TREASURY DEPARTMENT LIBRARY ROOM 5013
LIBRARY
ROOM 5030
JUN 2.1 1972
TREASURY DEPARTMENT
reas. HJ 10 1A2 C.2
COPY No.1
TREASURY
BULLETIN
JULY-1946
LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
LIBRARY ROOM 5013 JUL 2 4 1965
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
July 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>Leading the way to enduring peace and prosperity (speech by the Secretary of the Treasury)</td><td>A-1</td></tr><tr><td>Treasury market financing</td><td>A-8</td></tr><tr><td>Bank purchases of restricted Treasury bonds</td><td>A-9</td></tr><tr><td>Assets and liabilities of all active banks in the United States, December 31, 1939 through December 31, 1945</td><td>A-11</td></tr><tr><td>Statistical section:</td><td></td></tr><tr><td>Summary of fiscal statistics</td><td>1</td></tr><tr><td>Receipts and expenditures and appropriations</td><td>4</td></tr><tr><td>General fund of the Treasury</td><td>18</td></tr><tr><td>Public debt and guaranteed obligations of the United States Government</td><td>21</td></tr><tr><td>Ownership of United States Government securities</td><td>48</td></tr><tr><td>Prices and yields of Government securities (including securities issued by Federal agencies)</td><td>56</td></tr><tr><td>Corporations and certain other agencies of the United States Government</td><td>63</td></tr><tr><td>Internal revenue statistics</td><td>77</td></tr><tr><td>Monetary statistics</td><td>82</td></tr><tr><td>Capital movements between the United States and foreign countries</td><td>87</td></tr></table>
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th rowspan="2">Articles</th><th colspan="10">Issue and page number</th></tr><tr><th colspan="5">1946</th><th colspan="5">1945</th></tr><tr><th></th><th>July</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>Sent.</th><th>Aug.</th></tr><tr><td>Leading the way to enduring peace and prosperity.</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 extension of the Price Control Act.</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>before the Senate Committee on Banking and 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>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the House Banking and Currency Committee.</td><td></td><td>A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Looking ahead, one year after VE-Day.</td><td></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></tr><tr><td>Statement by Secretary Vinson on the extension of the Stabilization Act.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>before the Senate Committee 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 property and world property 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 Committee on Banking and Currency.</td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>What we gain from the proposed financial agreement with Britain.</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>Our system of government has stood the test.</td><td></td><td></td><td></td><td></td><td>A-5</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></td><td>A-1</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></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank purchases of restricted Treasury bonds.</td><td>A-9</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Recent trends in corporate profits.</td><td></td><td>A-18</td><td></td><td></td><td>A-11</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></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-6</td><td></td><td>A-6</td><td></td></tr><tr><td>Procedure for redemption of United States excess profit tax refund bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-5</td><td></td></tr><tr><td>Federal Government expenditures for the fiscal years 1940, 1945, and 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-25</td></tr><tr><td>Financial operations of the United States Government. Fiscal year 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Victory Loan Drive, October-December 1945:</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales by issues, by investor classes, and by States.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td></tr><tr><td>Outline of plans and comparison of features of securities offered.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td></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></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></td><td>A-22</td><td></td><td></td><td></td><td></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>A-23</td></tr><tr><td>7th War Loan.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>A-23</td></tr><tr><td>Maturity of Series A bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-27</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></td><td></td><td></td><td></td><td>A-28</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></td><td>A-24</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>Assets and liabilities of all active banks in the United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1939-December 31, 1945.</td><td>A-11</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-7</td><td></td><td></td><td></td></tr><tr><td>December 31, 1939-June 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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 and fiduciary income tax returns:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></td><td>A-10</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></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 employees.</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 fiduciary income tax returns with net taxable individual and fiduciary income tax returns of $5,000 and over for 1943 (advance tabulation).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-33</td></tr><tr><td>Publication of Statistics of Income for 1942. Part I.</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>Corporation income and taxable excess profits tax returns:</td><td></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></tr><tr><td>Preliminary statistics for 1943.</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>Advance tabulation for 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td></tr><tr><td>Complete returns for 1942.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial statistics of certain tax-exempt organisations for 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-23</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal land bank bonds.</td><td></td><td>A-17</td><td></td><td></td><td></td><td></td><td></td><td>A-6</td><td></td><td></td><td></td><td>A-6</td></tr><tr><td>Treasury market financing.</td><td>A-8</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></td><td>A-6</td></tr></table>
(Continued on following page)
July 1946
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Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="9">1946</th><th colspan="6">1945</th></tr><tr><th></th><th>July</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></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><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><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by major classifications</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of receipts from internal revenue</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6-7</td><td>6</td></tr><tr><td>Analysis of general expenditures</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>8</td><td>7</td></tr><tr><td>Analysis of expenditures for war activities</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>9-10</td><td>8-9</td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>10</td><td>11-12</td><td>10</td></tr><tr><td>Trust accounts, etc., receipts and expenditures</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>11</td><td>13</td><td>11</td></tr><tr><td>Means of financing cash requirements</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social security program</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>14</td><td>12</td></tr><tr><td>Social Security 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>13</td><td>15</td><td>13</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>13</td><td>15</td><td>13</td></tr><tr><td>Railroad Unemployment Insurance Act</td><td></td><td></td><td></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 of trust accounts:</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>14</td><td>16</td><td>14</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>14</td><td>16</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>14</td><td>16</td><td>14</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>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>15-16</td><td>17-18</td><td>15-16</td></tr><tr><td>Cash income and outgo of the Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis by major classifications</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>19</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>17</td><td>19</td><td>17</td></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>19</td><td>21</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>20</td><td>22</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>Insurance 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>22</td><td>24</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>22</td><td>24</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 statements</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>23-24</td><td>25-26</td><td>23-24</td></tr><tr><td>Fiscal years, 1936-1945</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>24-25</td><td>26-27</td><td>24-25</td></tr><tr><td>Monthly data</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>26</td><td>28</td><td>26</td></tr><tr><td>Chart</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>27</td><td>29</td><td>27</td></tr><tr><td>Computed interest charge and computed interest rate</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>27</td><td>29</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></td><td></td><td>28</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></td><td>30</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>28</td><td></td></tr><tr><td>September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td></tr><tr><td>October 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td></tr><tr><td>November 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946</td><td></td><td></td><td></td><td></td><td>28</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>28</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></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>May 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>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></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>32</td><td>34</td><td>32</td></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>33</td><td>35</td><td>33</td></tr><tr><td>Offerings and maturities of Treasury bills</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>34-35</td><td>35-37</td><td>34-35</td><td>34-35</td></tr></table>
(Continued on following page)
1v
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="8">1946</th><th colspan="7">1945</th></tr><tr><th></th><th>July</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>Sep.</th><th>Aug.</th></tr><tr><td colspan="11">Public debt and guaranteed obligations of United States Government (continued)</td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series</td><td>36</td><td>36</td><td>36</td><td>36</td><td>36</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</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>37-39</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td></tr><tr><td>Sales by series, classified by denominations</td><td>40</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>38</td><td>38</td></tr><tr><td>Number of pieces sold, classified by denominations</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</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>42-43</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</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>44</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td></tr><tr><td>Fairval savings plans</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury notes - tax and savings series:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions, by series</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td><td>45-46</td></tr><tr><td>Sales, classified by</td><td>46</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>44</td><td>44</td></tr><tr><td>Denomination</td><td>46</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>44</td><td>44</td></tr><tr><td>Type of purchaser</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary of sales and redemptions</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td></tr><tr><td>Sales, classified by denominations</td><td>47</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>45</td><td>45</td></tr><tr><td>Ownership of United States Government securities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary distribution, by holders</td><td>49</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>47</td><td>47</td></tr><tr><td>Estimated ownership by various classes of bank and non-bank investors</td><td>50</td><td>50</td><td>50</td><td>50</td><td>50</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937</td><td>50</td><td>50</td><td>50</td><td>50</td><td>50</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td></tr><tr><td>Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing January 31, 1945):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by banks and insurance companies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</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>51-55</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>49-53</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>49-53</td><td></td><td></td><td></td></tr><tr><td>August 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td></td><td></td><td></td><td></td></tr><tr><td>October 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td>51-55</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1946</td><td></td><td></td><td></td><td>51-55</td><td>51-55</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946</td><td></td><td></td><td>51-55</td><td>51-55</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>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>April 30, 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>Ownership by various classes of Federal Reserve member and nonmember commercial banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>56-60</td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>56-60</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></td><td>56-60</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>56-60</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Prices and yields of Government securities (including securities issued by Federal agencies)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the U. S. Government and by Federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-57</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>55-57</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>55-57</td><td>62-64</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>55-57</td><td></td><td></td><td></td></tr><tr><td>September 29, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-57</td><td>60-62</td><td></td><td></td><td></td></tr><tr><td>October 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>55-57</td><td>55-57</td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td>55-57</td><td>55-57</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td></td><td>57-59</td><td>62-64</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1946</td><td></td><td></td><td></td><td></td><td>57-59</td><td>62-64</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946</td><td></td><td></td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 30, 1946</td><td></td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1946</td><td></td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1946</td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes</td><td>60</td><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></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Yields beginning with 1937</td><td>61</td><td>66</td><td>61</td><td>61</td><td>66</td><td>59</td><td>59</td><td>61</td><td>59</td><td>59</td><td>66</td><td>59</td></tr><tr><td>Chart</td><td>62</td><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></tr></table>
(Continued on following page)
July 1946
V
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="7">Issue and page number</th><th colspan="6">1945</th></tr><tr><th></th><th>July</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></tr><tr><td colspan="13">Corporations and certain other agencies of the U. S. Government</td></tr><tr><td>Assets, liabilities, and capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>69-72-76</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>67-71-75</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>69-73-77</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>69-73-77</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td></td><td>70-72</td><td></td><td></td><td>70-72</td><td></td><td></td><td>68-70</td><td></td><td>70-71</td><td></td><td></td></tr><tr><td>Loans outstanding, classified by type of loan:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-67</td><td></td><td>52-67</td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td>64-69</td><td></td><td></td><td>64-69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td>64-69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expense:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First three months, fiscal year 1946</td><td></td><td></td><td></td><td>70-75</td><td></td><td>68-73</td><td></td><td></td><td></td><td>68-73</td><td></td><td></td></tr><tr><td>First six months, fiscal year 1946</td><td>70-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First nine months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sources and application of funds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First three months, fiscal year 1946</td><td></td><td></td><td></td><td></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></tr><tr><td>First six months, fiscal year 1946</td><td>78</td><td>79</td><td>80</td><td>66</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></tr><tr><td>First nine months, fiscal year 1946</td><td>80-81</td><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></tr><tr><td colspan="13">Internal revenue statistics</td></tr><tr><td>Collections of internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary data</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart</td><td>83</td><td>84</td><td>69-70</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></tr><tr><td>Comparative details for current periods</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>69</td></tr><tr><td colspan="13">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1945</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><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td>67-68</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td>83</td><td>84</td><td>69-70</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></tr><tr><td>Cold assets and liabilities of the Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945</td><td></td><td></td><td></td><td>71</td><td></td><td>69</td><td></td><td></td><td>69</td><td></td><td></td><td>69</td></tr><tr><td>September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td>81</td><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>70</td></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td>84</td><td>85</td><td>72</td><td>83</td><td>85</td><td>70</td><td>81</td><td>84</td><td>71</td><td>82</td><td>85</td><td>71</td></tr><tr><td>Monetary stocks of gold and silver</td><td>84</td><td>85</td><td>72</td><td>83</td><td>85</td><td>70</td><td>81</td><td>84</td><td>71</td><td>82</td><td>85</td><td>71</td></tr><tr><td>Components of silver monetary stock</td><td>85</td><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></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices</td><td>85</td><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></tr><tr><td>Seigniorage on silver, by types</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Money in circulation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Capital movements between the United States and foreign countries</td></tr><tr><td>Discussion of composition of statistics</td><td>88-89</td><td>89</td><td>76</td><td>87</td><td>89</td><td>74</td><td>85</td><td>87</td><td>76</td><td>82</td><td>85</td><td>71</td></tr><tr><td>Summary of net capital movement since 1935</td><td>90-93</td><td>90-106</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></tr><tr><td>Summary by countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>94-96</td><td></td><td></td><td></td></tr><tr><td>Details:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>105-107</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 1945</td><td></td><td></td><td></td><td></td><td>107-109</td><td>92-94</td><td>103-105</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 1945</td><td></td><td></td><td></td><td>105-107</td><td></td><td>92-94</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 1945</td><td></td><td>107-109</td><td>94-96</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 1945</td><td>94-99</td><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></tr><tr><td>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>January-February 1946</td><td>100-107</td><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></tr><tr><td>Position in foreign currencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
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Leading the Way to Enduring Peace and Prosperity
The following address of Secretary Vinson was delivered before the Tri-State Bankers' meeting (Tennessee, Mississippi, and Arkansas) at Memphis, Tennessee on May 23, 1946. It was delivered by Assistant Secretary Foley on behalf of Secretary Vinson who was unable to attend because of official duties.
Our country is the most influential nation in the world. That is a basic fact. It is recognized by the peoples and governments of other nations. Whatever doubt exists arises not as to whether we are the most influential nation, but as to whether we fully realize the import of this basic fact and are ready to accept the leadership and to assume the responsibility that it entails. We must tackle this job in such a way that these doubts vanish. We must accept fully the leadership and responsibility that now rest upon our shoulders, and this job is one that requires our attention and effort day in and day out.
In exercising our leadership and assuming our responsibility, we must first set a good example in our own country. We must continue to be the most freedom-loving and freedom-having people in the world. We must continue to show the world that democracy works, and works well, and that it is the best political system that man has established to govern his relationships with other men. We must continue to be the exemplars of living under justice, law, and order. We have lived through prosperity, depression and war under justice, law, and order, and it is our duty to keep this record unblotted so that all nations may be inspired to live in justice, order, and security.
Our laws so far as possible are broad principles and our laws are applicable to all. And so, our laws are respected and are effective. The men who make, execute, implement and interpret our laws are public servants and have the public interest as their guiding principle. And thus, equity, humanitarianism, and life are added to our system. To say that our government is neither a government of laws or a government of men, is to me a false dichotomy. Ours is a government both of laws and of men.
We must not only set a good example politically, socially, and culturally, but also economically. This requires the maintenance of a sound, expansive economy in our nation. A sound economy means an economy that affords full production and a high national income. A sound economy means an economy that affords work for those who want to work, at a decent return for that work, whether it be as an employee, an
employer or a farmer. In short, a sound economy means that all forms of business activity are going in high gear.
The basic principle underlying that sound economy will be our principle of free enterprise. Our system of free enterprise has built us a great nation. It will build us a greater nation. We must show the world that it is possible for all groups within a nation to have economic security and a full opportunity to reap just rewards for initiative, talent, and industry.
That, in summary, is what we must do in our own country. But we must do a second job in order to discharge our duty of leadership, and that is to be the world's best proponent of international cooperation. This, too, means attention and work on many fronts. We must do everything in our power to achieve genuine cooperation in the political field. The institution of the United Nations must succeed.
We must lead the way in setting a new standard of international law and justice. This includes making the International Court of Justice a respected and meritorious tribunal like our own Supreme Court. In this country we have long accepted the fundamental principle that a man may not be the final judge of his own cause. Gradually this concept must be accepted by the peoples of all the world.
We must lead the way in international cooperation on economic matters. This includes making the International Monetary Fund and the International Bank for Reconstruction and Development effective institutions.
Building the kind of nation and world we want requires constant vigilance and unstinted effort in all of these fields. Tonight, I shall speak chiefly on the economic situation in our country and among nations.
We have had our share of irritations and disappointments since VJ-Day, nine months ago. Not all of our kinfolk and friends could return immediately to be with us. Our responsibility for world order continued beyond the day that actual warfare ceased. Automobiles, refrigerators,
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and nylons did not appear in our stores overnight. A production machine had to be changed over from the ways of war to the ways of peace. Transportation was not always available. Our distribution system could not recover automatically from the strains of war. Many have been creative as a result of wage, price, or raw material problems. Some days it seemed that we solved one problem only to be confronted with another, or two others.
If we step back and view the over-all situation in perspective, however, we readily realize that we have made much progress in the short period of nine months since VJ-Day. Our reconversion is well along. Nearly one hundred thousand war contracts were cancelled overnight when Japan surrendered. More than five million men were discharged from military service by the end of the year. These plants and men have gone back to peace. In fact, our production of peace-time goods reached an all-time high by March. This is difficult to believe, for we do not see it in our stores. Nonetheless, it is a fact, and we shall see the results when the supply lines have been filled.
Our national income is at a high level. Not nearly so many have become unemployed as was expected. While the pressures of inflation have been terrific, a remarkable job has been done. Our values, therefore, are not distorted as we saw into this peacetime high-level economy. While we have had our headaches, we are in a much better position than we were after the first world war. This time we have a fighting chance to do the job right, at home and abroad.
One of the best evidences that we are in good shape is that we are well on our way to balancing the budget, and have already made substantial reductions in the public debt. While our receipts have remained high, our expenditures have been cut in rapid fashion.
The Federal Government spent $9.7 billion last June against $4.2 billion in April, and that rapid decline will continue for some time to come. Contrary to the impression that many like to hold, Washington has made a wholehearted effort to put its budget on a peacetime basis.
We often spend today to save tomorrow. Rapid settlement of war contracts, for example, increases the Government's immediate expendi-
atures, but speeds reconversion to put our economy and the Government's finances in a sounder position for the long haul. Contract settlements have been very rapid; they will be practically completed by the end of this fiscal year. In view of the speed of demobilization and reconversion, and the pushing forward of expenditures which it has involved, I feel that our record of reducing the current rate of total expenditures by over 50 percent since VE-Day is remarkable.
Meanwhile our receipts have been well maintained. During the first ten months of this fiscal year, July 1, 1945, through April 30, 1946, our net receipts were less than 5 percent below the corresponding period the previous year when we were at total war. Unless our receipts and expenditures picture is significantly altered, and the prevention of that includes doing our job in maintaining a sound and expansive economy at home, and doing our part in re-establishing production and trade among the nations, it now appears that we can have a balanced budget by the end of our next fiscal year, June 30, 1947.
In view of the fact that our position is better than we expected, that is, our expenditures are much less, and our receipts are much higher, we are using some of the money on hand to reduce the public debt. By June 15, the debt will be more than $10 billion below its peak reached in February. That is a sizable reduction, and we had no significant reduction before this for 16 years.
We have made a start on the road of high production and income. We should not lose the advantage of this good beginning. We will be helped tremendously in maintaining this high level economy by the fact that we have developed a large reservoir of demand. All through the war, we have done without many consumer goods that we want. We want to improve our standard of living. And we now have what we have not always had - the means to do it. This accumulated demand can, barring inflation, be the flywheel of our production system for a long time to come. All Americans can be more optimistic, with justification, about their future than at any previous time in our history.
This American prosperity which we have, and shall continue to have, is an important factor in the assurance of a stable world economy. It is often said that we cannot have prosperity in
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America if the world is in an unhealthy economic condition. With that I do not disagree, but I emphasize the converse, that the world does not stand a chance of having a sound, stable economy unless we are a prosperous nation.
This is simply one of the corollaries to the basic fact that we are today the most influential nation in the world. We are going to contribute and contribute greatly, to a world that is stable, politically and economically, by having a sound, expansive economy at home.
There are, however, other things we must do to improve the economic situation among the nations. We want high levels of production not only in America, but throughout the world. We want the goods that are created to flow freely among the nations.
Our goal, then, is more production and more trade throughout the world. To accomplish this, we must work to remove the discriminations and restrictions that hamper production and trade. The removal of such economic barriers is, by the very nature of the problem, a joint undertaking. No one nation, no matter how big or strong it may be, can successfully solve a problem wherein the very essence of the problem is the relationship between nations. No one nation can meet an international problem.
The way to solve international problems is to obtain cooperation among the nations. The United States has long advocated this policy of international cooperation. With us, it has been more than a high principle. We have done something about it. We have done something about it, for example, through the Reciprocal Trade Agreements, the Export-Import Bank, the United Nations Relief and Rehabilitation Administration, the International Food and Agricultural Organization, the Social and Economic Council of the United Nations, and the International Monetary Fund and the International Bank for Reconstruction and Development.
I wish to place particular emphasis upon the last two, the World Fund and Bank. At Bretton Woods, representatives of more than 40 countries agreed upon the basic principles that should govern these two institutions. Bretton Woods is perhaps the best example that we have seen of so many nations getting together and working together to solve their common problems in the
interests of bettering the economic relationships among all nations, as well as in their own self-interest.
By the end of 1945, more than enough countries had ratified this work of their representatives so that the organizations could be established. This spring in Savannah, Georgia, there was held the inaugural meeting of the World Fund and Bank. At this meeting there was further implementation of the basic principles which had been agreed to at Bretton Woods. More important, at this meeting there was a re-dedication to the proposition that the nations could live and work together in peace and prosperity. Our faith in the future was refreshed.
These two institutions will go far in removing economic problems that often lead to economic warfare, which usually leads in the end to actual shooting. These institutions are cooperative enterprises of governments. As such they must not become just two more financial institutions.
It is rather difficult for us in America to realize the physical devastation that was caused in many lands by the war. These nations must reconstruct in order that they can produce and take their part in a sound world economy. The International Bank will offer aid to these countries in the reconstruction of their economy, aid which could be secured in no other way. This supplementary aid is to be given on terms fair to both the lender and the borrower. The capital of the Bank will be primarily a surety fund. The loans will be financed almost entirely by private investors.
In the past we have often found nations interfering with the flow of trade between nations. We had many forms of economic warfare in the '30's which included devices such as currency depreciation. Through the International Monetary Fund, the member nations will remove monetary restrictions and substitute fair standards of currency exchange. This will greatly aid in creating a volume of world trade far greater than we have ever had before.
We have, then, developed many concrete, practical measures to wipe out international economic diseases, and are developing more. There are many harmful trade and monetary restrictions existing that are not wanted, but which may be considered necessary until a clear alternative
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can be seen and followed. These other restraictive trade measures should be alleviated or abolished. The United States has proposed that there be established an international trade organization to meet many of these problems. Britain, at the time of the American-British financial agreement, agreed with us on all of the main principles to guide a proposed International Trade Organization.
The financial agreement, moreover, meets directly several of the most important trade and currency obstacles that now exist. Basically, the agreement is a contract between our two countries on trade and currency policies. It has two major aspects. First, it provides that Britain will abolish trade and currency restrictions and discriminations that were in effect during the war and which would be substantial obstacles to peacetime world trade. Second, it provides the financial wherewithal that makes it possible for Britain to remove these restrictions and it requires the repayment of that financial aid.
The underlying purpose of this financial agreement between Britain and the United States is to make it possible to follow the principle of fair and full world trade. A large volume of trade between countries benefits America, benefits Britain, and benefits the whole world.
Our export trade is a vital link in American prosperity. Even when our foreign trade was severely reduced during the '30's, our exports were some 7 or 8 percent of our agricultural and industrial production. Foreign trade meant the difference between prosperity and depression for many of our producers in the factories and on the farms. Of all our foreign trade, no part was more important than that with the British Empire.
It is a noble attribute to learn from experience, and it is a very costly characteristic not to do so. We must not forget the lesson of the decade before the war when our industry and agriculture suffered from trade and currency restrictions. The exports of the United States were harder hit by these devices than those of any other country. In 1923, our share of world exports was 15.8 percent of the world total of $32.5 billion. By 1934, our share of world exports was 11.5 percent of the world total of $18.5 billion. This drastic decline made a large contribution to the severe depression in industry
and the collapse in agriculture that we experienced.
Particularly hard hit were our exports of wheat, cotton, tobacco and lard. From 1925 to 1928, we sold abroad an annual average of more than $1,250 million of these four products. From 1931 to 1934, our annual average was less than $500 million on these four items. The lack of markets abroad for our agricultural products was an important factor in the decline of nearly 60 percent in farm prices in the four years between 1928 and 1932.
Our foreign trade cannot reach the level necessary for American prosperity if the world again resorts to currency and trade restrictions. Unless our producers and 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, fields such as raising cotton, tobacco and wheat, making automobiles, machinery and equipment. We must have a high level of foreign trade to have high levels of production, employment and national income in America. All sectors of our economy, all sections of our country, are directly or indirectly dependent upon that foreign trade.
International economic cooperation and the expansion of trade among all the nations and definitely in the interests of each country and of all countries. When countries exchange their surplus products, they all gain. It means more production and a higher level of income in the country which sells, and it means more goods and a better standard of living in the country which buys.
During the war, Britain adopted certain currency and trade controls. These controls are still in effect. American business cannot afford to see these controls continued.
These wartime controls bring to mind such terms as sterling area, blocked sterling, and the dollar pool. What do these terms mean?
Living in the United States, we are accustomed to money in the form of dollars and cents. We earn dollars and we spend dollars.
Outside of this country, there are other currencies. There are a few currencies of inter-
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country application, but the world-wide currencies are primarily the dollar and the pound sterling. If someone abroad wants to buy your cotton, tobacco, wheat, lard, machine tools, or automobiles, he has to have dollars or be able to change his money into dollars.
In converting money from one form to another, restrictions and obstacles can grow up or be imposed. If there is not free convertibility, there is a brake on trade between the nations that use different forms of currency.
When we speak of the sterling area, we are referring to the countries that use the pound sterling form of currency. These are the countries of the British Empire, except Canada, and some European countries who keep their monetary reserves in the form of sterling in London, Australia, for example, keeps its reserves on deposit in England's banks.
Before the war, the sterling area countries could draw on these reserves to buy goods anywhere in the world. If an Australian firm wanted to buy American cotton, it sold sterling for dollars. During the war, however, Britain had to stop this convertibility of sterling. That meant that sterling was blocked. Its use was restricted. Britain had to say to the countries of the sterling area, to Egypt, India, Australia, and all the rest, your sterling reserves cannot be converted into dollars. You can use your sterling for making payments to each other, but not to outsiders.
The primary reason for restricting the convertibility of sterling was that England did not have enough dollars and gold. During the war, Britain sold $4.5 billion worth of her foreign investments to finance her expenditures. Moreover, she incurred the enormous foreign debt of $13 billion in the form of sterling balances in London banks, and sterling securities in the British Treasury. Britain could not convert such large amounts into dollars or other currencies. She had to block sterling.
Britain had to do more than block sterling. She had to mobilize all of her dollar resources to pay for war needs. This was done through the so-called dollar pool. The dollar pool worked as follows:
When an Egyptian exporter sold goods in the
United States, he turned over the dollars he received to the National Bank of Egypt and received Egyptian pounds. The National Bank of Egypt sold these dollars to the British Treasury for sterling. The dollar receipts of the sterling area were in this way pooled in London. If dollars were needed in the sterling area, application was made to London for an allocation. London allocated the dollars on the basis of the most essential needs. In order to conserve dollars, London made no allocation to buy goods in America if they could be secured from any one of the sterling area countries. This device really puts a brake on buying American goods.
Along with these financial controls there were established direct controls on imports in all sterling area countries. These controls, such as import licences, are used to keep out goods that must be paid for in foreign money. In practice, this meant keeping to a minimum imports from countries that had to be paid for in money other than sterling.
These restrictions are still in effect. They were necessary during the war. They helped Britain in mobilizing her resources and devoting them to war purposes. These devices, however, are dangerous in peace. They restrict trade. To restrict trade in time of peace is to force poverty on the world.
England and the other sterling area countries, as well as ourselves, do not wish these restrictions to be continued. Nonetheless, they might have to be. Britain must find some means to pay for her imports.
Britain, as an island nation, relies heavily upon foreign trade. During the war, what she shipped in and bought and what she shipped out and sold was thrown out of kilter. In 1944, she exported only 30 percent of what she did in 1938. Her export industries were converted to war production. She lost a large part of her merchant fleet. Her income from foreign banking and insurance services declined. She sold many of her most marketable foreign investments and has lost the income from them.
Britain must somehow make good the fall in her foreign income, because she must import heavily to feed her people and her factories. Her exports are off, yet she must import a tremendous volume to live. She does not have the
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dollars to pay for these imports. Moreover, her shortage of dollars means that she cannot make sterling convertible into dollars until the blocked sterling balances are settled. It means that she cannot permit the sterling she pays for her imports to be used freely in any country, and particularly in the United States. It means that she must continue the dollar pool.
To remove Britain's shortage of dollars and to eliminate these obstacles to trade is a major international economic problem. The solution definitely depends upon what America and Britain do. America is the largest exporting country in the world; England is the largest importing country in the world. Between us and the countries in our trading areas, 75 percent of the world trade is done.
A loan to Britain will help balance the difference between what she must buy abroad and what she sells, until she reestablishes a full flow of exports. During this transition period her imports will far exceed her exports. It must be added, however, that though her imports will be large, her resulting standard of living will not be much different from the austere levels she had during the war.
The American-British financial agreement goes directly to the two basic problems of eliminating Britain's shortage of dollars and of removing the currency and trade restrictions. The loan part of this financial agreement opens a line of credit of $3-3/4 billion. This line of credit is a loan, not a gift. The principal must be repaid. It is, moreover, an interest-bearing loan. The interest rate of 2 percent, beginning in 1951, is not a nominal rate, for it is quite comparable to what it costs your government to borrow money.
The agreement provides that this interest will be paid, except under certain temporary depressed conditions which are objectively defined in the agreement. In case of such depressed conditions, it is thought to be far better to waive the interest for that temporary period than to force a default on the entire amount of the loan.
In consideration for the use of the money in the loan, which is to be repaid with interest, Britain promises to remove within a year, unless we agree to a temporary extension, her wartime trade and currency controls.
This means:
1. All countries of the sterling area will be allowed to use the proceeds of their exports to England to buy goods in any other country, including the United States. Sterling arising from current trade will be made fully convertible.
2. All countries of the sterling area will be able to use the dollars they acquire from their trade to make purchases in the United States. The sterling area dollar pool, a most restrictive device, will be dissolved.
3. England's import controls will be administered in a manner that is not discriminatory against American goods. Any export from the United States to England will be paid for in dollars or in sterling that is convertible.
4. England will settle the blocked sterling obligations out of her own resources, not out of the loan. The funds that are released in settling these balances, whether now or later, will be available for purchases in any country, including the United States.
5. England will support the American proposal for the establishment of an international trade organization for the reduction of trade barriers and for the elimination of trade discrimination.
In addition to the fact that the financial aid is a repayable loan, and that Britain will remove the trade and currency controls which I have just discussed, it should be remembered that the bulk of the dollars will be spent in the United States, and those that are not so spent in the first instance, will eventually find their way here. This will increase the business of our industry and agriculture.
This agreement is a big step in preventing economic warfare. It is a big step in creating a world in which countries live and work together in peace and prosperity. For England, it means a chance to feed her people and reconvert her industries in a world of expanding trade. For the United States, it means the opening of the markets of our best customers to the products of our
July 1946
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factories and farms. It means a larger American share in a larger world trade.
The alternative is as unhappy as it is clear. The great danger before us is the division of the world into conflicting blocs. We are trying to meet the economic part of this problem through cooperation in the World Fund and Bank. That has been and will be the policy of the United States. Russia has not yet joined the Fund and Bank. It is hoped that she will become convinced of the advantages of full participation. If we make it possible through the financial agreement for England to adopt the fair currency and trade practices we advocate, there is every prospect that the Fund and Bank will succeed in their work and that all countries will find it advantageous to be in rather than outside these institutions.
If England finds it necessary, however, to keep her wartime currency and trade restrictions,
it will result in a British bloc, an American bloc, and a Russian bloc. Such a development would probably be an unermountable obstacle to peace and prosperity. No country wants that kind of a world, and no country can afford that kind of a world.
Two world wars and a world-wide depression have taught this generation the bitter lesson that the only road to peace and world prosperity is through international cooperation. The political and economic problems of the world cannot continue to be solved by force. That road leads to destruction.
The political and economic problems of the world can and must be solved by international cooperation. We are on our way on this road. It requires hard work, constant attention, and true devotion. But the road leads to the greatest goal that mankind has ever set - enduring prosperity and peace.
Treasury Bulletin
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Treasury Market Financing in May
Historical details of Treasury market financing operations involving bonds, notes, and certificates of indebtedness, beginning with the Fourth War Loan, are published in the tables on pages 32 and 33. Details of weekly Treasury bill offerings are shown on pages 34 and 35.
Refunding and Cash Payment
On May 20, 1946, Secretary of the Treasury Vinson announced that payment would be made in cash for the 3 3/4 Treasury bonds of 1946-48 and the 3-1/8% Treasury bonds of 1946-49 called for redemption on June 15, 1946, as well as for about $2 billion of the $4.8 billion of the 7/8% certificates of indebtedness maturing on June 1, 1946. For the remaining $2.8 billion of maturing certificates, Secretary Vinson announced the offering, on an exchange basis, par for par, of a new issue of one-year 7/8% certificates. Cash subscriptions were not received. Altogether, the maturities in June aggregated $6.7 billion of which $3.9 billion was paid off in cash.
Maturing issues. Details of the three issues maturing in June are shown in the following table:
<table><tr><th>Maturing issues</th><th>Amount outstanding (In millions of dollars)</th><th>Tax status 1/</th></tr><tr><td>7/8% certificates of indebtedness due 6/1/46.....</td><td>4,799</td><td>Taxable</td></tr><tr><td>3% Treasury bonds of 1946-48 called for redemption 6/15/46......</td><td>1,036</td><td>Partially exempt</td></tr><tr><td>3-1/3% Treasury bonds 1946-49 called for redemption 6/15/46......</td><td>819</td><td>Partially exempt</td></tr><tr><td>Total.....................</td><td>6,654</td><td></td></tr></table>
An analysis of the Treasury reports on ownership of Government securities indicates that on April 30, 1946, about 46% of the maturing issues were owned by reporting commercial banks and Federal Reserve Banks. It will be remembered that the maturing certificates were sold in the Seventh War Loan and were thus more widely held by commercial and industrial business firms than most certificates. Many of these holdings had been liquidated in the market to raise funds for reconversion purposes and some of the cash obtained from the present pay-off will be so used. The table below summarizes the ownership figures of the three maturing securities as reported to
the Treasury Survey of Ownership of Securities. Issued by the United States Government and by Federal Agencies, April 30, 1946.
<table><tr><th>Maturing issues</th><th>Total out-standing</th><th colspan="2">Held by</th></tr><tr><th></th><th></th><th>Reporting banks 2/</th><th>All others</th></tr><tr><td colspan="4">(In millions of dollars)</td></tr><tr><td>7/8% certificates of indebtedness due 6/1/46</td><td>4,799</td><td>1,937</td><td>2,863</td></tr><tr><td>3% Treasury bonds of 1946-48 called for redemption 6/15/46</td><td>1,036</td><td>626</td><td>410</td></tr><tr><td>3-1/8% Treasury bonds of 1946-49 called for redemption 6/15/46</td><td>819</td><td>472</td><td>346</td></tr><tr><td>Total</td><td>6,654</td><td>3,035</td><td>3,619</td></tr></table>
<table><tr><th></th><th colspan="3">(In percent)</th></tr><tr><td>7/8% certificates of indebtedness due 6/1/46</td><td>100</td><td>40</td><td>60</td></tr><tr><td>3% Treasury bonds of 1946-48 called for redemption 6/15/46</td><td>100</td><td>60</td><td>40</td></tr><tr><td>3-1/8% Treasury bonds of 1946-49 called for redemption 6/15/46</td><td>100</td><td>58</td><td>42</td></tr><tr><td>Total</td><td>100</td><td>46</td><td>54</td></tr></table>
The figures for April 30 are the latest available. It should be noted that shifts in ownership after that date probably resulted in some increase in the amounts held by banks.
New issue. Since the new one-year certificates were offered in exchange for only $2.8 billion of the $4.8 billion of maturing certificates outstanding, subscriptions were received subject to allotment to all holders on an equal percentage basis, except that subscriptions in amounts up to $25,000 were allotted in full. On May 31, 1946, Secretary Vinson announced that subscriptions for the new offering aggregated $4,168 million. Subscriptions in amounts of $25,000 or less were allotted in full in an amount of $63 million. Subscriptions in amounts of over $25,000 were allotted 66% on a straight
2/ Includes (1) 7,371 commercial banks holding approximately 95% of the United States Government obligations held by all commercial banks in the United States, and (2) Federal Reserve Banks.
1/ For definitions of tax status, see p. 31.
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A-9
percentage basis but not less than $25,000 to any one subscriber and with adjustments to the next highest thousand where necessary. Total allotments amounted to $2,775 million leaving $2,025 million to be paid off in cash.
The new certificates were dated June 1, 1946 and will mature June 1, 1947. Interest at the rate of 7.8% per annum will be payable semi-annually on December 1, 1946 and June 1, 1947,
and is subject to all Federal income taxes.
The certificates were issued in bearer form only in denominations of $1,000, $5,000, $10,000, $100,000, and $1,000,000. The exchange was on a par for par basis. Subscription books closed at the end of business on May 22, except for the receipt of subscriptions from holders of $25,000 or less of the maturing certificates for which they were held open through May 24.
Bank Purchases of Restricted Treasury Bonds
On May 17, 1946, Secretary of the Treasury Vinson announced that he had amended Treasury regulations to permit commercial banks to hold a limited amount of restricted Treasury bonds for trading purposes. He stated that the new arrangement was designed to enable banks to render better service to individuals and corporations wishing to trade in restricted bonds.
The limit on commercial bank holdings of all the restricted issues combined is 1% of demand deposits (excluding war loan deposits and interbank deposits) or $500,000, whichever is less. The bonds so held shall be in addition to and shall be kept in separate accounts from restricted bonds which were acquired in other ways.
Restricted Treasury bonds are those which, with minor exceptions, may not be owned by commercial banks prior to designated dates. The exceptions have been (1) purchases by commercial banks which were permitted concurrently with the 4th, 5th, and 6th War Loans and the Victory Loan for the limited investment of their savings deposits, and (2) temporary acquisitions by commercial banks of restricted issues through forfeiture of collateral. The new arrangement provides for a third exception.
Restrictions on bank ownership of securities were instituted early in the war period, even before the let War Loan, as a part of the Treasury Department's program of combating inflation. The primary objective of this program was to emphasize nonbank purchases of U. S. Government securities. The sale of bank restricted issues was one of the important techniques used in carrying out this policy.
The restricted issues of Treasury bonds to which the new regulation refers are outstanding in the amount of $53.5 billion. Of the $53.5 billion, all issues except one are restricted from commercial bank ownership before 1952. The one exception is the issue of 2-1/4% Treasury bonds of 1956-59 outstanding in the amount of $3.8 billion, which becomes eligible for commercial bank ownership in 1946. There remain $49.6 billion which do not become eligible to commercial banks until sometime in the years 1952 to 1962, or from 6 to 16 years from now. The table below presents a list of the restricted securities classified by the earliest dates upon which commercial banks can own them.
Bank Restricted Treasury Bonds Classified by Earliest Date Eligible for Ownership by Commercial Banks
<table><tr><th>Year issue becomes bank eligible</th><th>Description of issue</th><th>Amount outstanding (In billions of dollars)</th></tr><tr><td>1946</td><td>2-1/4% - 9/15/56-59.</td><td>3.8</td></tr><tr><td>1952</td><td>2-1/4% - 6/15/59-62. 2-1/4% - 12/15/59-62. 2-1/2% - 6/15/62-67. 2-1/2% - 12/15/63-68.</td><td>5.3 3.5 2.1 2.8 13.7</td></tr><tr><td>1953</td><td>2-1/2% - 6/15/64-69. 2-1/2% - 12/15/64-69. Subtotal.</td><td>3.8 3.8 7.6</td></tr><tr><td>1954</td><td>2-1/2% - 3/15/65-70. 2-1/2% - 3/15/66-71. Subtotal.</td><td>5.2 3.5 8.7</td></tr><tr><td>1962</td><td>2-1/2% - 6/15/67-72. 2-1/2% - 12/15/67-72. Subtotal.</td><td>8.0 11.7 19.7</td></tr><tr><td></td><td>Grand total.</td><td>53.5</td></tr></table>
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Treasury Bulletin
As already noted, some of these restricted Treasury bonds were sold to commercial banks concurrently with several of the loans, namely, the 4th, 5th, and 6th War Loans and the Victory Loan. Bank purchases of all the securities made available to them at these times, including the restricted issues, were limited by formulas based upon a specified percentage of commercial bank holdings of savings deposits with a top limit ranging from $200,000 in the 4th War Loan to $500,000 in the 6th War Loan and the Victory Loan. The table below shows the amounts of restricted issues which the commercial banks purchased concurrently with the various loans.
arrangement will, however, have the advantage of facilitating trading in these securities by small investors.
The table below classifies restricted issues outstanding by sales in the various war loans and other sales.
<table><tr><th></th><th>Amount (In millions of dollars)</th></tr><tr><td>4th War Loan</td><td>349</td></tr><tr><td>5th War Loan</td><td>53</td></tr><tr><td>6th War Loan</td><td>72</td></tr><tr><td>Victory Loan</td><td>1,276</td></tr><tr><td>Total</td><td>1,750</td></tr></table>
The effect of the new regulation will be small in relation to the total of $53.5 billion of restricted issues outstanding since maximum bank holdings under the new arrangement are estimated at around $400 million. Combined with unrestricted issues acquired previously, about $2 billion or only 4% of the total may thus be held by commercial banks at any time. The new
<table><tr><th></th><th>Amount (In billions of dollars)</th></tr><tr><td>Sales to nonbank investors: In War Loans:</td><td></td></tr><tr><td>1st War Loan</td><td>2.8</td></tr><tr><td>2nd War Loan</td><td>3.8</td></tr><tr><td>3rd War Loan</td><td>3.8</td></tr><tr><td>4th War Loan</td><td>5.3</td></tr><tr><td>5th War Loan</td><td>2.3</td></tr><tr><td>6th War Loan</td><td>2.7</td></tr><tr><td>7th War Loan</td><td>12.2</td></tr><tr><td>Victory Loan</td><td>12.9</td></tr><tr><td>Total</td><td>45.6</td></tr><tr><td>To Treasury investment accounts 1/. Other 2/.</td><td>3.7 2.4</td></tr><tr><td>Total nonbank investors</td><td>51.7</td></tr><tr><td>Sales to commercial banks concurrently with loans (limited by formula)</td><td>1.8</td></tr><tr><td>Total sales of restricted issues</td><td>53.5</td></tr></table>
1/ Comprises purchases by Treasury investment accounts concurrently with the war loans beginning with the Fourth War Loan. In the first three loans such purchases were included as part of the loan.
2/ Includes sales of one issue before the 1st War Loan and several exchanges for maturing securities.
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A-11
Assets and Liabilities of All Active Banks in the United States December 31, 1939 through December 31, 1945
On May 23, 1946 the Comptroller of the Currency released the regular semi-annual report on assets and liabilities of all active banks in the United States and possessions as of December 31, 1945. The data were compiled from call reports of national banks and from information provided by State bank supervisory authorities on banks under their supervision. The report covers a total of 14,598 banks. Comparable data from earlier reports, starting with December 31, 1939, have been used in the preparation of the accompanying tables.
The highlights of the changes in the banking structure for the six-year period from December 31, 1939 through December 31, 1945, may be summarized as follows:
(1) The asset position of all active banks reached new heights as of December 31, 1945. At the end of the six-year period, total assets aggregated $178.4 billion, more than $100 billion greater than on December 31, 1939.
(2) For the year ending December 31, 1945, total assets showed a greater increase than during any of the preceding war years. This occurred despite the end of the two front war by the end of August of 1945.
(3) During the six-year period, U. S. Government securities held by all active banks increased at a far greater rate than any other asset item. They increased in relation to total assets from 1/4 to more than 1/2.
For the calendar year 1945, however, the increase in holdings of Government securities began to level off noticeably, reflecting in part the fact that the Treasury borrowed considerably less in 1945 than in either 1944 or 1943.
(5) For the first time since the beginning of the war period, loans showed a substantial increase, over $4 billion, during the year ending December 31, 1945. Part of this growth was the result of
the impetus to private borrowing due to the war's end and part resulted from an expansion of loans to carry securities, mostly in connection with the 7th War Loan and the Victory Loan.
(6) For the year ending December 31, 1945, time deposits showed about the same dollar increase as demand deposits. This contrasts with the situation in the early war years when increases in time deposits lagged far behind demand deposits.
(7) The ratio of capital accounts to total deposits has declined during the period from December 31, 1939 through December 31, 1945. The ratio of capital accounts to deposits minus cash and U.S. Government securities, however, has risen.
(8) The two classes of commercial banks - national banks and State commercial banks - have had increases in assets (and liabilities) which were far greater than those of mutual savings banks for the six-year period. This difference in growth between commercial banks and mutual savings banks was a result primarily of two factors: (a) mutual savings banks hold virtually no demand deposits, which accounted for the major increases in commercial bank totals during the period, and (b) the concentration of mutual savings banks in the northeastern part of the country where industrial expansion was not as rapid as in other areas.
The remainder of this article presents a more detailed description of the bank assets and liabilities during the six-year period from December 31, 1939 through 1945.
Summary by Classes of Banks
The latest report on bank assets and liabilities indicates that the growth in bank assets during recent years continued during 1945 despite the end of the war in Europe in May and the complete termination of the war by the end of
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Treasury Bulletin
August. For the year ending December 31, 1945, total assets of all banks increased by $25.4 billion or 17%, with about 60% of the rise occurring in the last half of the year. Assets held by each of the three major classes of banks - national banks, State commercial banks, and mutual savings banks - showed similar percentage increases during the year. As of December 31, 1945, national banks held about half of total bank assets, while State commercial banks accounted for about 40% and mutual savings banks about 10%.
For the six-year period from December 31, 1939 through 1945 total assets of all active banks increased by over $100 billion. They rose from $77.6 billion at the beginning of the period to $178.4 billion at the end, a total percentage increase of 130%. The table below presents the distribution of total assets (or liabilities) by classes of banks as of December 31, 1939 and December 31, 1945.
<table><tr><th>Class of banks</th><th colspan="2">Total assets (or liabilities) Dec. 31, 1939 Dec. 31, 1945</th><th colspan="2">Increases</th></tr><tr><th></th><th colspan="2">(In billions of dollars)</th><th>Amount</th><th>Percent</th></tr><tr><td>National banks</td><td>35.3</td><td>90.5</td><td>+55.2</td><td>+156</td></tr><tr><td>State commercial banks</td><td>29.5</td><td>70.6</td><td>+41.0</td><td>+139</td></tr><tr><td>Mutual savings banks</td><td>11.9</td><td>17.0</td><td>+5.1</td><td>+43</td></tr><tr><td>Private banks</td><td>0.9</td><td>0.3</td><td>-0.6</td><td>-68</td></tr><tr><td>Total</td><td>77.6</td><td>178.4</td><td>+100.8</td><td>+130</td></tr></table>
As the table shows, the most significant increases in assets, both actually and in percentages, occurred in holdings of the two classes of commercial banks - national banks and State commercial banks. The increases of over 130% in the holdings of these two classes of banks are largely a reflection of the rise in demand deposits over the period, since commercial banks hold almost all the demand deposits.
Mutual savings banks, on the other hand, had an increase in assets of only 47%. This was due mostly to the fact that the deposits held by this class of bank are almost exclusively time deposits, which increased at a materially slower rate than demand deposits over the six-year period.
The decline in assets of private banks resulted primarily from a decrease in the number of banks in that class as some of the larger ones shifted into the commercial bank category.
Assets
During the year ending December 31, 1945, the various asset items continued along a course similar to that established in the war period. Thus, despite the termination of the war on both fronts during the calendar year 1945, assets of all active banks were still reflecting primarily the Government's need for funds to finance the war, which had not yet slackened greatly by the end of the year.
Bank holdings of U. S. Government securities were still increasing during the year, but the rate of increase declined. For the year ending December 31, 1945, Government security holdings rose by $15.5 billion as compared with an increase of $20.2 billion for the previous year. Further evidence that the increases in Federal securities had become somewhat less significant than in earlier years, is indicated in the relationship of the increase in Government securities to the total increase in assets for various periods. The increases in these securities which had been accounting for over 75% of the total assets increases during each of the war years, dropped to 61% of the total increase for the calendar year 1945 and to only 50% for the half-year between June 30, 1945 and December 30, 1945. The following table presents a distribution of total assets by assets items as of December 31, 1944, June 30, 1945, and December 31, 1945.
<table><tr><th>Assets</th><th>Dec. 31, 1944</th><th>June 30, 1945</th><th>Dec. 31, 1945</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>U. S. Government direct and guaranteed obligations</td><td>86.4</td><td>94.2</td><td>101.9</td></tr><tr><td>Loans and discounts</td><td>26.1</td><td>28.1</td><td>30.5</td></tr><tr><td>Other securities</td><td>7.6</td><td>8.0</td><td>8.6</td></tr><tr><td>Interbank and reserve balances</td><td>29.2</td><td>29.2</td><td>33.6</td></tr><tr><td>Other assets</td><td>3.7</td><td>3.4</td><td>3.8</td></tr><tr><td>Total assets</td><td>152.9</td><td>163.0</td><td>178.4</td></tr></table>
Loans and discounts, which showed no consistent trend in the early part of the war period, have been increasing steadily during 1944 and 1945. In the calendar year 1945, they rose by $4.4 billion, a substantially greater increase than had occurred during the previous year. The rise in loans for the year showed up most significantly in four specific types of loans. These were: (1) commercial and industrial loans - $1.6 billion, (2) loans to brokers and dealers in securities - $0.9 billion, (3) other loans for the
July 1946
A-13
purchase or carrying of securities - $1.3 billion, and (4) consumer loans to individuals - $0.5 billion. Part of these loan increases can be considered the first indication of the changing situation due to the war's end, when private borrowing for purposes of investment and consumer's purchases will take the place of the leviering effects of a war economy. A large part of the increase is due also to loans made to carry securities purchased in the 7th War Loan and the Victory Loan.
Other securities, comprising State and local and miscellaneous securities, during the year ending December 31, 1945 also showed a new growth after having declined during most of the war years. For the calendar year 1945 they had an increase of $1.0 billion or 13%. Another asset item which had a substantial rise during the year was interbank and reserve balances, which increased by $4.4 billion, indicating heavy interbank transactions in process at the end of the year.
Over the six-year period, December 31, 1939 to December 31, 1945, the asset item which showed the most significant change was United States Government securities. Federal securities held by all active banks increased by $82.5 billion or 424% during the period. Of the increase of $100.8 billion in total assets, U. S. Government securities made up 82%. This compares with 88% for the 5-1/2 year period ending June 30, 1945. As a proportion of total assets of all active banks, Federal securities rose from 25% on December 31, 1939 to 57% on December 31, 1945. The following table presents the major assets items as of December 31, 1939 and December 31, 1945, and the change over the period.
<table><tr><th>Assets</th><th>Dec. 31, 1939</th><th>Dec. 31, 1945</th><th>Increase Amount</th><th>Percent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>U. S. Government direct and guaranteed obligations.</td><td>19.4</td><td>101.9</td><td>+82.5</td><td>+424.0</td></tr><tr><td>Loans and discounts</td><td>22.4</td><td>30.5</td><td>+8.1</td><td>+36.2</td></tr><tr><td>Other securities.</td><td>9.3</td><td>8.6</td><td>-0.7</td><td>-7.9</td></tr><tr><td>Interbank and reserve balances.</td><td>22.2</td><td>33.6</td><td>+11.4</td><td>+51.3</td></tr><tr><td>Other assets</td><td>4.2</td><td>3.8</td><td>-0.4</td><td>-10.2</td></tr><tr><td>Total assets</td><td>77.6</td><td>178.4</td><td>+100.8</td><td>+129.9</td></tr></table>
Of the other asset items, loans and discounts of all active banks showed an increase of $8.1 billion or 36% over the six-year period. In relation to total assets, loans and discounts ac-
counted for 17% at the end of the period as compared with 29% at the beginning.
State and local, corporate and other securities declined by $0.7 billion or 8%. They made up 12% of total assets as of December 31, 1939 and dropped to 5% as of December 31, 1945.
Interbank and reserve balances increased by 51% while as a proportion of total assets they dropped from 29% to 19% over the six-year period.
U. S. Government securities held by the two classes of commercial banks, national banks and State commercial banks, showed similar growth and corresponding relationships to their whole asset structure during the period from December 31, 1939 through December 31, 1945. Thus, the almost parallel increases were 467% and 483% for national banks and State commercial banks, respectively. Federal securities accounted for 77% of the total increase in national bank assets and for State commercial banks this ratio was 80%. As a proportion of total assets of each of these classes of banks, U. S. Government security holdings again showed corresponding changes for the six-year period. In the case of national banks, Government securities rose from 26% to 57% of total assets from December 31, 1939 through 1945, while in the case of State commercial banks this relationship was 23% at the beginning and 56% at the end of the period.
Mutual savings bank holdings of U. S. Government securities showed a greater increase over the period than occurred in their total assets ($7.6 billion as against $5.1 billion). A decline of $2.4 billion in the other assets items held by mutual savings banks accounted for about 1/3 of the growth in Government securities. As a proportion of total mutual savings bank assets, Federal securities accounted for 26% as of December 31, 1939 and 63% as of December 31, 1945.
It is interesting to note that the Federal securities held by mutual savings banks as a proportion of total assets have continued on their upward trend from 56% on December 31, 1944 to 60% on June 30, 1945, and 63% on December 31, 1945. National bank and State commercial bank holdings, on the other hand, have shown almost no variation.
More detailed data on assets are given in Tables 1, 2, and 3 at the end of this article.
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Treasury Bulletin
Liabilities and Capital Accounts
During the year ending December 31, 1945, the liability side of the balance sheet showed similar dollar increases in both time and demand deposits of individuals, partnerships, and corporations. The almost corresponding increases of $3.1 billion in time deposits and $3.6 billion in demand deposits meant that time deposits, which had lagged behind demand deposits during the early war years, had reached the same level of growth as demand deposits.
The distribution of the major liability items as of December 31, 1944, June 30, 1945, and December 31, 1945 is shown in the following table.
<table><tr><th>Liabilities and capital accounts</th><th>Dec. 31, 1944</th><th>June 30, 1945</th><th>Dec. 31, 1945</th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td><b>Liabilities:</b></td><td></td><td></td><td></td></tr><tr><td>Deposits of individuals, partnerships, and corporations:<br>      Demand..........<br>      Time...........</td><td>65.3<br>      37.2</td><td>66.7<br>      41.3</td><td>73.9<br>      45.3</td></tr><tr><td>U. S. Government and postal savings deposits......</td><td>20.9</td><td>24.5</td><td>24.8</td></tr><tr><td>Interbank and other deposits and miscellaneous liabilities......</td><td>19.7</td><td>20.3</td><td>23.7</td></tr><tr><td>Total liabilities...</td><td>143.3</td><td>152.9</td><td>167.7</td></tr><tr><td>Capital accounts......</td><td>9.7</td><td>10.2</td><td>10.6</td></tr><tr><td><b>Total liabilities and capital accounts...</b></td><td><b>152.9</b></td><td><b>163.0</b></td><td><b>178.4</b></td></tr></table>
The table shows U. S. Government deposits between $20 and $25 billion on each of the three dates covered. These are peak Government balances, reflecting the fact that a war loan was just ending in each case. Between loans these deposits are drawn on, and on net balance result in a transfer of deposits from the Government to private accounts.
For the six-year period from December 31, 1939 through December 31, 1945, the $100.8 billion increase in assets and liabilities was concentrated primarily among liabilities in the growth of deposits. Demand deposits of individuals, partnerships, and corporations rose from $25.2 billion at the beginning of the period to $73.9 billion at the end, an increase of $45.7 billion or 162%. This compares with time deposits which rose from $25.4 billion to $45.3 billion, an increase of $19.9 billion or 78%.
The greatest relative increase among liability items during the six-year period occurred in U. S. Government and postal savings deposits, reflecting the Government's need for a large working balance to meet heavy war expenditures, and the effect of the timing of war loans as discussed above.
<table><tr><th>Liabilities and capital accounts</th><th>Dec.31, 1939</th><th>Dec.31, 1945</th><th>Amount</th><th>Percent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>Liabilities:</td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits of individuals, partnerships, and corporations:</td><td></td><td></td><td></td><td></td></tr><tr><td>Demand.........</td><td>28.2</td><td>73.9</td><td>+45.7</td><td>+162</td></tr><tr><td>Time.........</td><td>25.4</td><td>45.3</td><td>+19.9</td><td>+78</td></tr><tr><td>U. S. Government and postal savings deposits.</td><td>0.9</td><td>24.8</td><td>+23.9</td><td>+2,624</td></tr><tr><td>Interbank and other deposits and miscellaneous liabilities......</td><td>14.8</td><td>23.7</td><td>+9.0</td><td>+61</td></tr><tr><td>Total liabilities</td><td>69.3</td><td>167.7</td><td>+98.5</td><td>+142</td></tr><tr><td>Capital accounts...</td><td>8.3</td><td>10.6</td><td>+2.3</td><td>+28</td></tr><tr><td>Total liabilities and capital accounts.........</td><td>77.6</td><td>178.4</td><td>+100.8</td><td>+130</td></tr></table>
As noted above, national banks and State commercial banks hold practically all the demand deposits in the country. During the period from December 31, 1939 through December 31, 1945, national banks accounted for 57% of the total increase in demand deposits and State commercial banks made up the remainder.
The proportion of time deposits held by the three major classes of banks, national banks, State commercial banks, and mutual savings banks, changed significantly over the period. On December 31, 1939 national banks held 30% of total time deposits, State commercial banks held 28%, and mutual savings banks held 41%. These percentages changed to 35%, 31%, and 34%, respectively, by December 31, 1945. The total increase of time deposits over the six-year period was divided as follows: (1) 41% to national banks; (2) 34% to State commercial banks; and (3) 24% to mutual savings banks. This may be explained largely by the fact that savings banks are concentrated in the northeastern part of the country which felt the industrial expansion due to the war less than most areas.
July 1946
A-15
It is interesting to note, however, that the relationship between the three major classes of banks in their holdings of time deposits seems to have reached a leveling off point. In the six-month period since June 30, 1945, the time deposits of each class of bank in relation to total time deposits have remained the same. Moreover, the distribution of the total increase in time deposits among the three classes of banks has also shown no change.
Table 3 at the end of this article shows liabilities by classes of banks as of December 31, 1939 and December 31, 1945.
Capital accounts showed a small but steady growth throughout the six-year period from December 31, 1939 to December 31, 1945. They increased from $8.3 billion at the beginning of the
period to $10.6 billion at the end, a rise of 28%. Of the capital stock items, capital notes and debentures and preferred stock declined $0.3 billion, whereas common stock showed an increase of $0.3 billion. Surplus, undivided profits, and reserves increased $2.3 billion over the period. The ratio of capital accounts to total deposits was 1 to 8.27 on December 31, 1939 and 1 to 15.69 on December 31, 1945. If cash and U. S. Government securities are deducted from total deposits, the ratio of capital to remaining deposits becomes 1 to 3.10 and 1 to 2.73 on December 31, 1939 and December 31, 1945, respectively.
The accompanying Tables 1, 2, and 3 give more detailed data on liabilities and capital accounts.
1/ Data on the "Geographic Distribution of Bank Deposits" as of December 31, 1944 were published in an article in the May 1945 issue of the "Treasury Bulletin".
A-16
Treasury Bulletin
Table 1.
Assets and Liabilities of All Active Banks in the United States
December 31, 1939 through December 31, 1945
<table><tr><th></th><th>1939<br>Dec. 31</th><th>1940<br>Dec. 31</th><th>1941<br>Dec. 31</th><th>1942<br>Dec. 31</th><th>1943<br>Dec. 31</th><th>1944<br>Dec. 31</th><th>1945<br>June 30</th><th>1945<br>Dec. 31</th></tr><tr><td>Number of banks</td><td>15,096</td><td>14,956</td><td>14,885</td><td>14,722</td><td>14,621</td><td>14,579</td><td>14,587</td><td>14,598</td></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans and discounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans on real estate</td><td>9,102</td><td>9,437</td><td>9,718</td><td>9,373</td><td>8,941</td><td>8,735</td><td>8,743</td><td>8,980</td></tr><tr><td>Other loans, including overdrafts</td><td>13,273</td><td>14,531</td><td>17,120</td><td>14,628</td><td>14,733</td><td>17,367</td><td>19,349</td><td>21,487</td></tr><tr><td>Total loans and discounts</td><td>22,375</td><td>23,967</td><td>26,838</td><td>24,001</td><td>23,675</td><td>26,102</td><td>28,092</td><td>30,467</td></tr><tr><td>Securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Government obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>15,446</td><td>16,789</td><td>21,070</td><td>43,185</td><td>63,690</td><td>85,411</td><td>94,193</td><td>101,879</td></tr><tr><td>Guaranteed obligations</td><td>4,002</td><td>4,280</td><td>4,484</td><td>2,874</td><td>2,569</td><td>1,004</td><td>48</td><td>25</td></tr><tr><td>Total</td><td>19,447</td><td>21,089</td><td>25,554</td><td>46,059</td><td>66,259</td><td>86,415</td><td>94,240</td><td>101,904</td></tr><tr><td>Obligations of States and political subdivisions</td><td>4,008</td><td>4,340</td><td>4,197</td><td>3,926</td><td>3,564</td><td>3,659</td><td>3,692</td><td>4,083</td></tr><tr><td>Other bonds, notes, and debentures</td><td>4,618</td><td>4,416</td><td>4,165</td><td>3,755</td><td>3,352</td><td>3,383</td><td>3,609</td><td>3,990</td></tr><tr><td>Corporate stocks, including stocks of Federal Reserve Banks</td><td>721</td><td>744</td><td>674</td><td>631</td><td>551</td><td>554</td><td>530</td><td>538</td></tr><tr><td>Total securities</td><td>28,796</td><td>30,529</td><td>34,589</td><td>54,371</td><td>73,726</td><td>94,011</td><td>102,273</td><td>110,516</td></tr><tr><td>Total loans, discounts, and securities</td><td>51,170</td><td>54,496</td><td>61,428</td><td>78,373</td><td>97,401</td><td>120,113</td><td>130,365</td><td>140,983</td></tr><tr><td>Currency and coin</td><td>1,197</td><td>1,407</td><td>1,545</td><td>1,464</td><td>1,612</td><td>1,801</td><td>1,649</td><td>2,025</td></tr><tr><td>Balances with other banks, including reserve balances 2/</td><td>22,198</td><td>26,846</td><td>25,942</td><td>27,372</td><td>27,000</td><td>29,176</td><td>29,246</td><td>33,590</td></tr><tr><td>Bank premises owned, furniture and fixtures</td><td>1,252</td><td>1,284</td><td>1,209</td><td>1,190</td><td>1,128</td><td>1,068</td><td>1,042</td><td>1,020</td></tr><tr><td>Real estate owned other than bank premises</td><td>1,056</td><td>930</td><td>706</td><td>530</td><td>332</td><td>128</td><td>114</td><td>73</td></tr><tr><td>Investments and other assets indirectly representing bank premises or other real estate</td><td>160</td><td>144</td><td>133</td><td>122</td><td>102</td><td>86</td><td>79</td><td>77</td></tr><tr><td>Customers' liability on acceptances outstanding</td><td>131</td><td>104</td><td>84</td><td>46</td><td>49</td><td>68</td><td>48</td><td>76</td></tr><tr><td>Interest, commissions, rent, and other income earned or accrued but not collected</td><td>150</td><td></td><td>163</td><td>173</td><td>220</td><td>261</td><td></td><td>296</td></tr><tr><td>Other assets</td><td>261</td><td>420</td><td>242</td><td>273</td><td>278</td><td>209</td><td>483</td><td>212</td></tr><tr><td>Total assets</td><td>77,575</td><td>85,572</td><td>91,454</td><td>109,543</td><td>128,122</td><td>152,947</td><td>163,027</td><td>178,351</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits of:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individuals, partnerships, and corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Demand</td><td>28,212</td><td>33,636</td><td>37,805</td><td>47,969</td><td>59,385</td><td>65,316</td><td>66,709</td><td>72,932</td></tr><tr><td>Time</td><td>25,406</td><td>26,072</td><td>26,063</td><td>26,704</td><td>30,725</td><td>37,229</td><td>41,348</td><td>45,292</td></tr><tr><td>Total</td><td>53,618</td><td>59,708</td><td>63,869</td><td>74,673</td><td>90,110</td><td>102,545</td><td>108,057</td><td>119,224</td></tr><tr><td>U. S. Government and postal savings</td><td>910</td><td>805</td><td>1,948</td><td>8,507</td><td>10,532</td><td>20,926</td><td>24,544</td><td>24,779</td></tr><tr><td>States and political subdivisions</td><td>3,512</td><td>3,939</td><td>4,303</td><td>4,523</td><td>4,972</td><td>5,196</td><td>5,442</td><td>5,821</td></tr><tr><td>Banka 2/</td><td>9,902</td><td>10,973</td><td>11,015</td><td>11,324</td><td>11,032</td><td>12,264</td><td>12,626</td><td>14,090</td></tr><tr><td>Other deposits (certified and cashiers' checks, etc.)</td><td>624</td><td>982</td><td>1,098</td><td>1,240</td><td>1,690</td><td>1,380</td><td>1,264</td><td>2,616</td></tr><tr><td>Total deposits 2/</td><td>68,566</td><td>76,408</td><td>82,233</td><td>100,266</td><td>118,336</td><td>142,311</td><td>151,933</td><td>166,530</td></tr><tr><td>Bills payable, rediscounts, and other liabilities for borrowed money</td><td>26</td><td>25</td><td>23</td><td>19</td><td>52</td><td>126</td><td>81</td><td>227</td></tr><tr><td>Acceptance executed by or for account of reporting banks</td><td>150</td><td>121</td><td>101</td><td>52</td><td>60</td><td>78</td><td>56</td><td>87</td></tr><tr><td>Interest, discount, rent, and other income collected but not earned</td><td>73</td><td></td><td>98</td><td>58</td><td>45</td><td>48</td><td></td><td>59</td></tr><tr><td>Interest, taxes, and other expenses accrued and unpaid</td><td>88</td><td>609</td><td>124</td><td>138</td><td>208</td><td>294</td><td>805</td><td>183</td></tr><tr><td>Other liabilities</td><td>378</td><td></td><td>380</td><td>405</td><td>375</td><td>398</td><td></td><td>453</td></tr><tr><td>Total liabilities</td><td>69,280</td><td>77,162</td><td>82,959</td><td>100,938</td><td>119,076</td><td>143,254</td><td>152,875</td><td>167,739</td></tr><tr><td>Capital Accounts</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital notes and debentures</td><td>142</td><td>123</td><td>108</td><td>99</td><td>90</td><td>82</td><td>79</td><td>72</td></tr><tr><td>Preferred stock</td><td>381</td><td>348</td><td>312</td><td>281</td><td>254</td><td>207</td><td>186</td><td>163</td></tr><tr><td>Common stock</td><td>2,503</td><td>2,600</td><td>2,614</td><td>2,606</td><td>4,668</td><td>4,764</td><td>2,853</td><td>2,354</td></tr><tr><td>Surplus</td><td>3,451</td><td>3,561</td><td>3,704</td><td>3,770</td><td>4,105</td><td>4,489</td><td>4,662</td><td>5,004</td></tr><tr><td>Undivided profits</td><td>1,148</td><td>1,187</td><td>1,248</td><td>1,323</td><td>1,370</td><td>1,574</td><td>1,759</td><td>1,781</td></tr><tr><td>Reserves and retirement account for preferred stock and capital notes and debentures</td><td>571</td><td>591</td><td>508</td><td>527</td><td>559</td><td>577</td><td>612</td><td>639</td></tr><tr><td>Total capital accounts</td><td>8,295</td><td>8,410</td><td>8,495</td><td>8,605</td><td>9,046</td><td>9,693</td><td>10,152</td><td>10,612</td></tr><tr><td>Total liabilities and capital accounts</td><td>77,575</td><td>85,572</td><td>91,454</td><td>109,543</td><td>128,122</td><td>152,947</td><td>163,027</td><td>178,351</td></tr></table>
Reports of the Comptroller of the Currency. (Banks in Guam were excluded from the data for the period December 31, 1942 through December 31, 1944; banks in the Philippines have been excluded for December 31, 1942 and subsequent dates.) Excludes assets and liabilities of trust depart-
2/ Commencing with December 31, 1942, reciprocal interbank demand balances with banks in the United States have been excluded. For December 31, 1941 and prior dates, demand balances were reported gross.
July 1946
A-17
Table 2.- Assets and Liabilities of All Active Banks in the United States1, Classified by Kind of Bank, December 31, 1945
<table><tr><th></th><th>Total all banks 2/</th><th>National banks</th><th>State commercial banks 3/</th><th>Mutual savings banks</th><th>Private banks 2/</th></tr><tr><td>Number of banks</td><td>14,598</td><td>5,023</td><td>9,003</td><td>534</td><td>38</td></tr><tr><td colspan="6">(In millions of dollars)</td></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans and discounts:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans on real estate</td><td>8,980</td><td>2,206</td><td>2,564</td><td>4,208</td><td>2</td></tr><tr><td>Other loans, including overdrafts</td><td>21,487</td><td>11,742</td><td>9,621</td><td>64</td><td>60</td></tr><tr><td>Total loans and discounts</td><td>30,467</td><td>13,948</td><td>12,185</td><td>4,272</td><td>62</td></tr><tr><td>Securities:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. Government obligations:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct obligations</td><td>101,879</td><td>51,460</td><td>39,677</td><td>10,659</td><td>83</td></tr><tr><td>Guaranteed obligations</td><td>25</td><td>8</td><td>14</td><td>3</td><td>-</td></tr><tr><td>Total</td><td>101,904</td><td>51,468</td><td>39,691</td><td>10,662</td><td>83</td></tr><tr><td>Obligations of States and political subdivisions</td><td>4,083</td><td>2,742</td><td>1,602</td><td>93</td><td>46</td></tr><tr><td>Other bonds, notes, and debentures</td><td>3,990</td><td>1,657</td><td>1,340</td><td>924</td><td>9</td></tr><tr><td>Corporate stocks, including stocks of Federal Reserve Banks</td><td>538</td><td>145</td><td>222</td><td>166</td><td>5</td></tr><tr><td>Total securities</td><td>110,516</td><td>55,612</td><td>42,855</td><td>11,905</td><td>144</td></tr><tr><td>Total loans, discounts, and securities</td><td>140,983</td><td>69,560</td><td>55,039</td><td>16,177</td><td>206</td></tr><tr><td>Currency and coin</td><td>2,025</td><td>1,009</td><td>919</td><td>95</td><td>2</td></tr><tr><td>Balance with other banks, including reserve balances</td><td>33,590</td><td>19,170</td><td>13,853</td><td>513</td><td>53</td></tr><tr><td>Bank premises owned, furniture and fixtures</td><td>1,020</td><td>495</td><td>430</td><td>95</td><td>*</td></tr><tr><td>Real estate owned other than bank premises</td><td>73</td><td>10</td><td>28</td><td>35</td><td>*</td></tr><tr><td>Investments and other assets indirectly representing bank premises or other real estate</td><td>77</td><td>46</td><td>24</td><td>7</td><td>*</td></tr><tr><td>Customers' liability on acceptances outstanding</td><td>76</td><td>42</td><td>25</td><td>-</td><td>9</td></tr><tr><td>Interest, commissions, rent, and other income earned or accrued but not collected</td><td>296</td><td>148</td><td>108</td><td>39</td><td>1</td></tr><tr><td>Other assets</td><td>212</td><td>56</td><td>129</td><td>27</td><td>1</td></tr><tr><td>Total assets</td><td>178,351</td><td>90,536</td><td>70,555</td><td>16,987</td><td>273</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Demand deposits:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individuals, partnerships, and corporations</td><td>73,932</td><td>40,971</td><td>32,802</td><td>9</td><td>151</td></tr><tr><td>U. S. Government</td><td>24,675</td><td>14,085</td><td>10,589</td><td>1</td><td>*</td></tr><tr><td>States and political subdivisions</td><td>5,226</td><td>3,183</td><td>2,041</td><td>1</td><td>2</td></tr><tr><td>Banks in the United States 4/</td><td>12,692</td><td>6,586</td><td>4,087</td><td>*</td><td>19</td></tr><tr><td>Banks in foreign countries</td><td>1,295</td><td>603</td><td>651</td><td>-</td><td>41</td></tr><tr><td>Certified and cashier's checks</td><td>2,616</td><td>1,430</td><td>1,182</td><td>1</td><td>3</td></tr><tr><td>Total demand deposits 4/</td><td>120,437</td><td>68,858</td><td>51,351</td><td>12</td><td>216</td></tr><tr><td>Time deposits:</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individuals, partnerships, and corporations</td><td>45,292</td><td>15,960</td><td>13,969</td><td>15,341</td><td>22</td></tr><tr><td>U. S. Government</td><td>96</td><td>75</td><td>23</td><td>-</td><td>-</td></tr><tr><td>Postal savings</td><td>595</td><td>305</td><td>288</td><td>2</td><td>*</td></tr><tr><td>States and political subdivisions</td><td>85</td><td>36</td><td>49</td><td>*</td><td>*</td></tr><tr><td>Banks in the United States</td><td>18</td><td>6</td><td>12</td><td>-</td><td>-</td></tr><tr><td>Banks in foreign countries</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total time deposits</td><td>46,093</td><td>16,385</td><td>14,343</td><td>15,343</td><td>22</td></tr><tr><td>Total deposits 4/</td><td>166,530</td><td>85,243</td><td>65,695</td><td>15,355</td><td>238</td></tr><tr><td>Bills payable, rediscounts, and other liabilities for borrowed money</td><td>227</td><td>78</td><td>140</td><td>7</td><td>3</td></tr><tr><td>Acceptances executed by or for account of reporting banks</td><td>87</td><td>48</td><td>30</td><td>-</td><td>9</td></tr><tr><td>Interest, discount, rent, and other income collected but not earned</td><td>59</td><td>31</td><td>27</td><td>*</td><td>*</td></tr><tr><td>Interest, taxes, and other expenses accrued and unpaid</td><td>383</td><td>210</td><td>163</td><td>10</td><td>*</td></tr><tr><td>Other liabilities</td><td>453</td><td>270</td><td>157</td><td>26</td><td>*</td></tr><tr><td>Total liabilities</td><td>167,739</td><td>85,880</td><td>66,212</td><td>15,397</td><td>250</td></tr><tr><td>Capital Accounts</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital notes and debentures</td><td>72</td><td>-</td><td>67</td><td>5</td><td>-</td></tr><tr><td>Preferred stock</td><td>163</td><td>70</td><td>93</td><td>-</td><td>1</td></tr><tr><td>Common stock</td><td>2,952</td><td>1,588</td><td>1,358</td><td>1,097</td><td>6</td></tr><tr><td>Surplus</td><td>5,001</td><td>2,011</td><td>1,854</td><td>436</td><td>13</td></tr><tr><td>Unidivid profits</td><td>4,781</td><td>689</td><td>654</td><td>-</td><td>-</td></tr><tr><td>Reserves and retirement account for preferred stock and capital notes and debentures</td><td>639</td><td>297</td><td>289</td><td>50</td><td>3</td></tr><tr><td>Total capital accounts</td><td>10,612</td><td>4,656</td><td>4,343</td><td>1,590</td><td>23</td></tr><tr><td>Total liabilities and capital accounts</td><td>178,351</td><td>90,536</td><td>70,555</td><td>16,987</td><td>273</td></tr></table>
Source: Report of the Comptroller of the Currency.
* Less than $500,000.
1/ Includes territories and insular possessions. (Banks in the Philippines have been excluded.) All items are shown at book value.
2/ Excludes assets and liabilities of trust departments and
of so-called private banks not reporting to State bank supervisors.
3/ Includes trust companies and stock savings banks.
4/ Excludes reciprocal interbank demand balances with banks in the United States.
A-18
Treasury Bulletin
Table 3.- Summary of Assets and Liabilities of All Active Banks in the United States1/, Classified by Kind of Bank, December 31, 1939 and December 31, 1945
<table><tr><th></th><th colspan="2">Total all banks 2/</th><th colspan="2">National banks</th><th colspan="2">State commercial banks 3/</th><th colspan="2">Mutual savings banks</th><th colspan="2">Private banks 2/</th></tr><tr><th></th><th>Dec. 31, 1939</th><th>Dec. 31, 1945</th><th>Dec. 31, 1939</th><th>Dec. 31, 1945</th><th>Dec. 31, 1939</th><th>Dec. 31, 1945</th><th>Dec. 31, 1939</th><th>Dec. 31, 1945</th><th>Dec. 31, 1939</th><th>Dec. 31, 1945</th></tr><tr><td>Number of banks</td><td>15,096</td><td>14,598</td><td>5,193</td><td>5,023</td><td>9,290</td><td>9,003</td><td>551</td><td>534</td><td>62</td><td>38</td></tr><tr><td colspan="11">(In billions of dollars)</td></tr><tr><th>Assets</th><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. Government direct and guaranteed obligations</td><td>19.4</td><td>101.9</td><td>9.1</td><td>51.5</td><td>6.8</td><td>39.7</td><td>3.1</td><td>10.7</td><td>0.5</td><td>0.1</td></tr><tr><td>Loans and discounts</td><td>22.4</td><td>30.5</td><td>9.0</td><td>13.9</td><td>8.3</td><td>12.2</td><td>4.9</td><td>4.3</td><td>0.1</td><td>0.1</td></tr><tr><td>Other securities</td><td>9.3</td><td>8.6</td><td>3.7</td><td>4.1</td><td>3.3</td><td>3.2</td><td>2.2</td><td>1.2</td><td>0.1</td><td>0.1</td></tr><tr><td>Interbank and reserve balances 4/</td><td>22.2</td><td>33.6</td><td>11.9</td><td>19.2</td><td>9.3</td><td>13.9</td><td>0.8</td><td>0.5</td><td>0.2</td><td>0.1</td></tr><tr><td>Other assets</td><td>4.2</td><td>3.8</td><td>1.6</td><td>1.8</td><td>1.7</td><td>1.7</td><td>0.9</td><td>0.3</td><td>*</td><td>*</td></tr><tr><td>Total assets</td><td>77.6</td><td>178.4</td><td>35.3</td><td>90.5</td><td>29.5</td><td>70.6</td><td>11.9</td><td>17.0</td><td>0.9</td><td>0.3</td></tr><tr><th>Liabilities</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deposits of individuals, partnerships, and corporations: Demand</td><td>28.2</td><td>73.9</td><td>14.9</td><td>41.0</td><td>12.7</td><td>32.8</td><td>*</td><td>*</td><td>0.5</td><td>0.2</td></tr><tr><td>Time</td><td>25.4</td><td>45.3</td><td>7.7</td><td>16.0</td><td>7.1</td><td>14.0</td><td>10.5</td><td>15.3</td><td></td><td></td></tr><tr><td>U. S. Government and postal savings deposits</td><td>0.9</td><td>24.8</td><td>0.6</td><td>14.2</td><td>0.3</td><td>10.6</td><td>*</td><td>*</td><td>-</td><td>*</td></tr><tr><td>Interbank and other deposits and miscellaneous liabilities 5/</td><td>14.8</td><td>23.7</td><td>8.7</td><td>14.8</td><td>5.9</td><td>8.8</td><td>*</td><td>*</td><td>0.2</td><td>0.1</td></tr><tr><td>Total liabilities</td><td>69.3</td><td>167.7</td><td>31.9</td><td>85.9</td><td>26.1</td><td>66.2</td><td>10.5</td><td>15.4</td><td>0.8</td><td>0.3</td></tr><tr><th>Capital accounts</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total capital accounts</td><td>8.3</td><td>10.6</td><td>3.4</td><td>4.7</td><td>3.5</td><td>4.3</td><td>1.3</td><td>1.6</td><td>0.1</td><td>*</td></tr><tr><td>Total liabilities and capital accounts</td><td>77.6</td><td>178.4</td><td>35.3</td><td>90.5</td><td>29.5</td><td>70.6</td><td>11.9</td><td>17.0</td><td>0.9</td><td>0.3</td></tr></table>
Source: Report of the Comptroller of the Currency.
* Less than $50,000,000.
1/ Includes territories and insular possessions. (Banks in the Philippines have been excluded for December 31, 1945. All items are shown at book value.
2/ Excludes assets and liabilities of trust departments of
so-called private banks not reporting to State bank supervisors. Includes trust companies and stock savings banks. Excludes reciprocal interbank demand balances with banks in the United States for December 31, 1945.
July 1946
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budgetary Receipts and Expenditures
<table><tr><th></th><th colspan="4">First 11 months, fiscal years 1944 to 1946</th><th colspan="6">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>Actual</th><th>1945</th><th>1946</th><th>1947</th><th>Actual 1945 to estimated 1946 1/</th><th>Estimated 1946 to estimated 1947 2/</th></tr><tr><td colspan="11">(In millions of dollars)</td></tr><tr><td>Receipts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profit taxes</td><td>29,414</td><td>30,416</td><td>27,493</td><td>-2,924</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>1,668</td><td>1,713</td><td>1,627</td><td>-86</td><td>1,739</td><td>1,780</td><td>n.a.</td><td>1,847</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Miscellaneous internal revenue 3/</td><td>4,869</td><td>6,388</td><td>7,109</td><td>722</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>403</td><td>321</td><td>401</td><td>79</td><td>431</td><td>355</td><td>n.a.</td><td>474</td><td>n.a.</td><td>n.a.</td></tr><tr><td>Other receipts 4/</td><td>2,806</td><td>2,984</td><td>3,126</td><td>141</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>39,160</td><td>41,823</td><td>39,756</td><td>-2,067</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>1,258</td><td>1,281</td><td>1,198</td><td>-83</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>37,902</td><td>40,543</td><td>38,558</td><td>-1,984</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>45,136</td><td>45,673</td><td>26,335</td><td>-19,338</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>Navv Department</td><td>23,901</td><td>27,758</td><td>14,570</td><td>-13,188</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>10,434</td><td>8,760</td><td>5,194</td><td>-3,567</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>79,472</td><td>82,192</td><td>46,099</td><td>-36,093</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>Veterans' Administration 6/</td><td>630</td><td>1,629</td><td>3,752</td><td>2,123</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>1,862</td><td>2,601</td><td>3,327</td><td>720</td><td>2,509</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>194</td><td>1,493</td><td>2,511</td><td>1,018</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>2,685</td><td>5,729</td><td>9,590</td><td>3,861</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>n.a.</td><td>254</td><td>n.a.</td><td>n.a.</td></tr><tr><td>International Bank</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>International Monetary Fund</td><td>-</td><td>-</td><td>574</td><td>+574</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>-</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>All other (based on proposed legislation)</td><td>-</td><td>-</td><td>574</td><td>+574</td><td>-</td><td>-</td><td>1,848</td><td>1,754</td><td>+1,848</td><td>-94</td></tr><tr><td>Total</td><td>849</td><td>746</td><td>903</td><td>+157</td><td>909</td><td>762</td><td>698</td><td>1,500</td><td>+1,848</td><td>-94</td></tr><tr><td>Aid to agriculture 6/</td><td>770</td><td>782</td><td>829</td><td>+47</td><td>803</td><td>815</td><td>857</td><td>-</td><td>-</td><td>+142</td></tr><tr><td>Social security program 6/ 9/</td><td>413</td><td>298</td><td>352</td><td>+54</td><td>433</td><td>323</td><td>3,940</td><td>945</td><td>-</td><td>-</td></tr><tr><td>Public works</td><td>929</td><td>1,017</td><td>1,157</td><td>+140</td><td>958</td><td>1,092</td><td>-</td><td>1,582</td><td>-</td><td>-</td></tr><tr><td>Other 5/ 6/</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 from anticipated supplemental appropriations</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>Expenditures based on proposed legislation (other than 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>Total expenditures</td><td>85,119</td><td>90,763</td><td>59,505</td><td>-31,258</td><td>93,744</td><td>100,405</td><td>65,598</td><td>35,125</td><td>-34,801</td><td>-30,473</td></tr><tr><td>Net budgetary deficit</td><td>47,216</td><td>50,221</td><td>20,947</td><td>-29,274</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>
disposal agencies for the fiscal years 1946 and 1947. Prior year expenditures are included under "Other".
6/ Includes transfers to trust accounts, etc.
7/ Includes expenditures for public works undertaken by Veterans' Administration.
8/ *Refunds of taxes* include amounts transferred to public debt account to cover issuance of excess profit tax refund bonds and exclude refunds of taxes under the social security program. For discussion of excess profit tax refund bonds, see following chapter, Table 3.
9/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of the Social Security Act.
Source: Daily Treasury Statement, except as noted. 
As of: 
a. 
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 alcohol, excise, and tobacco taxes, manufacturers' 
and retailers' excise taxes, and estate taxes. 
4/ 
Includes deposits resulting from the renegotiation of war contracts. 
5/ 
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 1941, $556 mil-
lion; fiscal year 1944, $2,235 million; and fiscal year 1945, $2,041 
million. These figures include so-called voluntary returns. 
6/ 
Classification changed to reflect expenditures of surplus property
Public Debt and Guaranteed Obligations Outstanding
<table><tr><th></th><th colspan="3">End of first 11 months, fiscal years 1944 to 1946</th><th colspan="2">End of fiscal years, 1944 and 1945</th></tr><tr><th></th><th>May 31, 1944</th><th>May 31, 1945</th><th>May 31, 1946</th><th>Change May 31, 1945 to May 31, 1946</th><th>June 30, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="7">Securities Issued by the United States</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>128,029</td><td>162,652</td><td>193,487</td><td>+30,835</td><td>140,401</td><td>181,319</td></tr><tr><td>Non-marketable</td><td>42,724</td><td>54,517</td><td>56,472</td><td>+1,955</td><td>44,855</td><td>56,226</td></tr><tr><td>Total public issues</td><td>170,753</td><td>217,169</td><td>249,960</td><td>+32,791</td><td>185,256</td><td>237,545</td></tr><tr><td>Special issues</td><td>14,122</td><td>18,592</td><td>21,481</td><td>+2,889</td><td>14,287</td><td>18,812</td></tr><tr><td>Total interest-bearing debt</td><td>184,874</td><td>235,761</td><td>271,440</td><td>+35,679</td><td>199,543</td><td>256,357</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,492</td><td>3,071 2/</td><td>1,143</td><td>-1,928</td><td>1,460</td><td>2,326</td></tr><tr><td>Total public debt outstanding</td><td>186,366</td><td>238,832</td><td>272,583</td><td>+33,751</td><td>201,003</td><td>258,682</td></tr><tr><td colspan="7">Securities guaranteed by the United States 1/</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>1,190</td><td>789</td><td>42</td><td>-747</td><td>1,190</td><td>34</td></tr><tr><td>Non-marketable</td><td>339</td><td>362</td><td>500</td><td>+138</td><td>326</td><td>375</td></tr><tr><td>Total interest-bearing debt</td><td>1,529</td><td>1,151</td><td>542</td><td>-609</td><td>1,516</td><td>409</td></tr><tr><td>Matured debt</td><td>140</td><td>20</td><td>10</td><td>-10</td><td>107</td><td>24</td></tr><tr><td>Total guaranteed securities outstanding</td><td>1,669</td><td>1,171</td><td>552</td><td>-619</td><td>1,623</td><td>433</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>188,035</td><td>240,003</td><td>273,135</td><td>+33,132</td><td>202,626</td><td>259,115</td></tr></table>
Source: Daily Treasury Statement. 1/ Excludes guaranteed securities held by the Treasury.
2/ Includes prepayments on securities.
Means of Financing Cash Requirements
<table><tr><th rowspan="2"></th><th colspan="3">First 11 months, fiscal years 1944 to 1945</th><th colspan="2">Complete fiscal years, 1944 and 1945</th></tr><tr><th>1944</th><th>1945</th><th>1946</th><th>1944</th><th>1945</th></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>47,216</td><td>50,221</td><td>20,947</td><td>49,595</td><td>53,948</td></tr><tr><td>Net increase in General Fund balance</td><td>-</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>3,438</td><td>-</td><td>-</td><td>4,051</td><td>-</td></tr><tr><td>Total amount required to be financed</td><td>50,654</td><td>50,221</td><td>20,947</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>49,670</td><td>37,828</td><td>13,901</td><td>64,307</td><td>57,679</td></tr><tr><td>Net decrease in General Fund balance</td><td>984</td><td>10,544</td><td>6,162</td><td>-</td><td>-</td></tr><tr><td>Net receipts in trust accounts, etc. 1/</td><td>-</td><td>1,848</td><td>884</td><td>-</td><td>798</td></tr><tr><td>Total amount financed</td><td>50,654</td><td>50,221</td><td>20,947</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, seigniorage on silver, and miscellaneous funds and accounts.
July 1946
3
(In millions of dollars)
(in millions of dollars)
Treasury Bulletin
4
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
July 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="4">Receipts</th><th colspan="4">Expenditures 1/</th><th rowspan="2">Net budgetary deficit 1/</th><th rowspan="2">Public debt retirements 2/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Net receipts</th><th>Total expenditures</th><th>General 3/</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>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>5,029</td><td>8,177</td><td>6,541</td><td>929</td><td>608</td><td>3,159</td><td>104</td></tr><tr><td>1938</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>5,852</td><td>7,239</td><td>5,985</td><td>1,029</td><td>225</td><td>1,384</td><td>66</td></tr><tr><td>1939</td><td>5,686</td><td>5,161</td><td>319</td><td>185</td><td>5,165</td><td>8,707</td><td>7,313</td><td>1,206</td><td>187</td><td>3,582</td><td>58</td></tr><tr><td>1940</td><td>5,928</td><td>5,303</td><td>392</td><td>213</td><td>5,367</td><td>8,998</td><td>7,109</td><td>1,667</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 8/</td><td>7,601</td><td>12,711</td><td>5,079 10/</td><td>6,302</td><td>352</td><td>5,103</td><td>82</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 9/</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>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>3,952 11/</td><td>44,149</td><td>93,744</td><td>6,149</td><td>87,039</td><td>556</td><td>69,595</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>46,457</td><td>100,405</td><td>8,730</td><td>90,029</td><td>1,586</td><td>53,948</td><td>*</td></tr><tr><td>1945-May</td><td>3,398</td><td>2,921</td><td>36</td><td>444</td><td>3,33</td><td>9,085</td><td>9,275</td><td>822</td><td>8,156</td><td>296</td><td>6,190</td></tr><tr><td>June</td><td>5,916</td><td>5,384</td><td>33</td><td>498</td><td>5,914</td><td>9,641</td><td>1,469</td><td>7,877</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>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>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>5,189</td><td>6,611</td><td>1,210</td><td>5,367</td><td>34</td><td>1,422</td><td>-</td></tr><tr><td>October</td><td>2,581</td><td>2,340</td><td>36</td><td>205</td><td>2,570</td><td>5,990</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>2,574</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>3,938</td><td>32</td><td>142</td><td>4,118</td><td>5,445</td><td>1,201</td><td>4,245</td><td>-</td><td>1,327</td><td>-</td></tr><tr><td>1946-January</td><td>3,848</td><td>3,451</td><td>42</td><td>354</td><td>3,819</td><td>4,891</td><td>791</td><td>3,473</td><td>681</td><td>1,073</td><td>-</td></tr><tr><td>February</td><td>3,575</td><td>3,584</td><td>33</td><td>198</td><td>3,678</td><td>3,510</td><td>660</td><td>2,702</td><td>148</td><td>-168</td><td>-</td></tr><tr><td>March</td><td>5,762</td><td>5,583</td><td>42</td><td>138</td><td>5,747</td><td>4,602</td><td>2,028</td><td>2,550</td><td>23</td><td>-1,146</td><td>-</td></tr><tr><td>April</td><td>2,734</td><td>2,310</td><td>45</td><td>379</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><tr><td>May</td><td>2,998</td><td>2,308</td><td>42</td><td>649</td><td>2,733</td><td>3,677</td><td>1,400</td><td>2,182</td><td>95</td><td>944</td><td>-</td></tr></table>
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 5.
5/ For further details, see Table 6.
6/ For further details, see Table 7.
7/ Total expenditures less net receipts.
8/ Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
9/ Includes recoveries of U. S. investments in capital funds. Such re-
covers totals $54 million in the fiscal year 1940; $319 million in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943. 
10/ Relate from reductions in capital stock and paid-in surplus available to be released under existing law are included as negative items under expenditures. Such reductions totaled $315 million.
11/ Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available at the date of this Treasury Statements. On the basis of coverent 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 return.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</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 employer (Current Tax Payment Act of 1935) 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 1/</th><th>Carriers' Taring Act of 1937 (Railroad retirement)</th></tr><tr><td></td><td colspan="3">Federal Insurance Contributions Act (Old-age insurance)</td><td colspan="3">Federal Unemployment Tax Act (Unemployment insurance)</td><td></td><td></td></tr><tr><td>1936</td><td>3,513</td><td>1,427</td><td>1,427</td><td>*</td><td>-</td><td>-</td><td>*</td><td>2,010</td><td>77</td></tr><tr><td>1937</td><td>4,597</td><td>2,161</td><td>2,163</td><td>253</td><td>104</td><td>58</td><td>*</td><td>2,181</td><td>*</td></tr><tr><td>1938</td><td>5,674</td><td>2,642</td><td>2,642</td><td>755</td><td>514</td><td>50</td><td>150</td><td>2,279</td><td>*</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,292</td><td>*</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,745</td><td>*</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</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>12,991</td><td>7,360</td><td>7,360</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>16,094</td><td>1,496</td><td>1,130</td><td>158</td><td>209</td><td>5,553</td><td>*</td></tr><tr><td>1944</td><td>41,685</td><td>34,655</td><td>26,262</td><td>1,779</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>1,310</td><td>185</td><td>285</td><td>6,949</td><td>*</td></tr><tr><td>1945-May</td><td>2,923</td><td>2,027</td><td>1,282</td><td>705</td><td>337</td><td>316</td><td>12</td><td>557</td><td>*</td></tr><tr><td>June</td><td>5,334</td><td>4,757</td><td>826</td><td>3,330</td><td>65</td><td>5</td><td>2</td><td>563</td><td>*</td></tr><tr><td>July</td><td>2,827</td><td>1,713</td><td>669</td><td>1,073</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>286</td><td>12</td><td>8</td><td>877</td><td>*</td></tr><tr><td>September</td><td>4,847</td><td>4,208</td><td>768</td><td>3,440</td><td>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>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>492</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>7</td><td>1</td><td>59</td><td>516</td><td>*</td></tr><tr><td>1946-January</td><td>3,951</td><td>2,755</td><td>554</td><td>2,201</td><td>51</td><td>33</td><td>13</td><td>625</td><td>*</td></tr><tr><td>February</td><td>3,534</td><td>2,790</td><td>1,086</td><td>1,704</td><td>310</td><td>200</td><td>107</td><td>584</td><td>*</td></tr><tr><td>March</td><td>5,583</td><td>4,836</td><td>658</td><td>4,180</td><td>97</td><td>18</td><td>14</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>642</td><td>*</td></tr><tr><td>May</td><td>2,308</td><td>1,407</td><td>966</td><td>1,442</td><td>285</td><td>269</td><td>11</td><td>615</td><td>*</td></tr></table>
Source: Daily Treasury Statement.
1/ Less than $500,000.
1/ For further details, see chapter entitled "Internal Revenue Statistics".
2/ Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
For the period prior to September 1939, the data is 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="6">Other general expenditures</th></tr><tr><th></th><th></th><th>Total</th><th>Veterans' Administration 2/ 3/</th><th>Interest on the public debt</th><th>Refunds of taxes and duties 3/</th><th>Total</th><th>Aid to agriculture 2/ 5/</th><th>Social security program 3/ 6/</th><th>Public works 7/</th><th>Departmental not otherwise classified 8/</th><th>Civilian Conservation Corps</th><th>Direct and work relief 9/</th><th>Miscellaneous 10/</th></tr><tr><td>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>6,601</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>1,367</td><td>582</td><td>926</td><td>59</td><td>4,416</td><td>894</td><td>335</td><td>804</td><td>481</td><td>326</td><td>1,476</td><td>141</td></tr><tr><td>1939</td><td>7,313</td><td>1,564</td><td>557</td><td>941</td><td>66</td><td>5,751</td><td>1,228</td><td>347</td><td>1,000</td><td>517</td><td>290</td><td>2,242</td><td>125</td></tr><tr><td>1940</td><td>7,109</td><td>1,587</td><td>557</td><td>1,041</td><td>89</td><td>5,421</td><td>1,541</td><td>392</td><td>949</td><td>546</td><td>283</td><td>1,573</td><td>138</td></tr><tr><td>1941</td><td>6,079</td><td>1,751</td><td>553</td><td>1,111</td><td>87</td><td>4,327 11/</td><td>847</td><td>457</td><td>738</td><td>525</td><td>357</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>1,250</td><td>91</td><td>4,099</td><td>1,093</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>1946-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>317</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>190</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>185 13/</td></tr><tr><td>November</td><td>430</td><td>281</td><td>142</td><td>84</td><td>56</td><td>118</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>295</td><td>118</td><td>94</td><td>193</td><td>30</td><td>50</td><td>25</td><td>65</td><td>13/</td><td>13/</td><td>14</td></tr><tr><td>March</td><td>2,028</td><td>1,215</td><td>318</td><td>646</td><td>251</td><td>813</td><td>562 15/</td><td>32</td><td>32</td><td>77</td><td>13/</td><td>13/</td><td>111 13/</td></tr><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><tr><td>May</td><td>1,400</td><td>1,015</td><td>415</td><td>106</td><td>494</td><td>385</td><td>23</td><td>42</td><td>40</td><td>65</td><td>13/</td><td>13/</td><td>216</td></tr></table>
Sources:
Daily Treasury Statement.
1 Less than $500,000.
1/ General expenditures now include expenditures for revolving funds; these expenditures have been reduced to $1,000,000.
2/ Includes public works undertaken by the Veteran's Administration.
3/ Does not include transfers to trust accounts, etc. These are shown in Table 5.
4/ Represents amounts transferred to public debt and accounts to cover issuance of excess profits tax refund bonds and excludes 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 on their taxable income. The 1946 act provided 10% of 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 Quasi-Sovereign Obligations" in the Department of the Treasury's "Bond Issuance" and the outstanding excess profits tax refund bonds may be redeemed at the option of the holder commencing January 1, 1956; when such redemptions occur, they will appear as retirements of public debt.
5/ Represents expenditures in the act of 1937, Agricultural Adjustment Agency, exportation and home consumption of agricultural commodities, Farm Credit Administration, Farm Security Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration, Soil Conservation and Erosion Control, Department of Agriculture departmental expenditures, and other.
6/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Offices for Emergency Management, War Production, National War Labor 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.
2/ Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social security program and the Department of Agriculture departmental expenditures.
3/ 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 bonds and notes 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 1945, 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 November 1945, $37 million each for Export-Import Bank of Washington - capital stock.
15/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
July 1946
7
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for War Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department</th><th>Navy Department</th><th>Total miscellaneous war activities</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal War Agency</th><th>Religious 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 expenses 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>178</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>112</td><td>598</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>190</td><td>671</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,313</td><td>310</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>200</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,162</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>513</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>8,995</td><td>2,011</td><td>153</td><td>215</td><td>508</td><td>52</td><td>1,301</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>49,282</td><td>26,538</td><td>11,259</td><td>2,113</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>140</td><td>114</td><td>3/</td><td>991</td></tr><tr><td>1945</td><td>90,029</td><td>50,337</td><td>30,047</td><td>9,645</td><td>1,198</td><td>122</td><td>185</td><td>70</td><td>63</td><td>1,462</td><td>3,227</td><td>2,042</td><td>140</td><td>114</td><td>3/</td><td>1,022</td></tr><tr><td>1945-May</td><td>8,156</td><td>4,530</td><td>2,724</td><td>301</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>3,515</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>131</td><td>34</td><td>15</td><td>1</td><td>83</td></tr><tr><td>September</td><td>9,367</td><td>5,264</td><td>1,559</td><td>344</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>9,125</td><td>2,976</td><td>1,590</td><td>599</td><td>52</td><td>4</td><td>10</td><td>11</td><td>5</td><td>105</td><td>86</td><td>178</td><td>-</td><td>42</td><td>2</td><td>62</td></tr><tr><td>November</td><td>5,228</td><td>2,952</td><td>1,839</td><td>635</td><td>74</td><td>2</td><td>7</td><td>1</td><td>4</td><td>51</td><td>67</td><td>150</td><td>-</td><td>31</td><td>2</td><td>59</td></tr><tr><td>December</td><td>4,215</td><td>2,476</td><td>990</td><td>778</td><td>445 3/</td><td>1</td><td>9</td><td>4</td><td>4</td><td>72</td><td>34</td><td>118</td><td>-</td><td>36</td><td>-</td><td>46</td></tr><tr><td>1946-January</td><td>1,417</td><td>1,519</td><td>1,656</td><td>312</td><td>10</td><td>3</td><td>7</td><td>4</td><td>3</td><td>50</td><td>35</td><td>112</td><td>-</td><td>60</td><td>3</td><td>30</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>61</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>25</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><tr><td>May</td><td>2,182</td><td>1,242</td><td>640</td><td>300</td><td>3</td><td>4</td><td>5</td><td>-5</td><td>4</td><td>26</td><td>50</td><td>47</td><td>-</td><td>95</td><td>35</td><td>33</td></tr></table>
Source: Daily Treasury Statement. * Less than $500,000. 1/ Includes war mobile housing functions. 3/ 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 lend-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 fund (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>1,620</td><td>1,773</td><td>-</td><td>41</td><td>-</td><td>6</td></tr><tr><td>1937</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>225</td><td>-</td><td>116</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>18</td><td>5</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>33</td><td>21</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>439</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>-</td></tr><tr><td>1945-May</td><td>296</td><td>295</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>152</td><td>152</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>34</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>38</td><td>1</td><td>37</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>684</td><td>647</td><td>37</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>148</td><td>148</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>23</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>200</td><td>162</td><td>38</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>95</td><td>95</td><td>-</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' Administra-
tion.
3/ Includes railroad retirement and railroad unemployment activities.
For further explanation see tables which follow on social security program. 4/ Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Dis- tribution and prior thereto under the Agricultural Marketing administration.
8
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1936
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>313</td><td>499</td><td>272</td><td>233</td><td>517</td><td>1,372</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>285</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>390</td><td>672</td><td>5,690</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>337</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>24,594</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>2,733</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>696</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>516</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>7,759</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>651</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>616</td><td>630</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,057</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,353</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,116</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,160</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,611</td><td>8,557</td><td>7,354</td><td>6,611</td><td>5,950</td><td>4,656</td><td>5,145</td><td>90,585</td></tr><tr><td>1946</td><td>4,891</td><td>3,510</td><td>4,602</td><td>4,251</td><td>3,677</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Net budgetary deficit $1
<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>228</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,950</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>157</td><td>296</td><td>157</td><td>2,317</td></tr><tr><td>1939</td><td>305</td><td>205</td><td>132</td><td>517</td><td>314</td><td>339</td><td>409</td><td>402</td><td>65</td><td>142</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>217</td><td>217</td><td>467</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>-117</td><td>790</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,077</td><td>4,413</td><td>4,628</td><td>3,404</td><td>5,371</td><td>5,751</td><td>3,799</td><td>19,618</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>5,436</td><td>5,740</td><td>1,716</td><td>53,570</td></tr><tr><td>1944</td><td>4,823</td><td>5,399</td><td>1,952</td><td>6,772</td><td>5,342</td><td>2,378</td><td>5,947</td><td>5,551</td><td>2,004</td><td>6,023</td><td>5,587</td><td>2,999</td><td>52,737</td></tr><tr><td>1945</td><td>4,645</td><td>3,693</td><td>2,540</td><td>5,040</td><td>6,190</td><td>3,727</td><td>5,852</td><td>4,357</td><td>1,422</td><td>3,420</td><td>2,282</td><td>1,327</td><td>14,595</td></tr><tr><td>1946</td><td>1,073</td><td>-168</td><td>-1,146</td><td>1,573</td><td>944</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Sources: Daily Treasury Statement. 1/ Total receipts less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements.
3/ Total expenditures less net receipts.
July 1946
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
8-168-H
Treasury Bulletin
10
Trust Accounts, Etc. Receipts and Expenditures
(In millions of dollars)
<table><tr><th>Pical year or month</th><th>Total trust funds, etc. last receipts (+) or net expenditures (-)</th><th colspan="2">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="2">National Service Life Insurance Fund</th><th colspan="2">Unemployment Trust Fund</th><th colspan="2">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></tr><tr><td>1936</td><td>-85</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>-</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></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></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></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></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></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></tr><tr><td>1944</td><td>-1,051</td><td>+6</td><td>1,353</td><td>1,357</td><td>+13</td><td>905</td><td>893</td><td>+3</td><td>1,567</td><td>1,564</td></tr><tr><td>1945</td><td>+738</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>1,938</td><td>1,908</td></tr><tr><td>1945-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></tr><tr><td>June</td><td>-1,050</td><td>-308</td><td>107</td><td>415</td><td>-101</td><td>475</td><td>575</td><td>-</td><td>97</td><td>97</td></tr><tr><td>July</td><td>-116</td><td>+35</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></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></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></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></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></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></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></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></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></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></tr><tr><td>May</td><td>-139</td><td>+234</td><td>266</td><td>31</td><td>-55</td><td>135</td><td>190</td><td>+2</td><td>200</td><td>197</td></tr></table>
Trust Accounts, Btc. Receipts and Expenditures - (Continued)
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th rowspan="2">Increment on gold Net</th><th rowspan="2">Seigniorage on silver Net</th><th colspan="3">Miscellaneous funds and accounts 2/</th><th colspan="3">Transactions in checking accounts, etc. (net)</th></tr><tr><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Total</th><th>Issuance of obligations (net) 3/</th><th>Other transactions (net)</th></tr><tr><td>1936</td><td>+34</td><td>2,053</td><td>2,020</td><td>-103</td><td>+176</td><td>-</td><td>-</td><td>-</td><td>+108</td><td>115</td><td>115</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>145</td><td>145</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>147</td><td>147</td></tr><tr><td>1939</td><td>+24</td><td>343</td><td>325</td><td>-5</td><td>+30</td><td>+2</td><td>14</td><td>-2</td><td>+768</td><td>+1,106</td><td>-137</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>-</td><td>+49</td><td>+16</td><td>43</td><td>27</td><td>+34</td><td>+288</td><td>-294</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>-214</td><td>+852</td><td>-1,069</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td>-</td><td>+14</td><td>+79</td><td>311</td><td>292</td><td>-3,625</td><td>-1,809</td><td>-1,815</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>-</td><td>-</td><td>+241</td><td>155</td><td>-86</td><td>-2,194</td><td>-694</td><td>-1,900</td></tr><tr><td>1944</td><td>+129</td><td>910</td><td>820</td><td>-</td><td>-</td><td>+204</td><td>-1</td><td>-807</td><td>-4,103</td><td>-2,874</td><td>-1,529</td></tr><tr><td>1945</td><td>+630</td><td>1,693</td><td>1,072</td><td>-</td><td>-</td><td>+1,302</td><td>-1</td><td>-1,302</td><td>-1,178</td><td>-1,553</td><td>+374</td></tr><tr><td>1945-May</td><td>+109</td><td>153</td><td>143</td><td>-</td><td>-</td><td>+70</td><td>-</td><td>-70</td><td>+154</td><td>-117</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>-718</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>-261</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>+64</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>+66</td><td>-11</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>+82</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><tr><td>May</td><td>-</td><td>295</td><td>255</td><td>-</td><td>-</td><td>-139</td><td>-</td><td>139</td><td>-181</td><td>+57</td><td>-238</td></tr></table>
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 Agri-
3/ Net receipts in this column constitute net sales, and net expedi- tures constitute net redemptions of obligations. 
4/ Details not available.
July 1946
11
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">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>4,590</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>3,942</td><td>622</td><td>-</td><td>4,164</td><td>3,775</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-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><tr><td>May</td><td>1,083</td><td>944</td><td>-</td><td>139</td><td>1,083</td><td>-1,316</td><td>2,398</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises trust accounts, checking accounts of Government agencies.
etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts. Increment on gold excludes expenditures for national bank note retirements.
12
Treasury Bulletin
Social Security Program: Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(in millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Social Security taxes Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1937</td><td>252.2</td><td>194.3</td><td>57.5</td><td>265.0</td><td>-12.8</td></tr><tr><td>1938</td><td>684.4</td><td>514.4</td><td>50.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>512.2</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>577.7</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>126.3</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>858.9</td><td>186.7</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>179.2</td><td>1,299.5</td><td>212.5</td></tr><tr><td>1945</td><td>1,904.5</td><td>1,309.9</td><td>184.5</td><td>1,283.0</td><td>211.5</td></tr><tr><td>1945-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>1.2</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>61.8</td><td>60.8</td><td>3.0</td><td>56.9</td><td>6.9</td></tr><tr><td>May</td><td>280.1</td><td>268.9</td><td>11.2</td><td>265.1</td><td>15.0</td></tr></table>
Expenditures
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses</th><th colspan="4">Social Security Board</th><th colspan="2">Public Health Service</th><th colspan="2">Department of Labor</th><th rowspan="2">Office for Emergency Management Var. Manpower Commission (U. S. Employment Service)</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th></tr><tr><td>1937</td><td>182.7</td><td>15.8</td><td>166.9</td><td>124.8</td><td>14.3</td><td>4.6</td><td>9.1</td><td>7.8</td><td>3.1</td><td>2.1</td><td>1.0</td><td>*</td><td>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>221.6</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>463.6</td><td>293.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>*</td><td>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>5.5</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>486.0</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-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>1.1</td><td>1.2</td><td>1.5</td><td>1.4</td><td>*</td><td>1.6</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>1.3</td><td>2.7</td><td>1.1</td><td>1.4</td><td>1.2</td><td>*</td><td>1.7</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>1.7</td><td>8.8</td><td>1.2</td><td>1.4</td><td>1.2</td><td>1.1</td><td>*</td><td>41.3</td></tr><tr><td>August</td><td>60.6</td><td>3.2</td><td>56.9</td><td>45.3</td><td>7.6</td><td>1.6</td><td>1.2</td><td>1.2</td><td>1.4</td><td>1.5</td><td>1.2</td><td>*</td><td>46.0</td></tr><tr><td>September</td><td>23.3</td><td>3.1</td><td>19.4</td><td>14.2</td><td>2.1</td><td>1.2</td><td>2.3</td><td>1.2</td><td>1.4</td><td>1.2</td><td>*</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>1.2</td><td>1.2</td><td>1.1</td><td>1.2</td><td>*</td><td>66.6</td></tr><tr><td>November</td><td>30.9</td><td>3.3</td><td>27.1</td><td>21.2</td><td>3.4</td><td>1.5</td><td>1.2</td><td>1.2</td><td>1.3</td><td>1.3</td><td>1.1</td><td>*</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>1.8</td><td>1.1</td><td>1.2</td><td>1.3</td><td>1.6</td><td>1.1</td><td>*</td><td>24.4</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>1.2</td><td>1.7</td><td>1.5</td><td>1.2</td><td>*</td><td>48.0</td></tr><tr><td>February</td><td>49.5</td><td>3.0</td><td>45.4</td><td>34.9</td><td>5.4</td><td>1.7</td><td>2.8</td><td>1.2</td><td>1.8</td><td>1.7</td><td>1.1</td><td>*</td><td>60.8</td></tr><tr><td>March</td><td>31.3</td><td>4.6</td><td>26.3</td><td>21.3</td><td>3.2</td><td>1.6</td><td>1.0</td><td>1.2</td><td>1.6</td><td>1.1</td><td>1.1</td><td>*</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>1.2</td><td>1.9</td><td>1.7</td><td>1.3</td><td>*</td><td>58.5</td></tr><tr><td>May</td><td>41.1</td><td>3.3</td><td>37.4</td><td>28.6</td><td>5.3</td><td>1.9</td><td>1.3</td><td>1.2</td><td>1.9</td><td>1.3</td><td>1.3</td><td>*</td><td>26.1</td></tr></table>
4/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Social Security Act; namely, Social Security Board, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Treasury by the Treasury Department (4) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency. 
5/ Beginning July 1, 1945, payments previously made under the Social Security Act were discontested, and thereafter made under provisions of the Public Health Service Act of 1946. 
6/ Covered by appropriations by Congress. 
7/ Social Deficiency Appropriation Act, fiscal year 1935, appropriated $41 million for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
Daily Treasury Statement.
Less than $50,000.
Formerly Title VIII of the Social Security Act.
Formerly Title IX of the Social Security Act. Includes amounts equal to appropriations to the Railroad Unemployment Insurance Administration Fund. Equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section 1).
Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 *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 expenditure in Section 11, Table 1.
July 1946
13
Social Security Program - (Continued)
Section I.- Budgetary Receipts and Expenditures - (Continued
Table 2.- Railroad Retirement Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Carriers' Taxing Act of 1937</th><th colspan="4">Expenditures</th><th>Excess of expenditures 2/</th></tr><tr><th></th><th></th><th>Total</th><th>Administrative expenses 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th></th></tr><tr><td>1937</td><td>-3</td><td>1.5</td><td>1.5</td><td>-</td><td>-</td><td>1.2</td></tr><tr><td>1938</td><td>150.1</td><td>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>148.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.1</td><td>211.8</td><td>*</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>255.3</td><td>2.5</td><td>252.7</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>308.3</td><td>.2</td><td>26.3</td></tr><tr><td>1945-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>175.9</td><td>*</td><td>178.6</td></tr><tr><td>August</td><td>8.3</td><td>.1</td><td>.1</td><td>-</td><td>*</td><td>-8.2</td></tr><tr><td>September</td><td>59.4</td><td>.3</td><td>.3</td><td>-</td><td>*</td><td>-59.1</td></tr><tr><td>October</td><td>1.5</td><td>37.2</td><td>.2</td><td>37.0</td><td>*</td><td>35.7</td></tr><tr><td>November</td><td>8.5</td><td>.1</td><td>.1</td><td>-</td><td>*</td><td>-8.4</td></tr><tr><td>December</td><td>56.5</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>-3.8</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><tr><td>May</td><td>5.3</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-5.1</td></tr></table>
Source: Daily Treasury Statement.
* Less than $50,000.
1/ Includes only expenditures from appropriations made specifically for
2/ administrative expenses relating to the Railroad Retirement Act. Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Railroad unemployment insurance contributions $</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administration Fund) $</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund $</th><th>Excess of expenditures over receipts $</th></tr><tr><td>1937</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>4.9</td><td>5.0</td><td>5.5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1941</td><td>8.5</td><td>6.1</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1942</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1943</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1944</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-.6</td></tr><tr><td>1945-May</td><td>.1</td><td>.4</td><td>.4</td><td>-</td><td>.3</td></tr><tr><td>June</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>July</td><td>*</td><td>9.8</td><td>.3</td><td>9.6</td><td>9.9</td></tr><tr><td>August</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.1</td></tr><tr><td>September</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>October</td><td>*</td><td>.4</td><td>.4</td><td>-</td><td>.4</td></tr><tr><td>November</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>December</td><td>3.2</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>1946-January</td><td>*</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>February</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>March</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>April</td><td>*</td><td>.3</td><td>.3</td><td>-</td><td>.3</td></tr><tr><td>May</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr></table>
Sources: Daily Treasury Statement.
1. Operated as Railroad Unemployment Insurance Administration Fund. Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $15.0 million and were distributed by calendar
3/ includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ Covered by appropriations by Congress.
14
Treasury Bulletin
Social Security Program - (Continued)
Section II.- Statements of Trust Accounts
Table 1.- Federal Old-Age and Survivors Insurance Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total</th><th>Investments</th><th>Unexpended balance in General Fund</th><th>Unexpended balance in disbursing officer's account</th></tr><tr><td>1937</td><td>267.3</td><td>269.0</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>14.6</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>67.1</td><td>147.4</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>2,335.1</td><td>141.1</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>10.4</td></tr><tr><td>1942</td><td>3,292.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,287.2</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>4,266.3</td><td>4,236.8</td><td>1.0</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>553.7</td><td>126.0</td><td>5,486.4</td><td>5,408.9</td><td>16.1</td><td>21.4</td></tr><tr><td>1945</td><td>7,949.8</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-March</td><td>8,963.0</td><td>1,933.2</td><td>569.8</td><td>1,191.2</td><td>1,012.4</td><td>178.8</td><td>7,301.8</td><td>7,224.4</td><td>30.9</td><td>46.5</td></tr><tr><td>April</td><td>8,553.8</td><td>7,983.9</td><td>569.9</td><td>1,224.6</td><td>1,040.9</td><td>182.7</td><td>7,329.2</td><td>7,239.4</td><td>61.9</td><td>47.9</td></tr><tr><td>May</td><td>8,622.7</td><td>8,252.9</td><td>569.9</td><td>1,259.3</td><td>1,072.8</td><td>186.5</td><td>7,551.4</td><td>7,219.4</td><td>296.0</td><td>48.0</td></tr></table>
Source: Daily Treasury Statement. 
* Less than $50,000. 
1/ Includes transactions effected under the predecessor Old-Age Reserve
2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Account
(Cumulative from 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>Unexpended balance<br>In General Fund<br>In disbursing officer's account</th></tr><tr><td>1937</td><td>46.6</td><td>46.6</td><td>-</td><td>4.0</td><td>42.6</td><td>-</td><td>36.6</td><td>6.0</td></tr><tr><td>1938</td><td>147.9</td><td>146.2</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.3</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.0</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>429.2</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>545.1</td><td>104.3</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>104.9</td><td>178.0</td><td>4.1</td><td>12.3</td></tr><tr><td>1944</td><td>1,114.1</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>17.4</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>15.7</td></tr><tr><td>1946-March</td><td>1,751.6</td><td>1,717.8</td><td>33.8</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><tr><td>May</td><td>1,762.3</td><td>1,717.8</td><td>44.4</td><td>1,091.1</td><td>671.2</td><td>653.5</td><td>.4</td><td>17.1</td></tr></table>
Sources: Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="4">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad Unemployment insurance Account 1/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 1/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposits by States</th><th>Railroad unemployment contributions 2/</th><th>Transfers from States 3/</th><th></th><th></th><th>With-drawn by States</th><th>Benefit payments</th><th></th><th></th><th>In General Fund (Special Deposit Account)</th><th>In di-mi-bursa- off's cer'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>12.4</td><td>312.3</td><td>1.1</td><td>-</td></tr><tr><td>1938</td><td>1,076.3</td><td>1,058.5</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>894.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,859.5</td><td>-</td><td>-</td><td>54.5</td><td>633.8</td><td>633.8</td><td>-</td><td>1,280.5</td><td>1,251.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>44.2</td><td>1.8</td><td>82.6</td><td>1,133.1</td><td>1,115.7</td><td>-3.8</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>105.5</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><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>181.9</td><td>105.9</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,634.0</td><td>5,935.0</td><td>271.3</td><td>105.9</td><td>17.4</td><td>2,212.5</td><td>2,092.1</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,367.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>383.7</td><td>105.9</td><td>29.1</td><td>371.9</td><td>2,302.1</td><td>105.9</td><td>43.4</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>1.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,590.3</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>7.8</td><td>-</td></tr><tr><td>1946-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>7,186.0</td><td>7,378.2</td><td>42.9</td><td>4.9</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><td>4.6</td></tr><tr><td>May</td><td>10,853.7</td><td>9,540.3</td><td>591.1</td><td>106.7</td><td>47.6</td><td>577.9</td><td>3,424.2</td><td>3,259.9</td><td>106.7</td><td>7,439.5</td><td>7,383.2</td><td>43.8</td><td>12.5</td></tr></table>
1/ Excludes advance of $5 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 accounts 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.
Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
For railroad unemployment benefits and refunds.
July 1946
15
Appropriations and Net Contract Authorizations for the War Activities Program
As of May 31, 1946
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">7th 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>$2,257,137,102 1/</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943.</td><td>23,738,855,473 1/</td><td>-</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>15,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>470</td><td>Fifth Supplemental National Defense Appropriation Act, 1942.</td><td>30,412,777,900</td><td>-</td></tr><tr><td>Apr. 25, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943.</td><td>57,666,985</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>528</td><td>Sixth Supplemental National Defense Appropriation Act, 1942.</td><td>16,932,124,093</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 1/</td><td>150,000,000</td></tr><tr><td>July 1, 1942</td><td>630</td><td>Independent Office Appropriation Act, 1943.</td><td>1,052,812,000</td><td>-</td></tr><tr><td>July 2, 1942</td><td>644</td><td>Justice, State and Commerce Departments Appropriation Act, 1943.</td><td>251,908,180</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>1,815,234,990</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 1/</td><td>-</td></tr><tr><td colspan="3">Total, 7th Congress, Second Session</td><td>$13,736,203,986</td><td>$2,407,137,102</td></tr><tr><td colspan="5">78th Congress, First Session</td></tr><tr><td>Mar. 2, 1943</td><td>3</td><td>Joint Resolution (Selective Service System).</td><td>$21,160,000</td><td>-</td></tr><tr><td>Mar. 18, 1943</td><td>11</td><td>First Deficiency Appropriation Act, 1943.</td><td>4,063,948,984</td><td>-</td></tr><tr><td>Mar. 31, 1943</td><td>20</td><td>Supplemental Naval Appropriation Act, 1943.</td><td>3,836,176,119</td><td>-</td></tr><tr><td>Apr. 29, 1943</td><td>45</td><td>Joint Resolution (farm labor program).</td><td>26,100,000</td><td>-</td></tr><tr><td>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 1, 1943</td><td>54</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 1/</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 12, 1943</td><td>129</td><td>Military Appropriation Act, 1944.</td><td>59,014,859,673</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Department of Agriculture Appropriation Act, 1943.</td><td>38,048,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Urgent Deficiency Appropriation Act, 1943.</td><td>31,979,600</td><td>-</td></tr><tr><td>July 12, 1943</td><td>135</td><td>Interior Department Appropriation Act, 1944.</td><td>14,884,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>139</td><td>Labor - Federal Security Appropriation Act, 1944.</td><td>307,953,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>140</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>156</td><td>Second Deficiency Appropriation Act, 1943.</td><td>151,140,088</td><td>-</td></tr><tr><td>Oct. 27, 1943</td><td>204</td><td>Joint Resolution (Labor Department).</td><td>18,620,000</td><td>-</td></tr><tr><td>Dec. 21, 1943</td><td>216</td><td>Public Law (naval expansion program).</td><td>2,464,905,021 1/</td><td>-</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 colspan="3">Total, 78th Congress, First Session</td><td>$105,916,492,321</td><td>$2,464,361,731</td></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migration of workers).</td><td>$31,359,200</td><td>-</td></tr><tr><td>Apr. 1, 1944</td><td>279</td><td>First Deficiency Appropriation Act, 1944.</td><td>170,221,280</td><td>$38,266,050</td></tr><tr><td>Apr. 4, 1944</td><td>288</td><td>Public Law (Federal Works Agency - public roads).</td><td>-</td><td>3,076,845</td></tr><tr><td>May 12, 1944</td><td>303</td><td>Joint Resolution (Labor Department - maternity and infant care).</td><td>6,700,000</td><td>-</td></tr><tr><td>June 22, 1944</td><td>347</td><td>Naval Appropriation Act, 1945 2/.</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 2/.</td><td>6,835,008,343</td><td>5,090,900,000</td></tr><tr><td>June 27, 1944</td><td>358</td><td>Independent Offices Appropriation Act, 1945.</td><td>47,585,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>367</td><td>Departments of State, Justice, and Commerce Appropriation Act, 1945.</td><td>30,700,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>369</td><td>Department of Agriculture Appropriation Act, 1945.</td><td>18,114,200</td><td>-</td></tr><tr><td>June 28, 1944</td><td>372</td><td>Interior Department 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>National War Agency Appropriation Act, 1945.</td><td>218,511,529</td><td>-</td></tr><tr><td>June 28, 1944</td><td>374</td><td>Labor - Federal Security Appropriation Act, 1945.</td><td>15,434,814,795</td><td>-</td></tr><tr><td>June 28, 1944</td><td>375</td><td>Military Appropriation Act, 1945.</td><td>186,266,524 1/</td><td>1,880,000,000 1/</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Second Deficiency Appropriation Act, 1944.</td><td>3,450,570,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>362</td><td>Defense Aid Appropriation Act, 1945.</td><td>460,000,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>United Nations Relief and Rehabilitation Administration Participation</td><td>19,750,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Foreign Economic Administration Appropriation Act, 1945.</td><td>410,291,023 1/</td><td>60,000,000 1/</td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>First Supplemental Appropriation Act, 1945.</td><td>-</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>$55,913,179,984</td><td>$9,034,441,472</td></tr><tr><td colspan="5">79th Congress, First Session</td></tr><tr><td>Mar. 31, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1946.</td><td>$2,697,140</td><td>-</td></tr><tr><td>Apr. 25, 1945</td><td>10</td><td>First Deficiency Appropriation Act, 1945.</td><td>2,015,364,147 1/</td><td>-</td></tr><tr><td>May 3, 1945</td><td>49</td><td>Independent Offices Appropriation Act, 1946.</td><td>57,288,300</td><td>-</td></tr><tr><td>May 5, 1945</td><td>52</td><td>Department of Agriculture Appropriation Act, 1946.</td><td>14,986,472</td><td>-</td></tr><tr><td>May 21, 1945</td><td>61</td><td>Departments of State, Justice and Commerce Appropriation Act, 1946.</td><td>14,599,500</td><td>-</td></tr><tr><td>May 29, 1945</td><td>62</td><td>Naval Appropriation Act, 1946.</td><td>23,601,116,094 6/</td><td>$1,799,008,413</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>197,011,559</td><td>-</td></tr><tr><td>July 3, 1945</td><td>126</td><td>Military Appropriation Act, 1946.</td><td>21,406,902,037</td><td>-</td></tr><tr><td>July 5, 1945</td><td>132</td><td>Second Deficiency Appropriation Act, 1945.</td><td>3,527,175,608</td><td>-</td></tr><tr><td>July 12, 1945</td><td>156</td><td>National War Agencies Appropriation Act, 1946.</td><td>769,364,850</td><td>-</td></tr><tr><td>Dec. 14, 1945</td><td>259</td><td>United Nations Relief and Rehabilitation Administration Participation Act, 1946.</td><td>550,000,000</td><td>-</td></tr><tr><td>Dec. 28, 1945</td><td>269</td><td>First Deficiency Appropriation Act, 1946.</td><td>781,382,629</td><td>-</td></tr><tr><td colspan="3">Total, 79th Congress, First Session.</td><td>$53,060,913,491</td><td>$1,799,008,413</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program
As of May 31, 1946 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">75th Congress, Second Session</td></tr><tr><td>Mar. 22, 1946</td><td>329</td><td>Urgent Deficiency Appropriation Act, 1946.</td><td>$ 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>6,962,150</td><td>-</td></tr><tr><td>May 2, 1946</td><td>374</td><td>War Department Civil Appropriation Act, 1947.</td><td>5,594,000</td><td>-</td></tr><tr><td>May 18, 1946</td><td>384</td><td>Second Deficiency Appropriation Act, 1946.</td><td>1,872,850</td><td>-</td></tr><tr><td colspan="3">Total, 75th Congress, Second Session</td><td>$ 41,605,792</td><td>-</td></tr><tr><td colspan="5">Rescissions</td></tr><tr><td>June 22, 1944</td><td>347</td><td>75th Congress, Second Session: Naval Appropriation Act, 1945. War Department Civil Appropriation Act, 1945.</td><td>$ -7,500,000</td><td>-</td></tr><tr><td>June 26, 1944</td><td>352</td><td></td><td>-30,257,572</td><td>-</td></tr><tr><td>May 29, 1945</td><td>68</td><td>75th Congress, First Session: Joint Resolution (U. S. Maritime Commission).</td><td>-3,100,000,000</td><td>$-4,265,000,000</td></tr><tr><td>July 3, 1945</td><td>127</td><td>Joint Resolution (reducing certain appropriations).</td><td>-82,054,000</td><td>-</td></tr><tr><td>Feb. 18, 1946</td><td>301</td><td>75th Congress, Second Session: First Supplemental Surplus Appropriation Rescission Act, 1946.</td><td>-47,520,755,898</td><td>-4,200,793,604 7/</td></tr><tr><td>May 27, 1946</td><td>391</td><td>Second Supplemental Surplus Appropriation Rescission Act, 1946.</td><td>-6,240,485,831</td><td>-165,000,000 8/</td></tr><tr><td colspan="3">Total, rescissions</td><td>$-56,981,053,301</td><td>$-8,970,793,604</td></tr><tr><td colspan="5">In pending legislation 3/</td></tr><tr><td colspan="3">Coast Guard Appropriation Bill, 1947.</td><td>$ 114,216,000</td><td>-</td></tr><tr><td colspan="3">Department of State, Justice, Commerce and the Judiciary Appropriation Bill, 1947.</td><td>25,400,000</td><td>-</td></tr><tr><td colspan="3">Interior Department Appropriation Bill, 1947.</td><td>500,000</td><td>-</td></tr><tr><td colspan="3">Naval Appropriation Bill, 1947.</td><td>4,139,718,000</td><td>-</td></tr><tr><td colspan="3">Third Urgent Deficiency Appropriation Bill, 1946.</td><td>94,174,000</td><td>-</td></tr><tr><td colspan="3">Total, pending</td><td>$ 4,374,308,000</td><td>-</td></tr><tr><td colspan="5">Summary</td></tr><tr><td colspan="3">Total, 75th Congress, Third Session 10/.</td><td>$ 8,994,015,828</td><td>$ 651,484,363</td></tr><tr><td colspan="3">Total, 77th Congress, First Session 10/.</td><td>49,396,437,490</td><td>2,407,137,102</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>139,756,203,988</td><td>2,184,361,731</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.</td><td>105,516,492,321</td><td>9,036,101,472</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session.</td><td>55,913,179,984</td><td>-</td></tr><tr><td colspan="3">Total, 79th Congress, First Session.</td><td>53,060,913,491</td><td>1,199,008,413</td></tr><tr><td colspan="3">Total, 79th Congress, Second Session.</td><td>41,505,792</td><td>-</td></tr><tr><td colspan="3">Permanent appropriations and net transfer to and from other than war activities appropriations 11/.</td><td>280,498,331</td><td>-</td></tr><tr><td colspan="3">Total approved</td><td>$413,299,347,184</td><td>$15,976,433,081</td></tr><tr><td colspan="3">Total rescinded</td><td>-56,981,053,301</td><td>-8,970,793,604</td></tr><tr><td colspan="3">Total pending (79th Congress, Second Session)</td><td>4,374,308,000</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>$360,224,729,037</td><td>$ 7,005,639,477</td></tr></table>
1/ Consists of appropriations and not 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 15. 
4/ These appropriated contract authorizations for the naval expenses program are as follows: 
Public Law No. 441 .................... $2,257,137,102 
Public Law No. 204 (Estimated by Navy Department) 2,604,905,021 
Public Law No. 375 .................... 55,000,000 
Public Law No. 375 (Estimated by Navy Department) 1,825,000,000 
Public Law No. 375 .................... 50,000,000 
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 $18,000,000 for the fiscal year 1945. Include rescission of the unobligated portion of the contract authorisation under Aviation, Navy.
7/ Includes rescission of the United States Maritime Commission in the amount of $460,000,000.
8/ Pending appropriations, as used herein, represent appropriation bills carried 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 $8,430,553,952, are not included.
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/ Include amounts received such as war contributions under authority of the Second War Powers Act, deposits of advance payments made by foreign governments to the Defense Aid Special Fund for the procurement of defense articles, and transfers from other than war activities appropriations reduced by transfers to other than war activities appropriations.
July 1946
17
Cash Income and Outgo of the Treasury
Table 1.- Cash Income and Outgo, by Major Classifications
(In millions of dollars)
<table><tr><th></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>May</th></tr><tr><td colspan="15">1945</td></tr><tr><td>CASE 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>2,027</td><td>1,757</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><td>1,407</td></tr><tr><td>Employment taxes</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><td>289</td></tr><tr><td>Miscellaneous internal revenue</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>615</td><td>589</td><td>619</td><td>612</td><td>615</td></tr><tr><td>Customs</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><td>42</td></tr><tr><td>Other</td><td>139</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><td>648</td></tr><tr><td>Subtotal</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><td>2,998</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>278</td><td>34</td><td>63</td><td>299</td><td>37</td><td>42</td><td>184</td><td>37</td><td>33</td><td>158</td><td>36</td><td>39</td><td>200</td></tr><tr><td>Other trust funds and accounts</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><td>294</td></tr><tr><td>Subtotal</td><td>511</td><td>248</td><td>301</td><td>473</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><td>494</td></tr><tr><td>Total cash income</td><td>3,908</td><td>6,154</td><td>3,012</td><td>3,753</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><td>3,492</td></tr><tr><td colspan="15">1946</td></tr><tr><td>CASR OUTGO</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities</td><td>8,156</td><td>7,837</td><td>7,325</td><td>6,399</td><td>5,357</td><td>5,126</td><td>4,225</td><td>4,245</td><td>3,417</td><td>2,702</td><td>2,590</td><td>2,560</td><td>2,182</td></tr><tr><td>Veterans' Administration</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><td>415</td></tr><tr><td>Public works</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><td>40</td></tr><tr><td>Aid to agriculture</td><td>82</td><td>16</td><td>78</td><td>35</td><td>26</td><td>35</td><td>20</td><td>26</td><td>56</td><td>40</td><td>62</td><td>78</td><td>75</td></tr><tr><td>Social security program</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>90</td><td>32</td><td>67</td><td>42</td></tr><tr><td>Interest on the public debt</td><td>45</td><td>637</td><td>108</td><td>59</td><td>597</td><td>140</td><td>95</td><td>753</td><td>172</td><td>84</td><td>591</td><td>113</td><td>77</td></tr><tr><td>Other</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>139</td><td>610</td><td>575</td></tr><tr><td>Subtotal</td><td>8,549</td><td>8,838</td><td>7,993</td><td>7,128</td><td>6,909</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><td>3,406</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>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><td>148</td></tr><tr><td>Other</td><td>-73</td><td>-10</td><td>-5</td><td>-4</td><td>17</td><td>3</td><td>114</td><td>-34</td><td>-77</td><td>-41</td><td>-4</td><td>-1</td><td>-11</td></tr><tr><td>Commodity Credit Corporation</td><td>151</td><td>9</td><td>-45</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><td>146</td></tr><tr><td>Unemployment Trust Fund</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><td>112</td></tr><tr><td>Federal Old-age and Survivors insurance Trust</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><td>31</td></tr><tr><td>Railroad Retirement Account</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><td>14</td></tr><tr><td>Other</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><td>321</td></tr><tr><td>Subtotal</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><td>961</td></tr><tr><td>Redemption of adjusted service bonds</td><td>*</td><td>108</td><td>13</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><td>1</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>879</td><td>91</td><td>33</td><td>27</td><td>14</td><td>14</td></tr><tr><td>Total cash outgo</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><td>4,382</td></tr><tr><td>EXCESS OF CASE OUTGO</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><td>890</td></tr></table>
1 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 Pub. 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 Corr.
purchases, Federal land banks, Rural Electrification Administration, Administration of the Sugar Act of 1937, Exportation and domestic consumption of agricultural commodities, Agricultural Adjustment Agency, Farm Security Administration, Soil Conservation and Erosion Service, Department of Agriculture departmental expenditures, and Other. Excludes transactions under transfers to trust accounts, etc. Excludes accrued discount on United States savings bonds, and interest on trust fund investments. 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.
Table 2.- 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>10,853</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>1,052</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,902</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>5,969</td><td>2,042</td><td>2,134</td><td>5,881</td><td>36,246</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,635</td><td>6,384</td><td>2,392</td><td>3,313</td><td>5,099</td><td>2,304</td><td>2,956</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>3,492</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>2,179</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>7,547</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,710</td><td>7,654</td><td>7,735</td><td>7,852</td><td>83,334</td></tr><tr><td>1944</td><td>1,567</td><td>8,032</td><td>8,575</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,302</td><td>8,221</td><td>7,770</td><td>7,978</td><td>7,461</td><td>8,204</td><td>95,449</td></tr><tr><td>1945</td><td>7,805</td><td>7,243</td><td>8,953</td><td>7,826</td><td>8,494</td><td>8,967</td><td>8,000</td><td>7,855</td><td>6,650</td><td>6,007</td><td>4,809</td><td>5,299</td><td>87,906</td></tr><tr><td>1946</td><td>5,619</td><td>3,907</td><td>4,161</td><td>4,171</td><td>4,382</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>1,365</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,358</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,703</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,789</td><td>5,352</td><td>3,325</td><td>1,847</td><td>3,304</td><td>2,121</td><td>5,412</td><td>5,061</td><td>1,971</td><td>73,045</td></tr><tr><td>1944</td><td>1,023</td><td>1,899</td><td>1,873</td><td>4,352</td><td>1,375</td><td>2,116</td><td>1,909</td><td>1,908</td><td>1,671</td><td>5,674</td><td>4,496</td><td>2,640</td><td>46,953</td></tr><tr><td>1945</td><td>4,004</td><td>2,842</td><td>1,786</td><td>4,601</td><td>4,567</td><td>2,813</td><td>4,988</td><td>4,142</td><td>1,053</td><td>3,102</td><td>1,722</td><td>892</td><td>36,530</td></tr><tr><td>1946</td><td>1,626</td><td>-370</td><td>-1,789</td><td>1,237</td><td>890</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
July 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>1,190</td><td>58</td></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,038</td><td>874</td><td>254</td><td>805</td><td>105</td></tr><tr><td>1941</td><td>2,812</td><td>984</td><td>1,024</td><td>661</td><td>143</td></tr><tr><td>1942</td><td>3,443</td><td>897</td><td>603</td><td>1,679</td><td>265</td></tr><tr><td>1943</td><td>10,119</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,142</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-May</td><td>10,055</td><td>688</td><td>1,140</td><td>7,941</td><td>286</td></tr><tr><td>June</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>July</td><td>22,469</td><td>591</td><td>1,252</td><td>20,303</td><td>324</td></tr><tr><td>August</td><td>19,018</td><td>581</td><td>1,300</td><td>16,874</td><td>263</td></tr><tr><td>September</td><td>16,582</td><td>574</td><td>1,755</td><td>13,989</td><td>265</td></tr><tr><td>October</td><td>13,307</td><td>537</td><td>1,124</td><td>11,389</td><td>256</td></tr><tr><td>November</td><td>14,849</td><td>523</td><td>1,372</td><td>12,694</td><td>260</td></tr><tr><td>December</td><td>26,520</td><td>527</td><td>1,674</td><td>24,014</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>259</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>21,893</td><td>414</td><td>1,124</td><td>19,502</td><td>253</td></tr><tr><td>May</td><td>18,859</td><td>407</td><td>1,230</td><td>16,949</td><td>273</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>613</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-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><tr><td>May</td><td>18,859</td><td>323</td><td>18,536</td></tr></table>
Source: Daily Treasury Statement.
20
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
[In millions of dollars - Net increase or net decrease (-)]
<table><tr><th>Change during fiscal year or Month</th><th>Total change in General Fund balance</th><th>General and special accounts 1/</th><th>Public debt accounts</th><th>Total</th><th>Trust accounts 2/</th><th>Increment on gold 3/</th><th>Seigniorage on silver</th><th>Miscellaneous funds and accounts 4/</th><th>Checking accounts of Government agencies, etc.</th></tr><tr><td>1936</td><td>840</td><td>-4,550</td><td>5,475 5/</td><td>-85</td><td>34</td><td>-403</td><td>176</td><td>-</td><td>108</td></tr><tr><td>1937</td><td>-128</td><td>-3,149 6/</td><td>2,746 5/</td><td>275</td><td>19</td><td>-99</td><td>80</td><td>-</td><td>314</td></tr><tr><td>1936</td><td>-338</td><td>-1,364</td><td>792 5/</td><td>295</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 2/</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>-3,629</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-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>-3,127</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>-5,462</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>24</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><tr><td>May</td><td>-2,398</td><td>-944</td><td>-1,316</td><td>-139</td><td>181</td><td>*</td><td>-</td><td>-139</td><td>-181</td></tr></table>
Source:
Daily Treasury Statement
1/ Less than $500,000. This is the net regulatory deficit (-) or surplus. Exclude 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/or trust funds susceptible to 1.
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 increase on gold for the fiscal years 1936 to 1939 (as shown below) are not reflected herein, but are reflected under increase on gold as follows: 1936, $197 million; 1937, $99 million; 1938, $51 million; and 1939, $35 million. The increases in the public debt shown in the table are the result of financing the "deficit" for the above fiscal years will not agree for the reason stated above. 6/ Includes inactive gold in the amount of $1,067 million.
21
July 1946
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
22
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Public debt outstanding at end of fiscal year or month</th><th>Net change in public debt during fiscal year or month</th><th colspan="5">Public debt receipts (Issuance of public debt)</th><th colspan="5">Public debt expenditures (Retirement of public debt)</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profits tax refund bonds</th><th>Ex-changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Ex-changes</th><th>Special issues</th></tr><tr><td>1936</td><td>33,779</td><td>5,078</td><td>14,121</td><td>8,958</td><td>-</td><td>1,669</td><td>-</td><td>2,978</td><td>516</td><td>8,043</td><td>5,626</td><td>-</td><td>2,978</td><td>523</td></tr><tr><td>1937</td><td>36,805</td><td>2,046</td><td>9,589</td><td>6,199</td><td>-</td><td>181</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>267</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>8,581</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>17</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,812</td><td>3,151</td><td>10,538</td><td>5,580</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,991</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>11,453</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>23,561</td><td>37,104</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,358</td><td>591</td><td>1</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>591</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,582</td><td>57,679</td><td>179,159</td><td>129,563</td><td>4</td><td>6</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,108</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1945-May</td><td>238,532</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>631</td><td>6,854</td><td>7,262</td><td>-</td><td>1,579</td><td>12</td></tr><tr><td>June</td><td>258,562</td><td>19,890</td><td>40,594</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>5,362</td><td>9,495</td><td>8,701</td><td>-</td><td>-</td><td>37</td><td>24</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>253,001</td><td>956</td><td>10,741</td><td>7,750</td><td>-</td><td>-</td><td>24</td><td>2,470</td><td>488</td><td>9,755</td><td>7,703</td><td>-</td><td>2,470</td><td>13</td></tr><tr><td>September</td><td>262,020</td><td>-980</td><td>10,877</td><td>5,964</td><td>-</td><td>-</td><td>19</td><td>4,336</td><td>519</td><td>11,818</td><td>7,148</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>3,442</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>265,312</td><td>3,524</td><td>11,168</td><td>10,969</td><td>-</td><td>-</td><td>19</td><td>180</td><td>7,643</td><td>7,596</td><td>7,596</td><td>-</td><td>180</td><td>47</td></tr><tr><td>December</td><td>278,115</td><td>12,773</td><td>26,648</td><td>22,300</td><td>484</td><td>-</td><td>4</td><td>3,777</td><td>91</td><td>13,876</td><td>8,815</td><td>484</td><td>3,777</td><td>800</td></tr><tr><td>1946-January</td><td>278,887</td><td>772</td><td>12,938</td><td>8,854</td><td>-</td><td>-</td><td>4</td><td>3,332</td><td>761</td><td>12,166</td><td>8,728</td><td>-</td><td>3,332</td><td>167</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>2</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>9,399</td><td>6,283</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><tr><td>May</td><td>272,553</td><td>-1,316</td><td>7,695</td><td>7,395</td><td>-</td><td>-</td><td>-1</td><td>274</td><td>8,984</td><td>8,968</td><td>-</td><td>-</td><td>17</td></tr></table>
Source: Daily Treasury Statement. * Less than $500,000. 1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="6">Interest-bearing public debt outstanding (in millions of dollars)</th><th colspan="8">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th rowspan="2">Certificates of indebtedness</th><th rowspan="2">Bills</th><th colspan="4">Public issues</th><th colspan="3">Special issues</th></tr><tr><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th>Total</th><th>Bonds</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th>Certificates of indebtedness</th><th>Bills</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>2,354</td><td>626</td><td>100.0</td><td>52.6</td><td>3.8</td><td>34.5</td><td>-</td><td>7.1</td><td>1.9</td></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,185</td><td>10,617</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>55.2</td><td>3.3</td><td>29.7</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,575</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.5</td><td>25.0</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,885</td><td>25,414</td><td>2,151</td><td>7,283</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>65.7</td><td>5.4</td><td>18.2</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,375</td><td>26,731</td><td>3,166</td><td>6,383</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>65.1</td><td>7.5</td><td>15.1</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,358</td><td>38,281</td><td>10,496</td><td>6,589</td><td>3,015</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>3.5</td><td>12.0</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>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,238</td><td>17,405</td><td>9,557</td><td>28,622</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>7.2</td></tr><tr><td>1945</td><td>256,357</td><td>106,044</td><td>48,090</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>7.3</td></tr><tr><td>1945-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>7.9</td></tr><tr><td>June</td><td>256,357</td><td>106,044</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>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>7.5</td></tr><tr><td>August</td><td>260,766</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>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>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>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>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>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>7.3</td></tr><tr><td>February</td><td>277,912</td><td>121,614</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>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>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>7.8</td></tr><tr><td>May</td><td>271,440</td><td>121,357</td><td>49,345</td><td>18,261</td><td>7,127</td><td>36,828</td><td>17,041</td><td>21,484</td><td>100.0</td><td>44.7</td><td>18.2</td><td>6.7</td><td>2.6</td><td>7.9</td></tr></table>
Source: Daily Treasury Statement
July 1946
23
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
PART A - FISCAL YEARS, 1936-1945
(in millions of dollars)
<table><tr><th></th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="11">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td></tr><tr><td>Guaranteed obligations</td><td>4,718</td><td>4,665</td><td>4,851</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td><td>409</td></tr><tr><td>Total</td><td>37,707</td><td>40,465</td><td>41,428</td><td>45,336</td><td>47,874</td><td>54,747</td><td>76,517</td><td>139,472</td><td>201,059</td><td>256,766</td></tr><tr><td>Natured debt and debt bearing no interest</td><td>790</td><td>625</td><td>589</td><td>554</td><td>622</td><td>585</td><td>474</td><td>1,324</td><td>1,567</td><td>2,350</td></tr><tr><td>Total outstanding</td><td>38,497</td><td>41,089</td><td>42,018</td><td>45,890</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td><td>259,115</td></tr><tr><td colspan="11">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>2,908</td><td>11,864</td><td>14,734</td><td>17,041</td></tr><tr><td>Certificates of indebtedness</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,096</td><td>16,561</td><td>28,822</td><td>34,136</td></tr><tr><td>Treasury notes</td><td>11,381</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td><td>23,977</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>882</td><td>8,711</td><td>21,161</td><td>36,756</td></tr><tr><td>Treasury bonds - bank eligible</td><td>17,168</td><td>19,336</td><td>21,846</td><td>25,218</td><td>26,553</td><td>30,215</td><td>37,202</td><td>48,809</td><td>58,083</td><td>69,693</td></tr><tr><td>Postal savings and other bonds</td><td>200</td><td>198</td><td>197</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td><td>196</td></tr><tr><td>Total marketable issues</td><td>31,102</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,733</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>45,583</td></tr><tr><td>Treasury notes - tax and savings series</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,015</td><td>7,495</td><td>9,557</td><td>10,136</td></tr><tr><td>Adjusted service bonds</td><td>945</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td><td>17</td></tr><tr><td>Depository bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td><td>505</td></tr><tr><td>Total non-marketable issues</td><td>1,261</td><td>1,188</td><td>1,556</td><td>2,151</td><td>3,166</td><td>4,555</td><td>13,510</td><td>29,200</td><td>44,855</td><td>56,226</td></tr><tr><td>Total public issues</td><td>32,363</td><td>34,242</td><td>33,900</td><td>36,116</td><td>37,602</td><td>42,267</td><td>64,083</td><td>124,509</td><td>185,256</td><td>237,545</td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>127</td><td>38</td><td>26</td><td>20</td><td>11</td><td>19</td><td>18</td><td>18</td><td>17</td><td>15</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>100</td><td>95</td><td>85</td><td>101</td><td>56</td><td>90</td><td>95</td><td>103</td><td>98</td><td>97</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>-</td><td>267</td><td>662</td><td>1,177</td><td>1,738</td><td>2,381</td><td>3,133</td><td>4,044</td><td>4,766</td><td>5,308</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>523</td><td>537</td><td>524</td><td>531</td><td>537</td><td>518</td><td>502</td><td>37</td></tr><tr><td>Government Life Insurance Fund</td><td>280</td><td>316</td><td>396</td><td>473</td><td>599</td><td>656</td><td>796</td><td>1,076</td><td>1,469</td><td>1,868</td></tr><tr><td>National Service Life Insurance Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>39</td><td>352</td><td>1,213</td><td>3,187</td></tr><tr><td>Postal Savings System</td><td>100</td><td>30</td><td>45</td><td>128</td><td>97</td><td>88</td><td>55</td><td>197</td><td>264</td><td>361</td></tr><tr><td>Canal Zone, Postal Savings System</td><td>-</td><td>-</td><td>65</td><td>67</td><td>79</td><td>74</td><td>1</td><td>2</td><td>19</td><td>4</td></tr><tr><td>Railroad Retirement Account</td><td>-</td><td>-</td><td>-</td><td>1,267</td><td>1,710</td><td>2,273</td><td>3,114</td><td>4,297</td><td>5,610</td><td>6,747</td></tr><tr><td>Unemployment trust Fund</td><td>19</td><td>312</td><td>872</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>10,871</td><td>14,287</td><td>18,812</td></tr><tr><td>Total interest-bearing debt</td><td>32,989</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,376</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,543</td><td>256,357</td></tr><tr><td>Natured 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>173</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>201,001</td><td>258,682</td></tr></table>
(Continued on following page)
24
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART A - FISCAL YEARS, 1936-1945-(Continued)
(In millions of dollars)
<table><tr><th></th><th>June 30, 1936</th><th>June 30, 1937</th><th>June 30, 1938</th><th>June 30, 1939</th><th>June 30, 1940</th><th>June 30, 1941</th><th>June 30, 1942</th><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th></tr><tr><td colspan="11">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>1,422</td><td>1,422</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>-</td><td>*</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>2,601</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>5,190</td><td>5,198</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 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td><td>375</td></tr><tr><td>Reconstruction Finance Corporation 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</td><td>-</td></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>5,190</td><td>5,198</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>5,191</td><td>5,229</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>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><th>May 31</th></tr><tr><td colspan="14">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</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>277,512</td><td>274,748</td><td>272,711</td><td>271,440</td></tr><tr><td>Guaranteed obligations</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><td>542</td></tr><tr><td>Total</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><td>271,983</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>3,091</td><td>2,350</td><td>2,284</td><td>2,274</td><td>2,409</td><td>2,356</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><td>1,154</td></tr><tr><td>Total outstanding</td><td>240,003</td><td>259,115</td><td>262,550</td><td>263,535</td><td>262,565</td><td>262,316</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><td>273,135</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><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</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><td>17,062</td></tr><tr><td>Certificates of indebtedness</td><td>34,442</td><td>31,136</td><td>31,472</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>41,513</td><td>40,359</td><td>38,408</td><td>36,838</td></tr><tr><td>Treasury notes</td><td>16,588</td><td>23,497</td><td>23,498</td><td>23,498</td><td>23,498</td><td>23,498</td><td>23,498</td><td>22,967</td><td>19,551</td><td>19,551</td><td>18,261</td><td>16,261</td><td>16,261</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>25,049</td><td>36,756</td><td>37,930</td><td>38,209</td><td>38,300</td><td>38,300</td><td>40,623</td><td>52,216</td><td>53,151</td><td>53,287</td><td>53,459</td><td>53,459</td><td>53,459</td></tr><tr><td>Treasury bonds - bank eligible</td><td>61,327</td><td>69,693</td><td>69,960</td><td>69,963</td><td>68,748</td><td>68,748</td><td>68,748</td><td>68,207</td><td>68,207</td><td>68,207</td><td>67,714</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>162,652</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>198,718</td><td>199,633</td><td>199,810</td><td>197,051</td><td>195,079</td><td>193,487</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>43,767</td><td>45,586</td><td>46,508</td><td>46,715</td><td>46,711</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>48,822</td><td>48,917</td></tr><tr><td>Treasury notes - tax and savings series 3/</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><td>7,127</td></tr><tr><td>Adjusted service bonds</td><td>217</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><td>429</td></tr><tr><td>Depositary bonds</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><td>429</td></tr><tr><td>Total non-marketable issues</td><td>54,517</td><td>56,226</td><td>57,143</td><td>57,379</td><td>56,278</td><td>56,012</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><td>56,412</td></tr><tr><td>Total public issues</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>251,481</td><td>249,960</td></tr></table>
(Continued on following page)
July 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="10">1945</th><th colspan="6">1946</th></tr><tr><th></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><th>May 31</th></tr></table>
Public debt - (Continued)
<table><tr><td>Interest-bearing debt (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</td><td>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>262</td><td>97</td><td>132</td><td>147</td><td>152</td><td>152</td><td>152</td><td>10</td><td>65</td><td>70</td><td>85</td><td>85</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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>5,581</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>37</td><td>38</td><td>38</td><td>39</td><td>40</td><td>44</td><td>45</td><td>45</td><td>46</td><td>46</td><td>47</td></tr><tr><td>Government Life Insurance Fund</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>1,789</td><td>1,868</td><td>2,126</td><td>2,138</td><td>2,149</td><td>2,160</td><td>2,163</td><td>2,166</td><td>2,148</td><td>2,144</td><td>2,106</td><td>2,090</td></tr><tr><td>National Service Life Insurance Fund</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>4,190</td><td>4,180</td><td>4,785</td><td>4,935</td></tr><tr><td>Postal Savings System</td><td>172</td><td>461</td><td>587</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>624</td></tr><tr><td>Canal Zone, Postal Savings System</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account</td><td>500</td><td>501</td><td>669</td><td>657</td><td>644</td><td>669</td><td>657</td><td>644</td><td>668</td><td>655</td><td>642</td><td>667</td></tr><tr><td>Unemployment Trust Fund</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>6,888</td></tr><tr><td>Total special issues</td><td>18,592</td><td>18,812</td><td>19,558</td><td>20,033</td><td>20,519</td><td>20,571</td><td>20,710</td><td>20,000</td><td>20,655</td><td>20,897</td><td>21,135</td><td>21,224</td><td>21,481</td></tr><tr><td>Total interest-bearing debt</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><td>271,440</td></tr><tr><td>Prepayments on securities</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><td>-</td></tr><tr><td>Natured debt on which interest has ceased</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><td>191</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 earning stamps</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><td>99</td></tr><tr><td>Excess profits tax refund bonds</td><td>931</td><td>1,028</td><td>1,044</td><td>1,089</td><td>1,107</td><td>1,113</td><td>1,131</td><td>1,128</td><td>840</td><td>143</td><td>109</td><td>82</td><td>67</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>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><td>589</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>1,574</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><td>981</td></tr><tr><td>Total public debt outstanding</td><td>238,832</td><td>258,682</td><td>262,045</td><td>263,001</td><td>262,020</td><td>261,817</td><td>265,342</td><td>278,115</td><td>278,887</td><td>279,214</td><td>275,012</td><td>273,858</td><td>272,583</td></tr></table>
Guaranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>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><td>42</td></tr><tr><td>Federal Housing Administration</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><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>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><td>42</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 by</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><td>500</td></tr><tr><td>Total interest-bearing debt</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><td>542</td></tr><tr><td>Matured debt on which interest has ceased</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><td>10</td></tr><tr><td>Total guaranteed obligations outstanding</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><td>552</td></tr></table>
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 X-A, X-B, and X-C, which were held by United States Government corporations and credit agencies.
6 Includes prepayments on securities.
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/ Early restricted leases are those which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to a specified date, with two exceptions: (1) concurrently with the 4th, 5th and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such leases through forfeiture of collateral.
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
July 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>37,107</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>2.690</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,600</td><td>926</td><td>2.582</td><td>4,665</td><td>121</td><td>2.631</td></tr><tr><td>1938</td><td>41,228</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,653</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,376</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,490</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,614</td><td>2.285</td><td>4,549</td><td>85</td><td>1.851</td></tr><tr><td>1943</td><td>139,472</td><td>2,779</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1945-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>260,196</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>259,839</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>5,124</td><td>1.963</td><td>275,694</td><td>5,116</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><tr><td>May</td><td>271,983</td><td>5,424</td><td>1.994</td><td>271,440</td><td>5,417</td><td>1.996</td><td>542</td><td>7</td><td>1.348</td></tr></table>
Source: Daily Treasury Statement. 1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds, Series A-K are considered to yield 2.90% per annum and Series Y 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>3,530</td><td>-</td><td>-</td><td>-</td><td>25</td><td>3,505</td><td>-</td></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>4</td><td>15</td><td>868</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>4</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>55</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>356</td><td>398</td><td>580</td><td>8,416</td><td>57</td></tr><tr><td>1945</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>1945-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>1,531</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>July</td><td>12,468</td><td>1,602</td><td>326</td><td>383</td><td>987</td><td>9,113</td><td>57</td></tr><tr><td>August</td><td>12,427</td><td>1,679</td><td>146</td><td>383</td><td>961</td><td>9,202</td><td>57</td></tr><tr><td>September</td><td>12,492</td><td>1,724</td><td>130</td><td>383</td><td>944</td><td>9,255</td><td>57</td></tr><tr><td>October</td><td>12,269</td><td>1,688</td><td>111</td><td>383</td><td>922</td><td>9,109</td><td>57</td></tr><tr><td>November</td><td>12,194</td><td>1,625</td><td>94</td><td>383</td><td>900</td><td>9,136</td><td>57</td></tr><tr><td>December</td><td>11,780</td><td>1,255</td><td>76</td><td>383</td><td>884</td><td>9,126</td><td>57</td></tr><tr><td>1946-January</td><td>11,678</td><td>1,272</td><td>61</td><td>383</td><td>860</td><td>9,046</td><td>57</td></tr><tr><td>February</td><td>11,508</td><td>1,191</td><td>50</td><td>383</td><td>830</td><td>8,998</td><td>57</td></tr><tr><td>March</td><td>11,282</td><td>1,069</td><td>37</td><td>383</td><td>807</td><td>8,930</td><td>57</td></tr><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><tr><td>May</td><td>11,645</td><td>1,259</td><td>19</td><td>383</td><td>763</td><td>9,164</td><td>57</td></tr></table>
Source: Daily Treasury Statement. Less than $500,000.
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 May 31, 1946 (In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>300,000</td></tr><tr><td>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>282,182</td></tr><tr><td>Guaranteed securities 2/.</td><td>552</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation.</td><td>282,735</td></tr><tr><td>Balance issuable under such authority.</td><td>17,265</td></tr></table>
Source: Public Debt Service. 1/ For comparison with the public debt outstanding, see following
table 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, May 31, 1946
(In millions of dollars)
<table><tr><th></th><th>U. S. Government securities outstanding subject to statutory debt limitation 1/</th><th>Total public debt outstanding</th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,040</td><td>17,040</td></tr><tr><td>Certificates of indebtedness</td><td>36,828</td><td>36,828</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>193,308</td><td>193,487</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>59,486</td><td>48,917</td></tr><tr><td>Treasury savings notes</td><td>7,127</td><td>7,127</td></tr><tr><td>Depositary bonds</td><td>429</td><td>429</td></tr><tr><td>Total non-marketable issues</td><td>67,042</td><td>56,472</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>21,481</td><td>21,481</td></tr><tr><td>Total interest-bearing securities</td><td>281,831</td><td>271,440</td></tr><tr><td>Retired securities on which interest has ceased</td><td>185</td><td>191</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>99</td><td>99</td></tr><tr><td>Excess profits tax refund bonds</td><td>67</td><td>67</td></tr><tr><td>Currency items, etc. 3/</td><td>-</td><td>785</td></tr><tr><td>Total obligations bearing no interest</td><td>166</td><td>951</td></tr><tr><td>Total</td><td>282,182</td><td>272,583</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.
July 1946
29
Maturity Schedule of Interest-Bearing Public Marketable Securities Issued by the United States
As of May 31, 1946
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial bank may own bank restricted issues 1/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1946-June</td><td>Treasury bills 7/8% Certificate - 6/1/46 3% Treasury bond - 6/15/46-18 3-1/8% Treasury bond - 6/15/46-49</td><td>5,242 4,759 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>Treasury bills 7/8% Certificate - 8/1/46</td><td>6,545 2,470</td><td></td><td></td><td>Various 8/1/45</td><td>taxable taxable</td><td></td></tr><tr><td>Sept.</td><td>7/8% Certificates - 9/1/46</td><td>4,336</td><td></td><td></td><td>9/1/45</td><td>taxable</td><td></td></tr><tr><td>Oct.</td><td>7/8% Certificate - 10/1/46</td><td>3,440</td><td></td><td></td><td>10/1/45</td><td>taxable</td><td></td></tr><tr><td>Nov.</td><td>7/8% Certificate - 11/1/46</td><td>3,778</td><td></td><td></td><td>12/1/45</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>7/8% Certificate - 12/1/46 1-1/2% Treasury note - 12/15/46</td><td>3,768 3,261</td><td></td><td></td><td>12/1/45 6/5/42</td><td>taxable taxable</td><td></td></tr><tr><td>Total</td><td></td><td>49,657</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-Jan.</td><td>3% Conversion bond - 1/1/47 7/8% Certificate - 1/1/47</td><td>13 3,330</td><td></td><td></td><td>1/1/17 1/1/46</td><td>wholly taxable</td><td></td></tr><tr><td>Feb.</td><td>7/8% Certificate - 2/1/47</td><td>4,954</td><td></td><td></td><td>2/1/46</td><td>taxable</td><td></td></tr><tr><td>Mar.</td><td>7/8% Certificate - 3/1/47 1-1/4% Treasury note - 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 - 9/15/47 1-1/4% Treasury bond - 9/15/47</td><td>2,707 1,687</td><td></td><td></td><td>7/12/43 12/1/44</td><td>taxable taxable</td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond - 10/15/47-52</td><td>759</td><td></td><td></td><td>10/16/22</td><td>partially</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/47</td><td>701</td><td></td><td></td><td>12/15/38</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td>21,294</td><td>799</td><td></td><td></td><td></td><td></td></tr><tr><td>1948-Mar.</td><td>2% Treasury bond - 3/15/48-50 2-3/4% Treasury bond - 3/15/48-51</td><td></td><td>1,115 1,253</td><td></td><td>3/15/41 3/15/36</td><td>taxable partially</td><td></td></tr><tr><td>June.</td><td>1-3/4% Treasury bond - 6/15/48</td><td>3,062</td><td></td><td></td><td>12/1/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/48 1-1/2% Treasury note - 9/15/48</td><td>1,951 3,748</td><td></td><td></td><td>3/15/38 3/15/44</td><td>partially taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td></td><td>571</td><td></td><td>12/8/39</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td>7,261</td><td>2,910</td><td></td><td></td><td></td><td></td></tr><tr><td>1949-June</td><td>2% Treasury bond - 6/15/49-51</td><td></td><td>1,014</td><td></td><td>1/15/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51</td><td></td><td>1,292</td><td></td><td>5/15/42</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51 3-1/8% Treasury bond - 12/15/49-52 2-1/2% Treasury bond - 12/15/49-53</td><td></td><td>2,098 1,786</td><td></td><td>7/15/42 12/15/34 12/15/36</td><td>taxable partially partially</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>6,682</td><td></td><td></td><td></td><td></td></tr><tr><td>1950-Mar.</td><td>2% Treasury bond - 3/15/48-50 2% Treasury bond - 3/15/50-52</td><td></td><td>1,963</td><td>1,115</td><td>3/15/41 10/15/42</td><td>taxable taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52 2% Treasury bond - 9/15/50-52</td><td></td><td>1,186 4,939</td><td></td><td>9/15/38 4/15/43</td><td>partially taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50 1-1/2% Treasury bond - 12/15/50</td><td></td><td>2,635</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 May 31, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1951-Mar</td><td>2-1/4% Treasury bond</td><td>- 3/15/48-51</td><td></td><td>1,223</td><td>3/16/36</td><td>partially</td><td></td></tr><tr><td>June</td><td>2-3/4% Treasury bond</td><td>- 6/15/49-51</td><td>1,627</td><td>1,014</td><td>1/15/42</td><td>taxable</td><td></td></tr><tr><td>Sept</td><td>2-1/4% Treasury bond</td><td>- 9/15/51-53</td><td>7,986</td><td>1,232</td><td>5/15/43</td><td>taxable</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond</td><td>- 9/15/51-53</td><td>755</td><td></td><td>9/15/31</td><td>partially</td><td></td></tr><tr><td>Dec</td><td>2-1/4% Treasury bond</td><td>- 12/15/49-51</td><td>1,118</td><td>2,098</td><td>1/15/42</td><td>taxable</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond</td><td>- 12/15/51-53</td><td>510</td><td></td><td>12/22/79</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td></td><td>11,996</td><td>5,628</td><td>12/15/42</td><td>taxable</td><td></td></tr><tr><td>1952-Mar</td><td>2-1/2% Treasury bond</td><td>- 3/15/50-52</td><td>1,024</td><td>1,963</td><td>10/19/42</td><td>taxable</td><td></td></tr><tr><td>June</td><td>2-1/4% Treasury bond</td><td>- 6/15/52-54</td><td>5,825</td><td></td><td>6/26/44</td><td>taxable</td><td></td></tr><tr><td>Sept</td><td>2-1/4% Treasury bond</td><td>- 9/15/50-52</td><td>1,501</td><td>1,186</td><td>9/15/38</td><td>partially</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond</td><td>- 9/15/50-52</td><td></td><td>4,939</td><td>1/15/43</td><td>partially</td><td></td></tr><tr><td>Oct</td><td>4-1/4% Treasury bond</td><td>- 10/15/47-52</td><td>759</td><td></td><td>10/16/22</td><td>partially</td><td></td></tr><tr><td>Dec</td><td>2-1/4% Treasury bond</td><td>- 12/15/49-52</td><td>8,662</td><td>491</td><td>12/15/34</td><td>partially</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond</td><td>- 12/15/52-54</td><td></td><td>12/1/44</td><td>taxable</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>2-1/4% Treasury bond</td><td>- 6/15/53-55</td><td>725</td><td></td><td>10/7/40</td><td>partially</td><td></td></tr><tr><td>Sept</td><td>2-1/4% Treasury bond</td><td>- 9/15/51-53</td><td></td><td>7,986</td><td>9/15/43</td><td>taxable</td><td></td></tr><tr><td>Dec</td><td>2-1/4% Treasury bond</td><td>- 12/15/49-51</td><td></td><td>1,786</td><td>12/15/36</td><td>partially</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond</td><td>- 12/15/51-53</td><td></td><td>1,118</td><td>12/22/39</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>725</td><td>10,890</td><td></td><td></td><td></td></tr><tr><td>1954-Mar</td><td>2-1/2% Treasury bond</td><td>- 3/15/52-54</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</td><td>- 6/15/51-54</td><td></td><td>1,627</td><td>6/15/36</td><td>partially</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond</td><td>- 6/15/52-54</td><td>681</td><td>5,825</td><td>6/26/44</td><td>taxable</td><td></td></tr><tr><td>Dec</td><td>2-1/4% Treasury bond</td><td>- 12/15/52-54</td><td></td><td>8,662</td><td>7/22/40</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td></td><td>681</td><td>17,138</td><td>12/1/44</td><td>taxable</td><td></td></tr><tr><td>1955-Mar</td><td>2-7/8% Treasury bond</td><td>- 3/15/55-60</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</td><td>- 6/15/52-55</td><td></td><td>1,501</td><td>2/25/42</td><td>taxable</td><td></td></tr><tr><td>Sept</td><td>2-1/4% Treasury bond</td><td>- 9/15/53-55</td><td></td><td>755</td><td>10/7/40</td><td>partially</td><td></td></tr><tr><td>Dec</td><td>2-1/4% Treasury bond</td><td>- 12/15/51-55</td><td></td><td>510</td><td>9/15/31</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td></td><td>2,611</td><td>3,491</td><td>12/15/42</td><td>taxable</td><td></td></tr><tr><td>1956-Mar</td><td>2-1/2% Treasury bond</td><td>- 3/15/56-58</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</td><td>- 6/15/54-56</td><td></td><td>631</td><td>7/22/40</td><td>partially</td><td></td></tr><tr><td>Sept</td><td>2-3/4% Treasury bond</td><td>- 9/15/56-59</td><td>982</td><td></td><td>9/15/36</td><td>partially</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond</td><td>- 9/15/56-59</td><td>3,823</td><td></td><td>2/1/44</td><td>taxable</td><td>9/15/46</td></tr><tr><td>Total</td><td></td><td></td><td>6,253</td><td>631</td><td></td><td></td><td></td></tr><tr><td>1958-Mar</td><td>2-1/2% Treasury bond</td><td>- 3/15/56-58</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</td><td>- 6/15/58-61</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</td><td>- 6/15/59-62</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</td><td>- 9/15/56-59</td><td></td><td>982</td><td>9/15/36</td><td>partially</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond</td><td>- 9/15/56-59</td><td></td><td>3,823</td><td>2/1/44</td><td>taxable</td><td>9/15/46</td></tr><tr><td>Dec</td><td>2-1/4% Treasury bond</td><td>- 12/15/59-62</td><td>3,470</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>8,754</td><td>4,804</td><td></td><td></td><td></td></tr></table>
(Continued on following page)
July 1946
31
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of May 31, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1960-Mar.... Dec....</td><td>2-7/8 Treasury bond - 3/15/55-60......<br>2-3/4 Treasury bond - 12/15/60-65......</td><td>.....</td><td>.....</td><td>2,611<br>1,485</td><td>3/15/35<br>12/15/36</td><td>partially<br>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.... Dec....</td><td>2-1/4% Treasury bond - 6/15/59-62......<br>2-1/2% Treasury bond - 6/15/62-67......<br>2-1/4% Treasury bond - 12/15/59-62......</td><td>.....</td><td>.....</td><td>5,284<br>2,118<br>3,470</td><td>6/1/45<br>5/5/42<br>11/15/45</td><td>taxable<br>taxable<br>taxable</td><td>6/15/52<br>5/5/52<br>12/15/52</td></tr><tr><td></td><td>Total....................................</td><td>.....</td><td>2,118</td><td>8,754</td><td></td><td></td><td></td></tr><tr><td>1963-June.... Dec....</td><td>2-3/4% Treasury bond - 6/15/58-63......<br>2-1/2% Treasury bond - 12/15/61-68......</td><td>.....</td><td>.....</td><td>919<br>2,831</td><td>6/15/35<br>12/1/42</td><td>partially<br>taxable</td><td>.....</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.... Dec....</td><td>2-1/2% Treasury bond - 6/15/64-69......<br>2-1/2% Treasury bond - 12/15/64-69......</td><td>.....</td><td>.....</td><td>3,761<br>3,838</td><td>4/15/43<br>9/15/43</td><td>taxable<br>taxable</td><td>.....</td><td>4/15/53<br>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.... Dec....</td><td>2-1/2% Treasury bond - 3/15/65-70......<br>2-3/4% Treasury bond - 12/15/60-65......</td><td>.....</td><td>.....</td><td>5,197<br>1,485</td><td>2/1/44<br>12/15/38</td><td>taxable<br>partially</td><td>.....</td><td>2/1/54</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>.....</td><td>3,481</td><td>12/1/44</td><td>taxable</td><td>.....</td><td>12/1/54</td></tr><tr><td>1967-June.... Sept.... Dec....</td><td>2-1/2% Treasury bond - 6/15/62-67......<br>2-1/2% Treasury bond - 6/15/67-72......<br>2-1/2% Treasury bond - 9/15/67-72......<br>2-1/2% Treasury bond - 12/15/67-72......</td><td>.....</td><td>.....</td><td>2,118<br>7,967<br>2,716<br>11,689</td><td>5/5/42<br>6/1/45<br>10/20/41<br>11/15/45</td><td>taxable<br>taxable<br>taxable<br>taxable</td><td>.....</td><td>5/5/52<br>6/15/62<br>.....</td></tr><tr><td></td><td>Total....................................</td><td>.....</td><td>22,372</td><td>2,118</td><td></td><td></td><td></td></tr><tr><td>1968-Dec....</td><td>2-1/2% Treasury bond - 12/15/63-68......</td><td>.....</td><td>.....</td><td>2,831</td><td>12/1/42</td><td>taxable</td><td>.....</td><td>12/1/52</td></tr><tr><td>1969-June.... Dec....</td><td>2-1/2% Treasury bond - 6/15/64-69......<br>2-1/2% Treasury bond - 12/15/64-69......</td><td>.....</td><td>.....</td><td>3,761<br>3,838</td><td>4/15/43<br>9/15/43</td><td>taxable<br>taxable</td><td>.....</td><td>4/15/53<br>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>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>.....</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>.....</td><td>12/1/54</td></tr><tr><td>1972-June.... Sept.... Dec....</td><td>2-1/2% Treasury bond - 6/15/67-72......<br>2-1/2% Treasury bond - 9/15/67-72......<br>2-1/2% Treasury bond - 12/15/67-72......</td><td>.....</td><td>.....</td><td>7,967<br>2,716<br>11,689</td><td>6/1/45<br>10/20/41<br>11/15/45</td><td>taxable<br>taxable<br>taxable</td><td>.....</td><td>6/15/62<br>.....</td></tr><tr><td></td><td>Total....................................</td><td>.....</td><td>22,372</td><td>.....</td><td></td><td></td><td></td></tr></table>
1/ Excludes (1) postal savings bonds and (2) Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities issued by the United States).
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 have been included in the two columns.
3/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
Wholly tax-exempt securities are exempt from both the normal and surtax rates. Partially tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to a specified date. See footnote 2, page 25.
32
Treasury Bulletin
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date terms or 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>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/ Exchange</th><th>For cash</th><th>In exchange for other securities</th><th></th></tr><tr><td colspan="8">(In millions of dollars)</td></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 3/ (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>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>2-1/2% Treas. note- 3/1/45 (2/1/44)</td><td>1 yr.1 m</td><td>-</td><td>2,127</td><td>2,127</td><td>100</td></tr><tr><td>3/2/44</td><td>3/2/44</td><td>2-1/4% Treas. bond- 9/15/56-59 3/ (2/1/44) 1-1/2% Treas. note- 9/15/48 (3/15/44)</td><td>26 yr (21 yr) 15 yr.6 m (12 yr.6 m) 6/</td><td>- 3,748</td><td>- 3,748</td><td>1,877</td><td>100 100</td></tr><tr><td>3/22/44</td><td>3/22/44</td><td>7/8% Certificate- 5/1/45 (5/1/44)</td><td>1 yr</td><td>-</td><td>1,615</td><td>1,615</td><td>100</td></tr><tr><td>4/24/44</td><td>6/12/44</td><td>5th War Loan securities: 3/ 2-1/2% Treas. bond- 3/15/65-70 5/ (2/1/44) 2% Treas. bond- 6/15/52-54 (6/26/44) 1-1/2% 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>2,909 5,825 1,948 4,770</td><td>- - -</td><td>100 100 100 100</td></tr><tr><td>7/20/44</td><td>7/20/44</td><td>7/8% Certificate- 8/1/45 (8/1/44)</td><td>1 yr</td><td>-</td><td>2,511</td><td>2,511</td><td>100</td></tr><tr><td>8/24/44</td><td>8/24/44</td><td>7/8% Certificate- 9/1/45 (9/1/44)</td><td>1 yr</td><td>-</td><td>3,594</td><td>3,594</td><td>100</td></tr><tr><td>8/24/44</td><td>8/24/44</td><td>1% Treas. note- 3/15/47 (11/1/44)</td><td>1 yr.6 m</td><td>-</td><td>788</td><td>788</td><td>100</td></tr><tr><td>9/20/44</td><td>9/25/44</td><td>7/8% Certificate- 10/1/45 (10/1/44)</td><td>1 yr</td><td>-</td><td>3,492</td><td>3,492</td><td>100</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 3/ 2-1/2% Treas. bond- 3/15/66-71 1/ (12/1/44) 2% Treas. bond-12/15/52-54 (12/1/44) 1-1/4% Treas. note- 9/15/47 (12/1/44) 7/8% Certificate- 12/1/45 (12/1/44)</td><td>26 yr.3 m (21 yr.3 m) 10 yr (8 yr) 2 yr.9 m 1 yr</td><td>3,448 7,922 1,590 4,395</td><td>3,448 7,922 1,590 4,395</td><td>- - -</td><td>100 100 100 100</td></tr><tr><td>11/17/44</td><td>11/20/44</td><td>2-1/2% Treas. note- 1/1/46 (12/1/44)</td><td>1 yr.1 m</td><td>-</td><td>3,416</td><td>3,416</td><td>100</td></tr><tr><td>11/17/44</td><td>11/20/44</td><td>2-1/2% Treas. bond- 3/15/66-71 9/ (12/1/44) 2% Treas. bond- 12/15/52-54 3/ (12/1/44)</td><td>26 yr.3 m (21 yr.3 m) 10/</td><td>- 3,750</td><td>- 3,750</td><td>137</td><td>100 100</td></tr><tr><td>1/22/45</td><td>1/22/45</td><td>1-1/4% Treas. note- 9/15/47 9/ (2/1/45)</td><td>2 yr.9 m10/</td><td>-</td><td>5,043</td><td>5,043</td><td>100</td></tr><tr><td>2/19/45</td><td>2/19/45</td><td>7/8% Certificate- 3/1/46 (3/1/45)</td><td>1 yr</td><td>-</td><td>4,147</td><td>4,147</td><td>100</td></tr><tr><td>3/22/45</td><td>3/22/45</td><td>7/8% Certificate- 4/1/46 (4/1/45)</td><td>1 yr</td><td>-</td><td>4,811</td><td>4,811</td><td>100</td></tr><tr><td>4/19/45</td><td>4/19/45</td><td>7/8% Certificate- 5/1/46 (5/1/45)</td><td>1 yr</td><td>-</td><td>1,579</td><td>1,579</td><td>100</td></tr><tr><td>4/11/45</td><td>5/14/45</td><td>7th War Loan securities: 3/ 2-1/2% Treas. bond- 6/15/67-72 1/ (6/1/45) 2-1/4% Treas. bond- 6/15/59-62 3/ (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>7,967 5,284 2,635 4,799</td><td>7,967 5,284 2,635 4,799</td><td>- - -</td><td>100 100 100 100</td></tr><tr><td>5/21/45</td><td>5/21/45</td><td>1.90% Treas. note- 7/1/46 (6/1/45)</td><td>1 yr.1 m</td><td>-</td><td>4,910</td><td>4,910</td><td>100</td></tr><tr><td>7/23/45</td><td>7/23/45</td><td>7/8% Certificate- 8/1/46 (8/1/45)</td><td>1 yr</td><td>-</td><td>2,470</td><td>2,470</td><td>100</td></tr><tr><td>8/20/45</td><td>8/20/45</td><td>7/8% Certificate- 9/1/46 (9/1/45)</td><td>1 yr</td><td>-</td><td>4,336</td><td>4,336</td><td>100</td></tr><tr><td>3/12/45</td><td>10/23/45</td><td>Victory Loan securities: 3/ 2-1/2% Treas. bond-12/15/67-72 1/ (11/15/45) 2-1/4% Treas. bond-12/15/59-62 3/ (11/15/45) 7/8% Certificate- 12/1/46 (12/1/45)</td><td>27 yr.1 m (22 yr.1 m) 17 yr.1 m (14 yr.1 m) 1 yr</td><td>11,689 3,470 3,768</td><td>11,689 3,470 3,768</td><td>- - -</td><td>100 100 100</td></tr><tr><td>9/24/45</td><td>9/24/45</td><td>7/8% Certificate- 10/1/46 (10/1/45)</td><td>1 yr</td><td>-</td><td>3,440</td><td>3,440</td><td>100</td></tr><tr><td>11/19/45</td><td>11/19/45</td><td>7/8% Certificate- 11/1/46 (11/1/45)</td><td>1 yr</td><td>-</td><td>3,778</td><td>3,778</td><td>100</td></tr><tr><td>12/1/45</td><td>12/1/45</td><td>7/8% Certificate- 1/1/47 (1/1/46)</td><td>1 yr</td><td>-</td><td>3,330</td><td>3,330</td><td>100</td></tr><tr><td>1/21/46</td><td>1/21/46</td><td>7/8% Certificate- 2/1/47 (2/1/46)</td><td>1 yr</td><td>-</td><td>4,954</td><td>4,954</td><td>100</td></tr><tr><td>2/18/46</td><td>2/18/46</td><td>7/8% Certificate- 3/1/47 (3/1/46)</td><td>1 yr</td><td>-</td><td>4,106</td><td>4,106</td><td>76</td></tr><tr><td>3/20/46</td><td>3/20/46</td><td>7/8% Certificate- 4/1/47 (4/1/46)</td><td>1 yr</td><td>-</td><td>4,782</td><td>2,820</td><td>59</td></tr><tr><td>5/14/46</td><td>5/14/46</td><td>7/8% Certificate- 6/1/47 (6/1/46)</td><td>1 yr</td><td>-</td><td>4,168</td><td>2,775</td><td>66</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td>n.a.</td><td>n.a.</td><td>n.a.</td></tr></table>
1/ In the case of the reacquisition of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reacquisition. 
2/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds. 
3/ Figures on amount of Ver 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
ment accounts.
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.
Reopening of previously offered security.
Interest commenced on March 15, 1944.
Interest commenced on June 26, 1944.
Interest commenced on September 15, 1944.
This is the same security that was offered in the Sixth War Loan.
Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
July 1946
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th colspan="2">Description of called or maturing security 1/</th><th>Amount outstanding</th><th colspan="2">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>(Date of issue is shown in parentheses)</th><th></th><th>out-</th><th>Cash retirement</th><th>Exchange security offered</th><th>Ex- changed</th><th>Turned in for cash</th><th>Percent ex- changed</th><th></th></tr><tr><td>2/1/44 2/1/44</td><td>1-3/8% PPERA note - 7/8%</td><td>2/1/44 - (2/1/39)</td><td>114 2,211</td><td>114 -</td><td>2,211 -</td><td>2,127 -</td><td>84 -</td><td>96 -</td><td>.90% Trea. note - 3/1/45</td></tr><tr><td>3/15/44</td><td>3-1/4% RFC bond - 5/15/44 - 15/1/44</td><td>3/15/44 - (5/15/34)</td><td>95 835</td><td>-</td><td>95 835</td><td>76 705</td><td>19 130</td><td>80 84</td><td>2-1/4% Trea. bond - 9/15/56-59</td></tr><tr><td>3/15/44</td><td>3-1/4% HOLO bond - 5/1/44-58</td><td>3/15/44 - (5/1/34)</td><td>571 779</td><td>-</td><td>571 779</td><td>559 604</td><td>12 175</td><td>98 78</td><td>2-1/4% Trea. bond - 3/15/65-70</td></tr><tr><td>3/15/44</td><td>3-1/4% Trea. note - 6/15/44</td><td>3/15/44 - (6/15/39)</td><td>515 426</td><td>-</td><td>515 426</td><td>1,223 270</td><td>296 146</td><td>81 85</td><td>1-1/2% Trea. note - 9/15/48</td></tr><tr><td>Totals for exchange transaction of 3/15/44.</td><td></td><td></td><td>4,789</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 8/2/44 9/1/44</td><td>7/8% Certificate - 7/8% Certificate - 7/8% Certificate - 7/8% Certificate</td><td>4/1/44 - (4/1/43) 5/1/44 - (5/1/43) 8/2/44 - (8/2/43) 9/1/44 - (9/1/43)</td><td>5,251 1,655 2,585 4,122</td><td>-</td><td>5,251 1,655 2,545 4,122</td><td>4,877 1,615 2,511 3,594</td><td>374 40 34 428</td><td>93 98 99 90</td><td>7/8% Certificate - 5/1/45 7/8% Certificate - 8/2/45 7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% Trea. note - 9/15/44</td><td>3/4% Trea. note - 9/15/39</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% Trea. note - 3/15/46</td></tr><tr><td>Totals for exchange transaction of 9/15/44.</td><td></td><td></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 - 7/8% Certificate</td><td>10/1/44 - (10/15/43) 12/1/44 - (12/1/43)</td><td>3,519 3,540</td><td>-</td><td>3,519 3,540</td><td>3,492 3,516</td><td>27 124</td><td>92 96</td><td>7/8% Certificate - 10/1/45 Trea. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>4% Trea. bond - 12/15/44-54</td><td>12/15/44 - (12/15/41)</td><td>1,037</td><td>-</td><td>1,037</td><td>911</td><td>126</td><td>88</td><td>1-1/4% Trea. note - 9/15/47 2-1/4% Trea. bond - 12/15/52-54 2-1/4% Trea. bond - 3/15/66-71 2/1</td></tr><tr><td>2/1/45</td><td>7/8% Certificate - 2/1/45</td><td>2/1/45 - (2/1/41)</td><td>5,048 412</td><td>-</td><td>5,048 412</td><td>4,849 395</td><td>400 17</td><td>92 96</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td>Totals for exchange transaction of 2/1/45.</td><td></td><td></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% Trea. note - 3/1/45</td><td>3/1/45 - (3/1/41)</td><td>2,127</td><td>-</td><td>2,127</td><td>2,109</td><td>18</td><td>99</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td>3/1/45</td><td>3/4% Trea. note - 3/1/45</td><td>3/1/45 - (3/1/42)</td><td>718 1,606</td><td>-</td><td>718 1,606</td><td>718 1,546</td><td>285 60</td><td>99 96</td><td></td></tr><tr><td>Totals for exchange transaction of 3/1/45.</td><td></td><td></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 - 7/8% Certificate</td><td>4/1/45 - (4/1/44) 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 - 1-1/2% HOLO bond</td><td>6/1/45 - (6/1/44) 6/1/45-17 - (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% Trea. note - 7/1/46</td></tr><tr><td>Totals for exchange transaction of 6/1/45.</td><td></td><td></td><td>5,585</td><td>-</td><td>5,585</td><td>4,910</td><td>615</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8% Certificate - 8/1/45</td><td>8/1/45 - (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 - 2-3/4% Trea. bond</td><td>9/1/45 - (9/1/44) 9/15/45-17 - (9/1/35)</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>Totals for exchange transaction of 9/1/45.</td><td></td><td></td><td>4,908</td><td>-</td><td>4,908</td><td>4,336</td><td>572</td><td>88</td><td></td></tr><tr><td>10/1/45</td><td>7/8% Certificate - 10/1/45</td><td>10/1/45 - (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 - 2-1/2% Trea. bond</td><td>12/1/45 - (12/1/44) 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>Totals for exchange transaction of 12/1/45.</td><td></td><td></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</td><td>1/1/46 - (1/1/16)</td><td>16</td><td>16</td><td>3,416</td><td>3,330</td><td>85</td><td>98</td><td>7/8% Certificate - 1/1/47</td></tr><tr><td>1/1/46 2/1/46</td><td>.90% Trea. note - 7/8% Certificate</td><td>1/1/46 - (12/1/44) 2/1/46 - (2/1/45)</td><td>3,416 5,043</td><td>-</td><td>3,416 5,043</td><td>4,954</td><td>89</td><td>98 98</td><td>7/8% Certificate - 2/1/47</td></tr><tr><td>3/1/46</td><td>7/8% Certificate - 3-3/4% Trea. note</td><td>3/1/46 - (3/1/45) 3/15/46-56 - (3/15/25)</td><td>4,147 1,891</td><td>1,014 489</td><td>3,133</td><td>3,133</td><td>-</td><td>3/ 7/8%</td><td>7/8% Certificate - 3/1/47</td></tr><tr><td>4/1/46 5/1/46</td><td>7/8% Certificate - 7/8% Certificate</td><td>4/1/46 - (4/1/45) 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/ 7/8%</td><td>7/8% Certificate - 4/1/47</td></tr><tr><td>6/1/46</td><td>7/8% Certificate - 3% Trea. bond</td><td>6/1/46 - (6/1/45) 6/15/46-48 - (6/15/34)</td><td>4,799 1,036</td><td>2,025 1,036</td><td>2,775</td><td>2,775</td><td>-</td><td>3/ 7/8%</td><td>7/8% Certificate - 6/1/47</td></tr><tr><td>6/15/46 7/1/46</td><td>3-1/8% Trea. bond - 9/0% Trea. note</td><td>6/15/46-49 - (6/15/31) 7/1/46 - (7/1/45)</td><td>819 4,910</td><td>819 2,000 p</td><td>2,910 p</td><td>n.e.</td><td>-</td><td>3/ 7/8%</td><td>7/8% Certificate - 7/1/47</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 is-
suee were either paid off in full or the holders were given the privilege to exchange into another security in full. Beginning with that operation, some maturities have been split by the Treasury into a stated portion for cash retirement with the remainder covered by an offering of an exchange security.
34
Treasury Bulletin
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th>Date of issue</th><th colspan="2">Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th colspan="3">Amount of bids accepted</th><th>Amount of maturing issue (as of date shown in first column)</th><th>Total bills outstanding (as of date shown in first column)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th><th></th><th></th></tr><tr><td>1945-May 3</td><td>1945-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. 1</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. 2</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. 9</td><td>91</td><td>2,067.9</td><td>1,313.1</td><td>1,282.1</td><td>51.0</td><td>1,306.7</td><td>17,048.7</td></tr><tr><td>May 31</td><td>Aug. 16</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. 22</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. 5</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>17,042.9</td></tr><tr><td>Sept. 13</td><td>Dec. 12</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>53.5</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>2,064.7</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>1,315.7</td><td>1,261.5</td><td>55.1</td><td>1,318.7</td><td>17,025.6</td></tr><tr><td>Nov. 15</td><td>Feb. 14</td><td>91</td><td>1,940.7</td><td>1,316.7</td><td>1,273.8</td><td>42.9</td><td>1,314.5</td><td>17,027.9</td></tr><tr><td>Nov. 22</td><td>Feb. 21</td><td>90</td><td>2,178.5</td><td>1,302.1</td><td>1,242.1</td><td>60.0</td><td>1,310.8</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>1,305.7</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>1,314.0</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>1,309.8</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>1,314.0</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>1,302.2</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>1,315.5</td><td>17,031.8</td></tr><tr><td>Mar. 28</td><td>June 27</td><td>91</td><td>1,964.5</td><td>1,313.8</td><td>1,268.6</td><td>44.8</td><td>1,304.1</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>17,055.3</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><tr><td>May 2</td><td>Aug. 1</td><td>91</td><td>1,850.1</td><td>1,309.2</td><td>1,265.5</td><td>43.7</td><td>1,315.9</td><td>17,047.1</td></tr><tr><td>May 9</td><td>Aug. 8</td><td>91</td><td>1,961.0</td><td>1,306.2</td><td>1,265.8</td><td>42.5</td><td>1,314.8</td><td>17,040.5</td></tr><tr><td>May 16</td><td>Aug. 15</td><td>91</td><td>1,900.9</td><td>1,301.3</td><td>1,260.5</td><td>40.9</td><td>1,309.0</td><td>17,032.9</td></tr><tr><td>May 23</td><td>Aug. 22</td><td>91</td><td>1,921.6</td><td>1,313.1</td><td>1,274.3</td><td>39.5</td><td>1,303.3</td><td>17,045.3</td></tr><tr><td>May 31</td><td>Aug. 29</td><td>90</td><td>1,953.2</td><td>1,312.5</td><td>1,288.0</td><td>24.5</td><td>1,316.7</td><td>17,041.1</td></tr></table>
Sources: 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
Tenders for $200,000 or less from any one bidder are accepted in full at 99.905 per hundred.
July 1946
35
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bid accepted</th><th colspan="4">Competitive bid 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-May 10</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.365</td><td>99.905</td><td>0.376</td></tr><tr><td>May 17</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>May 24</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>May 31</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>June 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 14</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 21</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 28</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>July 5</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>July 12</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>July 19</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>July 26</td><td>99.905</td><td>0.375</td><td>99.908 3/</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 2</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 9</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 16</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.904</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>99.905</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. 22</td><td>99.908</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. 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>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><tr><td>May 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>May 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>May 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>May 23</td><td>99.905</td><td>0.376</td><td>99.908 3/</td><td>0.364</td><td>99.906</td><td>0.376</td></tr><tr><td>May 31</td><td>99.906</td><td>0.376</td><td>99.908 3/</td><td>0.364</td><td>99.906</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.
3/ Except $100,000 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 May 31, 1946
<table><tr><th>United States savings bonds</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th>(In millions of dollars)</th><th></th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>Matured series: Series A.</td><td>204</td><td>52</td><td>255</td><td>236</td><td>19</td><td>-</td><td>1/</td></tr><tr><td>Unmatured series: Series B.</td><td>370</td><td>88</td><td>458</td><td>220</td><td>-</td><td>238</td><td>48.01</td></tr><tr><td>Series O.</td><td>1,010</td><td>192</td><td>1,202</td><td>282</td><td>-</td><td>920</td><td>23.44</td></tr><tr><td>Series D.</td><td>2,365</td><td>304</td><td>2,669</td><td>445</td><td>-</td><td>2,224</td><td>16.57</td></tr><tr><td>Total, Series B, C, and D.</td><td>3,745</td><td>583</td><td>4,328</td><td>946</td><td>-</td><td>3,382</td><td>21.96</td></tr><tr><td>Series E.</td><td>41,792</td><td>800</td><td>42,592</td><td>12,167 2/</td><td>-</td><td>30,425</td><td>28.57</td></tr><tr><td>Series F.</td><td>3,124</td><td>59</td><td>3,184</td><td>300</td><td>-</td><td>2,883</td><td>9.83</td></tr><tr><td>Series G.</td><td>12,959</td><td>-</td><td>12,959</td><td>733</td><td>-</td><td>12,226</td><td>5.66</td></tr><tr><td>Total, Series E, F, and G.</td><td>57,875</td><td>859</td><td>58,734</td><td>13,200</td><td>-</td><td>45,534</td><td>22.47</td></tr><tr><td>Total, Series B-O.</td><td>61,620</td><td>1,443</td><td>63,063</td><td>14,146</td><td>-</td><td>48,917</td><td>22.43</td></tr><tr><td>Total, Series A-O.</td><td>61,824</td><td>1,994</td><td>63,318</td><td>14,382</td><td>19</td><td>48,917</td><td>1/</td></tr></table>
Sources: Daily Treasury Statement. 1/ Not calculated for matured series.
2/ Includes unclassified redemptions which contain small amounts of Series A-D bonds.
July 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>Total</th><th>Sale price</th><th>Accrued discount</th><th>Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><td colspan="9">(In millions of dollars)</td></tr><tr><td colspan="9">All series</td></tr><tr><td>Total, inception to May 31, 1946....</td><td>61,824</td><td>1,494</td><td>63,318</td><td>14,382</td><td>n.a.</td><td>n.a.</td><td>19</td><td>42,917</td><td>-</td></tr><tr><td colspan="9">Fiscal years:</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 colspan="9">Calendar years:</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>27,353</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>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 colspan="9">Months:</td></tr><tr><td>1945-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>.91</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>46,786</td><td>1.32</td></tr><tr><td>November</td><td>1,134</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>614</td><td>15</td><td>30</td><td>46,888</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>46,692</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>46,733</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>46,828</td><td>1.27</td></tr><tr><td>May</td><td>594</td><td>45</td><td>639</td><td>552</td><td>n.a.</td><td>n.a.</td><td>19</td><td>46,917</td><td>1.13</td></tr><tr><td colspan="9">Series A-D</td></tr><tr><td>Total, inception to May 31, 1946....</td><td>3,949</td><td>635</td><td>4,584</td><td>1,182</td><td>n.a.</td><td>n.a.</td><td>19</td><td>3,382</td><td>-</td></tr><tr><td colspan="9">Fiscal years:</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>3,690</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 colspan="9">Calendar years:</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 colspan="9">Months:</td></tr><tr><td>1945-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>33</td><td>9</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><tr><td>May</td><td>-</td><td>6</td><td>6</td><td>29</td><td>n.a.</td><td>n.a.</td><td>19</td><td>3,382</td><td>.84</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 colspan="3">Redemptions 1/</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 colspan="9">(In millions of dollars)</td></tr><tr><td colspan="9">Series E, F, and O</td></tr><tr><td>Total, inception to May 31, 1946</td><td>57,875</td><td>859</td><td>58,734</td><td>13,200</td><td>n.a.</td><td>n.a.</td><td>45,534</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>75</td><td>*</td><td>6,920</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,825</td><td>760</td><td>760</td><td>1</td><td>17,084</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>Monthly:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>43,929</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>43,113</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>43,235</td><td>1.38</td></tr><tr><td>November</td><td>1,124</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>46</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>48</td><td>1,008</td><td>587</td><td>582</td><td>6</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>May</td><td>594</td><td>39</td><td>634</td><td>524</td><td>n.a.</td><td>n.a.</td><td>45,534</td><td>1.15</td></tr><tr><td colspan="9">Series E</td></tr><tr><td>Total, inception to May 31, 1946</td><td>41,792</td><td>800</td><td>42,592</td><td>12,167</td><td>12,085</td><td>82</td><td>30,425</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>28,097</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>Monthly:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>1.18</td></tr><tr><td>September</td><td>430</td><td>31</td><td>451</td><td>487</td><td>483</td><td>4</td><td>29,869</td><td>1.13</td></tr><tr><td>October</td><td>510</td><td>28</td><td>531</td><td>562</td><td>557</td><td>5</td><td>29,844</td><td>1.58</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>542</td><td>536 r</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>566</td><td>559</td><td>7</td><td>30,513</td><td>1.79</td></tr><tr><td>May</td><td>345</td><td>37</td><td>381</td><td>469</td><td>461</td><td>7</td><td>30,425</td><td>1.54</td></tr></table>
(Continued on following page)
July 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 colspan="9">(In millions of dollars)</td></tr><tr><td colspan="9">Series F</td></tr><tr><td>Total, inception to May 31, 1946....</td><td>3,124</td><td>59</td><td>3,184</td><td>300</td><td>n.a.</td><td>n.a.</td><td>2,883</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>3</td><td>655</td><td>1</td><td>7</td><td>*</td><td>654</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>2,478</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-May</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>June</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>2,947</td><td>.32</td></tr><tr><td>August</td><td>32</td><td>3</td><td>35</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>10</td><td>4</td><td>14</td><td>14</td><td>13</td><td>*</td><td>2,823</td><td>.48</td></tr><tr><td>February</td><td>30</td><td>2</td><td>32</td><td>13</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><tr><td>May</td><td>24</td><td>3</td><td>27</td><td>17</td><td>n.a.</td><td>n.a.</td><td>2,883</td><td>.60</td></tr><tr><td colspan="9">Series G</td></tr><tr><td>Total, inception to May 31, 1946....</td><td>12,959</td><td>-</td><td>12,959</td><td>733</td><td>733</td><td>-</td><td>12,226</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>2,840</td><td>-</td><td>2,840</td><td>89</td><td>89</td><td>-</td><td>5,221</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>8,931</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-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>10,673</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>269</td><td>-</td><td>269</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><tr><td>May</td><td>225</td><td>-</td><td>225</td><td>37</td><td>37</td><td>-</td><td>12,226</td><td>.30</td></tr></table>
Source: Daily Treasury Statement.
n.a. Not available.
r Revised.
* 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="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25 2/1</th><th>$50</th><th>$100</th><th>$200 3/1</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2 and $25 2/1</th><th>$50</th><th>$100 and $200 3/1</th><th>$500 and $1,000</th><th>$5,000 and $10,000</th></tr><tr><td colspan="14">Series E</td></tr><tr><td>Total, inception through May 31, 1946....</td><td>41,792</td><td>131</td><td>13,709</td><td>5,677</td><td>8,614</td><td>188</td><td>5,141</td><td>8,332</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 colspan="14">Fiscal years:</td></tr><tr><td>1941......</td><td>201</td><td>......</td><td>14</td><td>13</td><td>11</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>1,526</td><td>......</td><td>616</td><td>342</td><td>811</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>21.0</td><td>49.8</td><td>......</td></tr><tr><td>1943......</td><td>5,271</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>1,391</td><td>2,048</td><td>......</td><td>......</td><td>100.0</td><td>35.1</td><td>15.9</td><td>21.9</td><td>29.1</td><td>......</td></tr><tr><td>1945......</td><td>11,553</td><td>......</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 colspan="14">Calendar years:</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>1,350</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>......</td><td>5,241</td><td>1,757</td><td>2,706</td><td>......</td><td>1,446</td><td>2,153</td><td>......</td><td>......</td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td><td>......</td></tr><tr><td>1945......</td><td>9,822</td><td>......</td><td>3,243</td><td>1,416</td><td>1,842</td><td>......</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 colspan="14">Months:</td></tr><tr><td>1945-May......</td><td>1,195</td><td>......</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>1,668</td><td>......</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>......</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>......</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>......</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>......</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>......</td><td>210</td><td>94</td><td>139</td><td>......</td><td>124</td><td>238</td><td>......</td><td>......</td><td>100.0</td><td>25.2</td><td>10.9</td><td>22.3</td><td>41.6</td><td>......</td></tr><tr><td>Dec......</td><td>908</td><td>......</td><td>228</td><td>107</td><td>143</td><td>......</td><td>60</td><td>126</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>......</td><td>168</td><td>73</td><td>93</td><td>......</td><td>28</td><td>80</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>......</td><td>120</td><td>51</td><td>51</td><td>......</td><td>11</td><td>37</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>......</td><td>117</td><td>49</td><td>56</td><td>......</td><td>11</td><td>39</td><td>......</td><td>......</td><td>100.0</td><td>32.5</td><td>13.1</td><td>17.7</td><td>36.7</td><td>......</td></tr><tr><td>Apr......</td><td>388</td><td>......</td><td>117</td><td>53</td><td>56</td><td>......</td><td>12</td><td>42</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><tr><td>May......</td><td>345</td><td>......</td><td>100</td><td>42</td><td>48</td><td>......</td><td>10</td><td>41</td><td>......</td><td>......</td><td>100.0</td><td>29.7</td><td>12.1</td><td>16.8</td><td>41.2</td><td>......</td></tr><tr><td colspan="14">Series F and G</td></tr><tr><td>Total, inception through May 31, 1946....</td><td>16,083</td><td>......</td><td>19</td><td>......</td><td>483</td><td>......</td><td>1,095</td><td>4,804</td><td>3,058</td><td>6,625</td><td>100.0</td><td>.1</td><td>......</td><td>3.0</td><td>16.7</td><td>60.2</td></tr><tr><td colspan="14">Fiscal years:</td></tr><tr><td>1941......</td><td>461</td><td>......</td><td>......</td><td>......</td><td>6</td><td>......</td><td>13</td><td>96</td><td>84</td><td>263</td><td>100.0</td><td>......</td><td>......</td><td>1.2</td><td>23.7</td><td>75.1</td></tr><tr><td>1942......</td><td>2,467</td><td>......</td><td>2</td><td>......</td><td>71</td><td>......</td><td>141</td><td>702</td><td>498</td><td>1,055</td><td>100.0</td><td>......</td><td>......</td><td>2.9</td><td>34.1</td><td>63.0</td></tr><tr><td>1943......</td><td>3,517</td><td>......</td><td>4</td><td>......</td><td>106</td><td>......</td><td>229</td><td>1,016</td><td>696</td><td>1,466</td><td>100.0</td><td>......</td><td>......</td><td>3.0</td><td>35.4</td><td>61.5</td></tr><tr><td>1944......</td><td>3,678</td><td>......</td><td>6</td><td>......</td><td>134</td><td>......</td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td>100.0</td><td>......</td><td>......</td><td>3.6</td><td>39.3</td><td>56.9</td></tr><tr><td>1945......</td><td>3,337</td><td>......</td><td>5</td><td>......</td><td>109</td><td>......</td><td>255</td><td>1,012</td><td>595</td><td>1,362</td><td>100.0</td><td>......</td><td>......</td><td>3.3</td><td>37.9</td><td>58.6</td></tr><tr><td colspan="14">Calendar years:</td></tr><tr><td>1941......</td><td>1,393</td><td>......</td><td>......</td><td>......</td><td>26</td><td>......</td><td>57</td><td>355</td><td>279</td><td>676</td><td>100.0</td><td>......</td><td>......</td><td>1.8</td><td>29.6</td><td>68.6</td></tr><tr><td>1942......</td><td>3,168</td><td>......</td><td>3</td><td>......</td><td>98</td><td>......</td><td>196</td><td>906</td><td>634</td><td>1,331</td><td>100.0</td><td>......</td><td>......</td><td>3.1</td><td>34.8</td><td>62.0</td></tr><tr><td>1943......</td><td>3,385</td><td>......</td><td>5</td><td>......</td><td>123</td><td>......</td><td>267</td><td>1,116</td><td>687</td><td>1,187</td><td>100.0</td><td>......</td><td>......</td><td>3.6</td><td>40.9</td><td>55.4</td></tr><tr><td>1944......</td><td>3,664</td><td>......</td><td>6</td><td>......</td><td>131</td><td>......</td><td>293</td><td>1,119</td><td>670</td><td>1,445</td><td>100.0</td><td>......</td><td>......</td><td>3.6</td><td>38.5</td><td>57.7</td></tr><tr><td>1945......</td><td>3,115</td><td>......</td><td>4</td><td>......</td><td>84</td><td>......</td><td>215</td><td>933</td><td>537</td><td>1,342</td><td>100.0</td><td>......</td><td>......</td><td>2.7</td><td>36.8</td><td>60.4</td></tr><tr><td colspan="14">Months:</td></tr><tr><td>1945-May......</td><td>345</td><td>......</td><td>1</td><td>......</td><td>12</td><td>......</td><td>29</td><td>119</td><td>68</td><td>117</td><td>100.0</td><td>......</td><td>......</td><td>3.4</td><td>42.9</td><td>53.5</td></tr><tr><td>June......</td><td>710</td><td>......</td><td>1</td><td>......</td><td>15</td><td>......</td><td>36</td><td>144</td><td>91</td><td>124</td><td>100.0</td><td>......</td><td>......</td><td>2.1</td><td>25.2</td><td>72.6</td></tr><tr><td>July......</td><td>263</td><td>......</td><td>......</td><td>......</td><td>8</td><td>......</td><td>21</td><td>89</td><td>50</td><td>94</td><td>100.0</td><td>......</td><td>......</td><td>3.0</td><td>42.0</td><td>54.8</td></tr><tr><td>Aug......</td><td>128</td><td>......</td><td>......</td><td>......</td><td>4</td><td>......</td><td>11</td><td>49</td><td>26</td><td>39</td><td>100.0</td><td>......</td><td>......</td><td>3.2</td><td>46.4</td><td>50.3</td></tr><tr><td>Sept......</td><td>94</td><td>......</td><td>......</td><td>......</td><td>3</td><td>......</td><td>8</td><td>37</td><td>20</td><td>25</td><td>100.0</td><td>......</td><td>......</td><td>3.6</td><td>48.2</td><td>48.0</td></tr><tr><td>Oct......</td><td>115</td><td>......</td><td>......</td><td>......</td><td>4</td><td>......</td><td>9</td><td>45</td><td>23</td><td>34</td><td>100.0</td><td>......</td><td>......</td><td>3.2</td><td>47.3</td><td>49.4</td></tr><tr><td>Nov......</td><td>319</td><td>......</td><td>......</td><td>......</td><td>10</td><td>......</td><td>28</td><td>124</td><td>69</td><td>87</td><td>100.0</td><td>......</td><td>......</td><td>3.2</td><td>47.8</td><td>48.9</td></tr><tr><td>Dec......</td><td>345</td><td>......</td><td>......</td><td>......</td><td>8</td><td>......</td><td>22</td><td>103</td><td>62</td><td>148</td><td>100.0</td><td>......</td><td>......</td><td>2.5</td><td>36.4</td><td>61.0</td></tr><tr><td>1946-Jan......</td><td>319</td><td>......</td><td>......</td><td>......</td><td>5</td><td>......</td><td>16</td><td>86</td><td>52</td><td>159</td><td>100.0</td><td>......</td><td>......</td><td>1.6</td><td>32.0</td><td>66.3</td></tr><tr><td>Feb......</td><td>255</td><td>......</td><td>......</td><td>......</td><td>5</td><td>......</td><td>11</td><td>53</td><td>43</td><td>115</td><td>100.0</td><td>......</td><td>......</td><td>1.4</td><td>29.2</td><td>69.4</td></tr><tr><td>Mar......</td><td>255</td><td>......</td><td>......</td><td>......</td><td>4</td><td>......</td><td>13</td><td>72</td><td>48</td><td>119</td><td>100.0</td><td>......</td><td>......</td><td>1.4</td><td>33.0</td><td>65.6</td></tr><tr><td>Apr......</td><td>280</td><td>......</td><td>......</td><td>......</td><td>4</td><td>......</td><td>14</td><td>81</td><td>56</td><td>125</td><td>100.0</td><td>......</td><td>......</td><td>1.4</td><td>33.9</td><td>64.7</td></tr><tr><td>May......</td><td>250</td><td>......</td><td>......</td><td>......</td><td>4</td><td>......</td><td>13</td><td>75</td><td>52</td><td>106</td><td>100.0</td><td>......</td><td>......</td><td>1.5</td><td>35.3</td><td>63.2</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
r Revised.
* 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.
July 1946
41
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Number of Pieces Sold; Classified by Denominations
<table><tr><th rowspan="2">Period</th><th rowspan="2">Total all denominations</th><th colspan="8">Denominations (Thousands of pieces cold)</th></tr><tr><th>$10 1/2</th><th>$25 2/3</th><th>$50</th><th>$100</th><th>$200 2/3</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="11">Series E</td></tr><tr><td>Total, inception through May 31, 1946</td><td>1,040,875</td><td>17,429</td><td>731,137</td><td>151,387</td><td>114,849</td><td>1,254</td><td>13,709</td><td>11,110</td><td>......</td><td>......</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,905</td><td>......</td><td>767</td><td>353</td><td>552</td><td>......</td><td>108</td><td>125</td><td>......</td><td>......</td></tr><tr><td>1942</td><td>55,967</td><td>......</td><td>32,832</td><td>9,107</td><td>10,877</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>31,417</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>209,180</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>135,287</td><td>......</td><td>94,354</td><td>18,999</td><td>17,842</td><td>......</td><td>2,282</td><td>1,751</td><td>......</td><td>......</td></tr><tr><td>1943</td><td>270,068</td><td>......</td><td>198,333</td><td>37,060</td><td>28,915</td><td>......</td><td>3,340</td><td>2,420</td><td>......</td><td>......</td></tr><tr><td>1944</td><td>320,527</td><td>3,582</td><td>226,213</td><td>47,915</td><td>36,077</td><td>......</td><td>3,856</td><td>2,884</td><td>......</td><td>......</td></tr><tr><td>1945</td><td>257,078</td><td>11,381</td><td>172,948</td><td>37,775</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-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>3,885</td><td>2,734</td><td>......</td><td>311</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>17,354</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>1,987</td><td>1,240</td><td>189</td><td>212</td><td>259</td><td>......</td><td>......</td></tr><tr><td>February</td><td>9,295</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>1,290</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>May</td><td>7,730</td><td>299</td><td>5,355</td><td>1,128</td><td>637</td><td>68</td><td>110</td><td>134</td><td>......</td><td>......</td></tr><tr><td colspan="11">Series F and G</td></tr><tr><td>Total, inception through May 31, 1946</td><td>14,943</td><td>......</td><td>1,004</td><td>......</td><td>5,176</td><td>......</td><td>2,302</td><td>5,093</td><td>656</td><td>711</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>72</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>1,119</td><td>......</td><td>487</td><td>1,090</td><td>151</td><td>157</td></tr><tr><td>1944</td><td>1,869</td><td>......</td><td>303</td><td>......</td><td>1,425</td><td>......</td><td>630</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>156</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-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>1,35</td><td>......</td><td>10</td><td>......</td><td>43</td><td>......</td><td>22</td><td>51</td><td>5</td><td>3</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>1</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>243</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>73</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><tr><td>May</td><td>170</td><td>......</td><td>5</td><td>......</td><td>40</td><td>......</td><td>26</td><td>77</td><td>11</td><td>11</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 F bonds was authorized in December 1941.
3/ Sale of $200 denomination Series E bonds began in October 1945.
42
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (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 May 31, 1946</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>May p.</th></tr><tr><td>Alabama</td><td>500,376</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>3,698</td><td>3,586</td><td>3,327</td></tr><tr><td>Arkansas</td><td>150,110</td><td>4,374</td><td>5,921</td><td>4,483</td><td>2,045</td><td>1,653</td><td>2,297</td><td>3,314</td><td>4,924</td><td>2,661</td><td>1,215</td><td>1,239</td><td>1,221</td><td>1,106</td></tr><tr><td>California</td><td>3,372,193</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>54,964</td><td>28,180</td><td>29,627</td><td>28,750</td><td>25,199</td></tr><tr><td>Colorado</td><td>316,813</td><td>9,024</td><td>11,527</td><td>8,612</td><td>5,423</td><td>3,478</td><td>3,240</td><td>6,572</td><td>7,535</td><td>5,797</td><td>2,738</td><td>3,487</td><td>3,361</td><td>2,958</td></tr><tr><td>Connecticut</td><td>786,893</td><td>17,046</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>5,008</td></tr><tr><td>Delaware</td><td>100,058</td><td>2,455</td><td>3,241</td><td>2,639</td><td>1,698</td><td>1,328</td><td>1,057</td><td>1,932</td><td>1,966</td><td>1,938</td><td>751</td><td>1,019</td><td>710</td><td>835</td></tr><tr><td>Dist. of Columbia</td><td>500,664</td><td>12,377</td><td>17,092</td><td>15,085</td><td>8,388</td><td>6,658</td><td>5,610</td><td>13,856</td><td>12,717</td><td>8,192</td><td>6,395</td><td>8,693</td><td>11,884</td><td>7,994</td></tr><tr><td>Florida</td><td>514,752</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>4,505</td></tr><tr><td>Georgia</td><td>523,169</td><td>14,566</td><td>19,265</td><td>19,057</td><td>8,289</td><td>5,580</td><td>6,128</td><td>9,376</td><td>10,947</td><td>11,394</td><td>4,809</td><td>4,476</td><td>4,474</td><td>4,077</td></tr><tr><td>Idaho</td><td>135,966</td><td>3,442</td><td>5,452</td><td>3,451</td><td>1,215</td><td>865</td><td>1,089</td><td>5,309</td><td>5,035</td><td>1,404</td><td>842</td><td>875</td><td>866</td><td>808</td></tr><tr><td>Illinois</td><td>2,983,337</td><td>79,152</td><td>106,405</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>29,463</td></tr><tr><td>Indiana</td><td>1,102,353</td><td>29,982</td><td>38,632</td><td>28,489</td><td>18,211</td><td>12,434</td><td>13,284</td><td>20,604</td><td>22,684</td><td>17,411</td><td>9,726</td><td>9,998</td><td>9,888</td><td>8,706</td></tr><tr><td>Iowa</td><td>914,965</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>10,251</td><td>9,750</td><td>8,803</td></tr><tr><td>Kansas</td><td>569,588</td><td>18,143</td><td>23,147</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>9,565</td><td>5,477</td><td>4,737</td></tr><tr><td>Kentucky</td><td>444,692</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>9,682</td><td>4,492</td><td>4,851</td><td>4,095</td><td>3,782</td></tr><tr><td>Louisiana</td><td>476,765</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>3,662</td></tr><tr><td>Maine</td><td>189,233</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>1,335</td></tr><tr><td>Maryland</td><td>387,436</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>4,774</td><td>4,491</td><td>5,012</td><td>4,267</td></tr><tr><td>Massachusetts</td><td>1,613,565</td><td>29,954</td><td>46,310</td><td>37,745</td><td>18,882</td><td>16,705</td><td>16,489</td><td>25,560</td><td>27,640</td><td>26,120</td><td>12,878</td><td>13,358</td><td>11,123</td><td>11,478</td></tr><tr><td>Michigan</td><td>2,256,302</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>12,957</td></tr><tr><td>Minnesota</td><td>865,726</td><td>22,751</td><td>35,553</td><td>19,831</td><td>10,204</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>7,125</td></tr><tr><td>Mississippi</td><td>291,570</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>2,352</td><td>2,090</td></tr><tr><td>Missouri</td><td>1,022,061</td><td>31,435</td><td>39,278</td><td>29,321</td><td>13,771</td><td>9,954</td><td>9,897</td><td>22,267</td><td>24,525</td><td>16,789</td><td>10,050</td><td>10,474</td><td>10,274</td><td>9,855</td></tr><tr><td>Montana</td><td>196,583</td><td>6,360</td><td>7,927</td><td>3,194</td><td>1,922</td><td>1,637</td><td>2,445</td><td>8,200</td><td>3,800</td><td>1,268</td><td>1,716</td><td>1,728</td><td>1,733</td><td>1,577</td></tr><tr><td>Nebraska</td><td>439,243</td><td>14,395</td><td>20,464</td><td>12,603</td><td>5,569</td><td>4,104</td><td>3,774</td><td>13,282</td><td>13,327</td><td>8,143</td><td>4,415</td><td>6,463</td><td>6,973</td><td>5,557</td></tr><tr><td>Nevada</td><td>51,255</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>395</td></tr><tr><td>New Hampshire</td><td>121,339</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>363</td></tr><tr><td>New Jersey</td><td>1,538,614</td><td>36,109</td><td>49,718</td><td>41,442</td><td>23,127</td><td>16,885</td><td>14,876</td><td>27,939</td><td>31,167</td><td>28,087</td><td>12,635</td><td>13,943</td><td>12,377</td><td>11,171</td></tr><tr><td>New Mexico</td><td>91,235</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>836</td></tr><tr><td>New York</td><td>5,087,052</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>76,469</td><td>45,439</td><td>46,233</td><td>43,972</td><td>40,701</td></tr><tr><td>North Carolina</td><td>551,221</td><td>13,011</td><td>19,357</td><td>15,624</td><td>7,126</td><td>5,572</td><td>5,244</td><td>12,555</td><td>15,838</td><td>9,046</td><td>4,764</td><td>5,476</td><td>5,101</td><td>4,338</td></tr><tr><td>North Dakota</td><td>197,021</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>1,494</td></tr><tr><td>Ohio</td><td>2,523,711</td><td>66,754</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>21,706</td></tr><tr><td>Oklahoma</td><td>477,811</td><td>12,957</td><td>20,363</td><td>15,424</td><td>6,335</td><td>4,611</td><td>4,136</td><td>11,844</td><td>15,054</td><td>10,630</td><td>4,251</td><td>4,639</td><td>3,774</td><td>4,096</td></tr><tr><td>Oregon</td><td>539,679</td><td>15,468</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>3,136</td></tr><tr><td>Pennsylvania</td><td>3,138,935</td><td>79,549</td><td>102,456</td><td>85,444</td><td>47,665</td><td>15,959</td><td>38,242</td><td>56,341</td><td>69,156</td><td>53,504</td><td>28,681</td><td>30,314</td><td>29,703</td><td>27,446</td></tr><tr><td>Rhode Island</td><td>237,538</td><td>6,298</td><td>9,602</td><td>8,289</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>2,098</td></tr><tr><td>South Carolina</td><td>274,676</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>2,464</td></tr><tr><td>South Dakota</td><td>181,532</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>3,898</td></tr><tr><td>Tennessee</td><td>515,540</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>3,898</td></tr><tr><td>Texas</td><td>1,672,795</td><td>51,289</td><td>62,628</td><td>48,290</td><td>22,475</td><td>18,074</td><td>16,662</td><td>33,377</td><td>35,043</td><td>34,145</td><td>13,332</td><td>13,394</td><td>12,709</td><td>12,379</td></tr><tr><td>Utah</td><td>186,699</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>1,044</td><td>1,709</td><td>1,436</td><td>1,863</td><td>1,284</td></tr><tr><td>Vermont</td><td>69,232</td><td>1,389</td><td>2,411</td><td>2,015</td><td>914</td><td>584</td><td>534</td><td>1,397</td><td>1,603</td><td>1,101</td><td>566</td><td>606</td><td>445</td><td>536</td></tr><tr><td>Virginia</td><td>724,551</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>14,696</td><td>6,283</td><td>6,717</td><td>7,303</td><td>6,364</td></tr><tr><td>Washington</td><td>857,068</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>17,560</td><td>16,790</td><td>12,350</td><td>6,657</td><td>5,850</td><td>6,222</td><td>5,721</td></tr><tr><td>West Virginia</td><td>344,891</td><td>8,932</td><td>10,921</td><td>10,623</td><td>6,164</td><td>4,442</td><td>4,459</td><td>7,098</td><td>8,681</td><td>4,495</td><td>3,841</td><td>3,901</td><td>4,351</td><td>3,075</td></tr><tr><td>Wisconsin</td><td>912,882</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>22,578</td><td>15,426</td><td>8,159</td><td>8,531</td><td>8,624</td><td>7,616</td></tr><tr><td>Wyoming</td><td>84,142</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>694</td></tr><tr><td>Alaska</td><td>21,852</td><td>362</td><td>888</td><td>1,448</td><td>549</td><td>313</td><td>302</td><td>642</td><td>505</td><td>482</td><td>141</td><td>144</td><td>212</td><td>118</td></tr><tr><td>Canal Zone</td><td>25,332</td><td>577</td><td>557</td><td>2,133</td><td>520</td><td>586</td><td>72</td><td>125</td><td>292</td><td>500</td><td>229</td><td>257</td><td>286</td><td>252</td></tr><tr><td>Dist. of Columbia</td><td>245,674</td><td>7,425</td><td>8,905</td><td>6,071</td><td>5,111</td><td>4,940</td><td>5,000</td><td>7,000</td><td>2,570</td><td>1,824</td><td>710</td><td>985</td><td>1,351</td><td>1,104</td></tr><tr><td>Puerto Rico</td><td>34,806</td><td>1,232</td><td>2,429</td><td>890</td><td>484</td><td>655</td><td>700</td><td>743</td><td>1,285</td><td>653</td><td>218</td><td>266</td><td>223</td><td>36</td></tr><tr><td>Virgin Islands</td><td>1
Source: Daily Treasury Statement and reports of Federal Reserve Banks
p Preliminary.
July 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 May 31, 1946</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>May</th></tr><tr><td>Alabama</td><td>121,270</td><td>2,831</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><td>1,835</td></tr><tr><td>Arizona</td><td>37,090</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>1,161</td><td>909</td><td>111</td><td>117</td></tr><tr><td>Arkansas</td><td>73,945</td><td>2,323</td><td>2,282</td><td>813</td><td>841</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><td>860</td></tr><tr><td>California</td><td>1,015,179</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>16,782</td><td>15,501</td></tr><tr><td>Colorado</td><td>128,409</td><td>3,513</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><td>1,973</td></tr><tr><td>Connecticut</td><td>325,411</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><td>4,907</td></tr><tr><td>Delaware</td><td>62,488</td><td>1,729</td><td>1,492</td><td>1,266</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><td>913</td></tr><tr><td>Dist. of Columbia</td><td>136,700</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>2,257</td><td>2,331</td><td>1,225</td><td>2,442</td><td>2,208</td><td>1,906</td></tr><tr><td>Florida</td><td>171,702</td><td>5,275</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>3,215</td><td>3,511</td><td>2,871</td><td>3,158</td><td>3,900</td><td>3,762</td></tr><tr><td>Georgia</td><td>155,283</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><td>1,970</td></tr><tr><td>Idaho</td><td>35,439</td><td>839</td><td>997</td><td>410</td><td>206</td><td>135</td><td>239</td><td>779</td><td>257</td><td>586</td><td>265</td><td>705</td><td>859</td><td>752</td></tr><tr><td>Illinois</td><td>1,208,591</td><td>26,901</td><td>32,736</td><td>15,710</td><td>12,705</td><td>8,254</td><td>9,409</td><td>25,364</td><td>18,810</td><td>31,086</td><td>19,851</td><td>22,613</td><td>20,078</td><td>18,789</td></tr><tr><td>Indiana</td><td>352,635</td><td>9,262</td><td>11,518</td><td>6,365</td><td>3,455</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><td>5,741</td></tr><tr><td>Iowa</td><td>359,928</td><td>10,538</td><td>9,342</td><td>5,126</td><td>3,433</td><td>2,279</td><td>2,320</td><td>11,780</td><td>7,608</td><td>7,899</td><td>5,734</td><td>6,937</td><td>7,158</td><td>7,011</td></tr><tr><td>Kansas</td><td>174,406</td><td>6,088</td><td>6,338</td><td>1,897</td><td>2,161</td><td>1,645</td><td>1,756</td><td>6,363</td><td>3,652</td><td>3,623</td><td>4,105</td><td>3,876</td><td>3,061</td><td>2,529</td></tr><tr><td>Kentucky</td><td>190,587</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><td>3,693</td></tr><tr><td>Louisiana</td><td>163,480</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>2,899</td><td>2,158</td><td>1,981</td><td>2,835</td><td>2,083</td><td>2,048</td></tr><tr><td>Maine</td><td>97,684</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><td>1,569</td></tr><tr><td>Maryland</td><td>235,188</td><td>4,811</td><td>6,262</td><td>3,272</td><td>2,522</td><td>1,516</td><td>1,984</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><td>4,370</td></tr><tr><td>Massachusetts</td><td>794,943</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>11,912</td><td>20,792</td><td>20,107</td></tr><tr><td>Michigan</td><td>462,881</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>6,161</td><td>6,481</td></tr><tr><td>Minnesota</td><td>310,813</td><td>6,823</td><td>7,760</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>5,373</td><td>5,978</td><td>5,574</td><td>5,200</td></tr><tr><td>Mississippi</td><td>83,999</td><td>3,089</td><td>1,665</td><td>841</td><td>656</td><td>386</td><td>997</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><td>1,360</td></tr><tr><td>Missouri</td><td>421,253</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>7,111</td><td>7,469</td></tr><tr><td>Montana</td><td>51,302</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>980</td><td>1,011</td><td>936</td><td>587</td></tr><tr><td>Nebraska</td><td>155,714</td><td>4,004</td><td>5,759</td><td>2,274</td><td>1,596</td><td>1,110</td><td>1,103</td><td>5,057</td><td>4,021</td><td>3,391</td><td>2,900</td><td>4,424</td><td>3,462</td><td>3,190</td></tr><tr><td>Nevada</td><td>16,092</td><td>203</td><td>414</td><td>270</td><td>84</td><td>14</td><td>82</td><td>374</td><td>212</td><td>264</td><td>76</td><td>202</td><td>316</td><td>192</td></tr><tr><td>New Hampshire</td><td>57,310</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>828</td><td>1,298</td><td>1,643</td><td>1,570</td><td>1,231</td><td>1,305</td></tr><tr><td>New Jersey</td><td>507,679</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><td>8,928</td></tr><tr><td>New Mexico</td><td>31,355</td><td>716</td><td>477</td><td>287</td><td>188</td><td>117</td><td>141</td><td>992</td><td>657</td><td>199</td><td>201</td><td>285</td><td>300</td><td>202</td></tr><tr><td>New York</td><td>2,045,012</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>46,561</td><td>45,577</td><td>45,362</td><td>44,943</td></tr><tr><td>North Carolina</td><td>181,356</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><td>3,491</td></tr><tr><td>North Dakota</td><td>59,980</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><td>958</td></tr><tr><td>Ohio</td><td>865,860</td><td>20,120</td><td>21,739</td><td>16,591</td><td>7,142</td><td>6,873</td><td>9,984</td><td>16,984</td><td>15,504</td><td>24,383</td><td>13,890</td><td>15,394</td><td>17,712</td><td>15,584</td></tr><tr><td>Oklahoma</td><td>110,595</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><td>1,127</td></tr><tr><td>Oregon</td><td>130,514</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><td>1,443</td></tr><tr><td>Pennsylvania</td><td>1,280,464</td><td>29,852</td><td>31,252</td><td>16,392</td><td>10,321</td><td>7,332</td><td>8,769</td><td>24,029</td><td>20,108</td><td>30,886</td><td>19,451</td><td>25,584</td><td>27,459</td><td>35,803</td></tr><tr><td>Rhode Island</td><td>122,371</td><td>1,952</td><td>2,113</td><td>2,503</td><td>1,347</td><td>415</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><td>2,148</td></tr><tr><td>South Carolina</td><td>85,768</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><td>1,737</td></tr><tr><td>South Dakota</td><td>47,291</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><td>1,263</td></tr><tr><td>Tennessee</td><td>158,224</td><td>3,540</td><td>4,254</td><td>2,204</td><td>1,953</td><td>979</td><td>1,175</td><td>3,852</td><td>3,105</td><td>3,510</td><td>1,692</td><td>2,301</td><td>2,714</td><td>2,664</td></tr><tr><td>Texas</td><td>442,930</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><td>5,306</td></tr><tr><td>Utah</td><td>33,072</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><td>510</td></tr><tr><td>Utah</td><td>36,302</td><td>802</td><td>954</td><td>925</td><td>268</td><td>249</td><td>189</td><td>807</td><td>193</td><td>990</td><td>550</td><td>563</td><td>508</td><td>786</td></tr><tr><td>Virginia</td><td>214,100</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><td>2,828</td></tr><tr><td>Washington</td><td>220,308</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><td>2,820</td></tr><tr><td>West Virginia</td><td>79,385</td><td>1,739</td><td>1,911</td><td>1,386</td><td>683</td><td>705</td><td>891</td><td>1,750</td><td>1,741</td><td>1,532</td><td>1,260</td><td>794</td><td>1,332</td><td>1,368</td></tr><tr><td>Wisconsin</td><td>390,544</td><td>9,788</td><td>13,616</td><td>5,851</td><td>3,872</td><td>2,957</td><td>2,638</td><td>10,717</td><td>8,610</td><td>9,203</td><td>5,968</td><td>8,125</td><td>7,656</td><td>7,003</td></tr><tr><td>Wyoming</td><td>25,793</td><td>426</td><td>866</td><td>348</td><td>253</td><td>166</td><td>220</td><td>781</td><td>634</td><td>426</td><td>347</td><td>173</td><td>316</td><td>516</td></tr><tr><td>Alaska</td><td>5,245</td><td>69</td><td>92</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><td>2</td></tr><tr><td>Alaska Zone</td><td>6,126</td><td>154</td><td>110</td><td>342</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><td>8</td></tr><tr><td>Hawaii</td><td>51,003</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><td>428</td></tr><tr><td>Puerto Rico</td><td>13,442</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>38</td><td>16</td></tr><tr><td>Virgin Islands</td><td>812</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>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Possessions</td><td>903</td><td>-</td><td>-</td><td>-</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><td>19</td></tr><tr><td>Unallocated</td><td>11,624</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><td>19</td></tr><tr><td>Sales to commercial banks 1/</td><td>895,480</td><td>-</td><td>327,591</td><td>22,585</td><
Source: Daily Treasury Statement and reports from Federal Reserve Banks. p Preliminary. Less than $500. 1/ State figures exclude sales of Series Y and G bonds to commercial banks. Commercial banks were permitted to purchase Series Y and G
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 4-28)
44
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 7.- Redemptions of Series A through E Savings Bonds, Classified by States
(In thousands of dollars at current redemption values)
<table><tr><th>State</th><th>Total Oct. 1944-May 1946</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>May</th></tr><tr><td>Alabama</td><td>126,291</td><td>5,303</td><td>5,017</td><td>5,403</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>7,987</td><td>7,163</td><td>6,316</td></tr><tr><td>Arizona</td><td>41,525</td><td>1,691</td><td>1,581</td><td>1,603</td><td>2,195</td><td>2,168</td><td>2,456</td><td>2,308</td><td>2,493</td><td>2,826</td><td>2,698</td><td>3,008</td><td>2,594</td><td>2,467</td></tr><tr><td>Arkansas</td><td>66,714</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><td>3,299</td></tr><tr><td>California</td><td>861,644</td><td>35,329</td><td>34,571</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><td>48,865</td></tr><tr><td>Colorado</td><td>73,337</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>3,587</td><td>4,128</td><td>5,346</td><td>4,880</td><td>5,532</td><td>5,137</td><td>4,596</td></tr><tr><td>Connecticut</td><td>144,993</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><td>8,604</td></tr><tr><td>Delaware</td><td>20,175</td><td>829</td><td>786</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>1,328</td><td>1,222</td></tr><tr><td>District of Columbia</td><td>98,759</td><td>4,300</td><td>4,331</td><td>4,080</td><td>4,891</td><td>5,051</td><td>5,953</td><td>5,741</td><td>6,118</td><td>6,301</td><td>5,413</td><td>7,377</td><td>5,368</td><td>5,044</td></tr><tr><td>Florida</td><td>143,086</td><td>6,289</td><td>5,518</td><td>5,698</td><td>7,762</td><td>7,578</td><td>8,820</td><td>8,550</td><td>8,733</td><td>10,252</td><td>8,654</td><td>7,475</td><td>10,206</td><td>8,556</td></tr><tr><td>Georgia</td><td>123,391</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>7,014</td><td>7,153</td><td>8,977</td><td>7,474</td><td>8,525</td><td>6,628</td><td>4,480</td></tr><tr><td>Idaho</td><td>25,923</td><td>974</td><td>807</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><td>1,867</td></tr><tr><td>Illinois</td><td>362,379</td><td>28,461</td><td>29,427</td><td>30,300</td><td>40,894</td><td>36,074</td><td>39,566</td><td>35,375</td><td>36,800</td><td>41,292</td><td>38,926</td><td>38,658</td><td>39,897</td><td>38,296</td></tr><tr><td>Indiana</td><td>283,084</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><td>13,428</td></tr><tr><td>Iowa</td><td>154,175</td><td>5,866</td><td>6,038</td><td>5,926</td><td>8,992</td><td>7,804</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><td>9,525</td></tr><tr><td>Kansas</td><td>102,843</td><td>4,922</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><td>6,619</td></tr><tr><td>Kentucky</td><td>110,995</td><td>4,783</td><td>4,446</td><td>4,887</td><td>7,207</td><td>6,967</td><td>7,597</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><td>5,335</td></tr><tr><td>Louisiana</td><td>110,068</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><td>5,943</td></tr><tr><td>Maine</td><td>35,047</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><td>2,160</td></tr><tr><td>Maryland</td><td>115,416</td><td>5,059</td><td>4,958</td><td>5,145</td><td>6,678</td><td>6,781</td><td>7,685</td><td>6,673</td><td>6,626</td><td>7,128</td><td>5,940</td><td>7,378</td><td>7,369</td><td>6,578</td></tr><tr><td>Massachusetts</td><td>258,107</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><td>14,597</td></tr><tr><td>Michigan</td><td>592,493</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>32,534</td><td>31,513</td><td>27,307</td></tr><tr><td>Minnesota</td><td>172,689</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><td>11,370</td></tr><tr><td>Mississippi</td><td>96,856</td><td>2,216</td><td>2,028</td><td>2,239</td><td>3,013</td><td>3,524</td><td>3,815</td><td>3,892</td><td>3,521</td><td>4,102</td><td>4,135</td><td>4,431</td><td>3,505</td><td>3,312</td></tr><tr><td>Missouri</td><td>205,137</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>17,296</td><td>15,853</td><td>13,127</td></tr><tr><td>Montana</td><td>30,789</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><td>2,362</td></tr><tr><td>Nebraska</td><td>75,087</td><td>3,132</td><td>2,897</td><td>2,977</td><td>4,130</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><td>4,911</td></tr><tr><td>Nevada</td><td>12,780</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><td>764</td></tr><tr><td>New Hampshire</td><td>21,858</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><td>1,428</td></tr><tr><td>New Jersey</td><td>305,416</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><td>16,854</td></tr><tr><td>New Mexico</td><td>24,121</td><td>891</td><td>898</td><td>946</td><td>1,329</td><td>1,433</td><td>1,633</td><td>1,369</td><td>1,368</td><td>1,769</td><td>1,044</td><td>1,874</td><td>1,572</td><td>1,525</td></tr><tr><td>New York</td><td>668,293</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><td>51,692</td></tr><tr><td>North Carolina</td><td>118,537</td><td>4,790</td><td>4,645</td><td>4,967</td><td>6,400</td><td>6,455</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><td>6,734</td></tr><tr><td>North Dakota</td><td>22,149</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><td>1,781</td></tr><tr><td>Ohio</td><td>594,642</td><td>26,391</td><td>26,357</td><td>27,951</td><td>37,439</td><td>34,434</td><td>37,282</td><td>31,604</td><td>31,851</td><td>34,031</td><td>32,144</td><td>36,258</td><td>33,928</td><td>30,276</td></tr><tr><td>Oklahoma</td><td>118,253</td><td>4,477</td><td>4,578</td><td>4,356</td><td>6,380</td><td>6,195</td><td>7,117</td><td>6,666</td><td>6,252</td><td>9,850</td><td>7,750</td><td>8,376</td><td>7,034</td><td>7,152</td></tr><tr><td>Oregon</td><td>132,086</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>8,921</td><td>7,530</td><td>8,329</td><td>8,163</td><td>7,429</td></tr><tr><td>Pennsylvania</td><td>702,178</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>44,385</td><td>41,175</td></tr><tr><td>Rhode Island</td><td>48,047</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>2,151</td><td>2,836</td><td>2,622</td><td>2,184</td><td>2,776</td><td>2,500</td><td>2,494</td></tr><tr><td>South Carolina</td><td>59,843</td><td>2,422</td><td>2,139</td><td>2,516</td><td>3,709</td><td>3,466</td><td>4,115</td><td>3,049</td><td>3,773</td><td>3,955</td><td>3,180</td><td>4,123</td><td>3,272</td><td>2,929</td></tr><tr><td>South Dakota</td><td>23,752</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><td>1,697</td></tr><tr><td>Tennessee</td><td>127,136</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><td>6,495</td></tr><tr><td>Texas</td><td>407,800</td><td>16,142</td><td>15,289</td><td>16,210</td><td>19,458</td><td>24,628</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><td>22,946</td></tr><tr><td>Utah</td><td>42,134</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><td>2,787</td></tr><tr><td>Virginia</td><td>10,153</td><td>462</td><td>396</td><td>474</td><td>532</td><td>613</td><td>755</td><td>625</td><td>665</td><td>622</td><td>536</td><td>719</td><td>726</td><td>751</td></tr><tr><td>West Virginia</td><td>155,753</td><td>6,503</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><td>8,104</td></tr><tr><td>Washington</td><td>186,989</td><td>7,579</td><td>7,347</td><td>8,145</td><td>11,650</td><td>11,052</td><td>11,612</td><td>10,063</td><td>10,452</td><td>13,043</td><td>10,452</td><td>12,211</td><td>11,584</td><td>10,955</td></tr><tr><td>Wisconsin</td><td>85,622</td><td>3,487</td><td>3,404</td><td>3,500</td><td>4,999</td><td>5,140</td><td>5,989</td><td>4,910</td><td>4,047</td><td>5,470</td><td>4,040</td><td>6,277</td><td>5,614</td><td>5,413</td></tr><tr><td>Wyoming</td><td>178,993</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><td>10,729</td></tr><tr><td>Alaska</td><td>15,655</td><td>502</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><td>1,098</td></tr><tr><td>Oman Zone</td><td>4,133</td><td>230</td><td>253</td><td>255</td><td>273</td><td>259</td><td>318</td><td>268</td><td>266</td><td>299</td><td>220</td><td>325</td><td>305</td><td>318</td></tr><tr><td>Hawaii</td><td>1,176</td><td>1,176</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>3,462</td><td>2,730</td><td>2,044</td></tr><tr><td>Puerto Rico</td><td>46,372</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>3,462</td><td>2,730</td><td>2,044</td></tr><tr><td>Virgin Islands</td><td>11,488</td><td>246</td><td>237</td><td>304</td><td>347</td><td>456</td><td>696</td><td>593</td><td>732</td><td>654</td><td>593</td><td>1,367</td><td>786</td><td>972</td></tr><tr><td
Source: Daily Treasury Statement and reports from Federal Reserve Banks. Note: It should be noted that State figures presented in this table are not necessarily comparable with sales data by States inasmuch as bonds which have been purchased in one State may have been redeemed in another. Moreover, the figures shown in this table are based on
current redemption values, whereas the sales figures are shown at issue price. Data on redemptions by States are not available prior to October 1944. Less than $500.
July 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 May 31, 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>396</td><td>62 1/2</td><td>33 3/4</td><td>11</td><td>-</td></tr><tr><td>Series B</td><td>4,948</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>26,858</td><td>19,720</td><td>1,471</td><td>16,249</td><td>11</td><td>7,127</td></tr><tr><td>Total</td><td>32,209</td><td>25,058</td><td>1,715</td><td>21,343</td><td>23</td><td>7,127</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes exchanges.
Table 2.- Sales and Redemptions of Series C Treasury Savings Notes
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1943</td><td>7,547</td><td>1,083</td><td>36</td><td>1,047</td><td>-</td><td>6,464</td></tr><tr><td>1944</td><td>8,954</td><td>5,970</td><td>462</td><td>5,508</td><td>-</td><td>9,448</td></tr><tr><td>1945</td><td>7,016</td><td>6,396</td><td>543</td><td>5,853</td><td>-</td><td>10,068</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1942</td><td>3,704</td><td>29</td><td>1</td><td>28</td><td>-</td><td>3,675</td></tr><tr><td>1943</td><td>7,958</td><td>3,331</td><td>223</td><td>3,108</td><td>-</td><td>8,302</td></tr><tr><td>1944</td><td>8,533</td><td>7,087</td><td>590</td><td>6,497</td><td>-</td><td>9,748</td></tr><tr><td>1945</td><td>5,504</td><td>6,966</td><td>1,637</td><td>5,329</td><td>51</td><td>8,235</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>105</td><td>115</td><td>18</td><td>97</td><td>-</td><td>10,082</td></tr><tr><td>September</td><td>92</td><td>1,153</td><td>276</td><td>877</td><td>-</td><td>9,021</td></tr><tr><td>October</td><td>336</td><td>581</td><td>291</td><td>290</td><td>-</td><td>8,776</td></tr><tr><td>November</td><td>704</td><td>423</td><td>295</td><td>128</td><td>-</td><td>9,058</td></tr><tr><td>December</td><td>598</td><td>1,370</td><td>494</td><td>875</td><td>51</td><td>8,235</td></tr><tr><td>1946-January</td><td>102</td><td>151</td><td>166</td><td>285</td><td>30</td><td>8,107</td></tr><tr><td>February</td><td>181</td><td>252</td><td>152</td><td>100</td><td>22</td><td>8,041</td></tr><tr><td>March</td><td>179</td><td>662</td><td>224</td><td>639</td><td>16</td><td>7,365</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><tr><td>May</td><td>198</td><td>216</td><td>143</td><td>74</td><td>11</td><td>7,127</td></tr></table>
Source: Daily Treasury Statement.
Treasury Bulletin
46
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 3.- Sales of Series C, Classified by Denominations
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total all denominations</th><th colspan="8">Denomination</th></tr><tr><th></th><th></th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1943</td><td>7,946.7</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>6,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,658.5</td><td>3,086.7</td><td>1,259.5</td><td>1,808.0</td></tr><tr><td>1945</td><td>7,015.6</td><td>13.6</td><td>32.6</td><td>264.3</td><td>414.0</td><td>1,486.0</td><td>2,376.2</td><td>827.0</td><td>1,598.0</td></tr><tr><td>1945-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>49.1</td><td>33.5</td><td>67.0</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>46.0</td><td>53.0</td></tr><tr><td>April p</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>17.0</td><td>89.0</td></tr><tr><td>May p</td><td>198.4</td><td>.3</td><td>.8</td><td>3.2</td><td>4.3</td><td>21.8</td><td>58.1</td><td>51.0</td><td>59.0</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. p. Preliminary.
Table 4.- Sales of Series C, Classified by Type of Purchaser
<table><tr><th>Piece year or month</th><th colspan="3">Sales in millions of dollars</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th></th><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>7,035.8</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-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>293.0</td><td>19.4</td><td>273.6</td><td>100.0</td><td>6.5</td><td>93.5</td></tr><tr><td>May</td><td>198.4</td><td>19.8</td><td>178.6</td><td>100.0</td><td>10.0</td><td>90.0</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
July 1946
47
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1942 (July 1941-Aug. 1941-June 1942)</td><td>166,341</td><td>+161,048</td><td>308,621</td><td>147,574</td><td>127,948</td><td>18,468 3/</td><td>100.0</td><td>87.4</td><td>12.6 4/</td></tr><tr><td>1943</td><td>213,350</td><td>+45,620 5/6/</td><td>590,268 5/</td><td>544,647</td><td>474,168</td><td>70,480 6/</td><td>100.0</td><td>87.1</td><td>12.9 4/</td></tr><tr><td>1944</td><td>196,518</td><td>-16,832</td><td>408,930</td><td>425,762</td><td>352,632</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1945</td><td>177,598</td><td>-18,920</td><td>268,411</td><td>287,331</td><td>231,593</td><td>55,738</td><td>100.0</td><td>80.6</td><td>19.4</td></tr><tr><td>1945-May</td><td>185,297</td><td>-2,446</td><td>26,132</td><td>28,578</td><td>23,634</td><td>4,944</td><td>100.0</td><td>82.7</td><td>17.3</td></tr><tr><td>June</td><td>177,598</td><td>-8,699</td><td>19,069</td><td>27,767</td><td>22,910</td><td>4,857</td><td>100.0</td><td>82.5</td><td>17.5</td></tr><tr><td>July</td><td>155,914</td><td>-21,685</td><td>16,406</td><td>38,091</td><td>29,653</td><td>8,438</td><td>100.0</td><td>71.8</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>65.6</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>133,356</td><td>-2,016</td><td>11,396</td><td>13,312</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>133,329</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>11,289</td><td>5,424</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>9,447</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><tr><td>May</td><td>99,252</td><td>-5,245</td><td>6,362</td><td>11,607</td><td>6,804</td><td>4,803</td><td>100.0</td><td>56.6</td><td>43.4</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 stamps made by the Post Office Department.
3/ Details not available for May, June, and July 1941.
4/ Includes minor amounts which were exchanged for postal savings certificates. These aggregated $123 thousand for the period August 1, 1941 through June 30, 1942 and $55 thousand for the period July 1, 1942 through October 31, 1942.
5/ Net of sales loss redemptions. See footnote 1.
5/ 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>590,263</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-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>2,120</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>2,936</td><td>5,696</td><td>855</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>5,299</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>3,699</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><tr><td>May</td><td>8,362</td><td>1,364</td><td>3,157</td><td>617</td><td>864</td><td>360</td><td>100.0</td><td>21.4</td><td>49.6</td><td>9.7</td><td>13.6</td><td>5.7</td></tr></table>
Source: (1) Total sales: Daily Treasury Statement commencing November 1, 1942; prior thereto Post Office Department; (2) Distribution by denominations: Based upon Post Office Department data.
48
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
July 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="4">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th>Private investors 2/</th><th>Total amount unmaturing outstanding</th><th colspan="4">Distribution by classes of holders</th></tr><tr><th></th><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public marketable issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>U. S. Government agencies and trust funds and Federal Reserve Banks</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public non-marketable issues 3/</th></tr><tr><td>1936............</td><td>32,989</td><td>1,959</td><td>1,332</td><td>*</td><td>626</td><td>2,330</td><td>28,601</td><td>27,340</td><td>1,261</td><td>4,718</td><td>377</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>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>1,556</td><td>4,853</td><td>325</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>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>29,990</td><td>3,166</td><td>5,498</td><td>286</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>6,350</td><td>275</td><td>6,085</td><td>-</td></tr><tr><td>1942............</td><td>71,968</td><td>10,340</td><td>2,852</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>55,181</td><td>13,507</td><td>4,549</td><td>287</td><td>4,262</td><td>-</td></tr><tr><td>1943............</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>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>176</td><td>1,186</td><td>190</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>28</td><td>375</td></tr><tr><td>1945-May......</td><td>237,761</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>1,153</td><td>6</td><td>783</td><td>352</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>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>155,285</td><td>57,121</td><td>484</td><td>6</td><td>28</td><td>450</td></tr><tr><td>Aug............</td><td>260,746</td><td>26,147</td><td>5,085</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>39</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>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>531</td><td>7</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>212,532</td><td>155,542</td><td>56,998</td><td>535</td><td>7</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>24,282</td><td>224,400</td><td>167,515</td><td>56,886</td><td>553</td><td>7</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>20,695</td><td>23,264</td><td>236,501</td><td>169,353</td><td>57,138</td><td>545</td><td>7</td><td>32</td><td>506</td></tr><tr><td>Feb............</td><td>277,912</td><td>27,949</td><td>7,023</td><td>30</td><td>20,897</td><td>22,904</td><td>227,099</td><td>169,884</td><td>57,176</td><td>539</td><td>8</td><td>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>32</td><td>501</td></tr><tr><td>April...........</td><td>272,711</td><td>28,261</td><td>7,007</td><td>30</td><td>21,228</td><td>22,732</td><td>221,718</td><td>165,340</td><td>56,378</td><td>533</td><td>8</td><td>33</td><td>492</td></tr><tr><td>May............</td><td>271,440</td><td>28,519 p</td><td>7,006 p</td><td>30 p</td><td>21,461</td><td>22,932</td><td>219,990p</td><td>163,546p</td><td>56,442p</td><td>542</td><td>8 p</td><td>33 p</td><td>500</td></tr></table>
(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. 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 value 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 2/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 1/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 2/</th><th>State and local governments 5/</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>51.7</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>30.1</td><td>2.0</td><td>16.9</td></tr><tr><td>1944-March</td><td>185.6</td><td>76.2</td><td>68.0</td><td>12.1</td><td>109.4</td><td>42.2</td><td>16.4</td><td>6.8</td><td>23.4</td><td>2.6</td><td>18.1</td></tr><tr><td>June</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.7</td><td>3.2</td><td>19.1</td></tr><tr><td>September</td><td>209.3</td><td>87.1</td><td>70.5</td><td>16.7</td><td>122.2</td><td>47.8</td><td>18.3</td><td>7.7</td><td>24.4</td><td>3.5</td><td>20.6</td></tr><tr><td>December</td><td>230.4</td><td>96.5</td><td>77.7</td><td>18.8</td><td>133.8</td><td>52.2</td><td>19.6</td><td>8.3</td><td>27.6</td><td>4.3</td><td>21.7</td></tr><tr><td>1945-March</td><td>233.1</td><td>97.4</td><td>77.7</td><td>19.7</td><td>135.7</td><td>53.6</td><td>20.4</td><td>8.7</td><td>25.8</td><td>4.4</td><td>22.9</td></tr><tr><td>April</td><td>234.2</td><td>98.2</td><td>77.7</td><td>20.5</td><td>136.0</td><td>53.7</td><td>20.5</td><td>8.7</td><td>25.6</td><td>4.4</td><td>23.2</td></tr><tr><td>May</td><td>236.9</td><td>98.9</td><td>77.9</td><td>21.0</td><td>139.0</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>81.1</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>155.0</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</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>29.2</td><td>6.4</td><td>28.2</td></tr><tr><td>April p</td><td>273.2</td><td>111.3</td><td>88.6</td><td>22.7</td><td>161.9</td><td>63.4</td><td>25.0</td><td>11.3</td><td>27.5</td><td>6.4</td><td>28.3</td></tr></table>
1 Preliminary. United States savings bonds, Series A-D, E, and Y are included at current redemption values.
2 Guaranteed securities held by the Treasury are excluded.
3 Consists of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular possessions. Excludes securities held in trust departments.
4/ Includes partnerships and personal trust accounts.
5/ Includes savings and loan associations, dealers and brokers, and investments of foreign balance in this country.
6/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(In millions of dollars)
<table><tr><th colspan="12">Net market purchases or sales (-)</th></tr><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-3</td><td>-4.4</td><td>-3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-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>5.6</td><td>3</td><td>-2</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>-6.1</td><td>-7</td><td>-</td><td>3.3</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Less than $50,000. Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilisation Fund.
July 1946
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, April 30, 1946
The tables in Section I present summary data as of April 30, 1946 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance companies covered in the survey account for approximately 95 percent of the amount of
such securities owned by all banks and insurance companies in the United States. Section II presents summary data on the ownership of Federal land bank bonds, Federal intermediate credit bank debentures and Federal home loan 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="6">Held by investors covered in Treasury Survey</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>7,371 commercial banks 2/</th><th>34 stock savings banks</th><th>510 mutual savings banks</th><th>314 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th></tr><tr><td>Public securities: Marketable securities 1/</td><td>195,120 56,900</td><td>81,006 1,391</td><td>471 11</td><td>11,026 239</td><td>21,247 118</td><td>2,813 203</td><td>29,746 30</td><td>48,611 54,417</td></tr><tr><td>Total public securities</td><td>252,020</td><td>82,396</td><td>482</td><td>11,266</td><td>21,366</td><td>3,015</td><td>29,776</td><td>103,228</td></tr><tr><td>Special issues</td><td>21,224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21,224</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/</td><td>273,244</td><td>82,396</td><td>482</td><td>11,266</td><td>21,366</td><td>3,015</td><td>50,999</td><td>103,228</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 $492 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="5">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 1/</th></tr><tr><th>7,371 commercial banks 2/</th><th>34 stock savings banks</th><th>510 mutual savings banks</th><th>314 life insurance companies</th><th>616 fire, casualty, and marine insurance companies</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th></tr></table>
Par values - in millions of dollars
<table><tr><th>types of security:</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></tr><tr><td>Treasury bills</td><td>17,054</td><td>1,874</td><td>1</td><td>8</td><td>-</td><td>13,669</td><td>1,502</td></tr><tr><td>Certificates of indebtedness</td><td>38,408</td><td>19,566</td><td>32</td><td>205</td><td>375</td><td>6,574</td><td>11,483</td></tr><tr><td>Treasury notes</td><td>18,261</td><td>12,036</td><td>35</td><td>211</td><td>354</td><td>1,672</td><td>3,179</td></tr><tr><td>Treasury bonds - bank restricted $/</td><td>53,459</td><td>1,522</td><td>210</td><td>8,255</td><td>16,846</td><td>1,103</td><td>20,314</td></tr><tr><td>Treasury bonds - bank eligible</td><td>67,718</td><td>45,984</td><td>192</td><td>2,344</td><td>3,661</td><td>1,362</td><td>11,598</td></tr><tr><td>Postal savings and other bonds</td><td>160</td><td>14</td><td>*</td><td>*</td><td>*</td><td>2,517</td><td>129</td></tr><tr><td>Guaranteed by United States $/</td><td>41</td><td>10</td><td>1</td><td>3</td><td>12</td><td>36</td><td>8</td></tr><tr><td>Total</td><td>195,120</td><td>81,006</td><td>471</td><td>11,026</td><td>21,247</td><td>2,813</td><td>29,746</td><td>48,811</td></tr><tr><th>Call classes:</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></tr><tr><td>Within 1 year</td><td>67,564</td><td>28,564</td><td>51</td><td>333</td><td>704</td><td>280</td><td>21,920</td><td>15,712</td></tr><tr><td>1 to 5 years</td><td>33,430</td><td>24,190</td><td>49</td><td>685</td><td>948</td><td>496</td><td>1,110</td><td>5,951</td></tr><tr><td>5 to 10 years</td><td>34,474</td><td>22,795</td><td>122</td><td>1,662</td><td>2,321</td><td>673</td><td>1,037</td><td>5,864</td></tr><tr><td>10 to 15 years</td><td>15,960</td><td>2,868</td><td>112</td><td>3,407</td><td>1,761</td><td>775</td><td>571</td><td>6,486</td></tr><tr><td>15 to 20 years</td><td>21,276</td><td>137</td><td>66</td><td>2,578</td><td>9,623</td><td>264</td><td>2,934</td><td>5,674</td></tr><tr><td>Over 20 years</td><td>22,375</td><td>2,421</td><td>70</td><td>2,357</td><td>5,879</td><td>324</td><td>2,165</td><td>9,158</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>41</td><td>10</td><td>1</td><td>3</td><td>12</td><td>1</td><td>8</td><td>6</td></tr><tr><td>Total</td><td>195,120</td><td>81,006</td><td>471</td><td>11,026</td><td>21,247</td><td>2,813</td><td>29,746</td><td>48,811</td></tr><tr><th>Tax status: $/</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>180</td><td>14</td><td>*</td><td>*</td><td>*</td><td>*</td><td>36</td><td>129</td></tr><tr><td>Partially exempt from Federal income taxes $/</td><td>19,933</td><td>13,394</td><td>88</td><td>86</td><td>205</td><td>749</td><td>1,877</td><td>3,534</td></tr><tr><td>Subject to Federal income taxes $/</td><td>175,007</td><td>67,597</td><td>382</td><td>10,940</td><td>21,042</td><td>2,063</td><td>27,833</td><td>45,149</td></tr><tr><td>Total</td><td>195,120</td><td>81,006</td><td>471</td><td>11,026</td><td>21,247</td><td>2,813</td><td>29,746</td><td>48,811</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, April 30, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS-(Continued)
<table><tr><th>Classification</th><th>Total amount outstanding</th><th colspan="4">Hold by investors covered in Treasury Survey</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Hold by all other investors 3/</th></tr><tr><th></th><th></th><th>7,371 commercial banks 2/</th><th>34 stock earning banks</th><th>540 mutual savings banks</th><th>314 life insurance companies</th><th>604 fire, casualty, and marine insurance companies</th><th></th></tr><tr><td colspan="8">Percentage distribution by classes of securities</td></tr><tr><th>Types of security:</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></tr><tr><td>Treasury bills</td><td>8.7</td><td>2.3</td><td>.1</td><td>.1</td><td>-</td><td>*</td><td>46.0</td><td>3.1</td></tr><tr><td>Certificates of indebtedness</td><td>19.7</td><td>24.2</td><td>6.7</td><td>1.9</td><td>1.8</td><td>6.2</td><td>22.1</td><td>23.5</td></tr><tr><td>Treasury notes</td><td>9.4</td><td>14.9</td><td>7.5</td><td>1.9</td><td>1.7</td><td>6.2</td><td>5.6</td><td>7.7</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>27.4</td><td>1.9</td><td>44.6</td><td>74.9</td><td>79.3</td><td>39.2</td><td>17.5</td><td>41.6</td></tr><tr><td>Treasury bonds - bank eligible</td><td>34.7</td><td>56.8</td><td>40.8</td><td>21.3</td><td>17.2</td><td>48.4</td><td>8.7</td><td>23.5</td></tr><tr><td>Postal savings and other bonds</td><td>-1</td><td>*</td><td>-1</td><td>*</td><td>*</td><td>*</td><td>-1</td><td>.3</td></tr><tr><td>Guaranteed by United States 5/</td><td>-</td><td>*</td><td>.2</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Call classes:</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></tr><tr><td>Within 1 year</td><td>34.6</td><td>35.3</td><td>10.8</td><td>3.0</td><td>3.3</td><td>10.0</td><td>73.7</td><td>32.2</td></tr><tr><td>1 to 5 years</td><td>17.1</td><td>29.9</td><td>10.4</td><td>6.2</td><td>6.5</td><td>17.6</td><td>3.7</td><td>12.2</td></tr><tr><td>5 to 10 years</td><td>17.7</td><td>28.1</td><td>25.9</td><td>15.1</td><td>10.9</td><td>23.9</td><td>3.5</td><td>12.0</td></tr><tr><td>10 to 15 years</td><td>8.2</td><td>3.6</td><td>23.8</td><td>30.9</td><td>8.3</td><td>27.6</td><td>1.9</td><td>13.2</td></tr><tr><td>15 to 20 years</td><td>10.9</td><td>.2</td><td>14.0</td><td>23.4</td><td>45.3</td><td>9.4</td><td>9.9</td><td>11.6</td></tr><tr><td>Over 20 years</td><td>11.5</td><td>3.0</td><td>14.9</td><td>21.4</td><td>27.7</td><td>11.5</td><td>7.3</td><td>18.8</td></tr><tr><td>Various Federal Housing Administration debentures</td><td>*</td><td>*</td><td>.2</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Tax status: 6/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.1</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>10.2</td><td>16.5</td><td>16.7</td><td>.8</td><td>1.0</td><td>26.6</td><td>6.3</td><td>7.2</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>89.7</td><td>83.4</td><td>81.2</td><td>99.2</td><td>99.0</td><td>73.4</td><td>93.6</td><td>92.5</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td colspan="8">Percentage distribution by groups of investors</td></tr><tr><th>Types of security:</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></tr><tr><td>Treasury bills</td><td>100.0</td><td>11.0</td><td>*</td><td>*</td><td>*</td><td>*</td><td>80.2</td><td>8.8</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>50.9</td><td>.1</td><td>.5</td><td>1.0</td><td>.5</td><td>17.1</td><td>29.9</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>65.9</td><td>.2</td><td>1.2</td><td>1.9</td><td>.9</td><td>9.2</td><td>20.7</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>100.0</td><td>2.8</td><td>.4</td><td>15.4</td><td>31.5</td><td>2.1</td><td>9.7</td><td>38.0</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>67.9</td><td>.3</td><td>3.5</td><td>5.4</td><td>2.0</td><td>3.6</td><td>17.1</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>7.8</td><td>.2</td><td>*</td><td>.1</td><td>.3</td><td>19.9</td><td>71.8</td></tr><tr><td>Guaranteed by United States 5/</td><td>100.0</td><td>25.4</td><td>2.4</td><td>7.2</td><td>29.4</td><td>1.2</td><td>20.6</td><td>13.8</td></tr><tr><td>Total</td><td>100.0</td><td>41.5</td><td>.2</td><td>5.7</td><td>10.9</td><td>1.4</td><td>15.2</td><td>25.0</td></tr><tr><th>Call classes:</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></tr><tr><td>Within 1 year</td><td>100.0</td><td>42.3</td><td>.1</td><td>.5</td><td>1.0</td><td>.4</td><td>32.4</td><td>23.3</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>72.4</td><td>.1</td><td>2.0</td><td>2.8</td><td>1.5</td><td>3.3</td><td>17.8</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>66.1</td><td>.4</td><td>4.8</td><td>6.7</td><td>2.0</td><td>3.0</td><td>17.0</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>18.1</td><td>.7</td><td>21.4</td><td>11.0</td><td>4.9</td><td>3.6</td><td>40.4</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>.6</td><td>.3</td><td>12.1</td><td>45.2</td><td>1.2</td><td>13.8</td><td>26.7</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>10.8</td><td>.3</td><td>10.5</td><td>26.3</td><td>1.4</td><td>9.7</td><td>40.9</td></tr><tr><td>Various Federal Housing Administration debentures</td><td>100.0</td><td>25.4</td><td>2.4</td><td>7.2</td><td>29.4</td><td>1.2</td><td>20.6</td><td>13.8</td></tr><tr><td>Total</td><td>100.0</td><td>41.5</td><td>.2</td><td>5.7</td><td>10.9</td><td>1.4</td><td>15.2</td><td>25.0</td></tr><tr><th>Tax status: 6/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>7.8</td><td>.2</td><td>*</td><td>.1</td><td>.3</td><td>19.9</td><td>71.8</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>100.0</td><td>67.2</td><td>.4</td><td>.4</td><td>1.0</td><td>3.8</td><td>9.4</td><td>17.7</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>100.0</td><td>38.6</td><td>.2</td><td>6.3</td><td>12.0</td><td>1.2</td><td>15.9</td><td>25.8</td></tr><tr><td>Total</td><td>100.0</td><td>41.5</td><td>.2</td><td>5.7</td><td>10.9</td><td>1.4</td><td>15.2</td><td>25.0</td></tr></table>
(Continued on following page)
July 1946
53
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, April 30, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2. - P
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="4">Held by investors covered in Treasury Survey</th><th colspan="2">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>7,371 commercial banks 2/</th><th>34 stock earning banks</th><th>540 mutual savings banks</th><th>314 life insurance companies</th><th>636 fire, casualty, and marine insurance companies</th><th></th><th></th><th></th></tr><tr><td>Treasury bills.........(taxable)</td><td>17,054</td><td>1.87%</td><td>1</td><td>8</td><td>-</td><td>*</td><td>13,669</td><td>1,502</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>7/84 May 1946.........(taxable)</td><td>1,579</td><td>96%</td><td>1</td><td>1</td><td>1</td><td>3</td><td>362</td><td>248</td></tr><tr><td>7/84 June 1946.........(taxable)</td><td>4,799</td><td>1,355</td><td>2</td><td>27</td><td>10</td><td>32</td><td>585</td><td>2,787</td></tr><tr><td>7/84 August 1946.........(taxable)</td><td>2,470</td><td>1,406</td><td>5</td><td>35</td><td>*</td><td>6</td><td>718</td><td>296</td></tr><tr><td>7/84 September 1946.........(taxable)</td><td>4,336</td><td>2,029</td><td>3</td><td>49</td><td>30</td><td>15</td><td>1,490</td><td>721</td></tr><tr><td>7/84 October 1946.........(taxable)</td><td>3,440</td><td>2,128</td><td>2</td><td>26</td><td>*</td><td>11</td><td>172</td><td>501</td></tr><tr><td>7/84 November 1946.........(taxable)</td><td>3,778</td><td>2,266</td><td>2</td><td>22</td><td>99</td><td>31</td><td>357</td><td>1,000</td></tr><tr><td>7/84 December 1946.........(taxable)</td><td>3,768</td><td>563</td><td>2</td><td>7</td><td>1</td><td>18</td><td>9</td><td>3,169</td></tr><tr><td>7/84 January 1947.........(taxable)</td><td>3,330</td><td>2,325</td><td>2</td><td>8</td><td>135</td><td>7</td><td>267</td><td>587</td></tr><tr><td>7/84 February 1947.........(taxable)</td><td>4,954</td><td>2,738</td><td>4</td><td>8</td><td>53</td><td>23</td><td>1,149</td><td>979</td></tr><tr><td>7/84 March 1947.........(taxable)</td><td>3,133</td><td>2,221</td><td>4</td><td>11</td><td>44</td><td>21</td><td>235</td><td>599</td></tr><tr><td>7/84 April 1947.........(taxable)</td><td>2,820</td><td>1,570</td><td>5</td><td>12</td><td>1</td><td>6</td><td>633</td><td>593</td></tr><tr><td>Total certificates of indebtedness</td><td>38,408</td><td>19,566</td><td>32</td><td>205</td><td>315</td><td>174</td><td>6,574</td><td>11,483</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-90/4 July 1946.........(taxable)</td><td>4,910</td><td>2,859</td><td>3</td><td>24</td><td>4</td><td>13</td><td>1,069</td><td>938</td></tr><tr><td>1-1/2/4 December 1946.........(taxable)</td><td>3,261</td><td>2,344</td><td>3</td><td>56</td><td>87</td><td>21</td><td>277</td><td>463</td></tr><tr><td>1-1/4/4 March 1947.........(taxable)</td><td>1,948</td><td>958</td><td>12</td><td>30</td><td>237</td><td>37</td><td>14</td><td>670</td></tr><tr><td>1-1/4/4 September 1947.........(taxable)</td><td>1,687</td><td>826</td><td>9</td><td>26</td><td>14</td><td>40</td><td>10</td><td>762</td></tr><tr><td>1-1/2/4 September 1947.........(taxable)</td><td>2,707</td><td>2,177</td><td>4</td><td>42</td><td>4</td><td>23</td><td>12</td><td>445</td></tr><tr><td>1-1/2/4 September 1948.........(taxable)</td><td>5,748</td><td>2,873</td><td>4</td><td>32</td><td>8</td><td>29</td><td>301</td><td>500</td></tr><tr><td>Total Treasury notes</td><td>18,261</td><td>12,036</td><td>35</td><td>211</td><td>354</td><td>173</td><td>1,672</td><td>3,779</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 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4/4 September 1956-59.........(taxable)</td><td>3,823</td><td>255</td><td>18</td><td>1,131</td><td>759</td><td>153</td><td>130</td><td>1,377</td></tr><tr><td>2-1/4/4 June 1959-62.........(taxable)</td><td>5,284</td><td>-</td><td>36</td><td>1,773</td><td>578</td><td>224</td><td>216</td><td>2,456</td></tr><tr><td>2-1/4/4 December 1959-62.........(taxable)</td><td>3,467</td><td>390</td><td>21</td><td>688</td><td>295</td><td>159</td><td>2</td><td>2,112</td></tr><tr><td>2-1/2/4 June 1962-67.........(taxable)</td><td>2,118</td><td>-</td><td>4</td><td>401</td><td>1,100</td><td>49</td><td>208</td><td>756</td></tr><tr><td>2-1/2/4 December 1963-68.........(taxable)</td><td>2,831</td><td>-</td><td>4</td><td>521</td><td>1,343</td><td>55</td><td>264</td><td>645</td></tr><tr><td>2-1/2/4 June 1964-69.........(taxable)</td><td>3,761</td><td>-</td><td>17</td><td>719</td><td>1,575</td><td>39</td><td>418</td><td>993</td></tr><tr><td>2-1/2/4 December 1964-69.........(taxable)</td><td>3,838</td><td>-</td><td>16</td><td>510</td><td>1,579</td><td>51</td><td>504</td><td>1,178</td></tr><tr><td>2-1/2/4 March 1965-70.........(taxable)</td><td>5,197</td><td>64</td><td>15</td><td>251</td><td>2,439</td><td>48</td><td>668</td><td>1,513</td></tr><tr><td>2-1/2/4 March 1966-71.........(taxable)</td><td>3,481</td><td>73</td><td>11</td><td>176</td><td>1,587</td><td>22</td><td>673</td><td>940</td></tr><tr><td>2-1/2/4 June 1967-72.........(taxable)</td><td>7,967</td><td>-</td><td>25</td><td>954</td><td>3,157</td><td>100</td><td>888</td><td>2,843</td></tr><tr><td>2-1/2/4 December 1967-72.........(taxable)</td><td>11,691</td><td>740</td><td>43</td><td>1,331</td><td>2,434</td><td>203</td><td>1,039</td><td>5,902</td></tr><tr><td>Total bank restricted 3/</td><td>53,499</td><td>1,528</td><td>210</td><td>8,255</td><td>16,846</td><td>1,103</td><td>5,210</td><td>20,314</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>3/5 June 1946-48.........(partially)</td><td>1,036</td><td>526</td><td>*</td><td>4</td><td>1</td><td>16</td><td>205</td><td>284</td></tr><tr><td>5-1/8/4 June 1946-49.........(partially)</td><td>819</td><td>424</td><td>*</td><td>5</td><td>1</td><td>9</td><td>87</td><td>292</td></tr><tr><td>4-1/4/4 October 1947-52.........(partially)</td><td>759</td><td>276</td><td>*</td><td>7</td><td>11</td><td>22</td><td>81</td><td>362</td></tr><tr><td>2/4 December 1947.........(partially)</td><td>701</td><td>551</td><td>*</td><td>1</td><td>*</td><td>22</td><td>*</td><td>126</td></tr><tr><td>2/4 March 1948-50.........(taxable)</td><td>1,115</td><td>190</td><td>1</td><td>73</td><td>43</td><td>11</td><td>40</td><td>159</td></tr><tr><td>2-3/4/4 March 1948-51.........(partially)</td><td>1,223</td><td>877</td><td>1</td><td>9</td><td>5</td><td>28</td><td>160</td><td>144</td></tr></table>
(Continued on following page)
Treasury Bulletin
54
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, April 30, 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 value - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>All U.S. Government agencies and trust funds and Federal Reserve Banks</th><th>Held by all other investors</th></tr><tr><th></th><th></th><th>7,371 commercial banks</th><th>34 stock saving banks</th><th>500 mutual savings banks</th><th>314 life insurance companies</th><th>614 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></tr><tr><td>Back eligible</td><td></td><td>2,340</td><td>3</td><td>69</td><td>49</td><td>38</td><td>25</td><td>537</td></tr><tr><td>1-3/4%</td><td>June 1948.....(taxable)</td><td>3,062</td><td></td><td></td><td></td><td></td><td></td><td>68</td></tr><tr><td>2-1/2%</td><td>September 1948.....(partially)</td><td>451</td><td>372</td><td>1</td><td></td><td>9</td><td>-</td><td>44</td></tr><tr><td>2%</td><td>December 1948-50.....(partially)</td><td>571</td><td>466</td><td>1</td><td>1</td><td>12</td><td>1</td><td>47</td></tr><tr><td>2%</td><td>June 1949-51.....(taxable)</td><td>1,014</td><td>774</td><td>53</td><td>98</td><td>8</td><td>8</td><td>73</td></tr><tr><td>2%</td><td>September 1949-51.....(taxable)</td><td>1,292</td><td>1,018</td><td>1</td><td>38</td><td>93</td><td>23</td><td>118</td></tr><tr><td>2%</td><td>December 1949-51.....(taxable)</td><td>2,098</td><td>1,585</td><td>4</td><td>96</td><td>125</td><td>21</td><td>304</td></tr><tr><td>1-1/8%</td><td>December 1949-52.....(partially)</td><td>491</td><td>359</td><td>1</td><td>4</td><td>11</td><td>20</td><td>56</td></tr><tr><td>2-1/2%</td><td>December 1949-52.....(partially)</td><td>1,786</td><td>1,304</td><td>2</td><td>6</td><td>3</td><td>40</td><td>209</td></tr><tr><td>2%</td><td>March 1950-52.....(taxable)</td><td>1,963</td><td>1,544</td><td>5</td><td>71</td><td>155</td><td>19</td><td>165</td></tr><tr><td>2%</td><td>September 1950-52.....(taxable)</td><td>4,939</td><td>3,410</td><td>8</td><td>174</td><td>325</td><td>60</td><td>914</td></tr><tr><td>2-1/2%</td><td>September 1950-52.....(partially)</td><td>1,186</td><td>982</td><td>2</td><td>6</td><td>2</td><td>48</td><td>34</td></tr><tr><td>1-1/2%</td><td>December 1950.....(taxable)</td><td>2,635</td><td>1,666</td><td>2</td><td>16</td><td></td><td>23</td><td>928</td></tr><tr><td>2-3/4%</td><td>June 1951-54.....(partially)</td><td>1,627</td><td>1,215</td><td>8</td><td>6</td><td>2</td><td>58</td><td>163</td></tr><tr><td>2%</td><td>September 1951-53.....(taxable)</td><td>7,986</td><td>5,430</td><td>22</td><td>344</td><td>601</td><td>118</td><td>1,356</td></tr><tr><td>3%</td><td>September 1951-53.....(partially)</td><td>755</td><td>390</td><td></td><td>4</td><td>1</td><td>32</td><td>251</td></tr><tr><td>2%</td><td>December 1951-53.....(taxable)</td><td>510</td><td>379</td><td>2</td><td>10</td><td>24</td><td>6</td><td>78</td></tr><tr><td>2-1/4%</td><td>December 1952-53.....(partially)</td><td>1,118</td><td>902</td><td>2</td><td>1</td><td>3</td><td>29</td><td>83</td></tr><tr><td>2-1/2%</td><td>March 1952-54.....(taxable)</td><td>1,024</td><td>551</td><td></td><td>201</td><td>42</td><td>13</td><td>150</td></tr><tr><td>2%</td><td>June 1952-54.....(taxable)</td><td>5,825</td><td>4,061</td><td>20</td><td>258</td><td>455</td><td>75</td><td>349</td></tr><tr><td>2%</td><td>December 1952-54.....(taxable)</td><td>8,652</td><td>5,638</td><td>22</td><td>607</td><td>650</td><td>143</td><td>1,606</td></tr><tr><td>2-1/4%</td><td>June 1952-55.....(taxable)</td><td>1,501</td><td>952</td><td>2</td><td>153</td><td>148</td><td>22</td><td>156</td></tr><tr><td>2%</td><td>June 1953-55.....(partially)</td><td>725</td><td>631</td><td></td><td>1</td><td>2</td><td>25</td><td>52</td></tr><tr><td>2-1/4%</td><td>June 1954-56.....(partially)</td><td>681</td><td>533</td><td>2</td><td>2</td><td>3</td><td>33</td><td>73</td></tr><tr><td>2-7/8%</td><td>March 1955-60.....(partially)</td><td>2,611</td><td>1,343</td><td>31</td><td>12</td><td>29</td><td>107</td><td>174</td></tr><tr><td>2-1/2%</td><td>March 1956-58.....(taxable)</td><td>1,489</td><td>771</td><td>8</td><td>62</td><td>381</td><td>11</td><td>161</td></tr><tr><td>2-3/4%</td><td>September 1956-59.....(partially)</td><td>982</td><td>616</td><td>16</td><td>4</td><td>24</td><td>69</td><td>156</td></tr><tr><td>2-3/4%</td><td>June 1958-61.....(partially)</td><td>919</td><td>618</td><td>12</td><td>6</td><td>60</td><td>72</td><td>100</td></tr><tr><td>2-3/4%</td><td>December 1960-65.....(partially)</td><td>1,485</td><td>1,008</td><td>9</td><td>6</td><td>45</td><td>98</td><td>245</td></tr><tr><td>2-1/2%</td><td>September 1967-72.....(taxable)</td><td>2,716</td><td>1,681</td><td>2</td><td>73</td><td>288</td><td>21</td><td>413</td></tr><tr><td>Total bank eligible</td><td></td><td>67,718</td><td>45,984</td><td>192</td><td>2,344</td><td>3,661</td><td>1,362</td><td>2,577</td><td>11,598</td></tr><tr><td>Total Treasury bonds</td><td></td><td>121,177</td><td>47,506</td><td>402</td><td>10,598</td><td>20,501</td><td>2,465</td><td>7,787</td><td>31,912</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></td><td>117</td><td>13</td><td></td><td></td><td></td><td></td><td>36</td><td>67</td></tr><tr><td>Panama Canal bonds.....(wholly)</td><td></td><td>50</td><td>2</td><td></td><td></td><td></td><td></td><td>49</td><td>12</td></tr><tr><td>Conversion bonds</td><td></td><td>13</td><td>1</td><td></td><td></td><td></td><td></td><td>-</td><td>12</td></tr><tr><td>Total postal savings and other bonds</td><td></td><td>180</td><td>14</td><td></td><td></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></td><td>7</td><td>10</td><td>1</td><td>3</td><td>12</td><td>1</td><td>8</td><td>6</td></tr><tr><td>(taxable)</td><td></td><td>34</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total guaranteed securities</td><td></td><td>41</td><td>10</td><td>1</td><td>3</td><td>12</td><td>1</td><td>8</td><td>6</td></tr><tr><td>Total public marketable securities</td><td></td><td>195,120</td><td>81,006</td><td>471</td><td>11,026</td><td>21,247</td><td>2,813</td><td>29,746</td><td>45,811</td></tr></table>
Note: The Treasury Survey commenced with date for March 31, 1941 and has been published regularly to the "Treasury Bulletin" since May 1941. Revisions of data for September 30, 1944 appeared in the February 1945 issue, page 53; reclassification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-63. 
Less than $500,000 or less than .05%. 
Securities held in trust departments are excluded. 
This column includes securities held by those banks and insurance companies which were not covered in the Treasury Survey. See head-note to this section. 
Notes which commercial banks may not acquire prior to a specified
date (with minor exceptions). See footnote 2, page 25. 5/ The securities held by the Treasury are not included in Federal securities held 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 securities, the 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. 1/ Includes an estimated amount of Federal Housing Administration debt securities. 5/ Actual figures by tax status are available only for total amount outstanding.
July 1946
55
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, April 30, 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="4">Held by investors covered in Treasury Survey</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>7,372 commercial banks 3/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>314 life insurance companies</th><th>644 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></tr><tr><td>Series B-D.... (6/)</td><td>3,403</td><td>178</td><td>*</td><td>5</td><td>3</td><td>7</td><td>*</td><td>3,209</td></tr><tr><td>Series E.... (taxable)</td><td>30,513</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,512</td></tr><tr><td>Series F.... (taxable)</td><td>2,874</td><td>218</td><td>1 6</td><td>8</td><td>16</td><td>23</td><td>1</td><td>2,601</td></tr><tr><td>Series O.... (taxable)</td><td>12,078</td><td>478</td><td>-</td><td>226</td><td>98</td><td>166</td><td>10</td><td>11,054</td></tr><tr><td>Total United States savings bonds</td><td>48,826</td><td>874</td><td>7</td><td>239</td><td>117</td><td>196</td><td>13</td><td>47,382</td></tr><tr><td>Treasury savings notes.... (taxable)</td><td>7,144</td><td>110</td><td>3</td><td>*</td><td>1</td><td>7</td><td>17</td><td>7,005</td></tr><tr><td>Depository bonds.... (taxable)</td><td>436</td><td>407</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>30</td></tr><tr><td>Guaranteed securities 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation demand obligations.... (taxable)</td><td>492</td><td>8/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total public non-marketable securities</td><td>56,900</td><td>1,392</td><td>11</td><td>239</td><td>118</td><td>203</td><td>30</td><td>54,417</td></tr></table>
* Less than $500,000.
1/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Usually" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
2/ Securities held in trust departments are excluded.
3/ Includes trust companies.
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 sixteenth. Series B-D savings bonds sold prior to March 1, 1940, 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 $952 million held by all commercial banks are shown only in total amount outstanding.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 1/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Beld by investors covered in Treasury Survey</th></tr><tr><th>7,371 commercial banks 3/</th><th>34 stock savings banks</th><th>50 mutual savings banks</th><th>314 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 1/</th></tr><tr><td>Federal land bank bonds 3/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 1946-56.........(wholly)</td><td>170</td><td>37</td><td>*</td><td>*</td><td>*</td><td>1</td><td>-</td><td>131</td></tr><tr><td>1-1/24 October 1948-50.........(taxable)</td><td>176</td><td>111</td><td>1</td><td>*</td><td>*</td><td>1</td><td>-</td><td>32</td></tr><tr><td>1-1/24 January 1951-53.........(taxable)</td><td>214</td><td>169</td><td>*</td><td>*</td><td>*</td><td>1</td><td>-</td><td>43</td></tr><tr><td>2-1/48 February 1953-55.........(taxable)</td><td>114</td><td>91</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>19</td></tr><tr><td>Total Federal land bank bonds</td><td>674</td><td>439</td><td>1</td><td>3</td><td>1</td><td>4</td><td>-</td><td>227</td></tr><tr><td>Federal intermediate credit bank debentures</td><td>277</td><td>225</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>51</td></tr><tr><td>Federal home loan bank debentures</td><td>61</td><td>42</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>25</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>1,019</td><td>705</td><td>1</td><td>3</td><td>1</td><td>5</td><td>-</td><td>303</td></tr></table>
Less than $500,000. 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.
2/ Securities held in trust departments are excluded. Includes trust companies. 3/ This column includes securities held by three banks and insurance companies which are not covered in the Treasury Survey.
56
Treasury Bulletin
PRICES AND YIELDS OF GOVERNMENT SECURITIES (Including securities issued by Federal agencies)
July 1946
57
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
May 31, 1946
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price date (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="3">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="3">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 Apr.30, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from Apr.30, 1946</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td colspan="14">Treasury bonds - bank eligible</td></tr><tr><td>8,115</td><td>2-1/4 - 3/15/46-50</td><td>101.23</td><td>101.25</td><td>101.24</td><td>-.01</td><td>1.01%</td><td>+.02%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/43</td><td>102.12</td><td>3/11</td><td>101.22</td><td>5/14</td></tr><tr><td>3,062</td><td>1-1/4 - 6/15/48</td><td>101.15</td><td>101.15</td><td>101.14</td><td>-.01</td><td>1.03</td><td>-.02</td><td>1/15/42</td><td>102.02</td><td>3/2/45</td><td>100.01</td><td>12/23/42</td><td>102.02</td><td>5/2</td><td>101.11</td><td>5/13</td></tr><tr><td>1,014</td><td>3-3/4 - 6/15/49-51</td><td>102.19</td><td>102.21</td><td>102.20</td><td>-.04</td><td>1.12</td><td>+.02</td><td>1/15/46</td><td>103.22</td><td>3/7/48</td><td>100.06</td><td>8/5/42</td><td>103.22</td><td>3/7</td><td>102.15</td><td>5/13</td></tr><tr><td>1,292</td><td>3-1/2 - 9/15/49-51</td><td>102.23</td><td>102.25</td><td>102.24</td><td>-.04</td><td>1.14</td><td>+.01</td><td>5/15/46</td><td>103.28</td><td>3/2/48</td><td>100.04</td><td>10/6/42</td><td>103.28</td><td>5/2</td><td>102.18</td><td>5/13</td></tr><tr><td>2,098</td><td>3-1/2 - 12/15/49-51</td><td>102.27</td><td>102.29</td><td>102.28</td><td>-.02</td><td>1.17</td><td>-.00</td><td>7/15/46</td><td>104.00</td><td>3/2/48</td><td>100.03</td><td>8/5/42</td><td>104.00</td><td>3/2</td><td>102.20</td><td>5/13</td></tr><tr><td>1,953</td><td>3-1/2 - 3/15/50-52</td><td>102.30</td><td>103.00</td><td>102.71</td><td>-.01</td><td>1.19</td><td>-.01</td><td>10/19/46</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>102.20</td><td>5/13</td></tr><tr><td>4,939</td><td>2-1/2 - 9/15/50-52</td><td>103.02</td><td>103.04</td><td>103.03</td><td>.00</td><td>1.26</td><td>-.01</td><td>1/15/47</td><td>104.07</td><td>3/11/48</td><td>100.08</td><td>5/3/43</td><td>104.07</td><td>3/11</td><td>102.23</td><td>5/13</td></tr><tr><td>2,675</td><td>1-1/2 - 12/15/50</td><td>101.11</td><td>101.13</td><td>101.12</td><td>-.06</td><td>1.19</td><td>-.04</td><td>6/1/47</td><td>102.15</td><td>5/11/48</td><td>100.29</td><td>8/21/45</td><td>102.15</td><td>3/11</td><td>101.08</td><td>5/27</td></tr><tr><td>7,986</td><td>3-1/2 - 9/15/51-53</td><td>103.08</td><td>103.10</td><td>103.09</td><td>-.09</td><td>1.35</td><td>+.04</td><td>9/15/47</td><td>104.18</td><td>3/11/48</td><td>100.03</td><td>11/8/43</td><td>104.18</td><td>3/11</td><td>103.00</td><td>5/13</td></tr><tr><td>510</td><td>1-1/4 - 12/15/51-55</td><td>103.16</td><td>103.18</td><td>103.17</td><td>-.04</td><td>1.34</td><td>+.02</td><td>12/15/47</td><td>104.26</td><td>3/11/48</td><td>100.01</td><td>12/5/42</td><td>104.26</td><td>3/11</td><td>103.09</td><td>5/13</td></tr><tr><td>1,024</td><td>2-1/2 - 3/15/52-54</td><td>106.00</td><td>106.02</td><td>106.01</td><td>-.06</td><td>1.41</td><td>+.02</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>105.23</td><td>5/13</td></tr><tr><td>5,825</td><td>3-1/2 - 5/15/52-54</td><td>103.16</td><td>103.18</td><td>103.17</td><td>-.03</td><td>1.39</td><td>+.01</td><td>6/26/41</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/24/41</td><td>104.27</td><td>2/18</td><td>105.08</td><td>5/13</td></tr><tr><td>1,901</td><td>3-1/2 - 6/15/52-55</td><td>104.24</td><td>104.26</td><td>104.25</td><td>-.02</td><td>1.42</td><td>.00</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/18/46</td><td>106.08</td><td>2/9</td><td>104.14</td><td>5/13</td></tr><tr><td>8,662</td><td>3-1/2 - 12/15/52-54</td><td>103.19</td><td>103.21</td><td>103.20</td><td>-.02</td><td>1.42</td><td>+.01</td><td>12/1/41</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>103.09</td><td>5/13</td></tr><tr><td>1,449</td><td>3-1/2 - 3/15/55-58</td><td>108.03</td><td>108.05</td><td>108.04</td><td>-.11</td><td>1.60</td><td>-.03</td><td>6/1/47</td><td>110.22</td><td>2/18/46</td><td>101.30</td><td>8/27/42</td><td>108.12</td><td>1/6</td><td>103.24</td><td>5/13</td></tr><tr><td>2,716</td><td>3-1/2 - 9/15/57-72</td><td>106.30</td><td>106.30</td><td>106.31</td><td>-.11</td><td>2.09</td><td>-.02</td><td>10/30/41</td><td>109.18</td><td>4/6/46</td><td>100.01</td><td>1/2/42</td><td>109.18</td><td>1/6</td><td>106.19</td><td>5/27</td></tr><tr><td colspan="14">Treasury bonds - bank restricted 5/</td></tr><tr><td>3,823</td><td>2-1/4 - 9/15/55-59</td><td>105.11</td><td>105.13</td><td>105.12</td><td>+.07</td><td>1.68</td><td>-.03</td><td>2/1/41</td><td>107.16</td><td>4/5/46</td><td>100.01</td><td>2/29/44</td><td>107.16</td><td>4/6</td><td>104.22</td><td>5/13</td></tr><tr><td>5,284</td><td>2-1/4 - 5/15/56-58</td><td>102.16</td><td>102.18</td><td>102.17</td><td>+.12</td><td>2.03</td><td>-.03</td><td>6/2/46</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>100.20</td><td>1/2</td></tr><tr><td>3,470</td><td>3-1/4 - 12/15/55-57</td><td>102.15</td><td>102.18</td><td>102.17</td><td>+.12</td><td>2.04</td><td>-.02</td><td>11/15/46</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>3-1/2 - 6/15/57-59</td><td>105.24</td><td>105.26</td><td>105.25</td><td>+.09</td><td>2.07</td><td>-.03</td><td>5/15/47</td><td>108.12</td><td>4/6/46</td><td>100.00</td><td>8/17/42</td><td>108.12</td><td>1/6</td><td>103.24</td><td>1/2</td></tr><tr><td>2,831</td><td>2-1/2 - 12/15/57-63</td><td>105.13</td><td>105.15</td><td>105.14</td><td>+.11</td><td>2.13</td><td>-.02</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>1/6</td><td>103.02</td><td>1/2</td></tr><tr><td>3,761</td><td>2-1/2 - 6/15/61-64</td><td>105.01</td><td>105.03</td><td>105.02</td><td>+.11</td><td>2.16</td><td>-.02</td><td>4/15/47</td><td>107.25</td><td>4/6/46</td><td>100.00</td><td>1/2/44</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 - 12/15/61-63</td><td>105.01</td><td>105.02</td><td>105.01</td><td>+.11</td><td>2.17</td><td>-.02</td><td>9/15/47</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>1-1/4 - 3/15/65-70</td><td>104.25</td><td>104.27</td><td>104.26</td><td>+.08</td><td>2.20</td><td>-.02</td><td>7/1/48</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>102.13</td><td>1/2</td></tr><tr><td>3,481</td><td>2-1/2 - 3/15/66-71</td><td>104.25</td><td>104.27</td><td>104.26</td><td>+.08</td><td>2.20</td><td>-.02</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.05</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>103.26</td><td>103.28</td><td>103.27</td><td>+.25</td><td>2.27</td><td>-.05</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.21</td><td>9/28/45</td><td>106.16</td><td>4/6</td><td>101.16</td><td>1/3</td></tr><tr><td>11,689</td><td>2-1/2 - 12/15/67-72</td><td>103.26</td><td>103.28</td><td>103.27</td><td>+.25</td><td>2.27</td><td>-.05</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="14">Treasury notes</td></tr><tr><td>4,910</td><td>90% D. 7/1/46 6/</td><td>7.8%</td><td>7.7%</td><td>7.75%</td><td>-.05%</td><td>.85</td><td>-.05</td><td>6/1/46</td><td>.64%</td><td>2/2/46</td><td>.36%</td><td>6/15/45</td><td>.64%</td><td>2/21</td><td>.31%</td><td>5/14</td></tr><tr><td>3,261</td><td>1-1/2 D. 2-15/46</td><td>100.10+</td><td>100.11+</td><td>100.11</td><td>-.01</td><td>.85</td><td>-.05</td><td>6/5/46</td><td>101.00</td><td>4/5/46</td><td>100.01</td><td>1/2/47</td><td>100.20</td><td>2/25</td><td>100.11</td><td>5/31</td></tr><tr><td>1,948</td><td>1-1/4 D. 3/15/47</td><td>100.08+</td><td>100.09+</td><td>100.09</td><td>.00</td><td>.89</td><td>.00</td><td>6/25/46</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 D. 9/15/47</td><td>100.23+</td><td>100.24+</td><td>100.24</td><td>+.02</td><td>.91</td><td>-.08</td><td>7/12/47</td><td>101.05</td><td>3/5/46</td><td>100.16</td><td>10/14/43</td><td>101.02</td><td>3/1</td><td>100.22</td><td>5/14</td></tr><tr><td>1,587</td><td>1-1/4 D. 9/15/47</td><td>100.13+</td><td>100.14+</td><td>100.14</td><td>+.02</td><td>.91</td><td>-.06</td><td>12/1/47</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>5/14</td></tr><tr><td>3,748</td><td>1-1/2 D. 9/15/48</td><td>101.01</td><td>101.02</td><td>101.02</td><td>.00</td><td>1.03</td><td>-.02</td><td>3/15/48</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>101.00</td><td>5/15</td></tr><tr><td colspan="14">Certificates of indebtedness 5/</td></tr><tr><td>4,799</td><td>L 6/1/46</td><td>.71</td><td>.71</td><td>.71</td><td>.00%</td><td></td><td></td><td>6/1/46</td><td>.13%</td><td>5/2/46</td><td>.87%</td><td>5/29/46</td><td>.13%</td><td>5/21</td><td>.87%</td><td>5/15</td></tr><tr><td>2,470</td><td>R 8/1/46</td><td>.82%</td><td>.82%</td><td>.80%</td><td>-.01%</td><td></td><td></td><td>8/1/46</td><td>.69%</td><td>3/2/46</td><td>.85%</td><td>7/26/46</td><td>.69%</td><td>3/2</td><td>.81%</td><td>5/15</td></tr><tr><td>4,336</td><td>O 9/1/46</td><td>.84%</td><td>.83%</td><td>.83%</td><td>-.01%</td><td></td><td></td><td>9/1/46</td><td>.70%</td><td>3/4/46</td><td>.86%</td><td>8/22/45</td><td>.70%</td><td>3/4</td><td>.81%</td><td>5/15</td></tr><tr><td>3,440</td><td>H 10/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.00%</td><td></td><td></td><td>10/1/46</td><td>.72%</td><td>3/4/46</td><td>.86%</td><td>10/1/45</td><td>.72%</td><td>3/4</td><td>.81%</td><td>5/15</td></tr><tr><td>3,778</td><td>J 11/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.00%</td><td></td><td></td><td>12/1/46</td><td>.73%</td><td>2/25/46</td><td>.85%</td><td>12/1/45</td><td>.73%</td><td>2/25</td><td>.81%</td><td>5/31</td></tr><tr><td>3,768</td><td>L 12/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.00%</td><td></td><td></td><td>12/1/46</td><td>.73%</td><td>2/2/46</td><td>.94%</td><td>5/3/46</td><td>.73%</td><td>2/2</td><td>.81%</td><td>5/31</td></tr><tr><td>3,330</td><td>L 1/1/47</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.00%</td><td></td><td></td><td>1/1/47</td><td>.76%</td><td>3/4/46</td><td>.89%</td><td>12/29/45</td><td>.76%</td><td>3/4</td><td>.81%</td><td>5/31</td></tr><tr><td>4,954</td><td>B 2/1/47</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.00%</td><td></td><td></td><td>2/1/47</td><td>.76%</td><td>3/4/46</td><td>.85%</td><td>5/31/46</td><td>.76%</td><td>3/4</td><td>.81%</td><td>5/31</td></tr><tr><td>3,133</td><td>C 3/1/47</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.00%</td><td></td><td></td><td>3/1/47</td><td>.77%</td><td>3/4/46</td><td>.84%</td><td>5/31/46</td><td>.77%</td><td>3/4</td><td>.81%</td><td>5/31</td></tr><tr><td>2,320</td><td>D 4/1/47</td><td>.85%</td><td>.83%</td><td>.84%</td><td>+.01%</td><td></td><td></td><td>4/1/47</td><td>.80%</td><td>4/29/46</td><td>.84%</td><td>5/31/46</td><td>.80%</td><td>4/29</td><td>.81%</td><td>5/31</td></tr><tr><td>8/18</td><td>R 6/1/47</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.00%</td><td></td><td></td><td>6/1/47</td><td>.87%</td><td>5/27/46</td><td>.84%</td><td>5/31/46</td><td>.87%</td><td>5/27</td><td>.81%</td><td>5/31</td></tr></table>
(Continued on following page)
Treasury Bulletin
58
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
May 31, 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 Apr. 30, 1996</th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Apr. 30, 1996</th></tr><tr><td>$1,309</td><td>6/16/96</td><td>3/7/96</td><td>.375</td><td>.20</td><td>.29</td><td>-.05</td><td>$1,315</td><td>7/25/96</td><td>4/25/96</td><td>.375</td><td>.32</td><td>.34</td><td>-.01</td></tr><tr><td>1,304</td><td>5/13/96</td><td>3/12/96</td><td>.375</td><td>.25</td><td>.31</td><td>-.01</td><td>1,309</td><td>8/1/96</td><td>5/2/96</td><td>.375</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,315</td><td>6/20/96</td><td>3/21/96</td><td>.375</td><td>.25</td><td>.31</td><td>-.01</td><td>1,308</td><td>8/8/96</td><td>5/9/96</td><td>.375</td><td>.34</td><td>.36</td><td></td></tr><tr><td>1,313</td><td>6/27/96</td><td>3/28/96</td><td>.375</td><td>.25</td><td>.31</td><td>-.05</td><td>1,301</td><td>8/15/96</td><td>5/16/96</td><td>.375</td><td>.35</td><td>.36</td><td></td></tr><tr><td>1,312</td><td>7/5/96</td><td>4/1/96</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,314</td><td>8/22/96</td><td>5/23/96</td><td>.375</td><td>.35</td><td>.36</td><td></td></tr><tr><td>1,317</td><td>7/11/96</td><td>4/11/96</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,313</td><td>8/29/96</td><td>5/31/96</td><td>.375</td><td>.35</td><td>.36</td><td></td></tr><tr><td>1,310</td><td>7/18/96</td><td>4/18/96</td><td>.375</td><td>.32</td><td>.35</td><td>-.01</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price date (Price decimals are thirty-seconds)</th><th colspan="3">Yield 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 Apr.30, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from Apr.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>51,036</td><td>5-1/3/46-8-3/47</td><td>100.02</td><td>100.03</td><td>100.02</td><td>-.06</td><td>1.09%</td><td>+1.1%</td><td>-</td><td>6/15/46</td><td>112.28</td><td>12/15/40</td><td>97.28</td><td>9/17/34</td><td>101.02</td><td>1/26</td><td>100.02</td><td>5/31</td></tr><tr><td>819</td><td>6-15/46-19-3/47</td><td>100.02</td><td>100.03</td><td>100.02</td><td>-.07</td><td>1.21</td><td>+3.7%</td><td>3.40%</td><td>6/15/47</td><td>113.19</td><td>12/21/40</td><td>81.05</td><td>1/11/32</td><td>101.04</td><td>1/22</td><td>100.02</td><td>5/31</td></tr><tr><td>759</td><td>1-1/14/46-10-15/47</td><td>104.25</td><td>104.27</td><td>104.26</td><td>-.11</td><td>.70</td><td>+1.01</td><td>.71</td><td>10/15/22</td><td>122.22</td><td>12/11/40</td><td>98.13</td><td>10/8/23</td><td>106.12</td><td>1/24</td><td>104.25</td><td>5/31</td></tr><tr><td>701</td><td>2-1/15/47-1/47</td><td>101.30</td><td>102.00</td><td>101.31</td><td>-.00</td><td>.71</td><td>-.07</td><td>1.98</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>101.30</td><td>5/15</td></tr><tr><td>1,223</td><td>2-3/14/46-3/15/47</td><td>103.15</td><td>103.17</td><td>103.16</td><td>-.03</td><td>.77</td><td>-.04</td><td>1.98</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>1/1/37</td><td>104.13</td><td>1/29</td><td>103.16</td><td>5/31</td></tr><tr><td>451</td><td>2-1/24/46-9-15/47</td><td>103.27</td><td>103.29</td><td>103.28</td><td>-.02</td><td>.78</td><td>-.04</td><td>.78</td><td>1/15/38</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>103.28</td><td>5/31</td></tr><tr><td>571</td><td>2-1/15/46-12-15/47</td><td>103.00</td><td>103.02</td><td>103.01</td><td>-.03</td><td>.79</td><td>-.08</td><td>1.31</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>5/25</td></tr><tr><td>951</td><td>3-1/8/46-12-15/47</td><td>107.17</td><td>107.19</td><td>107.18</td><td>-.05</td><td>.94</td><td>-.01</td><td>1.89</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/31</td><td>108.30</td><td>1/28</td><td>107.16</td><td>5/14</td></tr><tr><td>1,785</td><td>2-1/24/46-12-15/47</td><td>105.13</td><td>105.15</td><td>105.14</td><td>-.05</td><td>.93</td><td>-.00</td><td>1.73</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>105.12</td><td>5/14</td></tr><tr><td>1,186</td><td>2-1/24/46-9-15/47</td><td>106.10</td><td>106.12</td><td>106.11</td><td>-.06</td><td>.98</td><td>+.01</td><td>1.44</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>106.09</td><td>5/14</td></tr><tr><td>1,627</td><td>2-3/14/46-6-15/47</td><td>108.09</td><td>108.11</td><td>108.10</td><td>-.05</td><td>1.05</td><td>.00</td><td>1.04</td><td>6/15/36</td><td>110.26</td><td>11/12/41</td><td>98.16</td><td>4/1/37</td><td>109.27</td><td>1/28</td><td>108.05</td><td>5/14</td></tr><tr><td>755</td><td>3-1/15/46-12-15/47</td><td>109.28</td><td>109.30</td><td>109.29</td><td>-.04</td><td>1.07</td><td>.00</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>109.22</td><td>5/13</td></tr><tr><td>1,118</td><td>2-1/14/46-12-15/47</td><td>106.10</td><td>106.12</td><td>106.11</td><td>-.04</td><td>1.07</td><td>+1.01</td><td>1.36</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>3/12</td><td>106.04</td><td>5/13</td></tr><tr><td>755</td><td>2-3/14/46-6-15/47</td><td>105.26</td><td>105.28</td><td>105.27</td><td>-.04</td><td>1.13</td><td>.00</td><td>1.31</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>105.16</td><td>5/13</td></tr><tr><td>661</td><td>2-1/14/46-6/15/47</td><td>108.17</td><td>108.19</td><td>108.18</td><td>-.06</td><td>1.13</td><td>+1.01</td><td>1.34</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>108.09</td><td>5/14</td></tr><tr><td>2,611</td><td>2-7/8/46-3/15/47</td><td>113.15</td><td>113.17</td><td>113.16</td><td>-.06</td><td>1.25</td><td>+1.01</td><td>1.77</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>112.26</td><td>5/13</td></tr><tr><td>982</td><td>2-3/14/46-9-15/47</td><td>113.24</td><td>113.26</td><td>113.25</td><td>-.14</td><td>1.31</td><td>+1.03</td><td>1.59</td><td>9/15/36</td><td>116.13</td><td>1/26/46</td><td>98.10</td><td>1/1/37</td><td>116.13</td><td>1/26</td><td>113.08</td><td>5/13</td></tr><tr><td>919</td><td>2-3/14/46-6/15/47</td><td>114.20</td><td>114.22</td><td>114.21</td><td>-.13</td><td>1.42</td><td>+1.02</td><td>1.75</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>114.05</td><td>5/13</td></tr><tr><td>1,485</td><td>2-3/14/46-12-15/47</td><td>116.19</td><td>116.21</td><td>116.20</td><td>-.12</td><td>1.48</td><td>+1.02</td><td>1.74</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>116.03</td><td>5/13</td></tr><tr><td colspan="17">Other bonds 10/</td></tr><tr><td>13</td><td>36 Conversion 1-11/47</td><td>101.16</td><td>-</td><td>101.16</td><td>-.08</td><td>.40</td><td>+3.03</td><td>.40</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>101.16</td><td>5/31</td></tr><tr><td>50</td><td>35 Panama Canal-6/1/61</td><td>131.08</td><td>131.08</td><td>132.08</td><td>-.20</td><td>.73</td><td>+1.03</td><td>.73</td><td>6/1/11</td><td>134.00</td><td>9/5/61</td><td>75.00</td><td>6/18/21</td><td>133.24</td><td>3/13</td><td>132.08</td><td>5/31</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, 1935, represent closing prices on the New York Stock Exchange. When issued* prices are included in history beginning October 1, 1935. Rates 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.
Included in the Average Yield of Long-Term Taxable Treasury Bonds, issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 25. Quoted on a yield basis. Not quoted on May 31, 1946. For amount of this security issued on June 1, 1946, see table on "Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness" on page 32. Called on February 14, for redemption on June 15, 1946. Excludes postal savings bonds.
July 1946
59
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies May 31, 1946 - (Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">(Price 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 Apr.30, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from Apr.30, 1946</th><th>Yield to maturity 2/</th><th>High</th><th>Date</th><th>Low</th><th>Date</th><th>High</th><th>Date</th><th>Low</th><th>Date</th></tr><tr><td colspan="17">Taxable securities</td></tr><tr><td>67</td><td>Federal Home Loan Bank debentures 1/</td><td>.90%</td><td>.80%</td><td>.85%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>4/15/46</td><td>.85%</td><td>5/31/46</td><td>.85%</td><td>5/31/46</td><td>.85%</td><td>5/31</td><td>.85%</td><td>5/31</td></tr><tr><td>17</td><td>Federal Intermediate Credit Bank debentures 1/</td><td>.90%</td><td>6/1/46</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>5/29/46</td><td>100.00</td><td>5/29/46</td><td>100.00</td><td>5/29</td><td>100.00</td><td>5/29</td></tr><tr><td>26</td><td>7/8%</td><td>7/1/46</td><td>100.00</td><td>100.00</td><td>.00</td><td>.875</td><td>.000%</td><td>.875%</td><td>1/2/46</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31</td><td>100.00</td><td>5/31</td></tr><tr><td>26</td><td>90%</td><td>8/1/46</td><td>100.00</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>11/1/45</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31</td><td>100.00</td><td>5/31</td></tr><tr><td>44</td><td>90%</td><td>9/3/46</td><td>100.00</td><td>100.00</td><td>.00</td><td>.90</td><td>.00</td><td>.90</td><td>12/1/45</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31</td><td>100.00</td><td>5/31</td></tr><tr><td>31</td><td>7/8%</td><td>10/1/46</td><td>100.00</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>2/1/46</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31</td><td>100.00</td><td>5/31</td></tr><tr><td>38</td><td>.825%</td><td>12/2/46</td><td>100.00</td><td>100.00</td><td>.00</td><td>.825</td><td>.000</td><td>.825</td><td>3/1/46</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31</td><td>100.00</td><td>5/31</td></tr><tr><td>22</td><td>7/8%</td><td>1/2/47</td><td>100.00</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>4/1/46</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31</td><td>100.00</td><td>5/31</td></tr><tr><td>22</td><td>90%</td><td>2/1/47</td><td>100.00</td><td>100.00</td><td>.00</td><td>.90</td><td>.000</td><td>.90</td><td>5/1/46</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31/46</td><td>100.00</td><td>5/31</td><td>100.00</td><td>5/31</td></tr><tr><td colspan="17">Federal Land Bank bonds 5/</td></tr><tr><td>176</td><td>1-1/2%</td><td>10/1/48-50</td><td>100.20</td><td>100.24</td><td>100.22</td><td>+1.03</td><td>1.20</td><td>-.05</td><td>1.34</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>100.12</td><td>9/29/45</td><td>101.10</td><td>3/6</td><td>100.18</td><td>5/15</td></tr><tr><td>217</td><td>1-1/2%</td><td>5/1/50-52</td><td>99.26</td><td>99.30</td><td>99.28</td><td>.00</td><td>1.28</td><td>.00</td><td>1.27</td><td>5/1/46</td><td>100.02</td><td>1/17/46</td><td>99.26</td><td>5/28/45</td><td>100.02</td><td>4/17</td><td>99.26</td><td>5/28</td></tr><tr><td>214</td><td>1-1/2%</td><td>1/1/51-53</td><td>100.08</td><td>100.16</td><td>100.12</td><td>.00</td><td>1.42</td><td>.00</td><td>1.44</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>100.08</td><td>5/15/45</td><td>101.22</td><td>3/11</td><td>100.08</td><td>5/15</td></tr><tr><td>114</td><td>2-1/4%</td><td>2/1/53-55</td><td>104.04</td><td>104.16</td><td>104.10</td><td>-.14</td><td>1.57</td><td>+.06</td><td>1.71</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>104.10</td><td>5/31</td></tr></table>
1/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices for all securities, except Federal Intermediate Credit Bank debentures are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
2/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to matu-
ity as more significant when an issue is selling at or below par. Quoted on a yield basis. Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue. Not quoted on May 31, 1946. Excludes issues completely held by Farm Credit Administration agencies.
Treasury Bulletin
60
YIELDS OF TREASURY SECURITIES MAY 31, 1946
Based on Mean of Closing Bid and Asked Quotations
Explanation. The points represent yields to call date when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded.
Office of the Secretary of the Treasury, Division of Research and Statistics
F-235-C
July 1946
61
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="12">Monthly series 3/</td></tr><tr><td>1938-Jan............</td><td>2.69</td><td>....</td><td>3.17</td><td>1941-Jan............</td><td>2.12</td><td>....</td><td>2.57</td><td>1944-Jan............</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb............</td><td>2.68</td><td>....</td><td>3.15</td><td>Feb............</td><td>2.22</td><td>....</td><td>2.71</td><td>Feb............</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar............</td><td>2.67</td><td>....</td><td>3.16</td><td>Mar............</td><td>2.12</td><td>....</td><td>2.73</td><td>Mar............</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>Apr............</td><td>2.66</td><td>....</td><td>3.25</td><td>Apr............</td><td>2.07</td><td>....</td><td>2.76</td><td>Apr............</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>May............</td><td>2.56</td><td>....</td><td>3.14</td><td>May............</td><td>2.04</td><td>....</td><td>2.75</td><td>May............</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June............</td><td>2.58</td><td>....</td><td>3.15</td><td>June............</td><td>2.01</td><td>....</td><td>2.70</td><td>June............</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>July............</td><td>2.58</td><td>....</td><td>3.12</td><td>July............</td><td>1.98</td><td>....</td><td>2.66</td><td>July............</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>Aug............</td><td>2.57</td><td>....</td><td>3.10</td><td>Aug............</td><td>2.01</td><td>....</td><td>2.65</td><td>Aug............</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Sept............</td><td>2.63</td><td>....</td><td>3.12</td><td>Sept............</td><td>2.02</td><td>....</td><td>2.64</td><td>Sept............</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><td>Oct............</td><td>2.59</td><td>....</td><td>3.06</td><td>Oct............</td><td>1.98</td><td>....</td><td>2.61</td><td>Oct............</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td>Nov............</td><td>2.58</td><td>....</td><td>3.04</td><td>Nov............</td><td>1.95</td><td>....</td><td>2.57</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>....</td><td>3.02</td><td>Dec............</td><td>2.06</td><td>....</td><td>2.68</td><td>Dec............</td><td>1.87</td><td>2.48</td><td>2.59</td></tr><tr><td>1939-Jan............</td><td>2.54</td><td>....</td><td>2.96</td><td>1942-Jan............</td><td>2.10</td><td>....</td><td>2.76</td><td>1945-Jan............</td><td>1.81</td><td>2.44</td><td>2.58</td></tr><tr><td>Feb............</td><td>2.51</td><td>....</td><td>2.95</td><td>Feb............</td><td>2.11</td><td>....</td><td>2.80</td><td>Feb............</td><td>1.75</td><td>2.38</td><td>2.55</td></tr><tr><td>Mar............</td><td>2.43</td><td>....</td><td>2.87</td><td>Mar............</td><td>2.10</td><td>....</td><td>2.80</td><td>Mar............</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr............</td><td>2.38</td><td>....</td><td>2.92</td><td>Apr............</td><td>2.07</td><td>....</td><td>2.77</td><td>Apr............</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May............</td><td>2.27</td><td>....</td><td>2.86</td><td>May............</td><td>2.06</td><td>....</td><td>2.76</td><td>May............</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June............</td><td>2.22</td><td>....</td><td>2.78</td><td>June............</td><td>2.04</td><td>....</td><td>2.75</td><td>June............</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July............</td><td>2.23</td><td>....</td><td>2.76</td><td>July............</td><td>2.04</td><td>....</td><td>2.74</td><td>July............</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug............</td><td>2.27</td><td>....</td><td>2.79</td><td>Aug............</td><td>2.06</td><td>....</td><td>2.73</td><td>Aug............</td><td>1.68</td><td>2.36</td><td>2.58</td></tr><tr><td>Sept............</td><td>2.67</td><td>....</td><td>3.29</td><td>Sept............</td><td>2.08</td><td>....</td><td>2.73</td><td>Sept............</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct............</td><td>2.60</td><td>....</td><td>3.14</td><td>Oct............</td><td>2.09</td><td>....</td><td>2.72</td><td>Oct............</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov............</td><td>2.46</td><td>....</td><td>2.93</td><td>Nov............</td><td>2.10</td><td>....</td><td>2.71</td><td>Nov............</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Dec............</td><td>2.35</td><td>....</td><td>2.86</td><td>Dec............</td><td>2.13</td><td>....</td><td>2.72</td><td>Dec............</td><td>....</td><td>2.33</td><td>2.54</td></tr><tr><td>1940-Jan............</td><td>2.30</td><td>....</td><td>2.81</td><td>1943-Jan............</td><td>2.11</td><td>....</td><td>2.70</td><td>1946-Jan............</td><td>....</td><td>2.21</td><td>2.43</td></tr><tr><td>Feb............</td><td>2.32</td><td>....</td><td>2.79</td><td>Feb............</td><td>2.11</td><td>....</td><td>2.68</td><td>Feb............</td><td>....</td><td>2.12</td><td>2.36</td></tr><tr><td>Mar............</td><td>2.26</td><td>....</td><td>2.77</td><td>Mar............</td><td>2.12</td><td>....</td><td>2.70</td><td>Mar............</td><td>....</td><td>2.09</td><td>2.25</td></tr><tr><td>Apr............</td><td>2.26</td><td>....</td><td>2.74</td><td>Apr............</td><td>2.05</td><td>....</td><td>2.68</td><td>Apr............</td><td>....</td><td>2.08</td><td>2.37</td></tr><tr><td>May............</td><td>2.39</td><td>....</td><td>2.87</td><td>May............</td><td>1.96</td><td>....</td><td>2.65</td><td>May............</td><td>....</td><td>2.19</td><td>2.44</td></tr><tr><td>June............</td><td>2.40</td><td>....</td><td>2.93</td><td>June............</td><td>1.91</td><td>....</td><td>2.63</td><td></td><td></td><td></td><td></td></tr><tr><td>July............</td><td>2.30</td><td>....</td><td>2.85</td><td>July............</td><td>1.91</td><td>....</td><td>2.58</td><td></td><td></td><td></td><td></td></tr><tr><td>Aug............</td><td>2.31</td><td>....</td><td>2.80</td><td>Aug............</td><td>1.92</td><td>....</td><td>2.57</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept............</td><td>2.25</td><td>....</td><td>2.71</td><td>Sept............</td><td>1.90</td><td>....</td><td>2.59</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct............</td><td>2.21</td><td>....</td><td>2.70</td><td>Oct............</td><td>1.90</td><td>....</td><td>2.60</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov............</td><td>2.09</td><td>....</td><td>2.65</td><td>Nov............</td><td>1.94</td><td>....</td><td>2.61</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec............</td><td>2.01</td><td>....</td><td>2.59</td><td>Dec............</td><td>1.95</td><td>....</td><td>2.63</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Weekly series - Saturday figures 5/</td></tr><tr><td>1945-Dec. 1............</td><td>1.53</td><td>2.33</td><td>2.55</td><td>1946-Feb. 2............</td><td>2.17</td><td>2.38</td><td>1946-Apr. 6............</td><td>2.01</td><td>2.37</td><td>2.37</td></tr><tr><td>5............</td><td>1.51</td><td>2.32</td><td>2.55</td><td>9............</td><td>2.10</td><td>2.36</td><td>13............</td><td>2.05</td><td>2.36</td><td>2.37</td></tr><tr><td>15............</td><td>....</td><td>2.33</td><td>2.54</td><td>16............</td><td>2.09</td><td>2.35</td><td>20............</td><td>2.10</td><td>2.37</td><td>2.37</td></tr><tr><td>22............</td><td>....</td><td>2.34</td><td>2.52</td><td>21............</td><td>2.10</td><td>2.36</td><td>27............</td><td>2.15</td><td>2.39</td><td>2.39</td></tr><tr><td>29............</td><td>....</td><td>2.31</td><td>2.52</td><td>Mar. 2............</td><td>2.10</td><td>2.35</td><td>May 4............</td><td>2.18</td><td>2.44</td><td>2.44</td></tr><tr><td>1946-Jan. 5............</td><td>....</td><td>2.27</td><td>2.47</td><td>9............</td><td>2.09</td><td>2.35</td><td>11............</td><td>2.20</td><td>2.43</td><td>2.43</td></tr><tr><td>12............</td><td>....</td><td>2.20</td><td>2.46</td><td>16............</td><td>2.09</td><td>2.35</td><td>18............</td><td>2.17</td><td>2.45</td><td>2.45</td></tr><tr><td>19............</td><td>....</td><td>2.19</td><td>2.42</td><td>23............</td><td>2.09</td><td>2.34</td><td>24............</td><td>2.19</td><td>2.44</td><td>2.44</td></tr><tr><td>26............</td><td>....</td><td>2.16</td><td>2.37</td><td>30............</td><td>2.07</td><td>2.34</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Daily series</td></tr><tr><td>1946-May 1............</td><td>....</td><td>2.17</td><td>2.43</td><td>1946-May 13............</td><td>2.22</td><td>2.43</td><td>1946-May 23............</td><td>2.13</td><td>2.44</td><td>2.44</td></tr><tr><td>2............</td><td>....</td><td>2.18</td><td>2.43</td><td>14............</td><td>2.22</td><td>2.44</td><td>24............</td><td>2.19</td><td>2.44</td><td>2.44</td></tr><tr><td>3............</td><td>....</td><td>2.18</td><td>2.44</td><td>15............</td><td>2.21</td><td>2.44</td><td>25............</td><td>....</td><td>2.44</td><td>2.44</td></tr><tr><td>4............</td><td>....</td><td>2.18</td><td>2.44</td><td>16............</td><td>2.20</td><td>2.46</td><td>27............</td><td>2.19</td><td>2.44</td><td>2.44</td></tr><tr><td>6............</td><td>....</td><td>2.18</td><td>2.45</td><td>17............</td><td>2.17</td><td>2.45</td><td>28............</td><td>2.19</td><td>2.44</td><td>2.44</td></tr><tr><td>7............</td><td>....</td><td>2.18</td><td>2.43</td><td>18............</td><td>2.17</td><td>2.45</td><td>29............</td><td>2.17</td><td>2.44</td><td>2.44</td></tr><tr><td>8............</td><td>....</td><td>2.18</td><td>2.43</td><td>20............</td><td>2.18</td><td>2.45</td><td>30............</td><td>....</td><td>2.44</td><td>2.44</td></tr><tr><td>9............</td><td>....</td><td>2.19</td><td>2.43</td><td>21............</td><td>2.19</td><td>2.44</td><td>31............</td><td>2.17</td><td>2.44</td><td>2.44</td></tr><tr><td>10............</td><td>....</td><td>2.19</td><td>2.43</td><td>22............</td><td>2.19</td><td>2.44</td><td></td><td></td><td></td><td></td></tr><tr><td>11............</td><td>....</td><td>2.20</td><td>2.43</td><td></td><td></td><td></td><td></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. The Treasury Bulletin of March 23, 1933, is 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, and monthly and weekly data for the period January 1933 through March 1941 appeared in the "Treasury Bulletin" for April 1941, pages 57-61. 1/ Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1941, page 58. The partially tax-exempt series were discontinued on December 15, 1945 because there were no longer any bonds of this type in issue. Partially tax-exempt bonds are those which are except 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 considerable increase 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 reviewed commencing with November 1, 1944. The old average for November 1944 was 2.56%. See footnote 2. 5/ On days when the exchanges are closed, the date and prices of the previous day are used. 6/ Market closed. 1/ Holiday.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
U Monthly average of daily yields
* Discontinued, see footnote 1 accompanying table
Office of the Secretary of the Treasury, Division of Research and Statistics
F-220-D
62
Treasury Bulletin
July 1946
63
CORPORATIONS AND CERTAIN OTHER AGENCIES OF THE UNITED STATES GOVERNMENT
Treasury Bulletin
64
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
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 II - Income and Expense for the Nine Months Ended March 31, 1946
Table 1. - Summary
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Operating income and expense</b></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td>148,671</td><td>119,732</td><td>28,940</td></tr><tr><td>Interest on loans</td><td>128,468</td><td>36,119</td><td>92,349</td></tr><tr><td>Interest or dividends on investments</td><td>115,402</td><td>88,974</td><td>26,427</td></tr><tr><td>Quaranty and insurance premiums</td><td>2,067,581</td><td>2,067,532</td><td>49</td></tr><tr><td>Sales of commodities or services</td><td>87,519</td><td>7,403</td><td>80,237</td></tr><tr><td>Rents and royalties</td><td>5,746</td><td>2,743</td><td>3,003</td></tr><tr><td>Other interest and rental income</td><td>46,532</td><td>46,932</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>912,896</td><td>45,041</td><td>867,854</td></tr><tr><td>Program operations income</td><td>505,479</td><td>504,721</td><td>758</td></tr><tr><td>Miscellaneous</td><td></td><td></td><td></td></tr><tr><td>Total operating income</td><td>4,018,414</td><td>2,918,797</td><td>1,099,618</td></tr><tr><td><b>Operating expense</b></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>117,657</td><td>111,952</td><td>5,706</td></tr><tr><td>Quaranty and insurance losses</td><td>21,517</td><td>17,537</td><td>-</td></tr><tr><td>Cost of sales</td><td>3,433,020</td><td>3,433,020</td><td>-</td></tr><tr><td>General overhead expense</td><td>161,748</td><td>80,537</td><td>81,211</td></tr><tr><td>Depreciation and obsolescence</td><td>14,215</td><td>3,935</td><td>10,279</td></tr><tr><td>Program operations expense</td><td>1,520,502</td><td>29,934</td><td>1,490,568</td></tr><tr><td>Maintenance and operation of properties</td><td>27,047</td><td>1,171</td><td>25,876</td></tr><tr><td>Miscellaneous</td><td>152,368</td><td>150,750</td><td>1,618</td></tr><tr><td>Total operating expense</td><td>5,444,093</td><td>3,428,834</td><td>1,615,259</td></tr><tr><td>Net operating income ( or loss [-])</td><td>-1,425,678</td><td>-910,037</td><td>-515,641</td></tr><tr><td><b>Non-operating income (or loss [-])</b></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-1,335,114</td><td>-1,259,466</td><td>-75,648</td></tr><tr><td>Loans receivable charged off</td><td>-5,545</td><td>-1,750</td><td>-3,795</td></tr><tr><td>Gain (or loss [-]) on acquired security or collateral</td><td>-1,947</td><td>-1,384</td><td>-563</td></tr><tr><td>Gain (or loss [-]) on sale of miscellaneous assets</td><td>3,384</td><td>7,056</td><td>-3,673</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-2,103</td><td>-1,239</td><td>-863</td></tr><tr><td>Miscellaneous</td><td>-5,887</td><td>-4,859</td><td>-1,428</td></tr><tr><td>Net non-operating income (or loss [-])</td><td>-1,347,212</td><td>-1,261,241</td><td>-85,970</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserves</td><td>-2,772,890</td><td>-2,171,279</td><td>-601,611</td></tr><tr><td><b>Adjustment of valuation reserves</b></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-1,132</td><td>-2,818</td><td>1,686</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-821</td><td>1,501</td><td>-2,322</td></tr><tr><td>Other reserves</td><td>-36,266</td><td>-31,439</td><td>-4,827</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-38,219</td><td>-32,756</td><td>-5,463</td></tr><tr><td>Net income (or loss [-])</td><td>-2,811,109</td><td>-2,204,034</td><td>-607,074</td></tr><tr><td><b>Analysis of unreserved earned surplus (or deficit [-])</b></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-]), June 30, 1945</td><td>-12,173,125 r</td><td>-3,307,139 r</td><td>-8,865,986 1/</td></tr><tr><td>Net income (or loss [-]) for the nine months ended March 31, 1946</td><td>-2,811,109</td><td>-2,204,034</td><td>-607,074</td></tr><tr><td>Surplus adjustments</td><td>-531,952</td><td>843,475</td><td>-1,375,427</td></tr><tr><td>Unreserved earned surplus (or deficit [-]), March 31, 1946</td><td>-15,516,186</td><td>-4,667,699 2/</td><td>-10,848,487 1/</td></tr></table>
Note: See page 76 for footnotes.
July 1946
65
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Nine Months Ended March 31, 1946 - (Continued)
Table 2. - Corporations
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total</th><th colspan="2">Executive Office of the President</th><th colspan="4">Department of Agriculture (continued on following page)</th></tr><tr><th>Office for Emergency Management</th><th>Office of Inter-American Affairs</th><th>Commodity Credit Corporation</th><th>Banks for cooperatives</th><th>Farm Credit Administration (continued on following page)</th><th>Federal intermediate credit banks</th><th>Federal land banks</th></tr><tr><th colspan="9">Operating income and expense</th></tr><tr><td>Operating income</td><td>119,732</td><td>-</td><td>693</td><td>-5,362</td><td>2,752</td><td>3,256</td><td>34,112</td><td>2,461</td></tr><tr><td>Interest on loans</td><td>36,119</td><td>-</td><td>-</td><td>-</td><td>735</td><td>712</td><td>-</td><td>-</td></tr><tr><td>Interest or dividends on investments</td><td>88,974</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>2,067,532</td><td>-</td><td>73</td><td>-</td><td>66</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>7,403</td><td>-</td><td>1,192</td><td>-</td><td>-</td><td>23</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>2,745</td><td>-</td><td>-</td><td>2,070</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>86,532</td><td>-</td><td>-</td><td>-</td><td>15</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>45,041</td><td>164</td><td>-</td><td>35,507</td><td>-</td><td>-</td><td>161</td><td>-</td></tr><tr><td>Miscellaneous</td><td>504,721</td><td>-</td><td>-</td><td>-4,584</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>2,918,797</td><td>164</td><td>1,924</td><td>27,631</td><td>3,568</td><td>3,990</td><td>36,735</td><td>-</td></tr><tr><td colspan="9">Operating expense</td></tr><tr><td>Interest on borrowed funds</td><td>111,952</td><td>-</td><td>-</td><td>9,690</td><td>304</td><td>1,921</td><td>13,383</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>17,537</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>3,433,020</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expense</td><td>80,537</td><td>906</td><td>271</td><td>9,982</td><td>930</td><td>1,156</td><td>9,305</td><td>-</td></tr><tr><td>Depreciation and obsolescence</td><td>3,935</td><td>-</td><td>863</td><td>707</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations expense</td><td>29,934</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>1,171</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>150,750</td><td>-</td><td>4,135</td><td>-</td><td>-</td><td>66</td><td>-</td><td>-</td></tr><tr><td>Total operating expenses</td><td>3,828,834</td><td>906</td><td>5,275</td><td>20,379</td><td>1,234</td><td>3,143</td><td>22,588</td><td>-</td></tr><tr><td>Net operating income (or loss [-])</td><td>-910,037</td><td>-743</td><td>-3,351</td><td>7,252</td><td>2,334</td><td>847</td><td>14,146</td><td>-</td></tr><tr><td colspan="9">Non-operating income (or loss [-])</td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-1,259,466</td><td>-8,049</td><td>-</td><td>-464,445</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-1,790</td><td>-</td><td>-172</td><td>-386</td><td>2</td><td>-</td><td>-21</td><td>-</td></tr><tr><td>Gains (or loss [-]) on acquired security or collateral</td><td>-1,384</td><td>-</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>587</td><td>-</td></tr><tr><td>Gain (or loss [-]) on sale of miscellaneous assets</td><td>7,056</td><td>-</td><td>-155</td><td>-</td><td>253</td><td>436</td><td>1,715</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-1,239</td><td>-55</td><td>-124</td><td>-</td><td>-</td><td>-</td><td>451</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-4,459</td><td>-</td><td>-98</td><td>-</td><td>-</td><td>-178</td><td>96</td><td>-</td></tr><tr><td>Net non-operating income (or loss [-])</td><td>-1,261,241</td><td>-8,104</td><td>-550</td><td>-464,831</td><td>252</td><td>258</td><td>2,827</td><td>-</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserves</td><td>-2,171,279</td><td>-8,847</td><td>-3,901</td><td>-451,579</td><td>2,586</td><td>1,106</td><td>16,973</td><td>-</td></tr><tr><td colspan="9">Adjustment of valuation reserves</td></tr><tr><td>Reserve for losses on loans</td><td>-2,818</td><td>-</td><td>-74</td><td>-</td><td>63</td><td>1</td><td>-541</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>1,501</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-4</td><td>485</td><td>-</td></tr><tr><td>Other reserves</td><td>-31,439</td><td>-</td><td>-</td><td>-43,655</td><td>-</td><td>21</td><td>34</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-32,756</td><td>-</td><td>-74</td><td>-43,655</td><td>63</td><td>22</td><td>-23</td><td>-</td></tr><tr><td>Net income (or loss [-])</td><td>-2,204,034</td><td>-8,847</td><td>-3,975</td><td>-501,234</td><td>2,650</td><td>1,128</td><td>16,950</td><td>-</td></tr><tr><td colspan="9">Analysis of unreserved earned surplus (or deficit [-])</td></tr><tr><td>Unreserved earned surplus (or deficit [-]) June 30, 1945</td><td>-3,307,139</td><td>-54,119</td><td>-20,811</td><td>-1,297,843</td><td>26,813</td><td>22,422</td><td>71,556</td><td>-</td></tr><tr><td>Net income (or loss [-]) for cinq months ended March 31, 1946</td><td>-2,204,034</td><td>-8,847</td><td>-3,975</td><td>-501,234</td><td>2,650</td><td>1,128</td><td>16,950</td><td>-</td></tr><tr><td>Surplus adjustments</td><td>80,175</td><td>-</td><td>237</td><td>36,869</td><td>-</td><td>-</td><td>-4,563</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit [-]) March 31, 1946</td><td>-4,667,699</td><td>-62,966</td><td>-24,549</td><td>-1,762,209</td><td>29,463</td><td>23,550</td><td>83,944</td><td>-</td></tr></table>
Note: See page 76 for footnotes.
(Continued on following page)
66
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Nine Months Ended March 31, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th></th><th colspan="5">Department of Agriculture - (continued)</th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th></tr><tr><th></th><th>Farm Credit Administration - (continued)</th><th>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>Island Veterangs Corporation 1/</th><th>The Virgin Islands Company</th><th>Federal Prison Industries, Inc.</th></tr><tr><td>Operating income and expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td>342</td><td>10,262</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest on loans</td><td>1300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>55</td><td>-</td><td>-</td></tr><tr><td>Interest or dividends on investments</td><td>-</td><td>-</td><td>-</td><td>9,270</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>3,702</td><td>-</td><td>59</td><td>1144</td><td>8,947</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>112</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>-</td><td>-</td><td>-</td><td>57</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>28</td><td>46</td><td>-</td><td>-</td><td>4,256</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>1</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>1,300</td><td>370</td><td>10,309</td><td>13,030</td><td>-</td><td>4,512</td><td>1144</td><td>8,547</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>-</td><td>-</td><td>957</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>17,416</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>3,154</td><td>-</td><td>-</td><td>142</td><td>7,221</td></tr><tr><td>General overhead expenses</td><td>1,126</td><td>288</td><td>3,760</td><td>5,648 8/</td><td>*</td><td>409</td><td>25</td><td>246 9/</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>-</td><td>15</td><td>-</td><td>467</td><td>9/</td><td>9/</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,902</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,162</td><td>7</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>1,126</td><td>288</td><td>4,717</td><td>26,564</td><td>*</td><td>5,949</td><td>179</td><td>7,467</td></tr><tr><td>Net operating income (or loss [-])</td><td>174</td><td>81</td><td>5,592</td><td>-13,534</td><td>-*</td><td>-1,436</td><td>-35</td><td>1,080</td></tr><tr><td>Non-operating income (or loss [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>78</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss [-]) on acquired security or collateral</td><td>-</td><td>-</td><td>-134</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss [-]) on sale of miscellaneous assets</td><td>2,962</td><td>-</td><td>-</td><td>-</td><td>-</td><td>104</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (ant.)</td><td>-630</td><td>-359</td><td>-*</td><td>-*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-*</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>11</td></tr><tr><td>Net non-operating income (or loss [-])</td><td>2,332</td><td>-859</td><td>-57</td><td>1</td><td>-</td><td>104</td><td>-</td><td>11</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserves</td><td>2,506</td><td>-777</td><td>5,536</td><td>-13,533</td><td>-*</td><td>-1,332</td><td>-35</td><td>1,121</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>906</td><td>-3,164</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>1</td><td>533</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>16</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-*</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>16</td><td>913</td><td>-2,631</td><td>-</td><td>-</td><td>-</td><td>-*</td><td>-</td></tr><tr><td>Net income (or loss [-])</td><td>2,522</td><td>135</td><td>2,904</td><td>-13,533</td><td>-*</td><td>-1,332</td><td>-35</td><td>1,121</td></tr><tr><td>Analysis of unreserved earned surplus (or deficit [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-]) June 30, 1945</td><td>12,716</td><td>-7,149</td><td>54,704</td><td>-70,594</td><td>2,673</td><td>172</td><td>25</td><td>17,394</td></tr><tr><td>Net income (or loss [-]) for nine months ended March 31, 1946</td><td>2,522</td><td>135</td><td>2,904</td><td>-13,533</td><td>-*</td><td>-1,332</td><td>-35</td><td>1,121</td></tr><tr><td>Surplus adjustments</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-*</td><td>2</td><td>-37</td><td>-178</td></tr><tr><td>Unreserved earned surplus (or deficit [-]) March 31, 1946</td><td>15,238</td><td>-7,314</td><td>57,609</td><td>-84,129</td><td>2,673</td><td>-1,159</td><td>-148</td><td>18,336</td></tr></table>
Note: See page 76 for footnotes.
(Continued on following page)
July 1946
67
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Nine Months Ended March 31, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th></th><th>Department of War</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th colspan="5">Federal Loan Agency</th></tr><tr><th></th><th>United States Spruce Production Corporation (In liquidation)</th><th></th><th></th><th colspan="5">Reconstruction Finance Corporation and certain affiliates</th></tr><tr><th></th><th></th><th></th><th></th><th>Reconstruction Finance Corporation</th><th>Exclusive of Merged War Affiliates</th><th>Merged War Affiliates 10/</th><th>Federal National Mortgage Association</th><th>The EPC Mortgage Company</th><th>Other 11/</th></tr><tr><td>Operating income and expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td>-</td><td>5,496</td><td>6</td><td>28,061</td><td>1,330</td><td>287</td><td>1,295</td><td>-</td></tr><tr><td>Interest on loans</td><td>3</td><td>-</td><td>16,201</td><td>8,152</td><td>-</td><td>12</td><td>188</td><td>90</td></tr><tr><td>Interest or dividends on investments</td><td>-</td><td>-</td><td>74,995</td><td>239</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Quaranty and insurance premiums</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,314,000</td><td>-</td><td>84</td><td>673,207</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>-</td><td>30</td><td>774</td></tr><tr><td>Loans and royalties</td><td>-</td><td>341</td><td>150</td><td>-</td><td>-</td><td>-</td><td>-</td><td>121</td></tr><tr><td>Other interest and rental income</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>-</td><td>114</td><td>398</td><td>41,374</td><td>-11</td><td>554</td><td>4,009</td></tr><tr><td>Program operations income</td><td>-</td><td>5</td><td>11</td><td>-</td><td>2,001</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>22</td><td>446</td><td>14,090</td><td>-</td><td>-</td><td>92,232</td></tr><tr><td>Total operating income</td><td>7</td><td>5,842</td><td>91,468</td><td>37,296</td><td>1,372,760</td><td>288</td><td>2,152</td><td>1,170,434</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>-</td><td>-</td><td>-</td><td>8,636</td><td>61,356</td><td>-</td><td>521</td><td>3,348</td></tr><tr><td>Quaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>90</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,396,355</td><td>-</td><td>-</td><td>1,987,413</td></tr><tr><td>General overhead expense</td><td>16</td><td>301</td><td>2,903</td><td>8,174</td><td>11,047</td><td>245</td><td>470</td><td>4,674</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>1</td><td>-</td><td>-</td><td>9/</td><td>-</td><td>93</td><td>9,700</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>17</td><td>96</td><td>104,137</td><td>-</td><td>9</td><td>41,434</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>16</td><td>302</td><td>2,920</td><td>16,956</td><td>1,572,895</td><td>245</td><td>1,093</td><td>2,046,568</td></tr><tr><td>Net operating income (or loss [-])</td><td>-9</td><td>5,540</td><td>88,568</td><td>20,300</td><td>-200,135</td><td>43</td><td>1,059</td><td>-876,134</td></tr><tr><td>Non-operating income (or loss [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-780,091</td><td>-</td><td>-</td><td>-863</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>-</td><td>-1,245</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss [-]) on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-7</td><td>-</td></tr><tr><td>Gain (or loss [-]) on sale of miscellaneous assets</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-16</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-4,009</td><td>-</td><td>4</td><td>-1,053</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-3</td><td>-1,916</td></tr><tr><td>Net non-operating income (or loss [-])</td><td>-</td><td>-</td><td>21</td><td>-1,245</td><td>-784,122</td><td>8</td><td>-3</td><td>-1,916</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserves</td><td>-9</td><td>5,540</td><td>88,588</td><td>19,055</td><td>-984,251</td><td>51</td><td>1,056</td><td>-878,050</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-9</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,107</td></tr><tr><td>Other reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-9</td><td>12,107</td></tr><tr><td>Net income (or loss [-])</td><td>-9</td><td>5,540</td><td>88,588</td><td>19,055</td><td>-984,251</td><td>51</td><td>1,047</td><td>-865,943</td></tr><tr><td>Analysis of unreserved earned surplus (or deficit [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-]) June 30, 1946</td><td>105</td><td>24,446</td><td>12/</td><td>460,492</td><td>-2,281,109</td><td>1,949</td><td>2,579</td><td>-183,581</td></tr><tr><td>Net income (or loss [-]) for nine months ended March 31, 1946</td><td>-9</td><td>5,540</td><td>88,588</td><td>19,055</td><td>-984,251</td><td>51</td><td>1,047</td><td>-865,943</td></tr><tr><td>Surplus adjustments</td><td>-</td><td>-2,610</td><td>88,588</td><td>4,525</td><td>66,111</td><td>-1,667</td><td>-</td><td>845,708</td></tr><tr><td>Unreserved earned surplus (or deficit [-]) March 31, 1946</td><td>96</td><td>27,376</td><td>12/</td><td>484,069</td><td>-3,199,254</td><td>333</td><td>3,626</td><td>-203,816</td></tr></table>
Note: See page 16 for footnotes.
(Continued on following page)
68
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Nine Months Ended March 31, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands 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. 1/2</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 13/</th><th>Defense Home Corporation</th></tr><tr><td colspan="8">Operating income and expense</td></tr><tr><td>Operating income</td><td>1,766</td><td>-</td><td>29,690</td><td>5,720</td><td>27</td><td>-</td><td>2</td><td>68</td></tr><tr><td>Interest on loans</td><td>2,152</td><td>2,803</td><td>643</td><td>421</td><td>-</td><td>194</td><td>-</td><td>-</td></tr><tr><td>Interest or dividends on investments</td><td>-</td><td>4,470</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Quaranty and insurance premiums</td><td>-</td><td>-</td><td>-</td><td>-</td><td>465</td><td>35,103</td><td>-</td><td>32,080</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>91</td><td>-</td><td>4,889</td><td>-</td><td>-</td><td>252</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>1</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>-</td><td>-</td><td>-</td><td>2,953</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,547</td></tr><tr><td>Total operating income</td><td>3,918</td><td>7,276</td><td>30,390</td><td>9,094</td><td>5,381</td><td>35,297</td><td>2</td><td>34,947</td></tr><tr><td colspan="8">Operating expense</td></tr><tr><td>Interest on borrowed funds</td><td>595</td><td>-</td><td>6,812</td><td>2,867</td><td>1,063</td><td>-</td><td>-</td><td>493</td></tr><tr><td>Quaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>264</td><td>24,925</td><td>-</td><td>13,247</td></tr><tr><td>General overhead expense</td><td>654</td><td>305</td><td>4,278</td><td>1,951</td><td>75</td><td>7,627</td><td>-</td><td>3,856</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>40</td><td>-</td><td>1,125</td><td>625</td><td>-</td><td>9/</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>412</td><td>2,927</td><td>-</td><td>-</td><td>12,992</td></tr><tr><td>Maintenance and operation of properties</td><td>355</td><td>7</td><td>66</td><td>421</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>1,604</td><td>312</td><td>11,196</td><td>5,652</td><td>5,454</td><td>33,177</td><td>-</td><td>30,588</td></tr><tr><td>Net operating income (or loss (-))</td><td>2,314</td><td>6,954</td><td>19,194</td><td>3,442</td><td>-73</td><td>2,120</td><td>2</td><td>4,359</td></tr><tr><td colspan="8">Non-operating income (or loss (-))</td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-6,012</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss (-)) on acquired security or collateral</td><td>-</td><td>-</td><td>-1,828</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss (-)) on sale of miscellaneous assets</td><td>1,345</td><td>-</td><td>-</td><td>-</td><td>376</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-12</td><td>-</td><td>612</td><td>-3</td><td>-</td><td>-19</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>147</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net non-operating income (or loss (-))</td><td>1,333</td><td>147</td><td>-1,221</td><td>-6,015</td><td>376</td><td>-19</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss (-)) before adjustment of valuation reserves</td><td>3,647</td><td>7,111</td><td>17,973</td><td>-2,573</td><td>303</td><td>2,102</td><td>2</td><td>4,359</td></tr><tr><td colspan="8">Adjustment of valuation reserves</td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>483</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>38</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-</td><td>38</td><td>478</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or lose (-))</td><td>3,647</td><td>7,149</td><td>18,451</td><td>-2,573</td><td>303</td><td>2,102</td><td>2</td><td>4,359 11/</td></tr><tr><td colspan="8">Analysis of unreserved earned surplus (or deficit(-))</td></tr><tr><td>Unreserved earned surplus (or deficit (-))</td><td>8,053</td><td>12/</td><td>-106,089</td><td>-23,352 r</td><td>1,969</td><td>47,438</td><td>-</td><td>-11,699</td></tr><tr><td>June 30, 1945</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss (-)) for nine months ended March 31, 1946</td><td>3,647</td><td>7,149</td><td>18,451</td><td>-2,573</td><td>303</td><td>2,102</td><td>2</td><td>4,359 11/</td></tr><tr><td>Surplus adjustments</td><td>-2,913</td><td>-7,149</td><td>514</td><td>-134</td><td>-94</td><td>-2,595</td><td>-</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit (-)) March 31, 1946</td><td>8,787</td><td>12/</td><td>-87,124</td><td>-32,058</td><td>2,219</td><td>46,944</td><td>2</td><td>-7,340</td></tr></table>
Note: See page 76 for footnotes.
July 1946
69
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Nine Months Ended March 31, 1946 - (Continued)
Table 3.- Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President</th><th colspan="3">Department of Agriculture</th><th>National Housing Agency</th><th>United States Maritime Commission</th><th>Other 19</th></tr><tr><th></th><th></th><th>Office for Emergency Management</th><th>Farm Credit Administration</th><th>Farm Security Administration</th><th>Rural Electrification Administration</th><th>Federal Works Agency</th><th>Federal Housing Administration</th><th></th></tr><tr><th>Operating income and expense</th><td></td><td>War Shipping Administration</td><td colspan="4">Department of the Interior</td><td></td><td></td><td></td></tr><tr><th>Operating income</th><td></td><td>15/</td><td>16/</td><td>17/</td><td>18/</td><td>19/</td><td>20/</td><td>21/</td></tr><tr><td>Interest on loans</td><td>28,940</td><td>-</td><td>3,671</td><td>17,355</td><td>5,919</td><td>122</td><td>1,397</td><td>69</td><td>92</td><td>315</td></tr><tr><td>Interest or dividends on investments</td><td>92,349</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,108</td><td>-</td><td>-</td><td>90,241</td></tr><tr><td>Guaranty and insurance premiums</td><td>26,427</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21,200</td><td>-</td><td>-</td><td>5,227</td></tr><tr><td>Sales of commodities or services</td><td>49</td><td>-</td><td>-</td><td>-</td><td>-</td><td>49</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Debt and royalties</td><td>80,237</td><td>-</td><td>-</td><td>572</td><td>-</td><td>38</td><td>-</td><td>-</td><td>-</td><td>19,627</td></tr><tr><td>Other interest and rental income</td><td>3,005</td><td>-</td><td>-</td><td>57</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,915</td><td>31</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>867,854</td><td>867,402</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>452</td><td>-</td></tr><tr><td>Miscellaneous</td><td>758</td><td>-</td><td>-</td><td>-</td><td>-</td><td>287</td><td>-</td><td>360</td><td>70</td><td>41</td></tr><tr><td>Total operating income</td><td>1,099,618</td><td>867,402</td><td>3,671</td><td>17,983</td><td>5,919</td><td>496</td><td>1,397</td><td>23,737</td><td>3,531</td><td>175,481</td></tr><tr><th>Operating expense</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>5,706</td><td>-</td><td>-</td><td>1,956</td><td>3,379</td><td>-</td><td>-</td><td>371</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expense</td><td>81,211</td><td>10,032</td><td>3,845</td><td>21,382</td><td>2,637</td><td>131</td><td>2,850</td><td>8,260</td><td>23,682</td><td>8,390</td></tr><tr><td>Depreciation and obsolescence</td><td>10,279</td><td>-</td><td>-</td><td>-</td><td>-</td><td>25</td><td>-</td><td>-</td><td>3/</td><td>10,254</td></tr><tr><td>Program operations expense</td><td>1,490,568</td><td>1,473,101</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,602</td><td>13,866</td></tr><tr><td>Maintenance and operation of properties</td><td>25,876</td><td>-</td><td>-</td><td>467</td><td>-</td><td>-</td><td>-</td><td>848</td><td>1,056</td><td>24,353</td></tr><tr><td>Miscellaneous</td><td>1,618</td><td>-</td><td>-</td><td>-</td><td>-</td><td>764</td><td>-</td><td>-</td><td>-</td><td>7</td></tr><tr><td>Total operating expense</td><td>1,615,259</td><td>1,483,133</td><td>3,845</td><td>23,805</td><td>6,016</td><td>921</td><td>2,850</td><td>9,479</td><td>28,340</td><td>56,870</td></tr><tr><td>Net operating income (or loss [-])</td><td>-515,641</td><td>-615,731</td><td>-174</td><td>-5,821</td><td>-97</td><td>-424</td><td>-1,453</td><td>14,258</td><td>-24,810</td><td>118,611</td></tr><tr><th>Non-operating income (or loss [-])</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-75,648</td><td>-</td><td>2</td><td>-132</td><td>-</td><td>-</td><td>-33,056</td><td>-</td><td>-42,462</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-3,795</td><td>-</td><td>-3,301</td><td>-141</td><td>-</td><td>-</td><td>-337</td><td>-</td><td>-</td><td>-16</td></tr><tr><td>Gain (or loss [-]) on acquired security or collateral</td><td>-563</td><td>-</td><td>-34</td><td>-55</td><td>-</td><td>-</td><td>-</td><td>-473</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss [-]) on sale of miscellaneous assets</td><td>-3,673</td><td>-</td><td>-</td><td>-3,673</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-865</td><td>-</td><td>-4</td><td>4</td><td>-</td><td>-118</td><td>-</td><td>-</td><td>-</td><td>-146</td></tr><tr><td>Miscellaneous</td><td>-1,428</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-841</td><td>-593</td></tr><tr><td>Net non-operating income (or loss [-])</td><td>-85,970</td><td>-</td><td>-3,334</td><td>-3,997</td><td>-</td><td>-455</td><td>-33,056</td><td>-471</td><td>-43,302</td><td>-1,355</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserves</td><td>-601,611</td><td>-615,731</td><td>-3,508</td><td>-9,818</td><td>-97</td><td>-880</td><td>-34,509</td><td>13,787</td><td>-68,112</td><td>117,257</td></tr><tr><th>Adjustment of valuation reserves</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>1,686</td><td>-</td><td>10,600</td><td>-8,822</td><td>-92</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-2,322</td><td>-</td><td>41</td><td>-</td><td>-</td><td>-</td><td>-</td><td>844</td><td>-</td><td>-3,207</td></tr><tr><td>Other reserves</td><td>-4,827</td><td>-</td><td>-5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-4,823</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-5,463</td><td>-</td><td>10,637</td><td>-8,822</td><td>-92</td><td>-</td><td>-</td><td>844</td><td>-</td><td>-8,030</td></tr><tr><td>Net income ( or loss [-])</td><td>-607,074</td><td>-615,731</td><td>7,129</td><td>-18,640</td><td>-190</td><td>-880</td><td>-34,509</td><td>14,532</td><td>-68,112</td><td>109,227</td></tr><tr><th>Analysis of earned surplus (or deficit [-])</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Married surplus (or deficit [-]), June 30, 1945</td><td>-8,865,986</td><td>-5,683,103</td><td>-497,535</td><td>-510,664</td><td>-7,154</td><td>-56,132</td><td>-1,839,285</td><td>28,895</td><td>-364,938</td><td>83,929</td></tr><tr><td>Net income (or loss [-]) for nine months ended March 31, 1946</td><td>-601,074</td><td>-615,731</td><td>7,129</td><td>-18,640</td><td>-190</td><td>-880</td><td>-34,509</td><td>14,632</td><td>-68,112</td><td>109,227</td></tr><tr><td>Surplus adjustments</td><td>-1,375,427</td><td>-1,251,963</td><td>-1,610</td><td>-10</td><td>10</td><td>-487</td><td>-1,397</td><td>-</td><td>-6,011</td><td>-101,970</td></tr><tr><td>Married surplus (or deficit [-]), March 31, 1946</td><td>-10,848,487</td><td>-7,580,796</td><td>-494,016</td><td>-529,304</td><td>-7,333</td><td>-57,493</td><td>-1,875,191</td><td>43,526</td><td>-759,061</td><td>91,186</td></tr></table>
Note: See page 76 for footnotes.
70
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Nine Months Ended March 31, 1946
Table 1.- Summary
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Sources of funds</b></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>1,342,300</td><td>1,342,300</td><td>-</td></tr><tr><td>From Government agencies</td><td>881,973</td><td>174,334</td><td>107,640</td></tr><tr><td>From public</td><td>1,113,984</td><td>1,107,553</td><td>6,632</td></tr><tr><td>Total borrowings</td><td>3,338,256</td><td>3,223,987</td><td>114,271</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>110,350</td><td>110,350</td><td>-</td></tr><tr><td>By Government agencies</td><td>5,090</td><td>5,090</td><td>-</td></tr><tr><td>By public</td><td>22,357</td><td>22,357</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>137,797</td><td>137,797</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td>621,840</td><td>23,953</td><td>597,888</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>396,778</td><td>393,946</td><td>2,832</td></tr><tr><td>Securities of Government agencies</td><td>2,058,336</td><td>4,162</td><td>2,054,174</td></tr><tr><td>Other securities</td><td>68,582</td><td>67,436</td><td>1,246</td></tr><tr><td>Total sale or collection of investments</td><td>2,523,996</td><td>465,544</td><td>2,058,452</td></tr><tr><td>Repayments on loans</td><td>3,112,823</td><td>2,897,060</td><td>215,763</td></tr><tr><td>Sale of acquired security or collateral</td><td>43,754</td><td>28,101</td><td>15,654</td></tr><tr><td>Decrease in working capital and deferred items</td><td>2,295,290</td><td>1,296,646</td><td>1,038,643</td></tr><tr><td>Funds provided by profit on operations</td><td>304,704</td><td>166,660</td><td>138,044</td></tr><tr><td>Other sources</td><td>2,076,142</td><td>1,357,780</td><td>718,362</td></tr><tr><td>Total funds provided</td><td>14,494,604</td><td>9,557,528</td><td>4,897,077</td></tr><tr><td><b>Application of funds</b></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>2,236,674</td><td>2,226,674</td><td>-</td></tr><tr><td>To Government agencies</td><td>769,073</td><td>712,187</td><td>56,886</td></tr><tr><td>To public</td><td>1,110,271</td><td>1,107,174</td><td>2,496</td></tr><tr><td>Total repayment of borrowings</td><td>4,106,017</td><td>4,046,835</td><td>59,182</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>107,077</td><td>105,589</td><td>1,488</td></tr><tr><td>To Government agencies</td><td>859</td><td>859</td><td>-</td></tr><tr><td>To public</td><td>18,677</td><td>18,671</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>126,613</td><td>125,125</td><td>1,488</td></tr><tr><td>Purchases of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>499,764</td><td>490,364</td><td>9,400</td></tr><tr><td>Securities of Government agencies</td><td>1,172,315</td><td>2,315</td><td>1,170,000</td></tr><tr><td>Other securities</td><td>819</td><td>285</td><td>534</td></tr><tr><td>Total purchase of investments</td><td>1,672,958</td><td>492,964</td><td>1,179,994</td></tr><tr><td>Loans made</td><td>2,181,562</td><td>2,568,137</td><td>212,825</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>22,840</td><td>5,275</td><td>17,565</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>1,402,677</td><td>160,001</td><td>1,242,675</td></tr><tr><td>Increase in working capital and deferred items</td><td>189,236</td><td>118,946</td><td>72,293</td></tr><tr><td>Funds applied to loss on operations</td><td>3,937,451</td><td>1,506,195</td><td>1,990,657</td></tr><tr><td>Other applications</td><td>655,248</td><td>534,851</td><td>120,397</td></tr><tr><td>Total funds applied</td><td>14,454,604</td><td>9,557,528</td><td>4,897,077</td></tr><tr><td><b>Adjustments of net income (or loss [-])</b></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss [-])</td><td>-2,811,109</td><td>-2,204,034</td><td>-607,074</td></tr><tr><td>Depreciation and obsolescence</td><td>23,568</td><td>13,261</td><td>10,307</td></tr><tr><td>Assets charged off</td><td>11,250</td><td>6,407</td><td>4,843</td></tr><tr><td>Capital gains [-] and losses</td><td>-2,803</td><td>-6,749</td><td>3,946</td></tr><tr><td>Adjustments of valuation reserves</td><td>61,022</td><td>60,606</td><td>416</td></tr><tr><td>Other adjustments</td><td>-474,675</td><td>190,376</td><td>-1,165,051</td></tr><tr><td>Funds provided by profit on operations</td><td>304,704</td><td>166,660</td><td>138,044</td></tr><tr><td>Funds applied to loss on operations</td><td>3,497,451</td><td>1,506,195</td><td>1,990,657</td></tr></table>
Note: See page 76 for footnotes.
July 1946
71
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Nine Months Ended March 31, 1946 - (Continued)
Table 2.- Corporations
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th colspan="2">Executive Office of the President Office for 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 2/</th><th>Commodity Credit Corporation</th><th colspan="3">Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Banking cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 5/</th></tr><tr><td colspan="8">Sources of funds</td></tr><tr><td>Borrowings:</td><td>1,312,300</td><td>-</td><td>-</td><td>380,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From U. S. Treasury</td><td>774,334</td><td>-</td><td>-</td><td>204,375</td><td>37,639</td><td>-</td><td>172,300</td></tr><tr><td>From Government agencies</td><td>1,107,955</td><td>-</td><td>-</td><td>-</td><td>8,450</td><td>323,215</td><td>470,573</td></tr><tr><td>From public</td><td></td><td>-</td><td>-</td><td>884,375</td><td>46,089</td><td>323,215</td><td>642,873</td></tr><tr><td>Total borrowings</td><td>3,223,387</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td>110,350</td><td>4,090</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By U. S. Treasury</td><td>5,090</td><td>186</td><td>-</td><td>-</td><td>5,430</td><td>-</td><td>8,772</td></tr><tr><td>By Government agencies</td><td>22,357</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>137,797</td><td>4,276</td><td>-</td><td>-</td><td>5,430</td><td>-</td><td>8,772</td></tr><tr><td>Appropriations (net expenditures)</td><td>23,953</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td>393,946</td><td>-</td><td>-</td><td>-</td><td>6,138</td><td>17,361</td><td>64,742</td></tr><tr><td>Public debt obligations of United States</td><td>4,152</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,000</td></tr><tr><td>Securities of Government agencies</td><td>67,436</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>465,544</td><td>-</td><td>-</td><td>-</td><td>6,138</td><td>17,361</td><td>65,742</td></tr><tr><td>Repayments on loans</td><td>2,897,060</td><td>42,356</td><td>-</td><td>182,228</td><td>271,690</td><td>673,064</td><td>203,270</td></tr><tr><td>Sale of acquired security or collateral</td><td>28,101</td><td>4,405</td><td>-</td><td>327,752</td><td>16,325</td><td>1,424</td><td>3,773</td></tr><tr><td>Decrease in working capital and deferred items</td><td>1,256,546</td><td>-</td><td>-</td><td>327,752</td><td>2,336</td><td>685</td><td>14,708</td></tr><tr><td>Funds provided by profit on operations</td><td>165,660</td><td>138</td><td>721</td><td>559,884</td><td>220/</td><td>620/</td><td>30720/</td></tr><tr><td>Other sources</td><td>1,357,780</td><td>138</td><td>721</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided</td><td>9,557,528</td><td>8,820</td><td>43,077</td><td>1,953,938</td><td>348,018</td><td>1,021,755</td><td>939,446</td></tr><tr><td colspan="8">Application of funds</td></tr><tr><td>Repayment of borrowings:</td><td>2,226,674</td><td>-</td><td>-</td><td>1,194,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To U. S. Treasury</td><td>112,387</td><td>-</td><td>-</td><td>162,916</td><td>31,319</td><td>1,000</td><td>172,300</td></tr><tr><td>To Government agencies</td><td>1,107,774</td><td>-</td><td>-</td><td>-</td><td>8,450</td><td>328,265</td><td>513,910</td></tr><tr><td>To public</td><td></td><td>-</td><td>-</td><td>1,356,916</td><td>39,769</td><td>329,265</td><td>686,710</td></tr><tr><td>Total repayment of borrowings</td><td>4,046,835</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td>105,589</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>55,539</td></tr><tr><td>To U. S. Treasury</td><td>859</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>18,677</td><td>-</td><td>-</td><td>-</td><td>4,654</td><td>-</td><td>13,125</td></tr><tr><td>To public</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>125,125</td><td>-</td><td>-</td><td>-</td><td>4,654</td><td>-</td><td>68,714</td></tr><tr><td>Purchases of investments:</td><td>490,364</td><td>-</td><td>-</td><td>-</td><td>5,968</td><td>23,564</td><td>36,819</td></tr><tr><td>Public debt obligations of United States</td><td>2,315</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>285</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>492,964</td><td>-</td><td>-</td><td>-</td><td>5,968</td><td>23,564</td><td>36,819</td></tr><tr><td>Loans made</td><td>2,568,737</td><td>12</td><td>31,053</td><td>138,846</td><td>297,622</td><td>668,904</td><td>139,730</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>5,275</td><td>-</td><td>-</td><td>-</td><td>5</td><td>*</td><td>851</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>160,001</td><td>16</td><td>943</td><td>2,090</td><td>-</td><td>-</td><td>1,522</td></tr><tr><td>Increase in working capital and deferred items</td><td>115,945</td><td>-</td><td>9,131</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds applied to lose on operations</td><td>1,506,795</td><td>8,792</td><td>2,349</td><td>456,486</td><td>-</td><td>2220/</td><td>5,60020/</td></tr><tr><td>Other applications</td><td>534,851</td><td>138</td><td>721</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>9,557,528</td><td>8,820</td><td>43,077</td><td>1,953,938</td><td>348,018</td><td>1,021,755</td><td>939,446</td></tr><tr><td colspan="8">Adjustments of net income (or loss [-])</td></tr><tr><td>Net income (or loss [-])</td><td>-2,204,034</td><td>-8,847</td><td>-3,375</td><td>-501,234</td><td>2,690</td><td>1,128</td><td>16,950</td></tr><tr><td>Depreciation and obsolescence</td><td>13,261</td><td>-55</td><td>863</td><td>707</td><td>1</td><td>-</td><td>28</td></tr><tr><td>Assets charged off</td><td>6,407</td><td>-</td><td>296</td><td>386</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Capital gains [-] and losses</td><td>-6,749</td><td>-</td><td>155</td><td>-</td><td>-250</td><td>-436</td><td>-2,292</td></tr><tr><td>Adjustments of valuation reserves</td><td>60,606</td><td>74</td><td>43,655</td><td>-</td><td>-64</td><td>-7</td><td>23</td></tr><tr><td>Other adjustments</td><td>790,375</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>166,660</td><td>-</td><td>-</td><td>-</td><td>2,336</td><td>685</td><td>14,708</td></tr><tr><td>Funds applied to lose on operations</td><td>1,506,795</td><td>8,792</td><td>2,349</td><td>456,486</td><td>-</td><td>-</td><td>-</td></tr></table>
Note: See page 76 for footnotes.
(Continued on following page)
Treasury Bulletin
72
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III -
ources and Application of Funds for the Nine Months Ended March 31, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th colspan="8">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 1/</th><th>The Virgin Islands Company</th><th>Federal Prison Industries, Inc.</th></tr><tr><td>Sources of funds</td><td>Production credit corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury.</td><td>-</td><td>-</td><td>222,300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>240</td><td>-</td></tr><tr><td>From public.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings.</td><td>-</td><td>-</td><td>222,300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>240</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury.</td><td>-</td><td>350</td><td>-</td><td>10,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions.</td><td>-</td><td>350</td><td>-</td><td>10,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td>-</td><td>-</td><td>-</td><td>5,210</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>83,421</td><td>85</td><td>-</td><td>-</td><td>-</td><td>6,204</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies.</td><td>6,698</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments.</td><td>90,119</td><td>85</td><td>-</td><td>-</td><td>-</td><td>6,204</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans.</td><td>-</td><td>10,055</td><td>130,632</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td><td>-</td></tr><tr><td>Sale of acquired security or collateral.</td><td>-</td><td>40</td><td>2,138</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items.</td><td>-</td><td>125</td><td>5,745</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,306</td></tr><tr><td>Funds provided by profit on operations.</td><td>720/</td><td>120/</td><td>-</td><td>-</td><td>30</td><td>-</td><td>-</td><td>-</td><td>105</td></tr><tr><td>Other sources.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds provided.</td><td>90,126</td><td>10,663</td><td>360,815</td><td>15,210</td><td>30</td><td>6,227</td><td>246</td><td>1,411</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury.</td><td>-</td><td>-</td><td>295,300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public.</td><td>-</td><td>-</td><td>3,508</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings.</td><td>-</td><td>-</td><td>298,808</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury.</td><td>-</td><td>-</td><td>50,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital.</td><td>-</td><td>-</td><td>50,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>89,242</td><td>85</td><td>-</td><td>-</td><td>-</td><td>3,650</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities.</td><td>285</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments.</td><td>89,526</td><td>85</td><td>-</td><td>-</td><td>-</td><td>3,650</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans made.</td><td>-</td><td>5,599</td><td>10,344</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral.</td><td>-</td><td>76</td><td>817</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment.</td><td>-</td><td>143</td><td>843</td><td>10</td><td>30</td><td>13</td><td>25</td><td>215</td><td>1,027</td></tr><tr><td>Increase in working capital and deferred items.</td><td>456</td><td>4,903</td><td>229/</td><td>1,680</td><td>30</td><td>1,596</td><td>179</td><td>1,027</td><td>-</td></tr><tr><td>Funds applied to loss on operations.</td><td>-</td><td>-</td><td>229/</td><td>13,518</td><td>1</td><td>967</td><td>35</td><td>169</td><td>-</td></tr><tr><td>Other applications.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total funds applied.</td><td>90,126</td><td>10,663</td><td>360,815</td><td>15,210</td><td>30</td><td>6,227</td><td>246</td><td>1,411</td><td>-</td></tr><tr><td>Adjustments of net income (or loss [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss [-]).</td><td>2,522</td><td>135</td><td>2,904</td><td>-13,533</td><td>-*</td><td>-1,332</td><td>-35</td><td>1,121</td><td>195</td></tr><tr><td>Depreciation and obsolescence.</td><td>-</td><td>905</td><td>133</td><td>15</td><td>-</td><td>461</td><td>9</td><td>-</td><td>-</td></tr><tr><td>Assets charged off.</td><td>-</td><td>-</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains [-] and losses.</td><td>-2,962</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-104</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves.</td><td>-16</td><td>-913</td><td>2,611</td><td>-1</td><td>-*</td><td>2</td><td>-9</td><td>-10</td><td>-</td></tr><tr><td>Other adjustments.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations.</td><td>-</td><td>125</td><td>5,745</td><td>13,518</td><td>-*</td><td>967</td><td>35</td><td>1,306</td><td>-</td></tr><tr><td>Funds applied to loss on operations.</td><td>456</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Note: See page 76 for footnotes.
(Continued on following page)
July 1946
73
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Nine Months Ended March 31, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(in thousands of dollars)
<table><tr><th></th><th>Department of War</th><th>Expert-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th colspan="4">Federal Loan Agency Reconstruction Finance Corporation and certain affiliates</th></tr><tr><th></th><th>United States Spruce Production Corporation (In liquidation)</th><th></th><th></th><th>Reconstruction Finance Corporation 10/</th><th>Federal National Mortgage Association</th><th>The RFC Mortgage Company</th><th>Other 11/</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td>l00,000</td><td>-</td><td>1,102</td><td>563,043</td></tr><tr><td>From U.S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>-</td><td>l00,000</td><td>-</td><td>1,102</td><td>563,043</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U.S. Treasury</td><td>-</td><td>100,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,000</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>100,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,000</td></tr><tr><td>Appropriations (net expenditures)</td><td>-</td><td>-</td><td>-</td><td>28</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>-</td><td>-</td><td>8,745</td><td>27,097</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>-</td><td>3,159</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>52,503</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>-</td><td>-</td><td>8,745</td><td>82,759</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>-</td><td>24,259 21/</td><td>6,921</td><td>936,383</td><td>3,151</td><td>33,791</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>-</td><td>-</td><td>8,742</td><td>9,377</td><td>11</td><td>945</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td>9</td><td>41,019</td><td>26,862</td><td>805,802</td><td>-</td><td>4,196</td><td>12,745</td></tr><tr><td>Funds provided by profit on operations</td><td>5</td><td>5,541</td><td>88,599</td><td>296,984</td><td>49</td><td>1,156</td><td>6</td></tr><tr><td>Other sources</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>492,678 23/</td></tr><tr><td>Total funds provided</td><td>9</td><td>170,819</td><td>139,869</td><td>2,573,333</td><td>3,215</td><td>41,190</td><td>1,069,920</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U.S. Treasury</td><td>-</td><td>-</td><td>-</td><td>530,392</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>34,904</td><td>465,430</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>-</td><td>-</td><td>530,403</td><td>-</td><td>34,904</td><td>465,430</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U.S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>-</td><td>-</td><td>138,000</td><td>-</td><td>-</td><td>2,315</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>-</td><td>-</td><td>138,000</td><td>-</td><td>-</td><td>2,315</td><td>-</td></tr><tr><td>Loans made</td><td>-</td><td>168,204 21/</td><td>1,253</td><td>886,231</td><td>26</td><td>2,513</td><td>2,365</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>-</td><td>607</td><td>1,119</td><td>-</td><td>1,458</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>5</td><td>-</td><td>137,191</td><td>1,688</td><td>-</td><td>15</td></tr><tr><td>Increase in working capital and deferred items</td><td>-</td><td>-</td><td>-</td><td>990,163</td><td>-</td><td>-</td><td>17,288</td></tr><tr><td>Funds applied to loss on operations</td><td>9</td><td>-</td><td>-</td><td>28,227</td><td>1,500</td><td>-</td><td>32,348</td></tr><tr><td>Other applications</td><td>-</td><td>2,610</td><td>10</td><td>-</td><td>-</td><td>-</td><td>492,678 23/</td></tr><tr><td>Total funds applied</td><td>9</td><td>170,819</td><td>139,869</td><td>2,573,333</td><td>3,215</td><td>41,190</td><td>1,069,920</td></tr><tr><td>Adjustments of net income (or loss [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss [-])</td><td>-9</td><td>5,540</td><td>88,588</td><td>-965,202</td><td>51</td><td>1,047</td><td>-865,943</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>1</td><td>-</td><td>58</td><td>-</td><td>93</td><td>-</td></tr><tr><td>Assets charged off</td><td>-</td><td>-</td><td>-</td><td>4,478</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains [-] and losses</td><td>-</td><td>-</td><td>-21</td><td>-755</td><td>-2</td><td>7</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-</td><td>-</td><td>-</td><td>27,842</td><td>-</td><td>9</td><td>-12,107</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>31</td><td>-56,582</td><td>-</td><td>-</td><td>845,708</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>5,541</td><td>88,599</td><td>-</td><td>49</td><td>1,156</td><td>6</td></tr><tr><td>Funds applied to loss on operations</td><td>9</td><td>-</td><td>-</td><td>990,163</td><td>-</td><td>-</td><td>32,348</td></tr></table>
Note: See page 76 for footnotes.
(Continued on following page)
74
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Nine Months Ended March 31, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(in thousands of dollars)
<table><tr><th colspan="2"></th><th colspan="4">National Housing Agency</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc.</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th></th><th></th><th>Federal Home Loan Bank Administration</th><th>Federal Savings and Loan Insurance Corporation</th><th>Hone Owners' Loan Corporation</th><th>Federal Public Housing Authority and affiliates 13/</th><th>Defense Homes Corporation</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U.S. Treasury</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>250</td><td>-</td><td>-</td></tr><tr><td>From public</td><td></td><td>100,500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td></td><td>100,500</td><td>-</td><td>-</td><td>-</td><td>250</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U.S. Treasury</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td></td><td>7,968</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td></td><td>7,968</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td></td><td>-</td><td>-</td><td>-</td><td>6,012</td><td>-</td><td>-</td><td>12,697</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td></td><td>178,653</td><td>1,500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td></td><td>-</td><td>-</td><td>8,234</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td></td><td>178,653</td><td>1,500</td><td>8,234</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td></td><td>190,617</td><td>520</td><td>173,437</td><td>5,866</td><td>27</td><td>9</td><td>1,285</td></tr><tr><td>Sale of acquired security or collateral</td><td></td><td>-</td><td>-</td><td>2,288</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td></td><td>517</td><td>-</td><td>15,407</td><td>-</td><td>-</td><td>138</td><td>16</td></tr><tr><td>Funds provided by profit on operations</td><td></td><td>2,425</td><td>7,111</td><td>19,568</td><td>-</td><td>998</td><td>2,726</td><td>2</td></tr><tr><td>Other sources</td><td></td><td>-</td><td>-</td><td>15</td><td>-</td><td>5,623</td><td>-</td><td>1,124</td></tr><tr><td>Total funds provided</td><td></td><td>480,709</td><td>9,131</td><td>218,910</td><td>11,878</td><td>6,897</td><td>2,864</td><td>28,677</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U.S. Treasury</td><td></td><td>-</td><td>-</td><td>206,982</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,133</td><td>-</td><td>2,300</td></tr><tr><td>To public</td><td></td><td>82,000</td><td>-</td><td>9,114</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td></td><td>82,000</td><td>-</td><td>216,096</td><td>-</td><td>5,133</td><td>-</td><td>2,300</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U.S. Treasury</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government agencies</td><td></td><td>859</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td></td><td>898</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td></td><td>1,756</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td></td><td>183,347</td><td>9,000</td><td>-</td><td>-</td><td>-</td><td>690</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td></td><td>183,347</td><td>9,000</td><td>-</td><td>-</td><td>-</td><td>690</td><td>-</td></tr><tr><td>Loans made</td><td></td><td>212,182</td><td>-</td><td>2,472</td><td>1,354</td><td>-</td><td>-</td><td>27</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td></td><td>-</td><td>6</td><td>337</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td></td><td>-</td><td>-</td><td>-</td><td>7,153</td><td>406</td><td>33</td><td>12,289</td></tr><tr><td>Increase in working capital and deferred items</td><td></td><td>-</td><td>425</td><td>-</td><td>1,700</td><td>699</td><td>-</td><td>14,089</td></tr><tr><td>Funds applied to lose on operations</td><td></td><td>-</td><td>-</td><td>-</td><td>1,671</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other applications</td><td></td><td>1,423</td><td>-</td><td>5</td><td>-</td><td>699</td><td>2,142</td><td>-</td></tr><tr><td>Total funds applied</td><td></td><td>480,709</td><td>9,431</td><td>218,910</td><td>11,878</td><td>6,897</td><td>2,864</td><td>28,677</td></tr><tr><td>Adjustments of net income (or loss (-))</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss (-))</td><td></td><td>3,647</td><td>7,149</td><td>18,451</td><td>-2,573</td><td>303</td><td>2,102</td><td>2</td></tr><tr><td>Depreciation and obsolescence</td><td></td><td>-</td><td>-</td><td>40</td><td>-</td><td>1,125</td><td>625</td><td>9,604</td></tr><tr><td>Assets charged off</td><td></td><td>121</td><td>-</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital gains(-) and losses</td><td></td><td>-1,343</td><td>-</td><td>1,556</td><td>-</td><td>-376</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td></td><td>-</td><td>-38</td><td>-483</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other adjustments</td><td></td><td>-</td><td>-</td><td>-</td><td>902</td><td>-54</td><td>-</td><td>150</td></tr><tr><td>Funds provided by profit on operations</td><td></td><td>2,425</td><td>7,111</td><td>19,568</td><td>-</td><td>998</td><td>2,726</td><td>2</td></tr><tr><td>Funds applied to lose on operations</td><td></td><td>-</td><td>-</td><td>-</td><td>1,671</td><td>-</td><td>-</td><td>13,573</td></tr></table>
Note: See page 76 for footnotes.
July 1946
75
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III
Sources and Application of Funds for the Nine Months Ended March 31, 1946 - (Continued)
Table 3.- Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management</th><th>Department of Agriculture</th><th>National Housing Agency</th><th>United States Maritime Commission</th><th>Other</th></tr><tr><th></th><th></th><th>War Shipping Administration 15/</th><th>Farm Credit Administration 16/</th><th>Farm Security Administration</th><th>Rural Electrification Administration</th><th>Department of the Interior 17/</th><th>Federal Works Agency 18/</th><th>Federal Housing Administration</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From Government agencies</td><td>107,640</td><td>-</td><td>-</td><td>56,325</td><td>49,000</td><td>-</td><td>-</td><td>2,315</td><td>-</td></tr><tr><td>From public</td><td>6,632</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,632</td><td>-</td></tr><tr><td>Total borrowings</td><td>114,271</td><td>-</td><td>-</td><td>56,325</td><td>49,000</td><td>-</td><td>-</td><td>8,946</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td>597,888</td><td>1,395,970</td><td>-4,145</td><td>23,114</td><td>8,515</td><td>-860</td><td>48,380</td><td>-</td><td>-14,196</td></tr><tr><td>Sale or collection of investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,832</td><td>-</td></tr><tr><td>Public debt obligations of United States</td><td>2,832</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>2,054,374</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,054,374</td></tr><tr><td>Other securities</td><td>1,246</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>1,246</td></tr><tr><td>Total sale or collection of investments</td><td>2,058,452</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,835</td><td>2,055,618</td></tr><tr><td>Repayments on loans</td><td>215,763</td><td>-</td><td>21,039</td><td>104,138</td><td>8,296</td><td>1,727</td><td>390</td><td>3,972</td><td>10,247</td></tr><tr><td>Sale of acquired security or collateral</td><td>15,654</td><td>-</td><td>162</td><td>741</td><td>-</td><td>118</td><td>46,605</td><td>14,740</td><td>11</td></tr><tr><td>Decrease in working capital and deferred items</td><td>1,038,643</td><td>439,387</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>828</td></tr><tr><td>Funds provided by profit on operations</td><td>138,044</td><td>-</td><td>63</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14,261</td><td>551,705</td></tr><tr><td>Other sources</td><td>718,362</td><td>586,861</td><td>1</td><td>23,435</td><td>-</td><td>581</td><td>-</td><td>-</td><td>102,662</td></tr><tr><td>Total funds provided</td><td>4,897,071</td><td>2,422,218</td><td>17,120</td><td>207,753</td><td>65,811</td><td>1,565</td><td>95,375</td><td>44,754</td><td>650,418</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To Government agencies</td><td>56,686</td><td>-</td><td>-</td><td>45,000</td><td>11,682</td><td>-</td><td>-</td><td>4</td><td>-</td></tr><tr><td>To public</td><td>2,496</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,496</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>59,182</td><td>-</td><td>-</td><td>45,000</td><td>11,682</td><td>-</td><td>-</td><td>2,500</td><td>-</td></tr><tr><td>Repayment of paid-in capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>1,488</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>24</td><td>921</td><td>543</td></tr><tr><td>Purchase of investments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>9,400</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,400</td><td>-</td></tr><tr><td>Securities of Government agencies</td><td>1,170,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,170,000</td></tr><tr><td>Other securities</td><td>594</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>592</td></tr><tr><td>Total purchase of investments</td><td>1,179,994</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,401</td><td>1,170,592</td></tr><tr><td>Loans made</td><td>212,825</td><td>-</td><td>13,498</td><td>81,089</td><td>53,693</td><td>496</td><td>3,756</td><td>3,528</td><td>56,766</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>17,955</td><td>-</td><td>9</td><td>994</td><td>-</td><td>-</td><td>-</td><td>16,344</td><td>218</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>1,282,675</td><td>544,525</td><td>-</td><td>2,345</td><td>11</td><td>55,681</td><td>-</td><td>14</td><td>570,479</td></tr><tr><td>Increase in working capital and deferred items</td><td>72,293</td><td>-</td><td>96</td><td>52,496</td><td>318</td><td>65</td><td>9</td><td>12,046</td><td>7,264</td></tr><tr><td>Funds applied to loss on operations</td><td>1,990,657</td><td>1,871,694</td><td>236</td><td>6,432</td><td>97</td><td>991</td><td>34,509</td><td>-</td><td>70,697</td></tr><tr><td>Other applications</td><td>120,397</td><td>-</td><td>1,280</td><td>19,397</td><td>9</td><td>13</td><td>1,391</td><td>-</td><td>9,243</td></tr><tr><td>Total funds applied</td><td>4,897,071</td><td>2,422,218</td><td>17,120</td><td>207,753</td><td>65,811</td><td>1,565</td><td>95,375</td><td>44,754</td><td>650,418</td></tr><tr><td>Adjustments of net income (or loss[ -])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss[ -])</td><td>-607,074</td><td>-615,731</td><td>7,129</td><td>-18,640</td><td>-190</td><td>-880</td><td>-34,509</td><td>14,632</td><td>-68,112</td></tr><tr><td>Depreciation and obsolescence</td><td>10,307</td><td>-</td><td>-</td><td>3,305</td><td>141</td><td>25</td><td>-</td><td>28</td><td>10,227</td></tr><tr><td>Assets charged off</td><td>4,843</td><td>-</td><td>-</td><td>-</td><td>-</td><td>366</td><td>-</td><td>-</td><td>1,031</td></tr><tr><td>Capital gains[ -] or losses</td><td>3,946</td><td>-</td><td>-</td><td>3,441</td><td>-</td><td>-</td><td>-</td><td>473</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>416</td><td>-</td><td>-10,637</td><td>8,626</td><td>92</td><td>-29</td><td>-</td><td>-844</td><td>3,207</td></tr><tr><td>Other adjustments</td><td>-1,265,051</td><td>-1,261,965</td><td>-2</td><td>-</td><td>-</td><td>-474</td><td>-</td><td>-</td><td>-2,612</td></tr><tr><td>Funds provided by profit on operations</td><td>138,044</td><td>-</td><td>63</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14,261</td><td>123,720</td></tr><tr><td>Funds applied to loss on operations</td><td>1,990,657</td><td>1,871,694</td><td>236</td><td>6,432</td><td>97</td><td>991</td><td>34,509</td><td>-</td><td>70,697</td></tr></table>
Note: See page 76 for footnotes.
76
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued
Footnotes to Sections II and III
1/ Represents excess of expenses and includes surplus reserves as well as unreserved surplus or deficit.
2/ This balance differs from that shown in the assets, liabilities, and capital section published in the June 1946 "Treasury Bulletin", because the income and expense statement for Smaller War Plante Corporation was not available for the period ending March 31, 1946.
3/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Prenicin-radio, Inc.
4/ Figures are as of December 31, 1945, the latest available.
5/ Includes the Federal Land Banks of Springfield, Mass., Baltimore, Md., Louisville, Ky., New Orleans, La., St. Louis, Mo., Omaha, Nebr., Wichita, Kans., Houston, Tex., Berkeley, Calif., and Spokane, Wash., which have retired the capital stock and paid-in surplus previously held by the United States Government, and the Federal Land Bank of Columbia, S. C., which has retired the capital stock previously held by the United States Government.
6/ Includes indirect grants, subsidies, and contributions.
7/ Figures are for the eight months ended February 28, 1946, and include Warrior River Terminal Company, Inc., a wholly owned subsidiary.
8/ Represents administrative expense paid from General Fund appropriations.
9/ Depreciation charges for the period included within various operating expense accounts.
10/ Effective July 1, 1945, pursuant to Public Law 109 approved June 30, 1945, Defense Plant Corporation, Defense Supplies Corporation, Metals Reserves Company, Rubber Reserve Company, and International Loan Corporation were dissolved and merged within the Reconstruction Finance Corporation.
11/ Includes War Assets Corporation (formerly Petroleum Reserves Corporation), Rubber Development Corporation, and U. S. Commercial
Company, which were transferred to the Reconstruction Finance Corporation from the Foreign Economic Administration under E. O. No. 9530, and War Damage Corporation.
The total surplus is shown as liability reserves to cover possible insurance losses.
Figures represent activities under the U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 3.
The net income from power operations has been reduced by the net outlay for non-revenue producing programs such as flood control, navigation, and experimental projects.
Figures are for the eight months ended February 28, 1946 with the exception of Land-Grant and U.S.M.S.A. activities.
Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
Consists of Indian Loans, Puerto Rican Hurricane Relief Loan Section, and Puerto Rico Reconstruction Administration.
Consists of Public Works Administration and War Public Works.
Consists of Navy Department, sale of surplus supplies (World War I), and guaranteed loans (World War II); War Department, guaranteed loans (World War II); Federal Public Housing Authority, war housing, subistence homesteads and greattown, veterans' housing, and conversion programs; Federal Security Agency, loans to students; and Treasury Department, miscellaneous loans and certain other assets.
Figures are shown net.
Excludes loans made by commercial banks on behalf of the Export-Import Bank under agency agreements.
Includes $92,974, thousand from transfers, rentals, and sales of surplus property of the War Assets Corporation.
Represents $334,130 thousand of surplus property transferred to the War Assets Administration, $32,404 thousand in settlements with owning agencies, and $125,901 thousand deposited in the U. S. Treasury by War Assets Corporation.
July 1946
77
INTERNAL REVENUE STATISTICS
78
Treasury Bulletin
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total receipts from internal revenue (Daily Treasury Statement)</th><th rowspan="2">Adjustment to Daily Treasury Statement</th><th rowspan="2">Total internal revenue collections</th><th colspan="3">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profit taxes 4/</th><th>Total employment taxes</th><th>Social Security taxes 5/</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><td>1936</td><td>3,512,852</td><td>+18,521</td><td>3,531,373</td><td>1,427,146</td><td>674,416</td><td>738,521</td><td>14,509</td><td>kg</td><td>207,319</td><td>58,119</td><td>287</td></tr><tr><td>1937</td><td>4,597,140</td><td>+37,168</td><td>4,634,308</td><td>2,179,828</td><td>1,091,761</td><td>1,059,362</td><td>13,718</td><td>265,705</td><td>502,918</td><td>90,267</td><td>119,475</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,704,788</td><td>2,629,030</td><td>1,285,312</td><td>1,299,392</td><td>42,786</td><td>742,660</td><td>529,836</td><td>101,167</td><td>109,927</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,542</td><td>33,740</td><td>700,829</td><td>605,350</td><td>106,123</td><td>122,048</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td></td><td></td><td></td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,535</td><td>3,471,124</td><td>1,147,655</td><td>2,016,297</td><td>17,172</td><td>925,856</td><td>687,328</td><td>100,568</td><td>137,871</td></tr><tr><td>1942</td><td>13,593,118</td><td>+36,797</td><td>13,609,935</td><td>8,006,864</td><td>3,262,800</td><td>4,584,765</td><td>56,621</td><td>1,185,262</td><td>895,136</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,959</td><td>-224,755</td><td>22,366,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,775</td><td>84,241</td><td>1,498,705</td><td>1,131,566</td><td>156,007</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>41,902,002</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>113,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1945-May</td><td>2,920,937</td><td>+352,957</td><td>3,273,895</td><td>2,406,326</td><td>1,989,318</td><td>401,123</td><td>9,885</td><td>296,726</td><td>256,114</td><td>10,330</td><td>30,082</td></tr><tr><td>June</td><td>5,384,393</td><td>+743,245</td><td>4,641,148</td><td>4,025,296</td><td>1,208,613</td><td>2,795,700</td><td>20,983</td><td>44,020</td><td>4,428</td><td>1,129</td><td>38,464</td></tr><tr><td>July</td><td>2,526,623</td><td>-631,609</td><td>3,158,232</td><td>2,241,907</td><td>1,587,872</td><td>646,443</td><td>7,592</td><td>125,471</td><td>117,656</td><td>5,093</td><td>2,722</td></tr><tr><td>August</td><td>2,848,726</td><td>-165,959</td><td>3,014,684</td><td>1,916,314</td><td>1,569,985</td><td>341,598</td><td>4,751</td><td>274,151</td><td>230,282</td><td>8,191</td><td>35,078</td></tr><tr><td>September</td><td>4,846,585</td><td>+725,043</td><td>4,121,542</td><td>3,552,851</td><td>1,162,216</td><td>2,379,553</td><td>11,022</td><td>31,339</td><td>3,352</td><td>619</td><td>33,368</td></tr><tr><td>October</td><td>2,340,240</td><td>-498,887</td><td>2,839,127</td><td>2,030,951</td><td>1,388,792</td><td>636,181</td><td>5,978</td><td>102,210</td><td>96,706</td><td>3,595</td><td>1,969</td></tr><tr><td>November</td><td>2,383,156</td><td>-320,902</td><td>2,704,058</td><td>1,856,041</td><td>1,466,568</td><td>383,325</td><td>6,149</td><td>243,343</td><td>197,920</td><td>9,390</td><td>35,433</td></tr><tr><td>December</td><td>3,948,437</td><td>+656,276</td><td>3,292,161</td><td>2,741,561</td><td>585,112</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>1,451,384</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>61,889</td><td>28,312</td><td>2,498</td></tr><tr><td>February</td><td>3,683,958</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>293,140</td><td>183,229</td><td>98,177</td><td>17,175</td></tr><tr><td>March</td><td>5,582,943</td><td>+559,269</td><td>5,023,673</td><td>4,320,110</td><td>2,036,735</td><td>2,274,592</td><td>8,783</td><td>64,565</td><td>7,012</td><td>7,920</td><td>49,633</td></tr><tr><td>April</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>98,271</td><td>93,532</td><td>3,258</td><td>1,477</td></tr><tr><td>May</td><td>2,307,793</td><td>-266,165</td><td>2,573,957</td><td>1,662,967</td><td>1,420,591</td><td>239,044</td><td>3,332</td><td>269,869</td><td>238,062</td><td>10,530</td><td>21,217</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>1935</td><td>2,004,513</td><td>94,941</td><td>178,840</td><td>505,243</td><td>500,785</td><td>68,990</td><td>379,540</td><td>76,173</td><td>62,323</td></tr><tr><td>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>593,531</td><td>551,323</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>551,569</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>2,235,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,551</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>3,837,570</td><td>281,300</td><td>432,540</td><td>1,048,155</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>5,959,534</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-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>208,396</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>195,497</td><td>100,736</td><td>5,500</td><td>93,471</td><td>92,888</td><td>-</td></tr><tr><td>October</td><td>705,907</td><td>30,015</td><td>44,391</td><td>242,799</td><td>119,584</td><td>6,784</td><td>122,295</td><td>140,039</td><td>-</td></tr><tr><td>November</td><td>604,675</td><td>201</td><td>44,424</td><td>229,586</td><td>97,657</td><td>7,585</td><td>111,785</td><td>113,438</td><td>-</td></tr><tr><td>December</td><td>511,588</td><td>233</td><td>45,178</td><td>188,126</td><td>62,049</td><td>7,443</td><td>106,878</td><td>101,680</td><td>-</td></tr><tr><td>1946-January</td><td>642,520</td><td>192</td><td>60,791</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>51,630</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>618,998</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>115,953</td><td>-</td></tr><tr><td>April</td><td>614,848</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><tr><td>May</td><td>641,121</td><td>(-742)</td><td>63,980</td><td>214,151</td><td>112,601</td><td>8,486</td><td>123,387</td><td>119,260</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/ Includes collections for credit on 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/ Coneslate 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 II of the Social Security Act.
7/ Represents collections under the Corrills Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1935.
July 1946
79
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
8-165-F
80
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections
1/
(In thousands of dollars)
<table><tr><th>Type of tax.</th><th colspan="2">Fiscal years</th><th colspan="2">First 11 months</th><th>May 1945</th><th>May 1946</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th><th></th><th></th></tr><tr><td colspan="7">Income and profits taxes:</td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>7,038,438</td><td>10,263,418</td><td>10,217,217</td><td>9,826,997</td><td>1,751,365</td><td>1,245,286</td></tr><tr><td>Revenue Act of 1942</td><td>784,997</td><td>802</td><td>810</td><td>119</td><td>10</td><td>2</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>10,253,831</td><td>8,567,147</td><td>7,440,597</td><td>7,404,729</td><td>201,088</td><td>136,111</td></tr><tr><td>Back</td><td>183,740</td><td>202,947</td><td>167,076</td><td>389,501</td><td>36,855</td><td>39,170</td></tr><tr><td>Total individual income taxes</td><td>18,261,005</td><td>19,034,313</td><td>17,825,700</td><td>17,621,347</td><td>1,989,318</td><td>1,420,591</td></tr><tr><td>Corporations:</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>3,564,012</td><td>3,198,950</td><td>70,064</td><td>52,116</td></tr><tr><td>Back</td><td>521,431</td><td>458,034</td><td>415,208</td><td>696,805</td><td>42,258</td><td>30,184</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>9,108,255</td><td>6,828,912</td><td>294,800</td><td>156,743</td></tr><tr><td>Total corporation taxes</td><td>14,629,344</td><td>15,883,235</td><td>13,087,535</td><td>10,724,667</td><td>407,123</td><td>239,044</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>122,819</td><td>75,513</td><td>9,846</td><td>3,315</td></tr><tr><td>Visson Act</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Object enrichment</td><td>134</td><td>180</td><td>176</td><td>98</td><td>40</td><td>18</td></tr><tr><td>Total miscellaneous profits taxes</td><td>137,452</td><td>143,978</td><td>122,995</td><td>75,547</td><td>9,885</td><td>3,332</td></tr><tr><td>Total income and profits taxes</td><td>33,027,802</td><td>35,061,526</td><td>31,036,231</td><td>28,421,561</td><td>2,406,326</td><td>1,662,967</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>1,303,503</td><td>1,234,055</td><td>256,314</td><td>238,062</td></tr><tr><td>Unemployment insurance 6/</td><td>183,137</td><td>186,489</td><td>185,360</td><td>177,532</td><td>10,130</td><td>10,530</td></tr><tr><td>Total Social Security taxes</td><td>1,473,161</td><td>1,494,420</td><td>1,488,863</td><td>1,411,587</td><td>266,444</td><td>248,593</td></tr><tr><td>Railroad retirement 7/</td><td>265,011</td><td>284,758</td><td>246,294</td><td>234,568</td><td>30,082</td><td>21,277</td></tr><tr><td>Total employment taxes</td><td>1,738,172</td><td>1,779,177</td><td>1,735,157</td><td>1,646,155</td><td>296,726</td><td>269,869</td></tr><tr><td colspan="7">Miscellaneous internal revenues:</td></tr><tr><td>Capital stock tax</td><td>380,702</td><td>371,992</td><td>371,739</td><td>351,933</td><td>(-67)</td><td>(-742)</td></tr><tr><td>Real estate tax</td><td>473,466</td><td>596,117</td><td>536,085</td><td>567,418</td><td>63,035</td><td>61,488</td></tr><tr><td>Gift tax</td><td>31,145</td><td>40,918</td><td>45,184</td><td>46,548</td><td>1,263</td><td>2,432</td></tr><tr><td colspan="7">Alcoholic beverage taxes:</td></tr><tr><td>Distilled spirits (imported, excise)</td><td>286,871</td><td>199,991</td><td>180,065</td><td>127,951</td><td>29,822</td><td>17,769</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>611,835</td><td>1,284,613</td><td>1,183,486</td><td>1,483,014</td><td>86,938</td><td>134,540</td></tr><tr><td>Distilled spirits rectification tax</td><td>18,874</td><td>32,549</td><td>29,499</td><td>38,638</td><td>2,899</td><td>3,873</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>4,027</td><td>2,122</td><td>2,009</td><td>2,225</td><td>137</td><td>431</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>30,068</td><td>45,269</td><td>41,989</td><td>52,364</td><td>3,185</td><td>6,060</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940)</td><td>12</td><td>51</td><td>51</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dealer in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>8,109</td><td>8,308</td><td>5,766</td><td>5,835</td><td>295</td><td>303</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>1</td><td>-</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>1,369</td><td>886</td><td>817</td><td>778</td><td>57</td><td>(-52)</td></tr><tr><td>Container stamps</td><td>8,516</td><td>11,213</td><td>10,343</td><td>12,216</td><td>577</td><td>1,224</td></tr><tr><td>Floor taxes</td><td>85,834</td><td>83,343</td><td>83,229</td><td>724</td><td>674</td><td>(-56)</td></tr><tr><td>Perfumers' malt liquors</td><td>559,152</td><td>638,682</td><td>579,556</td><td>601,547</td><td>54,621</td><td>50,001</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,375</td><td>3,130</td><td>2,194</td><td>2,351</td><td>58</td><td>57</td></tr><tr><td>Total alcoholic beverage taxes</td><td>1,618,045</td><td>2,309,864</td><td>2,119,011</td><td>2,327,667</td><td>180,164</td><td>214,151</td></tr><tr><td colspan="7">Tobacco taxes:</td></tr><tr><td>Cigars (large)</td><td>30,152</td><td>36,991</td><td>33,541</td><td>37,844</td><td>3,228</td><td>3,847</td></tr><tr><td>Cigars (small)</td><td>107</td><td>84</td><td>99</td><td>65</td><td>28</td><td>7</td></tr><tr><td>Cigarettes (large)</td><td>88</td><td>695</td><td>562</td><td>171</td><td>121</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>903,958</td><td>836,058</td><td>750,945</td><td>980,537</td><td>74,464</td><td>104,902</td></tr><tr><td>Snuff</td><td>7,692</td><td>7,741</td><td>7,179</td><td>6,819</td><td>785</td><td>581</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>45,269</td><td>49,574</td><td>45,408</td><td>38,720</td><td>4,269</td><td>3,284</td></tr><tr><td>Cigarette papers and tubes</td><td>1,104</td><td>1,390</td><td>1,173</td><td>1,736</td><td>131</td><td>23</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>2</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>50</td><td>8</td><td>6</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Total tobacco taxes</td><td>988,483</td><td>932,145</td><td>838,915</td><td>1,065,895</td><td>83,025</td><td>112,601</td></tr><tr><td colspan="7">Stamp taxes:</td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>20,243</td><td>33,157</td><td>29,858</td><td>42,412</td><td>3,243</td><td>4,972</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>17,096</td><td>24,852</td><td>22,381</td><td>27,832</td><td>2,101</td><td>2,632</td></tr><tr><td>Playing cards</td><td>7,444</td><td>7,493</td><td>6,964</td><td>9,067</td><td>633</td><td>879</td></tr><tr><td>Silver bullion sales or transfers</td><td>47</td><td>25</td><td>24</td><td>146</td><td>5</td><td>3</td></tr><tr><td>Total stamp taxes</td><td>50,800</td><td>65,528</td><td>59,227</td><td>79,457</td><td>5,983</td><td>8,486</td></tr></table>
(Continued on following page)
July 1946
81
Detailed Analysis of Internal Revenue Collections
(Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 11 months</th><th>May 1945</th><th>May 1946</th></tr><tr><th></th><th>1944</th><th>1945</th><th>Fiscal year 1945</th><th>Fiscal year 1946</th><th></th><th></th></tr><tr><td colspan="7">Miscellaneous internal revenue (continued):</td></tr><tr><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>52,473</td><td>92,865</td><td>79,328</td><td>68,363</td><td>9,924</td><td>4,660</td></tr><tr><td>Gasoline</td><td>27,217</td><td>40,563</td><td>370,536</td><td>366,657</td><td>42,631</td><td>29,061</td></tr><tr><td>Tires and tubes</td><td>40,309</td><td>75,251</td><td>69,360</td><td>103,012</td><td>7,840</td><td>13,585</td></tr><tr><td>Floor taxes on tires and tubes</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Automobile trucks and buses</td><td>1,247</td><td>20,487</td><td>16,828</td><td>32,152</td><td>3,293</td><td>2,130</td></tr><tr><td>Other automobiles and motorcycles</td><td>1,222</td><td>2,558</td><td>2,320</td><td>18,547</td><td>284</td><td>5,466</td></tr><tr><td>Parts and accessories for automobiles</td><td>31,551</td><td>49,540</td><td>43,517</td><td>63,440</td><td>5,769</td><td>7,087</td></tr><tr><td>Electrical energy</td><td>51,239</td><td>57,004</td><td>52,631</td><td>54,515</td><td>4,780</td><td>5,355</td></tr><tr><td>Electric, gas, and oil appliances</td><td>5,308</td><td>12,060</td><td>10,910</td><td>22,487</td><td>2,257</td><td>4,244</td></tr><tr><td>Electric light bulbs and tubes</td><td>5,368</td><td>11,035</td><td>10,557</td><td>17,822</td><td>987</td><td>1,572</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>255</td><td>55</td><td>52</td><td>53</td><td>5</td><td>2</td></tr><tr><td>Radio sets, phonographs, composites, etc.</td><td>3,402</td><td>4,753</td><td>4,321</td><td>10,267</td><td>375</td><td>2,502</td></tr><tr><td>Photograph records</td><td>1,889</td><td>2,015</td><td>1,805</td><td>3,305</td><td>128</td><td>579</td></tr><tr><td>Musical instruments</td><td>633</td><td>927</td><td>824</td><td>2,236</td><td>95</td><td>416</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>2,636</td><td>1,537</td><td>1,553</td><td>8,189</td><td>209</td><td>1,212</td></tr><tr><td>Matches</td><td>8,671</td><td>9,349</td><td>8,560</td><td>9,045</td><td>1,103</td><td>521</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>3,750</td><td>10,120</td><td>8,918</td><td>14,194</td><td>953</td><td>1,485</td></tr><tr><td>Furs - retailers' excise</td><td>58,726</td><td>79,818</td><td>76,925</td><td>88,993</td><td>4,342</td><td>5,192</td></tr><tr><td>Jewelry - retailers' excise</td><td>113,373</td><td>184,820</td><td>170,920</td><td>207,156</td><td>14,629</td><td>17,817</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>8,343</td><td>73,851</td><td>68,429</td><td>74,690</td><td>6,249</td><td>8,342</td></tr><tr><td>Luggage - manufacturers' excise (expended as of 4/1/44)</td><td>4,777</td><td>6</td><td>6</td><td>15</td><td>•</td><td>•</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>8</td><td>73</td><td>13</td><td>17</td><td>2</td><td>1</td></tr><tr><td>Plumber articles as of 11/1/42</td><td>11,907</td><td>19,288</td><td>17,820</td><td>18,951</td><td>2,800</td><td>2,394</td></tr><tr><td>Sporting goods</td><td>2,498</td><td>4,248</td><td>3,819</td><td>6,995</td><td>478</td><td>1,027</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>44,790</td><td>85,615</td><td>79,829</td><td>88,948</td><td>6,731</td><td>7,693</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>3,032</td><td>4,294</td><td>314</td><td>1,010</td></tr><tr><td>Plates and reverse</td><td>37</td><td>5</td><td>5</td><td>38</td><td>2</td><td>23</td></tr><tr><td>Repealed taxes not listed above</td><td>98</td><td>35</td><td>33</td><td>14</td><td>1</td><td>-</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>728,694</td><td>1,206,616</td><td>1,102,919</td><td>1,283,755</td><td>116,192</td><td>123,387</td></tr><tr><td colspan="7">Miscellaneous taxes:</td></tr><tr><td>Blutonium Coal Act of 1937</td><td>1,403</td><td>75</td><td>31</td><td>33</td><td>5</td><td>2</td></tr><tr><td>Sugar Act of 1937</td><td>68,789</td><td>73,294</td><td>68,272</td><td>50,907</td><td>5,466</td><td>4,478</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased wires, etc.</td><td>141,275</td><td>208,018</td><td>189,783</td><td>213,515</td><td>22,433</td><td>16,043</td></tr><tr><td>Local telephone service</td><td>90,199</td><td>133,569</td><td>122,037</td><td>132,531</td><td>14,751</td><td>11,723</td></tr><tr><td>Transportation of oil by pipe lines</td><td>178,851</td><td>16,286</td><td>14,981</td><td>13,742</td><td>1,586</td><td>1,289</td></tr><tr><td>Transportation of persons, seats, berths</td><td>151,683</td><td>234,182</td><td>216,898</td><td>211,879</td><td>20,333</td><td>21,043</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>215,488</td><td>221,088</td><td>203,043</td><td>205,698</td><td>20,885</td><td>20,907</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>134,326</td><td>128,701</td><td>120,277</td><td>115,915</td><td>59</td><td>64</td></tr><tr><td>Use of baste (effective 2/1/42)</td><td>352</td><td>336</td><td>215</td><td>181</td><td>10</td><td>1</td></tr><tr><td>Leases of safe-deposit boxes</td><td>6,594</td><td>7,311</td><td>6,675</td><td>7,279</td><td>690</td><td>693</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>178,563</td><td>300,589</td><td>276,816</td><td>215,369</td><td>26,854</td><td>32,610</td></tr><tr><td>Admissions to cemeteries, roof gardens, etc.</td><td>26,726</td><td>56,877</td><td>52,492</td><td>66,844</td><td>5,069</td><td>5,889</td></tr><tr><td>Club dues and initiation fees</td><td>9,182</td><td>14,160</td><td>12,582</td><td>16,694</td><td>1,907</td><td>2,355</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>2,208</td><td>4,160</td><td>3,528</td><td>3,500</td><td>49</td><td>55</td></tr><tr><td>Colo operated devices, and renovated butter</td><td>18,475</td><td>19,100</td><td>16,015</td><td>15,090</td><td>251</td><td>307</td></tr><tr><td>Adults rated and processed cheese</td><td>18</td><td>58</td><td>44</td><td>42</td><td>9</td><td>1</td></tr><tr><td>Oleomargarine, including special taxes</td><td>4,084</td><td>5,503</td><td>4,774</td><td>4,247</td><td>302</td><td>287</td></tr><tr><td> наркотики, including marijuana and special taxes</td><td>779</td><td>156</td><td>537</td><td>504</td><td>44</td><td>62</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>7,190</td><td>6,208</td><td>5,714</td><td>5,929</td><td>541</td><td>511</td></tr><tr><td>National Firearms Act</td><td>16</td><td>16</td><td>11</td><td>4</td><td>•</td><td>•</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>201</td><td>180</td><td>18</td><td>9</td><td>1</td><td>1</td></tr><tr><td>Total miscellaneous taxes</td><td>1,075,401</td><td>1,430,428</td><td>1,314,743</td><td>1,379,710</td><td>121,246</td><td>119,260</td></tr><tr><td>Total miscellaneous internal revenue</td><td>5,553,336</td><td>6,959,634</td><td>6,387,802</td><td>7,102,389</td><td>570,842</td><td>641,121</td></tr><tr><td>Total internal revenue collections</td><td>40,119,510</td><td>43,800,338</td><td>39,159,190</td><td>37,170,105</td><td>3,273,895</td><td>2,573,957</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+1,565,477</td><td>+101,664</td><td>-641,581</td><td>-940,264</td><td>-352,957</td><td>-266,165</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>41,684,987</td><td>43,902,002</td><td>38,517,609</td><td>36,229,841</td><td>2,920,937</td><td>2,307,793</td></tr></table>
(1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports of collections made by collector of internal revenue. Less than $500.00 Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. Consists only of collections for which returns have been filed with the Collector of Internal Revenue. Collections under this act as shown in Daily Treasury Statements consist of withholdings deposited in Government depositaries in addition to payments accompanying returns filed with the Collector of Internal Revenue. Current collections consist in general of taxes paid within twelve
months after the close of the taxable year for which the return was filed.
Current individual income tax collections for the fiscal year 1945 include payments to unforfeited portion of 1942 tax, due March 15, 1945, of $308,605 thousand for the period January 1, 1945 through April 30, 1945.
5/ Represents collections under the Federal Insurance Contributions Act.
6/ Represents collections under the Federal Unemployment Tax Act.
7/ Represents collections under the Carriers' Taxing Act of 1937.
8/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
82
Treasury Bulletin
MONETARY STATISTICS
July 1946
83
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 1/2</th><th>Gold reserve against U. S. notes, etc. 2/3</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1945-May</td><td>20,270.2</td><td>18,163.8</td><td>156.0</td><td>1,800.0</td><td>150.4</td></tr><tr><td>June</td><td>20,213.0</td><td>18,106.6</td><td>156.0</td><td>1,800.0</td><td>150.3</td></tr><tr><td>July</td><td>20,152.4</td><td>18,032.5</td><td>156.0</td><td>1,800.0</td><td>163.9</td></tr><tr><td>August</td><td>20,087.8</td><td>17,977.9</td><td>156.0</td><td>1,800.0</td><td>153.8</td></tr><tr><td>September</td><td>20,072.8</td><td>17,949.4</td><td>156.0</td><td>1,800.0</td><td>167.3</td></tr><tr><td>October</td><td>20,035.9</td><td>17,930.8</td><td>156.0</td><td>1,800.0</td><td>149.0</td></tr><tr><td>November</td><td>20,029.7</td><td>17,921.0</td><td>156.0</td><td>1,800.0</td><td>152.6</td></tr><tr><td>December</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1946-January</td><td>20,156.0</td><td>18,034.0</td><td>156.0</td><td>1,800.0</td><td>165.9</td></tr><tr><td>February</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</td><td>20,250.9</td><td>18,147.2</td><td>156.0</td><td>1,800.0</td><td>147.7</td></tr><tr><td>May p</td><td>20,241.9</td><td>18,142.5</td><td>156.0</td><td>1,800.0</td><td>143.3</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. 
Preliminary.
1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Car
tificate Fund - Board of Governors, Federal Reserve System, and (b) the Redemption Fund - Federal Reserve notes. 2/ Reserve against United States notes and Treasury notes of 1890. 3/ Excludes gold in active portion of Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29- per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>1936</td><td>10,608.4</td><td>2,249.5</td><td>17.5</td></tr><tr><td>1937</td><td>12,318.3</td><td>2,922.1</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>22,381.5</td><td>4,298.5</td><td>16.2</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>1945-May</td><td>20,270.2</td><td>3,704.3</td><td>15.5</td></tr><tr><td>June</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>July</td><td>20,152.4</td><td>3,642.1</td><td>15.3</td></tr><tr><td>August</td><td>20,087.8</td><td>3,631.2</td><td>15.3</td></tr><tr><td>September</td><td>20,072.8</td><td>3,626.9</td><td>15.3</td></tr><tr><td>October</td><td>20,035.9</td><td>3,565.3</td><td>15.1</td></tr><tr><td>November</td><td>20,029.7</td><td>3,552.2</td><td>15.1</td></tr><tr><td>December</td><td>20,064.9</td><td>3,512.8</td><td>14.9</td></tr><tr><td>1946-January</td><td>20,156.0</td><td>3,508.3</td><td>14.8</td></tr><tr><td>February</td><td>20,232.2</td><td>3,508.3</td><td>14.8</td></tr><tr><td>March</td><td>20,256.1</td><td>3,508.4</td><td>14.8</td></tr><tr><td>April</td><td>20,250.9</td><td>3,508.5</td><td>14.8</td></tr><tr><td>May p</td><td>20,241.9</td><td>3,508.5</td><td>14.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p. Preliminary.
84
Treasury Bulletin
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29 per ounce</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 3/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th><th></th></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>1,028.6</td><td>14.4</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>575.3</td><td>372.8</td><td>372.8</td><td>1,336.8</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>1,790.2</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>1,060.0</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>1,244.6</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>1,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.6</td><td>96.1</td><td>681.3</td><td>1,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>375.5</td><td>12.5</td><td>*</td><td>405.6</td><td>117.5</td><td>771.0</td><td>1,870.6</td></tr><tr><td>1945</td><td>1,703.9</td><td>356.8</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>866.7</td><td>1,512.8</td></tr><tr><td>1945-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>1,704.3</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>1,685.8</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>1,642.1</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>1,633.2</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>1,628.9</td></tr><tr><td>October</td><td>1,645.7</td><td>360.3</td><td>14.5</td><td>*</td><td>228.3</td><td>133.6</td><td>833.5</td><td>1,565.3</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>1,552.2</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>1,512.8</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>1,508.3</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>1,508.3</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>1,508.4</td></tr><tr><td>April</td><td>1,909.0</td><td>353.6</td><td>17.0</td><td>.1</td><td>105.7</td><td>140.3</td><td>852.3</td><td>1,508.5</td></tr><tr><td>May p</td><td>1,909.0</td><td>352.4</td><td>16.0</td><td>.5</td><td>104.6</td><td>141.5</td><td>856.7</td><td>1,508.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money.
p Preliminary.
Less than $50,000.
1/ Valued at $.29+ per ounce.
2/ Valued at $1.38+ per ounce.
3/ Valued at $1.38+ per ounce or at $1.29 per ounce according to whether the bullion is held for recoining of subsidiary silver coins or for recoining of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(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 smelt and assay offices</th></tr><tr><th></th><th>Ounces</th><th>Newly mined domestic silver ¾</th><th>Dollars</th><th>Nationalized silver ¾</th><th>Dollars</th><th>Foreign silver ¾</th><th>Dollars</th><th>Total</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>51.9</td><td>50.7</td><td>40.1</td><td>-</td><td>-</td><td>282.8</td><td>120.5</td><td>333.7</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>40.6</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-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>0.a.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>0.a.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>0.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. 
a.s. Not available.
1/ For information on silver production in other countries from 1933 through 1940 or 1941, see "Treasury Bulletin" for August 1943, page 74.
2/ Acquired at 64.64+ cents per fine ounce until April 9, 1935; at 71.11+ cents per fine ounce from that date until April 23, 1935; at 77.57+ cents from April 23, 1935 to December 31, 1937; at 64.64+ cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11+ cents since July 1, 1939.
3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938.
4/ Acquired at various prices averaging approximately 51 cents per ounce.
July 1946
85
Seigniorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Mac. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mixed silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>...</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>35.0</td><td>...</td><td>302.7</td><td>34.7</td><td>432.1</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>501.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>...</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>709.6</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>285.7</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>295.6</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-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>852.5</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>862.7</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>404.3</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>438.2</td><td>48.7</td><td>87.6</td><td>65.8</td><td>795.0</td><td>34.7</td><td>1,031.3</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><tr><td>May</td><td>446.4</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>184.9</td></tr></table>
Source: Daily Treasury Statement.
1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure silver certificates.
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential eignorance thereon changes.
Treasury Bulletin
86
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>Cold 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>1,002</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>1,159</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>252</td><td>1,114</td><td>30</td><td>211</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</td><td>72</td><td>1,451</td><td>1</td><td>266</td><td>1,484</td><td>26</td><td>161</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>5,153</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>190</td></tr><tr><td>1942</td><td>12,333</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>16,992</td><td>57</td><td>1,569</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,904</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>16,792</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-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>23,565</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>28,010</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>26,918</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>1,804</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</td><td>27,885</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><tr><td>May p</td><td>28,118</td><td>26,829</td><td>50</td><td>2,018</td><td>1</td><td>317</td><td>23,861</td><td>468</td><td>115</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th>Total coin</th><th>Standard silver dollar</th><th>Subsidiary silver</th><th>Minor coin</th><th>Money in circulation per capita (In dollars)</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>34</td><td>341</td><td>148</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>343</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>60</td><td>504</td><td>213</td><td>91.88</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>235</td><td>127.04</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>162.96</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.59</td></tr><tr><td>1945-May</td><td>1,196</td><td>123</td><td>784</td><td>290</td><td>190.18 r</td></tr><tr><td>June</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.59</td></tr><tr><td>July</td><td>1,223</td><td>137</td><td>800</td><td>296</td><td>198.02</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>1,253</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</td></tr><tr><td>February</td><td>1,260</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</td><td>1,280</td><td>138</td><td>830</td><td>312</td><td>198.08</td></tr><tr><td>May p</td><td>1,290</td><td>139</td><td>837</td><td>314</td><td>199.60</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. Preliminary. Revised. 1/ Excludes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of
the United States. Include paper currency held outside the continental limits of the United States. Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury. Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
July 1946
87
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES
88
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries
Section I - Summary
Table 1.- Summary of Net Capital Movement 1935 - 1946
(lo 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>1,440,686 r</td><td>992,829 r</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>1,226,722 r</td><td>428,142 r</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>833,715 r</td><td>287,394 r</td><td>34,687</td><td>244,626</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>412,956 r</td><td>328,968 r</td><td>34</td><td>57,196</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>1,198,735 r</td><td>1,135,483 r</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>695,080 r</td><td>801,628 r</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-453,823 r</td><td>-283,522 r</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>626,121 r</td><td>583,373 r</td><td>1,513</td><td>46,599</td><td>-7,764</td></tr><tr><td>1943</td><td>1,286,893 r</td><td>1,168,053 r</td><td>11,372</td><td>21,757</td><td>77,686</td></tr><tr><td>1944</td><td>461,354 r</td><td>148,994 r</td><td>8,529</td><td>210,735</td><td>91,496</td></tr><tr><td>1945</td><td>1,074,375 r</td><td>1,216,303 r</td><td>17,794</td><td>-111,105</td><td>-46,617</td></tr><tr><td>1946 (Jan. 1, 1946-Feb. 28, 1946)</td><td>-68,885</td><td>-26,801</td><td>-10,142</td><td>-125,340</td><td>94,398</td></tr><tr><td>Total (Jan. 2, 1935-Feb. 28, 1946)</td><td>8,733,929</td><td>6,860,449</td><td>133,936</td><td>672,387</td><td>1,067,157</td></tr><tr><td>1943-January</td><td>72,750</td><td>151,809</td><td>2,658</td><td>5,205</td><td>-86,922</td></tr><tr><td>February</td><td>107,175</td><td>119,683</td><td>-600</td><td>-2,501</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>6,917</td><td>-942</td></tr><tr><td>May</td><td>70,330</td><td>74,311</td><td>-1,027</td><td>-389</td><td>-2,565</td></tr><tr><td>June</td><td>223,795</td><td>224,845</td><td>3,662</td><td>-4,537</td><td>-175</td></tr><tr><td>July</td><td>49,592</td><td>58,720</td><td>420</td><td>4,392</td><td>-13,940</td></tr><tr><td>August</td><td>170,342</td><td>59,027</td><td>1,698</td><td>-5,283</td><td>114,900</td></tr><tr><td>September</td><td>85,011</td><td>1,903</td><td>565</td><td>21,044</td><td>21,499</td></tr><tr><td>October</td><td>113,267</td><td>135,679</td><td>-747</td><td>-687</td><td>-978</td></tr><tr><td>November</td><td>168,979</td><td>167,476</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>2,183</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>147,617</td><td>1,831</td><td>3,686</td><td>-7,532</td></tr><tr><td>March</td><td>44,341</td><td>76,736</td><td>684</td><td>-12,985</td><td>-20,094</td></tr><tr><td>April</td><td>1,405</td><td>1,038</td><td>-1,289</td><td>411</td><td>1,245</td></tr><tr><td>May</td><td>-5,438</td><td>1,151</td><td>1,616</td><td>-6,082</td><td>-2,123</td></tr><tr><td>June</td><td>764</td><td>-47,329</td><td>-747</td><td>22,268</td><td>26,572</td></tr><tr><td>July</td><td>-36,215</td><td>-116,872</td><td>119</td><td>4,525</td><td>76,013</td></tr><tr><td>August</td><td>17,480</td><td>10,538</td><td>650</td><td>2,445</td><td>3,851</td></tr><tr><td>September</td><td>-9,953</td><td>-57,289</td><td>2,313</td><td>28,454</td><td>16,569</td></tr><tr><td>October</td><td>29,275</td><td>26,852</td><td>4,911</td><td>-2,061</td><td>-427</td></tr><tr><td>November</td><td>70,296</td><td>76,248</td><td>-2,141</td><td>-3,339</td><td>-472</td></tr><tr><td>December</td><td>-54,773</td><td>-229,521</td><td>1,295</td><td>179,418</td><td>-5,965</td></tr><tr><td>1945-January</td><td>156,685</td><td>153,895</td><td>-195</td><td>-2,808</td><td>5,793</td></tr><tr><td>February</td><td>78,889</td><td>174,973</td><td>3,840</td><td>-64,055</td><td>-35,869</td></tr><tr><td>March</td><td>-18,206</td><td>11,310</td><td>521</td><td>-24,388</td><td>-5,049</td></tr><tr><td>April</td><td>55,274</td><td>44,446</td><td>-78</td><td>-18,079</td><td>28,985</td></tr><tr><td>May</td><td>52,364</td><td>47,306</td><td>3,209</td><td>-17,489</td><td>19,318</td></tr><tr><td>June</td><td>212,479</td><td>171,687</td><td>-1,831</td><td>63,424</td><td>-20,801</td></tr><tr><td>July</td><td>224,913</td><td>231,025</td><td>-4,689</td><td>-5,244</td><td>3,821</td></tr><tr><td>August</td><td>56,350</td><td>81,132</td><td>2,054</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>-23,358</td><td>-51,679</td></tr><tr><td>November</td><td>-132,120</td><td>-157,226</td><td>4,636</td><td>-15,985</td><td>36,455</td></tr><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><tr><td>1946-January</td><td>20,049</td><td>76,583</td><td>-8,932</td><td>-172,787</td><td>125,085</td></tr><tr><td>February</td><td>-88,934</td><td>-103,484</td><td>-1,210</td><td>46,447</td><td>-30,687</td></tr></table>
r Revised. Note: Starting with January 1946, the balances in the Philippine Govern-
debt accounts with the United States Treasury are added to the deposit liabilities to foreigners as reported by banks and brokers
(Continued on following page)
July 1946
89
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 1. Summary of Net Capital Movement 1935 - 1946 - (Continued)
in the United States. For comparative purposes, the amounts in those accounts as of earlier dates are shown below. The yearly capital movement figures for the period Jan. 2, 1935-Deo. 31, 1945
have been revised to include these changes. Monthly figures for this period have not been adjusted to include the Philippine balances.
(In millions of dollars)
<table><tr><th>Year</th><th>Balance</th><th>Year</th><th>Balance</th><th>Month</th><th>Balance</th><th>Month</th><th>Balance</th></tr><tr><td>1938</td><td>72.7</td><td>1940</td><td>153.0</td><td>1945-January</td><td>348.4</td><td>1945-July</td><td>476.3</td></tr><tr><td>1935</td><td>100.9</td><td>1941</td><td>196.1</td><td>February</td><td>345.0</td><td>August</td><td>490.1</td></tr><tr><td>1936</td><td>131.7</td><td>1942</td><td>217.9</td><td>March</td><td>382.2</td><td>September</td><td>520.1</td></tr><tr><td>1937</td><td>163.5</td><td>1943</td><td>221.2</td><td>April</td><td>404.0</td><td>October</td><td>555.7</td></tr><tr><td>1938</td><td>161.2</td><td>1944</td><td>325.4</td><td>May</td><td>403.6</td><td>November</td><td>550.5</td></tr><tr><td>1939</td><td>164.3</td><td></td><td></td><td>June</td><td>482.3</td><td>December</td><td>520.4</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td>1946-January</td><td>458.6</td></tr></table>
90
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section 1 - Summary - (Continued)
Table 2.- Net Capital Movement, by Countries, February 1945 - February 1946
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></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><th>January</th><th>February</th></tr><tr><td colspan="14">Europe</td></tr><tr><td>United Kingdom</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><td>-34,226</td><td>-53,553</td></tr><tr><td>France</td><td>-8,362</td><td>-51,793</td><td>-28,925</td><td>-24,513</td><td>+68,634</td><td>+20,696</td><td>-42,548</td><td>-35,906</td><td>+46,934</td><td>+41,088</td><td>-5,580</td><td>+89,394</td><td>-21,942</td></tr><tr><td>Belgium</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><td>-1,616</td><td>-18,227</td></tr><tr><td>Denmark</td><td>-128</td><td>+610</td><td>-572</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><td>+13,082</td><td>+1,369</td></tr><tr><td>Finland</td><td>-403</td><td>+472</td><td>-50</td><td>-174</td><td>-170</td><td>-24</td><td>+44</td><td>+1,168</td><td>+437</td><td>+466</td><td>-560</td><td>-189</td><td>+4,630</td></tr><tr><td>Germany</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><td>-93</td><td>-151</td></tr><tr><td>Greece</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>+2,801</td><td>+2,930</td><td>+2,505</td><td>+7,456</td><td>-234</td><td>-845</td><td>-21,353</td></tr><tr><td>Italy</td><td>+3,106</td><td>+2,281</td><td>+3,440</td><td>+2,045</td><td>+2,462</td><td>+5,189</td><td>+4,381</td><td>+4,600</td><td>+3,839</td><td>+2,812</td><td>+5,672</td><td>+772</td><td>+1,223</td></tr><tr><td>Luxembourg</td><td>+22</td><td>+26</td><td>-114</td><td>+163</td><td>+270</td><td>+3,554</td><td>+72</td><td>+114</td><td>-84</td><td>+186</td><td>+367</td><td>-22</td><td>+194</td></tr><tr><td>Netherlands</td><td>+3,019</td><td>-569</td><td>+991</td><td>+527</td><td>+6,169</td><td>+3,018</td><td>+2,001</td><td>+31</td><td>+5,724</td><td>+2,430</td><td>+13,472</td><td>-1,140</td><td>-12,628</td></tr><tr><td>Portugal</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>-1,022</td><td>-2,186</td><td>-1,186</td><td>+2,439</td><td>+1,714</td><td>-6,617</td><td>-4,930</td></tr><tr><td>Portugal</td><td>-508</td><td>-5,788</td><td>+3,923</td><td>-2,762</td><td>+4,194</td><td>+5,999</td><td>-1,371</td><td>+6,439</td><td>-319</td><td>+3,240</td><td>-687</td><td>-328</td><td>-2,292</td></tr><tr><td>Romania</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><td>-1</td><td>-76</td></tr><tr><td>Spain</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><td>+5,095</td><td>+781</td></tr><tr><td>Sweden</td><td>+3,900</td><td>+3,078</td><td>+69</td><td>+3,200</td><td>+5,290</td><td>+1,891</td><td>+9,666</td><td>+5,881</td><td>+14,167</td><td>+2,925</td><td>-1,246</td><td>+498</td><td>+1,461</td></tr><tr><td>Switzerland</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><td>+6,269</td><td>+2,524</td></tr><tr><td>U. R. S. A.</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><td>+1,731</td><td>-1,271</td></tr><tr><td>Yugoslavia</td><td>-20</td><td>+78</td><td>-86</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><td>+578</td><td>+195</td></tr><tr><td>Other Europe</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>+419</td><td>-685</td><td>+1,534</td><td>+1,509</td></tr><tr><td>Total Europe</td><td>+54,948</td><td>-50,987</td><td>-27,081</td><td>+573</td><td>+13,071</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><td>+71,622</td><td>-102,001</td></tr><tr><td>Canada</td><td>+7,196</td><td>+52,126</td><td>+56,940</td><td>+1,775</td><td>+10,300</td><td>+84,727</td><td>+80,399</td><td>+28,036</td><td>+7,997</td><td>+15,117</td><td>-38,999</td><td>-53,142</td><td>+14,396</td></tr><tr><td colspan="14">Latino America</td></tr><tr><td>Argentina</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><td>+14,251</td><td>-7,130</td></tr><tr><td>Bolivia</td><td>+455</td><td>-1,928</td><td>+1,355</td><td>-751</td><td>+1,601</td><td>-1,639</td><td>+866</td><td>-95</td><td>-628</td><td>-1,988</td><td>-1,295</td><td>-1,401</td><td>+165</td></tr><tr><td>Brazil</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><td>-4,867</td><td>+5,081</td></tr><tr><td>Chile</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><td>+457</td><td>-681</td></tr><tr><td>Colombia</td><td>-1,182</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><td>+2,961</td><td>-2,108</td></tr><tr><td>Costa Rica</td><td>+8</td><td>+573</td><td>+571</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><td>-1,039</td><td>-332</td></tr><tr><td>Cuba</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><td>-6,409</td><td>+147</td></tr><tr><td>French Guiana</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><td>+47</td><td>-54</td></tr><tr><td>Mexico</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>-58,311</td><td>+3,024</td><td>+14,564</td><td>+5,229</td></tr><tr><td>Netherlands West Indies</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>-1,669</td><td>+7,285</td><td>+1,958</td></tr><tr><td>Philippines West Indies and</td><td>+2,190</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><td>+623</td><td>-3,685</td></tr><tr><td>Peru</td><td>+743</td><td>+3,200</td><td>+711</td><td>+571</td><td>+2,766</td><td>-552</td><td>+2,123</td><td>+812</td><td>+3,959</td><td>+3,129</td><td>-2,123</td><td>-1,878</td><td>+1,948</td></tr><tr><td>Venezuela</td><td>-4,746</td><td>+5,391</td><td>-6,776</td><td>+3,847</td><td>-7,987</td><td>+8,958</td><td>-7,041</td><td>+1,500</td><td>+2,600</td><td>-8,524</td><td>+11,446</td><td>-13,320</td><td>+5,505</td></tr><tr><td>Other Latino America</td><td>+4,299</td><td>+3,505</td><td>+4,469</td><td>+3,191</td><td>-388</td><td>+310</td><td>-158</td><td>-4,858</td><td>+194</td><td>-922</td><td>+9,821</td><td>+9,933</td><td>-402</td></tr><tr><td>Total Latino America</td><td>+12,221</td><td>-28,215</td><td>+28,857</td><td>+61,305</td><td>+29,498</td><td>+57,822</td><td>-19,529</td><td>+21,644</td><td>-9,095</td><td>-68,206</td><td>+1,922</td><td>+6,697</td><td>+5,641</td></tr><tr><td colspan="14">Asia</td></tr><tr><td>China</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><td>+9,854</td><td>-20,916</td></tr><tr><td>French Indo-China</td><td>+50</td><td>-1</td><td>+36</td><td>+76</td><td>-22</td><td>+7</td><td>+37</td><td>+53</td><td>-77</td><td>-220</td><td>+725</td><td>+410</td><td>+6,336</td></tr><tr><td>Hong Kong</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><td>+2,747</td><td>+1,616</td></tr><tr><td>India, Burma and Ceylon</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><td>+4,477</td><td>+8,547</td></tr><tr><td>British Malaya</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>+113</td><td>+442</td><td>-197</td></tr><tr><td>Japan (including Korea and Manchuria)</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><td>+73</td><td>-147</td></tr><tr><td>Netherlands East Indies</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><td>-4,110</td><td>-9,329</td></tr><tr><td>Philippines Islands 1/</td><td>+2,190</td><td>-2,251</td><td>+3,315</td><td>+1,468</td><td>+4,530</td><td>+2,441</td><td>+14,360</td><td>+54,137</td><td>-2,243</td><td>+18,419</td><td>-1,115</td><td>+8,128</td><td>-9,357</td></tr><tr><td>Turkey</td><td>+9,135</td><td>+4,423</td><td>+1,147</td><td>+1,031</td><td>+401</td><td>+461</td><td>+443</td><td>+928</td><td>+658</td><td>-3,284</td><td>+4,923</td><td>+5,752</td><td>+4,809</td></tr><tr><td>Other Asia</td><td>+1,851</td><td>+3,354</td><td>-475</td><td>-2,840</td><td>-11,571</td><td>-497</td><td>+4,060</td><td>+13,315</td><td>-1,299</td><td>-1,318</td><td>+4,314</td><td>-2,707</td><td>+2,985</td></tr><tr><td>Total Asia</td><td>+948</td><td>+5,166</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><td>-3,596</td><td>-15,653</td></tr><tr><td colspan="14">Other countries</td></tr><tr><td>Australia</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><td>+205</td><td>-3,083</td></tr><tr><td>New Zealand</td><td>-149</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><td>-190</td><td>-221</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>+591</td><td>+159</td></tr><tr><td>French Morocco</td><td>-101</td><td>-165</td><td>+283</td><td>+132</td><td>-631</td><td>+314</td><td>+754</td><td>+966</td><td>+1,903</td><td>+1,474</td><td>+121</td><td>-284</td><td>+437</td></tr><tr><td>Ueloo of South Africa</td><td>+160</td><td>-106</td><td>+144</td><td>-554</td><td>+487</td><td>-950</td><td>+1,224</td><td>+3,116</td><td>-1,586</td><td>+721</td><td>-1,471</td><td>-312</td><td>+2,466</td></tr><tr><td>All other</td><td>+1,970</td><td>+4,499</td><td>-1,027</td><td>+1,378</td><td>+492</td><td>+4,115</td><td>+6,354</td><td>+10,321</td><td>+23,043</td><td>-17,565</td><td>-622</td><td>-1,059</td><td>+7,858</td></tr><tr><td>Total other countries</td><td>+2,154</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><td>-1,049</td><td>+7,616</td></tr><tr><td>Unidentified</td><td>+1,222</td><td>+494</td><td>+311</td><td>-123</td><td>+422</td><td>-125</td><td>+696</td><td>+739</td><td>+461</td><td>+553</td><td>-928</td><td>-483</td><td>+1,067</td></tr><tr><td>Grand total</td><td>+78,889</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>+4,817</td><td>+20,049</td><td>-86,934</td></tr></table>
1/ Starting with January 1946, the balances in the Philippine Government accounts with the United States Treasury are added to the deposit
liabilities to foreigners as reported by banks and brokers in the United States.
July 1946
91
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Summary - (Continued)
Table 3. - Net Movement of Short-Term Banking Funds, by Countries. February 1945 - February 1946
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></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><th>January</th><th>February</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>+48,948</td><td>+127</td><td>-16,524</td><td>+7,064</td><td>+32,373</td><td>+11,177</td><td>-51,769</td><td>-71,064</td><td>-2,565</td><td>-45,051</td><td>+8,585</td><td>-29,060</td><td>-49,021</td></tr><tr><td>France</td><td>-9,243</td><td>+41,194</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><td>+68,551</td><td>-17,529</td></tr><tr><td>Belgium</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><td>+1,314</td><td>-18,119</td></tr><tr><td>Denmark</td><td>-217</td><td>+215</td><td>-713</td><td>-293</td><td>+290</td><td>+5</td><td>+716</td><td>+2,405</td><td>+1,731</td><td>+4,259</td><td>+3,090</td><td>+13,154</td><td>+1,466</td></tr><tr><td>Finland</td><td>+425</td><td>+469</td><td>-54</td><td>-175</td><td>-171</td><td>-12</td><td>+415</td><td>+482</td><td>+473</td><td>+483</td><td>-562</td><td>-191</td><td>+4,005</td></tr><tr><td>Germany</td><td>+46</td><td>+88</td><td>+51</td><td>-246</td><td>-5</td><td>+26</td><td>+99</td><td>+13</td><td>+191</td><td>+167</td><td>+80</td><td>-57</td><td>-138</td></tr><tr><td>Greece</td><td>+96</td><td>+1,978</td><td>+1,646</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><td>-657</td><td>-240</td></tr><tr><td>Italy</td><td>+2,781</td><td>+2,276</td><td>+3,391</td><td>+3,419</td><td>+1,072</td><td>+3,559</td><td>+4,401</td><td>+4,591</td><td>+3,784</td><td>+3,160</td><td>+5,021</td><td>+782</td><td>+1,299</td></tr><tr><td>Luxembourg</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><td>+30</td><td>+35</td></tr><tr><td>Netherlands</td><td>+2,691</td><td>+503</td><td>-131</td><td>+554</td><td>+3,167</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><td>+12,949</td><td>-12,092</td></tr><tr><td>Norway</td><td>+1,138</td><td>+7,512</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>+1,629</td><td>+8,086</td><td>-5,628</td></tr><tr><td>Portugal</td><td>+631</td><td>+5,858</td><td>+3,927</td><td>-2,766</td><td>+4,186</td><td>+5,985</td><td>-1,385</td><td>+6,450</td><td>-258</td><td>+3,157</td><td>+693</td><td>+343</td><td>-2,228</td></tr><tr><td>Rumania</td><td>+312</td><td>+166</td><td>+36</td><td>+47</td><td>-34</td><td>+30</td><td>+401</td><td>+455</td><td>+1,100</td><td>+14,203</td><td>+3,251</td><td>+6,955</td><td>+1,048</td></tr><tr><td>Spain</td><td>+2,530</td><td>-11,936</td><td>+4,669</td><td>+5,337</td><td>-5,099</td><td>+5,058</td><td>+2,927</td><td>-1,292</td><td>+8,616</td><td>+6,913</td><td>-234</td><td>+5,177</td><td>+706</td></tr><tr><td>Sweden</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>+9,736</td><td>+5,893</td><td>+4,206</td><td>+6,937</td><td>+12,981</td><td>+7,951</td><td>+2,034</td></tr><tr><td>Switzerland</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><td>+7,951</td><td>+2,034</td></tr><tr><td>U. S. A.</td><td>+243</td><td>+4,330</td><td>+4,212</td><td>+4,703</td><td>+3,339</td><td>+1,470</td><td>+3,388</td><td>-374</td><td>+965</td><td>+399</td><td>+3,230</td><td>+1,736</td><td>-1,271</td></tr><tr><td>Turkmenistan</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><td>+614</td><td>+196</td></tr><tr><td>Other Europe</td><td>+2,336</td><td>+4,231</td><td>-1,186</td><td>+2,126</td><td>+1,304</td><td>-5,221</td><td>+1,752</td><td>-2,174</td><td>-361</td><td>-66</td><td>+432</td><td>+2,651</td><td>+1,872</td></tr><tr><td>Total Europe</td><td>+59,857</td><td>-27,801</td><td>-17,391</td><td>+6,047</td><td>+103,967</td><td>+93,675</td><td>+18,933</td><td>+30,075</td><td>+45,862</td><td>-54,817</td><td>+21,872</td><td>+97,260</td><td>+95,882</td></tr><tr><td>Canada</td><td>+100,510</td><td>+59,763</td><td>+36,540</td><td>-6,083</td><td>+71,813</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><td>-192,445</td><td>+2,033</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>+562</td><td>-19,163</td><td>-3,810</td><td>-2,180</td><td>+2,559</td><td>+3,484</td><td>+4,318</td><td>+1,183</td><td>+1,118</td><td>+4,564</td><td>+5,404</td><td>+14,236</td><td>-8,610</td></tr><tr><td>Brazil</td><td>+462</td><td>+1,936</td><td>+1,325</td><td>+764</td><td>+1,633</td><td>-2,089</td><td>+875</td><td>-72</td><td>-637</td><td>-1,691</td><td>-1,280</td><td>-1,234</td><td>-2</td></tr><tr><td>Brazil</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><td>-5,035</td><td>+4,502</td></tr><tr><td>Chile</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><td>+138</td><td>-1,120</td></tr><tr><td>Colombia</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>+1,675</td><td>+3,778</td><td>-2,743</td><td>+2,579</td><td>-2,405</td></tr><tr><td>Costa Rica</td><td>+4</td><td>+568</td><td>+585</td><td>+103</td><td>-814</td><td>+491</td><td>-999</td><td>-1,093</td><td>+884</td><td>+680</td><td>-244</td><td>-1,081</td><td>-347</td></tr><tr><td>Cuba</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><td>-6,621</td><td>-805</td></tr><tr><td>French West Indies and Guiana</td><td>+545</td><td>+327</td><td>-244</td><td>+1,236</td><td>-77</td><td>+2,282</td><td>-1,229</td><td>+364</td><td>+308</td><td>+690</td><td>+444</td><td>+52</td><td>-65</td></tr><tr><td>Mexico</td><td>+15,829</td><td>+14,014</td><td>+11,365</td><td>+18,508</td><td>+5,198</td><td>+18,043</td><td>-16,949</td><td>+5,412</td><td>-798</td><td>-53,424</td><td>+4,154</td><td>+9,970</td><td>-932</td></tr><tr><td>Netherlands West Indies and Burinam</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>-2,867</td><td>+1,214</td><td>+1,896</td></tr><tr><td>Panama</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>-1,553</td><td>+1,335</td><td>+1,330</td><td>+113</td><td>-2,108</td><td>-1,37</td><td>-2,821</td></tr><tr><td>Peru</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><td>-1,881</td><td>+1,413</td></tr><tr><td>Venezuela</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>+10,526</td><td>+11,371</td><td>+14,257</td><td>+6,133</td></tr><tr><td>Other Latin America</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><td>+9,460</td><td>-151</td></tr><tr><td>Total Latin America</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><td>-1,315</td><td>-3,912</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>-16,524</td><td>+2,544</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>+3,185</td><td>+10,831</td><td>+1,616</td><td>+167,271</td><td>+20,339</td></tr><tr><td>French Indo China</td><td>+50</td><td>-1</td><td>+16</td><td>+76</td><td>-22</td><td>+1</td><td>+43</td><td>+47</td><td>-84</td><td>-212</td><td>+725</td><td>+160</td><td>+6,336</td></tr><tr><td>Hong Kong</td><td>+164</td><td>+916</td><td>-274</td><td>+252</td><td>+224</td><td>-78</td><td>-214</td><td>+114</td><td>-151</td><td>+396</td><td>+5,218</td><td>+2,824</td><td>+1,682</td></tr><tr><td>India, Burma, and Ceylon, British Malaya, Japan (including Korea and Manchuria)</td><td>+660</td><td>+390</td><td>+1,985</td><td>+4,205</td><td>+836</td><td>+3,203</td><td>+642</td><td>+10,581</td><td>+5,278</td><td>+1,422</td><td>+1,619</td><td>+4,862</td><td>+8,344</td></tr><tr><td></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><td>+442</td><td>-197</td></tr><tr><td>Retherlands East Indies</td><td>+2,464</td><td>+2,911</td><td>-999</td><td>+2,202</td><td>+6,414</td><td>+1,414</td><td>-1,871</td><td>+9,494</td><td>+5,155</td><td>-680</td><td>+9,975</td><td>-3,712</td><td>-9,270</td></tr><tr><td>Philippine Islands</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><td>+9,010</td><td>-8,725</td></tr><tr><td>Turkey</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><td>+5,787</td><td>+8,814</td></tr><tr><td>Other Asia</td><td>+1,941</td><td>+3,529</td><td>+663</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><td>-2,662</td><td>+2,907</td></tr><tr><td>Total Asia</td><td>-71</td><td>+5,412</td><td>+2,641</td><td>+9,142</td><td>+35,218</td><td>+11,418</td><td>+64,049</td><td>+17,765</td><td>+10,757</td><td>+4,304</td><td>+24,762</td><td>+174,728</td><td>+14,578</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>+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><td>+245</td><td>+3,318</td></tr><tr><td>New Zealand</td><td>+750</td><td>-819</td><td>+491</td><td>+66</td><td>+290</td><td>+73</td><td>+1,179</td><td>-1,436</td><td>+399</td><td>+466</td><td>+12</td><td>-197</td><td>-150</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>+582</td><td>+173</td></tr><tr><td>French Morocco</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><td>+286</td><td>+442</td></tr><tr><td>Union of South Africa</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><td>-279</td><td>+2,445</td></tr><tr><td>All other</td><td>+2,099</td><td>+4,413</td><td>-969</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><td>-1,119</td><td>+8,089</td></tr><tr><td>Total other countries</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>+1,079</td><td>-4,117</td><td>+1,054</td><td>+7,784</td></tr><tr><td>Unidentified</td><td>+1,221</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><td>+491</td><td>+1,071</td></tr><tr><td>Grand total</td><td>+174,973</td><td>+11,310</td><td>+44,446</td><td>+47,306</td><td>+21,687</td><td>+23,025</td><td>+81,132</td><td>+125,994</td><td>+146,467</td><td>-157,226</td><td>+9,691</td><td>+76,643</td><td>+103,404</td></tr></table>
92
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, February 1945 - February 1946 (In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></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><th>January</th><th>February</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>+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><td>+1,484</td><td>-581</td></tr><tr><td>France</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>-120</td><td>+360</td><td>+781</td><td>+477</td></tr><tr><td>Belgium</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><td>+91</td><td>-100</td></tr><tr><td>Denmark</td><td>+8</td><td>-3</td><td>-</td><td>-15</td><td>+5</td><td>+30</td><td>-110</td><td>+71</td><td>+52</td><td>-78</td><td>+131</td><td>-150</td><td>+18</td></tr><tr><td>Finland</td><td>-1</td><td>+1</td><td>-</td><td>-13</td><td>+1</td><td>+5</td><td>+9</td><td>+139</td><td>-26</td><td>+17</td><td>+13</td><td>+46</td><td>-16</td></tr><tr><td>Germany</td><td>-1</td><td>+20</td><td>+6</td><td>-13</td><td>+1</td><td>+1</td><td>-9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>-</td><td>+1</td><td>-</td><td>-8</td><td>+14</td><td>+12</td><td>+1</td><td>-10</td><td>+11</td><td>+3</td><td>+33</td><td>+9</td><td>-2</td></tr><tr><td>Italy</td><td>+2</td><td>+10</td><td>+9</td><td>-8</td><td>+14</td><td>+14</td><td>+5</td><td>+1</td><td>+11</td><td>+1</td><td>+44</td><td>+12</td><td>-2</td></tr><tr><td>Luxembourg</td><td>-4</td><td>+29</td><td>+38</td><td>-418</td><td>+5</td><td>-5</td><td>+300</td><td>+78</td><td>+22</td><td>+76</td><td>+38</td><td>-55</td><td>+18</td></tr><tr><td>Netherlands</td><td>+251</td><td>-78</td><td>+424</td><td>+95</td><td>+411</td><td>-677</td><td>+173</td><td>+185</td><td>+452</td><td>-1,067</td><td>+1,904</td><td>-9,847</td><td>-14</td></tr><tr><td>Norway</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><td>-390</td><td>+64</td></tr><tr><td>Portugal</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><td>+56</td><td>-76</td></tr><tr><td>Swaziland</td><td>-</td><td>+3</td><td>-3</td><td>+2</td><td>+2</td><td>+1</td><td>-3</td><td>+18</td><td>+2</td><td>+3</td><td>+35</td><td>+16</td><td>+39</td></tr><tr><td>Spain</td><td>+11</td><td>+11</td><td>+11</td><td>+94</td><td>+148</td><td>-42</td><td>-38</td><td>-67</td><td>-13</td><td>+99</td><td>+92</td><td>+77</td><td>-134</td></tr><tr><td>Sweden</td><td>+1,014</td><td>+521</td><td>+240</td><td>+1,117</td><td>+187</td><td>+381</td><td>+225</td><td>+1,195</td><td>-514</td><td>+861</td><td>+2,145</td><td>-1</td><td>+558</td></tr><tr><td>U. S. S. R.</td><td>+9</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>+2</td><td>-2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td></tr><tr><td>Yugoslavia</td><td>+1,142</td><td>-413</td><td>+4</td><td>-17</td><td>+42</td><td>-158</td><td>+47</td><td>+1</td><td>+336</td><td>+1,100</td><td>+35</td><td>-109</td><td>+113</td></tr><tr><td>Other 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>Total Europe</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><td>-7,932</td><td>+345</td></tr><tr><td>Canada</td><td>+305</td><td>-86</td><td>+80</td><td>+2,256</td><td>-1,367</td><td>-611</td><td>+866</td><td>+368</td><td>-923</td><td>+1,168</td><td>+738</td><td>-523</td><td>-107</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>-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>-713</td><td>-7</td><td>+192</td></tr><tr><td>Bolivia</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><td>-166</td><td>+118</td></tr><tr><td>Brazil</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><td>-167</td><td>-211</td></tr><tr><td>Chile</td><td>+40</td><td>+34</td><td>+64</td><td>-112</td><td>-235</td><td>+33</td><td>+239</td><td>-148</td><td>-15</td><td>+100</td><td>+18</td><td>-110</td><td>-9</td></tr><tr><td>Colombia</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><td>+142</td><td>+41</td></tr><tr><td>Costa Rica</td><td>-19</td><td>+65</td><td>-11</td><td>-1</td><td>-29</td><td>+24</td><td>+48</td><td>+49</td><td>+6</td><td>+9</td><td>-36</td><td>+21</td><td>+6</td></tr><tr><td>Cuba</td><td>+186</td><td>-59</td><td>+262</td><td>-192</td><td>-355</td><td>-317</td><td>-275</td><td>+498</td><td>-442</td><td>+35</td><td>-579</td><td>+278</td><td>-665</td></tr><tr><td>French West Indies and Guiana</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><td>-</td><td>+11</td></tr><tr><td>Mexico</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><td>-290</td><td>+323</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>+39</td><td>-183</td><td>+145</td><td>-2</td><td>+165</td><td>+104</td><td>+86</td><td>+52</td><td>+454</td><td>+12</td><td>+609</td><td>-3</td><td>+44</td></tr><tr><td>Panama</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><td>+237</td><td>+132</td></tr><tr><td>Peru</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><td>+207</td><td>+379</td></tr><tr><td>Venezuela</td><td>+72</td><td>+100</td><td>+197</td><td>+174</td><td>-1,375</td><td>-295</td><td>-212</td><td>+482</td><td>-957</td><td>+1,518</td><td>-907</td><td>-877</td><td>-1,284</td></tr><tr><td>Other Latin America</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><td>-1,457</td><td>-545</td></tr><tr><td>Total Latin America</td><td>+944</td><td>+300</td><td>-530</td><td>+494</td><td>-3,328</td><td>-1,792</td><td>+4</td><td>+2,187</td><td>-35</td><td>+2,418</td><td>-984</td><td>-438</td><td>-1,550</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</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><td>-20</td><td>-76</td></tr><tr><td>French Indo-China</td><td>-1</td><td>+11</td><td>+18</td><td>+1</td><td>+5</td><td>+5</td><td>+6</td><td>+6</td><td>+8</td><td>-8</td><td>+6</td><td>-3</td><td>+65</td></tr><tr><td>Song Kong</td><td>+67</td><td>-9</td><td>-8</td><td>-3</td><td>-11</td><td>-58</td><td>+23</td><td>-2</td><td>+72</td><td>+5</td><td>+6</td><td>+81</td><td>+23</td></tr><tr><td>India, Burma, and Ceylon</td><td>+2</td><td>+1</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+6</td><td>-6</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>-</td><td>-3</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>+5</td><td>-9</td></tr><tr><td>Japan (including Korea and Manchurie)</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><td>+1</td><td>-1</td></tr><tr><td>Netherlands East Indies</td><td>-4</td><td>+65</td><td>+34</td><td>-78</td><td>-44</td><td>-28</td><td>-39</td><td>+80</td><td>-169</td><td>+251</td><td>+99</td><td>-60</td><td>+222</td></tr><tr><td>Philippine Islands</td><td>+14</td><td>+4</td><td>-3</td><td>-6</td><td>-3</td><td>+1</td><td>+1</td><td>+1</td><td>-</td><td>+49</td><td>-54</td><td>-4</td><td>-</td></tr><tr><td>Turkey</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>-48</td><td>+31</td><td>-6</td><td>+76</td></tr><tr><td>Other Asia</td><td>+62</td><td>-79</td><td>-263</td><td>-580</td><td>-833</td><td>-307</td><td>+499</td><td>-62</td><td>+445</td><td>-175</td><td>+335</td><td>-162</td><td>+100</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>+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><td>+29</td><td>+22</td></tr><tr><td>New Zealand</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><td>+7</td><td>-2</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>+5</td><td>-10</td></tr><tr><td>French Morocco</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>+3</td><td>-</td><td>+42</td></tr><tr><td>Uolos of South Africa</td><td>+34</td><td>-11</td><td>-14</td><td>-3</td><td>+4</td><td>-6</td><td>+33</td><td>+2</td><td>-1</td><td>-11</td><td>-6</td><td>-4</td><td>+13</td></tr><tr><td>All other</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><td>+130</td><td>-225</td></tr><tr><td>Total other countries</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><td>+175</td><td>-200</td></tr><tr><td>Unidentified</td><td>-14</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><td>+8</td><td>+2</td></tr><tr><td>Grand total</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><td>-8,932</td><td>-1,210</td></tr></table>
July 1946
93
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I -
mmary - (Continued)
Table 5.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by United States Banks, Brokers, and Dealers, February 1945 - February 1946
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></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><th>January</th><th>February</th></tr><tr><td colspan="14">Europe</td></tr><tr><td>United Kingdom</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><td>-6,690</td><td>-3,945</td></tr><tr><td>France</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>+11,296</td><td>-62</td><td>-4,890</td></tr><tr><td>Belgium</td><td>+76</td><td>-739</td><td>-1,049</td><td>+96</td><td>+2,022</td><td>-82</td><td>-195</td><td>+138</td><td>+604</td><td>+142</td><td>+113</td><td>-393</td><td>-8</td></tr><tr><td>Denmark</td><td>+101</td><td>+398</td><td>+11</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><td>+78</td><td>-115</td></tr><tr><td>Finland</td><td>+22</td><td>+1</td><td>+4</td><td>-1</td><td>+37</td><td>+7</td><td>+8</td><td>+21</td><td>+2</td><td>+12</td><td>+89</td><td>+44</td><td>+41</td></tr><tr><td>Germany</td><td>+6</td><td>-3</td><td>-14</td><td>+40</td><td>+7</td><td>+67</td><td>+112</td><td>+14</td><td>-90</td><td>+1,149</td><td>-21</td><td>+3</td><td>-2</td></tr><tr><td>Greece</td><td>+132</td><td>-150</td><td>+15</td><td>-86</td><td>-1,366</td><td>+1,376</td><td>-384</td><td>-25</td><td>+104</td><td>+149</td><td>+607</td><td>+18</td><td>+138</td></tr><tr><td>Italy</td><td>-9</td><td>-1</td><td>+11</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><td>+3</td><td>+141</td></tr><tr><td>Luxembourg</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><td>-4,442</td><td>-522</td></tr><tr><td>Netherlands</td><td>+14</td><td>+169</td><td>+91</td><td>-3</td><td>+227</td><td>-63</td><td>+1,889</td><td>+122</td><td>+51</td><td>-65</td><td>-170</td><td>-201</td><td>+514</td></tr><tr><td>Portugal</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><td>+14</td><td>+12</td></tr><tr><td>Rumania</td><td>-8</td><td>+5</td><td>-236</td><td>+82</td><td>+240</td><td>+51</td><td>+16</td><td>+15</td><td>+6</td><td>+2</td><td>+2,085</td><td>-116</td><td>+34</td></tr><tr><td>Spain</td><td>+190</td><td>-2,363</td><td>-239</td><td>+944</td><td>+34</td><td>+12</td><td>+92</td><td>+57</td><td>-3</td><td>+425</td><td>-383</td><td>-3,175</td><td>+2,641</td></tr><tr><td>Sweden</td><td>-2,681</td><td>-1,152</td><td>-2,155</td><td>+778</td><td>+3,840</td><td>+743</td><td>-1,491</td><td>-2,573</td><td>+897</td><td>-3,187</td><td>-2,614</td><td>-1,681</td><td>-68</td></tr><tr><td>U. S. S. R.</td><td>+3</td><td>+1</td><td>-77</td><td>-</td><td>+1</td><td>+6</td><td>+2</td><td>+2</td><td>-</td><td>+2</td><td>+35</td><td>+1</td><td>-</td></tr><tr><td>Tuqoeva</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>+43</td><td>-215</td><td>-555</td><td>-158</td><td>-1,008</td><td>+483</td></tr><tr><td>Other Europe</td><td>-6,963</td><td>-23,539</td><td>-10,354</td><td>-6,546</td><td>+23,430</td><td>-8,511</td><td>-2,063</td><td>+1,875</td><td>-7,126</td><td>-16,856</td><td>+6,461</td><td>-17,646</td><td>-6,464</td></tr><tr><td>Total Europe</td><td>-93,619</td><td>-71,551</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><td>-139,826</td><td>+12,470</td></tr><tr><td colspan="14">Canada</td></tr><tr><td>Latin America</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>+12,071</td><td>+1,529</td><td>+22</td><td>+1,288</td></tr><tr><td>Argentina</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>-2</td><td>-248</td><td>-117</td><td>-1</td><td>+45</td></tr><tr><td>Bolivia</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><td>+335</td><td>+790</td></tr><tr><td>Brazil</td><td>+22</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>+1,333</td><td>+147</td><td>+705</td><td>+448</td></tr><tr><td>Chile</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><td>+240</td><td>+338</td></tr><tr><td>Colombia</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><td>+21</td><td>+9</td></tr><tr><td>Costa Rica</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><td>-66</td><td>+1,617</td></tr><tr><td>Cuba</td><td>-5</td><td>+10</td><td>-3</td><td>-9</td><td>-47</td><td>-47</td><td>-693</td><td>-4,051</td><td>-592</td><td>-1,118</td><td>+4,884</td><td>+5,838</td><td>-5</td></tr><tr><td>French West Indies and</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><td>+4,884</td><td>+5,838</td></tr><tr><td>Ouiana</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><td>-68</td><td>+16</td></tr><tr><td>Mexico</td><td>-733</td><td>+85</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><td>+523</td><td>-996</td></tr><tr><td>Netherlands West Indies and Suriname</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><td>-204</td><td>+156</td></tr><tr><td>Panama</td><td>-117</td><td>+107</td><td>+67</td><td>+379</td><td>+20</td><td>+149</td><td>+117</td><td>+268</td><td>-122</td><td>+474</td><td>+982</td><td>+60</td><td>+656</td></tr><tr><td>Paru</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><td>+2,004</td><td>+894</td></tr><tr><td>Other Latin America</td><td>-110</td><td>+1,211</td><td>+857</td><td>+2,133</td><td>+1,597</td><td>+1,100</td><td>+565</td><td>+240</td><td>-3,240</td><td>+13,638</td><td>+15,295</td><td>+8,450</td><td>+11,103</td></tr><tr><td>Total Latin America</td><td>+957</td><td>-169</td><td>+542</td><td>+641</td><td>+17,696</td><td>+11,768</td><td>-1,322</td><td>+6,191</td><td>-11,557</td><td>-12,533</td><td>-178,162</td><td>-1,175</td></tr><tr><td colspan="14">Asia</td></tr><tr><td>China</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><td>-177,105</td><td>-501</td></tr><tr><td>French Indo-China</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><td>-80</td><td>-131</td></tr><tr><td>Song Kong</td><td>+73</td><td>+97</td><td>-261</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><td>+66</td><td>+180</td></tr><tr><td>India, Burma, and Ceylon</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><td>-80</td><td>-131</td></tr><tr><td>British Malaya</td><td>-73</td><td>+97</td><td>-261</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><td>+66</td><td>+180</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-25</td><td>-34</td><td>+42</td><td>-38</td><td>-104</td><td>-217</td><td>-63</td><td>-313</td><td>-715</td><td>-627</td><td>-822</td><td>-484</td><td>-8</td></tr><tr><td>Netherlands East Indies</td><td>+180</td><td>+93</td><td>+34</td><td>+7</td><td>-31</td><td>+1</td><td>+6</td><td>-2</td><td>-5</td><td>-31</td><td>-5</td><td>-8</td><td>-5</td></tr><tr><td>Philippine Islands</td><td>+2</td><td>+26</td><td>+4</td><td>+7</td><td>-31</td><td>+1</td><td>+6</td><td>-2</td><td>-5</td><td>-31</td><td>-5</td><td>-8</td><td>-5</td></tr><tr><td>Turkey</td><td>+94</td><td>+161</td><td>+28</td><td>+89</td><td>-30</td><td>+45</td><td>+13</td><td>+219</td><td>+41</td><td>-17</td><td>-39</td><td>-2</td><td>-2</td></tr><tr><td>Other Asia</td><td>+957</td><td>-169</td><td>+542</td><td>+641</td><td>+17,696</td><td>+11,768</td><td>-1,322</td><td>+6,191</td><td>-11,557</td><td>-12,533</td><td>-178,162</td><td>-1,175</td></tr><tr><td>Total Asia</td><td>+957</td><td>-169</td><td>+542</td><td>+641</td><td>+17,696</td><td>+11,768</td><td>-1,322</td><td>+6,191</td><td>-11,557</td><td>-12,533</td><td>-178,162</td><td>-1,175</td></tr><tr><td colspan="14">Other countries</td></tr><tr><td>Australia</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><td>-69</td><td>+111</td></tr><tr><td>New Zealand</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>+170</td><td>-3</td><td>+12</td><td>+4</td><td>-4</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-15</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><td>+2</td><td>-7</td></tr><tr><td>French Morocco</td><td>-39</td><td>+31</td><td>-87</td><td>-30</td><td>+15</td><td>+106</td><td>-15</td><td>-62</td><td>-4</td><td>-10</td><td>-29</td><td>-37</td><td>+7</td></tr><tr><td>Union of South Africa</td><td>-163</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><td>-70</td><td>-6</td></tr><tr><td>All other</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><td>-170</td><td>+12</td></tr><tr><td>Total other countries</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><td>-170</td><td>+12</td></tr><tr><td>Unidentified</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><td>-6</td><td>-</td></tr><tr><td>Grand total</td><td>-99,924</td><td>-30,017</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>+9,451</td><td>-47,702</td><td>+15,760</td></tr></table>
94
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Months of January and February 1948
Table 1A.- Short-Term Claims on Foreigners as of January 31, 1946, as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term claims</th><th colspan="3">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe</td><td>25,850</td><td>17,166</td><td>13,536</td><td>455</td><td>3,175</td><td>8,666</td><td>6,114</td><td>1,592</td><td>918</td></tr><tr><td>United Kingdom</td><td>151</td><td>194</td><td>106</td><td>26</td><td>62</td><td>563</td><td>8</td><td>-</td><td>555</td></tr><tr><td>France</td><td>1,781</td><td>59</td><td>27</td><td>12</td><td>6</td><td>1,736</td><td>330</td><td>-</td><td>1,406</td></tr><tr><td>Belgium</td><td>1,033</td><td>14</td><td>9</td><td>1</td><td>4</td><td>1,019</td><td>-</td><td>-</td><td>1,019</td></tr><tr><td>Denmark</td><td>1,265</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,264</td><td>-</td><td>940</td><td>324</td></tr><tr><td>Finland</td><td>33,954</td><td>52</td><td>7</td><td>28</td><td>17</td><td>33,802</td><td>20,556</td><td>67</td><td>13,179</td></tr><tr><td>Germany</td><td>722</td><td>12</td><td>-</td><td>8</td><td>4</td><td>710</td><td>-</td><td>-</td><td>710</td></tr><tr><td>Greece</td><td>328</td><td>233</td><td>21</td><td>205</td><td>7</td><td>95</td><td>-</td><td>-</td><td>95</td></tr><tr><td>Italy</td><td>72</td><td>-</td><td>-</td><td>-</td><td>-</td><td>72</td><td>-</td><td>-</td><td>72</td></tr><tr><td>Luxembourg</td><td>35,131</td><td>72</td><td>23</td><td>47</td><td>2</td><td>35,659</td><td>479</td><td>-</td><td>35,160</td></tr><tr><td>Netherlands</td><td>64</td><td>34</td><td>4</td><td>2</td><td>28</td><td>30</td><td>-</td><td>-</td><td>30</td></tr><tr><td>Norway</td><td>410</td><td>105</td><td>104</td><td>-</td><td>1</td><td>305</td><td>84</td><td>-</td><td>221</td></tr><tr><td>Portugal</td><td>25</td><td>3</td><td>-</td><td>3</td><td>-</td><td>22</td><td>-</td><td>-</td><td>22</td></tr><tr><td>Romania</td><td>1,830</td><td>148</td><td>11</td><td>43</td><td>92</td><td>1,684</td><td>909</td><td>-</td><td>775</td></tr><tr><td>Spain</td><td>1,133</td><td>247</td><td>211</td><td>13</td><td>23</td><td>886</td><td>455</td><td>21</td><td>410</td></tr><tr><td>Sweden</td><td>6,204</td><td>1,950</td><td>417</td><td>1,520</td><td>13</td><td>4,254</td><td>297</td><td>-</td><td>3,957</td></tr><tr><td>Switzerland</td><td>11</td><td>8</td><td>8</td><td>7</td><td>-</td><td>3</td><td>-</td><td>-</td><td>3</td></tr><tr><td>U.S. S. B.</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7</td><td>-</td><td>-</td><td>7</td></tr><tr><td>Yugoslavia</td><td>4,765</td><td>103</td><td>51</td><td>35</td><td>17</td><td>4,662</td><td>1,338</td><td>-</td><td>3,324</td></tr><tr><td>Other Europe</td><td>115,642</td><td>20,385</td><td>14,535</td><td>2,398</td><td>3,452</td><td>95,451</td><td>30,574</td><td>2,620</td><td>62,263</td></tr><tr><td>Total Europe</td><td>74,345</td><td>20,494</td><td>16,819</td><td>3,023</td><td>652</td><td>53,852</td><td>10,920</td><td>3,225</td><td>39,706</td></tr><tr><td>Canada</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Latin America</td><td>24,156</td><td>947</td><td>213</td><td>687</td><td>47</td><td>23,209</td><td>9,774</td><td>165</td><td>13,270</td></tr><tr><td>Argentina</td><td>1,678</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,678</td><td>822</td><td>-</td><td>856</td></tr><tr><td>Bolivia</td><td>25,803</td><td>34</td><td>18</td><td>2</td><td>14</td><td>25,759</td><td>2,598</td><td>658</td><td>23,513</td></tr><tr><td>Brazil</td><td>6,999</td><td>5</td><td>1</td><td>19</td><td>4</td><td>6,994</td><td>26</td><td>998</td><td>5,970</td></tr><tr><td>Chile</td><td>17,504</td><td>20</td><td>-</td><td>-</td><td>1</td><td>17,494</td><td>3,626</td><td>1,829</td><td>12,029</td></tr><tr><td>Colombia</td><td>1,382</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,382</td><td>17</td><td>74</td><td>1,291</td></tr><tr><td>Costa Rica</td><td>33,865</td><td>90</td><td>73</td><td>-</td><td>17</td><td>33,775</td><td>19,946</td><td>10,053</td><td>3,776</td></tr><tr><td>Cuba</td><td>128</td><td>-</td><td>-</td><td>-</td><td>-</td><td>128</td><td>-</td><td>-</td><td>128</td></tr><tr><td>French West Indies and Guiana</td><td>10,545</td><td>1,700</td><td>1,569</td><td>68</td><td>63</td><td>8,845</td><td>1,358</td><td>1,522</td><td>5,965</td></tr><tr><td>Mexico</td><td>341</td><td>3</td><td>-</td><td>-</td><td>3</td><td>338</td><td>-</td><td>-</td><td>338</td></tr><tr><td>Netherlands West Indies and Barbados</td><td>1,927</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,927</td><td>-</td><td>3</td><td>1,924</td></tr><tr><td>Panama</td><td>3,319</td><td>13</td><td>2</td><td>-</td><td>11</td><td>3,306</td><td>21</td><td>-</td><td>3,285</td></tr><tr><td>Peru</td><td>6,570</td><td>57</td><td>26</td><td>25</td><td>6</td><td>6,513</td><td>2,079</td><td>90</td><td>4,344</td></tr><tr><td>Yucatán</td><td>23,512</td><td>37</td><td>28</td><td>-</td><td>9</td><td>23,475</td><td>12,594</td><td>721</td><td>16,160</td></tr><tr><td>Other Latin America</td><td>164,729</td><td>2,906</td><td>1,930</td><td>801</td><td>175</td><td>161,823</td><td>52,861</td><td>16,113</td><td>92,849</td></tr><tr><td>Total Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Asia</td><td>7,693</td><td>36</td><td>19</td><td>4</td><td>13</td><td>7,657</td><td>2,095</td><td>29</td><td>5,533</td></tr><tr><td>China</td><td>1,115</td><td>1</td><td>358</td><td>129</td><td>4</td><td>624</td><td>132</td><td>60</td><td>432</td></tr><tr><td>French Indo-China</td><td>7,938</td><td>4,930</td><td>171</td><td>4,750</td><td>9</td><td>3,008</td><td>777</td><td>991</td><td>1,240</td></tr><tr><td>Hong Kong</td><td>305</td><td>4</td><td>3</td><td>1</td><td>-</td><td>301</td><td>285</td><td>36</td><td>16</td></tr><tr><td>Indo, Burma, and Ceylon</td><td>1,392</td><td>162</td><td>47</td><td>115</td><td>-</td><td>1,392</td><td>9,788</td><td>1,899</td><td>6,610</td></tr><tr><td>British Malaya</td><td>18,459</td><td>6</td><td>59</td><td>6</td><td>162</td><td>18,297</td><td>120</td><td>-</td><td>899</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>2,478</td><td>65</td><td>59</td><td>6</td><td>211</td><td>2,409</td><td>271</td><td>-</td><td>2,138</td></tr><tr><td>Other Asia</td><td>40,551</td><td>5,709</td><td>657</td><td>4,890</td><td>162</td><td>34,842</td><td>13,496</td><td>4,339</td><td>17,007</td></tr><tr><td>Total Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Other countries</td><td>2,086</td><td>247</td><td>107</td><td>140</td><td>6</td><td>1,839</td><td>128</td><td>449</td><td>1,242</td></tr><tr><td>Australia</td><td>638</td><td>11</td><td>5</td><td>6</td><td>-</td><td>627</td><td>2</td><td>NO</td><td>545</td></tr><tr><td>New Zealand</td><td>198</td><td>-</td><td>-</td><td>-</td><td>-</td><td>198</td><td>-</td><td>-</td><td>198</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>61</td><td>-</td><td>-</td><td>-</td><td>-</td><td>61</td><td>1</td><td>-</td><td>60</td></tr><tr><td>French Morocco</td><td>8,959</td><td>310</td><td>21</td><td>68</td><td>246</td><td>4,649</td><td>-</td><td>-</td><td>4,649</td></tr><tr><td>Colonies of South Africa</td><td>2,618</td><td>62</td><td>21</td><td>41</td><td>-</td><td>2,556</td><td>414</td><td>180</td><td>1,962</td></tr><tr><td>All Other</td><td>10,560</td><td>630</td><td>133</td><td>64</td><td>433</td><td>9,930</td><td>545</td><td>689</td><td>8,656</td></tr><tr><td>Total other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Deidentified</td><td>259</td><td>-</td><td>-</td><td>-</td><td>-</td><td>259</td><td>-</td><td>-</td><td>259</td></tr><tr><td>Grand total</td><td>106,285</td><td>50,124</td><td>34,074</td><td>11,176</td><td>4,874</td><td>356,162</td><td>108,396</td><td>26,986</td><td>220,780</td></tr></table>
July 1946
95
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II.- Details for Months of January and February 1946 - (Continued)
Table 1B.- Short-Term Claims on Foreigners as of February 28, 1946, 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 foreigne</th><th>Deposits of domestic clients with foreigne</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>26,325</td><td>19,299</td><td>13,986</td><td>569</td><td>4,744</td><td>7,026</td><td>5,583</td><td>251</td><td>1,186</td></tr><tr><td>France</td><td>660</td><td>128</td><td>66</td><td>25</td><td>37</td><td>532</td><td>22</td><td>-</td><td>510</td></tr><tr><td>Belgium</td><td>2,593</td><td>42</td><td>26</td><td>10</td><td>6</td><td>2,551</td><td>300</td><td>612</td><td>1,439</td></tr><tr><td>Denmark</td><td>1,039</td><td>16</td><td>12</td><td>-</td><td>4</td><td>1,023</td><td>-</td><td>-</td><td>1,023</td></tr><tr><td>Finland</td><td>1,391</td><td>4</td><td>2</td><td>1</td><td>1</td><td>1,387</td><td>17</td><td>1,296</td><td>114</td></tr><tr><td>Germany</td><td>33,855</td><td>53</td><td>8</td><td>28</td><td>17</td><td>33,802</td><td>20,556</td><td>67</td><td>13,179</td></tr><tr><td>Greece</td><td>770</td><td>12</td><td>-</td><td>8</td><td>4</td><td>758</td><td>20</td><td>-</td><td>738</td></tr><tr><td>Italy</td><td>401</td><td>237</td><td>22</td><td>209</td><td>6</td><td>164</td><td>1</td><td>-</td><td>163</td></tr><tr><td>Luxembourg</td><td>85</td><td>13</td><td>-</td><td>13</td><td>-</td><td>72</td><td>-</td><td>-</td><td>72</td></tr><tr><td>Netherlands</td><td>36,091</td><td>78</td><td>46</td><td>31</td><td>1</td><td>36,013</td><td>400</td><td>-</td><td>35,573</td></tr><tr><td>Norway</td><td>8,235</td><td>54</td><td>12</td><td>1</td><td>41</td><td>4,161</td><td>1</td><td>-</td><td>4,160</td></tr><tr><td>Portugal</td><td>311</td><td>88</td><td>87</td><td>-</td><td>1</td><td>323</td><td>134</td><td>-</td><td>189</td></tr><tr><td>Romania</td><td>10</td><td>3</td><td>-</td><td>3</td><td>-</td><td>27</td><td>1</td><td>-</td><td>26</td></tr><tr><td>Spain</td><td>1,360</td><td>141</td><td>7</td><td>42</td><td>92</td><td>1,219</td><td>428</td><td>-</td><td>791</td></tr><tr><td>Sweden</td><td>1,102</td><td>354</td><td>179</td><td>165</td><td>10</td><td>748</td><td>203</td><td>82</td><td>463</td></tr><tr><td>Switzerland</td><td>4,931</td><td>739</td><td>201</td><td>534</td><td>4</td><td>4,192</td><td>293</td><td>-</td><td>3,899</td></tr><tr><td>O. S. S. B.</td><td>18</td><td>15</td><td>15</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Togo-elsevier</td><td>17</td><td>12</td><td>-</td><td>-</td><td>12</td><td>5</td><td>2</td><td>-</td><td>3</td></tr><tr><td>Other Europe</td><td>4,878</td><td>143</td><td>89</td><td>34</td><td>20</td><td>4,735</td><td>1,426</td><td>-</td><td>3,309</td></tr><tr><td>Total Europe</td><td>120,192</td><td>21,431</td><td>14,758</td><td>1,673</td><td>5,000</td><td>98,761</td><td>29,427</td><td>2,474</td><td>66,860</td></tr><tr><td>Canada</td><td>71,330</td><td>19,092</td><td>15,596</td><td>2,988</td><td>508</td><td>52,238</td><td>10,101</td><td>2,714</td><td>39,423</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>17,981</td><td>992</td><td>255</td><td>669</td><td>68</td><td>16,989</td><td>3,283</td><td>140</td><td>13,566</td></tr><tr><td>Bolivia</td><td>1,465</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,465</td><td>588</td><td>-</td><td>877</td></tr><tr><td>Brazil</td><td>89,671</td><td>21</td><td>18</td><td>1</td><td>2</td><td>89,650</td><td>2,515</td><td>718</td><td>26,357</td></tr><tr><td>Chile</td><td>6,197</td><td>6</td><td>3</td><td>16</td><td>3</td><td>6,191</td><td>20</td><td>559</td><td>5,612</td></tr><tr><td>Colombia</td><td>18,067</td><td>17</td><td>-</td><td>-</td><td>1</td><td>18,050</td><td>4,622</td><td>1,190</td><td>12,238</td></tr><tr><td>Costa Rica</td><td>1,469</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,468</td><td>137</td><td>35</td><td>1,296</td></tr><tr><td>Cuba</td><td>32,936</td><td>63</td><td>58</td><td>-</td><td>5</td><td>32,873</td><td>20,413</td><td>8,189</td><td>4,271</td></tr><tr><td>French West Indies and Guiana</td><td>57</td><td>-</td><td>-</td><td>-</td><td>-</td><td>57</td><td>-</td><td>-</td><td>57</td></tr><tr><td>Mexico</td><td>13,883</td><td>1,189</td><td>1,024</td><td>94</td><td>71</td><td>12,694</td><td>3,394</td><td>1,180</td><td>8,120</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>375</td><td>3</td><td>-</td><td>-</td><td>3</td><td>372</td><td>-</td><td>-</td><td>372</td></tr><tr><td>Panama</td><td>2,789</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,789</td><td>-</td><td>4</td><td>2,785</td></tr><tr><td>Peru</td><td>3,504</td><td>24</td><td>13</td><td>-</td><td>11</td><td>3,480</td><td>107</td><td>-</td><td>3,573</td></tr><tr><td>Venezuela</td><td>6,861</td><td>59</td><td>49</td><td>4</td><td>6</td><td>6,802</td><td>1,993</td><td>90</td><td>4,719</td></tr><tr><td>Other Latin America</td><td>25,935</td><td>66</td><td>56</td><td>-</td><td>10</td><td>25,869</td><td>8,217</td><td>1,213</td><td>16,439</td></tr><tr><td>Total Latin America</td><td>161,190</td><td>2,441</td><td>1,476</td><td>784</td><td>181</td><td>158,749</td><td>45,289</td><td>13,378</td><td>100,082</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>9,741</td><td>183</td><td>166</td><td>4</td><td>13</td><td>9,558</td><td>5,900</td><td>29</td><td>3,629</td></tr><tr><td>French Indo-China</td><td>19</td><td>1</td><td>-</td><td>-</td><td>1</td><td>18</td><td>-</td><td>-</td><td>18</td></tr><tr><td>Hong Koong</td><td>794</td><td>282</td><td>150</td><td>129</td><td>3</td><td>512</td><td>133</td><td>61</td><td>318</td></tr><tr><td>India, Burma, and Ceylon</td><td>6,956</td><td>4,873</td><td>444</td><td>4,407</td><td>22</td><td>2,083</td><td>84</td><td>769</td><td>1,230</td></tr><tr><td>British Malayo</td><td>333</td><td>10</td><td>9</td><td>-</td><td>1</td><td>323</td><td>211</td><td>36</td><td>76</td></tr><tr><td>Japan (including Korea and Manchurie)</td><td>305</td><td>4</td><td>3</td><td>1</td><td>-</td><td>301</td><td>285</td><td>-</td><td>16</td></tr><tr><td>Netherlands East Indies</td><td>1,394</td><td>6</td><td>6</td><td>-</td><td>-</td><td>1,388</td><td>-</td><td>1,324</td><td>64</td></tr><tr><td>Philippine Islands</td><td>20,080</td><td>147</td><td>33</td><td>-</td><td>114</td><td>19,933</td><td>10,232</td><td>2,161</td><td>7,540</td></tr><tr><td>Turkey</td><td>1,120</td><td>11</td><td>-</td><td>11</td><td>-</td><td>1,109</td><td>34</td><td>-</td><td>1,075</td></tr><tr><td>Other Asia</td><td>2,833</td><td>68</td><td>63</td><td>-</td><td>5</td><td>2,765</td><td>313</td><td>-</td><td>2,452</td></tr><tr><td>Total Asia</td><td>43,575</td><td>5,585</td><td>874</td><td>4,552</td><td>159</td><td>37,990</td><td>17,192</td><td>4,380</td><td>16,418</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>1,787</td><td>177</td><td>41</td><td>-</td><td>136</td><td>1,610</td><td>99</td><td>401</td><td>1,110</td></tr><tr><td>New Zealand</td><td>710</td><td>89</td><td>82</td><td>-</td><td>7</td><td>621</td><td>-</td><td>25</td><td>596</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>251</td><td>-</td><td>-</td><td>-</td><td>-</td><td>251</td><td>1</td><td>18</td><td>232</td></tr><tr><td>French Morocco</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>50</td><td>-</td><td>-</td><td>50</td></tr><tr><td>Union of South Africa</td><td>5,319</td><td>390</td><td>39</td><td>27</td><td>324</td><td>4,929</td><td>159</td><td>-</td><td>4,929</td></tr><tr><td>All other</td><td>2,198</td><td>13</td><td>1</td><td>-</td><td>12</td><td>2,185</td><td>-</td><td>197</td><td>1,829</td></tr><tr><td>Total other countries</td><td>10,315</td><td>669</td><td>163</td><td>27</td><td>479</td><td>9,646</td><td>259</td><td>641</td><td>8,746</td></tr><tr><td>Unidentified</td><td>199</td><td>-</td><td>-</td><td>-</td><td>-</td><td>199</td><td>-</td><td>-</td><td>199</td></tr><tr><td>Grand total</td><td>406,801</td><td>49,218</td><td>12,667</td><td>10,024</td><td>6,327</td><td>357,581</td><td>102,268</td><td>23,587</td><td>231,728</td></tr></table>
96
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Months of January and February 1946 - (Continued)
Table 2A.- Short-Term Liabilities to Foreigners as of January 31, 1946, 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="5">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bill held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe</td><td>679,045</td><td>672,431</td><td>659,198</td><td>1,707</td><td>9,913</td><td>1,513</td><td>6,514</td><td>550</td><td>2,463</td><td>3,601</td></tr><tr><td>United Kingdom</td><td>398,291</td><td>398,097</td><td>358,843</td><td>194</td><td>38,146</td><td>914</td><td>196</td><td>74</td><td>92</td><td>30</td></tr><tr><td>France</td><td>184,865</td><td>184,715</td><td>177,742</td><td>199</td><td>6,569</td><td>205</td><td>150</td><td>124</td><td>12</td><td>14</td></tr><tr><td>Belgium</td><td>40,083</td><td>40,080</td><td>38,843</td><td>6</td><td>1,182</td><td>109</td><td>3</td><td>2</td><td>-</td><td>1</td></tr><tr><td>Denmark</td><td>6,606</td><td>6,503</td><td>6,603</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>6,907</td><td>6,893</td><td>6,784</td><td>62</td><td>6</td><td>41</td><td>14</td><td>13</td><td>-</td><td>1</td></tr><tr><td>Germany</td><td>69,964</td><td>69,920</td><td>68,777</td><td>220</td><td>844</td><td>79</td><td>44</td><td>22</td><td>-</td><td>22</td></tr><tr><td>Greece</td><td>71,108</td><td>71,097</td><td>70,496</td><td>43</td><td>450</td><td>148</td><td>11</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>22,311</td><td>22,311</td><td>22,265</td><td>16</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>293,914</td><td>293,608</td><td>279,608</td><td>22</td><td>13,968</td><td>10</td><td>306</td><td>305</td><td>-</td><td>1</td></tr><tr><td>Netherlands</td><td>176,559</td><td>176,446</td><td>70,740</td><td>35</td><td>105,605</td><td>65</td><td>13</td><td>3</td><td>-</td><td>10</td></tr><tr><td>Norway</td><td>47,861</td><td>47,005</td><td>45,747</td><td>766</td><td>38</td><td>434</td><td>476</td><td>3</td><td>-</td><td>473</td></tr><tr><td>Portugal</td><td>9,291</td><td>9,291</td><td>9,262</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Romania</td><td>37,117</td><td>37,029</td><td>36,353</td><td>462</td><td>210</td><td>4</td><td>88</td><td>86</td><td>-</td><td>2</td></tr><tr><td>Spain</td><td>213,959</td><td>213,933</td><td>90,121</td><td>12,798</td><td>111,000</td><td>14</td><td>26</td><td>25</td><td>-</td><td>1</td></tr><tr><td>Sweden</td><td>315,957</td><td>315,088</td><td>300,315</td><td>4,301</td><td>10,338</td><td>134</td><td>369</td><td>134</td><td>-</td><td>235</td></tr><tr><td>Switzerland</td><td>29,743</td><td>29,743</td><td>29,719</td><td>24</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. S. R.</td><td>6,349</td><td>6,349</td><td>6,303</td><td>1</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>46,398</td><td>46,365</td><td>46,035</td><td>126</td><td>160</td><td>44</td><td>33</td><td>28</td><td>-</td><td>5</td></tr><tr><td>Other Europe</td><td>2,655,350</td><td>2,647,004</td><td>2,323,714</td><td>21,032</td><td>298,444</td><td>3,814</td><td>8,346</td><td>1,183</td><td>2,567</td><td>4,396</td></tr><tr><td>Total Europe</td><td>1,350,718</td><td>1,348,070</td><td>1,305,511</td><td>896</td><td>996,600</td><td>63</td><td>2,648</td><td>9</td><td>6</td><td>2,633</td></tr><tr><td>Canada</td><td>94,768</td><td>94,669</td><td>87,227</td><td>3,126</td><td>4,195</td><td>121</td><td>99</td><td>83</td><td>-</td><td>16</td></tr><tr><td>Argentina</td><td>13,596</td><td>13,596</td><td>13,589</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bolivia</td><td>192,252</td><td>192,108</td><td>174,210</td><td>16,591</td><td>-</td><td>1,307</td><td>144</td><td>144</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>66,552</td><td>66,546</td><td>65,434</td><td>766</td><td>300</td><td>46</td><td>6</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>82,646</td><td>82,646</td><td>82,326</td><td>119</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>5,953</td><td>5,953</td><td>5,758</td><td>198</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>122,222</td><td>122,221</td><td>120,934</td><td>847</td><td>400</td><td>40</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>1,234</td><td>1,234</td><td>7,234</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>125,881</td><td>125,799</td><td>124,487</td><td>686</td><td>575</td><td>51</td><td>82</td><td>64</td><td>-</td><td>18</td></tr><tr><td>Mexico</td><td>20,914</td><td>20,914</td><td>18,581</td><td>-</td><td>2,333</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>89,335</td><td>89,334</td><td>72,858</td><td>1</td><td>16,575</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Panama</td><td>43,421</td><td>43,817</td><td>39,508</td><td>867</td><td>1,440</td><td>2</td><td>1,604</td><td>1,602</td><td>-</td><td>2</td></tr><tr><td>Peru</td><td>35,950</td><td>35,921</td><td>35,123</td><td>186</td><td>10</td><td>2</td><td>29</td><td>29</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>150,316</td><td>149,995</td><td>132,582</td><td>996</td><td>15,210</td><td>1,267</td><td>321</td><td>319</td><td>-</td><td>2</td></tr><tr><td>Other Latin America</td><td>1,050,940</td><td>1,048,652</td><td>979,788</td><td>24,990</td><td>41,038</td><td>2,836</td><td>2,288</td><td>2,249</td><td>-</td><td>39</td></tr><tr><td>Total Latin America</td><td>1,756,258</td><td>1,754,376</td><td>161,459</td><td>1,260</td><td>436,234</td><td>423</td><td>1,882</td><td>414</td><td>-</td><td>1,468</td></tr><tr><td>Afrika</td><td>28,196</td><td>28,196</td><td>20,271</td><td>-</td><td>7,900</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Indo-China</td><td>30,467</td><td>26,179</td><td>25,514</td><td>414</td><td>580</td><td>44</td><td>4,288</td><td>4,288</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>29,367</td><td>29,127</td><td>27,700</td><td>1,374</td><td>426</td><td>53</td><td>240</td><td>60</td><td>164</td><td>16</td></tr><tr><td>India, Burma, and Ceylon</td><td>1,657</td><td>1,632</td><td>1,199</td><td>-</td><td>426</td><td>1</td><td>25</td><td>25</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>3,983</td><td>3,947</td><td>3,222</td><td>464</td><td>22</td><td>239</td><td>36</td><td>24</td><td>-</td><td>12</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>110,013</td><td>110,011</td><td>11,591</td><td>210</td><td>68,198</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>642,797</td><td>642,517</td><td>625,761</td><td>13,973</td><td>500</td><td>2,363</td><td>220</td><td>155</td><td>-</td><td>65</td></tr><tr><td>Philippine Islands</td><td>57,275</td><td>57,275</td><td>55,936</td><td>301</td><td>1,472</td><td>1,038</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>75,119</td><td>75,109</td><td>66,621</td><td>344</td><td>672</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>1,715,132</td><td>1,728,429</td><td>1,184,254</td><td>17,967</td><td>521,332</td><td>4,876</td><td>6,703</td><td>4,978</td><td>164</td><td>1,561</td></tr><tr><td>Total Asia</td><td>2,591,593</td><td>2,591,400</td><td>2,363,730</td><td>1,332</td><td>571</td><td>98</td><td>153</td><td>10</td><td>-</td><td>141</td></tr><tr><td>Other countries</td><td>19,359</td><td>18,873</td><td>16,281</td><td>335</td><td>-</td><td>2,257</td><td>486</td><td>-</td><td>-</td><td>466</td></tr><tr><td>Australia</td><td>9,646</td><td>9,645</td><td>8,854</td><td>5</td><td>826</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>New Zealand</td><td>6,291</td><td>5,836</td><td>5,733</td><td>88</td><td>15</td><td>455</td><td>353</td><td>-</td><td>-</td><td>102</td></tr><tr><td>Algeria and Anglo-Egyptian Sudan</td><td>95,440</td><td>95,256</td><td>89,846</td><td>29</td><td>5,325</td><td>56</td><td>184</td><td>20</td><td>-</td><td>164</td></tr><tr><td>French Morocco</td><td>164,410</td><td>163,094</td><td>152,113</td><td>1,833</td><td>5,911</td><td>3,237</td><td>1,316</td><td>421</td><td>-</td><td>895</td></tr><tr><td>Total other countries</td><td>16,721</td><td>16,721</td><td>16,718</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unidentified</td><td>6,973,271</td><td>6,951,970</td><td>5,007,098</td><td>66,721</td><td>1,863,325</td><td>14,826</td><td>21,301</td><td>9,040</td><td>2,737</td><td>9,524</td></tr><tr><td>Grand total</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
97
July 1946
Capital Movements Between the United States and Foreign Countries - (Continued) Section II - Details for Months of January and February 1946 - (Continued)
Table 2B.- Short-Term Liabilities to Foreigners as of February 28, 1946, 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="4">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>Millions held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>630,499</td><td>623,341</td><td>607,063</td><td>1,882</td><td>10,080</td><td>4,316</td><td>1,158</td><td>194</td><td>2,900</td><td>4,474</td></tr><tr><td>France</td><td>380,667</td><td>380,348</td><td>334,960</td><td>130</td><td>44,202</td><td>1,076</td><td>319</td><td>84</td><td>195</td><td>40</td></tr><tr><td>Belgium</td><td>167,558</td><td>167,459</td><td>160,962</td><td>172</td><td>6,031</td><td>294</td><td>99</td><td>80</td><td>12</td><td>7</td></tr><tr><td>Denmark</td><td>41,555</td><td>41,552</td><td>40,641</td><td>9</td><td>822</td><td>80</td><td>3</td><td>2</td><td>-</td><td>1</td></tr><tr><td>Finland</td><td>10,137</td><td>10,134</td><td>10,690</td><td>-</td><td>-</td><td>84</td><td>3</td><td>3</td><td>-</td><td>2</td></tr><tr><td>Germany</td><td>6,170</td><td>6,155</td><td>6,648</td><td>72</td><td>2</td><td>33</td><td>15</td><td>13</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>69,666</td><td>69,597</td><td>68,660</td><td>176</td><td>687</td><td>74</td><td>69</td><td>47</td><td>-</td><td>22</td></tr><tr><td>Italy</td><td>72,480</td><td>72,469</td><td>71,681</td><td>24</td><td>450</td><td>114</td><td>11</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>22,359</td><td>22,359</td><td>22,313</td><td>16</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>282,182</td><td>281,293</td><td>266,452</td><td>155</td><td>14,662</td><td>24</td><td>889</td><td>155</td><td>-</td><td>134</td></tr><tr><td>Norway</td><td>175,002</td><td>174,985</td><td>171,276</td><td>24</td><td>103,615</td><td>70</td><td>17</td><td>3</td><td>-</td><td>14</td></tr><tr><td>Portugal</td><td>45,294</td><td>44,791</td><td>43,590</td><td>842</td><td>38</td><td>321</td><td>463</td><td>-</td><td>-</td><td>463</td></tr><tr><td>Rumania</td><td>9,218</td><td>9,218</td><td>9,189</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>31,355</td><td>31,263</td><td>36,180</td><td>380</td><td>100</td><td>3</td><td>92</td><td>90</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>212,880</td><td>212,195</td><td>83,558</td><td>10,211</td><td>119,000</td><td>26</td><td>85</td><td>83</td><td>-</td><td>2</td></tr><tr><td>Switzerland</td><td>316,218</td><td>315,878</td><td>301,192</td><td>4,158</td><td>10,388</td><td>140</td><td>340</td><td>127</td><td>-</td><td>213</td></tr><tr><td>U. S. R.</td><td>28,479</td><td>28,478</td><td>28,455</td><td>23</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Yugoslavia</td><td>6,555</td><td>6,555</td><td>6,509</td><td>1</td><td>45</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>48,384</td><td>48,376</td><td>48,124</td><td>35</td><td>160</td><td>57</td><td>8</td><td>3</td><td>-</td><td>5</td></tr><tr><td>Total Europe</td><td>2,563,818</td><td>2,534,286</td><td>2,218,683</td><td>18,339</td><td>310,312</td><td>6,712</td><td>9,572</td><td>895</td><td>2,697</td><td>5,980</td></tr><tr><td>Canada</td><td>1,349,136</td><td>1,347,119</td><td>361,026</td><td>5,155</td><td>980,364</td><td>574</td><td>2,617</td><td>-</td><td>5</td><td>2,611</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>79,383</td><td>79,918</td><td>72,450</td><td>3,271</td><td>4,195</td><td>2</td><td>65</td><td>55</td><td>-</td><td>10</td></tr><tr><td>Bolivia</td><td>13,381</td><td>13,381</td><td>13,376</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>199,622</td><td>199,498</td><td>179,209</td><td>19,338</td><td>-</td><td>951</td><td>124</td><td>124</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>64,630</td><td>64,627</td><td>63,195</td><td>1,087</td><td>300</td><td>45</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>80,604</td><td>80,603</td><td>80,512</td><td>91</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>5,693</td><td>5,693</td><td>5,455</td><td>158</td><td>-</td><td>80</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>120,488</td><td>120,488</td><td>117,569</td><td>2,502</td><td>400</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>7,098</td><td>7,098</td><td>7,098</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>128,287</td><td>128,248</td><td>126,643</td><td>904</td><td>575</td><td>126</td><td>39</td><td>14</td><td>-</td><td>25</td></tr><tr><td>Netherlands West Indies and Suriname</td><td>22,846</td><td>22,846</td><td>20,910</td><td>-</td><td>1,936</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>87,476</td><td>87,475</td><td>70,893</td><td>7</td><td>16,575</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Peru</td><td>45,019</td><td>45,423</td><td>40,676</td><td>105</td><td>2,040</td><td>2</td><td>1,596</td><td>1,596</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>42,374</td><td>42,361</td><td>42,080</td><td>260</td><td>10</td><td>11</td><td>13</td><td>13</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>145,988</td><td>145,662</td><td>128,983</td><td>1,598</td><td>14,810</td><td>271</td><td>326</td><td>324</td><td>-</td><td>2</td></tr><tr><td>Total Latin America</td><td>1,043,489</td><td>1,041,321</td><td>969,049</td><td>29,926</td><td>40,841</td><td>1,505</td><td>2,168</td><td>2,130</td><td>-</td><td>18</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>737,967</td><td>735,479</td><td>297,359</td><td>746</td><td>436,614</td><td>740</td><td>2,488</td><td>410</td><td>-</td><td>2,078</td></tr><tr><td>French Indo-China</td><td>34,550</td><td>34,550</td><td>26,625</td><td>-</td><td>1,900</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>31,828</td><td>27,252</td><td>26,592</td><td>64</td><td>580</td><td>16</td><td>4,576</td><td>4,576</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>36,729</td><td>36,621</td><td>34,358</td><td>2,179</td><td>426</td><td>84</td><td>108</td><td>76</td><td>-</td><td>32</td></tr><tr><td>British Malaya</td><td>1,644</td><td>1,604</td><td>1,170</td><td>-</td><td>-</td><td>8</td><td>40</td><td>40</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>3,853</td><td>3,818</td><td>3,104</td><td>457</td><td>22</td><td>235</td><td>35</td><td>23</td><td>-</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>100,745</td><td>100,743</td><td>34,628</td><td>205</td><td>65,898</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>635,693</td><td>635,475</td><td>623,222</td><td>8,594</td><td>500</td><td>3,159</td><td>218</td><td>153</td><td>-</td><td>65</td></tr><tr><td>Turkey</td><td>62,184</td><td>62,184</td><td>60,210</td><td>385</td><td>-</td><td>1,589</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>78,385</td><td>78,234</td><td>70,033</td><td>92</td><td>1,460</td><td>650</td><td>151</td><td>1</td><td>150</td><td>-</td></tr><tr><td>Total Asia</td><td>1,723,578</td><td>1,715,960</td><td>1,177,301</td><td>12,721</td><td>519,420</td><td>6,518</td><td>7,618</td><td>5,281</td><td>150</td><td>2,187</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>26,078</td><td>25,908</td><td>23,891</td><td>1,308</td><td>571</td><td>138</td><td>170</td><td>47</td><td>2</td><td>121</td></tr><tr><td>New Zealand</td><td>3,963</td><td>3,956</td><td>3,904</td><td>52</td><td>-</td><td>-</td><td>7</td><td>7</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>19,585</td><td>19,002</td><td>16,529</td><td>361</td><td>-</td><td>2,112</td><td>583</td><td>-</td><td>-</td><td>583</td></tr><tr><td>French Morocco</td><td>10,117</td><td>10,117</td><td>9,328</td><td>18</td><td>-</td><td>171</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>9,091</td><td>8,552</td><td>8,517</td><td>13</td><td>15</td><td>17</td><td>545</td><td>496</td><td>-</td><td>49</td></tr><tr><td>All other</td><td>103,109</td><td>102,967</td><td>97,449</td><td>26</td><td>5,375</td><td>112</td><td>142</td><td>40</td><td>-</td><td>102</td></tr><tr><td>Total other countries</td><td>171,949</td><td>170,502</td><td>159,618</td><td>1,778</td><td>5,361</td><td>3,145</td><td>1,447</td><td>590</td><td>2</td><td>855</td></tr><tr><td>Unidentified</td><td>17,732</td><td>17,732</td><td>17,729</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,870,302</td><td>6,846,880</td><td>4,903,606</td><td>67,922</td><td>1,856,898</td><td>18,454</td><td>23,422</td><td>8,896</td><td>2,855</td><td>11,671</td></tr></table>
98
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Months of January and February 1946 - (Continued)
Table 3A.- Purchases and Sales of Long-Term Securities by Foreigners During January 1946, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total purchases</th><th colspan="3">Purchases by "foreigners"</th><th colspan="3"></th><th colspan="3">Sales by "foreigners"</th><th colspan="3"></th></tr><tr><th></th><th></th><th>Total</th><th>Domestic securities</th><th>Foreign securities</th><th>Total</th><th>Domestic securities</th><th>Foreign securities</th><th>Total</th><th>Domestic securities</th><th>Foreign securities</th></tr><tr><th></th><th></th><th></th><th>Stocks</th><th>Bonds</th><th>Stocks</th><th>Bonds</th><th></th><th>Stocks</th><th>Bonds</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></tr><tr><td>United Kingdom</td><td>2,953</td><td>1,525</td><td>1,180</td><td>345</td><td>1,428</td><td>905</td><td>523</td><td>9,603</td><td>5,476</td><td>4,534</td><td>940</td><td>4,251</td></tr><tr><td>France</td><td>11,562</td><td>11,454</td><td>1,991</td><td>9,463</td><td>108</td><td>4</td><td>104</td><td>11,500</td><td>11,284</td><td>1,476</td><td>9,808</td><td>149</td></tr><tr><td>Belgium</td><td>334</td><td>287</td><td>235</td><td>12</td><td>87</td><td>77</td><td>10</td><td>727</td><td>675</td><td>385</td><td>290</td><td>46</td></tr><tr><td>Denmark</td><td>176</td><td>176</td><td>105</td><td>71</td><td>-</td><td>-</td><td>-</td><td>98</td><td>97</td><td>94</td><td>3</td><td>1</td></tr><tr><td>Finland</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>46</td><td>46</td><td>46</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>11</td><td>11</td><td>9</td><td>2</td><td>-</td><td>-</td><td>-</td><td>32</td><td>32</td><td>13</td><td>19</td><td>1</td></tr><tr><td>Greece</td><td>19</td><td>19</td><td>-</td><td>19</td><td>-</td><td>-</td><td>-</td><td>16</td><td>16</td><td>16</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>567</td><td>535</td><td>322</td><td>213</td><td>32</td><td>-</td><td>32</td><td>549</td><td>310</td><td>124</td><td>186</td><td>239</td></tr><tr><td>Luxembourg</td><td>40</td><td>40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td><td>37</td><td>32</td><td>31</td><td>1</td><td>5</td></tr><tr><td>Netherlands</td><td>2,062</td><td>1,606</td><td>1,118</td><td>488</td><td>456</td><td>106</td><td>350</td><td>6,504</td><td>6,481</td><td>4,563</td><td>1,920</td><td>21</td></tr><tr><td>Norway</td><td>718</td><td>392</td><td>291</td><td>101</td><td>386</td><td>-</td><td>386</td><td>979</td><td>536</td><td>533</td><td>3</td><td>433</td></tr><tr><td>Portugal</td><td>21</td><td>20</td><td>19</td><td>1</td><td>1</td><td>-</td><td>1</td><td>62</td><td>58</td><td>58</td><td>-</td><td>4</td></tr><tr><td>Rumunia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td></tr><tr><td>Spain</td><td>31</td><td>28</td><td>14</td><td>14</td><td>3</td><td>3</td><td>-</td><td>147</td><td>102</td><td>48</td><td>54</td><td>45</td></tr><tr><td>Sweden</td><td>203</td><td>170</td><td>170</td><td>-</td><td>33</td><td>3</td><td>33</td><td>3,378</td><td>3,206</td><td>198</td><td>3,008</td><td>158</td></tr><tr><td>Switzerland</td><td>9,322</td><td>8,592</td><td>7,851</td><td>741</td><td>730</td><td>211</td><td>519</td><td>11,003</td><td>9,967</td><td>8,099</td><td>1,868</td><td>1,036</td></tr><tr><td>U. S. S. R.</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>47</td><td>47</td><td>45</td><td>2</td><td>-</td></tr><tr><td>Angola</td><td>10</td><td>10</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>116</td><td>115</td><td>49</td><td>66</td><td>1</td><td>-</td><td>1</td><td>1,128</td><td>1,118</td><td>50</td><td>1,068</td><td>6</td></tr><tr><td>Total Europe</td><td>28,208</td><td>24,940</td><td>13,394</td><td>11,546</td><td>3,268</td><td>1,306</td><td>1,962</td><td>45,854</td><td>39,483</td><td>20,313</td><td>19,170</td><td>6,371</td></tr><tr><td>Canada</td><td>205,050</td><td>44,581</td><td>8,893</td><td>35,688</td><td>160,469</td><td>4,247</td><td>156,222</td><td>65,224</td><td>32,497</td><td>11,724</td><td>14,773</td><td>32,727</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></tr><tr><td>Argentina</td><td>3,139</td><td>2,330</td><td>2,302</td><td>28</td><td>804</td><td>215</td><td>589</td><td>3,112</td><td>2,200</td><td>2,072</td><td>128</td><td>912</td></tr><tr><td>Brazil</td><td>1,561</td><td>1,209</td><td>1,114</td><td>75</td><td>352</td><td>62</td><td>290</td><td>1,230</td><td>1,090</td><td>1,022</td><td>68</td><td>136</td></tr><tr><td>Chile</td><td>2,036</td><td>1,461</td><td>1,385</td><td>76</td><td>635</td><td>38</td><td>597</td><td>1,391</td><td>866</td><td>328</td><td>538</td><td>525</td></tr><tr><td>Colombia</td><td>532</td><td>112</td><td>92</td><td>20</td><td>220</td><td>1</td><td>219</td><td>92</td><td>89</td><td>84</td><td>5</td><td>3</td></tr><tr><td>Costa Rica</td><td>56</td><td>56</td><td>56</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>35</td><td>35</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>5,390</td><td>4,454</td><td>4,389</td><td>65</td><td>936</td><td>320</td><td>616</td><td>5,456</td><td>4,376</td><td>3,083</td><td>1,293</td><td>1,080</td></tr><tr><td>French West Indies and Guiana</td><td>6,500</td><td>6,256</td><td>6,190</td><td>66</td><td>244</td><td>170</td><td>74</td><td>1,616</td><td>1,563</td><td>1,406</td><td>157</td><td>53</td></tr><tr><td>Netherlands West Indies and Burinam</td><td>225</td><td>180</td><td>173</td><td>7</td><td>45</td><td>2</td><td>43</td><td>293</td><td>245</td><td>241</td><td>4</td><td>48</td></tr><tr><td>Panama</td><td>1,558</td><td>1,538</td><td>1,330</td><td>206</td><td>60</td><td>58</td><td>2</td><td>1,075</td><td>1,021</td><td>1,008</td><td>13</td><td>54</td></tr><tr><td>Paru</td><td>332</td><td>266</td><td>263</td><td>3</td><td>66</td><td>66</td><td>-</td><td>536</td><td>509</td><td>506</td><td>2</td><td>27</td></tr><tr><td>Venezuela</td><td>719</td><td>719</td><td>709</td><td>10</td><td>-</td><td>-</td><td>-</td><td>659</td><td>659</td><td>438</td><td>221</td><td>18</td></tr><tr><td>Other Latin America</td><td>5,009</td><td>4,732</td><td>4,202</td><td>530</td><td>277</td><td>160</td><td>97</td><td>3,009</td><td>2,678</td><td>1,967</td><td>711</td><td>327</td></tr><tr><td>Total Latin America</td><td>26,971</td><td>23,322</td><td>22,234</td><td>1,088</td><td>3,649</td><td>1,122</td><td>2,527</td><td>18,521</td><td>15,351</td><td>12,210</td><td>3,143</td><td>3,168</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></tr><tr><td>China</td><td>3,172</td><td>2,801</td><td>2,433</td><td>368</td><td>371</td><td>47</td><td>324</td><td>180,277</td><td>180,027</td><td>2,843</td><td>177,184</td><td>250</td></tr><tr><td>French Indo-China</td><td>250</td><td>250</td><td>-</td><td>250</td><td>-</td><td>-</td><td>-</td><td>101</td><td>101</td><td>101</td><td>-</td><td>41</td></tr><tr><td>Bong Kong</td><td>21</td><td>21</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>149</td><td>133</td><td>125</td><td>8</td><td>16</td></tr><tr><td>India, Burma, and Ceylon</td><td>215</td><td>175</td><td>175</td><td>-</td><td>40</td><td>40</td><td>-</td><td>2</td><td>2</td><td>2</td><td>-</td><td>5</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></tr><tr><td>Japan (including Korea and Manchurie)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>101</td><td>100</td><td>-</td><td>100</td><td>1</td><td>1</td><td>1</td><td>500</td><td>500</td><td>500</td><td>-</td><td>50</td></tr><tr><td>Philippine Islands</td><td>266</td><td>266</td><td>258</td><td>8</td><td>12</td><td>-</td><td>12</td><td>1,088</td><td>1,038</td><td>1,037</td><td>50</td><td>50</td></tr><tr><td>Turkey</td><td>12</td><td>12</td><td>12</td><td>-</td><td>12</td><td>-</td><td>12</td><td>43</td><td>35</td><td>35</td><td>8</td><td>8</td></tr><tr><td>Other Asia</td><td>315</td><td>227</td><td>79</td><td>148</td><td>88</td><td>23</td><td>65</td><td>354</td><td>299</td><td>258</td><td>41</td><td>55</td></tr><tr><td>Total Asia</td><td>4,352</td><td>3,840</td><td>2,966</td><td>874</td><td>512</td><td>110</td><td>402</td><td>182,514</td><td>182,135</td><td>4,354</td><td>177,771</td><td>379</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></tr><tr><td>Australia</td><td>52</td><td>23</td><td>23</td><td>-</td><td>29</td><td>-</td><td>29</td><td>121</td><td>121</td><td>100</td><td>21</td><td>-</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>16</td><td>18</td><td>9</td><td>9</td><td>14</td><td>13</td><td>9</td><td>14</td><td>13</td><td>9</td><td>4</td><td>1</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>8</td><td>7</td><td>7</td><td>-</td><td>1</td></tr><tr><td>Union of South Africa</td><td>11</td><td>8</td><td>8</td><td>-</td><td>3</td><td>-</td><td>3</td><td>48</td><td>28</td><td>27</td><td>1</td><td>20</td></tr><tr><td>All other</td><td>139</td><td>136</td><td>21</td><td>115</td><td>3</td><td>3</td><td>3</td><td>209</td><td>28</td><td>28</td><td>1</td><td>101</td></tr><tr><td>Total other countries</td><td>230</td><td>195</td><td>71</td><td>124</td><td>35</td><td>3</td><td>32</td><td>400</td><td>197</td><td>171</td><td>26</td><td>203</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></tr><tr><td>Grand total</td><td>264,811</td><td>96,878</td><td>47,558</td><td>49,320</td><td>161,933</td><td>6,788</td><td>161,145</td><td>312,513</td><td>269,665</td><td>54,782</td><td>214,853</td><td>42,848</td></tr></table>
July 1946
99
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Details for Months of January and February 1946 - (Continued)
Table 3B.- Purchases and Sales of Long-Term Securities by Foreigners During February 1946, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th></th><th colspan="5">Purchases by "foreigners"</th><th colspan="5">Sales by "foreigners"</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>3,124</td><td>1,145</td><td>902</td><td>243</td><td>1,979</td><td>1,533</td><td>446</td><td>7,069</td><td>3,964</td><td>3,185</td><td>779</td><td>3,105</td><td>1,366</td><td>1,739</td></tr><tr><td>France</td><td>6,135</td><td>6,531</td><td>1,208</td><td>1,729</td><td>198</td><td>18</td><td>180</td><td>13,625</td><td>13,394</td><td>2,223</td><td>11,171</td><td>231</td><td>101</td><td>130</td></tr><tr><td>Belgium</td><td>553</td><td>508</td><td>497</td><td>11</td><td>45</td><td>3</td><td>42</td><td>561</td><td>544</td><td>580</td><td>4</td><td>17</td><td>13</td><td>4</td></tr><tr><td>Denmark</td><td>26</td><td>25</td><td>5</td><td>20</td><td>1</td><td>1</td><td>1</td><td>141</td><td>131</td><td>18</td><td>113</td><td>10</td><td>10</td><td>10</td></tr><tr><td>Finland</td><td>46</td><td>26</td><td>26</td><td>20</td><td>1</td><td>1</td><td>1</td><td>5</td><td>5</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>31</td><td>31</td><td>5</td><td>26</td><td>-</td><td>-</td><td>-</td><td>33</td><td>33</td><td>6</td><td>27</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>253</td><td>253</td><td>138</td><td>119</td><td>-</td><td>-</td><td>-</td><td>115</td><td>25</td><td>20</td><td>5</td><td>90</td><td>89</td><td>1</td></tr><tr><td>Italy</td><td>212</td><td>210</td><td>105</td><td>105</td><td>2</td><td>2</td><td>2</td><td>285</td><td>286</td><td>153</td><td>133</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>298</td><td>297</td><td>294</td><td>3</td><td>1</td><td>1</td><td>1</td><td>157</td><td>157</td><td>157</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>660</td><td>602</td><td>365</td><td>237</td><td>58</td><td>9</td><td>49</td><td>1,182</td><td>1,130</td><td>1,029</td><td>101</td><td>52</td><td>40</td><td>12</td></tr><tr><td>Norway</td><td>1,213</td><td>192</td><td>721</td><td>71</td><td>421</td><td>8</td><td>413</td><td>579</td><td>487</td><td>439</td><td>48</td><td>92</td><td>4</td><td>88</td></tr><tr><td>Portugal</td><td>75</td><td>57</td><td>57</td><td>-</td><td>18</td><td>18</td><td>18</td><td>63</td><td>61</td><td>61</td><td>-</td><td>2</td><td>2</td><td>-</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>54</td><td>54</td><td>54</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td><td>19</td><td>19</td><td>-</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Sweden</td><td>3,241</td><td>3,190</td><td>190</td><td>3,000</td><td>51</td><td>51</td><td>51</td><td>598</td><td>252</td><td>243</td><td>9</td><td>346</td><td>175</td><td>171</td></tr><tr><td>Switzerland</td><td>8,453</td><td>7,721</td><td>6,332</td><td>1,389</td><td>732</td><td>153</td><td>579</td><td>8,521</td><td>7,937</td><td>7,094</td><td>843</td><td>584</td><td>209</td><td>375</td></tr><tr><td>O. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>163</td><td>127</td><td>127</td><td>-</td><td>36</td><td>15</td><td>21</td><td>645</td><td>630</td><td>143</td><td>487</td><td>16</td><td>1</td><td>15</td></tr><tr><td>Total Europe</td><td>27,137</td><td>23,575</td><td>11,022</td><td>12,553</td><td>3,562</td><td>1,758</td><td>1,804</td><td>33,601</td><td>29,055</td><td>15,335</td><td>13,720</td><td>4,546</td><td>2,000</td><td>2,546</td></tr><tr><td>Canada</td><td>84,596</td><td>61,677</td><td>6,543</td><td>55,134</td><td>22,919</td><td>2,784</td><td>20,135</td><td>72,126</td><td>16,738</td><td>13,486</td><td>3,252</td><td>55,388</td><td>4,800</td><td>50,588</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>4,133</td><td>3,237</td><td>3,092</td><td>146</td><td>896</td><td>78</td><td>818</td><td>2,845</td><td>2,231</td><td>2,171</td><td>60</td><td>614</td><td>235</td><td>379</td></tr><tr><td>Bolivia</td><td>76</td><td>73</td><td>73</td><td>4</td><td>3</td><td>3</td><td>3</td><td>27</td><td>27</td><td>27</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>1,556</td><td>958</td><td>878</td><td>80</td><td>598</td><td>27</td><td>571</td><td>766</td><td>693</td><td>574</td><td>119</td><td>73</td><td>69</td><td>4</td></tr><tr><td>Chile</td><td>810</td><td>573</td><td>548</td><td>25</td><td>237</td><td>57</td><td>180</td><td>362</td><td>277</td><td>270</td><td>7</td><td>85</td><td>75</td><td>10</td></tr><tr><td>Colombia</td><td>381</td><td>347</td><td>147</td><td>147</td><td>334</td><td>14</td><td>320</td><td>43</td><td>28</td><td>19</td><td>5</td><td>19</td><td>17</td><td>2</td></tr><tr><td>Costa Rica</td><td>12</td><td>12</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>4,231</td><td>3,359</td><td>3,315</td><td>44</td><td>872</td><td>310</td><td>562</td><td>2,614</td><td>2,273</td><td>1,921</td><td>352</td><td>341</td><td>205</td><td>136</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>7,190</td><td>6,683</td><td>6,573</td><td>110</td><td>507</td><td>220</td><td>287</td><td>1,352</td><td>1,331</td><td>1,197</td><td>134</td><td>21</td><td>5</td><td>16</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>191</td><td>189</td><td>187</td><td>2</td><td>2</td><td>2</td><td>2</td><td>175</td><td>172</td><td>169</td><td>3</td><td>3</td><td>3</td><td>1</td></tr><tr><td>Panama</td><td>1,033</td><td>802</td><td>628</td><td>174</td><td>231</td><td>85</td><td>146</td><td>2,029</td><td>1,980</td><td>1,829</td><td>151</td><td>49</td><td>48</td><td>1</td></tr><tr><td>Peru</td><td>526</td><td>458</td><td>402</td><td>56</td><td>68</td><td>6</td><td>62</td><td>370</td><td>340</td><td>308</td><td>32</td><td>30</td><td>28</td><td>2</td></tr><tr><td>Venezuela</td><td>999</td><td>999</td><td>970</td><td>29</td><td>-</td><td>-</td><td>-</td><td>343</td><td>343</td><td>343</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>2,980</td><td>2,556</td><td>2,406</td><td>150</td><td>424</td><td>170</td><td>254</td><td>2,086</td><td>1,999</td><td>1,924</td><td>75</td><td>87</td><td>63</td><td>24</td></tr><tr><td>Total Latin America</td><td>24,118</td><td>19,946</td><td>19,130</td><td>816</td><td>4,172</td><td>970</td><td>3,202</td><td>13,015</td><td>11,693</td><td>10,755</td><td>938</td><td>1,322</td><td>748</td><td>574</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>1,539</td><td>1,503</td><td>1,475</td><td>28</td><td>36</td><td>22</td><td>14</td><td>2,040</td><td>1,928</td><td>1,768</td><td>160</td><td>112</td><td>9</td><td>103</td></tr><tr><td>French Indo-China</td><td>35</td><td>35</td><td>35</td><td>-</td><td>-</td><td>-</td><td>-</td><td>166</td><td>166</td><td>148</td><td>18</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>239</td><td>211</td><td>211</td><td>-</td><td>28</td><td>28</td><td>28</td><td>59</td><td>59</td><td>56</td><td>3</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>8</td><td>8</td><td>8</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>Japan (including Korea and Manchuria)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>1,160</td><td>1,160</td><td>1,160</td><td>1,160</td><td>-</td><td>-</td><td>-</td><td>1,218</td><td>1,218</td><td>52</td><td>1,166</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>234</td><td>230</td><td>178</td><td>52</td><td>4</td><td>4</td><td>4</td><td>1,088</td><td>802</td><td>793</td><td>9</td><td>286</td><td>286</td><td>-</td></tr><tr><td>Thailand</td><td>49</td><td>47</td><td>47</td><td>-</td><td>2</td><td>2</td><td>2</td><td>54</td><td>54</td><td>24</td><td>30</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>232</td><td>158</td><td>149</td><td>9</td><td>74</td><td>36</td><td>38</td><td>230</td><td>181</td><td>103</td><td>18</td><td>49</td><td>1</td><td>48</td></tr><tr><td>Total Asia</td><td>3,966</td><td>3,352</td><td>2,095</td><td>1,257</td><td>144</td><td>86</td><td>58</td><td>4,871</td><td>4,424</td><td>2,960</td><td>1,464</td><td>447</td><td>296</td><td>151</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>247</td><td>42</td><td>30</td><td>12</td><td>205</td><td>-</td><td>205</td><td>136</td><td>130</td><td>113</td><td>17</td><td>6</td><td>-</td><td>6</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>69</td><td>69</td><td>69</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>27</td><td>4</td><td>4</td><td>23</td><td>23</td><td>-</td><td>23</td><td>31</td><td>18</td><td>17</td><td>1</td><td>13</td><td>1</td><td>12</td></tr><tr><td>French Morocco</td><td>3</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>10</td><td>10</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>28</td><td>9</td><td>9</td><td>-</td><td>19</td><td>-</td><td>19</td><td>21</td><td>21</td><td>21</td><td>-</td><td>36</td><td>36</td><td>-</td></tr><tr><td>All other</td><td>38</td><td>11</td><td>6</td><td>5</td><td>27</td><td>27</td><td>27</td><td>44</td><td>8</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total other countries</td><td>343</td><td>69</td><td>52</td><td>17</td><td>274</td><td>27</td><td>247</td><td>311</td><td>256</td><td>238</td><td>18</td><td>55</td><td>37</td><td>18</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>139,690</td><td>108,619</td><td>38,842</td><td>69,771</td><td>31,071</td><td>5,625</td><td>25,446</td><td>123,930</td><td>62,172</td><td>42,780</td><td>19,392</td><td>61,758</td><td>7,681</td><td>53,871</td></tr></table>
100
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Section I - Net Position, January 1943 - February 1946
(In thousands of dollars; negative figures indicate short position)
<table><tr><th>Position at end of month</th><th>Grand total</th><th colspan="8">Europe (continued on following page)</th></tr><tr><th></th><th></th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether- lands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><td>1943-January</td><td>-402</td><td>+1,011</td><td>+3,173</td><td>-383</td><td>-516</td><td>-10</td><td>-105</td><td>-1,259</td><td>+14</td><td>-60</td><td>+36</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>-89</td><td>-11</td></tr><tr><td>March</td><td>+106</td><td>+1,615</td><td>+4,131</td><td>-388</td><td>-522</td><td>-29</td><td>-106</td><td>-1,119</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>-1,119</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>-1,119</td><td>+11</td><td>-76</td><td>+31</td></tr><tr><td>June</td><td>+1,025</td><td>+657</td><td>+3,190</td><td>-418</td><td>-496</td><td>-30</td><td>-106</td><td>-1,119</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>-1,119</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>-106</td><td>-1,119</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>-1,119</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>-1,119</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>-1,119</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>-1,119</td><td>+124</td><td>-72</td><td>-44</td></tr><tr><td>1944-January</td><td>+9,774</td><td>+4,310</td><td>+6,881</td><td>-215</td><td>-542</td><td>-29</td><td>-107</td><td>-1,119</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>-1,189</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>-1,141</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>-1,143</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>-1,137</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>-1,188</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>-1,188</td><td>+16</td><td>-90</td><td>+4</td></tr><tr><td>August</td><td>+9,250</td><td>+5,705</td><td>+8,019</td><td>-195</td><td>-538</td><td>-28</td><td>-56</td><td>-1,188</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>-1,183</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>-1,181</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>-1,181</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>-1,181</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>-1,181</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>-1,181</td><td>+2</td><td>-88</td><td>+41</td></tr><tr><td>March</td><td>+7,124</td><td>+4,777</td><td>+6,499</td><td>-195</td><td>-479</td><td>-29</td><td>-59</td><td>-853</td><td>+21</td><td>-86</td><td>+23</td></tr><tr><td>April</td><td>+6,357</td><td>+5,325</td><td>+6,985</td><td>-179</td><td>-475</td><td>-29</td><td>-59</td><td>-864</td><td>+26</td><td>-88</td><td>+46</td></tr><tr><td>May</td><td>+6,279</td><td>+5,794</td><td>+7,212</td><td>-168</td><td>-333</td><td>-27</td><td>-59</td><td>-863</td><td>+50</td><td>-87</td><td>+99</td></tr><tr><td>June</td><td>+9,961</td><td>+7,314</td><td>+8,534</td><td>-170</td><td>-285</td><td>-28</td><td>-61</td><td>-846</td><td>+41</td><td>-86</td><td>+81</td></tr><tr><td>July</td><td>+5,890</td><td>+2,489</td><td>+3,542</td><td>-171</td><td>-331</td><td>-</td><td>-19</td><td>-808</td><td>+11</td><td>-90</td><td>+356</td></tr><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>-231</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><tr><td>1946-January</td><td>-149</td><td>-1,784</td><td>-1,131</td><td>-80</td><td>-251</td><td>-27</td><td>-64</td><td>-356</td><td>+21</td><td>-88</td><td>-35</td></tr><tr><td>February</td><td>-3,467</td><td>-3,424</td><td>-2,773</td><td>-56</td><td>-165</td><td>-27</td><td>-64</td><td>-310</td><td>+56</td><td>-93</td><td>-81</td></tr></table>
(Continued on following page)
July 1946
101
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section I - Net Position, January 1943 - February 1946 - (Continued)
* (In thousands of dollars; negative figures indicate short position)
<table><tr><th rowspan="2">Position at end of month</th><th colspan="3">Europe - (continued)</th><th colspan="6">Currency of:</th><th rowspan="2">All other</th></tr><tr><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latin America</th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (in-cluding Korea and Manchuria)</th><th>Other Asia</th></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>-2,114</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>+933</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>+2,652</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>+627</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>+363</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>-69</td><td>+2,921</td><td>+597</td><td>-2,142</td><td>-41</td><td>-2,135</td><td>-28</td><td>+62</td><td>+238</td></tr><tr><td>November</td><td>+52</td><td>-126</td><td>+2,657</td><td>+451</td><td>-2,079</td><td>-41</td><td>-2,135</td><td>-27</td><td>+124</td><td>+292</td></tr><tr><td>December</td><td>+11</td><td>-53</td><td>+2,968</td><td>+568</td><td>-2,149</td><td>-41</td><td>-2,135</td><td>-27</td><td>+54</td><td>+177</td></tr><tr><td>1945-January</td><td>+38</td><td>-17</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>+260</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>+1,658</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>+481</td><td>-2,285</td><td>-51</td><td>-2,122</td><td>-27</td><td>-85</td><td>+175</td></tr><tr><td>September</td><td>+39</td><td>-50</td><td>+4,342</td><td>+672</td><td>-2,283</td><td>-51</td><td>-2,122</td><td>-27</td><td>-83</td><td>+31</td></tr><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>-2,443</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>+88</td></tr><tr><td>1946-January</td><td>+228</td><td>-41</td><td>+5,590</td><td>-79</td><td>-3,991</td><td>-30</td><td>-3,297</td><td>-27</td><td>-637</td><td>+115</td></tr><tr><td>February</td><td>+88</td><td>+1</td><td>+4,809</td><td>+283</td><td>-5,293</td><td>+118</td><td>-4,537</td><td>-15</td><td>-859</td><td>+158</td></tr></table>
102
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section II -
Outstanding Forward Exchange Contracts, July 1945 - February 1946
(In thousands of dollars)
<table><tr><td rowspan="2">Contracts as of end of month</td><td rowspan="2">Grand total</td><td colspan="10">Currency of:</td></tr><tr><td colspan="10">Europe (continued on following page)</td></tr><tr><td></td><td>Total Europe</td><td>United Kingdom</td><td>France</td><td>Belgium</td><td>Germany</td><td>Italy</td><td>Nether-lands</td><td>Portugal</td><td>Spain</td><td>Sweden</td></tr></table>
Purchase contracts
<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-July</td><td>6,088</td><td>2,454</td><td>2,338</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>August</td><td>8,394</td><td>5,105</td><td>5,006</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>September</td><td>13,276</td><td>10,397</td><td>10,107</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>October</td><td>19,421</td><td>12,901</td><td>12,800</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>110</td><td>17</td></tr><tr><td>November</td><td>21,996</td><td>13,505</td><td>13,375</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>111</td><td>-</td></tr><tr><td>December</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>110</td><td>17</td></tr><tr><td>1946-January</td><td>19,946</td><td>11,444</td><td>11,193</td><td>6</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>45</td></tr><tr><td>February</td><td>20,190</td><td>12,781</td><td>12,589</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</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-July</td><td>2,149</td><td>68</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>2,406</td><td>111</td><td>111</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>2,575</td><td>911</td><td>721</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>2,319</td><td>619</td><td>619</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td>November</td><td>2,013</td><td>622</td><td>712</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td>December</td><td>2,267</td><td>950</td><td>840</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>2,227</td><td>453</td><td>453</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>1,550</td><td>480</td><td>480</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>3,939</td><td>2,386</td><td>2,270</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>August</td><td>5,988</td><td>4,562</td><td>4,563</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>September</td><td>10,701</td><td>9,185</td><td>9,385</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>October</td><td>17,082</td><td>12,282</td><td>12,130</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>17</td></tr><tr><td>November</td><td>19,953</td><td>12,783</td><td>12,663</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>1</td><td>-</td></tr><tr><td>December</td><td>16,676</td><td>11,441</td><td>11,750</td><td>3</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>45</td></tr><tr><td>1946-January</td><td>17,719</td><td>10,991</td><td>10,790</td><td>6</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td></tr><tr><td>February</td><td>18,640</td><td>12,301</td><td>12,109</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td></tr></table>
Sales contracts
<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-July</td><td>9,000</td><td>3,527</td><td>3,019</td><td>2</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td></tr><tr><td>August</td><td>10,494</td><td>5,673</td><td>5,165</td><td>32</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td></tr><tr><td>September</td><td>16,983</td><td>11,531</td><td>10,832</td><td>2</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td></tr><tr><td>October</td><td>24,769</td><td>16,611</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></tr><tr><td>November</td><td>28,802</td><td>19,925</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></tr><tr><td>December</td><td>29,226</td><td>19,608</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></tr><tr><td>1946-January</td><td>37,241</td><td>23,513</td><td>22,845</td><td>6</td><td>51</td><td>-</td><td>10</td><td>379</td><td>164</td><td>1</td></tr><tr><td>February</td><td>41,909</td><td>30,165</td><td>29,526</td><td>-</td><td>51</td><td>-</td><td>10</td><td>379</td><td>124</td><td>1</td></tr><tr><td>To foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>680</td><td>57</td><td>517</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>991</td><td>556</td><td>506</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>1,958</td><td>1,562</td><td>1,512</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>2,000</td><td>1,615</td><td>1,249</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>346</td></tr><tr><td>November</td><td>2,384</td><td>1,594</td><td>1,198</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>346</td></tr><tr><td>December</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>51</td></tr><tr><td>1946-January</td><td>2,327</td><td>1,115</td><td>941</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>124</td></tr><tr><td>February</td><td>1,636</td><td>594</td><td>471</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>73</td></tr><tr><td>To domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>8,350</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></tr><tr><td>August</td><td>9,593</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></tr><tr><td>September</td><td>15,025</td><td>9,950</td><td>9,320</td><td>2</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td></tr><tr><td>October</td><td>22,769</td><td>15,016</td><td>14,509</td><td>2</td><td>9</td><td>-</td><td>10</td><td>412</td><td>35</td><td>1</td></tr><tr><td>November</td><td>26,418</td><td>18,391</td><td>17,791</td><td>2</td><td>1</td><td>-</td><td>11</td><td>383</td><td>158</td><td>1</td></tr><tr><td>December</td><td>26,533</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></tr><tr><td>1946-January</td><td>34,914</td><td>22,438</td><td>21,902</td><td>6</td><td>1</td><td>-</td><td>10</td><td>379</td><td>164</td><td>1</td></tr><tr><td>February</td><td>40,273</td><td>29,611</td><td>29,095</td><td>-</td><td>1</td><td>-</td><td>10</td><td>379</td><td>124</td><td>1</td></tr></table>
(Continued on following page)
July 1946
103
Pos1t1
on in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section II - Out
standing Forward Exchange Contracts, July 1945 - February 1946 - (Continued)
(In thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th colspan="2">Europe - (continued)</th><th>Canada</th><th>Latin America</th><th colspan="5">Currency of: Asia</th><th>All other</th></tr><tr><th></th><th>Switzerland</th><th>Other Europe</th><th></th><th></th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (including Korea and Manchuria)</th><th>Other Asia</th><th></th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total: 1945-July</td><td>17</td><td>2</td><td>2,196</td><td>129</td><td>1,309</td><td>380</td><td>824</td><td>-</td><td>105</td><td>-</td></tr><tr><td>August</td><td>-</td><td>2</td><td>1,868</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>5</td></tr><tr><td>September</td><td>190</td><td>3</td><td>1,427</td><td>3</td><td>1,300</td><td>380</td><td>824</td><td>-</td><td>96</td><td>149</td></tr><tr><td>October</td><td>-</td><td>4</td><td>5,156</td><td>3</td><td>1,230</td><td>380</td><td>824</td><td>-</td><td>26</td><td>111</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>1946-January</td><td>-</td><td>9</td><td>4,909</td><td>1,531</td><td>1,997</td><td>380</td><td>990</td><td>-</td><td>627</td><td>65</td></tr><tr><td>February</td><td>-</td><td>1</td><td>4,488</td><td>1,531</td><td>1,325</td><td>380</td><td>389</td><td>-</td><td>556</td><td>65</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-July</td><td>-</td><td>-</td><td>665</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>547</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>-</td></tr><tr><td>September</td><td>190</td><td>-</td><td>235</td><td>-</td><td>1,300</td><td>380</td><td>824</td><td>-</td><td>96</td><td>129</td></tr><tr><td>October</td><td>-</td><td>-</td><td>490</td><td>-</td><td>1,230</td><td>380</td><td>824</td><td>-</td><td>26</td><td>-</td></tr><tr><td>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>1946-January</td><td>-</td><td>-</td><td>73</td><td>-</td><td>1,774</td><td>380</td><td>864</td><td>-</td><td>530</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>-</td><td>-</td><td>997</td><td>380</td><td>61</td><td>-</td><td>556</td><td>-</td></tr><tr><td>From domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>17</td><td>2</td><td>1,531</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>August</td><td>-</td><td>2</td><td>1,321</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>September</td><td>-</td><td>3</td><td>1,192</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td></tr><tr><td>October</td><td>-</td><td>4</td><td>4,666</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>131</td></tr><tr><td>November</td><td>-</td><td>6</td><td>5,601</td><td>1,534</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td></tr><tr><td>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>38</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>4,909</td><td>1,531</td><td>223</td><td>-</td><td>126</td><td>-</td><td>97</td><td>65</td></tr><tr><td>February</td><td>-</td><td>1</td><td>4,415</td><td>1,531</td><td>328</td><td>-</td><td>328</td><td>-</td><td>-</td><td>65</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total: 1945-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>755</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>8,017</td><td>866</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>1946-January</td><td>-</td><td>9</td><td>10,669</td><td>1,444</td><td>1,441</td><td>19</td><td>126</td><td>4</td><td>1,292</td><td>74</td></tr><tr><td>February</td><td>-</td><td>1</td><td>8,967</td><td>662</td><td>2,022</td><td>19</td><td>277</td><td>4</td><td>1,722</td><td>93</td></tr><tr><td>To foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>-</td><td>-</td><td>73</td><td>435</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>9</td><td>387</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-</td><td>-</td><td>9</td><td>385</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>-</td><td>-</td><td>228</td><td>562</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>-</td><td>-</td><td>840</td><td>718</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</td></tr><tr><td>December</td><td>-</td><td>-</td><td>840</td><td>372</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>-</td><td>-</td><td>840</td><td>242</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>104</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>109</td><td>56</td><td>19</td><td>-</td><td>4</td><td>35</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><tr><td>1946-January</td><td>-</td><td>9</td><td>9,883</td><td>1,072</td><td>1,441</td><td>19</td><td>126</td><td>4</td><td>1,292</td><td>74</td></tr><tr><td>February</td><td>-</td><td>1</td><td>8,127</td><td>420</td><td>2,022</td><td>19</td><td>277</td><td>4</td><td>1,722</td><td>93</td></tr></table>
104
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Section III - Purchases and Sales of Foreign Exchange (Spot and Forward), July 1945 - February 1946
(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 (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdoms</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Purchases</td></tr><tr><td>Total purchases: 1945-July</td><td>54,160</td><td>26,814</td><td>13,098</td><td>106</td><td>531</td><td>-</td><td>-</td><td>20</td><td>504</td><td>259</td></tr><tr><td>Spot........</td><td>3,958</td><td>2,392</td><td>2,392</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward........</td><td>58,112</td><td>32,782</td><td>23,868</td><td>268</td><td>365</td><td>-</td><td>-</td><td>-</td><td>629</td><td>338</td></tr><tr><td>August</td><td>4,985</td><td>3,103</td><td>3,103</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot........</td><td>72,131</td><td>33,945</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>7,106</td><td>5,809</td><td>5,808</td><td>-</td><td>267</td><td>-</td><td>-</td><td>44</td><td>849</td><td>1</td></tr><tr><td>September</td><td>79,149</td><td>38,056</td><td>28,728</td><td>268</td><td>92</td><td>-</td><td>-</td><td>-</td><td>-</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>196</td><td>604</td><td>639</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>-</td><td>110</td><td>-</td></tr><tr><td>October</td><td>14,823</td><td>6,169</td><td>6,042</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td><td>594</td><td>601</td></tr><tr><td>Spot........</td><td>98,936</td><td>54,562</td><td>42,821</td><td>946</td><td>363</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward........</td><td>9,921</td><td>5,250</td><td>5,250</td><td>-</td><td>-</td><td>-</td><td>-</td><td>371</td><td>587</td><td>509</td></tr><tr><td>November</td><td>107,608</td><td>58,154</td><td>47,630</td><td>908</td><td>563</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>11,118</td><td>5,717</td><td>5,638</td><td>4</td><td>-</td><td>-</td><td>3</td><td>315</td><td>409</td><td>335</td></tr><tr><td>1946-January</td><td>105,317</td><td>66,691</td><td>57,744</td><td>582</td><td>599</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot........</td><td>9,492</td><td>6,552</td><td>6,552</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>9,492</td><td>6,552</td><td>6,552</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Purchases from banks:</td></tr><tr><td>1945-July</td><td>32,816</td><td>13,129</td><td>11,132</td><td>97</td><td>428</td><td>-</td><td>-</td><td>20</td><td>446</td><td>259</td></tr><tr><td>Spot........</td><td>2,536</td><td>1,220</td><td>1,220</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward........</td><td>31,652</td><td>18,995</td><td>10,458</td><td>266</td><td>339</td><td>-</td><td>-</td><td>-</td><td>608</td><td>327</td></tr><tr><td>August</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>Spot........</td><td>30,594</td><td>14,575</td><td>13,329</td><td>114</td><td>255</td><td>-</td><td>-</td><td>-</td><td>528</td><td>236</td></tr><tr><td>Forward........</td><td>1,783</td><td>1,749</td><td>3,748</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>September</td><td>48,043</td><td>25,846</td><td>17,289</td><td>184</td><td>37</td><td>-</td><td>-</td><td>44</td><td>809</td><td>482</td></tr><tr><td>Spot........</td><td>9,937</td><td>6,747</td><td>6,742</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward........</td><td>56,188</td><td>31,813</td><td>29,211</td><td>241</td><td>102</td><td>-</td><td>-</td><td>191</td><td>575</td><td>601</td></tr><tr><td>October</td><td>7,414</td><td>5,136</td><td>5,049</td><td>-</td><td>-</td><td>-</td><td>-</td><td>76</td><td>592</td><td>597</td></tr><tr><td>Spot........</td><td>62,665</td><td>41,111</td><td>30,81</td><td>248</td><td>347</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward........</td><td>6,115</td><td>3,016</td><td>3,016</td><td>-</td><td>-</td><td>-</td><td>-</td><td>368</td><td>543</td><td>453</td></tr><tr><td>November</td><td>65,151</td><td>31,375</td><td>29,440</td><td>859</td><td>537</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>7,129</td><td>2,773</td><td>2,704</td><td>4</td><td>-</td><td>-</td><td>-</td><td>368</td><td>407</td><td>320</td></tr><tr><td>1946-January</td><td>73,184</td><td>52,693</td><td>44,156</td><td>528</td><td>506</td><td>1</td><td>-</td><td>224</td><td>-</td><td>-</td></tr><tr><td>Spot........</td><td>7,102</td><td>4,400</td><td>4,400</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>7,102</td><td>4,400</td><td>4,400</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Purchases from others:</td></tr><tr><td>1945-July</td><td>21,144</td><td>8,715</td><td>1,946</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>1,212</td><td>1,212</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward........</td><td>26,460</td><td>13,787</td><td>13,370</td><td>2</td><td>26</td><td>-</td><td>-</td><td>-</td><td>21</td><td>11</td></tr><tr><td>August</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>September</td><td>31,106</td><td>12,210</td><td>11,419</td><td>84</td><td>55</td><td>-</td><td>-</td><td>-</td><td>60</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>27,914</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>October</td><td>1,409</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>Forward........</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>November</td><td>42,447</td><td>18,819</td><td>18,116</td><td>49</td><td>26</td><td>-</td><td>-</td><td>3</td><td>44</td><td>26</td></tr><tr><td>December</td><td>3,889</td><td>2,994</td><td>2,994</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>32,133</td><td>13,938</td><td>13,518</td><td>54</td><td>93</td><td>2</td><td>-</td><td>91</td><td>2</td><td>15</td></tr><tr><td>Spot........</td><td>2,390</td><td>2,062</td><td>2,062</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>2,390</td><td>2,062</td><td>2,062</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
July 1946
105
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), July 1945 - February 1946 - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="3">Currency of:</th><th colspan="2"></th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latin America</th><th colspan="2">Asia</th><th>All other</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><th>Total Asia</th><th>Japan (in-cluding Korea and Manchuria)</th><th>Other Asia</th><td></td></tr></table>
Purchases
<table><tr><th>Total purchases: 1945-July</th><th>Spot</th><th>Forward</th><th></th><th>Spot</th><th>Forward</th><th></th><th>Spot</th><th>Forward</th><th></th></tr><tr><td>1945-July</td><td>1,042</td><td>5,066</td><td>-218</td><td>18,945</td><td>4,015</td><td>-</td><td>738</td><td>-</td><td>3,618</td></tr><tr><td>August</td><td>957</td><td>6,195</td><td>162</td><td>17,742</td><td>2,622</td><td>-</td><td>865</td><td>46</td><td>4,101</td></tr><tr><td>September</td><td>665</td><td>4,576</td><td>102</td><td>23,759</td><td>2,739</td><td>-</td><td>1,305</td><td>-</td><td>4,435</td></tr><tr><td>October</td><td>1,826</td><td>5,564</td><td>174</td><td>31,505</td><td>3,130</td><td>-</td><td>1,254</td><td>-</td><td>5,204</td></tr><tr><td>November</td><td>1,322</td><td>6,053</td><td>260</td><td>23,914</td><td>3,155</td><td>-</td><td>1,188</td><td>-</td><td>5,178</td></tr><tr><td>December</td><td>1,358</td><td>5,421</td><td>2,780</td><td>32,228</td><td>4,245</td><td>-</td><td>2,367</td><td>-</td><td>5,574</td></tr><tr><td>1946-January</td><td>1,859</td><td>5,553</td><td>174</td><td>33,603</td><td>5,352</td><td>-</td><td>3,875</td><td>844</td><td>6,624</td></tr><tr><td>February</td><td>1,940</td><td>4,522</td><td>242</td><td>20,510</td><td>6,292</td><td>-</td><td>5,029</td><td>9</td><td>6,786</td></tr><tr><td>1946-January</td><td>1,940</td><td>4,522</td><td>242</td><td>20,510</td><td>6,292</td><td>-</td><td>5,029</td><td>9</td><td>6,786</td></tr><tr><th>Purchases from banks: 1945-July</th><th>Spot</th><th>Forward</th><th></th><th>Spot</th><th>Forward</th><th></th><th>Spot</th><th>Forward</th><th></th></tr><tr><td>1945-July</td><td>588</td><td>5,030</td><td>129</td><td>9,195</td><td>2,970</td><td>-</td><td>737</td><td>-</td><td>1,785</td></tr><tr><td>August</td><td>919</td><td>5,967</td><td>71</td><td>8,351</td><td>1,761</td><td>-</td><td>768</td><td>46</td><td>1,771</td></tr><tr><td>September</td><td>539</td><td>4,539</td><td>36</td><td>11,916</td><td>2,037</td><td>-</td><td>1,270</td><td>-</td><td>1,795</td></tr><tr><td>October</td><td>1,675</td><td>5,234</td><td>92</td><td>16,479</td><td>2,191</td><td>-</td><td>1,191</td><td>-</td><td>2,336</td></tr><tr><td>November</td><td>1,222</td><td>5,480</td><td>168</td><td>13,862</td><td>1,999</td><td>-</td><td>1,178</td><td>-</td><td>1,336</td></tr><tr><td>December</td><td>1,275</td><td>5,273</td><td>1,832</td><td>15,201</td><td>2,681</td><td>-</td><td>2,353</td><td>100</td><td>1,320</td></tr><tr><td>1946-January</td><td>1,670</td><td>5,275</td><td>119</td><td>16,011</td><td>4,381</td><td>-</td><td>3,633</td><td>844</td><td>1,821</td></tr><tr><td>February</td><td>1,850</td><td>4,481</td><td>174</td><td>8,970</td><td>5,412</td><td>-</td><td>4,297</td><td>9</td><td>1,803</td></tr><tr><th>Purchases from others: 1945-July</th><th>Spot</th><th>Forward</th><th></th><th>Spot</th><th>Forward</th><th></th><th>Spot</th><th>Forward</th><th></th></tr><tr><td>1945-July</td><td>454</td><td>36</td><td>89</td><td>9,750</td><td>1,045</td><td>-</td><td>1</td><td>-</td><td>1,833</td></tr><tr><td>August</td><td>38</td><td>228</td><td>91</td><td>9,391</td><td>855</td><td>-</td><td>97</td><td>-</td><td>2,130</td></tr><tr><td>September</td><td>126</td><td>37</td><td>65</td><td>11,843</td><td>702</td><td>-</td><td>35</td><td>-</td><td>2,640</td></tr><tr><td>October</td><td>151</td><td>330</td><td>82</td><td>15,025</td><td>933</td><td>-</td><td>63</td><td>-</td><td>2,868</td></tr><tr><td>November</td><td>100</td><td>573</td><td>92</td><td>10,052</td><td>1,156</td><td>-</td><td>10</td><td>-</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>-</td><td>14</td><td>-</td><td>4,214</td></tr><tr><td>1946-January</td><td>189</td><td>277</td><td>55</td><td>17,592</td><td>971</td><td>-</td><td>242</td><td>-</td><td>4,803</td></tr><tr><td>February</td><td>90</td><td>35</td><td>68</td><td>11,540</td><td>880</td><td>-</td><td>732</td><td>-</td><td>4,983</td></tr></table>
(Continued on following page)
106
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)
July 1945
February 1948 - (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 (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></tr><tr><td colspan="11">Sales</td></tr><tr><td>Total sales: 1945-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>1,942</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>31,167</td><td>30,109</td><td>20,791</td><td>270</td><td>383</td><td>-</td><td>-</td><td>2</td><td>650</td><td>340</td></tr><tr><td>August</td><td>6,298</td><td>3,156</td><td>3,139</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot.........</td><td>78,980</td><td>46,874</td><td>40,421</td><td>118</td><td>267</td><td>-</td><td>-</td><td>-</td><td>533</td><td>238</td></tr><tr><td>Forward.....</td><td>9,626</td><td>5,419</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>September</td><td>78,309</td><td>37,995</td><td>28,814</td><td>261</td><td>83</td><td>-</td><td>-</td><td>17</td><td>797</td><td>518</td></tr><tr><td>Spot.........</td><td>15,307</td><td>8,105</td><td>7,712</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>-</td></tr><tr><td>Forward.....</td><td>83,516</td><td>49,663</td><td>40,432</td><td>343</td><td>212</td><td>-</td><td>1</td><td>148</td><td>552</td><td>642</td></tr><tr><td>October</td><td>17,175</td><td>9,091</td><td>8,958</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>124</td><td>-</td></tr><tr><td>Spot.........</td><td>85,473</td><td>51,857</td><td>41,192</td><td>516</td><td>364</td><td>-</td><td>1</td><td>64</td><td>615</td><td>595</td></tr><tr><td>Forward.....</td><td>19,340</td><td>7,964</td><td>7,309</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>500</td></tr><tr><td>November</td><td>96,696</td><td>53,247</td><td>43,318</td><td>867</td><td>583</td><td>-</td><td>2</td><td>49</td><td>575</td><td>-</td></tr><tr><td>December</td><td>23,782</td><td>13,154</td><td>13,051</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>98,862</td><td>64,621</td><td>55,683</td><td>598</td><td>517</td><td>-</td><td>4</td><td>272</td><td>373</td><td>335</td></tr><tr><td>February</td><td>19,294</td><td>12,200</td><td>12,200</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Sales to bankers</td></tr><tr><td>1945-July</td><td>22,851</td><td>14,465</td><td>12,590</td><td>13</td><td>161</td><td>-</td><td>-</td><td>-</td><td>245</td><td>238</td></tr><tr><td>Spot.........</td><td>2,889</td><td>1,399</td><td>1,399</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward.....</td><td>22,635</td><td>13,309</td><td>10,951</td><td>8</td><td>16</td><td>-</td><td>-</td><td>-</td><td>343</td><td>276</td></tr><tr><td>August</td><td>2,180</td><td>1,741</td><td>1,741</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot.........</td><td>45,818</td><td>27,278</td><td>25,715</td><td>13</td><td>14</td><td>-</td><td>-</td><td>-</td><td>171</td><td>189</td></tr><tr><td>Forward.....</td><td>4,806</td><td>3,905</td><td>3,905</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>15,775</td><td>12,974</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>34,291</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>8,129</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>October</td><td>31,132</td><td>5,284</td><td>5,280</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>313</td><td>520</td></tr><tr><td>Spot.........</td><td>6,010</td><td>18,922</td><td>15,551</td><td>290</td><td>75</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward.....</td><td>34,499</td><td>9,112</td><td>4,780</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>8,259</td><td>9,117</td><td>16,195</td><td>82</td><td>17</td><td>-</td><td>-</td><td>27</td><td>228</td><td>329</td></tr><tr><td>December</td><td>37,088</td><td>19,137</td><td>16,195</td><td>82</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>6,220</td><td>3,980</td><td>3,877</td><td>4</td><td>-</td><td>-</td><td>-</td><td>27</td><td>228</td><td>329</td></tr><tr><td>February</td><td>36,936</td><td>24,504</td><td>21,672</td><td>106</td><td>271</td><td>-</td><td>-</td><td>1</td><td>67</td><td>229</td></tr><tr><td>Spot.........</td><td>1,939</td><td>6,110</td><td>6,110</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Sales to others</td></tr><tr><td>1945-July</td><td>31,762</td><td>17,351</td><td>11,553</td><td>93</td><td>400</td><td>-</td><td>-</td><td>176</td><td>284</td><td>27</td></tr><tr><td>Spot.........</td><td>4,453</td><td>1,193</td><td>1,193</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward.....</td><td>30,532</td><td>16,800</td><td>9,840</td><td>262</td><td>367</td><td>-</td><td>-</td><td>2</td><td>307</td><td>64</td></tr><tr><td>August</td><td>4,118</td><td>1,415</td><td>1,398</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot.........</td><td>32,162</td><td>19,596</td><td>14,706</td><td>105</td><td>253</td><td>-</td><td>-</td><td>-</td><td>362</td><td>49</td></tr><tr><td>Forward.....</td><td>4,420</td><td>1,514</td><td>1,513</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>September</td><td>44,018</td><td>22,220</td><td>15,840</td><td>188</td><td>43</td><td>-</td><td>-</td><td>15</td><td>359</td><td>87</td></tr><tr><td>October</td><td>7,178</td><td>3,682</td><td>3,635</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>-</td></tr><tr><td>Spot.........</td><td>50,384</td><td>31,778</td><td>25,224</td><td>258</td><td>135</td><td>-</td><td>1</td><td>145</td><td>416</td><td>209</td></tr><tr><td>Forward.....</td><td>9,765</td><td>3,843</td><td>3,718</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>128</td><td>-</td></tr><tr><td>November</td><td>50,934</td><td>32,935</td><td>25,681</td><td>226</td><td>289</td><td>-</td><td>-</td><td>64</td><td>302</td><td>75</td></tr><tr><td>December</td><td>11,081</td><td>2,452</td><td>2,489</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>1946-January</td><td>59,608</td><td>34,110</td><td>27,123</td><td>185</td><td>566</td><td>-</td><td>2</td><td>22</td><td>347</td><td>175</td></tr><tr><td>February</td><td>11,962</td><td>9,174</td><td>9,174</td><td>-</td><td>-</td><td>-</td><td>4</td><td>271</td><td>306</td><td>106</td></tr><tr><td>Spot.........</td><td>61,926</td><td>40,117</td><td>34,011</td><td>492</td><td>246</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward.....</td><td>11,375</td><td>6,090</td><td>6,090</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
July 1946
107
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)
July 1945 - February 1946
(Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="6">Currency of:</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>Asia Japan (in- cluding Korea and Manchuria)</th><th>Other Asia</th><th>All other</th></tr><tr><th colspan="10">Sales</th></tr><tr><td>Total sales: 1945-July</td><td>676</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>Spot</td><td>-</td><td>-</td><td>-</td><td>4,233</td><td>487</td><td>-</td><td>-</td><td>-</td><td>30</td></tr><tr><td>Forward</td><td>768</td><td>5,047</td><td>207</td><td>10,845</td><td>3,104</td><td>815</td><td>-</td><td>815</td><td>3,273</td></tr><tr><td>August</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>2,991</td><td>41</td><td>110</td><td>-</td><td>110</td><td>-</td></tr><tr><td>Forward</td><td>1,315</td><td>6,172</td><td>169</td><td>13,000</td><td>2,687</td><td>875</td><td>-</td><td>875</td><td>3,248</td></tr><tr><td>September</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>Spot</td><td>-</td><td>-</td><td>-</td><td>10,052</td><td>88</td><td>47</td><td>-</td><td>47</td><td>20</td></tr><tr><td>Forward</td><td>661</td><td>4,489</td><td>147</td><td>11,592</td><td>2,329</td><td>1,227</td><td>-</td><td>1,227</td><td>3,751</td></tr><tr><td>October</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>-</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>1,746</td><td>5,579</td><td>180</td><td>24,246</td><td>2,959</td><td>1,275</td><td>-</td><td>1,275</td><td>4,632</td></tr><tr><td>November</td><td>1,347</td><td>5,783</td><td>264</td><td>28,243</td><td>4,480</td><td>1,220</td><td>-</td><td>1,220</td><td>3,910</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>8,328</td><td>356</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,347</td><td>5,783</td><td>264</td><td>20,035</td><td>4,124</td><td>1,220</td><td>-</td><td>1,220</td><td>3,910</td></tr><tr><td>December</td><td>1,132</td><td>5,725</td><td>1,694</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>Spot</td><td>-</td><td>-</td><td>662</td><td>10,174</td><td>1,015</td><td>122</td><td>-</td><td>122</td><td>65</td></tr><tr><td>Forward</td><td>1,132</td><td>5,725</td><td>1,032</td><td>13,298</td><td>2,430</td><td>2,678</td><td>-</td><td>2,678</td><td>3,794</td></tr><tr><td>1946-January</td><td>1,751</td><td>5,384</td><td>214</td><td>29,616</td><td>4,510</td><td>4,795</td><td>-</td><td>4,795</td><td>4,528</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>8,373</td><td>969</td><td>1,262</td><td>-</td><td>1,262</td><td>24</td></tr><tr><td>Forward</td><td>1,751</td><td>5,384</td><td>214</td><td>21,243</td><td>3,541</td><td>3,533</td><td>-</td><td>3,533</td><td>4,504</td></tr><tr><td>February</td><td>1,982</td><td>4,663</td><td>194</td><td>18,683</td><td>5,100</td><td>6,281</td><td>9</td><td>6,272</td><td>4,177</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>4,457</td><td>630</td><td>2,008</td><td>9</td><td>2,008</td><td>19</td></tr><tr><td>Forward</td><td>1,982</td><td>4,663</td><td>194</td><td>14,226</td><td>4,470</td><td>4,273</td><td>-</td><td>4,273</td><td>4,158</td></tr><tr><th colspan="10">Sales to banks:</th></tr><tr><td>1945-July</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>Spot</td><td>-</td><td>-</td><td>-</td><td>1,475</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td>Forward</td><td>361</td><td>761</td><td>76</td><td>5,299</td><td>268</td><td>126</td><td>-</td><td>126</td><td>1,201</td></tr><tr><td>August</td><td>783</td><td>882</td><td>50</td><td>7,355</td><td>311</td><td>209</td><td>-</td><td>209</td><td>1,451</td></tr><tr><td>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>783</td><td>882</td><td>50</td><td>6,916</td><td>311</td><td>209</td><td>-</td><td>209</td><td>1,451</td></tr><tr><td>September</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>Spot</td><td>-</td><td>-</td><td>-</td><td>901</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>13,283</td><td>292</td><td>170</td><td>-</td><td>170</td><td>1,894</td></tr><tr><td>October</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>-</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>750</td><td>1,023</td><td>44</td><td>12,096</td><td>387</td><td>218</td><td>-</td><td>218</td><td>2,109</td></tr><tr><td>November</td><td>689</td><td>1,200</td><td>64</td><td>12,618</td><td>302</td><td>163</td><td>-</td><td>163</td><td>2,164</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>2,762</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>689</td><td>1,200</td><td>64</td><td>9,856</td><td>302</td><td>163</td><td>-</td><td>163</td><td>2,164</td></tr><tr><td>December</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>667</td><td>1,018</td><td>94</td><td>9,314</td><td>588</td><td>250</td><td>-</td><td>250</td><td>2,278</td></tr><tr><td>1946-January</td><td>899</td><td>1,311</td><td>49</td><td>13,775</td><td>877</td><td>608</td><td>-</td><td>608</td><td>2,691</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>2,058</td><td>182</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>899</td><td>1,311</td><td>49</td><td>11,717</td><td>695</td><td>608</td><td>-</td><td>608</td><td>2,691</td></tr><tr><td>February</td><td>1,076</td><td>1,046</td><td>36</td><td>7,838</td><td>614</td><td>1,577</td><td>431</td><td>1,577</td><td>2,403</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,378</td><td>-</td><td>1,577</td><td>431</td><td>1,577</td><td>2,403</td></tr><tr><td>Forward</td><td>1,076</td><td>1,046</td><td>36</td><td>6,460</td><td>614</td><td>-</td><td>-</td><td>-</td><td>2,403</td></tr><tr><th colspan="10">Sales to others:</th></tr><tr><td>1945-July</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>Spot</td><td>-</td><td>-</td><td>-</td><td>2,758</td><td>487</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td>Forward</td><td>407</td><td>4,286</td><td>131</td><td>5,544</td><td>2,836</td><td>689</td><td>-</td><td>689</td><td>2,072</td></tr><tr><td>August</td><td>532</td><td>5,307</td><td>119</td><td>8,632</td><td>2,417</td><td>776</td><td>-</td><td>776</td><td>1,907</td></tr><tr><td>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>20</td></tr><tr><td>Forward</td><td>532</td><td>5,290</td><td>119</td><td>6,080</td><td>2,376</td><td>666</td><td>-</td><td>666</td><td>1,887</td></tr><tr><td>September</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>Spot</td><td>-</td><td>-</td><td>-</td><td>3,151</td><td>88</td><td>47</td><td>-</td><td>47</td><td>20</td></tr><tr><td>Forward</td><td>263</td><td>3,730</td><td>128</td><td>4,309</td><td>2,037</td><td>1,057</td><td>-</td><td>1,057</td><td>1,857</td></tr><tr><td>October</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>996</td><td>4,556</td><td>136</td><td>12,150</td><td>2,572</td><td>1,057</td><td>-</td><td>1,057</td><td>2,503</td></tr><tr><td>November</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>Spot</td><td>-</td><td>-</td><td>-</td><td>5,566</td><td>356</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>658</td><td>4,523</td><td>200</td><td>6,059</td><td>4,822</td><td>1,057</td><td>-</td><td>1,057</td><td>1,746</td></tr><tr><td>December</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>-</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>465</td><td>4,707</td><td>896</td><td>3,984</td><td>1,842</td><td>2,428</td><td>-</td><td>2,428</td><td>1,516</td></tr><tr><td>1946-January</td><td>852</td><td>4,073</td><td>165</td><td>15,841</td><td>3,633</td><td>4,187</td><td>-</td><td>4,187</td><td>1,837</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>6,315</td><td>787</td><td>1,262</td><td>-</td><td>1,262</td><td>24</td></tr><tr><td>Forward</td><td>852</td><td>4,073</td><td>165</td><td>9,526</td><td>2,846</td><td>2,925</td><td>-</td><td>2,925</td><td>1,813</td></tr><tr><td>February</td><td>906</td><td>3,617</td><td>158</td><td>10,845</td><td>4,486</td><td>4,704</td><td>9</td><td>4,695</td><td>1,774</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>3,059</td><td>630</td><td>1,577</td><td>9</td><td>1,577</td><td>19</td></tr><tr><td>Forward</td><td>906</td><td>3,617</td><td>158</td><td>7,786</td><td>3,856</td><td>3,127</td><td>-</td><td>3,127</td><td>1,755</td></tr></table>
Treas. HJ 10 .A2 1946 c.2 U.S. Treasury Dept. Treasury Bulletin
1 0031947