+149</td></tr><tr><td>December</td><td>+5,500</td><td>+3,936</td><td>+6,207</td><td>-185</td><td>-493</td><td>-28</td><td>-58</td><td>-1,381</td><td>-15</td><td>-95</td><td>+26</td></tr><tr><td>1945-January</td><td>+6,830</td><td>+4,520</td><td>+6,783</td><td>-193</td><td>-493</td><td>-29</td><td>-58</td><td>-1,381</td><td>+5</td><td>-88</td><td>+13</td></tr><tr><td>February</td><td>+3,559</td><td>+3,509</td><td>+5,778</td><td>-193</td><td>-493</td><td>-29</td><td>-59</td><td>-1,381</td><td>+2</td><td>-88</td><td>+41</td></tr><tr><td>March</td><td>+7,124</td><td>+4,777</td><td>+6,499</td><td>-195</td><td>-479</td><td>-29</td><td>-59</td><td>-853</td><td>+21</td><td>-86</td><td>+23</td></tr><tr><td>April</td><td>+6,357</td><td>+5,325</td><td>+6,985</td><td>-179</td><td>-475</td><td>-29</td><td>-59</td><td>-864</td><td>+26</td><td>-88</td><td>+46</td></tr><tr><td>May</td><td>+6,279</td><td>+5,794</td><td>+7,212</td><td>-168</td><td>-333</td><td>-27</td><td>-59</td><td>-863</td><td>+50</td><td>-87</td><td>+99</td></tr><tr><td>June</td><td>+9,961</td><td>+7,314</td><td>+8,534</td><td>-170</td><td>-285</td><td>-28</td><td>-61</td><td>-645</td><td>+41</td><td>-36</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>-508</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>-601</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><tr><td>November</td><td>-1,271</td><td>-2,248</td><td>-1,082</td><td>-182</td><td>-231</td><td>-28</td><td>-61</td><td>-613</td><td>+32</td><td>-103</td><td>-285</td></tr></table>
(Continued on following page)
98
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section I - Net Position, January 1942 - November 1945 - (Continued)
(In thousands of dollars; negative figures indicate short position)
<table><tr><th rowspan="2">Position at end of month</th><th colspan="3">Europe - (continued)</th><th colspan="6">Currency of:</th><th rowspan="2">All other</th></tr><tr><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latin America</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>1/1/1</td><td>1/1/1</td><td>-165</td><td>-2,273</td><td>-22</td></tr><tr><td>Feb. (Jan.29-Feb.25)......</td><td>+58</td><td>-234</td><td>+1,165</td><td>+119</td><td>-2,414</td><td>1/1/1</td><td>1/1/1</td><td>-165</td><td>-2,249</td><td>-27</td></tr><tr><td>Mar. (Feb.26-Apr.1)......</td><td>+109</td><td>-229</td><td>+2,458</td><td>+115</td><td>-2,484</td><td>1/1/1</td><td>1/1/1</td><td>-166</td><td>-2,318</td><td>-25</td></tr><tr><td>Apr. (Apr. 2-Apr.29)......</td><td>+15</td><td>-212</td><td>+1,412</td><td>+291</td><td>-2,430</td><td>1/1/1</td><td>1/1/1</td><td>-166</td><td>-2,264</td><td>+13</td></tr><tr><td>May (Apr.30-June 3)......</td><td>+32</td><td>-226</td><td>+777</td><td>-15</td><td>-2,409</td><td>1/1/1</td><td>1/1/1</td><td>-168</td><td>-2,241</td><td>+12</td></tr><tr><td>June (June 4-July 1)......</td><td>+43</td><td>-211</td><td>+498</td><td>+114</td><td>-2,397</td><td>1/1/1</td><td>1/1/1</td><td>-168</td><td>-2,229</td><td>+10</td></tr><tr><td>July......</td><td>-27</td><td>-182</td><td>+543</td><td>+287</td><td>-2,313</td><td>1/1/1</td><td>1/1/1</td><td>-68</td><td>-2,245</td><td>-89</td></tr><tr><td>August......</td><td>-25</td><td>-211</td><td>+1,341</td><td>+475</td><td>-2,209</td><td>1/1/1</td><td>1/1/1</td><td>-71</td><td>-2,138</td><td>-105</td></tr><tr><td>September......</td><td>+77</td><td>-231</td><td>+1,543</td><td>+304</td><td>-2,279</td><td>1/1/1</td><td>1/1/1</td><td>-72</td><td>-2,207</td><td>-14</td></tr><tr><td>October......</td><td>+14</td><td>-231</td><td>+1,426</td><td>-144</td><td>-2,326</td><td>1/1/1</td><td>1/1/1</td><td>-72</td><td>-2,254</td><td>-28</td></tr><tr><td>November......</td><td>-24</td><td>-204</td><td>+1,242</td><td>+269</td><td>-2,192</td><td>1/1/1</td><td>1/1/1</td><td>-51</td><td>-2,141</td><td>-112</td></tr><tr><td>December......</td><td>+134</td><td>-197</td><td>+1,055</td><td>+319</td><td>-2,293</td><td>1/1/1</td><td>1/1/1</td><td>-71</td><td>-2,222</td><td>-174</td></tr><tr><td>1943-January......</td><td>+78</td><td>-111</td><td>+371</td><td>+508</td><td>-2,153</td><td>-53</td><td>-2,118</td><td>-71</td><td>+89</td><td>-139</td></tr><tr><td>February......</td><td>+45</td><td>-120</td><td>+518</td><td>+405</td><td>-2,144</td><td>-53</td><td>-2,116</td><td>-71</td><td>+96</td><td>-111</td></tr><tr><td>March......</td><td>+94</td><td>-124</td><td>+371</td><td>+304</td><td>-2,150</td><td>-53</td><td>-2,111</td><td>-50</td><td>+64</td><td>-32</td></tr><tr><td>April......</td><td>+32</td><td>-121</td><td>+2,022</td><td>+1,004</td><td>-2,177</td><td>-53</td><td>-2,117</td><td>-50</td><td>+43</td><td>-13</td></tr><tr><td>May......</td><td>+31</td><td>-116</td><td>+2,032</td><td>+903</td><td>-2,235</td><td>-53</td><td>-2,113</td><td>-50</td><td>-19</td><td>+75</td></tr><tr><td>June......</td><td>+9</td><td>-111</td><td>+1,335</td><td>+946</td><td>-2,227</td><td>-53</td><td>-2,111</td><td>-50</td><td>-13</td><td>+114</td></tr><tr><td>July......</td><td>-32</td><td>-114</td><td>+1,350</td><td>+712</td><td>-2,245</td><td>-53</td><td>-2,110</td><td>-50</td><td>-32</td><td>-165</td></tr><tr><td>August......</td><td>+14</td><td>-93</td><td>+1,512</td><td>+713</td><td>-2,158</td><td>-53</td><td>-2,106</td><td>-50</td><td>+51</td><td>+68</td></tr><tr><td>September......</td><td>-54</td><td>-100</td><td>+3,858</td><td>+551</td><td>-2,131</td><td>-53</td><td>-2,106</td><td>-50</td><td>+78</td><td>+80</td></tr><tr><td>October......</td><td>-209</td><td>-93</td><td>+5,243</td><td>+541</td><td>-2,143</td><td>-53</td><td>-2,104</td><td>-50</td><td>+64</td><td>-224</td></tr><tr><td>November......</td><td>-174</td><td>-115</td><td>+5,086</td><td>+564</td><td>-2,140</td><td>-53</td><td>-2,102</td><td>-50</td><td>+65</td><td>+60</td></tr><tr><td>December......</td><td>-213</td><td>-59</td><td>+2,779</td><td>+722</td><td>-2,013</td><td>-53</td><td>-2,161</td><td>-50</td><td>+251</td><td>+139</td></tr><tr><td>1944-January......</td><td>-250</td><td>-91</td><td>+2,862</td><td>+760</td><td>-2,053</td><td>-65</td><td>-2,149</td><td>-50</td><td>+211</td><td>-105</td></tr><tr><td>February......</td><td>-162</td><td>-229</td><td>+4,175</td><td>+898</td><td>-2,048</td><td>-65</td><td>-2,148</td><td>-50</td><td>+215</td><td>+130</td></tr><tr><td>March......</td><td>-29</td><td>-88</td><td>+4,456</td><td>+856</td><td>-2,146</td><td>-65</td><td>-2,148</td><td>-50</td><td>+117</td><td>+138</td></tr><tr><td>April......</td><td>-77</td><td>-78</td><td>+2,567</td><td>+827</td><td>-2,138</td><td>-40</td><td>-2,148</td><td>-50</td><td>+100</td><td>+231</td></tr><tr><td>May......</td><td>-25</td><td>-95</td><td>+836</td><td>+798</td><td>-2,205</td><td>-40</td><td>-2,147</td><td>-50</td><td>+32</td><td>+150</td></tr><tr><td>June......</td><td>-26</td><td>-80</td><td>+3,196</td><td>+955</td><td>-2,238</td><td>-38</td><td>-2,140</td><td>-50</td><td>-10</td><td>+383</td></tr><tr><td>July......</td><td>+12</td><td>-102</td><td>+3,849</td><td>+648</td><td>-2,318</td><td>-38</td><td>-2,140</td><td>-50</td><td>-90</td><td>+222</td></tr><tr><td>August......</td><td>+36</td><td>-89</td><td>+4,942</td><td>+617</td><td>-2,249</td><td>-38</td><td>-2,138</td><td>-50</td><td>-23</td><td>+245</td></tr><tr><td>September......</td><td>+57</td><td>-98</td><td>+4,537</td><td>+516</td><td>-2,231</td><td>-50</td><td>-2,135</td><td>-27</td><td>-19</td><td>+117</td></tr><tr><td>October......</td><td>+49</td><td>-89</td><td>+2,921</td><td>+597</td><td>-2,142</td><td>-41</td><td>-2,135</td><td>-28</td><td>+62</td><td>+238</td></tr><tr><td>November......</td><td>+52</td><td>-126</td><td>+2,657</td><td>+451</td><td>-2,079</td><td>-41</td><td>-2,135</td><td>-27</td><td>+124</td><td>+292</td></tr><tr><td>December......</td><td>+11</td><td>-53</td><td>+2,968</td><td>+568</td><td>-2,149</td><td>-41</td><td>-2,135</td><td>-27</td><td>+54</td><td>+177</td></tr><tr><td>1945-January......</td><td>+38</td><td>-77</td><td>+2,374</td><td>+1,698</td><td>-2,042</td><td>-41</td><td>-2,124</td><td>-27</td><td>+150</td><td>+280</td></tr><tr><td>February......</td><td>+30</td><td>-99</td><td>+1,321</td><td>+533</td><td>-2,089</td><td>-40</td><td>-2,124</td><td>-27</td><td>+102</td><td>+285</td></tr><tr><td>March......</td><td>+24</td><td>-89</td><td>+3,858</td><td>+721</td><td>-2,195</td><td>-40</td><td>-2,124</td><td>-27</td><td>-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>441</td><td>-2,123</td><td>-27</td><td>+77</td><td>+84</td></tr><tr><td>May......</td><td>+14</td><td>-144</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>+16</td></tr><tr><td>August......</td><td>-15</td><td>-15</td><td>+5,242</td><td>+481</td><td>-2,285</td><td>-51</td><td>-2,122</td><td>-27</td><td>-85</td><td>+175</td></tr><tr><td>September......</td><td>+39</td><td>-50</td><td>+4,342</td><td>+672</td><td>-2,283</td><td>-51</td><td>-2,122</td><td>-27</td><td>-83</td><td>+51</td></tr><tr><td>October......</td><td>+24</td><td>-57</td><td>+3,800</td><td>+1446</td><td>-2,406</td><td>-53</td><td>-2,120</td><td>-27</td><td>-206</td><td>+62</td></tr><tr><td>November......</td><td>+359</td><td>-54</td><td>+3,080</td><td>+224</td><td>-2,143</td><td>-53</td><td>-2,138</td><td>-27</td><td>-225</td><td>+116</td></tr></table>
1/ Not available.
May 1946
99
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section II
Outstanding Forward Exchange Contracts, January - November 1945
(In thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th>Grand total</th><th colspan="9">Cureacy 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-lands</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>243</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>188</td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>4,394</td><td>715</td><td>377</td><td>3</td><td>79</td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>6,083</td><td>2,454</td><td>2,338</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>8,394</td><td>5,105</td><td>5,006</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>13,276</td><td>10,397</td><td>10,107</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>19,421</td><td>12,901</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><td>November</td><td>21,996</td><td>13,605</td><td>13,375</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>17</td></tr><tr><td colspan="11">From foreign customers:</td></tr><tr><td>1945-January</td><td>2,130</td><td>590</td><td>126</td><td>-</td><td>297</td><td>-</td><td>-</td><td>167</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2,313</td><td>570</td><td>105</td><td>-</td><td>297</td><td>-</td><td>-</td><td>167</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>2,273</td><td>403</td><td>124</td><td>-</td><td>112</td><td>-</td><td>-</td><td>167</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>1,634</td><td>337</td><td>115</td><td>-</td><td>66</td><td>-</td><td>-</td><td>156</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>3,540</td><td>302</td><td>80</td><td>-</td><td>66</td><td>-</td><td>-</td><td>156</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>2,817</td><td>383</td><td>161</td><td>-</td><td>66</td><td>-</td><td>-</td><td>156</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>2,149</td><td>68</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>2,406</td><td>443</td><td>443</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>2,575</td><td>911</td><td>721</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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><td>November</td><td>2,043</td><td>822</td><td>712</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td><td>-</td></tr><tr><td colspan="11">From domestic customers:</td></tr><tr><td>1945-January</td><td>1,721</td><td>847</td><td>523</td><td>3</td><td>222</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>1,584</td><td>738</td><td>414</td><td>3</td><td>222</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,411</td><td>692</td><td>328</td><td>3</td><td>171</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>1,763</td><td>575</td><td>295</td><td>3</td><td>171</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>2,121</td><td>461</td><td>236</td><td>3</td><td>122</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1,577</td><td>332</td><td>216</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>3,339</td><td>2,386</td><td>2,270</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>5,988</td><td>4,662</td><td>4,563</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>10,701</td><td>9,486</td><td>9,386</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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><td>November</td><td>19,953</td><td>12,783</td><td>12,663</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>17</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>2,285</td><td>2</td><td>200</td><td>-</td><td>10</td><td>622</td><td>5</td><td>1</td><td>-</td></tr><tr><td>June</td><td>11,199</td><td>1,719</td><td>1,211</td><td>2</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>July</td><td>9,000</td><td>3,527</td><td>3,019</td><td>2</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>August</td><td>10,494</td><td>5,673</td><td>5,165</td><td>32</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>September</td><td>16,983</td><td>11,531</td><td>10,832</td><td>2</td><td>51</td><td>-</td><td>10</td><td>412</td><td>35</td><td>1</td><td>350</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><td>November</td><td>28,802</td><td>19,985</td><td>18,989</td><td>2</td><td>51</td><td>-</td><td>11</td><td>353</td><td>158</td><td>1</td><td>354</td></tr><tr><td colspan="11">To foreign customers:</td></tr><tr><td>1945-January</td><td>2,254</td><td>2,254</td><td>906</td><td>-</td><td>610</td><td>-</td><td>-</td><td>738</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2,254</td><td>2,254</td><td>906</td><td>-</td><td>610</td><td>-</td><td>-</td><td>738</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,485</td><td>1,476</td><td>906</td><td>-</td><td>360</td><td>-</td><td>-</td><td>210</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>1,062</td><td>988</td><td>463</td><td>-</td><td>310</td><td>-</td><td>-</td><td>210</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>911</td><td>893</td><td>503</td><td>-</td><td>180</td><td>-</td><td>-</td><td>210</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1,138</td><td>673</td><td>628</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>640</td><td>567</td><td>517</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>991</td><td>556</td><td>506</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>1,958</td><td>1,562</td><td>1,512</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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><td>November</td><td>2,384</td><td>1,594</td><td>1,198</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>346</td></tr><tr><td colspan="11">To domestic customers:</td></tr><tr><td>1945-January</td><td>3,566</td><td>1,614</td><td>1,066</td><td>2</td><td>69</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>February</td><td>3,720</td><td>1,781</td><td>1,233</td><td>2</td><td>69</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>March</td><td>4,132</td><td>1,445</td><td>908</td><td>2</td><td>69</td><td>-</td><td>10</td><td>412</td><td>11</td><td>1</td><td>-</td></tr><tr><td>April</td><td>3,797</td><td>1,503</td><td>886</td><td>82</td><td>69</td><td>-</td><td>10</td><td>412</td><td>5</td><td>1</td><td>-</td></tr><tr><td>May</td><td>6,612</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>10,361</td><td>1,041</td><td>583</td><td>2</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>July</td><td>8,360</td><td>2,960</td><td>2,502</td><td>2</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>August</td><td>9,503</td><td>5,117</td><td>4,659</td><td>32</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>September</td><td>15,025</td><td>9,969</td><td>9,320</td><td>2</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>October</td><td>22,769</td><td>15,016</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><tr><td>November</td><td>26,418</td><td>18,391</td><td>17,791</td><td>2</td><td>1</td><td>-</td><td>11</td><td>353</td><td>158</td><td>1</td><td>8</td></tr></table>
(Continued on following page)
100
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section II - Outstanding Forward Exchange Contracts, January - November 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Contracts as of end of month</th><th colspan="2">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="5">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>99</td><td>22</td></tr><tr><td>April</td><td>17</td><td>8</td><td>1,136</td><td>6</td><td>1,301</td><td>380</td><td>824</td><td>-</td><td>97</td><td>42</td></tr><tr><td>May</td><td>17</td><td>2</td><td>2,843</td><td>750</td><td>1,305</td><td>380</td><td>824</td><td>-</td><td>101</td><td>-</td></tr><tr><td>June</td><td>17</td><td>2</td><td>2,219</td><td>129</td><td>1,331</td><td>380</td><td>824</td><td>-</td><td>127</td><td>-</td></tr><tr><td>July</td><td>17</td><td>2</td><td>2,196</td><td>129</td><td>1,309</td><td>380</td><td>824</td><td>-</td><td>105</td><td>-</td></tr><tr><td>August</td><td>-</td><td>2</td><td>1,868</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>5</td></tr><tr><td>September</td><td>190</td><td>3</td><td>1,427</td><td>3</td><td>1,300</td><td>380</td><td>824</td><td>-</td><td>96</td><td>149</td></tr><tr><td>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>November</td><td>-</td><td>6</td><td>5,618</td><td>1,534</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>35</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>1</td><td>538</td><td>336</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>1</td></tr><tr><td>February</td><td>-</td><td>1</td><td>666</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>60</td><td>-</td><td>1,237</td><td>380</td><td>824</td><td>-</td><td>33</td><td>-</td></tr><tr><td>April</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>May</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>June</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>July</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>August</td><td>-</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>September</td><td>190</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>October</td><td>-</td><td>-</td><td>17</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</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 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>1</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>61</td><td>-</td><td>-</td><td>-</td><td>61</td><td>42</td></tr><tr><td>May</td><td>17</td><td>2</td><td>1,618</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>1</td></tr><tr><td>June</td><td>17</td><td>2</td><td>1,283</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>November</td><td>-</td><td>6</td><td>5,601</td><td>1,534</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</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>660</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>161</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr><tr><td>November</td><td>30</td><td>6</td><td>8,077</td><td>666</td><td>56</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</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>4</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-</td><td>-</td><td>74</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>460</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>73</td><td>435</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-</td><td>-</td><td>9</td><td>387</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>9</td><td>355</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-</td><td>-</td><td>228</td><td>562</td><td>-</td><td>-</td><td>-</td><td>4</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>4</td><td>-</td><td>-</td></tr><tr><td>November</td><td>-</td><td>-</td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>4</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>660</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><tr><td>November</td><td>30</td><td>6</td><td>7,849</td><td>104</td><td>56</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</td></tr></table>
May 1946
101
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 - November 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-lande</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="10">Purchasesee</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>February</td><td>38,289</td><td>18,066</td><td>13,728</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>317</td><td>326</td></tr><tr><td>Forward</td><td>1,819</td><td>275</td><td>275</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>51,533</td><td>24,022</td><td>16,235</td><td>25</td><td>250</td><td>-</td><td>-</td><td>528</td><td>469</td><td>518</td></tr><tr><td>Spot</td><td>1,930</td><td>121</td><td>121</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>45,759</td><td>19,884</td><td>14,743</td><td>250</td><td>50</td><td>-</td><td>-</td><td>-</td><td>480</td><td>220</td></tr><tr><td>Spot</td><td>1,983</td><td>165</td><td>165</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>55,879</td><td>25,133</td><td>18,162</td><td>584</td><td>282</td><td>-</td><td>-</td><td>-</td><td>436</td><td>351</td></tr><tr><td>Spot</td><td>5,226</td><td>157</td><td>157</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>71,280</td><td>29,527</td><td>22,298</td><td>81</td><td>304</td><td>-</td><td>-</td><td>219</td><td>342</td><td>472</td></tr><tr><td>Spot</td><td>3,700</td><td>224</td><td>224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</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>August</td><td>58,112</td><td>32,182</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>Spot</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>September</td><td>72,184</td><td>39,946</td><td>33,449</td><td>117</td><td>261</td><td>-</td><td>-</td><td>-</td><td>531</td><td>239</td></tr><tr><td>Spot</td><td>7,306</td><td>5,809</td><td>5,803</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>October</td><td>79,149</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>7,170</td><td>7,165</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>84,122</td><td>50,087</td><td>40,377</td><td>324</td><td>312</td><td>-</td><td>-</td><td>196</td><td>604</td><td>639</td></tr><tr><td>Spot</td><td>14,823</td><td>6,169</td><td>6,042</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td colspan="10">Purchases from banks:</td></tr><tr><td>1945-January</td><td>27,614</td><td>13,100</td><td>8,628</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>330</td><td>661</td></tr><tr><td>Spot</td><td>1,271</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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>March</td><td>31,229</td><td>16,404</td><td>9,011</td><td>25</td><td>250</td><td>-</td><td>-</td><td>528</td><td>469</td><td>349</td></tr><tr><td>Spot</td><td>1,511</td><td>121</td><td>121</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>27,016</td><td>12,138</td><td>7,388</td><td>225</td><td>50</td><td>-</td><td>-</td><td>-</td><td>472</td><td>187</td></tr><tr><td>Spot</td><td>1,416</td><td>104</td><td>104</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</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>June</td><td>46,522</td><td>19,501</td><td>12,460</td><td>71</td><td>295</td><td>-</td><td>-</td><td>210</td><td>334</td><td>461</td></tr><tr><td>Spot</td><td>3,456</td><td>218</td><td>218</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</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>Spot</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>August</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>September</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>Spot</td><td>4,783</td><td>3,749</td><td>3,748</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>October</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>Spot</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>November</td><td>56,188</td><td>37,813</td><td>29,233</td><td>241</td><td>102</td><td>-</td><td>-</td><td>191</td><td>575</td><td>601</td></tr><tr><td>Spot</td><td>7,414</td><td>5,136</td><td>5,009</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td colspan="10">Purchases from others:</td></tr><tr><td>1945-January</td><td>19,238</td><td>8,592</td><td>8,304</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>65</td></tr><tr><td>Spot</td><td>269</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>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>March</td><td>20,304</td><td>7,618</td><td>7,224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>169</td></tr><tr><td>Spot</td><td>419</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>18,743</td><td>7,746</td><td>7,355</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>33</td></tr><tr><td>Spot</td><td>567</td><td>61</td><td>61</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>24,647</td><td>10,693</td><td>10,351</td><td>174</td><td>1</td><td>-</td><td>-</td><td>-</td><td>27</td><td>1</td></tr><tr><td>Spot</td><td>353</td><td>15</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>24,758</td><td>10,026</td><td>9,838</td><td>10</td><td>9</td><td>-</td><td>-</td><td>9</td><td>5</td><td>11</td></tr><tr><td>Spot</td><td>244</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>21,444</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>Spot</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>August</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>September</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>Spot</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>October</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>Spot</td><td>1,495</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>November</td><td>27,934</td><td>12,274</td><td>11,144</td><td>83</td><td>210</td><td>-</td><td>-</td><td>5</td><td>29</td><td>38</td></tr><tr><td>Spot</td><td>7,409</td><td>1,033</td><td>1,033</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
102
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 - November 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="2">Currency of:</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latin America</th><th>Total Asia</th><th>Japan (in-cluding Korea and Manchuria)</th><th>Other Asia</th></tr><tr><td colspan="10">Purchases</td></tr><tr><td>Total purchases: 1945-January</td><td>653</td><td>2,986</td><td>52</td><td>14,732</td><td>5,098</td><td>1,024</td><td>-</td><td>1,024</td><td>4,306</td></tr><tr><td>Spot</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>Forward</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>February</td><td>-</td><td>-</td><td>-</td><td>1,544</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><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>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>March</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>Spot</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>Forward</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>April</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>Spot</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>Forward</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>May</td><td>-</td><td>-</td><td>-</td><td>1,551</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td>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>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>June</td><td>665</td><td>4,576</td><td>102</td><td>23,759</td><td>2,739</td><td>1,305</td><td>-</td><td>1,305</td><td>4,435</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,353</td><td>3</td><td>-</td><td>-</td><td>-</td><td>141</td></tr><tr><td>Forward</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>July</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>Spot</td><td>1,322</td><td>6,053</td><td>260</td><td>23,914</td><td>3,155</td><td>1,188</td><td>-</td><td>1,188</td><td>5,778</td></tr><tr><td>Forward</td><td>17</td><td>-</td><td>-</td><td>7,123</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="10">Purchases from banks:</td></tr><tr><td>1945-January</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>Spot</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>Forward</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>February</td><td>-</td><td>-</td><td>-</td><td>1,257</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>400</td><td>5,297</td><td>75</td><td>9,194</td><td>3,242</td><td>759</td><td>-</td><td>759</td><td>1,630</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,373</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17</td></tr><tr><td>March</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>Spot</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>Forward</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>April</td><td>176</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>1,508</td></tr><tr><td>Spot</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>Forward</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>May</td><td>-</td><td>-</td><td>-</td><td>1,301</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td>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>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>June</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>Spot</td><td>-</td><td>-</td><td>-</td><td>994</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40</td></tr><tr><td>Forward</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>July</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>Spot</td><td>1,222</td><td>5,480</td><td>168</td><td>13,862</td><td>1,999</td><td>1,178</td><td>-</td><td>1,178</td><td>1,336</td></tr><tr><td>Forward</td><td>17</td><td>-</td><td>-</td><td>2,278</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="10">Purchases from others:</td></tr><tr><td>1945-January</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>Spot</td><td>-</td><td>-</td><td>-</td><td>269</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>February</td><td>-</td><td>-</td><td>-</td><td>287</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><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>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>March</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>Spot</td><td>-</td><td>-</td><td>-</td><td>485</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>April</td><td>-</td><td>-</td><td>-</td><td>304</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>38</td><td>33</td><td>70</td><td>11,639</td><td>638</td><td>25</td><td>-</td><td>25</td><td>2,430</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>238</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>454</td><td>36</td><td>89</td><td>9,790</td><td>1,045</td><td>1</td><td>-</td><td>1</td><td>1,833</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>250</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>June</td><td>-</td><td>-</td><td>-</td><td>660</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><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>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>July</td><td>151</td><td>330</td><td>82</td><td>15,026</td><td>939</td><td>63</td><td>-</td><td>63</td><td>2,858</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>2,472</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>100</td><td>573</td><td>92</td><td>10,052</td><td>1,156</td><td>10</td><td>-</td><td>10</td><td>4,442</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>4,845</td><td>1,531</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></tr><tr><td>Forward</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)
May 1946
103
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 - November 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:</th></tr><tr><th colspan="8">Europe</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th></tr></table>
<table><tr><th colspan="9">Salee</th></tr><tr><td>Total sales: 1945-January</td><td>Spot</td><td>44,883</td><td>21,401</td><td>16,651</td><td>5</td><td>-</td><td>-</td><td>322</td><td>722</td></tr><tr><td></td><td>Forward</td><td>2,099</td><td>291</td><td>291</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot</td><td>40,392</td><td>19,153</td><td>14,809</td><td>14</td><td>-</td><td>-</td><td>321</td><td>327</td></tr><tr><td></td><td>Forward</td><td>3,128</td><td>479</td><td>479</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>45,449</td><td>22,555</td><td>15,328</td><td>25</td><td>236</td><td>-</td><td>438</td><td>518</td></tr><tr><td></td><td>Forward</td><td>3,824</td><td>149</td><td>138</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>45,854</td><td>20,067</td><td>15,134</td><td>236</td><td>46</td><td>-</td><td>479</td><td>223</td></tr><tr><td></td><td>Forward</td><td>3,172</td><td>197</td><td>197</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>53,964</td><td>23,561</td><td>16,825</td><td>572</td><td>142</td><td>-</td><td>412</td><td>348</td></tr><tr><td></td><td>Forward</td><td>6,441</td><td>1,506</td><td>1,506</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>60,938</td><td>28,314</td><td>21,284</td><td>82</td><td>256</td><td>-</td><td>356</td><td>471</td></tr><tr><td></td><td>Forward</td><td>11,020</td><td>495</td><td>495</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>54,613</td><td>31,826</td><td>24,143</td><td>106</td><td>581</td><td>-</td><td>533</td><td>265</td></tr><tr><td></td><td>Forward</td><td>7,342</td><td>2,592</td><td>2,592</td><td>-</td><td>-</td><td>-</td><td>176</td><td>-</td></tr><tr><td>August</td><td>Spot</td><td>53,167</td><td>30,109</td><td>20,791</td><td>270</td><td>383</td><td>2</td><td>650</td><td>340</td></tr><tr><td></td><td>Forward</td><td>6,298</td><td>3,156</td><td>3,139</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>75,980</td><td>46,874</td><td>40,421</td><td>118</td><td>267</td><td>-</td><td>533</td><td>238</td></tr><tr><td></td><td>Forward</td><td>9,626</td><td>5,419</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>October</td><td>Spot</td><td>78,309</td><td>37,995</td><td>28,814</td><td>261</td><td>83</td><td>17</td><td>797</td><td>518</td></tr><tr><td></td><td>Forward</td><td>15,307</td><td>8,105</td><td>7,712</td><td>12</td><td>-</td><td>-</td><td>35</td><td>-</td></tr><tr><td>November</td><td>Spot</td><td>83,516</td><td>49,663</td><td>40,432</td><td>343</td><td>212</td><td>148</td><td>552</td><td>642</td></tr><tr><td></td><td>Forward</td><td>17,775</td><td>9,091</td><td>8,958</td><td>-</td><td>-</td><td>1</td><td>124</td><td>-</td></tr><tr><th colspan="9">Sales to banks: 1945-January</th></tr><tr><td></td><td>Spot</td><td>19,704</td><td>9,517</td><td>8,155</td><td>-</td><td>-</td><td>-</td><td>62</td><td>565</td></tr><tr><td></td><td>Forward</td><td>1,051</td><td>141</td><td>141</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot</td><td>15,492</td><td>6,895</td><td>5,998</td><td>-</td><td>-</td><td>-</td><td>149</td><td>158</td></tr><tr><td></td><td>Forward</td><td>1,030</td><td>242</td><td>242</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>17,477</td><td>7,324</td><td>6,140</td><td>1</td><td>186</td><td>-</td><td>184</td><td>184</td></tr><tr><td></td><td>Forward</td><td>927</td><td>101</td><td>101</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>18,000</td><td>7,532</td><td>6,639</td><td>-</td><td>26</td><td>11</td><td>231</td><td>118</td></tr><tr><td></td><td>Forward</td><td>1,031</td><td>114</td><td>114</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>21,137</td><td>9,599</td><td>8,259</td><td>192</td><td>26</td><td>-</td><td>133</td><td>204</td></tr><tr><td></td><td>Forward</td><td>1,325</td><td>282</td><td>282</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>22,715</td><td>10,895</td><td>9,432</td><td>8</td><td>35</td><td>-</td><td>92</td><td>246</td></tr><tr><td></td><td>Forward</td><td>2,132</td><td>319</td><td>319</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>22,851</td><td>11,465</td><td>12,590</td><td>13</td><td>181</td><td>-</td><td>245</td><td>238</td></tr><tr><td></td><td>Forward</td><td>2,889</td><td>1,399</td><td>1,399</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>Spot</td><td>22,635</td><td>13,309</td><td>10,951</td><td>8</td><td>16</td><td>-</td><td>343</td><td>276</td></tr><tr><td></td><td>Forward</td><td>2,180</td><td>1,741</td><td>1,741</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>43,818</td><td>27,278</td><td>25,715</td><td>13</td><td>14</td><td>-</td><td>171</td><td>189</td></tr><tr><td></td><td>Forward</td><td>4,806</td><td>3,905</td><td>3,905</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>Spot</td><td>34,291</td><td>15,775</td><td>12,974</td><td>73</td><td>40</td><td>2</td><td>438</td><td>431</td></tr><tr><td></td><td>Forward</td><td>8,129</td><td>4,423</td><td>4,077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>Spot</td><td>33,132</td><td>17,885</td><td>15,208</td><td>75</td><td>77</td><td>3</td><td>136</td><td>433</td></tr><tr><td></td><td>Forward</td><td>8,010</td><td>5,248</td><td>5,240</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><th colspan="9">Sales to others: 1945-January</th></tr><tr><td></td><td>Spot</td><td>25,179</td><td>11,884</td><td>8,496</td><td>5</td><td>-</td><td>-</td><td>260</td><td>157</td></tr><tr><td></td><td>Forward</td><td>1,048</td><td>150</td><td>150</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot</td><td>24,900</td><td>12,258</td><td>8,811</td><td>14</td><td>-</td><td>-</td><td>172</td><td>169</td></tr><tr><td></td><td>Forward</td><td>2,098</td><td>237</td><td>237</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>Spot</td><td>27,972</td><td>15,231</td><td>9,188</td><td>24</td><td>50</td><td>-</td><td>254</td><td>334</td></tr><tr><td></td><td>Forward</td><td>2,897</td><td>48</td><td>37</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>27,854</td><td>12,535</td><td>8,495</td><td>236</td><td>20</td><td>-</td><td>248</td><td>105</td></tr><tr><td></td><td>Forward</td><td>2,141</td><td>83</td><td>83</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot</td><td>32,827</td><td>13,962</td><td>8,566</td><td>380</td><td>116</td><td>-</td><td>279</td><td>144</td></tr><tr><td></td><td>Forward</td><td>5,116</td><td>1,224</td><td>1,224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>38,223</td><td>17,419</td><td>11,852</td><td>74</td><td>221</td><td>-</td><td>264</td><td>225</td></tr><tr><td></td><td>Forward</td><td>8,888</td><td>176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>Spot</td><td>31,762</td><td>17,361</td><td>11,553</td><td>93</td><td>400</td><td>176</td><td>288</td><td>27</td></tr><tr><td></td><td>Forward</td><td>4,453</td><td>1,193</td><td>1,193</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>Spot</td><td>30,532</td><td>16,800</td><td>9,840</td><td>262</td><td>367</td><td>2</td><td>307</td><td>64</td></tr><tr><td></td><td>Forward</td><td>4,118</td><td>1,415</td><td>1,398</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>32,162</td><td>19,596</td><td>14,706</td><td>105</td><td>253</td><td>-</td><td>362</td><td>49</td></tr><tr><td></td><td>Forward</td><td>4,820</td><td>1,514</td><td>1,513</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>October</td><td>Spot</td><td>44,018</td><td>22,220</td><td>15,840</td><td>188</td><td>43</td><td>15</td><td>359</td><td>87</td></tr><tr><td></td><td>Forward</td><td>7,178</td><td>3,682</td><td>3,635</td><td>12</td><td>-</td><td>-</td><td>35</td><td>-</td></tr><tr><td>November</td><td>Spot</td><td>50,384</td><td>31,778</td><td>25,224</td><td>268</td><td>135</td><td>145</td><td>416</td><td>209</td></tr><tr><td></td><td>Forward</td><td>9,765</td><td>3,843</td><td>3,718</td><td>-</td><td>-</td><td>1</td><td>124</td><td>-</td></tr></table>
(Continued on following page)
104
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 - November 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="2">Currency of:</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latin America</th><th>Total Asia</th><th>Japan (in-cluding Korea and Manchuria)</th><th>Other Asia</th></tr></table>
<table><tr><th colspan="10">Sales</th></tr><tr><td>Total sales:</td><td>1945-January</td><td>Spot</td><td>665</td><td>2,962</td><td>74</td><td>14,940</td><td>3,923</td><td>897</td><td>-</td><td>897</td><td>3,722</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,739</td><td>-</td><td>18</td><td>-</td><td>18</td><td>51</td></tr><tr><td></td><td>February</td><td>Spot</td><td>297</td><td>3,306</td><td>79</td><td>12,143</td><td>4,747</td><td>708</td><td>-</td><td>703</td><td>3,641</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,503</td><td>73</td><td>3</td><td>-</td><td>3</td><td>70</td></tr><tr><td></td><td>March</td><td>Spot</td><td>475</td><td>5,393</td><td>142</td><td>14,537</td><td>3,725</td><td>861</td><td>-</td><td>861</td><td>3,671</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,575</td><td>54</td><td>2</td><td>-</td><td>2</td><td>44</td></tr><tr><td></td><td>April</td><td>Spot</td><td>303</td><td>3,509</td><td>126</td><td>18,293</td><td>3,972</td><td>769</td><td>-</td><td>769</td><td>2,753</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,775</td><td>29</td><td>143</td><td>-</td><td>143</td><td>28</td></tr><tr><td></td><td>May</td><td>Spot</td><td>479</td><td>4,652</td><td>131</td><td>21,702</td><td>4,437</td><td>865</td><td>-</td><td>865</td><td>3,393</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,791</td><td>976</td><td>168</td><td>-</td><td>168</td><td>-</td></tr><tr><td></td><td>June</td><td>Spot</td><td>833</td><td>4,888</td><td>144</td><td>23,853</td><td>4,088</td><td>933</td><td>-</td><td>933</td><td>3,750</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>10,394</td><td>41</td><td>90</td><td>-</td><td>90</td><td>-</td></tr><tr><td></td><td>July</td><td>Spot</td><td>768</td><td>5,047</td><td>207</td><td>15,078</td><td>3,591</td><td>815</td><td>-</td><td>815</td><td>3,303</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,233</td><td>487</td><td>-</td><td>-</td><td>-</td><td>30</td></tr><tr><td></td><td>August</td><td>Spot</td><td>1,315</td><td>6,189</td><td>169</td><td>15,987</td><td>2,728</td><td>985</td><td>-</td><td>985</td><td>3,358</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>17</td><td>-</td><td>2,991</td><td>41</td><td>110</td><td>-</td><td>110</td><td>-</td></tr><tr><td></td><td>September</td><td>Spot</td><td>661</td><td>4,489</td><td>147</td><td>21,644</td><td>2,417</td><td>1,274</td><td>-</td><td>1,274</td><td>3,771</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,052</td><td>88</td><td>47</td><td>-</td><td>47</td><td>20</td></tr><tr><td></td><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>-</td><td>1,331</td><td>4,635</td></tr><tr><td></td><td></td><td>Forward</td><td>346</td><td>-</td><td>-</td><td>6,956</td><td>187</td><td>56</td><td>-</td><td>56</td><td>3</td></tr><tr><td></td><td>November</td><td>Spot</td><td>1,347</td><td>5,723</td><td>264</td><td>24,243</td><td>4,480</td><td>1,220</td><td>-</td><td>1,220</td><td>3,910</td></tr><tr><td></td><td></td><td>Forward</td><td>8</td><td>-</td><td>-</td><td>8,328</td><td>356</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales to banks:</td><td>1945-January</td><td>Spot</td><td>392</td><td>323</td><td>20</td><td>8,023</td><td>555</td><td>74</td><td>-</td><td>74</td><td>1,535</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>877</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33</td></tr><tr><td></td><td>February</td><td>Spot</td><td>183</td><td>396</td><td>11</td><td>6,259</td><td>886</td><td>35</td><td>-</td><td>35</td><td>1,407</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>771</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>March</td><td>Spot</td><td>64</td><td>541</td><td>24</td><td>8,284</td><td>288</td><td>24</td><td>-</td><td>24</td><td>1,557</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>785</td><td>41</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>April</td><td>Spot</td><td>79</td><td>411</td><td>17</td><td>8,752</td><td>423</td><td>29</td><td>-</td><td>29</td><td>1,264</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>868</td><td>21</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td></td><td>May</td><td>Spot</td><td>148</td><td>611</td><td>26</td><td>9,614</td><td>235</td><td>82</td><td>-</td><td>82</td><td>1,607</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,009</td><td>-</td><td>34</td><td>-</td><td>34</td><td>-</td></tr><tr><td></td><td>June</td><td>Spot</td><td>250</td><td>796</td><td>36</td><td>9,822</td><td>316</td><td>132</td><td>-</td><td>132</td><td>1,550</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,813</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>July</td><td>Spot</td><td>361</td><td>761</td><td>76</td><td>6,776</td><td>268</td><td>126</td><td>-</td><td>126</td><td>1,216</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,475</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td></td><td>August</td><td>Spot</td><td>783</td><td>882</td><td>50</td><td>7,355</td><td>311</td><td>209</td><td>-</td><td>209</td><td>1,451</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>439</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><td>September</td><td>Spot</td><td>398</td><td>759</td><td>19</td><td>14,184</td><td>292</td><td>170</td><td>-</td><td>170</td><td>1,894</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>901</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td></td><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>-</td><td>218</td><td>2,112</td></tr><tr><td></td><td></td><td>Forward</td><td>146</td><td>-</td><td>-</td><td>3,703</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td></td><td>November</td><td>Spot</td><td>689</td><td>1,200</td><td>64</td><td>12,618</td><td>302</td><td>163</td><td>-</td><td>163</td><td>2,164</td></tr><tr><td></td><td></td><td>Forward</td><td>8</td><td>-</td><td>-</td><td>2,762</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales to others:</td><td>1945-January</td><td>Spot</td><td>273</td><td>2,639</td><td>54</td><td>6,917</td><td>3,368</td><td>823</td><td>-</td><td>823</td><td>2,187</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>862</td><td>-</td><td>18</td><td>-</td><td>18</td><td>18</td></tr><tr><td></td><td>February</td><td>Spot</td><td>114</td><td>2,910</td><td>68</td><td>5,874</td><td>3,861</td><td>673</td><td>-</td><td>673</td><td>2,234</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,732</td><td>56</td><td>3</td><td>-</td><td>3</td><td>70</td></tr><tr><td></td><td>March</td><td>Spot</td><td>411</td><td>4,852</td><td>118</td><td>6,353</td><td>3,437</td><td>837</td><td>-</td><td>837</td><td>2,114</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,790</td><td>13</td><td>2</td><td>-</td><td>2</td><td>44</td></tr><tr><td></td><td>April</td><td>Spot</td><td>224</td><td>3,098</td><td>109</td><td>9,541</td><td>3,549</td><td>740</td><td>-</td><td>740</td><td>1,489</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,907</td><td>8</td><td>143</td><td>-</td><td>143</td><td>-</td></tr><tr><td></td><td>May</td><td>Spot</td><td>331</td><td>4,041</td><td>105</td><td>12,083</td><td>4,202</td><td>783</td><td>-</td><td>783</td><td>1,792</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,782</td><td>976</td><td>134</td><td>-</td><td>134</td><td>-</td></tr><tr><td></td><td>June</td><td>Spot</td><td>583</td><td>4,092</td><td>108</td><td>14,031</td><td>3,772</td><td>801</td><td>-</td><td>801</td><td>2,200</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>8,581</td><td>41</td><td>90</td><td>-</td><td>90</td><td>-</td></tr><tr><td></td><td>July</td><td>Spot</td><td>407</td><td>4,286</td><td>131</td><td>8,302</td><td>3,323</td><td>689</td><td>-</td><td>689</td><td>2,047</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,758</td><td>487</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td></td><td>August</td><td>Spot</td><td>532</td><td>5,307</td><td>119</td><td>8,632</td><td>2,417</td><td>776</td><td>-</td><td>776</td><td>1,907</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>17</td><td>-</td><td>2,552</td><td>41</td><td>110</td><td>-</td><td>110</td><td>-</td></tr><tr><td></td><td>September</td><td>Spot</td><td>263</td><td>3,730</td><td>128</td><td>7,460</td><td>2,125</td><td>1,104</td><td>-</td><td>1,104</td><td>1,877</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,151</td><td>88</td><td>47</td><td>-</td><td>47</td><td>20</td></tr><tr><td></td><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>-</td><td>1,113</td><td>2,523</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,253</td><td>187</td><td>56</td><td>-</td><td>56</td><td>-</td></tr><tr><td></td><td>November</td><td>Spot</td><td>658</td><td>4,523</td><td>200</td><td>11,625</td><td>4,178</td><td>1,057</td><td>-</td><td>1,057</td><td>1,746</td></tr><tr><td></td><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>5,566</td><td>356</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY WASHINGTON 25, D. C.
OFFICIAL BUSINESS
PERMIT NO. 1002
FORM A-6/46-2050
PENALTY FOR PRIVATE USE TO AVOID PAYMENT OF POSTAGE, $300
Treas. HJ 10 .A2 1946 c.2 U.S. Treasury Dept. Treasury Bulletin
U.S. TREASURY LIBRARY
1 0031945