July 1
LIBRARY ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
JUNE - 1946
LIBRARY ROOM 5013
JULY 2 & 3
PROGRAM RECEPTION
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
June 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 Price Control Act, before the Senate Committees on Banking and Currency</td><td>A-1</td></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the House Banking and Currency Committees</td><td>A-5</td></tr><tr><td>Looking ahead, one year after VE-Day (speech by the Assistant Secretary of the Treasury)</td><td>A-12</td></tr><tr><td>Treasury market financing</td><td>A-16</td></tr><tr><td>Federal land bank financing</td><td>A-17</td></tr><tr><td>Recent trends in corporate profits</td><td>A-18</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>61</td></tr><tr><td>Corporations and certain other agencies of the United States Government</td><td>68</td></tr><tr><td>Internal revenue statistics</td><td>78</td></tr><tr><td>Monetary statistics</td><td>83</td></tr><tr><td>Capital movements between the United States and foreign countries</td><td>88</td></tr></table>
Note:
In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th></th><th colspan="6">1946</th><th colspan="7">1945</th></tr><tr><th>Articles</th><th>June</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></tr><tr><td>Statement by Secretary Vinson on the extension of the Price Control Act, before the Senate Committees on Banking and Currency</td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the House Banking and Currency Committee</td><td>A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>looking ahead, one year after VE-Day (speech by the Assistant Secretary of the Treasury)</td><td>A-12</td><td></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 extension of the Stabilization Act, before the House Banking and Currency Committee</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>Statement by Secretary Vinson on the reduction of the debt limitation, before the Senate Committees on Finance</td><td></td><td>A-4</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>American prosperity and world prosperity are interlinked</td><td></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></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the Senate Committees on Banking and Currency</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>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></tr><tr><td>What we gain from the proposed financial agreement with Britain</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>Our system of government has stood the test</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></tr><tr><td>Transition from war to peace and prosperity</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>War financing - some implications for the future</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>Victory Loan Drive, October-December 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales by issues, by investor classes, and by States</td><td></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>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>A-1</td><td></td><td></td><td></td><td></td></tr><tr><td>7th War Loan - 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>A-1</td><td></td><td></td></tr><tr><td>Concurrent purchases by banks under war loans</td><td></td><td></td><td></td><td></td><td></td><td>A-22</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></tr><tr><td>7th War Loan</td><td></td><td></td><td></td><td></td><td>A-18</td><td></td><td></td><td></td><td></td><td></td><td>A-23</td><td></td></tr><tr><td>Recent trends in corporate profits</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></tr><tr><td>Procedure for redemption of United States excess profits tax refund bonds</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><td></td></tr><tr><td>Assets and liabilities of all active banks in the U. S. - Dec. 1939-June 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-6</td><td></td><td></td></tr><tr><td>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>A-25</td><td></td></tr><tr><td>Financial operations of the United States Government, fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td></tr><tr><td>invasion currency</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>A-23</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>A-27</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity of Series B bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-28</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Continuation of the savings bond program</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-24</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></td></tr><tr><td>Statistics of income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual income tax returns for 1944 with adjusted gross income under $25,000 (sample survey)</td><td></td><td></td><td></td><td></td><td>A-10</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></td><td></td><td>A-21</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></td><td></td><td></td><td>A-23</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial statistics of certain tax-exempt organizations for 1943</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation income and taxable excess profits tax returns for 1943</td><td></td><td></td><td></td><td></td><td>A-26</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Preliminary statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Advance tabulation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td></tr><tr><td>Taxable individual and fiduciary income tax returns, with net income of $5,000 and over, for 1943 (advance tabulation)</td><td></td><td></td><td></td><td></td><td>A-21</td><td></td><td></td><td></td><td></td><td></td><td>A-33</td><td></td></tr><tr><td>Publication of Statistics of Income for 1942, Part I</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation income and taxable excess profits tax returns for 1942 (complete return)</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>Federal land bank bonds</td><td>A-17</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>A-2</td><td></td></tr><tr><td>Treasury market financing</td><td>A-16</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>A-2</td><td></td></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Receipts and expenditures and appropriations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by major classifications</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of receipts from internal revenue</td><td>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>6-7</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>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>7</td><td>8</td><td>7</td><td>7</td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>9-10</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>10</td><td>11-12</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>11</td><td>13</td><td>11</td><td>11</td></tr><tr><td>Social security program</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security Act</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>14</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>13</td><td>15</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>13</td><td>15</td><td>13</td><td>13</td></tr><tr><td>Statement of trust accounts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>16</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>14</td><td>16</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>14</td><td>16</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>15-16</td><td>17-18</td><td>15-16</td><td>15-16</td></tr><tr><td>Cash income and outgo of the Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis by major classifications</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>19</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>17</td><td>19</td><td>17</td><td>17</td></tr></table>
(Continued on following page)
June 1946
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Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="14">Issue and page number</th></tr><tr><th colspan="5">1946</th><th colspan="9">1945</th></tr><tr><th></th><th>June</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></tr><tr><td>General Fund of the Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Assets, liabilities, and balance in General Fund</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>19</td><td>21</td><td>19</td><td>19</td></tr><tr><td>Analysis of changes in balance of General Fund</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>20</td><td>22</td><td>20</td><td>20</td></tr><tr><td>Public debt and guaranteed obligations of United States Government</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Issuance and retirement of the public debt</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>24</td><td>22</td><td>22</td></tr><tr><td>Composition of the interest-bearing public debt</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>24</td><td>22</td><td>22</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><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><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>23-24</td><td>25-26</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>24-25</td><td>26-27</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>26</td><td>28</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>27</td><td>29</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>27</td><td>29</td><td>27</td><td>27</td></tr><tr><td>Statutory limitation on the public debt - condition, as of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>30</td><td>28</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></td><td>28</td><td></td><td></td><td></td></tr><tr><td>August 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</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>28</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1945</td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1945</td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></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>January 31, 1946</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>February 28, 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>March 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 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>29-31</td><td>31-33</td><td>29-31</td><td>28-30</td></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>32</td><td>34</td><td>32</td><td>31</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>35</td><td>33</td><td>32</td></tr><tr><td>Offerings and maturities of Treasury bills</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>36-37</td><td>34-35</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><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>36-37</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></tr><tr><td>History of sales and redemptions</td><td>37-39</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></tr><tr><td>Sales by series, classified by denominations</td><td>40</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></tr><tr><td>Number of pieces sold, classified by denominations</td><td>41</td><td>41</td><td>41</td><td>41</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>37</td></tr><tr><td>Sales by series, classified by States</td><td>42-43</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></tr><tr><td>Redemptions of series A-E, classified by States</td><td>44</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></tr><tr><td>Payroll saving plane</td><td></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></tr><tr><td>Treasury notes - tax and savings series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series</td><td>45</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></tr><tr><td>Sales, classified by:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Denomination</td><td>45</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></tr><tr><td>Type of purchaser</td><td>46</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></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><td></td></tr><tr><td>Summary of sales and redemptions</td><td>47</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></tr><tr><td>Sales, classified by denominations</td><td>47</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></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><td></td></tr><tr><td>Summary distribution, by holders</td><td>49</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></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>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></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>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></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><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><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>48-52</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></td><td>49-53</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>49-53</td><td>51-55</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></td><td></td><td>49-53</td><td></td><td></td></tr><tr><td>August 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td></td><td></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>October 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>November 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>December 31, 1945</td><td></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></tr><tr><td>January 31, 1946</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>February 28, 1946</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>March 31, 1946</td><td>51-55</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by various classes of Federal Reserve member and nonmember commercial banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>56-60</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>54-58</td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td>56-60</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td>56-60</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
Treasury Bulletin
1v
Cumulative Table of Contents - (Continued)
<table><tr><td>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></tr><tr><td>May 31, 1945</td></tr><tr><td>June 30, 1945</td></tr><tr><td>July 31, 1945</td></tr><tr><td>August 31, 1945</td></tr><tr><td>September 29, 1945</td></tr><tr><td>October 31, 1945</td></tr><tr><td>November 30, 1945</td></tr><tr><td>December 31, 1945</td></tr><tr><td>January 31, 1946</td></tr><tr><td>February 28, 1946</td></tr><tr><td>March 30, 1946</td></tr><tr><td>April 30, 1946</td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes.</td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds:</td></tr><tr><td>Yields beginning with 1937</td></tr><tr><td>Chart</td></tr><tr><td>Corporations and certain other agencies of the U.S. Government</td></tr><tr><td>Assets, liabilities, and capital:</td></tr><tr><td>March 31, 1945</td></tr><tr><td>June 30, 1945</td></tr><tr><td>September 30, 1945</td></tr><tr><td>December 31, 1945</td></tr><tr><td>March 31, 1946</td></tr><tr><td>Loans outstanding, classified by type of loan:</td></tr><tr><td>March 31, 1945</td></tr><tr><td>June 30, 1945</td></tr><tr><td>September 30, 1945</td></tr><tr><td>December 31, 1945</td></tr><tr><td>March 31, 1946</td></tr><tr><td>Income and expense:</td></tr><tr><td>Fiscal year 1945</td></tr><tr><td>First three months, fiscal year 1946</td></tr><tr><td>First six months, fiscal year 1946</td></tr><tr><td>Sources and application of funds:</td></tr><tr><td>First nine months, fiscal year 1945</td></tr><tr><td>Fiscal year 1945</td></tr><tr><td>First three months, fiscal year 1946</td></tr><tr><td>First six months, fiscal year 1946</td></tr><tr><td>Internal revenue statistics</td></tr><tr><td>Collections of internal revenue:</td></tr><tr><td>Summary data</td></tr><tr><td>Chart</td></tr><tr><td>Comparative details for current periods</td></tr><tr><td>Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td></tr><tr><td>March 31, 1945</td></tr><tr><td>June 30, 1945</td></tr><tr><td>September 30, 1945</td></tr><tr><td>December 31, 1945</td></tr><tr><td>Gold assets and liabilities of the Treasury</td></tr><tr><td>Increase from reduction in weight of gold dollar, cumulative to:</td></tr><tr><td>June 30, 1945</td></tr><tr><td>September 30, 1945</td></tr><tr><td>December 31, 1945</td></tr><tr><td>March 31, 1946</td></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td></tr><tr><td>Monetary stocks of gold and silver</td></tr><tr><td>Components of silver monetary stock</td></tr><tr><td>Silver production in the United States and silver acquisitions by mints and assay offices</td></tr><tr><td>Seignorage on silver, by types</td></tr><tr><td>Money in circulation</td></tr><tr><td>Capital movements between the United States and foreign countries</td></tr><tr><td>Discussion of composition of statistics</td></tr><tr><td>Summary of net capital movement since 1935</td></tr><tr><td>Summary by countries, January 1942-July 1945</td></tr><tr><td>Details:</td></tr><tr><td>May 1945</td></tr><tr><td>June 1945</td></tr><tr><td>July 1945</td></tr><tr><td>August 1945</td></tr><tr><td>September 1945</td></tr><tr><td>October 1945</td></tr><tr><td>November 1945</td></tr><tr><td>December 1945</td></tr><tr><td>Position in foreign currencies</td></tr></table>
<table><tr><th colspan="7">1946</th><th colspan="7">1945</th></tr><tr><th>June</th><th>May</th><th>Apr.</th><th>Mar.</th><th>Feb.</th><th>Jan.</th><th>Dec.</th><th>Sov.</th><th>Oct.</th><th>Sept.</th><th>Aug.</th><th>July</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-57</td><td>62-64</td><td>55-57</td><td>54-56</td><td></td></tr><tr><td></td><td></td><td></td><td>62-64</td><td>55-57</td><td>55-57</td><td>60-62</td><td>55-57</td><td></td><td></td><td></td><td></td></tr><tr><td>62-64</td><td>57-59</td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>65</td><td>60</td><td>60</td><td>65</td><td>58</td><td>58</td><td>63</td><td>58</td><td>58</td><td>65</td><td>58</td><td>57</td></tr><tr><td>66</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></tr><tr><td>67</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></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>69</td><td>72-76</td><td>61, 64-68</td></tr><tr><td></td><td></td><td>69, 73-77</td><td></td><td></td><td>67, 71-75</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>69, 73-77</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td>70-72</td><td>70-72</td><td></td><td>68-70</td><td></td><td>70-71</td><td></td><td>62-63</td><td></td><td></td></tr><tr><td>70-72</td><td></td><td>64-69</td><td></td><td>62-67</td><td></td><td></td><td>62-67</td><td></td><td></td><td>69-74</td><td></td></tr><tr><td></td><td>70-75</td><td></td><td></td><td>68-73</td><td></td><td></td><td>66-73</td><td></td><td></td><td></td><td></td></tr><tr><td>79</td><td>80</td><td>77</td><td>79</td><td>62</td><td>75</td><td>77</td><td>62</td><td>75</td><td>78</td><td>62</td><td>76</td></tr><tr><td>80</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>79</td><td>63</td><td>77</td></tr><tr><td>81-82</td><td>66-67</td><td>79-80</td><td>81-82</td><td>64-65</td><td>77-78</td><td>79-80</td><td>64-65</td><td>77-78</td><td>80-81</td><td>64-65</td><td>78-79</td></tr><tr><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>67-68</td></tr><tr><td>84</td><td>69-70</td><td>82</td><td>84</td><td>67-68</td><td>80</td><td>82</td><td>69</td><td>80</td><td>83</td><td>69</td><td>81</td></tr><tr><td></td><td>71</td><td></td><td>69</td><td></td><td></td><td>69</td><td></td><td></td><td></td><td>69</td><td></td></tr><tr><td>84</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></tr><tr><td>85</td><td>72</td><td>83</td><td>85</td><td>70</td><td>81</td><td>83</td><td>70</td><td>81</td><td>74</td><td>70</td><td>82</td></tr><tr><td>86</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>71</td><td>83</td></tr><tr><td>87</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></tr><tr><td>89</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></tr><tr><td>90-104</td><td>77-93</td><td>88-104</td><td>90-106</td><td>75-91</td><td>86-102</td><td>88-104</td><td>77-93</td><td></td><td></td><td></td><td></td></tr><tr><td></td><td></td><td></td><td></td><td>94-96</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>107-109</td><td>94-96</td><td>105-107</td><td>107-109</td><td>92-94</td><td>103-105</td><td>105-107</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>110-117</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></tr></table>
June 1946
A-1
Statement by Secretary Vinson on the Extension of the Price Control Act, before the Senate Committee on Banking and Currency, May 7, 1946
We are living in a critical period of American history. We have fought successfully the greatest of all wars. We shall soon have completed the reconversion of our economy to peace. There are many problems that must still be met before we have safely passed through the dangerous aftermath of war.
The American people have done a good job. The great strength of character they showed is a reflection of the enduring value of our democratic system of free government and of our business system of free enterprise.
We in the Administration and you in Congress have worked together on these problems of the American people. Your Committee has dealt with some of the most important legislation of the war and postwar period. I am very glad to appear before you to discuss the number one domestic problem with which we must deal right now - the problem of price control and inflation.
This can be a great era of American achievement. The years that lie ahead hold for our people the promise of the greatest peacetime production and the highest living standards the world has ever known. But the coming year is also filled with danger. The prospect for material abundance could be changed to one of want and despair if we do not win this last round in the fight against inflation.
We won the battle of production during the war and we held prices within reasonable limits. In fact, we would not have been successful in achieving our war production goals if we had permitted runaway prices. It is in itself a great accomplishment to have increased our total production by about 75 percent and to have put nearly all of this increase into the war effort. To have done this with a moderate rise in prices is almost a miracle.
It is impossible to avoid some rise in prices under war conditions. When production must be increased quickly and shifted to new lines, some increase in costs is inevitable.
creases sufficient to compensate for such increases in costs are necessary to let production go forward. Such price rises serve a useful function.
But price increases beyond the amount necessary to get the maximum possible output are inflationary. They decrease production instead of increasing it. Such price rises serve no useful function. They lead to speculation and hoarding of materials. They create maladjustments in the whole structure of production and prices.
Our price control during the war made it possible to get full production and to hold in check the powerful wartime forces of inflation. During the war, 12 million of our most productive young men and women were taken out of agriculture and industry to go into the armed forces. About half of our total production went to war.
The people were paid for producing war goods for the Government as well as civilian goods for the people. No wonder they could not buy as much of everything as they would ordinarily have liked. Half of the income of the people could not be spent if inflation was to be avoided. Through heavy taxation and through voluntary saving, consumer spending was kept down throughout the war. Price controls prevented a shortage of goods from leading to the competitive bidding up of prices.
These price controls are still necessary during the reconversion period. I told this Committee over two years ago, when you were considering the extension of the Price Control Act in the Spring of 1944, that an extension of the Act for a longer period than one year after the war would probably be necessary. As I said at that time, " . . the most serious days will be the postwar days on the economic front".
The inflationary pressures which are generated by war continue during the reconversion period. They continue until we can finish tooling up for peacetime production; they continue until we can get the members of the armed forces back into industry; they continue until we can fill up the long pipe lines between the first
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stages of production and the ultimate consumer: they continue until we can satisfy the most urgent demands which have been pent up during the war.
Yes, the inflationary pressures continue for some time after the war, but the temptation to relax and let down our guard is great. This is the temptation which faces us today, and the temptation which we must avoid.
We must profit by experience. We have learned much from the experience of World War I in many fields. We can learn much from it in the field of price control also. In World War I, little reliance was put on the direct control of prices and production. Too many people accepted as dogma the doctrine that the Government could do nothing to control production and prices.
For this reason, price control in World War I was started too late and applied ineffectively. Except in special areas, such as food and fuel, it never operated under a clear-cut legislative sanction. As a consequence, prices rose twice as much in World War I as in World War II, although the war was much shorter and inflationary pressures were only one-half as great. I say only half as great, because about 25 percent of the national production went into the war effort at the peak of World War I, as compared with about 50 percent at the peak of World War II.
Shortly after the Armistice, such price controls as had existed during the last war were abolished. We all know what happened. Prices rose for another year and a half at an even faster rate than during the war. By 1920, living costs were 108 percent above 1914. And then came the collapse. Prices took a nose dive, as they always do after an inflation. The price of corn fell 78 percent, cotton 75 percent, tobacco 70 percent, hogs 66 percent, wheat 65 percent, and so for other products. Industrial production fell 33 percent.
We saw the effects of this deflation on the farms and in the factories. Net farm incomes dropped from $8,800 million in 1919 to less than $3,000 million in 1921. Factory employment fell over 30 percent during this period, and factory payrolls fell nearly 50 percent.
We do not want to repeat that performance. We do not have to. Our duty is to see that these same tragic events do not happen this time. We cannot afford to have half a million families lose their farms in the aftermath of another inflation. We cannot afford to have 20,000 bank- ruptcies a year because prices are first inflated and then collapse. That is why it is necessary to extend price control at this time. We must not repeat the mistake we made after the last war.
But I want to emphasize equally strongly that the extension of OPA is only temporary. There is no basis for the fear that price control of the sort exercised by OPA will become part of our permanent economic structure. The problems with which OPA is now dealing are caused by the transition from a wartime to a peacetime economy.
At the same time that I told your Committee, in the Spring of 1944, that a one-year extension of price control after the war would probably not be enough to solve our transition problems, I also assured you that OPA would not become a permanent part of our economy. That statement still holds. You do not want it, and I do not want it. The President does not want it. We have been trying all along to get rid of price controls as soon as it is possible to do so without inflation. But we must be patient. We cannot gamble with the future of the American people.
The problems which the OPA has to meet are temporary in character. We are dealing with these problems in the one way that will finally solve them - by production. The basic inflationary pressures had their origin in the compelling necessity of devoting half of our production to war purposes for nearly four years. The war ended only eight months ago. In these few months since VJ-Day we have reached a level of civilian production never before equalled in this country. And this stream of production is steadily rising day by day.
Some people have asked where the production is going. Retail sales in this country in the first quarter of 1946 were at an annual rate of $89,500 million - 60 percent more in dollar value and 22 percent more in volume than 1941. When you exclude the durable goods which are only beginning to come on the market, the increase in
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dollar value of retail sales is more than 85 percent and the increase in physical volume more than 40 percent.
Of course, there is a scarcity of many goods, despite the record volume of retail sales. That's because the public is earning more money than ever before in peacetime and wants to consume more than ever before. Folks who never had a proper diet are buying meat and milk, and eggs. Folks who never could afford nice clothes and stockings are buying - or trying to buy - suits and dresses and nyions. I think it's all to the good to see this great demand. We can produce enough to meet it. But it will take time, particularly because the public has been short of these goods for five years, and because we are just returning to peacetime production.
Some of the goods produced are not going to consumers right now. They are going into tool and machines and working stocks for new and increased peacetime production. This is especially true of the durable goods. That is one reason the danger of inflation has not passed. It will not pass until we have finished the reconversion of production and filled the pipe line through which goods flow from the producer to the consumer. Not until there is a full flow of goods available for sale to consumers can we safely dispense with price controls. That will probably take another year.
The other side of this return of our economy to peacetime production - the side with which I am particularly concerned as Secretary of the Treasury - is that the Government is moving rapidly toward a balanced budget. We are reducing Government expenditures and paying off Government debt. Our fiscal policy is an important part of the program to fight inflation.
The total expenditures of the Federal Government in April of last year amounted to $8,000 million. This April they were $4,200 million, a shrinkage of nearly 50 percent. This rapid decrease will continue until we are on a peacetime basis.
In the meantime, revenues have held up remarkably well. The reason for this is - as the President has said - "..... we are well on the
highroad to full peacetime production." The net receipts of the United States Government for the month of March - the last major tax month - amounted to $5,700 million, a decline from the same month last year of only about 17 percent.
As a result of these rapidly declining expenditures and well-maintained receipts, the Treasury showed a surplus of receipts in each of the months of February and March. There will be some net deficit during the remainder of this fiscal year; but the budgetary outlook for 1947 is very good. In the past two months, we have reduced the public debt by $7,000 million from surplus funds in the Treasury; and this reduction will continue in an orderly way as rapidly as our finances permit.
In meeting maturing obligations, we have been particularly concerned to pay off the securities held by the banks. The only new securities issued since the Victory Loan Drive have been savings bonds and tax savings notes. We have continued to press the sale of savings bonds because they are one of the best ways to fight inflation.
The Treasury is going to continue to sell savings bonds to the people. When we ask the people to put their savings into these bonds, we must also give them the assurance that their savings will have 100 cents of buying power for every dollar. We must and will keep faith with the bondholders who have put their trust in the Government. The bonds they buy and hold help keep down inflation. They are doing their part in the fight. We must do ours. We must extend the Price Control Act, and we must extend it without crippling amendments.
I have great faith in the practical common sense of our people. They responded throughout the war to every appeal for more production, more taxes and more saving. The workers in the factories and farms, and the men and women in the fighting forces saved a very large part of their incomes. They are saving now. These savings are part of the great backlog of demand that can keep American production going.
What we do on price control during the next year will determine whether this great backlog of
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demand will bring prosperity or inflation. If we keep price controls a little longer - and keep them really effective - the accumulated savings of the public can result in a sustained demand for houses, automobiles, refrigerators and other goods for many years to come. But if we remove price controls too soon, these same savings will be used to bid up prices before goods have been produced to match the demand. This inflationary process can have only one result: the destruction of the savings of our people and, in the end, a disastrous depression.
Rising prices will hit a lot of people hard. No Senator needs to be told how quickly even a slow rise in prices eats into a fixed income. There are millions of people in this position - school teachers and white collar workers whose wages rise little and late; old people who after a lifetime of work live in modest retirement on their limited savings; disabled veterans, and the widows and orphans of our fighting men who depend on their small pensions to keep them going. These are the folks who feel inflation first and most.
Let's make no mistake about it. In the end, everybody suffers from inflation. That's because all of us have a stake in an economy that works, an economy that is stable. Inflation now means deflation later; and deflation means depression. Every worker, every farmer and every businessman suffers from depression. He suffers in unemployment and in lower pay; he suffers in unsalable surpluses and in unremunerative prices; he suffers in decreased production and in unprofitable business.
The danger of inflation is far greater today than it was in time of war. This is because so many people think that the danger has completely passed. We have nearly won the battle of peace-time production and reconversion, just as we won the battle of production for war. We must not lose the fruits of that victory now by ruinous inflation which can only end in depression, unemployment and economic stagnation. Above all, let us keep faith with the American people who fought and worked to preserve a sound and strong America.
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Statement by Secretary Vinson on the Proposed Financial
Agreement with Britain, before the House Banking and Currency Committee, May 14, 1946
I am very glad to appear before this Committee and to explain what, in my judgment, the proposed financial agreement with the United Kingdom means to America and to the world.
With the end of the war we in the Administration and you in Congress have a new responsibility to our people. The sacrifices they have borne will have been largely meaningless unless we do all in our power to achieve lasting peace and sound prosperity. This is the one reward of victory that our people and the people of all the United Nations ask - a world in which countries work and live together in peace and prosperity.
As you are well aware, world peace and prosperity are interlinked. The world cannot have a stable, enduring peace while devastation and hunger stalk the earth. This country cannot prosper in a world torn by fear and strife. No country, no matter how big or strong, can remain either in political or economic isolation.
Maintaining peace requires constant vigilance by the people of all countries. We know, at long last, that enduring peace does not follow automatically the victory of our armed forces. Our people have learned that peace as well as prosperity does not come to those who merely sit and wait.
We must work for peace as we worked to win the war. We must all work, and work constantly, to settle the problems that might lead to conflict and war. That is the responsibility of the United Nations - and that means Russia and England, as well as the United States and the other countries. We must do this job.
We must have international cooperation on political problems. That is most important, but it is not enough. The economic causes of conflict must be eliminated. The every-day relations between the businessmen of all countries must be carried on in a fair and friendly way, conducive to good will and mutually beneficial trade.
The financial agreement with England, which you are now considering, is above all for the purpose of establishing a sound and fair basis for world trade and in this way lessening the
dangers of political and economic warfare.
This Government has advocated a progress of international economic cooperation to restore world trade and to eliminate the currency and trade discriminations that divide nations into conflicting economic blocs. No one country can by itself deal with international economic problems, because they are not national in character. They are the responsibility of all countries. We have proposed, therefore, that the United Nations provide the means for continuing cooperation through the International Bank, the International Fund, and through an international trade organization.
The success of this program will mean a good deal to the United States. Our economy has always been dependent on foreign trade. It will be more dependent on exports and imports in the years ahead. We must buy abroad many of the raw materials for our industries and some important goods for our consumers. We must sell abroad a large part of our production, as much as 8 or 10 percent, to keep our agriculture and industry running.
Let's not forget the lesson of the decade before the war when our agriculture and industry suffered severely from trade and currency restrictions. Because of these measures the exports of the United States were harder hit than those of any other country. Our share of world exports, which in 1928 was 15.8 percent of the world total of $32.5 billion, fell in 1934 to 11.5 percent of the much smaller total of $18.5 billion. This decline in our exports contributed to the severe depression in industry and the collapse in agriculture.
Our exports of wheat, cotton, tobacco and lard were particularly hard hit. From 1925 to 1928 we sold abroad on the average more than $1,250 million of these four crops annually. From 1931 to 1934, our average sales were only $473 million a year. The difficulty of finding markets abroad for our agricultural surplus was an important factor in the decline of nearly 60 percent in farm prices from 1928 to 1932. The depreciation in currencies was also an important element in this decline in farm prices.
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pound sterling, for example, depreciated from $4.86 per pound to $3.20, it put pressure on the prices of all American farm products sold in world markets.
Our trade cannot reach the high levels necessary for American prosperity if the world again resorts to currency and trade restrictions. Unless our exporters have access to world markets on fair and equal terms we will not be able to maintain our production in those fields in which we have long specialized - growing cotton, tobacco and wheat; making automobiles, machinery and equipment. In short, we must have a high level of trade between our nation and other nations to have full production, full employment, and a large national income in America. All sections of our country, all sectors of our economy are directly or indirectly dependent upon foreign trade.
International economic cooperation and the expansion of world trade are definitely in the interest of this country and all countries. When countries exchange their surplus products they all gain because it makes possible increased production of their specialized products. This means more production and a higher level of income in the country which sells, as well as more goods and a better standard of living in the country which buys.
This program for the general welfare can be put into effect if the United Nations, and particularly the United States and England, adopt the same fair currency and trade practices. Together these two countries do about one-third of the trade of the entire world. The countries closely linked in trade with England and the United States account for 75 percent of world trade. If these two countries were to adopt the same fair currency and trade practices, the rest of the world would inevitably follow. On the other hand, conflict between the United States and England on currency and trade policies would just as inevitably divide the world into economic blocs.
Consider what would happen if England should have to maintain the present currency and trade restrictions. American goods can be bought by foreign countries only with dollars. The only way to buy American cotton and wheat, American automobiles and machinery is to pay in dollars. If, and only if, sterling is convertible into
dollars, can the holders of sterling buy currency products. As a matter of fact, many countries can get the dollars they need to buy goods in America only with the money England pays them for the goods they sell to her. In brief, American export trade is directly dependent upon the convertibility of sterling into dollars.
During the war, sterling became an inconvertible currency. It could be used to make payments in the sterling area; but it could not be converted into dollars. If this wartime restriction is continued, serious limitations would be placed on our exports. Countries like Canada, the British Dominions, and the agricultural countries of Europe, which customarily have a large favorable balance of payments with England, would be unable to use the sterling they receive for their exports to pay for their imports in dollars from the United States. Our trade with these countries would have to be restricted because they would not have the means to pay us.
If sterling cannot be converted into dollars, England and the sterling area countries must concentrate on their trade with each other, not because their goods are better, but because of monetary impediments. It will mean that Egyptian and Indian cotton will replace American cotton, Rhodesian and Near Eastern tobacco will replace American tobacco, and British automobiles and machinery will replace American automobiles and machinery. In half the trading area of the world, American products would be at a serious disadvantage in competing with the products of the sterling area countries. Our trade with Britain and the sterling area would become a mere trickle.
American exporters ask no special advantages in trading with foreign countries. They do ask that no discriminations be directed against them. Our producers are perfectly willing to sell their products in competition with the products of other countries, provided the buyer has a fair chance to select American goods on the basis of quality and price. But American producers will not have their fair chance to sell their products in the sterling area until the dollar pool is terminated.
The dollar pool is the wartime arrangement made by England to mobilize and conserve the dollar resources of all of the countries of the sterling area. Under this arrangement a country
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of the sterling area that secures a surplus of dollars from exports to the United States transfers the dollars to England for a sterling deposit in London. The dollars are then allocated by London to the various members of the sterling area for the most essential purchases requiring payment in dollars. In practice, dollars are not allocated for buying American machinery or any other American goods which can be bought in England or anywhere in the sterling area. Some American exporters are in effect excluded from a large part of the world's markets. That is why we want the dollar pool brought to an end.
Another danger to American trade is the large amount of blocked sterling. During the war the countries of the sterling area accumulated large sterling balances held as deposits in London banks or invested in British Treasury securities. These balances were acquired as a result of their wartime exports to England or military expenditures made by England in India and the Middle East which were paid in sterling. Because these sterling balances could not be converted into dollars or used to buy exports from England, they were called "blocked sterling balances".
What is done about the liquidation of these blocked sterling balances will make a big difference to American trade. If England says that these balances can be used only to buy goods in England, then the countries holding more than $13 billion of these sterling balances will, in effect, be compelled to concentrate their purchases in England. American producers will have little chance to export to the countries holding blocked sterling. On the other hand, if the countries holding these balances can get them gradually converted into dollars, our exporters will be in a position to compete on fair and equal terms throughout the sterling area.
The continuation of these wartime restraints will reduce world trade and force it into uneconomic channels. There is only one desirable way to protect world trade from this result, and that is by establishing the currency and trade practices that we have proposed. These practices are based on the principle that the export markets of the world should remain open on fair and equal terms to the exporters of all countries. It is another application of the old American doctrine of fair play and equal opportunity.
There is no doubt that the British Govern-
ment and the British people favor this program. They recognize that such a program is in their interest as well as ours. Although the British want to adopt this program, they are not in a position without help to meet the obligations it entails. They cannot commit themselves to allowing American products into England on the same basis as imports from other countries when they do not have the dollars to pay for such imports. They cannot commit themselves to converting sterling into other currencies when they do not have the reserves necessary to do this.
England is a country that must live by imports. Two-thirds of the food consumed by the British people and virtually all of the basic raw materials, except coal, used in British industry must be purchased abroad. As a consequence, England is a great importing country. She is the best customer of the United States and of a score of other countries. What England does to eliminate wartime currency and trade restrictions will affect our trade and the trade of the entire world.
England's international economic position has been seriously distorted by the war. For five years, England was the principal target of the Luftwaffe, as well as the principal base of operations of the western allies against Germany. Her life was at stake, and ours. The punishment which she took - and which she handed out - wrote stirring chapters in the history of free men.
I speak of this not as a reason for the financial agreement, because the agreement looks to the present and the future, not to the past, but I speak of it to emphasize that during the war, England had little time to think of her export trade. She devoted every resource which she could mobilize to her defense and to the attack on the enemy. British exports fell until, by 1944, they were only 30 percent of their prewar volume. The men released from the export industries were put to work at war production or were inducted into the armed forces.
Lend-lease from the United States and mutual aid from Canada filled part of the gap between her wartime needs - mostly for our common cause - and her current supply of foreign exchange. Nevertheless, she had to draw heavily on her accumulated foreign exchange resources, and strain her credit abroad in order to secure her essential war imports. She sold $4.5 billion of her for-
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eign investments; she reduced her gold and dollar reserves by $615 million; and she incurred foreign debts which now amount to more than $13 billion, very largely blocked sterling balances held by foreigners in London. As a result of her war effort, Britain's international financial position deteriorated by about $17 billion from 1939 to 1945.
Meanwhile, Britain's earnings abroad from shipping and other services have also been sharply reduced. Because of enemy sinkings, the British merchant marine is one-fourth smaller than before the war, in spite of the large building program. The earnings from financial and commercial services have fallen off along with England's trade and shipping. With the recovery of world trade, these services will again expand and become an important part of England's foreign business.
Before the war the British people were able to earn enough from their exports and their services to foreigners to purchase abroad the food and raw materials essential to their economy. In 1938, about one-half of Britain's imports was paid for by the export of British goods. About one-fourth was paid for by services of the British merchant marine, insurance companies, and other financial and commercial institutions. An additional one-fourth was paid for out of the net income of British capital investments abroad.
The British people have industriously set about to restore their international economic position. They are reconverting their war industries to civilian production. They are making a determined effort to increase their industrial efficiency. They are exporting as much as they can without depriving themselves of the essentials of life. These are problems which the British people must work out for themselves over the next few years. But during this transition period, the feeding of the British people and the supplying of British industry will result in a substantial need for foreign credit.
The British can finance this transitional need in one of two ways. One is the road of economic blocs and economic warfare. It is the road of economic isolation. The other is the road of Bretton Woods. It is the road of international economic cooperation.
During the war England imposed comprehensive
currency and trade restrictions. These restrictions were one aspect, and a very necessary aspect, of Britain's wartime financing. What England did, in effect, was to create an economic bloc composed of the British Empire except Canada, and including a number of other countries, principally in the Middle East. This bloc is now in operation. If England cannot get help in meeting her import needs over the next few years, she will be forced to continue and even extend her wartime restrictions and discriminations.
The great danger before us is the division of the world into conflicting blocs. In the economic sphere, we are trying to meet this problem through cooperation in the World Fund and Bank. If England adopts the fair currency and trade practices we have proposed, it may be possible to avoid the formation of a bloc outside the Fund and Bank under the leadership of a great power. But if England finds it necessary to keep her wartime restrictions, it will result in a British bloc and an American bloc. And it will also act as an encouragement to a Russian bloc. Such a development would be a menace to peace and prosperity everywhere. No country wants this kind of world; no country can afford this kind of world.
The British people have shown clearly their desire to cooperate in building a world in which trade can be carried on fully and fairly. The British people are with us in our effort to secure the widest possible flow of world trade by establishing stable and orderly conditions. They know that restrictions and discriminations stifle world trade and lead to conflicts which can have disastrous consequences. But Britain cannot abandon her wartime currency and trade restrictions unless she secures help, primarily from the United States and Canada. With such help, England would be able to put into effect the fair currency and trade standards which we have proposed and which she supports.
After friendly discussions over several months, the American and British negotiators agreed that England would need a credit of $3,750 million from the United States. This credit, together with that from Canada, will enable England to continue her essential imports during the next few years, while removing the wartime currency and trade restrictions and discriminations. The financial agreement thus provides two things, a commitment to end discriminatory currency and trade practices and a credit to enable England to
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carry out the commitment.
Here is what the financial agreement provides:
1. England will not discriminate against American products in any of her import controls. So long as she buys cotton or fruits abroad, she will not discriminate against the import of American cotton or fruits. If it becomes necessary for England to limit her agricultural or industrial imports, this will be done on a basis fair to all countries, including the United States.
2. For any goods or services purchased in the United States, England will pay in dollars or if payment is made in pounds, American exporters will be able to convert the sterling into dollars. That goes for American movies as well as American machinery. And it applies to income from American investments in England. No American firm need hesitate to do business with England for fear that its earnings cannot be transferred. American businessmen will be just as sure of payment in dollars from England as they were before the war.
3. Within a year, unless we agree to a temporary extension, England will remove all of the restrictions on the convertibility of sterling for ordinary current transactions. In practice, this will mean that the money that England pays to Canada, Australia and India for her imports will be converted by England into dollars and can be used by these countries to pay for goods they purchase in the United States.
4. Within a year, unless we agree to a temporary extension, England will dissolve the sterling area dollar pool. Each country in the sterling area will be completely free to use any dollars it earns to buy goods anywhere. India, for example, could use the dollars it gets for its exports to the United States and Latin America without turning over any part of them to England.
5. A settlement will be made by England with the countries holding blocked sterling
balances. England has agreed that any payment in liquidation of these blocked balances can be used to buy goods in any country, including the United States. Instead of being forced to spend the blocked sterling balances in England, the holders of these balances, like India and Egypt, will be free to buy goods wherever they prefer. American exporters will have a fair chance to export in these markets.
6. In addition, England has agreed to support the American proposal for an international trade organization to reduce trade barriers and eliminate trade discriminations. With England supporting this proposal, the forthcoming United States Trade Conference holds forth every prospect of success.
These six commitments are important commitments. They represent a wholehearted adoption of the letter and spirit of the United Nations program for fair currency and trade practices. To carry out these commitments England will need help during the next few years. That help she will get from the credit under the financial agreement with the United States and, it should be added, from the same financial agreement with Canada.
If Congress approves, the United States Government will open a line of credit of $3,750 million in favor of England. This credit can be drawn on by England until December 31, 1951, to purchase goods and services in the United States. It can also be used by England for meeting the transitional postwar deficit in her current balance of payments, and for helping England assume the obligations of multilateral trade.
None of the credit can be used for paying off the blocked sterling balances or any of Britain's wartime debts; these obligations will have to be met from other resources.
Beginning in 1951, England will repay the credit over a 50-year period, with interest at 2 percent. The principal of the credit must be repaid without qualification. Under conditions of severe depression in world trade, the interest due in any given year may be waived under objective standards stated in the Agreement. If such an emergency situation develops, it is clearly
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in the interest of the United States to accept the principal and not to force a default which would have serious consequences to the world economy.
Naturally, the interest rate is less than Britain would have to pay on a strictly commercial loan obtained from bankers. The financial agreement, however, is much more than a loan. It is an agreement on the major aspects of financial and commercial policy. When we take into consideration the commitments we receive from England on her currency and trade policies, it becomes clear that the agreement would amply repay the American people even if no interest were paid. And some would say we would have made a good investment if the whole sum were a gift.
As a matter of fact, the interest is substantial. If the credit were used in five equal annual amounts and all interest payments were met the effective rate of interest under the financial agreement would be 1.33 percent, and over $2.5 billion of interest would be paid. The rate of interest is reasonably close to the average cost of money to the Treasury.
This point will bear emphasis; the credit is only a part of the financial agreement. The purpose of the financial agreement is to enable England to participate fully in our international economic program. The full participation of Britain in this program is necessary if it is to become effective. The approval of the financial agreement by Congress will assure the implementation of our whole international economic program.
The credit to Britain cannot be a precedent for a loan to any other country. The National Advisory Council on International Monetary and Financial Problems has issued a statement of our foreign loan policy in which this is made clear. I read from that report:
"The proposed loan to Britain, requiring Congressional authorization, is a special case, but one which is an integral part of the foreign economic program of this Government. No other country has the same crucial position in world trade as England. Because of the wide use of the pound sterling in world trade, the large proportion of the world's trade which is carried on by the countries of the British Empire, and the extreme dependence of England upon imports, the
financial and commercial practices of Britain are of utmost significance in determining what kind of world economy we shall have. The early realization of the full objectives of the Bretton Woods program, including the elimination of exchange restrictions and other barriers to world trade and investment, requires an immediate solution to Britain's financial problem. The International Monetary Fund agreement permits the continued imposition of certain of these restrictions for as much as 5 years; in the financial agreement of December 6, 1945, the British agree to their removal within 1 year from the effective date of that agreement. It is the view of the Council that the British case is unique and will not be a precedent for a loan to any other country."
Other countries will need help. This help will be available to them from the institutions that are now in operation. The International Fund will provide help needed for currency stabilization. The International Bank will be the principal agency to facilitate foreign loans out of private capital for reconstruction and development. In the emergency period, until the International Bank is in full operation, the Export-Import Bank will meet only the most urgent needs for reconstruction aid. It is the policy of this Government to make the agencies established by the United Nations the means for continuing cooperation on currency and investment problems, and to leave to these institutions the task of providing the funds necessary to implement this program.
There are some people who recognize that it is in the interest of the United States to offer England the proposed credit, but they fear that the credit will add to inflationary pressures in this country. I am much concerned about the inflation problem. I know, from first-hand experience, how important the inflation problem is in this country. I believe that the credit to Britain will not materially increase the danger of inflation.
The total amount of credit to England under the financial agreement is less than one-half of one percent of the aggregate expenditures in this country in the next five years. A considerable part of the credit will be used in later years when the supply problem is less acute. Some of the credit will undoubtedly be used for goods
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that are in abundant supply. Inevitably, some of the credit will be needed for goods that are in scarce supply. The Commerce Department estimates that about one-fourth of the proceeds of foreign loans will be spent on such products. In those cases allocation and export controls will prevent any undue drain on our domestic supply and assure the minimum essential needs of other countries.
In the end the way to beat the inflation problem is to produce enough goods. The financial agreement will encourage production in this country and abroad by removing the restrictions which hamper trade.
The financial agreement with England is an essential part of our whole program of international economic cooperation. This program of the United Nations is concerned with some of the most important problems of every day life. How we meet these problems will determine in large part whether the United States and the world will again go through devastating cycles of war and depression or whether at long last we realize the hope for peace and prosperity.
If we do not remove the irritations and alleviate the impediments to trade, we feed the greedy god of war and largely nullify the other efforts we make toward a stable enduring peace.
But if we meet our problems in the fields of international exchange and world trade and build a sound economic order in the several United Nations and in the world, we create an atmosphere conducive to peace. And good economic relationships between nations can, in themselves, give us more than a fighting chance for lasting peace.
I want to stress the importance of production and employment right here at home. The United States is the greatest single economic force in the entire world. The level of our national income is the determinant of world trade. If we maintain production and employment, world trade will flourish. The greatest contribution the United States can make to the peace and prosperity of the world is to keep America strong and prosperous and the advocate of justice in the council of the nations.
This is a world in which all countries must share the same destiny. It will be peace and prosperity for all, or war and depression for all. We cannot escape from these problems by withdrawing from the world. Political or economic isolation is an anachronism; it is a dangerous policy because it is unreal. There is only one way to assure the security and welfare of this country. That is to face the world's problems and deal with them in cooperation with other countries.
Treasury Bulletin
A-12
Looking Ahead, One Year After VE-Day
The following address was delivered by Edward H. Foley, Jr., Assistant Secretary of the Treasury, before the National Association of Mutual Savings Banks at New York City on May 16, 1946.
Psychologists tell us that time which is crowded with events seems short while passing, but long in retrospect. This certainly applies to the past year.
A year ago today many of us were in uniform. VE-Day had barely passed. The current talk was of redeployment to the Pacific. The atom was of interest only to acientiasts; and the Manhattan Engineering Project, if it had been mentioned at all, would have been taken as a Robert Moses proposal for postwar New York City development.
The past year has gone by like a rocket, but May 1945 already seems almost a decade away.
What were we thinking about a year ago? What were our worries on the home front?
Some of us were worrying about inflation. The controls were going to pieces, and prices were going to skyrocket. Some of us were worrying about unemployment. Many millions of persons were going to be out of work. One of Mr. O'Malley's whimay fascist friends in the comic strip Barnaby, which I hope you all enjoy as much as I, said that the chief postwar problem would be "Who would manage the bread lines?"
We had many other things to worry about, too. The war was going to be long. Demobilization was going to be slow. Jobs were going to be hard to find when we were released from the Army. The Federal Government was going to continue heavily in the red for years. Contract settlements were going to drag on endlessly. This would hold back production - provided, of course, that it was not being held back anyway by the failure of the Government to clear its property out of the war plants.
This is a fair inventory of our homefront worries of a year ago. It is good to look back at them, because it may help to restore our perspective on our troubles of today. On the whole, we have come out pretty well; and, if we could lick the problems of yesterday, we can lick the problems of today.
Let's pass the year briefly in review.
We beat Japan a lot quicker than we expected. Our Government had the courage to spend $2 billion to save untold billions. It had the courage to destroy two cities in order to save millions of American, British, Chinese, Russian and Japanese lives.
Since VJ-Day, we have demobilized quickly. The number of men in the armed forces has been reduced from over 12 million on VJ-Day to less than 4 million today. And those who have been discharged have been absorbed quickly into peace-time occupations.
We canceled our war contracts quickly following VJ-Day, and we have settled them quickly. Settlement will be almost completed by the end of this fiscal year. Congress had placed in the hands of the Executive Branch a well-thought-out Contract Settlement Act, and settlements have been kept abreast of the filing of contractors' claims. In the meantime, adequate interim financing has been provided, so that no one has had to wait for his money. Plant clearance has proceeded swiftly, and without complaint. War contractors have been placed in both a physical and a financial position to resume peacetime production. I say this with due modesty as I concluded my wartime service as General Counsel for the Office of Contract Termination and Settlement.
Industry has responded swiftly to the termination of wartime needs. The production of civilian goods has risen more rapidly since VJ-Day than in any period of equal length for which we have record, and the production of civilian goods was at an all-time high immediately preceding the shut-downs brought on by the coal strike.
in March, the most recent month for which we have figures, less than 3 million men were unemployed and seeking work, and most of these were unemployed because they could not find the right job, not because they could find no job at all. The number of unemployed is very small, oonaid- ering the great reduction in the size of the
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armed forces and the tremendous turnover in occupations which is taking place even in civilian life.
The controls have been relaxed; but they have, for the most part, held. The people have shown that they have the fortitude to put up with controls as long as they are necessary to prevent a postwar inflation and a subsequent deflation and depression. The Government has promised that we will not have to put up with them any longer than that.
Controls are necessary until the war plants are reconverted; until the men formerly in the armed forces and in the war plants are back at peacetime jobs; until the long pipe lines between the producer and the ultimate consumer are filled; and until the most urgent of the pent-up civilian demands are met. All of these things are being done; some of them are nearly completed. In the meantime, I feel confident that the American people will keep the controls as long as they are needed. Two years after the end of the last war would have turned the trick and prevented the 1921 depression. If we profit from our mistake last time, we will continue the controls for another year.
During the past year, the Government has made great strides toward reducing its expenditures.
It is important to understand just what is involved here. The prime requisite is that the Government cut down its purchases of goods and services, and do this quickly. In this way, the men and machines formerly working for the Government can be released to make things for civilians. This is necessary to raise our standard of living. It is necessary to combat inflation, for it was the diversion of men and machines from making civilian goods to making war goods which was the cause of the inflationary pressures in the first place. Inflation can be beaten only by reversing the process.
In general, reducing the Government's demand for goods and services means reducing Government expenditures. This is always true in the long run. But sometimes in the short run it means the exact opposite. Take mustering-out pay, or contract settlements, for instance. The faster money is paid out on these accounts, the more rapid is demobilization and reconversion, and the
more swiftly the flow of civilian goods and services gets going. If we had spent less this year on mustering-out pay and on contract settlements, Government expenditures would have been less. We would have saved money this year, but it would have cost us a great deal more in the long run.
The speed with which demobilization has been carried on has increased many classes of expenditures this year. For this reason, I think it is all the more remarkable that total expenditures have come down as rapidly as they have. Total Federal expenditures in April 1945 amounted to $8 billion. In June 1945, the month after VE-Day, they reached a high of $9.7 billion; while last month, they were down to $4.2 billion, and they will continue to decline swiftly as demobilization is completed.
While the expenditures of the Federal Government have been declining rapidly, revenues have held up remarkably well. This is because business has been good and jobs have been plentiful. Income tax receipts have been large because incomes have been high, and so have taxes. But no higher than we need in these critical times.
Net receipts for the first ten months of this fiscal year amounted to $35.8 billion, a decline of only about 4-1/2 percent from the corresponding ten months of the last fiscal year, all of which were during a period of total war. The declines in receipts, as compared with last year, has, of course, been somewhat greater in recent months. Net receipts in March, the last major tax month, however, amounted to $5.7 billion, a decline of only 17 percent below the corresponding month of last year.
As a result of rapidly declining expenditures on the one hand and well-maintained receipts on the other, the Federal budget has come nearly into balance. Receipts exceeded expenditures in both February and March. There will be some deficit during the remainder of this fiscal year, but the outlook for a balanced budget by July 1, 1947 is very good.
The approach to a balanced budget has made it possible to apply part of the Treasury cash balance to a reduction in the debt. A portion of the certificate issues due on March 1 and on April 1, all of the bond and note issues due or called for payment on March 15, and all of the certificate issues due on May 1 were paid in
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Treasury Bulletin
cash. In addition, Secretary Vinaon announced only yesterday that $2 billion of the certificate issue due on June 1 and the entire amount of each of the two bond issues which have been called for payment on June 15 will be paid off in cash. This will mean that as of June 15 the net reduction in the Federal debt since its peak at the end of February will aggregate more than $10 billion. The budgetary picture gives us assurance that it will be possible to effect a further large reduction in the debt from the cash balance.
It has been our desire to concentrate the reduction in the debt, as far as possible, upon securities held by banks. It has, consequently, been gratifying to the Treasury that the Government security holdings of Federal Reserve Banks and weekly reporting member banks - the only banks concerning which data are available - have declined by $4.3 billion since the end of the year - a decline equal to almost three quarters of the net reduction in the total debt occurring during this period.
The interest rates at which the Treasury borrows money have not changed maturity-for-maturity since Secretary Vinson took office. They are low, measured by most historical standards - although long-term rates are not so low, for example, as those prevailing in Great Britain in the last decade of the Nineteenth Century, nor are short-term rates as low as those prevailing in the United States during most of the thirties.
An important aspect of the Treasury's policy with respect to debt management at the present time is to encourage the people to buy and hold savings bonds. We are sometimes asked, "With a steadily declining debt, why is the Treasury continuing to push the sale of savings bonds?"
The answer is, of course, that the Treasury is pushing the sale of savings bonds, not to obtain money to finance the deficit, but in order to combat inflationary pressures which are still continuing from the war, and which will continue for a while longer; and to secure a better distribution of the public debt.
Every dollar of savings bonds sold today permits us to retire a dollar of debt held by banks. Every dollar which is used to purchase savings bonds and which would otherwise be spent is a dollar removed from the present inflationary
markets for consumers' goods, and a dollar added to our backlog of purchasing power saved up against the day when goods will be plentiful.
This will be a double-acting backlog. Some of it will be used to buy goods in the days to come. More of it will be retained indefinitely, but it will provide its holders with the feeling - and with the reality - of economic security which will permit them to spend a larger proportion of their current incomes on goods and services. All of it, as long as it is held, will give to its holders a sense of enhanced participation in their country's affairs and an enhanced interest in our national well-being.
Promoting the sale of savings bonds is one of the things which can be done on the fiscal front to counteract the inflationary pressures which are holding over from the war. As I have already indicated, the most important thing the Government can do on this front is to cut down its own purchases of goods and services - that is, in general, to reduce its expenditures. Almost equally important is that it should maintain its tax revenues, for money paid to the Government in taxes is thereby removed from the market for goods and services.
The tax revenues of the Government, as I have already indicated, are holding up very well. We want to keep them that way. In order to do this, it will be necessary to keep tax rates at around present levels as long as the inflationary pressures persist.
Tax rates have already been substantially reduced since VJ-Day. These reductions - which, in a broad way, followed Secretary Vinson's recommendations - were particularly important in two fields. First, Congress swept off the books the old concept of the "victory tax" - which took no account of family responsibilities and taxed the family man as heavily as the bachelor. The name of this tax had been changed from "victory" to "normal" prior to its demise, but there was nothing normal about it. It was unjust and was tolerable only under war conditions. Its elimination was a victory for justice and for fair play.
The second field in which the tax reductions of the Revenue Act of 1945 were particularly important was that of business taxes. Here, Congress - following Secretary Vinson's recommendation - repealed the excess profits tax. This
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move was thoroughly justified by the conditions of the transition period. The major thesis of the excess profits tax - that the excessiveness of profits can be measured by comparing them with those of a prewar period - was appropriate only for the period of active hostilities. Applied in peacetime, it would have throttled the growth of new and expanding industries, and would have worked major inequities all along the line. The repeal of the excess profits tax has already paid large dividends in speeding reconversion; and it will pay further dividends as peacetime production progresses. By encouraging business men both to produce more and to watch their expenditures more, the repeal of the excess profits tax has contributed to combat, rather than to increase, inflationary pressures.
But, in my opinion, the tax reductions effected by the Revenue Act of 1945 are as far as we should go until inflationary pressures further subside. When that time comes, we can combine a further tax reduction with a thorough stream- lining and modernization of our tax structure.
There is another aspect of our policy on the financial front upon which I should like to comment. This may be the most important aspect of all in determining the world in which we shall live tomorrow.
The destruction of life and property in the war which has just ended is almost beyond conception. This war has differed from any other of modern times, in that the toll among civilians has exceeded that among men in uniform; and the destruction of property away from the battle-fields has exceeded that on the battlefields.
Our standard of living is higher than before the war, while that of every country in the Old World is tremendously lower. It is urgent in the interests of world trade and of world peace - in the interests of the future prosperity and peace of the United States - that these countries be set back on their feet. All of the labor for doing this and most of the materials must come from the devastated countries themselves. The people of those countries have the will and determination to work hard and to live on little, until their reconstruction is complete. But they need a helping hand from us. They need a minimum amount of loans to purchase the American-grown and American-made materials necessary for their
reconstruction and for the restoration of their trade. We must, and will, extend this helping hand.
Fortunately, the goods which these countries need the most are not those in scarsest supply here; but, even when they are, we must share - if we are to have peace and prosperity here and in the rest of the world.
Most urgent of all is the loan to Britain. Britain held the line for more than two years before the Nazis declared war on us. This cost her dearly and profited us much. The war has been a great drain on her resources. In order to conserve her assets, she has had to lay down numerous barriers to world trade. She wants the same kind of a world that we want. But she cannot restore her own economy and she cannot remove her trade barriers without a helping hand from us. This is what the proposed financial agreement does. It is the "number one" item on our plate for better international economic relations.
So, in the past year, we have licked many problems; but many new ones have arisen, and many of the old ones remain.
The war has been won; but the peace has not yet been made. Demobilization is three quarters over; but many of the servicemen have not yet found their proper places in civilian life. We have jobs available for all of our people, and satisfactory jobs for most of them; but we have not solved our problem of industrial relations. We have held the price line during and after the war far better than ever before in our history; but inflationary pressures are still strong. We have almost completed the physical and financial task of reconversion; but the pipe lines of partially finished goods from producer to producer and of finished goods from producer to consumer are far from full, and many manufacturers suffer from scarcities of component parts.
We have traveled a long way in the past year, but we still have a long way to go before we reach "normalcy". And normalcy, too, has its problems, if history is any guide. But problems add to the zest of living. I am confident the American people will face the problems ahead, proud of their record, but determined to better it, again and again.
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Treasury Bulletin
Treasury Market Financing
Historical details of Treasury market financing operations involving bonds, notes, and certificates of indebtedness, beginning with the Fourth War Loan, are published in the tables on pages 32 and 33. Details of weekly Treasury bill offerings are shown on pages 34 and 35.
Cash Payment in May
On April 13, 1946, Secretary of the Treasury Vinson announced that no exchange offering would be made to the holders of the 7½% certificates of indebtedness maturing May 1, 1946, but that payment would be made in cash when they matured.
The maturing certificates were outstanding in the amount of $1,579 million. This was a part of the regular series of 7/8% certificates maturing on the first of each month and was the smallest issue outstanding.
Analysis of the Treasury reports on the ownership of Government securities indicates that on March 31, 1946 about 85 percent of the maturing issue was owned by reporting commercial banks and Federal Reserve Banks. In all, $1,350 million was owned by the banking system and only $229 million by nonbank holders at that time.
Removal of Preferential Discount Rate on Short-Term Government Securities
In October 1942, the twelve Federal Reserve Banks adopted a preferential discount rate of 1/2 percent on advances to member banks secured by Government obligations due or callable in not more than one year. The rate on advances secured by longer Government obligations continued to be 1 percent.
On April 24, 1946, the Board of Governors of the Federal Reserve System issued a press release stating that three Federal Reserve Banks had voted to discontinue the preferential discount rate, and the Board had approved these actions, thereby making them effective. Subsequently, the other Federal Reserve Banks have taken the same action.
In its press release on April 24, the Board of Governors explained the reasons for the action in eliminating the preferential rate, and stated also that "The Board does not favor a higher level of interest rates on United States securities than the Government is now paying. Discontinuance of the special rate will not involve any increase in the cost to the Government of carrying the public debt".
Also on April 24, the Treasury Department issued a statement with respect to the elimination of the preferential discount rate, as follows:
"The Treasury was fully informed of the proposal to eliminate the preferential discount rate, Secretary Vinson said today.
"In a letter of April 19, to Secretary Vinson, the Federal Reserve Board gave assurance that the elimination of the preferential discount rate will not be allowed to disturb the security markets.
"Secretary Vinson stated that the Treasury has been and is concerned to see that the reconversion of industry, which has progressed so rapidly, should not be disturbed by uncertainty in the money markets.
"Secretary Vinson pointed out that in the past two months the Treasury has been paying off the debt, with particular emphasis on the debt held by the banks. By May 1st the Treasury will have paid off nearly $7,000 million of maturing obligations without disturbing the money markets.
"The Treasury will continue its orderly repayment of the debt as rapidly as its financial position permits, Secretary Vinson said."
The complete release of the Board of Governors is reprinted below.
The boards of directors of the Federal Reserve Banks of Philadelphia, New York, and San Francisco have voted to discontinue the special wartime preferential discount rate of 1/2 of 1 percent per annum on advances to member banks secured by Government obligations due or callable in not more than one year. Changes in rates, to become effective at the Reserve Banks, must be approved by the Board of Governors.
"The Board has approved discontinuance
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of the preferential rate because it has served the purpose of facilitating the war-financing program for which it was adopted in 1942. The Board does not favor a higher level of interest rates on United States securities than the Government is now paying. Discontinuance of the special rate will not involve any increase in the cost to the Government of carrying the public debt.
"The preferential rate encourages members of banks to borrow at Federal Reserve Banks in order to hold or to purchase additional Government securities, or to lend to others at low rates for the purpose of holding or purchasing Government securities. While such encouragement was justified early in the war
to induce the banks to utilize their reserves more fully in financing huge war expenditures, it has subsequently made for speculation in Government securities and has resulted in unnecessary expansion of the money supply through monetization of the public debt. The Government's program no longer calls for expansion of bank credit to help finance huge war expenditures. Instead, it calls for action that will stop additions to and bring about reductions in the country's monetary supply in order to reduce inflationary pressures. Discontinuance of the preferential rate, therefore, signifies an appropriate adjustment from wartime to postwar conditions in accordance with the Government's program of economic stabilization.
Federal Land Bank Financing
Call of 3% Federal Land Bank Bonds of 1946-56
On April 4, 1946, the Land Bank Commissioners announced that the twelve Federal Land Banks would call for payment on May 1 the issue of 3% consolidated Federal Land Bank bonds of May 1, 1946-56. These bonds, dated May 1, 1936, had a final maturity date of May 1, 1956 but were callable on any interest date from May 1, 1946 to final maturity. The maturing issue was outstanding in the amount of $170 million.
This issue was wholly tax-exempt, that is, the interest thereon was exempt from both the normal and surtax rates of the Federal income tax. This was the last issue of outstanding Federal Land Bank bonds which was wholly tax-exempt.
New Offering of 1-1/4% Federal Land Bank Bonds
On April 16, 1946, the twelve Federal Land Banks made a new public offering of $217 million of 1-1/4% consolidated Federal Land Bank bonds. The new issue, which was dated May 1, 1946, will mature May 1, 1952 and will be callable on May 1, 1950 or any interest date thereafter. The bonds were offered at par and accrued interest. Interest on the bonds will be payable semiannually, on November 1 and May 1, and will be subject to Federal income taxes. Announcement was made later on April 16 that the offering was oversubscribed and the books closed.
The proceeds from the sale of the new issue and cash from other sources were raised to pay off the bonds called on May 1, 1946 and for other
purposes. The following table outlines the sources of funds to be raised and the uses for which they were intended, as compiled by the Farm Credit Administration.
<table><tr><th>Sources and uses</th><th>Amount<br/>(In millions of dollars)</th></tr><tr><td>Funds to be raised:</td><td></td></tr><tr><td>Sale of new 1-1/4% Federal Land Bank bonds.</td><td>217.0</td></tr><tr><td>New borrowings from commercial banks.</td><td>112.5</td></tr><tr><td>Cash on hand.</td><td>2.5</td></tr><tr><td>Total</td><td>332.0</td></tr><tr><td>Intended uses of funds:</td><td></td></tr><tr><td>Payment of 3% Federal Land Bank bonds of 1946-56.</td><td>170.0</td></tr><tr><td>Retirement of capital investment of United States Government in Federal Land Banks.</td><td>55.0</td></tr><tr><td>Repayment of borrowings from commercial banks.</td><td>98.0</td></tr><tr><td>Purchases of mortgages and real estate sales contracts from Federal Farm Mortgage Corporation.</td><td>9.0</td></tr><tr><td>Total</td><td>332.0</td></tr></table>
The bonds were offered through the fiscal agent of the Federal Land Banks and were distributed on a nation-wide basis through a large group of securities dealers.
The new bonds are not U. S. Government obligations and are not guaranteed by the Government, but are the joint and several obligations of the twelve Federal Land Banks. These banks are Federally chartered institutions operating under the supervision of the Farm Credit Administration, Department of Agriculture.
Treasury Bulletin
A-18
Recent Trends in Corporate Profits
Figures on corporate earnings for the calendar years 1936-1945, before and after payment of taxes and dividends, are discussed in this article. The figures for 1936-41 are based on income tax returns as reported in the final report, Statistics of Income, Part 2; the figures for 1942 and 1943 are based on the preliminary report, Statistics of Income, Part 2; the figures for 1944 and 1945 are estimates made by the Division of Research and Statistics of the Treasury Department.
It should be noted that these data are on a Statistics of Income basis. They are based on unaudited returns, and they do not reflect adjustments due to carry-backs. Furthermore, they do not reflect adjustments due to renegotiation in those cases where renegotiation was completed after the final tax return was filed. Corporate profits, therefore, are overstated by the amounts renegotiated after the filing of returns. A more detailed discussion of the renegotiation adjustments is given in Part 2 of this article.
The article is divided into the following two parts:
Part I - Earnings of all corporations - comprising net income corporations and corporations with no net income.
Part 2 - Adjustments for renegotiation after filing final tax returns.
Earnings before taxes are presented in several ways in Table 1 as follows: compiled net profit (line 1); compiled net profit adjusted by the deduction of the special credit of life insurance companies (line 3); net income with or without the deduction of dividends received and tax exempt interest (lines 5, 8, 9); and compiled net profit, adjusted, excluding dividends received (line 10). In this article, earnings before taxes will always be represented by the last item, compiled net profit, adjusted,
excluding dividends received.
Earnings of All Corporations
Corporation income and tax liability. Earnings of all corporations for the years 1936-39 through 1945 are shown in the following table. The table also presents a summary of the Federal income and excess profits tax liability and earnings after taxes of all corporations for the same years.
As the table shows, the peak in corporate earnings before and after taxes occurred in 1943, although the rate of increase had already dropped sharply by that time. This growth in corporate profits reflected the rapid increase in Government defense and war expenditures. By 1944, however, corporate earnings are estimated to have begun to decline as increases in war production became offset by the acute wartime difficulties due to growing manpower and material shortages. These wartime obstacles resulted in a decline in earnings before and after taxes from 1943 to 1944 of $2.5 billion and $1.3 billion, respectively.
The estimates of earnings for 1945 show the
<table><tr><th></th><th>Compiled net profit 1/</th><th>Federal income and excess profits tax liability 2/</th><th>Compiled net profit after taxes 1/</th></tr><tr><td colspan="4">Amount (in millions of dollars)</td></tr><tr><td>1936-39 average</td><td>4,464</td><td>1,140</td><td>3,324</td></tr><tr><td>1940</td><td>7,327</td><td>2,549</td><td>4,778</td></tr><tr><td>1941</td><td>14,440</td><td>7,168</td><td>7,272</td></tr><tr><td>1942</td><td>21,236</td><td>12,256</td><td>8,980</td></tr><tr><td>1943</td><td>25,866</td><td>15,898</td><td>9,968</td></tr><tr><td>1944 est.</td><td>23,335</td><td>14,625</td><td>8,710</td></tr><tr><td>1945 est.</td><td>18,050</td><td>11,240</td><td>6,810</td></tr><tr><td colspan="4">Annual percentage change</td></tr><tr><td>1936-39 average</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>+64.1 3/</td><td>+123.6 3/</td><td>+43.7 3/</td></tr><tr><td>1941</td><td>+97.1</td><td>+181.2</td><td>+52.2</td></tr><tr><td>1942</td><td>+47.1</td><td>+71.0</td><td>+23.5</td></tr><tr><td>1943</td><td>+21.8</td><td>+29.7</td><td>+11.0</td></tr><tr><td>1944 est.</td><td>-9.8</td><td>-8.0</td><td>-12.6</td></tr><tr><td>1945 est.</td><td>-22.6</td><td>-23.1</td><td>-21.8</td></tr></table>
1/ Excluding dividends received and adjusted for special credit for life insurance companies.
2/ Net, after deduction of entire postwar credit.
3/ Percentage change from 1936-39 average.
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effects of the termination of the war. The decline in income before and after taxes of over 20% reflected the wholesale cutbacks in war production, the difficulties involved in the early reconversion period, and such factors as the re-computation of amortization deductions with the ending of the emergency period. The percentage decrease in income was accompanied by a similar drop in corporate tax liability.
Chart 1 shows compiled net profit, adjusted, excluding dividends received, corporate income and excess profits tax liability, and net profit after taxes for the calendar years 1939 through 1945. Chart 2 shows the percentage of total corporate income which was paid as taxes, distributed as dividends, and retained by the corporations for the years 1939 through 1945.
Table 1 at the end of this article presents further details on corporate income and taxes for all corporations and similar data for net income corporations and corporations with no net income.
Dividends paid and retained earnings. Income after taxes, net dividends paid and retained earnings of all corporations for the years 1936-39 through 1945 are summarized in the table below. Net dividends paid are total dividends paid out to stockholders minus dividends
idends received by corporations as in other corporations.
Chart I - COMPILED NET PROFIT 1/ OF ALL CORPORATIONS
AND ITS DISPOSITION
Calendar Years 1939-1945
ockholders
As the table shows, net dividends paid remained remarkably stable throughout the period
when compared with the fluctuations of profits after taxes. For the period 1936-39, net dividends paid averaged $4,150 million and reached their high point of $4,575 million by 1945, the end of the period covered. This meant a total increase of only $425 million in 1945 as compared with the average for 1936-39. Compiled net profit after taxes, on the other hand, averaged $3,324 million for 1936-39, increased to a peak of $9,968 million in 1943 and
<table><tr><th></th><th>Compiled net profit, after taxes 1/</th><th>Net dividends paid</th><th>Retained earnings</th></tr><tr><td colspan="4">(In millions of dollars)</td></tr><tr><td>1936-39 average</td><td>3,324</td><td>4,150</td><td>826 2/</td></tr><tr><td>1940</td><td>4,778</td><td>4,068</td><td>710</td></tr><tr><td>1941</td><td>7,272</td><td>4,466</td><td>2,806</td></tr><tr><td>1942</td><td>8,980</td><td>4,263</td><td>4,717</td></tr><tr><td>1943</td><td>9,968</td><td>4,385</td><td>5,582</td></tr><tr><td>1944 est.</td><td>8,710</td><td>4,445</td><td>4,265</td></tr><tr><td>1945 est.</td><td>6,810</td><td>4,575</td><td>2,235</td></tr></table>
1/ Excluding dividends received and adjusted for special credit for life insurance companies.
2/ Compiled net loss or deficit.
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Treasury Bulletin
declined again to $6,810 million by 1945. The result of this extreme relationship was that the major portion of increases in profits after taxes went into retained earnings.
Chart 2 presents a percentage analysis of the disposition of corporate profits among taxes, net dividends paid, and retained earnings for the calendar years 1939-1945. The chart shows the decline in net dividends paid in relation to total profits during the years of peak earnings (1942-1944) accompanied by a rise in the relative importance of retained earnings. By 1945, it is estimated that net dividends paid increased as a proportion of total earnings but were still a considerably smaller percentage than in 1939 and 194C.
Table 1 at the end of this article presents further data on net dividends paid and retained earnings for all corporations, net income corporations and corporations with no net income.
Renegotiation
During the war it was necessary for the Government to negotiate contracts promptly for the required war materials and contract prices had to be related to prewar (or current) cost experience. Many items, however, were of new designs, for which unit costs were not accurately determinable, and many others had to be produced on greatly expanded scales with probable, but not accurately predictable, reductions in unit costs. It appeared that the fairest and most practicable procedure would be to negotiate the contracts, in the first instance, on the basis of tentative prices which would be reasonably certain to cover costs and, subsequently, as actual cost data became available, to "renegotiate" the contracts on the basis of "adjusted prices" which would reflect any reductions that might have occurred in actual unit costs as compared with the originally assumed unit costs. The excess of profits, computed from the original tentative prices, over the profits, computed from the prices as finally determined with reference to the actual cost data, are usually called "excessive profits".
The renegotiation procedure was introduced (essentially in the form outlined above) by Sec-
Chart 2 - PERCENTAGE ANALYSIS OF DISPOSITION OF COMPILED NET PROFIT OF ALL CORPORATIONS
Calendar Years 1939-1945
1 Excluding dividends received and adjusted for special credit for life insurance companies
2 Net, after deduction of entire postwar credit (comprising credit taken currently for debt retirement and postwar credit refund).
Office of the Secretary of the Treasury, Division of Research and Statistics B-661
tion 403 of the Sixth Supplemental National Defense Appropriation Act, 1942, as amended, with the establishment of a War Contracts Price Adjustment Board for renegotiation of contracts made with Departments of the Government, and sub-contracts thereof, and for recapture of "excessive profits" attributable to performance of such contracts prior to December 31, 1945.
If renegotiation of a corporation's business for a given taxable year is completed before the tax return for that year has been filed, the profits shown in the return and in Statistics of Income will exclude "excessive profits" and the tax liabilities will be based on the profits so reduced. If, on the other hand, renegotiation is completed after the tax return has been filed, the profits shown in the return and in Statistics of Income will include "excessive profits" (except to the extent that these have been voluntarily reduced by renegotiation reserves) and the tax liabilities will be based on profits which include such "excessive profits". When renegotiation for the given taxable year has been completed, the return is reopened, profits are reduced by the amount of the "excessive profits" repayable to the Government and tax liabilities are recomputed from the profits so reduced. The resulting reduction in tax liabilities is not applied (under the accounting system of the Government) against tax liabilities as shown in the original return, but is offset against the "excessive profits" repayable to the Government and the net amount repayable (with qualifications
June 1946
A-21
outlined below) is classified as "miscellaneous receipts".
Under the Revenue Acts of 1942 and 1943 the excess profits tax currently payable consisted of the gross excess profits tax reduced by the "credit for debt retirement" (i.e., that portion of the 10 percent "postwar credit" taken currently) but the taxpayer corporation was entitled to receive after the war a "net postwar refund" (i.e., the balance of the 10 percent "postwar credit" not taken currently). The net amount repayable as "miscellaneous receipts" was determined by subtracting from the "excessive profits" the reduction in tax liabilities currently payable and at the same time the net postwar refund was reduced to the figure as recomputed in the reopened return. To adjust the amount retained by corporations, as shown in Statistics of Income and in line 21 of Table 1 for completion of renegotiation, therefore, it was necessary to deduct the net amount repayable as "miscellaneous receipts" (i.e., "excessive profits" minus reduction in gross tax liabilities plus reduction in credit for debt retirement) together with the reduction in net postwar refund, for the group of corporations whose renegotiation was not completed until after their returns were filed.
For the years primarily affected by renegotiation, namely 1942 through 1945, the estimated adjustments are given in the footnotes to Table 1 and in the special table of adjustments presented below after taking account of the Tax Adjustment Act of 1945 as well as the Revenue Acts of 1942 and 1943. Under the Tax Adjustment Act of 1945, corporations were permitted to take currently, for taxable years beginning after December 31, 1943, a credit equal to 10 percent of the gross excess profits tax (i.e., a credit equal to the former "credit for debt retirement", which was taken currently, plus the former "net postwar refund", which was not taken currently). Thus, under the Tax Adjustment Act of 1945, the net amount repayable as "miscellaneous receipts" was determined by subtracting from the "excessive profits" the reduction in tax liabilities currently payable (after the entire 10 percent credit) and, in order to adjust the amount retained by corporations as shown in Statistics of Income and in line 21 of Table 1 for completion of renegotiation, it was necessary to deduct the net amount repayable as "miscellaneous receipts" (i.e., "excessive profits" minus the reduction in gross tax liabilities plus the reduction in the
former credit for debt retirement plus the reduction in the former net postwar refund) for the group of corporations whose renegotiation was not completed till after their returns were filed.
For each of the years 1944 and 1945 (as has been shown in the two preceding paragraphs) the net amount repayable as "miscellaneous receipts" was increased under the Tax Adjustment Act of 1945 by an amount equal to the reduction in the former "net postwar refund" but the deduction from the amount retained by corporations, to allow for completion of renegotiation, was unaffected by the Tax Adjustment Act of 1945.
The table below shows for all corporations the net amount of "excessive profits" determined after the filing of returns which was repayable as "miscellaneous receipts" and the estimated reduction in the "net postwar refund" or "postwar credit refund" for the years 1942 through 1945.
<table><tr><th>Calendar years</th><th>Cash payments flowing into Treasury as "miscellaneous receipts"</th><th>Reduction in postwar credit refund</th><th>Total reduction in income after taxes</th></tr><tr><td colspan="4">(In millions of dollars)</td></tr><tr><td>1942 est....</td><td>361</td><td>106</td><td>467</td></tr><tr><td>1943 est....</td><td>147</td><td>70</td><td>217</td></tr><tr><td>1944 est....</td><td>63</td><td>-</td><td>63</td></tr><tr><td>1945 est....</td><td>21</td><td>-</td><td>21</td></tr></table>
Corporate income after taxes and retained earnings of all corporations, after adjustment for completion of renegotiation, are shown in the following table for the years 1942 through 1945. The adjustment is made by reducing those two items by the amount shown in the last column of the above table.
<table><tr><th>Calendar years</th><th colspan="2">Figures adjusted for completion of renegotiation</th></tr><tr><th></th><th>Compiled net profit after taxes 1/</th><th>Retained earnings</th></tr><tr><td colspan="3">(In millions of dollars)</td></tr><tr><td>1942 est....</td><td>8,513</td><td>4,250</td></tr><tr><td>1943 est....</td><td>9,751</td><td>5,365</td></tr><tr><td>1944 est....</td><td>8,647</td><td>4,202</td></tr><tr><td>1945 est....</td><td>6,789</td><td>2,214</td></tr></table>
Further information on excessive profits determined after the filing of final tax returns is given in Table 1, at the end of this article. Adjustments similar to those presented here for all corporations may also be applied to corporations with net income only.
1/ Excluding dividends received and adjusted for special credit of life insurance companies.
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Treasury Bulletin
Table 1. - Corporate Net Income, Income Taxes, and Dividends, Calendar Years 1936 - 1945
(In millions of dollars)
<table><tr><th></th><th>1936</th><th>1937</th><th>1938</th><th>1939</th><th>Actual 1940</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>Estimated 2/ 1945 3/</th></tr><tr><td colspan="11">All returns</td></tr><tr><td>1. Compiled net profit 4/</td><td>7,771</td><td>7,830</td><td>4,131</td><td>7,178</td><td>9,345</td><td>16,675</td><td>23,389</td><td>28,098</td><td>25,750</td><td>20,570</td></tr><tr><td>2. Special credit of life insurance companies 5/</td><td>(Items 1 minus 2)</td><td>7,830</td><td>4,131</td><td>7,178</td><td>9,345</td><td>16,675</td><td>23,389</td><td>28,098</td><td>25,750</td><td>20,570</td></tr><tr><td>3. Compiled net profit, adjusted.</td><td></td><td>7,830</td><td>4,131</td><td>7,178</td><td>9,345</td><td>16,675</td><td>22,581</td><td>27,200</td><td>24,350</td><td>19,300</td></tr><tr><td>4. Net operating loss deduction 6/</td><td>(Items 3 minus 4)</td><td>7,830</td><td>4,131</td><td>7,178</td><td>123</td><td>370</td><td>376</td><td>225</td><td>130</td><td>180</td></tr><tr><td>5. Dividends received 2/</td><td>2,677</td><td>7,682</td><td>1,791</td><td>1,906</td><td>2,021</td><td>2,235</td><td>1,344</td><td>1,334</td><td>1,495</td><td>1,550</td></tr><tr><td>6. Tax-exempt interest 1/</td><td>724</td><td>741</td><td>732</td><td>763</td><td>783</td><td>809</td><td>695</td><td>660</td><td>595</td><td>550</td></tr><tr><td>7. Net income excluding dividends received and tax-exempt interest 1/</td><td>4,370</td><td>4,407</td><td>1,608</td><td>4,508</td><td>6,421</td><td>13,300</td><td>20,164</td><td>24,961</td><td>22,560</td><td>17,320</td></tr><tr><td>8. Net income excluding dividends received 1/</td><td>5,094</td><td>5,148</td><td>2,340</td><td>5,272</td><td>7,204</td><td>14,110</td><td>20,858</td><td>25,641</td><td>23,155</td><td>17,870</td></tr><tr><td>9. Net income excluding dividends received, excluding dividends received, adjusted 1/</td><td>(Items 5 minus 6)</td><td>5,148</td><td>2,340</td><td>5,272</td><td>7,327</td><td>14,440</td><td>21,236</td><td>25,866</td><td>23,335</td><td>18,050</td></tr><tr><td>10. Compiled net profit, adjusted, excluding dividends received 1/</td><td>(Items 5 minus 6)</td><td>5,148</td><td>2,340</td><td>5,272</td><td>7,327</td><td>14,440</td><td>21,236</td><td>25,866</td><td>23,335</td><td>18,050</td></tr><tr><td>11. Income and excess profits taxes: Undistributed profits tax</td><td>1,055</td><td>176</td><td>854</td><td>1,216</td><td>2,144</td><td>3,745</td><td>4,338</td><td>4,476</td><td>4,530</td><td>4,255</td></tr><tr><td>12. Excess profits tax:</td><td>145</td><td>176</td><td>854</td><td>1,216</td><td>2,144</td><td>3,745</td><td>4,338</td><td>4,476</td><td>4,530</td><td>4,255</td></tr><tr><td>13. Gross credit taken currently 13/</td><td></td><td></td><td></td><td></td><td>374</td><td>3,359</td><td>8,616</td><td>12,515</td><td>11,085</td><td>7,670</td></tr><tr><td>14. Postwar credit refund 12/</td><td></td><td></td><td></td><td></td><td>374</td><td>3,359</td><td>8,616</td><td>12,515</td><td>11,085</td><td>7,670</td></tr><tr><td>15. Postwar credit of entire postwar credit 12/</td><td></td><td></td><td></td><td></td><td>374</td><td>3,359</td><td>8,616</td><td>12,515</td><td>11,085</td><td>7,670</td></tr><tr><td>16. After deduction of entire postwar credit 12/</td><td></td><td></td><td></td><td></td><td>374</td><td>3,359</td><td>8,616</td><td>12,515</td><td>11,085</td><td>7,670</td></tr><tr><td>17. Declared value excess profits tax</td><td>22</td><td>43</td><td>6</td><td>16</td><td>31</td><td>64</td><td>87</td><td>153</td><td>9,975</td><td>6,905</td></tr><tr><td>18. Total income and excess profits tax</td><td>1,191</td><td>1,276</td><td>860</td><td>1,232</td><td>2,549</td><td>7,168</td><td>12,256</td><td>15,898</td><td>14,625</td><td>11,240</td></tr><tr><td>19. Compiled net profit, adjusted, excluding dividends received, after taxes 19/</td><td>(Items 10 minus 18)</td><td>1,276</td><td>860</td><td>1,232</td><td>2,549</td><td>7,168</td><td>12,256</td><td>15,898</td><td>14,625</td><td>11,240</td></tr><tr><td>20. Net dividends received 16/</td><td>4,903</td><td>4,872</td><td>3,222</td><td>4,040</td><td>4,778</td><td>7,272</td><td>8,980</td><td>9,968</td><td>8,730</td><td>6,810</td></tr><tr><td>21. Compiled net profit, after excluding net dividends received, adjusted. taxes and not dividends paid</td><td>(Items 19 minus 20)</td><td>960</td><td>1,742</td><td>199</td><td>710</td><td>2,806</td><td>4,717</td><td>5,582</td><td>4,265</td><td>2,235</td></tr><tr><td>22. Net income excluding dividends received after taxes 1/</td><td>(Items 9 minus 18)</td><td>3,903</td><td>1,742</td><td>199</td><td>710</td><td>2,806</td><td>4,717</td><td>5,582</td><td>4,265</td><td>2,235</td></tr><tr><td>23. Net income or deficit excluding dividends received, after taxes and net dividends paid 1/</td><td>(Items 22 minus 20)</td><td>800</td><td>1,742</td><td>199</td><td>710</td><td>2,806</td><td>4,717</td><td>5,582</td><td>4,265</td><td>2,235</td></tr><tr><td colspan="11">Returns with net income</td></tr><tr><td>1. Compiled net profit 4/</td><td>9,726</td><td>9,848</td><td>6,725</td><td>9,028</td><td>11,406</td><td>18,316</td><td>24,343</td><td>28,377</td><td>26,950</td><td>22,470</td></tr><tr><td>2. Special credit of life insurance companies 5/</td><td>(Items 1 minus 2)</td><td>9,848</td><td>6,725</td><td>9,028</td><td>11,406</td><td>18,316</td><td>23,555</td><td>28,079</td><td>26,930</td><td>21,500</td></tr><tr><td>3. Compiled net profit, adjusted.</td><td></td><td>9,848</td><td>6,725</td><td>9,028</td><td>11,406</td><td>18,316</td><td>23,555</td><td>28,079</td><td>26,930</td><td>21,500</td></tr><tr><td>4. Net operating loss deduction 6/</td><td>(Items 3 minus 4)</td><td>9,848</td><td>6,725</td><td>9,028</td><td>11,406</td><td>18,316</td><td>23,157</td><td>27,855</td><td>25,850</td><td>21,320</td></tr></table>
Note: See page A-24 for footnotes.
(Continued on following page)
Table 1. - Corporate Net Income, Income Taxes, and Dividends, Calendar Years 1936 - 1945 - (Continued)
46
(In millions of dollars)
<table><tr><th></th><th>1936</th><th>1937</th><th>1938</th><th>Actual</th><th>1941</th><th>1942</th><th>1943</th><th>Estimated 2/</th></tr><tr><td>6. Dividends received 2/</td><td>2,504</td><td>2,515</td><td>1,625</td><td></td><td>2,092</td><td>1,307</td><td>1,307</td><td>1,495</td></tr><tr><td>7. Tax-exempt interest 1/</td><td>48</td><td>419</td><td>420</td><td></td><td>503</td><td>222</td><td>629</td><td>475</td></tr><tr><td>8. Net income excluding interest</td><td>6,734</td><td>6,915</td><td>4,680</td><td></td><td>15,392</td><td>21,226</td><td>25,919</td><td>19,350</td></tr><tr><td>9. Net income excluding dividends received</td><td>7,222</td><td>7,334</td><td>5,100</td><td></td><td>15,894</td><td>21,850</td><td>26,548</td><td>19,825</td></tr><tr><td>10. Compd. net profit, adjusted, excluding dividends received</td><td>7,222</td><td>7,334</td><td>5,100</td><td></td><td>16,224</td><td>22,228</td><td>26,772</td><td>20,005</td></tr><tr><td>11. Income and excess profits taxes</td><td>1,025</td><td>1,057</td><td>854</td><td></td><td>3,745</td><td>4,338</td><td>4,476</td><td>4,255</td></tr><tr><td>12. Undistributed profits tax</td><td>145</td><td>176</td><td>-</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>13. Excess profits tax</td><td>-</td><td>-</td><td>-</td><td></td><td>3,359</td><td>8,616</td><td>12,515</td><td>7,670</td></tr><tr><td>14. Gross 12/ taken currently 12/</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>545</td><td>302</td><td>13/</td></tr><tr><td>15. Postwar credit refund 12/</td><td>-</td><td>-</td><td>-</td><td></td><td>-</td><td>12/</td><td>12/</td><td>12/</td></tr><tr><td>16. After deduction of entire postwar credit value excess profits tax</td><td>-</td><td>-</td><td>6</td><td></td><td>3,359</td><td>7,852</td><td>11,268</td><td>6,905</td></tr><tr><td>17. Declared excess profits tax</td><td>22</td><td>43</td><td>860</td><td></td><td>3,332</td><td>67</td><td>153</td><td>80</td></tr><tr><td>18. Total income and excess profits taxes</td><td>1,191</td><td>1,276</td><td>1,232</td><td></td><td>7,168</td><td>12,256</td><td>15,898</td><td>11,240</td></tr><tr><td>19. Compd. net profit, adjusted, excluding dividends received, after taxes</td><td>1,191</td><td>1,276</td><td>1,232</td><td></td><td>14</td><td>14</td><td>14</td><td>14</td></tr><tr><td>20. Net dividends paid 15/ or loss adjusted</td><td>6,031</td><td>6,056</td><td>4,240</td><td></td><td>2,057</td><td>2,972</td><td>10,874</td><td>8,765</td></tr><tr><td>21. Compd. net dividends received, after taxes and net dividends paid</td><td>4,615</td><td>4,794</td><td>3,155</td><td></td><td>4,427</td><td>4,183</td><td>4,316</td><td>4,180</td></tr><tr><td>22. Net income excluding dividends received</td><td>1,356</td><td>1,264</td><td>1,085</td><td></td><td>4,630</td><td>5,788</td><td>6,558</td><td>4,285</td></tr><tr><td>23. Net income or deficit, after taxes and net dividends paid</td><td>1,356</td><td>1,264</td><td>1,085</td><td></td><td>8,727</td><td>9,593</td><td>10,649</td><td>8,585</td></tr><tr><td>1. Compd. net loss or deficit 4/</td><td>1,955</td><td>2,018</td><td>2,594</td><td></td><td>4,300</td><td>5,410</td><td>6,333</td><td>4,105</td></tr><tr><td>2. Dividends received 2/</td><td>173</td><td>168</td><td>156</td><td></td><td>1,641</td><td>954</td><td>879</td><td>1,900</td></tr><tr><td>3. Tax-exempt interest 1/</td><td>236</td><td>322</td><td>312</td><td></td><td>143</td><td>137</td><td>31</td><td>55</td></tr><tr><td>4. Deficit, excluding interest</td><td>2,364</td><td>2,507</td><td>3,072</td><td></td><td>301</td><td>1,065</td><td>937</td><td>75</td></tr><tr><td>5. Deficit, excluding dividends received</td><td>2,128</td><td>2,186</td><td>2,760</td><td></td><td>2,092</td><td>991</td><td>906</td><td>2,030</td></tr><tr><td>6. Net dividends paid 16/</td><td>27</td><td>38</td><td>67</td><td></td><td>1,785</td><td>80</td><td>69</td><td>1,955</td></tr><tr><td>7. Deficit, excluding dividends received, after net dividends paid 16/</td><td>2,155</td><td>2,223</td><td>2,857</td><td></td><td>1,824</td><td>1,071</td><td>976</td><td>2,050</td></tr></table>
Note: See page A-24 for footnotes.
(Continued on following page)
June 1946
A-23
A-24
Treasury Bulletin
Table 1.- Corporate Net Income, Income Taxes, and Dividends, Calendar Years 1/ 1936 - 1945 - (Continued)
Source: Figures for years 1936-1941, final report "Statistica of Income, Part 2"; figures for 1942 and 1943, preliminary report "Statistica of Income, Part 2".
1/ Includes returns of corporations with illegal years ending from July 1 of the year indicated through June 30 of the succeeding year, and for a part year with the greater number of months falling in the calendar year. Most of the returns, however, are for the calendar year ending December 31.
2) Estimates are on a Basic comparable with Statistics of Income, Part 2. Compiled net profit we show in Statistics of Income will not include the profit estimated or determined to be excessive and tax liabilities on these profits for corporations which received their taxable income by these amounts prior to filing final tax returns. The estimate of excess profits tax liabilities, however, do not reflect determinable under section 722). (Vol. 115) of the Internal Revenue Code (relating to abnormality under section 722)
2/ Adjusted for effect of Presidential Proclamation terminating war amortization (under section 124 of the Internal Revenue Code) as of September 29, 1945.
Compiled net profit or loss as defined in Statistics of Income, equate compiled receipts, which include dividends received and tax-remitted interest, minus compiling deductions, and which include the capital stock, tax, which exclude net operating loss deduction, and special credit of life insurance companies provided in the Revenue Act of 1942.
2) Reserve and other policy liability credit, not after the offset for interest on non-life insurance reserves, as provided in the Revenue Act of 1942. Prior to 1942 the special credit of life insurance companies was treated in Simplicity of Income as a deduction in the computation of compiled net profit and in the separation of corporate income into "net Income" and "no net Income" classes. The change in procedure accounts in part for the decrease in deficit and the increase in compiled net profit shown for 1942 as compared with 1941.
The first year's net loss allowed to be carried over is for a taxable year beginning on or after January 1, 1939; the first year in which the loss is allowed as a deduction is in a taxable year beginning on or after January 1, 1940.
U Cumulation of the item for the years 1940-1945 would involve double counting of net operating loss deduction, once in the year in which the net operating loss occur, and once in the year to which it is carried forward.
Net income as used here differs from "Net income" shown in the report, "Statistics of Income, Part 2", by including wholly tax-exempt interest and partially tax-exempt interest subject to surtax only, and by deducting the special credit for life insurance companies and the net operating loss deduction.
2/ Dividends from domestic corporations subject to income taxation. This is the amount used for computation of dividends received credit.
10/ Decrease can be attributed in part to the use of consolidated returns as permitted under the Revenue Act of 1942.
11/ Includee both partially and wholly tax-exempt interest.
The Revenue Act of 1912 and 1913 provide a postwar credit, or a current tax reduction, not greater than such credit, for each taxable year ending after December 31, 1912 (except in the case of a taxable year beginning to 1914, and ending before such year), to the extent of the date of cessation of hostilities, of an amount equal to 10 percent of the profit tax for each such taxable year. The Tax Adjustment Act of 1915, however, repeals the provision for current tax reduction on the basis of debt retirement for taxable years beginning after December 31, 1913 and allowing a current tax reduction equal to 10 percent of the excess profits tax for each such taxable year, with respect to each of the years 1914 and 1915, the current tax reduction allowed for the item in line 10 and the excess profit tax liability is the item in line 10. For the purposes of this table, fiscal year corporations whose years ended from July 31 through November 30, 1914, are treated as though an amount equivalent to their entire postwar credit were taken currently under the calendar year 1914.
13 Postwar credit refunds. The refunds are comparable to Satisfies of income which are based on income tax returns before audit. The refunds of refunds on excess profits tax liabilities on excessive profits of corporations renegotiated after filing. Thus the net postwar refunds estimated to $106 million and $70 million for 1942 and 1943 are due all corporations for completion of renegotiation. See also footnote 12.
11) Exclude the effect of the carryback of not operating losses and the carryback of unused excess profits credit.
These figures are comparable to Statistics of State Income which include in completed net profit the excessive profits of corporations reorganized after filling final tax returns. As a result, the figures shown overstate the amounts estimated to be remitted by corporate raisons after taxes, dividend payments, and renegotiation by the net amounts of otherwise profit and loss. In 1942, 1943, and 1945, the renegotiation recoupment, $41.7 million, $17.5 million, and $21 million in 1942, 1943, and 1945, respectively, was deducted in preparing the amounts estimated to be remitted. In 1942, as shown in line 21 under "All refunds," the renegotiation recoupment, $3.5 million, was deducted in computing the amounts estimated to be remitted. The renegotiation recoupment, $1.9 million, was deducted in computing the amounts estimated to be remitted in 1943, 1944, and 1945, respectively, as shown in lines 22, 23, and 24, respectively, of the 1943, 1944, and 1945, respectively, footnotes 21, 22, and 23, respectively.
16/ Dividends paid to stockholders other than domestic corporations; includes cash and stock, other than corporations' own stock.
11/ Compiled net loss or deficit.
18/ Deficit corporations are liable for only the capital stock tax which is included as a deduction in compiled net profit or loss.
June 1946
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budgetary Receipts and Expenditures
<table><tr><th></th><th colspan="4">First 10 months, fiscal years 1944 to 1946</th><th colspan="5">Complete fiscal years, 1944 to 1947</th></tr><tr><th></th><th>1944</th><th>1945</th><th>1946</th><th>Change 1945 to 1946</th><th colspan="2">Actual</th><th colspan="2">Estimated</th><th>Change</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1944</th><th>1945</th><th>1946 1/</th><th>1947 2/</th><th>Actual 1945 to estimated 1946 1/</th><th>Estimated 1946 to estimated 1947 2/</th></tr><tr><td colspan="10">(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 profit taxes</td><td>27,247</td><td>28,389</td><td>26,085</td><td>-2,304</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>1,331</td><td>1,377</td><td>1,342</td><td>-35</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 lateral revenue 3/</td><td>4,349</td><td>5,831</td><td>6,495</td><td>+664</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>365</td><td>286</td><td>359</td><td>+73</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>2,612</td><td>2,543</td><td>2,477</td><td>-66</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>35,904</td><td>38,426</td><td>36,758</td><td>-1,668</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>952</td><td>968</td><td>933</td><td>-35</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>34,952</td><td>37,458</td><td>35,825</td><td>-1,633</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>40,802</td><td>41,143</td><td>25,093</td><td>-16,050</td><td>49,242</td><td>50,337</td><td>n.a.</td><td>7,998</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Navy Department</td><td>21,366</td><td>25,034</td><td>13,931</td><td>-11,104</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>9,425</td><td>7,859</td><td>4,894</td><td>-2,965</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>71,592</td><td>74,036</td><td>43,917</td><td>-30,119</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/ 1/</td><td>544</td><td>1,238</td><td>3,242</td><td>+2,005</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>1,810</td><td>2,542</td><td>3,221</td><td>+680</td><td>2,609</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>139</td><td>1,312</td><td>2,017</td><td>+705</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>2,493</td><td>5,091</td><td>8,480</td><td>+3,389</td><td>3,601</td><td>7,384</td><td>11,327</td><td>10,914</td><td>+3,943</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>Bretton 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>374</td><td>+374</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>374</td><td>+374</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>747</td><td>407</td><td>880</td><td>+473</td><td>909</td><td>762</td><td></td><td>698</td><td></td><td></td></tr><tr><td>Social security program 6/ 2/</td><td>726</td><td>742</td><td>788</td><td>+46</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>389</td><td>277</td><td>312</td><td>+34</td><td>433</td><td>323</td><td></td><td>945</td><td></td><td></td></tr><tr><td>Other 5/ 6/</td><td>879</td><td>937</td><td>1,077</td><td>+140</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>76,827</td><td>81,489</td><td>55,828</td><td>-25,661</td><td>93,744</td><td>100,405</td><td>65,598</td><td>35,125</td><td>-34,807</td><td>-30,473</td></tr><tr><td>Net budgetary deficit</td><td>41,875</td><td>44,031</td><td>20,003</td><td>-24,028</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.e. 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, $2,041 million. These figures include so-called voluntary returns.
5/ Classification changed to reflect expenditures of surplus property
disposal agencies for the fiscal years 1946 and 1947. Prior year expenditures are included under "Other".
6/1/ Includes transfers to trust accounts, etc.
8/ Includes expenditures for public works undertaken by Veterans' Administration.
"Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and exclusion 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.
June 1946
3
Public Debt and Guaranteed Obligations Outstanding
<table><tr><th></th><th colspan="4">End of first 10 months, fiscal years 1944 to 1946</th><th colspan="2">End of fiscal years, 1944 and 1945</th></tr><tr><th></th><th>Apr. 30, 1944</th><th>Apr. 30, 1945</th><th>Apr. 30, 1946</th><th>Change Apr. 30, 1945 to Apr. 30, 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>127,440</td><td>162,680</td><td>195,079</td><td>+32,400</td><td>140,401</td><td>181,319</td></tr><tr><td>Non-marketable</td><td>42,275</td><td>52,460</td><td>56,408</td><td>+3,948</td><td>44,855</td><td>56,226</td></tr><tr><td>Total public issues</td><td>169,715</td><td>215,140</td><td>251,487</td><td>+36,347</td><td>185,256</td><td>237,545</td></tr><tr><td>Special issues</td><td>13,697</td><td>17,923</td><td>21,224</td><td>+3,300</td><td>14,287</td><td>18,812</td></tr><tr><td>Total interest-bearing debt</td><td>183,413</td><td>233,063</td><td>272,711</td><td>+39,648</td><td>199,543</td><td>256,357</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,554</td><td>2,006</td><td>1,188</td><td>-818</td><td>1,460</td><td>2,326</td></tr><tr><td>Total public debt outstanding</td><td>184,967</td><td>235,069</td><td>273,898</td><td>+38,829</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>1,503</td><td>788</td><td>41</td><td>-747</td><td>1,190</td><td>34</td></tr><tr><td>Non-marketable</td><td>754</td><td>343</td><td>492</td><td>+149</td><td>326</td><td>375</td></tr><tr><td>Total interest-bearing debt</td><td>2,258</td><td>1,132</td><td>533</td><td>-598</td><td>1,516</td><td>409</td></tr><tr><td>Matured debt</td><td>16</td><td>23</td><td>11</td><td>-12</td><td>107</td><td>24</td></tr><tr><td>Total guaranteed securities outstanding</td><td>2,274</td><td>1,155</td><td>544</td><td>-610</td><td>1,623</td><td>433</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>187,241</td><td>236,224</td><td>274,443</td><td>+38,219</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 10 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>41,875</td><td>44,031</td><td>20,003</td><td>49,595</td><td>53,948</td></tr><tr><td>Net increase in General Fund balance</td><td>2,773</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>3,623</td><td>-</td><td>-</td><td>4,051</td><td>-</td></tr><tr><td>Total amount required to be financed</td><td>48,271</td><td>44,031</td><td>20,003</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>Net increase in public debt</td><td>48,271</td><td>34,066</td><td>15,216</td><td>64,307</td><td>57,679</td></tr><tr><td>Net decrease in General Fund balance</td><td>-</td><td>8,802</td><td>3,763</td><td>-</td><td>-</td></tr><tr><td>Net receipts in trust accounts, etc. 1/</td><td>-</td><td>1,163</td><td>1,023</td><td>-</td><td>798</td></tr><tr><td>Total amount financed</td><td>48,271</td><td>44,031</td><td>20,003</td><td>64,307</td><td>58,477</td></tr></table>
Source: Daily Treasury Statement. 1/ Comprises trust accounts, checking accounts of Government
agencies, etc., increment on gold, seizmiore on silver, and miscellaneous funds and accounts.
4
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
June 1946
5
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</th><th colspan="4">Expenditures 1/</th><th rowspan="2">Net budgetary deficit 1/</th><th rowspan="2">Public debt retirement 8/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less net appropriations to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 4/</th><th>War activities 5/</th><th>Transfers to trust accounts, etc. 6/</th></tr><tr><td>1936</td><td>4,116</td><td>3,513</td><td>387</td><td>216</td><td>-</td><td>4,116</td><td>8,666</td><td>5,946</td><td>900</td><td>1,820</td><td>4,550</td><td>403</td></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>8,177</td><td>6,641</td><td>929</td><td>608</td><td>3,149</td><td>104</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,239</td><td>5,985</td><td>1,029</td><td>225</td><td>1,364</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-April</td><td>2,967</td><td>2,746</td><td>33</td><td>188</td><td>39</td><td>2,929</td><td>7,966</td><td>594</td><td>7,139</td><td>236</td><td>5,040</td><td>-</td></tr><tr><td>May</td><td>3,398</td><td>2,921</td><td>36</td><td>441</td><td>313</td><td>3,085</td><td>9,275</td><td>822</td><td>8,156</td><td>296</td><td>6,190</td><td>-</td></tr><tr><td>June</td><td>5,916</td><td>5,384</td><td>33</td><td>498</td><td>2</td><td>5,914</td><td>9,641</td><td>1,469</td><td>7,837</td><td>335</td><td>3,727</td><td>*</td></tr><tr><td>July</td><td>2,754</td><td>2,527</td><td>33</td><td>195</td><td>59</td><td>2,695</td><td>8,557</td><td>702</td><td>7,325</td><td>530</td><td>5,862</td><td>*</td></tr><tr><td>August</td><td>3,281</td><td>2,849</td><td>32</td><td>400</td><td>283</td><td>2,997</td><td>7,354</td><td>793</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>1,482</td><td>-</td></tr><tr><td>October</td><td>2,581</td><td>2,340</td><td>36</td><td>205</td><td>52</td><td>2,530</td><td>5,950</td><td>787</td><td>5,126</td><td>38</td><td>3,420</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>142</td><td>354</td><td>30</td><td>3,819</td><td>4,891</td><td>791</td><td>3,417</td><td>684</td><td>1,073</td><td>-</td></tr><tr><td>February</td><td>3,875</td><td>3,684</td><td>33</td><td>158</td><td>196</td><td>3,678</td><td>3,510</td><td>660</td><td>2,702</td><td>148</td><td>-1,68</td><td>-</td></tr><tr><td>March</td><td>5,762</td><td>5,583</td><td>142</td><td>138</td><td>15</td><td>5,747</td><td>4,602</td><td>2,028</td><td>2,550</td><td>23</td><td>-1,186</td><td>*</td></tr><tr><td>April</td><td>2,734</td><td>2,310</td><td>45</td><td>379</td><td>57</td><td>2,677</td><td>4,251</td><td>1,490</td><td>2,560</td><td>200</td><td>1,573</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500,000.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For further details, see Table 2.
3/ For explanation see tables which follow entitled "Social Security Program".
4/ For further details, see Table 3.
5/ For further details, see Table 4.
6/ For further details, see Table 5.
7/ Total expenditures less net receipts.
8/ Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
9/ Includes recoveries of U.S. investments in capital funds. Such re-
10/ E 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/ Include deposite resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; and fiscal year 1945, $2,041 million. These figures include so-called voluntary returns.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="3">Income and profits taxes</th><th colspan="4">Employment taxes</th><th rowspan="2">Miscellaneous internal revenue</th><th rowspan="2">Agricultural adjustment taxes</th></tr><tr><th>Total</th><th>Withheld by employee (Current Tax Payment Act of 1943) 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 4/ Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th>Carriers' Taxing Act of 1937 (Railroad retirement)</th></tr><tr><td>1936</td><td>3,513</td><td>1,427</td><td>-</td><td>1,427</td><td>4</td><td>-</td><td>-</td><td>*</td><td>2,010</td><td>71</td></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>*</td><td>2,181</td><td>*</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,279</td><td>*</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,232</td><td>-</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td><td>-</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</td><td>-</td></tr><tr><td>1942</td><td>12,993</td><td>7,960</td><td>-</td><td>7,960</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,847</td><td>-</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>-</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>209</td><td>1,553</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-April</td><td>2,746</td><td>2,167</td><td>600</td><td>1,567</td><td>45</td><td>41</td><td>3</td><td>1</td><td>534</td><td>-</td></tr><tr><td>May</td><td>2,921</td><td>2,027</td><td>1,282</td><td>745</td><td>337</td><td>316</td><td>12</td><td>9</td><td>557</td><td>-</td></tr><tr><td>June</td><td>5,384</td><td>4,757</td><td>826</td><td>3,930</td><td>66</td><td>5</td><td>2</td><td>60</td><td>561</td><td>-</td></tr><tr><td>July</td><td>2,527</td><td>1,743</td><td>669</td><td>1,073</td><td>66</td><td>62</td><td>3</td><td>1</td><td>718</td><td>-</td></tr><tr><td>August</td><td>2,849</td><td>1,665</td><td>1,200</td><td>466</td><td>306</td><td>286</td><td>12</td><td>8</td><td>877</td><td>-</td></tr><tr><td>September</td><td>4,247</td><td>4,208</td><td>768</td><td>3,440</td><td>66</td><td>5</td><td>2</td><td>59</td><td>573</td><td>-</td></tr><tr><td>October</td><td>2,340</td><td>1,593</td><td>572</td><td>1,021</td><td>58</td><td>54</td><td>3</td><td>1</td><td>689</td><td>-</td></tr><tr><td>November</td><td>2,383</td><td>1,524</td><td>1,076</td><td>449</td><td>257</td><td>238</td><td>10</td><td>8</td><td>602</td><td>-</td></tr><tr><td>December</td><td>3,948</td><td>3,366</td><td>707</td><td>2,659</td><td>66</td><td>7</td><td>1</td><td>59</td><td>516</td><td>-</td></tr><tr><td>1946-January</td><td>3,451</td><td>2,755</td><td>554</td><td>2,201</td><td>51</td><td>33</td><td>13</td><td>5</td><td>645</td><td>-</td></tr><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><tr><td>April</td><td>2,310</td><td>1,603</td><td>485</td><td>1,118</td><td>65</td><td>61</td><td>3</td><td>1</td><td>642</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
Less than $500,000.
1/ For further details, see chapter entitled "Internal Revenue Statistics".
2/ Exclude receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
3/ Includes unjust enrichment tax.
4/ For the period prior to September 1939, the data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax Act" represent collections under Titles VIII and IX, respectively, of the Social Security Act.
6
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditures</th><th colspan="3">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="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 2/</th><th>Miscellaneous 10/</th></tr><tr><td>1936</td><td>5,946</td><td>1,381</td><td>578</td><td>749</td><td>54</td><td>4,504</td><td>933</td><td>29</td><td>730</td><td>424</td><td>486</td><td>1,759</td><td>204</td></tr><tr><td>1937</td><td>6,641</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>1938</td><td>5,985</td><td>1,567</td><td>582</td><td>926</td><td>59</td><td>4,416</td><td>854</td><td>375</td><td>804</td><td>481</td><td>326</td><td>1,476</td><td>141</td></tr><tr><td>1939</td><td>7,313</td><td>1,564</td><td>557</td><td>941</td><td>66</td><td>5,751</td><td>1,228</td><td>347</td><td>1,000</td><td>517</td><td>290</td><td>2,242</td><td>125</td></tr><tr><td>1940</td><td>7,109</td><td>1,687</td><td>557</td><td>1,042</td><td>89</td><td>5,421</td><td>1,541</td><td>392</td><td>949</td><td>546</td><td>283</td><td>1,573</td><td>138</td></tr><tr><td>1941</td><td>6,079</td><td>1,751</td><td>553</td><td>1,111</td><td>87</td><td>4,327 11/</td><td>847</td><td>457</td><td>738</td><td>525</td><td>257</td><td>1,374</td><td>129</td></tr><tr><td>1942</td><td>6,005</td><td>1,906</td><td>555</td><td>1,260</td><td>91</td><td>4,099</td><td>1,098</td><td>515</td><td>680</td><td>544</td><td>163</td><td>970</td><td>129</td></tr><tr><td>1943</td><td>5,635</td><td>2,456</td><td>572</td><td>1,808</td><td>76</td><td>3,178</td><td>1,093</td><td>514</td><td>543</td><td>590</td><td>18</td><td>299</td><td>121</td></tr><tr><td>1944</td><td>6,149</td><td>3,500</td><td>629</td><td>2,609</td><td>262</td><td>2,649</td><td>912</td><td>529</td><td>433</td><td>692</td><td>*</td><td>17</td><td>66</td></tr><tr><td>1945</td><td>8,730</td><td>6,258</td><td>934</td><td>3,617</td><td>1,707</td><td>2,472 12/</td><td>763 12/</td><td>497</td><td>323</td><td>788</td><td>*</td><td>*</td><td>101</td></tr><tr><td>1945-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>188 14/</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 14/</td></tr><tr><td>April</td><td>1,490</td><td>1,103</td><td>406</td><td>174</td><td>523</td><td>387</td><td>98</td><td>67</td><td>36</td><td>75</td><td>13/</td><td>13/</td><td>111</td></tr></table>
Source: Daily Treasury Statement. 
1/ General expenditures now include expenditures for revolving funds; back figures have been revised accordingly.
2/ Includes public works undertaken by the Veterans' Administration.
3/ Does not include transfers to trust accounts, etc. These are shown in Table 5.
4/ "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and exclude refunds of taxes under the Social security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a post-war credit equal to 10% of the excess profits tax paid. The Tax Adjustment Act of 1945 reduced by 10% the amount of excess profits tax to be paid and abolished the post-war credit. For amounts of excess profits tax refund bonds issued, see the first table in chapter entitled "Public Debt and Guaranteed Obligations of the United States Government". Outstand-ing excess profits tax refund bonds may be redeemed at the option of the holder commencing January 1, 1946; when such redemptions occur, they will appear as retirements of public debt.
5/ Consists of Administration of Sugar Act of 1937, Agricultural Adjustment Agency, exportation and domestic consumption of agricultural commodities, Farm Credit Administration, Farm Security Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration, Soil Conservation and Extension Service, Department of Agriculture departmental expenditures, and other.
6/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of Social Security Act. For further details, see tables which follow on the Social security program.
1/ Includes public buildings, public highways (including forest roads and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
8/ Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social security program and the Department of Agriculture departmental expenditures.
9/ For additional information, see "Treasury Bulletin" for August 1945, page 6.
10/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; Post Office Department postal deficiencies; Federal Housing Administration; Treasury Department investments in Federal savings and loan associations; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, and Disaster Loan Corporation.
11/ Gross 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 1947, 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 include $174 million and during March and April, 1946, $100 million each for Export-Import Bank of Washington - capital stock.
15/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
June 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>Hear Department</th><th>Total miscellaneous war activities</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency 1/</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation Admin.</th><th>Surplus property disposal agencies</th><th>Other war activities expenditures 2/</th></tr><tr><td>1936</td><td>900</td><td>383</td><td>529</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>929</td><td>378</td><td>557</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>596</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,206</td><td>490</td><td>673</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,323</td><td>310</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>-</td><td>-</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>8,955</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>-</td><td>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,242</td><td>26,538</td><td>11,259</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>59</td><td>1,432</td><td>3,812</td><td>1,922</td><td>-</td><td>-</td><td>-</td><td>921</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-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>68</td></tr><tr><td>June</td><td>7,837</td><td>4,664</td><td>2,289</td><td>885</td><td>80</td><td>2</td><td>12</td><td>11</td><td>5</td><td>103</td><td>277</td><td>220</td><td>60</td><td>42</td><td>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>3,264</td><td>1,659</td><td>444</td><td>39</td><td>8</td><td>9</td><td>13</td><td>5</td><td>43</td><td>90</td><td>162</td><td>-</td><td>15</td><td>1</td><td>58</td></tr><tr><td>October</td><td>5,126</td><td>2,976</td><td>1,590</td><td>559</td><td>51</td><td>4</td><td>10</td><td>11</td><td>5</td><td>105</td><td>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>144</td><td>118</td><td>-</td><td>36</td><td>-</td><td>46</td></tr><tr><td>1946-January</td><td>3,417</td><td>1,519</td><td>1,566</td><td>331</td><td>10</td><td>3</td><td>7</td><td>-</td><td>3</td><td>50</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>883</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>2,550</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><tr><td>April</td><td>2,560</td><td>1,420</td><td>858</td><td>282</td><td>10</td><td>5</td><td>4</td><td>48</td><td>4</td><td>37</td><td>17</td><td>63</td><td>-</td><td>57</td><td>5</td><td>33</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>5</td></tr><tr><td>1939</td><td>187</td><td>-</td><td>107</td><td>75</td><td>*</td><td>5</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>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-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>617</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><tr><td>April</td><td>200</td><td>162</td><td>38</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500,000.
1/ Additional transactions are shown in Table 3.
2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
3/ Includes railroad retirement and railroad unemployment activities.
For further explanations see tables which follow on Social security program. Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Distribution and prior thereto under the Agricultural Marketing administration.
Treasury Bulletin
8
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1936
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>957</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td>2,695</td><td>2,997</td><td>5,189</td><td>2,530</td><td>2,374</td><td>4,118</td><td>45,046</td></tr><tr><td>1946</td><td>3,819</td><td>3,678</td><td>5,747</td><td>2,677</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Budgetary expenditures 2/
<table><tr><td>1936</td><td>521</td><td>480</td><td>636</td><td>631</td><td>686</td><td>2,427</td><td>656</td><td>574</td><td>676</td><td>677</td><td>564</td><td>716</td><td>9,244</td></tr><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>616</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>617</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,135</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,641</td><td>8,557</td><td>7,354</td><td>6,611</td><td>5,950</td><td>4,656</td><td>5,445</td><td>90,552</td></tr><tr><td>1946</td><td>4,891</td><td>3,510</td><td>4,602</td><td>4,251</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Net budgetary deficit
<table><tr><td>1936</td><td>293</td><td>262</td><td>-116</td><td>400</td><td>430</td><td>1,898</td><td>362</td><td>231</td><td>177</td><td>405</td><td>331</td><td>199</td><td>4,872</td></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,147</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>5,164</td><td>2,147</td><td>5,952</td><td>5,955</td><td>3,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,426</td><td>5,740</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</td><td>4,772</td><td>5,342</td><td>2,378</td><td>5,947</td><td>5,551</td><td>2,004</td><td>6,023</td><td>5,587</td><td>2,999</td><td>52,737</td></tr><tr><td>1945</td><td>4,645</td><td>3,693</td><td>2,540</td><td>5,040</td><td>6,190</td><td>3,727</td><td>5,862</td><td>4,357</td><td>1,422</td><td>3,420</td><td>2,282</td><td>1,327</td><td>44,505</td></tr><tr><td>1946</td><td>1,073</td><td>-168</td><td>-1,146</td><td>1,573</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. 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.
June 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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1937</td><td>+275</td><td>-</td><td>267</td><td>267</td><td>-</td><td>-</td><td>-</td><td>-</td><td>234</td><td>294</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+255</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>118</td><td>146</td></tr><tr><td>1939</td><td>+884</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>+136</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>+2</td><td>123</td><td>125</td></tr><tr><td>1941</td><td>-148</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>-3,506</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>-*</td><td>1,244</td><td>1,243</td><td>144</td><td>144</td><td></td></tr><tr><td>1943</td><td>-1,861</td><td>+6</td><td>1,190</td><td>1,185</td><td>-4</td><td>316</td><td>320</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td></tr><tr><td>1944</td><td>-4,051</td><td>+6</td><td>1,363</td><td>1,357</td><td>+11</td><td>905</td><td>893</td><td>+3</td><td>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td></tr><tr><td>1945</td><td>+798</td><td>+30</td><td>1,407</td><td>1,377</td><td>+26</td><td>2,127</td><td>2,102</td><td>-1</td><td>1,508</td><td>1,508</td><td>+1</td><td>324</td><td>323</td></tr><tr><td>1945-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>13</td><td>13</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>97</td><td>97</td><td>97</td><td>+1</td><td>13</td><td>13</td></tr><tr><td>July</td><td>-116</td><td>+36</td><td>59</td><td>23</td><td>-10</td><td>189</td><td>199</td><td>+23</td><td>73</td><td>50</td><td>-1</td><td>180</td><td>180</td></tr><tr><td>August</td><td>-50</td><td>+260</td><td>283</td><td>23</td><td>+67</td><td>246</td><td>179</td><td>-13</td><td>259</td><td>273</td><td>180</td><td>180</td><td></td></tr><tr><td>September</td><td>-95</td><td>-286</td><td>11</td><td>296</td><td>-48</td><td>120</td><td>169</td><td>+6</td><td>41</td><td>35</td><td>38</td><td>38</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>38</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>38</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>38</td><td>38</td><td></td></tr><tr><td>March</td><td>+462</td><td>-184</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>38</td><td>37</td></tr><tr><td>April</td><td>+254</td><td>+32</td><td>57</td><td>25</td><td>+48</td><td>223</td><td>175</td><td>+6</td><td>40</td><td>33</td><td>+1</td><td>38</td><td>37</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>15/</td><td>15/</td></tr><tr><td>1938</td><td>-4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td>-</td><td>-</td><td>-</td><td>+204</td><td>16/</td><td>16/</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>43</td><td>-2</td><td>+768</td><td>+1,106</td><td>-337</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>*</td><td>+49</td><td>+16</td><td>-</td><td>27</td><td>+314</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>+16</td><td>472</td><td>426</td><td>*</td><td>+14</td><td>+39</td><td>331</td><td>292</td><td>-3,625</td><td>-1,809</td><td>-1,815</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>*</td><td>-</td><td>+241</td><td>155</td><td>36</td><td>-2,194</td><td>-694</td><td>-1,500</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>*</td><td>-</td><td>+204</td><td>-3</td><td>-207</td><td>-4,403</td><td>-2,874</td><td>-1,529</td></tr><tr><td>1945</td><td>+620</td><td>1,693</td><td>1,072</td><td>*</td><td>-</td><td>+1,302</td><td>*</td><td>-1,302</td><td>-1,178</td><td>-1,553</td><td>+374</td></tr><tr><td>1945-April</td><td>+10</td><td>128</td><td>117</td><td>*</td><td>-</td><td>-15</td><td>-</td><td>15</td><td>-71</td><td>-4</td><td>-68</td></tr><tr><td>May</td><td>+109</td><td>153</td><td>43</td><td>*</td><td>-</td><td>+70</td><td>-</td><td>-70</td><td>+154</td><td>-147</td><td>+301</td></tr><tr><td>June</td><td>+84</td><td>226</td><td>142</td><td>*</td><td>-</td><td>+51</td><td>-</td><td>-51</td><td>-778</td><td>-757</td><td>-21</td></tr><tr><td>July</td><td>+53</td><td>355</td><td>302</td><td>*</td><td>+35</td><td>-29</td><td>-</td><td>29</td><td>-222</td><td>-267</td><td>+45</td></tr><tr><td>August</td><td>-313</td><td>82</td><td>394</td><td>*</td><td>+8</td><td>-86</td><td>-</td><td>86</td><td>+26</td><td>+201</td><td>-176</td></tr><tr><td>September</td><td>+209</td><td>266</td><td>58</td><td>*</td><td>+21</td><td>+55</td><td>-</td><td>-55</td><td>-51</td><td>-10</td><td>-41</td></tr><tr><td>October</td><td>+24</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><tr><td>April</td><td>+3</td><td>66</td><td>63</td><td>*</td><td>+37</td><td>+122</td><td>-</td><td>-122</td><td>+4</td><td>-9</td><td>+13</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
culture. Commencing July 1, 1945, such transactions are classified as "other trust accounts". 3/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations. 4/ Details not available.
June 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-April</td><td>5,040</td><td>5,040</td><td>-</td><td>-</td><td>5,040</td><td>1,120</td><td>3,911</td><td>9</td></tr><tr><td>May</td><td>6,190</td><td>6,190</td><td>-</td><td>-</td><td>6,190</td><td>3,763</td><td>1,741</td><td>686</td></tr><tr><td>June</td><td>19,850</td><td>3,727</td><td>15,073</td><td>1,050</td><td>19,850</td><td>19,850</td><td>-</td><td>-</td></tr><tr><td>July</td><td>5,978</td><td>5,862</td><td>-</td><td>116</td><td>5,978</td><td>3,362</td><td>2,615</td><td>-</td></tr><tr><td>August</td><td>4,407</td><td>4,357</td><td>-</td><td>50</td><td>4,407</td><td>956</td><td>3,451</td><td>-</td></tr><tr><td>September</td><td>1,517</td><td>1,422</td><td>-</td><td>95</td><td>1,517</td><td>-980</td><td>2,497</td><td>-</td></tr><tr><td>October</td><td>3,420</td><td>3,420</td><td>-</td><td>-</td><td>3,420</td><td>-203</td><td>3,321</td><td>302</td></tr><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><tr><td>April</td><td>1,573</td><td>1,573</td><td>-</td><td>-</td><td>1,573</td><td>-2,114</td><td>3,433</td><td>254</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises trust accounts, checking accounts of Government agencies.
eto., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
12
Treasury Bulletin
Social Security Program: Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurances) 2/</th></tr><tr><td>1937</td><td>252.2</td><td>194.3</td><td>57.8</td><td>265.0</td><td>-12.8</td></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>858.9</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>1,253.5</td><td>212.5</td></tr><tr><td>1945</td><td>1,494.5</td><td>1,303.9</td><td>184.5</td><td>1,283.0</td><td>211.5</td></tr><tr><td>1945-April</td><td>44.0</td><td>41.2</td><td>2.8</td><td>38.8</td><td>5.2</td></tr><tr><td>May</td><td>328.0</td><td>315.6</td><td>12.3</td><td>313.2</td><td>14.7</td></tr><tr><td>June</td><td>6.2</td><td>4.6</td><td>1.6</td><td>2.2</td><td>3.9</td></tr><tr><td>July</td><td>64.5</td><td>61.5</td><td>3.0</td><td>59.0</td><td>5.5</td></tr><tr><td>August</td><td>297.9</td><td>285.8</td><td>12.1</td><td>283.3</td><td>14.5</td></tr><tr><td>September</td><td>6.5</td><td>4.7</td><td>1.8</td><td>2.3</td><td>4.2</td></tr><tr><td>October</td><td>57.0</td><td>54.4</td><td>2.6</td><td>51.6</td><td>5.4</td></tr><tr><td>November</td><td>248.0</td><td>237.8</td><td>10.3</td><td>234.9</td><td>13.1</td></tr><tr><td>December</td><td>7.7</td><td>6.9</td><td>.8</td><td>4.1</td><td>3.6</td></tr><tr><td>1946-January</td><td>46.1</td><td>32.8</td><td>13.3</td><td>29.5</td><td>16.6</td></tr><tr><td>February</td><td>306.5</td><td>199.5</td><td>107.0</td><td>196.2</td><td>110.3</td></tr><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><tr><td>April</td><td>63.8</td><td>60.8</td><td>3.0</td><td>56.9</td><td>6.9</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="11">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th colspan="4">Social Security Board</th><th colspan="2">Public Health Service</th><th colspan="3">Department of Labor</th><th>Office for Emergency Management</th><th>Refunds of taxes</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th><th>War Manpower Commission (U. S. Employment Service)</th><th></th></tr><tr><td>1937</td><td>182.7</td><td>15.8</td><td>166.9</td><td>124.8</td><td>14.3</td><td>4.6</td><td>9.1</td><td>7.8</td><td>3.1</td><td>2.1</td><td>1.0</td><td>-</td><td>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>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>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-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>1.6</td><td>44.1</td></tr><tr><td>May</td><td>39.3</td><td>3.0</td><td>35.7</td><td>28.9</td><td>4.6</td><td>1.0</td><td>.1</td><td>.2</td><td>.5</td><td>.4</td><td>-</td><td>.6</td><td>24.6</td></tr><tr><td>June</td><td>32.7</td><td>2.8</td><td>29.2</td><td>22.1</td><td>3.4</td><td>.3</td><td>2.7</td><td>.1</td><td>.4</td><td>.2</td><td>-</td><td>.7</td><td>28.8</td></tr><tr><td>July</td><td>46.8</td><td>2.4</td><td>43.8</td><td>29.0</td><td>4.5</td><td>.7</td><td>8.8</td><td>.2</td><td>.4</td><td>.2</td><td>.1</td><td>.6</td><td>41.3</td></tr><tr><td>August</td><td>60.6</td><td>3.2</td><td>56.9</td><td>45.3</td><td>7.6</td><td>1.5</td><td>1.2</td><td>-</td><td>.4</td><td>.5</td><td>.2</td><td>.5</td><td>46.0</td></tr><tr><td>September</td><td>23.3</td><td>3.1</td><td>19.4</td><td>14.2</td><td>2.1</td><td>.2</td><td>2.3</td><td>-</td><td>.4</td><td>.2</td><td>1.8</td><td>19.0</td></tr><tr><td>October</td><td>72.0</td><td>3.1</td><td>68.2</td><td>47.4</td><td>7.1</td><td>1.5</td><td>11.8</td><td>-</td><td>.2</td><td>.1</td><td>.2</td><td>.6</td><td>66.6</td></tr><tr><td>November</td><td>70.9</td><td>3.3</td><td>27.1</td><td>21.2</td><td>3.4</td><td>.5</td><td>1.2</td><td>-</td><td>.3</td><td>.3</td><td>.1</td><td>.5</td><td>17.8</td></tr><tr><td>December</td><td>36.0</td><td>3.4</td><td>32.4</td><td>26.2</td><td>2.7</td><td>.8</td><td>1.1</td><td>-</td><td>.9</td><td>.6</td><td>.4</td><td>.2</td><td>32.4</td></tr><tr><td>1946-January</td><td>64.6</td><td>2.7</td><td>61.7</td><td>41.0</td><td>8.6</td><td>1.4</td><td>9.5</td><td>-</td><td>.7</td><td>.5</td><td>.2</td><td>.2</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>1.1</td><td>40.8</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>.6</td><td>1.0</td><td>-</td><td>1.1</td><td>.1</td><td>.1</td><td>.5</td><td>14.4</td></tr><tr><td>April</td><td>65.4</td><td>3.3</td><td>61.6</td><td>42.2</td><td>7.9</td><td>1.3</td><td>8.3</td><td>-</td><td>.9</td><td>.7</td><td>.3</td><td>.4</td><td>53.5</td></tr></table>
Daily Treasury Statement. Less than $50,000. Formerly Title VIII of the Social Security Act. Formerly Title II of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section I). Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in
Section II, Table 1.
Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
Covered by appropriations by Congress.
Second Deficiency Appropriation Act, fiscal year 1938, appropriated $41 million for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
June 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>Transfer to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th></tr><tr><td>1937</td><td>.3</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td><td>1.2</td></tr><tr><td>1938</td><td>150.1</td><td>119.0</td><td>2.6</td><td>116.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>*</td><td>2.3</td></tr><tr><td>1941</td><td>135.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>1148.5</td><td>7.6</td><td>1140.9</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-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>-2.4</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><tr><td>April</td><td>1.3</td><td>39.0</td><td>.2</td><td>38.0</td><td>.8</td><td>37.7</td></tr></table>
Source: Daily Treasury Statement. Less than $50,000. 1/ Includes only expenditures from appropriations made specifically for
administrative expenses relating to the Railroad Retirement Act. 2/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Railroad unemployment insurance contributions 2/</th><th colspan="3">Expenditures</th><th rowspan="2">Excess of expenditures 5/</th></tr><tr><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>-</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-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>.1</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>.1</td><td>.4</td><td>-</td><td>.1</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>2.9</td></tr><tr><td>April</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr></table>
Source: Daily Treasury Statement. 
* Less than $50,000.
1/ Operated an 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 Adjustment Fund (under Act of Oct. 10, 1940).
5/ Covered by appropriations by Congress.
14
Treasury Bulletin
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total</th><th>Investment</th><th>Unexpended balance In General Fund</th><th>Unexpended balance In disbursing officer's account</th></tr><tr><td>1937</td><td>267.3</td><td>265.0</td><td>2.3</td><td>*</td><td>*</td><td>-</td><td>267.2</td><td>267.1</td><td>.1</td><td>.1</td></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>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-February</td><td>8,465.4</td><td>7,904.8</td><td>560.6</td><td>1,199.3</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>7,224.1</td><td>30.9</td><td>46.5</td></tr><tr><td>April</td><td>8,553.8</td><td>7,983.9</td><td>569.9</td><td>1,224.6</td><td>1,041.9</td><td>182.7</td><td>7,329.2</td><td>7,219.4</td><td>61.9</td><td>47.9</td></tr></table>
Source: Daily Treasury Statement. * Less than $50,000. 1/ Include transactions effected under the predecessor Old-Age Reserve
Account. 2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Account
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th>Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In distreuring 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>185.5</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.3</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.3</td><td>1.6</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.2</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>1.5</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-February</td><td>1,761.3</td><td>1,717.8</td><td>43.5</td><td>1,051.7</td><td>709.6</td><td>655.0</td><td>38.4</td><td>16.2</td></tr><tr><td>March</td><td>1,761.6</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><tr><td>April</td><td>1,761.9</td><td>1,717.8</td><td>44.1</td><td>1,076.8</td><td>685.1</td><td>667.0</td><td>.2</td><td>17.9</td></tr></table>
Source: Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account 1/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 2/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposited by States</th><th>Railroad unemployment insurance contributions</th><th>Transfers from States 3/</th><th></th><th></th><th>With-drawals by States</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Benefit payments</th><th>In General Fund (Special Deposit Account)</th><th>In dis-bursing officer's account 5/</th></tr><tr><td>1937</td><td>313.4</td><td>310.6</td><td>-</td><td>-</td><td>2.8</td><td>1.0</td><td>1.0</td><td>-</td><td>-</td><td>312.4</td><td>312.3</td><td>.1</td></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>-</td><td>-</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.5</td><td>105.9</td><td>131.5</td><td>1,688.2</td><td>1,550.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td></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>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></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>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>377.9</td><td>2,152.4</td><td>105.9</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>502.5</td><td>106.3</td><td>38.0</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.3</td><td>7,315.3</td><td>7,307.2</td><td>7.3</td></tr><tr><td>1946-February</td><td>10,584.4</td><td>9,294.3</td><td>562.4</td><td>106.6</td><td>47.6</td><td>573.4</td><td>3,065.5</td><td>2,910.2</td><td>106.6</td><td>7,518.9</td><td>7,458.2</td><td>55.6</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>7,426.0</td><td>7,378.2</td><td>42.9</td></tr><tr><td>April</td><td>10,664.2</td><td>9,341.6</td><td>590.4</td><td>106.7</td><td>47.6</td><td>577.9</td><td>3,311.7</td><td>3,150.5</td><td>106.7</td><td>7,352.4</td><td>7,298.2</td><td>49.6</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
June 1946
15
Appropriations and Net Contract Authorizations for the War Activities Program 1/
As of April 30, 1946
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">77th Congress, Second Session</td></tr><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation act, 1942.</td><td>$ 12,525,872,474</td><td>-</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943.</td><td>23,738,865,474 3/</td><td>$2,257,137,102 4/</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China).</td><td>500,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942.</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942.</td><td>30,412,737,900</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943.</td><td>57,886,985</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>528</td><td>Sixth Supplemental National Defense Appropriation Act, 1942.</td><td>18,932,124,093</td><td>-</td></tr><tr><td>June 5, 1942</td><td>572</td><td>Joint Resolution (War Risk Insurance Fund).</td><td>210,000,000</td><td>-</td></tr><tr><td>June 19, 1942</td><td>616</td><td>Joint Resolution (education and training).</td><td>9,500,000</td><td>-</td></tr><tr><td>June 23, 1942</td><td>626</td><td>Seventh Supplemental National Defense Appropriation Act, 1942.</td><td>655,074,740 3/</td><td>150,000,000</td></tr><tr><td>June 27, 1942</td><td>630</td><td>Independent Offices Appropriation Act, 1943.</td><td>1,052,812,004</td><td>-</td></tr><tr><td>July 2, 1942</td><td>644</td><td>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>227,726,664</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942.</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943.</td><td>42,820,003,067</td><td>-</td></tr><tr><td>July 2, 1942</td><td>650</td><td>War Housing and Public Works Appropriation Act, 1942.</td><td>32,500,000</td><td>-</td></tr><tr><td>July 25, 1942</td><td>678</td><td>First Supplemental National Defense Appropriation Act, 1943.</td><td>1,845,234,990</td><td>-</td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943.</td><td>6,299,361,448 3/</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>$139,736,203,988</td><td>$2,407,157,102</td></tr></table>
78th Congress, First Session
<table><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System)</td><td>$ 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>May 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>Departments of State, Justice, and Commerce Appropriation Act, 1944</td><td>67,635,000</td><td>-</td></tr><tr><td>July 1, 1943</td><td>108</td><td>Military Appropriation Act, 1944</td><td>59,034,839,673</td><td>-</td></tr><tr><td>July 12, 1943</td><td>129</td><td>Department of Agriculture Appropriation Act, 1944</td><td>38,048,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Urgent Deficiency Appropriation Act, 1943</td><td>31,979,600</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944</td><td>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>151,140,088</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>81,281,468</td><td>-</td></tr><tr><td></td><td></td><td>Total, 78th Congress, First Session</td><td>$105,916,492,321</td><td>$2,484,351,711</td></tr></table>
78th Congress, Second Session
<table><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migration of workers)</td><td>$ 31,359,200</td><td>$ 38,266,050</td></tr><tr><td>Apr. 1, 1944</td><td>279</td><td>First Deficiency Appropriation Act, 1944</td><td>170,221,680</td><td>3,076,845</td></tr><tr><td>Apr. 4, 1944</td><td>288</td><td>Public Law (Federal Works Agency - public roads)</td><td>-</td><td>-</td></tr><tr><td>May 12, 1944</td><td>303</td><td>Joint Resolution (Labor Department - maternity and infant care)</td><td>6,700,000</td><td>-</td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945 5/</td><td>27,569,798,301 2/</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>1,451,800</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>4,929,367,653</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>1,830,000,000 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 10, 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>412,291,029 3/</td><td>60,000,000 4/</td></tr><tr><td></td><td>Total, 78th Congress, Second Session</td><td></td><td>$55,913,179,984</td><td>$8,912,909,131</td></tr></table>
79th Congress, First Session
<table><tr><td>Mar. 31, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1946.</td><td>$ 2,697,140</td><td>-</td></tr><tr><td>Apr. 25, 1945</td><td>10</td><td>First Deficiency Appropriation Act, 1945.</td><td>2,015,384,143 3/</td><td>-</td></tr><tr><td>May 3, 1945</td><td>49</td><td>Independent Offices Appropriation Act, 1946.</td><td>57,288,300</td><td>-</td></tr><tr><td>May 5, 1945</td><td>52</td><td>Department of Agriculture Appropriation Act, 1946.</td><td>14,986,472</td><td>-</td></tr><tr><td>May 21, 1945</td><td>61</td><td>Department of State, Justice and Commerce Appropriation Act, 1946.</td><td>34,599,500</td><td>-</td></tr><tr><td>May 29, 1945</td><td>62</td><td>Naval Appropriation Act, 1946.</td><td>23,601,136,064 6/</td><td>$1,399,008,413</td></tr><tr><td>June 12, 1945</td><td>83</td><td>Joint Resolution (Labor Department - maternity and infant care).</td><td>2,200,000</td><td>-</td></tr><tr><td>July 3, 1945</td><td>123</td><td>Interior Department Appropriation Act, 1946.</td><td>10,625,000</td><td>-</td></tr><tr><td>July 3, 1945</td><td>124</td><td>Labor - Federal Security Appropriation Act, 1946.</td><td>197,011,554</td><td>-</td></tr><tr><td>July 3, 1945</td><td>126</td><td>Military Appropriation Act, 1946.</td><td>21,496,902,010</td><td>-</td></tr><tr><td>July 5, 1945</td><td>132</td><td>Second Deficiency Appropriation Act, 1945.</td><td>3,527,315,808</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>Total, 79th Congress, First Session.</td><td></td><td>$53,060,913,491</td><td>$1,399,008,413</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program 1/
As of April 30, 1946 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">79th Congress, Second Session</td></tr><tr><td>Mar. 22, 1946</td><td>329</td><td>Urgent Deficiency Appropriation Act, 1946.</td><td>$ 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>Apr. 19, 1946</td><td>349</td><td>Joint Resolution (appropriations for increased pay costs).</td><td>6,952,150</td><td>-</td></tr><tr><td colspan="3">Total, 79th Congress, Second Session.</td><td>$ 31,138,942</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 26, 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>$-4,265,000,000</td></tr><tr><td>July 3, 1945</td><td>127</td><td>Joint Resolution (reducing certain appropriations).</td><td>-82,054,000</td><td>-</td></tr><tr><td colspan="5">79th Congress, Second Session:</td></tr><tr><td>Feb. 18, 1946</td><td>301</td><td>First Supplemental Surplus Appropriation Rescission Act, 1946.</td><td>-47,520,755,898</td><td>-2,206,033,879 1/</td></tr><tr><td colspan="3">Total, rescissions.</td><td>$-50,740,567,470</td><td>$-6,471,033,879</td></tr><tr><td colspan="5">In pending legislation 3/</td></tr><tr><td colspan="3">War Department Civil Appropriation Bill, 1947.</td><td>$ 5,594,000</td><td>-</td></tr><tr><td colspan="3">Second Supplemental Surplus Appropriation Rescission Bill, 1946.</td><td>-6,170,207,111</td><td>3/</td></tr><tr><td colspan="3">Second Deficiency Appropriation Bill, 1946.</td><td>1,900,450</td><td>-</td></tr><tr><td colspan="3">Departments of State, Justice, Commerce, and the Judiciary Appropriation Bill, 1947.</td><td>22,400,000</td><td>-</td></tr><tr><td colspan="3">Total pending.</td><td>$ -6,140,312,661</td><td>-</td></tr><tr><td colspan="5">Summary</td></tr><tr><td colspan="3">Total, 76th Congress, Third Session 10/.</td><td>$ 8,994,015,828</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session 10/.</td><td>49,396,437,450</td><td>$ 651,484,363</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>139,736,203,988</td><td>2,407,137,102</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.</td><td>105,916,492,321</td><td>2,484,361,731</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session.</td><td>55,913,179,984</td><td>8,912,909,131</td></tr><tr><td colspan="3">Total, 79th Congress, First Session.</td><td>53,060,913,491</td><td>1,399,008,413</td></tr><tr><td colspan="3">Total, 79th Congress, Second Session.</td><td>31,138,942</td><td>-</td></tr><tr><td colspan="3">Permanent appropriations and net transfers to and from other than war activities appropriations 11/.</td><td>172,768,907</td><td>-</td></tr><tr><td colspan="3">Total approved.</td><td>$413,221,150,910</td><td>$15,854,900,740</td></tr><tr><td colspan="3">Total rescinded.</td><td>-50,740,567,470</td><td>-6,471,033,879</td></tr><tr><td colspan="3">Total pending (79th Congress, Second Session).</td><td>-6,140,312,661</td><td>-</td></tr><tr><td colspan="3">Liquidations of 1940 and prior contract authorizations.</td><td>-467,872,846</td><td>-</td></tr><tr><td colspan="3">Total approved, rescinded, pending appropriations or rescissions, and net contract authorizations 1/.</td><td>$355,872,397,933</td><td>$ 9,383,866,861</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 1b.
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) 2,464,905,021
Public Law No. 375.................................................... 55,000,000
Public Law No. 375 (Estimated by Navy Department) 1,625,000,000
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 $11,433,296,000, 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 28, 1942. Also includes $57,133,291 received as war contributions under authority of the Second War Powers Act and deposits of advance payments made by foreign governments to the Defense Aid Special Fund for the procurement of defense articles amounting to $310,228,987.
June 1946
17
Cash Income and Outgo of the Treasury, by Major Classifications
(lo millions of dollars)
<table><tr><th></th><th colspan="8">1945</th><th colspan="5">1946</th></tr><tr><th></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><th>Apr.</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>2,167</td><td>2,027</td><td>4,757</td><td>1,743</td><td>1,665</td><td>4,208</td><td>1,593</td><td>1,524</td><td>3,366</td><td>2,755</td><td>2,790</td><td>4,838</td><td>1,603</td></tr><tr><td>Employment taxes.</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><td>65</td></tr><tr><td>Miscellaneous internal revenue.</td><td>534</td><td>557</td><td>561</td><td>718</td><td>877</td><td>573</td><td>689</td><td>602</td><td>516</td><td>645</td><td>584</td><td>649</td><td>642</td></tr><tr><td>Customs.</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><td>45</td></tr><tr><td>Other.</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><td>377</td></tr><tr><td>Subtotal.</td><td>2,967</td><td>3,396</td><td>5,906</td><td>2,710</td><td>3,280</td><td>5,192</td><td>2,581</td><td>2,608</td><td>4,112</td><td>3,798</td><td>3,874</td><td>5,762</td><td>2,732</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unemployment Trust Fund (deposits by States and Railroad Retirement Board).</td><td>47</td><td>278</td><td>34</td><td>63</td><td>259</td><td>37</td><td>42</td><td>184</td><td>37</td><td>33</td><td>158</td><td>36</td><td>39</td></tr><tr><td>Other trust funds and accounts.</td><td>210</td><td>233</td><td>214</td><td>239</td><td>174</td><td>369</td><td>282</td><td>295</td><td>257</td><td>162</td><td>245</td><td>153</td><td>162</td></tr><tr><td>Subtotal</td><td>258</td><td>511</td><td>248</td><td>301</td><td>433</td><td>406</td><td>324</td><td>478</td><td>295</td><td>195</td><td>403</td><td>189</td><td>201</td></tr><tr><td>Total cash income.</td><td>3,225</td><td>3,908</td><td>6,154</td><td>3,012</td><td>3,713</td><td>5,597</td><td>2,905</td><td>3,087</td><td>4,407</td><td>3,993</td><td>4,277</td><td>5,950</td><td>2,934</td></tr><tr><td>CASH OUTGO</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities.</td><td>7,139</td><td>8,156</td><td>7,837</td><td>7,325</td><td>6,399</td><td>5,367</td><td>5,126</td><td>4,226</td><td>4,245</td><td>3,417</td><td>2,702</td><td>2,550</td><td>2,560</td></tr><tr><td>Veterans' Administration</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><td>406</td></tr><tr><td>Public works 2/.</td><td>20</td><td>20</td><td>25</td><td>31</td><td>34</td><td>29</td><td>37</td><td>19</td><td>38</td><td>30</td><td>25</td><td>32</td><td>36</td></tr><tr><td>Aid to agriculture 3/.</td><td>85</td><td>82</td><td>16</td><td>78</td><td>36</td><td>26</td><td>35</td><td>20</td><td>26</td><td>46</td><td>40</td><td>62</td><td>78</td></tr><tr><td>Social security program 4/.</td><td>50</td><td>40</td><td>33</td><td>47</td><td>61</td><td>24</td><td>73</td><td>31</td><td>37</td><td>65</td><td>50</td><td>32</td><td>67</td></tr><tr><td>Interest on the public debt 5/.</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><td>143</td></tr><tr><td>Other 6/.</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><td>610</td></tr><tr><td>Subtotal</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>5,385</td><td>4,107</td><td>3,332</td><td>3,924</td><td>3,900</td></tr><tr><td>Trust funds, etc.:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities.</td><td>-68</td><td>32</td><td>113</td><td>71</td><td>63</td><td>57</td><td>34</td><td>-76</td><td>15</td><td>-4</td><td>31</td><td>-96</td><td>85</td></tr><tr><td>Other.</td><td>-32</td><td>-73</td><td>-10</td><td>-5</td><td>-6</td><td>17</td><td>3</td><td>114</td><td>-34</td><td>-37</td><td>-41</td><td>-4</td><td>-1</td></tr><tr><td>Commodity Credit Corporation.</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><td>-4</td></tr><tr><td>Unemployment Trust Fund.</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>133</td><td>113</td></tr><tr><td>Federal Old-Age and Survivors insurance Trust Fund.</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><td>30</td></tr><tr><td>Railroad Retirement Account.</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>13</td><td>12</td></tr><tr><td>Other.</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><td>7</td></tr><tr><td>Subtotal.</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>630</td><td>479</td><td>202</td><td>242</td></tr><tr><td>Redemption of adjusted service bonds.</td><td>-</td><td>-</td><td>108</td><td>43</td><td>14</td><td>7</td><td>5</td><td>4</td><td>3</td><td>3</td><td>2</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>879</td><td>94</td><td>33</td><td>27</td></tr><tr><td>Total cash outgo.</td><td>7,826</td><td>8,494</td><td>8,967</td><td>8,000</td><td>7,855</td><td>6,650</td><td>6,007</td><td>4,809</td><td>5,299</td><td>5,619</td><td>3,907</td><td>4,161</td><td>4,171</td></tr><tr><td>EXCESS OF CASH OUTGO.</td><td>4,601</td><td>4,587</td><td>2,813</td><td>4,988</td><td>4,142</td><td>1,053</td><td>3,101</td><td>1,722</td><td>892</td><td>1,626</td><td>-370</td><td>-1,789</td><td>1,237</td></tr></table>
* Less than $500,000.
1/ These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939.
2/ Comprises Public Buildings Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Authority, forest roads and trails, and reclamation projects.
3/ Consists of Farm Credit Administration, Federal Farm Mortgage Cor-
4 Excludes transactions under transfers to trust accounts, etc.
5 Excludes accrued discount on United States savings bonds, and interest on trust fund investments.
6 Revised to include "Work Projects Administration" and "Civilian Conservation Corps", and to exclude "Surplus property disposal agencies" which, beginning July 1, 1945 are included in "war activities" above.
Total Cash Income and Outgo, by Months
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,640</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,251</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>51,376</td></tr><tr><td>1946</td><td>3,993</td><td>4,277</td><td>5,950</td><td>2,934</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,778</td><td>20,841</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,720</td><td>7,654</td><td>7,795</td><td>7,852</td><td>89,334</td></tr><tr><td>1944</td><td>7,557</td><td>8,032</td><td>8,575</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,301</td><td>8,221</td><td>7,770</td><td>7,978</td><td>7,461</td><td>8,244</td><td>95,149</td></tr><tr><td>1945</td><td>7,805</td><td>7,243</td><td>8,953</td><td>7,826</td><td>8,494</td><td>8,967</td><td>8,000</td><td>7,855</td><td>6,650</td><td>6,007</td><td>4,809</td><td>5,299</td><td>87,906</td></tr><tr><td>1946</td><td>5,619</td><td>3,907</td><td>4,161</td><td>4,171</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Excess of cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>704</td><td>426</td><td>-85</td><td>935</td><td>685</td><td>219</td><td>940</td><td>982</td><td>841</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,982</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,364</td><td>2,121</td><td>5,412</td><td>5,061</td><td>1,971</td><td>51,080</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>2,186</td><td>4,909</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,466</td><td>2,640</td><td>46,588</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>36,730</td></tr><tr><td>1946</td><td>1,626</td><td>-370</td><td>-1,789</td><td>1,237</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
June 1946
19
Assets of the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Bullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposits account of sales of Government securities (War Loan accounts)</th><th>Other deposits and collections</th></tr><tr><td>1936</td><td>2,936</td><td>865</td><td>862</td><td>1,150</td><td>58</td></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,512</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1943</td><td>10,149</td><td>911</td><td>1,033</td><td>7,667</td><td>533</td></tr><tr><td>1944</td><td>30,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>1945-April</td><td>11,809</td><td>777</td><td>1,224</td><td>9,492</td><td>315</td></tr><tr><td>May</td><td>10,055</td><td>688</td><td>1,180</td><td>7,941</td><td>286</td></tr><tr><td>June</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>July</td><td>22,469</td><td>591</td><td>1,252</td><td>20,303</td><td>324</td></tr><tr><td>August</td><td>19,018</td><td>581</td><td>1,300</td><td>16,874</td><td>263</td></tr><tr><td>September</td><td>16,582</td><td>574</td><td>1,755</td><td>13,989</td><td>265</td></tr><tr><td>October</td><td>13,307</td><td>537</td><td>1,124</td><td>11,389</td><td>256</td></tr><tr><td>November</td><td>14,849</td><td>523</td><td>1,372</td><td>12,694</td><td>260</td></tr><tr><td>December</td><td>26,520</td><td>527</td><td>1,674</td><td>24,014</td><td>275</td></tr><tr><td>1946-January</td><td>25,851</td><td>490</td><td>1,011</td><td>24,030</td><td>320</td></tr><tr><td>February</td><td>26,414</td><td>499</td><td>1,209</td><td>24,447</td><td>299</td></tr><tr><td>March</td><td>24,743</td><td>464</td><td>2,160</td><td>21,776</td><td>343</td></tr><tr><td>April</td><td>21,293</td><td>414</td><td>1,124</td><td>19,502</td><td>253</td></tr></table>
Source: Daily Treasury Statement.
Balance in the General Fund of the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total assets</th><th>Total liabilities</th><th>Balance in the General Fund</th></tr><tr><td>1936</td><td>2,936</td><td>254</td><td>2,682</td></tr><tr><td>1937</td><td>2,709</td><td>156</td><td>2,553</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>643</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>1945-April</td><td>11,809</td><td>443</td><td>11,366</td></tr><tr><td>May</td><td>10,055</td><td>430</td><td>9,625</td></tr><tr><td>June</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>July</td><td>22,469</td><td>386</td><td>22,082</td></tr><tr><td>August</td><td>19,018</td><td>387</td><td>18,631</td></tr><tr><td>September</td><td>16,582</td><td>447</td><td>16,134</td></tr><tr><td>October</td><td>13,307</td><td>494</td><td>12,813</td></tr><tr><td>November</td><td>14,849</td><td>404</td><td>14,445</td></tr><tr><td>December</td><td>26,520</td><td>517</td><td>26,003</td></tr><tr><td>1946-January</td><td>25,851</td><td>424</td><td>25,427</td></tr><tr><td>February</td><td>26,414</td><td>453</td><td>25,961</td></tr><tr><td>March</td><td>24,743</td><td>376</td><td>24,367</td></tr><tr><td>April</td><td>21,293</td><td>359</td><td>20,935</td></tr></table>
Daily Treasury Statement.
20
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Change during fiscal year or month</th><th>Total change in General Fund balance</th><th>General and special accounts 1/</th><th>Public debt accounts</th><th>Total</th><th>Trust accounts 2/</th><th>Increment on gold 1/</th><th>Seigniorage on silver</th><th>Miscellaneous funds and accounts 3/</th><th>Checking accounts of Government agencies, etc.</th></tr><tr><td>1936</td><td>840</td><td>-4,550</td><td>5,475 8/</td><td>-85</td><td>34</td><td>-403</td><td>176</td><td>-</td><td>108</td></tr><tr><td>1937</td><td>-128</td><td>-3,119 6/</td><td>2,746 5/</td><td>275</td><td>19</td><td>-99</td><td>40</td><td>-</td><td>314</td></tr><tr><td>1938</td><td>-338</td><td>-1,384</td><td>792 5/</td><td>255</td><td>11</td><td>-51</td><td>90</td><td>-</td><td>204</td></tr><tr><td>1939</td><td>622</td><td>-3,542</td><td>3,280 5/</td><td>884</td><td>29</td><td>-5</td><td>90</td><td>2</td><td>768</td></tr><tr><td>1940</td><td>-947</td><td>-3,611</td><td>2,528</td><td>136</td><td>37</td><td>*</td><td>49</td><td>16</td><td>34</td></tr><tr><td>1941</td><td>742</td><td>-5,103</td><td>5,994</td><td>-148</td><td>37</td><td>*</td><td>20</td><td>11</td><td>-217</td></tr><tr><td>1942</td><td>358</td><td>-19,598</td><td>23,461</td><td>-3,506</td><td>66</td><td>*</td><td>14</td><td>39</td><td>-3,625</td></tr><tr><td>1943</td><td>6,515</td><td>-55,897</td><td>64,274</td><td>-1,861</td><td>92</td><td>*</td><td>-</td><td>241</td><td>-2,194</td></tr><tr><td>1944</td><td>10,662</td><td>-49,595</td><td>64,307</td><td>-4,051</td><td>148</td><td>*</td><td>-</td><td>204</td><td>-4,403</td></tr><tr><td>1945</td><td>4,529</td><td>-53,948</td><td>57,679</td><td>798</td><td>675</td><td>*</td><td>-</td><td>1,302</td><td>-1,178</td></tr><tr><td>1945-April</td><td>-3,911</td><td>-5,040</td><td>1,120</td><td>9</td><td>95</td><td>*</td><td>-</td><td>-15</td><td>-71</td></tr><tr><td>May</td><td>-1,741</td><td>-6,190</td><td>3,763</td><td>686</td><td>462</td><td>*</td><td>-</td><td>70</td><td>154</td></tr><tr><td>June</td><td>15,073</td><td>-3,727</td><td>19,850</td><td>-1,050</td><td>-323</td><td>*</td><td>-</td><td>51</td><td>-778</td></tr><tr><td>July</td><td>-2,615</td><td>-5,862</td><td>3,362</td><td>-116</td><td>101</td><td>*</td><td>35</td><td>-29</td><td>-222</td></tr><tr><td>August</td><td>-3,451</td><td>-4,357</td><td>956</td><td>-50</td><td>2</td><td>*</td><td>8</td><td>-86</td><td>26</td></tr><tr><td>September</td><td>-2,497</td><td>-1,422</td><td>-980</td><td>-95</td><td>-119</td><td>*</td><td>21</td><td>55</td><td>-51</td></tr><tr><td>October</td><td>-3,321</td><td>-3,420</td><td>-203</td><td>302</td><td>129</td><td>*</td><td>17</td><td>-118</td><td>274</td></tr><tr><td>November</td><td>1,632</td><td>-2,282</td><td>3,524</td><td>390</td><td>318</td><td>*</td><td>17</td><td>-24</td><td>79</td></tr><tr><td>December</td><td>11,558</td><td>-1,327</td><td>12,773</td><td>113</td><td>-228</td><td>*</td><td>21</td><td>-74</td><td>395</td></tr><tr><td>1946-January</td><td>-577</td><td>-1,073</td><td>772</td><td>-276</td><td>-229</td><td>*</td><td>43</td><td>-99</td><td>9</td></tr><tr><td>February</td><td>534</td><td>168</td><td>327</td><td>39</td><td>83</td><td>*</td><td>30</td><td>-65</td><td>-9</td></tr><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><tr><td>April</td><td>-3,433</td><td>-1,573</td><td>-2,114</td><td>254</td><td>91</td><td>*</td><td>37</td><td>122</td><td>4</td></tr></table>
Source: Daily Treasury Statement.
1/ 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.
June 1946
21
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
Treasury Bulletin
22
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Public debt outstanding end of fiscal year or month</th><th>Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (Issuance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Cash 1/</th><th>Certificate 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>Certificate of indebtedness, special series 2/</th><th>Ex-changes</th><th>Special issues</th></tr><tr><td>1936</td><td>33,779</td><td>5,078</td><td>14,121</td><td>8,958</td><td>-</td><td>1,669</td><td>-</td><td>2,978</td><td>516</td><td>9,043</td><td>5,542</td><td>-</td><td>2,978</td><td>523</td></tr><tr><td>1937</td><td>36,425</td><td>2,046</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,557</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</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>-</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>9,855</td></tr><tr><td>1945-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><tr><td>April</td><td>273,898</td><td>-2,114</td><td>9,309</td><td>6,283</td><td>-</td><td>-</td><td>-</td><td>2,820</td><td>207</td><td>11,423</td><td>8,485</td><td>-</td><td>2,820</td><td>118</td></tr></table>
Source: Daily Treasury Statement. 
* Less than $500,000. 
1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="7">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th colspan="2">Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th></th><th></th></tr><tr><td>1936</td><td>32,989</td><td>17,368</td><td>1,261</td><td>11,381</td><td>-</td><td>-</td><td>2,354</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>7.1</td><td>1.9</td><td></td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>6.4</td><td>4.3</td><td></td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>3.2</td><td>7.3</td><td></td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td><td></td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td><td></td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>3.3</td><td>12.6</td><td></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>1,096</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>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>6.7</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>45,090</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-April</td><td>233,063</td><td>92,572</td><td>43,351</td><td>18,588</td><td>9,109</td><td>34,478</td><td>17,041</td><td>17,923</td><td>100.0</td><td>39.7</td><td>18.6</td><td>8.0</td><td>3.9</td><td>14.8</td><td>7.3</td><td>7.7</td></tr><tr><td>May</td><td>235,761</td><td>92,572</td><td>44,487</td><td>18,588</td><td>10,031</td><td>34,442</td><td>17,049</td><td>18,592</td><td>100.0</td><td>39.3</td><td>18.9</td><td>7.9</td><td>4.3</td><td>14.6</td><td>7.2</td><td>7.9</td></tr><tr><td>June</td><td>256,357</td><td>106,644</td><td>45,090</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><tr><td>April</td><td>272,711</td><td>121,357</td><td>49,264</td><td>18,261</td><td>7,144</td><td>38,408</td><td>17,054</td><td>21,224</td><td>100.0</td><td>44.5</td><td>18.1</td><td>6.7</td><td>2.6</td><td>14.1</td><td>6.2</td><td>7.8</td></tr></table>
Source: Daily Treasury Statement.
June 1946
23
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
PART A - FISCAL YEARS, 1936-1945
(In millions of dollars)
<table><tr><th></th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="11">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt........................................</td><td>32,989 4,718</td><td>35,800 4,665</td><td>36,576 4,853</td><td>39,886 5,450</td><td>42,376 5,498</td><td>48,387 6,360</td><td>71,968 4,989</td><td>135,380 4,092</td><td>199,543 1,516</td><td>256,357 409</td></tr><tr><td>Guaranteed obligations............................</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total.............................................</td><td>37,707</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>139,472</td><td>201,059</td><td>256,766</td></tr><tr><td>Matured debt and debt bearing no interest........</td><td>790</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td><td>2,350</td></tr><tr><td>Total outstanding................................</td><td>38,497</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td><td>259,115</td></tr></table>
Public debt
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills....................</td><td>2,354</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,508</td><td>11,864</td><td>14,734</td><td>17,041</td></tr><tr><td>Certificates of indebtedness........</td><td>11,381</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,096</td><td>16,561</td><td>28,822</td><td>34,136</td></tr><tr><td>Treasury notes....................</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>882</td><td>9,168</td><td>17,405</td><td>23,497</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>17,168</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>37,202</td><td>48,809</td><td>58,083</td><td>69,693</td></tr><tr><td>Treasury bonds - bank eligible......</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>Postal savings and other bonds......</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total marketable issues............</td><td>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</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>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 Life Insurance Fund........</td><td>280</td><td>316</td><td>396</td><td>473</td><td>559</td><td>656</td><td>796</td><td>1,076</td><td>1,469</td><td>1,868</td></tr><tr><td>Government Retirement Funds........</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>National Service Life Insurance Fund..</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>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>Canal Zone, Postal Savings System.....</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>Railroad Retirement Account...........</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>Unemployment Trust Fund.............</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total 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>10,872</td><td>14,287</td><td>18,812</td></tr><tr><td>Total interest-bearing debt..........</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td></tr><tr><td>Matured debt on which interest has ceased</td><td>169</td><td>119</td><td>141</td><td>142</td><td>205</td><td>205</td><td>98</td><td>141</td><td>201</td><td>269</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps........</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td><td>178</td></tr><tr><td>Excess profits tax refund bonds.....</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td><td>1,028</td></tr><tr><td>United States notes (less gold reserve).</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes.</td><td>424</td><td>310</td><td>252</td><td>215</td><td>190</td><td>173</td><td>159</td><td>766</td><td>732</td><td>655</td></tr><tr><td>Other debt bearing no interest.....</td><td>5</td><td>5</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Total debt bearing no interest.....</td><td>620</td><td>506</td><td>447</td><td>411</td><td>386</td><td>369</td><td>356</td><td>1,175</td><td>1,259</td><td>2,057</td></tr><tr><td>Total public debt outstanding........</td><td>33,779</td><td>36,425</td><td>37,165</td><td>40,440</td><td>42,968</td><td>48,961</td><td>72,422</td><td>136,696</td><td>201,003</td><td>258,682</td></tr></table>
(Continued on following page)
24
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART A - FISCAL YEARS, 1936-1945-(Continued)
(In millions of dollars)
<table><tr><th></th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="11">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,422</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>*</td><td>1</td><td>3</td><td>8</td><td>17</td><td>21</td><td>23</td><td>24</td><td>34</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>3,044</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,563</td><td>1,533</td><td>755</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation</td><td>252</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,741</td><td>1,219</td><td>896</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>3,908</td><td>1,190</td><td>34</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 4/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td><td>375</td></tr><tr><td>Reconstruction Finance Corporation 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</td><td>-</td></tr><tr><td>Total non-marketable issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td><td>326</td><td>375</td></tr><tr><td>Total interest-bearing debt</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td><td>409</td></tr><tr><td>Matured debt on which interest has ceased</td><td>-</td><td>-</td><td>*</td><td>1</td><td>31</td><td>11</td><td>20</td><td>8</td><td>107</td><td>24</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>4,718</td><td>4,665</td><td>4,853</td><td>5,451</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1,623</td><td>433</td></tr></table>
PART B - MONTHLY DATA
(In millions of dollars)
<table><tr><th></th><th colspan="10">1945</th><th colspan="5">1946</th></tr><tr><th></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><th>Apr. 30</th></tr><tr><td colspan="13">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>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><td>272,711</td></tr><tr><td>Guaranteed obligations</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><td>533</td></tr><tr><td>Total</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><td>273,244</td></tr><tr><td>Matured debt and debt bearing no interest</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><td>1,199</td></tr><tr><td>Total outstanding</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><td>274,443</td></tr><tr><td colspan="13">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>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><td>17,054</td></tr><tr><td>Certificate of indebtedness</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><td>38,408</td></tr><tr><td>Treasury notes</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>22,967</td><td>19,551</td><td>19,551</td><td>18,261</td><td>18,261</td><td>18,261</td></tr><tr><td>Treasury bonds - bank restricted 2/</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>40,623</td><td>52,216</td><td>53,151</td><td>53,427</td><td>53,459</td><td>53,459</td><td>53,459</td></tr><tr><td>Treasury bonds - bank eligible</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>68,207</td><td>68,207</td><td>68,207</td><td>68,207</td><td>67,718</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>180</td><td>180</td><td>180</td><td>180</td><td>180</td></tr><tr><td>Total marketable issues</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><td>195,079</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>42,626</td><td>43,767</td><td>45,586</td><td>46,508</td><td>46,715</td><td>46,741</td><td>46,786</td><td>47,473</td><td>48,183</td><td>48,588</td><td>48,692</td><td>48,733</td><td>48,828</td></tr><tr><td>Treasury notes - tax and savings series 3/</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>7,365</td><td>7,144</td></tr><tr><td>Adjusted service bonds</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Depositary bonds</td><td>508</td><td>503</td><td>505</td><td>516</td><td>516</td><td>516</td><td>510</td><td>497</td><td>497</td><td>474</td><td>471</td><td>451</td><td>436</td></tr><tr><td>Total non-marketable issues</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><td>56,408</td></tr><tr><td>Total public issues</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><td>251,487</td></tr></table>
(Continued on following page)
June 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="8">1945</th><th colspan="6">1946</th></tr><tr><th></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><th>Apr. 30</th></tr><tr><td colspan="13">Public debt - (Continued)</td></tr><tr><td>Interest-bearing debt (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund....</td><td>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><td>12</td></tr><tr><td>Federal Deposit Insurance Corporation....</td><td>232</td><td>252</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><td>85</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund....</td><td>5,216</td><td>5,216</td><td>5,308</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><td>5,581</td></tr><tr><td>Federal Savings and Loan Insurance Corporation....</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><td>46</td></tr><tr><td>Government Life Insurance Fund....</td><td>557</td><td>559</td><td>589</td><td>592</td><td>593</td><td>599</td><td>600</td><td>602</td><td>605</td><td>606</td><td>606</td><td>612</td><td>612</td></tr><tr><td>Government Retirement Funds....</td><td>1,777</td><td>1,789</td><td>1,858</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><td>2,089</td></tr><tr><td>National Service Life Insurance Fund....</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><td>4,935</td></tr><tr><td>Postal Savings System....</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><td>604</td></tr><tr><td>Canal Zone, Postal Savings System....</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>695</td><td>642</td><td>667</td></tr><tr><td>Railroad Retirement Account....</td><td>6,526</td><td>6,809</td><td>6,747</td><td>6,782</td><td>7,033</td><td>7,013</td><td>6,923</td><td>6,988</td><td>6,798</td><td>6,748</td><td>6,748</td><td>6,668</td><td>6,588</td></tr><tr><td>Unemployment Trust 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><td></td></tr><tr><td>Total special issues....</td><td>17,923</td><td>18,592</td><td>18,622</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><td>21,224</td></tr><tr><td>Total interest-bearing debt....</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>262,049</td><td>275,694</td><td>277,456</td><td>277,912</td><td>274,748</td><td>272,711</td></tr><tr><td>Prepayments on securities....</td><td>-</td><td>947</td><td>-</td><td>-</td><td>-</td><td>-</td><td>54</td><td>192</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Matured debt on which interest has ceased....</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><td>209</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps....</td><td>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><td>104</td></tr><tr><td>Access profits tax refund bonds....</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>1,151</td><td>1,128</td><td>240</td><td>145</td><td>109</td><td>82</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>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><td>596</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>1,831</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><td>979</td></tr><tr><td>Total public debt outstanding....</td><td>235,069</td><td>238,832</td><td>258,682</td><td>262,045</td><td>263,001</td><td>262,020</td><td>261,817</td><td>265,342</td><td>278,115</td><td>278,687</td><td>279,214</td><td>276,012</td><td>273,898</td></tr><tr><td colspan="13">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation....</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation....</td><td>34</td><td>34</td><td>34</td><td>34</td><td>35</td><td>37</td><td>39</td><td>39</td><td>41</td><td>39</td><td>39</td><td>40</td><td>41</td></tr><tr><td>Federal Housing Administration....</td><td>755</td><td>755</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation....</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total marketable issues....</td><td>788</td><td>789</td><td>34</td><td>34</td><td>35</td><td>37</td><td>39</td><td>39</td><td>41</td><td>39</td><td>39</td><td>40</td><td>41</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 4/....</td><td>343</td><td>362</td><td>375</td><td>450</td><td>479</td><td>490</td><td>502</td><td>497</td><td>512</td><td>506</td><td>499</td><td>501</td><td>492</td></tr><tr><td>Total interest-bearing debt....</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><td>533</td></tr><tr><td>Matured debt on which interest has ceased....</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><td>11</td></tr><tr><td>Total guaranteed obligations outstanding....</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><td>544</td></tr></table>
Source: Daily Treasury Statement. Less than $500,000. 1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table. 2/ Bank restricted issues are those which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to a specified date, with two exceptions: (1) concurrently with the 4th, 5th and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their earning deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral.
3/ The face value of any yearly series of United States savings bonds and Treasury savings notes maturing from month to month which are not currently presented for retirement are included in the interest-bearing debt until all the bonds or notes of the series have matured.
4/ Demand obligations 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
June 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>End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>1936</td><td>37,707</td><td>970</td><td>2.573</td><td>32,989</td><td>845</td><td>2.562</td><td>4,718</td><td>125</td><td>2.650</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,859</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-April</td><td>234,194</td><td>4,512</td><td>1.927</td><td>233,053</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><tr><td>April</td><td>273,244</td><td>5,430</td><td>1.987</td><td>272,711</td><td>5,423</td><td>1.989</td><td>533</td><td>7</td><td>1.354</td></tr></table>
Source: 1/ Daily Treasury Statement. 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
(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>8,116</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-April</td><td>11,602</td><td>1,762</td><td>116</td><td>398</td><td>304</td><td>8,965</td><td>57</td></tr><tr><td>May</td><td>11,320</td><td>1,546</td><td>111</td><td>398</td><td>281</td><td>8,927</td><td>57</td></tr><tr><td>June</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>July</td><td>12,468</td><td>1,602</td><td>326</td><td>383</td><td>987</td><td>9,113</td><td>57</td></tr><tr><td>August</td><td>12,427</td><td>1,679</td><td>146</td><td>383</td><td>961</td><td>9,202</td><td>57</td></tr><tr><td>September</td><td>12,492</td><td>1,724</td><td>130</td><td>383</td><td>944</td><td>9,255</td><td>57</td></tr><tr><td>October</td><td>12,269</td><td>1,683</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>1,525</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>1,295</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><tr><td>April</td><td>11,373</td><td>1,105</td><td>27</td><td>383</td><td>780</td><td>9,021</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 April 30, 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>Amount of securities outstanding subject to such statutory debt limitation:</td><td></td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended 1/.</td><td>283,560</td></tr><tr><td>Guaranteed securities 2/.</td><td>544</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>284,104</td></tr><tr><td>Balance issuable under such authority.</td><td>15,896</td></tr></table>
Source: Public Debt Service. 1/ For comparison with the public debt outstanding, see following 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, April 30, 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>17,054</td><td>17,054</td></tr><tr><td>Certificates of indebtedness</td><td>38,408</td><td>38,408</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>194,900</td><td>195,079</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td></tr><tr><td>U. S. savings bonds { Current redemption value Maturity value</td><td>59,468</td><td>48,828</td></tr><tr><td>Treasury savings notes</td><td>7,144</td><td>7,144</td></tr><tr><td>Depository bonds</td><td>436</td><td>436</td></tr><tr><td>Total non-marketable issues</td><td>67,048</td><td>56,408</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>21,224</td><td>21,224</td></tr><tr><td>Total interest-bearing securities</td><td>283,171</td><td>272,711</td></tr><tr><td>Matured securities on which interest has ceased</td><td>203</td><td>209</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>104</td><td>104</td></tr><tr><td>Excess profits tax refund bonds</td><td>82</td><td>82</td></tr><tr><td>Currency items, etc. 3/</td><td>-</td><td>793</td></tr><tr><td>Total obligations bearing no interest</td><td>186</td><td>979</td></tr><tr><td>Total</td><td>283,550</td><td>273,898</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 speci-
3/ Consists of United States notes (less gold reserve); deposits for retirement of national bank and Federal Reserve Bank notes; and other obligations bearing no interest.
June 1946
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of April 30, 1946
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1946-May....</td><td>Treasury bills 7/8% Certificate - 5/1/46</td><td>6,558</td><td></td><td></td><td>Various</td><td>taxable</td><td></td></tr><tr><td>June....</td><td>Treasury bills 7/8% Certificate 3% Treasury bond - 6/1/46 6/15/46-48 3-1/8% Treasury bond - 6/15/46-49</td><td>1,579 5,212 1,036 819</td><td></td><td></td><td>Various 6/1/45 6/15/34 6/15/31</td><td>taxable taxable partially partially</td><td></td></tr><tr><td>July....</td><td>Treasury bills 0.90% Treasury note - 7/1/46</td><td>5,255 4,910</td><td></td><td></td><td>Various 6/1/45</td><td>taxable 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>Sep....</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 - 10/1/45</td><td>3,140</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>51,249</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-Jan....</td><td>3% Conversion bond 7/8% Certificate - 1/1/47 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 1-1/4% Treasury note - 3/1/47 3/15/47</td><td>3,133 1,948</td><td></td><td></td><td>3/1/46 6/26/44</td><td>taxable taxable</td><td></td></tr><tr><td>Apr....</td><td>7/8% Certificate - 4/1/47</td><td>2,820</td><td></td><td></td><td>4/1/46</td><td>taxable</td><td></td></tr><tr><td>Sept....</td><td>1-1/2% Treasury note 1-1/4% Treasury note - 9/15/47 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>21,294</td><td>759</td><td></td><td></td><td></td><td></td></tr><tr><td>1948-Mar....</td><td>2% Treasury bond 2-3/4% Treasury bond - 3/15/48-50 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 1-1/2% Treasury note - 9/15/48 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 3-1/8% Treasury bond 2-1/2% Treasury bond - 12/15/49-51 12/15/49-52 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 2% Treasury bond - 3/15/48-50 3/15/50-52</td><td></td><td></td><td>1,115 1,953</td><td>3/15/41 10/19/42</td><td>taxable taxable</td><td></td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond 2% Treasury bond - 9/15/50-52 9/15/50-52</td><td></td><td>1,186 4,939</td><td></td><td>9/15/38 4/15/43</td><td>partially taxable</td><td></td></tr><tr><td>Dec....</td><td>2% Treasury bond 1-1/2% Treasury bond - 12/15/48-50 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 April 30, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1951-Mar....</td><td>2-3/4% Treasury bond - 3/15/48-51</td><td>.....</td><td>.....</td><td>1,223</td><td>3/16/36</td><td>partially</td><td>.....</td></tr><tr><td>June....</td><td>2% Treasury bond - 6/15/49-51</td><td>.....</td><td>1,627</td><td>1,014</td><td>1/15/42 6/15/36</td><td>taxable partially</td><td>.....</td></tr><tr><td>Sept....</td><td>2% Treasury bond - 9/15/49-51</td><td>.....</td><td>.....</td><td>1,292</td><td>5/15/42 9/15/43 9/15/31</td><td>taxable taxable partially</td><td>.....</td></tr><tr><td></td><td>3% Treasury bond - 9/15/51-55</td><td>.....</td><td>7,986</td><td>.....</td><td></td><td></td><td></td></tr><tr><td>Dec....</td><td>2% Treasury bond - 12/15/49-51</td><td>.....</td><td>1,118</td><td>2,098</td><td>7/15/42 12/22/39</td><td>taxable partially</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-53</td><td>.....</td><td>510</td><td>.....</td><td>12/15/41</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 12/15/51-55</td><td>.....</td><td></td><td>.....</td><td></td><td></td><td></td></tr><tr><td>Total....</td><td></td><td>.....</td><td>11,996</td><td>5,628</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1952-Mar....</td><td>2% Treasury bond - 3/15/50-52</td><td>.....</td><td>.....</td><td>1,953</td><td>10/19/42 3/31/42</td><td>taxable taxable</td><td>.....</td></tr><tr><td></td><td>2-1/2% Treasury bond - 3/15/52-54</td><td>.....</td><td>1,024</td><td>.....</td><td>6/26/44 2/25/42</td><td>taxable taxable</td><td>.....</td></tr><tr><td>June....</td><td>2% Treasury bond - 6/15/52-54</td><td>.....</td><td>5,825</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 6/15/52-55</td><td>.....</td><td>1,501</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond - 9/15/50-52</td><td>.....</td><td>.....</td><td>1,186</td><td>9/15/38 4/15/43</td><td>partially taxable</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 9/15/50-52</td><td>.....</td><td>.....</td><td>4,939</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Oct....</td><td>4-1/4% Treasury bond - 10/15/47-52</td><td>.....</td><td>.....</td><td>759</td><td>10/16/22</td><td>partially</td><td>.....</td></tr><tr><td>Dec....</td><td>3-1/8% Treasury bond - 12/15/49-52</td><td>.....</td><td>.....</td><td>491</td><td>12/15/34 12/1/44</td><td>partially taxable</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 12/15/52-54</td><td>.....</td><td>8,662</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Total....</td><td></td><td>.....</td><td>17,012</td><td>9,338</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1953-June....</td><td>2% Treasury bond - 6/15/53-55</td><td>.....</td><td>725</td><td>.....</td><td>10/7/40</td><td>partially</td><td>.....</td></tr><tr><td>Sept....</td><td>2% Treasury bond - 9/15/51-53</td><td>.....</td><td>.....</td><td>7,986</td><td>9/15/43</td><td>taxable</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/49-53</td><td>.....</td><td>.....</td><td>1,786</td><td>12/15/36 12/22/39</td><td>partially partially</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-53</td><td>.....</td><td>.....</td><td>1,118</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Total....</td><td></td><td>.....</td><td>725</td><td>10,890</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1954-Mar....</td><td>2-1/2% Treasury bond - 3/15/52-54</td><td>.....</td><td>.....</td><td>1,024</td><td>3/31/41</td><td>taxable</td><td>.....</td></tr><tr><td>June....</td><td>2-3/4% Treasury bond - 6/15/51-54</td><td>.....</td><td>.....</td><td>1,627</td><td>6/15/36 6/26/44</td><td>partially taxable</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 6/15/52-54</td><td>.....</td><td>5,825</td><td>.....</td><td>7/22/40</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2-1/4% Treasury bond - 6/15/54-56</td><td>.....</td><td>681</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Dec....</td><td>2% Treasury bond - 12/15/52-54</td><td>.....</td><td>.....</td><td>8,662</td><td>12/1/44</td><td>taxable</td><td>.....</td></tr><tr><td>Total....</td><td></td><td>.....</td><td>681</td><td>17,138</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1955-Mar....</td><td>2-7/8% Treasury bond - 3/15/55-60</td><td>.....</td><td>2,611</td><td>.....</td><td>3/15/35</td><td>partially</td><td>.....</td></tr><tr><td>June....</td><td>2-1/4% Treasury bond - 6/15/52-55</td><td>.....</td><td>.....</td><td>1,501</td><td>2/25/42 10/7/40</td><td>taxable partially</td><td>.....</td></tr><tr><td></td><td>2% Treasury bond - 6/15/53-55</td><td>.....</td><td>725</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Sept....</td><td>3% Treasury bond - 9/15/51-55</td><td>.....</td><td>.....</td><td>755</td><td>9/15/31</td><td>partially</td><td>.....</td></tr><tr><td>Dec....</td><td>2% Treasury bond - 12/15/51-55</td><td>.....</td><td>.....</td><td>510</td><td>12/15/41</td><td>taxable</td><td>.....</td></tr><tr><td>Total....</td><td></td><td>.....</td><td>2,611</td><td>3,491</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1956-Mar....</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td>.....</td><td>1,449</td><td>.....</td><td>6/2/41</td><td>taxable</td><td>.....</td></tr><tr><td>June....</td><td>2-1/4% Treasury bond - 6/15/54-56</td><td>.....</td><td>.....</td><td>681</td><td>7/22/40</td><td>partially</td><td>.....</td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>982</td><td>.....</td><td>9/15/36 2/1/44</td><td>partially taxable</td><td>9/15/46</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>3,823</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Total....</td><td></td><td>.....</td><td>6,253</td><td>681</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1958-Mar....</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td>.....</td><td>.....</td><td>1,449</td><td>6/2/41</td><td>taxable</td><td>.....</td></tr><tr><td>June....</td><td>2-3/4% Treasury bond - 6/15/58-63</td><td>.....</td><td>919</td><td>.....</td><td>6/15/38</td><td>partially</td><td>.....</td></tr><tr><td>Total....</td><td></td><td>.....</td><td>919</td><td>1,449</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1959-June....</td><td>2-1/4% Treasury bond - 6/15/59-62</td><td>.....</td><td>5,284</td><td>.....</td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>.....</td><td>982</td><td>9/15/36 2/1/44</td><td>partially taxable</td><td>9/15/46</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/56-59</td><td>.....</td><td>3,823</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td>.....</td><td>3,467</td><td>.....</td><td>11/15/45</td><td>taxable</td><td>12/15/52</td></tr><tr><td>Total....</td><td></td><td>.....</td><td>8,751</td><td>4,804</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
(Continued on following page)
June 1946
31
Maturity Schedule of Interest-Bearing Public Marketable Securities
issued by the United States
As of April 30, 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></td><td>2-1/2% Treasury bond - 6/15/62-67</td><td>.....</td><td>2,118</td><td>.....</td><td>5/5/42</td><td>taxable</td><td>5/5/52</td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td>.....</td><td>.....</td><td>3,467</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></td><td>2-1/2% Treasury bond - 6/15/67-72</td><td>.....</td><td>7,967</td><td>.....</td><td>6/1/45</td><td>taxable</td><td>6/15/62</td></tr><tr><td>Sept....</td><td>2-1/2% Treasury bond - 9/15/67-72</td><td>.....</td><td>2,716</td><td>.....</td><td>10/20/41</td><td>taxable</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/67-72</td><td>.....</td><td>11,691</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-Deo...</td><td>2-1/2% Treasury bond - 12/15/63-68</td><td>.....</td><td>.....</td><td>2,631</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>
Source: Daily Treasury Statement, and reports to the Treasury.
1/ Excludes (1) postal savings bonds and (2) Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding).
2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities.
3/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. 4/ Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to a specified date. See footnote 2, page 25.
32
Treasury Bulletin
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date terms of offering were announced</th><th>Date subscription books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses)</th><th colspan="2">Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th>1/</th><th>Cash 2/</th><th>Exchange</th><th>For cash</th><th>In exchange for other securities</th><th></th></tr><tr><td>11/22/43</td><td>1/18/44</td><td>4th War Loan securities: 3/ 2-1/2% Treas. bond- 3/15/65-70 1/2 (2/1/44) 2-1/4% Treas. bond- 9/15/58-59 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) 2-1/2% Treas. bond- 3/15/65-70 1/2 (2/1/44) 2-1/4% Treas. bond- 9/15/58-59 1/2 (2/1/44) 1-1/2% Treas. note- 9/15/48 (3/15/44) 7/8% Certificate- 4/1/45 (4/1/44) 7/8% Certificate- 5/1/45 (5/1/44)</td><td>1 yr,1 m (21 yr) 26 yr (21 yr) 15 yr,6 m (12 yr,6 m) 5/ 1 yr 1 yr</td><td>- - - - -</td><td>2,127 77 95 3,748 4,877 1,615</td><td>- - - - -</td><td>2,127 77 95 3,748 4,877 1,615</td><td>100 100 100 100 100 100</td></tr><tr><td>3/2/44</td><td>3/2/44</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/22/44</td><td>3/22/44</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) 1/ 10 yr (8 yr) 2 yr,9 m 11 m</td><td>2,909 5,825 1,948 4,770</td><td>- - - -</td><td>2,909 5,825 1,948 4,770</td><td>100 100 100 100</td></tr><tr><td>4/1/44</td><td>6/12/44</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/20/44</td><td>7/20/44</td><td>7/8% Certificate- 8/1/45 (8/1/44) 7/8% Certificate- 9/1/45 (9/1/44) 1% Treas. note- 3/15/46 5/ (11/1/41) 7/8% Certificate- 10/1/45 (10/1/44)</td><td>1 yr 1 yr 1 yr,6 m 1 yr</td><td>- - - -</td><td>2,511 3,694 788 3,492</td><td>- - - -</td><td>2,511 3,694 788 3,492</td><td>100 100 100 100</td></tr><tr><td>8/24/44</td><td>8/24/44</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>8/24/44</td><td>8/24/44</td><td>6th War Loan securities: 3/ 2-1/2% Treas. bond- 3/15/65-71 1/2 (12/1/44) 2% Treas. bond-12/15/52-54 (12/1/44) 1-1/4% Treas. note- 9/15/47 (12/1/44) 7/8% Certificate- 12/1/45 (12/1/44)</td><td>26 yr,3 m (21 yr,3 m) 10 yr (8 yr) 2 yr,9 m 1 yr</td><td>3,448 7,922 1,550 4,395</td><td>- - - -</td><td>3,448 7,922 1,550 4,395</td><td>100 100 100 100</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>11/17/44</td><td>11/20/44</td><td>.90% Treas. note- 1/1/46 (12/1/44) 2-1/2% Treas. bond- 3/15/65-71 1/2 (12/1/44) 2% Treas. bond- 12/15/52-54 (12/1/44) 1-1/4% Treas. note- 9/15/47 (12/1/44) 7/8% Certificate- 2/1/46 (2/1/45) 7/8% Certificate- 3/1/46 (3/1/45) 7/8% Certificate- 4/1/46 (4/1/45) 7/8% Certificate- 5/1/46 (5/1/45)</td><td>1 yr,1 m (21 yr,1 m) 26 yr,3 m (21 yr,3 m) 10 yr (8 yr) 10/ 2 yr,9 m10/ 1 yr 1 yr 1 yr 1 yr</td><td>- - - - - - - -</td><td>3,416 33 740 137 5,043 4,147 4,811 1,579</td><td>- - - - - - - -</td><td>3,416 33 740 137 5,043 4,147 4,811 1,579</td><td>100 100 100 100 100 100 100 100</td></tr><tr><td>11/17/44</td><td>11/20/44</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1/22/45</td><td>1/22/45</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-12/15/50 (6/1/45) 7/8% Certificate- 6/1/46 (6/1/45)</td><td>27 yr (22 yr) 17 yr (14 yr) 5 yr,6 m 1 yr</td><td>7,957 5,284 2,635 4,799</td><td>- - - -</td><td>7,957 5,284 2,635 4,799</td><td>100 100 100 100</td></tr><tr><td>4/11/45</td><td>5/14/45</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5/21/45</td><td>5/21/45</td><td>.90% Treas. notes- 7/1/46 (6/1/45) 7/8% Certificate- 8/1/46 (8/1/45) 7/8% Certificate- 9/1/46 (9/1/45)</td><td>1 yr,1 m 1 yr 1 yr</td><td>- - -</td><td>4,910 2,470 4,336</td><td>- - -</td><td>4,910 2,470 4,336</td><td>100 100 100</td></tr><tr><td>7/23/45</td><td>7/23/45</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>8/20/45</td><td>8/20/45</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>9/12/45</td><td>10/29/45</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>9/24/45</td><td>9/24/45</td><td>7/8% Certificate- 10/1/46 (10/1/45) 7/8% Certificate- 11/1/46 (12/1/45) 7/8% Certificate- 1/1/47 (1/1/46)</td><td>1 yr 11 m 1 yr</td><td>- - -</td><td>3,440 3,778 3,330</td><td>- - -</td><td>3,440 3,778 3,330</td><td>100 100 100</td></tr><tr><td>11/19/45</td><td>11/19/45</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>12/17/45</td><td>12/17/45</td><td>7/8% Certificate- 2/1/47 (2/1/46) 7/8% Certificate- 3/1/47 (3/1/46) 7/8% Certificate- 4/1/47 (4/1/46) 7/8% Certificate- 6/1/47 (6/1/46)</td><td>1 yr 1 yr 1 yr 1 yr</td><td>- - - -</td><td>4,954 4,106 4,742 n.a.</td><td>- - - -</td><td>4,954 4,106 4,742 n.a.</td><td>100 76 59 n.a.</td></tr><tr><td>1/21/46</td><td>1/21/46</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2/18/46</td><td>2/18/46</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/20/46</td><td>3/20/46</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>5/20/46</td><td>5/20/46</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="8">Source: Bureau of the Public Debt.</td><td>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.</td></tr><tr><td colspan="8">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.</td><td>5/ Reopening of previously offered security. Interest commenced on March 15, 1944.</td></tr><tr><td colspan="8">2/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds.</td><td>7/ Interest commenced on June 26, 1944.</td></tr><tr><td colspan="8">3/</td><td>8/ Interest commenced on September 15, 1944.</td></tr></table>
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 26, 1944.
8 Interest commenced on September 15, 1944.
9 This is the same security that was offered in the Sixth War Loan.
10 Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
June 1946
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United State
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th>Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount out- standing</th><th colspan="3">Disposition offers by Treasury</th><th colspan="2">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>Re- changed</th><th>Turned in for cash</th><th>Percent ex- changed</th><th></th></tr><tr><td>2/1/44 2/1/44</td><td>1-3/8% PFRA note - 2/1/44 (2/1/39) 7/8% Certificate - 2/1/44 (2/1/43)</td><td>114 2,211</td><td>114 -</td><td>2,211 -</td><td>2,127</td><td>84</td><td>96</td><td>.90% Treas. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>3-1/4% ITMO bond - 3/15/44-64 (3/15/34) 3% ITMO bond - 5/15/44-49 (5/15/34) 1% EHC note - 4/15/44 (7/3/41) 3% HOLL bond - 5/1/44-52 (5/1/34) 3-1/4% 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>19 130 12 175 296 32 146</td><td>80 84 98 78 81 94 65</td><td>2-1/4% Treas. bond - 9/15/56-59 2-1/2% Treas. bond - 3/15/65-70 1-1/2% Treas. note - 9/15/48</td></tr><tr><td></td><td>Totals for exchange transaction of 3/15/44</td><td>4,729</td><td>-</td><td>4,729</td><td>3,919</td><td>810</td><td>83</td><td></td></tr><tr><td>4/1/44 5/1/44 8/1/44 9/1/44</td><td>7/8% Certificate - 4/1/44 (4/15/43) 7/8% Certificate - 5/1/44 (5/1/43) 7/8% Certificate - 8/1/44 (8/2/43) 7/8% Certificate - 9/1/44 (9/15/43)</td><td>5,251 1,655 2,545 4,122</td><td>-</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>-</td><td>918</td><td>788</td><td>130</td><td>86</td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% Certificate - 10/1/44 (10/15/43) 7/8% Certificate - 12/1/44 (12/1/43)</td><td>3,519 3,540</td><td>-</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>4% Treas. bond - 12/15/44-54 (12/15/44)</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% Treas. bond - 12/15/52-54 2-1/2% Treas. bond - 3/15/66-71</td></tr><tr><td>2/1/45</td><td>7/8% Certificate - 2/1/45 (2/1/44) 1-1/8% GCC 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>-</td><td>5,460</td><td>5,043</td><td>416</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>.90% Treas. note - 3/1/45 (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 1,546</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>-</td><td>4,451</td><td>4,147</td><td>304</td><td>93</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% HOLL 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>-</td><td>5,525</td><td>4,910</td><td>615</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8% Certificate - 8/1/45 (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>-</td><td>4,908</td><td>4,336</td><td>572</td><td>88</td><td></td></tr><tr><td>10/2/45</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>-</td><td>5,467</td><td>3,778</td><td>1,689</td><td>69</td><td></td></tr><tr><td>1/1/46</td><td>3% Conversion bond - 1/1/46 (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 - 2/1/46 (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</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)</td><td>4,147 489 1,291</td><td>1,014 489</td><td>3,133 -</td><td>3,133 -</td><td>-</td><td>3/</td><td>7/8% Certificate - 3/1/47</td></tr><tr><td>4/1/46 5/1/46</td><td>7/8% Certificate - 4/1/46 (4/1/45) 7/8% Certificate - 5/1/46 (5/1/45)</td><td>4,811 1,579</td><td>1,991 1,579</td><td>2,820 -</td><td>2,820 -</td><td>-</td><td>3/</td><td>7/8% Certificate - 4/1/47</td></tr><tr><td>6/1/46</td><td>7/8% Certificate - 6/1/46 (6/1/45) 3% Treas. bond - 6/15/46-48 (6/15/34)</td><td>4,799 1,036</td><td>2,000 p 1,036</td><td>2,799 p -</td><td>a.e. -</td><td>-</td><td>3/</td><td>7/8% Certificate - 6/1/47</td></tr><tr><td>6/15/46</td><td>3-1/8% Treas. bond - 6/15/46-49 (6/15/31)</td><td>819</td><td>819</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr></table>
Source: Bureau of the Public Debt. p. Preliminary. n.a. Not available. 1/ Original call and maturity dates are used. 2/ Bank restricted issue. 3/ Prior to the refunding operation of March 1, 1946, maturing for
sues 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
Treasury Bulletin
34
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th colspan="7">Description of new issue</th><th rowspan="2">Amount of maturing issues (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th></tr><tr><td>1945-Apr. 5</td><td>1945-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>17,035.7</td></tr><tr><td>Apr. 19</td><td>July 19</td><td>91</td><td>2,092.1</td><td>1,318.2</td><td>1,255.0</td><td>63.2</td><td>1,302.6</td><td>17,049.3</td></tr><tr><td>Apr. 26</td><td>July 26</td><td>91</td><td>2,109.3</td><td>1,310.3</td><td>1,254.2</td><td>56.0</td><td>1,318.4</td><td>17,041.2</td></tr><tr><td>May 3</td><td>Aug. 2</td><td>91</td><td>2,048.7</td><td>1,314.3</td><td>1,264.8</td><td>49.5</td><td>1,315.8</td><td>17,039.8</td></tr><tr><td>May 10</td><td>Aug. 9</td><td>91</td><td>2,012.9</td><td>1,307.4</td><td>1,252.9</td><td>54.5</td><td>1,310.2</td><td>17,037.0</td></tr><tr><td>May 17</td><td>Aug. 16</td><td>91</td><td>2,029.9</td><td>1,307.4</td><td>1,255.1</td><td>52.3</td><td>1,300.1</td><td>17,044.3</td></tr><tr><td>May 24</td><td>Aug. 23</td><td>91</td><td>2,067.9</td><td>1,313.1</td><td>1,262.1</td><td>51.0</td><td>1,308.7</td><td>17,048.7</td></tr><tr><td>May 31</td><td>Aug. 30</td><td>91</td><td>2,043.1</td><td>1,314.4</td><td>1,263.0</td><td>51.4</td><td>1,314.2</td><td>17,048.9</td></tr><tr><td>June 7</td><td>Sept. 6</td><td>91</td><td>2,071.4</td><td>1,302.3</td><td>1,251.7</td><td>50.6</td><td>1,310.2</td><td>17,041.1</td></tr><tr><td>June 14</td><td>Sept. 13</td><td>91</td><td>2,112.8</td><td>1,309.8</td><td>1,251.5</td><td>58.3</td><td>1,316.1</td><td>17,034.7</td></tr><tr><td>June 21</td><td>Sept. 20</td><td>91</td><td>2,243.0</td><td>1,305.3</td><td>1,246.5</td><td>58.9</td><td>1,302.5</td><td>17,037.5</td></tr><tr><td>June 28</td><td>Sept. 27</td><td>91</td><td>2,256.3</td><td>1,317.8</td><td>1,253.9</td><td>63.9</td><td>1,314.0</td><td>17,041.3</td></tr><tr><td>July 5</td><td>Oct. 4</td><td>91</td><td>2,028.5</td><td>1,304.9</td><td>1,253.0</td><td>51.9</td><td>1,317.1</td><td>17,029.1</td></tr><tr><td>July 12</td><td>Oct. 11</td><td>91</td><td>2,233.0</td><td>1,310.6</td><td>1,252.7</td><td>58.0</td><td>1,303.9</td><td>17,035.8</td></tr><tr><td>July 19</td><td>Oct. 18</td><td>91</td><td>2,044.7</td><td>1,305.5</td><td>1,237.4</td><td>68.1</td><td>1,318.2</td><td>17,023.1</td></tr><tr><td>July 26</td><td>Oct. 25</td><td>91</td><td>2,046.9</td><td>1,312.1</td><td>1,252.0</td><td>60.1</td><td>1,310.3</td><td>17,024.9</td></tr><tr><td>Aug. 2</td><td>Nov. 1</td><td>91</td><td>1,938.6</td><td>1,317.0</td><td>1,267.6</td><td>49.4</td><td>1,314.3</td><td>17,027.5</td></tr><tr><td>Aug. 9</td><td>Nov. 8</td><td>91</td><td>2,008.2</td><td>1,318.7</td><td>1,265.3</td><td>53.4</td><td>1,307.4</td><td>17,038.9</td></tr><tr><td>Aug. 16</td><td>Nov. 15</td><td>91</td><td>2,006.0</td><td>1,314.5</td><td>1,257.4</td><td>57.1</td><td>1,307.4</td><td>17,045.9</td></tr><tr><td>Aug. 23</td><td>Nov. 23</td><td>92</td><td>1,956.4</td><td>1,310.6</td><td>1,260.3</td><td>50.3</td><td>1,313.1</td><td>17,043.5</td></tr><tr><td>Aug. 30</td><td>Nov. 29</td><td>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>1,269.8</td><td>46.2</td><td>1,309.0</td><td>17,026.3</td></tr><tr><td>Dec. 6</td><td>Mar. 7</td><td>91</td><td>2,163.0</td><td>1,303.5</td><td>1,254.7</td><td>48.8</td><td>1,306.1</td><td>17,023.7</td></tr><tr><td>Dec. 13</td><td>Mar. 14</td><td>91</td><td>2,085.4</td><td>1,301.8</td><td>1,246.2</td><td>55.6</td><td>1,302.0</td><td>17,023.5</td></tr><tr><td>Dec. 20</td><td>Mar. 21</td><td>91</td><td>2,030.9</td><td>1,316.5</td><td>1,262.1</td><td>54.4</td><td>1,306.7</td><td>17,033.3</td></tr><tr><td>Dec. 27</td><td>Mar. 28</td><td>91</td><td>2,038.4</td><td>1,304.4</td><td>1,265.0</td><td>39.3</td><td>1,300.6</td><td>17,037.1</td></tr><tr><td>1946-Jan. 3</td><td>Apr. 4</td><td>91</td><td>2,905.0</td><td>1,302.9</td><td>1,264.4</td><td>38.5</td><td>1,310.5</td><td>17,029.5</td></tr><tr><td>Jan. 10</td><td>Apr. 11</td><td>91</td><td>2,259.5</td><td>1,316.1</td><td>1,253.6</td><td>62.5</td><td>1,311.0</td><td>17,034.6</td></tr><tr><td>Jan. 17</td><td>Apr. 18</td><td>91</td><td>2,005.3</td><td>1,312.1</td><td>1,250.9</td><td>61.2</td><td>1,309.6</td><td>17,037.1</td></tr><tr><td>Jan. 24</td><td>Apr. 25</td><td>91</td><td>2,016.3</td><td>1,316.9</td><td>1,256.9</td><td>60.0</td><td>1,310.0</td><td>17,044.0</td></tr><tr><td>Jan. 31</td><td>May 2</td><td>91</td><td>2,025.2</td><td>1,315.9</td><td>1,262.1</td><td>53.7</td><td>1,318.2</td><td>17,041.6</td></tr><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><tr><td>Apr. 4</td><td>July 5</td><td>92</td><td>1,863.6</td><td>1,312.0</td><td>1,277.7</td><td>34.3</td><td>1,302.9</td><td>17,056.3</td></tr><tr><td>Apr. 11</td><td>July 11</td><td>91</td><td>2,050.1</td><td>1,317.1</td><td>1,272.7</td><td>44.4</td><td>1,316.1</td><td>17,057.2</td></tr><tr><td>Apr. 18</td><td>July 18</td><td>91</td><td>1,989.7</td><td>1,310.3</td><td>1,263.1</td><td>47.2</td><td>1,312.1</td><td>17,055.4</td></tr><tr><td>Apr. 25</td><td>July 25</td><td>91</td><td>1,902.1</td><td>1,315.3</td><td>1,272.8</td><td>42.5</td><td>1,316.9</td><td>17,053.7</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.
June 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-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 2/</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><tr><td>Apr. 4</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>Apr. 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>Apr. 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>Apr. 25</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr></table>
Source: Public Debt Service. Note: See Annual Reports of the Secretary of the Treasury for back figures.
1/ Bank discount basis.
2/ 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 April 30, 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>234</td><td>21</td><td>-</td><td>1/</td></tr><tr><td>Unmatured series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series B.................</td><td>370</td><td>87</td><td>457</td><td>201</td><td>-</td><td>256</td><td>43.95</td></tr><tr><td>Series C.................</td><td>1,010</td><td>189</td><td>1,200</td><td>280</td><td>-</td><td>920</td><td>23.33</td></tr><tr><td>Series D.................</td><td>2,365</td><td>301</td><td>2,666</td><td>439</td><td>-</td><td>2,228</td><td>16.45</td></tr><tr><td>Total, Series B, C, and D....</td><td>3,745</td><td>578</td><td>4,323</td><td>919</td><td>-</td><td>3,403</td><td>21.27</td></tr><tr><td>Series E.................</td><td>41,447</td><td>763</td><td>42,210</td><td>11,698 2/</td><td>-</td><td>30,513</td><td>27.71</td></tr><tr><td>Series F.................</td><td>3,100</td><td>57</td><td>3,157</td><td>283</td><td>-</td><td>2,874</td><td>8.97</td></tr><tr><td>Series G.................</td><td>12,734</td><td>-</td><td>12,734</td><td>696</td><td>-</td><td>12,038</td><td>5.46</td></tr><tr><td>Total, Series E, F, and G....</td><td>57,281</td><td>820</td><td>58,101</td><td>12,676</td><td>-</td><td>45,424</td><td>21.82</td></tr><tr><td>Total, Series B-G.........</td><td>61,026</td><td>1,398</td><td>62,424</td><td>13,596</td><td>-</td><td>48,828</td><td>21.78</td></tr><tr><td>Total, Series A-G.........</td><td>61,229</td><td>1,450</td><td>62,679</td><td>13,830</td><td>21</td><td>48,828</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.
June 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 colspan="3">Redemptions 1/</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>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td colspan="10">All series</td></tr><tr><td>Total, inception to April 30, 1946..</td><td>61,229</td><td>1,450</td><td>62,679</td><td>13,830</td><td>n.a.</td><td>n.a.</td><td>21</td><td>48,828</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>148</td><td>143</td><td>5</td><td>-</td><td>1,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</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>841</td><td>7</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>2,358</td><td>13</td><td>-</td><td>34,606</td><td>-</td></tr><tr><td>1945</td><td>14,891</td><td>387</td><td>15,278</td><td>4,298</td><td>4,252</td><td>47</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><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>369</td><td>9</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>162</td><td>6</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>343</td><td>6</td><td>-</td><td>15,050</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>169</td><td>13,898</td><td>1,585</td><td>1,576</td><td>9</td><td>-</td><td>27,363</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>3,321</td><td>20</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>5,472</td><td>86</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><td></td><td></td></tr><tr><td>1945-April</td><td>838</td><td>32</td><td>870</td><td>404</td><td>396</td><td>7</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>419</td><td>7</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>396</td><td>7</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>421</td><td>8</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>524</td><td>7</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>522</td><td>7</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>607</td><td>9</td><td>-</td><td>45,786</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>524</td><td>10</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>549</td><td>11</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>n.a.</td><td>n.a.</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>n.a.</td><td>n.a.</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>n.a.</td><td>n.a.</td><td>23</td><td>48,733</td><td>1.30</td></tr><tr><td>April</td><td>668</td><td>45</td><td>713</td><td>621</td><td>n.a.</td><td>n.a.</td><td>21</td><td>48,828</td><td>1.27</td></tr><tr><td colspan="10">Series A-D</td></tr><tr><td>Total, inception to April 30, 1946..</td><td>3,949</td><td>629</td><td>4,578</td><td>1,154</td><td>n.a.</td><td>n.a.</td><td>21</td><td>3,403</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>828</td><td>65</td><td>893</td><td>148</td><td>142</td><td>5</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>126</td><td>6</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>82</td><td>6</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>72</td><td>8</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>117</td><td>25</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><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>369</td><td>9</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>148</td><td>6</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1942</td><td>*</td><td>90</td><td>91</td><td>104</td><td>97</td><td>6</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>74</td><td>7</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>70</td><td>8</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>179</td><td>47</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><td></td><td></td></tr><tr><td>1945-April</td><td>*</td><td>7</td><td>7</td><td>22</td><td>18</td><td>5</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>17</td><td>5</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>16</td><td>4</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>17</td><td>5</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>13</td><td>3</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>11</td><td>3</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>16</td><td>4</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>18</td><td>5</td><td>-</td><td>3,534</td><td>.64</td></tr><tr><td>December</td><td>*</td><td>9</td><td>9</td><td>25</td><td>20</td><td>5</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>n.a.</td><td>n.a.</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>n.a.</td><td>n.a.</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>n.a.</td><td>n.a.</td><td>23</td><td>3,425</td><td>.89</td></tr><tr><td>April</td><td>*</td><td>7</td><td>7</td><td>31</td><td>n.a.</td><td>n.a.</td><td>21</td><td>3,403</td><td>.90</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>Total</th><th colspan="2">Redemptions 1/</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th colspan="9">(In millions of dollars)</th></tr><tr><td colspan="9">Series E, F, and O</td></tr><tr><td>Total, inception to April 30, 1946..</td><td>57,281</td><td>820</td><td>58,101</td><td>12,676</td><td>n.a.</td><td>n.a.</td><td>45,424</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</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>15</td><td>-</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>760</td><td>1</td><td>17,648</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>2,286</td><td>6</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>4,134</td><td>21</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><td></td><td></td></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</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>245</td><td>-</td><td>11,447</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>1,502</td><td>2</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>3,251</td><td>12</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>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-April</td><td>838</td><td>25</td><td>863</td><td>381</td><td>379</td><td>2</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>402</td><td>3</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>380</td><td>3</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>403</td><td>3</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>511</td><td>4</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>510</td><td>4</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>591</td><td>5</td><td>43,335</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>506</td><td>5</td><td>43,938</td><td>1.16</td></tr><tr><td>December</td><td>1,254</td><td>48</td><td>1,301</td><td>534</td><td>529</td><td>5</td><td>44,706</td><td>1.19</td></tr><tr><td>1946-January</td><td>960</td><td>43</td><td>1,008</td><td>587</td><td>n.a.</td><td>n.a.</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>n.a.</td><td>n.a.</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>n.a.</td><td>n.a.</td><td>45,308</td><td>1.33</td></tr><tr><td>April</td><td>668</td><td>39</td><td>707</td><td>590</td><td>n.a.</td><td>n.a.</td><td>45,424</td><td>1.30</td></tr><tr><td colspan="9">Series II</td></tr><tr><td>Total, inception to April 30, 1946..</td><td>41,447</td><td>763</td><td>42,210</td><td>11,698</td><td>11,621</td><td>76</td><td>30,513</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>-</td><td>-</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>60</td><td>-</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>688</td><td>1</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>2,095</td><td>5</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>3,825</td><td>20</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><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>11</td><td>-</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>209</td><td>-</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>1,378</td><td>2</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>2,993</td><td>11</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>4,925</td><td>38</td><td>30,727</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-April</td><td>684</td><td>23</td><td>708</td><td>359</td><td>356</td><td>2</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>373</td><td>2</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>349</td><td>2</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>373</td><td>3</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>481</td><td>4</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>483</td><td>4</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>557</td><td>5</td><td>29,844</td><td>1.88</td></tr><tr><td>November</td><td>865</td><td>28</td><td>893</td><td>474</td><td>470</td><td>5</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>485</td><td>5</td><td>30,727</td><td>1.59</td></tr><tr><td>1946-January</td><td>641</td><td>44</td><td>685</td><td>541</td><td>535</td><td>6</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>487</td><td>6</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>544</td><td>6</td><td>30,635</td><td>1.80</td></tr><tr><td>April</td><td>388</td><td>36</td><td>424</td><td>546</td><td>539</td><td>7</td><td>30,513</td><td>1.79</td></tr></table>
(Continued on following page)
June 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 colspan="3">Redemptions</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td></td><td colspan="7">(In millions of dollars)</td><td></td></tr></table>
Series F
<table><tr><td>Total, inception to April 30, 1946.</td><td>3,100</td><td>57</td><td>3,157</td><td>283</td><td>n.a.</td><td>n.a.</td><td>2,874</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>*</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>3</td><td>*</td><td>499</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>17</td><td>*</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>57</td><td>*</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>88</td><td>1</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><td></td><td></td></tr><tr><td>1941</td><td>208</td><td>-</td><td>208</td><td>*</td><td>*</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>7</td><td>*</td><td>854</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>*</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>77</td><td>1</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>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-April</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May</td><td>23</td><td>2</td><td>25</td><td>6</td><td>6</td><td>*</td><td>2,376</td><td>.25</td></tr><tr><td>June</td><td>63</td><td>2</td><td>65</td><td>8</td><td>8</td><td>*</td><td>2,433</td><td>.31</td></tr><tr><td></td><td>178</td><td>2</td><td>180</td><td>9</td><td>9</td><td>*</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>8</td><td>*</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>8</td><td>*</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>8</td><td>*</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>10</td><td>*</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>10</td><td>*</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>13</td><td>*</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>n.a.</td><td>n.a.</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>n.a.</td><td>n.a.</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>n.a.</td><td>n.a.</td><td>2,855</td><td>.57</td></tr><tr><td>April</td><td>29</td><td>3</td><td>32</td><td>13</td><td>n.a.</td><td>n.a.</td><td>2,874</td><td>.46</td></tr></table>
Series Q
<table><tr><td>Total, inception to April 30, 1946.</td><td>12,734</td><td>-</td><td>12,734</td><td>696</td><td>696</td><td>-</td><td>12,038</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>395</td><td>-</td><td>395</td><td>1</td><td>1</td><td>-</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>12</td><td>-</td><td>2,014</td><td>-</td></tr><tr><td>1943</td><td>2,759</td><td>-</td><td>2,759</td><td>55</td><td>55</td><td>-</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>134</td><td>-</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>220</td><td>-</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><td></td><td></td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>2</td><td>2</td><td>-</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>29</td><td>-</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>89</td><td>-</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>181</td><td>-</td><td>8,971</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>264</td><td>264</td><td>-</td><td>11,186</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-April</td><td>130</td><td>-</td><td>130</td><td>17</td><td>17</td><td>-</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>21</td><td>-</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>22</td><td>-</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>22</td><td>-</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>22</td><td>-</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>20</td><td>-</td><td>10,637</td><td>.19</td></tr><tr><td>October</td><td>107</td><td>-</td><td>107</td><td>23</td><td>23</td><td>-</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>26</td><td>-</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>31</td><td>-</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>33</td><td>-</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>30</td><td>-</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>37</td><td>-</td><td>11,818</td><td>.31</td></tr><tr><td>April</td><td>250</td><td>-</td><td>250</td><td>31</td><td>31</td><td>-</td><td>12,038</td><td>.26</td></tr></table>
Source: Daily Treasury Statement. n.a. Not available. * Less than $500,000.
1/ Beginning October 1944 series E redemptions include unclassified redemptions which contain small amounts of series A-D.
40
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 3.- Sales by Series, Classified by Denominations
<table><tr><th rowspan="2">Period</th><th colspan="9">Sales in millions of dollars at issue price</th><th colspan="5">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 3/4</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 3/4</th><th>$500 and $1,000</th><th>$5,000 and $10,000</th></tr></table>
Series B
<table><tr><td>Total, inception through Apr. 30, 1946.</td><td>41,447</td><td>128</td><td>13,608</td><td>5,635</td><td>8,566</td><td>178</td><td>5,099</td><td>8,232</td><td>.....</td><td>.....</td><td>100.0</td><td>33.1</td><td>13.6</td><td>21.1</td><td>32.2</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><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>.....</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>.....</td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>49.8</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>.....</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>.....</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>.....</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><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>.....</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>.....</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>.....</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>4,241</td><td>1,797</td><td>2,706</td><td>.....</td><td>1,446</td><td>2,163</td><td>.....</td><td>.....</td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td><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>.....</td><td>100.0</td><td>33.9</td><td>14.4</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><td></td></tr><tr><td>1945-Apr.</td><td>684</td><td>8</td><td>285</td><td>115</td><td>123</td><td>.....</td><td>54</td><td>99</td><td>.....</td><td>.....</td><td>100.0</td><td>42.8</td><td>16.8</td><td>18.0</td><td>22.4</td><td>.....</td></tr><tr><td>May.</td><td>1,195</td><td>7</td><td>341</td><td>158</td><td>247</td><td>.....</td><td>160</td><td>282</td><td>.....</td><td>.....</td><td>100.0</td><td>29.2</td><td>13.2</td><td>20.6</td><td>37.0</td><td>.....</td></tr><tr><td>June.</td><td>1,468</td><td>9</td><td>358</td><td>179</td><td>318</td><td>.....</td><td>227</td><td>376</td><td>.....</td><td>.....</td><td>100.0</td><td>25.0</td><td>12.2</td><td>21.7</td><td>41.1</td><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>.....</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>.....</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>.....</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>.....</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>865</td><td>6</td><td>210</td><td>94</td><td>139</td><td>55</td><td>124</td><td>238</td><td>.....</td><td>.....</td><td>100.0</td><td>25.0</td><td>10.9</td><td>22.3</td><td>41.8</td><td>.....</td></tr><tr><td>Dec.</td><td>908</td><td>5</td><td>228</td><td>107</td><td>143</td><td>60</td><td>126</td><td>240</td><td>.....</td><td>.....</td><td>100.0</td><td>25.6</td><td>11.8</td><td>22.3</td><td>40.3</td><td>.....</td></tr><tr><td>1946-Jan.</td><td>641</td><td>5</td><td>168</td><td>73</td><td>93</td><td>28</td><td>80</td><td>194</td><td>.....</td><td>.....</td><td>100.0</td><td>27.0</td><td>11.4</td><td>18.9</td><td>42.7</td><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>.....</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>.....</td><td>100.0</td><td>32.6</td><td>13.1</td><td>17.7</td><td>36.6</td><td>.....</td></tr><tr><td>Apr.</td><td>388</td><td>4</td><td>117</td><td>53</td><td>56</td><td>12</td><td>42</td><td>105</td><td>.....</td><td>.....</td><td>100.0</td><td>31.1</td><td>13.7</td><td>17.4</td><td>37.8</td><td>.....</td></tr></table>
Series F and G
<table><tr><td>Total, inception through Apr. 30, 1946</td><td>15,834</td><td>18</td><td>479</td><td>1,082</td><td>4,729</td><td>3,006</td><td>6,519</td><td>100.0</td><td>.1</td><td>3.0</td><td>36.7</td><td>60.2</td></tr><tr><td colspan="13">Fiscal years:</td></tr><tr><td>1941</td><td>461</td><td>1</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>3.0</td><td>34.1</td><td>62.9</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>3.5</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 colspan="13">Calendar years:</td></tr><tr><td>1941</td><td>1,393</td><td>3</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>3,664</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 colspan="13">Mothei:</td></tr><tr><td>1945-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>1946-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>1.5</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>65.5</td></tr><tr><td>Apr.</td><td>280</td><td>*</td><td>4</td><td>14</td><td>81</td><td>56</td><td>125</td><td>100.0</td><td>*</td><td>1.4</td><td>33.9</td><td>64.7</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.
June 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</th></tr><tr><th>$10 1/2</th><th>$25 2/3</th><th>$50</th><th>$100</th><th>$200 3/4</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="11">Series E</td></tr><tr><td>Total, inception through April 30, 1946</td><td>1,033,144</td><td>17,130</td><td>725,783</td><td>150,259</td><td>114,212</td><td>1,186</td><td>13,598</td><td>10,976</td><td></td><td></td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,905</td><td></td><td>167</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>159,369</td><td>28,828</td><td>22,851</td><td></td><td>2,686</td><td>1,975</td><td></td><td></td></tr><tr><td>1944</td><td>305,986</td><td></td><td>221,284</td><td>43,800</td><td>34,447</td><td></td><td>3,725</td><td>2,730</td><td></td><td></td></tr><tr><td>1945</td><td>303,116</td><td>9,223</td><td>209,480</td><td>45,995</td><td>32,083</td><td></td><td>3,535</td><td>2,800</td><td></td><td></td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>13,219</td><td></td><td>6,077</td><td>2,485</td><td>3,446</td><td></td><td>612</td><td>600</td><td></td><td></td></tr><tr><td>1942</td><td>135,227</td><td></td><td>94,354</td><td>18,999</td><td>17,842</td><td></td><td>2,282</td><td>1,751</td><td></td><td></td></tr><tr><td>1943</td><td>270,068</td><td></td><td>198,333</td><td>37,060</td><td>28,915</td><td></td><td>3,140</td><td>2,420</td><td></td><td></td></tr><tr><td>1944</td><td>320,527</td><td>3,582</td><td>226,213</td><td>47,915</td><td>36,077</td><td></td><td>3,856</td><td>2,884</td><td></td><td></td></tr><tr><td>1945</td><td>253,078</td><td>11,381</td><td>172,948</td><td>37,773</td><td>24,554</td><td>769</td><td>2,984</td><td>2,669</td><td></td><td></td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-April</td><td>21,235</td><td>1,027</td><td>15,218</td><td>3,071</td><td>1,642</td><td></td><td>144</td><td>132</td><td></td><td></td></tr><tr><td>May</td><td>27,475</td><td>976</td><td>18,203</td><td>4,206</td><td>3,287</td><td></td><td>427</td><td>375</td><td></td><td></td></tr><tr><td>June</td><td>30,413</td><td>1,191</td><td>19,108</td><td>4,768</td><td>4,238</td><td></td><td>606</td><td>502</td><td></td><td></td></tr><tr><td>July</td><td>25,582</td><td>1,116</td><td>17,209</td><td>3,886</td><td>2,734</td><td></td><td>341</td><td>296</td><td></td><td></td></tr><tr><td>August</td><td>17,748</td><td>1,103</td><td>12,460</td><td>2,566</td><td>1,383</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>18,613</td><td>645</td><td>12,164</td><td>2,845</td><td>1,902</td><td>401</td><td>335</td><td>320</td><td></td><td></td></tr><tr><td>1946-January</td><td>13,452</td><td>620</td><td>8,985</td><td>1,947</td><td>1,240</td><td>189</td><td>212</td><td>259</td><td></td><td></td></tr><tr><td>February</td><td>9,255</td><td>516</td><td>6,404</td><td>1,365</td><td>674</td><td>74</td><td>99</td><td>124</td><td></td><td></td></tr><tr><td>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>April</td><td>9,238</td><td>523</td><td>6,222</td><td>1,421</td><td>743</td><td>78</td><td>111</td><td>140</td><td></td><td></td></tr><tr><td colspan="11">Series F and O</td></tr><tr><td>Total, inception through April 30, 1946</td><td>14,774</td><td></td><td>1,000</td><td></td><td>5,136</td><td></td><td>2,276</td><td>5,016</td><td>646</td><td>700</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>233</td><td></td><td></td><td></td><td>60</td><td></td><td>28</td><td>100</td><td>18</td><td>28</td></tr><tr><td>1942</td><td>2,110</td><td></td><td>72</td><td></td><td>774</td><td></td><td>300</td><td>745</td><td>106</td><td>112</td></tr><tr><td>1943</td><td>3,251</td><td></td><td>216</td><td></td><td>1,149</td><td></td><td>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></td><td>1,425</td><td></td><td>610</td><td>1,231</td><td>148</td><td>153</td></tr><tr><td>1945</td><td>3,326</td><td></td><td>291</td><td></td><td>1,156</td><td></td><td>532</td><td>1,071</td><td>128</td><td>148</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>901</td><td></td><td></td><td></td><td>277</td><td></td><td>121</td><td>373</td><td>59</td><td>71</td></tr><tr><td>1942</td><td>2,902</td><td></td><td>156</td><td></td><td>1,077</td><td></td><td>419</td><td>971</td><td>137</td><td>142</td></tr><tr><td>1943</td><td>3,624</td><td></td><td>270</td><td></td><td>1,317</td><td></td><td>565</td><td>1,195</td><td>149</td><td>128</td></tr><tr><td>1944</td><td>3,821</td><td></td><td>325</td><td></td><td>1,394</td><td></td><td>613</td><td>1,188</td><td>145</td><td>157</td></tr><tr><td>1945</td><td>2,807</td><td></td><td>224</td><td></td><td>899</td><td></td><td>447</td><td>978</td><td>115</td><td>145</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-April</td><td>152</td><td></td><td>13</td><td></td><td>50</td><td></td><td>23</td><td>53</td><td>6</td><td>6</td></tr><tr><td>May</td><td>369</td><td></td><td>30</td><td></td><td>126</td><td></td><td>61</td><td>125</td><td>15</td><td>13</td></tr><tr><td>June</td><td>492</td><td></td><td>42</td><td></td><td>158</td><td></td><td>75</td><td>152</td><td>20</td><td>47</td></tr><tr><td>July</td><td>263</td><td></td><td>21</td><td></td><td>84</td><td></td><td>44</td><td>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><tr><td>April</td><td>184</td><td></td><td>5</td><td></td><td>42</td><td></td><td>29</td><td>83</td><td>12</td><td>13</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. 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 I bonds was authorized in December 1941.
3/ Sale of $200 denomination Series I bonds began in October 1945.
42
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 5.- Sales of Series E Savings Bonds, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, inception through Apr. 30, 1946</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><th>Apr.</th><th>P</th></tr><tr><td>Alabama</td><td>497,049</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><td>3,586</td><td></td></tr><tr><td>Arizona</td><td>149,104</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><td>1,227</td><td></td></tr><tr><td>Arkansas</td><td>265,834</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><td>2,292</td><td></td></tr><tr><td>California</td><td>3,346,994</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><td>28,759</td><td></td></tr><tr><td>Colorado</td><td>313,854</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><td>3,361</td><td></td></tr><tr><td>Connecticut</td><td>781,804</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><td>5,654</td><td></td></tr><tr><td>Delaware</td><td>99,223</td><td>1,684</td><td>2,455</td><td>3,241</td><td>2,639</td><td>1,658</td><td>1,328</td><td>1,057</td><td>1,932</td><td>1,996</td><td>1,938</td><td>751</td><td>1,019</td><td>710</td><td></td></tr><tr><td>Dist. of Columbia</td><td>492,670</td><td>8,153</td><td>12,377</td><td>17,092</td><td>15,085</td><td>8,358</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><td>11,884</td><td></td></tr><tr><td>Florida</td><td>510,247</td><td>9,838</td><td>14,206</td><td>18,039</td><td>17,122</td><td>7,854</td><td>5,161</td><td>6,771</td><td>8,415</td><td>11,326</td><td>10,335</td><td>4,580</td><td>4,997</td><td>4,811</td><td></td></tr><tr><td>Georgia</td><td>519,092</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>11,354</td><td>4,809</td><td>4,476</td><td>4,474</td><td></td></tr><tr><td>Idaho</td><td>134,793</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><td>866</td><td></td></tr><tr><td>Illinois</td><td>2,953,873</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>34,573</td><td>33,329</td><td></td></tr><tr><td>Indiana</td><td>1,093,646</td><td>20,747</td><td>29,982</td><td>38,632</td><td>28,489</td><td>16,211</td><td>12,434</td><td>13,284</td><td>20,604</td><td>22,684</td><td>17,411</td><td>9,726</td><td>9,998</td><td>9,888</td><td></td></tr><tr><td>Iowa</td><td>905,762</td><td>11,958</td><td>29,885</td><td>40,277</td><td>22,438</td><td>8,561</td><td>6,883</td><td>6,591</td><td>27,024</td><td>28,979</td><td>16,828</td><td>7,784</td><td>10,231</td><td>9,750</td><td></td></tr><tr><td>Kansas</td><td>564,850</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>7,107</td><td>9,585</td><td>5,477</td><td></td></tr><tr><td>Kentucky</td><td>440,910</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><td>4,095</td><td></td></tr><tr><td>Louisiana</td><td>473,104</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><td>4,040</td><td></td></tr><tr><td>Maine</td><td>187,898</td><td>2,608</td><td>3,955</td><td>6,756</td><td>5,103</td><td>2,390</td><td>1,475</td><td>1,782</td><td>3,446</td><td>4,154</td><td>2,465</td><td>1,332</td><td>1,470</td><td>1,307</td><td></td></tr><tr><td>Maryland</td><td>553,169</td><td>9,055</td><td>14,917</td><td>18,138</td><td>14,553</td><td>8,886</td><td>6,544</td><td>6,117</td><td>9,550</td><td>9,978</td><td>13,979</td><td>4,714</td><td>4,491</td><td>5,012</td><td></td></tr><tr><td>Massachusetts</td><td>1,402,178</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>13,358</td><td>11,123</td><td></td></tr><tr><td>Michigan</td><td>2,245,345</td><td>37,125</td><td>64,094</td><td>71,034</td><td>51,053</td><td>34,721</td><td>21,993</td><td>18,635</td><td>34,151</td><td>44,696</td><td>28,392</td><td>14,810</td><td>15,618</td><td>15,350</td><td></td></tr><tr><td>Minnesota</td><td>858,602</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><td>7,504</td><td></td></tr><tr><td>Misssissippi</td><td>289,480</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><td>2,351</td><td></td></tr><tr><td>Missouri</td><td>1,012,206</td><td>14,654</td><td>31,435</td><td>39,278</td><td>29,321</td><td>13,772</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><td>10,274</td><td></td></tr><tr><td>Montana</td><td>195,006</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><td>1,733</td><td></td></tr><tr><td>Nebraska</td><td>433,687</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>8,113</td><td>4,415</td><td>6,463</td><td>6,973</td><td></td></tr><tr><td>Nevada</td><td>50,860</td><td>821</td><td>1,063</td><td>2,080</td><td>1,510</td><td>753</td><td>511</td><td>649</td><td>1,153</td><td>1,098</td><td>796</td><td>383</td><td>332</td><td>345</td><td></td></tr><tr><td>New Hampshire</td><td>120,376</td><td>1,965</td><td>2,214</td><td>3,836</td><td>3,706</td><td>1,533</td><td>1,093</td><td>1,320</td><td>2,525</td><td>2,475</td><td>1,866</td><td>1,054</td><td>1,135</td><td>969</td><td></td></tr><tr><td>New Jersey</td><td>1,526,942</td><td>23,443</td><td>38,109</td><td>49,078</td><td>41,442</td><td>23,127</td><td>16,885</td><td>14,676</td><td>27,599</td><td>31,167</td><td>22,087</td><td>12,635</td><td>13,983</td><td>12,377</td><td></td></tr><tr><td>New Mexico</td><td>96,399</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><td>789</td><td></td></tr><tr><td>New York</td><td>5,046,351</td><td>75,755</td><td>139,383</td><td>161,305</td><td>150,744</td><td>68,497</td><td>51,310</td><td>48,303</td><td>103,378</td><td>132,671</td><td>76,489</td><td>45,439</td><td>46,233</td><td>43,972</td><td></td></tr><tr><td>North Carolina</td><td>546,884</td><td>8,416</td><td>13,011</td><td>19,357</td><td>15,624</td><td>7,126</td><td>5,571</td><td>5,244</td><td>12,565</td><td>15,838</td><td>9,046</td><td>4,784</td><td>5,476</td><td>5,101</td><td></td></tr><tr><td>North Dakota</td><td>195,533</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><td>1,546</td><td></td></tr><tr><td>Ohio</td><td>2,502,006</td><td>42,191</td><td>66,764</td><td>85,748</td><td>70,233</td><td>39,274</td><td>29,028</td><td>25,767</td><td>46,972</td><td>51,775</td><td>39,909</td><td>22,562</td><td>23,434</td><td>21,423</td><td></td></tr><tr><td>Oklahoma</td><td>473,715</td><td>6,810</td><td>12,957</td><td>20,361</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><td>3,774</td><td></td></tr><tr><td>Oregon</td><td>536,543</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><td>3,117</td><td></td></tr><tr><td>Pennsylvania</td><td>3,111,489</td><td>54,189</td><td>79,549</td><td>102,456</td><td>85,444</td><td>47,665</td><td>35,959</td><td>38,242</td><td>58,341</td><td>69,156</td><td>53,564</td><td>28,681</td><td>30,314</td><td>29,703</td><td></td></tr><tr><td>Rhode Island</td><td>235,744</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><td>1,497</td><td></td></tr><tr><td>South Carolina</td><td>272,578</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><td>2,514</td><td></td></tr><tr><td>South Dakota</td><td>179,068</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><td>2,164</td><td></td></tr><tr><td>Tennessee</td><td>511,641</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><td>4,042</td><td></td></tr><tr><td>Texas</td><td>1,660,416</td><td>26,075</td><td>51,289</td><td>62,828</td><td>46,290</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><td>12,709</td><td></td></tr><tr><td>Utah</td><td>185,415</td><td>2,758</td><td>5,571</td><td>9,050</td><td>5,186</td><td>2,439</td><td>2,342</td><td>2,122</td><td>5,098</td><td>5,812</td><td>3,044</td><td>1,709</td><td>1,436</td><td>1,863</td><td></td></tr><tr><td>Vermont</td><td>68,696</td><td>1,008</td><td>1,389</td><td>2,444</td><td>2,015</td><td>914</td><td>584</td><td>514</td><td>1,397</td><td>1,603</td><td>1,102</td><td>566</td><td>606</td><td>415</td><td></td></tr><tr><td>Virginia</td><td>718,188</td><td>12,310</td><td>16,757</td><td>26,040</td><td>25,060</td><td>9,973</td><td>6,998</td><td>9,537</td><td>16,980</td><td>17,871</td><td>14,656</td><td>6,283</td><td>6,717</td><td>7,303</td><td></td></tr><tr><td>Washington</td><td>851,341</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>12,750</td><td>6,657</td><td>5,850</td><td>6,222</td><td></td></tr><tr><td>West Virginia</td><td>341,816</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><td>4,153</td><td></td></tr><tr><td>Wisconsin</td><td>905,246</td><td>15,469</td><td>24,158</td><td>36,765</td><td>24,705</td><td>12,915</td><td>9,770</td><td>8,620</td><td>20,263</td><td>22,678</td><td>15,426</td><td>8,159</td><td>8,531</td><td>8,624</td><td></td></tr><tr><td>Wyoming</td><td>83,448</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><td>723</td><td></td></tr><tr><td>Alaska</td><td>27,674</td><td>225</td><td>362</td><td>888</td><td>1,448</td><td>549</td><td>213</td><td>302</td><td>642</td><td>505</td><td>422</td><td>141</td><td>144</td><td>212</td><td></td></tr><tr><td>Canal Zone</td><td>25,074</td><td>538</td><td>577</td><td>557</td><td>2
Source: Daily Treasury Statement and reports of Federal Reserve Banks. p Preliminary.
June 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 Apr. 30, 1946</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><th>Apr.</th></tr><tr><td>Alabama</td><td>119,435</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><td>1,956</td></tr><tr><td>Arizona</td><td>36,673</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><td>411</td></tr><tr><td>Arkansas</td><td>73,085</td><td>633</td><td>2,332</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><td>945</td></tr><tr><td>California</td><td>1,019,878</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><td>16,722</td></tr><tr><td>Colorado</td><td>126,435</td><td>1,006</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><td>2,221</td></tr><tr><td>Connecticut</td><td>320,920</td><td>2,795</td><td>5,449</td><td>6,993</td><td>4,976</td><td>2,817</td><td>2,152</td><td>1,698</td><td>4,246</td><td>4,354</td><td>7,059</td><td>6,911</td><td>5,308</td><td>5,450</td></tr><tr><td>Delaware</td><td>61,556</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><td>1,006</td></tr><tr><td>Dist. of Columbia</td><td>134,794</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><td>2,208</td></tr><tr><td>Florida</td><td>167,940</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><td>3,900</td></tr><tr><td>Georgia</td><td>153,313</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><td>2,435</td></tr><tr><td>Idaho</td><td>34,687</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><td>859</td></tr><tr><td>Illinois</td><td>1,189,802</td><td>15,186</td><td>26,901</td><td>32,736</td><td>15,710</td><td>12,709</td><td>8,259</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><td>20,078</td></tr><tr><td>Indiana</td><td>346,893</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><td>6,030</td></tr><tr><td>Iowa</td><td>352,897</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><td>7,158</td></tr><tr><td>Kansas</td><td>171,877</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>6,361</td><td>3,652</td><td>3,623</td><td>4,105</td><td>3,876</td><td>3,061</td></tr><tr><td>Kentucky</td><td>185,894</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><td>3,705</td></tr><tr><td>Louisiana</td><td>161,431</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><td>2,083</td></tr><tr><td>Maine</td><td>96,115</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><td>1,744</td></tr><tr><td>Maryland</td><td>230,818</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><td>4,716</td></tr><tr><td>Massachusetts</td><td>774,836</td><td>9,208</td><td>15,480</td><td>18,313</td><td>12,646</td><td>6,698</td><td>4,566</td><td>6,690</td><td>14,980</td><td>12,420</td><td>19,876</td><td>17,079</td><td>17,912</td><td>20,792</td></tr><tr><td>Michigan</td><td>456,400</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><td>6,461</td></tr><tr><td>Minnesota</td><td>305,613</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><td>5,574</td></tr><tr><td>Mississippi</td><td>82,599</td><td>738</td><td>3,089</td><td>1,665</td><td>841</td><td>655</td><td>368</td><td>497</td><td>1,844</td><td>1,650</td><td>1,342</td><td>1,100</td><td>1,083</td><td>1,158</td></tr><tr><td>Missouri</td><td>413,793</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><td>7,711</td></tr><tr><td>Montana</td><td>50,715</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><td>936</td></tr><tr><td>Nebraska</td><td>152,274</td><td>2,136</td><td>4,004</td><td>5,759</td><td>2,274</td><td>1,596</td><td>1,110</td><td>1,109</td><td>5,067</td><td>4,021</td><td>3,594</td><td>2,900</td><td>4,124</td><td>3,412</td></tr><tr><td>Nevada</td><td>15,899</td><td>175</td><td>243</td><td>414</td><td>270</td><td>84</td><td>44</td><td>62</td><td>374</td><td>212</td><td>264</td><td>76</td><td>202</td><td>316</td></tr><tr><td>New Hampshire</td><td>66,005</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><td>1,231</td></tr><tr><td>New Jersey</td><td>498,750</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><td>7,955</td></tr><tr><td>New Mexico</td><td>31,153</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><td>300</td></tr><tr><td>New York</td><td>2,600,068</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><td>45,362</td></tr><tr><td>North Carolina</td><td>177,865</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><td>3,413</td></tr><tr><td>North Dakota</td><td>59,022</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><td>1,231</td></tr><tr><td>Ohio</td><td>850,275</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>24,183</td><td>13,890</td><td>15,394</td><td>17,772</td></tr><tr><td>Oklahoma</td><td>108,968</td><td>702</td><td>2,067</td><td>2,999</td><td>1,834</td><td>951</td><td>607</td><td>552</td><td>3,212</td><td>2,703</td><td>2,699</td><td>1,634</td><td>1,717</td><td>1,699</td></tr><tr><td>Oregon</td><td>129,071</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><td>1,700</td></tr><tr><td>Pennsylvania</td><td>1,244,660</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><td>27,459</td></tr><tr><td>Rhode Island</td><td>120,223</td><td>919</td><td>1,952</td><td>2,113</td><td>2,503</td><td>1,347</td><td>441</td><td>960</td><td>1,927</td><td>1,573</td><td>2,172</td><td>2,440</td><td>2,057</td><td>2,322</td></tr><tr><td>South Carolina</td><td>83,991</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><td>1,786</td></tr><tr><td>South Dakota</td><td>46,029</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><td>971</td></tr><tr><td>Tennessee</td><td>155,560</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>1,105</td><td>3,510</td><td>1,692</td><td>2,301</td><td>2,714</td></tr><tr><td>Texas</td><td>437,625</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><td>5,615</td></tr><tr><td>Utah</td><td>32,562</td><td>223</td><td>1,199</td><td>825</td><td>384</td><td>171</td><td>232</td><td>262</td><td>586</td><td>504</td><td>780</td><td>338</td><td>314</td><td>601</td></tr><tr><td>Vermont</td><td>35,516</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><td>508</td></tr><tr><td>Virginia</td><td>211,272</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><td>3,175</td></tr><tr><td>Washington</td><td>217,488</td><td>2,129</td><td>5,347</td><td>6,409</td><td>4,473</td><td>1,649</td><td>1,291</td><td>1,467</td><td>5,402</td><td>4,446</td><td>3,946</td><td>3,503</td><td>3,581</td><td>2,604</td></tr><tr><td>West Virginia</td><td>78,017</td><td>649</td><td>1,733</td><td>1,911</td><td>1,366</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><td>1,332</td></tr><tr><td>Wisconsin</td><td>383,542</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>10,727</td><td>8,610</td><td>9,203</td><td>5,962</td><td>8,125</td><td>7,656</td></tr><tr><td>Wyoming</td><td>25,277</td><td>188</td><td>426</td><td>866</td><td>343</td><td>253</td><td>166</td><td>220</td><td>181</td><td>634</td><td>426</td><td>347</td><td>173</td><td>316</td></tr><tr><td>Alaska</td><td>5,242</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><td>6</td></tr><tr><td>Canal Zone</td><td>6,118</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><td>6</td></tr><tr><td>Hawaii</td><td>50,581</td><td>613</td><td>1,329</td><td>818</td><td>853</td><td>346</td><td>304</td><td>430</td><td>517</td><td>1,018</td><td>700</td><td>1,748</td><td>543</td><td>505</td></tr><tr><td>Puerto Rico</td><td>13,366</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>4</td><td>18</td></tr><tr><td>Virgin Islands</td><td>812</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><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>20</td><td>-</td><td>-</td></tr><tr><td>Unallocated</td><td>11,605</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><td>58</td></tr><tr><td>Sales to commercial banks</td><td>895,480</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><td>-
Source: Daily Treasury Statement and reports from Federal Reserve Banks. p Preliminary. * Less than $500. 1/ State figures exclude sales of Series F and O bonds to commercial banks. Commercial banks were permitted to purchase Series F and O
boards under certain conditions during the calendar year 1944 ("Treasury Bulletin" for December 1944, page 36, footnote 9); from June 18 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)
244
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 Apr. 1946</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><th>Apr.</th></tr><tr><td>Alabama</td><td>119,975</td><td>4,862</td><td>5,303</td><td>5,027</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><td>7,163</td></tr><tr><td>Arizona</td><td>39,058</td><td>1,643</td><td>1,991</td><td>1,561</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><td>2,594</td></tr><tr><td>Arkansas</td><td>63,416</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><td>3,997</td></tr><tr><td>California</td><td>812,779</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>55,872</td><td>52,193</td></tr><tr><td>Colorado</td><td>68,741</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><td>5,137</td></tr><tr><td>Connecticut</td><td>136,389</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><td>9,440</td></tr><tr><td>Delaware</td><td>18,952</td><td>825</td><td>829</td><td>784</td><td>836</td><td>1,078</td><td>1,106</td><td>1,302</td><td>1,130</td><td>1,110</td><td>1,286</td><td>1,181</td><td>1,372</td><td>1,329</td></tr><tr><td>District of Columbia</td><td>93,111</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>5,742</td><td>6,118</td><td>6,301</td><td>5,413</td><td>7,377</td><td>5,368</td></tr><tr><td>Florida</td><td>134,530</td><td>5,827</td><td>6,289</td><td>5,518</td><td>5,638</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><td>10,206</td></tr><tr><td>Georgia</td><td>118,911</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>6,525</td><td>6,628</td></tr><tr><td>Idaho</td><td>24,056</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><td>2,021</td></tr><tr><td>Illinois</td><td>624,082</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><td>39,897</td></tr><tr><td>Indiana</td><td>269,656</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><td>14,200</td></tr><tr><td>Iowa</td><td>144,650</td><td>5,843</td><td>5,866</td><td>6,038</td><td>5,926</td><td>8,992</td><td>7,864</td><td>9,213</td><td>8,032</td><td>7,858</td><td>10,119</td><td>11,811</td><td>10,785</td><td>9,271</td></tr><tr><td>Kansas</td><td>96,224</td><td>4,746</td><td>4,892</td><td>4,184</td><td>4,248</td><td>4,597</td><td>7,038</td><td>5,863</td><td>5,377</td><td>5,432</td><td>7,252</td><td>6,427</td><td>8,257</td><td>6,885</td></tr><tr><td>Kentucky</td><td>105,660</td><td>4,784</td><td>4,783</td><td>4,446</td><td>4,887</td><td>7,207</td><td>6,967</td><td>7,557</td><td>6,399</td><td>6,376</td><td>6,721</td><td>6,314</td><td>7,028</td><td>6,499</td></tr><tr><td>Louisiana</td><td>104,125</td><td>4,762</td><td>4,999</td><td>4,707</td><td>4,940</td><td>6,350</td><td>6,637</td><td>6,781</td><td>6,557</td><td>6,508</td><td>7,051</td><td>6,209</td><td>6,719</td><td>6,231</td></tr><tr><td>Maine</td><td>32,887</td><td>1,522</td><td>1,660</td><td>1,509</td><td>1,530</td><td>1,948</td><td>2,001</td><td>2,254</td><td>2,041</td><td>2,189</td><td>1,993</td><td>1,673</td><td>2,146</td><td>2,259</td></tr><tr><td>Maryland</td><td>108,839</td><td>5,293</td><td>5,059</td><td>4,958</td><td>5,115</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><td>7,369</td></tr><tr><td>Maecachue</td><td>243,551</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>14,443</td><td>15,926</td><td>15,366</td></tr><tr><td>Michigan</td><td>565,186</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><td>31,513</td></tr><tr><td>Minnesota</td><td>161,319</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><td>11,812</td></tr><tr><td>Mississippi</td><td>53,545</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><td>3,505</td></tr><tr><td>Missouri</td><td>232,010</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><td>15,853</td></tr><tr><td>Montana</td><td>28,427</td><td>1,257</td><td>1,145</td><td>1,178</td><td>1,197</td><td>1,684</td><td>1,569</td><td>1,728</td><td>1,584</td><td>1,738</td><td>2,439</td><td>1,990</td><td>1,916</td><td>2,847</td></tr><tr><td>Nebraska</td><td>70,176</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><td>4,925</td></tr><tr><td>Nevada</td><td>12,016</td><td>499</td><td>547</td><td>522</td><td>542</td><td>782</td><td>645</td><td>738</td><td>720</td><td>766</td><td>888</td><td>777</td><td>838</td><td>772</td></tr><tr><td>New Hampshire</td><td>20,430</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><td>1,433</td></tr><tr><td>New Jersey</td><td>288,563</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><td>18,787</td></tr><tr><td>New Mexico</td><td>22,596</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>1,644</td><td>1,874</td><td>1,572</td></tr><tr><td>New York</td><td>816,601</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><td>54,747</td></tr><tr><td>North Carolina</td><td>111,899</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><td>7,205</td></tr><tr><td>North Dakota</td><td>20,368</td><td>999</td><td>965</td><td>936</td><td>1,038</td><td>1,196</td><td>1,156</td><td>1,230</td><td>1,184</td><td>1,153</td><td>1,718</td><td>927</td><td>1,807</td><td>1,807</td></tr><tr><td>Ohio</td><td>564,366</td><td>26,529</td><td>26,791</td><td>26,357</td><td>27,951</td><td>37,439</td><td>34,414</td><td>37,282</td><td>31,664</td><td>31,851</td><td>34,031</td><td>32,144</td><td>36,258</td><td>33,928</td></tr><tr><td>Oklahoma</td><td>111,101</td><td>4,739</td><td>4,477</td><td>4,574</td><td>4,546</td><td>6,360</td><td>8,195</td><td>7,168</td><td>6,666</td><td>6,252</td><td>9,650</td><td>7,724</td><td>8,486</td><td>7,034</td></tr><tr><td>Oregon</td><td>124,658</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><td>8,163</td></tr><tr><td>Pennsylvania</td><td>661,563</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><td>44,185</td></tr><tr><td>Rhode Island</td><td>45,553</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><td>2,600</td></tr><tr><td>South Carolina</td><td>56,914</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><td>3,272</td></tr><tr><td>South Dakota</td><td>22,055</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><td>1,844</td></tr><tr><td>Tennessee</td><td>120,642</td><td>5,342</td><td>5,323</td><td>5,344</td><td>5,274</td><td>7,774</td><td>8,040</td><td>9,397</td><td>6,967</td><td>7,425</td><td>7,679</td><td>7,262</td><td>8,021</td><td>7,309</td></tr><tr><td>Texas</td><td>384,854</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><td>24,512</td></tr><tr><td>Utah</td><td>39,347</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><td>3,176</td></tr><tr><td>Vermont</td><td>9,396</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><td>726</td></tr><tr><td>Virginia</td><td>147,649</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>11,345</td><td>8,168</td></tr><tr><td>Washington</td><td>175,974</td><td>7,570</td><td>7,579</td><td>7,347</td><td>8,145</td><td>11,650</td><td>11,052</td><td>11,612</td><td>10,003</td><td>10,452</td><td>12,043</td><td>10,452</td><td>12,211</td><td>11,584</td></tr><tr><td>West Virginia</td><td>19,864</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><td>5,614</td></tr><tr><td>Wisconsin</td><td>167,763</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><td>11,125</td></tr><tr><td>Wyoming</td><td>14,557</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><td>1,144</td></tr><tr><td>Alaska</td><td>4,415</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><td>305</td></tr><tr><td>Canal Zone</td><td>701</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>361</td><td>332</td></tr><tr><td>Hawaii</td><td>44,304</td><td>1,809</td><td>1,376</td><td>1,161</td><td>1,974</td><td>1,892</td><td>3,255</td><td>3,873</td><td>3,506</td><td>3,164</td><td>3,359</td><td>3,719</td><td>2,442</td><td>2,730</td></tr><tr><td>Puerto Rico</td><td>10,516</td><td>524</td><td>246</td><td>237</td><td>304</td><td>347</td><td>456</td><td>896</td><td>593</td><td>732</td><td>654</td><td>593</td><td>1,367</td><td>786</td></tr><tr><td>Virgin Islands</td><td>312</td><td>34</td><td>15</td><td>9</td><td>15</td><td>16</td><td>21</td><td>12</td><td>12</td><td>25</
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
Note: It should be noted that State figures presented in this table are not necessarily comparable with sales data by States inasmuch as bonds which have been purchased in one State may have been redeemed in another. Moreover, the figures shown in this table are based on
current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944.
Less than $500.
June 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 April 30, 1946
(in millions of dollars)
<table><tr><th>Treasury savings notes</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A.</td><td>407</td><td>395</td><td>62 1/2</td><td>334</td><td>11</td><td>-</td></tr><tr><td>Series B.</td><td>4,944</td><td>4,942</td><td>182 1/2</td><td>4,760</td><td>2</td><td>-</td></tr><tr><td>Series C.</td><td>26,659</td><td>19,503</td><td>3,328</td><td>16,176</td><td>12</td><td>7,144</td></tr><tr><td>Total</td><td>32,010</td><td>24,841</td><td>3,572</td><td>21,269</td><td>26</td><td>7,144</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes exchanges.
Table 2.- Sales and Redemptions of Series C Treasury Savings Notes
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>7,547</td><td>1,083</td><td>36</td><td>1,047</td><td>-</td><td>6,464</td></tr><tr><td>1944</td><td>8,954</td><td>5,970</td><td>462</td><td>5,508</td><td>-</td><td>9,448</td></tr><tr><td>1945</td><td>7,016</td><td>6,396</td><td>543</td><td>5,853</td><td>-</td><td>10,068</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942</td><td>3,704</td><td>29</td><td>1</td><td>28</td><td>-</td><td>3,675</td></tr><tr><td>1943</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,102</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>8,233</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-April</td><td>408</td><td>241</td><td>22</td><td>222</td><td>-</td><td>9,014</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>9,098</td></tr><tr><td>December</td><td>598</td><td>1,370</td><td>494</td><td>875</td><td>51</td><td>8,275</td></tr><tr><td>1946-January</td><td>302</td><td>451</td><td>106</td><td>285</td><td>10</td><td>8,101</td></tr><tr><td>February</td><td>181</td><td>252</td><td>152</td><td>100</td><td>22</td><td>8,041</td></tr><tr><td>March</td><td>179</td><td>862</td><td>224</td><td>639</td><td>16</td><td>7,303</td></tr><tr><td>April</td><td>299</td><td>524</td><td>335</td><td>190</td><td>12</td><td>7,144</td></tr></table>
Sources: Daily Treasury Statement.
46
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes - (Continued
Table 3.- Sales of Series C, Classified by Denominations
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total all denominations</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1943</td><td>7,546.7</td><td></td><td></td><td>249.0</td><td>332.1</td><td>1,388.6</td><td>2,535.5</td><td>1,124.5</td><td>1,917.0</td></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,858.5</td><td>3,086.7</td><td>1,259.5</td><td>1,808.0</td></tr><tr><td>1945</td><td>7,015.8</td><td>13.6</td><td>32.8</td><td>264.3</td><td>414.0</td><td>1,468.0</td><td>2,378.2</td><td>827.0</td><td>1,598.0</td></tr><tr><td>1945-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>45.9</td><td>53.2</td></tr><tr><td>April</td><td>299.0</td><td>.4</td><td>.9</td><td>4.8</td><td>6.5</td><td>32.9</td><td>87.6</td><td>76.7</td><td>89.1</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 personal trust accounts</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships and personal trust accounts</th><th>Corporations</th></tr><tr><td>1943</td><td>7,546.7</td><td>611.3</td><td>6,935.4</td><td>100.0</td><td>8.1</td><td>91.9</td></tr><tr><td>1944</td><td>8,953.7</td><td>654.9</td><td>8,298.7</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>1945</td><td>7,015.8</td><td>434.7</td><td>6,581.3</td><td>100.0</td><td>6.2</td><td>93.8</td></tr><tr><td>1945-April</td><td>407.7</td><td>34.7</td><td>373.0</td><td>100.0</td><td>8.5</td><td>91.5</td></tr><tr><td>May</td><td>1,096.8</td><td>65.8</td><td>1,031.0</td><td>100.0</td><td>6.0</td><td>94.0</td></tr><tr><td>June</td><td>1,113.5</td><td>62.4</td><td>1,051.1</td><td>100.0</td><td>5.6</td><td>94.4</td></tr><tr><td>July</td><td>307.4</td><td>23.0</td><td>284.4</td><td>100.0</td><td>7.5</td><td>92.5</td></tr><tr><td>August</td><td>145.4</td><td>14.7</td><td>130.7</td><td>100.0</td><td>10.1</td><td>89.9</td></tr><tr><td>September</td><td>91.6</td><td>9.6</td><td>82.0</td><td>100.0</td><td>10.5</td><td>89.5</td></tr><tr><td>October</td><td>336.1</td><td>29.7</td><td>306.4</td><td>100.0</td><td>8.8</td><td>91.2</td></tr><tr><td>November</td><td>704.1</td><td>56.0</td><td>648.1</td><td>100.0</td><td>8.0</td><td>92.0</td></tr><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><tr><td>April</td><td>299.0</td><td>19.4</td><td>279.6</td><td>100.0</td><td>6.5</td><td>93.5</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
June 1946
47
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1942 {July 1941-Aug. 1941-June 1942.}</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>{ 127,948 3/ 474,168 4/ 352,632 5/}</td><td>18,468 4/ 70,480 5/ 73,130 6/</td><td>100.0</td><td>87.4 3/ 87.1 4/ 82.8 5/</td><td>12.6 4/ 12.9 5/ 17.2 6/</td></tr><tr><td>1943</td><td>213,350</td><td>+45,620 5/5/</td><td>590,268 6/</td><td>544,047</td><td></td><td></td><td>100.0</td><td></td><td></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-April</td><td>188,743</td><td>-666</td><td>24,748</td><td>25,414</td><td>20,079</td><td>5,335</td><td>100.0</td><td>79.0</td><td>21.0</td></tr><tr><td>May</td><td>186,297</td><td>-2,446</td><td>25,132</td><td>28,578</td><td>23,634</td><td>4,944</td><td>100.0</td><td>82.7</td><td>17.3</td></tr><tr><td>June</td><td>177,598</td><td>-8,699</td><td>19,069</td><td>27,167</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>149,645</td><td>-6,268</td><td>17,686</td><td>23,955</td><td>16,841</td><td>7,114</td><td>100.0</td><td>70.3</td><td>29.7</td></tr><tr><td>September</td><td>144,679</td><td>-4,966</td><td>8,438</td><td>13,405</td><td>8,922</td><td>4,483</td><td>100.0</td><td>66.6</td><td>33.4</td></tr><tr><td>October</td><td>141,372</td><td>-3,307</td><td>10,587</td><td>13,893</td><td>9,349</td><td>4,544</td><td>100.0</td><td>67.3</td><td>32.7</td></tr><tr><td>November</td><td>139,356</td><td>-2,016</td><td>11,396</td><td>13,412</td><td>9,830</td><td>3,582</td><td>100.0</td><td>73.3</td><td>26.7</td></tr><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>-4,519</td><td>9,847</td><td>14,367</td><td>8,999</td><td>5,367</td><td>100.0</td><td>62.6</td><td>37.4</td></tr><tr><td>April</td><td>104,497</td><td>-7,838</td><td>9,309</td><td>17,148</td><td>10,051</td><td>7,097</td><td>100.0</td><td>58.6</td><td>41.4</td></tr></table>
Source: Daily Treasury Statement commencing November 1, 1942; prior thereto, Post Office Department. 1/ Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations. 2/ Estimated on the basis of samples made by the Post Office Department. 3/ Details not available for May, June, and July 1941.
4/ Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousand for the period August 1, 1941 through June 30, 1942 and $55 thousand for the period July 1, 1942 through October 31, 1942.
5/ Set of sales less redemptions. See footnote 1.
6/ Does not include amounts transferred from Postal Savings System to the Treasury to cover outstanding stamps.
Table 2.- Sales, Classified by Denominations
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="6">Sales in thousands of dollars</th><th colspan="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th><th>Total all denominations</th><th>10¢</th><th>25¢</th><th>50¢</th><th>$1.00</th><th>$5.00</th></tr><tr><td>1942</td><td>308,621</td><td>67,466</td><td>167,709</td><td>28,614</td><td>31,583</td><td>13,250</td><td>100.0</td><td>21.9</td><td>54.3</td><td>9.3</td><td>10.2</td><td>4.3</td></tr><tr><td>1943</td><td>590,268</td><td>126,327</td><td>313,691</td><td>52,508</td><td>71,693</td><td>26,048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408,930</td><td>102,534</td><td>209,121</td><td>32,611</td><td>46,972</td><td>17,691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1945</td><td>268,411</td><td>68,727</td><td>135,277</td><td>20,942</td><td>32,583</td><td>10,882</td><td>100.0</td><td>25.6</td><td>50.4</td><td>7.8</td><td>12.1</td><td>4.1</td></tr><tr><td>1945-April</td><td>24,748</td><td>6,966</td><td>12,226</td><td>1,878</td><td>2,755</td><td>924</td><td>100.0</td><td>28.2</td><td>49.4</td><td>7.6</td><td>11.1</td><td>3.7</td></tr><tr><td>May</td><td>26,132</td><td>7,236</td><td>12,975</td><td>1,953</td><td>2,981</td><td>987</td><td>100.0</td><td>27.7</td><td>49.6</td><td>7.5</td><td>11.4</td><td>3.8</td></tr><tr><td>June</td><td>19,069</td><td>3,891</td><td>9,832</td><td>1,665</td><td>2,720</td><td>961</td><td>100.0</td><td>20.4</td><td>51.6</td><td>8.7</td><td>14.3</td><td>5.0</td></tr><tr><td>July</td><td>16,406</td><td>2,521</td><td>8,809</td><td>1,591</td><td>2,659</td><td>825</td><td>100.0</td><td>15.4</td><td>53.7</td><td>9.7</td><td>16.2</td><td>5.0</td></tr><tr><td>August</td><td>17,686</td><td>2,479</td><td>9,324</td><td>1,768</td><td>2,994</td><td>1,121</td><td>100.0</td><td>14.0</td><td>52.7</td><td>10.0</td><td>16.9</td><td>6.4</td></tr><tr><td>September</td><td>8,438</td><td>1,573</td><td>4,410</td><td>751</td><td>1,272</td><td>432</td><td>100.0</td><td>18.6</td><td>52.3</td><td>8.9</td><td>15.1</td><td>5.1</td></tr><tr><td>October</td><td>10,587</td><td>2,565</td><td>5,422</td><td>827</td><td>1,303</td><td>470</td><td>100.0</td><td>24.2</td><td>51.2</td><td>7.8</td><td>12.3</td><td>4.5</td></tr><tr><td>November</td><td>11,396</td><td>2,986</td><td>5,696</td><td>865</td><td>1,350</td><td>499</td><td>100.0</td><td>26.2</td><td>50.0</td><td>7.6</td><td>11.8</td><td>4.4</td></tr><tr><td>December</td><td>5,259</td><td>1,204</td><td>2,643</td><td>398</td><td>692</td><td>322</td><td>100.0</td><td>22.9</td><td>50.2</td><td>7.6</td><td>13.2</td><td>6.1</td></tr><tr><td>1946-January</td><td>3,689</td><td>946</td><td>1,839</td><td>271</td><td>478</td><td>157</td><td>100.0</td><td>25.6</td><td>49.8</td><td>7.3</td><td>13.0</td><td>4.3</td></tr><tr><td>February</td><td>7,273</td><td>1,859</td><td>3,507</td><td>559</td><td>1,006</td><td>343</td><td>100.0</td><td>25.6</td><td>48.2</td><td>7.7</td><td>13.8</td><td>4.7</td></tr><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><tr><td>April</td><td>9,309</td><td>2,128</td><td>4,612</td><td>810</td><td>1,316</td><td>443</td><td>100.0</td><td>22.9</td><td>49.5</td><td>8.7</td><td>14.1</td><td>4.8</td></tr></table>
Source: (1) Total sales: Daily Treasury Statement commencing November 1, 1942; prior thereto Post Office Department; (2) Distribution by denominations: Based upon Post Office Department data.
48
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
June 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 colspan="7">Securities issued by United States Government</th><th colspan="5">Securities guaranteed by United States 1/</th></tr><tr><th>Total amount outstanding</th><th colspan="3">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th>Total amount unmaturing outstanding</th><th colspan="3">Distribution by classes of holders</th></tr><tr><th></th><th></th><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public market-able issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>U. S. Government agencies and trust funds and Federal Reserve Banks</th><th>Public market-able 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>29,945</td><td>27,989</td><td>1,956</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>*</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>*</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,119</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-Apr.</td><td>233,063</td><td>23,180</td><td>5,240</td><td>16</td><td>17,923</td><td>20,455</td><td>189,428</td><td>136,984</td><td>52,444</td><td>1,132</td><td>6</td><td>-</td><td>782</td><td>343</td></tr><tr><td>May</td><td>235,761</td><td>23,804</td><td>5,195</td><td>16</td><td>18,592</td><td>20,954</td><td>191,004</td><td>136,503</td><td>54,501</td><td>1,151</td><td>6</td><td>-</td><td>783</td><td>362</td></tr><tr><td>June</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>July</td><td>259,781</td><td>25,657</td><td>6,077</td><td>22</td><td>19,558</td><td>21,717</td><td>212,407</td><td>155,286</td><td>57,121</td><td>484</td><td>6</td><td>-</td><td>28</td><td>450</td></tr><tr><td>Aug.</td><td>260,746</td><td>26,147</td><td>6,085</td><td>29</td><td>20,033</td><td>22,530</td><td>212,069</td><td>154,719</td><td>57,350</td><td>515</td><td>7</td><td>-</td><td>29</td><td>479</td></tr><tr><td>Sept.</td><td>259,630</td><td>26,635</td><td>6,087</td><td>29</td><td>20,519</td><td>23,328</td><td>209,667</td><td>153,418</td><td>56,249</td><td>527</td><td>7</td><td>-</td><td>30</td><td>490</td></tr><tr><td>Oct.</td><td>259,439</td><td>26,745</td><td>6,139</td><td>29</td><td>20,577</td><td>23,276</td><td>209,418</td><td>153,375</td><td>56,043</td><td>541</td><td>7</td><td>-</td><td>32</td><td>502</td></tr><tr><td>Nov.</td><td>262,849</td><td>26,837</td><td>6,098</td><td>29</td><td>20,710</td><td>23,472</td><td>212,541</td><td>155,542</td><td>56,998</td><td>536</td><td>7</td><td>-</td><td>32</td><td>497</td></tr><tr><td>Dec.</td><td>275,694</td><td>27,031</td><td>7,002</td><td>29</td><td>20,000</td><td>24,262</td><td>224,400</td><td>167,515</td><td>56,885</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>226,501</td><td>169,363</td><td>57,138</td><td>545</td><td>7</td><td>-</td><td>32</td><td>506</td></tr><tr><td>Feb.</td><td>277,912</td><td>27,949</td><td>7,023</td><td>30</td><td>20,897</td><td>22,904</td><td>227,059</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>28,173</td><td>7,008</td><td>30</td><td>21,135</td><td>22,601</td><td>223,975</td><td>167,455</td><td>56,520</td><td>542</td><td>8</td><td>-</td><td>32</td><td>501</td></tr><tr><td>April</td><td>272,711</td><td>28,265p</td><td>7,011p</td><td>30p</td><td>21,224</td><td>22,732</td><td>221,714p</td><td>165,336p</td><td>56,378p</td><td>533</td><td>8p</td><td>-</td><td>33p</td><td>492</td></tr></table>
Sources: (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/ Includes obligations held by the Treasury and matured securities.
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 values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/</th><th>State and local Governments 6/</th><th>U. S. Government agencies and trust funds</th></tr><tr><td>1939-December......</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.7</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June.........</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.6</td><td>.3</td><td>7.1</td></tr><tr><td>December.........</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.4</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.4</td><td>7.6</td></tr><tr><td>1941-June.........</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>11.1</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.4</td><td>8.5</td></tr><tr><td>December.........</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.8</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.5</td><td>9.5</td></tr><tr><td>1942-June.........</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</td><td>18.2</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.6</td><td>10.6</td></tr><tr><td>December.........</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.8</td><td>11.3</td><td>4.5</td><td>11.6</td><td>.8</td><td>12.2</td></tr><tr><td>1943-March.........</td><td>118.6</td><td>50.1</td><td>44.2</td><td>5.9</td><td>68.6</td><td>26.6</td><td>11.2</td><td>4.6</td><td>12.2</td><td>.8</td><td>13.1</td></tr><tr><td>June............</td><td>139.5</td><td>59.4</td><td>52.2</td><td>7.2</td><td>80.0</td><td>30.3</td><td>13.1</td><td>5.3</td><td>15.7</td><td>1.3</td><td>14.3</td></tr><tr><td>September.........</td><td>161.0</td><td>67.2</td><td>58.3</td><td>8.9</td><td>93.8</td><td>34.7</td><td>14.7</td><td>5.9</td><td>20.8</td><td>1.9</td><td>15.8</td></tr><tr><td>December.........</td><td>168.7</td><td>71.5</td><td>59.9</td><td>11.5</td><td>97.3</td><td>37.1</td><td>15.1</td><td>6.1</td><td>20.1</td><td>2.0</td><td>16.9</td></tr><tr><td>1944-March.........</td><td>185.6</td><td>76.2</td><td>64.0</td><td>12.1</td><td>109.4</td><td>42.2</td><td>16.4</td><td>6.8</td><td>23.4</td><td>2.6</td><td>18.1</td></tr><tr><td>June............</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.7</td><td>3.2</td><td>19.1</td></tr><tr><td>September.........</td><td>209.3</td><td>87.1</td><td>70.5</td><td>16.7</td><td>122.2</td><td>47.3</td><td>18.3</td><td>7.7</td><td>24.4</td><td>3.5</td><td>20.6</td></tr><tr><td>December.........</td><td>230.4</td><td>96.5</td><td>77.7</td><td>18.8</td><td>133.3</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>77.1</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>235.9</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</td><td>10.7</td><td>29.9</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.........</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><tr><td>March p.........</td><td>275.3</td><td>111.6</td><td>89.0</td><td>22.6</td><td>163.7</td><td>63.8</td><td>25.0</td><td>11.2</td><td>29.1</td><td>6.4</td><td>28.2</td></tr></table>
1/ United States savings bonds, Series A-D, E, and F are included at current redemption values.
2/ Guaranteed securities held by the Treasury are excluded.
3/ Consists of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular possessions. Excludes securities held in trust departments.
4/ Includes partnerships and personal trust accounts.
5/ Includes savings and loan associations, dealers and brokers, and investatees of foreign balances in this country.
6/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts 1/
(In millions of dollars)
<table><tr><th></th><th colspan="10">Net market purchases or sales (-)</th></tr><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sep.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-3</td><td>-4.4</td><td>-3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-7</td><td>-2</td><td>.4</td><td>*</td><td>-</td><td>*</td><td>-2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-5</td><td>30.0</td><td>5.8</td><td>.3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>-</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.6</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>.7</td><td>-</td><td>3.3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Less than $50,000. 
1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund.
June 1946
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, March 31, 1946
The tables in Section I present summary data as of March 31, 1946 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance companies covered in the survey account for approximately 95 percent of the
amount of such securities owned by all banks and insurance companies in the United States. Section II presents summary data on the ownership of Federal lend 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>7,373 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>646 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>197,104</td><td>81,393</td><td>468</td><td>10,955</td><td>24,008</td><td>21,195</td><td>2,813</td><td>29,617</td><td>50,663</td></tr><tr><td>Non-marketable securities 4/........</td><td>57,051</td><td>1,376</td><td>11</td><td>235</td><td>317</td><td>116</td><td>201</td><td>30</td><td>54,582</td></tr><tr><td>Total public securities............</td><td>254,155</td><td>82,769</td><td>479</td><td>11,190</td><td>24,325</td><td>21,311</td><td>3,013</td><td>29,646</td><td>105,245</td></tr><tr><td>Special issues....................</td><td>21,135</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21,135</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/.........</td><td>275,290</td><td>82,769</td><td>479</td><td>11,190</td><td>24,325</td><td>21,311</td><td>3,013</td><td>50,782</td><td>105,245</td></tr></table>
1/ Securities held in trust departments are excluded. 2/ Includes trust companies. 3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote
4/ C.C.C. demand obligations in the amount of $501 million held by all commercial banks are shown only in total amount outstanding. 5/ Guaranteed securities held by the Treasury are not included.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th rowspan="2">All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>1,373 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>646 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>17,047</td><td>1,509</td><td>3</td><td>2</td><td>6</td><td>2</td><td>4</td><td>13,289</td><td>2,239</td></tr><tr><td>Certificates of indebtedness.</td><td>40,399</td><td>20,589</td><td>29</td><td>179</td><td>573</td><td>402</td><td>171</td><td>7,027</td><td>12,003</td></tr><tr><td>Treasury notes.</td><td>18,261</td><td>12,259</td><td>33</td><td>211</td><td>520</td><td>347</td><td>173</td><td>1,472</td><td>3,765</td></tr><tr><td>Treasury bonds - bank restricted 4/.</td><td>53,459</td><td>1,537</td><td>204</td><td>8,162</td><td>17,732</td><td>16,655</td><td>1,077</td><td>5,208</td><td>20,616</td></tr><tr><td>Treasury bonds - bank eligible.</td><td>67,718</td><td>45,473</td><td>200</td><td>2,399</td><td>5,164</td><td>3,777</td><td>1,366</td><td>2,577</td><td>11,907</td></tr><tr><td>Postal savings and other bonds.</td><td>180</td><td>14</td><td>*</td><td>*</td><td>1</td><td>*</td><td>*</td><td>36</td><td>129</td></tr><tr><td>Guaranteed by United States 5/.</td><td>40</td><td>13</td><td>*</td><td>3</td><td>13</td><td>12</td><td>1</td><td>8</td><td>3</td></tr><tr><td>Total.</td><td>197,104</td><td>81,393</td><td>468</td><td>10,955</td><td>24,008</td><td>21,195</td><td>2,813</td><td>29,617</td><td>50,663</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>69,549</td><td>29,319</td><td>49</td><td>310</td><td>1,009</td><td>727</td><td>282</td><td>21,815</td><td>17,046</td></tr><tr><td>1 to 5 years.</td><td>33,430</td><td>24,148</td><td>55</td><td>652</td><td>1,466</td><td>967</td><td>498</td><td>1,090</td><td>6,021</td></tr><tr><td>5 to 10 years.</td><td>34,474</td><td>22,487</td><td>122</td><td>1,744</td><td>3,096</td><td>2,412</td><td>684</td><td>1,036</td><td>5,989</td></tr><tr><td>10 to 15 years.</td><td>15,960</td><td>2,876</td><td>112</td><td>3,337</td><td>2,432</td><td>1,647</td><td>785</td><td>571</td><td>6,632</td></tr><tr><td>15 to 20 years.</td><td>21,276</td><td>138</td><td>60</td><td>2,551</td><td>9,865</td><td>9,620</td><td>244</td><td>2,936</td><td>5,727</td></tr><tr><td>Over 20 years.</td><td>22,375</td><td>2,412</td><td>69</td><td>2,359</td><td>6,128</td><td>5,809</td><td>318</td><td>2,162</td><td>9,245</td></tr><tr><td>Various (Federal Housing Administration debentures).</td><td>40</td><td>13</td><td>*</td><td>3</td><td>13</td><td>12</td><td>1</td><td>8</td><td>3</td></tr><tr><td>Total.</td><td>197,104</td><td>81,393</td><td>468</td><td>10,955</td><td>24,008</td><td>21,195</td><td>2,813</td><td>29,617</td><td>50,663</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>*</td><td>1</td><td>*</td><td>*</td><td>36</td><td>129</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>19,933</td><td>13,320</td><td>96</td><td>102</td><td>978</td><td>210</td><td>768</td><td>1,877</td><td>3,562</td></tr><tr><td>Subject to Federal income taxes 1/.</td><td>176,991</td><td>68,060</td><td>373</td><td>10,854</td><td>23,029</td><td>20,985</td><td>2,044</td><td>27,704</td><td>46,972</td></tr><tr><td>Total.</td><td>197,104</td><td>81,393</td><td>468</td><td>10,955</td><td>24,008</td><td>21,195</td><td>2,813</td><td>29,617</td><td>50,663</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, March 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">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>7,373 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>646 fire, casualty, and marine insurance companies</th></tr></table>
Percentage distribution by classes of securities
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>8.6</td><td>1.9</td><td>.5</td><td></td><td></td><td></td><td>.1</td><td>44.9</td><td>4.4</td></tr><tr><td>Certificate of indebtedness</td><td>20.5</td><td>25.3</td><td>6.1</td><td>1.6</td><td>2.4</td><td>1.9</td><td>6.1</td><td>23.7</td><td>23.7</td></tr><tr><td>Treasury notes</td><td>9.3</td><td>15.1</td><td>7.1</td><td>1.9</td><td>2.2</td><td>1.6</td><td>6.2</td><td>5.0</td><td>7.4</td></tr><tr><td>Treasury bonds - bank restricted</td><td>27.1</td><td>1.9</td><td>43.5</td><td>74.5</td><td>73.9</td><td>78.6</td><td>38.3</td><td>17.6</td><td>40.7</td></tr><tr><td>Treasury bonds - bank eligible</td><td>34.4</td><td>55.9</td><td>42.6</td><td>21.9</td><td>21.5</td><td>17.8</td><td>49.3</td><td>8.7</td><td>23.5</td></tr><tr><td>Postal savings and other bonds</td><td>.1</td><td></td><td></td><td></td><td></td><td></td><td></td><td>.1</td><td>.3</td></tr><tr><td>Guaranteed by United States</td><td></td><td></td><td></td><td></td><td>.1</td><td>.1</td><td></td><td></td><td></td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>35.3</td><td>36.0</td><td>10.6</td><td>2.8</td><td>4.2</td><td>3.4</td><td>10.0</td><td>73.7</td><td>33.6</td></tr><tr><td>1 to 5 years</td><td>17.0</td><td>29.7</td><td>11.7</td><td>5.9</td><td>6.1</td><td>4.6</td><td>17.7</td><td>3.7</td><td>11.9</td></tr><tr><td>5 to 10 years</td><td>17.5</td><td>27.6</td><td>26.1</td><td>15.9</td><td>12.9</td><td>11.4</td><td>24.3</td><td>3.5</td><td>11.8</td></tr><tr><td>10 to 15 years</td><td>8.1</td><td>3.5</td><td>24.0</td><td>30.5</td><td>10.1</td><td>7.8</td><td>27.9</td><td>1.9</td><td>13.1</td></tr><tr><td>15 to 20 years</td><td>10.8</td><td>.2</td><td>12.9</td><td>23.3</td><td>41.1</td><td>45.4</td><td>8.7</td><td>9.9</td><td>11.3</td></tr><tr><td>Over 20 years</td><td>11.4</td><td>3.0</td><td>14.8</td><td>21.5</td><td>25.5</td><td>27.4</td><td>11.3</td><td>7.3</td><td>18.2</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td></td><td></td><td></td><td></td><td>.1</td><td>.1</td><td></td><td></td><td></td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Tax status:</th><th>6/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.1</td><td></td><td></td><td></td><td></td><td></td><td></td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>10.1</td><td>16.4</td><td>20.4</td><td>.9</td><td>4.1</td><td>1.0</td><td>27.3</td><td>6.3</td><td>7.0</td></tr><tr><td>Subject to Federal income taxes</td><td>89.8</td><td>83.6</td><td>79.6</td><td>99.1</td><td>95.9</td><td>99.0</td><td>72.7</td><td>93.5</td><td>92.7</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by groups of investors
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>8.9</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>78.0</td><td>13.1</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>51.0</td><td>.1</td><td>.4</td><td>1.4</td><td>1.0</td><td>.4</td><td>17.4</td><td>29.7</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>67.1</td><td>.2</td><td>1.2</td><td>2.8</td><td>1.9</td><td>.9</td><td>8.1</td><td>20.6</td></tr><tr><td>Treasury bonds - bank restricted</td><td>100.0</td><td>2.9</td><td>.4</td><td>15.3</td><td>33.2</td><td>31.2</td><td>2.0</td><td>9.7</td><td>38.6</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>67.1</td><td>.3</td><td>3.5</td><td>7.6</td><td>5.6</td><td>2.0</td><td>3.8</td><td>17.6</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>7.6</td><td>*</td><td>*</td><td>.3</td><td>.1</td><td>.3</td><td>19.8</td><td>72.1</td></tr><tr><td>Guaranteed by United States</td><td>100.0</td><td>31.6</td><td>.4</td><td>7.7</td><td>31.1</td><td>29.9</td><td>1.3</td><td>20.7</td><td>8.5</td></tr><tr><td>Total</td><td>100.0</td><td>41.3</td><td>.2</td><td>5.6</td><td>12.2</td><td>10.8</td><td>1.4</td><td>15.0</td><td>25.7</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>100.0</td><td>42.2</td><td>.1</td><td>.4</td><td>1.5</td><td>1.0</td><td>.4</td><td>31.4</td><td>24.5</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>72.2</td><td>.2</td><td>1.9</td><td>4.4</td><td>2.9</td><td>1.5</td><td>3.3</td><td>18.0</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>65.2</td><td>.4</td><td>5.1</td><td>9.0</td><td>7.0</td><td>2.0</td><td>3.0</td><td>17.4</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>18.0</td><td>.7</td><td>20.9</td><td>15.2</td><td>10.3</td><td>4.9</td><td>3.6</td><td>41.6</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>.6</td><td>.3</td><td>12.0</td><td>46.4</td><td>45.2</td><td>1.1</td><td>13.8</td><td>26.9</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>10.8</td><td>.3</td><td>10.5</td><td>27.4</td><td>26.0</td><td>1.4</td><td>9.7</td><td>41.3</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>31.6</td><td>.4</td><td>7.7</td><td>31.1</td><td>29.9</td><td>1.3</td><td>20.7</td><td>8.5</td></tr><tr><td>Total</td><td>100.0</td><td>41.3</td><td>.2</td><td>5.6</td><td>12.2</td><td>10.8</td><td>1.4</td><td>15.0</td><td>25.7</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>7.6</td><td>*</td><td>*</td><td>.3</td><td>.1</td><td>.3</td><td>19.8</td><td>72.1</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>66.8</td><td>.5</td><td>.5</td><td>4.9</td><td>1.1</td><td>3.9</td><td>9.4</td><td>17.9</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>38.5</td><td>.2</td><td>6.1</td><td>13.0</td><td>11.9</td><td>1.2</td><td>15.7</td><td>26.5</td></tr><tr><td>Total</td><td>100.0</td><td>41.3</td><td>.2</td><td>5.6</td><td>12.2</td><td>10.8</td><td>1.4</td><td>15.0</td><td>25.7</td></tr></table>
(Continued on following page)
June 1946
53
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, March 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par values - in millions of dollars)
<table><tr><th>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>7,373 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>646 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>17,047</td><td>1,509</td><td>3</td><td>2</td><td>6</td><td>2</td><td>4</td><td>13,289</td><td>2,239</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% April 1946......(taxable)</td><td>4,811</td><td>2,459</td><td>2</td><td>18</td><td>19</td><td>12</td><td>7</td><td>1,321</td><td>991</td></tr><tr><td>7/8% May 1946......(taxable)</td><td>1,579</td><td>988</td><td>1</td><td>3</td><td>2</td><td></td><td>2</td><td>362</td><td>224</td></tr><tr><td>7/8% June 1946......(taxable)</td><td>4,799</td><td>1,306</td><td>3</td><td>27</td><td>43</td><td>9</td><td>34</td><td>537</td><td>2,884</td></tr><tr><td>7/8% August 1946......(taxable)</td><td>2,470</td><td>1,462</td><td>5</td><td>34</td><td>8</td><td></td><td>8</td><td>677</td><td>282</td></tr><tr><td>7/8% September 1946......(taxable)</td><td>4,336</td><td>2,059</td><td>4</td><td>31</td><td>80</td><td>64</td><td>15</td><td>1,440</td><td>722</td></tr><tr><td>7/8% October 1946......(taxable)</td><td>3,440</td><td>2,169</td><td>2</td><td>23</td><td>9</td><td></td><td>9</td><td>742</td><td>495</td></tr><tr><td>7/8% November 1946......(taxable)</td><td>3,778</td><td>2,313</td><td>2</td><td>14</td><td>120</td><td>89</td><td>31</td><td>304</td><td>1,024</td></tr><tr><td>7/8% December 1946......(taxable)</td><td>3,768</td><td>526</td><td>2</td><td>6</td><td>20</td><td>1</td><td>19</td><td>6</td><td>3,208</td></tr><tr><td>7/8% January 1947......(taxable)</td><td>3,330</td><td>2,363</td><td>1</td><td>6</td><td>141</td><td>135</td><td>6</td><td>267</td><td>551</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>21</td><td>1,127</td><td>997</td></tr><tr><td>7/8% March 1947......(taxable)</td><td>3,133</td><td>2,192</td><td>3</td><td>10</td><td>61</td><td>43</td><td>18</td><td>242</td><td>626</td></tr><tr><td>Total certificates of indebtedness</td><td>40,399</td><td>20,589</td><td>29</td><td>179</td><td>573</td><td>402</td><td>171</td><td>7,027</td><td>12,003</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>.90% July 1946......(taxable)</td><td>4,910</td><td>2,977</td><td>3</td><td>37</td><td>18</td><td>4</td><td>15</td><td>896</td><td>979</td></tr><tr><td>1-1/2% December 1946......(taxable)</td><td>3,261</td><td>2,376</td><td>3</td><td>51</td><td>112</td><td>82</td><td>30</td><td>276</td><td>443</td></tr><tr><td>1-1/4% March 1947......(taxable)</td><td>1,948</td><td>970</td><td>12</td><td>28</td><td>273</td><td>236</td><td>37</td><td>-</td><td>664</td></tr><tr><td>1-1/4% September 1947......(taxable)</td><td>1,687</td><td>911</td><td>9</td><td>33</td><td>55</td><td>15</td><td>40</td><td>-</td><td>680</td></tr><tr><td>1-1/2% September 1947......(taxable)</td><td>2,707</td><td>2,138</td><td>4</td><td>33</td><td>29</td><td>4</td><td>25</td><td></td><td>503</td></tr><tr><td>1-1/2% September 1948......(taxable)</td><td>3,748</td><td>2,886</td><td>3</td><td>28</td><td>33</td><td>6</td><td>27</td><td>301</td><td>497</td></tr><tr><td>Total Treasury notes</td><td>18,261</td><td>12,259</td><td>33</td><td>211</td><td>520</td><td>347</td><td>173</td><td>1,472</td><td>3,765</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>Bank restricted 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4% September 1956-59......(taxable)</td><td>3,823</td><td>256</td><td>19</td><td>1,151</td><td>832</td><td>682</td><td>150</td><td>130</td><td>1,435</td></tr><tr><td>2-1/4% June 1959-62......(taxable)</td><td>5,284</td><td>-</td><td>36</td><td>1,737</td><td>784</td><td>560</td><td>224</td><td>216</td><td>2,510</td></tr><tr><td>2-1/4% December 1959-62......(taxable)</td><td>3,467</td><td>388</td><td>21</td><td>428</td><td>436</td><td>275</td><td>161</td><td>2</td><td>2,192</td></tr><tr><td>2-1/2% June 1962-67......(taxable)</td><td>2,118</td><td>-</td><td>4</td><td>393</td><td>1,144</td><td>1,097</td><td>48</td><td>203</td><td>368</td></tr><tr><td>2-1/2% December 1963-68......(taxable)</td><td>2,831</td><td>-</td><td>4</td><td>507</td><td>1,388</td><td>1,348</td><td>40</td><td>264</td><td>669</td></tr><tr><td>2-1/2% June 1964-69......(taxable)</td><td>3,761</td><td>-</td><td>14</td><td>724</td><td>1,609</td><td>1,572</td><td>38</td><td>418</td><td>996</td></tr><tr><td>2-1/2% December 1964-69......(taxable)</td><td>3,838</td><td>-</td><td>13</td><td>505</td><td>1,628</td><td>1,576</td><td>52</td><td>504</td><td>1,188</td></tr><tr><td>2-1/2% March 1965-70......(taxable)</td><td>5,197</td><td>63</td><td>15</td><td>248</td><td>2,487</td><td>2,441</td><td>46</td><td>858</td><td>1,516</td></tr><tr><td>2-1/2% March 1966-71......(taxable)</td><td>3,481</td><td>74</td><td>11</td><td>174</td><td>1,608</td><td>1,587</td><td>21</td><td>674</td><td>940</td></tr><tr><td>2-1/2% June 1967-72......(taxable)</td><td>7,967</td><td>-</td><td>25</td><td>944</td><td>3,245</td><td>3,146</td><td>100</td><td>858</td><td>2,864</td></tr><tr><td>2-1/2% December 1967-72......(taxable)</td><td>11,691</td><td>755</td><td>43</td><td>1,350</td><td>2,570</td><td>2,372</td><td>198</td><td>1,036</td><td>5,937</td></tr><tr><td>Total bank restricted 2/</td><td>53,459</td><td>1,537</td><td>204</td><td>8,162</td><td>17,732</td><td>16,655</td><td>1,077</td><td>5,208</td><td>20,616</td></tr><tr><td>Bank eligible</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3% June 1946-48......(partially)</td><td>1,036</td><td>504</td><td></td><td>4</td><td>18</td><td>1</td><td>17</td><td>205</td><td>305</td></tr><tr><td>3-1/8% June 1946-49......(partially)</td><td>819</td><td>381</td><td></td><td>8</td><td>9</td><td>1</td><td>9</td><td>87</td><td>333</td></tr><tr><td>4-1/4% October 1947-52......(partially)</td><td>759</td><td>268</td><td></td><td>7</td><td>33</td><td>11</td><td>22</td><td>81</td><td>359</td></tr><tr><td>2% December 1947......(partially)</td><td>701</td><td>547</td><td></td><td>1</td><td>22</td><td></td><td>22</td><td></td><td>130</td></tr><tr><td>2% March 1948-50......(taxable)</td><td>1,115</td><td>770</td><td>1</td><td>67</td><td>74</td><td>63</td><td>11</td><td>40</td><td>163</td></tr><tr><td>2-3/4% March 1948-51......(partially)</td><td>1,223</td><td>882</td><td>1</td><td>10</td><td>33</td><td>5</td><td>28</td><td>160</td><td>137</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, March 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="3">Insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 2/</th></tr><tr><th></th><th></th><th>7,373 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>646 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank eligible-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/4% June 1948.....(taxable)</td><td>3,062</td><td>2,298</td><td>3</td><td>66</td><td>87</td><td>49</td><td>38</td><td>25</td><td>582</td></tr><tr><td>2-1/2% September 1948.....(partially)</td><td>451</td><td>385</td><td>2</td><td>1</td><td>9</td><td></td><td>9</td><td>-</td><td>54</td></tr><tr><td>2% December 1948-50.....(partially)</td><td>571</td><td>469</td><td>*</td><td>1</td><td>13</td><td>*</td><td>12</td><td>44</td><td>45</td></tr><tr><td>2% June 1949-51.....(taxable)</td><td>1,024</td><td>760</td><td>1</td><td>48</td><td>107</td><td>99</td><td>8</td><td>8</td><td>90</td></tr><tr><td>2% September 1949-51.....(taxable)</td><td>1,292</td><td>1,027</td><td>1</td><td>31</td><td>115</td><td>93</td><td>22</td><td>1</td><td>117</td></tr><tr><td>2% December 1949-51.....(taxable)</td><td>2,098</td><td>1,598</td><td>4</td><td>51</td><td>146</td><td>125</td><td>21</td><td>3</td><td>295</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>52</td></tr><tr><td>2-1/2% December 1949-53.....(partially)</td><td>1,786</td><td>1,294</td><td>8</td><td>5</td><td>43</td><td>3</td><td>40</td><td>223</td><td>213</td></tr><tr><td>2% March 1950-52.....(taxable)</td><td>1,963</td><td>1,542</td><td>5</td><td>66</td><td>174</td><td>155</td><td>19</td><td>4</td><td>172</td></tr><tr><td>2% September 1950-52.....(taxable)</td><td>4,939</td><td>3,368</td><td>8</td><td>174</td><td>387</td><td>326</td><td>61</td><td>47</td><td>955</td></tr><tr><td>2-1/2% September 1950-52.....(partially)</td><td>1,186</td><td>999</td><td>2</td><td>8</td><td>49</td><td>2</td><td>47</td><td>112</td><td>16</td></tr><tr><td>1-1/2% December 1950.....(taxable)</td><td>2,635</td><td>1,642</td><td>2</td><td>16</td><td>23</td><td>*</td><td>23</td><td>*</td><td>952</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>5,351</td><td>22</td><td>357</td><td>749</td><td>628</td><td>121</td><td>115</td><td>1,393</td></tr><tr><td>3% September 1951-55.....(partially)</td><td>755</td><td>414</td><td>*</td><td>5</td><td>32</td><td>1</td><td>31</td><td>77</td><td>227</td></tr><tr><td>2% December 1951-55.....(taxable)</td><td>510</td><td>382</td><td>2</td><td>10</td><td>30</td><td>24</td><td>6</td><td>12</td><td>74</td></tr><tr><td>2-1/4% December 1951-53.....(partially)</td><td>1,118</td><td>896</td><td>2</td><td>1</td><td>33</td><td>3</td><td>30</td><td>98</td><td>88</td></tr><tr><td>2-1/2% March 1952-54.....(taxable)</td><td>1,024</td><td>546</td><td>*</td><td>208</td><td>64</td><td>45</td><td>19</td><td>66</td><td>139</td></tr><tr><td>2% June 1952-54.....(taxable)</td><td>5,825</td><td>3,990</td><td>20</td><td>265</td><td>554</td><td>478</td><td>76</td><td>7</td><td>990</td></tr><tr><td>2% December 1952-54.....(taxable)</td><td>8,662</td><td>5,558</td><td>22</td><td>646</td><td>786</td><td>650</td><td>136</td><td>15</td><td>1,634</td></tr><tr><td>2-1/4% June 1952-55.....(taxable)</td><td>1,501</td><td>942</td><td>2</td><td>156</td><td>180</td><td>156</td><td>23</td><td>68</td><td>153</td></tr><tr><td>2% June 1953-55.....(partially)</td><td>725</td><td>639</td><td>*</td><td>1</td><td>27</td><td>2</td><td>25</td><td>14</td><td>43</td></tr><tr><td>2-1/4% June 1954-56.....(partially)</td><td>681</td><td>533</td><td>2</td><td>1</td><td>37</td><td>3</td><td>34</td><td>35</td><td>72</td></tr><tr><td>2-7/8% March 1955-60.....(partially)</td><td>2,611</td><td>1,310</td><td>31</td><td>12</td><td>143</td><td>33</td><td>110</td><td>315</td><td>799</td></tr><tr><td>2-1/2% March 1956-58.....(taxable)</td><td>1,449</td><td>723</td><td>9</td><td>73</td><td>399</td><td>387</td><td>11</td><td>52</td><td>193</td></tr><tr><td>2-3/4% September 1956-59.....(partially)</td><td>982</td><td>612</td><td>16</td><td>9</td><td>96</td><td>24</td><td>71</td><td>96</td><td>152</td></tr><tr><td>2-3/4% June 1958-63.....(partially)</td><td>919</td><td>612</td><td>12</td><td>5</td><td>132</td><td>59</td><td>73</td><td>52</td><td>107</td></tr><tr><td>2-3/4% December 1960-65.....(partially)</td><td>1,485</td><td>1,007</td><td>9</td><td>6</td><td>153</td><td>47</td><td>106</td><td>75</td><td>236</td></tr><tr><td>2-1/2% September 1967-72.....(taxable)</td><td>2,716</td><td>1,657</td><td>1</td><td>64</td><td>312</td><td>292</td><td>20</td><td>238</td><td>444</td></tr><tr><td>Total bank eligible</td><td>67,718</td><td>45,473</td><td>200</td><td>2,399</td><td>5,104</td><td>3,777</td><td>1,386</td><td>2,577</td><td>11,907</td></tr><tr><td>Total Treasury bonds</td><td>121,177</td><td>47,010</td><td>404</td><td>10,561</td><td>22,896</td><td>20,433</td><td>2,463</td><td>7,785</td><td>32,523</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>*</td><td>1</td><td>*</td><td>*</td><td>36</td><td>67</td></tr><tr><td>Panama Canal bonds.....(wholly)</td><td>50</td><td>*</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>*</td><td>1</td><td>*</td><td>*</td><td>36</td><td>129</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)</td><td>7</td><td>13</td><td>*</td><td>3</td><td>13</td><td>12</td><td>1</td><td>8</td><td>3</td></tr><tr><td>(taxable)</td><td>33</td><td></td><td>*</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total guaranteed securities</td><td>40</td><td>13</td><td>*</td><td>3</td><td>13</td><td>12</td><td>1</td><td>8</td><td>3</td></tr><tr><td>Total public marketable securities</td><td>197,104</td><td>81,393</td><td>468</td><td>10,955</td><td>24,008</td><td>21,195</td><td>2,813</td><td>29,617</td><td>50,663</td></tr></table>
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 data for September 30, 1944 appeared in the February 1945 issue, page 53; reclassification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-63. * Less than $500,000 or less than .05%. 1/ Securities held in trust departments are excluded. 2/ Includes trust companies. 3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote to this section. 4/ Issues which commercial banks may not acquire prior to a specified
5/ Guaranteed securities held by the Treasury are not included. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
6/ Includes an estimated amount of Federal Housing Administration debentures.
7/ Actual figures by tax status are available only for total amount outstanding.
55
June 1946
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 2/</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 4/</th></tr><tr><th></th><th></th><th>7,373 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>646 fire, casualty, and marine insurance companies</th><th></th><th></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>3,425</td><td>179</td><td>*</td><td>5</td><td>11</td><td>3</td><td>7</td><td>*</td><td>3,230</td></tr><tr><td>Series E.............(taxable)</td><td>30,635</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,634</td></tr><tr><td>Series F.............(taxable)</td><td>2,855</td><td>218</td><td>1</td><td>8</td><td>38</td><td>16</td><td>23</td><td>1</td><td>2,589</td></tr><tr><td>Series G.............(taxable)</td><td>11,818</td><td>477</td><td>6</td><td>221</td><td>259</td><td>96</td><td>163</td><td>10</td><td>10,845</td></tr><tr><td>Total United States savings bonds</td><td>48,733</td><td>873</td><td>7</td><td>234</td><td>308</td><td>115</td><td>193</td><td>13</td><td>47,298</td></tr><tr><td>Treasury savings notes.............(taxable)</td><td>7,365</td><td>81</td><td>3</td><td>*</td><td>9</td><td>1</td><td>8</td><td>17</td><td>7,254</td></tr><tr><td>Depository bonds.............(taxable)</td><td>451</td><td>422</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29</td></tr><tr><td>Guaranteed securities 1/ Commodity Credit Corporation demand obligations.............(taxable)</td><td>501</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>57,051</td><td>1,376</td><td>11</td><td>235</td><td>317</td><td>116</td><td>201</td><td>30</td><td>54,582</td></tr></table>
Less than $500,000.
Federal securities fall into three broad groups with respect to im- position of Federal income taxes on income derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of prin- cipal amount owned by any one holder is also exempt from the sur- tax rates. "Taxable" securities are subject to both normal and surtax rates.
Securities held in trust departments are excluded.
Includes trust companies.
This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
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.
Series B-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable.
Guaranteed securities held by the Treasury are not included.
C.C.C. demand obligations in the amount of $501 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
(Per values - in millions of dollars)
<table><tr><th>Issue (Tax status 2/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 3/</th><th colspan="3">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 5/</th></tr><tr><th></th><th></th><th>7,373 commercial banks 2/</th><th>34 stock saving banks</th><th>540 mutual savings banks</th><th>Total</th><th>335 life insurance companies</th><th>646 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>20</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>114</td><td>1</td><td>*</td><td>1</td><td>*</td><td>1</td><td>-</td><td>31</td></tr><tr><td>1-1/2% January 1951-53.........(taxable)</td><td>214</td><td>178</td><td>*</td><td>*</td><td>1</td><td>*</td><td>1</td><td>-</td><td>35</td></tr><tr><td>2-1/4% February 1953-55.........(taxable)</td><td>114</td><td>90</td><td>*</td><td>2</td><td>2</td><td>1</td><td>1</td><td>-</td><td>20</td></tr><tr><td>Total Federal land bank bonds</td><td>674</td><td>431</td><td>1</td><td>3</td><td>6</td><td>2</td><td>4</td><td>-</td><td>234</td></tr><tr><td>Federal intermediate credit bank debentures</td><td>261</td><td>233</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td><td>-</td><td>26</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States 1/</td><td>936</td><td>664</td><td>1</td><td>3</td><td>7</td><td>2</td><td>6</td><td>-</td><td>260</td></tr></table>
Less than $500,000.
1/ Securities issued by the Federal home loan banks are not included in the Treasury Survey.
2/ The income from "Wholly" tax-exempt securities is exempt from the imposition of both the normal and surtax Federal income tax rates; the income from "Taxable" securities is subject to the imposition
3/ Securities held in trust departments are excluded.
4/ Includes trust companies.
5/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey.
56
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership
In Federal Reserve System
Section 1 - Securities Issued or Guaranteed by the United States Government
Table 1. - Summary: All Interest-Bearing Securities
(In millions of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total 7,373 commercial banks 1/</th><th colspan="5">Member commercial banks</th><th rowspan="2">2,603 nonmember commercial banks</th></tr><tr><th>Total 4,770 member commercial banks</th><th colspan="4">Central Reserve City banks</th><th>4,373 country banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>348 Reserve City banks</th><th></th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities.................</td><td>81,393</td><td>72,768</td><td>20,118</td><td>16,254</td><td>3,864</td><td>28,465</td><td>24,185</td><td>8,625</td></tr><tr><td>Non-marketable securities...............</td><td>1,376</td><td>1,064</td><td>76</td><td>50</td><td>26</td><td>234</td><td>754</td><td>313</td></tr><tr><td>Total public securities..................</td><td>82,769</td><td>73,832</td><td>20,194</td><td>16,304</td><td>3,890</td><td>28,699</td><td>24,939</td><td>8,937</td></tr></table>
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<table><tr><th>Classification</th><th>Total 7,373 commercial banks 1/</th><th>Total 4,770 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,603 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>348 Reserve City banks</th><th>4,373 country banks</th></tr><tr><td colspan="8">Par values - in millions of dollars</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities Issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>1,509</td><td>1,205</td><td>169</td><td>121</td><td>47</td><td>564</td><td>472</td></tr><tr><td>Certificate of indebtedness</td><td>20,589</td><td>18,464</td><td>5,105</td><td>3,640</td><td>1,465</td><td>7,867</td><td>5,492</td></tr><tr><td>Treasury notes</td><td>12,259</td><td>10,932</td><td>3,061</td><td>2,535</td><td>532</td><td>4,356</td><td>3,510</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>1,537</td><td>1,146</td><td>16</td><td>10</td><td>7</td><td>187</td><td>943</td></tr><tr><td>Treasury bonds - bank eligible</td><td>45,473</td><td>41,000</td><td>11,760</td><td>9,947</td><td>1,813</td><td>15,482</td><td>13,757</td></tr><tr><td>Postal savings and other bonds</td><td>14</td><td>9</td><td>1</td><td>1</td><td>-</td><td>3</td><td>6</td></tr><tr><td>Guaranteed by United States 3/</td><td>13</td><td>12</td><td>1</td><td>1</td><td>-</td><td>6</td><td>5</td></tr><tr><td>Total</td><td>81,393</td><td>72,768</td><td>20,118</td><td>16,254</td><td>3,864</td><td>28,465</td><td>24,185</td></tr><tr><td>Call classes:</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></tr><tr><td>Within 1 year</td><td>29,119</td><td>26,232</td><td>7,435</td><td>5,607</td><td>1,828</td><td>11,088</td><td>7,709</td></tr><tr><td>1 to 5 years</td><td>24,148</td><td>21,821</td><td>6,538</td><td>5,473</td><td>1,065</td><td>8,285</td><td>6,997</td></tr><tr><td>5 to 10 years</td><td>22,487</td><td>20,078</td><td>5,362</td><td>4,743</td><td>619</td><td>7,463</td><td>7,253</td></tr><tr><td>10 to 15 years</td><td>2,876</td><td>2,548</td><td>622</td><td>329</td><td>293</td><td>1,044</td><td>883</td></tr><tr><td>15 to 20 years</td><td>138</td><td>101</td><td>1</td><td>1</td><td>1</td><td>10</td><td>91</td></tr><tr><td>Over 20 years</td><td>2,412</td><td>1,977</td><td>160</td><td>101</td><td>59</td><td>570</td><td>1,247</td></tr><tr><td>Various (Federal Housing Administra-tion debentures)</td><td>13</td><td>12</td><td>1</td><td>1</td><td>-</td><td>6</td><td>5</td></tr><tr><td>Total</td><td>81,393</td><td>72,768</td><td>20,118</td><td>16,254</td><td>3,864</td><td>28,465</td><td>24,185</td></tr><tr><td>Tax status: 4/</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>14</td><td>9</td><td>-</td><td>-</td><td>-</td><td>3</td><td>6</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>13,320</td><td>12,621</td><td>4,698</td><td>3,735</td><td>963</td><td>5,464</td><td>2,459</td></tr><tr><td>Subject to Federal income taxes 5/</td><td>68,059</td><td>60,138</td><td>15,420</td><td>12,519</td><td>2,901</td><td>22,999</td><td>21,720</td></tr><tr><td>Total</td><td>81,393</td><td>72,768</td><td>20,118</td><td>16,254</td><td>3,864</td><td>28,465</td><td>24,185</td></tr></table>
(Continued on following page)
June 1946
57
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership
In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES,
AND BY TAX STATUS-(Continued)
<table><tr><th>Classification</th><th>Total 1,373 commercial banks 1/</th><th>Total 4,170 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,603 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>348 Reserve City banks</th><th>4,373 country banks</th></tr><tr><td colspan="8">Percentage distribution by classes of securities</td></tr><tr><td>Types of security:</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></tr><tr><td>Treasury bills</td><td>1.9</td><td>1.7</td><td>.8</td><td>.7</td><td>1.2</td><td>2.0</td><td>2.0</td></tr><tr><td>Certificates of indebtedness</td><td>25.3</td><td>25.4</td><td>25.4</td><td>22.4</td><td>37.9</td><td>27.6</td><td>22.7</td></tr><tr><td>Treasury notes</td><td>15.1</td><td>15.0</td><td>15.2</td><td>15.6</td><td>13.8</td><td>15.3</td><td>14.5</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>1.9</td><td>1.6</td><td>.1</td><td>.1</td><td>.2</td><td>.7</td><td>3.9</td></tr><tr><td>Treasury bonds - bank eligible</td><td>55.9</td><td>56.3</td><td>58.5</td><td>61.2</td><td>46.9</td><td>54.4</td><td>56.9</td></tr><tr><td>Postal savings and other bonds</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td></tr><tr><td>Guaranteed by United States 3/</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Call classes:</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></tr><tr><td>Within 1 year</td><td>36.0</td><td>36.0</td><td>37.0</td><td>34.5</td><td>47.3</td><td>39.0</td><td>31.9</td></tr><tr><td>1 to 5 years</td><td>29.7</td><td>30.0</td><td>32.5</td><td>33.7</td><td>27.6</td><td>29.1</td><td>25.9</td></tr><tr><td>5 to 10 years</td><td>27.6</td><td>27.6</td><td>26.7</td><td>29.2</td><td>16.0</td><td>26.2</td><td>30.0</td></tr><tr><td>10 to 15 years</td><td>3.5</td><td>3.5</td><td>3.1</td><td>2.0</td><td>7.6</td><td>3.7</td><td>3.7</td></tr><tr><td>15 to 20 years</td><td>2.2</td><td>2.7</td><td>.8</td><td>.6</td><td>1.5</td><td>2.0</td><td>5.2</td></tr><tr><td>Over 20 years</td><td>3.0</td><td>2.7</td><td>.8</td><td>.6</td><td>1.5</td><td>2.0</td><td>5.2</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.9</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Tax status: 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td><td>.</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>16.4</td><td>17.3</td><td>23.4</td><td>23.0</td><td>24.9</td><td>19.2</td><td>10.2</td></tr><tr><td>Subject to Federal income taxes 5/</td><td>83.6</td><td>82.6</td><td>76.6</td><td>77.0</td><td>75.1</td><td>80.8</td><td>89.8</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td colspan="8">Percentage distribution by groups of investors</td></tr><tr><td>Types of security:</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></tr><tr><td>Treasury bills</td><td>100.0</td><td>79.8</td><td>11.2</td><td>8.0</td><td>3.1</td><td>37.4</td><td>31.3</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>89.7</td><td>24.8</td><td>17.7</td><td>7.1</td><td>38.2</td><td>26.7</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>89.2</td><td>25.0</td><td>20.7</td><td>4.3</td><td>35.5</td><td>28.6</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>100.0</td><td>74.6</td><td>1.1</td><td>.6</td><td>.4</td><td>12.2</td><td>61.3</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>90.2</td><td>25.9</td><td>21.9</td><td>4.0</td><td>34.0</td><td>30.3</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>67.6</td><td>2.7</td><td>2.7</td><td>2.7</td><td>20.4</td><td>44.6</td></tr><tr><td>Guaranteed by United States 3/</td><td>100.0</td><td>92.4</td><td>8.9</td><td>8.9</td><td>47.9</td><td>35.6</td><td>7.6</td></tr><tr><td>Total</td><td>100.0</td><td>89.4</td><td>24.7</td><td>20.0</td><td>4.7</td><td>35.0</td><td>29.7</td></tr><tr><td>Call classes:</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></tr><tr><td>Within 1 year</td><td>100.0</td><td>89.5</td><td>25.4</td><td>19.1</td><td>6.2</td><td>37.8</td><td>26.3</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>90.4</td><td>27.1</td><td>22.7</td><td>4.4</td><td>34.3</td><td>29.0</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>89.3</td><td>23.8</td><td>21.2</td><td>2.8</td><td>33.2</td><td>32.3</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>88.6</td><td>21.0</td><td>11.4</td><td>10.2</td><td>36.3</td><td>30.7</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>73.3</td><td>.5</td><td>.1</td><td>.4</td><td>7.0</td><td>65.8</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>81.9</td><td>6.6</td><td>4.2</td><td>2.4</td><td>23.6</td><td>51.7</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>92.4</td><td>8.9</td><td>8.9</td><td>47.9</td><td>35.6</td><td>7.6</td></tr><tr><td>Total</td><td>100.0</td><td>89.4</td><td>24.7</td><td>20.0</td><td>4.7</td><td>35.0</td><td>29.7</td></tr><tr><td>Tax status: 4/</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>97.6</td><td>2.7</td><td>2.7</td><td>2.7</td><td>20.4</td><td>44.6</td></tr><tr><td>Partially exempt from Federal income taxes 5/</td><td>100.0</td><td>94.8</td><td>35.3</td><td>28.0</td><td>7.2</td><td>41.0</td><td>18.5</td></tr><tr><td>Subject to Federal income taxes 5/</td><td>100.0</td><td>88.4</td><td>22.7</td><td>18.4</td><td>4.3</td><td>33.8</td><td>31.9</td></tr><tr><td>Total</td><td>100.0</td><td>89.4</td><td>24.7</td><td>20.0</td><td>4.7</td><td>35.0</td><td>29.7</td></tr></table>
(Continued on following page)
58
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section
- Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status &frac12; is shown in parentheses)</th><th>Total 7,373 commercial banks &frac12;</th><th>Total 4,770 member commercial banks</th><th colspan="4">Member commercial banks</th><th>3,48 Reserve City banks</th><th>4,373 country banks</th><th>2,603 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>1,509</td><td>1,205</td><td>169</td><td>121</td><td>47</td><td>564</td><td>472</td><td>305</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8 &frac12; April 1946......(taxable)</td><td>2,459</td><td>2,104</td><td>771</td><td>663</td><td>107</td><td>806</td><td>585</td><td>295</td></tr><tr><td>7/8 &frac12; May 1946......(taxable)</td><td>988</td><td>891</td><td>168</td><td>63</td><td>105</td><td>398</td><td>326</td><td>97</td></tr><tr><td>7/8 &frac12; June 1946......(taxable)</td><td>1,306</td><td>1,179</td><td>467</td><td>377</td><td>90</td><td>427</td><td>285</td><td>127</td></tr><tr><td>7/8 &frac12; August 1946......(taxable)</td><td>1,462</td><td>1,299</td><td>312</td><td>138</td><td>174</td><td>557</td><td>430</td><td>164</td></tr><tr><td>7/8 &frac12; September 1946......(taxable)</td><td>2,059</td><td>1,856</td><td>526</td><td>366</td><td>160</td><td>806</td><td>524</td><td>204</td></tr><tr><td>7/8 &frac12; October 1946......(taxable)</td><td>2,169</td><td>1,946</td><td>472</td><td>280</td><td>192</td><td>828</td><td>646</td><td>223</td></tr><tr><td>7/8 &frac12; November 1946......(taxable)</td><td>2,312</td><td>2,135</td><td>651</td><td>436</td><td>216</td><td>922</td><td>562</td><td>177</td></tr><tr><td>7/8 &frac12; December 1946......(taxable)</td><td>526</td><td>448</td><td>100</td><td>83</td><td>16</td><td>152</td><td>197</td><td>78</td></tr><tr><td>7/8 &frac12; January 1947......(taxable)</td><td>2,363</td><td>2,153</td><td>419</td><td>314</td><td>105</td><td>1,089</td><td>645</td><td>210</td></tr><tr><td>7/8 &frac12; February 1947......(taxable)</td><td>2,751</td><td>2,484</td><td>743</td><td>578</td><td>165</td><td>1,098</td><td>643</td><td>267</td></tr><tr><td>7/8 &frac12; March 1947......(taxable)</td><td>2,192</td><td>1,908</td><td>476</td><td>341</td><td>135</td><td>783</td><td>650</td><td>284</td></tr><tr><td>Total certificates of indebtedness......</td><td>20,589</td><td>18,464</td><td>5,105</td><td>3,640</td><td>1,465</td><td>7,867</td><td>5,492</td><td>2,124</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>.90 &frac12; July 1946......(taxable)</td><td>2,977</td><td>2,661</td><td>764</td><td>669</td><td>95</td><td>1,229</td><td>668</td><td>316</td></tr><tr><td>1-1/2 &frac12; December 1946......(taxable)</td><td>2,376</td><td>2,189</td><td>755</td><td>650</td><td>105</td><td>867</td><td>566</td><td>188</td></tr><tr><td>1-1/4 &frac12; March 1947......(taxable)</td><td>970</td><td>855</td><td>166</td><td>104</td><td>61</td><td>371</td><td>318</td><td>115</td></tr><tr><td>1-1/4 &frac12; September 1947......(taxable)</td><td>911</td><td>759</td><td>169</td><td>132</td><td>37</td><td>274</td><td>316</td><td>152</td></tr><tr><td>1-1/2 &frac12; September 1947......(taxable)</td><td>2,138</td><td>1,915</td><td>531</td><td>385</td><td>146</td><td>735</td><td>650</td><td>223</td></tr><tr><td>1-1/2 &frac12; September 1948......(taxable)</td><td>2,866</td><td>2,553</td><td>683</td><td>595</td><td>87</td><td>880</td><td>991</td><td>333</td></tr><tr><td>Total Treasury notes......</td><td>12,259</td><td>10,932</td><td>3,067</td><td>2,535</td><td>532</td><td>4,356</td><td>3,510</td><td>1,327</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank restricted 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4 &frac12; September 1956-59......(taxable)</td><td>256</td><td>190</td><td>4</td><td>3</td><td>1</td><td>28</td><td>158</td><td>67</td></tr><tr><td>2-1/4 &frac12; December 1959-62......(taxable)</td><td>388</td><td>285</td><td>4</td><td>2</td><td>2</td><td>55</td><td>226</td><td>103</td></tr><tr><td>2-1/2 &frac12; March 1965-70......(taxable)</td><td>63</td><td>43</td><td>*</td><td>*</td><td>*</td><td>3</td><td>40</td><td>20</td></tr><tr><td>2-1/2 &frac12; March 1966-71......(taxable)</td><td>74</td><td>57</td><td>1</td><td>*</td><td>1</td><td>6</td><td>51</td><td>17</td></tr><tr><td>2-1/2 &frac12; December 1967-72......(taxable)</td><td>755</td><td>571</td><td>8</td><td>5</td><td>3</td><td>95</td><td>468</td><td>184</td></tr><tr><td>Total bank restricted......</td><td>1,537</td><td>1,146</td><td>16</td><td>10</td><td>7</td><td>187</td><td>943</td><td>391</td></tr><tr><td>Bank eligible</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3 &frac12; June 1946-48......(partially)</td><td>504</td><td>482</td><td>256</td><td>229</td><td>27</td><td>101</td><td>125</td><td>22</td></tr><tr><td>1-1/8 &frac12; June 1946-49......(partially)</td><td>381</td><td>368</td><td>220</td><td>194</td><td>27</td><td>86</td><td>62</td><td>13</td></tr><tr><td>1-1/4 &frac12; October 1947-52......(partially)</td><td>268</td><td>262</td><td>163</td><td>137</td><td>26</td><td>69</td><td>30</td><td>6</td></tr><tr><td>2 &frac12; December 1947......(partially)</td><td>547</td><td>524</td><td>207</td><td>165</td><td>43</td><td>226</td><td>91</td><td>24</td></tr><tr><td>2 &frac12; March 1948-50......(taxable)</td><td>770</td><td>716</td><td>280</td><td>251</td><td>29</td><td>257</td><td>179</td><td>54</td></tr><tr><td>2-3/4 &frac12; March 1948-51......(partially)</td><td>882</td><td>846</td><td>391</td><td>364</td><td>27</td><td>347</td><td>108</td><td>36</td></tr><tr><td>1-3/4 &frac12; June 1948......(taxable)</td><td>2,298</td><td>2,077</td><td>641</td><td>436</td><td>206</td><td>747</td><td>689</td><td>221</td></tr><tr><td>2-1/2 &frac12; September 1948......(partially)</td><td>385</td><td>371</td><td>158</td><td>138</td><td>20</td><td>153</td><td>61</td><td>14</td></tr><tr><td>2 &frac12; December 1948-50......(partially)</td><td>469</td><td>446</td><td>164</td><td>139</td><td>25</td><td>214</td><td>68</td><td>22</td></tr><tr><td>2 &frac12; June 1949-51......(taxable)</td><td>760</td><td>692</td><td>176</td><td>161</td><td>15</td><td>280</td><td>236</td><td>68</td></tr><tr><td>2 &frac12; September 1949-51......(taxable)</td><td>1,027</td><td>950</td><td>320</td><td>207</td><td>113</td><td>369</td><td>261</td><td>77</td></tr><tr><td>2 &frac12; December 1949-51......(taxable)</td><td>1,598</td><td>1,447</td><td>369</td><td>299</td><td>69</td><td>575</td><td>503</td><td>151</td></tr><tr><td>3-1/8 &frac12; December 1949-52......(partially)</td><td>362</td><td>348</td><td>146</td><td>116</td><td>30</td><td>166</td><td>37</td><td>14</td></tr><tr><td>2-1/2 &frac12; December 1949-53......(partially)</td><td>1,294</td><td>1,237</td><td>420</td><td>387</td><td>34</td><td>612</td><td>205</td><td>57</td></tr><tr><td>2 &frac12; March 1950-52......(taxable)</td><td>1,542</td><td>1,366</td><td>332</td><td>302</td><td>30</td><td>528</td><td>506</td><td>176</td></tr></table>
(Continued on following page)
June 1946
59
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, March 31, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership In Federal Reserve System - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status ½ is shown in parentheses)</th><th>Total 7,373 commercial banks 1/</th><th>Total 4,770 member commercial banks</th><th colspan="4">Member commercial banks</th><th>2,603 nonmember commercial banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th>348 Reserve City banks</th><th>4,373 country banks</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></tr><tr><td>Bank eligible-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2½ September 1950-52....(taxable)</td><td>3,368</td><td>3,023</td><td>964</td><td>897</td><td>67</td><td>1,011</td><td>1,048</td><td>345</td></tr><tr><td>2-1/2½ September 1950-52....(partially)</td><td>999</td><td>927</td><td>319</td><td>278</td><td>41</td><td>402</td><td>206</td><td>72</td></tr><tr><td>1-1/2½ December 1950......(taxable)</td><td>1,642</td><td>1,359</td><td>106</td><td>85</td><td>21</td><td>441</td><td>812</td><td>283</td></tr><tr><td>2-3/4½ June 1951-54....(partially)</td><td>1,203</td><td>1,159</td><td>517</td><td>471</td><td>45</td><td>443</td><td>199</td><td>44</td></tr><tr><td>2½ September 1951-53....(taxable)</td><td>5,751</td><td>4,703</td><td>1,346</td><td>1,247</td><td>99</td><td>1,526</td><td>1,831</td><td>648</td></tr><tr><td>3½ September 1951-55....(partially)</td><td>414</td><td>392</td><td>153</td><td>117</td><td>36</td><td>152</td><td>86</td><td>22</td></tr><tr><td>2½ December 1951-55....(taxable)</td><td>382</td><td>321</td><td>66</td><td>61</td><td>5</td><td>77</td><td>177</td><td>62</td></tr><tr><td>2-1/4½ December 1951-53....(partially)</td><td>896</td><td>854</td><td>232</td><td>158</td><td>74</td><td>450</td><td>172</td><td>42</td></tr><tr><td>2-1/2½ March 1952-54....(taxable)</td><td>546</td><td>431</td><td>164</td><td>130</td><td>33</td><td>145</td><td>182</td><td>55</td></tr><tr><td>2½ June 1952-54....(taxable)</td><td>3,990</td><td>3,508</td><td>804</td><td>783</td><td>22</td><td>1,295</td><td>1,408</td><td>482</td></tr><tr><td>2½ December 1952-54....(taxable)</td><td>5,558</td><td>4,881</td><td>1,037</td><td>983</td><td>55</td><td>1,826</td><td>2,018</td><td>677</td></tr><tr><td>2-1/4½ June 1952-55....(taxable)</td><td>942</td><td>817</td><td>186</td><td>158</td><td>28</td><td>266</td><td>365</td><td>125</td></tr><tr><td>2½ June 1953-55....(partially)</td><td>639</td><td>600</td><td>150</td><td>74</td><td>75</td><td>298</td><td>153</td><td>39</td></tr><tr><td>2-1/4½ June 1954-56....(partially)</td><td>533</td><td>495</td><td>129</td><td>90</td><td>39</td><td>242</td><td>123</td><td>38</td></tr><tr><td>2-7/8½ March 1955-60....(partially)</td><td>1,310</td><td>1,234</td><td>459</td><td>354</td><td>105</td><td>542</td><td>233</td><td>76</td></tr><tr><td>2-1/2½ March 1956-58....(taxable)</td><td>723</td><td>625</td><td>120</td><td>116</td><td>4</td><td>199</td><td>306</td><td>98</td></tr><tr><td>2-3/4½ September 1956-59....(partially)</td><td>612</td><td>562</td><td>198</td><td>91</td><td>108</td><td>240</td><td>123</td><td>50</td></tr><tr><td>2-3/4½ June 1958-63....(partially)</td><td>612</td><td>572</td><td>175</td><td>101</td><td>73</td><td>267</td><td>130</td><td>40</td></tr><tr><td>2-3/4½ December 1960-65....(partially)</td><td>1,007</td><td>940</td><td>241</td><td>132</td><td>109</td><td>454</td><td>246</td><td>67</td></tr><tr><td>2-1/2½ September 1967-72....(taxable)</td><td>1,657</td><td>1,406</td><td>152</td><td>96</td><td>56</td><td>475</td><td>779</td><td>251</td></tr><tr><td>Total bank eligible</td><td>45,473</td><td>41,000</td><td>11,760</td><td>9,947</td><td>1,813</td><td>15,482</td><td>13,751</td><td>4,473</td></tr><tr><td>Total Treasury bonds</td><td>47,010</td><td>42,146</td><td>11,777</td><td>9,957</td><td>1,820</td><td>15,669</td><td>14,700</td><td>4,864</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds....(wholly)</td><td>13</td><td>9</td><td>*</td><td>*</td><td>*</td><td>2</td><td>6</td><td>1</td></tr><tr><td>Panama Canal bonds....(wholly)</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Conversion bonds....(wholly)</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>8</td></tr><tr><td>Total postal savings and other bonds</td><td>14</td><td>9</td><td>*</td><td>*</td><td>*</td><td>3</td><td>6</td><td>4</td></tr><tr><td>Guaranteed securities 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures</td><td>13</td><td>12</td><td>1</td><td>1</td><td>*</td><td>6</td><td>5</td><td>1</td></tr><tr><td>Total guaranteed securities</td><td>13</td><td>12</td><td>1</td><td>1</td><td>*</td><td>6</td><td>5</td><td>1</td></tr><tr><td>Total public marketable securities</td><td>81,393</td><td>72,768</td><td>20,118</td><td>16,254</td><td>3,864</td><td>28,465</td><td>24,185</td><td>8,625</td></tr></table>
1 Less than $500,000 or less than .05%. 
1/ Includes trust companies but excludes securities held in trust departments. 
2/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 25. 
3/ Guaranteed securities held by the Treasury are not included. 
4/ Federal securities fall into three broad groups with respect to 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. 5/ Includes an estimated amount of Federal Housing Administration debentures. 6/ Actual figures by tax status are unavailable.
60
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, March 31, 1946 - (Continued)
Quarterly Data on Ownership by Commercial Banks, Classified by Membership
In Federal Reserve System - (Continued
Section I
Securities Issued or Guaranteed by the United States Government - (Continued
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par valuee 1/ - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 2/ is shown in parentheses)</th><th rowspan="2">Total 7,373 commercial banks 3/</th><th colspan="6">Member commercial banks</th><th rowspan="2">2,603 nonmember commercial banks</th></tr><tr><th>Total 4,770 member commercial banks</th><th colspan="3">Central Reserve City banks</th><th>348 Reserve City banks</th><th>4,373 country banks</th></tr><tr><th></th><th></th><th></th><th>Total 49 Central Reserve City banks</th><th>37 New York City banks</th><th>12 Chicago banks</th><th></th><th></th><th></th></tr><tr><td>United States savings bonds 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series B-D.................... 4/</td><td>179</td><td>119</td><td>*</td><td>*</td><td>*</td><td>8</td><td>111</td><td>59</td></tr><tr><td>Series F.................... (taxable)</td><td>218</td><td>141</td><td>1</td><td>*</td><td>1</td><td>13</td><td>127</td><td>77</td></tr><tr><td>Series G.................... (taxable)</td><td>477</td><td>343</td><td>3</td><td>1</td><td>2</td><td>26</td><td>315</td><td>133</td></tr><tr><td>Total United States savings bonds</td><td>873</td><td>604</td><td>4</td><td>1</td><td>3</td><td>47</td><td>553</td><td>270</td></tr><tr><td>Treasury savings notes.................... (taxable)</td><td>81</td><td>66</td><td>37</td><td>22</td><td>15</td><td>14</td><td>15</td><td>15</td></tr><tr><td>Depository bonds.................... (taxable)</td><td>422</td><td>394</td><td>35</td><td>27</td><td>8</td><td>173</td><td>186</td><td>28</td></tr><tr><td>Total public non-marketable securities</td><td>1,376</td><td>1,064</td><td>76</td><td>50</td><td>26</td><td>234</td><td>754</td><td>313</td></tr></table>
1/ United States savings bonds, Series B-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
2/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "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.
3/ Includes trust companies but excludes securities held in trust departments.
4/ Series B-D savings bonds sold prior to March 1, 1941 were partially tax-exempt; those sold on and after that date are taxable.
Section II - Interest-Bearing Securities Issued by Federal Agencies
But not Guaranteed by the United States
(Par values - millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 2/ is shown in parentheses)</th><th rowspan="2">Total 7,373 commercial banks 1/</th><th rowspan="2">Total 4,770 member commercial banks</th><th colspan="4">Member commercial banks</th><th rowspan="2">2,603 nonmember commercial banks</th></tr><tr><th>Total 49 Central Reserve City banks</th><th>Central Reserve City banks</th><th></th><th>348 Reserve City banks</th><th>4,373 country banks</th></tr><tr><th colspan="8">Federal land bank bonds</th></tr><tr><td>3/ May 1946-56............(wholly)</td><td>20</td><td>14</td><td>8</td><td>*</td><td>8</td><td>2</td><td>5</td><td>5</td></tr><tr><td>1-1/2/ October 1948-50............(taxable)</td><td>143</td><td>128</td><td>10</td><td>5</td><td>5</td><td>61</td><td>57</td><td>15</td></tr><tr><td>1-1/2/ January 1951-53............(taxable)</td><td>178</td><td>159</td><td>30</td><td>24</td><td>6</td><td>72</td><td>58</td><td>18</td></tr><tr><td>2-1/4/ February 1953-55............(taxable)</td><td>90</td><td>77</td><td>9</td><td>5</td><td>4</td><td>30</td><td>38</td><td>13</td></tr><tr><td>Total Federal land bank bonds</td><td>431</td><td>379</td><td>56</td><td>34</td><td>23</td><td>165</td><td>158</td><td>52</td></tr><tr><td>Federal intermediate credit bank debentures</td><td>233</td><td>225</td><td>78</td><td>66</td><td>12</td><td>112</td><td>36</td><td>8</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States 1/</td><td>664</td><td>605</td><td>134</td><td>99</td><td>35</td><td>277</td><td>194</td><td>60</td></tr></table>
1 Less than $500,000.
1/ Securities issued by the Federal home loan banks are not included in the Treasury Survey.
2/ The income from "wholly" tax-exempt securities is exempt from the imposition of both the normal and surtax Federal income tax rates;
the income from "taxable" securities is subject to the imposition of both the normal and surtax Federal income tax rates. 3/ Includes trust companies but excludes securities held in trust departments.
June 1946
61
PRICES AND YIELDS OF GOVERNMENT SECURITIES (Including securities issued by Federal agencies)
62
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
April 30, 1946
Table I.- Securities Issued or Guaranteed by the United States Government 1/
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<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>Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">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 Mar.30, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from Mar.30, 1946</th><th>Yield to maturity 3/</th><th></th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="2">Treasury bonds - bank eligible</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>$1.115</td><td>2% - 1/15/46-50</td><td>101.27</td><td>101.28</td><td>101.28</td><td>-.06</td><td>.99%</td><td>+ .06%</td><td>1.50%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.12</td><td>3/11</td><td>101.26</td><td>4/25</td></tr><tr><td>3,062</td><td>1-3/4% - 6/15/46</td><td>101.14</td><td>101.16</td><td>101.15</td><td>-.09</td><td>1.05</td><td>+ .10</td><td>1.05</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</td><td>101.15</td><td>4/30</td></tr><tr><td>1,014</td><td>2% - 6/15/49-51</td><td>102.23</td><td>102.24</td><td>102.24</td><td>-.12</td><td>1.10</td><td>+ .09</td><td>1.14</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</td><td>102.20</td><td>4/24</td></tr><tr><td>1,292</td><td>2% - 9/15/49-51</td><td>102.27</td><td>102.28</td><td>102.28</td><td>-.12</td><td>1.13</td><td>+ .09</td><td>1.14</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</td><td>102.24</td><td>4/24</td></tr><tr><td>2,098</td><td>2% - 12/15/49-51</td><td>102.29+</td><td>102.30+</td><td>102.30</td><td>-.14</td><td>1.17</td><td>+ .10</td><td>1.15</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</td><td>102.26</td><td>4/24</td></tr><tr><td>1,963</td><td>2% - 3/15/50-52</td><td>102.31</td><td>103.00</td><td>103.00</td><td>-.18</td><td>1.20</td><td>+ .12</td><td>1.17</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</td><td>102.28</td><td>4/24</td></tr><tr><td>4,939</td><td>2% - 9/15/50-52</td><td>103.02+</td><td>103.03+</td><td>103.03</td><td>-.23</td><td>1.27</td><td>+ .15</td><td>1.49</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</td><td>103.00</td><td>4/25</td></tr><tr><td>2,635</td><td>1-1/2% - 12/15/50</td><td>101.17</td><td>101.19</td><td>101.18</td><td>-.17</td><td>1.15</td><td>+ .11</td><td>1.15</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</td><td>101.13</td><td>4/24</td></tr><tr><td>7,986</td><td>2% - 9/15/51-53</td><td>103.17+</td><td>103.18+</td><td>103.18</td><td>-.22</td><td>1.31</td><td>+ .12</td><td>1.49</td><td>9/15/43</td><td>104.18</td><td>3/11/46</td><td>100.03</td><td>11/6/43</td><td>104.18</td><td>3/11</td><td>103.06</td><td>4/24</td></tr><tr><td>510</td><td>2% - 12/15/51-55</td><td>103.20</td><td>103.22</td><td>103.21</td><td>-.28</td><td>1.32</td><td>+ .14</td><td>1.59</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</td><td>103.12</td><td>4/24</td></tr><tr><td>1,024</td><td>2-1/2% - 1/15/53-54</td><td>106.06</td><td>106.08</td><td>106.07</td><td>-.27</td><td>1.39</td><td>+ .12</td><td>1.65</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</td><td>106.00</td><td>4/24</td></tr><tr><td>5,825</td><td>2% - 6/15/52-54</td><td>103.20</td><td>103.21</td><td>103.20</td><td>-.28</td><td>1.38</td><td>+ .14</td><td>1.52</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</td><td>103.14</td><td>4/24</td></tr><tr><td>1,501</td><td>2-1/4% - 6/15/52-55</td><td>104.26</td><td>104.28</td><td>104.27</td><td>-.31</td><td>1.42</td><td>+ .15</td><td>1.68</td><td>2/25/42</td><td>106.08</td><td>2/19/46</td><td>100.16</td><td>2/18/42</td><td>106.08</td><td>2/19</td><td>104.22</td><td>4/24</td></tr><tr><td>8,662</td><td>2% - 12/15/52-54</td><td>103.22</td><td>103.23</td><td>103.22</td><td>-.102</td><td>1.41</td><td>+ .15</td><td>1.54</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</td><td>103.20</td><td>4/24</td></tr><tr><td>1,449</td><td>2-1/2% - 3/15/55-58</td><td>108.14</td><td>108.16</td><td>108.15</td><td>-.122</td><td>1.57</td><td>+ .17</td><td>1.71</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</td><td>108.12</td><td>4/25</td></tr><tr><td>2,716</td><td>2-1/2% - 9/15/67-72</td><td>107.08</td><td>107.12</td><td>107.10</td><td>-.122</td><td>2.07</td><td>+ .09</td><td>2.14</td><td>10/20/41</td><td>109.18</td><td>4/6/46</td><td>100.01</td><td>1/2/42</td><td>109.18</td><td>4/6</td><td>107.10</td><td>4/30</td></tr><tr><td colspan="2">Treasury bonds - bank restricted 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3,823</td><td>2-1/4% - 9/15/56-59</td><td>105.04</td><td>105.06</td><td>105.05</td><td>-.04</td><td>1.71</td><td>+ .21</td><td>1.81</td><td>2/1/44</td><td>107.16</td><td>4/6/46</td><td>100.01</td><td>2/29/44</td><td>107.16</td><td>4/6</td><td>105.05</td><td>4/30</td></tr><tr><td>5,284</td><td>2-1/4% - 6/15/59-62</td><td>102.04</td><td>102.06</td><td>102.05</td><td>-.14</td><td>2.06</td><td>+ .12</td><td>2.09</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>100.16</td><td>9/12/45</td><td>104.20</td><td>4/6</td><td>100.30</td><td>1/2</td></tr><tr><td>3,467</td><td>2-1/4% - 12/15/59-62</td><td>102.04</td><td>102.06</td><td>102.05</td><td>-.15</td><td>2.07</td><td>+ .12</td><td>2.10</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>100.14</td><td>12/11/45</td><td>104.21</td><td>4/6</td><td>100.30</td><td>1/2</td></tr><tr><td>2,118</td><td>2-1/2% - 6/15/62-67</td><td>105.14</td><td>105.18</td><td>105.16</td><td>-.127</td><td>2.10</td><td>+ .13</td><td>2.17</td><td>5/5/42</td><td>108.12</td><td>4/6/46</td><td>100.00</td><td>8/17/42</td><td>108.12</td><td>4/6</td><td>103.24</td><td>1/2</td></tr><tr><td>2,871</td><td>2-1/2% - 12/15/63-68</td><td>105.02</td><td>105.04</td><td>105.03</td><td>-.131</td><td>2.15</td><td>+ .13</td><td>2.21</td><td>12/1/42</td><td>108.03</td><td>4/6/46</td><td>100.00</td><td>2/17/44</td><td>108.03</td><td>4/6</td><td>103.02</td><td>1/2</td></tr><tr><td>3,761</td><td>2-1/2% - 6/15/64-69</td><td>104.22</td><td>104.24</td><td>104.23</td><td>-.01</td><td>2.18</td><td>+ .13</td><td>2.24</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>107.25</td><td>4/6</td><td>102.23</td><td>1/2</td></tr><tr><td>3,838</td><td>2-1/2% - 12/15/64-69</td><td>104.21</td><td>104.23</td><td>104.22</td><td>-.01</td><td>2.19</td><td>+ .12</td><td>2.24</td><td>9/15/43</td><td>107.24</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>107.24</td><td>4/6</td><td>102.21</td><td>1/2</td></tr><tr><td>5,197</td><td>2-1/2% - 3/15/65-70</td><td>104.17</td><td>104.19</td><td>104.18</td><td>-.04</td><td>2.20</td><td>+ .13</td><td>2.25</td><td>2/1/44</td><td>107.23</td><td>4/6/46</td><td>100.00</td><td>2/16/44</td><td>107.23</td><td>4/6</td><td>102.23</td><td>1/2</td></tr><tr><td>3,482</td><td>2-1/2% - 3/15/66-71</td><td>104.17</td><td>104.19</td><td>104.18</td><td>-.04</td><td>2.22</td><td>+ .13</td><td>2.26</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.06</td><td>12/19/44</td><td>107.22</td><td>4/6</td><td>102.10</td><td>1/2</td></tr><tr><td>7,967</td><td>2-1/2% - 6/15/67-72</td><td>103.01</td><td>103.04</td><td>103.02</td><td>-.08</td><td>2.32</td><td>+ .13</td><td>2.34</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.21</td><td>9/24/45</td><td>106.16</td><td>4/6</td><td>101.16</td><td>1/3</td></tr><tr><td>11,691</td><td>2-1/2% - 12/15/67-72</td><td>103.01</td><td>103.04</td><td>103.02</td><td>-.08</td><td>2.32</td><td>+ .13</td><td>2.34</td><td>11/15/45</td><td>106.16</td><td>4/6/46</td><td>100.24</td><td>12/11/45</td><td>106.16</td><td>4/6</td><td>101.16</td><td>1/3</td></tr><tr><td colspan="2">Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4,910</td><td>90% - 7/1/46 6/</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+ .05%</td><td>-</td><td>-</td><td>-</td><td>6/1/45</td><td>.6%</td><td>2/21/46</td><td>.86%</td><td>6/15/45</td><td>.0%</td><td>2/21</td><td>.84%</td><td>4/30</td></tr><tr><td>3,261</td><td>1-1/2% - 12/15/46</td><td>100.11</td><td>100.12</td><td>100.12</td><td>-.02</td><td>.90</td><td>+ .02</td><td>.90</td><td>6/5/42</td><td>101.00</td><td>4/1/46</td><td>100.01</td><td>1/2/43</td><td>100.20</td><td>2/25</td><td>100.12</td><td>4/30</td></tr><tr><td>1,948</td><td>1-1/4% - 3/15/47</td><td>100.08+</td><td>100.09+</td><td>100.09</td><td>-.03</td><td>.93</td><td>+ .08</td><td>.93</td><td>6/26/44</td><td>100.20</td><td>3/5/46</td><td>100.07</td><td>12/28/44</td><td>100.17</td><td>2/18</td><td>100.08</td><td>4/25</td></tr><tr><td>2,707</td><td>1-1/2% - 9/15/47</td><td>100.22</td><td>100.23</td><td>100.22</td><td>-.06</td><td>.99</td><td>+ .10</td><td>.99</td><td>7/12/43</td><td>101.06</td><td>3/5/46</td><td>100.16</td><td>10/11/43</td><td>101.02</td><td>3/1</td><td>100.22</td><td>4/30</td></tr><tr><td>1,687</td><td>1-1/4% - 9/15/47</td><td>100.11+</td><td>100.12+</td><td>100.12</td><td>-.06</td><td>.97</td><td>+ .11</td><td>.97</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</td><td>100.12</td><td>4/30</td></tr><tr><td>3,748</td><td>1-1/2% - 9/15/48</td><td>101.02</td><td>101.03</td><td>101.02</td><td>-.08</td><td>1.05</td><td>+ .09</td><td>1.05</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</td><td>101.02</td><td>4/30</td></tr><tr><td colspan="2">Certificate of indebtedness 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1,579</td><td>7/8% - 5/1/46</td><td>.71</td><td>.71</td><td>.71</td><td>1/1</td><td>-</td><td>-</td><td>-</td><td>5/1/45</td><td>.46%</td><td>3/2/46</td><td>.82%</td><td>10/8/45</td><td>.46%</td><td>3/2</td><td>.79%</td><td>4/30</td></tr><tr><td>4,799</td><td>7/8% - 6/1/46</td><td>.85%</td><td>.76%</td><td>.79%</td><td>+ .03%</td><td>-</td><td>-</td><td>-</td><td>6/1/45</td><td>.58%</td><td>3/4/46</td><td>.93%</td><td>4/30/46</td><td>.58%</td><td>3/4</td><td>.84%</td><td>4/30</td></tr><tr><td>2,470</td><td>7/8% - 8/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+ .05%</td><td>-</td><td>-</td><td>-</td><td>8/1/45</td><td>.65%</td><td>3/2/46</td><td>.85%</td><td>7/26/45</td><td>.65%</td><td>3/2</td><td>.84%</td><td>4/30</td></tr><tr><td>4,336</td><td>7/8% - 9/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+ .05%</td><td>-</td><td>-</td><td>-</td><td>9/1/45</td><td>.70%</td><td>3/4/46</td><td>.85%</td><td>8/22/45</td><td>.70%</td><td>3/4</td><td>.84%</td><td>4/30</td></tr><tr><td>3,440</td><td>7/8% - 10/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+ .04%</td><td>-</td><td>-</td><td>-</td><td>10/1/45</td><td>.72%</td><td>3/4/46</td><td>.85%</td><td>10/1/45</td><td>.72%</td><td>3/4</td><td>.84%</td><td>4/30</td></tr><tr><td>3,778</td><td>7/8% - 11/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+ .04%</td><td>-</td><td>-</td><td>-</td><td>12/1/45</td><td>.73%</td><td>2/25/46</td><td>.95%</td><td>12/4/45</td><td>.73%</td><td>2/25</td><td>.84%</td><td>4/30</td></tr><tr><td>3,768</td><td>7/8% - 12/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+ .04%</td><td>-</td><td>-</td><td>-</td><td>12/1/45</td><td>.73%</td><td>2/21/46</td><td>.9
(Continued on following page)
June 1946
63
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies April 30, 1946 - (Continued)
Table I.- Securities Issued or Guaranteed by the United States Government 1-(Continued)
PART B - TAXABLE TREASURY BILLS
<table><tr><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th><th>Amount outstanding (Millions)</th><th>Maturity date</th><th>Issue date</th><th colspan="4">Discount</th></tr><tr><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Mar. 30, 1946</th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Mar. 30, 1946</th></tr><tr><td>$1,316</td><td>5/2/46</td><td>1/31/46</td><td>.3775</td><td>.204</td><td>.294</td><td>-.05%</td><td>$1,315</td><td>6/20/46</td><td>3/21/46</td><td>.3775</td><td>.32%</td><td>.35%</td><td>-.01%</td></tr><tr><td>1,315</td><td>5/9/46</td><td>2/7/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.03</td><td>1,313</td><td>6/27/46</td><td>3/28/46</td><td>.375</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,309</td><td>5/16/46</td><td>2/11/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,312</td><td>7/5/46</td><td>4/14/46</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,301</td><td>5/23/46</td><td>2/21/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,317</td><td>7/11/46</td><td>4/11/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,317</td><td>5/31/46</td><td>2/28/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,310</td><td>7/18/46</td><td>4/18/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,309</td><td>6/6/46</td><td>3/7/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,315</td><td>7/25/46</td><td>4/25/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,304</td><td>6/13/46</td><td>3/14/46</td><td>.375</td><td>.32</td><td>.35</td><td>-.01</td><td>8/</td><td>8/1/46</td><td>5/2/46</td><td>.375</td><td>.35</td><td>.36</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">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 Mar. 30, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from Mar. 30, 1946</th><th>Yield to maturity 3/</th><th></th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></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/ 6/15/46-18 9/</td><td>100.08</td><td>100.09</td><td>100.08</td><td>-.06</td><td>.96%</td><td>+.09%</td><td>-</td><td>6/15/34</td><td>112.28</td><td>12/16/40</td><td>97.28</td><td>9/17/34</td><td>101.02</td><td>1/26</td><td>100.08</td><td>4/30</td></tr><tr><td>819</td><td>1-1/8% - 6/15/46-49 9/</td><td>100.98</td><td>100.99</td><td>100.09</td><td>-.07</td><td>.84</td><td>+.15</td><td>3.36%</td><td>6/15/31</td><td>113.19</td><td>12/11/40</td><td>83.05</td><td>1/11/32</td><td>101.04</td><td>1/22</td><td>100.09</td><td>4/30</td></tr><tr><td>759</td><td>1-1/4% - 10/15/47-52</td><td>105.04</td><td>105.06</td><td>105.05</td><td>-.12</td><td>.69</td><td>+.06</td><td>.78</td><td>10/15/22</td><td>122.22</td><td>12/11/40</td><td>98.18</td><td>10/8/23</td><td>106.12</td><td>1/24</td><td>105.05</td><td>4/30</td></tr><tr><td>701</td><td>2-1/4% - 12/15/47</td><td>101.30</td><td>102.00</td><td>101.31</td><td>-.07</td><td>.78</td><td>+.07</td><td>.78</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>102.22</td><td>1/30</td><td>101.31</td><td>4/30</td></tr><tr><td>1,223</td><td>2-3/4% - 3/15/48-51</td><td>103.18</td><td>103.20</td><td>103.19</td><td>-.10</td><td>.81</td><td>+.08</td><td>1.97</td><td>3/15/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>104.13</td><td>1/29</td><td>103.19</td><td>4/30</td></tr><tr><td>451</td><td>2-1/2% - 9/15/48</td><td>103.29</td><td>103.31</td><td>103.30</td><td>-.12</td><td>.82</td><td>+.10</td><td>.82</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>104.24</td><td>3/11</td><td>103.30</td><td>4/30</td></tr><tr><td>571</td><td>2-1/2% - 12/15/48-50</td><td>102.39</td><td>102.31</td><td>102.30</td><td>-.13</td><td>.87</td><td>+.12</td><td>1.34</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>103.24</td><td>3/11</td><td>102.28</td><td>4/25</td></tr><tr><td>491</td><td>3-1/8% - 12/15/49-52</td><td>107.22</td><td>107.24</td><td>107.23</td><td>-.22</td><td>.95</td><td>+.13</td><td>1.88</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>108.30</td><td>1/28</td><td>107.21</td><td>4/25</td></tr><tr><td>1,786</td><td>2-1/2% - 12/15/49-53</td><td>105.18</td><td>105.20</td><td>105.19</td><td>-.17</td><td>.93</td><td>+.11</td><td>1.71</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>106.18</td><td>3/12</td><td>105.15</td><td>4/24</td></tr><tr><td>1,186</td><td>2-1/2% - 9/15/50-52</td><td>106.16</td><td>106.18</td><td>106.17</td><td>-.20</td><td>.97</td><td>+.11</td><td>1.42</td><td>9/15/38</td><td>108.30</td><td>12/10/40</td><td>99.15</td><td>9/25/39</td><td>107.18</td><td>3/11</td><td>106.14</td><td>4/25</td></tr><tr><td>1,627</td><td>2-3/4% - 6/15/51-54</td><td>108.14</td><td>108.16</td><td>108.15</td><td>-.29</td><td>1.05</td><td>+.15</td><td>1.63</td><td>6/15/35</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>109.27</td><td>1/28</td><td>108.07</td><td>4/24</td></tr><tr><td>755</td><td>3-1/4% - 9/15/51-55</td><td>110.00</td><td>110.02</td><td>110.01</td><td>-1.00</td><td>1.07</td><td>+.15</td><td>1.83</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>111.21</td><td>1/15</td><td>109.27</td><td>4/25</td></tr><tr><td>1,118</td><td>2-1/4% - 12/15/51-53</td><td>106.11</td><td>106.16</td><td>106.15</td><td>-.30</td><td>1.06</td><td>+.14</td><td>1.35</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>107.25</td><td>5/12</td><td>106.07</td><td>4/25</td></tr><tr><td>725</td><td>2-1/4% - 6/15/53-55</td><td>105.30</td><td>106.00</td><td>105.31</td><td>-1.08</td><td>1.13</td><td>+.17</td><td>1.30</td><td>10/7/40</td><td>107.25</td><td>1/12/46</td><td>101.19</td><td>2/15/41</td><td>107.25</td><td>1/12</td><td>105.29</td><td>4/25</td></tr><tr><td>681</td><td>2-1/4% - 6/15/54-56</td><td>108.23</td><td>108.25</td><td>108.24</td><td>-.29</td><td>1.12</td><td>+.10</td><td>1.32</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</td><td>108.20</td><td>4/25</td></tr><tr><td>2,611</td><td>2-7/8% - 3/15/55-60</td><td>113.21</td><td>113.23</td><td>113.22</td><td>-.18</td><td>1.24</td><td>+.16</td><td>1.76</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</td><td>113.22</td><td>4/30</td></tr><tr><td>982</td><td>2-3/4% - 9/15/56-59</td><td>114.05</td><td>114.09</td><td>114.07</td><td>-.18</td><td>1.28</td><td>+.14</td><td>1.57</td><td>9/15/36</td><td>116.13</td><td>1/26/46</td><td>98.10</td><td>4/1/37</td><td>116.13</td><td>1/26</td><td>114.07</td><td>4/30</td></tr><tr><td>919</td><td>2-3/4% - 6/15/58-63</td><td>115.00</td><td>115.04</td><td>115.02</td><td>-.12</td><td>1.40</td><td>+.11</td><td>1.73</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</td><td>115.01</td><td>4/25</td></tr><tr><td>1,485</td><td>2-3/4% - 12/15/60-65</td><td>116.30</td><td>117.01</td><td>117.00</td><td>-.08</td><td>1.46</td><td>+.08</td><td>1.73</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</td><td>116.28</td><td>4/25</td></tr><tr><td colspan="17">Other bonds 10/</td></tr><tr><td>13</td><td>3% Conversion -1/1/47</td><td>101.24</td><td>-</td><td>101.24</td><td>-.10</td><td>.37</td><td>+.12</td><td>.37</td><td>1/1/17</td><td>115.00</td><td>1935</td><td>75.00</td><td>1920</td><td>102.20</td><td>1/5</td><td>101.24</td><td>4/30</td></tr><tr><td>50</td><td>3% Panama Canal-6/1/61</td><td>132.16</td><td>133.08</td><td>132.28</td><td>-.20</td><td>.70</td><td>+.03</td><td>.70</td><td>6/1/11</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>133.24</td><td>3/13</td><td>132.28</td><td>4/30</td></tr></table>
1/ Excludes Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding). 2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates. 3/ Market Convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
4/ Included in the average Yield of Long-Term Taxable Treasury Bonds. 5/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 25. 6/ Quoted on a yield basis. 7/ Not quoted on April 30, 1946. 8/ This security was issued on May 2, 1946, in the amount of $1,309 million. 9/ Called on February 14, for redemption on June 15, 1946. 10/ Excludes postal savings bonds.
64
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
April 30, 1946 - (Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price date (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">1946 price range 1/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Mar. 30, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from Mar. 30, 1946</th><th>Yield to maturity 2/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td><td>Price</td><td>Date</td></tr></table>
Taxable securities
<table><tr><th colspan="2">Federal Home Loan Bank debenture</th><th>.90%</th><th>.80%</th><th>.85%</th><th>-</th><th>-</th><th>-</th><th>4/15/46</th><th>.85%</th><th>4/30/46</th><th>.85%</th><th>4/30/46</th><th>.85%</th><th>4/30</th><th>.85%</th><th>4/30</th></tr><tr><td>$67</td><td>.90% 3-10/15/46 3/</td><td>.90%</td><td>.80%</td><td>.85%</td><td>-</td><td>-</td><td>-</td><td></td><td>.85%</td><td></td><td>.85%</td><td></td><td>.85%</td><td></td><td>.85%</td><td></td></tr><tr><th colspan="2">Federal Intermediate Credit Bank debentures 4/</th><th></th><th></th><th></th><th></th><th></th><th></th><th>8/1/45</th><th>100.00</th><th>4/29/46</th><th>100.00</th><th>4/29/46</th><th>100.00</th><th>4/29</th><th>100.00</th><th>4/29</th></tr><tr><td>25</td><td>.90% - 5/1/46</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>11/1/45</td><td>100.00</td><td>4/29/46</td><td>100.00</td><td>4/29/46</td><td>100.00</td><td>4/29</td><td>100.00</td><td>4/29</td></tr><tr><td>16</td><td>.85% - 5/1/46</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>10/1/45</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</td></tr><tr><td>17</td><td>.90% - 6/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90%</td><td>.00%</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>41</td><td>7/8% - 7/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>1/2/46</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>11/1/45</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>12/1/45</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>2/2/46</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</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>3/1/46</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</td></tr><tr><td>39</td><td>7/8% - 1/2/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>4/1/46</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30/46</td><td>100.00</td><td>4/30</td><td>100.00</td><td>4/30</td></tr><tr><th colspan="2">Federal Land Bank bonds 6/</th><th></th><th></th><th></th><th></th><th></th><th></th><th>8/1/45</th><th>101.10</th><th>3/6/46</th><th>100.12</th><th>9/19/45</th><th>101.10</th><th>3/6</th><th>100.19</th><th>4/30</th></tr><tr><td>176</td><td>1-1/2% 10/1/48-50</td><td>100.16</td><td>100.22</td><td>100.19</td><td>-1.15</td><td>1.25</td><td>+1.18</td><td>1.36</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7</td><td>1-1/4% 5/1/50-52</td><td>99.26</td><td>99.30</td><td>99.28</td><td>-</td><td>1.28</td><td>-</td><td>1.27</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>99.28</td><td>4/30/46</td><td>100.02</td><td>3/17</td><td>99.28</td><td>4/30</td></tr><tr><td>214</td><td>1-1/2% 1/1/51-53</td><td>100.08</td><td>100.16</td><td>100.12</td><td>-1.02</td><td>1.42</td><td>+1.23</td><td>1.44</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>100.12</td><td>4/30/46</td><td>101.22</td><td>3/11</td><td>100.12</td><td>4/30</td></tr><tr><td>114</td><td>2-1/4% 2/1/53-55</td><td>104.20</td><td>104.28</td><td>104.24</td><td>-1.00</td><td>1.51</td><td>+1.14</td><td>1.65</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</td><td>104.24</td><td>4/30</td></tr></table>
Tax-exempt securities
<table><tr><td colspan="13">Federal Land Bank bonds 6/</td></tr><tr><td>$170</td><td>3%</td><td>- 5/1/46-56 8/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/1/36</td><td>111.22</td><td>12/10/40</td><td>98.30</td><td>4/8/37</td><td>100.27</td><td>1/5</td><td>100.00</td><td>4/29</td></tr></table>
1/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices for all securities except Federal Intermediate Credit Bank debentures are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
2/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
3/ Quoted on a yield basis.
4/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.
5/ Not quoted on April 30, 1946.
6/ Excludes issues completely held by Farm Credit Administration agencies.
1/ This security was issued on May 1, 1946, in the amount of $217 million.
8/ Called on April 3, for redemption on May 1, 1946.
June 1946
65
YIELDS OF TREASURY SECURITIES
APRIL 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
Office of the Secretary of the Treasury, Division of Research and Statistics
F-235-B
Treasury Bulletin
66
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="13">Monthly series 3/</td></tr></table>
Monthly series 3/
<table><tr><td>1938-Jan............</td><td>2.69</td><td>3.17</td><td>1941-Jan............</td><td>2.12</td><td>2.57</td><td>1944-Jan............</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb............</td><td>2.68</td><td>3.15</td><td>Feb............</td><td>2.22</td><td>2.71</td><td>Feb............</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar............</td><td>2.67</td><td>3.16</td><td>Mar............</td><td>2.12</td><td>2.73</td><td>Mar............</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>Apr............</td><td>2.66</td><td>3.25</td><td>Apr............</td><td>2.07</td><td>2.76</td><td>Apr............</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>May............</td><td>2.56</td><td>3.14</td><td>May............</td><td>2.04</td><td>2.75</td><td>May............</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June............</td><td>2.58</td><td>3.15</td><td>June............</td><td>2.01</td><td>2.70</td><td>June............</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>July............</td><td>2.58</td><td>3.12</td><td>July............</td><td>1.98</td><td>2.66</td><td>July............</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>Aug............</td><td>2.57</td><td>3.10</td><td>Aug............</td><td>2.01</td><td>2.65</td><td>Aug............</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Sept............</td><td>2.63</td><td>3.12</td><td>Sept............</td><td>2.02</td><td>2.64</td><td>Sept............</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><td>Oct............</td><td>2.55</td><td>3.06</td><td>Oct............</td><td>1.98</td><td>2.34</td><td>Oct............</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td>Nov............</td><td>2.56</td><td>3.04</td><td>Nov............</td><td>1.95</td><td>2.34</td><td>Nov............</td><td>1.90</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec............</td><td>2.56</td><td>3.02</td><td>Dec............</td><td>2.06</td><td>2.47</td><td>Dec............</td><td>1.87</td><td>2.48</td><td>2.59</td></tr><tr><td>1939-Jan............</td><td>2.54</td><td>2.96</td><td>1942-Jan............</td><td>2.10</td><td>2.48</td><td>1945-Jan............</td><td>1.81</td><td>2.44</td><td>2.58</td></tr><tr><td>Feb............</td><td>2.51</td><td>2.90</td><td>Feb............</td><td>2.17</td><td>2.48</td><td>Feb............</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar............</td><td>2.43</td><td>2.87</td><td>Mar............</td><td>2.10</td><td>2.46</td><td>Mar............</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr............</td><td>2.38</td><td>2.92</td><td>Apr............</td><td>2.07</td><td>2.44</td><td>Apr............</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May............</td><td>2.27</td><td>2.86</td><td>May............</td><td>2.06</td><td>2.45</td><td>May............</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June............</td><td>2.22</td><td>2.78</td><td>June............</td><td>2.04</td><td>2.43</td><td>June............</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July............</td><td>2.23</td><td>2.76</td><td>July............</td><td>2.04</td><td>2.46</td><td>July............</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug............</td><td>2.27</td><td>2.79</td><td>Aug............</td><td>2.06</td><td>2.47</td><td>Aug............</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept............</td><td>2.67</td><td>3.29</td><td>Sept............</td><td>2.08</td><td>2.46</td><td>Sept............</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct............</td><td>2.60</td><td>3.14</td><td>Oct............</td><td>2.09</td><td>2.45</td><td>Oct............</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov............</td><td>2.46</td><td>2.93</td><td>Nov............</td><td>2.10</td><td>2.47</td><td>Nov............</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Dec............</td><td>2.35</td><td>2.86</td><td>Dec............</td><td>2.13</td><td>2.49</td><td>Dec............</td><td>....</td><td>2.33</td><td>2.54</td></tr><tr><td>1940-Jan............</td><td>2.30</td><td>2.81</td><td>1943-Jan............</td><td>2.11</td><td>2.46</td><td>1946-Jan............</td><td>....</td><td>2.21</td><td>2.43</td></tr><tr><td>Feb............</td><td>2.32</td><td>2.79</td><td>Feb............</td><td>2.11</td><td>2.46</td><td>Feb............</td><td>....</td><td>2.12</td><td>2.36</td></tr><tr><td>Mar............</td><td>2.26</td><td>2.77</td><td>Mar............</td><td>2.12</td><td>2.48</td><td>Mar............</td><td>....</td><td>2.09</td><td>2.35</td></tr><tr><td>Apr............</td><td>2.26</td><td>2.74</td><td>Apr............</td><td>2.05</td><td>2.48</td><td>Apr............</td><td>....</td><td>2.08</td><td>2.37</td></tr><tr><td>May............</td><td>2.39</td><td>2.87</td><td>May............</td><td>1.96</td><td>2.46</td><td>May............</td><td>....</td><td></td><td></td></tr><tr><td>June............</td><td>2.40</td><td>2.93</td><td>June............</td><td>1.91</td><td>2.45</td><td>June............</td><td>....</td><td></td><td></td></tr><tr><td>July............</td><td>2.30</td><td>2.85</td><td>July............</td><td>1.91</td><td>2.45</td><td>July............</td><td>....</td><td></td><td></td></tr><tr><td>Aug............</td><td>2.31</td><td>2.80</td><td>Aug............</td><td>1.92</td><td>2.46</td><td>Aug............</td><td>....</td><td></td><td></td></tr><tr><td>Sept............</td><td>2.25</td><td>2.71</td><td>Sept............</td><td>1.90</td><td>2.48</td><td>Sept............</td><td>....</td><td></td><td></td></tr><tr><td>Oct............</td><td>2.21</td><td>2.70</td><td>Oct............</td><td>1.90</td><td>2.48</td><td>Oct............</td><td>....</td><td></td><td></td></tr><tr><td>Nov............</td><td>2.09</td><td>2.65</td><td>Nov............</td><td>1.94</td><td>2.48</td><td>Nov............</td><td>....</td><td></td><td></td></tr><tr><td>Dec............</td><td>2.01</td><td>2.59</td><td>Dec............</td><td>1.95</td><td>2.49</td><td>Dec............</td><td>....</td><td></td><td></td></tr></table>
Weekly series - Saturday figures 5/
<table><tr><td>1945-Nov.</td><td>3</td><td>1.59</td><td>2.35</td><td>2.54</td><td>1946-Jan.</td><td>5</td><td>2.27</td><td>2.47</td><td>1946-Mar.</td><td>2</td><td>2.10</td><td>2.35</td></tr><tr><td></td><td>10</td><td>1.58</td><td>2.33</td><td>2.56</td><td></td><td>12</td><td>2.20</td><td>2.46</td><td></td><td>9</td><td>2.09</td><td>2.35</td></tr><tr><td></td><td>17</td><td>1.56</td><td>2.33</td><td>2.55</td><td></td><td>19</td><td>2.19</td><td>2.42</td><td></td><td>16</td><td>2.09</td><td>2.35</td></tr><tr><td></td><td>24</td><td>1.54</td><td>2.32</td><td>2.54</td><td></td><td>26</td><td>2.16</td><td>2.37</td><td></td><td>23</td><td>2.09</td><td>2.34</td></tr><tr><td>Dec.</td><td>1</td><td>1.53</td><td>2.33</td><td>2.55</td><td>Feb.</td><td>2</td><td>2.17</td><td>2.38</td><td></td><td>30</td><td>2.07</td><td>2.34</td></tr><tr><td></td><td>8</td><td>1.51</td><td>2.32</td><td>2.55</td><td></td><td>9</td><td>2.10</td><td>2.36</td><td>Apr.</td><td>6</td><td>2.01</td><td>2.37</td></tr><tr><td></td><td>15</td><td>-</td><td>2.33</td><td>2.54</td><td></td><td>16</td><td>2.09</td><td>2.35</td><td></td><td>13</td><td>2.05</td><td>2.36</td></tr><tr><td></td><td>22</td><td>-</td><td>2.34</td><td>2.52</td><td></td><td>21</td><td>2.10</td><td>2.36</td><td></td><td>20</td><td>2.10</td><td>2.37</td></tr><tr><td></td><td>29</td><td>-</td><td>2.31</td><td>2.52</td><td></td><td></td><td></td><td></td><td></td><td>27</td><td>2.15</td><td>2.39</td></tr></table>
Daily series
<table><tr><td>1946-Apr.</td><td>1</td><td>2.06</td><td>2.35</td><td>1946-Apr. 11</td><td>2.03</td><td>2.36</td><td>1946-Apr. 22</td><td>2.11</td><td>2.37</td></tr><tr><td></td><td>2</td><td>2.04</td><td>2.35</td><td>12</td><td>2.04</td><td>2.36</td><td>23</td><td>2.13</td><td>2.38</td></tr><tr><td></td><td>3</td><td>2.04</td><td>2.35</td><td>13</td><td>2.05</td><td>2.36</td><td>24</td><td>2.14</td><td>2.40</td></tr><tr><td></td><td>4</td><td>2.04</td><td>2.35</td><td></td><td></td><td></td><td>25</td><td>2.16</td><td>2.39</td></tr><tr><td></td><td>5</td><td>2.02</td><td>2.37</td><td>15</td><td>2.05</td><td>2.35</td><td>26</td><td>2.16</td><td>2.39</td></tr><tr><td></td><td>6</td><td>2.01</td><td>2.37</td><td>16</td><td>2.06</td><td>2.35</td><td>27</td><td>2.15</td><td>2.39</td></tr><tr><td></td><td></td><td></td><td></td><td>17</td><td>2.08</td><td>2.35</td><td></td><td></td><td></td></tr><tr><td></td><td>8</td><td>2.02</td><td>2.37</td><td>18</td><td>2.09</td><td>2.36</td><td>29</td><td>2.17</td><td>2.39</td></tr><tr><td></td><td>9</td><td>2.03</td><td>2.37</td><td>19</td><td>6/</td><td>6/</td><td>30</td><td>2.19</td><td>2.43</td></tr><tr><td></td><td>10</td><td>2.03</td><td>2.36</td><td>20</td><td>2.10</td><td>2.37</td><td></td><td></td><td></td></tr></table>
Note: Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. Monthly and weekly data for the period January 1933 through March 1941 appeared in the "Treasury Bulletin" for April 1944, pages 57-51.
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.
for discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for January 1945, page 56; for discussion of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1943, page 61.
3/ Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures
4/ The composition of the high-grade corporate bond average was re-
vised commencing with November 1, 1944. The old average for November 1944 was 2.56%. See footnote 2.
On days when the exchanges are closed, the date and prices of the previous day are used.
6/ Market closed.
June 1946 67
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Office of the Secretary of the Treasury, Division of Research and Statistics
F-220-D
68
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER AGENCIES OF THE UNITED STATES GOVERNMENT
June 1946
69
Corporations and Certain Other Agencies of the United States Government
Quarterly data relating to corporations in which the United States has a proprietary interest, direct or indirect, and certain other agencies are published in three sections. Section I appears in the March, June, September, and December issues of the "Treasury Bulletin", and contains data on assets, liabilities, and capital. These tables are compiled from the February, May, August, and November mid-month "Daily Treasury
Statements". Sections II and III appear in the January, April, July, and October issues of the "Treasury Bulletin". Section II contains information on income and expense, and section III, on sources and application of funds. The data for sections II and III are obtained from reports of the corporations and other agencies, adjusted by the Treasury Department.
Section I.- Assets, Liabilities, and Capital as of March 31, 1946
Table 1.- Summary
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td>Capital</td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>1,278.9</td><td>838.9</td><td>440.0</td><td>United States interest:</td><td></td><td></td><td></td></tr><tr><td>Deposits with Government agencies</td><td>239.3</td><td>239.3</td><td>-</td><td>Government agencies</td><td>445.2</td><td>266.7</td><td>178.5</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td>Other</td><td>23,460.6</td><td>-1,422.5</td><td>24,883.2</td></tr><tr><td>Government agencies</td><td>967.0</td><td>966.8</td><td>.2</td><td>Total United States interest</td><td>23,905.8</td><td>-1,155.9</td><td>25,061.7</td></tr><tr><td>Others, less reserves</td><td>5,069.0</td><td>4,120.8</td><td>948.2</td><td>Private interests</td><td>478.6</td><td>478.6</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government agencies</td><td>1,638.8</td><td>1,550.2</td><td>88.6</td><td>Total capital</td><td>24,384.4</td><td>-677.3</td><td>25,061.7</td></tr><tr><td>Others, less reserves</td><td>743.0</td><td>184.7</td><td>558.3</td><td>Total liabilities and capital</td><td>47,950.8</td><td>20,560.7</td><td>27,390.2</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td>Analysis of investment of United States</td><td></td><td></td><td></td></tr><tr><td>Government agencies</td><td>41.3</td><td>13.2</td><td>28.1</td><td>Paid-in capital</td><td>39,476.5</td><td>3,566.3</td><td>35,910.2</td></tr><tr><td>Others, less reserves</td><td>87.4</td><td>48.8</td><td>38.6</td><td>Treasury loans to Government corporations</td><td>-</td><td>11,284.3</td><td>-11,284.3</td></tr><tr><td>Advances to contractors and agents</td><td>255.7</td><td>173.7</td><td>82.0</td><td>Total investment of United States</td><td>39,476.5</td><td>14,850.7</td><td>24,625.8</td></tr><tr><td>Commodities, supplies, and materials</td><td>1,918.2</td><td>1,826.1</td><td>92.2</td><td>Earned surplus (or deficit [-])</td><td></td><td></td><td></td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td>(United States share)</td><td>-15,570.7</td><td>-4,722.2</td><td>-10,848.5</td></tr><tr><td>Public debt obligations of United States</td><td>1,789.1</td><td>1,686.0</td><td>103.1</td><td>Book value of United States interest, including interagency items</td><td>23,905.8</td><td>10,128.4</td><td>13,777.3</td></tr><tr><td>Securities of Government agencies:</td><td></td><td></td><td></td><td>Interagency items:</td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>8.3</td><td>8.3</td><td>-</td><td>Amounts due to:</td><td></td><td></td><td></td></tr><tr><td>Not guaranteed</td><td>2.0</td><td>2.0</td><td>-</td><td>Government corporations</td><td>2,085.7</td><td>1,688.1</td><td>397.5</td></tr><tr><td>Other securities, less reserves</td><td>284.8</td><td>260.1</td><td>4.7</td><td>Certain other Government agencies</td><td>72.8</td><td>57.2</td><td>15.6</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>11,284.3</td><td>-</td><td>11,284.3</td><td>Government agencies not required to report</td><td>3,495.8</td><td>2,775.3</td><td>720.6</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>20,783.7</td><td>7,869.6</td><td>12,914.1</td><td>Total interagency liabilities</td><td>5,654.3</td><td>4,520.6</td><td>1,133.7</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>57.0</td><td>34.9</td><td>22.1</td><td>Amounts due from:</td><td></td><td></td><td></td></tr><tr><td>Deferred charges</td><td>414.5</td><td>38.5</td><td>376.1</td><td>Interagency proprietary interests</td><td>-445.2</td><td>-266.7</td><td>-178.5</td></tr><tr><td>Undistributed charges</td><td>460.1</td><td>253.2</td><td>206.9</td><td>Government corporations</td><td>-1,745.3</td><td>-1,688.1</td><td>-57.2</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>445.2</td><td>266.7</td><td>178.5</td><td>Certain other Government agencies</td><td>-413.1</td><td>-397.5</td><td>-15.6</td></tr><tr><td>Other assets</td><td>183.1</td><td>158.9</td><td>24.2</td><td>Government agencies not required to report</td><td>-738.4</td><td>-694.2</td><td>-44.2</td></tr><tr><td>Total assets</td><td>47,950.8</td><td>20,560.7</td><td>27,390.2</td><td>Total interagency assets</td><td>-3,341.9</td><td>-3,046.5</td><td>-295.4</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td>Book value of United States interest after exclusion of interagency items</td><td>26,218.1</td><td>11,602.5</td><td>14,615.6</td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td>Contingent liabilities</td><td></td><td></td><td></td></tr><tr><td>Government agencies</td><td>1,373.5</td><td>722.0</td><td>651.5</td><td>Guaranteed loans</td><td>337.3</td><td>110.0</td><td>227.3</td></tr><tr><td>Others</td><td>619.9</td><td>403.7</td><td>216.2</td><td>Other</td><td>364.5</td><td>362.9</td><td>1.6</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td>Total liabilities</td><td>23,566.5</td><td>21,237.9</td><td>2,328.5</td></tr><tr><td>Government agencies</td><td>41.4</td><td>38.4</td><td>3.0</td><td>Assets</td><td>47,950.8</td><td>20,560.7</td><td>27,390.2</td></tr><tr><td>Others</td><td>19.1</td><td>18.3</td><td>.7</td><td>Total</td><td>71,517.3</td><td>41,898.6</td><td>29,718.7</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td>Total liabilities and capital</td><td>47,950.8</td><td>20,560.7</td><td>27,390.2</td></tr><tr><td>Government agencies</td><td>3,262.1</td><td>3,175.6</td><td>86.5</td><td>Total</td><td>71,517.3</td><td>41,898.6</td><td>29,718.7</td></tr><tr><td>Others</td><td>394.6</td><td>380.5</td><td>14.1</td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, debentures, and notes payable to:</td><td></td><td></td><td></td><td>Book value of United States interest after exclusion of interagency items</td><td>26,218.1</td><td>11,602.5</td><td>14,615.6</td></tr><tr><td>Government agencies</td><td>11,284.3</td><td>11,284.3</td><td>-</td><td>Contingent liabilities</td><td>337.3</td><td>110.0</td><td>227.3</td></tr><tr><td>Guaranteed securities issued to U. S. Treasury</td><td></td><td></td><td></td><td>Other</td><td>364.5</td><td>362.9</td><td>1.6</td></tr><tr><td>Guaranteed securities - public issues</td><td>8.3</td><td>-</td><td>8.3</td><td>Total liabilities and capital</td><td>71,517.3</td><td>41,898.6</td><td>29,718.7</td></tr><tr><td>Not guaranteed 2/</td><td>969.0</td><td>584.7</td><td>384.3</td><td>Total</td><td>100,034.6</td><td>63,597.2</td><td>36,437.3</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td>Assets</td><td>71,517.3</td><td>41,898.6</td><td>29,718.7</td></tr><tr><td>Guaranteed securities</td><td>535.6</td><td>503.6</td><td>32.0</td><td>Total</td><td>100,034.6</td><td>63,597.2</td><td>36,437.3</td></tr><tr><td>Not guaranteed 2/</td><td>1,132.9</td><td>1,132.9</td><td>-</td><td>Book value of United States interest after exclusion of interagency items</td><td>26,218.1</td><td>11,602.5</td><td>14,615.6</td></tr><tr><td>Deferred credits</td><td>1,021.9</td><td>730.6</td><td>291.4</td><td>Contingent liabilities</td><td>337.3</td><td>110.0</td><td>227.3</td></tr><tr><td>Undistributed credits</td><td>806.9</td><td>585.0</td><td>220.9</td><td>Other</td><td>364.5</td><td>362.9</td><td>1.6</td></tr><tr><td>Other liabilities (including liability reserves)</td><td>2,096.9</td><td>1,677.4</td><td>419.5</td><td>Total liabilities and capital</td><td>100,034.6</td><td>63,597.2</td><td>36,437.3</td></tr><tr><td>Total liabilities</td><td>23,566.5</td><td>21,237.9</td><td>2,328.5</td><td>Total</td><td>100,034.6</td><td>63,597.2</td><td>36,437.3</td></tr></table>
Excludes unexpended balances of appropriated funds. Includes notes for short-term borrowings.
70
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I.- Assets, Liabilities, and Capital as of March 31, 1946 - (Continued)
Table 2.- Comparison of Gross Loans Outstanding, Excluding Intergency Loans, by Type of Loan for Recent Quarterly Periods
(In millions of dollars)
<table><tr><th></th><th colspan="4">1945</th><th>1946</th><th>Change Mar. 31, 1945 - Mar. 31, 1946</th></tr><tr><th></th><th>Mar. 31</th><th>June 30</th><th>Sept. 30</th><th>Dec. 31</th><th>Mar. 31</th><th></th></tr><tr><td>To aid agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agricultural credit corporations</td><td>263.0</td><td>294.3</td><td>279.3</td><td>229.4</td><td>276.0</td><td>+13.0</td></tr><tr><td>Cooperative associations</td><td>197.5</td><td>137.7</td><td>129.8</td><td>162.3</td><td>143.9</td><td>-53.6</td></tr><tr><td>Crop, livestock, and commodity loans</td><td>180.2</td><td>196.2</td><td>259.3</td><td>274.2</td><td>216.6</td><td>+36.4</td></tr><tr><td>Farm mortgage loans</td><td>1,945.0</td><td>1,908.7</td><td>1,838.7</td><td>1,757.2</td><td>1,714.2</td><td>-230.7</td></tr><tr><td>Other</td><td>451.2</td><td>434.0</td><td>441.1</td><td>454.6</td><td>465.2</td><td>+14.0</td></tr><tr><td>Total</td><td>3,036.8</td><td>2,970.9</td><td>2,948.3</td><td>2,877.7</td><td>2,815.9</td><td>-221.0</td></tr><tr><td>To aid home owners:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Savings and loan associations</td><td>.1</td><td>698.3</td><td>646.8</td><td>598.0</td><td>545.3</td><td>-257.5</td></tr><tr><td>Mortgage loans</td><td>802.8</td><td></td><td></td><td></td><td></td><td>-3</td></tr><tr><td>Reconditioning loans</td><td>.3</td><td>328.2</td><td>314.4</td><td>297.7</td><td>280.1</td><td>-65.7</td></tr><tr><td>Other</td><td>345.8</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>1,149.1</td><td>1,026.9</td><td>961.3</td><td>895.8</td><td>825.5</td><td>-323.6</td></tr><tr><td>To aid industry:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Railroads</td><td>250.6</td><td>243.0</td><td>231.7</td><td>223.2</td><td>195.8</td><td>-84.8</td></tr><tr><td>Ship construction and reconditioning</td><td>7.2</td><td>6.7</td><td>6.7</td><td>6.7</td><td>3.0</td><td>-4.2</td></tr><tr><td>Other</td><td>201.8</td><td>178.6</td><td>178.1</td><td>225.3</td><td>196.6</td><td>-5.2</td></tr><tr><td>Total</td><td>489.6</td><td>428.3</td><td>416.5</td><td>455.2</td><td>395.4</td><td>-94.3</td></tr><tr><td>To aid States, Territories, etc.</td><td>492.5</td><td>489.2</td><td>484.2</td><td>483.6</td><td>478.4</td><td>-14.1</td></tr><tr><td>To aid financial institutions:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks</td><td>49.2</td><td>46.4</td><td>42.8</td><td>40.2</td><td>24.7</td><td>-24.5</td></tr><tr><td>Insurance companies</td><td>34.0</td><td>33.9</td><td>33.7</td><td>33.9</td><td>33.2</td><td>-0.8</td></tr><tr><td>Mortgage loan companies</td><td>58.8</td><td>129.6</td><td>97.9</td><td>192.8</td><td>151.8</td><td>+93.0</td></tr><tr><td>Total</td><td>142.0</td><td>209.8</td><td>174.3</td><td>266.8</td><td>209.7</td><td>+67.7</td></tr><tr><td>Foreign loans</td><td>448.5 r</td><td>432.2 r</td><td>432.4 r</td><td>422.7 r</td><td>545.3</td><td>+96.8</td></tr><tr><td>Other loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage loans (not otherwise classified)</td><td>37.5</td><td>40.7</td><td>36.9</td><td>35.7</td><td>36.4</td><td>-1.0</td></tr><tr><td>Other</td><td>377.8</td><td>319.9</td><td>323.5</td><td>187.7</td><td>200.5</td><td>-177.3</td></tr><tr><td>Total</td><td>415.2</td><td>360.5</td><td>360.5</td><td>223.3</td><td>236.9</td><td>-178.3</td></tr><tr><td>Total loans</td><td>6,173.8 r</td><td>5,917.9 r</td><td>5,777.5 r</td><td>5,625.1 r</td><td>5,507.0</td><td>-666.8</td></tr></table>
r Revise. Less than $50,000.
June 1946
71
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I.- Assets, Liabilities, and Capital as of March 31, 1946 - (Continued)
Table 3.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, by Agency and Type of Loan, March 31, 1945 and March 31, 1946
(In millions of dollars)
<table><tr><th>Corporation or other agency</th><th colspan="2">Total</th><th colspan="2">Loans to aid agriculture</th><th colspan="2">Loans to aid home owners</th><th colspan="2">Loans to aid industry</th></tr><tr><th></th><th>Mar. 31, 1945</th><th>Mar. 31, 1946</th><th>Mar. 31, 1945</th><th>Mar. 31, 1946</th><th>Mar. 31, 1945</th><th>Mar. 31, 1946</th><th>Mar. 31, 1945</th><th>Mar. 31, 1946</th></tr><tr><td>Corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Executive Office of the President: Office for Emergency Management:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Office of Inter-American Affairs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Proncinradio, Inc.</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Smaller War Plants Corporation</td><td>40.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40.2</td><td>-</td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>34.5</td><td>31.4</td><td>34.5</td><td>31.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank for cooperatives</td><td>194.7</td><td>183.3</td><td>194.7 1/2</td><td>183.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>277.4</td><td>278.7</td><td>277.4</td><td>278.7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks</td><td>1,168.2</td><td>1,070.4</td><td>1,168.2</td><td>1,070.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C.</td><td>9.2</td><td>4.2</td><td>9.2</td><td>4.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>335.1</td><td>206.3</td><td>335.1</td><td>206.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Inland Waterways Corporation</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>141.4</td><td>279.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>17.6</td><td>10.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency: Reconstruction Finance Corporation and certain affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation</td><td>1,145.6</td><td>951.3</td><td>.3</td><td>.2</td><td>11.2</td><td>11.3</td><td>296.0</td><td>328.4</td></tr><tr><td>Disaster Loan Corporation</td><td>1.6</td><td>2/3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>50.1</td><td>6.9</td><td>-</td><td>-</td><td>50.1</td><td>6.9</td><td>-</td><td>-</td></tr><tr><td>The RFC Mortgage Company</td><td>81.2</td><td>27.7</td><td>-</td><td>-</td><td>59.6</td><td>12.3</td><td>-</td><td>-</td></tr><tr><td>Defense Supplies Corporation</td><td>76.5</td><td>2/3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>58.0</td><td>2/3</td></tr><tr><td>Rubber Development Corporation</td><td>1.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. Commercial Company</td><td>2.4</td><td>2.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank Administration</td><td>61.1</td><td>153.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>1,027.3</td><td>793.6</td><td>-</td><td>-</td><td>1,027.3</td><td>793.6</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Public Housing Authority and affiliate:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Public Housing Authority</td><td>290.1</td><td>285.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Defense Homes Corporation</td><td>.9</td><td>.9</td><td>-</td><td>-</td><td>.9</td><td>.9</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>.2</td><td>.3</td><td>.2</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>2.9</td><td>1.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.5</td><td>1.2</td></tr><tr><td>Total loans of Government corporations</td><td>4,960.2 r</td><td>4,285.8</td><td>2,019.7</td><td>1,774.9</td><td>1,149.1</td><td>825.5</td><td>395.7</td><td>329.5</td></tr><tr><td>Certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration 3/</td><td>148.8</td><td>139.4</td><td>148.3</td><td>139.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration</td><td>494.2</td><td>474.6</td><td>494.2</td><td>474.6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>368.4</td><td>422.4</td><td>368.4</td><td>422.4</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior 4/</td><td>15.3</td><td>11.9</td><td>5.7</td><td>4.6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Works Agency 5/</td><td>75.9</td><td>80.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration</td><td>17.1</td><td>20.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United States Maritime Commission</td><td>7.2</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7.2</td><td>3.0</td></tr><tr><td>Other 6/</td><td>88.7</td><td>68.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>85.8</td><td>62.5</td></tr><tr><td>Total loans of certain other Government agencies</td><td>1,213.6</td><td>1,220.3</td><td>1,017.1</td><td>1,041.0</td><td>-</td><td>-</td><td>93.0</td><td>65.8</td></tr><tr><td>Corporations and certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans</td><td>6,173.8 r</td><td>5,507.0</td><td>3,036.8</td><td>2,815.9</td><td>1,149.1</td><td>825.5</td><td>489.6</td><td>395.4</td></tr></table>
1/ Excludes loans discounted with Federal intermediate credit banks amounting to $13.6 million. 
2/ Merged within the Reconstruction Finance Corporation as of
July 1, 1945.
3/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
4/ Consists of Indian loans, Puerto Rican Hurricane Relief Loan Section, and Puerto Rico Reconstruction Administration.
(Continued on following page)
72
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I.- Assets, Liabilities, and Capital as of March 31, 1946 - (Continued)
Table 3.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, by Agency and Type of Loan, March 31, 1945 and March 31, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Corporation or other agency</th><th colspan="2">Loans to aid States, Territories, etc.</th><th colspan="2">Loans to aid financial institutions</th><th colspan="2">Foreign loans</th><th colspan="2">Other loans</th></tr><tr><th></th><th>Mar. 31, 1945</th><th>Mar. 31, 1946</th><th>Mar. 31, 1945</th><th>Mar. 31, 1946</th><th>Mar. 31, 1945</th><th>Mar. 31, 1946</th><th>Mar. 31, 1945</th><th>Mar. 31, 1946</th></tr><tr><td>Corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Executive Office of the President: Offices for Emergency Management:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Office of Inter-American Affairs:</td><td></td><td></td><td></td><td></td><td></td><td>.1</td><td></td><td></td></tr><tr><td>Francinradio, Inc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Smaller War Plants Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks for Cooperatives</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Inland Waterways Corporation</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>141.2r 1/</td><td>.2</td><td>.4</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>-</td><td>-</td><td>17.6</td><td>10.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency: Reconstruction Finance Corporation and certain affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation</td><td>127.4</td><td>114.2</td><td>63.1</td><td>46.4</td><td>286.5</td><td>264.2</td><td>360.9</td><td>186.7</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.6</td><td>2/</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21.6</td><td>14.9</td></tr><tr><td>The RFC Mortgage Company</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18.5</td><td>2/</td><td>1.7</td><td>-</td></tr><tr><td>Defense Supplies Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rubber Development Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.4</td><td>2.4</td><td>-</td><td>-</td></tr><tr><td>U. S. Commercial Company</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank Administration</td><td>-</td><td>-</td><td>61.1</td><td>153.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal home loan banks</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority and affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Public Housing Authority</td><td>288.6</td><td>283.6 g/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.5</td><td>1.5</td></tr><tr><td>Defense Homes Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans of Government corporations</td><td>416.7</td><td>398.4</td><td>142.0</td><td>209.7</td><td>448.5 r</td><td>545.3</td><td>387.6</td><td>203.5</td></tr><tr><td>Certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior 4/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7.6</td><td>7.3</td></tr><tr><td>Federal Works Agency 5/</td><td>75.9</td><td>80.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>17.1</td><td>20.9</td></tr><tr><td>United States Maritime Commission</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other 6/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.9</td><td>5.2</td></tr><tr><td>Total loans of certain other Government agencies</td><td>75.9</td><td>80.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.7</td><td>33.4</td></tr><tr><td>Corporations and certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans</td><td>492.5</td><td>478.4</td><td>142.0</td><td>209.7</td><td>448.5 r</td><td>545.3</td><td>415.2</td><td>236.9</td></tr></table>
5/ Consists of Public Works Administration and War Public Works, Community Facilities.
6/ Consists of Navy Department Guaranteed Loans (World War II); War Department Guaranteed Loans (World War II); Federal Security Agency Loans to Students; Federal Public Housing Authority, subsistence homestead loans; and Treasury Department, Miscellaneous Loans.
Loans made by commercial banks on behalf of the Export-Import Bank under agency agreements are excluded in the amount of $71.1 million as of March 31, 1945 and $109.9 million as of March 31, 1946.
Commitments to purchase loans amounted to an additional $44.6 million on March 31, 1946.
June 1946
73
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I. - Assets, Liabilities, and Capital as of March 31, 1946 - (Continued)
Table 4.- Corporations
(In millions of dollars)
<table><tr><th></th><th>Total</th><th colspan="2">Executive Office of the President Office for Emergency Management</th><th colspan="4">Department of Agriculture (continued on following page)</th></tr><tr><th></th><th></th><th>Office of Inter-American Affairs 1/</th><th>Smaller War Plants Corporation</th><th>Commodity Credit Corporation</th><th>Banks for cooperatives</th><th>Farm Credit Administration (continued on following page) Federal intermediate credit banks</th><th>Federal land banks 2/</th></tr><tr><th>Assets</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 3/</td><td>838.9</td><td>13.1</td><td>-</td><td>520.6</td><td>20.3</td><td>9.7</td><td>42.9</td></tr><tr><td>Deposits with other Gov't agencies</td><td>239.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from: Gov't agencies</td><td>966.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.0</td><td>-</td></tr><tr><td>Others, less reserves</td><td>4,120.8</td><td>.1</td><td>-</td><td>31.4</td><td>182.6</td><td>278.7</td><td>998.4 4/5/</td></tr><tr><td>Accounts and notes receivable from: Gov't agencies</td><td>1,550.2</td><td>-</td><td>178.6 6/</td><td>493.1</td><td>-</td><td>-</td><td>.5</td></tr><tr><td>Others, less reserves</td><td>184.7</td><td>-</td><td>-</td><td>82.8</td><td>-</td><td>.3</td><td>2.1</td></tr><tr><td>Accrued assets: Gov't agencies</td><td>13.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td></tr><tr><td>Others, less reserves</td><td>48.8</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>1.8</td><td>12.9</td></tr><tr><td>Advances to contractors and agents</td><td>173.7</td><td>.2</td><td>-</td><td>2.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Commodities, supplies, and materials</td><td>1,826.1</td><td>-</td><td>-</td><td>759.4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>1,686.0</td><td>-</td><td>-</td><td>-</td><td>43.4</td><td>43.2</td><td>134.6</td></tr><tr><td>Securities of Gov't agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>8.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not Guaranteed</td><td>2.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>280.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.4</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>7,869.6</td><td>.5</td><td>-</td><td>3.6</td><td>.1</td><td>-</td><td>1.0</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>34.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred charges</td><td>38.5</td><td>-</td><td>-</td><td>1.2</td><td>.1</td><td>.2</td><td>.5</td></tr><tr><td>Undistributed charges</td><td>253.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Gov't corporations</td><td>266.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets</td><td>158.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>2.4</td></tr><tr><td>Total assets</td><td>20,560.7</td><td>13.9</td><td>178.6</td><td>1,894.0</td><td>247.7</td><td>361.0</td><td>1,200.6</td></tr><tr><th>Liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to: Gov't agencies</td><td>722.0</td><td>-</td><td>-</td><td>60.9</td><td>-</td><td>-</td><td>.8</td></tr><tr><td>Others</td><td>403.7</td><td>8.9</td><td>-</td><td>225.1</td><td>-</td><td>.2</td><td>1.6</td></tr><tr><td>Accrued liabilities: Gov't agencies</td><td>38.4</td><td>-</td><td>-</td><td>2.5</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>18.3</td><td>-</td><td>-</td><td>2.5</td><td>-</td><td>.8</td><td>5.7</td></tr><tr><td>Trust and deposit liabilities to: Gov't agencies</td><td>3,175.6</td><td>-</td><td>-</td><td>359.6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>380.5</td><td>-</td><td>-</td><td>239.3</td><td>.1</td><td>.2</td><td>21.6</td></tr><tr><td>Bonds, debentures, and notes payable: Gov't agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>11,284.3</td><td>-</td><td>-</td><td>1,077.0 8/</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 1/</td><td>584.7</td><td>-</td><td>-</td><td>-</td><td>27.0</td><td>-</td><td>-</td></tr><tr><td>Others: Guaranteed securities</td><td>503.6</td><td>-</td><td>-</td><td>492.2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 2/</td><td>1,132.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>266.9</td><td>797.1</td></tr><tr><td>Deferred credits</td><td>730.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.9</td></tr><tr><td>Undistributed credits</td><td>586.0</td><td>-</td><td>-</td><td>43.2</td><td>.4</td><td>-</td><td>4.8</td></tr><tr><td>Other liabilities (including liability reserves)</td><td>1,677.4</td><td>-</td><td>-</td><td>653.2</td><td>-</td><td>.3</td><td>2.4</td></tr><tr><td>Total liabilities</td><td>21,237.9</td><td>8.9</td><td>-</td><td>3,155.5</td><td>27.6</td><td>268.6</td><td>834.9</td></tr><tr><th>Capital</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. owned: Capital stock</td><td>2,083.3</td><td>.6</td><td>200.0</td><td>100.0</td><td>178.5</td><td>60.0</td><td>90.0</td></tr><tr><td>Paid-in surplus</td><td>653.1</td><td>12.8</td><td>-</td><td>400.7</td><td>-</td><td>-</td><td>42.1</td></tr><tr><td>Expanded appropriations</td><td>829.9</td><td>54.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>-4,722.2</td><td>-63.0</td><td>-21.4</td><td>-1,762.2</td><td>34.1</td><td>32.3</td><td>-</td></tr><tr><td>Total U. S. owned</td><td>-1,155.9</td><td>5.0</td><td>178.6</td><td>-1,261.5</td><td>212.6</td><td>92.3</td><td>132.1</td></tr><tr><td>Privately owned: Capital stock</td><td>288.5</td><td>-</td><td>-</td><td>-</td><td>6.3</td><td>-</td><td>66.7</td></tr><tr><td>Earned surplus</td><td>190.1</td><td>-</td><td>-</td><td>-</td><td>1.2</td><td>-</td><td>166.9</td></tr><tr><td>Total privately owned</td><td>478.6</td><td>-</td><td>-</td><td>-</td><td>7.5</td><td>-</td><td>233.6</td></tr><tr><td>Total capital</td><td>-677.3</td><td>5.0</td><td>178.6</td><td>-1,261.5</td><td>220.1</td><td>92.3</td><td>365.7</td></tr><tr><td>Total liabilities and capital</td><td>20,560.7</td><td>13.9</td><td>178.6</td><td>1,894.0</td><td>247.7</td><td>361.0</td><td>1,200.6</td></tr><tr><th>Analysis of investment of United States</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 9/</td><td>10,128.4</td><td>5.0</td><td>178.6</td><td>-184.5</td><td>212.6</td><td>92.3</td><td>132.1</td></tr><tr><td>Interagency items (net), amounts due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gov't corporations</td><td>-266.7</td><td>-</td><td>-178.6</td><td>1.3</td><td>27.0</td><td>-27.0</td><td>.4</td></tr><tr><td>Other Gov't agencies excluding Treasury loans to Gov't corporations</td><td>1,740.7</td><td>-</td><td>-</td><td>-71.4</td><td>-</td><td>-</td><td>-.1</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>11,602.5</td><td>5.1</td><td>-</td><td>-254.6</td><td>239.6</td><td>65.3</td><td>132.4</td></tr><tr><th>Contingent liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>110.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>362.9</td><td>-</td><td>-</td><td>118.6</td><td>-</td><td>-</td><td>-</td></tr></table>
Berkley, Calif.; and Spokane, Wash.; which have retired the capital stock and paid-in surplus previously held by the Federal Government, and Federal Land Bank of Columbia, S. C. which has retired the capital stock previously held by the Federal Government. 1/ Includes unexpended balances of appropriated funds. 2/ Includes real estate sales contracts. 3/ The reserve for losses on loans receivable includes other loss
1/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Preominradio, Inc.
2/ Includes the assets and liabilities of the Federal Land Banks of Springfield, Mass.; Baltimore, Md.; Louisville, Ky.; New Orleans, La.; St. Louis, Mo.; Omaha, Nebr.; Wichita, Kans.; Houston, Tex.
(Continued on following page)
74
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I.- Assets, Liabilities, and Capital as of March 31, 1946 - (Continued)
Table 4.- Corporations - (Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="5">Department of Agriculture - (continued)</th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th></tr><tr><th></th><th>Farm Credit Administration - (continued)</th><th>Regional Agricultural Credit Corporation of Washington, D. C.</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation</th><th>Inland Waterways Corporation 10/</th><th>The Virgin Islands Company</th><th>Federal Prison Industries, Inc.</th></tr><tr><th>Assets</th><td>Production credit corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 3/</td><td>.7</td><td>12.4</td><td>8.6</td><td>4.0</td><td>2.7</td><td>2.8</td><td>*</td><td>14.3</td></tr><tr><td>Deposits with other Gov't agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from: Gov't agencies</td><td>-</td><td>2.2</td><td>136.7 4/5/</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Accounts and notes receivable from: Gov't agencies</td><td>-</td><td>*</td><td>.8</td><td>.2</td><td>*</td><td>.2</td><td>.1</td><td>1.4</td></tr><tr><td>Others, less reserves</td><td>*</td><td>*</td><td>1.2</td><td>2.5</td><td>*</td><td>.2</td><td>*</td><td>.1</td></tr><tr><td>Accrued assets: Gov't agencies</td><td>.3</td><td>-</td><td>3.1</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Advances to contractors and agents</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>1.0</td><td>4.3</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><th>Investments:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>73.0</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>4.2</td><td>-</td><td>-</td></tr><tr><td>Securities of Gov't agencies: Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>49.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>*</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>14.4</td><td>.3</td><td>4.1</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>.1</td><td>.1</td><td>.9</td><td>-</td><td>-</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>-</td><td>.2</td><td>.2</td><td>-</td><td>-</td><td>.1</td><td>.1</td><td>-</td></tr><tr><td>Deferred charges</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Undistributed charges</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Gov't corporations</td><td>.1</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td></tr><tr><td>Other assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>123.6</td><td>15.2</td><td>151.4</td><td>6.9</td><td>2.7</td><td>22.6</td><td>1.5</td><td>24.2</td></tr><tr><th>Liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to: Gov't agencies</td><td>-</td><td>-</td><td>.4</td><td>-</td><td>*</td><td>*</td><td>*</td><td>.3</td></tr><tr><td>Others</td><td>*</td><td>*</td><td>.4</td><td>3.1</td><td>*</td><td>.6</td><td>*</td><td>.4</td></tr><tr><td>Accrued liabilities: Gov't agencies</td><td>-</td><td>*</td><td>.1</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td></tr><tr><td>Others</td><td>*</td><td>*</td><td>.3</td><td>*</td><td>*</td><td>.1</td><td>*</td><td>*</td></tr><tr><td>Trust and deposit liabilities to: Gov't agencies</td><td>*</td><td>.5</td><td>2.8</td><td>*</td><td>-</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Others</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><th>Bonds, debentures, and notes payable: 1/</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gov't agencies: Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>35.0 11/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 1/</td><td>-</td><td>-</td><td>4.3</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Others: Guaranteed securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Not guaranteed 1/</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>.2</td><td>*</td><td>-</td></tr><tr><td>Deferred credits</td><td>-</td><td>-</td><td>.5</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Undistributed credit</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>-</td><td>.2</td></tr><tr><td>Other liabilities (including liability reserves)</td><td>*</td><td>.8</td><td>43.8</td><td>3.4</td><td>*</td><td>.9</td><td>.6</td><td>1.0</td></tr><tr><td>Total liabilities</td><td>*</td><td>.8</td><td>43.8</td><td>3.4</td><td>*</td><td>.9</td><td>.6</td><td>1.0</td></tr><tr><th>Capital</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. owned: Capital stock</td><td>108.3</td><td>.1</td><td>50.0</td><td>50.0 12/</td><td>-</td><td>12.0</td><td>*</td><td>-</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>21.6 13/</td><td>-</td><td>37.7 14/</td><td>-</td><td>10.5</td><td>-</td><td>4.8</td></tr><tr><td>Expended appropriations</td><td>-</td><td>-</td><td>-</td><td>-84.1</td><td>-</td><td>-</td><td>.9</td><td>-</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>15.2</td><td>-7.3</td><td>57.6</td><td>-</td><td>2.7</td><td>-.8</td><td>.1</td><td>18.3</td></tr><tr><td>Total U. S. owned</td><td>123.5</td><td>14.4</td><td>107.6</td><td>3.5</td><td>2.7</td><td>21.7</td><td>1.0</td><td>23.2</td></tr><tr><td>Privately owned: Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>123.5</td><td>14.4</td><td>107.6</td><td>3.5</td><td>2.7</td><td>21.7</td><td>1.0</td><td>23.2</td></tr><tr><td>Total liabilities and capital</td><td>123.6</td><td>15.2</td><td>151.4</td><td>6.9</td><td>2.7</td><td>22.6</td><td>1.5</td><td>24.2</td></tr><tr><th>Analysis of investment of United States</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 2/</td><td>123.5</td><td>14.4</td><td>142.6</td><td>3.5</td><td>2.7</td><td>21.7</td><td>1.0</td><td>23.2</td></tr><tr><td>Interagency items (net), amounts due to (or from [-])</td><td>-</td><td>*</td><td>-.4</td><td>-.2</td><td>-</td><td>-.1</td><td>-.1</td><td>.3</td></tr><tr><td>Gov't corporations</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Gov't agencies excluding Treasury loans to Gov't corporations</td><td>*</td><td>*</td><td>.4</td><td>*</td><td>*</td><td>-.1</td><td>.2</td><td>-.1.3</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>123.5</td><td>14.4</td><td>142.6</td><td>3.3</td><td>2.7</td><td>21.5</td><td>1.1</td><td>22.2</td></tr><tr><th>Contingent liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
6. Represents excess of assets over liabilities transferred to R.F.C.
7. Includes notes for short-term borrowings.
8. Includes $5.5 million note in transit.
9. Consists of paid-in capital (U.S. owned), Treasury loans to Government corporations, and earned surplus or deficit (U.S. share).
10/ Figures are as of February 28, 1946 and include Warrior River Terminal Company, Inc., a wholly owned subsidiary.
11/ Includes $2.0 million in transit for redemption.
12/ Includes $20.0 million stock for which no funds have been requisitioned.
13/ Represents advances from the Reconstruction Finance Corporation for the payment of operating expenses.
(Continued on following page)
June 1946
75
Corporations and Certain Other Agencies of the United States Government - (Continued
Section I.- Assets, Liabilities, and Capital as of March 31, 1946 - (Continued)
Table 4.- Corporations - (Continued
(In millions of dollars)
<table><tr><th></th><th>Department of War</th><th></th><th>Federal Deposit Insurance Corporation</th><th colspan="4">Federal Loan Agency</th></tr><tr><th></th><th>United States Spruce Production Corporation (in liquidation)</th><th>Export-Import Bank of Washington</th><th></th><th>Reconstruction Finance Corporation and certain affiliates</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>Other 16/</th></tr><tr><th>Assets</th><td></td><td></td><td></td><th>15/</th><td></td><td></td><td></td></tr><tr><td>Cash 3/</td><td>*</td><td>29.6</td><td>16.8</td><td>39.2</td><td>-</td><td>*</td><td>2.9</td></tr><tr><td>Deposits with other Gov't agencies</td><td>-</td><td>-</td><td>-</td><td>1.1</td><td>6.3</td><td>.5</td><td>230.6</td></tr><tr><td>Loans receivable from: Gov't agencies</td><td>-</td><td>-</td><td>-</td><td>939.8</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>279.0 17/</td><td>4.5</td><td>951.3</td><td>6.9</td><td>26.4</td><td>.1</td></tr><tr><td>Accounts and notes receivable from: Gov't agencies</td><td>-</td><td>-</td><td>.2</td><td>337.8</td><td>*</td><td>*</td><td>533.7</td></tr><tr><td>Others, less reserves</td><td>.1</td><td>.1</td><td>.1</td><td>68.3</td><td>*</td><td>*</td><td>18.4</td></tr><tr><td>Accrued assets: Gov't agencies</td><td>-</td><td>-</td><td>-</td><td>12.4</td><td>*</td><td>.1</td><td>.6</td></tr><tr><td>Others, less reserves</td><td>*</td><td>2.2</td><td>5.6</td><td>14.6</td><td>.1</td><td>.2</td><td>*</td></tr><tr><td>Advances to contractors and agents</td><td>-</td><td>-</td><td>-</td><td>157.3</td><td>-</td><td>-</td><td>14.1</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>.1</td><td>999.8</td><td>-</td><td>-</td><td>46.2</td></tr><tr><th>Investments:</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>.1</td><td>-</td><td>964.9</td><td>48.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Gov't agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.6</td><td>7.8</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>2.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>-</td><td>209.8</td><td>-</td><td>-</td><td>3.0</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>*</td><td>*</td><td>*</td><td>6,784.7</td><td>-</td><td>7.0</td><td>9.7</td></tr><tr><td>Acquired security or colliateral, less reserves</td><td>*</td><td>.1</td><td>5.4</td><td>21.7</td><td>*</td><td>3.9</td><td>-</td></tr><tr><td>Deferred charges</td><td>-</td><td>-</td><td>-</td><td>33.1</td><td>*</td><td>.5</td><td>2.5</td></tr><tr><td>Undistributed charges</td><td>-</td><td>-</td><td>-</td><td>221.9</td><td>-</td><td>.1</td><td>29.5</td></tr><tr><td>Capital stock and paid-in surplus of Gov't corporations</td><td>-</td><td>-</td><td>-</td><td>166.7</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets</td><td>-</td><td>-</td><td>-</td><td>18.0</td><td>-</td><td>-</td><td>138.2</td></tr><tr><td>Total assets</td><td>.3</td><td>311.0</td><td>997.6</td><td>11,026.4</td><td>13.9</td><td>46.4</td><td>1,029.4</td></tr><tr><th>Liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to: Gov't agencies</td><td>-</td><td>-</td><td>10.0</td><td>586.1</td><td>*</td><td>.2</td><td>62.6</td></tr><tr><td>Others</td><td>-</td><td>*</td><td>.5</td><td>38.8</td><td>*</td><td>.2</td><td>119.6</td></tr><tr><td>Accrued liabilities: Gov't agencies</td><td>*</td><td>-</td><td>-</td><td>23.0</td><td>-</td><td>.2</td><td>9.1</td></tr><tr><td>Others</td><td>-</td><td>-</td><td>-</td><td>.5</td><td>*</td><td>-</td><td>3.2</td></tr><tr><td>Trust and deposit liabilities to: Gov't agencies</td><td>-</td><td>7.0</td><td>.1</td><td>2,664.1</td><td>-</td><td>-</td><td>143.9</td></tr><tr><td>Others</td><td>-</td><td>.4</td><td>.6</td><td>33.1</td><td>.2</td><td>.5</td><td>11.5</td></tr><tr><th>Bonds, debentures, and notes payable: 1/</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gov't agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>-</td><td>8,929.6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10.9</td><td>492.9</td></tr><tr><td>Others: Guaranteed securities</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 1/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred credits</td><td>-</td><td>1.2</td><td>26.2</td><td>451.5</td><td>*</td><td>.5</td><td>246.1</td></tr><tr><td>Undistributed credit</td><td>-</td><td>-</td><td>-</td><td>511.2</td><td>*</td><td>5.4</td><td>11.5</td></tr><tr><td>Other liabilities (including liability reserves)</td><td>-</td><td>-</td><td>670.8</td><td>158.8 18/</td><td>-</td><td>-</td><td>125.8 19/</td></tr><tr><td>Total liabilities</td><td>*</td><td>8.6</td><td>708.3</td><td>13,396.7</td><td>.2</td><td>17.7</td><td>1,226.1</td></tr><tr><th>Capital</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. owned: Capital stock</td><td>.1</td><td>275.0</td><td>150.0</td><td>325.0</td><td>10.0</td><td>25.0</td><td>7.1</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>5.7</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>Appropriations</td><td>-</td><td>-</td><td>-</td><td>10.2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>.2</td><td>27.4</td><td>- 20/</td><td>-2,711.2</td><td>2.6</td><td>3.6</td><td>-203.8</td></tr><tr><td>Total U.S. owned</td><td>.3</td><td>302.4</td><td>150.0</td><td>-2,370.3</td><td>13.6</td><td>28.6</td><td>-196.7</td></tr><tr><td>Privately owned: Capital stock</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>- 20/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>.3</td><td>302.4</td><td>289.3</td><td>-2,370.3</td><td>13.6</td><td>28.6</td><td>-196.7</td></tr><tr><td>Total liabilities and capital</td><td>.3</td><td>311.0</td><td>997.6</td><td>11,026.4</td><td>13.9</td><td>46.4</td><td>1,029.4</td></tr><tr><th>Analysis of investment of United States</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 2/</td><td>.3</td><td>302.4</td><td>150.0</td><td>6,559.3</td><td>13.6</td><td>28.6</td><td>-196.7</td></tr><tr><td>Interagency items (net), amounts due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gov't corporations</td><td>-</td><td>-</td><td>-</td><td>20.1</td><td>-6.3</td><td>10.8</td><td>-66.4</td></tr><tr><td>Other Gov't agencies excluding Treasury loans to Gov't corporations</td><td>*</td><td>7.0</td><td>10.0</td><td>1,794.3</td><td>-6.7</td><td>-7.9</td><td>10.0</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>.3</td><td>309.4</td><td>160.0</td><td>8,373.7</td><td>6.8</td><td>31.5</td><td>-253.1</td></tr><tr><th>Contingent liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>109.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12.6</td></tr></table>
14/ Includes administrative expense costs of $38.6 million advanced from Federal funds.
15/ Effective July 1, 1945, pursuant to Public Law 109 approved June 30, 1945, Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, Rubber Reserve Company and Disaster Loan Corporation were dissolved and merged within the Reconstruction Finance Corporation.
16/ Consists of War Assets Corporation (formerly Petroleum Reserves Corporation), Rubber Development Corporation and U. S. Commercial Company which were transferred to R.V.C. from Foreign Economic Administration under E.O. 9630; and Var Damage Corporation. 17/ Excludes $109.9 million of loans made by commercial banks on behalf of the Export-Import Bank under agency agreements, and for which the bank is contingently liable.
(Continued on following page)
76
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I.- Assets, Liabilities, and Capital as of March 31, 1946 - (Continued)
Table 4.- Corporations - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">National Housing Agency</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc. 22/</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>Federal Public Housing Authority 21/ Defense Homes Corporation</th></tr><tr><th colspan="8">Assets</th></tr><tr><td>Cash 3/.</td><td>18.3</td><td>1.2</td><td>28.5</td><td>28.6</td><td>1.1</td><td>8.0</td><td>12.5</td></tr><tr><td>Deposits with other Gov't agencies.</td><td>-</td><td>-</td><td>-</td><td>.7</td><td>1.1</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from: Gov't agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves.</td><td>153.2</td><td>-</td><td>781.1 5/</td><td>285.1 23/</td><td>.9</td><td>-</td><td>1.5</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gov't agencies.</td><td>*</td><td>1.9</td><td>1</td><td>1.6</td><td>1.1</td><td>1.4</td><td>1.8</td></tr><tr><td>Others, less reserves.</td><td>1</td><td>-</td><td>*</td><td>2.6</td><td>1.3</td><td>-</td><td>3.3</td></tr><tr><td>Accrued assets: Gov't agencies.</td><td>.6</td><td>1.0</td><td>2.2</td><td>3.1</td><td>*</td><td>1.1</td><td>*</td></tr><tr><td>Others, less reserves.</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>*</td><td>6.9</td><td>8.1</td></tr><tr><td>Advances to contractors and agents.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Commodities, supplies, and materials.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><th colspan="8">Investments:</th></tr><tr><td>Public debt obligations of United States.</td><td>165.7</td><td>163.0</td><td>15.0</td><td>7.9</td><td>-</td><td>22.9</td><td>-</td></tr><tr><td>Securities of Gov't agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities - public issues.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed.</td><td>-</td><td>-</td><td>18.0</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves.</td><td>*</td><td>-</td><td>2.5</td><td>224.7</td><td>61.8</td><td>29.5</td><td>721.4</td></tr><tr><td>Lend, structures, and equipment, less reserves.</td><td>*</td><td>8</td><td>1.1</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves.</td><td>.1</td><td>*</td><td>.1</td><td>.4</td><td>.3</td><td>.1</td><td>.1</td></tr><tr><td>Deferred charges.</td><td>-</td><td>*</td><td>.1</td><td>.1</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Undistributed charges.</td><td>-</td><td>-</td><td>100.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Gov't corporations.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>65.3</td><td>.1</td><td>*</td></tr><tr><td>Total assets.</td><td>338.0</td><td>167.9</td><td>948.8</td><td>553.4</td><td>65.3</td><td>69.2</td><td>748.9</td></tr><tr><th colspan="8">Liabilities</th></tr><tr><td>Accounts payable to: Gov't agencies.</td><td>-</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.5</td><td>1.1</td></tr><tr><td>Others.</td><td>*</td><td>*</td><td>6</td><td>2</td><td>.3</td><td>1.0</td><td>2.4</td></tr><tr><td>Accrued liabilities: Gov't agencies.</td><td>-</td><td>-</td><td>2.0</td><td>1.0</td><td>.3</td><td>-</td><td>1</td></tr><tr><td>Others.</td><td>.3</td><td>*</td><td>2</td><td>1.4</td><td>.2</td><td>.3</td><td>4.0</td></tr><tr><td>Trust and deposit liabilities to: Gov't agencies.</td><td>*</td><td>*</td><td>1</td><td>*</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Others.</td><td>47.3</td><td>*</td><td>21.8</td><td>-</td><td>.1</td><td>-</td><td>1.1</td></tr><tr><th colspan="8">Bonds, debentures, and notes payable: 1/</th></tr><tr><td>Gov't agencies:</td><td>-</td><td>-</td><td>803.0 24/</td><td>383.0</td><td>-</td><td>-</td><td>56.8</td></tr><tr><td>Guaranteed securities issued to Treasury.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>51.7</td><td>-</td><td>2.0</td></tr><tr><td>Hot guaranteed 7/.</td><td>-</td><td>-</td><td>7.0</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others: Guaranteed securities.</td><td>68.5</td><td>3.2</td><td>1</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 1/.</td><td>-</td><td>*</td><td>8</td><td>1.0</td><td>.1</td><td>7.2</td><td>.3</td></tr><tr><td>Deferred credits.</td><td>-</td><td>64.7</td><td>2</td><td>-</td><td>.5</td><td>.3</td><td>.2</td></tr><tr><td>Undistributed credits.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other liabilities (including liability reserves).</td><td>116.2</td><td>67.9</td><td>835.9</td><td>385.5</td><td>53.1</td><td>9.3</td><td>66.3</td></tr><tr><th colspan="8">Capital</th></tr><tr><td>U. S. owned: Capital stock.</td><td>123.7</td><td>100.0</td><td>200.0</td><td>1.0</td><td>10.0</td><td>7.0</td><td>*</td></tr><tr><td>Paid-in surplus.</td><td>-</td><td>-</td><td>-</td><td>114.8</td><td>-</td><td>-</td><td>38.8</td></tr><tr><td>Expanded appropriations.</td><td>-</td><td>-</td><td>-</td><td>75.3</td><td>-</td><td>-</td><td>651.2</td></tr><tr><td>Earned surplus (or deficit [-1]).</td><td>-</td><td>21/</td><td>-87.1</td><td>-23.3</td><td>2.2</td><td>52.9</td><td>-7.3</td></tr><tr><td>Total U. S. owned.</td><td>123.7</td><td>100.0</td><td>112.9</td><td>167.9</td><td>12.2</td><td>59.9</td><td>682.6</td></tr><tr><td>Privately owned: Capital stock.</td><td>76.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus.</td><td>21.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned.</td><td>98.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital.</td><td>221.8</td><td>100.0</td><td>112.9</td><td>167.9</td><td>12.2</td><td>59.9</td><td>682.6</td></tr><tr><td>Total liabilities and capital.</td><td>338.0</td><td>167.9</td><td>948.8</td><td>553.4</td><td>65.3</td><td>69.2</td><td>748.9</td></tr><tr><th colspan="8">Analysis of investment of United States</th></tr><tr><td>Book value of United States interest, including interagency items 2/.</td><td>123.7</td><td>100.0</td><td>915.9</td><td>550.9</td><td>12.2</td><td>59.9</td><td>.3</td><td>739.4</td></tr><tr><td>Interagency items (net), amount due to (or from [-3]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gov't corporations.</td><td>-</td><td>*</td><td>-100.1</td><td>*</td><td>50.8</td><td>-</td><td>1.8</td></tr><tr><td>Other Gov't agencies excluding Treasury loans to Gov't corporations.</td><td>*</td><td>*</td><td>2.0</td><td>.1</td><td>*</td><td>-.9</td><td>-.3</td></tr><tr><td>Book value of United States interest after exclusion of interagency items.</td><td>123.7</td><td>100.0</td><td>817.9</td><td>551.0</td><td>63.0</td><td>59.0</td><td>.3</td><td>740.0</td></tr><tr><th colspan="8">Contingent liabilities</th></tr><tr><td>Guaranteed loans.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other.</td><td>-</td><td>-</td><td>-</td><td>231.6</td><td>-</td><td>-</td><td>-</td></tr></table>
18/ Includes $125.0 million valuation reserves which are not apportioned to applicable assets.
19/ Includes $125.3 million of valuation reserves established by U. S. Commercial Company which are not apportioned to applicable assets.
20/ For purposes of this report the entire amount of earned surplus of this Corporation is reported as a liability reserve to cover possible insurance losses until experience shall have been gained which will permit the determination of adequate reserves.
21/ Figures represent activities under U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 5.
22/ Figures are as of December 31, 1945, the latest available.
23/ Loan commitments amount to $328.2 million against which advances of $283.6 million have been made, leaving commitments to purchase loans of $44.6 million.
24/ Includes $4.0 million in transit for redemption.
June 1946
77
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I.- Assets, Liabilities, and Capital as of March 31, 1946 - (Continued)
Table 5.- Certain Other Agencies
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management War Shipping Administration 1/</th><th>Department of Agriculture Farm Credit Administration 2/</th><th>Farm Security Administration</th><th>Rural Electrification Administration</th><th>Department of the Interior 3/</th><th>Federal Works Agency 4/</th><th>National Housing Agency Federal Housing Administration</th><th>United States Maritime Commission</th><th>Other 5/</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 6/</td><td>140.0</td><td>303.6</td><td>.9</td><td>55.2</td><td>4.3</td><td>.1</td><td>2.0</td><td>29.4</td><td>31.0</td><td>13.3</td></tr><tr><td>Loans receivable from: Gov't agencies</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>948.2</td><td>-</td><td>23.0</td><td>322.4</td><td>422.3</td><td>10.6</td><td>80.0</td><td>20.9</td><td>3.0</td><td>66.1</td></tr><tr><td>Accounts and notes receivable from: Gov't agencies</td><td>88.6</td><td>21.7</td><td>*</td><td>27.8</td><td>*</td><td>*</td><td>.1</td><td>.1</td><td>38.8</td><td>.1</td></tr><tr><td>Others, lease reserves</td><td>558.3</td><td>394.9</td><td>.5</td><td>1.8</td><td>-</td><td>.1</td><td>1.9</td><td>*</td><td>143.0</td><td>16.1</td></tr><tr><td>Accrued assets: Gov't agencies</td><td>28.1</td><td>-</td><td>-</td><td>.3</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>27.7</td></tr><tr><td>Others, less reserves</td><td>38.6</td><td>-</td><td>-</td><td>30.8</td><td>4.9</td><td>.3</td><td>*</td><td>.6</td><td>1.3</td><td>.8</td></tr><tr><td>Advances to contractors and agents</td><td>82.0</td><td>77.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.3</td></tr><tr><td>Commodities, supplies, and materials</td><td>92.2</td><td>39.0</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>52.4</td><td>.7</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>103.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>103.1</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>4.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>2.7</td><td>2.0</td></tr><tr><td>Guaranteed securities, held by Treasury</td><td>11,284.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11,284.3</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>12,914.1</td><td>7,817.8</td><td>1.3</td><td>21.2</td><td>.2</td><td>13.1</td><td>145.9</td><td>.6</td><td>3,224.2</td><td>1,691.1</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>22.1</td><td>-</td><td>-</td><td>2.2</td><td>-</td><td>-</td><td>-</td><td>17.9</td><td>-</td><td>.6</td></tr><tr><td>Deferred charges</td><td>376.1</td><td>140.2</td><td>-</td><td>6.8</td><td>*</td><td>-</td><td>41.0</td><td>1.1</td><td>188.2</td><td>6.6</td></tr><tr><td>Undistributed charges</td><td>206.9</td><td>129.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>68.3</td><td>2.5</td></tr><tr><td>Capital stock of Gov't corporations</td><td>178.5</td><td>-</td><td>178.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets</td><td>24.2</td><td>7.0</td><td>-</td><td>15.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.7</td><td>-</td></tr><tr><td>Total assets</td><td>27,390.2</td><td>8,931.4</td><td>204.2</td><td>484.2</td><td>431.9</td><td>24.1</td><td>271.0</td><td>172.5</td><td>3,754.5</td><td>13,116.2</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to: Gov't agencies</td><td>651.5</td><td>648.9</td><td>-</td><td>*</td><td>-</td><td>-</td><td>*</td><td>*</td><td>2.6</td><td>*</td></tr><tr><td>Others</td><td>216.2</td><td>187.3</td><td>-</td><td>-</td><td>*</td><td>.1</td><td>-</td><td>4.4</td><td>7.7</td><td>16.7</td></tr><tr><td>Accrued liabilities: Gov't agencies</td><td>3.0</td><td>-</td><td>-</td><td>2.9</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>*</td></tr><tr><td>Others</td><td>.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.7</td><td>-</td><td>-</td></tr><tr><td>Trust and deposit liabilities to: Gov't agencies</td><td>86.5</td><td>21.3</td><td>-</td><td>.6</td><td>.1</td><td>.1</td><td>2.0</td><td>.4</td><td>34.2</td><td>27.9</td></tr><tr><td>Others</td><td>14.1</td><td>-</td><td>*</td><td>5.4</td><td>.1</td><td>*</td><td>*</td><td>.9</td><td>3.3</td><td>4.5</td></tr><tr><td>Bonds, debentures, and notes payable: Gov't agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>8.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8.3</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>384.3</td><td>-</td><td>106.8</td><td>277.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others: Guaranteed securities</td><td>32.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>32.0</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Deferred credits</td><td>291.4</td><td>286.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.6</td><td>.3</td></tr><tr><td>Undistributed credit</td><td>220.9</td><td>150.5</td><td>.9</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>65.9</td><td>3.5</td></tr><tr><td>Other liabilities (including liability reserves)</td><td>419.5</td><td>330.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>59.2</td><td>29.8</td></tr><tr><td>Total liabilities</td><td>2,328.5</td><td>1,625.0</td><td>.9</td><td>115.9</td><td>277.6</td><td>.2</td><td>2.0</td><td>46.9</td><td>177.5</td><td>82.6</td></tr><tr><td>Proprietary interest</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Expended appropriations</td><td>35,910.2</td><td>14,867.3 1/</td><td>697.4</td><td>897.6</td><td>161.6</td><td>81.5</td><td>2,144.2</td><td>82.1</td><td>4,036.1 8/</td><td>12,942.4</td></tr><tr><td>Excess of income (or expense [-]) 2/</td><td>-10,848.5</td><td>-7,560.8</td><td>-494.0</td><td>-529.3</td><td>-7.3</td><td>-57.5</td><td>-1,875.2</td><td>43.5 10/</td><td>-459.1</td><td>91.2</td></tr><tr><td>Total proprietary interest</td><td>25,061.7</td><td>7,306.5</td><td>203.3</td><td>368.3</td><td>154.3</td><td>24.0</td><td>269.0</td><td>125.7</td><td>3,577.0</td><td>13,033.6</td></tr><tr><td>Total liabilities and proprietary interest</td><td>27,390.2</td><td>8,931.4</td><td>204.2</td><td>484.2</td><td>431.9</td><td>24.1</td><td>271.0</td><td>172.5</td><td>3,754.5</td><td>13,116.2</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 11/</td><td>13,777.3</td><td>7,306.5</td><td>203.3</td><td>368.3</td><td>154.3</td><td>24.0</td><td>269.0</td><td>125.7</td><td>3,577.0</td><td>1,749.3</td></tr><tr><td>Interagency items (net), amounts due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Gov't corporations and those Gov't agencies not required to report</td><td>-</td><td>12.0</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-12.0</td><td>-</td></tr><tr><td>Certain other Gov't agencies, excluding Treasury loans to Gov't corporations</td><td>838.3</td><td>636.5</td><td>-178.5</td><td>82.2</td><td>277.4</td><td>.1</td><td>1.9</td><td>8.8</td><td>9.9</td><td>.1</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>14,615.6</td><td>7,954.9</td><td>24.8</td><td>450.6</td><td>431.6</td><td>24.0</td><td>270.9</td><td>134.4</td><td>3,575.0</td><td>1,749.4</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>227.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>227.3</td></tr><tr><td>Other</td><td>1.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.6</td><td>-</td></tr></table>
1/ Figures are as of February 28, 1946, with exception of those of Lend-Lease and U.N.R.R.A. activities.
2/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Food Loans.
3/ Consists of Indian Loans, Puerto Rican Hurricane Relief Loan Section, and Puerto Rico Reconstruction Administration.
4/ Consists of Public Works Administration and War Public Works, Community Facilities.
5/ Consists of Navy Department, sale of surplus supplies (World War I), and guaranteed loans (World War II); War Department, guaranteed loans (World War II); Federal Public Boating Authority, war housing, subsistence homesteads, and Greentown, veterans' housing, and conversion programs; Federal Security Agency, loans to students; and Treasury Department, miscellaneous loans and certain other assets.
6/ Excludes unexpended balances of appropriated funds.
1/ Includes the value of vessels and other expenses transferred from the U. S. Maritime Commission.
8/ Excludes the value of vessels and other expenses transferred to the War Shipping Administration for which no transfer of funds will be required.
9/ Represents excess of expenditures incurred pursuant to legislation for such activities as: construction and operation of merchant marine fleet in interest of the war effort; relief to farmers; loans and grants for rural rehabilitation and subsistence home-stands; relief and rehabilitation in Puerto Rico; loans, grants, and relief in construction of housing, public works, and com-munity facilities; and others.
10/ Includes $74.9 million representing equity of mortgagees in earn-ings of group accounts of the Mutual Mortgage Insurance Fund.
11/ Consists of paid-in capital (U. S. owned), less Treasury loans to Government corporations, plus excess of income (or expense).
78
Treasury Bulletin
INTERNAL REVENUE STATISTICS
June 1946
79
<table><tr><th colspan="2">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="3">Income and profits taxes</th><th colspan="3">Employment taxes</th></tr><tr><th></th><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 1/</th><th>Miscellaneous profits taxes 3/</th><th>Total employment taxes</th><th>Social Security taxes</th><th>Railroad retirement 1/</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></th></tr><tr><td>1936</td><td></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>48</td></tr><tr><td>1937</td><td></td><td>4,597,140</td><td>-37,168</td><td>4,634,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td></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></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></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></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></td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td></td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td></td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td></td><td>43,902,002</td><td>+101,664</td><td>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1945-April</td><td></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></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></td><td>5,384,393</td><td>+743,245</td><td>4,641,148</td><td>4,025,296</td><td>1,208,613</td><td>2,795,700</td><td>20,983</td><td>44,020</td><td>4,428</td><td>1,129</td><td>38,464</td></tr><tr><td>July</td><td></td><td>2,526,623</td><td>-631,609</td><td>3,158,232</td><td>2,242,907</td><td>1,587,872</td><td>646,443</td><td>7,592</td><td>125,471</td><td>117,656</td><td>5,093</td><td>2,722</td></tr><tr><td>August</td><td></td><td>2,848,726</td><td>-165,959</td><td>3,014,684</td><td>1,916,334</td><td>1,569,985</td><td>341,598</td><td>4,751</td><td>274,151</td><td>230,282</td><td>8,791</td><td>35,078</td></tr><tr><td>September</td><td></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></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></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></td><td>3,948,437</td><td>+656,276</td><td>3,292,161</td><td>2,741,561</td><td>586,112</td><td>2,142,631</td><td>12,817</td><td>39,012</td><td>4,455</td><td>818</td><td>33,739</td></tr><tr><td>1946-January</td><td></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></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></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>64,565</td><td>7,012</td><td>7,920</td><td>49,633</td></tr><tr><td>April</td><td></td><td>2,310,098</td><td>-105,735</td><td>2,415,833</td><td>1,703,072</td><td>1,216,546</td><td>481,232</td><td>5,295</td><td>98,277</td><td>93,532</td><td>3,268</td><td>1,477</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes</th><th>Agricultural adjustment taxes</th></tr><tr><td>1936</td><td>2,004,513</td><td>94,943</td><td>378,840</td><td>505,243</td><td>500,785</td><td>68,990</td><td>379,540</td><td>76,173</td><td>62,323</td></tr><tr><td>1937</td><td>2,166,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>69,919</td><td>449,854</td><td>80,161</td><td>-</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502</td><td>-</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,072</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-April</td><td>516,871</td><td>409</td><td>75,473</td><td>171,062</td><td>67,625</td><td>5,435</td><td>96,517</td><td>100,350</td><td>-</td></tr><tr><td>May</td><td>570,842</td><td>(-67)</td><td>64,298</td><td>180,164</td><td>83,025</td><td>5,983</td><td>116,192</td><td>121,246</td><td>-</td></tr><tr><td>June</td><td>571,832</td><td>261</td><td>61,807</td><td>190,852</td><td>93,230</td><td>6,300</td><td>103,697</td><td>115,686</td><td>-</td></tr><tr><td>July</td><td>790,854</td><td>104,924</td><td>49,324</td><td>198,335</td><td>83,658</td><td>5,870</td><td>120,739</td><td>228,004</td><td>-</td></tr><tr><td>August</td><td>824,199</td><td>208,936</td><td>68,601</td><td>198,621</td><td>108,472</td><td>5,479</td><td>102,324</td><td>131,767</td><td>-</td></tr><tr><td>September</td><td>531,352</td><td>6,742</td><td>33,516</td><td>198,497</td><td>100,738</td><td>5,500</td><td>93,471</td><td>92,888</td><td>-</td></tr><tr><td>October</td><td>705,907</td><td>30,015</td><td>44,391</td><td>282,799</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><tr><td>April</td><td>614,484</td><td>1,158</td><td>65,599</td><td>214,055</td><td>96,468</td><td>7,371</td><td>111,281</td><td>118,553</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 insular possessions, etc. 2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943. 3/ Includes income tax collections on Alaskan Railroads. The excess profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended. 4/ Consists of the declared value excess profits tax, the profit limit-
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the Carriers Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
80
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-F
June 1946
81
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 10 months</th><th colspan="2">April</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th><th>1945</th><th>1946</th></tr><tr><td colspan="7">Income and profits taxes:</td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>7,038,438</td><td>10,263,418</td><td>8,465,852</td><td>8,581,712</td><td>915,077</td><td>708,297</td></tr><tr><td>Revenue Act of 1942</td><td>784,997</td><td>802</td><td>800</td><td>117</td><td>25</td><td>8</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>10,253,831</td><td>8,567,147 4/</td><td>7,239,510r 4/</td><td>7,268,597</td><td>906,130r 4/</td><td>459,864</td></tr><tr><td>Back</td><td>183,740</td><td>202,947</td><td>130,221r</td><td>150,331</td><td>60,955r</td><td>48,376</td></tr><tr><td>Total individual income taxes</td><td>18,261,005</td><td>19,034,313</td><td>15,836,382</td><td>16,200,756</td><td>1,760,877</td><td>1,216,546</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>4,762,714</td><td>4,421,682</td><td>3,494,007</td><td>3,146,834</td><td>159,881</td><td>104,065</td></tr><tr><td>Back</td><td>521,431</td><td>458,034</td><td>372,950</td><td>666,621</td><td>34,898</td><td>53,418</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940, as amended)</td><td>9,345,198</td><td>11,003,520</td><td>8,813,455</td><td>6,672,169</td><td>442,872</td><td>323,748</td></tr><tr><td>Total corporation taxes</td><td>14,629,344</td><td>15,883,235</td><td>12,680,412</td><td>10,485,624</td><td>637,651</td><td>481,232</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>112,973</td><td>72,198</td><td>9,221</td><td>5,294</td></tr><tr><td>Vinson Act</td><td>39</td><td>180</td><td>137</td><td>16</td><td>3</td><td>0</td></tr><tr><td>Unjust enrichment</td><td>434</td><td>180</td><td>137</td><td>16</td><td>3</td><td>0</td></tr><tr><td>Total miscellaneous profits taxes</td><td>137,452</td><td>143,978</td><td>113,110</td><td>72,214</td><td>9,224</td><td>5,295</td></tr><tr><td>Total income and profits taxes</td><td>33,027,802</td><td>35,061,526</td><td>28,629,904</td><td>26,758,594</td><td>2,407,751</td><td>1,703,072</td></tr><tr><td colspan="7">Employment taxes:</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>1,047,189</td><td>995,993</td><td>99,916</td><td>93,532</td></tr><tr><td>Unemployment insurance 6/</td><td>183,337</td><td>186,489</td><td>175,030</td><td>167,002</td><td>4,331</td><td>3,268</td></tr><tr><td>Total Social Security taxes</td><td>1,473,361</td><td>1,494,420</td><td>1,222,219</td><td>1,162,994</td><td>104,847</td><td>96,800</td></tr><tr><td>Railroad retirement 7/</td><td>265,011</td><td>284,758</td><td>216,212</td><td>213,291</td><td>1,663</td><td>1,477</td></tr><tr><td>Total employment taxes</td><td>1,738,372</td><td>1,779,177</td><td>1,438,431</td><td>1,376,286</td><td>106,510</td><td>98,277</td></tr><tr><td colspan="7">Miscellaneous internal revenues:</td></tr><tr><td>Capital stock tax</td><td>380,702</td><td>371,999</td><td>371,805</td><td>352,681</td><td>409</td><td>1,158</td></tr><tr><td>Estate tax</td><td>473,466</td><td>596,137</td><td>473,050</td><td>505,930</td><td>71,950</td><td>61,140</td></tr><tr><td>Gift tax</td><td>37,745</td><td>46,928</td><td>43,901</td><td>44,056</td><td>3,523</td><td>4,459</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirit (imported, excise)</td><td>286,871</td><td>199,691</td><td>150,242</td><td>110,182</td><td>19,070</td><td>19,045</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>611,835</td><td>1,284,613</td><td>1,096,548</td><td>1,348,474</td><td>93,473</td><td>137,151</td></tr><tr><td>Distilled spirit rectification tax</td><td>18,874</td><td>32,549</td><td>26,600</td><td>34,765</td><td>2,680</td><td>3,894</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>4,027</td><td>2,122</td><td>1,872</td><td>1,794</td><td>126</td><td>294</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>30,068</td><td>45,269</td><td>38,204</td><td>46,304</td><td>3,712</td><td>6,140</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>0</td><td>0</td><td>0</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>8,109</td><td>8,308</td><td>5,471</td><td>5,532</td><td>80</td><td>118</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>2</td><td>6</td><td>6</td><td>24</td><td>0</td><td>0</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>1,369</td><td>886</td><td>760</td><td>830</td><td>43</td><td>196</td></tr><tr><td>Container stamps</td><td>8,516</td><td>11,213</td><td>9,466</td><td>10,991</td><td>801</td><td>1,188</td></tr><tr><td>Floor taxes</td><td>85,834</td><td>83,343</td><td>82,555</td><td>780</td><td>231</td><td>134</td></tr><tr><td>Fermented malt liquors</td><td>559,152</td><td>638,682</td><td>524,935</td><td>551,547</td><td>50,815</td><td>45,724</td></tr><tr><td>Brewers; dealers in malt liquor (special taxes)</td><td>3,375</td><td>3,130</td><td>2,136</td><td>2,294</td><td>30</td><td>169</td></tr><tr><td>Total alcoholic beverage taxes</td><td>1,618,045</td><td>2,309,864</td><td>1,938,847</td><td>2,113,517</td><td>171,062</td><td>214,055</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>30,313</td><td>33,997</td><td>3,054</td><td>3,750</td></tr><tr><td>Cigars (small)</td><td>107</td><td>84</td><td>71</td><td>58</td><td>5</td><td>5</td></tr><tr><td>Cigarettes (large)</td><td>88</td><td>695</td><td>441</td><td>170</td><td>80</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>903,958</td><td>836,058</td><td>676,481</td><td>875,635</td><td>59,821</td><td>89,083</td></tr><tr><td>Stuff</td><td>7,692</td><td>7,741</td><td>6,395</td><td>6,238</td><td>665</td><td>621</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>45,269</td><td>49,574</td><td>41,139</td><td>35,480</td><td>3,873</td><td>2,983</td></tr><tr><td>Cigarette papers and tubes</td><td>1,164</td><td>1,390</td><td>1,043</td><td>1,713</td><td>126</td><td>25</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>2</td><td>1</td><td>1</td><td>0</td><td>0</td><td>0</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>50</td><td>8</td><td>6</td><td>2</td><td>0</td><td>0</td></tr><tr><td>Total tobacco taxes</td><td>988,483</td><td>932,145</td><td>755,890</td><td>953,294</td><td>67,625</td><td>96,468</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>20,615</td><td>37,440</td><td>2,801</td><td>4,512</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>17,096</td><td>24,852</td><td>20,280</td><td>25,200</td><td>2,159</td><td>2,065</td></tr><tr><td>Playing cards</td><td>7,414</td><td>7,493</td><td>6,331</td><td>8,188</td><td>474</td><td>791</td></tr><tr><td>Silver bullion sales or transfers</td><td>47</td><td>25</td><td>19</td><td>143</td><td>0</td><td>2</td></tr><tr><td>Total stamp taxes</td><td>50,800</td><td>65,528</td><td>53,245</td><td>70,972</td><td>5,435</td><td>7,371</td></tr></table>
(Continued on following page)
82
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections 1/ - (Continued
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 10 months</th><th rowspan="2">April 1945</th><th rowspan="2">April 1946</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th></tr><tr><td>Miscellaneous internal revenue (continued): Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>52,473</td><td>92,865</td><td>69,404</td><td>63,703</td><td>7,469</td><td>5,585</td></tr><tr><td>Gasoline</td><td>271,217</td><td>405,563</td><td>327,905</td><td>337,596</td><td>29,475</td><td>32,907</td></tr><tr><td>Tires and tubes</td><td>40,309</td><td>75,257</td><td>61,521</td><td>89,427</td><td>7,171</td><td>8,802</td></tr><tr><td>Floor taxes on tires and tubes</td><td>25</td><td></td><td></td><td>18</td><td>-</td><td>-</td></tr><tr><td>Automobile trucks and buses</td><td>3,247</td><td>20,847</td><td>13,534</td><td>30,016</td><td>2,688</td><td>88</td></tr><tr><td>Other automobiles and motorcycles</td><td>1,222</td><td>2,558</td><td>2,037</td><td>13,080</td><td>384</td><td>5,359</td></tr><tr><td>Parts and accessories for automobiles</td><td>31,551</td><td>49,440</td><td>37,748</td><td>56,352</td><td>4,476</td><td>6,591</td></tr><tr><td>Electric energy</td><td>51,239</td><td>57,004</td><td>47,852</td><td>49,159</td><td>4,634</td><td>5,071</td></tr><tr><td>Electric, gas, and oil appliances</td><td>5,027</td><td>12,060</td><td>8,653</td><td>18,243</td><td>1,210</td><td>2,523</td></tr><tr><td>Electric light bulbs and tubes</td><td>5,368</td><td>11,035</td><td>9,518</td><td>15,591</td><td>281</td><td>1,907</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>255</td><td>55</td><td>47</td><td>51</td><td>3</td><td>4</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>3,402</td><td>4,753</td><td>3,946</td><td>7,765</td><td>297</td><td>2,009</td></tr><tr><td>Photograph records</td><td>1,889</td><td>2,015</td><td>1,676</td><td>2,727</td><td>268</td><td>384</td></tr><tr><td>Musical instruments</td><td>633</td><td>927</td><td>729</td><td>1,820</td><td>126</td><td>334</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>2,406</td><td>1,637</td><td>1,243</td><td>6,968</td><td>112</td><td>726</td></tr><tr><td>Matches</td><td>8,671</td><td>9,349</td><td>7,457</td><td>8,524</td><td>821</td><td>1,026</td></tr><tr><td>Floor taxes on matches</td><td>55</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Business and store machines</td><td>3,760</td><td>10,120</td><td>7,965</td><td>12,709</td><td>1,116</td><td>1,170</td></tr><tr><td>Pure - retailers' excise</td><td>58,726</td><td>79,418</td><td>72,583</td><td>83,801</td><td>6,339</td><td>6,298</td></tr><tr><td>Jewelry - retailers' excise</td><td>113,373</td><td>184,220</td><td>156,292</td><td>189,339</td><td>14,075</td><td>15,925</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>8,343</td><td>73,851</td><td>62,180</td><td>66,348</td><td>5,985</td><td>5,484</td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 4/1/44)</td><td>4,777</td><td>6</td><td>6</td><td>15</td><td></td><td>(-10)</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>8</td><td>73</td><td>11</td><td>16</td><td>2</td><td>1</td></tr><tr><td>Photographic apparatus</td><td>11,907</td><td>19,288</td><td>15,020</td><td>16,556</td><td>2,536</td><td>2,010</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>295</td><td>228</td><td>200</td><td>111</td><td>1</td><td>(-267)</td></tr><tr><td>Sporting goods</td><td>2,498</td><td>4,288</td><td>3,341</td><td>5,869</td><td>455</td><td>814</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>44,790</td><td>86,615</td><td>73,098</td><td>81,255</td><td>6,421</td><td>6,299</td></tr><tr><td>Washing machines (repealed as of 11/1/42)</td><td>32</td><td>4</td><td>4</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Firearms, shells and cartridges</td><td>1,061</td><td>3,132</td><td>2,718</td><td>3,284</td><td>170</td><td>233</td></tr><tr><td>Pistols and revolvers</td><td>37</td><td>5</td><td>2</td><td>12</td><td></td><td>5</td></tr><tr><td>Repealed taxes not listed above</td><td>98</td><td>35</td><td>32</td><td>14</td><td></td><td>1</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>728,694</td><td>1,206,616</td><td>986,726</td><td>1,160,368</td><td>96,517</td><td>111,281</td></tr></table>
<table><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bituminous Coal Act of 1937....................</td><td>1,403</td><td>35</td><td>26</td><td>31</td><td>6</td><td>2</td><td></td></tr><tr><td>Sugar Act of 1937....................</td><td>68,789</td><td>73,294</td><td>62,806</td><td>46,429</td><td>7,052</td><td>4,571</td><td></td></tr><tr><td>Telephone, telegraph, radio, and cable, leased</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>wires, etc....................</td><td>141,275</td><td>208,018</td><td>167,350</td><td>197,471</td><td>17,369</td><td>24,492</td><td></td></tr><tr><td>Local telephone service....................</td><td>90,199</td><td>133,569</td><td>107,285</td><td>120,809</td><td>11,040</td><td>14,442</td><td></td></tr><tr><td>Transportation of oil by pipe lines....................</td><td>15,851</td><td>16,286</td><td>13,395</td><td>12,513</td><td>1,036</td><td>1,288</td><td></td></tr><tr><td>Transportation of persons, seats, berths....................</td><td>153,683</td><td>234,182</td><td>196,565</td><td>190,435</td><td>15,460</td><td>16,076</td><td></td></tr><tr><td>Transportation of property (effective 12/1/42)....................</td><td>215,488</td><td>221,088</td><td>182,158</td><td>184,791</td><td>16,049</td><td>17,625</td><td></td></tr><tr><td>Use of motor vehicles (effective 2/1/42)....................</td><td>134,326</td><td>128,701</td><td>120,218</td><td>115,850</td><td>126</td><td>67</td><td></td></tr><tr><td>Use of boats (effective 2/1/42)....................</td><td>352</td><td>336</td><td>204</td><td>180</td><td>1</td><td>1</td><td></td></tr><tr><td>Leases of safe-deposit boxes....................</td><td>6,594</td><td>7,311</td><td>5,985</td><td>6,587</td><td>668</td><td>720</td><td></td></tr><tr><td>Admissions to theaters, concerts, etc....................</td><td>178,563</td><td>300,589</td><td>249,962</td><td>282,959</td><td>24,222</td><td>30,060</td><td></td></tr><tr><td>Admissions to cabarets, roof gardens, etc....................</td><td>26,726</td><td>56,877</td><td>47,422</td><td>59,955</td><td>4,855</td><td>6,412</td><td></td></tr><tr><td>Club dues and initiation fees....................</td><td>9,182</td><td>14,160</td><td>10,675</td><td>14,339</td><td>1,318</td><td>1,723</td><td></td></tr><tr><td>Bowling alleys, pool tables, etc....................</td><td>2,208</td><td>4,160</td><td>3,479</td><td>3,446</td><td>33</td><td>53</td><td></td></tr><tr><td>Coin operated devices....................</td><td>18,475</td><td>19,100</td><td>15,764</td><td>14,782</td><td>211</td><td>331</td><td></td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour &/ and filled cheese....................</td><td>18</td><td>58</td><td>35</td><td>42</td><td>2</td><td></td><td></td></tr><tr><td>Oleomargarine, including special taxes....................</td><td>4,084</td><td>5,503</td><td>4,471</td><td>3,960</td><td>369</td><td>296</td><td></td></tr><tr><td>Harcoitica, including marihuana and special taxes....................</td><td>779</td><td>756</td><td>493</td><td>442</td><td>53</td><td>24</td><td></td></tr><tr><td>Coconut and other vegetable oils processed....................</td><td>7,190</td><td>6,208</td><td>5,174</td><td>5,418</td><td>479</td><td>371</td><td></td></tr><tr><td>National Firearms Act....................</td><td>16</td><td>16</td><td>11</td><td>3</td><td></td><td></td><td></td></tr><tr><td>All other, including repealed taxes not listed above....................</td><td>201</td><td>180</td><td>17</td><td>7</td><td>1</td><td></td><td></td></tr><tr><td>Total miscellaneous taxes....................</td><td>1,075,401</td><td>1,430,428</td><td>1,193,496</td><td>1,260,450</td><td>100,350</td><td>118,553</td><td></td></tr><tr><td>Total miscellaneous internal revenue....................</td><td>5,353,336</td><td>6,959,634</td><td>5,816,960</td><td>6,461,268</td><td>516,871</td><td>614,484</td><td></td></tr><tr><td>Total internal revenue collections....................</td><td>40,119,510</td><td>43,800,338</td><td>35,885,295</td><td>34,596,148</td><td>3,031,133</td><td>2,415,833</td><td></td></tr><tr><td>Adjustment to Daily Treasury Statement....................</td><td>+1,565,477</td><td>+101,664</td><td>-288,624</td><td>-674,100</td><td>-285,266</td><td>-105,735</td><td></td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)....................</td><td>41,684,987</td><td>43,902,002</td><td>35,596,671</td><td>33,922,048</td><td>2,745,867</td><td>2,310,098</td><td></td></tr></table>
Source: (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.
Revised.
Less than $500.
1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc.
2/ Consists only of collections for which returns have been filed with the Collector of Internal Revenue. Collections under this act as shown in Daily Treasury Statements consist of withholdings deposited in Government 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 unforfeited portion of 1942 tax, due March 15, 1945, as follows: $308,605 thousand for the period January 1, 1945 through April 30, 1945, and $135,010 thousand for April 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.
June 1946
83
MONETARY STATISTICS
Treasury Bulletin
84
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>Cold 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-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>18,153.8</td><td>156.0</td><td>1,800.0</td><td>150.4</td></tr><tr><td>June</td><td>20,213.0</td><td>18,106.6</td><td>156.0</td><td>1,800.0</td><td>150.3</td></tr><tr><td>July</td><td>20,152.4</td><td>18,032.5</td><td>156.0</td><td>1,800.0</td><td>163.9</td></tr><tr><td>August</td><td>20,087.8</td><td>17,977.9</td><td>156.0</td><td>1,800.0</td><td>153.8</td></tr><tr><td>September</td><td>20,072.8</td><td>17,949.4</td><td>156.0</td><td>1,800.0</td><td>167.3</td></tr><tr><td>October</td><td>20,035.9</td><td>17,930.8</td><td>156.0</td><td>1,800.0</td><td>149.0</td></tr><tr><td>November</td><td>20,029.7</td><td>17,921.0</td><td>156.0</td><td>1,800.0</td><td>152.6</td></tr><tr><td>December</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1946-January</td><td>20,156.0</td><td>18,034.0</td><td>156.0</td><td>1,800.0</td><td>165.9</td></tr><tr><td>February</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>20,256.1</td><td>18,125.7</td><td>156.0</td><td>1,800.0</td><td>174.4</td></tr><tr><td>April p.</td><td>20,251.3</td><td>18,147.2</td><td>156.0</td><td>1,800.0</td><td>148.0</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. Preliminary. p 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Cor-
(b) the Redemption Fund - Federal Reserve notes. 
2/ Reserve against United States notes and Treasury notes of 1890. 
3/ Excludes gold in active portion of Exchange Stabilization Fund.
Treasury Gold Receipts
(in millions of dollars at $35 per fine ounce)
<table><tr><th></th><th>Newly-mined domestic gold</th><th>Gold received by importation or released for exportation (-) 1/</th><th>Miscellaneous 2/</th><th>Total</th></tr><tr><td>1941 - Jan.-Mar....</td><td>49.67</td><td>320.20</td><td>2.59</td><td>372.46</td></tr><tr><td>Apr.-June....</td><td>30.91</td><td>224.76</td><td>1.40</td><td>257.07</td></tr><tr><td>July-Sept....</td><td>57.05</td><td>76.11</td><td>3.27</td><td>136.43</td></tr><tr><td>Oct.-Dec....</td><td>49.20</td><td>-75.91</td><td>2.31</td><td>-24.40</td></tr><tr><td>1942 - Jan.-Mar....</td><td>36.49</td><td>-87.04</td><td>1.86</td><td>-48.69</td></tr><tr><td>Apr.-June....</td><td>30.03</td><td>17.62</td><td>1.43</td><td>49.08</td></tr><tr><td>July-Sept....</td><td>32.36</td><td>-15.41</td><td>1.62</td><td>17.57</td></tr><tr><td>Oct.-Dec....</td><td>12.23</td><td>-41.17</td><td>1.11</td><td>-27.83</td></tr><tr><td>1943 - Jan.-Mar....</td><td>1.24</td><td>-152.40</td><td>.65</td><td>-150.51</td></tr><tr><td>Apr.-June....</td><td>-3.01 3/</td><td>-187.03</td><td>1.77</td><td>-188.27</td></tr><tr><td>July-Sept....</td><td>6.66</td><td>-219.42</td><td>.35</td><td>-212.41</td></tr><tr><td>Oct.-Dec....</td><td>-3.23 3/</td><td>-234.93</td><td>.72</td><td>-237.44</td></tr><tr><td>1944 - Jan.-Mar....</td><td>-3.61 3/</td><td>-335.65</td><td>1.50</td><td>-337.76</td></tr><tr><td>Apr.-June....</td><td>-7.11 3/</td><td>-419.55</td><td>.31</td><td>-426.35</td></tr><tr><td>July-Sept....</td><td>-5.67 3/</td><td>-343.20</td><td>.87</td><td>-348.00</td></tr><tr><td>Oct.-Dec....</td><td>-12.70 3/</td><td>-194.36</td><td>.80</td><td>-206.26</td></tr><tr><td>1945 - Jan.-Mar....</td><td>-17.89 3/</td><td>-183.33</td><td>1.10</td><td>-200.12</td></tr><tr><td>Apr.-June....</td><td>-18.48 3/</td><td>-188.08</td><td>.85</td><td>-205.71</td></tr><tr><td>July-Sept....</td><td>-14.70 3/</td><td>-126.32</td><td>.85</td><td>-140.17</td></tr><tr><td>Oct.-Dec....</td><td>-18.90 3/</td><td>10.02</td><td>1.01</td><td>-7.87</td></tr><tr><td>1946 - Jan.-Mar....</td><td>-24.15</td><td>213.88</td><td>1.47</td><td>191.20</td></tr></table>
1/ includes gold released from earmark or gold placed under earmark
2/ Comprises domestic coin, secondary gold, sto.
3/ Excess of sales of gold to domestic industry over receipts of newly-mined domestic gold.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,213.0</td><td>3,685.3</td><td>15.4</td></tr><tr><td>1945-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>20,192.4</td><td>3,642.1</td><td>15.3</td></tr><tr><td>August</td><td>20,087.8</td><td>3,633.2</td><td>15.3</td></tr><tr><td>September</td><td>20,072.8</td><td>3,626.9</td><td>15.3</td></tr><tr><td>October</td><td>20,035.9</td><td>3,565.3</td><td>15.1</td></tr><tr><td>November</td><td>20,029.7</td><td>3,552.2</td><td>15.1</td></tr><tr><td>December</td><td>20,064.9</td><td>3,512.3</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</td><td>20,250.1</td><td>3,508.4</td><td>14.8</td></tr><tr><td>April p</td><td>20,251.3</td><td>3,508.7</td><td>14.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
June 1946
85
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $.29 per ounce</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 1/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th><th></th></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>47.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>*</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1945-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>3,177.7</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>133.5</td><td>833.5</td><td>3,565.3</td></tr><tr><td>November</td><td>1,671.6</td><td>358.5</td><td>11.7</td><td>.2</td><td>212.9</td><td>135.4</td><td>840.5</td><td>3,552.2</td></tr><tr><td>December</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946-January</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</td><td>1,850.8</td><td>354.5</td><td>17.7</td><td>.3</td><td>127.1</td><td>139.4</td><td>850.1</td><td>3,508.4</td></tr><tr><td>April p.</td><td>1,909.0</td><td>353.8</td><td>17.7</td><td>.1</td><td>105.7</td><td>140.1</td><td>851.6</td><td>3,508.7</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement 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 recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(in millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th></th><th>Ounces</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>-</td><td>-</td><td>355.4</td><td>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>40.2</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</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-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><tr><td>March</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.
n.e. 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 65.64+ cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11+ cents since July 1, 1939.
3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938.
4/ Acquired at various prices averaging approximately 51 cents per ounce.
86
Treasury Bulletin
Seigniorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and m'oor)</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-mined silver (Proc. Dec. 21. 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>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>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>14.2</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-April</td><td>380.1</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>646.2</td></tr><tr><td>May</td><td>394.0</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>589.2</td></tr><tr><td>June</td><td>400.0</td><td>48.7</td><td>87.6</td><td>65.5</td><td>584.3</td><td>34.7</td><td>820.8</td><td>575.0</td></tr><tr><td>July</td><td>403.2</td><td>48.7</td><td>87.6</td><td>65.5</td><td>619.0</td><td>34.7</td><td>855.5</td><td>510.7</td></tr><tr><td>August</td><td>409.9</td><td>48.7</td><td>87.6</td><td>65.5</td><td>627.2</td><td>34.7</td><td>863.7</td><td>491.6</td></tr><tr><td>September</td><td>414.7</td><td>48.7</td><td>87.6</td><td>65.5</td><td>647.9</td><td>34.7</td><td>884.4</td><td>463.2</td></tr><tr><td>October</td><td>419.6</td><td>48.7</td><td>87.6</td><td>65.5</td><td>664.4</td><td>34.7</td><td>900.9</td><td>404.8</td></tr><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>438.2t</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><tr><td>April</td><td>441.3</td><td>48.7</td><td>87.6</td><td>65.8</td><td>832.1</td><td>34.7</td><td>1,068.9</td><td>186.9</td></tr></table>
Source: Daily Treasury Statement. Revised. These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
June 1946
87
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 2/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 3/</th><th>National bank notes 3/</th></tr><tr><td>1936</td><td>6,241</td><td>5,755</td><td>101</td><td>955</td><td>1</td><td>278</td><td>4,002</td><td>52</td><td>366</td></tr><tr><td>1937</td><td>6,447</td><td>5,924</td><td>88</td><td>1,078</td><td>1</td><td>281</td><td>4,169</td><td>38</td><td>269</td></tr><tr><td>1938</td><td>6,461</td><td>5,934</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,434</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,511</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1945-April</td><td>26,189</td><td>25,009</td><td>52</td><td>1,593</td><td>1</td><td>321</td><td>22,384</td><td>537</td><td>121</td></tr><tr><td>May</td><td>26,528</td><td>25,331</td><td>52</td><td>1,652</td><td>1</td><td>322</td><td>22,651</td><td>533</td><td>121</td></tr><tr><td>June</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>July</td><td>27,108</td><td>25,885</td><td>52</td><td>1,731</td><td>1</td><td>322</td><td>23,139</td><td>521</td><td>119</td></tr><tr><td>August</td><td>27,685</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>23,867</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</td><td>27,879</td><td>26,609</td><td>51</td><td>1,916</td><td>1</td><td>306</td><td>23,741</td><td>479</td><td>116</td></tr><tr><td>April p</td><td>27,884</td><td>26,605</td><td>51</td><td>1,978</td><td>1</td><td>303</td><td>23,685</td><td>473</td><td>115</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>162.96 r</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.59 r</td></tr><tr><td>1945-April</td><td>1,180</td><td>122</td><td>772</td><td>287</td><td>187.90 r</td></tr><tr><td>May</td><td>1,196</td><td>123</td><td>784</td><td>290</td><td>190.41</td></tr><tr><td>June</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.59 r</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>198.68 r</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</td><td>1,269</td><td>137</td><td>824</td><td>309</td><td>198.16</td></tr><tr><td>April p</td><td>1,279</td><td>138</td><td>830</td><td>312</td><td>198.07</td></tr></table>
Source: (1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1945, pages 674-677. p r Preliminary. 1/ Revised. Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of
the United States. Includes paper currency held outside the continental limits of the United States.
2/ Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury.
3/ Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
88
Treasury Bulletin
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES
June 1946
89
Capital Movements Between the United States and Foreign Countries
Section I - Summary
Table 1.- Summary of Net Capital Movement 1935 - 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,412,486</td><td>964,629</td><td>6,039</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,195,922</td><td>397,342</td><td>6,811</td><td>600,693</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>801,915</td><td>255,594</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1928 (Dec. 30, 1937-Dec. 28, 1938)</td><td>415,256</td><td>331,268</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,195,635</td><td>1,132,333</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</td><td>879,390</td><td>1,021,318</td><td>17,794</td><td>-113,105</td><td>-46,617</td></tr><tr><td>Total (Jan. 2, 1935-Dec. 31, 1945)</td><td>8,355,129</td><td>6,439,565</td><td>144,078</td><td>798,727</td><td>972,799</td></tr><tr><td>1942-January (Jan. 1-Jan. 28)</td><td>-66,927</td><td>-74,305</td><td>1,175</td><td>4,204</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>-1,282</td></tr><tr><td>March (Feb. 26-Apr. 1)</td><td>13,345 1/</td><td>19,020 1/</td><td>2,297</td><td>-1,329</td><td>-6,643</td></tr><tr><td>April (Apr. 2-Apr. 29)</td><td>227,185</td><td>232,238</td><td>-370</td><td>1,687</td><td>-6,370</td></tr><tr><td>May (Apr. 30-June 3)</td><td>103,821</td><td>100,712</td><td>640</td><td>2,458</td><td>11</td></tr><tr><td>June (June 4-June 30)</td><td>81,881 2/</td><td>81,602 2/</td><td>1,692</td><td>2,961</td><td>4,374 2/</td></tr><tr><td>July</td><td>47,282</td><td>58,078</td><td>-2,593</td><td>1,703</td><td>-9,906</td></tr><tr><td>August</td><td>57,345</td><td>48,413</td><td>252</td><td>9,427</td><td>-746</td></tr><tr><td>September</td><td>55,018</td><td>45,121</td><td>3,574</td><td>3,401</td><td>1,922</td></tr><tr><td>October</td><td>39,788</td><td>23,382</td><td>-3,331</td><td>8,146</td><td>11,591</td></tr><tr><td>November</td><td>66,905</td><td>57,538</td><td>-90</td><td>6,725</td><td>2,732</td></tr><tr><td>December</td><td>73,376</td><td>57,339</td><td>327</td><td>12,338</td><td>3,372</td></tr><tr><td>1943-January</td><td>72,750</td><td>151,609</td><td>2,658</td><td>5,205</td><td>-86,922</td></tr><tr><td>February</td><td>107,175</td><td>119,683</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>-3,940</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>163,435</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>-6,032</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>17,430</td><td>10,534</td><td>650</td><td>2,425</td><td>1,852</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>127</td></tr><tr><td>November</td><td>70,296</td><td>76,248</td><td>-2,141</td><td>-3,339</td><td>172</td></tr><tr><td>December</td><td>-54,773 6a/</td><td>-223,521 6a/</td><td>1,295</td><td>179,418</td><td>-5,965</td></tr><tr><td>1945-January</td><td>156,685 r</td><td>153,895 7b/</td><td>-195</td><td>-2,808</td><td>5,793 r</td></tr><tr><td>February</td><td>78,889 r</td><td>174,973</td><td>3,840</td><td>-64,055</td><td>-35,859 r</td></tr><tr><td>March</td><td>-18,206 r</td><td>11,310</td><td>521</td><td>-24,388</td><td>-5,649 r</td></tr><tr><td>April</td><td>55,274 r</td><td>44,446</td><td>-78</td><td>-13,079</td><td>28,985 r</td></tr><tr><td>May</td><td>52,304 r</td><td>47,306</td><td>3,209</td><td>-17,489</td><td>19,338 r</td></tr><tr><td>June</td><td>222,479 r</td><td>171,687</td><td>-1,831</td><td>63,424</td><td>-20,801 r</td></tr><tr><td>July</td><td>224,913</td><td>231,025</td><td>-4,689</td><td>-5,244</td><td>3,822</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>-15,925</td><td>36,452</td></tr><tr><td>December</td><td>4,837</td><td>-9,691</td><td>5,075</td><td>19,659</td><td>-10,206</td></tr></table>
Footnotes appear on pages 93 and 94.
90
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued
Section I - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, January 1942 - December 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>+153,713</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>-3,518</td><td>+3,155</td></tr><tr><td>Belgium</td><td>+1,489</td><td>+277</td><td>+737</td><td>+311</td><td>-503</td><td>-876</td><td>-426</td><td>-1,535</td><td>-6,661</td><td>+7,482</td><td>-272</td><td>+4,520</td><td>-1,565</td></tr><tr><td>Germany</td><td>-403</td><td>+279</td><td>-1,151</td><td>+3</td><td>+4</td><td>+11</td><td>-268</td><td>-114</td><td>+7,905</td><td>-7,555</td><td>-143</td><td>+141</td><td>+485</td></tr><tr><td>Italy</td><td>-2,473</td><td>+534</td><td>+138</td><td>-4,390</td><td>-18</td><td>+570</td><td>+180</td><td>+487</td><td>+608</td><td>+116</td><td>+170</td><td>-943</td><td>+75</td></tr><tr><td>Netherlands</td><td>+9,512</td><td>-3,649</td><td>+360</td><td>-3,625</td><td>+5,729</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>+2,106</td><td>+6,730</td><td>-12,732</td></tr><tr><td>Total Europe</td><td>-18,205</td><td>-58,424</td><td>-114,143</td><td>-46,179</td><td>-19,215</td><td>+53,526</td><td>+31,060 2c</td><td>+22,036</td><td>+27,685</td><td>+44,099</td><td>+13,871</td><td>+3,193</td><td>+24,286</td></tr><tr><td>Canada</td><td>+84,591</td><td>-3,609</td><td>-7,203</td><td>+49,285</td><td>+302</td><td>-31,519</td><td>+14,550 2c</td><td>-511</td><td>+7,536</td><td>+15,205</td><td>+16,647</td><td>+22,587</td><td>+1,321</td></tr><tr><td>Latin America</td><td>+268,291</td><td>-2,473</td><td>+21,981</td><td>+17,954</td><td>+22,244</td><td>+69,260</td><td>+32,508 2b</td><td>+32,730</td><td>+14,071</td><td>-3,871</td><td>-10,993</td><td>+48,767</td><td>+26,113</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchurie)</td><td>-98</td><td>+240</td><td>+1,280</td><td>-1,295</td><td>+13</td><td>+90</td><td>-28</td><td>+238</td><td>-25</td><td>-334</td><td>-164</td><td>+205</td><td>-318</td></tr><tr><td>Other Asia</td><td>+220,082</td><td>-10,459</td><td>+6,582</td><td>-2,6871/</td><td>+212,975</td><td>+5,852</td><td>+4,472</td><td>+4,824</td><td>+3,390</td><td>+3,273</td><td>+11,318</td><td>+8,936</td><td>-884</td></tr><tr><td>Total Asia</td><td>+219,984</td><td>-10,219</td><td>+7,862</td><td>-3,9821/</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>+22,856</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)
June 1946
91
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, January 1942 - December 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>3/</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>+1,277</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>+892</td><td>-603</td><td>-251</td><td>-103</td><td>-294</td><td>+449</td><td>+322</td></tr><tr><td>Finland</td><td>-1,992</td><td>+83</td><td>-339</td><td>+365</td><td>-158</td><td>+132</td><td>-845</td><td>+270</td><td>-182</td><td>+138</td><td>-168</td><td>-757</td><td>-532</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>-35</td><td>-163</td><td>+492</td><td>+3,115</td><td>+949</td></tr><tr><td>Italy</td><td>+112</td><td>+513</td><td>-211</td><td>-704</td><td>-744</td><td>-625</td><td>+52</td><td>+89</td><td>+681</td><td>+367</td><td>+715</td><td>+212</td><td>-233</td></tr><tr><td>Luxembourg</td><td>+268</td><td>+278</td><td>-104</td><td>-9</td><td>-45</td><td>+96</td><td>-79</td><td>+4</td><td>+30</td><td>+249</td><td>-93</td><td>+56</td><td>-115</td></tr><tr><td>Netherlands</td><td>+13,690</td><td>+916</td><td>+1,031</td><td>+5,793</td><td>+680</td><td>+1,078</td><td>-330</td><td>+2,222</td><td>-2,020</td><td>+4,449</td><td>+3,029</td><td>-2,371</td><td>+1,045</td></tr><tr><td>Norway</td><td>+29,402</td><td>+8,321</td><td>-10</td><td>+5,846</td><td>+410</td><td>+2,187</td><td>-80</td><td>+1,734</td><td>+3,107</td><td>+2,211</td><td>-522</td><td>+3,307</td><td>+2,891</td></tr><tr><td>Portugal</td><td>+18,826</td><td>-1,993</td><td>+1,229</td><td>+1,739</td><td>-7,996</td><td>+1,353</td><td>+1,056</td><td>+1,731</td><td>+2,809</td><td>+1,693</td><td>+11,498</td><td>+1,976</td><td>+3,731</td></tr><tr><td>Romania</td><td>-1116</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>3/</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>+4,598</td><td>-197</td><td>-97</td><td>+2,859</td><td>-2,161</td><td>-1,943</td><td>+1,916</td><td>-4,603</td><td>+323</td><td>+1,160</td><td>-5,373</td></tr><tr><td>Yugoslavia</td><td>-7,765</td><td>+91</td><td>-41</td><td>+39</td><td>-99</td><td>-2,973</td><td>+339</td><td>-81</td><td>+1,911</td><td>-179</td><td>+131</td><td>-145</td><td>-36</td></tr><tr><td>Other Europe</td><td>+25,720</td><td>+438</td><td>+3,659</td><td>+3,658</td><td>+6,852</td><td>+3,804</td><td>+7,400</td><td>+681</td><td>+1,463</td><td>-1,206</td><td>+2,486</td><td>-428</td><td>-3,087</td></tr><tr><td>Total Europe</td><td>+584,737</td><td>-86,975</td><td>+35,259</td><td>+52,524</td><td>+58,297</td><td>+19,221</td><td>+112,612</td><td>+79,947</td><td>+97,653</td><td>+35,674</td><td>3/</td><td>+94,419</td><td>+34,105</td><td>+52,001</td></tr><tr><td>Canada</td><td>+335,199</td><td>+164,921</td><td>+45,152</td><td>+15,669</td><td>+4,108</td><td>-15,692</td><td>+42,813</td><td>-61,487</td><td>+76,692</td><td>+16,793</td><td>+36,906</td><td>+91,404</td><td>-83,080</td></tr><tr><td><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>-7,796</td><td>+16,355</td><td>+7,678</td><td>+9,037</td><td>-1,708</td><td>-4,035</td><td>-12,191</td><td>+831</td><td>+4,845</td></tr><tr><td>Chile</td><td>+19,514</td><td>+8,253</td><td>-5,306</td><td>-2,468</td><td>+3,095</td><td>+2,922</td><td>+8,572</td><td>+236</td><td>+5,743</td><td>-1,805</td><td>+1,335</td><td>+3,590</td><td>+4,653</td></tr><tr><td>Colombia</td><td>+34,599</td><td>+3,639</td><td>+2,013</td><td>+6,510</td><td>-6,161</td><td>+3,060</td><td>+6,199</td><td>+185</td><td>-137</td><td>+4,670</td><td>+3,148</td><td>+4,037</td><td>+7,436</td></tr><tr><td>Costa Rica</td><td>-266</td><td>+1,092</td><td>+584</td><td>+734</td><td>+866</td><td>+1,102</td><td>+1,764</td><td>-5,338</td><td>+55</td><td>-615</td><td>-2</td><td>-50</td><td>-458</td></tr><tr><td>Guba</td><td>-33,171</td><td>-4,152</td><td>-1,458</td><td>-6,353</td><td>+3,703</td><td>+3,535</td><td>-20,444</td><td>+14,111</td><td>-2,979</td><td>-2,183</td><td>-11,705</td><td>-3,370</td><td>-1,876</td></tr><tr><td>French West Indies and Guiana</td><td>-2,067</td><td>+563</td><td>-44</td><td>-587</td><td>-88</td><td>+33</td><td>-311</td><td>+191</td><td>-2,036</td><td>-17</td><td>+24</td><td>-46</td><td>+251</td></tr><tr><td>Mexico</td><td>-28,231</td><td>-21,162</td><td>-4,257</td><td>-380</td><td>+4,512</td><td>+17,708</td><td>+10,113</td><td>+9,519</td><td>-40,609</td><td>+13,706</td><td>+725</td><td>+3,250</td><td>+6,056</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20,403</td><td>+1,143</td><td>-659</td><td>-1,048</td><td>+491</td><td>+12,958</td><td>+1,332</td><td>-879</td><td>+643</td><td>+231</td><td>+540</td><td>+5,246</td><td>+405</td></tr><tr><td>Panama</td><td>+28,547</td><td>+2,352</td><td>+3,347</td><td>+5,001</td><td>+966</td><td>+2,826</td><td>+2,405</td><td>-1,933</td><td>+4,484</td><td>-388</td><td>+5,803</td><td>+488</td><td>+3,196</td></tr><tr><td>Peru</td><td>+1,399</td><td>-1,218</td><td>+994</td><td>-2</td><td>-1,132</td><td>+567</td><td>+2,409</td><td>+213</td><td>+1,165</td><td>-455</td><td>+1,779</td><td>-4,237</td><td>+1,316</td></tr><tr><td>Venezuela</td><td>+4,683</td><td>+192</td><td>+3</td><td>+3,123</td><td>-1,284</td><td>-1,527</td><td>+1,582</td><td>+2,744</td><td>-4,324</td><td>+706</td><td>+213</td><td>+3,398</td><td>-143</td></tr><tr><td>Other Latin America</td><td>+37,877</td><td>+5,052</td><td>+11,253</td><td>+10,389</td><td>+8,789</td><td>-232</td><td>+5,314</td><td>-6,365</td><td>-54</td><td>+931</td><td>+1,077</td><td>-151</td><td>+1,874</td></tr><tr><td>Total Latin America</td><td>+115,131</td><td>-6,789</td><td>+19,159</td><td>+23,064</td><td>+2,332</td><td>+61,254</td><td>+26,902</td><td>+23,194</td><td>-36,990</td><td>-18,215</td><td>-4,266</td><td>+2,086</td><td>+23,400</td></tr><tr><td><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>+46</td><td>-361</td><td>-52</td><td>-1</td><td>+120</td><td>+10</td><td>+153</td><td>+108</td><td>-49</td><td>-65</td><td>+6</td><td>+20</td></tr><tr><td>Hong Kong</td><td>-17,831</td><td>-261</td><td>-823</td><td>+750</td><td>-7,557</td><td>-32</td><td>-10,656</td><td>+487</td><td>+133</td><td>+763</td><td>-450</td><td>+32</td><td>-217</td></tr><tr><td>India, Burma, and Ceylon</td><td>+4,773</td><td>+3,130</td><td>+2,655</td><td>-2,874</td><td>-3,619</td><td>+4,466</td><td>+4,133</td><td>-7,202</td><td>-115</td><td>-728</td><td>-1,910</td><td>+1,633</td><td>+5,204</td></tr><tr><td>British Malaya</td><td>+73</td><td>-87</td><td>+60</td><td>+35</td><td>+3</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>+821</td><td>+1,316</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>4/</td><td>+2,982</td><td>-823</td></tr><tr><td>Total Asia</td><td>+225,409</td><td>-1,518</td><td>+7,100</td><td>+20,045</td><td>-527</td><td>+1,986</td><td>+15,096</td><td>+3,051</td><td>+25,208</td><td>+14,440</td><td>+23,683</td><td>4/</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>-12,896</td></tr><tr><td>New Zealand</td><td>+754</td><td>-195</td><td>+831</td><td>-212</td><td>+2,097</td><td>-1,369</td><td>+940</td><td>-967</td><td>-748</td><td>+2,719</td><td>-927</td><td>-264</td><td>-1,155</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>4/</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>1/</td><td>-417</td><td>-3,732</td></tr><tr><td>All other</td><td>+22,831</td><td>+388</td><td>-834</td><td>+18,091</td><td>-16,776</td><td>+10,574</td><td>+23,061</td><td>+8,928</td><td>+950</td><td>-5,876</td><td>-2,046</td><td>4/</td><td>-12,528</td><td>-1,101</td></tr><tr><td>Total other countries</td><td>+23,807</td><td>+2,947</td><td>+581</td><td>+19,156</td><td>+935</td><td>+3,336</td><td>+26,523</td><td>+4,869</td><td>+8,389</td><td>-3,633</td><td>-17,472</td><td>4/</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>-3,46/</td><td>+179</td><td>-543</td></tr><tr><td>Grand total</td><td>+1,283,593</td><td>+72,750</td><td>+107,175</td><td>+132,152</td><td>+65,206</td><td>+70,330</td><td>+223,795</td><td>+49,592</td><td>+170,342</td><td>+45,011</td><td>3/</td><td>+133,267</td><td>+168,979</td><td>+44,954</td></tr></table>
(Continued on following page)
92
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, January 1942 - December 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>+72,753</td><td>-2,715</td><td>-37,630</td><td>+1,913</td><td>+33,490</td><td>-4,965</td><td>-59,089</td><td>-35,174</td><td>-99,312</td><td>-73,381</td><td>+25,223</td><td>+11,181</td></tr><tr><td>France</td><td>-51,178</td><td>-1,247</td><td>-5,670</td><td>+2,643</td><td>-147</td><td>+6,355</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 60/</td></tr><tr><td>Belgium</td><td>-5,972</td><td>+1,799</td><td>-3,652</td><td>+2,499</td><td>+169</td><td>+1,896</td><td>-11,197</td><td>-313</td><td>+1,005</td><td>+1,644</td><td>-579</td><td>+93</td><td>+664</td></tr><tr><td>Denmark</td><td>+1,082</td><td>-241</td><td>-322</td><td>+522</td><td>-242</td><td>+539</td><td>-560</td><td>-317</td><td>+177</td><td>+492</td><td>-436</td><td>-265</td><td>+1,735</td></tr><tr><td>Pioland</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>+6,444</td><td>-348</td><td>-11</td><td>-13</td><td>-13</td></tr><tr><td>Germany</td><td>+581</td><td>+7</td><td>+35</td><td>-45</td><td>+97</td><td>-74</td><td>-66</td><td>+52</td><td>+6</td><td>+39</td><td>+272</td><td>+69</td><td>+189</td></tr><tr><td>Greece</td><td>+4,731</td><td>-180</td><td>-139</td><td>+2,327</td><td>+38</td><td>+190</td><td>+132</td><td>+433</td><td>-191</td><td>+117</td><td>+2,429</td><td>-115</td><td>-310</td></tr><tr><td>Italy</td><td>+14,911</td><td>-251</td><td>-376</td><td>+489</td><td>+910</td><td>+755</td><td>+652</td><td>+2,608</td><td>+1,376</td><td>+1,618</td><td>+2,326</td><td>+2,989</td><td>+1,615 66/</td></tr><tr><td>Luxembourg</td><td>+49</td><td>+39</td><td>-85</td><td>-18</td><td>+42</td><td>+37</td><td>+5</td><td>-54</td><td>-43</td><td>+21</td><td>+87</td><td>-422</td><td>+411</td></tr><tr><td>Netherlands</td><td>+18,585</td><td>+1,493</td><td>-146</td><td>+5,731</td><td>+486</td><td>+1,174</td><td>-43</td><td>+714</td><td>-2,457</td><td>+3,685</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>+5,252</td><td>+8,109</td><td>-82</td><td>-522</td></tr><tr><td>Portugal</td><td>+1,909</td><td>+6,691</td><td>+11,040</td><td>-14,393</td><td>-8,413</td><td>-9,714</td><td>-2,226</td><td>+3,906</td><td>+1,453</td><td>+5,236</td><td>-259</td><td>+4,223</td><td>+4,365</td></tr><tr><td>Romania</td><td>+249</td><td>+15</td><td>-51</td><td>+64</td><td>+182</td><td>-269</td><td>-4</td><td>-1</td><td>-32</td><td>+39</td><td>-14</td><td>+274</td><td>+46</td></tr><tr><td>Spain</td><td>+11,435</td><td>+716</td><td>+2,087</td><td>+443</td><td>+3,375</td><td>+11,678</td><td>+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>-4,199</td><td>-2,549</td><td>+78</td><td>-342</td><td>-18</td><td>-4</td><td>-128</td><td>+66</td><td>-172</td><td>+25</td><td>-1,148</td><td>-32</td><td></td></tr><tr><td>Other Europe</td><td>-2,339</td><td>+1,172</td><td>-290</td><td>-2,177</td><td>+3,704</td><td>-91</td><td>-1,050</td><td>+68</td><td>-869</td><td>-976</td><td>-46</td><td>+561</td><td>-2,345</td></tr><tr><td>Total Europe</td><td>-111,031</td><td>+88,077</td><td>+21,483</td><td>-47,548</td><td>+7,730</td><td>+57,055</td><td>-30,758</td><td>-65,549</td><td>-22,215</td><td>-87,440</td><td>-56,856</td><td>+37,435</td><td>-12,445 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>-139</td><td>+323</td><td>+260</td><td>+3,974</td><td>+586</td><td>+566</td><td>+1,582</td><td>-1,249</td></tr><tr><td>Brazil</td><td>+41,486</td><td>+9,235</td><td>+21,304</td><td>+12,330</td><td>-6,608</td><td>-1,230</td><td>-6,382</td><td>+9,937</td><td>+2,042</td><td>+2,453</td><td>-7,120</td><td>+7,482</td><td>-1,957</td></tr><tr><td>Chile</td><td>+10,004</td><td>-2,317</td><td>+306</td><td>+1,880</td><td>-235</td><td>+3,958</td><td>+14,971</td><td>-741</td><td>+1,074</td><td>-17,602</td><td>+79</td><td>+11,219</td><td>-2,588</td></tr><tr><td>Colombia</td><td>+16,567</td><td>-10,162</td><td>+3,548</td><td>+1,669</td><td>+3,878</td><td>+10,217</td><td>+3,871</td><td>+3,092</td><td>-564</td><td>+3,922</td><td>+2,907</td><td>-4,033</td><td>-1,778</td></tr><tr><td>Costa Rica</td><td>-5,519</td><td>+62</td><td>+525</td><td>+201</td><td>-2</td><td>-4,207</td><td>-570</td><td>-447</td><td>-105</td><td>-351</td><td>-147</td><td>-637</td><td>+189</td></tr><tr><td>Cuba</td><td>+42,298</td><td>-824</td><td>+3,030</td><td>+1,349</td><td>+7,934</td><td>-2,217</td><td>+39,006</td><td>+7,154</td><td>+250</td><td>-4,091</td><td>-5,852</td><td>+874</td><td>-4,315</td></tr><tr><td>French West Indies and Guiana</td><td>+1,771</td><td>-494</td><td>-52</td><td>+420</td><td>+153</td><td>+101</td><td>+375</td><td>+579</td><td>-219</td><td>+104</td><td>+826</td><td>-690</td><td>+1,268</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>Bong 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>Iadia, 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>+13</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>+10,257</td><td>+2,107</td><td>+18,055</td><td>-11,688</td><td>+4,005</td><td>+17,380</td><td>+1,510</td><td>+9,607</td><td>+822</td><td>-585</td><td>-322</td><td>-152</td><td>+2,958</td></tr><tr><td>Other Asia</td><td>+1,895</td><td>-1,643</td><td>-1,552</td><td>-401</td><td>+292</td><td>-1,805</td><td>-2,025</td><td>+2,581</td><td>-227</td><td>+534</td><td>+4,230</td><td>-682</td><td>+2,593</td></tr><tr><td>Total Asia</td><td>+7,831</td><td>+11,317</td><td>+44,836</td><td>+11,346</td><td>+11,750</td><td>-21,339</td><td>-1,071</td><td>-9,912</td><td>-3,149</td><td>-7,366</td><td>+13,418</td><td>-195</td><td>-41,804</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+28,669</td><td>+7,949</td><td>-4,235</td><td>+2,687</td><td>+9,256</td><td>-3,828</td><td>-11,659</td><td>+3,685</td><td>+2,429</td><td>+3,071</td><td>+1,670</td><td>+4,655</td><td>+12,959</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>+2,985</td><td>-2,315</td><td>-476</td><td>-170</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+1,342</td><td>-82</td><td>-991</td><td>+354</td><td>+562</td><td>+320</td><td>-1,006</td><td>+528</td><td>+184</td><td>+693</td><td>+63</td><td>+629</td><td>+88</td></tr><tr><td>French Morocco</td><td>-5,970</td><td>+833</td><td>+161</td><td>-2,608</td><td>-894</td><td>-3,006</td><td>+280</td><td>-251</td><td>+15</td><td>+160</td><td>-269</td><td>-234</td><td>-117</td></tr><tr><td>Union of South Africa</td><td>-3,810</td><td>+2,031</td><td>+1,946</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>-1,921</td><td>+2,469</td><td>-2,625</td><td>+4,390</td></tr><tr><td>All other</td><td>-16,809</td><td>-4,582</td><td>-3,424</td><td>-5,902</td><td>-1,560</td><td>-2,295</td><td>-15,532</td><td>+936</td><td>-6,721</td><td>-2,224</td><td>+1,317</td><td>+1,171</td><td>+24,007 6b/</td></tr><tr><td>Total other countries</td><td>+1,693</td><td>+7,785</td><td>-6,740</td><td>-9,638</td><td>+5,574</td><td>-11,295</td><td>-29,823</td><td>+363</td><td>+4,469</td><td>+2,694</td><td>+2,935</td><td>+3,120</td><td>+41,187 6b/</td></tr><tr><td>Uoidentified</td><td>-162</td><td>+460</td><td>-194</td><td>-2</td><td>-183</td><td>+161</td><td>+764</td><td>-610</td><td>+1,371</td><td>-1,327</td><td>+273</td><td>+693</td><td>-1,568</td></tr><tr><td>Grand total</td><td>+357,154</td><td>+154,350</td><td>+145,622</td><td>+44,341 5/</td><td>+1,405</td><td>-5,438</td><td>+764</td><td>-36,215</td><td>+17,480</td><td>-9,953</td><td>+29,275</td><td>+70,296</td><td>-54,773 6b/</td></tr></table>
(Continued on following page)
June 1946
93
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, January 1942 - December 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 1945</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>-197,490</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><td>+3,809</td></tr><tr><td>France</td><td>-121,486</td><td>-19,035</td><td>+8,362</td><td>-51,933</td><td>-28,925</td><td>+24,513</td><td>+68,634</td><td>+20,696</td><td>-42,548</td><td>-35,906</td><td>+46,934</td><td>+41,088</td><td>+5,580</td></tr><tr><td>Belgium</td><td>+63,071</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><td>+2,672</td></tr><tr><td>Denmark</td><td>+11,913</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><td>+3,361</td></tr><tr><td>Finland</td><td>-702</td><td>-101</td><td>-403</td><td>+471</td><td>-50</td><td>-174</td><td>-170</td><td>-24</td><td>+444</td><td>+1,168</td><td>-437</td><td>-466</td><td>-560</td></tr><tr><td>Germany</td><td>+551</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><td>+289</td></tr><tr><td>Greece</td><td>+23,035</td><td>+83</td><td>-96</td><td>+1,829</td><td>+1,861</td><td>+1,096</td><td>+2,928</td><td>+3,870</td><td>+2,807</td><td>+2,930</td><td>+2,505</td><td>+3,456</td><td>-234</td></tr><tr><td>Italy</td><td>+43,398</td><td>+3,571</td><td>+3,106</td><td>+2,281</td><td>+3,440</td><td>+2,043</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><td>+5,672</td></tr><tr><td>Luxembourg</td><td>+4,556</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>+4186</td><td>+367</td></tr><tr><td>Netherlands</td><td>+33,508</td><td>-2,961</td><td>+3,019</td><td>-569</td><td>+591</td><td>+527</td><td>+6,169</td><td>+3,038</td><td>+2,003</td><td>+32</td><td>+5,754</td><td>+2,434</td><td>+13,472</td></tr><tr><td>Norway</td><td>+1,369</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><td>+1,714</td></tr><tr><td>Portugal</td><td>+6,016</td><td>-12,276</td><td>-608</td><td>-5,788</td><td>+3,923</td><td>-2,762</td><td>+4,194</td><td>+5,999</td><td>-7,371</td><td>+6,439</td><td>-319</td><td>+3,240</td><td>-687</td></tr><tr><td>Rumania</td><td>-146</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><td>+36</td></tr><tr><td>Spain</td><td>+9,306</td><td>+4,456</td><td>+2,623</td><td>+13,924</td><td>+4,430</td><td>+5,487</td><td>+4,857</td><td>+5,114</td><td>+3,008</td><td>-7,280</td><td>-8,251</td><td>+6,914</td><td>+1,886</td></tr><tr><td>Sweden</td><td>+55,198</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>+2,989</td><td>+7,246</td></tr><tr><td>Switzerland</td><td>+58,023</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><td>+12,512</td></tr><tr><td>U. S. A.</td><td>+11,924</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><td>+3,230</td></tr><tr><td>Yugoslavia</td><td>-32</td><td>-43</td><td>-20</td><td>+78</td><td>+46</td><td>+145</td><td>+34</td><td>-503</td><td>-56</td><td>+106</td><td>+14</td><td>+199</td><td>+350</td></tr><tr><td>Other Europe</td><td>-16,112</td><td>-1,012</td><td>-3,302</td><td>-2,315</td><td>-1,095</td><td>+62</td><td>-1,133</td><td>-6,406</td><td>+1,694</td><td>-2,219</td><td>-240</td><td>+479</td><td>-625</td></tr><tr><td>Total Europe</td><td>-44,744</td><td>-132,817</td><td>+54,948</td><td>-50,987</td><td>-27,081</td><td>+573</td><td>+131,071</td><td>+83,110</td><td>-80,370</td><td>-25,439</td><td>+38,445</td><td>-70,635</td><td>+34,438</td></tr><tr><td>Canada</td><td>+419,389</td><td>+53,715</td><td>+7,196</td><td>+52,126</td><td>+56,540</td><td>+1,775</td><td>+70,300</td><td>+84,727</td><td>+80,399</td><td>+28,036</td><td>+7,997</td><td>+15,177</td><td>+38,599</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-16,178</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><td>+4,648</td></tr><tr><td>Bolivia</td><td>-2,699</td><td>+2,259</td><td>+455</td><td>-1,928</td><td>+1,355</td><td>+151</td><td>+1,601</td><td>-1,639</td><td>+866</td><td>+95</td><td>+628</td><td>-1,988</td><td>-1,296</td></tr><tr><td>Brazil</td><td>+58,235</td><td>+20,106</td><td>-2,583</td><td>-27,447</td><td>+3,713</td><td>+3,454</td><td>+4,453</td><td>+21,839</td><td>+1,573</td><td>+21,356</td><td>+2,411</td><td>+2,262</td><td>+7,098</td></tr><tr><td>Chile</td><td>+18,564</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><td>+4,076</td></tr><tr><td>Colombia</td><td>+4,075</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><td>-1,993</td></tr><tr><td>Costa Rica</td><td>-583</td><td>-277</td><td>+8</td><td>+577</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><td>-305</td></tr><tr><td>Cuba</td><td>+6,730</td><td>-1,737</td><td>-2,965</td><td>-6,118</td><td>+23,593</td><td>+27,030</td><td>+10,591</td><td>+3,269</td><td>-517</td><td>-6,205</td><td>-8,284</td><td>-19,077</td><td>-12,850</td></tr><tr><td>French West Indies and Guiana</td><td>+2,599</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><td>+428</td></tr><tr><td>Mexico</td><td>+24,317</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><td>+3,024</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-7,919</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><td>-3,669</td></tr><tr><td>Panama</td><td>+9,552</td><td>+2,153</td><td>+2,191</td><td>+4,110</td><td>-1,578</td><td>+559</td><td>+2,337</td><td>+1,766</td><td>-2,745</td><td>+918</td><td>-1,003</td><td>-221</td><td>+1,065</td></tr><tr><td>Peru</td><td>+16,952</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><td>-2,123</td></tr><tr><td>Venezuela</td><td>+17,084</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>+1,900</td><td>+2,600</td><td>-8,524</td><td>+11,446</td></tr><tr><td>Other Latin America</td><td>+22,071</td><td>+1,988</td><td>+4,299</td><td>+3,505</td><td>+4,489</td><td>+3,191</td><td>-388</td><td>+3,10</td><td>-158</td><td>+4,858</td><td>+794</td><td>-922</td><td>+9,821</td></tr><tr><td>Total Latin America</td><td>+144,650</td><td>+56,426</td><td>+12,221</td><td>-28,215</td><td>+88,857</td><td>+61,309</td><td>+29,438</td><td>+57,822</td><td>-19,589</td><td>+21,644</td><td>+9,096</td><td>-64,206</td><td>+1,922</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>+174,671</td><td>+145,578</td><td>-15,604</td><td>-2,805</td><td>-6,899</td><td>-4,768</td><td>-6,407</td><td>-6,740</td><td>+76,809</td><td>+9,619</td><td>+6,793</td><td>-10,935</td><td>-9,970</td></tr><tr><td>French Indo-China</td><td>+644</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>-226</td><td>+725</td></tr><tr><td>Hong Kong</td><td>+5,174</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><td>+5,221</td></tr><tr><td>India, Burma and Ceylon</td><td>+26,569</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><td>-1,667</td></tr><tr><td>British Malaya</td><td>-52</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><td>+173</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>+73</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><td>+45</td></tr><tr><td>Netherlands East Indies</td><td>-6,936</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><td>+9,975</td></tr><tr><td>Philippine Islands</td><td>+66,755</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>+59,137</td><td>-2,243</td><td>+18,419</td><td>-1,175</td></tr><tr><td>Turkey</td><td>+28,663</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>-661</td><td>+443</td><td>-928</td><td>+658</td><td>-3,264</td><td>+4,923</td></tr><tr><td>Other Asia</td><td>+19,938</td><td>+10,050</td><td>+1,852</td><td>+3,354</td><td>-475</td><td>-2,840</td><td>-11,571</td><td>+497</td><td>+4,060</td><td>+13,315</td><td>-1,299</td><td>-1,318</td><td>+4,310</td></tr><tr><td>Total Asia</td><td>+315,499</td><td>+178,236</td><td>+948</td><td>+5,168</td><td>-2,362</td><td>-9,080</td><td>-18,355</td><td>+43</td><td>+63,226</td><td>+77,528</td><td>+5,011</td><td>+2,572</td><td>+12,564</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>-24,401</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><td>-2,014</td></tr><tr><td>New Zealand</td><td>+389</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><td>+12</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+11,440</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><td>-806</td></tr><tr><td>French Morocco</td><td>+5,064</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><td>+441</td></tr><tr><td>Union of South Africa</td><td>+2,591</td><td>+1,988</td><td>+160</td><td>-106</td><td>-484</td><td>-554</td><td>+487</td><td>-950</td><td>+1,224</td><td>+3,116</td><td>-1,566</td><td>+727</td><td>-1,473</td></tr><tr><td>All other</td><td>+47,812</td><td>+14,889</td><td>+1,970</td><td>+4,559</td><td>-1,027</td><td>+1,378</td><td>+492</td><td>+4,115</td><td>+6,354</td><td>+10,327</td><td>+23,043</td><td>-17,565</td><td>-622</td></tr><tr><td>Total other countries</td><td>+42,895</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><td>+4,560</td></tr><tr><td>Unidentified</td><td>+1,701</td><td>+215</td><td>+1,222</td><td>+444</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><td>-928</td></tr><tr><td>Grand total</td><td>+879,390</td><td>+156,685</td><td>+78,893</td><td>-18,206</td><td>+55,274</td><td>+52,364</td><td>+212,479</td><td>+224,913</td><td>+56,350</td><td>+116,732</td><td>+71,193</td><td>-132,120</td><td>+4,837</td></tr></table>
1/ Adjusted for the inclusion of a foreign account of $13.9 million reported for the first time on March 11, 1982. 2/ Adjusted to cover two large transactions in foreign securities, as follows: (a) the inclusion on July 1 of $14,787 thousand representing
(Continued on following page)
94
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 2.- Continuation of footnotes
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 (a) net disbursements from the United Kingdom account to domestic payees of $3,498 thousand.
3/ Adjusted for the inclusion of accounts of (a) $2 million for France and (b) $7.8 million for Sweden previously reported as foreign and reclassified as domestic for the first time in the September report.
4/ Adjusted to cover the following transactions: (a) $6,042 thousand of banking funds previously reported under "French Morocco" now reported under "All other"; (b) $5,471 thousand of banking funds previously reported under "Other Asia" now reported under "All other"; (c) $15,346 thousand of banking funds previously reported under
"All other" now reported under "Unidentified".
5/ Adjusted to include $510 thousand of short-term banking funds which 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 $5,557 thousand from the "All other" classification to "France".
1/ Adjusted to cover the following changes: (a) $35,457 thousand transferred from the "All other" classification to "France"; (b) $6,918 thousand previously classified as domestic was reclassified for account of Panama.
June 1946
95
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - December 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1942</th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-Apr.29)</th><th>May (Apr.30-June3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+172,827</td><td>-27,915</td><td>-30,865</td><td>+39,607</td><td>-22,740</td><td>+61,817</td><td>+26,132 2c</td><td>+24,592</td><td>+27,568</td><td>+26,871</td><td>+18,752</td><td>-3,296</td><td>+32,304</td></tr><tr><td>France</td><td>-21,156</td><td>-1,565</td><td>-4,392</td><td>-2,681</td><td>-516</td><td>-2,500</td><td>+1,071</td><td>+1,767</td><td>-5,833</td><td>-1,390</td><td>-538</td><td>-3,954</td><td>-629</td></tr><tr><td>Belgium</td><td>+3,230</td><td>-90</td><td>+625</td><td>+177</td><td>-247</td><td>-524</td><td>-252</td><td>-1,011</td><td>-6,339</td><td>+7,395</td><td>-312</td><td>+4,792</td><td>-984</td></tr><tr><td>Germany</td><td>+233</td><td>+279</td><td>-1,119</td><td>+21</td><td>-26</td><td>+9</td><td>-161</td><td>-17</td><td>+8,147</td><td>-7,608</td><td>+129</td><td>+145</td><td>+434</td></tr><tr><td>Italy</td><td>-2,383</td><td>+541</td><td>+127</td><td>+4,317</td><td>-118</td><td>+559</td><td>+209</td><td>+545</td><td>+573</td><td>+247</td><td>+157</td><td>-939</td><td>+33</td></tr><tr><td>Netherlands</td><td>+9,494</td><td>-3,994</td><td>+308</td><td>-3,874</td><td>+9,647</td><td>+9,250</td><td>+917</td><td>+933</td><td>-3,874</td><td>+416</td><td>-993</td><td>-94</td><td>+852</td></tr><tr><td>Sweden</td><td>-61,182</td><td>-1,095</td><td>-19,834</td><td>-18,950</td><td>-2,785</td><td>-23,813</td><td>+2,475</td><td>+219</td><td>+1,337</td><td>-1,935</td><td>+1,403</td><td>+397</td><td>+1,399</td></tr><tr><td>Switzerland</td><td>-158,719</td><td>-38,040</td><td>-41,335</td><td>-54,477</td><td>-1,457</td><td>-133</td><td>-1,808</td><td>-10,384</td><td>+1,530</td><td>+5,100</td><td>-8,829</td><td>-5,007</td><td>-2,279</td></tr><tr><td>Other Europe</td><td>+2,484</td><td>+10,481</td><td>-18,927</td><td>-1,938</td><td>-2,806</td><td>+6,619</td><td>+1,719</td><td>+4,304</td><td>+2,406</td><td>+8,362</td><td>+525</td><td>+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 2c</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 2e</td><td>+16,668</td><td>+3,698</td><td>+14,432</td><td>+7,812</td><td>+25,215</td><td>-1,916</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 2f</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 Manchurie)</td><td>-36</td><td>+189</td><td>+1,150</td><td>-1,340</td><td>+2</td><td>+1</td><td>+16</td><td>+217</td><td>-33</td><td>-79</td><td>-89</td><td>+182</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>+22,845</td></tr><tr><td>Grand total</td><td>+561,573</td><td>-74,305</td><td>-88,565</td><td>+19,020 1/</td><td>+232,238</td><td>+100,712</td><td>+81,602 2/</td><td>+58,078</td><td>+48,413</td><td>+46,121</td><td>+23,382</td><td>+57,538</td><td>+57,339</td></tr></table>
(Continued on following page)
96
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries. January 1942 - December 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1943</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+438,904</td><td>-97,596</td><td>+23,100</td><td>+31,745</td><td>+53,927</td><td>+3,185</td><td>+98,010</td><td>+74,589</td><td>+76,301</td><td>+40,675</td><td>+80,858</td><td>+12,939</td><td>+41,171</td></tr><tr><td>France</td><td>+9,705</td><td>+2,702</td><td>+1,038</td><td>-1,456</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>+13</td><td>+341</td><td>+250</td><td>-100</td><td>+129</td><td>-853</td><td>+262</td><td>-182</td><td>+65</td><td>-181</td><td>-758</td><td>+542</td></tr><tr><td>Germany</td><td>-875</td><td>+153</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>+614</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>-2,304</td><td>+104</td></tr><tr><td>Norway</td><td>+26,568</td><td>+8,149</td><td>+746</td><td>+5,638</td><td>+348</td><td>+2,141</td><td>-134</td><td>+1,486</td><td>+2,285</td><td>+2,043</td><td>-678</td><td>+3,203</td><td>+2,833</td></tr><tr><td>Portugal</td><td>+18,679</td><td>-1,981</td><td>+1,233</td><td>+1,750</td><td>-8,034</td><td>+1,333</td><td>+828</td><td>+1,790</td><td>+2,815</td><td>+1,699</td><td>+11,416</td><td>+1,947</td><td>+3,883</td></tr><tr><td>Romania</td><td>-122</td><td>+56</td><td>-3</td><td>-13</td><td>-6</td><td>+19</td><td>-1</td><td>-12</td><td>-6</td><td>+15</td><td>+65</td><td>-217</td><td>-19</td></tr><tr><td>Spain</td><td>+14,351</td><td>-816</td><td>+2,879</td><td>+3,056</td><td>-1,865</td><td>+400</td><td>+2,496</td><td>+3,094</td><td>+4,413</td><td>+3,750</td><td>+5,073</td><td>+1,016</td><td>+4,467</td></tr><tr><td>Sweden</td><td>+17,708</td><td>-637</td><td>+2,655</td><td>+1,448</td><td>+3,861</td><td>+3,836</td><td>+640</td><td>-4,285</td><td>+3,586</td><td>-2,389</td><td>+876</td><td>+1,379</td><td>+6,738</td></tr><tr><td>Switzerland</td><td>+24,934</td><td>-2,722</td><td>-4,773</td><td>+7,198</td><td>-1,735</td><td>+66</td><td>+6,393</td><td>+1,867</td><td>+10,458</td><td>-110</td><td>-2,593</td><td>+9,295</td><td>+1,590</td></tr><tr><td>U. S. S. R.</td><td>-1,936</td><td>+1,967</td><td>+4,535</td><td>-44</td><td>-264</td><td>+2,849</td><td>-2,161</td><td>-2,088</td><td>+1,846</td><td>+4,542</td><td>+202</td><td>+1,147</td><td>-5,364</td></tr><tr><td>Yugoslavia</td><td>-7,766</td><td>+89</td><td>-20</td><td>+19</td><td>-99</td><td>-2,973</td><td>+339</td><td>-81</td><td>-4,911</td><td>-179</td><td>+132</td><td>+17</td><td>-35</td></tr><tr><td>Other Europe</td><td>+22,385</td><td>+666</td><td>+3,627</td><td>+3,321</td><td>+6,669</td><td>+4,123</td><td>+7,300</td><td>+646</td><td>+1,391</td><td>-1,230</td><td>-582</td><td>-468</td><td>-3,084</td></tr><tr><td>Total Europe</td><td>+568,044</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>+99,671</td><td>-41,047</td><td>+9,890</td><td>-6,095</td><td>+43,509</td><td>+43,607</td><td>-30,925</td><td>-7,303</td><td>+43,812</td><td>+94,495</td><td>+71,402</td></tr><tr><td><b>Latino America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-6,313</td><td>-3,057</td><td>-606</td><td>+1,880</td><td>-1,473</td><td>+1,880</td><td>-903</td><td>+1,262</td><td>+2,266</td><td>-2,551</td><td>+4,727</td><td>-10,839</td><td>+1,101</td></tr><tr><td>Bolivia</td><td>+3,090</td><td>+1,029</td><td>+2,773</td><td>+229</td><td>-1,139</td><td>-472</td><td>+471</td><td>+127</td><td>-177</td><td>-486</td><td>-248</td><td>-1,452</td><td>+2,435</td></tr><tr><td>Brazil</td><td>+28,547</td><td>-631</td><td>+10,735</td><td>+6,612</td><td>-7,786</td><td>+16,207</td><td>+7,582</td><td>+8,812</td><td>-1,725</td><td>+4,019</td><td>-12,193</td><td>+605</td><td>+4,647</td></tr><tr><td>Chile</td><td>+18,234</td><td>+8,327</td><td>-5,116</td><td>+2,434</td><td>+3,145</td><td>+1,960</td><td>+8,683</td><td>+112</td><td>+5,986</td><td>+1,686</td><td>+1,252</td><td>+2,886</td><td>-4,886</td></tr><tr><td>Colombia</td><td>+32,137</td><td>+3,435</td><td>+1,832</td><td>+6,180</td><td>-6,190</td><td>+2,721</td><td>+5,468</td><td>+116</td><td>-169</td><td>+4,614</td><td>+3,034</td><td>+3,818</td><td>+7,278</td></tr><tr><td>Costa Rica</td><td>-196</td><td>+1,089</td><td>+600</td><td>+738</td><td>+877</td><td>+1,107</td><td>+1,795</td><td>-5,345</td><td>+56</td><td>-617</td><td>+15</td><td>-52</td><td>-459</td></tr><tr><td>Cuba</td><td>-41,627</td><td>-5,843</td><td>-5,029</td><td>-5,638</td><td>+2,919</td><td>+3,864</td><td>-20,301</td><td>+14,572</td><td>-4,182</td><td>+4,061</td><td>-12,723</td><td>-3,438</td><td>-1,747</td></tr><tr><td>French West Indies and Guiana</td><td>-2,053</td><td>+560</td><td>-41</td><td>-590</td><td>-97</td><td>+57</td><td>-713</td><td>+190</td><td>-2,038</td><td>-14</td><td>+12</td><td>-5</td><td>+226</td></tr><tr><td>Mexico</td><td>-31,709</td><td>-20,888</td><td>-4,507</td><td>-959</td><td>+5,050</td><td>+17,793</td><td>+10,062</td><td>+9,354</td><td>-41,995</td><td>-14,717</td><td>+736</td><td>+2,477</td><td>+5,885</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20,363</td><td>+1,282</td><td>-642</td><td>-1,073</td><td>+465</td><td>+13,001</td><td>+1,243</td><td>-865</td><td>+646</td><td>+206</td><td>+462</td><td>+5,248</td><td>+390</td></tr><tr><td>Panama</td><td>+21,678</td><td>+2,018</td><td>+3,653</td><td>+4,281</td><td>-1,342</td><td>+2,197</td><td>+3,157</td><td>-588</td><td>+3,822</td><td>+209</td><td>+4,803</td><td>-2,000</td><td>+1,886</td></tr><tr><td>Peru</td><td>+1,078</td><td>-1,225</td><td>+807</td><td>+140</td><td>-1,029</td><td>+617</td><td>+2,432</td><td>+58</td><td>+1,047</td><td>-535</td><td>+1,776</td><td>-4,287</td><td>+1,277</td></tr><tr><td>Venezuela</td><td>+3,342</td><td>-19</td><td>-272</td><td>+2,731</td><td>-1,521</td><td>-1,674</td><td>+1,543</td><td>+2,720</td><td>-4,214</td><td>+580</td><td>+245</td><td>+3,477</td><td>-254</td></tr><tr><td>Other Latino America</td><td>+36,580</td><td>+4,885</td><td>+11,407</td><td>+10,280</td><td>+6,270</td><td>+601</td><td>+5,399</td><td>-6,281</td><td>-11</td><td>-1,589</td><td>+1,637</td><td>+364</td><td>+1,618</td></tr><tr><td>Total Latino America</td><td>+83,451</td><td>-9,038</td><td>+15,595</td><td>+22,377</td><td>+149</td><td>+59,859</td><td>+26,323</td><td>+24,244</td><td>-40,688</td><td>-25,104</td><td>-6,455</td><td>-3,198</td><td>+19,397</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>+222,716</td><td>+1,515</td><td>-6,364</td><td>+28,203</td><td>+8,342</td><td>+8,114</td><td>+22,034</td><td>+13,589</td><td>+21,654</td><td>+15,200</td><td>+16,496</td><td>+23,950</td><td>+69,983</td></tr><tr><td>French Indo-China</td><td>-27</td><td>+6</td><td>+361</td><td>-52</td><td>-1</td><td>+120</td><td>+10</td><td>+231</td><td>+108</td><td>-49</td><td>-71</td><td>+12</td><td>+20</td></tr><tr><td>Hong Kong</td><td>-17,723</td><td>-262</td><td>-823</td><td>+746</td><td>-7,563</td><td>-29</td><td>-10,659</td><td>+485</td><td>+116</td><td>+780</td><td>-452</td><td>+25</td><td>-87</td></tr><tr><td>India, Burma, and Ceylon</td><td>+5,324</td><td>+3,129</td><td>+2,753</td><td>-2,854</td><td>-3,379</td><td>+4,706</td><td>+4,168</td><td>-7,107</td><td>+24</td><td>-718</td><td>-1,934</td><td>+1,645</td><td>+4,881</td></tr><tr><td>British Malaya</td><td>+77</td><td>-90</td><td>+63</td><td>+34</td><td>-42</td><td>+7</td><td>+231</td><td>-23</td><td>+20</td><td>-7</td><td>+60</td><td>-163</td><td>-13</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-729</td><td>+36</td><td>-89</td><td>-528</td><td>-40</td><td>+10</td><td>-13</td><td>+39</td><td>-23</td><td>+35</td><td>-32</td><td>-36</td><td>-88</td></tr><tr><td>Netherlands East Indies</td><td>-50,322</td><td>-3,123</td><td>-5,036</td><td>-6,021</td><td>+4,158</td><td>-15,781</td><td>+1,467</td><td>-20,193</td><td>+582</td><td>-12,643</td><td>+768</td><td>+7,143</td><td>-1,643</td></tr><tr><td>Philippine Islands</td><td>+1,625</td><td>-313</td><td>+252</td><td>+579</td><td>-239</td><td>-33</td><td>+881</td><td>-410</td><td>-292</td><td>+253</td><td>+1,327</td><td>-171</td><td>-209</td></tr><tr><td>Turkey</td><td>+4,049</td><td>-7,258</td><td>+10,377</td><td>+14,519</td><td>-3,241</td><td>+5,264</td><td>-2,729</td><td>+2,490</td><td>+721</td><td>+2,123</td><td>+1,636</td><td>+4,574</td><td>+4,611</td></tr><tr><td>Other Asia</td><td>+24,956</td><td>+3,508</td><td>+6,243</td><td>+6,428</td><td>-550</td><td>-433</td><td>-302</td><td>-451</td><td>+343</td><td>+1,186</td><td>+6,643</td><td>+3,027</td><td>-486</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>+19,945</td><td>+15,088</td><td>-11,350</td><td>+23,253</td><td>+6,160</td><td>+24,641</td><td>+40,006</td><td>+76,569</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+2,649</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>-144</td><td>-1,161</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-793</td><td>+118</td><td>+135</td><td>-18</td><td>-25</td><td>-716</td><td>+497</td><td>-94</td><td>-279</td><td>-476</td><td>+241</td><td>-211</td><td>+35</td></tr><tr><td>French Morocco</td><td>+4,249</td><td>+2,614</td><td>+172</td><td>+1,230</td><td>+9,397</td><td>+3,021</td><td>-5,583</td><td>+4,209</td><td>+2,902</td><td>+3,482</td><td>-1,409</td><td>+2,855</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>-892</td><td>+2,341</td><td>+3,442</td><td>+825</td><td>+1,685</td><td>+1,234</td><td>-1,092</td><td>+2,019</td><td>+820</td><td>-3,738</td></tr><tr><td>All other</td><td>+21,383</td><td>+150</td><td>-872</td><td>+18,046</td><td>-17,251</td><td>+10,455</td><td>+23,079</td><td>+8,915</td><td>+611</td><td>-6,007</td><td>-2,016</td><td>-12,536</td><td>-1,191</td></tr><tr><td>Total other countries</td><td>+21,043</td><td>+2,208</td><td>+629</td><td>+19,226</td><td>+69</td><td>+3,001</td><td>+26,375</td><td>+4,671</td><td>+8,099</td><td>-3,689</td><td>-17,534</td><td>+241</td><td>-22,253</td></tr><tr><td>Unidentified</td><td>-22</td><td>+162</td><td>-76</td><td>+94</td><td>+60</td><td>+228</td><td>-151</td><td>+3</td><td>+25</td><td>-49</td><td>-242</td><td>+224</td><td>-540</td></tr><tr><td>Grand total</td><td>+1,164,758</td><td>+151,809</td><td>+119,683</td><td>+61,505</td><td>+58,289</td><td>+74,311</td><td>+224,845</td><td>+54,720</td><td>+59,027</td><td>+1,903</td><td>+135,679</td><td>+163,436</td><td>+55,551</td></tr></table>
(Continued on following page)
June 1946
97
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - December 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-141,117</td><td>+75,685</td><td>-1,001</td><td>-24,212</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>-5,068</td><td>+15,617</td><td>-525</td><td>+1,934</td><td>-10,332</td><td>+1,492</td><td>+1,813</td><td>+10,238</td><td>-1,521</td><td>-400</td><td>-57,251.61</td></tr><tr><td>Belgium</td><td>+1,437</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>+95</td><td>-215</td><td>-319</td><td>+455</td><td>-187</td><td>+511</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>+7,002</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>+3,611</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>+1,263.64</td></tr><tr><td>Luxembourg</td><td>+134</td><td>+60</td><td>-57</td><td>-43</td><td>+38</td><td>+34</td><td>+2</td><td>-3</td><td>+5</td><td>+17</td><td>+66</td><td>-5</td><td>+20</td></tr><tr><td>Netherlands</td><td>+16,426</td><td>+1,034</td><td>-604</td><td>+5,910</td><td>+341</td><td>+1,100</td><td>-967</td><td>+569</td><td>-1,796</td><td>+3,752</td><td>+5,272</td><td>-1,158</td><td>+2,973</td></tr><tr><td>Norway</td><td>+26,975</td><td>+7,574</td><td>+15,072</td><td>+1,204</td><td>+8,337</td><td>+2,791</td><td>-14,648</td><td>-9,239</td><td>+8,405</td><td>+261</td><td>+8,055</td><td>-97</td><td>-740</td></tr><tr><td>Portugal</td><td>+1,763</td><td>+6,658</td><td>+11,017</td><td>-14,445</td><td>-8,502</td><td>-9,701</td><td>-2,241</td><td>+3,912</td><td>+1,394</td><td>+5,220</td><td>-257</td><td>+4,228</td><td>+4,480</td></tr><tr><td>Romania</td><td>+225</td><td>+15</td><td>-52</td><td>+64</td><td>+182</td><td>-269</td><td>-5</td><td>-1</td><td>-22</td><td>+33</td><td>-10</td><td>+244</td><td>+46</td></tr><tr><td>Spain</td><td>+12,967</td><td>+727</td><td>+3,533</td><td>+416</td><td>+3,399</td><td>+11,644</td><td>+427</td><td>-1,167</td><td>+1,812</td><td>-5,313</td><td>-4,223</td><td>+2,635</td><td>-924</td></tr><tr><td>Sweden</td><td>+11,091</td><td>+1,189</td><td>+84</td><td>-13,496</td><td>+258</td><td>+3,010</td><td>+1,304</td><td>+404</td><td>-11,297</td><td>+2,816</td><td>+1,528</td><td>-1,045</td><td>+4,174</td></tr><tr><td>Switzerland</td><td>+30,397</td><td>-3,958</td><td>+3,060</td><td>+4,311</td><td>-18</td><td>+10,353</td><td>+1,756</td><td>+2,082</td><td>+1,672</td><td>+2,343</td><td>-784</td><td>+601</td><td>+8,979</td></tr><tr><td>U. S. S. R.</td><td>+3,775</td><td>+3,312</td><td>+1,697</td><td>-575</td><td>-3,436</td><td>+1,207</td><td>+1,844</td><td>-2,183</td><td>-671</td><td>+379</td><td>+309</td><td>+4,657</td><td>+3,235</td></tr><tr><td>Yugoslavia</td><td>-4,198</td><td>-2,548</td><td>+79</td><td>-342</td><td>-19</td><td>+1</td><td>-132</td><td>+66</td><td>-172</td><td>+25</td><td>+25</td><td>-1,149</td><td>-32</td></tr><tr><td>Other Europe</td><td>-24,845</td><td>+1,213</td><td>-287</td><td>-2,297</td><td>-898</td><td>-130</td><td>-16,814</td><td>+63</td><td>-986</td><td>-886</td><td>-54</td><td>+432</td><td>-4,201</td></tr><tr><td>Total Europe</td><td>-107,412</td><td>+91,388</td><td>+20,286</td><td>+32,717</td><td>+3,925</td><td>+61,894</td><td>-46,942</td><td>-66,040</td><td>-19,014</td><td>-75,575</td><td>-60,043</td><td>+39,106</td><td>-23,080.6</td></tr><tr><td>Canada</td><td>+123,623</td><td>+32,529</td><td>+93,853</td><td>+78,701</td><td>-58,677</td><td>-37,576</td><td>-24,110</td><td>-65,252</td><td>+33,179</td><td>+26,163</td><td>+65,610</td><td>+9,470</td><td>-30,257</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+36,406</td><td>+5,833</td><td>-11,756</td><td>-969</td><td>+3,138</td><td>+714</td><td>+8,232</td><td>+5,991</td><td>-3,645</td><td>-1,622</td><td>+7,890</td><td>+12,510</td><td>+10,090</td></tr><tr><td>Bolivia</td><td>+5,141</td><td>-612</td><td>+248</td><td>+1,968</td><td>-1,132</td><td>-287</td><td>+113</td><td>+221</td><td>+3,973</td><td>-322</td><td>+581</td><td>+1,185</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>Netherlands West Indies and Surinam</td><td>-5,073</td><td>-861</td><td>-425</td><td>-1,511</td><td>+2,256</td><td>+828</td><td>-2,542</td><td>+854</td><td>-2,257</td><td>-567</td><td>+665</td><td>-1,824</td><td>+311</td></tr><tr><td>Panama</td><td>+11,799</td><td>-2,460</td><td>-1,005</td><td>+3,461</td><td>+2,054</td><td>+3,758</td><td>-646</td><td>+1,117</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>Yamorola</td><td>+5,977</td><td>+1,070</td><td>-2,658</td><td>+3,918</td><td>+4,924</td><td>-8,530</td><td>-1,506</td><td>+917</td><td>+890</td><td>+7,517</td><td>+8,463</td><td>-11,568</td><td>+2,540</td></tr><tr><td>Other Latin America</td><td>+21,519</td><td>+10,782</td><td>-2,854</td><td>+86</td><td>+9,265</td><td>+936</td><td>+6,459</td><td>+489</td><td>-5,163</td><td>+1,608</td><td>-2,712</td><td>+2,397</td><td>+256</td></tr><tr><td>Total Latin America</td><td>+197,206</td><td>+12,016</td><td>-4,195</td><td>+33,834</td><td>+38,019</td><td>+10,027</td><td>+55,012</td><td>+26,231</td><td>+3,323</td><td>-1,416</td><td>+4,518</td><td>+24,134</td><td>-4,297</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>-146,709</td><td>+11,031</td><td>+30,050</td><td>+25,260</td><td>-18</td><td>-493</td><td>+874</td><td>-17,472</td><td>-4,134</td><td>-3,775</td><td>+2,303</td><td>-10,544</td><td>-179,791</td></tr><tr><td>French Indo-China</td><td>-2</td><td>-12</td><td>+21</td><td>-6</td><td>+6</td><td>-10</td><td>+4</td><td>+47</td><td>+42</td><td>-13</td><td>-3</td><td>+10</td><td>+6</td></tr><tr><td>Hong Kong</td><td>-845</td><td>-702</td><td>+319</td><td>+1,044</td><td>+170</td><td>-34</td><td>-1,120</td><td>+156</td><td>+59</td><td>+45</td><td>-696</td><td>-147</td><td>+61</td></tr><tr><td>India, Burma, and Ceylon</td><td>-16,505</td><td>+885</td><td>-3,207</td><td>-6,758</td><td>+9,384</td><td>-575</td><td>-984</td><td>+8,996</td><td>+53</td><td>-3,595</td><td>+190</td><td>+14,448</td><td>-35,342</td></tr><tr><td>British Malaya</td><td>+770</td><td>+18</td><td>+114</td><td>+434</td><td>-237</td><td>-79</td><td>+143</td><td>+41</td><td>+207</td><td>+8</td><td>-2</td><td>+68</td><td>+55</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-137</td><td>-241</td><td>+294</td><td>+55</td><td>+43</td><td>+8</td><td>-125</td><td>+113</td><td>-114</td><td>-43</td><td>-17</td><td>-89</td><td>-61</td></tr><tr><td>Netherlands East Indies</td><td>+560</td><td>-716</td><td>+730</td><td>-1,996</td><td>-480</td><td>-1,150</td><td>-137</td><td>+3,570</td><td>-143</td><td>-282</td><td>+2,563</td><td>+1,729</td><td>-3,128</td></tr><tr><td>Philippine Islands</td><td>+2,593</td><td>+539</td><td>-15</td><td>+766</td><td>-509</td><td>-394</td><td>-300</td><td>+820</td><td>-76</td><td>+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>-1,853</td><td>-2,054</td><td>+2,370</td><td>-289</td><td>+377</td><td>+4,491</td><td>-534</td><td>+2,663</td></tr><tr><td>Total Asia</td><td>-168,852</td><td>+11,121</td><td>+44,872</td><td>+6,673</td><td>+12,633</td><td>-21,971</td><td>-2,192</td><td>-11,047</td><td>-3,589</td><td>-7,577</td><td>+13,847</td><td>-253</td><td>+2,1399</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>+27,584</td><td>+7,881</td><td>-4,527</td><td>+2,604</td><td>+9,048</td><td>-3,855</td><td>-11,412</td><td>+3,677</td><td>+2,093</td><td>+2,972</td><td>+1,449</td><td>+4,645</td><td>+13,009</td></tr><tr><td>New Zealand</td><td>-1,675</td><td>+1,626</td><td>-189</td><td>-766</td><td>-30</td><td>-578</td><td>-943</td><td>-969</td><td>+195</td><td>+2,936</td><td>-2,311</td><td>-475</td><td>-171</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+1,254</td><td>-73</td><td>-954</td><td>+328</td><td>+548</td><td>+303</td><td>-989</td><td>+449</td><td>+169</td><td>+691</td><td>+67</td><td>+626</td><td>-89</td></tr><tr><td>French Morocco</td><td>-5,931</td><td>+833</td><td>+161</td><td>-2,571</td><td>-920</td><td>-2,994</td><td>+230</td><td>-266</td><td>+23</td><td>+189</td><td>-275</td><td>-238</td><td>-101</td></tr><tr><td>Union of South Africa</td><td>-3,481</td><td>+2,030</td><td>+1,943</td><td>-3,809</td><td>-1,758</td><td>-1,927</td><td>-769</td><td>-3,351</td><td>+1,848</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>-3,819</td><td>-5,939</td><td>-1,569</td><td>-2,335</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>+23,845.6</td></tr><tr><td>Total other countries</td><td>+11</td><td>+7,695</td><td>-6,985</td><td>-9,753</td><td>+5,323</td><td>-11,366</td><td>-29,861</td><td>+456</td><td>-4,736</td><td>+2,443</td><td>+2,647</td><td>+1,098</td><td>+41,070.6</td></tr><tr><td>Unidentified</td><td>-152</td><td>+460</td><td>-194</td><td>-2</td><td>-185</td><td>+163</td><td>+764</td><td>-610</td><td>+1,371</td><td>-1,327</td><td>+273</td><td>+693</td><td>-1,558</td></tr><tr><td>Grand total</td><td>+44,394</td><td>+155,209</td><td>+147,637</td><td>+76,736</td><td>+1,034</td><td>+1,151</td><td>-47,329</td><td>-116,872</td><td>+10,534</td><td>-57,289</td><td>+26,852</td><td>+76,248</td><td>-229,521.6</td></tr></table>
(Continued on following page)
98
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3.- Net Movement of Short-Term Banking Funds, by Countries, January 1942 - December 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 1945</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>-157,515</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><td>+8,585</td></tr><tr><td>France</td><td>-126,332</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><td>-17,196</td></tr><tr><td>Belgium</td><td>+60,779</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><td>+2,003</td></tr><tr><td>Denmark</td><td>+11,067</td><td>+421</td><td>-237</td><td>+215</td><td>-713</td><td>-293</td><td>+890</td><td>+5</td><td>+736</td><td>+2,405</td><td>+1,731</td><td>+4,259</td><td>+3,090</td></tr><tr><td>Finland</td><td>-1,580</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><td>-662</td></tr><tr><td>Germany</td><td>+147</td><td>-29</td><td>+46</td><td>+88</td><td>+51</td><td>-246</td><td>-17</td><td>+26</td><td>+99</td><td>+13</td><td>+191</td><td>-167</td><td>+80</td></tr><tr><td>Greece</td><td>+22,088</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><td>+246</td></tr><tr><td>Italy</td><td>+43,076</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><td>+5,021</td></tr><tr><td>Luxembourg</td><td>+3,715</td><td>-24</td><td>+35</td><td>-2</td><td>-111</td><td>+637</td><td>+246</td><td>+3,509</td><td>+85</td><td>+42</td><td>-43</td><td>+170</td><td>-745</td></tr><tr><td>Netherlands</td><td>+35,855</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><td>+12,085</td></tr><tr><td>Norway</td><td>-1,222</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><td>+1,639</td></tr><tr><td>Portugal</td><td>-6,284</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><td>-693</td></tr><tr><td>Romania</td><td>-196</td><td>-51</td><td>-312</td><td>+186</td><td>+36</td><td>-47</td><td>-34</td><td>+30</td><td>+401</td><td>-455</td><td>-8</td><td>+14</td><td>+36</td></tr><tr><td>Spain</td><td>-11,481</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>-8,216</td><td>+6,913</td><td>-234</td></tr><tr><td>Sweden</td><td>+57,309</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><td>-6,955</td></tr><tr><td>Switzerland</td><td>+63,237</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><td>+12,981</td></tr><tr><td>U. S. S. R.</td><td>+11,909</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>+955</td><td>+3,999</td><td>+3,230</td></tr><tr><td>Turk</td><td>+3</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><td>+295</td></tr><tr><td>Other Europe</td><td>-8,062</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><td>-432</td></tr><tr><td><b>Total Europe</b></td><td>-3,477</td><td>+125,340 1a/</td><td>+59,457</td><td>+27,801</td><td>-17,391</td><td>+6,047</td><td>+103,967</td><td>+93,675</td><td>-78,933</td><td>-30,075</td><td>+45,862</td><td>-54,517</td><td>+21,872</td></tr><tr><td><b>Canada</b></td><td>+570,403</td><td>+46,534</td><td>+100,510</td><td>+59,763</td><td>+36,540</td><td>-6,083</td><td>+77,813</td><td>+91,059</td><td>+103,786</td><td>+44,155</td><td>+67,142</td><td>-11,925</td><td>-38,891</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>-34,435</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>-4,504</td><td>-5,104</td></tr><tr><td>Bolivia</td><td>-2,785</td><td>+2,273</td><td>-462</td><td>-1,936</td><td>+1,325</td><td>-764</td><td>+1,533</td><td>-2,089</td><td>+875</td><td>-72</td><td>-637</td><td>-1,691</td><td>-1,240</td></tr><tr><td>Brazil</td><td>+54,924</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><td>+6,913</td></tr><tr><td>Chile</td><td>+13,637</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><td>-4,541</td></tr><tr><td>Colombia</td><td>-5,823</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><td>-2,743</td></tr><tr><td>Costa Rica</td><td>-503</td><td>-278</td><td>+14</td><td>+568</td><td>+585</td><td>+103</td><td>-814</td><td>+492</td><td>-999</td><td>-1,093</td><td>+484</td><td>+680</td><td>-244</td></tr><tr><td>Cuba</td><td>+3,086</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><td>-14,237</td></tr><tr><td>French West Indies and Guiana</td><td>+2,666</td><td>+156</td><td>+545</td><td>+327</td><td>-244</td><td>+1,136</td><td>-77</td><td>+2,242</td><td>-1,229</td><td>+364</td><td>-308</td><td>-690</td><td>+444</td></tr><tr><td>Mexico</td><td>+30,954</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><td>+4,154</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-7,902</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><td>-2,857</td></tr><tr><td>Panama</td><td>+12,447</td><td>+230 1b/</td><td>+2,254</td><td>+3,783</td><td>-633</td><td>+1,409</td><td>+2,941</td><td>+3,354</td><td>-1,563</td><td>+1,335</td><td>+1,330</td><td>+115</td><td>-2,108</td></tr><tr><td>Peru</td><td>+15,526</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><td>-2,241</td></tr><tr><td>Veasuela</td><td>+17,265</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><td>+11,371</td></tr><tr><td>Other Latin America</td><td>+3,262</td><td>+1,655</td><td>+3,456</td><td>+3,597</td><td>+4,029</td><td>+3,230</td><td>-1,639</td><td>+158</td><td>-1,024</td><td>-7,016</td><td>-1,883</td><td>-1,655</td><td>+354</td></tr><tr><td><b>Total Latin America</b></td><td>+102,319</td><td>+53,059 1b/</td><td>+11,387</td><td>+29,726</td><td>+28,530</td><td>+58,678</td><td>+25,229</td><td>+58,514</td><td>-20,098</td><td>+19,217</td><td>-5,820</td><td>-84,262</td><td>-12,389</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>+155,491</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><td>+1,616</td></tr><tr><td>French Indo-China</td><td>+645</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><td>+725</td></tr><tr><td>Bangkok</td><td>+4,473</td><td>-292</td><td>+164</td><td>-916</td><td>-274</td><td>+252</td><td>+224</td><td>-78</td><td>-214</td><td>+144</td><td>-151</td><td>+396</td><td>+5,218</td></tr><tr><td>India, Burma, and Ceylon</td><td>+26,126</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><td>-1,619</td></tr><tr><td>British Malaya</td><td>-55</td><td>+30</td><td>-411</td><td>-3</td><td>+16</td><td>-53</td><td>+113</td><td>-39</td><td>+2</td><td>+4</td><td>+67</td><td>+46</td><td>+173</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>+169</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><td>+63</td></tr><tr><td>Netherlands East Indies</td><td>+3,338</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><td>+9,975</td></tr><tr><td>Philippine Islands</td><td>+68,348</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><td>-647</td></tr><tr><td>Turkey</td><td>+28,602</td><td>+3,198</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><td>+4,958</td></tr><tr><td>Other Asia</td><td>+19,933</td><td>+10,105</td><td>+1,942</td><td>+3,529</td><td>+463</td><td>-2,879</td><td>-11,545</td><td>+436</td><td>+4,053</td><td>+13,249</td><td>-1,482</td><td>-1,311</td><td>+4,300</td></tr><tr><td><b>Total Asia</b></td><td>+307,070</td><td>+178,510</td><td>+71</td><td>+5,412</td><td>-2,641</td><td>-9,141</td><td>-35,218</td><td>-11,418</td><td>+64,049</td><td>+77,765</td><td>+10,757</td><td>+4,304</td><td>+22,762</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>-25,109</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><td>-1,985</td></tr><tr><td>New Zealand</td><td>+394</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>-1,156</td><td>+359</td><td>+466</td><td>+12</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+11,407</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><td>-831</td></tr><tr><td>French Morocco</td><td>+5,573</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><td>+587</td></tr><tr><td>Union of South Africa</td><td>+2,973</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><td>-1,436</td></tr><tr><td>All other</td><td>+48,105</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><td>-464</td></tr><tr><td><b>Total other countries</b></td><td>+43,343</td><td>+918 1a/</td><td>+2,467</td><td>+3,168</td><td>-908</td><td>-2,079</td><td>+318</td><td>-627</td><td>+13,024</td><td>+14,190</td><td>+28,068</td><td>-11,079</td><td>-4,117</td></tr><tr><td><b>Unidentified</b></td><td>+1,660</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><td>-928</td></tr><tr><td><b>Grand total</b></td><td>+1,021,318</td><td>+153,895 1b/</td><td>+174,973</td><td>+11,310</td><td>+44,446</td><td>+47,306</td><td>+171,687</td><td>+231,025</td><td>+81,132</td><td>+125,994</td><td>+146,467</td><td>-157,226</td><td>-9,691</td></tr></table>
Footnotes appear on pages 93 and 94.
June 1946
99
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - December 1945
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th>Total calendar year 1942</th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>+572</td><td>+46</td><td>-76</td><td>+270</td><td>+143</td><td>-5</td><td>+336</td><td>-268</td><td>-75</td><td>+203</td><td>-90</td><td>-17</td><td>+105</td></tr><tr><td>France</td><td>+811</td><td>-97</td><td>-55</td><td>+593</td><td>-130</td><td>+25</td><td>+254</td><td>-183</td><td>+18</td><td>+395</td><td>-332</td><td>+8</td><td>+315</td></tr><tr><td>Belgium</td><td>-121</td><td>+29</td><td>-2</td><td>-35</td><td>-98</td><td>-51</td><td>-21</td><td>+9</td><td>-4</td><td>+74</td><td>+64</td><td>+91</td><td>-177</td></tr><tr><td>Germany</td><td>+75</td><td>+10</td><td>-11</td><td>+1</td><td>+5</td><td>-3</td><td>+3</td><td>+38</td><td>-1</td><td>+138</td><td>-115</td><td>-1</td><td>+11</td></tr><tr><td>Italy</td><td>+23</td><td>-3</td><td>+17</td><td>+8</td><td>-1</td><td>+6</td><td>-21</td><td>+7</td><td>+66</td><td>+44</td><td>-6</td><td>+17</td><td>-23</td></tr><tr><td>Netherlands</td><td>-139</td><td>+420</td><td>+51</td><td>+245</td><td>+108</td><td>+312</td><td>+288</td><td>-2,902</td><td>-2</td><td>+380</td><td>+40</td><td>+147</td><td>+774</td></tr><tr><td>Sweden</td><td>+95</td><td>+45</td><td>+12</td><td>+13</td><td>+67</td><td>-25</td><td>-16</td><td>+10</td><td>-5</td><td>+25</td><td>-15</td><td>-11</td><td>-5</td></tr><tr><td>Switzerland</td><td>+275</td><td>-211</td><td>-22</td><td>+1,091</td><td>-354</td><td>+177</td><td>-114</td><td>+631</td><td>-83</td><td>+96</td><td>-530</td><td>-571</td><td>+165</td></tr><tr><td>Other Europe</td><td>+738</td><td>-439</td><td>-25</td><td>+375</td><td>+174</td><td>+278</td><td>+10</td><td>-20</td><td>+142</td><td>+143</td><td>-200</td><td>+84</td><td>+216</td></tr><tr><td>Total Europe</td><td>+2,329</td><td>-200</td><td>-111</td><td>+2,561</td><td>-86</td><td>+714</td><td>+719</td><td>-2,578</td><td>+56</td><td>+1,410</td><td>-1,184</td><td>-253</td><td>+1,381</td></tr><tr><td>Canada</td><td>+1,072</td><td>+212</td><td>+291</td><td>-59</td><td>-76</td><td>-130</td><td>+268</td><td>-181</td><td>+109</td><td>+682</td><td>-382</td><td>+30</td><td>+308</td></tr><tr><td>Latin America</td><td>+261</td><td>+1,124</td><td>-300</td><td>+111</td><td>-252</td><td>+73</td><td>+534</td><td>+250</td><td>+52</td><td>+1,168</td><td>-1,481</td><td>+133</td><td>-1,151</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-27</td><td>-5</td><td>+1</td><td>+12</td><td>-3</td><td>-</td><td>-29</td><td>+14</td><td>+6</td><td>+77</td><td>-82</td><td>+21</td><td>-39</td></tr><tr><td>Other Asia</td><td>-264</td><td>+99</td><td>+44</td><td>-279</td><td>+1</td><td>+10</td><td>+42</td><td>-13</td><td>+5</td><td>+183</td><td>-180</td><td>-116</td><td>+28</td></tr><tr><td>Total Asia</td><td>-291</td><td>+94</td><td>+43</td><td>-267</td><td>-2</td><td>+10</td><td>+13</td><td>+1</td><td>+11</td><td>+260</td><td>-262</td><td>-95</td><td>-11</td></tr><tr><td>All other</td><td>+142</td><td>-55</td><td>+104</td><td>-49</td><td>+46</td><td>-27</td><td>+158</td><td>+15</td><td>+23</td><td>+54</td><td>-22</td><td>+95</td><td>-200</td></tr><tr><td>Grand total</td><td>+3,513</td><td>+1,175</td><td>-59</td><td>+2,297</td><td>-370</td><td>+640</td><td>+1,692</td><td>-2,593</td><td>+251</td><td>+3,574</td><td>-3,331</td><td>-90</td><td>+327</td></tr></table>
(Continued on following page)
100
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - December 1945 - (Continued)
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th rowspan="2"></th><th rowspan="2">Total calendar year 1943</th><th colspan="12">1943</th></tr><tr><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td colspan="14">Europe</td></tr><tr><td>United Kingdom</td><td>+1,463</td><td>+204</td><td>-209</td><td>-1,041</td><td>+1,716</td><td>+191</td><td>+1,055</td><td>-406</td><td>-311</td><td>+41</td><td>-439</td><td>+72</td><td>+590</td></tr><tr><td>France</td><td>+821</td><td>-74</td><td>-318</td><td>+701</td><td>-58</td><td>-230</td><td>+546</td><td>-139</td><td>+243</td><td>-218</td><td>+91</td><td>+166</td><td>+111</td></tr><tr><td>Belgium</td><td>+224</td><td>+91</td><td>-316</td><td>+270</td><td>+46</td><td>-36</td><td>+9</td><td>+35</td><td>-51</td><td>+158</td><td>-97</td><td>+46</td><td>+69</td></tr><tr><td>Denmark</td><td>+14</td><td>-8</td><td>+1</td><td>-34</td><td>+1</td><td>-17</td><td>-18</td><td>+82</td><td>-43</td><td>-</td><td>+36</td><td>+11</td><td>+1</td></tr><tr><td>Finland</td><td>-8</td><td>+68</td><td>-</td><td>+1</td><td>-72</td><td>-</td><td>-</td><td>-2</td><td>+2</td><td>+2</td><td>-8</td><td>-</td><td>+1</td></tr><tr><td>Germany</td><td>-33</td><td>-12</td><td>+6</td><td>+8</td><td>+6</td><td>-18</td><td>+41</td><td>-4</td><td>-7</td><td>-67</td><td>-9</td><td>+10</td><td>+13</td></tr><tr><td>Greece</td><td>+16</td><td>+10</td><td>+1</td><td>-6</td><td>-5</td><td>-1</td><td>-2</td><td>+6</td><td>-4</td><td>+3</td><td>-2</td><td>+5</td><td>+11</td></tr><tr><td>Italy</td><td>+110</td><td>+32</td><td>-2</td><td>+10</td><td>+5</td><td>+2</td><td>+6</td><td>+5</td><td>-15</td><td>+33</td><td>+7</td><td>+60</td><td>-33</td></tr><tr><td>Luxembourg</td><td>+272</td><td>+210</td><td>-90</td><td>-24</td><td>-86</td><td>+80</td><td>+39</td><td>-33</td><td>+6</td><td>+275</td><td>-51</td><td>+15</td><td>-69</td></tr><tr><td>Netherlands</td><td>+2,387</td><td>+148</td><td>-413</td><td>+560</td><td>+131</td><td>-113</td><td>+266</td><td>+397</td><td>+204</td><td>+85</td><td>+216</td><td>+5</td><td>+1,071</td></tr><tr><td>Norway</td><td>+474</td><td>+178</td><td>+34</td><td>+49</td><td>+3</td><td>-</td><td>+20</td><td>+42</td><td>+7</td><td>+15</td><td>+85</td><td>+26</td><td>+15</td></tr><tr><td>Portugal</td><td>+146</td><td>+3</td><td>-1</td><td>-2</td><td>+3</td><td>-2</td><td>+93</td><td>-77</td><td>+4</td><td>-7</td><td>+73</td><td>+61</td><td>-2</td></tr><tr><td>Rumania</td><td>+6</td><td>+4</td><td>-22</td><td>+19</td><td>-</td><td>-1</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>+1</td></tr><tr><td>Sweden</td><td>-71</td><td>-19</td><td>+34</td><td>+38</td><td>+114</td><td>-67</td><td>-7</td><td>+44</td><td>+67</td><td>-148</td><td>-108</td><td>+260</td><td>-279</td></tr><tr><td>Switzerland</td><td>+5,556</td><td>-239</td><td>-2,627</td><td>+3,453</td><td>-382</td><td>+797</td><td>+1,376</td><td>+1,274</td><td>+913</td><td>+643</td><td>+11</td><td>+82</td><td>+255</td></tr><tr><td>U. S. S. R.</td><td>+4</td><td>-</td><td>-</td><td>-167</td><td>+167</td><td>-</td><td>-</td><td>+1</td><td>+68</td><td>+69</td><td>-</td><td>-</td><td>+4</td></tr><tr><td>Yugoslavia</td><td>+1</td><td>+2</td><td>-21</td><td>+20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-2</td><td>+2</td><td>-1</td></tr><tr><td>Other Europe</td><td>-347</td><td>-274</td><td>-98</td><td>+195</td><td>+140</td><td>-323</td><td>+57</td><td>-29</td><td>+54</td><td>+17</td><td>-148</td><td>+44</td><td>+13</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>+1,731</td></tr><tr><td>Canada</td><td>+2,433</td><td>+743</td><td>+715</td><td>+228</td><td>-500</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 colspan="14">Latin America</td></tr><tr><td>Argentina</td><td>-807</td><td>+163</td><td>-72</td><td>+481</td><td>-553</td><td>-510</td><td>-34</td><td>-150</td><td>+4</td><td>-560</td><td>-728</td><td>+1,185</td><td>-33</td></tr><tr><td>Bolivia</td><td>+12</td><td>+2</td><td>+4</td><td>-</td><td>+4</td><td>-6</td><td>+156</td><td>-152</td><td>-</td><td>+38</td><td>-39</td><td>-7</td><td>+12</td></tr><tr><td>Brazil</td><td>-215</td><td>-142</td><td>+281</td><td>-578</td><td>-6</td><td>+77</td><td>+7</td><td>+143</td><td>-58</td><td>+31</td><td>-8</td><td>-8</td><td>+46</td></tr><tr><td>Chile</td><td>-104</td><td>-52</td><td>+156</td><td>+234</td><td>+206</td><td>-117</td><td>-38</td><td>+98</td><td>-43</td><td>-208</td><td>-6</td><td>-14</td><td>-8</td></tr><tr><td>Colombia</td><td>+22</td><td>-15</td><td>+19</td><td>-15</td><td>-68</td><td>+29</td><td>+55</td><td>+116</td><td>+6</td><td>+62</td><td>-155</td><td>+90</td><td>+22</td></tr><tr><td>Costa Rica</td><td>+36</td><td>+18</td><td>-2</td><td>+12</td><td>-27</td><td>+1</td><td>+8</td><td>+5</td><td>-10</td><td>+2</td><td>+3</td><td>-10</td><td>+36</td></tr><tr><td>Cuba</td><td>-431</td><td>+529</td><td>+2,587</td><td>-2,474</td><td>-152</td><td>-369</td><td>-312</td><td>-103</td><td>-965</td><td>+355</td><td>+838</td><td>-170</td><td>-195</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>+3</td><td>-3</td><td>+3</td><td>+15</td><td>-20</td><td>+2</td><td>+4</td><td>-1</td><td>-3</td><td>+12</td><td>-41</td><td>+29</td></tr><tr><td>Mexico</td><td>-255</td><td>-209</td><td>+237</td><td>+166</td><td>-412</td><td>-327</td><td>-65</td><td>-</td><td>+154</td><td>+60</td><td>-151</td><td>+342</td><td>-50</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20</td><td>+4</td><td>-67</td><td>+13</td><td>-</td><td>-21</td><td>+10</td><td>+22</td><td>+10</td><td>+73</td><td>-18</td><td>-16</td><td>+10</td></tr><tr><td>Panama</td><td>+1,902</td><td>+373</td><td>+192</td><td>+351</td><td>+452</td><td>+494</td><td>-303</td><td>-183</td><td>+1,027</td><td>-201</td><td>+107</td><td>-321</td><td>-96</td></tr><tr><td>Peru</td><td>+244</td><td>+15</td><td>+104</td><td>-164</td><td>+23</td><td>+36</td><td>-169</td><td>-36</td><td>+414</td><td>-3</td><td>-30</td><td>+42</td><td>+12</td></tr><tr><td>Venezuela</td><td>-24</td><td>-52</td><td>-64</td><td>+168</td><td>+24</td><td>-44</td><td>-60</td><td>-55</td><td>-286</td><td>-34</td><td>-119</td><td>+185</td><td>+313</td></tr><tr><td>Other Latin America</td><td>-831</td><td>+240</td><td>-130</td><td>+248</td><td>+520</td><td>-711</td><td>+142</td><td>-104</td><td>+91</td><td>+311</td><td>-536</td><td>-604</td><td>-298</td></tr><tr><td>Total Latin America</td><td>-431</td><td>+877</td><td>+2,930</td><td>-1,555</td><td>+36</td><td>-1,488</td><td>-601</td><td>-395</td><td>+343</td><td>-201</td><td>-830</td><td>+653</td><td>-200</td></tr><tr><td colspan="14">Asia</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>Song Kong</td><td>+47</td><td>+1</td><td>-</td><td>+4</td><td>+5</td><td>-3</td><td>+3</td><td>+2</td><td>+17</td><td>+3</td><td>+2</td><td>+7</td><td>+5</td></tr><tr><td>India, Burma, and Ceylon</td><td>+20</td><td>+11</td><td>-</td><td>+32</td><td>-38</td><td>+10</td><td>+5</td><td>+4</td><td>-3</td><td>+1</td><td>-5</td><td>-1</td><td>+4</td></tr><tr><td>British Malaya</td><td>+1</td><td>+3</td><td>-3</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-17</td><td>+4</td><td>-1</td><td>+6</td><td>+3</td><td>-3</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>-8</td><td>+8</td><td>-28</td></tr><tr><td>Netherlands East Indies</td><td>+1</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-2</td><td>+2</td><td>-3</td><td>+7</td><td>-2</td></tr><tr><td>Philippine Islands</td><td>+88</td><td>+40</td><td>+35</td><td>-26</td><td>+6</td><td>-</td><td>+1</td><td>+5</td><td>-44</td><td>+65</td><td>-9</td><td>+15</td><td>-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>+5</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 colspan="14">Other countries</td></tr><tr><td>Australia</td><td>+120</td><td>+125</td><td>-54</td><td>-162</td><td>+23</td><td>+51</td><td>+18</td><td>+84</td><td>+91</td><td>-61</td><td>-27</td><td>+70</td><td>-38</td></tr><tr><td>New Zealand</td><td>-5</td><td>+61</td><td>-31</td><td>-50</td><td>+21</td><td>+13</td><td>+70</td><td>+112</td><td>-43</td><td>-15</td><td>-28</td><td>-120</td><td>+5</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+113</td><td>+55</td><td>-1</td><td>+1</td><td>+3</td><td>-4</td><td>+2</td><td>+3</td><td>+12</td><td>-2</td><td>+1</td><td>+34</td><td>+9</td></tr><tr><td>French Morocco</td><td>+31</td><td>+2</td><td>-</td><td>-30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+60</td><td>-</td><td>-1</td></tr><tr><td>Union of South Africa</td><td>-21</td><td>+5</td><td>-29</td><td>+2</td><td>-3</td><td>+5</td><td>-</td><td>-</td><td>+1</td><td>-1</td><td>-</td><td>+2</td><td>+2</td></tr><tr><td>All other</td><td>+187</td><td>+241</td><td>-</td><td>-41</td><td>+3</td><td>+36</td><td>+19</td><td>+30</td><td>+61</td><td>-12</td><td>-45</td><td>-196</td><td>+91</td></tr><tr><td>Total other countries</td><td>+425</td><td>+489</td><td>-115</td><td>-280</td><td>+42</td><td>+101</td><td>+109</td><td>+229</td><td>+122</td><td>-91</td><td>-39</td><td>-210</td><td>+68</td></tr><tr><td>Unidentified</td><td>-1</td><td>+2</td><td>-</td><td>-</td><td>+1</td><td>-3</td><td>-</td><td>-</td><td>+4</td><td>+1</td><td>-1</td><td>-2</td><td>-3</td></tr><tr><td>Grand total</td><td>+13,372</td><td>+2,658</td><td>-600</td><td>+2,134</td><td>+922</td><td>-1,027</td><td>+3,662</td><td>+420</td><td>+1,698</td><td>+565</td><td>-747</td><td>+1,304</td><td>+2,383</td></tr></table>
(Continued on following page)
June 1946
101
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - December 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>-128</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>Danmark</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>-1</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>Romania</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>Sverige</td><td>+90</td><td>-5</td><td>+78</td><td>+88</td><td>+66</td><td>-162</td><td>-47</td><td>+57</td><td>-10</td><td>+33</td><td>-9</td><td>+39</td><td>-38</td></tr><tr><td>Switzerland</td><td>+3,758</td><td>+761</td><td>-1,245</td><td>+909</td><td>-523</td><td>+716</td><td>-506</td><td>+1,098</td><td>+318</td><td>+653</td><td>+1,001</td><td>-881</td><td>+1,457</td></tr><tr><td>U. S. S. R.</td><td>-4</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+6</td><td>-6</td><td>-90</td><td>+90</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>+3</td><td>-1</td><td>-1</td><td>-</td><td>+1</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>+1</td><td>-</td></tr><tr><td>Other Europe</td><td>-79</td><td>+26</td><td>-30</td><td>+83</td><td>-12</td><td>+35</td><td>+127</td><td>+18</td><td>+139</td><td>-29</td><td>-24</td><td>+44</td><td>-150</td></tr><tr><td>Total Europe</td><td>+6,582</td><td>+290</td><td>-554</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>+118</td><td>+41</td><td>+14</td><td>-47</td><td>+1,428</td><td>-53</td><td>-446</td><td>+217</td><td>+361</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>+36</td><td>-27</td><td>-1</td><td>-18</td><td>+46</td><td>+64</td><td>+45</td><td>-71</td><td>+17</td><td>+80</td><td>-121</td><td>+166</td></tr><tr><td>Costa Rica</td><td>-32</td><td>-3</td><td>-2</td><td>+13</td><td>-6</td><td>-9</td><td>-5</td><td>+20</td><td>-11</td><td>-10</td><td>-19</td><td>+119</td><td>-119</td></tr><tr><td>Cuba</td><td>-1,121</td><td>-185</td><td>+1,213</td><td>-1,208</td><td>-181</td><td>+37</td><td>-34</td><td>-387</td><td>+131</td><td>-253</td><td>-127</td><td>-131</td><td>+4</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-51</td><td>+51</td><td>+7</td><td>+9</td><td>-16</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>+1,105</td><td>-208</td><td>-81</td><td>+332</td><td>-73</td><td>-140</td><td>+151</td><td>-78</td><td>+332</td><td>-108</td><td>+462</td><td>+237</td><td>+279</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+302</td><td>-8</td><td>+9</td><td>+370</td><td>-80</td><td>+45</td><td>+29</td><td>-6</td><td>-11</td><td>+13</td><td>-35</td><td>-14</td><td>-10</td></tr><tr><td>Panama</td><td>+255</td><td>-459</td><td>+177</td><td>-219</td><td>+134</td><td>-63</td><td>-74</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>+5</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+1</td></tr><tr><td>Japan (including Korea and Manchurie)</td><td>-4</td><td>-4</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>+1</td><td>-</td><td>-1</td><td>+3</td><td>+1</td></tr><tr><td>Netherlands East Indies</td><td>+2</td><td>-</td><td>-4</td><td>+5</td><td>-</td><td>+1</td><td>-</td><td>+7</td><td>-7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>-6</td><td>+8</td><td>+6</td><td>+18</td><td>-15</td><td>+10</td><td>-54</td><td>+1</td><td>-6</td><td>-14</td><td>+22</td><td>-9</td><td>+27</td></tr><tr><td>Turkey</td><td>+3</td><td>-</td><td>+3</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-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>-1</td><td>-1</td><td>-1</td><td>+2</td><td>+8</td><td>-</td><td>-</td><td>-1</td><td>+1</td></tr><tr><td>All other</td><td>+746</td><td>-25</td><td>-9</td><td>+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>+6,529</td><td>-713</td><td>+1,831</td><td>+684</td><td>-1,289</td><td>+1,616</td><td>-747</td><td>+119</td><td>+650</td><td>+2,313</td><td>+4,911</td><td>-2,141</td><td>+1,295</td></tr></table>
(Continued on following page)
102
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 4.- Net Movement in Brokerage Balances, by Countries, January 1942 - December 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 1945</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>+1,305</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><td>+497</td></tr><tr><td>France</td><td>+343</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><td>+360</td></tr><tr><td>Belgium</td><td>+335</td><td>+170</td><td>+93</td><td>-78</td><td>+46</td><td>+74</td><td>-54</td><td>+246</td><td>-205</td><td>+101</td><td>-115</td><td>-199</td><td>+256</td></tr><tr><td>Denmark</td><td>+96</td><td>+5</td><td>+6</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><td>+133</td></tr><tr><td>Finland</td><td>+26</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><td>+11</td></tr><tr><td>Germany</td><td>+43</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><td>+18</td></tr><tr><td>Greece</td><td>+51</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><td>+73</td></tr><tr><td>Italy</td><td>+104</td><td>+1</td><td>+2</td><td>+10</td><td>+9</td><td>-6</td><td>+14</td><td>+14</td><td>+5</td><td>+1</td><td>+11</td><td>+1</td><td>+44</td></tr><tr><td>Luxembourg</td><td>+180</td><td>+21</td><td>-4</td><td>+29</td><td>+38</td><td>-413</td><td>+5</td><td>-5</td><td>+300</td><td>+78</td><td>+22</td><td>+76</td><td>+38</td></tr><tr><td>Netherlands</td><td>+3,761</td><td>+134</td><td>+251</td><td>-78</td><td>+424</td><td>+95</td><td>+411</td><td>+677</td><td>+173</td><td>+335</td><td>+452</td><td>-1,067</td><td>+1,904</td></tr><tr><td>Norway</td><td>+997</td><td>-37</td><td>-121</td><td>+97</td><td>+6</td><td>+31</td><td>+117</td><td>-46</td><td>+205</td><td>+94</td><td>-35</td><td>+131</td><td>+555</td></tr><tr><td>Portugal</td><td>+88</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><td>-1</td></tr><tr><td>Romania</td><td>+13</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><td>-</td></tr><tr><td>Spain</td><td>-77</td><td>-152</td><td>+1</td><td>+7</td><td>-3</td><td>+6</td><td>+2</td><td>+5</td><td>-3</td><td>+18</td><td>+2</td><td>+3</td><td>+35</td></tr><tr><td>Sweden</td><td>+342</td><td>+23</td><td>+44</td><td>+11</td><td>+11</td><td>+94</td><td>+148</td><td>-42</td><td>-38</td><td>-67</td><td>-33</td><td>+99</td><td>+92</td></tr><tr><td>Switzerland</td><td>+7,260</td><td>-112</td><td>+1,014</td><td>+52</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><td>+2,145</td></tr><tr><td>U. S. S. R.</td><td>-</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><td>-20</td></tr><tr><td>Yugoslavia</td><td>+2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>+1,042</td><td>-3</td><td>+142</td><td>-413</td><td>+1</td><td>-17</td><td>+42</td><td>-158</td><td>+13</td><td>+1</td><td>+336</td><td>+1,100</td><td>-35</td></tr><tr><td>Total Europe</td><td>+15,911</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><td>+6,105</td></tr><tr><td>Canada</td><td>+3,351</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>+1,166</td><td>+738</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+1,216</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><td>-773</td></tr><tr><td>Bolivia</td><td>+26</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><td>+61</td></tr><tr><td>Brazil</td><td>-356</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><td>-76</td></tr><tr><td>Chile</td><td>-185</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>-145</td><td>-15</td><td>-100</td><td>+18</td></tr><tr><td>Colombia</td><td>-139</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><td>+41</td></tr><tr><td>Costa Rica</td><td>+11</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><td>-36</td></tr><tr><td>Cuba</td><td>-1,123</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><td>-579</td></tr><tr><td>French West Indies and Guiana</td><td>+3</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><td>-</td></tr><tr><td>Mexico</td><td>-173</td><td>+77</td><td>-36</td><td>-293</td><td>-501</td><td>+1,313</td><td>+333</td><td>-297</td><td>-562</td><td>+504</td><td>-404</td><td>-295</td><td>-12</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-238</td><td>+29</td><td>+39</td><td>-183</td><td>+145</td><td>-2</td><td>-365</td><td>+104</td><td>+86</td><td>+52</td><td>+454</td><td>+12</td><td>-609</td></tr><tr><td>Panama</td><td>+2,510</td><td>+31</td><td>+670</td><td>+372</td><td>-398</td><td>+1,222</td><td>-1,408</td><td>-376</td><td>+434</td><td>+441</td><td>+334</td><td>+249</td><td>+939</td></tr><tr><td>Peru</td><td>-252</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><td>+55</td></tr><tr><td>Venezuela</td><td>-1,158</td><td>+145</td><td>+72</td><td>+100</td><td>+197</td><td>+174</td><td>-1,475</td><td>-295</td><td>-212</td><td>+482</td><td>-957</td><td>+1,518</td><td>-907</td></tr><tr><td>Other Latin America</td><td>+699</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><td>+894</td></tr><tr><td>Total Latin America</td><td>+841</td><td>+1,163</td><td>+944</td><td>+300</td><td>-530</td><td>+194</td><td>-3,328</td><td>-1,792</td><td>+4</td><td>+2,187</td><td>-35</td><td>+2,418</td><td>-984</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>-2,750</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><td>+258</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>-6</td><td>+6</td><td>+8</td><td>-8</td><td>-</td></tr><tr><td>Hong Kong</td><td>+771</td><td>+656</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><td>+6</td></tr><tr><td>India, Burma, and Ceylon</td><td>-75</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><td>-6</td></tr><tr><td>British Malaya</td><td>+3</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><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-3</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><td>+1</td></tr><tr><td>Netherlands East Indies</td><td>+2</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><td>-</td></tr><tr><td>Philippine Islands</td><td>+173</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><td>+99</td></tr><tr><td>Turkey</td><td>+3</td><td>-</td><td>+14</td><td>+4</td><td>-3</td><td>-6</td><td>-3</td><td>+1</td><td>-</td><td>+1</td><td>-</td><td>+49</td><td>-54</td></tr><tr><td>Other Asia</td><td>+83</td><td>+21</td><td>+4</td><td>-14</td><td>+16</td><td>+10</td><td>+4</td><td>+16</td><td>+26</td><td>+53</td><td>-36</td><td>-18</td><td>+31</td></tr><tr><td>Total Asia</td><td>-1,793</td><td>-835</td><td>+62</td><td>-79</td><td>-263</td><td>-580</td><td>-533</td><td>-307</td><td>+499</td><td>-62</td><td>+445</td><td>-175</td><td>+335</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>+42</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>+7</td><td>+11</td></tr><tr><td>New Zealand</td><td>+19</td><td>-1</td><td>+1</td><td>-1</td><td>-</td><td>-</td><td>-1</td><td>-3</td><td>+1</td><td>-2</td><td>-1</td><td>+1</td><td>+25</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-32</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><td>+13</td></tr><tr><td>French Morocco</td><td>+12</td><td>+3</td><td>+3</td><td>-2</td><td>-</td><td>-</td><td>+10</td><td>-9</td><td>+1</td><td>-</td><td>-</td><td>+3</td><td>+7</td></tr><tr><td>Union of South Africa</td><td>+10</td><td>+3</td><td>+34</td><td>-11</td><td>-34</td><td>-3</td><td>+4</td><td>-</td><td>+33</td><td>+2</td><td>-1</td><td>-11</td><td>-6</td></tr><tr><td>All other</td><td>-623</td><td>+18</td><td>+14</td><td>+51</td><td>+16</td><td>+12</td><td>+4</td><td>+6</td><td>+14</td><td>+251</td><td>-35</td><td>+191</td><td>-1,165</td></tr><tr><td>Total other countries</td><td>-572</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>+187</td><td>-1,119</td></tr><tr><td>Unidentified</td><td>+56</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><td>-</td></tr><tr><td>Grand total</td><td>+17,794</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><td>+5,075</td></tr></table>
June 1946
103
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1942</th><th>January (Jan.1-Jan.28)</th><th>February (Jan.29-Feb.25)</th><th>March (Feb.26-Apr.1)</th><th>April (Apr.2-Apr.29)</th><th>May (Apr.30-June 3)</th><th>June (June 4-June 30)</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-9,686</td><td>-652</td><td>+1145</td><td>-2,355</td><td>-1,603</td><td>-695</td><td>-2,112</td><td>+92</td><td>-517</td><td>-505</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>+3,162</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>-315</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>-55</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>-45</td><td>+308</td><td>+231</td><td>+940</td><td>-181</td><td>+191</td><td>-51</td><td>+857</td><td>+511</td></tr><tr><td>Switzerland</td><td>+24,786</td><td>+3,056</td><td>+818</td><td>-89</td><td>+2,856</td><td>+1,745</td><td>+1,822</td><td>+2,661</td><td>+2,030</td><td>+1,760</td><td>+3,420</td><td>+3,406</td><td>+1,301</td></tr><tr><td>Other Europe</td><td>+13,607</td><td>+314</td><td>+1,250</td><td>+368</td><td>+420</td><td>+377</td><td>+159</td><td>+278</td><td>+577</td><td>+3,554</td><td>+2,381</td><td>+1,851</td><td>+2,078</td></tr><tr><td>Total Europe</td><td>+34,638</td><td>+3,174</td><td>+1,410</td><td>-2,308</td><td>+1,919</td><td>+2,128</td><td>+39</td><td>+3,766</td><td>+2,114</td><td>+5,231</td><td>+4,761</td><td>+5,607</td><td>+6,797</td></tr><tr><td>Canada</td><td>-38,751</td><td>+1,270</td><td>-7,424</td><td>-8,618</td><td>-8,289</td><td>-6,486</td><td>-5,516</td><td>-16,998</td><td>+3,729</td><td>+91</td><td>+9,217</td><td>-2,658</td><td>+2,931</td></tr><tr><td>Latin America</td><td>+31,422</td><td>+1,559</td><td>-557</td><td>+2,568</td><td>+1,595</td><td>+6,087</td><td>+2,959</td><td>+4,755</td><td>+1,438</td><td>+179</td><td>+3,570</td><td>+2,145</td><td>+5,124</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-35</td><td>+56</td><td>+129</td><td>+33</td><td>+14</td><td>+89</td><td>-15</td><td>+7</td><td>+2</td><td>-332</td><td>+7</td><td>+3</td><td>-28</td></tr><tr><td>Other Asia</td><td>+10,512</td><td>+89</td><td>+146</td><td>+323</td><td>-168</td><td>+467</td><td>+1,124</td><td>+262</td><td>+1,199</td><td>+173</td><td>+1,892</td><td>+4,331</td><td>+674</td></tr><tr><td>Total Asia</td><td>+10,477</td><td>+145</td><td>+275</td><td>+356</td><td>-154</td><td>+556</td><td>+1,109</td><td>+269</td><td>+1,201</td><td>-159</td><td>+1,899</td><td>+4,334</td><td>+646</td></tr><tr><td>All other</td><td>+1,449</td><td>+55</td><td>+222</td><td>+30</td><td>+246</td><td>+184</td><td>-4</td><td>+5</td><td>+199</td><td>-19</td><td>+290</td><td>+29</td><td>+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</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)
Treasury Bulletin
104
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>+464</td><td>-895</td><td>+93</td><td>-248</td><td>+1,158</td><td>+4,013</td><td>+135</td><td>-6,496</td><td>-1,894</td><td>+3,233</td><td>+1,014</td><td>+261</td><td>+90</td></tr><tr><td>Belgium</td><td>+1,535</td><td>-772</td><td>+80</td><td>-160</td><td>-742</td><td>-448</td><td>-67</td><td>+2,841</td><td>+14</td><td>+205</td><td>-33</td><td>-113</td><td>+730</td></tr><tr><td>Denmark</td><td>+1,961</td><td>+367</td><td>+3</td><td>+375</td><td>+1,395</td><td>+29</td><td>-95</td><td>+12</td><td>+12</td><td>+9</td><td>+65</td><td>-4</td><td>-206</td></tr><tr><td>Finland</td><td>+264</td><td>+2</td><td>+2</td><td>+114</td><td>+14</td><td>+3</td><td>+8</td><td>+10</td><td>-2</td><td>+71</td><td>+21</td><td>+11</td><td>+10</td></tr><tr><td>Germany</td><td>-18</td><td>+8</td><td>-29</td><td>-19</td><td>+23</td><td>-2</td><td>-27</td><td>-30</td><td>+5</td><td>+48</td><td>-3</td><td>+4</td><td>+4</td></tr><tr><td>Greece</td><td>-137</td><td>-4</td><td>-106</td><td>-28</td><td>+4</td><td>+87</td><td>+463</td><td>+90</td><td>+52</td><td>+43</td><td>+7</td><td>-16</td><td>+27</td></tr><tr><td>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>-124</td><td>+18</td><td>-6</td><td>-41</td><td>+14</td><td>-1</td><td>-70</td><td>-1</td></tr><tr><td>Netherlands</td><td>+4,374</td><td>+859</td><td>+414</td><td>+61</td><td>+1,127</td><td>+1,106</td><td>+213</td><td>+149</td><td>+156</td><td>+129</td><td>+594</td><td>+8</td><td>-130</td></tr><tr><td>Norway</td><td>+2,360</td><td>-6</td><td>+702</td><td>+159</td><td>+59</td><td>+46</td><td>+34</td><td>+206</td><td>+815</td><td>+153</td><td>+71</td><td>+78</td><td>+43</td></tr><tr><td>Portugal</td><td>+1</td><td>-15</td><td>-3</td><td>-9</td><td>+35</td><td>+22</td><td>+135</td><td>+18</td><td>-10</td><td>+1</td><td>+9</td><td>-32</td><td>-150</td></tr><tr><td>Rumania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>+24</td><td>+1</td><td>-40</td><td>+3</td><td>-1</td><td>+54</td><td>+2</td><td>+4</td><td>+8</td><td>-24</td><td>+33</td><td>-1</td><td>-15</td></tr><tr><td>Sweden</td><td>+3,356</td><td>+269</td><td>-38</td><td>+420</td><td>+2,415</td><td>-74</td><td>-24</td><td>+30</td><td>-567</td><td>-139</td><td>-501</td><td>+1,612</td><td>-47</td></tr><tr><td>Switzerland</td><td>+6,531</td><td>+2,280</td><td>+1,803</td><td>+31</td><td>+2,068</td><td>+132</td><td>+250</td><td>-357</td><td>+2,252</td><td>+2,307</td><td>+102</td><td>+1,702</td><td>-1,535</td></tr><tr><td>U. S. S. R.</td><td>+523</td><td>+42</td><td>+163</td><td>+14</td><td>-</td><td>+10</td><td>-</td><td>+144</td><td>+2</td><td>+7</td><td>+121</td><td>+13</td><td>+7</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>+3,682</td><td>+46</td><td>+130</td><td>+136</td><td>+43</td><td>+4</td><td>+43</td><td>+64</td><td>+18</td><td>+7</td><td>+3,216</td><td>-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>+662</td><td>+1,986</td><td>+1,276</td><td>+166</td><td>+1,638</td></tr><tr><td>Bolivia</td><td>+99</td><td>+19</td><td>-83</td><td>+10</td><td>+9</td><td>+27</td><td>+36</td><td>-</td><td>+12</td><td>+24</td><td>-</td><td>+47</td><td>-2</td></tr><tr><td>Brazil</td><td>+1,520</td><td>+325</td><td>+274</td><td>+259</td><td>-4</td><td>+71</td><td>+89</td><td>+82</td><td>+75</td><td>-47</td><td>+10</td><td>+234</td><td>+152</td></tr><tr><td>Chile</td><td>+1,384</td><td>-22</td><td>-34</td><td>-268</td><td>-256</td><td>+1,079</td><td>-78</td><td>+26</td><td>-200</td><td>+89</td><td>+89</td><td>+718</td><td>+241</td></tr><tr><td>Colombia</td><td>+2,440</td><td>+219</td><td>+162</td><td>+345</td><td>+97</td><td>+310</td><td>+676</td><td>+47</td><td>+26</td><td>+118</td><td>+269</td><td>+129</td><td>+136</td></tr><tr><td>Costa Rica</td><td>-106</td><td>-15</td><td>-14</td><td>-16</td><td>+16</td><td>-6</td><td>-39</td><td>+2</td><td>+9</td><td>-</td><td>-20</td><td>+12</td><td>-35</td></tr><tr><td>Cuba</td><td>+8,887</td><td>+1,162</td><td>+984</td><td>+1,759</td><td>+936</td><td>+40</td><td>+169</td><td>-358</td><td>+2,168</td><td>+1,543</td><td>+180</td><td>+238</td><td>+66</td></tr><tr><td>French West Indies and Guiana</td><td>-14</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-4</td><td>-</td><td>-3</td><td>+3</td><td>-</td><td>-</td><td>-</td><td>-4</td></tr><tr><td>Mexico</td><td>+3,733</td><td>-65</td><td>+13</td><td>+413</td><td>-126</td><td>+242</td><td>+116</td><td>+165</td><td>+1,232</td><td>+951</td><td>+140</td><td>+431</td><td>+221</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+20</td><td>-143</td><td>+50</td><td>+12</td><td>+26</td><td>-22</td><td>+79</td><td>-36</td><td>-13</td><td>-48</td><td>+96</td><td>+14</td><td>+5</td></tr><tr><td>Panama</td><td>+4,967</td><td>-39</td><td>-498</td><td>+369</td><td>+1,846</td><td>+135</td><td>-449</td><td>-1,162</td><td>-365</td><td>+22</td><td>+893</td><td>+2,809</td><td>+1,406</td></tr><tr><td>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>-965</td><td>-146</td><td>-1</td><td>+1,062</td><td>+284</td><td>-1,336</td><td>+60</td><td>-934</td></tr><tr><td>French Indo-China</td><td>-78</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-78</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-155</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-20</td><td>-</td><td>-</td><td>-135</td></tr><tr><td>Indie, Burma, and Caylon</td><td>-571</td><td>-10</td><td>-108</td><td>-52</td><td>-202</td><td>-250</td><td>-40</td><td>-99</td><td>-136</td><td>-11</td><td>+29</td><td>-11</td><td>+319</td></tr><tr><td>British Malaya</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-28</td><td>-</td><td>-7</td><td>-7</td><td>-7</td><td>-3</td><td>-</td><td>-9</td><td>+7</td><td>-1</td><td>+10</td><td>-</td><td>-11</td></tr><tr><td>Netherlands East Indies</td><td>+35,400</td><td>+1,100</td><td>+3</td><td>+8,000</td><td>+1,000</td><td>+1,000</td><td>-</td><td>+14,350</td><td>+1,000</td><td>+8,097</td><td>+350</td><td>+500</td><td>-</td></tr><tr><td>Philippine Islands</td><td>-244</td><td>-20</td><td>+45</td><td>+45</td><td>-22</td><td>+136</td><td>-67</td><td>+166</td><td>+107</td><td>-27</td><td>+28</td><td>+9</td><td>-554</td></tr><tr><td>Turkey</td><td>+180</td><td>+1</td><td>+22</td><td>+42</td><td>-2</td><td>+53</td><td>-1</td><td>+16</td><td>-1</td><td>-14</td><td>-9</td><td>+75</td><td>-2</td></tr><tr><td>Other Asia</td><td>+990</td><td>+36</td><td>+352</td><td>+297</td><td>+64</td><td>+106</td><td>+198</td><td>+98</td><td>-21</td><td>-139</td><td>+17</td><td>-50</td><td>+32</td></tr><tr><td>Total Asia</td><td>+35,556</td><td>+1,096</td><td>+171</td><td>+8,943</td><td>+2,313</td><td>+77</td><td>-56</td><td>+14,443</td><td>+2,018</td><td>+8,164</td><td>-911</td><td>+583</td><td>-1,285</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Austrelie</td><td>+1,382</td><td>+244</td><td>+84</td><td>+80</td><td>+393</td><td>+117</td><td>+59</td><td>+30</td><td>+69</td><td>+28</td><td>+82</td><td>+145</td><td>+51</td></tr><tr><td>New Zealand</td><td>-5</td><td>+8</td><td>+3</td><td>-7</td><td>-</td><td>+6</td><td>-</td><td>-</td><td>-13</td><td>-</td><td>-7</td><td>-</td><td>+5</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-50</td><td>+5</td><td>+3</td><td>-4</td><td>-23</td><td>+36</td><td>-2</td><td>+9</td><td>-7</td><td>+5</td><td>+3</td><td>-8</td><td>-67</td></tr><tr><td>French Morocco</td><td>+86</td><td>-</td><td>+2</td><td>+75</td><td>+29</td><td>-3</td><td>+12</td><td>-17</td><td>-11</td><td>-23</td><td>+20</td><td>+4</td><td>-2</td></tr><tr><td>Union of South Africa</td><td>-335</td><td>-4</td><td>-63</td><td>-20</td><td>-47</td><td>-5</td><td>+7</td><td>-36</td><td>-148</td><td>-6</td><td>-12</td><td>-5</td><td>+4</td></tr><tr><td>All other</td><td>+1,261</td><td>-3</td><td>+38</td><td>+86</td><td>+472</td><td>+83</td><td>-37</td><td>-17</td><td>+278</td><td>+143</td><td>+15</td><td>+204</td><td>-1</td></tr><tr><td>Total other countries</td><td>+2,339</td><td>+250</td><td>+67</td><td>+210</td><td>+824</td><td>+234</td><td>+39</td><td>-31</td><td>+168</td><td>+147</td><td>+101</td><td>+340</td><td>-10</td></tr><tr><td>Unidentified</td><td>-667</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+15</td><td>-639</td><td>-</td><td>-</td><td>-43</td><td>-</td></tr><tr><td>Grand total</td><td>+105,463</td><td>-81,717</td><td>-11,908</td><td>+68,513</td><td>+5,995</td><td>-2,954</td><td>-4,712</td><td>-9,548</td><td>+109,617</td><td>+42,543</td><td>-1,665</td><td>+4,239</td><td>-12,940</td></tr></table>
(Continued on following page)
June 1946
105
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers - (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1944</th><th>January</th><th>February</th><th>March</th><th>April</th><th>May</th><th>June</th><th>July</th><th>August</th><th>September</th><th>October</th><th>November</th><th>December</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-26,274</td><td>-2,844</td><td>-1,835</td><td>-3,052</td><td>-1,621</td><td>-1,892</td><td>-3,171</td><td>-492</td><td>-4,495</td><td>-1,574</td><td>-1,119</td><td>-1,682</td><td>-2,497</td></tr><tr><td>France</td><td>-4,994</td><td>-408</td><td>+2,372</td><td>-13,270</td><td>+706</td><td>-1,582</td><td>+8,473</td><td>+172</td><td>-1,953</td><td>-10,197</td><td>+3,290</td><td>+36</td><td>+7,367</td></tr><tr><td>Belgium</td><td>-7,510</td><td>-351</td><td>-78</td><td>+395</td><td>+68</td><td>-1,574</td><td>-6,321</td><td>-166</td><td>-21</td><td>-31</td><td>-44</td><td>-12</td><td>+625</td></tr><tr><td>Denmark</td><td>+86</td><td>+5</td><td>-5</td><td>+76</td><td>-59</td><td>+5</td><td>+89</td><td>-41</td><td>-154</td><td>-1</td><td>-98</td><td>-49</td><td>+318</td></tr><tr><td>Finland</td><td>+136</td><td>+7</td><td>+1</td><td>+73</td><td>+20</td><td>+21</td><td>+16</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>+66</td><td>-9</td><td>-1</td><td>-</td><td>+5</td><td>+15</td><td>-7</td><td>+4</td><td>+9</td><td>-7</td><td>+28</td><td>+26</td><td>+3</td></tr><tr><td>Greece</td><td>+420</td><td>+28</td><td>+12</td><td>-134</td><td>+4</td><td>+2</td><td>+8</td><td>+5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-265</td></tr><tr><td>Italy</td><td>+979</td><td>+242</td><td>+76</td><td>-5</td><td>-10</td><td>-18</td><td>+64</td><td>+82</td><td>-109</td><td>-13</td><td>+76</td><td>+250</td><td>+344</td></tr><tr><td>Luxembourg</td><td>-718</td><td>-17</td><td>-5</td><td>-19</td><td>-</td><td>+2</td><td>-8</td><td>-3</td><td>-550</td><td>+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>Buania</td><td>+30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+30</td><td>-</td></tr><tr><td>Spain</td><td>+1,620</td><td>+5</td><td>-1,455</td><td>+16</td><td>-5</td><td>+34</td><td>-30</td><td>-16</td><td>+19</td><td>-1</td><td>-128</td><td>+6</td><td>-65</td></tr><tr><td>Sweden</td><td>+2,025</td><td>-136</td><td>-13</td><td>-147</td><td>-60</td><td>-142</td><td>-75</td><td>-631</td><td>+3,550</td><td>-119</td><td>-115</td><td>-139</td><td>+52</td></tr><tr><td>Switzerland</td><td>+1,035</td><td>-831</td><td>+2,118</td><td>+150</td><td>+734</td><td>-509</td><td>+395</td><td>-123</td><td>-103</td><td>-1,547</td><td>-551</td><td>+1,845</td><td>-543</td></tr><tr><td>U. S. S. R.</td><td>+51</td><td>+20</td><td>+6</td><td>+6</td><td>+5</td><td>-5</td><td>+4</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>+9</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-4</td><td>+3</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>+22,585</td><td>-15</td><td>+27</td><td>+37</td><td>+4,614</td><td>+4</td><td>+15,891</td><td>-13</td><td>-22</td><td>-61</td><td>+32</td><td>+85</td><td>+2,006</td></tr><tr><td><b>Total Europe</b></td><td><b>-12,201</b></td><td><b>-3,601</b></td><td><b>+1,851</b></td><td><b>-16,019</b></td><td><b>+4,381</b></td><td><b>-5,535</b></td><td><b>+16,385</b></td><td><b>-1,256</b></td><td><b>-3,559</b></td><td><b>-13,285</b></td><td><b>+1,249</b></td><td><b>+111</b></td><td><b>+7,057</b></td></tr><tr><td><b>Canada</b></td><td><b>+93,850</b></td><td><b>-128</b></td><td><b>-7,266</b></td><td><b>-21,625</b></td><td><b>-4,280</b></td><td><b>-6,357</b></td><td><b>+27,717</b></td><td><b>+69,583</b></td><td><b>+6,320</b></td><td><b>+50,672</b></td><td><b>-5,320</b></td><td><b>-6,859</b></td><td><b>-8,407</b></td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+16,709</td><td>+2,300</td><td>+287</td><td>+442</td><td>+491</td><td>+749</td><td>+226</td><td>+2,933</td><td>+1,040</td><td>+4,062</td><td>+745</td><td>+1,658</td><td>+1,776</td></tr><tr><td>Bolivia</td><td>+1,058</td><td>+3</td><td>+23</td><td>-11</td><td>+21</td><td>-50</td><td>-3</td><td>+27</td><td>+3</td><td>+917</td><td>-15</td><td>+108</td><td>+35</td></tr><tr><td>Brazil</td><td>+1,394</td><td>+92</td><td>-75</td><td>-226</td><td>+183</td><td>-60</td><td>-40</td><td>+669</td><td>+1,672</td><td>+284</td><td>+299</td><td>+564</td><td>+1,032</td></tr><tr><td>Chile</td><td>+1,124</td><td>-164</td><td>-14</td><td>+62</td><td>+60</td><td>+1,153</td><td>-14</td><td>-95</td><td>+147</td><td>+82</td><td>-86</td><td>+45</td><td>+72</td></tr><tr><td>Colombia</td><td>+2,933</td><td>-250</td><td>+43</td><td>+14</td><td>+43</td><td>+38</td><td>+304</td><td>+216</td><td>+535</td><td>+309</td><td>+1,092</td><td>+264</td><td>+325</td></tr><tr><td>Costa Rica</td><td>-70</td><td>+9</td><td>-4</td><td>-16</td><td>+7</td><td>+14</td><td>-13</td><td>-52</td><td>-8</td><td>+11</td><td>+6</td><td>-5</td><td>-19</td></tr><tr><td>Cuba</td><td>+1,822</td><td>+16</td><td>+364</td><td>-731</td><td>+245</td><td>-4</td><td>-27</td><td>+3,329</td><td>-1,696</td><td>+43</td><td>-45</td><td>-662</td><td>+990</td></tr><tr><td>French West Indies and Guiana</td><td>-13</td><td>-</td><td>+14</td><td>-</td><td>-1</td><td>+1</td><td>-</td><td>-21</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td></tr><tr><td>Mexico</td><td>+6,164</td><td>-205</td><td>+115</td><td>-139</td><td>+300</td><td>+1,170</td><td>+2,518</td><td>+1,939</td><td>+47</td><td>+478</td><td>-40</td><td>-375</td><td>+356</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-649</td><td>+13</td><td>-88</td><td>-98</td><td>-7</td><td>-21</td><td>+172</td><td>+18</td><td>-22</td><td>-125</td><td>-11</td><td>-601</td><td>+121</td></tr><tr><td>Panama</td><td>+4,110</td><td>+1,318</td><td>+195</td><td>+93</td><td>-82</td><td>+230</td><td>-722</td><td>+1,215</td><td>+828</td><td>+1,063</td><td>-374</td><td>+1,068</td><td>-722</td></tr><tr><td>Peru</td><td>+515</td><td>+222</td><td>+48</td><td>+98</td><td>+188</td><td>+64</td><td>+54</td><td>-80</td><td>+15</td><td>-7</td><td>+51</td><td>-29</td><td>+19</td></tr><tr><td>Venezuela</td><td>+108</td><td>+121</td><td>+179</td><td>-16</td><td>+12</td><td>+127</td><td>-222</td><td>+24</td><td>+384</td><td>-93</td><td>-13</td><td>+232</td><td>-327</td></tr><tr><td>Other Latin America</td><td>+5,747</td><td>+64</td><td>+220</td><td>+288</td><td>+126</td><td>+232</td><td>+763</td><td>+479</td><td>+300</td><td>+527</td><td>+166</td><td>+1,527</td><td>+1,055</td></tr><tr><td><b>Total Latin America</b></td><td><b>+44,252</b></td><td><b>+3,539</b></td><td><b>+1,307</b></td><td><b>-364</b></td><td><b>+1,586</b></td><td><b>+3,515</b></td><td><b>+2,996</b></td><td><b>+10,601</b></td><td><b>+3,245</b></td><td><b>+7,551</b></td><td><b>+1,775</b></td><td><b>+3,788</b></td><td><b>+4,713</b></td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>Indie, Burma, and Ceylon</td><td>+427</td><td>-4</td><td>+62</td><td>+14</td><td>+455</td><td>+79</td><td>+4</td><td>-60</td><td>-19</td><td>+172</td><td>-52</td><td>-52</td><td>-172</td></tr><tr><td>British Malaya</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchurie)</td><td>-157</td><td>-110</td><td>-1</td><td>-8</td><td>-</td><td>-24</td><td>+4</td><td>-6</td><td>-8</td><td>-1</td><td>-</td><td>-11</td><td>+8</td></tr><tr><td>Netherlands East Indies</td><td>+6,002</td><td>-12</td><td>-46</td><td>+5,000</td><td>-147</td><td>+26</td><td>+500</td><td>+500</td><td>+36</td><td>+51</td><td>-70</td><td>+36</td><td>-126</td></tr><tr><td>Philippine Islands</td><td>+77</td><td>+68</td><td>-5</td><td>-1</td><td>+14</td><td>-</td><td>+13</td><td>-13</td><td>+16</td><td>+24</td><td>-</td><td>-</td><td>+14</td></tr><tr><td>Turkey</td><td>+40</td><td>-12</td><td>-5</td><td>-1</td><td>-</td><td>-</td><td>+3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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><b>Total Asia</b></td><td><b>+177,115</b></td><td><b>+161</b></td><td><b>-8</b></td><td><b>+4,894</b></td><td><b>-246</b></td><td><b>+90</b></td><td><b>+1,355</b></td><td><b>+1,773</b></td><td><b>+309</b></td><td><b>+145</b></td><td><b>-472</b></td><td><b>-892</b></td><td><b>+170,006</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><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>-6</td></tr><tr><td>French Morocco</td><td>-39</td><td>-</td><td>-3</td><td>-37</td><td>+24</td><td>-11</td><td>+8</td><td>+16</td><td>-1</td><td>-30</td><td>+6</td><td>+4</td><td>-15</td></tr><tr><td>Union of South Africa</td><td>-334</td><td>+1</td><td>+6</td><td>-3</td><td>+1</td><td>+2</td><td>-85</td><td>-205</td><td>-42</td><td>+22</td><td>-15</td><td>-6</td><td>-10</td></tr><tr><td>All other</td><td>+185</td><td>+45</td><td>+4</td><td>-6</td><td>-6</td><td>+32</td><td>+437</td><td>-65</td><td>-309</td><td>-148</td><td>+70</td><td>+6</td><td>+125</td></tr><tr><td><b>Total other countries</b></td><td><b>+1,215</b></td><td><b>+83</b></td><td><b>+270</b></td><td><b>+36</b></td><td><b>+215</b></td><td><b>+82</b></td><td><b>+386</b></td><td><b>-163</b></td><td><b>-19</b></td><td><b>-60</b></td><td><b>+280</b></td><td><b>+21</b></td><td><b>+84</b></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><b>Grand total</b></td><td><b>+304,231</b></td><td><b>-146</b></td><td><b>-3,846</b></td><td><b>-33,079</b></td><td><b>+1,656</b></td><td><b>-8,205</b></td><td><b>+48,840</b></td><td><b>+80,538</b></td><td><b>+6,296</b></td><td><b>+45,023</b></td><td><b>-2,488</b></td><td><b>-3,811</b></td><td><b>+173,453</b></td></tr></table>
(Continued on following page)
106
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 5.— Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers – (Continued)
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th>Total calendar year 1945</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>-41,280</td><td>-3,602</td><td>-3,949</td><td>-4,830</td><td>-6,235</td><td>-4,469</td><td>+2,037</td><td>-1,321</td><td>-1,125</td><td>-1,852</td><td>-6,399</td><td>-4,262</td><td>-5,273</td></tr><tr><td>France</td><td>+4,503</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><td>+11,256</td></tr><tr><td>Belgium</td><td>+1,957</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>+1,338</td><td>+604</td><td>+742</td><td>+413</td></tr><tr><td>Denmark</td><td>+750</td><td>-35</td><td>+101</td><td>+398</td><td>+41</td><td>-38</td><td>+328</td><td>+14</td><td>-105</td><td>-142</td><td>+2</td><td>+46</td><td>+140</td></tr><tr><td>Finland</td><td>+852</td><td>-22</td><td>+22</td><td>+1</td><td>+4</td><td>+1</td><td>-37</td><td>+3</td><td>-1</td><td>+685</td><td>+36</td><td>+12</td><td>+89</td></tr><tr><td>Germany</td><td>+361</td><td>+6</td><td>+6</td><td>-3</td><td>-14</td><td>+40</td><td>-1</td><td>+7</td><td>+8</td><td>+21</td><td>-2</td><td>+64</td><td>+191</td></tr><tr><td>Greece</td><td>+896</td><td>-10</td><td>-150</td><td>+15</td><td>-86</td><td>-67</td><td>+1,376</td><td>-384</td><td>-25</td><td>+14</td><td>-90</td><td>+1,149</td><td>-21</td></tr><tr><td>Italy</td><td>+218</td><td>-111</td><td>+123</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><td>+607</td></tr><tr><td>Luxembourg</td><td>+661</td><td>-17</td><td>-9</td><td>-1</td><td>-41</td><td>-56</td><td>+19</td><td>+50</td><td>-313</td><td>+78</td><td>-63</td><td>-60</td><td>+1,074</td></tr><tr><td>Netherlands</td><td>+6,118</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><td>-517</td></tr><tr><td>Norway</td><td>+1,594</td><td>-2</td><td>+14</td><td>+169</td><td>+91</td><td>-3</td><td>+827</td><td>-63</td><td>+1,889</td><td>-122</td><td>-51</td><td>-85</td><td>-470</td></tr><tr><td>Portugal</td><td>+180</td><td>-34</td><td>+28</td><td>+79</td><td>+20</td><td>+13</td><td>+6</td><td>+8</td><td>-2</td><td>+3</td><td>-50</td><td>+102</td><td>+7</td></tr><tr><td>Romania</td><td>+37</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+16</td><td>-</td><td>+15</td><td>+6</td><td>-</td></tr><tr><td>Spain</td><td>+2,252</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><td>+2,085</td></tr><tr><td>Sweden</td><td>-2,453</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>-125</td><td>-383</td></tr><tr><td>Switzerland</td><td>-12,474</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><td>-2,614</td></tr><tr><td>U.S. S. E.</td><td>+15</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><td>-</td></tr><tr><td>Yugoslavia</td><td>-37</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><td>+35</td></tr><tr><td>Other Europe</td><td>-9,092</td><td>+70</td><td>-1,108</td><td>-6,133</td><td>-87</td><td>-33</td><td>+129</td><td>-1,027</td><td>-103</td><td>-46</td><td>-215</td><td>-555</td><td>-158</td></tr><tr><td>Total Europe</td><td>-57,178</td><td>-6,356</td><td>-6,963</td><td>-23,539</td><td>-10,354</td><td>-6,946</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><td>+6,461</td></tr><tr><td>Canada</td><td>-154,365</td><td>+6,624</td><td>-93,119</td><td>-7,551</td><td>+19,920</td><td>+5,602</td><td>-6,146</td><td>-5,721</td><td>-24,253</td><td>-16,487</td><td>-58,222</td><td>+25,934</td><td>-446</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>+17,041</td><td>+256</td><td>+48</td><td>-35</td><td>-49</td><td>+1,634</td><td>+1,685</td><td>-456</td><td>+240</td><td>+104</td><td>+12</td><td>+12,073</td><td>+1,529</td></tr><tr><td>Bolivia</td><td>+60</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><td>-117</td></tr><tr><td>Brazil</td><td>+3,667</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><td>+261</td></tr><tr><td>Chile</td><td>+5,112</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><td>+447</td></tr><tr><td>Colombia</td><td>+1,887</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><td>+709</td></tr><tr><td>Costa Rica</td><td>-91</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><td>-25</td></tr><tr><td>Cuba</td><td>+4,767</td><td>+166</td><td>+189</td><td>+168</td><td>+481</td><td>-115</td><td>+741</td><td>+719</td><td>+879</td><td>-431</td><td>-50</td><td>+54</td><td>+1,966</td></tr><tr><td>French West Indies and Guiana</td><td>-70</td><td>-</td><td>-5</td><td>+10</td><td>-3</td><td>-9</td><td>-</td><td>-</td><td>-47</td><td>-</td><td>-</td><td>-</td><td>-16</td></tr><tr><td>Mexico</td><td>-6,464</td><td>-267</td><td>-10</td><td>+261</td><td>-14</td><td>-318</td><td>-24</td><td>+289</td><td>+73</td><td>-693</td><td>-4,051</td><td>-592</td><td>-1,118</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+221</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><td>-193</td></tr><tr><td>Panama</td><td>-5,405</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><td>+2,234</td></tr><tr><td>Peru</td><td>+1,678</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><td>+63</td></tr><tr><td>Venezuela</td><td>+977</td><td>-253</td><td>-117</td><td>+107</td><td>+67</td><td>-379</td><td>+20</td><td>+349</td><td>+117</td><td>-268</td><td>-122</td><td>+474</td><td>+982</td></tr><tr><td>Other Latin America</td><td>+18,110</td><td>+254</td><td>+438</td><td>-78</td><td>+524</td><td>+205</td><td>+1,858</td><td>+173</td><td>+917</td><td>+2,118</td><td>+2,763</td><td>+365</td><td>+8,573</td></tr><tr><td>Total Latin America</td><td>+41,490</td><td>+2,204</td><td>-110</td><td>+1,211</td><td>+857</td><td>+2,133</td><td>+7,597</td><td>+1,100</td><td>+565</td><td>+240</td><td>-3,240</td><td>+13,638</td><td>+15,295</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>+21,930</td><td>+580</td><td>+943</td><td>-27</td><td>+887</td><td>+785</td><td>+16,541</td><td>+11,837</td><td>-1,100</td><td>-90</td><td>+3,244</td><td>+174</td><td>-11,844</td></tr><tr><td>French Indo-China</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bea Kong</td><td>-70</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><td>-3</td></tr><tr><td>India, Burma, and Ceylon</td><td>+518</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><td>-42</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></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-93</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><td>-19</td></tr><tr><td>Netherlands East Indies</td><td>-10,276</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-25</td><td>-</td><td>-</td><td>-15</td><td>-9,232</td><td>-1,004</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>-1,766</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>-113</td><td>-715</td><td>-627</td></tr><tr><td>Turkey</td><td>+58</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><td>+19</td></tr><tr><td>Other Asia</td><td>-78</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><td>-17</td></tr><tr><td>Total Asia</td><td>+10,222</td><td>+561</td><td>+957</td><td>+165</td><td>+542</td><td>+641</td><td>+17,696</td><td>+11,768</td><td>-1,322</td><td>-175</td><td>-6,191</td><td>-1,557</td><td>-12,533</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>+666</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><td>-40</td></tr><tr><td>New Zealand</td><td>-24</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><td>-25</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>+65</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>-3</td><td>+12</td></tr><tr><td>Freoch Morocco</td><td>-521</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><td>-249</td></tr><tr><td>Uocio of South Africa</td><td>-392</td><td>-36</td><td>-39</td><td>-31</td><td>-87</td><td>-30</td><td>+15</td><td>-106</td><td>-35</td><td>-</td><td>-4</td><td>-10</td><td>-29</td></tr><tr><td>All other</td><td>+330</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><td>+1,007</td></tr><tr><td>Total other countries</td><td>+124</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><td>+676</td></tr><tr><td>Unidentified</td><td>-15</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><td>-</td></tr><tr><td>Grand total</td><td>-159,722</td><td>+2,985</td><td>-99,924</td><td>-30,037</td><td>+10,906</td><td>+1,849</td><td>+42,623</td><td>-1,423</td><td>-26,846</td><td>-14,731</td><td>-75,047</td><td>+20,470</td><td>+9,453</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 repre-
(a) the net investing sales of Canadian long-term securities, and (b) the inclusion of $2,564 thousand representing redemptions on July 1 of Argentine securities.
June 1946
107
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of December 1945
Table 1.- Short-Term Claims on Foreigners as of December 31, 1945, as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>25,439</td><td>16,426</td><td>8,842</td><td>522</td><td>7,062</td><td>9,013</td><td>5,902</td><td>2,058</td><td>1,053</td></tr><tr><td>France</td><td>1,055</td><td>123</td><td>42</td><td>26</td><td>55</td><td>932</td><td>391</td><td>-</td><td>541</td></tr><tr><td>Belgium</td><td>631</td><td>38</td><td>19</td><td>11</td><td>8</td><td>593</td><td>350</td><td>-</td><td>243</td></tr><tr><td>Denmark</td><td>25</td><td>10</td><td>8</td><td>-</td><td>2</td><td>15</td><td>-</td><td>-</td><td>15</td></tr><tr><td>Finland</td><td>6</td><td>1</td><td>-</td><td>-</td><td>1</td><td>5</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Germany</td><td>33,853</td><td>53</td><td>7</td><td>28</td><td>18</td><td>33,800</td><td>20,556</td><td>67</td><td>13,177</td></tr><tr><td>Greece</td><td>691</td><td>14</td><td>-</td><td>8</td><td>6</td><td>677</td><td>-</td><td>-</td><td>677</td></tr><tr><td>Italy</td><td>333</td><td>240</td><td>24</td><td>209</td><td>7</td><td>93</td><td>-</td><td>-</td><td>93</td></tr><tr><td>Luxembourg</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>-</td><td>-</td><td>68</td></tr><tr><td>Netherlands</td><td>36,333</td><td>69</td><td>19</td><td>48</td><td>2</td><td>36,264</td><td>440</td><td>-</td><td>35,824</td></tr><tr><td>Norway</td><td>31,590</td><td>48</td><td>6</td><td>1</td><td>41</td><td>31,542</td><td>-</td><td>-</td><td>31,542</td></tr><tr><td>Portugal</td><td>467</td><td>105</td><td>124</td><td>-</td><td>1</td><td>352</td><td>136</td><td>-</td><td>226</td></tr><tr><td>Bunania</td><td>64</td><td>20</td><td>1</td><td>19</td><td>-</td><td>44</td><td>1</td><td>-</td><td>43</td></tr><tr><td>Spain</td><td>1,602</td><td>132</td><td>13</td><td>27</td><td>92</td><td>1,470</td><td>659</td><td>-</td><td>811</td></tr><tr><td>Sweden</td><td>915</td><td>466</td><td>474</td><td>22</td><td>10</td><td>449</td><td>82</td><td>1</td><td>366</td></tr><tr><td>Switzerland</td><td>2,926</td><td>426</td><td>283</td><td>132</td><td>11</td><td>2,500</td><td>187</td><td>-</td><td>2,313</td></tr><tr><td>U. S. S. R.</td><td>16</td><td>13</td><td>13</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Yugoslavia</td><td>7</td><td>1</td><td>-</td><td>-</td><td>1</td><td>6</td><td>3</td><td>-</td><td>3</td></tr><tr><td>Other Europe</td><td>4,693</td><td>240</td><td>120</td><td>69</td><td>51</td><td>4,453</td><td>1,035</td><td>-</td><td>3,418</td></tr><tr><td>Total Europe</td><td>140,714</td><td>18,425</td><td>9,935</td><td>1,122</td><td>7,308</td><td>122,289</td><td>29,742</td><td>2,126</td><td>90,421</td></tr><tr><td>Canada</td><td>53,337</td><td>21,194</td><td>16,995</td><td>3,633</td><td>566</td><td>32,143</td><td>11,172</td><td>2,629</td><td>18,342</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>20,950</td><td>929</td><td>220</td><td>664</td><td>45</td><td>20,027</td><td>7,058</td><td>249</td><td>12,720</td></tr><tr><td>Bolivia</td><td>1,346</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,346</td><td>422</td><td>-</td><td>924</td></tr><tr><td>Brazil</td><td>24,654</td><td>25</td><td>20</td><td>1</td><td>4</td><td>24,629</td><td>2,480</td><td>992</td><td>21,157</td></tr><tr><td>Chile</td><td>6,590</td><td>3</td><td>1</td><td>-</td><td>2</td><td>6,587</td><td>18</td><td>1,057</td><td>5,512</td></tr><tr><td>Colombia</td><td>16,823</td><td>14</td><td>-</td><td>12</td><td>2</td><td>16,809</td><td>4,065</td><td>1,732</td><td>11,012</td></tr><tr><td>Costa Rica</td><td>1,237</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,237</td><td>22</td><td>4</td><td>1,211</td></tr><tr><td>Cuba</td><td>33,315</td><td>73</td><td>70</td><td>-</td><td>3</td><td>33,242</td><td>15,659</td><td>8,581</td><td>9,002</td></tr><tr><td>French West Indies and Guiana</td><td>66</td><td>-</td><td>-</td><td>-</td><td>-</td><td>66</td><td>-</td><td>-</td><td>66</td></tr><tr><td>Mexico</td><td>11,002</td><td>1,078</td><td>873</td><td>79</td><td>126</td><td>9,924</td><td>1,728</td><td>1,282</td><td>6,914</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>451</td><td>3</td><td>-</td><td>-</td><td>3</td><td>448</td><td>-</td><td>-</td><td>448</td></tr><tr><td>Panama</td><td>1,076</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,076</td><td>-</td><td>-</td><td>1,075</td></tr><tr><td>Peru</td><td>1,943</td><td>16</td><td>2</td><td>-</td><td>14</td><td>1,927</td><td>38</td><td>-</td><td>1,889</td></tr><tr><td>Venezuela</td><td>6,051</td><td>28</td><td>22</td><td>-</td><td>6</td><td>6,023</td><td>1,640</td><td>107</td><td>4,076</td></tr><tr><td>Other Latin America</td><td>33,406</td><td>51</td><td>41</td><td>-</td><td>10</td><td>33,355</td><td>15,393</td><td>839</td><td>17,123</td></tr><tr><td>Total Latin America</td><td>158,916</td><td>2,220</td><td>1,249</td><td>756</td><td>215</td><td>156,996</td><td>44,723</td><td>14,843</td><td>93,130</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>982</td><td>36</td><td>19</td><td>1</td><td>16</td><td>946</td><td>156</td><td>79</td><td>711</td></tr><tr><td>French Indo-China</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bang Kong</td><td>827</td><td>176</td><td>172</td><td>-</td><td>4</td><td>651</td><td>192</td><td>63</td><td>396</td></tr><tr><td>India, Burma, and Ceylon</td><td>7,489</td><td>4,948</td><td>67</td><td>4,855</td><td>26</td><td>2,541</td><td>387</td><td>1,006</td><td>1,148</td></tr><tr><td>British Malaya</td><td>135</td><td>14</td><td>-</td><td>-</td><td>14</td><td>121</td><td>2</td><td>36</td><td>83</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>529</td><td>3</td><td>3</td><td>-</td><td>-</td><td>526</td><td>510</td><td>-</td><td>16</td></tr><tr><td>Netherlands East Indies</td><td>1,393</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,393</td><td>-</td><td>1,324</td><td>69</td></tr><tr><td>Philippine Islands</td><td>13,647</td><td>97</td><td>30</td><td>-</td><td>67</td><td>13,750</td><td>7,752</td><td>1,004</td><td>4,914</td></tr><tr><td>Turkey</td><td>2,014</td><td>13</td><td>-</td><td>7</td><td>6</td><td>2,001</td><td>997</td><td>-</td><td>1,004</td></tr><tr><td>Other Asia</td><td>2,652</td><td>52</td><td>51</td><td>-</td><td>1</td><td>2,600</td><td>275</td><td>-</td><td>2,325</td></tr><tr><td>Total Asia</td><td>29,869</td><td>5,340</td><td>342</td><td>4,863</td><td>135</td><td>24,529</td><td>10,271</td><td>1,572</td><td>10,665</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>1,682</td><td>205</td><td>78</td><td>-</td><td>127</td><td>1,477</td><td>-</td><td>373</td><td>1,104</td></tr><tr><td>New Zealand</td><td>656</td><td>13</td><td>5</td><td>-</td><td>8</td><td>643</td><td>-</td><td>30</td><td>613</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>316</td><td>-</td><td>-</td><td>-</td><td>-</td><td>316</td><td>117</td><td>-</td><td>199</td></tr><tr><td>French Morocco</td><td>62</td><td>-</td><td>-</td><td>-</td><td>-</td><td>62</td><td>-</td><td>-</td><td>62</td></tr><tr><td>Union of South Africa</td><td>4,743</td><td>7</td><td>-</td><td>-</td><td>7</td><td>4,736</td><td>-</td><td>-</td><td>4,736</td></tr><tr><td>All other</td><td>2,243</td><td>85</td><td>1</td><td>-</td><td>84</td><td>2,158</td><td>242</td><td>-</td><td>1,916</td></tr><tr><td>Total other countries</td><td>9,702</td><td>310</td><td>84</td><td>-</td><td>226</td><td>9,332</td><td>359</td><td>403</td><td>8,630</td></tr><tr><td>Unidentified</td><td>228</td><td>-</td><td>-</td><td>-</td><td>-</td><td>228</td><td>-</td><td>-</td><td>228</td></tr><tr><td>Grand total</td><td>392,766</td><td>47,429</td><td>28,605</td><td>10,374</td><td>8,510</td><td>345,277</td><td>100,267</td><td>23,573</td><td>221,437</td></tr></table>
108
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of December 1945 - (Continued)
Table 2.- Short-Term Liabilities to Foreigners as of December 31, 1945, as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificate 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>701,694</td><td>698,294</td><td>681,939</td><td>1,750</td><td>9,968</td><td>4,637</td><td>9,400</td><td>624</td><td>1,441</td><td>7,335</td></tr><tr><td>France</td><td>310,040</td><td>309,205</td><td>270,413</td><td>283</td><td>36,880</td><td>1,629</td><td>835</td><td>108</td><td>684</td><td>43</td></tr><tr><td>Belgium</td><td>185,029</td><td>184,922</td><td>179,146</td><td>1,293</td><td>4,406</td><td>77</td><td>107</td><td>90</td><td>5</td><td>12</td></tr><tr><td>Denmark</td><td>25,921</td><td>25,918</td><td>24,713</td><td>6</td><td>1,122</td><td>77</td><td>3</td><td>2</td><td>-</td><td>1</td></tr><tr><td>Finland</td><td>5,538</td><td>5,535</td><td>5,535</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>6,963</td><td>6,948</td><td>6,836</td><td>63</td><td>6</td><td>43</td><td>15</td><td>14</td><td>-</td><td>1</td></tr><tr><td>Greece</td><td>70,790</td><td>70,715</td><td>69,604</td><td>199</td><td>842</td><td>10</td><td>75</td><td>49</td><td>-</td><td>26</td></tr><tr><td>Italy</td><td>70,371</td><td>70,360</td><td>69,800</td><td>93</td><td>200</td><td>267</td><td>11</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>22,277</td><td>22,277</td><td>22,231</td><td>16</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>281,567</td><td>280,889</td><td>269,973</td><td>35</td><td>10,871</td><td>10</td><td>678</td><td>650</td><td>-</td><td>28</td></tr><tr><td>Norway</td><td>216,071</td><td>216,058</td><td>69,370</td><td>27</td><td>146,355</td><td>306</td><td>13</td><td>3</td><td>-</td><td>10</td></tr><tr><td>Portugal</td><td>47,881</td><td>47,409</td><td>46,257</td><td>853</td><td>38</td><td>261</td><td>472</td><td>5</td><td>-</td><td>467</td></tr><tr><td>Rumania</td><td>9,313</td><td>9,313</td><td>9,284</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>31,712</td><td>31,620</td><td>31,144</td><td>262</td><td>210</td><td>4</td><td>92</td><td>90</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>210,145</td><td>210,009</td><td>89,204</td><td>12,798</td><td>108,000</td><td>7</td><td>136</td><td>131</td><td>-</td><td>5</td></tr><tr><td>Switzerland</td><td>304,228</td><td>303,553</td><td>287,012</td><td>6,816</td><td>9,584</td><td>141</td><td>675</td><td>355</td><td>-</td><td>320</td></tr><tr><td>U.S.S.R.</td><td>28,012</td><td>28,012</td><td>27,997</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>5,735</td><td>5,730</td><td>5,684</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>43,675</td><td>43,666</td><td>42,576</td><td>43</td><td>1,000</td><td>47</td><td>9</td><td>4</td><td>-</td><td>5</td></tr><tr><td>Total Europe</td><td>2,582,962</td><td>2,570,433</td><td>2,208,778</td><td>24,582</td><td>329,557</td><td>7,516</td><td>12,529</td><td>2,139</td><td>2,130</td><td>8,260</td></tr><tr><td>Canada</td><td>1,522,155</td><td>1,518,933</td><td>391,144</td><td>1,026</td><td>1,126,633</td><td>130</td><td>3,222</td><td>596</td><td>8</td><td>2,618</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>77,332</td><td>77,316</td><td>69,895</td><td>3,215</td><td>4,195</td><td>11</td><td>16</td><td>7</td><td>-</td><td>9</td></tr><tr><td>Bolivia</td><td>14,498</td><td>14,498</td><td>14,498</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>195,138</td><td>195,055</td><td>177,883</td><td>16,764</td><td>-</td><td>408</td><td>83</td><td>83</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>66,281</td><td>66,274</td><td>65,301</td><td>628</td><td>300</td><td>45</td><td>7</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>79,186</td><td>79,186</td><td>79,042</td><td>144</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>6,889</td><td>6,802</td><td>6,598</td><td>204</td><td>-</td><td>-</td><td>87</td><td>-</td><td>-</td><td>87</td></tr><tr><td>Cuba</td><td>128,293</td><td>128,293</td><td>127,031</td><td>834</td><td>400</td><td>28</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>7,120</td><td>7,120</td><td>7,120</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>116,368</td><td>116,210</td><td>114,673</td><td>918</td><td>575</td><td>44</td><td>158</td><td>6</td><td>-</td><td>152</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>28,238</td><td>28,238</td><td>28,895</td><td>-</td><td>5,343</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>88,721</td><td>88,721</td><td>72,233</td><td>13</td><td>16,475</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Peru</td><td>43,926</td><td>42,314</td><td>39,478</td><td>895</td><td>1,940</td><td>1</td><td>1,612</td><td>1,609</td><td>-</td><td>3</td></tr><tr><td>Venezuela</td><td>49,688</td><td>49,045</td><td>48,525</td><td>575</td><td>10</td><td>535</td><td>43</td><td>43</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>144,764</td><td>144,417</td><td>127,562</td><td>1,539</td><td>14,610</td><td>706</td><td>347</td><td>345</td><td>-</td><td>2</td></tr><tr><td>Total Latin America</td><td>1,046,442</td><td>1,044,089</td><td>972,734</td><td>25,729</td><td>43,848</td><td>1,778</td><td>2,353</td><td>2,100</td><td>-</td><td>251</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>582,276</td><td>580,545</td><td>321,070</td><td>161</td><td>258,917</td><td>397</td><td>1,731</td><td>414</td><td>-</td><td>1,317</td></tr><tr><td>French Indo-China</td><td>28,036</td><td>28,036</td><td>27,962</td><td>-</td><td>50</td><td>24</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>27,355</td><td>24,037</td><td>23,993</td><td>5</td><td>-</td><td>39</td><td>3,318</td><td>3,318</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>33,380</td><td>32,823</td><td>30,655</td><td>1,608</td><td>506</td><td>54</td><td>557</td><td>241</td><td>112</td><td>204</td></tr><tr><td>British Malaya</td><td>1,201</td><td>1,183</td><td>1,166</td><td>-</td><td>-</td><td>17</td><td>18</td><td>18</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>4,137</td><td>4,102</td><td>3,376</td><td>465</td><td>22</td><td>239</td><td>35</td><td>23</td><td>-</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>113,726</td><td>113,724</td><td>46,803</td><td>211</td><td>66,698</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>108,790</td><td>108,645</td><td>105,809</td><td>60</td><td>500</td><td>2,276</td><td>145</td><td>80</td><td>-</td><td>65</td></tr><tr><td>Turkey</td><td>52,477</td><td>52,477</td><td>51,727</td><td>299</td><td>-</td><td>451</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>77,959</td><td>77,949</td><td>71,593</td><td>368</td><td>5,212</td><td>776</td><td>10</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>1,029,337</td><td>1,023,521</td><td>684,154</td><td>3,177</td><td>331,905</td><td>4,285</td><td>5,816</td><td>4,106</td><td>112</td><td>1,598</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>28,944</td><td>28,795</td><td>26,751</td><td>1,672</td><td>271</td><td>101</td><td>149</td><td>22</td><td>5</td><td>122</td></tr><tr><td>New Zealand</td><td>4,256</td><td>4,099</td><td>3,981</td><td>118</td><td>-</td><td>-</td><td>157</td><td>144</td><td>2</td><td>11</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>18,895</td><td>18,435</td><td>16,351</td><td>220</td><td>-</td><td>1,804</td><td>460</td><td>-</td><td>-</td><td>460</td></tr><tr><td>French Morocco</td><td>9,973</td><td>9,965</td><td>9,054</td><td>28</td><td>-</td><td>883</td><td>8</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>6,354</td><td>6,338</td><td>6,321</td><td>2</td><td>15</td><td>-</td><td>16</td><td>-</td><td>-</td><td>16</td></tr><tr><td>All other</td><td>96,184</td><td>95,348</td><td>89,793</td><td>179</td><td>5,325</td><td>51</td><td>836</td><td>760</td><td>-</td><td>76</td></tr><tr><td>Total other countries</td><td>164,606</td><td>162,980</td><td>152,251</td><td>2,219</td><td>5,611</td><td>2,899</td><td>1,626</td><td>934</td><td>7</td><td>685</td></tr><tr><td>Unidentified</td><td>17,181</td><td>17,181</td><td>17,178</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,362,683</td><td>6,337,137</td><td>4,426,239</td><td>56,736</td><td>1,837,554</td><td>16,608</td><td>25,546</td><td>9,375</td><td>2,257</td><td>13,414</td></tr></table>
June 1946
109
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Month of December 1945 - (Continued)
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners During December 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>2,762</td><td>1,025</td><td>605</td><td>420</td><td>1,737</td><td>1,316</td><td>421</td><td>8,035</td><td>4,933</td><td>3,704</td><td>1,229</td><td>3,102</td><td>1,807</td><td>1,295</td></tr><tr><td>France</td><td>17,272</td><td>17,096</td><td>1,319</td><td>15,777</td><td>176</td><td>19</td><td>157</td><td>6,016</td><td>5,876</td><td>1,489</td><td>4,387</td><td>140</td><td>13</td><td>127</td></tr><tr><td>Belgium</td><td>1,090</td><td>957</td><td>506</td><td>451</td><td>133</td><td>24</td><td>109</td><td>677</td><td>613</td><td>301</td><td>312</td><td>64</td><td>6</td><td>58</td></tr><tr><td>Denmark</td><td>485</td><td>483</td><td>8</td><td>475</td><td>2</td><td>-</td><td>2</td><td>345</td><td>268</td><td>35</td><td>233</td><td>77</td><td>-</td><td>77</td></tr><tr><td>Finland</td><td>96</td><td>-</td><td>-</td><td>-</td><td>96</td><td>-</td><td>96</td><td>7</td><td>7</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>223</td><td>223</td><td>12</td><td>211</td><td>-</td><td>-</td><td>-</td><td>32</td><td>32</td><td>18</td><td>14</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>338</td><td>338</td><td>2</td><td>336</td><td>-</td><td>-</td><td>-</td><td>359</td><td>310</td><td>237</td><td>73</td><td>49</td><td>-</td><td>49</td></tr><tr><td>Italy</td><td>767</td><td>767</td><td>45</td><td>722</td><td>-</td><td>-</td><td>-</td><td>160</td><td>134</td><td>52</td><td>82</td><td>26</td><td>3</td><td>23</td></tr><tr><td>Luxembourg</td><td>1,206</td><td>1,206</td><td>172</td><td>1,034</td><td>-</td><td>-</td><td>-</td><td>132</td><td>132</td><td>97</td><td>35</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>693</td><td>677</td><td>452</td><td>225</td><td>16</td><td>2</td><td>14</td><td>1,210</td><td>1,123</td><td>666</td><td>457</td><td>87</td><td>2</td><td>85</td></tr><tr><td>Norway</td><td>596</td><td>224</td><td>162</td><td>62</td><td>374</td><td>-</td><td>374</td><td>1,068</td><td>977</td><td>915</td><td>62</td><td>91</td><td>1</td><td>90</td></tr><tr><td>Portugal</td><td>70</td><td>70</td><td>48</td><td>22</td><td>-</td><td>-</td><td>-</td><td>63</td><td>60</td><td>53</td><td>7</td><td>3</td><td>1</td><td>2</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>2,196</td><td>151</td><td>45</td><td>106</td><td>2,045</td><td>-</td><td>2,045</td><td>111</td><td>111</td><td>30</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sweden</td><td>123</td><td>58</td><td>55</td><td>3</td><td>65</td><td>-</td><td>65</td><td>506</td><td>391</td><td>385</td><td>6</td><td>115</td><td>56</td><td>59</td></tr><tr><td>Switzerland</td><td>8,575</td><td>8,105</td><td>5,063</td><td>3,042</td><td>470</td><td>97</td><td>373</td><td>11,189</td><td>10,868</td><td>5,940</td><td>4,928</td><td>321</td><td>51</td><td>270</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>36</td><td>36</td><td>45</td><td>36</td><td>1</td><td>-</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>47</td><td>46</td><td>45</td><td>1</td><td>1</td><td>-</td><td>1</td><td>205</td><td>204</td><td>21</td><td>183</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Total Europe</td><td>36,577</td><td>31,462</td><td>8,539</td><td>22,923</td><td>5,115</td><td>1,458</td><td>3,657</td><td>30,116</td><td>26,040</td><td>13,950</td><td>12,090</td><td>4,076</td><td>1,940</td><td>2,136</td></tr><tr><td>Canada</td><td>40,567</td><td>27,750</td><td>6,760</td><td>20,990</td><td>12,817</td><td>2,603</td><td>10,214</td><td>41,013</td><td>17,622</td><td>10,816</td><td>6,806</td><td>23,391</td><td>4,966</td><td>18,425</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>4,177</td><td>2,281</td><td>1,832</td><td>449</td><td>1,896</td><td>137</td><td>1,759</td><td>2,648</td><td>2,073</td><td>1,794</td><td>279</td><td>575</td><td>170</td><td>405</td></tr><tr><td>Bolivia</td><td>54</td><td>54</td><td>54</td><td>-</td><td>-</td><td>-</td><td>-</td><td>171</td><td>171</td><td>166</td><td>5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>1,276</td><td>934</td><td>857</td><td>77</td><td>342</td><td>39</td><td>303</td><td>1,015</td><td>953</td><td>781</td><td>172</td><td>62</td><td>41</td><td>21</td></tr><tr><td>Chile</td><td>791</td><td>760</td><td>738</td><td>22</td><td>31</td><td>5</td><td>26</td><td>344</td><td>276</td><td>251</td><td>25</td><td>68</td><td>31</td><td>37</td></tr><tr><td>Colombia</td><td>768</td><td>713</td><td>22</td><td>291</td><td>455</td><td>-</td><td>455</td><td>59</td><td>40</td><td>40</td><td>-</td><td>19</td><td>19</td><td>-</td></tr><tr><td>Costa Rica</td><td>94</td><td>73</td><td>73</td><td>-</td><td>21</td><td>-</td><td>21</td><td>119</td><td>64</td><td>64</td><td>-</td><td>55</td><td>11</td><td>44</td></tr><tr><td>Cuba</td><td>5,867</td><td>5,333</td><td>4,064</td><td>1,269</td><td>534</td><td>393</td><td>141</td><td>3,901</td><td>3,233</td><td>3,061</td><td>172</td><td>668</td><td>567</td><td>101</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>16</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>2,613</td><td>2,372</td><td>1,520</td><td>852</td><td>241</td><td>5</td><td>236</td><td>3,731</td><td>1,184</td><td>1,094</td><td>90</td><td>2,547</td><td>2,546</td><td>1</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>172</td><td>166</td><td>166</td><td>-</td><td>6</td><td>6</td><td>-</td><td>365</td><td>341</td><td>339</td><td>2</td><td>24</td><td>5</td><td>19</td></tr><tr><td>Panama</td><td>3,719</td><td>3,616</td><td>1,057</td><td>2,559</td><td>103</td><td>58</td><td>45</td><td>1,485</td><td>1,476</td><td>1,387</td><td>89</td><td>9</td><td>9</td><td>-</td></tr><tr><td>Peru</td><td>292</td><td>288</td><td>217</td><td>71</td><td>4</td><td>4</td><td>-</td><td>229</td><td>199</td><td>164</td><td>35</td><td>30</td><td>2</td><td>28</td></tr><tr><td>Venezuela</td><td>1,237</td><td>1,077</td><td>608</td><td>469</td><td>160</td><td>149</td><td>11</td><td>255</td><td>253</td><td>235</td><td>18</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Other Latin America</td><td>12,384</td><td>11,882</td><td>1,363</td><td>10,519</td><td>502</td><td>113</td><td>389</td><td>3,811</td><td>3,321</td><td>2,846</td><td>475</td><td>490</td><td>353</td><td>137</td></tr><tr><td>Total Latin America</td><td>33,444</td><td>29,149</td><td>12,571</td><td>16,578</td><td>4,295</td><td>909</td><td>3,386</td><td>18,149</td><td>13,500</td><td>12,738</td><td>1,362</td><td>4,549</td><td>3,754</td><td>795</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>2,795</td><td>2,785</td><td>1,556</td><td>1,229</td><td>10</td><td>7</td><td>3</td><td>14,639</td><td>13,914</td><td>3,502</td><td>10,412</td><td>725</td><td>398</td><td>327</td></tr><tr><td>French Indo-China</td><td>45</td><td>45</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td><td>48</td><td>48</td><td>48</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>42</td><td>42</td><td>24</td><td>18</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>19</td><td>19</td><td>8</td><td>11</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>65</td><td>65</td><td>65</td><td>-</td><td>-</td><td>-</td><td>-</td><td>692</td><td>690</td><td>690</td><td>-</td><td>2</td><td>1</td><td>1</td></tr><tr><td>Philippine Islands</td><td>47</td><td>18</td><td>12</td><td>6</td><td>25</td><td>-</td><td>25</td><td>24</td><td>20</td><td>11</td><td>6</td><td>4</td><td>1</td><td>1</td></tr><tr><td>Turkey</td><td>183</td><td>131</td><td>127</td><td>4</td><td>52</td><td>21</td><td>31</td><td>200</td><td>168</td><td>128</td><td>40</td><td>32</td><td>4</td><td>28</td></tr><tr><td>Other Asia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>3,131</td><td>3,041</td><td>1,805</td><td>1,239</td><td>87</td><td>28</td><td>59</td><td>15,664</td><td>14,901</td><td>4,414</td><td>10,487</td><td>763</td><td>403</td><td>360</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>50</td><td>28</td><td>19</td><td>9</td><td>22</td><td>-</td><td>22</td><td>90</td><td>86</td><td>75</td><td>11</td><td>4</td><td>-</td><td>1</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25</td><td>25</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>27</td><td>27</td><td>22</td><td>5</td><td>-</td><td>-</td><td>-</td><td>15</td><td>15</td><td>14</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>10</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td><td>259</td><td>5</td><td>5</td><td>-</td><td>254</td><td>-</td><td>294</td></tr><tr><td>Union of South Africa</td><td>36</td><td>20</td><td>8</td><td>12</td><td>16</td><td>-</td><td>16</td><td>65</td><td>37</td><td>21</td><td>16</td><td>28</td><td>8</td><td>20</td></tr><tr><td>All other</td><td>1,201</td><td>615</td><td>446</td><td>169</td><td>586</td><td>356</td><td>230</td><td>194</td><td>115</td><td>11</td><td>104</td><td>79</td><td>79</td><td>-</td></tr><tr><td>Total other countries</td><td>1,324</td><td>700</td><td>505</td><td>195</td><td>624</td><td>356</td><td>268</td><td>448</td><td>283</td><td>151</td><td>132</td><td>365</td><td>87</td><td>278</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>115,043</td><td>92,105</td><td>30,180</td><td>61,925</td><td>22,938</td><td>5,354</td><td>17,584</td><td>105,590</td><td>72,446</td><td>41,509</td><td>30,877</td><td>33,144</td><td>11,150</td><td>21,994</td></tr></table>
110
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Section I - Net Position, January 1942 - December 1945
(In thousands of dollars; negative figures indicate short position)
<table><tr><th rowspan="2">Position at end of month</th><th rowspan="2">Grand total</th><th colspan="9">Currency of: Europe (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lande</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><td>1942-Jan. (Jan. 1-Jan.25).........</td><td>-3,066</td><td>-1,651</td><td>+966</td><td>-390</td><td>-518</td><td>-35</td><td>-105</td><td>-1,271</td><td>1/</td><td>1/</td><td>-97</td></tr><tr><td>Feb. (Jan.29-Feb.25).........</td><td>-2,411</td><td>-1,254</td><td>+1,208</td><td>-365</td><td>-516</td><td>-35</td><td>-103</td><td>-1,269</td><td>1/</td><td>1/</td><td>+2</td></tr><tr><td>Mar. (Feb.26-Apr. 1).........</td><td>-1,424</td><td>-1,488</td><td>+1,018</td><td>-387</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/</td><td>1/</td><td>-74</td></tr><tr><td>Apr. (Apr. 2-Apr.29).........</td><td>-2,105</td><td>-1,391</td><td>+1,221</td><td>-395</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/</td><td>1/</td><td>-95</td></tr><tr><td>May (Apr.30-June 3).........</td><td>-3,622</td><td>-1,987</td><td>+555</td><td>-393</td><td>-515</td><td>-35</td><td>-104</td><td>-1,271</td><td>1/</td><td>1/</td><td>-30</td></tr><tr><td>June (June 4-July 1).........</td><td>-3,261</td><td>-1,516</td><td>+915</td><td>-347</td><td>-515</td><td>-37</td><td>-105</td><td>-1,264</td><td>1/</td><td>1/</td><td>+5</td></tr><tr><td>July.........</td><td>-3,442</td><td>-1,870</td><td>+629</td><td>-365</td><td>-516</td><td>-37</td><td>-102</td><td>-1,266</td><td>1/</td><td>1/</td><td>-4</td></tr><tr><td>August.........</td><td>-1,210</td><td>-712</td><td>+1,785</td><td>-369</td><td>-516</td><td>-31</td><td>-103</td><td>-1,266</td><td>1/</td><td>1/</td><td>+24</td></tr><tr><td>September.........</td><td>-1,058</td><td>-582</td><td>+1,808</td><td>-358</td><td>-516</td><td>-30</td><td>-104</td><td>-1,266</td><td>1/</td><td>1/</td><td>+38</td></tr><tr><td>October.........</td><td>-1,275</td><td>-303</td><td>+2,149</td><td>-366</td><td>-516</td><td>-29</td><td>-103</td><td>-1,266</td><td>1/</td><td>1/</td><td>+45</td></tr><tr><td>November.........</td><td>-884</td><td>-61</td><td>+2,422</td><td>-392</td><td>-479</td><td>-26</td><td>-103</td><td>-1,255</td><td>1/</td><td>1/</td><td>-</td></tr><tr><td>December.........</td><td>-663</td><td>+430</td><td>+2,740</td><td>-383</td><td>-516</td><td>-30</td><td>-103</td><td>-1,259</td><td>1/</td><td>1/</td><td>+44</td></tr><tr><td>1943-January.........</td><td>-402</td><td>+1,011</td><td>+1,373</td><td>-383</td><td>-516</td><td>-30</td><td>-105</td><td>-1,259</td><td>+14</td><td>-84</td><td>+34</td></tr><tr><td>February.........</td><td>+577</td><td>+1,939</td><td>+4,399</td><td>-389</td><td>-519</td><td>-30</td><td>-106</td><td>-1,258</td><td>+15</td><td>-84</td><td>-14</td></tr><tr><td>March.........</td><td>+108</td><td>+1,615</td><td>+4,131</td><td>-388</td><td>-522</td><td>-29</td><td>-106</td><td>-1,419</td><td>-1</td><td>-84</td><td>+63</td></tr><tr><td>April.........</td><td>+1,963</td><td>+1,127</td><td>+3,727</td><td>-390</td><td>-530</td><td>-29</td><td>-107</td><td>-1,419</td><td>+12</td><td>-83</td><td>+35</td></tr><tr><td>May.........</td><td>+2,222</td><td>+1,447</td><td>+4,035</td><td>-384</td><td>-530</td><td>-29</td><td>-107</td><td>-1,419</td><td>+11</td><td>-76</td><td>+31</td></tr><tr><td>June.........</td><td>+1,025</td><td>+857</td><td>+3,490</td><td>-418</td><td>-496</td><td>-30</td><td>-106</td><td>-1,419</td><td>+10</td><td>-68</td><td>-4</td></tr><tr><td>July.........</td><td>+157</td><td>+505</td><td>+2,953</td><td>-215</td><td>-530</td><td>-27</td><td>-109</td><td>-1,419</td><td>+45</td><td>-69</td><td>+22</td></tr><tr><td>August.........</td><td>+394</td><td>+239</td><td>+2,722</td><td>-218</td><td>-539</td><td>-29</td><td>-108</td><td>-1,419</td><td>-17</td><td>-72</td><td>-2</td></tr><tr><td>September.........</td><td>+4,382</td><td>+2,024</td><td>+4,482</td><td>-218</td><td>-539</td><td>-29</td><td>-108</td><td>-1,419</td><td>+29</td><td>-71</td><td>+51</td></tr><tr><td>October.........</td><td>+4,983</td><td>+1,566</td><td>+4,162</td><td>-218</td><td>-539</td><td>-29</td><td>-109</td><td>-1,419</td><td>+39</td><td>-71</td><td>+52</td></tr><tr><td>November.........</td><td>+5,675</td><td>+2,105</td><td>+4,620</td><td>-218</td><td>-539</td><td>-30</td><td>-108</td><td>-1,419</td><td>+128</td><td>-70</td><td>+30</td></tr><tr><td>December.........</td><td>+4,069</td><td>+2,442</td><td>+5,022</td><td>-219</td><td>-542</td><td>-29</td><td>-107</td><td>-1,419</td><td>+124</td><td>-72</td><td>-14</td></tr><tr><td>1944-January.........</td><td>+5,774</td><td>+4,310</td><td>+6,881</td><td>-215</td><td>-542</td><td>-29</td><td>-107</td><td>-1,419</td><td>+137</td><td>-82</td><td>+27</td></tr><tr><td>February.........</td><td>+6,262</td><td>+3,107</td><td>+6,759</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>-646</td><td>+41</td><td>-86</td><td>+81</td></tr><tr><td>July.........</td><td>+5,890</td><td>+2,489</td><td>+3,542</td><td>-171</td><td>-331</td><td>-</td><td>-19</td><td>-808</td><td>+11</td><td>-90</td><td>+356</td></tr><tr><td>August.........</td><td>+9,061</td><td>+5,448</td><td>+6,993</td><td>-170</td><td>-351</td><td>-28</td><td>-62</td><td>-771</td><td>-3</td><td>-92</td><td>-8</td></tr><tr><td>September.........</td><td>+2,181</td><td>-581</td><td>+930</td><td>-168</td><td>-352</td><td>-28</td><td>-60</td><td>-801</td><td>+5</td><td>-94</td><td>-2</td></tr><tr><td>October.........</td><td>-260</td><td>-2,162</td><td>-396</td><td>-164</td><td>-334</td><td>-29</td><td>-61</td><td>-769</td><td>-4</td><td>-99</td><td>-273</td></tr><tr><td>November.........</td><td>-1,271</td><td>-2,248</td><td>-1,082</td><td>-182</td><td>-331</td><td>-28</td><td>-61</td><td>-613</td><td>+32</td><td>-103</td><td>-285</td></tr><tr><td>December.........</td><td>+2,513</td><td>-588</td><td>+429</td><td>-90</td><td>-205</td><td>-28</td><td>-61</td><td>-677</td><td>-33</td><td>-96</td><td>-114</td></tr></table>
(Continued on following page)
June 1946
111
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section I - Net Position, January 1942 - December 1945 - (Continued)
(In thousands of dollars; negative figures indicate short positions)
<table><tr><th rowspan="2">Position at end of month</th><th colspan="2">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="5">Currency of:</th><th rowspan="2">All other</th></tr><tr><th>Switzerland</th><th>Other Europe</th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (including Korea and Manchurie)</th><th>Other Asia</th></tr><tr><td>1942-Jan. (Jan. 1-Jan.28)</td><td>+25</td><td>-226</td><td>+966</td><td>+79</td><td>-2,438</td><td>1/1</td><td>1/1</td><td>-165</td><td>-2,273</td><td>-22</td></tr><tr><td>Feb. (Jan.29-Feb.25)</td><td>+58</td><td>-234</td><td>+1,165</td><td>+119</td><td>-2,414</td><td>1/1</td><td>1/1</td><td>-165</td><td>-2,249</td><td>-27</td></tr><tr><td>Mar. (Feb.26-Apr.1)</td><td>+109</td><td>-229</td><td>+2,458</td><td>+115</td><td>-2,484</td><td>1/1</td><td>1/1</td><td>-166</td><td>-2,318</td><td>-25</td></tr><tr><td>Apr. (Apr. 2-Apr.29)</td><td>+15</td><td>-212</td><td>+1,412</td><td>+291</td><td>-2,430</td><td>1/1</td><td>1/1</td><td>-166</td><td>-2,264</td><td>+13</td></tr><tr><td>May (Apr.30-June 3)</td><td>+32</td><td>-226</td><td>+777</td><td>-15</td><td>-2,409</td><td>1/1</td><td>1/1</td><td>-168</td><td>-2,241</td><td>+12</td></tr><tr><td>June (June 4-July 1)</td><td>+43</td><td>-211</td><td>+498</td><td>+114</td><td>-2,397</td><td>1/1</td><td>1/1</td><td>-168</td><td>-2,229</td><td>+40</td></tr><tr><td>July</td><td>-27</td><td>-182</td><td>+543</td><td>+287</td><td>-2,313</td><td>1/1</td><td>1/1</td><td>-68</td><td>-2,245</td><td>-89</td></tr><tr><td>August</td><td>-25</td><td>-211</td><td>+1,341</td><td>+475</td><td>-2,209</td><td>1/1</td><td>1/1</td><td>-71</td><td>-2,138</td><td>-105</td></tr><tr><td>September</td><td>+77</td><td>-231</td><td>+1,543</td><td>+304</td><td>-2,279</td><td>1/1</td><td>1/1</td><td>-72</td><td>-2,207</td><td>-111</td></tr><tr><td>October</td><td>+14</td><td>-231</td><td>+1,426</td><td>-44</td><td>-2,326</td><td>1/1</td><td>1/1</td><td>-72</td><td>-2,254</td><td>-28</td></tr><tr><td>November</td><td>-24</td><td>-204</td><td>+1,242</td><td>+269</td><td>-2,192</td><td>1/1</td><td>1/1</td><td>-51</td><td>-2,141</td><td>-142</td></tr><tr><td>December</td><td>+134</td><td>-197</td><td>+1,055</td><td>+319</td><td>-2,293</td><td>1/1</td><td>1/1</td><td>-71</td><td>-2,222</td><td>-174</td></tr><tr><td>1943-January</td><td>+78</td><td>-111</td><td>+371</td><td>+508</td><td>-2,153</td><td>-53</td><td>-2,118</td><td>-71</td><td>+89</td><td>-139</td></tr><tr><td>February</td><td>+45</td><td>-120</td><td>+518</td><td>+405</td><td>-2,144</td><td>-53</td><td>-2,116</td><td>-71</td><td>+96</td><td>-141</td></tr><tr><td>March</td><td>+94</td><td>-124</td><td>+371</td><td>+304</td><td>-2,150</td><td>-53</td><td>-2,111</td><td>-50</td><td>+64</td><td>-32</td></tr><tr><td>April</td><td>+32</td><td>-121</td><td>+2,022</td><td>+1,004</td><td>-2,177</td><td>-53</td><td>-2,117</td><td>-50</td><td>+43</td><td>-13</td></tr><tr><td>May</td><td>+31</td><td>-116</td><td>+2,032</td><td>+903</td><td>-2,235</td><td>-53</td><td>-2,113</td><td>-50</td><td>-19</td><td>+75</td></tr><tr><td>June</td><td>+9</td><td>-111</td><td>+1,335</td><td>+946</td><td>-2,227</td><td>-53</td><td>-2,111</td><td>-50</td><td>-13</td><td>+114</td></tr><tr><td>July</td><td>-32</td><td>-114</td><td>+1,350</td><td>+712</td><td>-2,245</td><td>-53</td><td>-2,110</td><td>-50</td><td>-32</td><td>-165</td></tr><tr><td>August</td><td>+14</td><td>-93</td><td>+1,512</td><td>+713</td><td>-2,158</td><td>-53</td><td>-2,106</td><td>-50</td><td>+51</td><td>+88</td></tr><tr><td>September</td><td>-54</td><td>-100</td><td>+3,858</td><td>+551</td><td>-2,131</td><td>-53</td><td>-2,106</td><td>-50</td><td>+78</td><td>+80</td></tr><tr><td>October</td><td>-209</td><td>-93</td><td>+5,243</td><td>+541</td><td>-2,143</td><td>-53</td><td>-2,104</td><td>-50</td><td>+64</td><td>-224</td></tr><tr><td>November</td><td>-174</td><td>-115</td><td>+5,086</td><td>+564</td><td>-2,140</td><td>-53</td><td>-2,102</td><td>-50</td><td>+65</td><td>+60</td></tr><tr><td>December</td><td>-213</td><td>-59</td><td>+2,779</td><td>+722</td><td>-2,013</td><td>-53</td><td>-2,161</td><td>-50</td><td>+251</td><td>+139</td></tr><tr><td>1944-January</td><td>-250</td><td>-91</td><td>+2,862</td><td>+760</td><td>-2,053</td><td>-65</td><td>-2,149</td><td>-50</td><td>+211</td><td>-105</td></tr><tr><td>February</td><td>-162</td><td>-229</td><td>+4,175</td><td>+898</td><td>-2,048</td><td>-65</td><td>-2,148</td><td>-50</td><td>+215</td><td>+130</td></tr><tr><td>March</td><td>-29</td><td>-88</td><td>+4,456</td><td>+856</td><td>-2,146</td><td>-65</td><td>-2,148</td><td>-50</td><td>+117</td><td>+138</td></tr><tr><td>April</td><td>-77</td><td>-78</td><td>+2,567</td><td>+827</td><td>-2,138</td><td>-40</td><td>-2,148</td><td>-50</td><td>+100</td><td>+231</td></tr><tr><td>May</td><td>-25</td><td>-95</td><td>+836</td><td>+798</td><td>-2,205</td><td>-40</td><td>-2,147</td><td>-50</td><td>+32</td><td>+150</td></tr><tr><td>June</td><td>-26</td><td>-80</td><td>+3,196</td><td>+955</td><td>-2,238</td><td>-38</td><td>-2,140</td><td>-50</td><td>-10</td><td>+383</td></tr><tr><td>July</td><td>+12</td><td>-102</td><td>+3,849</td><td>+648</td><td>-2,318</td><td>-38</td><td>-2,140</td><td>-50</td><td>-90</td><td>+222</td></tr><tr><td>August</td><td>+36</td><td>-89</td><td>+4,942</td><td>+617</td><td>-2,249</td><td>-38</td><td>-2,138</td><td>-50</td><td>-23</td><td>+245</td></tr><tr><td>September</td><td>+57</td><td>-98</td><td>+4,537</td><td>+516</td><td>-2,231</td><td>-50</td><td>-2,135</td><td>-27</td><td>-19</td><td>+117</td></tr><tr><td>October</td><td>+49</td><td>-89</td><td>+2,921</td><td>+597</td><td>-2,142</td><td>-41</td><td>-2,135</td><td>-28</td><td>+62</td><td>+238</td></tr><tr><td>November</td><td>+52</td><td>-126</td><td>+2,557</td><td>+451</td><td>-2,079</td><td>-41</td><td>-2,135</td><td>-27</td><td>+124</td><td>+292</td></tr><tr><td>December</td><td>+11</td><td>-53</td><td>+2,968</td><td>+568</td><td>-2,149</td><td>-41</td><td>-2,135</td><td>-27</td><td>+54</td><td>+177</td></tr><tr><td>1945-January</td><td>+38</td><td>-77</td><td>+2,374</td><td>+1,698</td><td>-2,042</td><td>-41</td><td>-2,124</td><td>-27</td><td>+150</td><td>+280</td></tr><tr><td>February</td><td>+30</td><td>-99</td><td>+1,321</td><td>+533</td><td>-2,089</td><td>-40</td><td>-2,124</td><td>-27</td><td>+102</td><td>+285</td></tr><tr><td>March</td><td>+24</td><td>-89</td><td>+3,858</td><td>+721</td><td>-2,195</td><td>-40</td><td>-2,124</td><td>-27</td><td>-4</td><td>-37</td></tr><tr><td>April</td><td>+51</td><td>-89</td><td>+2,034</td><td>+1,028</td><td>-2,114</td><td>-41</td><td>-2,123</td><td>-27</td><td>+77</td><td>+84</td></tr><tr><td>May</td><td>+14</td><td>-44</td><td>+1,423</td><td>+908</td><td>-2,127</td><td>-51</td><td>-2,123</td><td>-27</td><td>+74</td><td>+281</td></tr><tr><td>June</td><td>-53</td><td>-13</td><td>+4,023</td><td>+698</td><td>-2,035</td><td>-51</td><td>-2,123</td><td>-27</td><td>+166</td><td>-39</td></tr><tr><td>July</td><td>-24</td><td>+23</td><td>+4,788</td><td>+677</td><td>-2,110</td><td>-51</td><td>-2,123</td><td>-27</td><td>+91</td><td>+46</td></tr><tr><td>August</td><td>-45</td><td>-15</td><td>+5,242</td><td>+451</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>+446</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><tr><td>December</td><td>+56</td><td>+231</td><td>+6,016</td><td>-144</td><td>-2,859</td><td>-53</td><td>-2,536</td><td>-27</td><td>-243</td><td>+83</td></tr></table>
1/ Not available
112
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section II - Outstanding Forward Exchange Contracts, January - December 1945
<table><tr><th colspan="2">(In thousands of dollars)</th><th colspan="9">Currency of:</th></tr><tr><th rowspan="2">Contracts as of end of month</th><th rowspan="2">Grand total</th><th colspan="9">Europe (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total:</td><td>3,851</td><td>1,437</td><td>649</td><td>3</td><td>519</td><td>-</td><td>-</td><td>248</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-January</td><td>3,897</td><td>1,308</td><td>519</td><td>3</td><td>519</td><td>-</td><td>-</td><td>248</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>3,684</td><td>1,005</td><td>452</td><td>3</td><td>283</td><td>-</td><td>-</td><td>248</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</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>April</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>May</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>June</td><td>6,088</td><td>2,454</td><td>2,338</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</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>August</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>September</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>October</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>November</td><td>18,943</td><td>12,391</td><td>12,190</td><td>3</td><td>-</td><td>-</td><td>-</td><td>81</td><td>111</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</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 foreign customers:</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>1945-January</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>February</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>March</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>April</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>May</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>June</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>July</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>August</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>September</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>October</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>November</td><td>2,267</td><td>950</td><td>840</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</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>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>1945-January</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>February</td><td>1,411</td><td>602</td><td>328</td><td>3</td><td>171</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</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>April</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>May</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>June</td><td>3,939</td><td>2,386</td><td>2,270</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>5,988</td><td>4,662</td><td>4,553</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>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>September</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>October</td><td>19,953</td><td>12,783</td><td>12,653</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>17</td></tr><tr><td>November</td><td>16,676</td><td>11,441</td><td>11,350</td><td>3</td><td>-</td><td>-</td><td>-</td><td>81</td><td>1</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total:</td><td>5,820</td><td>3,868</td><td>1,972</td><td>2</td><td>679</td><td>-</td><td>10</td><td>1,150</td><td>-</td><td>1</td><td>-</td></tr><tr><td>1945-January</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>February</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>March</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>April</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>May</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>June</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>July</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>August</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>September</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>354</td></tr><tr><td>October</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>383</td><td>158</td><td>1</td><td>51</td></tr><tr><td>November</td><td>29,226</td><td>19,668</td><td>18,967</td><td>2</td><td>51</td><td>-</td><td>11</td><td>379</td><td>200</td><td>1</td><td>51</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To foreign customers:</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>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>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>March</td><td>1,062</td><td>988</td><td>468</td><td>-</td><td>310</td><td>-</td><td>-</td><td>230</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</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>May</td><td>1,138</td><td>678</td><td>628</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</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>July</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>August</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>September</td><td>2,000</td><td>1,645</td><td>1,289</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>346</td></tr><tr><td>October</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>316</td></tr><tr><td>November</td><td>2,593</td><td>1,017</td><td>916</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>51</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To domestic customers:</td><td>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>1945-January</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>February</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>March</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>April</td><td>6,610</td><td>2,264</td><td>1,782</td><td>2</td><td>20</td><td>-</td><td>10</td><td>412</td><td>5</td><td>1</td><td>-</td></tr><tr><td>May</td><td>10,261</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>June</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>July</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>August</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>4</td></tr><tr><td>September</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>8</td></tr><tr><td>October</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>383</td><td>158</td><td>1</td><td>8</td></tr><tr><td>November</td><td>26,633</td><td>18,651</td><td>18,051</td><td>2</td><td>1</td><td>-</td><td>11</td><td>379</td><td>200</td><td>1</td><td>51</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
June 1946
113
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section II
- Outstanding Forward Exchange Contracts, January - December 1945 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Contracts as of end of month</th><th colspan="9">Currency of:</th></tr><tr><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>Switzer-land</th><th>Other Europe</th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (in-cluding Korea and Manchurie)</th><th>Other Asia</th></tr><tr><td colspan="11">Purchase contracts</td></tr></table>
<table><tr><td>Total:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>17</td><td>1</td><td>777</td><td>336</td><td>1,297</td><td>380</td><td>824</td><td>-</td><td>93</td><td>4</td></tr><tr><td>February</td><td>17</td><td>2</td><td>1,291</td><td>-</td><td>1,297</td><td>380</td><td>824</td><td>-</td><td>93</td><td>1</td></tr><tr><td>March</td><td>17</td><td>2</td><td>1,404</td><td>-</td><td>1,253</td><td>380</td><td>824</td><td>-</td><td>49</td><td>22</td></tr><tr><td>April</td><td>17</td><td>8</td><td>1,136</td><td>6</td><td>1,301</td><td>380</td><td>824</td><td>-</td><td>97</td><td>42</td></tr><tr><td>May</td><td>17</td><td>2</td><td>2,843</td><td>750</td><td>1,305</td><td>380</td><td>824</td><td>-</td><td>101</td><td>-</td></tr><tr><td>June</td><td>17</td><td>2</td><td>2,219</td><td>129</td><td>1,331</td><td>380</td><td>824</td><td>-</td><td>127</td><td>-</td></tr><tr><td>July</td><td>17</td><td>2</td><td>2,196</td><td>129</td><td>1,309</td><td>380</td><td>824</td><td>-</td><td>105</td><td>-</td></tr><tr><td>August</td><td>-</td><td>2</td><td>1,868</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>5</td></tr><tr><td>September</td><td>190</td><td>3</td><td>1,427</td><td>3</td><td>1,300</td><td>380</td><td>824</td><td>-</td><td>96</td><td>149</td></tr><tr><td>October</td><td>-</td><td>4</td><td>5,156</td><td>1</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>December</td><td>-</td><td>6</td><td>3,714</td><td>1,531</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>103</td></tr><tr><td>From foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-January</td><td>-</td><td>-</td><td>-</td><td>336</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>1</td></tr><tr><td>February</td><td>-</td><td>1</td><td>538</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>1</td></tr><tr><td>March</td><td>-</td><td>-</td><td>666</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>60</td><td>-</td><td>1,237</td><td>380</td><td>824</td><td>-</td><td>33</td><td>1</td></tr><tr><td>May</td><td>-</td><td>-</td><td>1,205</td><td>750</td><td>1,283</td><td>380</td><td>824</td><td>-</td><td>79</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>996</td><td>129</td><td>1,309</td><td>380</td><td>824</td><td>-</td><td>105</td><td>-</td></tr><tr><td>July</td><td>-</td><td>-</td><td>665</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>547</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>-</td></tr><tr><td>September</td><td>190</td><td>-</td><td>235</td><td>-</td><td>1,300</td><td>380</td><td>824</td><td>-</td><td>96</td><td>129</td></tr><tr><td>October</td><td>-</td><td>-</td><td>490</td><td>-</td><td>1,230</td><td>380</td><td>824</td><td>-</td><td>26</td><td>1</td></tr><tr><td>November</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>December</td><td>-</td><td>-</td><td>48</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>65</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>64</td><td>-</td><td>-</td><td>-</td><td>64</td><td>42</td></tr><tr><td>May</td><td>17</td><td>2</td><td>1,638</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>1</td></tr><tr><td>June</td><td>17</td><td>2</td><td>1,223</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>1</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>5</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>20</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>131</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>35</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>38</td></tr><tr><td>December</td><td>-</td><td>6</td><td>3,666</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td></tr></table>
<table><tr><th colspan="12">Sales contracts</th></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><td></td></tr><tr><td>1945-January</td><td>53</td><td>1</td><td>1,209</td><td>566</td><td>134</td><td>19</td><td>-</td><td>4</td><td>111</td><td>43</td></tr><tr><td>February</td><td>53</td><td>2</td><td>1,516</td><td>183</td><td>135</td><td>19</td><td>-</td><td>4</td><td>112</td><td>105</td></tr><tr><td>March</td><td>30</td><td>2</td><td>2,357</td><td>108</td><td>93</td><td>19</td><td>-</td><td>4</td><td>70</td><td>138</td></tr><tr><td>April</td><td>30</td><td>8</td><td>1,890</td><td>88</td><td>309</td><td>19</td><td>-</td><td>4</td><td>286</td><td>81</td></tr><tr><td>May</td><td>30</td><td>2</td><td>3,211</td><td>845</td><td>250</td><td>19</td><td>-</td><td>4</td><td>227</td><td>58</td></tr><tr><td>June</td><td>30</td><td>2</td><td>8,926</td><td>206</td><td>289</td><td>19</td><td>-</td><td>4</td><td>266</td><td>59</td></tr><tr><td>July</td><td>30</td><td>2</td><td>4,592</td><td>650</td><td>230</td><td>19</td><td>-</td><td>4</td><td>207</td><td>1</td></tr><tr><td>August</td><td>-</td><td>2</td><td>3,974</td><td>591</td><td>254</td><td>19</td><td>-</td><td>4</td><td>231</td><td>2</td></tr><tr><td>September</td><td>220</td><td>3</td><td>4,729</td><td>392</td><td>302</td><td>19</td><td>-</td><td>4</td><td>279</td><td>29</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,565</td><td>355</td><td>163</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr><tr><td>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>December</td><td>-</td><td>6</td><td>8,569</td><td>827</td><td>60</td><td>19</td><td>-</td><td>4</td><td>37</td><td>102</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><td></td></tr><tr><td>1945-January</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>74</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>460</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-</td><td>-</td><td>73</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>-</td><td>435</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-</td><td>-</td><td>9</td><td>387</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>355</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>-</td><td>-</td><td>228</td><td>562</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>840</td><td>718</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</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><td></td></tr><tr><td>1945-January</td><td>53</td><td>1</td><td>1,209</td><td>566</td><td>134</td><td>19</td><td>-</td><td>4</td><td>111</td><td>43</td></tr><tr><td>February</td><td>53</td><td>2</td><td>1,516</td><td>183</td><td>135</td><td>19</td><td>-</td><td>4</td><td>112</td><td>105</td></tr><tr><td>March</td><td>30</td><td>2</td><td>2,348</td><td>108</td><td>93</td><td>19</td><td>-</td><td>4</td><td>70</td><td>138</td></tr><tr><td>April</td><td>30</td><td>8</td><td>1,816</td><td>88</td><td>309</td><td>19</td><td>-</td><td>4</td><td>286</td><td>81</td></tr><tr><td>May</td><td>30</td><td>2</td><td>3,193</td><td>845</td><td>250</td><td>19</td><td>-</td><td>4</td><td>227</td><td>58</td></tr><tr><td>June</td><td>30</td><td>2</td><td>8,466</td><td>206</td><td>289</td><td>19</td><td>-</td><td>4</td><td>266</td><td>59</td></tr><tr><td>July</td><td>30</td><td>2</td><td>4,519</td><td>650</td><td>230</td><td>19</td><td>-</td><td>4</td><td>207</td><td>1</td></tr><tr><td>August</td><td>-</td><td>2</td><td>3,974</td><td>156</td><td>254</td><td>19</td><td>-</td><td>4</td><td>231</td><td>2</td></tr><tr><td>September</td><td>220</td><td>3</td><td>4,720</td><td>5</td><td>302</td><td>19</td><td>-</td><td>4</td><td>279</td><td>29</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,565</td><td>-</td><td>163</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr><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><tr><td>December</td><td>-</td><td>6</td><td>7,729</td><td>109</td><td>60</td><td>19</td><td>-</td><td>4</td><td>37</td><td>84</td></tr></table>
114
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section III - Purchases and Sales of Foreign Exchange (Spot and Forward)
January - December 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>Nother-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Purchasesee</td></tr><tr><td>Total purchases: 1945-January</td><td>152</td><td>21,632</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>5,540</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>38,289</td><td>18,066</td><td>13,728</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>317</td><td>326</td></tr><tr><td>February</td><td>1,819</td><td>275</td><td>275</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>51,533</td><td>24,022</td><td>16,235</td><td>25</td><td>250</td><td>-</td><td>-</td><td>528</td><td>469</td><td>518</td></tr><tr><td>Forward</td><td>1,930</td><td>121</td><td>121</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>45,759</td><td>19,834</td><td>14,743</td><td>250</td><td>50</td><td>-</td><td>-</td><td>-</td><td>480</td><td>220</td></tr><tr><td>Spot</td><td>1,983</td><td>165</td><td>165</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>55,879</td><td>25,133</td><td>18,162</td><td>584</td><td>282</td><td>-</td><td>-</td><td>-</td><td>436</td><td>351</td></tr><tr><td>April</td><td>5,226</td><td>157</td><td>157</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>71,280</td><td>29,527</td><td>22,298</td><td>81</td><td>304</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>3,700</td><td>224</td><td>224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>504</td><td>259</td></tr><tr><td>June</td><td>54,160</td><td>26,844</td><td>19,098</td><td>106</td><td>531</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>20</td><td>504</td><td>259</td></tr><tr><td>Forward</td><td>58,112</td><td>32,782</td><td>23,868</td><td>268</td><td>365</td><td>-</td><td>-</td><td>-</td><td>629</td><td>338</td></tr><tr><td>July</td><td>4,985</td><td>3,103</td><td>3,103</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>72,184</td><td>39,946</td><td>33,449</td><td>117</td><td>267</td><td>-</td><td>-</td><td>-</td><td>531</td><td>239</td></tr><tr><td>Forward</td><td>7,306</td><td>5,809</td><td>5,808</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>849</td><td>511</td></tr><tr><td>August</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>7,770</td><td>7,765</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>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>September</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>Spot</td><td>98,936</td><td>54,562</td><td>42,821</td><td>546</td><td>363</td><td>-</td><td>-</td><td>78</td><td>594</td><td>601</td></tr><tr><td>Forward</td><td>9,527</td><td>5,250</td><td>5,250</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Purchases from banks: 1945-January</td></tr><tr><td>Spot</td><td>27,614</td><td>13,100</td><td>8,628</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>330</td><td>661</td></tr><tr><td>Forward</td><td>1,271</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>24,580</td><td>12,048</td><td>7,965</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>316</td><td>284</td></tr><tr><td>Spot</td><td>1,474</td><td>217</td><td>217</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>31,229</td><td>16,404</td><td>9,011</td><td>25</td><td>250</td><td>-</td><td>-</td><td>528</td><td>469</td><td>349</td></tr><tr><td>March</td><td>1,511</td><td>121</td><td>121</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>27,016</td><td>12,138</td><td>7,383</td><td>225</td><td>50</td><td>-</td><td>-</td><td>-</td><td>472</td><td>187</td></tr><tr><td>Forward</td><td>1,416</td><td>104</td><td>104</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>31,232</td><td>14,440</td><td>7,811</td><td>410</td><td>281</td><td>-</td><td>-</td><td>-</td><td>409</td><td>350</td></tr><tr><td>Spot</td><td>4,873</td><td>142</td><td>142</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>46,522</td><td>19,501</td><td>12,460</td><td>71</td><td>295</td><td>-</td><td>-</td><td>210</td><td>334</td><td>461</td></tr><tr><td>June</td><td>3,456</td><td>218</td><td>218</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>32,816</td><td>18,129</td><td>11,132</td><td>97</td><td>428</td><td>-</td><td>-</td><td>20</td><td>446</td><td>259</td></tr><tr><td>Forward</td><td>2,536</td><td>1,220</td><td>1,220</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>31,652</td><td>18,995</td><td>10,498</td><td>266</td><td>339</td><td>-</td><td>-</td><td>-</td><td>608</td><td>327</td></tr><tr><td>Spot</td><td>2,896</td><td>1,674</td><td>1,674</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>36,594</td><td>19,576</td><td>13,329</td><td>114</td><td>255</td><td>-</td><td>-</td><td>-</td><td>528</td><td>236</td></tr><tr><td>September</td><td>4,783</td><td>3,749</td><td>3,748</td><td>184</td><td>37</td><td>-</td><td>-</td><td>44</td><td>509</td><td>482</td></tr><tr><td>Spot</td><td>48,043</td><td>25,846</td><td>17,289</td><td>184</td><td>37</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>October</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>Forward</td><td>62,666</td><td>41,111</td><td>30,871</td><td>248</td><td>347</td><td>-</td><td>-</td><td>76</td><td>592</td><td>597</td></tr><tr><td>November</td><td>6,115</td><td>3,036</td><td>3,036</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>19,233</td><td>8,592</td><td>8,304</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>65</td></tr><tr><td>Spot</td><td>269</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>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>February</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>Spot</td><td>20,304</td><td>7,618</td><td>7,224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>169</td></tr><tr><td>Forward</td><td>419</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>18,743</td><td>7,746</td><td>7,355</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>33</td></tr><tr><td>Spot</td><td>567</td><td>61</td><td>61</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>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>April</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>Spot</td><td>24,758</td><td>10,026</td><td>9,838</td><td>10</td><td>9</td><td>-</td><td>-</td><td>9</td><td>8</td><td>11</td></tr><tr><td>Forward</td><td>244</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>21,344</td><td>8,715</td><td>7,966</td><td>9</td><td>103</td><td>-</td><td>-</td><td>-</td><td>58</td><td>-</td></tr><tr><td>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>Forward</td><td>16,460</td><td>13,777</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>June</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>Spot</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>Forward</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>July</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>3,495</td><td>1,023</td><td>1,023</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>August</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><tr><td>Spot</td><td>36,270</td><td>13,451</td><td>11,950</td><td>298</td><td>16</td><td>-</td><td>-</td><td>2</td><td>2</td><td>4</td></tr><tr><td>September</td><td>3,412</td><td>2,214</td><td>2,214</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>1,955</td><td>1,023</td><td>1,023</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>23,944</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>Forward</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><tr><td>November</td><td>36,270</td><td>13,451</td><td>11,950</td><td>298</td><td>16</td><td>-</td><td>-</td><td>2</td><td>2</td><td>4</td></tr><tr><td>December</td><td>3,412</td><td>2,214</td><td>2,214</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
June 1946
115
Posit
10. Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Section II
- Purchases and Sales of Foreign Exchange (Spot and Forward)
January - December 1945 - (Continued)
(In thous
(ands 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>460</td><td>5,184</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>Spot</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>Forward</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>March</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>Spot</td><td>-</td><td>-</td><td>-</td><td>3,999</td><td>956</td><td>114</td><td>-</td><td>114</td><td>-</td></tr><tr><td>Forward</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>April</td><td>1,042</td><td>5,066</td><td>218</td><td>31,417</td><td>4,015</td><td>738</td><td>-</td><td>738</td><td>3,618</td></tr><tr><td>Spot</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>Forward</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>May</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>June</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>Spot</td><td>17</td><td>-</td><td>-</td><td>7,123</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Forward</td><td>1,358</td><td>5,421</td><td>2,780</td><td>32,228</td><td>4,245</td><td>2,367</td><td>-</td><td>2,367</td><td>5,534</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-</td><td>4,112</td><td>-</td><td>100</td><td>-</td><td>100</td><td>65</td></tr><tr><td>August</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>Purchases from banks: 1945-January</td><td>249</td><td>3,207</td><td>26</td><td>1,050</td><td>3,132</td><td>646</td><td>-</td><td>646</td><td>2,045</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>6,709</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>400</td><td>5,297</td><td>75</td><td>1,257</td><td>3,242</td><td>759</td><td>-</td><td>759</td><td>1,630</td></tr><tr><td>February</td><td>287</td><td>3,481</td><td>48</td><td>1,373</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>March</td><td>776</td><td>4,788</td><td>106</td><td>20,997</td><td>3,385</td><td>1,031</td><td>-</td><td>1,031</td><td>1,608</td></tr><tr><td>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>April</td><td>919</td><td>5,967</td><td>71</td><td>1,301</td><td>1,767</td><td>768</td><td>-</td><td>768</td><td>1,771</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>8,351</td><td>-</td><td>46</td><td>-</td><td>46</td><td>-</td></tr><tr><td>Forward</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>May</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>Spot</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>Forward</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>June</td><td>1,275</td><td>5,273</td><td>1,832</td><td>15,201</td><td>2,681</td><td>2,353</td><td>-</td><td>2,353</td><td>1,320</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>2,914</td><td>-</td><td>100</td><td>-</td><td>100</td><td>65</td></tr><tr><td>Forward</td><td>1,275</td><td>5,273</td><td>1,832</td><td>15,201</td><td>2,681</td><td>2,353</td><td>-</td><td>2,353</td><td>1,320</td></tr><tr><td>July</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>Purchases from others: 1945-January</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>Spot</td><td>-</td><td>-</td><td>-</td><td>287</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>August</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>378</td><td>41</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>57</td><td>25</td><td>57</td><td>8,485</td><td>21</td><td>-</td><td>-</td><td>-</td><td>1,994</td></tr><tr><td>September</td><td>38</td><td>33</td><td>70</td><td>10,990</td><td>717</td><td>34</td><td>-</td><td>34</td><td>2,247</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>304</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>454</td><td>36</td><td>89</td><td>9,750</td><td>1,045</td><td>25</td><td>-</td><td>25</td><td>2,430</td></tr><tr><td>October</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>1,833</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>660</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>2,330</td></tr><tr><td>November</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>2,868</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>December</td><td>83</td><td>148</td><td>948</td><td>17,027</td><td>1,564</td><td>14</td><td>-</td><td>14</td><td>4,214</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,198</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>83</td><td>148</td><td>948</td><td>17,027</td><td>1,564</td><td>14</td><td>-</td><td>14</td><td>4,214</td></tr></table>
(Continued on followin
g page)
116
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section III - Purchases and Sales of Foreign Exchange (Spot and Forward)
January - December 1945 - (Continued
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Currency of: Europe</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Sales</td></tr><tr><td>Total sales: 1945-January</td><td>41,883</td><td>21,401</td><td>16,651</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>322</td><td>722</td></tr><tr><td>Spot</td><td>2,099</td><td>291</td><td>291</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>39,784</td><td>19,153</td><td>14,809</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>321</td><td>327</td></tr><tr><td>February</td><td>40,392</td><td>19,153</td><td>14,809</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>321</td><td>327</td></tr><tr><td>Spot</td><td>3,128</td><td>479</td><td>479</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>37,264</td><td>18,674</td><td>14,330</td><td>25</td><td>236</td><td>-</td><td>-</td><td>-</td><td>438</td><td>518</td></tr><tr><td>March</td><td>45,449</td><td>22,555</td><td>15,328</td><td>25</td><td>236</td><td>-</td><td>-</td><td>-</td><td>11</td><td>518</td></tr><tr><td>Spot</td><td>3,824</td><td>149</td><td>138</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>41,625</td><td>22,406</td><td>15,190</td><td>25</td><td>236</td><td>46</td><td>-</td><td>11</td><td>479</td><td>223</td></tr><tr><td>April</td><td>45,854</td><td>20,067</td><td>15,134</td><td>236</td><td>46</td><td>-</td><td>-</td><td>-</td><td>479</td><td>223</td></tr><tr><td>Spot</td><td>3,172</td><td>197</td><td>197</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>42,682</td><td>19,870</td><td>14,937</td><td>236</td><td>46</td><td>-</td><td>-</td><td>-</td><td>479</td><td>223</td></tr><tr><td>May</td><td>53,964</td><td>23,561</td><td>16,825</td><td>572</td><td>142</td><td>-</td><td>-</td><td>-</td><td>412</td><td>348</td></tr><tr><td>Spot</td><td>6,411</td><td>1,506</td><td>1,506</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>47,553</td><td>22,055</td><td>15,319</td><td>572</td><td>142</td><td>-</td><td>-</td><td>-</td><td>412</td><td>348</td></tr><tr><td>June</td><td>60,938</td><td>28,314</td><td>21,284</td><td>82</td><td>256</td><td>-</td><td>-</td><td>-</td><td>356</td><td>471</td></tr><tr><td>Spot</td><td>11,020</td><td>495</td><td>495</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>49,918</td><td>27,819</td><td>19,789</td><td>82</td><td>256</td><td>-</td><td>-</td><td>-</td><td>356</td><td>471</td></tr><tr><td>July</td><td>54,613</td><td>31,826</td><td>24,143</td><td>106</td><td>581</td><td>-</td><td>-</td><td>176</td><td>533</td><td>265</td></tr><tr><td>Spot</td><td>7,342</td><td>2,592</td><td>2,592</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>47,271</td><td>29,234</td><td>21,551</td><td>106</td><td>581</td><td>-</td><td>-</td><td>176</td><td>533</td><td>265</td></tr><tr><td>August</td><td>53,167</td><td>30,109</td><td>20,791</td><td>270</td><td>343</td><td>-</td><td>-</td><td>2</td><td>650</td><td>340</td></tr><tr><td>Spot</td><td>6,298</td><td>3,156</td><td>3,139</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>46,869</td><td>26,953</td><td>17,652</td><td>270</td><td>343</td><td>-</td><td>-</td><td>2</td><td>650</td><td>340</td></tr><tr><td>September</td><td>75,980</td><td>46,874</td><td>40,421</td><td>118</td><td>267</td><td>-</td><td>-</td><td>-</td><td>533</td><td>238</td></tr><tr><td>Spot</td><td>9,626</td><td>5,419</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>66,354</td><td>41,455</td><td>34,003</td><td>118</td><td>267</td><td>-</td><td>-</td><td>-</td><td>533</td><td>238</td></tr><tr><td>October</td><td>78,309</td><td>37,995</td><td>28,814</td><td>261</td><td>83</td><td>-</td><td>-</td><td>17</td><td>797</td><td>518</td></tr><tr><td>Spot</td><td>15,307</td><td>8,105</td><td>7,712</td><td>12</td><td>83</td><td>-</td><td>-</td><td>-</td><td>35</td><td>518</td></tr><tr><td>Forward</td><td>63,002</td><td>29,890</td><td>21,102</td><td>261</td><td>83</td><td>-</td><td>-</td><td>17</td><td>797</td><td>518</td></tr><tr><td>November</td><td>83,516</td><td>49,663</td><td>40,432</td><td>343</td><td>212</td><td>-</td><td>-</td><td>148</td><td>552</td><td>642</td></tr><tr><td>Spot</td><td>17,775</td><td>9,091</td><td>8,958</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>124</td><td>642</td></tr><tr><td>Forward</td><td>65,741</td><td>40,572</td><td>31,474</td><td>343</td><td>212</td><td>-</td><td>-</td><td>148</td><td>552</td><td>642</td></tr><tr><td>December</td><td>85,433</td><td>51,857</td><td>41,192</td><td>516</td><td>364</td><td>-</td><td>-</td><td>64</td><td>615</td><td>595</td></tr><tr><td>Spot</td><td>19,340</td><td>7,564</td><td>7,209</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>595</td></tr><tr><td>Forward</td><td>66,093</td><td>44,293</td><td>33,983</td><td>516</td><td>364</td><td>-</td><td>-</td><td>64</td><td>615</td><td>595</td></tr><tr><td colspan="11">Sales to banks: 1945-January</td></tr><tr><td>Spot</td><td>19,704</td><td>9,517</td><td>8,155</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>62</td><td>565</td></tr><tr><td>Forward</td><td>1,051</td><td>141</td><td>141</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>15,492</td><td>6,895</td><td>5,998</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>149</td><td>158</td></tr><tr><td>Spot</td><td>1,030</td><td>242</td><td>242</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>14,462</td><td>6,653</td><td>5,756</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>149</td><td>158</td></tr><tr><td>March</td><td>17,477</td><td>7,324</td><td>6,140</td><td>1</td><td>186</td><td>-</td><td>-</td><td>-</td><td>184</td><td>184</td></tr><tr><td>Spot</td><td>927</td><td>101</td><td>101</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>16,550</td><td>7,223</td><td>6,039</td><td>1</td><td>186</td><td>-</td><td>-</td><td>-</td><td>184</td><td>184</td></tr><tr><td>April</td><td>18,000</td><td>7,532</td><td>6,639</td><td>-</td><td>26</td><td>-</td><td>-</td><td>11</td><td>231</td><td>118</td></tr><tr><td>Spot</td><td>1,031</td><td>114</td><td>114</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>16,969</td><td>7,418</td><td>6,525</td><td>-</td><td>26</td><td>-</td><td>-</td><td>11</td><td>231</td><td>118</td></tr><tr><td>May</td><td>21,137</td><td>9,599</td><td>8,259</td><td>192</td><td>26</td><td>-</td><td>-</td><td>-</td><td>133</td><td>204</td></tr><tr><td>Spot</td><td>1,325</td><td>282</td><td>282</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>19,812</td><td>9,317</td><td>8,977</td><td>192</td><td>26</td><td>-</td><td>-</td><td>-</td><td>133</td><td>204</td></tr><tr><td>June</td><td>22,715</td><td>10,895</td><td>9,432</td><td>8</td><td>35</td><td>-</td><td>-</td><td>-</td><td>92</td><td>246</td></tr><tr><td>Spot</td><td>2,132</td><td>319</td><td>319</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>20,583</td><td>10,576</td><td>9,113</td><td>8</td><td>35</td><td>-</td><td>-</td><td>-</td><td>92</td><td>246</td></tr><tr><td>July</td><td>22,851</td><td>14,465</td><td>12,590</td><td>13</td><td>181</td><td>-</td><td>-</td><td>-</td><td>245</td><td>238</td></tr><tr><td>Spot</td><td>2,889</td><td>1,399</td><td>1,399</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>20,962</td><td>13,066</td><td>11,191</td><td>13</td><td>181</td><td>-</td><td>-</td><td>-</td><td>245</td><td>238</td></tr><tr><td>August</td><td>22,635</td><td>13,309</td><td>10,951</td><td>8</td><td>16</td><td>-</td><td>-</td><td>-</td><td>343</td><td>276</td></tr><tr><td>Spot</td><td>2,180</td><td>1,741</td><td>1,741</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>20,455</td><td>11,568</td><td>9,210</td><td>8</td><td>16</td><td>-</td><td>-</td><td>-</td><td>343</td><td>276</td></tr><tr><td>September</td><td>43,818</td><td>27,278</td><td>25,715</td><td>13</td><td>14</td><td>-</td><td>-</td><td>-</td><td>171</td><td>189</td></tr><tr><td>Spot</td><td>4,806</td><td>3,905</td><td>3,905</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>39,012</td><td>23,373</td><td>21,810</td><td>13</td><td>14</td><td>-</td><td>-</td><td>-</td><td>171</td><td>189</td></tr><tr><td>October</td><td>34,291</td><td>15,775</td><td>12,974</td><td>73</td><td>40</td><td>-</td><td>-</td><td>2</td><td>438</td><td>431</td></tr><tr><td>Spot</td><td>8,129</td><td>4,423</td><td>4,077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>26,162</td><td>11,352</td><td>8,897</td><td>73</td><td>40</td><td>-</td><td>-</td><td>2</td><td>438</td><td>431</td></tr><tr><td>November</td><td>33,132</td><td>17,885</td><td>15,208</td><td>75</td><td>77</td><td>-</td><td>-</td><td>3</td><td>136</td><td>433</td></tr><tr><td>Spot</td><td>8,010</td><td>5,248</td><td>5,240</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>25,122</td><td>12,637</td><td>10,000</td><td>75</td><td>77</td><td>-</td><td>-</td><td>3</td><td>136</td><td>433</td></tr><tr><td>December</td><td>34,499</td><td>18,922</td><td>15,551</td><td>290</td><td>75</td><td>-</td><td>-</td><td>-</td><td>313</td><td>520</td></tr><tr><td>Spot</td><td>8,259</td><td>5,112</td><td>4,720</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>26,240</td><td>13,810</td><td>10,831</td><td>290</td><td>75</td><td>-</td><td>-</td><td>-</td><td>313</td><td>520</td></tr><tr><td colspan="11">Sales to others: 1945-January</td></tr><tr><td>Spot</td><td>25,179</td><td>11,884</td><td>8,436</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>260</td><td>157</td></tr><tr><td>Forward</td><td>1,048</td><td>150</td><td>150</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>24,900</td><td>12,258</td><td>8,811</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>172</td><td>169</td></tr><tr><td>Spot</td><td>2,098</td><td>237</td><td>237</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>22,802</td><td>12,021</td><td>8,574</td><td>14</td><td>-</td><td>-</td><td>-</td><td>-</td><td>172</td><td>169</td></tr><tr><td>March</td><td>27,972</td><td>15,231</td><td>9,188</td><td>24</td><td>50</td><td>-</td><td>-</td><td>-</td><td>254</td><td>334</td></tr><tr><td>Spot</td><td>2,897</td><td>48</td><td>37</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>11</td><td>334</td></tr><tr><td>Forward</td><td>25,075</td><td>15,183</td><td>8,915</td><td>24</td><td>50</td><td>-</td><td>-</td><td>-</td><td>254</td><td>334</td></tr><tr><td>April</td><td>27,854</td><td>12,535</td><td>8,495</td><td>236</td><td>20</td><td>-</td><td>-</td><td>-</td><td>248</td><td>105</td></tr><tr><td>Spot</td><td>2,141</td><td>63</td><td>63</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>25,713</td><td>12,472</td><td>8,432</td><td>236</td><td>20</td><td>-</td><td>-</td><td>-</td><td>248</td><td>105</td></tr><tr><td>May</td><td>32,827</td><td>13,962</td><td>8,566</td><td>380</td><td>116</td><td>-</td><td>-</td><td>-</td><td>279</td><td>144</td></tr><tr><td>Spot</td><td>5,116</td><td>1,224</td><td>1,224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>27,711</td><td>12,738</td><td>7,342</td><td>380</td><td>116</td><td>-</td><td>-</td><td>-</td><td>279</td><td>144</td></tr><tr><td>June</td><td>38,223</td><td>17,419</td><td>11,852</td><td>74</td><td>221</td><td>-</td><td>-</td><td>-</td><td>264</td><td>225</td></tr><tr><td>Spot</td><td>8,888</td><td>176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>29,335</td><td>17,243</td><td>11,676</td><td>74</td><td>221</td><td>-</td><td>-</td><td>-</td><td>264</td><td>225</td></tr><tr><td>July</td><td>31,762</td><td>17,361</td><td>11,553</td><td>93</td><td>400</td><td>-</td><td>-</td><td>176</td><td>288</td><td>27</td></tr><tr><td>Spot</td><td>4,453</td><td>1,193</td><td>1,193</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>27,309</td><td>16,168</td><td>10,360</td><td>93</td><td>400</td><td>-</td><td>-</td><td>176</td><td>288</td><td>27</td></tr><tr><td>August</td><td>30,532</td><td>16,800</td><td>9,840</td><td>262</td><td>367</td><td>-</td><td>-</td><td>2</td><td>307</td><td>64</td></tr><tr><td>Spot</td><td>4,118</td><td>1,415</td><td>1,398</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>26,414</td><td>15,385</td><td>8,442</td><td>262</td><td>367</td><td>-</td><td>-</td><td>2</td><td>307</td><td>64</td></tr><tr><td>September</td><td>32,162</td><td>19,596</td><td>14,706</td><td>105</td><td>253</td><td>-</td><td>-</td><td>-</td><td>362</td><td>49</td></tr><tr><td>Spot</td><td>4,820</td><td>1,514</td><td>1,513</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>27,342</td><td>
(Continued on following page)
June 1946
117
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section III - Purchases and Sales of Foreign Exchange (Spot and Forward)
January - December 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">Sales</td></tr><tr><td>Total sales: 1945-January</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>Spot</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>Forward</td><td>297</td><td>3,306</td><td>79</td><td>12,143</td><td>4,747</td><td>708</td><td>-</td><td>708</td><td>3,641</td></tr><tr><td>February</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>Spot</td><td>475</td><td>5,393</td><td>142</td><td>14,637</td><td>3,725</td><td>861</td><td>-</td><td>861</td><td>3,671</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,575</td><td>54</td><td>2</td><td>-</td><td>2</td><td>144</td></tr><tr><td>March</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>Spot</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>Forward</td><td>479</td><td>4,652</td><td>131</td><td>21,702</td><td>4,437</td><td>865</td><td>-</td><td>865</td><td>3,399</td></tr><tr><td>April</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>Spot</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>Forward</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>May</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>Spot</td><td>-</td><td>17</td><td>-</td><td>2,391</td><td>41</td><td>110</td><td>-</td><td>110</td><td>-</td></tr><tr><td>Forward</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>June</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>Spot</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>Forward</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>July</td><td>8</td><td>5,725</td><td>1,654</td><td>8,328</td><td>356</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>1,132</td><td>-</td><td>652</td><td>23,472</td><td>3,445</td><td>2,800</td><td>-</td><td>2,800</td><td>3,859</td></tr><tr><td>Forward</td><td>52</td><td>5,725</td><td>-</td><td>10,174</td><td>1,015</td><td>122</td><td>-</td><td>122</td><td>65</td></tr><tr><td colspan="10">Sales to banks: 1945-January</td></tr><tr><td>Spot</td><td>392</td><td>323</td><td>20</td><td>8,023</td><td>555</td><td>74</td><td>-</td><td>74</td><td>1,535</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>877</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33</td></tr><tr><td>February</td><td>183</td><td>396</td><td>11</td><td>6,269</td><td>886</td><td>35</td><td>-</td><td>35</td><td>1,407</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>771</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>March</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>Spot</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>Forward</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>April</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>Spot</td><td>-</td><td>-</td><td>-</td><td>1,813</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>May</td><td>783</td><td>882</td><td>50</td><td>7,475</td><td>311</td><td>209</td><td>-</td><td>209</td><td>1,451</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>439</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>June</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>Spot</td><td>346</td><td>-</td><td>-</td><td>3,703</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Forward</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>2,104</td></tr><tr><td>July</td><td>667</td><td>1,018</td><td>488</td><td>12,456</td><td>593</td><td>250</td><td>-</td><td>250</td><td>2,278</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>392</td><td>3,142</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>August</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>Spot</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>Forward</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>September</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>Spot</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>Forward</td><td>331</td><td>4,041</td><td>105</td><td>12,088</td><td>4,802</td><td>783</td><td>-</td><td>783</td><td>1,792</td></tr><tr><td>October</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>Spot</td><td>-</td><td>-</td><td>-</td><td>8,381</td><td>41</td><td>90</td><td>-</td><td>90</td><td>-</td></tr><tr><td>Forward</td><td>407</td><td>4,286</td><td>131</td><td>8,302</td><td>3,323</td><td>689</td><td>-</td><td>689</td><td>2,087</td></tr><tr><td>November</td><td>532</td><td>5,307</td><td>119</td><td>8,758</td><td>4,487</td><td>776</td><td>-</td><td>776</td><td>1,907</td></tr><tr><td>Spot</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>Forward</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>December</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>Spot</td><td>-</td><td>-</td><td>-</td><td>3,253</td><td>187</td><td>56</td><td>-</td><td>56</td><td>20</td></tr><tr><td>Forward</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>January</td><td>465</td><td>4,707</td><td>1,166</td><td>11,016</td><td>2,852</td><td>2,550</td><td>-</td><td>2,550</td><td>1,581</td></tr><tr><td>Spot</td><td>52</td><td>-</td><td>270</td><td>7,032</td><td>1,010</td><td>122</td><td>-</td><td>122</td><td>65</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>
Treasury Dept. HJ 10 Treasury Bulletin A2 1946 c.2
U.S. TREASURY LIBRARY
0031945