TREASURY DEPARTMENT LIBRARY ROOM 5013
LIBRARY ROOM 5030
JUN 2, 1972
TREASURY DEPARTMENT
TREASURY BULLETIN
AUGUST-1946
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
August 1946
1
Table of Contents
Cumulative table of contents 11
Articles:
Letter from Secretary Snyder on the financial agreement with Britain to the Chairman of the House Committee on Banking and Currency. A-1
Treasury market financing. A-2
Financial operations of the United States Government, fiscal year 1946. A-3
Statistical section:
Summary of fiscal statistics 1
Receipts and expenditures and appropriations 4
General fund of the Treasury 18
Public debt and guaranteed obligations of the United States Government 21
Ownership of United States Government securities 48
Prices and yields of Government securities (including securities issued by Federal agencies) 56
Internal revenue statistics 63
Monetary statistics 68
Capital movements between the United States and foreign countries and net position in foreign currencies 75
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>Aug.</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></tr><tr><td>Letter from Secretary Snyder on the financial agreement with Britain to the Chairman of the House Committee on Banking and Currency. Leading the way to anduring peace and prosperity (speech by Secretary Vinson).</td><td>A-1</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 extension of the Price Control Act, before the Senate Committee on Banking and Currency.</td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the House Banking and Currency Committee. Looking ahead, one year after VE-Day (speech by Assistant Secretary Foley).</td><td></td><td></td><td>A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the extension of the Stabilization Act, before the House Banking and Currency Committee.</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>Statement by Secretary Vinson on the reduction of the debt limitation, before the Senate Committee on Finance. American prosperity and world prosperity are interlinked (speech by Secretary Vinson).</td><td></td><td></td><td></td><td>A-4</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. What we gain from the proposed financial agreement with Britain (speech by Secretary Vinson).</td><td></td><td></td><td>A-7</td><td>A-1</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 (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td>A-5</td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Transition from war to peace and prosperity (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td></td><td>A-1</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 (speech by Under Secretary Bell).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td>A-1</td><td></td><td></td><td></td></tr><tr><td>Financial operations of the United States Government, fiscal year 1946.</td><td>A-3</td><td>A-9</td><td>A-18</td><td></td><td>A-11</td><td></td><td></td><td></td><td>A-6</td><td>A-6</td><td></td><td></td></tr><tr><td>Bank purchases of restricted Treasury bonds. Recent trends in corporate profits. Federal wartime financing and growth of liquid assets. Procedure for redemption of United States excess profits tax refund bonds. Federal Government expenditures for the fiscal years 1940, 1945, and 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Victory Loan Drive, October-December 1945: Sale by issues, by investor classes, and by States. Outline of plans and comparison of features of securities offered. Concurrent purchases by banks.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td>A-22</td><td></td><td>A-1</td><td></td><td></td></tr><tr><td>United States savings bonds: Maturity of Series B bonds. Continuation of the savings bond program.</td><td></td><td></td><td></td><td></td><td></td><td>A-27</td><td>A-28</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: December 31, 1939-December 31, 1945. December 31, 1939-June 30, 1945.</td><td></td><td>A-11</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>Statistics of income: Individual income tax returns: Returns for 1944 with adjusted gross income under $25,000 (sample survey): Income and tax liability. Marital and dependency status and number of employers. Publication of Statistics of Income for 1942, Part I.</td><td></td><td></td><td></td><td></td><td>A-10</td><td>A-21</td><td>A-21</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation income and taxable excess profits tax returns: Preliminary statistics for 1943. Advance tabulation for 1943. Complete returns for 1942.</td><td></td><td></td><td></td><td>A-26</td><td></td><td></td><td></td><td>A-1</td><td>A-1</td><td></td><td></td><td></td></tr><tr><td>Financial statistics of certain tax-exempt organizations for 1943.</td><td></td><td></td><td></td><td></td><td>A-23</td><td></td><td></td><td></td><td>A-6</td><td>A-6</td><td></td><td></td></tr><tr><td>Federal land bank bonds.</td><td>A-2</td><td>A-8</td><td>A-17</td><td>A-13</td><td>A-32</td><td>A-21</td><td>A-28</td><td>A-5</td><td>A-16</td><td>A-9</td><td>A-10</td><td>A-6</td></tr><tr><td>Treasury market financing.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
August 1946
111
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="10">issue and page number</th></tr><tr><th>Ang.</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></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Receipts and expenditures and appropriations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Summary by major classifications</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Analysis of receipts from internal revenue</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6-7</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>7</td><td>8</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>8</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>8-9</td><td>9-10</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>10</td><td>11-12</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>11</td><td>13</td></tr><tr><td>Means of financing cash requirements</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social security program:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>14</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>13</td><td>15</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>13</td><td>15</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></tr><tr><td>Statement of trust accounts:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>16</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>14</td><td>16</td></tr><tr><td>Unemployment Trust Fund</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>14</td><td>16</td></tr><tr><td>Appropriations and net contract authorisations 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>15-16</td><td>17-18</td></tr><tr><td>Cash income and outgo of the Treasury:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Analysis by major classifications</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>17</td><td>19</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>17</td><td>19</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></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>19</td><td>21</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>20</td><td>22</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></tr><tr><td>Issuance and retirement of the public debt</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>22</td><td>24</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>22</td><td>24</td></tr><tr><td>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Detailed statement:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal years, 1937-1946</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>23-24</td><td>25-26</td></tr><tr><td>Monthly data</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>24-25</td><td>26-27</td></tr><tr><td>Chart</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>26</td><td>28</td></tr><tr><td>Computed interest charge and computed interest rate</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td>29</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>27</td><td>29</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></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></td><td>30</td></tr><tr><td>August 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</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>28</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>28</td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</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>28</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946</td><td></td><td></td><td></td><td></td><td>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>June 30, 1946</td><td>28</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>29-31</td><td>31-33</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>32</td><td>34</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>33</td><td>35</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>34-35</td><td>34-35</td><td>36-37</td></tr></table>
(Continued on following page)
1v
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="10">Issue and page number</th></tr><tr><th></th><th colspan="10">1946</th><th colspan="4">1945</th></tr><tr><th></th><th>Aug.</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></tr><tr><td colspan="12">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</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>38-39</td></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>37-39</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>36-37</td><td>38-39</td></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>40</td><td>38</td><td>38</td><td>38</td><td>38</td><td>38</td><td>40</td></tr><tr><td>Number of pieces sold, classified by denominations.</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>43</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>42-43</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td><td>41-42</td></tr><tr><td>Redemptions of series A-I, classified by States.</td><td>44</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>43</td></tr><tr><td>Payroll savings plans.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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</td><td>42-43</td><td>42-43</td><td>42-43</td><td>42-43</td><td>42-43</td><td>44-45</td></tr><tr><td>Sales, classified by:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Denomination.</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>44</td><td>44</td><td>44</td><td>44</td><td>44</td><td>46</td></tr><tr><td>Type of purchaser.</td><td>46</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>46</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>45</td><td>45</td><td>45</td><td>45</td><td>45</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>47</td><td>45</td><td>45</td><td>45</td><td>45</td><td>45</td><td>47</td></tr><tr><td colspan="12">Ownership of United States Government securities</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>49</td><td>47</td><td>47</td><td>47</td><td>47</td><td>47</td><td>49</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>50</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>50</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>50</td><td>48</td><td>48</td><td>48</td><td>48</td><td>48</td><td>50</td></tr><tr><td colspan="12">Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing January 31, 1945):</td></tr><tr><td>Ownership by banks and insurance companies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>51-55</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>49-53</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>49-53</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>49-53</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td>51-55</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>51-55</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946.</td><td></td><td></td><td>51-55</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>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>51-55</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Ownership by various classes of Federal Reserve member and nonmember commercial banks:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>56-60</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>54-58</td><td></td><td></td><td></td></tr><tr><td>December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td>56-60</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946.</td><td></td><td></td><td>56-60</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="12">Prices and yields of Government securities (including securities issued by Federal agencies)</td></tr><tr><td>Over-the-counter closing quotations and price history for public marketable securities issued by the U. S. Government and by Federal agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-64</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>55-57</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></td><td>60-62</td><td>55-57</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>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></td><td>62-64</td><td>55-57</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>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>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946.</td><td></td><td></td><td>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>62-64</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>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>May 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1946.</td><td>57-59</td><td></td><td>60</td><td>60</td><td>65</td><td>65</td><td>58</td><td>58</td><td>63</td><td>58</td><td>58</td><td>65</td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes.</td><td>60</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></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>61</td><td>66</td><td>61</td><td>61</td><td>66</td><td>59</td><td>59</td><td>64</td><td>59</td><td>59</td><td>66</td></tr><tr><td>Chart.</td><td>62</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></tr></table>
(Continued on following page)
August 1946
V
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="11">Issue and page number</th></tr><tr><th>Ang.</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></tr><tr><td colspan="13">Corporations and certain other agencies of the U. S. Government</td></tr><tr><td>Assets, liabilities, and capital: 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>69, 72-76</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>67, 71-75</td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td>69, 73-77</td><td></td><td></td><td>69, 73-77</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>69, 73-77</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans outstanding, classified by type of loans: June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>68-70</td><td></td><td>70-71</td></tr><tr><td>September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td>70-72</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td>70-72</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and expense: Fiscal year 1945</td><td></td><td></td><td></td><td></td><td>62-67</td><td></td><td></td><td>62-67</td><td></td><td></td><td>62-67</td><td></td></tr><tr><td>First three months, fiscal year 1946</td><td></td><td></td><td>64-69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First six months, fiscal year 1946</td><td>64-69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First 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: Fiscal year 1945</td><td></td><td></td><td></td><td></td><td></td><td>68-73</td><td></td><td></td><td>68-73</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>70-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First six months, fiscal year 1946</td><td>70-76</td><td></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 colspan="13">Internal revenue statistics</td></tr><tr><td>Collections of internal revenue: Summary data</td><td>64</td><td>78</td><td>79</td><td>64</td><td>77</td><td>79</td><td>62</td><td>75</td><td>77</td><td>62</td><td>75</td><td>78</td></tr><tr><td>Chart</td><td>65</td><td>79</td><td>80</td><td>65</td><td>78</td><td>80</td><td>63</td><td>76</td><td>78</td><td>63</td><td>76</td><td>79</td></tr><tr><td>Comparative details for current periods</td><td>66-67</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></tr><tr><td colspan="13">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund: June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td>67-68</td><td></td><td></td><td>67-68</td><td></td><td></td><td></td></tr><tr><td>September 30, 1945</td><td></td><td></td><td>69-70</td><td></td><td></td><td>67-68</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td>69-70</td><td></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>71</td><td>83</td><td>84</td><td>72</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>Gold assets and liabilities of the Treasury</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Increment from reduction in weight of gold dollar, cumulative to: September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td>69</td><td></td><td></td><td>69</td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td>71</td><td></td><td>69</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td>71</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1946</td><td>71</td><td>83</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></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td>71</td><td>83</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></tr><tr><td>Monetary stocks of gold and silver</td><td>72</td><td>84</td><td>85</td><td>72</td><td>83</td><td>85</td><td>70</td><td>81</td><td>83</td><td>70</td><td>81</td><td>84</td></tr><tr><td>Components of silver monetary stock</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Silver production in the United States and silver acquisition by mint and assay offices</td><td>72</td><td>84</td><td>85</td><td>72</td><td>83</td><td>85</td><td>70</td><td>81</td><td>83</td><td>70</td><td>81</td><td>84</td></tr><tr><td>Seigniorage on silver, by types</td><td>73</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></tr><tr><td>Money in circulation</td><td>74</td><td>86</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></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>76-78</td><td>58-89</td><td>89</td><td>76</td><td>87</td><td>89</td><td>74</td><td>85</td><td>87</td><td>74-75</td><td>76</td><td>82</td><td>85</td></tr><tr><td>Historical summary of net capital movement since 1935</td><td>79-84</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>86-104</td><td>77-93</td><td></td><td></td></tr><tr><td>Summary by countries. Details: May 1945</td><td></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></tr><tr><td>June 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>105-107</td><td></td><td></td><td></td></tr><tr><td>July 1945</td><td></td><td></td><td></td><td></td><td></td><td>92-94</td><td>103-105</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 1945</td><td></td><td></td><td></td><td>107-109</td><td>107-109</td><td>107-109</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 1945</td><td></td><td></td><td>94-96</td><td>105-107</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>November 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 1945</td><td></td><td></td><td>107-109</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January-February 1946</td><td>94-99</td><td></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 1946</td><td>85-87</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></tr><tr><td>Position in foreign currencies</td><td>88-94</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></tr></table>
August 1946
A-1
Letter from Secretary Snyder on the Financial Agreement with Britain to the Chairman of the House Banking and Currency Committee
Washington, D. C.
July 10, 1946
My dear Mr. Spence:
As you know, the hearings before your Committee on the Anglo-American financial agreement were almost concluded when I became Secretary of the Treasury. In view of the able expositions of my predecessor in office and other administration officials, I did not believe it necessary to seek an opportunity to express to your Committee my similar views with respect to the agreement. Recent developments, however, have convinced me that it is desirable and, in fact, incumbent upon me as Secretary of the Treasury to express my profound conviction that the approval of the agreement with Britain is a matter of utmost importance and urgency.
Testimony of witnesses before the respective Committees of the House and Senate as well as the debate on the floor of the Senate have, in my judgment, set forth with admirable clarity the basic economic and financial reasons why the approval of the financial agreement with Britain is important to the future well-being of this country and the world. These discussions have, I think, afforded an exceptionally clear and intelligent basis for decision. Unfortunately, however, this original clarity has been partially dispelled in recent days by the introduction into the debate of extraneous issues. There has been a tendency on the part of some, I think, to forget the broad foreign economic policy of the United States and to be influenced by issues which should be settled separately.
I think that in the interest of all of us, a decision to approve or disapprove the proposed credit to Britain must be based exclusively upon those considerations of economic stability and world peace which the financial agreement was designed to foster. World trade expansion and the elimination of economic warfare are the twin objectives of our foreign economic policy. They cannot be achieved in a world of currency restrictions, discriminatory trade practices and economic blocs. I am convinced that the Anglo-American financial agreement is necessary to the achievement of our objectives. If we are serious about our intentions to lead the world to peace and prosperity, we cannot, in my judgment, reject this opportunity to take the initial step.
The financial agreement with Britain is a sound economic and financial deal for the United States. It was soundly conceived and expertly negotiated. It is my fervent hope that the Congress will not, at this juncture, be diverted from the major objectives toward which much of its legislation has been directed in the last few years but will give its approval to the Anglo-American financial agreement.
Very sincerely yours, John W. Snyder Secretary of the Treasury
Honorable Brent Spence
Chairman, Committee on Banking and Currency
The House of Representatives
Washington, D. C.
A-2
Treasury Bulletin
Treasury Market Financing During June
Historical details of Treasury market financing operations involving bonds, notes, and certificates of indebtedness, beginning with the Fifth 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 July 1, 1946, an issue of 0.90% Treasury notes, outstanding in the amount of $4,910 million, matured. On June 14, 1946, the Secretary of the Treasury announced that about $2 billion of the maturing notes would be paid off in cash and the remainder would be exchanged, par for par, for a one-year issue of 7/8% certificates of indebtedness. Exchange subscriptions were received subject to allotment to all holders on an equal percentage basis, except that subscriptions in amounts of $25,000 and less were allotted in full. Cash subscriptions were not received.
The notes maturing on July 1 were, in effect, a part of the regular series of 7½ certificates maturing on the list of each month. They were issued as of June 1, 1945 in exchange for an issue of certificates maturing on that date and an issue of Home Owners' Loan Corporation bonds called for payment. The issue was made a 13-month Treasury note to prevent overlapping the certificate issue then being sold in the Seventh War Loan with a maturity date of June 1, 1946.
The Treasury reports on the ownership of Government securities indicate that on May 31, 1946, about 78% of the $4.9 billion of maturing notes was owned by reporting commercial banks and Federal Reserve Banks. The ownership figures for May 31 are the latest available. Trading in the market after that date probably resulted in some shifts in ownership between banks and nonbank investors.
The new certificates were dated July 1, 1946 and will mature July 1, 1947. Interest at the rate of 7 3/4 per annum is payable on January 1 and July 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. Subscription books were opened on June 19, and closed at the end of business on June 21, except for the receipt of
subscriptions from holders of $25,000 or less of the maturing notes, for which the books remained open through June 24.
On June 28, the Secretary of the Treasury announced that subscriptions for the new issue aggregated $4,673 million. Subscriptions of $25,000 or less were allotted in full in the amount of $42 million. Subscriptions in amounts of over $25,000 were allotted 62% on a straight 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 $2,916 million leaving $1,994 million to be paid off in cash.
Total Cash Pay-Offs to Date
With the payment in cash of $2.0 billion on the notes maturing on July 1, 1946, the Treasury had paid off $12.2 billion on $23.9 billion of maturing and called securities since the end of February 1946. Thus, slightly more than 50% of the total was paid off in cash. The following table shows the amount of each issue maturing or called for payment during this period, and the amount of cash pay-off.
<table><tr><th>Date</th><th>Issue</th><th>Total amount maturing or called (In billions of dollars)</th><th>Cash pay-off</th></tr><tr><td>March 1</td><td>7/8% Certificates of indebtedness..</td><td>4.1</td><td>1.0</td></tr><tr><td>March 15</td><td>1% Treasury notes..</td><td>1.3</td><td>1.3</td></tr><tr><td>March 15</td><td>3-3/4% Treasury bonds.</td><td>.5</td><td>.5</td></tr><tr><td>April 1</td><td>7/8% Certificates of indebtedness..</td><td>4.8</td><td>2.0</td></tr><tr><td>May 1</td><td>7/8% Certificates of indebtedness..</td><td>1.6</td><td>1.6</td></tr><tr><td>June 1</td><td>7/8% Certificates of indebtedness..</td><td>4.8</td><td>2.0</td></tr><tr><td>June 15</td><td>3% Treasury bonds..</td><td>1.0</td><td>1.0</td></tr><tr><td>June 15</td><td>3-1/8% Treasury bonds.</td><td>.8</td><td>.8</td></tr><tr><td>July 1</td><td>0.90% Treasury notes.</td><td>4.9</td><td>2.0</td></tr><tr><td></td><td>Total.</td><td>23.9</td><td>12.2</td></tr></table>
August 1946
A-3
Financial Operations of the United States Government During the Fiscal Year 1946
On July 2, 1946, Secretary Snyder issued a press release reviewing receipts, expenditures, and changes in the public debt during the fiscal year 1946. This offers a convenient review of the material in various tables of the "Treasury Bulletin", and is presented below with minor revisions designed to integrate the material with regular tables published in the "Treasury Bulletin".
Summary
The Treasury closed its books with a deficit of $22.0 billion as compared with a deficit of $53.9 billion last year, excluding transactions in checking accounts of Governmental corporations. Operations in Governmental corporation accounts (other than sales and redemptions of obligations in the market) resulted in net receipts for the year of $1.0 billion, as compared with net receipts for the preceding fiscal year of $0.4 billion.
The public debt, including publicly held guaranteed obligations, stood at $269.9 billion on June 30, as compared with $259.1 billion a year ago, an increase of $10.8 billion. The general fund cash balance at the close of the year amounted to $14.2 billion, which was $10.5 billion below the balance on June 30, 1945. The year was marked by drastic reductions in Government expenditures due to the cessation of hostilities, by a substantial improvement in the budgetary outlook, and by the commencement of debt retirement on March 1.
Receipts
Net receipts after deducting $1.2 billion for the Federal Old-Age and Survivors Insurance Trust Fund, amounted to $43.0 billion, which is $3.4 billion less than the year before. Total expenditures amounted to $65.0 billion as compared with $100.4 billion last year, a reduction of $35.4 billion.
The reduction in receipts was accounted for largely by a decrease in income taxes. Income taxes withheld by employers under the current Tax Payment Act of 1943 amounted to $9.4 billion as compared with $10.3 billion the year before. Other income taxes amounted to $21.5 billion as compared with $24.9 billion in 1945.
Miscellaneous receipts for fiscal year 1946 included proceeds from sales of surplus property under the Act of October 3, 1944, amounting to $0.5 billion. Approximately $1.2 billion was received on account of renegotiation of war con-
tracts as compared with $2.0 billion for fiscal year 1945.
See Table 1 at the end of this article for a comparison of budgetary receipts for the fiscal years 1945 and 1946. A history of receipts from 1937 to date appears on page 5. For a detailed analysis of internal revenue collections see pages 64, 66, 67.
Expenditures
Expenditures have declined substantially since V-E Day. The following table shows comparative expenditures by quarters.
<table><tr><th>Period</th><th colspan="2">Fiscal year</th><th>Change</th></tr><tr><th></th><th>1945</th><th>1946</th><th></th></tr><tr><td colspan="4">(In billions of dollars)</td></tr><tr><td>July 1 - Sept. 30...</td><td>24.2</td><td>22.5</td><td>-1.6</td></tr><tr><td>Oct. 1 - Dec. 31...</td><td>24.3</td><td>16.1</td><td>-8.2</td></tr><tr><td>Jan. 1 - Mar. 31...</td><td>25.1</td><td>13.0</td><td>-12.1</td></tr><tr><td>Apr. 1 - June 30...</td><td>26.9</td><td>13.4</td><td>-13.4</td></tr><tr><td>Total</td><td>100.4</td><td>65.0</td><td>-35.4</td></tr></table>
Although actual hostilities ended 10-1/2 months before the close of the fiscal year 1946, war spending did not stop. These expenditures amounted to $48.5 billion for the year compared with the peak of $90.0 billion in the previous fiscal year. Liquidation of war is costly. The demobilization of millions of men and their mustering-out pay, and outlays to terminate war contracts, contributed to keep war spending at a high rate. It is interesting to note, however, that expenditures for war activities amounted to more than $7.3 billion in July 1945, the month preceding V-J Day, and have dropped to $2.4 billion for June 1946, the month just ended, and will continue at a declining rate. These figures do not include net war outlays of the Reconstruction Finance Corporation, which amounted to $0.3 billion in the fiscal year 1946.
There were decreases under all major categories of war expenditures, as follows: War Department, $22.5 billion; Navy Department, $14.9 billion; Treasury Department, principally for lend-lease purchases, $0.8 billion; U. S. Maritime Commission, $2.5 billion; War Shipping Administration, $0.7 billion; and decreases under other miscellaneous categories aggregating $0.7 billion. There were some offsetting increases, the largest of which amounted to $0.6 billion for
Treasury Bulletin
A-4
payments for United Nations Relief and Rehabilitation Administration.
Expenditures classified as General, including transfers to trust accounts, amounted to $16.5 billion, an increase of $6.1 billion compared with 1945. Of this increase, $4.6 billion or about 76% is accounted for by expenditures that are war related and sometimes referred to as "aftermath of war," i.e., interest on the public debt, refunds of taxes and duties, and veterans' benefits (including transfers to the National Service Life Insurance Fund shown under "transfers to trust accounts, etc."). In addition, a substantial amount of general expenditures were made to carry out responsibilities of the post-war period. Chief among these was $500 million paid to the Commodity Credit Corporation to be used for postwar price support of agriculture; $674 million for subscription to capital stock of the Export-Import Bank; and $159 million for subscription to the International Bank for Reconstruction and Development. The remaining categories of other general expenditures showed a net increase of only $152 million, due to the recession in 1946 of repayments of $165 million capital and surplus from the Federal Land Banks and the Federal Farm Mortgage Corporation, as compared with $63 million in 1945, and the fact that no provision was made for payments in 1946 to restore the capital impairment of the Commodity Credit Corporation, whereas in 1945 there was an expenditure of $257 million for this purpose.
Additional information on expenditures is presented in Tables 1, 2, and 3 at the end of this article, and on pages 5 and 6.
Public Debt
The gross public debt amounted to $269.4 billion on June 30, 1946, as compared with $258.7 billion at the close of last year, an increase of $10.7 billion. This increase is accounted for by a deficit of $22.0 billion, a decrease in the general fund balance of $10.5 billion, and an excess of receipts in trust accounts, etc., amounting to $0.8 billion.
Of the increase in the public debt during the fiscal year 1946, $8.2 billion was represented by interest-bearing public issues, and $3.5 billion by interest-bearing special issues to trust accounts administered by the Treasury; these increases being offset by a net decrease of $1.0 billion in matured debt on which interest has ceased, and noninterest-bearing debt, the
latter item decreasing $1.0 billion on account of excess profits tax refund bonds.
Of the public issues, marketable obligations increased $8.3 billion as follows: outstanding Treasury bonds increased $12.9 billion; certificates of indebtedness increased $0.7 billion, while Treasury notes and other marketable securities decreased $5.3 billion.
In the nonmarketable group, outstanding United States Savings Bonds increased $3.4 billion, while Treasury savings notes decreased $3.4 billion.
A comparison of the public debt outstanding on June 30, 1945 and June 30, 1946, classified by types of issues is presented in Table 4 at the end of this article. Pages 23 to 25 contain additional information relating to the public debt from June 30, 1937 to date.
The direct debt reached its peak on February 28, 1946, when it amounted to $279.2 billion. Due to prompt cancellation of war contracts, speedy demobilization of the armed forces, and curtailment of war emergency agencies, combined with other factors which improved the budgetary outlook, a substantial part of the money raised during the Victory Loan was not required to finance Government expenditures. Consequently, since the end of February a substantial debt reduction program has been under way. From March 1 to June 30, 1946, $19.0 billion of marketable issues matured or were called for redemption. Of this amount $10.2 billion were paid off in cash (exclusive of the $2.0 billion pay-off of the Treasury notes maturing July 1 which was announced on June 14, 1946). To the extent that the maturing obligations were not paid off, they were refunded into 7/8% one-year certificates of indebtedness. Table 5 at the end of this article shows the disposition of the marketable issues matured or called between March 1 and June 30, 1946. For offerings and disposition of Treasury bonds, notes, and certificates of indebtedness beginning with the Fifth War Loan see pages 32 and 33.
Of the $19.0 billion marketable debt maturing or called for payment from March 1 through June 30, commercial banks reporting in the Treasury Survey of Ownership of United States Government Securities held about 50%; another 18% was held by Federal Reserve Banks; and 32% by nonbank investors and nonreporting banks. Table 6 shows
August 1946
A-5
the ownership distribution of the matured and called issues according to the latest reports received by the Treasury Survey of Ownership prior to the date of payment in each case. Additional information on ownership of Government securities is presented in the chapter beginning on page 48.
Average Interest Rate
Interest payments on the public debt during the fiscal year 1946 amounted to $4.7 billion, an all-time high, which is $1.1 billion more than was paid in 1945. The average interest rate on the interest-bearing debt increased from 1.936% on June 30, 1945, to 1.996% on June 30, 1946. This increase in the general average was due to several factors, one of which was the retirement of $6.6 billion of 7 3/8 certificates of indebtedness since the end of February. Special issues which carried an average interest rate on June 30, 1946 of 2.448%, or about 1/2% above the general average, were increased during the year by $3.5 billion. The monthly trend of interest rates during the fiscal year 1946 for the several types of interest-bearing securities is shown in Table 7. The computed interest charge and computed interest rate on the public debt from 1937 to date is presented on page 27.
Savings Bonds
While sales of savings bonds decreased and redemptions increased in the fiscal year 1946 compared with the previous year, sales (including accrued discount) exceeded redemptions by $3.5 billion. Sales have held up remarkably well, notwithstanding the termination of the war loan drives, averaging better than $650 million a month since January 1946. Redemptions, contrary to the fears of many, have not been unreasonable. They reached their high point in March 1946, when redemptions of all series of savings bonds amounted to about $634 million, followed by $621 million in April, $552 million in May, and $519 million in June. Possibly an even better gauge
is a comparison of redemptions with amounts outstanding. Redemptions of Series E Bonds stated as a percentage of the amount of E Bonds outstanding amounted to 1.45% in June 1946, and were lower on this basis than in any month since July 1945.
The redemption of savings bonds should be viewed in the light of the fact that these bonds are nontransferable and are redeemable at any time after fixed periods (60 days for Series E Bonds) from date of issue. These features were especially incorporated in the bonds to adapt them primarily for the investment of savings of individuals of limited means and so that they could be readily redeemed to meet emergencies without loss of principal. Complete data on the sales and redemptions of savings bonds are shown on pages 36 to 44.
Guaranteed Debt
On June 30, 1946, as was the case on June 30, 1945, only two groups of unmatured obligations of governmental corporations and credit agencies, guaranteed as to principal and interest, except those held by the Secretary of the Treasury, remained outstanding, totalling $467 million as compared with $409 million on June 30, 1945. The unmatured obligations include $424 million of demand obligations of the Commodity Credit Corporation issued to commercial banks in connection with commodity transactions, and $43 million of debentures issued by the Federal Housing Administration in connection with mortgage insurance. During the year the securities of governmental corporations and credit agencies held directly by the Treasury decreased from $12.2 billion to $11.7 billion.
A statement of guaranteed obligations outstanding is included in the tables on pages 23 to 25. For information concerning guaranteed obligations held by the Treasury, see page 27.
A-6
Treasury Bulletin
Table 1.- Budgetary Receipts and Expenditures, Fiscal Years 1945 and 1946
(In millions of dollars)
<table><tr><th></th><th>1945</th><th>1946</th><th>Change</th><th></th><th>1945</th><th>1946</th><th>Change</th></tr><tr><td>Receipts:</td><td></td><td></td><td></td><td>Expenditures (continued):</td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td>War Aotivities:</td><td></td><td></td><td></td></tr><tr><td>Income tax:</td><td></td><td></td><td></td><td>War Department.</td><td>50,399</td><td>27,852</td><td>-22,547</td></tr><tr><td>Withheld by employers (Current Tax</td><td>10,289</td><td>9,392</td><td>-897</td><td>Navy Department.</td><td>30,047</td><td>15,161</td><td>-14,886</td></tr><tr><td>Payment Act of 1943).</td><td>24,884</td><td>21,493</td><td>-3,391</td><td>Agriculture Department.</td><td>1,198</td><td>1,041</td><td>-157</td></tr><tr><td>Other.</td><td>6,949</td><td>7,725</td><td>+776</td><td>Federal Security Agency.</td><td>122</td><td>60</td><td>-62</td></tr><tr><td>Miscellaneous internal revenue.</td><td>1,494</td><td>1,418</td><td>-76</td><td>Federal Works Agency.</td><td>185</td><td>91</td><td>-94</td></tr><tr><td>Social security taxes.</td><td>285</td><td>283</td><td>-2</td><td>National Housing Agency.</td><td>70</td><td>80</td><td>+10</td></tr><tr><td>Taxes upon carriers and their employees</td><td></td><td></td><td></td><td>Treasury Department.</td><td>1,462</td><td>695</td><td>-767</td></tr><tr><td>Railroad unemployment insurance contributions.</td><td>13</td><td>13</td><td>-</td><td>United States Maritime Commission.</td><td>3,227</td><td>694</td><td>-2,533</td></tr><tr><td>Customs.</td><td>355</td><td>435</td><td>+80</td><td>War Shipping Administration.</td><td>2,042</td><td>1,367</td><td>-675</td></tr><tr><td>Miscellaneous receipts.</td><td>3,470</td><td>3,480</td><td>+10</td><td>Aid to China.</td><td>140</td><td>120</td><td>-20</td></tr><tr><td>Total receipts.</td><td>47,740</td><td>44,239</td><td>-3,501</td><td>Payments for United Nations Relief and Rehabilitation Administration.</td><td>114</td><td>664</td><td>+550</td></tr><tr><td>Deduct net appropriations to Federal Old-Age and Survivors Insurance Trust Fund.</td><td>1,283</td><td>1,201</td><td>-82</td><td>Surplus property disposal agencies.</td><td>1/</td><td>106</td><td>+106</td></tr><tr><td>Net receipts.</td><td>46,457</td><td>43,038</td><td>-3,419</td><td>Other.</td><td>1,022</td><td>611</td><td>-411</td></tr><tr><td>Expenditures:</td><td></td><td></td><td></td><td>Total war activities expenditures.</td><td>90,029</td><td>48,542</td><td>-41,487</td></tr><tr><td>General:</td><td></td><td></td><td></td><td>Transfers to trust accounts, eto.:</td><td></td><td></td><td></td></tr><tr><td>Departmental (not otherwise classified)</td><td>831</td><td>957</td><td>+76</td><td>Adjusted service certificate fund.</td><td>9</td><td>-</td><td>-9</td></tr><tr><td>Agriculture Department:</td><td></td><td></td><td></td><td>Federal contributions to District of Columbia.</td><td>6</td><td>6</td><td>-</td></tr><tr><td>Agricultural Adjustment Agency.</td><td>261</td><td>292</td><td>+11</td><td>Government employees' retirement funds (United States share).</td><td>197</td><td>247</td><td>+50</td></tr><tr><td>Commodity Credit Corporation:</td><td>-</td><td>500</td><td>+500</td><td>National service life insurance fund.</td><td>1,117</td><td>1,381</td><td>+264</td></tr><tr><td>Postwar price support of agriculture</td><td>257</td><td>-</td><td>-257</td><td>Railroad retirement account.</td><td>309</td><td>292</td><td>-17</td></tr><tr><td>Restoration of capital impairment.</td><td>145</td><td>121</td><td>-24</td><td>Railroad unemployment insurance administration fund transfers to unemployment trust fund (Act Oct. 10, 1940).</td><td>9</td><td>10</td><td>+1</td></tr><tr><td>Other.</td><td></td><td></td><td></td><td>Surplus Commodity stamps, agriculture.</td><td>*</td><td>-18</td><td>-18</td></tr><tr><td>Bretton Woods Agreements Act: International Bank.</td><td>-</td><td>159</td><td>+159</td><td>Total transfers to trust accounts, eto.</td><td>1,646</td><td>1,918</td><td>+272</td></tr><tr><td>Export-Import Bank of Washington - capital stock.</td><td>-</td><td>674</td><td>+674</td><td>Total expenditures (excluding public debt retirements).</td><td>100,405</td><td>65,019</td><td>-35,386</td></tr><tr><td>Federal Security Agency:</td><td></td><td></td><td></td><td>Net deficit.</td><td>53,948</td><td>21,981</td><td>-31,967</td></tr><tr><td>Social Security Board.</td><td>455</td><td>516</td><td>+61</td><td></td><td></td><td></td><td></td></tr><tr><td>Other.</td><td>94</td><td>108</td><td>+14</td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Works Agency.</td><td>100</td><td>122</td><td>+22</td><td></td><td></td><td></td><td></td></tr><tr><td>Interior Department - reclamation</td><td>50</td><td>61</td><td>+11</td><td></td><td></td><td></td><td></td></tr><tr><td>Projecte.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>National Housing Agency.</td><td>12</td><td>40</td><td>+28</td><td></td><td></td><td></td><td></td></tr><tr><td>Panama Canal.</td><td>9</td><td>18</td><td>+9</td><td></td><td></td><td></td><td></td></tr><tr><td>Post Office Department (deficiency).</td><td>1</td><td>161</td><td>+160</td><td></td><td></td><td></td><td></td></tr><tr><td>Railroad Retirement Board.</td><td>6</td><td>6</td><td>-</td><td></td><td></td><td></td><td></td></tr><tr><td>River and harbor work and flood control</td><td>142</td><td>168</td><td>+26</td><td></td><td></td><td></td><td></td></tr><tr><td>Surplus property disposal agencies.</td><td>11</td><td>1/</td><td>-11</td><td></td><td></td><td></td><td></td></tr><tr><td>Tennessee Valley Authority.</td><td>20</td><td>29</td><td>+9</td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury Department:</td><td></td><td></td><td></td><td>Total general expenditures.</td><td>8,730</td><td>14,559</td><td>+5,829</td></tr><tr><td>Interest on the public debt.</td><td>3,617</td><td>4,722</td><td>+1,105</td><td></td><td></td><td></td><td></td></tr><tr><td>Refunds of taxes and duties:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Excesses Profit Tax Refund Bonds.</td><td>894</td><td>88</td><td>-806</td><td></td><td></td><td></td><td></td></tr><tr><td>Other.</td><td>821</td><td>2,947</td><td>+2,126</td><td></td><td></td><td></td><td></td></tr><tr><td>Veterans' Administration.</td><td>934</td><td>2,871</td><td>+1,937</td><td></td><td></td><td></td><td></td></tr><tr><td>Total general expenditures.</td><td>8,730</td><td>14,559</td><td>+5,829</td><td></td><td></td><td></td><td></td></tr></table>
Less than $500,000. Included under "General" in 1945 and "War activities" in 1946.
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A-7
Table 2.- Government Expenditures, Fiscal Years 1941 - 1946
Part A.- Summary
(In millions of dollars)
<table><tr><th></th><th colspan="6">Fiscal years</th></tr><tr><th></th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</th><th>1946</th></tr><tr><td>Budgetary items:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War activities</td><td>6,301</td><td>26,011</td><td>72,109</td><td>87,039</td><td>90,029</td><td>48,542</td></tr><tr><td>Other activities:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest</td><td>1,111</td><td>1,260</td><td>1,808</td><td>2,609</td><td>3,617</td><td>4,722</td></tr><tr><td>Tax refunds 1.</td><td>90</td><td>94</td><td>79</td><td>267</td><td>1,715</td><td>3,034</td></tr><tr><td>Veterans' Administration</td><td>563</td><td>556</td><td>602</td><td>730</td><td>2,060</td><td>4,253</td></tr><tr><td>Other</td><td>4,647</td><td>4,475</td><td>3,580</td><td>3,099</td><td>2,984</td><td>4,468</td></tr><tr><td>Total other activities</td><td>6,410</td><td>6,386</td><td>6,070</td><td>6,705</td><td>10,375</td><td>16,477</td></tr><tr><td>Total budgetary items</td><td>12,711</td><td>32,397</td><td>78,179</td><td>93,744</td><td>100,405</td><td>65,019</td></tr><tr><td>Government corporations (net), excluding sales and redemptions of market obligations</td><td>1,069</td><td>1,815</td><td>1,500</td><td>1,529</td><td>-374</td><td>-1,046</td></tr><tr><td>Grand total</td><td>13,780</td><td>34,212</td><td>79,679</td><td>95,273</td><td>100,030</td><td>63,972</td></tr></table>
Part B.- Budgetary Expenditures Other Than War Activities, Interest on Public Debt, Tax Refunds, and Veterans' Administration
(In millions of dollars)
<table><tr><th>Classification</th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</th><th>1946</th></tr><tr><td>Departmental (not otherwise classified)</td><td>676</td><td>685</td><td>732</td><td>793</td><td>892</td><td>957</td></tr><tr><td>Agriculture Department</td><td>811</td><td>1,109</td><td>1,046</td><td>833</td><td>683</td><td>896</td></tr><tr><td>Export-Import Bank</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>674</td></tr><tr><td>International Bank</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>159</td></tr><tr><td>Federal Security Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Civilian Conservation Corps</td><td>257</td><td>163</td><td>18</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Youth Administration 2/</td><td>90</td><td>88</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Social Security Board</td><td>423</td><td>473</td><td>474</td><td>488</td><td>455</td><td>516</td></tr><tr><td>Other</td><td>66</td><td>75</td><td>81</td><td>88</td><td>94</td><td>108</td></tr><tr><td>Total Federal Security Agency</td><td>836</td><td>799</td><td>573</td><td>576</td><td>549</td><td>624</td></tr><tr><td>Federal Works Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public Buildings Administration</td><td>69</td><td>60</td><td>48</td><td>52</td><td>46</td><td>57</td></tr><tr><td>Public Roads Administration</td><td>174</td><td>153</td><td>87</td><td>66</td><td>49</td><td>46</td></tr><tr><td>Public Works Administration</td><td>126</td><td>40</td><td>12</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Work Projects Administration</td><td>1,285</td><td>882</td><td>299</td><td>17</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>1</td><td>1</td><td>5</td><td>19</td></tr><tr><td>Total Federal Works Agency</td><td>1,654</td><td>1,136</td><td>447</td><td>139</td><td>100</td><td>122</td></tr><tr><td>Government Employees Retirement Funds</td><td>93</td><td>103</td><td>107</td><td>177</td><td>197</td><td>247</td></tr><tr><td>National Housing Agency</td><td>17</td><td>18</td><td>15</td><td>15</td><td>12</td><td>40</td></tr><tr><td>Railroad Retirement Board 3/</td><td>139</td><td>155</td><td>228</td><td>280</td><td>324</td><td>307</td></tr><tr><td>River and harbor work and flood control</td><td>219</td><td>191</td><td>201</td><td>177</td><td>142</td><td>168</td></tr><tr><td>Tennessee Valley Authority</td><td>51</td><td>127</td><td>111</td><td>65</td><td>20</td><td>29</td></tr><tr><td>Postal deficiency</td><td>30</td><td>18</td><td>15</td><td>-29</td><td>1</td><td>161</td></tr><tr><td>Other</td><td>121</td><td>135</td><td>105</td><td>72</td><td>64</td><td>85</td></tr><tr><td>Total</td><td>4,647</td><td>4,475</td><td>3,580</td><td>3,099</td><td>2,984</td><td>4,468</td></tr></table>
3/ Includes transfers to Railroad Retirement Account and to Railroad Unemployment Insurance Account.
1/ Includes refunds of $134 million in 1944, $894 million in 1945, and $88 million in 1946 in the form of Exempt Profit Tax Refund Bonds. 2/ Some functions abolished and other functions trans-
A-8
Treasury Bulletin
Table 3.- War Expenditures, Fiscal Years 1941 - 1946
(In millions of dollars)
<table><tr><th></th><th colspan="6">Fiscal years</th></tr><tr><th></th><th>1941</th><th>1942</th><th>1943</th><th>1944</th><th>1945</th><th>1946</th></tr><tr><td>Budgetary expenditures by months:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July</td><td>199</td><td>969</td><td>4,498</td><td>6,432</td><td>7,201</td><td>7,325</td></tr><tr><td>August</td><td>223</td><td>1,131</td><td>4,884</td><td>7,232</td><td>7,571</td><td>6,399</td></tr><tr><td>September</td><td>241</td><td>1,330</td><td>5,384</td><td>6,952</td><td>6,998</td><td>5,367</td></tr><tr><td>October</td><td>311</td><td>1,537</td><td>5,481</td><td>6,989</td><td>7,479</td><td>5,126</td></tr><tr><td>November</td><td>393</td><td>1,448</td><td>6,042</td><td>7,541</td><td>7,401</td><td>4,226</td></tr><tr><td>December</td><td>495</td><td>1,850</td><td>5,825</td><td>6,718</td><td>7,503</td><td>4,245</td></tr><tr><td>January</td><td>589</td><td>2,104</td><td>5,947</td><td>7,138</td><td>7,551</td><td>3,417</td></tr><tr><td>February</td><td>610</td><td>2,208</td><td>5,770</td><td>7,518</td><td>6,948</td><td>2,702</td></tr><tr><td>March</td><td>769</td><td>2,809</td><td>6,744</td><td>7,726</td><td>8,246</td><td>2,550</td></tr><tr><td>April</td><td>782</td><td>3,238</td><td>6,974</td><td>7,346</td><td>7,139</td><td>2,560</td></tr><tr><td>May</td><td>857</td><td>3,560</td><td>7,092</td><td>7,879</td><td>8,156</td><td>2,162</td></tr><tr><td>June</td><td>832</td><td>3,829</td><td>7,469</td><td>7,567</td><td>7,837</td><td>2,442</td></tr><tr><td>Total budgetary expenditures</td><td>6,301</td><td>26,011</td><td>72,109</td><td>87,039</td><td>90,029</td><td>48,542</td></tr><tr><td>Total expenditures for war activities by Reconstruction Finance Corporation and subsidiaries</td><td>354</td><td>2,255</td><td>3,189</td><td>2,682</td><td>472</td><td>328</td></tr><tr><td>Total war expenditures</td><td>6,655</td><td>28,266</td><td>75,298</td><td>89,721</td><td>90,501</td><td>48,870</td></tr></table>
Table 4.- Public Debt Outstanding, June 30, 1945 and 1946
(In millions of dollars)
<table><tr><th></th><th>June 30, 1945</th><th>June 30, 1946</th><th>Change</th></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,041</td><td>17,039</td><td>-2</td></tr><tr><td>Certificate of indebtedness</td><td>34,136</td><td>34,804</td><td>+668</td></tr><tr><td>Treasury notes</td><td>23,497</td><td>18,261</td><td>-5,236</td></tr><tr><td>Treasury bonds</td><td>106,448</td><td>119,323</td><td>+12,875</td></tr><tr><td>Postal savings and other bonds</td><td>196</td><td>180</td><td>-16</td></tr><tr><td>Total marketable issues</td><td>181,319</td><td>189,606</td><td>+8,287</td></tr><tr><td>Nonmarketable issues:</td><td></td><td></td><td></td></tr><tr><td>United States savings bonds</td><td>45,586</td><td>49,035</td><td>+3,449</td></tr><tr><td>Treasury savings notes</td><td>10,136</td><td>6,711</td><td>-3,425</td></tr><tr><td>Depositary bonds</td><td>505</td><td>427</td><td>-78</td></tr><tr><td>Total nonmarketable issues</td><td>56,226</td><td>56,173</td><td>-53</td></tr><tr><td>Total public issues</td><td>237,545</td><td>245,779</td><td>+8,234</td></tr><tr><td>Special issues</td><td>18,812</td><td>22,332</td><td>+3,520</td></tr><tr><td>Total interest-bearing debt</td><td>256,357</td><td>268,111</td><td>+11,754</td></tr><tr><td>Matured debt on which interest has ceased</td><td>269</td><td>376</td><td>+107</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td></tr><tr><td>Excess profits tax refund bonds</td><td>1,028</td><td>58</td><td>-970</td></tr><tr><td>Other</td><td>1,029</td><td>877</td><td>-152</td></tr><tr><td>Total public debt outstanding</td><td>258,682</td><td>269,422</td><td>+10,740</td></tr></table>
August 1946
A-9
Table 5.- Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness March 1, 1946 - June 30, 1946
(Dollar figures in millions)
<table><tr><th rowspan="2">Maturity or call date</th><th rowspan="2">Description of security</th><th rowspan="2">Amount of maturing issue</th><th colspan="4">Method of retirement</th></tr><tr><th colspan="2">Cash</th><th colspan="2">Exhange</th></tr><tr><th></th><th></th><th></th><th>Amount</th><th>Perosant</th><th>Amount</th><th>Percent</th></tr><tr><td>March 1, 1946</td><td>7/8% Certificate of indebtedness.....</td><td>4,147</td><td>1,014</td><td>24.5</td><td>3,133</td><td>75.5</td></tr><tr><td>March 15, 1946</td><td>1 1/3-3/4% Treasury note.............</td><td>1,291</td><td>1,291</td><td>100.0</td><td>1/</td><td>1/</td></tr><tr><td></td><td>3-3/4% Treasury bond.............</td><td>489</td><td>489</td><td>100.0</td><td>1/</td><td>1/</td></tr><tr><td>April 1, 1946</td><td>7/8% Certificate of indebtedness.....</td><td>4,811</td><td>1,991</td><td>41.4</td><td>2,820</td><td>58.6</td></tr><tr><td>May 1, 1946</td><td>7/8% Certificate of indebtedness.....</td><td>1,579</td><td>1,579</td><td>100.0</td><td>1/</td><td>1/</td></tr><tr><td>June 1, 1946</td><td>7/8% Certificate of indebtedness.....</td><td>4,799</td><td>2,025</td><td>42.2</td><td>2,775</td><td>57.8</td></tr><tr><td>June 15, 1946</td><td>3% Treasury bond.....................</td><td>1,036</td><td>1,036</td><td>100.0</td><td>1/</td><td>1/</td></tr><tr><td></td><td>3-1/8% Treasury bond.............</td><td>819</td><td>819</td><td>100.0</td><td>1/</td><td>1/</td></tr><tr><td>Total</td><td></td><td>18,971</td><td>10,243</td><td>54.0</td><td>8,728</td><td>46.0</td></tr></table>
1/ No exchange offered.
Table 6.- Ownership Distribution of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness Matured or Called
Between March 1, 1946 and June 30, 1946
(In millions of dollars)
<table><tr><th>Maturity or call date</th><th>Description of security</th><th>Amount outstanding</th><th colspan="3">Reported ownership 1/</th><th>Date of reporte</th></tr><tr><th></th><th></th><th></th><th>Commercial banks</th><th>Federal Reserve Banks</th><th>Other investors</th><th></th></tr><tr><td>March 1, 1946</td><td>7/8% Certificate of indebtedness....</td><td>4,147</td><td>2,544</td><td>953</td><td>650</td><td>2/28/46</td></tr><tr><td>March 15, 1946</td><td>1% Treasury note..................... 3-3/4% Treasury bond.....................</td><td>1,291 489</td><td>1,007 213</td><td>74 44</td><td>209 232</td><td>2/28/46 2/28/46</td></tr><tr><td>April 1, 1946</td><td>7/8% Certificate of indebtedness....</td><td>4,811</td><td>2,459</td><td>1,318</td><td>1,034</td><td>3/31/46</td></tr><tr><td>May 1, 1946</td><td>7/8% Certificate of indebtedness....</td><td>1,579</td><td>964</td><td>362</td><td>253</td><td>4/30/46</td></tr><tr><td>June 1, 1946</td><td>7/8% Certificate of indebtedness....</td><td>4,799</td><td>1,430</td><td>589</td><td>2,780</td><td>5/31/46</td></tr><tr><td>June 15, 1946</td><td>3% Treasury bond..................... 3-1/8% Treasury bond.....................</td><td>1,036 819</td><td>530 425</td><td>100 48</td><td>406 346</td><td>5/31/46 5/31/46</td></tr><tr><td>Total</td><td></td><td>18,971</td><td>9,573</td><td>3,488</td><td>5,910</td><td></td></tr></table>
1/ Reported to the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States Government.
Treasury Bulletin
A-10
Table 7.- Computed Interest Rate on the Interest-Bearing Public Debt
(Percent)
<table><tr><th>End of month</th><th>General average</th><th colspan="4">Marketable</th><th colspan="3">Nonmarketable</th><th>Special issues</th></tr><tr><th></th><th></th><th>Bonds</th><th>Notes</th><th>Certificate of indebtedness</th><th>Bills 1/</th><th>Savings bonds</th><th>Tax and savings notes</th><th>Other</th><th></th></tr><tr><td>1945-June.</td><td>1.936</td><td>2.315</td><td>1.204</td><td>.875</td><td>.381</td><td>2.789</td><td>1.076</td><td>2.0</td><td>2.436</td></tr><tr><td>July.</td><td>1.943</td><td>2.314</td><td>1.204</td><td>.875</td><td>.381</td><td>2.789</td><td>1.076</td><td>2.0</td><td>2.463</td></tr><tr><td>August.</td><td>1.945</td><td>2.314</td><td>1.204</td><td>.875</td><td>.381</td><td>2.788</td><td>1.076</td><td>2.0</td><td>2.459</td></tr><tr><td>September.</td><td>1.943</td><td>2.309</td><td>1.204</td><td>.875</td><td>.381</td><td>2.788</td><td>1.070</td><td>2.0</td><td>2.455</td></tr><tr><td>October.</td><td>1.945</td><td>2.309</td><td>1.204</td><td>.875</td><td>.381</td><td>2.787</td><td>1.070</td><td>2.0</td><td>2.460</td></tr><tr><td>November.</td><td>1.950</td><td>2.312</td><td>1.204</td><td>.875</td><td>.380</td><td>2.787</td><td>1.070</td><td>2.0</td><td>2.459</td></tr><tr><td>December.</td><td>1.965</td><td>2.323</td><td>1.215</td><td>.875</td><td>.381</td><td>2.786</td><td>1.070</td><td>2.0</td><td>2.480</td></tr><tr><td>1946-January.</td><td>1.970</td><td>2.324</td><td>1.270</td><td>.875</td><td>.381</td><td>2.784</td><td>1.070</td><td>2.0</td><td>2.494</td></tr><tr><td>February.</td><td>1.972</td><td>2.325</td><td>1.270</td><td>.875</td><td>.381</td><td>2.783</td><td>1.070</td><td>2.0</td><td>2.498</td></tr><tr><td>March.</td><td>1.979</td><td>2.319</td><td>1.289</td><td>.875</td><td>.381</td><td>2.781</td><td>1.070</td><td>2.0</td><td>2.493</td></tr><tr><td>April.</td><td>1.989</td><td>2.319</td><td>1.289</td><td>.875</td><td>.381</td><td>2.780</td><td>1.070</td><td>2.0</td><td>2.498</td></tr><tr><td>May.</td><td>1.996</td><td>2.319</td><td>1.289</td><td>.875</td><td>.381</td><td>2.778</td><td>1.070</td><td>2.0</td><td>2.499</td></tr><tr><td>June.</td><td>1.996</td><td>2.307</td><td>1.289</td><td>.875</td><td>.381</td><td>2.777</td><td>1.070</td><td>2.0</td><td>2.448</td></tr></table>
1/ Computed on true discount base.
August 1946
1
SUMMARY OF FISCAL STATISTICS
Treasury Bulletin
2
Budgetary Receipts and Expenditures
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="5">Complete fiscal years, 1943 to 1947</th><th colspan="2">Change</th></tr><tr><th>1943</th><th>1944</th><th>1945</th><th>1946</th><th>1947</th><th>Actual 1945 to actual 1946</th><th>Actual 1946 to estimated 1947 1/</th></tr><tr><td>Receipts:</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></tr><tr><td>Income and profits taxes</td><td>16,094</td><td>34,655</td><td>35,173</td><td>30,885</td><td>27,445</td><td>-4,288</td><td>-3,440</td></tr><tr><td>Employment taxes</td><td>1,498</td><td>1,739</td><td>1,780</td><td>1,701</td><td>1,866</td><td>-79</td><td>+165</td></tr><tr><td>Miscellaneous internal revenue 2/</td><td>4,553</td><td>5,291</td><td>6,949</td><td>7,725</td><td>7,746</td><td>+775</td><td>+21</td></tr><tr><td>Customs</td><td>324</td><td>431</td><td>355</td><td>435</td><td>463</td><td>+81</td><td>+28</td></tr><tr><td>Other receipts 3/</td><td>916</td><td>3,292</td><td>3,483</td><td>3,493</td><td>3,398</td><td>+10</td><td>-95</td></tr><tr><td>Total receipts</td><td>23,385</td><td>45,408</td><td>47,740</td><td>44,239</td><td>40,919</td><td>-3,501</td><td>-3,320</td></tr><tr><td>Less:</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>1,103</td><td>1,260</td><td>1,283</td><td>1,201</td><td>1,329</td><td>-82</td><td>+128</td></tr><tr><td>Net receipts</td><td>22,282</td><td>44,149</td><td>46,457</td><td>43,038</td><td>39,590</td><td>-3,419</td><td>-3,448</td></tr><tr><td>Expenditures:</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></tr><tr><td>War Department</td><td>42,265</td><td>49,242</td><td>50,337</td><td>27,800</td><td>8,000</td><td>-22,537</td><td>-19,800</td></tr><tr><td>Navv Department</td><td>20,888</td><td>26,538</td><td>30,047</td><td>15,161</td><td>5,150</td><td>-14,886</td><td>-10,011</td></tr><tr><td>Miscellaneous war activities 4/</td><td>8,995</td><td>11,259</td><td>9,645</td><td>5,581</td><td>5,828</td><td>-4,064</td><td>+247</td></tr><tr><td>Total</td><td>72,109</td><td>87,039</td><td>90,029</td><td>48,542</td><td>18,978</td><td>-41,487</td><td>-29,564</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></tr><tr><td>Veterans' Administration 5/ 6/</td><td>602</td><td>730</td><td>2,060</td><td>4,253</td><td>n.a.</td><td>+2,193</td><td>n.a.</td></tr><tr><td>Interest on the public debt</td><td>1,808</td><td>2,609</td><td>3,617</td><td>4,722</td><td>5,000</td><td>+1,105</td><td>+278</td></tr><tr><td>Refunds of taxes and duties 7/</td><td>76</td><td>262</td><td>1,707</td><td>3,027</td><td>1,857</td><td>+1,320</td><td>-1,170</td></tr><tr><td>Total</td><td>2,487</td><td>3,601</td><td>7,384</td><td>12,002</td><td>n.a.</td><td>+4,618</td><td>n.a.</td></tr><tr><td>International finance:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bretton Woods Agreements Act:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>International Bank</td><td>-</td><td>-</td><td>-</td><td>159</td><td>n.a.</td><td>+159</td><td>n.a.</td></tr><tr><td>International Monetary Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>n.a.</td><td>-</td><td>n.a.</td></tr><tr><td>Export-Import Bank - capital stock</td><td>-</td><td>-</td><td>-</td><td>674</td><td>n.a.</td><td>+674</td><td>n.a.</td></tr><tr><td>All other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>n.a.</td><td>-</td><td>n.a.</td></tr><tr><td>Total</td><td>-</td><td>-</td><td>-</td><td>833</td><td>3,093</td><td>+833</td><td>+2,260</td></tr><tr><td>Aid to agriculture 5/</td><td>1,163</td><td>909</td><td>762</td><td>980</td><td>n.a.</td><td>+218</td><td>n.a.</td></tr><tr><td>Social security program 5/ 8/</td><td>735</td><td>803</td><td>815</td><td>852</td><td>n.a.</td><td>+37</td><td>n.a.</td></tr><tr><td>Public works</td><td>543</td><td>433</td><td>323</td><td>407</td><td>n.a.</td><td>+85</td><td>n.a.</td></tr><tr><td>Other 4/ 5/</td><td>1,142</td><td>958</td><td>1,093</td><td>1,403</td><td>n.a.</td><td>+311</td><td>n.a.</td></tr><tr><td>Expenditures from anticipated supplemental appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>160</td><td>-</td><td>+160</td></tr><tr><td>Total expenditures</td><td>78,179</td><td>93,744</td><td>100,405</td><td>65,019</td><td>41,030</td><td>-35,386</td><td>-23,989</td></tr><tr><td>Net budgetary deficit</td><td>55,897</td><td>49,595</td><td>53,948</td><td>21,981</td><td>1,440</td><td>-31,967</td><td>-20,541</td></tr></table>
Source: Daily Treasury Statement, except as noted.
* Less than $500 thousand.
n.a. Not available.
1/ Based upon the 1947 Budget document as revised August 3, 1946.
2/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufacturers' and retailers' excise taxes, and estate taxes.
3/ Includes deposits resulting from renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; fiscal year 1945, $2,041 million; and fiscal year 1946, $1,051 million. The last figure is subject to change. These figures include so-called voluntary returns.
4/ Classification changed to reflect expenditures of surplus property
disposal agencies for the fiscal years 1946 and 1947. Prior year expenditures are included under "Other". 
5/ Includes transfers to trust accounts, etc. 
6/ Includes expenditures for public works undertaken by Veterans' Administration. 
7/ "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and excludes refunds of taxes under the social security program. For discussion of excess profits tax refund bonds, see following chapter, Table 3. 
8/ 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.
August 1946
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">Actual</th><th rowspan="2">Estimated 1/ June 30, 1947</th><th colspan="2">Change</th></tr><tr><th>June 30, 1943</th><th>June 30, 1944</th><th>June 30, 1945</th><th>June 30, 1946</th><th>Actual June 30, 1945 to actual June 30, 1946</th><th>Actual June 30, 1946 to estimated June 30, 1947 1/</th></tr><tr><td colspan="8">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><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>95,310</td><td>140,401</td><td>181,319</td><td>189,606</td><td>n.a.</td><td>+8,287</td><td>n.a.</td></tr><tr><td>Non-marketable</td><td>29,200</td><td>44,855</td><td>56,226</td><td>56,173</td><td>n.a.</td><td>-53</td><td>n.a.</td></tr><tr><td>Total public issues</td><td>124,509</td><td>185,256</td><td>237,545</td><td>245,779</td><td>n.a.</td><td>+8,234</td><td>n.a.</td></tr><tr><td>Special issues</td><td>10,871</td><td>14,287</td><td>18,812</td><td>22,332</td><td>n.a.</td><td>+3,520</td><td>n.a.</td></tr><tr><td>Total interest-bearing debt</td><td>135,380</td><td>199,543</td><td>256,357</td><td>268,111</td><td>n.a.</td><td>+11,754</td><td>n.a.</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,316</td><td>1,460</td><td>2,326</td><td>1,311</td><td>n.a.</td><td>-1,014</td><td>n.a.</td></tr><tr><td>Total public debt outstanding</td><td>136,696</td><td>201,003</td><td>258,682</td><td>269,422</td><td>261,000</td><td>+10,740</td><td>-8,422</td></tr><tr><td colspan="8">Securities guaranteed by the United States 2/</td></tr><tr><td>Interest-bearing debt:</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></tr><tr><td>Marketable</td><td>3,908</td><td>1,190</td><td>34</td><td>43</td><td>n.a.</td><td>+9</td><td>n.a.</td></tr><tr><td>Non-marketable</td><td>183</td><td>326</td><td>375</td><td>424</td><td>n.a.</td><td>+49</td><td>n.a.</td></tr><tr><td>Total interest-bearing debt</td><td>4,092</td><td>1,516</td><td>409</td><td>467</td><td>n.a.</td><td>+58</td><td>n.a.</td></tr><tr><td>Matured debt</td><td>8</td><td>107</td><td>24</td><td>10</td><td>n.a.</td><td>-14</td><td>n.a.</td></tr><tr><td>Total guaranteed securities outstanding</td><td>4,100</td><td>1,623</td><td>433</td><td>476</td><td>635</td><td>+43</td><td>+159</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>140,796</td><td>202,626</td><td>259,115</td><td>269,898</td><td>261,635</td><td>+10,783</td><td>-8,263</td></tr></table>
Source: Daily Treasury Statement, except as noted. n.a. Not available.
1/ Based upon the 1947 Budget document as revised August 3, 1946.
2/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">End of fiscal years, 1943-1947</th><th rowspan="2">Estimated 1/ 1947</th></tr><tr><th>1943</th><th>1944</th><th>1945</th><th>1946</th></tr><tr><td colspan="6">Amount required to be financed:</td></tr><tr><td>Net budgetary deficit....................</td><td>55,897</td><td>49,595</td><td>53,948</td><td>21,981</td><td>1,440</td></tr><tr><td>Net increases in General Fund balance.....</td><td>6,515</td><td>10,662</td><td>4,529</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 1/....................</td><td>1,861</td><td>4,051</td><td>-</td><td>-</td><td>988</td></tr><tr><td>Total amount required to be financed.....</td><td>64,274</td><td>64,307</td><td>58,477</td><td>21,981</td><td>2,428</td></tr><tr><td colspan="6">Means of financing:</td></tr><tr><td>Increase in public debt....................</td><td>64,274</td><td>64,307</td><td>57,679</td><td>10,740</td><td>-8,422</td></tr><tr><td>Net decrease in General Fund balance.....</td><td>-</td><td>-</td><td>-</td><td>10,460</td><td>10,550</td></tr><tr><td>Net receipts in trust accounts, etc. 2/....</td><td>-</td><td>-</td><td>798</td><td>781</td><td>-</td></tr><tr><td>Total amount financed....................</td><td>64,274</td><td>64,307</td><td>58,477</td><td>21,981</td><td>2,428</td></tr></table>
Source: Daily Treasury Statement, except as noted. 1/ Based upon the 1947 Budget document as revised August 3, 1946. 2/ Comprises trust accounts, checking accounts of Government
agencies, etc., increment on gold, seigniorage on silver, and miscellaneous funds and accounts.
4
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
August 1946
5
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">Receipts</th><th colspan="5">Expenditures 1/</th><th rowspan="2">Public debt retirements 8/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less net appropriations to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 4/</th><th>War activities 5/</th><th>Transfers to trust accounts, etc. 6/</th><th>Net budgetary deficit 7/</th></tr><tr><td>1937.</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>265</td><td>5,029</td><td>8,177</td><td>6,641</td><td>929</td><td>608</td><td>3,149</td><td>104</td></tr><tr><td>1938.</td><td>6,242</td><td>5,674</td><td>359</td><td>208</td><td>387</td><td>5,855</td><td>7,239</td><td>5,985</td><td>1,029</td><td>225</td><td>1,384</td><td>65</td></tr><tr><td>1939.</td><td>5,668</td><td>5,161</td><td>319</td><td>188</td><td>503</td><td>5,165</td><td>8,707</td><td>7,313</td><td>1,206</td><td>187</td><td>3,542</td><td>58</td></tr><tr><td>1940.</td><td>5,925</td><td>5,303</td><td>349</td><td>273 2/</td><td>538</td><td>5,387</td><td>8,998</td><td>7,109</td><td>1,657</td><td>232</td><td>3,611</td><td>129</td></tr><tr><td>1941.</td><td>8,269</td><td>7,362</td><td>392</td><td>515 2/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,079 10/</td><td>6,301</td><td>331</td><td>5,103</td><td>64</td></tr><tr><td>1942.</td><td>13,668</td><td>12,993</td><td>389</td><td>286 2/</td><td>869</td><td>12,799</td><td>32,397</td><td>6,005</td><td>26,011</td><td>381</td><td>19,598</td><td>95</td></tr><tr><td>1943.</td><td>23,385</td><td>22,144</td><td>324</td><td>916 9/11/</td><td>1,103</td><td>22,282</td><td>78,179</td><td>5,635</td><td>72,109</td><td>435</td><td>55,897</td><td>3</td></tr><tr><td>1944.</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292 11/</td><td>1,260</td><td>44,149</td><td>93,744</td><td>6,149</td><td>87,039</td><td>556</td><td>49,595</td><td>*</td></tr><tr><td>1945.</td><td>47,740</td><td>43,902</td><td>355</td><td>3,483 11/</td><td>1,283</td><td>46,457</td><td>100,405</td><td>8,730</td><td>90,029</td><td>1,646</td><td>53,948</td><td>*</td></tr><tr><td>1946.</td><td>44,239</td><td>40,310</td><td>435</td><td>3,493</td><td>1,201</td><td>43,038</td><td>65,019</td><td>14,559</td><td>48,542</td><td>1,918</td><td>21,981</td><td>*</td></tr><tr><td>1945-June.</td><td>5,916</td><td>5,384</td><td>33</td><td>498</td><td>2</td><td>5,914</td><td>9,641</td><td>1,469</td><td>7,837</td><td>135</td><td>3,727</td><td>*</td></tr><tr><td>July.</td><td>2,754</td><td>2,527</td><td>33</td><td>195</td><td>59</td><td>2,695</td><td>8,557</td><td>702</td><td>7,325</td><td>530</td><td>5,862</td><td>*</td></tr><tr><td>August.</td><td>3,251</td><td>2,849</td><td>32</td><td>400</td><td>283</td><td>2,997</td><td>7,354</td><td>793</td><td>6,399</td><td>162</td><td>4,357</td><td>*</td></tr><tr><td>September.</td><td>5,192</td><td>4,847</td><td>30</td><td>315</td><td>2</td><td>5,189</td><td>6,611</td><td>1,210</td><td>5,367</td><td>34</td><td>1,422</td><td>-</td></tr><tr><td>October.</td><td>2,581</td><td>2,340</td><td>36</td><td>205</td><td>52</td><td>2,530</td><td>5,950</td><td>787</td><td>5,126</td><td>38</td><td>3,420</td><td>*</td></tr><tr><td>November.</td><td>2,609</td><td>2,383</td><td>35</td><td>191</td><td>235</td><td>2,374</td><td>4,656</td><td>430</td><td>4,226</td><td>-</td><td>2,282</td><td>*</td></tr><tr><td>December.</td><td>4,122</td><td>3,948</td><td>32</td><td>142</td><td>4</td><td>4,118</td><td>5,445</td><td>1,201</td><td>4,245</td><td>-</td><td>1,327</td><td>-</td></tr><tr><td>1946-January.</td><td>3,848</td><td>3,451</td><td>42</td><td>354</td><td>30</td><td>3,819</td><td>4,891</td><td>791</td><td>3,417</td><td>684</td><td>1,073</td><td>-</td></tr><tr><td>February.</td><td>3,875</td><td>3,684</td><td>33</td><td>158</td><td>196</td><td>3,678</td><td>3,510</td><td>660</td><td>2,702</td><td>128</td><td>-169</td><td>*</td></tr><tr><td>March.</td><td>5,762</td><td>5,583</td><td>42</td><td>138</td><td>15</td><td>5,747</td><td>4,602</td><td>2,028</td><td>2,550</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>57</td><td>2,677</td><td>4,251</td><td>1,490</td><td>2,560</td><td>200</td><td>1,573</td><td>-</td></tr><tr><td>May.</td><td>2,998</td><td>2,308</td><td>42</td><td>649</td><td>265</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><tr><td>June.</td><td>4,862</td><td>4,080</td><td>35</td><td>367</td><td>3</td><td>4,479</td><td>5,513</td><td>3,066</td><td>2,442</td><td>5</td><td>1,034</td><td>*</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc. under special provisions of law.
2/ For further details, see Table 2.
3/ For explanation see tables which follow entitled "Social Security Program".
4/ For further details, see Table 3.
5/ For further details, see Table 4.
6/ For further details, see Table 5.
7/ Total expenditures less net receipts.
8/ Represents expenditures for public debt retirements which are chargeable to the sinking fund, etc. under special provisions of law.
9/ Includes recoveries of U. S. investments in capital funds. Such recoveries totaled $54 million in the fiscal year 1940; $319 million
in the fiscal year 1941; $18 million in the fiscal year 1942; and $10 million in the fiscal year 1943. Receipts from reductions in capital stock and paid-in surplus available to be reissued under existing law are included as negative items under expenditures. Such reductions totaled $315 million. Includes deposits resulting from the renegotiation of war contracts. Information on the amount of such deposits is not available on the basis of Daily Treasury Statements. On the basis of covering warrants, such deposits were as follows: fiscal year 1943, $558 million; fiscal year 1944, $2,235 million; fiscal year 1945, $2,041 million, and fiscal year 1946, $1,051 million. These figures include so-called voluntary returns. The last amount is subject to revision.
Table 2.- Analysis of Receipts from Internal Revenue
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th colspan="3">Income and profits taxes</th><th colspan="3">Employment taxes</th><th rowspan="2">Carriers' Taxing Act of 1937 (Railroad retirement)</th><th rowspan="2">Miscellaneous internal revenue</th></tr><tr><th></th><th></th><th>Total</th><th>Withheld by employers (Current Tax Payment Act of 1943) 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 4/ Federal insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>*</td><td>2,181 5/</td></tr><tr><td>1938</td><td>5,674</td><td>2,640</td><td>-</td><td>2,640</td><td>755</td><td>514</td><td>90</td><td>150</td><td>2,279 5/</td></tr><tr><td>1939</td><td>5,161</td><td>2,189</td><td>-</td><td>2,189</td><td>740</td><td>530</td><td>101</td><td>109</td><td>2,322</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>833</td><td>604</td><td>108</td><td>121</td><td>2,345</td></tr><tr><td>1941</td><td>7,362</td><td>3,470</td><td>-</td><td>3,470</td><td>925</td><td>691</td><td>98</td><td>137</td><td>2,967</td></tr><tr><td>1942</td><td>12,993</td><td>7,960</td><td>-</td><td>7,960</td><td>1,186</td><td>896</td><td>120</td><td>170</td><td>3,847</td></tr><tr><td>1943</td><td>22,144</td><td>16,094</td><td>8,393</td><td>16,094</td><td>1,498</td><td>1,130</td><td>158</td><td>209</td><td>4,553</td></tr><tr><td>1944</td><td>41,685</td><td>34,655</td><td>8,393</td><td>26,262</td><td>1,739</td><td>1,292</td><td>180</td><td>267</td><td>5,291</td></tr><tr><td>1945</td><td>43,902</td><td>35,173</td><td>10,289</td><td>24,884</td><td>1,780</td><td>1,310</td><td>185</td><td>285</td><td>6,949</td></tr><tr><td>1946</td><td>40,310</td><td>30,885</td><td>9,392</td><td>21,493</td><td>1,701</td><td>1,238</td><td>180</td><td>283</td><td>7,725</td></tr><tr><td>1945-June</td><td>5,384</td><td>4,757</td><td>826</td><td>3,930</td><td>66</td><td>5</td><td>2</td><td>60</td><td>561</td></tr><tr><td>July</td><td>2,527</td><td>1,743</td><td>669</td><td>1,073</td><td>66</td><td>62</td><td>3</td><td>1</td><td>718</td></tr><tr><td>August</td><td>2,849</td><td>1,665</td><td>1,200</td><td>466</td><td>306</td><td>286</td><td>12</td><td>8</td><td>877</td></tr><tr><td>September</td><td>4,847</td><td>4,208</td><td>768</td><td>3,440</td><td>66</td><td>5</td><td>2</td><td>59</td><td>573</td></tr><tr><td>October</td><td>2,340</td><td>1,593</td><td>572</td><td>1,021</td><td>58</td><td>54</td><td>3</td><td>1</td><td>689</td></tr><tr><td>November</td><td>2,383</td><td>1,524</td><td>1,076</td><td>449</td><td>257</td><td>238</td><td>10</td><td>8</td><td>602</td></tr><tr><td>December</td><td>3,948</td><td>3,366</td><td>707</td><td>2,659</td><td>66</td><td>7</td><td>1</td><td>59</td><td>516</td></tr><tr><td>1946-January</td><td>3,451</td><td>2,755</td><td>554</td><td>2,201</td><td>51</td><td>33</td><td>13</td><td>5</td><td>645</td></tr><tr><td>February</td><td>3,684</td><td>2,790</td><td>1,086</td><td>1,704</td><td>310</td><td>200</td><td>107</td><td>3</td><td>584</td></tr><tr><td>March</td><td>5,583</td><td>4,838</td><td>658</td><td>4,180</td><td>97</td><td>18</td><td>14</td><td>65</td><td>649</td></tr><tr><td>April</td><td>2,310</td><td>1,603</td><td>485</td><td>1,118</td><td>65</td><td>61</td><td>3</td><td>1</td><td>642</td></tr><tr><td>May</td><td>2,308</td><td>1,407</td><td>966</td><td>442</td><td>285</td><td>269</td><td>11</td><td>5</td><td>615</td></tr><tr><td>June</td><td>4,080</td><td>3,392</td><td>650</td><td>2,742</td><td>73</td><td>7</td><td>1</td><td>65</td><td>615</td></tr></table>
Source: Daily Treasury Statement. 
1/ Less than $500 thousand. 
2/ For further details, see chapter entitled "Internal Revenue Statistics". 
3/ Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes. 
3/ Includes unjust enrichment tax.
4/ For the period prior to September 1939, the date in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax Act" represent collections under Titles VIII and II, respectively, of the Social Security Act. 5/ Includes less than $500 thousand in receipts from "Agricultural Adjustment taxes".
Treasury Bulletin
6
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditures</th><th colspan="4">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="8">Other general expenditures</th></tr><tr><th></th><th></th><th>Total</th><th>Veterans' administration 2/ 3/</th><th>Interest on the public debt</th><th>Refunds of taxes and duties 4/</th><th>Total</th><th>Aid to agriculture 3/ 5/</th><th>Social security program 3/ 6/</th><th>Public works 1/</th><th>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>1937</td><td>6,641</td><td>1,503</td><td>581</td><td>866</td><td>56</td><td>5,136</td><td>971</td><td>184</td><td>1,024</td><td>510</td><td>386</td><td>1,895</td><td>167</td></tr><tr><td>1938</td><td>5,985</td><td>1,567</td><td>582</td><td>926</td><td>59</td><td>4,416</td><td>854</td><td>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>1,687</td><td>557</td><td>1,041</td><td>89</td><td>5,421</td><td>1,541</td><td>392</td><td>949</td><td>546</td><td>283</td><td>1,573</td><td>138</td></tr><tr><td>1941</td><td>6,079</td><td>1,751</td><td>553</td><td>1,111</td><td>87</td><td>4,327 11/</td><td>847</td><td>457</td><td>738</td><td>525</td><td>257</td><td>1,374</td><td>129</td></tr><tr><td>1942</td><td>6,005</td><td>1,906</td><td>555</td><td>1,260</td><td>91</td><td>4,099</td><td>1,098</td><td>515</td><td>680</td><td>544</td><td>163</td><td>970</td><td>129</td></tr><tr><td>1943</td><td>5,635</td><td>2,456</td><td>572</td><td>1,808</td><td>76</td><td>3,178</td><td>1,093</td><td>514</td><td>543</td><td>590</td><td>18</td><td>299</td><td>121</td></tr><tr><td>1944</td><td>6,149</td><td>3,500</td><td>629</td><td>2,609</td><td>262</td><td>2,649</td><td>912</td><td>529</td><td>433</td><td>692</td><td></td><td>17</td><td>66</td></tr><tr><td>1945</td><td>8,730</td><td>6,258</td><td>934</td><td>3,617</td><td>1,707</td><td>2,472 12/</td><td>763 12/</td><td>497</td><td>323</td><td>788</td><td></td><td></td><td>101</td></tr><tr><td>1946</td><td>14,559</td><td>10,620</td><td>2,871</td><td>4,722</td><td>3,027</td><td>3,938</td><td>998 15/</td><td>550</td><td>407</td><td>842</td><td>13/</td><td>13/</td><td>1,141 14/</td></tr><tr><td>1945-June</td><td>1,469</td><td>1,319</td><td>96</td><td>1,009</td><td>214</td><td>149</td><td>16</td><td>33</td><td>25</td><td>67</td><td></td><td></td><td>8</td></tr><tr><td>July</td><td>702</td><td>525</td><td>103</td><td>156</td><td>266</td><td>176</td><td>28</td><td>47</td><td>31</td><td>65</td><td>13/</td><td>13/</td><td>5</td></tr><tr><td>August</td><td>793</td><td>556</td><td>110</td><td>99</td><td>347</td><td>238</td><td>46</td><td>61</td><td>34</td><td>74</td><td>13/</td><td>13/</td><td>23</td></tr><tr><td>September</td><td>1,210</td><td>1,060</td><td>112</td><td>647</td><td>301</td><td>150</td><td>26</td><td>24</td><td>29</td><td>64</td><td>13/</td><td>13/</td><td>7</td></tr><tr><td>October</td><td>787</td><td>387</td><td>133</td><td>172</td><td>82</td><td>400</td><td>35</td><td>73</td><td>37</td><td>68</td><td>13/</td><td>13/</td><td>188 14/</td></tr><tr><td>November</td><td>430</td><td>281</td><td>142</td><td>84</td><td>56</td><td>148</td><td>20</td><td>31</td><td>19</td><td>66</td><td>13/</td><td>13/</td><td>11</td></tr><tr><td>December</td><td>1,201</td><td>1,022</td><td>162</td><td>817</td><td>43</td><td>178</td><td>26</td><td>37</td><td>38</td><td>67</td><td>13/</td><td>13/</td><td>10</td></tr><tr><td>1946-January</td><td>791</td><td>582</td><td>220</td><td>309</td><td>53</td><td>209</td><td>18</td><td>65</td><td>30</td><td>83</td><td>13/</td><td>13/</td><td>13</td></tr><tr><td>February</td><td>660</td><td>467</td><td>255</td><td>118</td><td>94</td><td>193</td><td>40</td><td>50</td><td>25</td><td>65</td><td>13/</td><td>13/</td><td>14</td></tr><tr><td>March</td><td>2,028</td><td>1,215</td><td>318</td><td>646</td><td>251</td><td>813</td><td>562 15/</td><td>32</td><td>32</td><td>77</td><td>13/</td><td>13/</td><td>111 14/</td></tr><tr><td>April</td><td>1,490</td><td>1,103</td><td>406</td><td>174</td><td>523</td><td>387</td><td>98</td><td>67</td><td>36</td><td>75</td><td>13/</td><td>13/</td><td>111 14/</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 14/</td></tr><tr><td>June</td><td>3,066</td><td>2,407</td><td>496</td><td>1,395</td><td>516</td><td>660</td><td>77</td><td>23</td><td>56</td><td>73</td><td>13/</td><td>13/</td><td>431 14/</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ General expenditures now include expenditures for revolving funds; back figures have been revised accordingly.
2/ Includes public works undertaken by the Veterans' Administration.
3/ Does not include transfers to trust accounts, etc. Those are shown in Table 5.
4/ "Refunds of taxes" include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and exclude refunds of taxes under the Social security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a post-war credit equal to 10% of the excess profits tax paid. The Tax Adjustment Act of 1945 reduced by 10% the amount of excess profits tax to be paid and abolished the post-war credit. For amounts of excess profits tax refund bonds issued, see the first table in chapter entitled "Public Debt and Guarantee Obligations of the United States Government". Outstanding excess profits tax refund bonds may be redeemed at the option of the holder commencing January 1, 1946; when such redemptions occur, they will appear as retirements of public debt.
5/ Consists of Administration of Sugar Act of 1937, Agricultural Adjustment Agency, exportation and domestic consumption of agricultural commodities, Farm Credit Administration, Farm Security Administration, Federal Farm Mortgage Corporation, Federal land banks, Rural Electrification Administration, Soil Conservation and Extension Service, Department of Agriculture departmental expenditures, and other.
6/ Includes railroad retirement and railroad unemployment activities, and excludes expenditures made by Office for Emergency Management, War Manpower Commission (U. S. Employment Service) under authority of Social Security Act. For further details, see tables which follow on the Social security program.
7/ Includes public buildings, public highways (including forest roads
and trails), river and harbor work and flood control, Tennessee Valley Authority, Federal Public Housing Authority (formerly U. S. Housing Authority), reclamation projects and the Public Works Administration. Excludes certain expenditures for public works in connection with war activities by the Federal Works Agency, beginning July 1941.
8/ Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social security program and the Department of Agriculture departmental expenditures.
9/ For additional information, see "Treasury Bulletin" for August 1945, page 6.
10/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; Post Office Department postal deficiencies; Federal Housing Administration; Treasury Department investments in Federal savings and loan associations; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, and Dianetar Loan Corporation.
11/ Grosse expenditures have been reduced $315 million representing the repayment of capital funds by certain United States Government agencies. Per further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
12/ Includes $257 million for restoration of capital impairment of Commodity Credit Corporation applicable to fiscal years 1943 and 1944.
13/ Classified as miscellaneous expenditures commencing July 1, 1945.
14/ Expenditures during October 1945 include $174 million and during March, April and June, 1946, $100 million each and during May 1946, $200 million for Export-Import Bank of Washington - capital stock.
Expenditures for June 1946 also include $158 million for International Bank under Bretton Woods Agreements Act.
15/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
August 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>Navv Department</th><th>Total miscellaneous war activities</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>National Housing Agency 1/</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation Admin.</th><th>Surplus property disposal agencies</th><th>Other war activities expenditures 2/</th></tr><tr><td>1937</td><td>929</td><td>378</td><td>557</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>1,029</td><td>432</td><td>596</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>1,206</td><td>490</td><td>673</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>44</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1940</td><td>1,657</td><td>667</td><td>892</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>99</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1941</td><td>6,301</td><td>3,678</td><td>2,313</td><td>310</td><td>3</td><td>62</td><td>-</td><td>45</td><td>18</td><td>24</td><td>51</td><td>-</td><td>-</td><td>-</td><td>-</td><td>108</td></tr><tr><td>1942</td><td>26,011</td><td>14,070</td><td>8,580</td><td>3,362</td><td>696</td><td>111</td><td>62</td><td>297</td><td>33</td><td>519</td><td>929</td><td>132</td><td>200</td><td>-</td><td>-</td><td>382</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>8,955</td><td>2,011</td><td>153</td><td>215</td><td>608</td><td>52</td><td>1,201</td><td>2,776</td><td>1,105</td><td>40</td><td>-</td><td>-</td><td>795</td></tr><tr><td>1944</td><td>87,039</td><td>49,242</td><td>26,538</td><td>11,259</td><td>2,143</td><td>133</td><td>228</td><td>539</td><td>59</td><td>1,432</td><td>3,812</td><td>1,922</td><td>-</td><td>-</td><td>-</td><td>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>1946</td><td>48,542</td><td>27,800</td><td>15,161</td><td>5,581</td><td>1,041</td><td>60</td><td>91</td><td>80</td><td>52</td><td>695</td><td>694</td><td>1,357</td><td>120</td><td>664</td><td>106</td><td>611</td></tr><tr><td>1945-June</td><td>7,837</td><td>4,604</td><td>2,289</td><td>885</td><td>80</td><td>2</td><td>12</td><td>11</td><td>5</td><td>103</td><td>277</td><td>220</td><td>60</td><td>42</td><td>3/</td><td>71</td></tr><tr><td>July</td><td>7,325</td><td>4,270</td><td>2,261</td><td>794</td><td>89</td><td>5</td><td>12</td><td>18</td><td>5</td><td>123</td><td>195</td><td>159</td><td>70</td><td>45</td><td>1</td><td>71</td></tr><tr><td>August</td><td>6,399</td><td>3,545</td><td>2,149</td><td>704</td><td>98</td><td>20</td><td>12</td><td>8</td><td>6</td><td>74</td><td>161</td><td>191</td><td>34</td><td>15</td><td>1</td><td>83</td></tr><tr><td>September</td><td>5,367</td><td>3,264</td><td>1,659</td><td>444</td><td>39</td><td>8</td><td>9</td><td>13</td><td>5</td><td>43</td><td>90</td><td>162</td><td>-</td><td>15</td><td>1</td><td>58</td></tr><tr><td>October</td><td>5,126</td><td>2,976</td><td>1,590</td><td>559</td><td>51</td><td>4</td><td>10</td><td>11</td><td>5</td><td>105</td><td>88</td><td>178</td><td>-</td><td>42</td><td>2</td><td>62</td></tr><tr><td>November</td><td>4,226</td><td>2,552</td><td>1,239</td><td>435</td><td>74</td><td>2</td><td>7</td><td>-1</td><td>5</td><td>57</td><td>67</td><td>150</td><td>-</td><td>13</td><td>2</td><td>59</td></tr><tr><td>December</td><td>4,245</td><td>2,476</td><td>990</td><td>778</td><td>445 1/</td><td>1</td><td>9</td><td>4</td><td>4</td><td>72</td><td>44</td><td>118</td><td>-</td><td>36</td><td>*</td><td>46</td></tr><tr><td>1946-January</td><td>3,417</td><td>1,519</td><td>1,566</td><td>331</td><td>10</td><td>3</td><td>7</td><td>*</td><td>3</td><td>50</td><td>35</td><td>112</td><td>-</td><td>60</td><td>*</td><td>50</td></tr><tr><td>February</td><td>2,702</td><td>1,588</td><td>883</td><td>231</td><td>62</td><td>2</td><td>6</td><td>-2</td><td>5</td><td>41</td><td>-73</td><td>72</td><td>2</td><td>74</td><td>3</td><td>39</td></tr><tr><td>March</td><td>2,550</td><td>1,482</td><td>734</td><td>334</td><td>29</td><td>4</td><td>5</td><td>-13</td><td>3</td><td>44</td><td>16</td><td>78</td><td>14</td><td>118</td><td>1</td><td>36</td></tr><tr><td>April</td><td>2,560</td><td>1,420</td><td>858</td><td>282</td><td>10</td><td>5</td><td>4</td><td>48</td><td>4</td><td>37</td><td>17</td><td>63</td><td>-</td><td>57</td><td>5</td><td>33</td></tr><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>96</td><td>36</td><td>33</td></tr><tr><td>June</td><td>2,442</td><td>1,465</td><td>590</td><td>387</td><td>131</td><td>2</td><td>4</td><td>-3</td><td>3</td><td>24</td><td>4</td><td>37</td><td>-</td><td>91</td><td>53</td><td>40</td></tr></table>
Source: Daily Treasury Statement.
Less than $500 thousand. Includes war public housing functions. 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
departments
3/ Classification changed to reflect expenditures for the fiscal year 1946 under "War activities". Prior year expenditures are included under "General".
4/ Payment of $370,286,944 was made on Dec. 29, 1945, by the Federal Surplus Commodities Corporation of the Department of Agriculture to the Commodity Credit Corporation in reimbursement for agricultural commodities procured in connection with the land-lease program and reflected in previous expenditures by the Commodity Credit Corporation.
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/ 2/</th><th>Social security program 1/ 3/</th><th>Government employees' retirement funds (U. S. share)</th><th>Aid to agriculture 1/ 4/</th><th>Federal contribution to District of Columbia</th></tr><tr><td>1937</td><td>608</td><td>557</td><td>-</td><td>47</td><td>-</td><td>5</td></tr><tr><td>1938</td><td>225</td><td>-</td><td>146</td><td>73</td><td>-</td><td>5</td></tr><tr><td>1939</td><td>187</td><td>-</td><td>107</td><td>75</td><td>*</td><td>5</td></tr><tr><td>1940</td><td>232</td><td>-</td><td>121</td><td>87</td><td>18</td><td>6</td></tr><tr><td>1941</td><td>331</td><td>10</td><td>132</td><td>93</td><td>91</td><td>6</td></tr><tr><td>1942</td><td>381</td><td>1</td><td>145</td><td>103</td><td>126</td><td>6</td></tr><tr><td>1943</td><td>435</td><td>30</td><td>221</td><td>107</td><td>71</td><td>6</td></tr><tr><td>1944</td><td>556</td><td>101</td><td>274</td><td>177</td><td>-3</td><td>6</td></tr><tr><td>1945</td><td>1,646</td><td>1,126</td><td>318</td><td>197</td><td>4</td><td>6</td></tr><tr><td>1946</td><td>1,918</td><td>1,381</td><td>302</td><td>247</td><td>-18</td><td>5</td></tr><tr><td>1945-June</td><td>335</td><td>335</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>530</td><td>105</td><td>190</td><td>247</td><td>-18</td><td>6</td></tr><tr><td>August</td><td>162</td><td>162</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>34</td><td>34</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>38</td><td>1</td><td>37</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>684</td><td>647</td><td>37</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>148</td><td>148</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>23</td><td>23</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><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><tr><td>June</td><td>5</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Data
c. Daily Treasury Statement.
* Less than $500 thousand.
1/ Additional transactions are shown in Table 3.
2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration.
3/ Includes railroad retirement and railroad unemployment activities.
For further explanation see tables which follow on social security program. Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Distribution and prior thereto under the Agricultural Marketing Administration.
8
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6.- Totals by Months, Beginning with 1936
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td colspan="14">Net budgetary receipts 1/</td></tr><tr><td>1936</td><td>228</td><td>218</td><td>752</td><td>231</td><td>256</td><td>529</td><td>294</td><td>343</td><td>499</td><td>272</td><td>233</td><td>517</td><td>4,372</td></tr><tr><td>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>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>304</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td>2,695</td><td>2,997</td><td>5,189</td><td>2,530</td><td>2,374</td><td>4,118</td><td>46,046</td></tr><tr><td>1946</td><td>3,819</td><td>3,678</td><td>5,747</td><td>2,677</td><td>2,733</td><td>4,479</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budgetary expenditures 2/</td></tr><tr><td>1936</td><td>521</td><td>480</td><td>636</td><td>631</td><td>686</td><td>2,427</td><td>656</td><td>574</td><td>676</td><td>677</td><td>564</td><td>716</td><td>9,244</td></tr><tr><td>1937</td><td>539</td><td>546</td><td>766</td><td>695</td><td>514</td><td>1,253</td><td>635</td><td>517</td><td>632</td><td>565</td><td>457</td><td>635</td><td>7,754</td></tr><tr><td>1938</td><td>492</td><td>474</td><td>705</td><td>631</td><td>566</td><td>930</td><td>725</td><td>645</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>656</td><td>612</td><td>820</td><td>730</td><td>694</td><td>895</td><td>764</td><td>774</td><td>741</td><td>721</td><td>648</td><td>832</td><td>8,885</td></tr><tr><td>1940</td><td>712</td><td>668</td><td>822</td><td>783</td><td>617</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,110</td><td>8,119</td><td>7,930</td><td>8,024</td><td>7,828</td><td>8,416</td><td>97,158</td></tr><tr><td>1945</td><td>8,202</td><td>7,460</td><td>9,433</td><td>7,968</td><td>9,275</td><td>9,641</td><td>8,957</td><td>7,354</td><td>6,611</td><td>5,950</td><td>4,656</td><td>5,445</td><td>90,552</td></tr><tr><td>1946</td><td>4,891</td><td>3,510</td><td>4,602</td><td>4,251</td><td>3,677</td><td>5,513</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Net budgetary deficit 3/</td></tr><tr><td>1936</td><td>293</td><td>262</td><td>-116</td><td>400</td><td>430</td><td>1,898</td><td>362</td><td>231</td><td>177</td><td>405</td><td>331</td><td>199</td><td>4,872</td></tr><tr><td>1937</td><td>300</td><td>316</td><td>-200</td><td>377</td><td>224</td><td>425</td><td>268</td><td>105</td><td>-115</td><td>273</td><td>171</td><td>-188</td><td>1,956</td></tr><tr><td>1938</td><td>198</td><td>166</td><td>-212</td><td>369</td><td>193</td><td>156</td><td>451</td><td>195</td><td>40</td><td>437</td><td>296</td><td>157</td><td>2,447</td></tr><tr><td>1939</td><td>385</td><td>245</td><td>132</td><td>517</td><td>348</td><td>339</td><td>499</td><td>402</td><td>65</td><td>442</td><td>284</td><td>311</td><td>3,967</td></tr><tr><td>1940</td><td>398</td><td>224</td><td>22</td><td>479</td><td>247</td><td>237</td><td>487</td><td>258</td><td>48</td><td>536</td><td>455</td><td>432</td><td>3,823</td></tr><tr><td>1941</td><td>771</td><td>534</td><td>-167</td><td>750</td><td>747</td><td>252</td><td>1,185</td><td>1,133</td><td>739</td><td>1,637</td><td>1,294</td><td>1,329</td><td>10,204</td></tr><tr><td>1942</td><td>2,050</td><td>1,871</td><td>-126</td><td>3,058</td><td>3,391</td><td>2,037</td><td>4,423</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</td></tr><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,955</td><td>3,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,426</td><td>5,740</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</td><td>4,772</td><td>5,342</td><td>2,378</td><td>5,947</td><td>5,551</td><td>2,004</td><td>6,023</td><td>5,587</td><td>2,999</td><td>52,737</td></tr><tr><td>1945</td><td>4,645</td><td>3,693</td><td>2,540</td><td>5,040</td><td>6,190</td><td>3,727</td><td>5,862</td><td>4,357</td><td>1,422</td><td>3,420</td><td>2,282</td><td>1,327</td><td>44,505</td></tr><tr><td>1946</td><td>1,073</td><td>-168</td><td>-1,146</td><td>1,573</td><td>944</td><td>1,034</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement. 1/ Total receipts less net amounts transferred to Federal Old-Age and Survivors Insurance Trust Fund.
2/ Excludes public debt retirements.
3/ Total expenditures less net receipts.
August 1946
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
B-168-1
10
Treasury Bulletin
Trust Accounts, Etc. Receipts and Expenditures
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total trust funds, etc. [Net receipts (+) or net expenditures (-)]</th><th colspan="3">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="3">National Service Life Insurance Fund</th><th colspan="3">Unemployment Trust Fund</th><th colspan="3">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th><th>Net</th><th>Receipts</th><th>Expenditures</th></tr><tr><td>1937</td><td>+275</td><td>-</td><td>267</td><td>267</td><td>-</td><td>-</td><td>-</td><td>-</td><td>294</td><td>294</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+255</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>763</td><td>751</td><td>+2</td><td>148</td><td>146</td></tr><tr><td>1939</td><td>+834</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>+136</td><td>+3</td><td>530</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td></tr><tr><td>1941</td><td>-148</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>-3,506</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>*</td><td>1,244</td><td>1,243</td><td>*</td><td>144</td><td>144</td></tr><tr><td>1943</td><td>-1,861</td><td>+6</td><td>1,190</td><td>1,185</td><td>-4</td><td>316</td><td>320</td><td>-6</td><td>1,399</td><td>1,404</td><td>+4</td><td>221</td><td>217</td></tr><tr><td>1944</td><td>-4,051</td><td>+6</td><td>1,353</td><td>1,357</td><td>+11</td><td>905</td><td>893</td><td>+3</td><td>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td></tr><tr><td>1945</td><td>+798</td><td>+30</td><td>1,407</td><td>1,377</td><td>+26</td><td>2,127</td><td>2,102</td><td>-1</td><td>1,508</td><td>1,508</td><td>+1</td><td>324</td><td>323</td></tr><tr><td>1946</td><td>+781</td><td>+26</td><td>1,349</td><td>1,323</td><td>+19</td><td>2,351</td><td>2,332</td><td>+32</td><td>1,280</td><td>1,248</td><td>+3</td><td>312</td><td>308</td></tr><tr><td>1945-June</td><td>-1,050</td><td>-308</td><td>107</td><td>415</td><td>-101</td><td>475</td><td>575</td><td>*</td><td>97</td><td>97</td><td>+1</td><td>13</td><td>13</td></tr><tr><td>July</td><td>-116</td><td>+36</td><td>59</td><td>23</td><td>-10</td><td>189</td><td>199</td><td>+23</td><td>73</td><td>50</td><td>-1</td><td>180</td><td>180</td></tr><tr><td>August</td><td>-50</td><td>+260</td><td>283</td><td>23</td><td>+67</td><td>246</td><td>179</td><td>-13</td><td>259</td><td>273</td><td>*</td><td>*</td><td>*</td></tr><tr><td>September</td><td>-95</td><td>-286</td><td>11</td><td>206</td><td>-48</td><td>120</td><td>169</td><td>+6</td><td>41</td><td>35</td><td>*</td><td>*</td><td>*</td></tr><tr><td>October</td><td>+302</td><td>+27</td><td>52</td><td>25</td><td>-7</td><td>89</td><td>96</td><td>+25</td><td>43</td><td>17</td><td>-1</td><td>37</td><td>38</td></tr><tr><td>November</td><td>+390</td><td>+226</td><td>235</td><td>9</td><td>-1</td><td>85</td><td>86</td><td>+10</td><td>184</td><td>174</td><td>+2</td><td>*</td><td>-2</td></tr><tr><td>December</td><td>+113</td><td>-264</td><td>11</td><td>276</td><td>+7</td><td>101</td><td>93</td><td>-30</td><td>42</td><td>72</td><td>+1</td><td>*</td><td>-1</td></tr><tr><td>1946-January</td><td>-276</td><td>+27</td><td>45</td><td>18</td><td>+90</td><td>693</td><td>603</td><td>+11</td><td>96</td><td>85</td><td>-1</td><td>37</td><td>38</td></tr><tr><td>February</td><td>+39</td><td>+169</td><td>196</td><td>28</td><td>-56</td><td>194</td><td>250</td><td>+21</td><td>158</td><td>137</td><td>*</td><td>*</td><td>*</td></tr><tr><td>March</td><td>+462</td><td>-184</td><td>24</td><td>209</td><td>-28</td><td>102</td><td>131</td><td>-13</td><td>40</td><td>53</td><td>+1</td><td>*</td><td>*</td></tr><tr><td>April</td><td>+254</td><td>+32</td><td>57</td><td>25</td><td>+48</td><td>223</td><td>175</td><td>+6</td><td>40</td><td>33</td><td>+1</td><td>38</td><td>37</td></tr><tr><td>May</td><td>-139</td><td>+234</td><td>265</td><td>31</td><td>-55</td><td>135</td><td>190</td><td>+2</td><td>200</td><td>197</td><td>*</td><td>*</td><td>1</td></tr><tr><td>June</td><td>-103</td><td>-251</td><td>109</td><td>361</td><td>+11</td><td>174</td><td>163</td><td>-16</td><td>105</td><td>121</td><td>+1</td><td>18</td><td>17</td></tr></table>
Source: Daily Treasury Statement.
Less than $500 thousand.
Trust Accounts, Etc. Receipts and Expenditures - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year of month</th><th colspan="3">Other trust account 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 of Government agencies, 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>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>n.a.</td><td>n.a.</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>n.a.</td><td>n.a.</td></tr><tr><td>1939</td><td>+24</td><td>349</td><td>325</td><td>-5</td><td>+90</td><td>+2</td><td>*</td><td>-2</td><td>+768</td><td>+1,106</td><td>-337</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>*</td><td>+49</td><td>+16</td><td>43</td><td>27</td><td>+34</td><td>+288</td><td>-254</td></tr><tr><td>1941</td><td>+20</td><td>406</td><td>386</td><td>*</td><td>+20</td><td>+11</td><td>244</td><td>233</td><td>-218</td><td>+852</td><td>-1,069</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td>*</td><td>+14</td><td>+39</td><td>331</td><td>292</td><td>-3,525</td><td>-1,809</td><td>-1,815</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>*</td><td>-</td><td>+241</td><td>155</td><td>-86</td><td>-2,194</td><td>-694</td><td>-1,500</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>*</td><td>-</td><td>+204</td><td>-3</td><td>-207</td><td>-4,403</td><td>-2,874</td><td>-1,529</td></tr><tr><td>1945</td><td>+620</td><td>1,693</td><td>1,072</td><td>*</td><td>-</td><td>+1,302</td><td>*</td><td>-1,302</td><td>-1,178</td><td>-1,553</td><td>+374</td></tr><tr><td>1946</td><td>-110</td><td>2,126</td><td>2,237</td><td>*</td><td>+248</td><td>-388</td><td>-</td><td>388</td><td>+952</td><td>-95</td><td>+1,046</td></tr><tr><td>1945-June</td><td>+84</td><td>226</td><td>142</td><td>*</td><td>-</td><td>+51</td><td>-</td><td>-51</td><td>-778</td><td>-757</td><td>-21</td></tr><tr><td>July</td><td>+53</td><td>355</td><td>302</td><td>*</td><td>+35</td><td>-29</td><td>-</td><td>29</td><td>-222</td><td>-267</td><td>+45</td></tr><tr><td>August</td><td>-313</td><td>82</td><td>394</td><td>*</td><td>+8</td><td>-86</td><td>-</td><td>86</td><td>+26</td><td>+201</td><td>-176</td></tr><tr><td>September</td><td>+209</td><td>266</td><td>58</td><td>*</td><td>+21</td><td>+55</td><td>-</td><td>-55</td><td>-51</td><td>-10</td><td>-41</td></tr><tr><td>October</td><td>+84</td><td>179</td><td>95</td><td>*</td><td>+17</td><td>-118</td><td>-</td><td>118</td><td>+274</td><td>+29</td><td>+246</td></tr><tr><td>November</td><td>+81</td><td>194</td><td>113</td><td>*</td><td>+17</td><td>-24</td><td>-</td><td>24</td><td>+79</td><td>-24</td><td>+103</td></tr><tr><td>December</td><td>+57</td><td>138</td><td>81</td><td>*</td><td>+21</td><td>-74</td><td>-</td><td>74</td><td>+395</td><td>-10</td><td>+405</td></tr><tr><td>1946-January</td><td>-356</td><td>74</td><td>429</td><td>*</td><td>+43</td><td>-99</td><td>-</td><td>99</td><td>+9</td><td>+46</td><td>-37</td></tr><tr><td>February</td><td>-51</td><td>168</td><td>219</td><td>*</td><td>+30</td><td>-65</td><td>-</td><td>65</td><td>-9</td><td>-11</td><td>+2</td></tr><tr><td>March</td><td>+1</td><td>53</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>255</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><tr><td>June</td><td>+121</td><td>292</td><td>171</td><td>*</td><td>*</td><td>+39</td><td>-</td><td>-39</td><td>-8</td><td>-93</td><td>+84</td></tr></table>
Source: Daily Treasury Statement
A.S.
* Less than $500 thousand.
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 Agriculture. Commencing July 1, 1945, such transactions are classified as "other trust accounts".
3/ Net receipts in this column constitute net sales, and net expenditures constitute net redemptions of obligations.
August 1946
11
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th>Total amount required to be financed</th><th>Net budgetary deficit 1/</th><th>Net increase in General Fund balance</th><th>Net expenditures in trust accounts, etc. 2/</th><th>Total amount financed</th><th>Increase in public debt</th><th>Net decrease in General Fund balance</th><th>Net receipts in trust accounts, etc. 2/</th></tr><tr><td>1937</td><td>3,149</td><td>3,149</td><td>-</td><td>-</td><td>3,149</td><td>2,646</td><td>128</td><td>374</td></tr><tr><td>1938</td><td>1,384</td><td>1,384</td><td>-</td><td>-</td><td>1,384</td><td>740</td><td>338</td><td>306</td></tr><tr><td>1939</td><td>4,164</td><td>3,542</td><td>622</td><td>-</td><td>4,164</td><td>3,275</td><td>-</td><td>890</td></tr><tr><td>1940</td><td>3,611</td><td>3,611</td><td>-</td><td>-</td><td>3,611</td><td>2,528</td><td>947</td><td>136</td></tr><tr><td>1941</td><td>5,994</td><td>5,103</td><td>742</td><td>148</td><td>5,994</td><td>5,994</td><td>-</td><td>-</td></tr><tr><td>1942</td><td>23,461</td><td>19,598</td><td>358</td><td>3,506</td><td>23,461</td><td>23,461</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>64,274</td><td>55,897</td><td>6,525</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>10,460</td><td>798</td></tr><tr><td>1946</td><td>21,981</td><td>21,981</td><td>-</td><td>-</td><td>21,981</td><td>10,740</td><td>-</td><td>781</td></tr><tr><td>1945-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><tr><td>June</td><td>1,137</td><td>1,034</td><td>-</td><td>103</td><td>1,137</td><td>-3,161</td><td>4,298</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">Receipts</th><th rowspan="2">Less amount credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Not receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>1938</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>631.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.2</td><td>604.7</td><td>107.5</td><td>537.7</td><td>174.5</td></tr><tr><td>1941</td><td>788.2</td><td>690.6</td><td>97.7</td><td>661.3</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>119.9</td><td>868.9</td><td>146.7</td></tr><tr><td>1943</td><td>1,288.9</td><td>1,130.5</td><td>158.4</td><td>1,103.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,472.0</td><td>1,292.1</td><td>179.9</td><td>1,259.5</td><td>212.5</td></tr><tr><td>1945</td><td>1,494.5</td><td>1,309.9</td><td>184.5</td><td>1,283.0</td><td>211.5</td></tr><tr><td>1946</td><td>1,418.1</td><td>1,238.2</td><td>179.9</td><td>1,200.8</td><td>217.4</td></tr><tr><td>1945-June</td><td>6.2</td><td>4.6</td><td>1.6</td><td>2.2</td><td>3.9</td></tr><tr><td>July</td><td>64.5</td><td>61.5</td><td>3.0</td><td>59.0</td><td>5.5</td></tr><tr><td>August</td><td>297.9</td><td>285.8</td><td>12.1</td><td>283.3</td><td>14.5</td></tr><tr><td>September</td><td>6.5</td><td>4.7</td><td>1.8</td><td>2.3</td><td>4.2</td></tr><tr><td>October</td><td>57.0</td><td>54.4</td><td>2.6</td><td>51.6</td><td>5.4</td></tr><tr><td>November</td><td>248.0</td><td>237.8</td><td>10.3</td><td>234.9</td><td>13.1</td></tr><tr><td>December</td><td>7.7</td><td>6.9</td><td>.8</td><td>4.1</td><td>3.6</td></tr><tr><td>1946-January</td><td>46.1</td><td>32.8</td><td>13.3</td><td>29.5</td><td>16.6</td></tr><tr><td>February</td><td>306.5</td><td>199.5</td><td>107.0</td><td>196.2</td><td>110.3</td></tr><tr><td>March</td><td>31.9</td><td>18.4</td><td>13.6</td><td>15.1</td><td>16.9</td></tr><tr><td>April</td><td>63.8</td><td>60.8</td><td>3.0</td><td>56.9</td><td>6.9</td></tr><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><tr><td>June</td><td>8.1</td><td>6.6</td><td>1.4</td><td>2.8</td><td>5.3</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses</th><th colspan="8">Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures 6/</th></tr><tr><th>Total</th><th>Social Security Board</th><th>Public Health Service</th><th>Department of Labor</th><th>Office for Emergency Management</th></tr><tr><td>Old-age assistance</td><td>Aid to dependent children</td><td>Aid to the blind</td><td>Unemployment compensation administration</td><td>Public health work 5/</td><td>Maternal and child health services</td><td>Services for crippled children</td><td>Child welfare service</td><td>War Manpower Commission (U. S. Employment Service)</td></tr><tr><td>1938</td><td>332.5</td><td>20.0</td><td>271.5</td><td>182.2</td><td>25.5</td><td>5.2</td><td>41.9</td><td>8.9</td><td>3.8</td><td>2.7</td><td>1.4</td><td>-</td><td>41.0 1/</td><td>115.1</td></tr><tr><td>1939</td><td>343.3</td><td>21.3</td><td>320.3</td><td>208.8</td><td>31.0</td><td>5.3</td><td>58.9</td><td>8.0</td><td>3.7</td><td>3.0</td><td>1.5</td><td>-</td><td>1.8</td><td>215.1</td></tr><tr><td>1940</td><td>384.2</td><td>25.3</td><td>356.5</td><td>227.6</td><td>45.4</td><td>6.2</td><td>58.3</td><td>9.4</td><td>4.8</td><td>3.3</td><td>1.5</td><td>-</td><td>2.5</td><td>209.7</td></tr><tr><td>1941</td><td>449.4</td><td>31.5</td><td>415.2</td><td>260.1</td><td>63.2</td><td>7.1</td><td>63.0</td><td>10.8</td><td>5.5</td><td>4.0</td><td>1.5</td><td>-</td><td>2.6</td><td>322.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.6</td><td>299.1</td><td>69.4</td><td>8.0</td><td>70.3</td><td>11.4</td><td>5.9</td><td>4.0</td><td>1.6</td><td>-</td><td>3.5</td><td>357.8</td></tr><tr><td>1943</td><td>527.2</td><td>33.3</td><td>491.1</td><td>316.9</td><td>67.3</td><td>8.5</td><td>55.1</td><td>10.7</td><td>6.5</td><td>3.8</td><td>1.6</td><td>20.7</td><td>2.8</td><td>341.3</td></tr><tr><td>1944</td><td>524.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>36.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.3</td><td>4.2</td><td>311.7</td></tr><tr><td>1945</td><td>491.3</td><td>31.9</td><td>451.9</td><td>333.6</td><td>52.8</td><td>10.0</td><td>34.2</td><td>10.7</td><td>5.4</td><td>3.8</td><td>1.4</td><td>1.1</td><td>7.4</td><td>279.8</td></tr><tr><td>1946</td><td>543.5</td><td>36.8</td><td>496.4</td><td>361.2</td><td>59.3</td><td>10.3</td><td>55.6</td><td>.2</td><td>6.3</td><td>4.2</td><td>1.3</td><td>*</td><td>6.2</td><td>326.1</td></tr><tr><td>1945-June</td><td>32.7</td><td>2.8</td><td>29.2</td><td>22.1</td><td>3.4</td><td>.3</td><td>2.7</td><td>.1</td><td>.4</td><td>.2</td><td>-</td><td>*</td><td>.7</td><td>28.8</td></tr><tr><td>July</td><td>46.8</td><td>2.4</td><td>43.8</td><td>29.0</td><td>4.5</td><td>.7</td><td>8.8</td><td>.2</td><td>.4</td><td>.2</td><td>1.1</td><td>*</td><td>.6</td><td>41.3</td></tr><tr><td>August</td><td>60.6</td><td>3.2</td><td>56.9</td><td>45.3</td><td>7.6</td><td>1.6</td><td>1.2</td><td>-</td><td>.4</td><td>.5</td><td>.2</td><td>*</td><td>.5</td><td>46.0</td></tr><tr><td>September</td><td>23.3</td><td>3.1</td><td>19.4</td><td>14.2</td><td>2.1</td><td>.2</td><td>2.3</td><td>-</td><td>.4</td><td>.2</td><td>*</td><td>*</td><td>.8</td><td>19.0</td></tr><tr><td>October</td><td>72.0</td><td>3.1</td><td>68.2</td><td>47.4</td><td>7.1</td><td>1.5</td><td>11.8</td><td>-</td><td>.2</td><td>.1</td><td>.2</td><td>-</td><td>.6</td><td>66.6</td></tr><tr><td>November</td><td>30.9</td><td>3.3</td><td>27.1</td><td>21.2</td><td>3.4</td><td>.5</td><td>1.2</td><td>-</td><td>.3</td><td>.3</td><td>.1</td><td>*</td><td>.5</td><td>17.6</td></tr><tr><td>December</td><td>36.0</td><td>3.4</td><td>32.4</td><td>26.2</td><td>2.7</td><td>.8</td><td>1.1</td><td>-</td><td>.9</td><td>.6</td><td>*</td><td>-</td><td>.2</td><td>32.4</td></tr><tr><td>1946-January</td><td>64.6</td><td>2.7</td><td>61.7</td><td>41.0</td><td>8.6</td><td>1.4</td><td>9.5</td><td>-</td><td>.7</td><td>.5</td><td>.2</td><td>*</td><td>.2</td><td>48.0</td></tr><tr><td>February</td><td>49.5</td><td>3.0</td><td>45.4</td><td>34.9</td><td>5.4</td><td>.7</td><td>2.8</td><td>-</td><td>.8</td><td>.7</td><td>.1</td><td>-</td><td>1.1</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>.6</td><td>1.0</td><td>-</td><td>*</td><td>.1</td><td>*</td><td>-</td><td>.5</td><td>14.4</td></tr><tr><td>April</td><td>65.4</td><td>3.3</td><td>61.6</td><td>42.2</td><td>7.9</td><td>1.3</td><td>8.3</td><td>-</td><td>.9</td><td>.7</td><td>.3</td><td>*</td><td>.4</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>.9</td><td>1.3</td><td>-</td><td>.9</td><td>.3</td><td>*</td><td>*</td><td>.4</td><td>26.1</td></tr><tr><td>June</td><td>22.1</td><td>3.4</td><td>18.2</td><td>9.9</td><td>1.5</td><td>.2</td><td>6.3</td><td>-</td><td>.2</td><td>.1</td><td>*</td><td>*</td><td>.5</td><td>16.8</td></tr></table>
Source: Daily Treasury Statement.
1/ Formerly Title VIII of the Social Security Act.
2/ Formerly Title IX of the Social Security Act. Includes amounts equal to appropriations to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected with respect to the period from January 1936 to June 1939, inclusive, from employers subject to the Railroad Unemployment Insurance Act (See Table 3 of Section 1).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "Transfer" 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. Amount shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in Section II, Table I.
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 reletured to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable from other appropriations, principally for the following agencies: Bureau of Internal Revenue of the Treasury Department, and Public Health Service and Office of Education of the Federal Security Agency.
5) Beginning July 1, 1945, payments previously made under the Social Security Act were discontinued, and thereafter made under provisions of the Public Health Service Act of 1944.
6) Covered by appropriations by Congress.
7) Second Deficiency Appropriation Act, fiscal year 1938, appropriated $41 million for refunding to certain States portions of Federal employers' tax for 1936 collected under the Social Security Act.
August 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>Total</th><th>Expenditures Administrative expenses 1/</th><th>Transfere to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th>Excess of expenditures 2/</th></tr><tr><td>1938</td><td>150.1</td><td>149.0</td><td>2.6</td><td>146.4</td><td>.1</td><td>-1.1</td></tr><tr><td>1939</td><td>109.3</td><td>110.0</td><td>2.9</td><td>107.1</td><td>.1</td><td>.7</td></tr><tr><td>1940</td><td>121.0</td><td>123.3</td><td>2.6</td><td>120.7</td><td>*</td><td>2.3</td></tr><tr><td>1941</td><td>136.9</td><td>128.2</td><td>3.8</td><td>124.4</td><td>.1</td><td>-8.7</td></tr><tr><td>1942</td><td>170.0</td><td>148.5</td><td>7.6</td><td>140.9</td><td>*</td><td>-21.6</td></tr><tr><td>1943</td><td>208.8</td><td>220.2</td><td>5.4</td><td>214.8</td><td>*</td><td>11.4</td></tr><tr><td>1944</td><td>267.1</td><td>265.3</td><td>2.5</td><td>262.7</td><td>.1</td><td>-1.8</td></tr><tr><td>1945</td><td>285.0</td><td>311.3</td><td>2.3</td><td>308.8</td><td>.2</td><td>26.3</td></tr><tr><td>1946</td><td>282.6</td><td>295.4</td><td>2.4</td><td>291.9</td><td>1.1</td><td>12.8</td></tr><tr><td>1945-June</td><td>60.0</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-59.8</td></tr><tr><td>July</td><td>1.5</td><td>180.1</td><td>.2</td><td>179.9</td><td>-</td><td>178.6</td></tr><tr><td>August</td><td>8.3</td><td>.1</td><td>.1</td><td>-</td><td>*</td><td>-8.2</td></tr><tr><td>September</td><td>59.4</td><td>.3</td><td>.3</td><td>-</td><td>*</td><td>-59.1</td></tr><tr><td>October</td><td>1.5</td><td>37.2</td><td>.2</td><td>37.0</td><td>*</td><td>35.7</td></tr><tr><td>November</td><td>8.5</td><td>.1</td><td>.1</td><td>-</td><td>*</td><td>-8.4</td></tr><tr><td>December</td><td>58.5</td><td>.3</td><td>.2</td><td>-</td><td>.1</td><td>-58.2</td></tr><tr><td>1946-January</td><td>5.1</td><td>37.4</td><td>.3</td><td>37.0</td><td>.1</td><td>32.3</td></tr><tr><td>February</td><td>3.5</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-3.2</td></tr><tr><td>March</td><td>64.6</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-64.3</td></tr><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><tr><td>June</td><td>65.2</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-65.0</td></tr></table>
Source: Daily Treasury Statement. 
* Less than $50 thousand. 
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 2/</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th><th>Excess of expenditures 5/</th></tr><tr><td>1938.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939.</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>1940.</td><td>4.9</td><td>5.0</td><td>5.0</td><td>-</td><td>.1</td></tr><tr><td>1941.</td><td>6.8</td><td>10.9</td><td>3.4</td><td>7.5</td><td>4.1</td></tr><tr><td>1942.</td><td>8.5</td><td>6.4</td><td>2.5</td><td>3.9</td><td>-2.1</td></tr><tr><td>1943.</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1944.</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1945.</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-6</td></tr><tr><td>1946.</td><td>12.9</td><td>13.1</td><td>3.5</td><td>9.6</td><td>.2</td></tr><tr><td>1945-June.</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>July.</td><td>*</td><td>9.9</td><td>.3</td><td>9.6</td><td>9.9</td></tr><tr><td>August.</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.1</td></tr><tr><td>September.</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.8</td></tr><tr><td>October.</td><td>*</td><td>.4</td><td>.4</td><td>-</td><td>.4</td></tr><tr><td>November.</td><td>.1</td><td>.3</td><td>.3</td><td>-</td><td>.2</td></tr><tr><td>December.</td><td>3.2</td><td>.3</td><td>.3</td><td>-</td><td>-2.9</td></tr><tr><td>1946-January.</td><td>*</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>February.</td><td>.1</td><td>.2</td><td>.2</td><td>-</td><td>.2</td></tr><tr><td>March.</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-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><tr><td>June.</td><td>3.1</td><td>.3</td><td>.3</td><td>-</td><td>-2.7</td></tr></table>
Source: Daily Treasury Statement.
* Less than $50 thousand.
1/ Operated an Railroad Unemployment Insurance Administration Fund.
2/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited to 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 $17.7 million and were distributed by calendar
$6.8 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance). Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 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 receipt</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Total investments</th><th>Unexpended balance In General Fund</th><th>Unexpended balance in disbursement officer's account</th></tr><tr><td>1938</td><td>782.7</td><td>765.0</td><td>17.7</td><td>5.4</td><td>5.4</td><td>-</td><td>777.2</td><td>662.3</td><td>113.0</td><td>1.9</td></tr><tr><td>1939</td><td>1,199.6</td><td>1,155.0</td><td>44.6</td><td>19.3</td><td>19.3</td><td>-</td><td>1,180.3</td><td>1,177.2</td><td>.1</td><td>3.0</td></tr><tr><td>1940</td><td>1,792.1</td><td>1,705.0</td><td>87.1</td><td>47.4</td><td>35.1</td><td>12.3</td><td>1,744.7</td><td>1,738.1</td><td>.5</td><td>6.1</td></tr><tr><td>1941</td><td>2,536.2</td><td>2,393.1</td><td>143.1</td><td>138.6</td><td>99.5</td><td>39.1</td><td>2,397.6</td><td>2,380.6</td><td>6.2</td><td>10.8</td></tr><tr><td>1942</td><td>3,502.8</td><td>3,288.8</td><td>214.1</td><td>275.6</td><td>209.8</td><td>65.9</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>353.1</td><td>93.4</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td><td>24.5</td></tr><tr><td>1944</td><td>6,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>126.0</td><td>5,446.4</td><td>5,408.9</td><td>16.1</td><td>21.4</td></tr><tr><td>1945</td><td>7,549.8</td><td>7,021.3</td><td>528.5</td><td>936.4</td><td>783.5</td><td>152.9</td><td>6,613.4</td><td>6,546.3</td><td>32.0</td><td>35.1</td></tr><tr><td>1946</td><td>8,935.8</td><td>8,259.5</td><td>676.3</td><td>1,294.4</td><td>1,104.0</td><td>190.4</td><td>7,641.4</td><td>7,548.7</td><td>43.5</td><td>49.2</td></tr><tr><td>1946-April</td><td>8,553.8</td><td>7,983.9</td><td>569.9</td><td>1,224.6</td><td>1,041.9</td><td>182.7</td><td>7,329.2</td><td>7,219.4</td><td>61.9</td><td>47.9</td></tr><tr><td>May</td><td>8,822.7</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>7,563.4</td><td>7,219.4</td><td>296.0</td><td>48.0</td></tr><tr><td>June</td><td>8,935.8</td><td>8,259.5</td><td>676.3</td><td>1,294.4</td><td>1,104.0</td><td>190.4</td><td>7,641.4</td><td>7,548.7</td><td>43.5</td><td>49.2</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes transactions effected under the predecessor Old-Age Reserve Account.
2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
Table 2.- Railroad Retirement Account
(Cumulative from organization - in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th colspan="3">Receipts</th><th>Expenditures</th><th colspan="4">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In disbursing officer's account</th></tr><tr><td>1938</td><td>147.9</td><td>146.5</td><td>1.4</td><td>79.8</td><td>68.1</td><td>66.2</td><td>.2</td><td>1.6</td></tr><tr><td>1939</td><td>268.4</td><td>264.8</td><td>3.6</td><td>185.6</td><td>82.7</td><td>67.2</td><td>13.2</td><td>2.3</td></tr><tr><td>1940</td><td>390.8</td><td>384.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.4</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.5</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>13.4</td></tr><tr><td>1945</td><td>1,468.1</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1946</td><td>1,780.1</td><td>1,717.8</td><td>62.3</td><td>1,104.4</td><td>675.7</td><td>657.0</td><td>.9</td><td>17.8</td></tr><tr><td>1946-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>1,762.7</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>17.3</td></tr><tr><td>June</td><td>1,780.1</td><td>1,717.8</td><td>62.3</td><td>1,104.4</td><td>675.7</td><td>657.0</td><td>.9</td><td>17.8</td></tr></table>
source: Daily Treasury Statement
Table 3.- Unemployment Trust Fund
(Cumulative from organization - in millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad unemployment insurance contributions 2/</th><th>Transfers from States 3/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 4/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total</th><th>Investments</th><th>In General Fund (Special Deposit Account)</th><th>In dis-bursing officer's account 5/</th></tr><tr><td>1938</td><td>1,076.2</td><td>1,058.2</td><td>-</td><td>-</td><td>-</td><td>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,859.5</td><td>44.2</td><td>1.8</td><td>7.5</td><td>44.8</td><td>633.8</td><td>633.8</td><td>1.8</td><td>14.6</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>1.4</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>105.6</td><td>105.9</td><td>11.4</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>105.9</td><td>32.3</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>2.7</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>181.9</td><td>105.9</td><td>17.8</td><td>131.5</td><td>1,688.2</td><td>1,570.0</td><td>105.9</td><td>41.4</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>3.3</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>274.3</td><td>105.9</td><td>29.1</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>43.2</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>1.5</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>383.7</td><td>105.9</td><td>38.0</td><td>281.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.8</td><td>4,372.5</td><td>4,357.0</td><td>4.0</td><td>1.3</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>502.5</td><td>106.7</td><td>47.6</td><td>377.9</td><td>2,302.1</td><td>2,152.4</td><td>106.7</td><td>44.6</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>3.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>618.7</td><td>106.7</td><td>47.6</td><td>501.5</td><td>2,373.4</td><td>2,222.5</td><td>106.7</td><td>61.8</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>8.4</td></tr><tr><td>1946</td><td>10,968.4</td><td>9,550.3</td><td>618.7</td><td>106.7</td><td>47.6</td><td>645.1</td><td>3,519.3</td><td>3,350.8</td><td>106.7</td><td>61.8</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td><td>8.4</td></tr><tr><td>1946-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>54.6</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>57.7</td><td>7,439.5</td><td>7,383.2</td><td>43.8</td><td>12.5</td></tr><tr><td>June</td><td>10,968.4</td><td>9,550.3</td><td>618.7</td><td>106.7</td><td>47.6</td><td>645.1</td><td>3,519.3</td><td>3,350.8</td><td>106.7</td><td>61.8</td><td>7,449.1</td><td>7,409.0</td><td>31.7</td><td>8.4</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section 1, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
August 1946
15
Appropriations and Net Contract Authorizations for the War Activities Program
As of June 30, 1946
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>appropriations</th><th>Net contract authorisations 2/</th></tr><tr><td colspan="5">77th Congress, Second Session</td></tr><tr><td>Jan. 30, 1942</td><td>422</td><td>Fourth Supplemental National Defense Appropriation Act, 1942....</td><td>$12,425,872,474</td><td>-</td></tr><tr><td>Feb. 7, 1942</td><td>441</td><td>Naval Appropriation Act, 1943......</td><td>23,738,865,474 3/</td><td>-</td></tr><tr><td>Feb. 12, 1942</td><td>452</td><td>Joint Resolution (financial aid to China).</td><td>400,000,000</td><td>-</td></tr><tr><td>Feb. 21, 1942</td><td>463</td><td>First Deficiency Appropriation Act, 1942.</td><td>135,203,321</td><td>-</td></tr><tr><td>Mar. 5, 1942</td><td>474</td><td>Fifth Supplemental National Defense Appropriation Act, 1942.</td><td>30,412,737,900</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>527</td><td>War Department Civil Appropriation Act, 1943.</td><td>57,886,985</td><td>-</td></tr><tr><td>Apr. 28, 1942</td><td>528</td><td>Sixth Supplemental National Defense Appropriation Act, 1942.</td><td>18,932,124,893</td><td>-</td></tr><tr><td>June 5, 1942</td><td>572</td><td>Joint Resolution (War Risk Insurance Fund).</td><td>210,000,000</td><td>-</td></tr><tr><td>June 19, 1942</td><td>616</td><td>Joint Resolution (education and training).</td><td>9,500,000</td><td>-</td></tr><tr><td>June 23, 1942</td><td>626</td><td>Seventh Supplemental National Defense Appropriation Act, 1942.</td><td>655,074,740 3/</td><td>$150,000,000</td></tr><tr><td>June 27, 1942</td><td>630</td><td>Independent Offices Appropriation Act, 1943.</td><td>1,052,812,004</td><td>-</td></tr><tr><td>July 2, 1942</td><td>644</td><td>Justice, State and Commerce Department Appropriation Act, 1943.</td><td>261,908,180</td><td>-</td></tr><tr><td>July 2, 1942</td><td>645</td><td>Interior Department Appropriation Act, 1943.</td><td>8,977,370</td><td>-</td></tr><tr><td>July 2, 1942</td><td>647</td><td>Labor - Federal Security Appropriation Act, 1943.</td><td>227,126,864</td><td>-</td></tr><tr><td>July 2, 1942</td><td>648</td><td>Second Deficiency Appropriation Act, 1942.</td><td>10,415,078</td><td>-</td></tr><tr><td>July 2, 1942</td><td>649</td><td>Military Appropriation Act, 1943.</td><td>42,820,003,057</td><td>-</td></tr><tr><td>July 2, 1942</td><td>650</td><td>War Housing and Public Works Appropriation Act, 1942.</td><td>32,500,000</td><td>-</td></tr><tr><td>July 25, 1942</td><td>678</td><td>First Supplemental National Defense Appropriation Act, 1943.</td><td>1,845,234,990</td><td>-</td></tr><tr><td>Oct. 26, 1942</td><td>763</td><td>Second Supplemental National Defense Appropriation Act, 1943.</td><td>6,299,361,448 3/</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session.</td><td>$139,736,203,988</td><td>$150,000,000</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 2, 1943</td><td>64</td><td>War Department Civil Appropriation Act, 1944.</td><td>1,457,898</td><td>-</td></tr><tr><td>June 14, 1943</td><td>70</td><td>Defense Aid Supplemental Appropriation Act, 1943.</td><td>6,273,629,000</td><td>-</td></tr><tr><td>June 26, 1943</td><td>90</td><td>Independent Offices Appropriation Act, 1944.</td><td>1,395,013,599</td><td>-</td></tr><tr><td>June 26, 1943</td><td>92</td><td>Naval Appropriation Act, 1944.</td><td>27,637,226,198 3/</td><td>$9,000,000</td></tr><tr><td>July 1, 1943</td><td>105</td><td>Departments of State, Justice, and Commerce Appropriation Act, 1944.</td><td>67,635,000</td><td>-</td></tr><tr><td>July 1, 1943</td><td>108</td><td>Military Appropriation Act, 1944.</td><td>59,034,839,673</td><td>-</td></tr><tr><td>July 12, 1943</td><td>129</td><td>Department of Agriculture Appropriation Act, 1944.</td><td>38,048,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>132</td><td>Urgent Deficiency Appropriation Act, 1943.</td><td>31,979,600</td><td>-</td></tr><tr><td>July 12, 1943</td><td>133</td><td>Interior Department Appropriation Act, 1944.</td><td>11,884,000</td><td>-</td></tr><tr><td>July 12, 1943</td><td>135</td><td>Labor - Federal Security Appropriation Act, 1944.</td><td>307,953,500</td><td>-</td></tr><tr><td>July 12, 1943</td><td>139</td><td>National War Agencies Appropriation Act, 1944.</td><td>2,911,597,224</td><td>10,456,710</td></tr><tr><td>July 12, 1943</td><td>140</td><td>Second Deficiency Appropriation Act, 1943.</td><td>151,340,088</td><td>-</td></tr><tr><td>Oct. 1, 1943</td><td>156</td><td>Joint Resolution (Labor Department).</td><td>18,620,000</td><td>-</td></tr><tr><td>Dec. 23, 1943</td><td>216</td><td>First Supplemental National Defense Appropriation Act, 1944.</td><td>81,283,468</td><td>-</td></tr><tr><td colspan="3">Total, 78th Congress, First Session.</td><td>$105,976,492,321</td><td>$19,456,710</td></tr><tr><td colspan="5">78th Congress, Second Session</td></tr><tr><td>Feb. 14, 1944</td><td>229</td><td>Joint Resolution (farm labor and migration of workers).</td><td>$31,359,200</td><td>-</td></tr><tr><td>Apr. 1, 1944</td><td>279</td><td>First Deficiency Appropriation Act, 1944.</td><td>170,221,080</td><td>$38,266,050</td></tr><tr><td>Apr. 4, 1944</td><td>288</td><td>Public Law (Federal Works Agency - public roads).</td><td>-</td><td>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 4/.</td><td>27,569,198,301 3/</td><td>2,000,000,000</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945 4/.</td><td>1,451,840</td><td>-</td></tr><tr><td>June 27, 1944</td><td>358</td><td>Independent Offices Appropriation Act, 1945.</td><td>6,836,008,943</td><td>5,050,900,000</td></tr><tr><td>June 28, 1944</td><td>365</td><td>Departments of State, Justice, and Commerce Appropriation Act, 1945.</td><td>47,585,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>367</td><td>Department of Agriculture Appropriation Act, 1945.</td><td>30,700,000</td><td>-</td></tr><tr><td>June 28, 1944</td><td>369</td><td>Interior Department Appropriation Act, 1945.</td><td>18,114,200</td><td>-</td></tr><tr><td>June 28, 1944</td><td>372</td><td>National War Agency Appropriation Act, 1945.</td><td>1,030,937,242</td><td>2,198,577</td></tr><tr><td>June 28, 1944</td><td>373</td><td>Labor - Federal Security Appropriation Act, 1945.</td><td>218,611,829</td><td>-</td></tr><tr><td>June 28, 1944</td><td>374</td><td>Military Appropriation Act, 1945.</td><td>15,434,814,795</td><td>-</td></tr><tr><td>June 28, 1944</td><td>375</td><td>Second Deficiency Appropriation Act, 1944.</td><td>186,266,524 3/</td><td>1,802,096,157</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Defense Aid Appropriation Act, 1945.</td><td>3,450,570,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>United Nations Relief and Rehabilitation Administration Participation Appropriation Act, 1945.</td><td>450,000,000</td><td>-</td></tr><tr><td>June 30, 1944</td><td>382</td><td>Foreign Economic Administration Appropriation Act, 1945.</td><td>19,790,000</td><td>-</td></tr><tr><td>Dec. 22, 1944</td><td>529</td><td>First Supplemental Appropriation Act, 1945.</td><td>410,291,029 3/</td><td>60,000,000</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session.</td><td>$55,913,179,984</td><td>$8,956,537,629</td></tr><tr><td colspan="5">79th Congress, First Session</td></tr><tr><td>Mar. 31, 1945</td><td>24</td><td>War Department Civil Appropriation Act, 1946.</td><td>$2,697,140</td><td>-</td></tr><tr><td>Apr. 25, 1945</td><td>40</td><td>First Deficiency Appropriation Act, 1945.</td><td>2,015,384,143 3/</td><td>-</td></tr><tr><td>May 3, 1945</td><td>49</td><td>Independent Offices Appropriation Act, 1946.</td><td>57,288,300</td><td>-</td></tr><tr><td>May 5, 1945</td><td>52</td><td>Department of Agriculture Appropriation Act, 1946.</td><td>11,985,472</td><td>-</td></tr><tr><td>May 21, 1945</td><td>61</td><td>Departments of State, Justice and Commerce Appropriation Act, 1946.</td><td>34,599,500</td><td>-</td></tr><tr><td>May 29, 1945</td><td>62</td><td>Naval Appropriation Act, 1946.</td><td>23,601,136,064 5/</td><td>$1,399,008,413</td></tr><tr><td>June 12, 1945</td><td>83</td><td>Joint Resolution (Labor Department - maternity and infant care).</td><td>2,200,000</td><td>-</td></tr><tr><td>July 3, 1945</td><td>123</td><td>Interior Department Appropriation Act, 1946.</td><td>10,625,000</td><td>-</td></tr><tr><td>July 3, 1945</td><td>124</td><td>Labor - Federal Security Appropriation Act, 1946.</td><td>197,011,554</td><td>-</td></tr><tr><td>July 3, 1945</td><td>126</td><td>Military Appropriation Act, 1946.</td><td>21,496,902,030</td><td>-</td></tr><tr><td>July 5, 1945</td><td>132</td><td>Second Deficiency Appropriation Act, 1945.</td><td>3,527,335,808</td><td>-</td></tr><tr><td>July 17, 1945</td><td>156</td><td>National War Agencies Appropriation Act, 1946.</td><td>769,364,850</td><td>-</td></tr><tr><td>Dec. 14, 1945</td><td>259</td><td>United Nations Relief and Rehabilitation Administration Participation Act, 1946.</td><td>550,000,000</td><td>-</td></tr><tr><td>Dec. 28, 1945</td><td>269</td><td>First Deficiency Appropriation Act, 1946.</td><td>781,382,629</td><td>-</td></tr><tr><td colspan="3">Total, 79th Congress, First Session.</td><td>$53,060,913,491</td><td>$1,399,008,413</td></tr></table>
(Continued on following page)
16
Treasury Bulletin
Appropriations and Net Contract Authorizations for the War Activities Program
As of June 30, 1946 - (Continued)
<table><tr><th>Date approved</th><th>Public Law No.</th><th>Title of act</th><th>Appropriations</th><th>Net contract authorizations 2/</th></tr><tr><td colspan="5">79th Congress, Second Session</td></tr><tr><td>Mar. 22, 1946</td><td>329</td><td>Urgent Deficiency Appropriation Act, 1946</td><td>$ 3,259,000</td><td>-</td></tr><tr><td>Mar. 28, 1946</td><td>334</td><td>Independent Offices Appropriation Act, 1947</td><td>17,638,792</td><td>-</td></tr><tr><td>Mar. 28, 1946</td><td>335</td><td>Second Urgent Deficiency Appropriation Act, 1946</td><td>3,089,000</td><td>-</td></tr><tr><td>Apr. 19, 1946</td><td>349</td><td>Joint Resolution (appropriations for increased pay costs)</td><td>6,952,150</td><td>-</td></tr><tr><td>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>4,872,850</td><td>-</td></tr><tr><td>June 21, 1946</td><td>419</td><td>Third Urgent Deficiency Appropriation Act, 1946</td><td>94,474,000</td><td>-</td></tr><tr><td colspan="3">Total, 79th Congress, Second Session</td><td>$ 136,079,792</td><td>-</td></tr><tr><td colspan="5">Rescissions</td></tr><tr><td>June 22, 1944</td><td>347</td><td>78th Congress, Second Session: Naval Appropriation Act, 1945</td><td>$ -7,500,000</td><td>-</td></tr><tr><td>June 26, 1944</td><td>352</td><td>War Department Civil Appropriation Act, 1945</td><td>-30,257,572</td><td>-</td></tr><tr><td>May 29, 1945</td><td>68</td><td>79th Congress, First Session: Joint Resolution (U. S. Maritime Commission)</td><td>-3,100,000,000</td><td>$-4,265,000,000</td></tr><tr><td>July 3, 1945</td><td>127</td><td>Joint Resolution (reducing certain appropriations)</td><td>-82,054,000</td><td>-</td></tr><tr><td>Feb. 18, 1946</td><td>301</td><td>79th Congress, Second Session: First Supplemental Surplus Appropriation Rescission Act, 1946</td><td>-47,520,755,938</td><td>-4,240,793,604</td></tr><tr><td>May 27, 1946</td><td>391</td><td>Second Supplemental Surplus Appropriation Rescission Act, 1946</td><td>-6,240,485,831</td><td>-465,000,000</td></tr><tr><td colspan="3">Total, rescissions</td><td>$-56,981,053,301</td><td>$-8,970,793,604</td></tr><tr><td colspan="5">In pending legislation 6/</td></tr><tr><td colspan="3">Departments of States, Justice, Commerce and the Judiciary Appropriation</td><td></td><td></td></tr><tr><td colspan="3">Bill, 1947</td><td>$ 32,300,000</td><td>-</td></tr><tr><td colspan="3">Interior Department Appropriation Bill, 1947</td><td>900,000</td><td>-</td></tr><tr><td colspan="3">Naval Appropriation Bill, 1947</td><td>4,119,659,300</td><td>$ -300,000,000 7/</td></tr><tr><td colspan="3">Labor-Federal Security Appropriation Bill, 1947</td><td>16,694,000</td><td>-4,540,287 7/</td></tr><tr><td colspan="3">Government Corporations Appropriation Bill, 1947</td><td>4,540,287</td><td>-</td></tr><tr><td colspan="3">Military Appropriation Bill, 1947</td><td>7,595,449,858</td><td>-</td></tr><tr><td colspan="3">Third Deficiency Appropriation Bill, 1946</td><td>-2,427,824,531</td><td>-500,000 8/</td></tr><tr><td colspan="3">Total pending</td><td>$ 9,341,718,924</td><td>$ -305,040,287</td></tr><tr><td colspan="5">Summary</td></tr><tr><td colspan="3">Total, 76th Congress, Third Session 9/</td><td>$ 8,994,015,828</td><td>-</td></tr><tr><td colspan="3">Total, 77th Congress, First Session 9/</td><td>49,396,437,450</td><td>$ 651,484,363</td></tr><tr><td colspan="3">Total, 77th Congress, Second Session</td><td>139,736,203,988</td><td>150,000,000</td></tr><tr><td colspan="3">Total, 78th Congress, First Session</td><td>105,916,492,321</td><td>19,456,710</td></tr><tr><td colspan="3">Total, 78th Congress, Second Session</td><td>55,913,179,984</td><td>8,956,537,629</td></tr><tr><td colspan="3">Total, 79th Congress, First Session</td><td>53,060,913,491</td><td>1,399,003,413</td></tr><tr><td colspan="3">Total, 79th Congress, Second Session</td><td>136,079,792</td><td>-</td></tr><tr><td colspan="3">Permanent appropriations and net transfer to and from other than war activities appropriations 10/</td><td>241,780,634</td><td>-</td></tr><tr><td colspan="3">Total approved</td><td>$413,395,103,487</td><td>$11,176,487,115</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>9,341,718,924</td><td>-305,040,287</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>$365,287,896,204</td><td>$ 1,900,653,224</td></tr></table>
1/ Consists of appropriations and net contract authorizations available on and after July 1, 1940. Excludes: (1) authorizations of the Re-construction Finance Corporation and its affiliates for war purposes, and (2) unexpended balances of appropriations on June 30, 1940 (except immediately available funds from fiscal year 1941 appropriations), available for expenditure in the fiscal year 1941. 2/ Contract authorizations have been reduced by later appropriations which were earmarked in authorizing acts for this purpose. 3/ Includes appropriations made available for prior years. For amounts see appropriate footnotes in "Treasury Bulletin" for July, 1945, page 16. 4/ 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. 5/ Includes $180,000,000 for the fiscal year 1945. 6/ Pending appropriations, as used herein, represent appropriation
1/ Represents amounts to liquidate contract authorizations. Excludes rescission of the United States Maritime Commission in the amount of $173,678,000. 9/ For details of appropriations made by the 76th Congress, Third Session and 77th Congress, First Session, see "Treasury Bulletin" for March, 1944, page 5. 10/ Includes amounts received such as war contributions under authority of the Second War Powers Act, deposits of advance payments made by foreign governments to the Defence 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.
August 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 colspan="7">1945</th><th colspan="6">1946</th></tr><tr><th></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><th>June</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>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><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><td></td></tr><tr><td>Income and profits taxes</td><td>4,757</td><td>1,743</td><td>1,665</td><td>4,208</td><td>1,593</td><td>1,524</td><td>3,366</td><td>2,755</td><td>2,790</td><td>4,238</td><td>1,603</td><td>1,407</td><td>3,392</td></tr><tr><td>Employment taxes</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>285</td><td>73</td></tr><tr><td>Miscellaneous lateral revenue</td><td>561</td><td>718</td><td>877</td><td>573</td><td>689</td><td>602</td><td>516</td><td>645</td><td>584</td><td>649</td><td>642</td><td>615</td><td>615</td></tr><tr><td>Customs</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><td>35</td></tr><tr><td>Other</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><td>362</td></tr><tr><td>Subtotal</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>2,908</td><td>4,478</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><td></td></tr><tr><td>Unemployment Trust Fund (deposite by States and Railroad Retirement Board)</td><td>34</td><td>63</td><td>259</td><td>37</td><td>42</td><td>184</td><td>37</td><td>33</td><td>158</td><td>36</td><td>39</td><td>200</td><td>37</td></tr><tr><td>Other trust funds and accounts</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><td>221</td></tr><tr><td>Subtotal</td><td>248</td><td>301</td><td>433</td><td>406</td><td>324</td><td>478</td><td>295</td><td>195</td><td>403</td><td>189</td><td>201</td><td>494</td><td>259</td></tr><tr><td>Total cash income</td><td>6,154</td><td>3,012</td><td>3,713</td><td>5,597</td><td>2,905</td><td>3,087</td><td>4,407</td><td>3,993</td><td>4,277</td><td>5,950</td><td>2,934</td><td>3,492</td><td>4,736</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>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><td></td></tr><tr><td>War activities</td><td>7,837</td><td>7,325</td><td>6,399</td><td>5,367</td><td>5,126</td><td>4,226</td><td>4,245</td><td>3,417</td><td>2,702</td><td>2,550</td><td>2,560</td><td>2,182</td><td>2,412</td></tr><tr><td>Veterans' Administration</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><td>496</td></tr><tr><td>Public works 2/</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><td>56</td></tr><tr><td>Aid to agriculture 3/</td><td>16</td><td>78</td><td>36</td><td>26</td><td>35</td><td>20</td><td>26</td><td>46</td><td>40</td><td>62</td><td>78</td><td>75</td><td>82</td></tr><tr><td>Social security program 4/</td><td>33</td><td>47</td><td>61</td><td>24</td><td>73</td><td>31</td><td>37</td><td>65</td><td>50</td><td>32</td><td>67</td><td>42</td><td>23</td></tr><tr><td>Interest on the public debt 5/</td><td>637</td><td>107r</td><td>67r</td><td>596r</td><td>142r</td><td>57r</td><td>756r</td><td>181r</td><td>87r</td><td>591</td><td>143</td><td>77</td><td>911</td></tr><tr><td>Other 6/</td><td>193</td><td>300</td><td>419</td><td>354</td><td>159</td><td>115</td><td>124</td><td>158</td><td>176</td><td>339</td><td>610</td><td>575</td><td>920</td></tr><tr><td>Subtotal</td><td>8,838</td><td>7,992r</td><td>7,127r</td><td>6,508r</td><td>5,704r</td><td>4,611r</td><td>5,388r</td><td>4,116r</td><td>3,335r</td><td>3,924</td><td>3,900</td><td>3,406</td><td>4,929</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><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><td></td></tr><tr><td>War activities</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><td>-1</td></tr><tr><td>Other</td><td>-10</td><td>-5</td><td>-4</td><td>17</td><td>3</td><td>114</td><td>-34</td><td>-37</td><td>-41</td><td>-4</td><td>-1</td><td>-11</td><td>-2</td></tr><tr><td>Commodity Credit Corporation</td><td>9</td><td>-43</td><td>137</td><td>54</td><td>-62</td><td>-48</td><td>-401</td><td>2</td><td>-53</td><td>-132</td><td>-4</td><td>146</td><td>-154</td></tr><tr><td>Unemployment Trust Fund</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><td>95</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>31</td></tr><tr><td>Railroad Retirement Account</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><td>13</td></tr><tr><td>Other</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>521</td><td>122</td></tr><tr><td>Subtotal</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><td>105</td></tr><tr><td>Redemption of adjusted service bonds</td><td>108</td><td>43</td><td>14</td><td>7</td><td>5</td><td>4</td><td>3</td><td>3</td><td>2</td><td>2</td><td>2</td><td>1</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>94</td><td>33</td><td>27</td><td>14</td><td>9</td></tr><tr><td>Total cash outgo</td><td>8,967</td><td>7,998r</td><td>7,854r</td><td>6,649r</td><td>6,009r</td><td>4,811r</td><td>5,303r</td><td>5,628r</td><td>3,910r</td><td>4,161</td><td>4,171</td><td>4,382</td><td>5,044</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>2,813</td><td>4,987r</td><td>4,111r</td><td>1,052r</td><td>3,104r</td><td>1,724r</td><td>896r</td><td>1,635r</td><td>-367r</td><td>-1,789</td><td>1,237</td><td>890</td><td>308</td></tr></table>
1/ These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Daily Treasury Statement and in other tables in the "Treasury Bulletin". For an explanation of the revisions made in Daily Treasury Statement figures to arrive at this cash series, see the "Treasury Bulletin", February 1939. 
2/ Comprises Public Building Administration, Public Roads Administration, Public Works Administration, Federal Public Housing Authority, river and harbor work and flood control, Tennessee Valley Authority, forest roads and tralles, and reclamation projects. 
3/ Consists of Farm Credit Administration, Federal Farm Mortgage Cor-
poratito, 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 Exteo- sion Service, Department of Agriculture departmental expenditures, and Other.
4/ Excludes transactions under transfer to trust accounts, etc.
5/ Excludes accrued discount on United States savings bonds, and in- terest on trust fund investments.
6/ Revised to include "Work Projects Administration" and "Civilian Conservation Corps", and to exclude "Surplus property disposal agencies" which, beginning July 1, 1945 are included in "War ac- tivities" 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>1,540</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>10,359</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,113</td><td>2,806</td><td>19,257</td></tr><tr><td>1943</td><td>919</td><td>1,502</td><td>5,319</td><td>1,575</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,734</td><td>5,881</td><td>38,246</td></tr><tr><td>1944</td><td>2,945</td><td>3,133</td><td>6,702</td><td>3,358</td><td>3,686</td><td>6,384</td><td>2,392</td><td>3,313</td><td>6,099</td><td>2,304</td><td>2,965</td><td>5,604</td><td>48,885</td></tr><tr><td>1945</td><td>3,800</td><td>4,400</td><td>7,168</td><td>3,225</td><td>3,908</td><td>6,154</td><td>3,012</td><td>3,713</td><td>5,597</td><td>2,905</td><td>3,087</td><td>4,407</td><td>51,376</td></tr><tr><td>1946</td><td>3,993</td><td>4,277</td><td>5,950</td><td>2,934</td><td>3,492</td><td>4,736</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,778</td><td>20,841</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,508</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,710</td><td>7,654</td><td>7,795</td><td>7,852</td><td>89,334</td></tr><tr><td>1944</td><td>7,567</td><td>8,032</td><td>8,575</td><td>7,709</td><td>8,061</td><td>8,530</td><td>7,301</td><td>8,221</td><td>7,770</td><td>7,978</td><td>7,461</td><td>8,244</td><td>95,449</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>7,998r</td><td>7,854r</td><td>6,649r</td><td>6,009r</td><td>4,811r</td><td>5,303r</td><td>87,912r</td></tr><tr><td>1946</td><td>5,628r</td><td>3,910r</td><td>4,161</td><td>4,171</td><td>4,382</td><td>5,044</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Excess of cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>704</td><td>426</td><td>-85</td><td>935</td><td>685</td><td>219</td><td>940</td><td>982</td><td>841</td><td>1,828</td><td>1,017</td><td>1,490</td><td>9,982</td></tr><tr><td>1942</td><td>1,965</td><td>1,549</td><td>-27</td><td>3,144</td><td>3,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,315</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,364</td><td>2,121</td><td>5,412</td><td>5,061</td><td>1,971</td><td>51,089</td></tr><tr><td>1944</td><td>4,623</td><td>4,899</td><td>1,873</td><td>4,351</td><td>4,375</td><td>2,146</td><td>4,909</td><td>4,908</td><td>1,671</td><td>5,674</td><td>4,496</td><td>2,640</td><td>46,565</td></tr><tr><td>1945</td><td>4,004</td><td>2,842</td><td>1,786</td><td>4,601</td><td>4,587</td><td>2,813</td><td>4,987r</td><td>4,141r</td><td>1,052r</td><td>3,104r</td><td>1,724r</td><td>896r</td><td>36,537r</td></tr><tr><td>1946</td><td>1,635r</td><td>-367r</td><td>-1,789</td><td>1,237</td><td>890</td><td>308</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
r Revised.
18
Treasury Bulletin
GENERAL FUND OF THE TREASURY
August 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>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>10,149</td><td>911</td><td>1,038</td><td>7,667</td><td>533</td></tr><tr><td>1944</td><td>20,775</td><td>820</td><td>1,442</td><td>18,007</td><td>507</td></tr><tr><td>1945</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>1946</td><td>14,708</td><td>404</td><td>1,006</td><td>12,993</td><td>305</td></tr><tr><td>1945-June</td><td>25,119</td><td>708</td><td>1,500</td><td>22,622</td><td>289</td></tr><tr><td>July</td><td>22,469</td><td>591</td><td>1,252</td><td>20,303</td><td>324</td></tr><tr><td>August</td><td>19,018</td><td>581</td><td>1,300</td><td>16,874</td><td>263</td></tr><tr><td>September</td><td>16,582</td><td>574</td><td>1,755</td><td>13,989</td><td>265</td></tr><tr><td>October</td><td>13,307</td><td>537</td><td>1,124</td><td>11,389</td><td>256</td></tr><tr><td>November</td><td>14,849</td><td>523</td><td>1,372</td><td>12,694</td><td>260</td></tr><tr><td>December</td><td>26,520</td><td>527</td><td>1,674</td><td>24,044</td><td>275</td></tr><tr><td>1946-January</td><td>25,851</td><td>490</td><td>1,011</td><td>24,030</td><td>320</td></tr><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>21,293</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><tr><td>June</td><td>14,708</td><td>404</td><td>1,006</td><td>12,993</td><td>305</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>1937</td><td>2,709</td><td>156</td><td>2,553</td></tr><tr><td>1938</td><td>2,419</td><td>203</td><td>2,216</td></tr><tr><td>1939</td><td>3,087</td><td>248</td><td>2,838</td></tr><tr><td>1940</td><td>2,038</td><td>147</td><td>1,891</td></tr><tr><td>1941</td><td>2,812</td><td>179</td><td>2,633</td></tr><tr><td>1942</td><td>3,443</td><td>452</td><td>2,991</td></tr><tr><td>1943</td><td>10,149</td><td>643</td><td>9,507</td></tr><tr><td>1944</td><td>20,775</td><td>607</td><td>20,169</td></tr><tr><td>1945</td><td>25,119</td><td>421</td><td>24,698</td></tr><tr><td>1946</td><td>14,708</td><td>470</td><td>14,238</td></tr><tr><td>1945-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><tr><td>June</td><td>14,708</td><td>470</td><td>14,238</td></tr></table>
Sources: 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 colspan="5">Trust accounts, etc.</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Trust accounts 2/</th><th>Increment on gold 3/</th><th>Seigniorage on silver</th><th>Miscellaneous funds and accounts 4/</th><th>Checking accounts of Government agencies, etc.</th></tr><tr><td>1937.</td><td>-128</td><td>-3,149 5/</td><td>2,746 6/</td><td>275</td><td>19</td><td>-99</td><td>40</td><td>-</td><td>314</td></tr><tr><td>1938.</td><td>-338</td><td>-1,384</td><td>792 6/</td><td>255</td><td>11</td><td>-51</td><td>90</td><td>-</td><td>204</td></tr><tr><td>1939.</td><td>622</td><td>-3,542</td><td>3,280 6/</td><td>884</td><td>29</td><td>-5</td><td>90</td><td>2</td><td>768</td></tr><tr><td>1940.</td><td>-947</td><td>-1,611</td><td>2,528</td><td>136</td><td>37</td><td>-</td><td>49</td><td>16</td><td>34</td></tr><tr><td>1941.</td><td>742</td><td>-5,103</td><td>5,994</td><td>-148</td><td>37</td><td>-</td><td>20</td><td>11</td><td>-217</td></tr><tr><td>1942.</td><td>358</td><td>-19,598</td><td>23,461</td><td>-3,506</td><td>66</td><td>-</td><td>14</td><td>39</td><td>-3,625</td></tr><tr><td>1943.</td><td>6,515</td><td>-55,397</td><td>64,274</td><td>-1,361</td><td>92</td><td>-</td><td>-</td><td>241</td><td>-2,194</td></tr><tr><td>1944.</td><td>10,562</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>57,579</td><td>798</td><td>675</td><td>-</td><td>-</td><td>1,302</td><td>-1,178</td></tr><tr><td>1946.</td><td>-10,460</td><td>-21,981</td><td>10,740</td><td>781</td><td>-30</td><td>-</td><td>248</td><td>-388</td><td>952</td></tr><tr><td>1945-June.</td><td>15,073</td><td>-3,727</td><td>19,850</td><td>-1,050</td><td>-323</td><td>-</td><td>-</td><td>51</td><td>-778</td></tr><tr><td>July.</td><td>-2,615</td><td>-5,862</td><td>3,362</td><td>-116</td><td>101</td><td>-</td><td>35</td><td>-29</td><td>-222</td></tr><tr><td>August.</td><td>-3,451</td><td>-4,357</td><td>956</td><td>-50</td><td>2</td><td>-</td><td>8</td><td>-86</td><td>26</td></tr><tr><td>September.</td><td>-2,497</td><td>-1,422</td><td>-980</td><td>-95</td><td>-119</td><td>-</td><td>21</td><td>55</td><td>-51</td></tr><tr><td>October.</td><td>-3,321</td><td>-3,420</td><td>-203</td><td>302</td><td>129</td><td>-</td><td>17</td><td>-118</td><td>274</td></tr><tr><td>November.</td><td>1,632</td><td>-2,282</td><td>3,524</td><td>390</td><td>318</td><td>-</td><td>17</td><td>-24</td><td>79</td></tr><tr><td>December.</td><td>11,558</td><td>-1,327</td><td>12,773</td><td>113</td><td>-228</td><td>-</td><td>21</td><td>-74</td><td>395</td></tr><tr><td>1946-January.</td><td>-577</td><td>-1,073</td><td>772</td><td>-276</td><td>-229</td><td>-</td><td>43</td><td>-99</td><td>9</td></tr><tr><td>February.</td><td>534</td><td>168</td><td>327</td><td>39</td><td>83</td><td>-</td><td>30</td><td>-65</td><td>-9</td></tr><tr><td>March.</td><td>-1,593</td><td>1,146</td><td>-3,201</td><td>462</td><td>-224</td><td>-</td><td>21</td><td>30</td><td>635</td></tr><tr><td>April.</td><td>-3,433</td><td>-1,573</td><td>-2,214</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><tr><td>June.</td><td>-4,298</td><td>-1,034</td><td>-3,161</td><td>-103</td><td>-135</td><td>-</td><td>-</td><td>39</td><td>-8</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ This is the net budgetary deficit (-) or surplus. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law.
2/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government insurance and retirement funds and other trust accounts. (See footnote 4.)
3/ Charges for retirement of national bank notes are reflected in this statement directly against increment on gold, in the years during which the retirements were actually made. (See footnote 5.)
4/ Comprises Public Works Administration revolving fund, special de-
poise (net), and, during the fiscal years 1940 through 1945, transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1945, such transactions are classified in the column "Trust accounts". 
Includes inactive gold in the amount of $1,087 million. 
Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1937 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1937, $99 million; 1938, $51 million; and 1939, $5 million. The increases to the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
August 1946
21
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
22
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year of month</th><th colspan="6">Public debt receipts (Issuance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>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>1937</td><td>36,425</td><td>2,646</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,881</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,812</td><td>3,151</td><td>10,618</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</td></tr><tr><td>1941</td><td>48,961</td><td>5,994</td><td>17,847</td><td>10,462</td><td>-</td><td>2</td><td>-</td><td>3,142</td><td>4,241</td><td>11,853</td><td>5,816</td><td>-</td><td>3,142</td><td>2,896</td></tr><tr><td>1942</td><td>72,422</td><td>23,461</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>596</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>596</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>64,274</td><td>122,632</td><td>94,961</td><td>17,911</td><td>1</td><td>-</td><td>1,442</td><td>8,318</td><td>58,358</td><td>33,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>64,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>134</td><td>18,790</td><td>10,411</td><td>89,478</td><td>63,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,679</td><td>179,159</td><td>129,663</td><td>4</td><td>6</td><td>894</td><td>34,183</td><td>14,410</td><td>121,480</td><td>77,408</td><td>4</td><td>34,183</td><td>9,885</td></tr><tr><td>1946</td><td>269,422</td><td>10,740</td><td>150,988</td><td>103,116</td><td>484</td><td>1</td><td>88</td><td>31,036</td><td>16,263</td><td>140,248</td><td>95,985</td><td>484</td><td>31,036</td><td>12,744</td></tr><tr><td>1945-June</td><td>258,682</td><td>19,850</td><td>40,654</td><td>26,904</td><td>-</td><td></td><td>96</td><td>4,187</td><td>9,466</td><td>20,804</td><td>7,370</td><td>-</td><td>4,187</td><td>9,247</td></tr><tr><td>July</td><td>262,045</td><td>3,362</td><td>9,495</td><td>8,701</td><td>-</td><td></td><td>37</td><td>-</td><td>757</td><td>6,133</td><td>6,122</td><td>-</td><td>-</td><td>11</td></tr><tr><td>August</td><td>263,001</td><td>956</td><td>10,741</td><td>7,760</td><td>-</td><td></td><td>24</td><td>2,470</td><td>488</td><td>9,785</td><td>7,303</td><td>-</td><td>2,470</td><td>13</td></tr><tr><td>September</td><td>262,020</td><td>-980</td><td>10,837</td><td>5,964</td><td>-</td><td></td><td>19</td><td>4,336</td><td>519</td><td>11,818</td><td>7,448</td><td>-</td><td>4,336</td><td>34</td></tr><tr><td>October</td><td>261,817</td><td>-203</td><td>9,915</td><td>6,308</td><td>-</td><td></td><td>5</td><td>3,441</td><td>161</td><td>10,118</td><td>6,575</td><td>-</td><td>3,441</td><td>103</td></tr><tr><td>November</td><td>265,342</td><td>3,524</td><td>11,168</td><td>10,969</td><td>-</td><td></td><td>19</td><td>-</td><td>180</td><td>7,643</td><td>7,596</td><td>-</td><td>-</td><td>47</td></tr><tr><td>December</td><td>278,115</td><td>12,773</td><td>26,648</td><td>22,300</td><td>484</td><td></td><td>-4</td><td>3,777</td><td>91</td><td>13,876</td><td>8,815</td><td>484</td><td>3,777</td><td>800</td></tr><tr><td>1946-January</td><td>278,887</td><td>772</td><td>12,938</td><td>8,854</td><td>-</td><td></td><td>-8</td><td>3,332</td><td>761</td><td>12,166</td><td>8,728</td><td>-</td><td>3,332</td><td>107</td></tr><tr><td>February</td><td>279,214</td><td>327</td><td>11,600</td><td>6,376</td><td>-</td><td></td><td>-3</td><td>4,954</td><td>273</td><td>11,273</td><td>6,288</td><td>-</td><td>4,954</td><td>31</td></tr><tr><td>March</td><td>276,012</td><td>-3,201</td><td>9,643</td><td>6,138</td><td>-</td><td></td><td></td><td>3,133</td><td>372</td><td>12,644</td><td>9,578</td><td>-</td><td>3,133</td><td>133</td></tr><tr><td>April</td><td>273,898</td><td>-2,114</td><td>9,309</td><td>6,283</td><td>-</td><td></td><td></td><td>2,820</td><td>207</td><td>11,423</td><td>8,485</td><td>-</td><td>2,820</td><td>118</td></tr><tr><td>May</td><td>272,583</td><td>-1,316</td><td>7,669</td><td>7,395</td><td>-</td><td></td><td>-1</td><td>-</td><td>274</td><td>8,984</td><td>8,968</td><td>-</td><td>-</td><td>17</td></tr><tr><td>June</td><td>269,422</td><td>-3,161</td><td>21,024</td><td>6,067</td><td>-</td><td></td><td>-</td><td>2,775</td><td>12,182</td><td>24,185</td><td>10,079</td><td>-</td><td>2,775</td><td>11,331</td></tr></table>
Source: Daily Treasury Statement. Less than $500 thousand. 1/ Excludes certificates of indebtedness, special series.
2/ Consists of special series of certificates of indebtedness issued directly and solely to Federal Reserve Banks.
Composition of the Interest-Bearing Public Debt
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="7">Interest-bearing public debt outstanding (In millions of dollars)</th><th colspan="7">Percent of interest-bearing public debt</th></tr><tr><th>Total</th><th colspan="2">Bonds</th><th colspan="2">Notes</th><th>Certificates of indebtedness</th><th>Bills</th><th colspan="7">Public issues</th></tr><tr><th></th><th></th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th></th><th></th><th>Total</th><th>Marketable</th><th>Non-marketable</th><th>Marketable</th><th>Non-marketable</th><th>Certificates of indebtedness</th><th>Bills</th><th>Special issues</th></tr><tr><td>1937</td><td>35,800</td><td>20,134</td><td>1,188</td><td>10,617</td><td>-</td><td>-</td><td>2,303</td><td>1,558</td><td>100.0</td><td>56.2</td><td>3.3</td><td>29.7</td><td>-</td><td>-</td><td>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>36,576</td><td>22,043</td><td>1,556</td><td>9,147</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>-</td><td>3.2</td><td>7.3</td></tr><tr><td>1939</td><td>39,886</td><td>25,414</td><td>2,151</td><td>7,243</td><td>-</td><td>-</td><td>1,308</td><td>3,770</td><td>100.0</td><td>63.7</td><td>5.4</td><td>18.2</td><td>-</td><td>-</td><td>3.3</td><td>9.5</td></tr><tr><td>1940</td><td>42,376</td><td>26,751</td><td>3,166</td><td>6,383</td><td>-</td><td>-</td><td>1,302</td><td>4,775</td><td>100.0</td><td>63.1</td><td>7.5</td><td>15.1</td><td>-</td><td>-</td><td>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>48,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,689</td><td>3,015</td><td>3,096</td><td>2,508</td><td>7,885</td><td>100.0</td><td>53.2</td><td>14.6</td><td>9.3</td><td>4.2</td><td>4.3</td><td>3.5</td><td>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,716</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.8</td><td>8.0</td></tr><tr><td>1944</td><td>199,543</td><td>79,440</td><td>35,298</td><td>17,405</td><td>9,557</td><td>28,822</td><td>14,734</td><td>14,287</td><td>100.0</td><td>39.8</td><td>17.7</td><td>8.7</td><td>4.8</td><td>14.4</td><td>7.4</td><td>7.2</td></tr><tr><td>1945</td><td>256,357</td><td>106,644</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>1946</td><td>268,111</td><td>119,502</td><td>49,462</td><td>18,261</td><td>6,711</td><td>34,804</td><td>17,039</td><td>22,332</td><td>100.0</td><td>44.6</td><td>18.4</td><td>6.8</td><td>2.5</td><td>13.0</td><td>6.4</td><td>8.3</td></tr><tr><td>1945-June</td><td>256,357</td><td>106,644</td><td>46,090</td><td>23,497</td><td>10,136</td><td>34,136</td><td>17,041</td><td>18,812</td><td>100.0</td><td>41.6</td><td>18.0</td><td>9.2</td><td>4.0</td><td>13.3</td><td>6.6</td><td>7.3</td></tr><tr><td>July</td><td>259,781</td><td>108,085</td><td>47,024</td><td>23,498</td><td>10,119</td><td>34,472</td><td>17,025</td><td>19,558</td><td>100.0</td><td>41.6</td><td>18.1</td><td>9.0</td><td>3.9</td><td>13.3</td><td>6.6</td><td>7.5</td></tr><tr><td>August</td><td>260,746</td><td>108,367</td><td>47,231</td><td>23,498</td><td>10,148</td><td>34,430</td><td>17,038</td><td>20,033</td><td>100.0</td><td>41.6</td><td>18.1</td><td>9.0</td><td>3.9</td><td>13.2</td><td>6.5</td><td>7.7</td></tr><tr><td>September</td><td>259,630</td><td>107,244</td><td>47,257</td><td>23,498</td><td>9,021</td><td>35,072</td><td>17,018</td><td>20,519</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.0</td><td>3.5</td><td>13.5</td><td>6.6</td><td>7.9</td></tr><tr><td>October</td><td>259,439</td><td>107,244</td><td>47,296</td><td>23,498</td><td>8,776</td><td>35,021</td><td>17,026</td><td>20,577</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.1</td><td>3.4</td><td>13.5</td><td>6.6</td><td>7.9</td></tr><tr><td>November</td><td>262,849</td><td>109,566</td><td>47,970</td><td>23,498</td><td>9,058</td><td>35,021</td><td>17,026</td><td>20,710</td><td>100.0</td><td>41.7</td><td>18.2</td><td>8.9</td><td>3.4</td><td>13.3</td><td>6.5</td><td>7.9</td></tr><tr><td>December</td><td>275,694</td><td>120,619</td><td>48,679</td><td>22,967</td><td>8,235</td><td>38,155</td><td>17,037</td><td>20,000</td><td>100.0</td><td>43.8</td><td>17.6</td><td>8.3</td><td>3.0</td><td>13.8</td><td>6.2</td><td>7.3</td></tr><tr><td>1946-January</td><td>277,456</td><td>121,538</td><td>49,061</td><td>19,551</td><td>8,107</td><td>41,502</td><td>17,042</td><td>20,655</td><td>100.0</td><td>43.8</td><td>17.7</td><td>7.0</td><td>2.9</td><td>15.0</td><td>6.1</td><td>7.5</td></tr><tr><td>February</td><td>277,912</td><td>121,814</td><td>49,163</td><td>19,551</td><td>8,043</td><td>41,413</td><td>17,032</td><td>20,897</td><td>100.0</td><td>43.8</td><td>17.6</td><td>7.0</td><td>3.0</td><td>15.0</td><td>6.1</td><td>7.5</td></tr><tr><td>March</td><td>274,748</td><td>121,357</td><td>49,164</td><td>18,261</td><td>7,365</td><td>40,399</td><td>17,047</td><td>21,135</td><td>100.0</td><td>44.2</td><td>17.9</td><td>6.6</td><td>2.7</td><td>14.7</td><td>6.2</td><td>7.1</td></tr><tr><td>April</td><td>272,711</td><td>121,357</td><td>49,264</td><td>18,261</td><td>7,144</td><td>38,408</td><td>17,054</td><td>21,224</td><td>100.0</td><td>44.5</td><td>18.1</td><td>6.7</td><td>2.6</td><td>14.1</td><td>6.2</td><td>7.8</td></tr><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>21,481</td><td>100.0</td><td>44.7</td><td>18.2</td><td>6.7</td><td>2.6</td><td>13.6</td><td>6.3</td><td>7.9</td></tr><tr><td>June</td><td>268,111</td><td>119,502</td><td>49,462</td><td>18,261</td><td>6,711</td><td>34,804</td><td>17,039</td><td>22,332</td><td>100.0</td><td>44.6</td><td>18.4</td><td>6.8</td><td>2.5</td><td>13.0</td><td>6.4</td><td>8.3</td></tr></table>
Source: Daily Treasury Statement.
August 1946
23
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government
PART A - FISCAL YEARS, 1937-1946
(In millions of dollars)
<table><tr><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><th>June 30, 1946</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
Public debt and guaranteed obligations 1/
<table><tr><th>Interest-bearing debt:</th><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>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>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td><td>409</td></tr><tr><td>Total</td><td>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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>268,578</td></tr><tr><td>Matured debt and debt bearing no interest</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>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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>269,898</td></tr></table>
Public debt
<table><tr><th>Interest-bearing debt:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,508</td><td>11,864</td><td>14,734</td><td>17,041</td><td>17,039</td></tr><tr><td>Certificates of indebtedness</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><td>34,804</td></tr><tr><td>Treasury notes</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,383</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</td><td>23,497</td><td>18,261</td></tr><tr><td>Treasury bonds - bank restricted</td><td>19,936</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>37,202</td><td>48,809</td><td>58,083</td><td>69,693</td><td>65,864</td></tr><tr><td>Treasury bonds - bank eligible</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><td>180</td></tr><tr><td>Postal savings and other bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues</td><td>33,054</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td><td>181,319</td><td>189,606</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>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>45,586</td><td>49,035</td></tr><tr><td>Treasury notes - tax and savings series</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><td>6,711</td></tr><tr><td>Adjusted service bonds</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>229</td><td>222</td><td>217</td><td>-</td><td>-</td></tr><tr><td>Depository bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</td><td>505</td><td>427</td></tr><tr><td>Total non-marketable issues</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><td>56,173</td></tr><tr><td>Total public issues</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><td>245,779</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>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><td>12</td></tr><tr><td>Federal Deposit Insurance Corporation</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><td>120</td></tr><tr><td>Federal Old-Age and Survivors Insurance</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Trust Fund</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><td>5,910</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>106</td><td>27</td><td>37</td><td>49</td></tr><tr><td>Government Life Insurance Fund</td><td>500</td><td>523</td><td>537</td><td>524</td><td>531</td><td>537</td><td>538</td><td>502</td><td>589</td><td>684</td></tr><tr><td>Government Retirement Funds</td><td>316</td><td>396</td><td>473</td><td>559</td><td>656</td><td>796</td><td>1,076</td><td>1,469</td><td>1,868</td><td>2,177</td></tr><tr><td>National Service Life Insurance Fund</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><td>5,240</td></tr><tr><td>Postal Savings System</td><td>30</td><td>45</td><td>128</td><td>97</td><td>88</td><td>55</td><td>197</td><td>264</td><td>461</td><td>779</td></tr><tr><td>Canal Sons, Postal Savings System</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>2</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account</td><td>-</td><td>66</td><td>67</td><td>79</td><td>74</td><td>92</td><td>178</td><td>319</td><td>501</td><td>657</td></tr><tr><td>Unemployment Trust Fund</td><td>312</td><td>872</td><td>1,267</td><td>1,710</td><td>2,273</td><td>3,114</td><td>4,257</td><td>5,610</td><td>6,747</td><td>6,699</td></tr><tr><td>Total special issues</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><td>22,332</td></tr><tr><td>Total interest-bearing debt</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><td>268,111</td></tr><tr><td>Matured debt on which interest has ceased</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><td>376</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 saving stamps</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>213</td><td>197</td><td>178</td><td>96</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>134</td><td>1,028</td><td>58</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>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><td>584</td></tr><tr><td>Other debt bearing no interest</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><td>6</td></tr><tr><td>Total debt bearing no interest</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><td>935</td></tr><tr><td>Total public debt outstanding</td><td>36,425</td><td>37,165</td><td>40,440</td><td>42,968</td><td>48,961</td><td>72,422</td><td>136,696</td><td>201,003</td><td>258,682</td><td>269,422</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, 1937-1946-(Continued)
(In millions of dollars)
<table><tr><th></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><th>June 30, 1946</th></tr><tr><td colspan="11">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>206</td><td>206</td><td>407</td><td>696</td><td>701</td><td>412</td><td>412</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>1,422</td><td>1,410</td><td>1,379</td><td>1,269</td><td>1,269</td><td>930</td><td>930</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</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><td>43</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>-</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,563</td><td>1,533</td><td>755</td><td>-</td><td>-</td></tr><tr><td>Reconstruction Finance Corporation</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><td>-</td></tr><tr><td>Total marketable issues</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>3,908</td><td>1,190</td><td>34</td><td>43</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 4/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td><td>375</td><td>424</td></tr><tr><td>Reconstruction Finance Corporation 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</td><td>-</td><td>-</td></tr><tr><td>Total non-marketable issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td><td>326</td><td>375</td><td>424</td></tr><tr><td>Total interest-bearing debt</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>4,092</td><td>1,516</td><td>409</td><td>467</td></tr><tr><td>Matured debt on which interest has ceased</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><td>10</td></tr><tr><td>Total guaranteed obligations outstanding</td><td>4,665</td><td>4,853</td><td>5,451</td><td>5,529</td><td>6,370</td><td>4,568</td><td>4,100</td><td>1,623</td><td>433</td><td>476</td></tr></table>
PART B - MONTHLY DATA
(in millions of dollars)
<table><tr><th></th><th colspan="7">1945</th><th colspan="7">1946</th></tr><tr><th></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><th>June 30</th></tr><tr><td colspan="13">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>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><td>268,111</td></tr><tr><td>Guaranteed obligations</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><td>467</td></tr><tr><td>Total</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><td>268,578</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>2,350</td><td>2,284</td><td>2,274</td><td>2,409</td><td>2,395</td><td>2,509</td><td>2,436</td><td>1,444</td><td>1,313</td><td>1,275</td><td>1,199</td><td>1,153</td><td>1,321</td></tr><tr><td>Total outstanding</td><td>259,115</td><td>262,550</td><td>263,535</td><td>262,565</td><td>262,376</td><td>265,894</td><td>278,682</td><td>279,445</td><td>279,764</td><td>276,565</td><td>274,443</td><td>273,135</td><td>269,898</td></tr><tr><td colspan="13">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,041</td><td>17,025</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>17,041</td><td>17,039</td></tr><tr><td>Certificates of indebtedness</td><td>34,136</td><td>34,472</td><td>34,430</td><td>35,072</td><td>35,021</td><td>35,021</td><td>38,155</td><td>41,502</td><td>41,413</td><td>40,399</td><td>38,408</td><td>36,828</td><td>34,804</td></tr><tr><td>Treasury notes</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>18,261</td><td>18,261</td><td>18,261</td></tr><tr><td>Treasury bonds - bank restricted 2/</td><td>36,756</td><td>37,930</td><td>38,209</td><td>38,300</td><td>38,300</td><td>40,623</td><td>52,216</td><td>53,151</td><td>53,427</td><td>53,459</td><td>53,459</td><td>53,459</td><td>53,459</td></tr><tr><td>Treasury bonds - bank eligible</td><td>69,693</td><td>69,960</td><td>69,963</td><td>68,748</td><td>68,748</td><td>68,748</td><td>68,207</td><td>68,207</td><td>68,207</td><td>67,718</td><td>67,718</td><td>67,718</td><td>65,864</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>180</td><td>180</td><td>180</td><td>180</td><td>180</td><td>180</td></tr><tr><td>Total marketable issues</td><td>181,319</td><td>183,080</td><td>183,334</td><td>182,833</td><td>182,790</td><td>185,112</td><td>198,778</td><td>199,633</td><td>199,810</td><td>197,063</td><td>195,079</td><td>193,487</td><td>189,606</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>45,586</td><td>46,508</td><td>46,715</td><td>46,741</td><td>46,786</td><td>47,473</td><td>48,183</td><td>48,588</td><td>48,692</td><td>48,733</td><td>48,828</td><td>48,917</td><td>49,035</td></tr><tr><td>Treasury notes - tax and savings series 3/</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>7,114</td><td>7,127</td><td>6,711</td></tr><tr><td>Adjusted service bonds</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>435</td><td>429</td><td>427</td></tr><tr><td>Depository bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total non-marketable issues</td><td>56,226</td><td>57,143</td><td>57,379</td><td>56,278</td><td>56,072</td><td>57,028</td><td>56,915</td><td>57,168</td><td>57,206</td><td>56,550</td><td>56,408</td><td>56,472</td><td>56,173</td></tr><tr><td>Total public issues</td><td>237,545</td><td>240,223</td><td>240,713</td><td>239,111</td><td>238,862</td><td>242,140</td><td>255,693</td><td>256,801</td><td>257,016</td><td>253,613</td><td>251,487</td><td>249,960</td><td>245,779</td></tr></table>
(Continued on following page)
August 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="7">1946</th></tr><tr><th></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><th>June 30</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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><td></td><td></td></tr><tr><td>Special issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Adjusted Service Certificate Fund</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><td>12</td><td>12</td><td>12</td></tr><tr><td>Federal Deposit Insurance Corporation</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><td>85</td><td>120</td><td>120</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</td><td>5,308</td><td>5,308</td><td>5,308</td><td>5,581</td><td>5,581</td><td>5,566</td><td>5,416</td><td>5,406</td><td>5,406</td><td>5,586</td><td>5,581</td><td>5,581</td><td>5,910</td><td>5,910</td></tr><tr><td>Federal Savings and Loan Insurance Corporation</td><td>37</td><td>38</td><td>38</td><td>39</td><td>39</td><td>40</td><td>44</td><td>45</td><td>45</td><td>46</td><td>46</td><td>47</td><td>49</td><td>49</td></tr><tr><td>Government Life Insurance Fund</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><td>612</td><td>684</td><td>684</td></tr><tr><td>Government Retirement Funds</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>2,089</td><td>2,090</td><td>2,177</td><td>2,177</td></tr><tr><td>National Service Life Insurance Fund</td><td>3,187</td><td>3,367</td><td>3,526</td><td>3,674</td><td>3,742</td><td>3,802</td><td>3,850</td><td>4,450</td><td>4,680</td><td>4,785</td><td>4,935</td><td>5,100</td><td>5,240</td><td>5,240</td></tr><tr><td>Postal Savings System</td><td>461</td><td>527</td><td>576</td><td>652</td><td>695</td><td>724</td><td>452</td><td>503</td><td>527</td><td>589</td><td>604</td><td>624</td><td>779</td><td>779</td></tr><tr><td>Canal Zone, Postal Savings System</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td><td>4</td></tr><tr><td>Railroad Retirement Account</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><td>654</td><td>657</td><td>657</td></tr><tr><td>Unemployment Trust Fund</td><td>6,747</td><td>6,782</td><td>7,033</td><td>7,013</td><td>6,923</td><td>6,988</td><td>6,798</td><td>6,748</td><td>6,748</td><td>6,668</td><td>6,588</td><td>6,673</td><td>6,699</td><td>6,699</td></tr><tr><td>Total special issues</td><td>18,812</td><td>19,558</td><td>20,033</td><td>20,519</td><td>20,577</td><td>20,710</td><td>20,000</td><td>20,655</td><td>20,897</td><td>21,135</td><td>21,224</td><td>21,461</td><td>22,332</td><td>22,332</td></tr><tr><td>Total interest-bearing debt</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><td>268,111</td><td>268,111</td></tr><tr><td>Prepayments on securities</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><td>-</td><td>-</td></tr><tr><td>Matured debt on which interest has ceased</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><td>376</td><td>376</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><td></td></tr><tr><td>United States savings stamps</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><td>96</td><td>96</td></tr><tr><td>Excess profits tax refund bonds</td><td>1,028</td><td>1,044</td><td>1,089</td><td>1,107</td><td>1,113</td><td>1,131</td><td>1,128</td><td>240</td><td>143</td><td>109</td><td>82</td><td>67</td><td>58</td><td>58</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><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</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><td>584</td><td>584</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><td>6</td></tr><tr><td>Total debt bearing no interest</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>951</td><td>935</td><td>935</td></tr><tr><td>Total public debt outstanding</td><td>258,682</td><td>262,045</td><td>263,001</td><td>262,020</td><td>261,817</td><td>265,342</td><td>278,115</td><td>278,887</td><td>279,214</td><td>276,012</td><td>273,898</td><td>272,583</td><td>269,422</td><td>269,422</td></tr></table>
Guaranteed obligations 1/
<table><tr><th>Interest-bearing debt: Public issues:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Housing Administration</td><td>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>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></tr><tr><td>Total marketable issues</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></tr><tr><td>Commodity Credit Corporation 4/</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>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>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>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>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Guaranteed securities held by the Treasury and securities guaranteed as to interest only are not included in this table.
2/ Bank restricted issues are those which commercial banks (banks accepting demand deposits) are not permitted to acquire prior to a specified date, with two exceptions: (1) concurrently with the 4th, 5th and 6th War Loans and the Victory Loan, commercial banks were permitted to subscribe for limited investment of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral.
3/ The face value of any yearly series of United States savings bonds and Treasury savings notes maturing from month to month which are not currently presented for retirement are included in the interest-bearing debt until all the bonds or notes of the series have matured.
4/ Demand obligations 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.
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
August 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>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.250</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,869</td><td>1.925</td><td>199,543</td><td>3,849</td><td>1.929</td><td>1,516</td><td>20</td><td>1.335</td></tr><tr><td>1945</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>1946</td><td>268,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>467</td><td>7</td><td>1.410</td></tr><tr><td>1945-June</td><td>256,766</td><td>4,969</td><td>1.935</td><td>256,357</td><td>4,964</td><td>1.936</td><td>409</td><td>5</td><td>1.321</td></tr><tr><td>July</td><td>260,265</td><td>5,054</td><td>1.942</td><td>259,781</td><td>5,048</td><td>1.943</td><td>484</td><td>6</td><td>1.241</td></tr><tr><td>August</td><td>261,261</td><td>5,078</td><td>1.943</td><td>260,746</td><td>5,071</td><td>1.945</td><td>515</td><td>6</td><td>1.251</td></tr><tr><td>September</td><td>260,156</td><td>5,051</td><td>1.942</td><td>259,630</td><td>5,044</td><td>1.943</td><td>527</td><td>7</td><td>1.275</td></tr><tr><td>October</td><td>259,980</td><td>5,052</td><td>1.943</td><td>259,439</td><td>5,045</td><td>1.945</td><td>541</td><td>7</td><td>1.294</td></tr><tr><td>November</td><td>263,386</td><td>5,133</td><td>1.949</td><td>262,849</td><td>5,126</td><td>1.950</td><td>536</td><td>7</td><td>1.322</td></tr><tr><td>December</td><td>276,246</td><td>5,424</td><td>1.963</td><td>275,694</td><td>5,416</td><td>1.965</td><td>553</td><td>7</td><td>1.338</td></tr><tr><td>1946-January</td><td>278,001</td><td>5,472</td><td>1.968</td><td>277,456</td><td>5,465</td><td>1.970</td><td>545</td><td>7</td><td>1.338</td></tr><tr><td>February</td><td>278,451</td><td>5,487</td><td>1.970</td><td>277,912</td><td>5,479</td><td>1.972</td><td>539</td><td>7</td><td>1.349</td></tr><tr><td>March</td><td>275,290</td><td>5,445</td><td>1.978</td><td>274,748</td><td>5,438</td><td>1.979</td><td>542</td><td>7</td><td>1.353</td></tr><tr><td>April</td><td>273,244</td><td>5,430</td><td>1.987</td><td>272,711</td><td>5,423</td><td>1.989</td><td>533</td><td>7</td><td>1.354</td></tr><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><tr><td>June</td><td>268,578</td><td>5,357</td><td>1.995</td><td>268,111</td><td>5,351</td><td>1.996</td><td>467</td><td>7</td><td>1.410</td></tr></table>
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
2/ Interest on United States savings bonds, Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53%. Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
Guaranteed Obligations Held by the Treasury
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Federal Farm Mortgage Corporation</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation</th><th>Tennessee Valley Authority</th></tr><tr><td>1937</td><td>3,630</td><td>-</td><td>-</td><td>-</td><td>25</td><td>3,605</td><td>-</td></tr><tr><td>1938</td><td>883</td><td>-</td><td>-</td><td>4</td><td>15</td><td>864</td><td>-</td></tr><tr><td>1939</td><td>273</td><td>10</td><td>-</td><td>-</td><td>20</td><td>243</td><td>*</td></tr><tr><td>1940</td><td>104</td><td>25</td><td>-</td><td>20</td><td>-</td><td>7</td><td>52</td></tr><tr><td>1941</td><td>302</td><td>140</td><td>-</td><td>85</td><td>-</td><td>20</td><td>57</td></tr><tr><td>1942</td><td>4,079</td><td>400</td><td>263</td><td>274</td><td>551</td><td>2,534</td><td>57</td></tr><tr><td>1943</td><td>7,535</td><td>1,950</td><td>-</td><td>283</td><td>212</td><td>5,033</td><td>57</td></tr><tr><td>1944</td><td>10,717</td><td>900</td><td>366</td><td>398</td><td>580</td><td>8,415</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>1946</td><td>11,673</td><td>1,301</td><td>13</td><td>360</td><td>737</td><td>9,205</td><td>57</td></tr><tr><td>1945-June</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>July</td><td>12,468</td><td>1,602</td><td>326</td><td>383</td><td>987</td><td>9,113</td><td>57</td></tr><tr><td>August</td><td>12,427</td><td>1,679</td><td>146</td><td>383</td><td>961</td><td>9,202</td><td>57</td></tr><tr><td>September</td><td>12,492</td><td>1,724</td><td>130</td><td>383</td><td>944</td><td>9,255</td><td>57</td></tr><tr><td>October</td><td>12,269</td><td>1,688</td><td>111</td><td>383</td><td>922</td><td>9,109</td><td>57</td></tr><tr><td>November</td><td>12,194</td><td>1,625</td><td>94</td><td>383</td><td>900</td><td>9,136</td><td>57</td></tr><tr><td>December</td><td>11,780</td><td>1,255</td><td>76</td><td>383</td><td>884</td><td>9,126</td><td>57</td></tr><tr><td>1946-January</td><td>11,678</td><td>1,272</td><td>61</td><td>383</td><td>860</td><td>9,046</td><td>57</td></tr><tr><td>February</td><td>11,508</td><td>1,191</td><td>50</td><td>383</td><td>830</td><td>8,998</td><td>57</td></tr><tr><td>March</td><td>11,282</td><td>1,069</td><td>37</td><td>383</td><td>807</td><td>8,930</td><td>57</td></tr><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><tr><td>June</td><td>11,673</td><td>1,301</td><td>13</td><td>360</td><td>737</td><td>9,205</td><td>57</td></tr></table>
Source: Daily Treasury Statement. Less than $500 thousand.
1/ These securities are not included in preceding statements of guaranteed obligations outstanding.
2g
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 $275 billion outstanding at any one time. The current redemption value of any obligation issued on a discount basis which is redeemable prior to maturity at the option of the holder thereof shall be considered, for the purposes of this section, to be the face amount of such obligation.
Table 1.- Condition as of June 30, 1946
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended.</td><td>275,000</td></tr><tr><td colspan="2">Amount of securities outstanding subject to such statutory debt limitation:</td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended 1/</td><td>268,456</td></tr><tr><td>Guaranteed securities 2/</td><td>476</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>268,932</td></tr><tr><td>Balance issuable under such authority</td><td>6,068</td></tr></table>
Source: Public Debt Service. 1/ For comparison with the public debt outstanding, see following
table 2. 2/ Excludes guaranteed securities held by the Treasury.
Table 2.- Analysis of U. S. Government Securities Outstanding Subject to Statutory Debt Limitation and Comparison with the Public Debt Outstanding, June 30, 1946
(In millions of dollars)
<table><tr><th></th><th>U. S. Government securities outstanding subject to statutory debt limitation 1/</th><th>Total public debt outstanding</th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td></tr><tr><td>Treasury bills....................</td><td>17,039</td><td>17,039</td></tr><tr><td>Certificates of indebtedness.........</td><td>34,804</td><td>34,804</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>65,864</td><td>65,864</td></tr><tr><td>Postal savings and other bonds......</td><td>-</td><td>180</td></tr><tr><td>Total marketable issues............</td><td>189,426</td><td>189,606</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td></tr><tr><td>U. S. savings bonds (Current redemption value).</td><td>49,035</td><td>49,035</td></tr><tr><td>Treasury savings notes................</td><td>6,711</td><td>6,711</td></tr><tr><td>Depository bonds.....................</td><td>427</td><td>427</td></tr><tr><td>Total non-marketable issues........</td><td>56,173</td><td>56,173</td></tr><tr><td>Special issues to Government agencies and trust funds.</td><td>22,332</td><td>22,332</td></tr><tr><td>Total interest-bearing securities...</td><td>267,931</td><td>268,111</td></tr><tr><td>Matured securities on which interest has ceased.</td><td>371</td><td>376</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps........</td><td>96</td><td>96</td></tr><tr><td>Excess profit tax refund bonds......</td><td>58</td><td>58</td></tr><tr><td>Currency items, etc. 3/............</td><td>-</td><td>781</td></tr><tr><td>Total obligations bearing no interest.</td><td>154</td><td>935</td></tr><tr><td>Total</td><td>268,456</td><td>269,422</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.
August 1946
29
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/ As of June 30, 1946
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date of issue</th><th rowspan="2">Tax status 3/</th><th rowspan="2">Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th>Fixed-maturity issue</th><th colspan="2">Callable issues classified by year of:</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1946-July</td><td>Treasury bills</td><td>5,255</td><td></td><td></td><td>Various</td><td>taxable</td><td></td></tr><tr><td></td><td>0.90% Treasury note - 7/1/46</td><td>4,910</td><td></td><td></td><td>6/1/45</td><td>taxable</td><td></td></tr><tr><td>Aug.</td><td>Treasury bills</td><td>6,545</td><td></td><td></td><td>Various</td><td>taxable</td><td></td></tr><tr><td></td><td>7/8% Certificate - 8/1/46</td><td>2,470</td><td></td><td></td><td>8/1/45</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>Treasury bills</td><td>5,239</td><td></td><td></td><td>Various</td><td>taxable</td><td></td></tr><tr><td></td><td>7/8% Certificate - 9/1/46</td><td>4,336</td><td></td><td></td><td>9/1/45</td><td>taxable</td><td></td></tr><tr><td>Oct.</td><td>7/8% Certificate - 10/1/46</td><td>3,440</td><td></td><td></td><td>10/1/45</td><td>taxable</td><td></td></tr><tr><td>Nov.</td><td>7/8% Certificate - 11/1/46</td><td>3,778</td><td></td><td></td><td>12/1/45</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>7/8% Certificate - 12/1/46</td><td>3,768</td><td></td><td></td><td>12/3/45</td><td>taxable</td><td></td></tr><tr><td></td><td>1-1/2% Treasury note - 12/15/46</td><td>3,261</td><td></td><td></td><td>6/5/42</td><td>taxable</td><td></td></tr><tr><td></td><td>Total</td><td>43,001</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-Jan.</td><td>3% Conversion bond - 1/1/47</td><td>13</td><td></td><td></td><td>1/1/17</td><td>wholly</td><td></td></tr><tr><td></td><td>7/8% Certificate - 1/1/47</td><td>3,330</td><td></td><td></td><td>1/1/46</td><td>taxable</td><td></td></tr><tr><td>Feb.</td><td>7/8% Certificate - 2/1/47</td><td>4,954</td><td></td><td></td><td>2/1/46</td><td>taxable</td><td></td></tr><tr><td>Mar.</td><td>7/8% Certificate - 3/1/47</td><td>3,133</td><td></td><td></td><td>3/1/46</td><td>taxable</td><td></td></tr><tr><td></td><td>1-1/4% Treasury note - 3/15/47</td><td>1,948</td><td></td><td></td><td>6/26/44</td><td>taxable</td><td></td></tr><tr><td>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>June.</td><td>7/8% Certificate - 6/1/47</td><td>2,775</td><td></td><td></td><td>6/1/46</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>1-1/2% Treasury note - 9/15/47</td><td>2,707</td><td></td><td></td><td>7/12/43</td><td>taxable</td><td></td></tr><tr><td></td><td>1-1/4% Treasury note - 9/15/47</td><td>1,687</td><td></td><td></td><td>12/1/44</td><td>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></td><td>Total</td><td>24,069</td><td>759</td><td></td><td></td><td></td><td></td></tr><tr><td>1948-Mar.</td><td>2% Treasury bond - 3/15/48-50</td><td>1,115</td><td></td><td></td><td>3/15/41</td><td>taxable</td><td></td></tr><tr><td></td><td>2-3/4% Treasury bond - 3/15/48-51</td><td>1,223</td><td></td><td></td><td>3/16/36</td><td>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</td><td>451</td><td></td><td></td><td>3/15/38</td><td>partially</td><td></td></tr><tr><td></td><td>1-1/2% Treasury note - 9/15/48</td><td>3,748</td><td></td><td></td><td>3/15/44</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td>571</td><td></td><td></td><td>12/8/39</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td>7,261</td><td>2,910</td><td></td><td></td><td></td><td></td></tr><tr><td>1949-June.</td><td>2% Treasury bond - 6/15/49-51</td><td>1,014</td><td></td><td></td><td>1/15/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51</td><td>1,292</td><td></td><td></td><td>5/15/42</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51</td><td>2,098</td><td></td><td></td><td>7/15/42</td><td>taxable</td><td></td></tr><tr><td></td><td>3-1/8% Treasury bond - 12/15/49-52</td><td>491</td><td></td><td></td><td>12/15/34</td><td>partially</td><td></td></tr><tr><td></td><td>2-1/2% Treasury bond - 12/15/49-53</td><td>1,786</td><td></td><td></td><td>12/15/36</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td>6,682</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1950-Mar.</td><td>2% Treasury bond - 3/15/48-50</td><td>1,115</td><td></td><td>1,115</td><td>3/15/41</td><td>taxable</td><td></td></tr><tr><td></td><td>2% Treasury bond - 3/15/50-52</td><td>1,963</td><td></td><td></td><td>10/19/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52</td><td>1,185</td><td></td><td></td><td>9/15/38</td><td>partially</td><td></td></tr><tr><td></td><td>2% Treasury bond - 9/15/50-52</td><td>4,939</td><td></td><td></td><td>11/15/33</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/48-50</td><td>571</td><td></td><td></td><td>12/8/39</td><td>partially</td><td></td></tr><tr><td></td><td>1-1/2% Treasury bond - 12/15/50</td><td>2,635</td><td></td><td></td><td>6/1/45</td><td>partially</td><td></td></tr><tr><td></td><td>Total</td><td>2,635</td><td>8,088</td><td>1,687</td><td></td><td></td><td></td></tr></table>
(Continued on following page)
30
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/
As of June 30, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1951-Mar.</td><td>2-3/4% Treasury bond - 3/15/48-51</td><td></td><td></td><td>1,223</td><td>3/16/36</td><td>partially</td><td></td></tr><tr><td>June.</td><td>2% Treasury bond - 6/15/49-51</td><td></td><td>1,627</td><td>1,014</td><td>1/15/42 6/15/36</td><td>taxable partially</td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/49-51</td><td></td><td>7,986</td><td>1,292</td><td>5/15/42 9/15/43 9/15/31</td><td>taxable taxable partially</td><td></td></tr><tr><td></td><td>3% Treasury bond - 9/15/51-55</td><td></td><td>755</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/49-51</td><td></td><td>1,118</td><td>2,098</td><td>7/15/42 12/22/39</td><td>taxable partially</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-53</td><td></td><td>510</td><td></td><td>12/15/41</td><td>taxable</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-55</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>11,996</td><td>5,628</td><td></td><td></td><td></td></tr><tr><td>1952-Mar.</td><td>2-1/2% Treasury bond - 3/15/50-52</td><td></td><td>1,024</td><td>1,963</td><td>10/19/42 3/31/41</td><td>taxable taxable</td><td></td></tr><tr><td></td><td>2-1/2% Treasury bond - 3/15/52-54</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June.</td><td>2% Treasury bond - 6/15/52-54</td><td></td><td>5,825</td><td></td><td>6/26/44 2/25/42</td><td>taxable taxable</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond - 6/15/52-55</td><td></td><td>1,501</td><td></td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52</td><td></td><td></td><td>1,186</td><td>9/15/38 4/15/43</td><td>partially taxable</td><td></td></tr><tr><td></td><td>2% Treasury bond - 9/15/50-52</td><td></td><td></td><td>4,939</td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond - 10/15/47-52</td><td></td><td></td><td>759</td><td>10/16/22</td><td>partially</td><td></td></tr><tr><td>Dec.</td><td>3-1/8% Treasury bond - 12/15/49-52</td><td></td><td>8,662</td><td>491</td><td>12/15/34 12/1/44</td><td>partially taxable</td><td></td></tr><tr><td></td><td>2% Treasury bond - 12/15/52-54</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>17,012</td><td>9,338</td><td></td><td></td><td></td></tr><tr><td>1953-June.</td><td>2% Treasury bond - 6/15/53-55</td><td></td><td>725</td><td></td><td>10/7/40</td><td>partially</td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/51-53</td><td></td><td></td><td>7,986</td><td>9/15/43</td><td>taxable</td><td></td></tr><tr><td>Dec.</td><td>2-1/2% Treasury bond - 12/15/49-53</td><td></td><td></td><td>1,786</td><td>12/15/36 12/22/39</td><td>partially partially</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond - 12/15/51-53</td><td></td><td></td><td>1,118</td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>725</td><td>10,890</td><td></td><td></td><td></td></tr><tr><td>1954-Mar.</td><td>2-1/2% Treasury bond - 3/15/52-54</td><td></td><td></td><td>1,024</td><td>3/31/41</td><td>taxable</td><td></td></tr><tr><td>June.</td><td>2-3/4% Treasury bond - 6/15/51-54</td><td></td><td>1,627</td><td>1,627</td><td>6/15/36 6/26/44</td><td>partially taxable</td><td></td></tr><tr><td></td><td>2% Treasury bond - 6/15/52-54</td><td></td><td></td><td>5,825</td><td>7/22/40</td><td>partially</td><td></td></tr><tr><td></td><td>2-1/4% Treasury bond - 6/15/54-56</td><td></td><td>681</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/52-54</td><td></td><td></td><td>8,662</td><td>12/1/44</td><td>taxable</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>681</td><td>17,138</td><td></td><td></td><td></td></tr><tr><td>1955-Mar.</td><td>2-7/8% Treasury bond - 3/15/55-60</td><td></td><td>2,611</td><td></td><td>3/15/35</td><td>partially</td><td></td></tr><tr><td>June.</td><td>2-1/4% Treasury bond - 6/15/52-55</td><td></td><td></td><td>1,501</td><td>2/25/42 10/7/40</td><td>taxable partially</td><td></td></tr><tr><td></td><td>2% Treasury bond - 6/15/53-55</td><td></td><td></td><td>725</td><td></td><td></td><td></td></tr><tr><td>Sept.</td><td>3% Treasury bond - 9/15/51-55</td><td></td><td></td><td>755</td><td>9/15/31</td><td>partially</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/51-55</td><td></td><td></td><td>510</td><td>12/15/41</td><td>taxable</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>2,611</td><td>3,491</td><td></td><td></td><td></td></tr><tr><td>1956-Mar.</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td></td><td>1,449</td><td></td><td>6/2/41</td><td>taxable</td><td></td></tr><tr><td>June.</td><td>2-1/4% Treasury bond - 6/15/54-56</td><td></td><td></td><td>681</td><td>7/22/40</td><td>partially</td><td></td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/55-59</td><td></td><td>982</td><td></td><td>9/15/36 2/1/44</td><td>partially taxable</td><td>9/15/46</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/56-59</td><td></td><td>3,823</td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td></td><td></td><td>6,253</td><td>681</td><td></td><td></td><td></td></tr><tr><td>1958-Mar.</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td></td><td></td><td>1,449</td><td>6/2/41</td><td>taxable</td><td></td></tr><tr><td>June.</td><td>2-3/4% Treasury bond - 6/15/53-63</td><td></td><td>919</td><td></td><td>6/15/38</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>919</td><td>1,449</td><td></td><td></td><td></td></tr><tr><td>1959-June.</td><td>2-1/4% Treasury bond - 6/15/59-62</td><td></td><td>5,284</td><td></td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td>Sept.</td><td>2-3/4% Treasury bond - 9/15/56-59</td><td></td><td></td><td>982</td><td>9/15/36 2/1/44</td><td>partially taxable</td><td>9/15/46</td></tr><tr><td></td><td>2-1/4% Treasury bond - 9/15/56-59</td><td></td><td></td><td>3,823</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td></td><td>3,470</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)
August 1946
31
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/
As of June 30, 1946 - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Year and month</th><th rowspan="2">Description of security 2/</th><th colspan="3">Amount of maturities</th><th rowspan="2">Date of issue</th><th rowspan="2">Tax status 3/</th><th rowspan="2">Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1960-Mar....</td><td>2-7/8% Treasury bond - 3/15/55-60</td><td>.....</td><td>.....</td><td>2,611</td><td>3/15/35</td><td>partially</td><td>.....</td></tr><tr><td>Dec....</td><td>2-3/4% Treasury bond - 12/15/60-65</td><td>.....</td><td>1,485</td><td>.....</td><td>12/15/38</td><td>partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>1,485</td><td>2,611</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1961-June...</td><td>3% Panama Canal bond- 6/1/61</td><td>50</td><td>.....</td><td>.....</td><td>6/1/11</td><td>wholly</td><td>.....</td></tr><tr><td>1962-June...</td><td>2-1/4% Treasury bond - 6/15/59-62</td><td>.....</td><td>.....</td><td>5,284</td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td></td><td>2-1/2% Treasury bond - 6/15/62-67</td><td>.....</td><td>2,118</td><td>.....</td><td>5/5/42</td><td>taxable</td><td>5/5/52</td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td>.....</td><td>.....</td><td>3,470</td><td>11/15/45</td><td>taxable</td><td>12/15/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,118</td><td>8,754</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1963-June...</td><td>2-3/4% Treasury bond - 6/15/58-63</td><td>.....</td><td>.....</td><td>919</td><td>6/15/38</td><td>partially</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/63-68</td><td>.....</td><td>2,831</td><td>.....</td><td>12/1/42</td><td>taxable</td><td>12/1/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,831</td><td>919</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1964-June...</td><td>2-1/2% Treasury bond - 6/15/64-69</td><td>.....</td><td>3,761</td><td>.....</td><td>4/15/43</td><td>taxable</td><td>4/15/53</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/64-69</td><td>.....</td><td>3,838</td><td>.....</td><td>9/15/43</td><td>taxable</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1965-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70</td><td>.....</td><td>5,197</td><td>.....</td><td>2/1/44</td><td>taxable</td><td>2/1/54</td></tr><tr><td>Dec....</td><td>2-3/4% Treasury bond - 12/15/60-65</td><td>.....</td><td>.....</td><td>1,485</td><td>12/15/38</td><td>partially</td><td>.....</td></tr><tr><td></td><td>Total</td><td>.....</td><td>5,197</td><td>1,485</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1966-Mar....</td><td>2-1/2% Treasury bond - 3/15/66-71</td><td>.....</td><td>3,481</td><td>.....</td><td>12/1/44</td><td>taxable</td><td>12/1/54</td></tr><tr><td>1967-June...</td><td>2-1/2% Treasury bond - 6/15/62-67</td><td>.....</td><td>.....</td><td>2,118</td><td>5/5/42</td><td>taxable</td><td>5/5/52</td></tr><tr><td></td><td>2-1/2% Treasury bond - 6/15/67-72</td><td>.....</td><td>7,967</td><td>.....</td><td>6/1/45</td><td>taxable</td><td>6/15/62</td></tr><tr><td>Sept...</td><td>2-1/2% Treasury bond - 9/15/67-72</td><td>.....</td><td>2,716</td><td>.....</td><td>10/20/41</td><td>taxable</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/67-72</td><td>.....</td><td>11,689</td><td>.....</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>22,372</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>12/1/52</td></tr><tr><td>1969-June...</td><td>2-1/2% Treasury bond - 6/15/64-69</td><td>.....</td><td>.....</td><td>3,761</td><td>4/15/43</td><td>taxable</td><td>4/15/53</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/64-69</td><td>.....</td><td>.....</td><td>3,838</td><td>9/15/43</td><td>taxable</td><td>9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70</td><td>.....</td><td>.....</td><td>5,197</td><td>2/1/44</td><td>taxable</td><td>2/1/54</td></tr><tr><td>1971-Mar....</td><td>2-1/2% Treasury bond - 3/15/66-71</td><td>.....</td><td>.....</td><td>3,481</td><td>12/1/44</td><td>taxable</td><td>12/1/54</td></tr><tr><td>1972-June...</td><td>2-1/2% Treasury bond - 6/15/67-72</td><td>.....</td><td>.....</td><td>7,967</td><td>6/1/45</td><td>taxable</td><td>6/15/62</td></tr><tr><td>Sept...</td><td>2-1/2% Treasury bond - 9/15/67-72</td><td>.....</td><td>.....</td><td>2,716</td><td>10/20/41</td><td>taxable</td><td>.....</td></tr><tr><td>Dec....</td><td>2-1/2% Treasury bond - 12/15/67-72</td><td>.....</td><td>.....</td><td>11,689</td><td>11/15/45</td><td>taxable</td><td>12/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>22,372</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury.
1/ Excludes (1) postal savings bonds and (2) Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding).
2/ It should be noted that callable issues appear twice in this column, once in the year of first call and again in the year of final maturity. Callable issues with respect to which a definite notice of call has been made, however, are listed as fixed maturities.
3/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom.
"Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates. Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to a specified date. See footnotes 2, page 25.
32
Treasury Bulletin
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date terms of offering were announced</th><th>Date subscription books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first Call shown in parentheses) 1/</th><th>Amount of subscriptions tendered Cash 2/ Exchange</th><th>Amount issued For cash</th><th>Amount issued In exchange for other securities</th><th>Allotment ratio</th></tr><tr><td>4/14/44</td><td>6/12/44</td><td>5th War Loan securities: 3/ 2-1/2 Treas. bond- 3/15/65-70 5/ (2/1/44) 2% Treas. bond- 6/15/52-54 (6/26/44) 1-1/4% Treas. note- 3/15/47 (6/26/44) 7/8% Certificate- 6/1/45 (6/26/44)</td><td>25 yr.9 m (20 yr.9 m) 6/ 10 yr (8 yr) 2 yr.9 m 11 m</td><td>2,909 5,825 1,918 4,770</td><td>2,909 5,825 1,918 4,770</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>7/20/44 8/24/44 8/24/44 9/20/44</td><td>7/20/44 8/24/44 8/24/44 9/25/44</td><td>7/8% Certificate - 8/1/45 (8/1/44) 1% Treas. note - 3/15/46 5/ (11/1/41) 7/8% Certificate - 10/1/45 (10/1/44)</td><td>1 yr 1 yr.6m 1/ 1 yr</td><td>- 2,511 3,694 788 - 3,492</td><td>- - - -</td><td>2,511 3,694 788 3,492</td><td>100 100 100 100</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 3/ 2-1/2% Treas. bond- 3/15/66-71 4/ (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 1,922 1,550 4,395</td><td>3,448 1,922 1,550 4,395</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>11/17/44 11/17/44</td><td>11/20/44 11/20/44</td><td>.90% Treas. note - 1/1/46 (12/1/44) 2-1/2% Treas. bond - 3/15/66-71 4/ (12/1/44) 2% Treas. bond - 12/15/52-54 (12/1/44) 1-1/4% Treas. note - 9/15/47 8 (12/1/44)</td><td>1 yr.1 m (21 yr.3 m) 9/ 26 yr.3 m (8 yr) 2 yr.9 m 9/ 1 yr</td><td>- 3,416 740 137 5,043 4,811 1,579</td><td>- 3,416 740 137 5,043 4,811 1,579</td><td>- - - -</td><td>100 100 100 100 100 100</td></tr><tr><td>1/22/45 2/19/45 3/22/45 4/19/45</td><td>1/22/45 2/19/45 3/22/45 4/19/45</td><td>7/8% Certificate - 9/1/46 (2/1/45) 7/8% Certificate - 3/1/46 (3/1/45) 7/8% Certificate - 4/1/46 (4/1/45) 7/8% Certificate - 5/1/46 (5/1/45)</td><td>1 yr 1 yr 1 yr 1 yr</td><td>- - - -</td><td>- - - -</td><td>5,043 4,811 1,579</td><td>100 100 100</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 4/ (6/1/45) 2-1/2% Treas. bond- 6/15/59-62 4/ (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 7/23/45 8/20/45</td><td>5/21/45 7/23/45 8/20/45</td><td>.90% Treas. note - 7/1/46 (6/1/45) 7/8% Certificate - 8/1/46 (8/1/45) 7/8% Certificate - 9/1/46 (9/1/45)</td><td>1 yr.1 m 1 yr 1 yr</td><td>- 4,910 2,470 4,336</td><td>- - - -</td><td>4,910 2,470 4,336</td><td>100 100 100</td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>Victory Loan securities: 3/ 2-1/2% Treas. bond-12/15/67-72 4/ (11/15/45) 2-1/4% Treas. bond-12/15/59-62 4/ (11/15/45) 7/8% Certificate- 12/1/46 (12/3/45)</td><td>27 yr.1 m (22 yr.1 m) 17 yr.1 m (14 yr.1 m) 1 yr</td><td>11,689 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 11/19/45 12/17/45</td><td>9/24/45 11/19/45 12/17/45</td><td>7/8% Certificate - 10/1/46 (10/1/45) 7/8% Certificate - 11/1/46 (12/1/45) 7/8% Certificate - 1/1/47 (1/1/46)</td><td>1 yr 11 m 1 yr</td><td>- 3,440 3,778 3,330</td><td>- - -</td><td>3,440 3,778 3,330</td><td>100 100 100</td></tr><tr><td>1/21/46 2/18/46 3/20/46 5/20/46 6/14/46 7/17/46</td><td>1/21/46 2/18/46 3/20/46 5/20/46 6/14/46 7/17/46</td><td>7/8% Certificate - 2/1/47 (2/1/46) 7/8% Certificate - 3/1/47 (3/1/46) 7/8% Certificate - 4/1/47 (4/1/46) 7/8% Certificate - 6/1/47 (6/1/46) 7/8% Certificate - 7/1/47 (7/1/46) 7/8% Certificate - 8/1/47 (8/1/46)</td><td>1 yr 1 yr 1 yr 1 yr 1 yr 1 yr</td><td>- 4,954 4,106 4,742 4,168 4,673 n.a.</td><td>- - - - - -</td><td>4,954 4,133 2,820 2,775 2,916 n.a.</td><td>100 76 59 66 62 n.a.</td></tr></table>
Source: Bureau of the Public Debt. n.a. Not available. 1/ In the case of the reopening of a previously offered security, the period to first call and to maturity are calculated from the date interest commences on the reopening. 2/ Consists of all public cash subscriptions and of subscriptions by U. S. Government agencies and trust funds. 3/ Figures on amount of War Loan securities issued consist both of amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and Treasury Invest-
Bank restricted issue. Sea 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 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.
August 1946
33
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th colspan="2">Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount outstanding</th><th colspan="2">Disposition of offer by Treasury</th><th colspan="2">Result of exchange offer</th><th>Percent ex- changed</th><th>Description of new security offered</th></tr><tr><th></th><th></th><th></th><th>(In millions of dollars)</th><th>Cash retirement</th><th>Exchange security offered</th><th>Ex- changed</th><th>Turned in for cash</th><th></th><th></th></tr><tr><td>4/1/44</td><td>7/8%</td><td>Certificate - 4/1/44</td><td>5,251</td><td>-</td><td>5,251</td><td>4,877</td><td>374</td><td>93</td><td>7/8% Certificate - 4/1/45</td></tr><tr><td>5/1/44</td><td>7/8%</td><td>Certificate - 5/1/44</td><td>1,655</td><td>-</td><td>1,655</td><td>1,615</td><td>40</td><td>98</td><td>7/8% Certificate - 5/1/45</td></tr><tr><td>8/1/44</td><td>7/8%</td><td>Certificate - 8/1/44</td><td>2,545</td><td>-</td><td>2,545</td><td>2,511</td><td>34</td><td>99</td><td>7/8% Certificate - 8/1/45</td></tr><tr><td>9/1/44</td><td>7/8%</td><td>Certificate - 9/1/44</td><td>4,122</td><td>-</td><td>4,122</td><td>3,694</td><td>428</td><td>90</td><td>7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% Treas. note - 9/15/44</td><td>(131/41)</td><td>635</td><td>-</td><td>635</td><td>602</td><td>33</td><td>95</td><td>1% Treas. note - 3/15/46</td></tr><tr><td>9/15/44</td><td>1% Treas. note - 9/15/44</td><td>(12/22/39)</td><td>283</td><td>-</td><td>283</td><td>185</td><td>98</td><td>66</td><td></td></tr><tr><td colspan="2">Totals for exchange transaction of 9/15/44</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</td><td>7/8%</td><td>Certificate - 10/1/44</td><td>3,519</td><td>-</td><td>3,519</td><td>3,492</td><td>27</td><td>99</td><td>7/8% Certificate - 10/1/45</td></tr><tr><td>12/1/44</td><td>7/8%</td><td>Certificate - 12/1/44</td><td>3,540</td><td>-</td><td>3,540</td><td>3,416</td><td>124</td><td>96</td><td>90% Treas. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>4% Treas. bond - 12/15/44-54</td><td>(12/15/24)</td><td>1,037</td><td>-</td><td>1,037</td><td>911</td><td>126</td><td>88</td><td>1-1/4% Treas. note - 9/15/47 2-1/2% Treas. bond - 3/15/66-71 2/</td></tr><tr><td>2/1/45</td><td>7/8% Certificate - 2/1/45</td><td>(2/1/44)</td><td>5,048</td><td>-</td><td>5,048</td><td>4,649</td><td>400</td><td>92</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td>2/1/45</td><td>1-1/8% CCC note - 2/15/45</td><td>(7/21/41)</td><td>412</td><td>-</td><td>412</td><td>395</td><td>17</td><td>96</td><td></td></tr><tr><td colspan="2">Totals for exchange transaction of 2/1/45</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% Treas. note - 3/1/45</td><td>(2/1/44)</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% Treas. note - 3/15/45</td><td>(3/15/40)</td><td>718</td><td>-</td><td>718</td><td>493</td><td>225</td><td>69</td><td></td></tr><tr><td>3/1/45</td><td>1-1/4% Treas. note - 3/15/45</td><td>(9/25/42)</td><td>1,606</td><td>-</td><td>1,606</td><td>1,546</td><td>60</td><td>96</td><td></td></tr><tr><td colspan="2">Totals for exchange transaction of 3/1/45</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</td><td>7/8% Certificate - 4/1/45</td><td>(4/1/44)</td><td>4,877</td><td>-</td><td>4,877</td><td>4,811</td><td>66</td><td>99</td><td>7/8% Certificate - 4/1/46</td></tr><tr><td>5/1/45</td><td>7/8% Certificate - 5/1/45</td><td>(5/1/44)</td><td>1,615</td><td>-</td><td>1,615</td><td>1,579</td><td>35</td><td>98</td><td>7/8% Certificate - 5/1/46</td></tr><tr><td>6/1/45</td><td>7/8% Certificate - 6/1/45</td><td>(6/26/44)</td><td>4,770</td><td>-</td><td>4,770</td><td>4,187</td><td>583</td><td>88</td><td>90% Treas. note - 7/1/46</td></tr><tr><td>6/1/45</td><td>1-1/2% HOLC bond - 6/1/45-47</td><td>(6/1/39)</td><td>755</td><td>-</td><td>755</td><td>723</td><td>32</td><td>96</td><td></td></tr><tr><td colspan="2">Totals for exchange transaction of 6/1/45</td><td></td><td>5,525</td><td>-</td><td>5,525</td><td>4,910</td><td>615</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8% Certificate - 8/1/45</td><td>(8/1/44)</td><td>2,511</td><td>-</td><td>2,511</td><td>2,470</td><td>41</td><td>98</td><td>7/8% Certificate - 8/1/46</td></tr><tr><td>9/1/45</td><td>7/8% Certificate - 9/1/45</td><td>(9/1/44)</td><td>3,694</td><td>-</td><td>3,694</td><td>3,429</td><td>265</td><td>93</td><td>7/8% Certificate - 9/1/46</td></tr><tr><td>9/1/45</td><td>2-3/4% Treas. bond - 9/15/45-47</td><td>(9/16/35)</td><td>1,214</td><td>-</td><td>1,214</td><td>907</td><td>307</td><td>75</td><td></td></tr><tr><td colspan="2">Totals for exchange transaction of 9/1/45</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>(10/1/44)</td><td>3,492</td><td>-</td><td>3,492</td><td>3,440</td><td>52</td><td>99</td><td>7/8% Certificate - 10/1/46</td></tr><tr><td>12/1/45</td><td>7/8% Certificate - 12/1/45</td><td>(12/1/44)</td><td>4,395</td><td>-</td><td>4,395</td><td>2,932</td><td>1,463</td><td>67</td><td>7/8% Certificate - 11/1/46</td></tr><tr><td>12/1/45</td><td>3/4% Treas. note - 12/15/45</td><td>(12/18/40)</td><td>531</td><td>-</td><td>531</td><td>438</td><td>93</td><td>82</td><td></td></tr><tr><td>12/1/45</td><td>2-1/2% Treas. bond - 12/15/45</td><td>(12/15/37)</td><td>541</td><td>-</td><td>541</td><td>408</td><td>133</td><td>75</td><td></td></tr><tr><td colspan="2">Totals for exchange transaction of 12/1/45</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 - 1/1/46</td><td>(1/1/16)</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>1/1/46</td><td>.90% Treas. note - 1/1/46</td><td>(12/1/44)</td><td>3,416</td><td>-</td><td>3,416</td><td>3,330</td><td>85</td><td>98</td><td>7/8% Certificate - 1/1/47</td></tr><tr><td>2/1/46</td><td>7/8% Certificate - 2/1/46</td><td>(2/1/45)</td><td>5,043</td><td>-</td><td>5,043</td><td>4,954</td><td>89</td><td>98</td><td>7/8% Certificate - 2/1/47</td></tr><tr><td>3/1/46</td><td>7/8% Certificate - 3/1/46</td><td>(3/1/45)</td><td>4,147</td><td>1,014</td><td>3,133</td><td>3,133</td><td>-</td><td>3/</td><td>7/8% Certificate - 3/1/47</td></tr><tr><td>3/15/46</td><td>3-3/4% Treas. bond - 3/15/46-56</td><td>(3/15/26)</td><td>489</td><td>489</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>3/15/46</td><td>1% Treas. note - 3/15/46</td><td>(11/1/41)</td><td>1,291</td><td>1,291</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>4/1/46</td><td>7/8% Certificate - 4/1/46</td><td>(4/1/45)</td><td>4,811</td><td>1,991</td><td>2,820</td><td>2,820</td><td>-</td><td>3/</td><td>7/8% Certificate - 4/1/47</td></tr><tr><td>5/1/46</td><td>7/8% Certificate - 5/1/46</td><td>(5/1/45)</td><td>1,579</td><td>1,579</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>6/1/46</td><td>7/8% Certificate - 6/1/46</td><td>(6/1/45)</td><td>4,799</td><td>2,025</td><td>2,775</td><td>2,775</td><td>-</td><td>3/</td><td>7/8% Certificate - 6/1/47</td></tr><tr><td>6/15/46</td><td>3% Treas. bond - 6/15/46-48</td><td>(6/15/34)</td><td>1,036</td><td>1,036</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>6/15/46</td><td>3-1/8% Treas. bond - 6/15/46-49</td><td>(6/15/31)</td><td>819</td><td>819</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>7/1/46</td><td>.90% Treas. note - 7/1/46</td><td>(6/1/45)</td><td>4,910</td><td>1,994</td><td>2,916</td><td>2,916</td><td>-</td><td>3/</td><td>7/8% Certificate - 7/1/47</td></tr><tr><td>8/1/46</td><td>7/8% Certificate - 8/1/46</td><td>(8/1/45)</td><td>2,470</td><td>1,250 p</td><td>1,220 p</td><td>n.a.</td><td>-</td><td>3/</td><td>7/8% Certificate - 8/1/47</td></tr></table>
Source: Bureau of the Public Debt.
p. Preliminary.
o.e. 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
issues were either paid off in full or the holders were given the privilege to exchange into another security in full. Beginning with that operation, some maturities have been split by the Treasury into a stated portion for cash retirement with the remainder covered by an offering of an exchange security.
34
Treasury Bulletin
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th colspan="3">Description of new issue</th><th colspan="3">Amount of bids accepted</th><th rowspan="2">Amount of maturing issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Total amount</th><th>Amount on competitive basis</th><th>Amount on fixed-price basis 1/</th></tr><tr><td>1945-June 7</td><td>1945-Sept. 6</td><td>91</td><td>2,071.4</td><td>1,302.3</td><td>1,251.7</td><td>50.6</td><td>1,310.2</td><td>17,041.1</td></tr><tr><td>June 14</td><td>Sept. 13</td><td>91</td><td>2,112.8</td><td>1,309.8</td><td>1,251.5</td><td>58.3</td><td>1,316.1</td><td>17,034.7</td></tr><tr><td>June 21</td><td>Sept. 20</td><td>91</td><td>2,243.0</td><td>1,305.3</td><td>1,246.5</td><td>58.9</td><td>1,302.5</td><td>17,037.5</td></tr><tr><td>June 28</td><td>Sept. 27</td><td>91</td><td>2,256.3</td><td>1,317.8</td><td>1,253.9</td><td>63.9</td><td>1,314.0</td><td>17,041.3</td></tr><tr><td>July 5</td><td>Oct. 4</td><td>91</td><td>2,028.5</td><td>1,304.9</td><td>1,253.0</td><td>51.9</td><td>1,317.1</td><td>17,029.1</td></tr><tr><td>July 12</td><td>Oct. 11</td><td>91</td><td>2,233.0</td><td>1,310.6</td><td>1,252.7</td><td>58.0</td><td>1,303.9</td><td>17,035.8</td></tr><tr><td>July 19</td><td>Oct. 18</td><td>91</td><td>2,044.7</td><td>1,305.5</td><td>1,237.4</td><td>68.1</td><td>1,318.2</td><td>17,023.1</td></tr><tr><td>July 26</td><td>Oct. 25</td><td>91</td><td>2,046.9</td><td>1,312.1</td><td>1,252.0</td><td>60.1</td><td>1,310.3</td><td>17,024.9</td></tr><tr><td>Aug. 2</td><td>Nov. 1</td><td>91</td><td>1,938.6</td><td>1,317.0</td><td>1,267.6</td><td>49.4</td><td>1,314.3</td><td>17,027.5</td></tr><tr><td>Aug. 9</td><td>Nov. 8</td><td>91</td><td>2,008.2</td><td>1,318.7</td><td>1,265.3</td><td>53.4</td><td>1,307.4</td><td>17,038.9</td></tr><tr><td>Aug. 16</td><td>Nov. 15</td><td>91</td><td>2,006.0</td><td>1,314.5</td><td>1,257.4</td><td>57.1</td><td>1,307.4</td><td>17,045.9</td></tr><tr><td>Aug. 23</td><td>Nov. 23</td><td>92</td><td>1,956.4</td><td>1,310.6</td><td>1,260.3</td><td>50.3</td><td>1,313.1</td><td>17,043.5</td></tr><tr><td>Aug. 30</td><td>Nov. 29</td><td>91</td><td>1,986.1</td><td>1,309.0</td><td>1,256.4</td><td>52.6</td><td>1,314.4</td><td>17,038.1</td></tr><tr><td>Sept. 6</td><td>Dec. 6</td><td>91</td><td>1,932.4</td><td>1,306.1</td><td>1,257.6</td><td>48.5</td><td>1,302.3</td><td>17,041.9</td></tr><tr><td>Sept. 13</td><td>Dec. 13</td><td>91</td><td>2,024.7</td><td>1,302.0</td><td>1,241.0</td><td>61.0</td><td>1,309.8</td><td>17,034.1</td></tr><tr><td>Sept. 20</td><td>Dec. 20</td><td>91</td><td>2,093.7</td><td>1,306.7</td><td>1,252.1</td><td>54.6</td><td>1,305.3</td><td>17,035.5</td></tr><tr><td>Sept. 27</td><td>Dec. 27</td><td>91</td><td>2,073.5</td><td>1,300.6</td><td>1,247.6</td><td>53.0</td><td>1,317.8</td><td>17,018.3</td></tr><tr><td>Oct. 4</td><td>1946-Jan. 3</td><td>91</td><td>2,159.1</td><td>1,310.5</td><td>1,263.3</td><td>47.1</td><td>1,304.9</td><td>17,023.9</td></tr><tr><td>Oct. 11</td><td>Jan. 10</td><td>91</td><td>2,157.5</td><td>1,311.0</td><td>1,256.1</td><td>54.9</td><td>1,310.6</td><td>17,024.3</td></tr><tr><td>Oct. 18</td><td>Jan. 17</td><td>91</td><td>2,048.0</td><td>1,309.6</td><td>1,256.1</td><td>53.6</td><td>1,305.5</td><td>17,028.5</td></tr><tr><td>Oct. 25</td><td>Jan. 24</td><td>91</td><td>2,084.7</td><td>1,310.0</td><td>1,251.1</td><td>59.0</td><td>1,312.1</td><td>17,026.4</td></tr><tr><td>Nov. 1</td><td>Jan. 31</td><td>91</td><td>2,210.5</td><td>1,318.2</td><td>1,267.0</td><td>51.3</td><td>1,317.0</td><td>17,027.6</td></tr><tr><td>Nov. 8</td><td>Feb. 7</td><td>91</td><td>2,076.8</td><td>1,316.7</td><td>1,261.6</td><td>55.1</td><td>1,318.7</td><td>17,025.6</td></tr><tr><td>Nov. 15</td><td>Feb. 14</td><td>91</td><td>1,940.7</td><td>1,316.7</td><td>1,273.8</td><td>42.9</td><td>1,314.5</td><td>17,027.9</td></tr><tr><td>Nov. 23</td><td>Feb. 21</td><td>90</td><td>2,178.5</td><td>1,302.1</td><td>1,242.1</td><td>60.0</td><td>1,310.6</td><td>17,019.4</td></tr><tr><td>Nov. 29</td><td>Feb. 28</td><td>91</td><td>2,154.7</td><td>1,316.0</td><td>1,269.8</td><td>46.2</td><td>1,309.0</td><td>17,026.3</td></tr><tr><td>Dec. 6</td><td>Mar. 7</td><td>91</td><td>2,163.0</td><td>1,303.5</td><td>1,254.7</td><td>48.8</td><td>1,306.1</td><td>17,023.7</td></tr><tr><td>Dec. 13</td><td>Mar. 14</td><td>91</td><td>2,085.4</td><td>1,301.8</td><td>1,246.2</td><td>55.6</td><td>1,302.0</td><td>17,023.5</td></tr><tr><td>Dec. 20</td><td>Mar. 21</td><td>91</td><td>2,030.9</td><td>1,316.5</td><td>1,262.1</td><td>54.4</td><td>1,306.7</td><td>17,033.3</td></tr><tr><td>Dec. 27</td><td>Mar. 28</td><td>91</td><td>2,038.4</td><td>1,304.4</td><td>1,265.0</td><td>39.3</td><td>1,300.6</td><td>17,037.1</td></tr><tr><td>1946-Jan. 3</td><td>Apr. 4</td><td>91</td><td>2,905.0</td><td>1,302.9</td><td>1,204.4</td><td>38.5</td><td>1,310.5</td><td>17,029.5</td></tr><tr><td>Jan. 10</td><td>Apr. 11</td><td>91</td><td>2,259.5</td><td>1,316.1</td><td>1,253.6</td><td>62.5</td><td>1,311.0</td><td>17,034.6</td></tr><tr><td>Jan. 17</td><td>Apr. 18</td><td>91</td><td>2,005.3</td><td>1,312.1</td><td>1,250.9</td><td>61.2</td><td>1,309.6</td><td>17,037.1</td></tr><tr><td>Jan. 24</td><td>Apr. 25</td><td>91</td><td>2,016.3</td><td>1,316.9</td><td>1,256.9</td><td>60.0</td><td>1,310.0</td><td>17,044.0</td></tr><tr><td>Jan. 31</td><td>May 2</td><td>91</td><td>2,025.2</td><td>1,315.9</td><td>1,262.1</td><td>53.7</td><td>1,318.2</td><td>17,041.6</td></tr><tr><td>Feb. 7</td><td>May 9</td><td>91</td><td>1,928.2</td><td>1,314.8</td><td>1,268.1</td><td>46.7</td><td>1,316.7</td><td>17,039.7</td></tr><tr><td>Feb. 14</td><td>May 16</td><td>91</td><td>1,987.8</td><td>1,309.0</td><td>1,257.5</td><td>51.5</td><td>1,316.7</td><td>17,032.0</td></tr><tr><td>Feb. 21</td><td>May 23</td><td>91</td><td>2,037.3</td><td>1,301.3</td><td>1,253.1</td><td>48.1</td><td>1,302.1</td><td>17,031.2</td></tr><tr><td>Feb. 28</td><td>May 31</td><td>92</td><td>2,006.1</td><td>1,316.7</td><td>1,275.1</td><td>41.6</td><td>1,316.0</td><td>17,031.8</td></tr><tr><td>Mar. 7</td><td>June 6</td><td>91</td><td>2,015.0</td><td>1,309.0</td><td>1,261.2</td><td>47.8</td><td>1,303.5</td><td>17,037.4</td></tr><tr><td>Mar. 14</td><td>June 13</td><td>91</td><td>2,084.6</td><td>1,303.8</td><td>1,249.2</td><td>54.6</td><td>1,301.8</td><td>17,039.4</td></tr><tr><td>Mar. 21</td><td>June 20</td><td>91</td><td>2,074.8</td><td>1,315.3</td><td>1,265.5</td><td>49.8</td><td>1,316.5</td><td>17,038.2</td></tr><tr><td>Mar. 28</td><td>June 27</td><td>91</td><td>1,984.5</td><td>1,313.4</td><td>1,268.6</td><td>44.8</td><td>1,304.4</td><td>17,047.2</td></tr><tr><td>Apr. 4</td><td>July 5</td><td>92</td><td>1,863.6</td><td>1,312.0</td><td>1,277.7</td><td>34.3</td><td>1,302.9</td><td>17,056.3</td></tr><tr><td>Apr. 11</td><td>July 11</td><td>91</td><td>2,050.1</td><td>1,317.1</td><td>1,272.7</td><td>44.4</td><td>1,316.1</td><td>17,057.2</td></tr><tr><td>Apr. 18</td><td>July 18</td><td>91</td><td>1,989.7</td><td>1,310.3</td><td>1,263.1</td><td>47.2</td><td>1,312.1</td><td>17,055.4</td></tr><tr><td>Apr. 25</td><td>July 25</td><td>91</td><td>1,902.1</td><td>1,315.3</td><td>1,272.8</td><td>42.5</td><td>1,316.9</td><td>17,053.7</td></tr><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>1,308.2</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>1,927.6</td><td>1,313.7</td><td>1,274.3</td><td>39.4</td><td>1,301.3</td><td>17,045.3</td></tr><tr><td>May 31</td><td>Aug. 29</td><td>90</td><td>1,951.2</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><tr><td>June 6</td><td>Sept. 5</td><td>91</td><td>1,922.8</td><td>1,312.9</td><td>1,277.2</td><td>35.7</td><td>1,309.0</td><td>17,045.0</td></tr><tr><td>June 13</td><td>Sept. 12</td><td>91</td><td>1,990.7</td><td>1,310.1</td><td>1,272.2</td><td>38.0</td><td>1,303.8</td><td>17,051.4</td></tr><tr><td>June 20</td><td>Sept. 19</td><td>91</td><td>1,950.6</td><td>1,310.4</td><td>1,273.5</td><td>36.8</td><td>1,315.3</td><td>17,046.4</td></tr><tr><td>June 27</td><td>Sept. 26</td><td>91</td><td>1,854.8</td><td>1,305.9</td><td>1,272.4</td><td>33.5</td><td>1,313.4</td><td>17,038.9</td></tr></table>
Source: Public Debt Service for data on new issues; Daily Treasury Statement for data on maturing issues and amounts outstanding.
Note: See Annual Reports of the Secretary of the Treasury for back
1/ Tenders for $200 thousand or less from any one bidder are accepted in full at 99.905 per hundred.
August 1946
35
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive 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-June 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 14</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 21</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 28</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>July 5</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>July 12</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>July 19</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>July 26</td><td>99.905</td><td>0.375</td><td>99.908 2/</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 2</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 9</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 16</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 23</td><td>99.904</td><td>0.375</td><td>99.909</td><td>0.356</td><td>99.904</td><td>0.376</td></tr><tr><td>Aug. 30</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 6</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 13</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 20</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Sept. 27</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 4</td><td>99.905</td><td>0.375</td><td>99.909</td><td>0.360</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 11</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 18</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Oct. 25</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 1</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 8</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 15</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Nov. 23</td><td>99.906</td><td>0.376</td><td>99.908</td><td>0.368</td><td>99.906</td><td>0.376</td></tr><tr><td>Nov. 29</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 6</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 13</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 20</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Dec. 27</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>1946-Jan. 3</td><td>99.906</td><td>0.373</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 10</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 17</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 24</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Jan. 31</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 7</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 14</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 21</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Feb. 28</td><td>99.904</td><td>0.375</td><td>99.908</td><td>0.360</td><td>99.904</td><td>0.376</td></tr><tr><td>Mar. 7</td><td>99.905</td><td>0.375</td><td>99.913</td><td>0.344</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 14</td><td>99.905</td><td>0.375</td><td>99.915</td><td>0.336</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 21</td><td>99.905</td><td>0.375</td><td>99.910</td><td>0.356</td><td>99.905</td><td>0.376</td></tr><tr><td>Mar. 28</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 4</td><td>99.904</td><td>0.375</td><td>99.908</td><td>0.360</td><td>99.904</td><td>0.376</td></tr><tr><td>Apr. 11</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 18</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Apr. 25</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><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>0.375</td><td>99.908</td><td>0.364</td><td>99.905</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>0.368</td><td>99.906</td><td>0.376</td></tr><tr><td>June 6</td><td>99.905</td><td>0.375</td><td>99.908 1/</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 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>June 20</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>June 27</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr></table>
Source: Public Debt Service.
Note: See Annual Reports of the Secretary of the Treasury for back figures.
1/ Bank discount basis.
2/ Except $75 thousand at 99.925.
3/ Except $100 thousand at 99.925.
4/ Except $500 thousand at 99.930.
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.
Summary of Sales and Redemptions, by Series, as of June 30, 1940
<table><tr><th>United States savings bonds</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="8">(in millions of dollars)</td></tr><tr><td>Matured series: Series A</td><td>204</td><td>52</td><td>255</td><td>237</td><td>18</td><td>-</td><td>1/</td></tr><tr><td>Unmatured series: Series B</td><td>370</td><td>90</td><td>459</td><td>238</td><td>-</td><td>221</td><td>51.83</td></tr><tr><td>Series C</td><td>1,010</td><td>195</td><td>1,205</td><td>284</td><td>-</td><td>922</td><td>23.54</td></tr><tr><td>Series D</td><td>2,365</td><td>307</td><td>2,672</td><td>451</td><td>-</td><td>2,222</td><td>16.86</td></tr><tr><td>Total, Series B, C, and D</td><td>3,745</td><td>592</td><td>4,337</td><td>972</td><td>-</td><td>3,365</td><td>22.42</td></tr><tr><td>Series E</td><td>42,113</td><td>852</td><td>42,964</td><td>12,606 2/</td><td>-</td><td>30,358</td><td>29.34</td></tr><tr><td>Series F</td><td>3,148</td><td>63</td><td>3,211</td><td>316</td><td>-</td><td>2,895</td><td>9.84</td></tr><tr><td>Series G</td><td>13,185</td><td>-</td><td>13,185</td><td>769</td><td>-</td><td>12,416</td><td>5.83</td></tr><tr><td>Total, Series E, F, and G</td><td>58,446</td><td>915</td><td>59,361</td><td>13,691</td><td>-</td><td>45,670</td><td>23.06</td></tr><tr><td>Total, Series B-G</td><td>62,191</td><td>1,507</td><td>63,698</td><td>14,664</td><td>-</td><td>49,035</td><td>23.02</td></tr><tr><td>Total, Series A-G</td><td>62,395</td><td>1,559</td><td>63,954</td><td>14,901</td><td>18</td><td>49,035</td><td>1/</td></tr></table>
Source: Daily Treasury Statement. 1/ Not calculated for matured series.
2/ Includes unclassified redemptions which contain small amounts of Series A-D bonds.
August 1946
37
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions
<table><tr><th rowspan="2">Period</th><th rowspan="2">Sales</th><th rowspan="2">Accrued discount</th><th rowspan="2">Sales plus accrued discount</th><th colspan="3">Redemptions 1/</th><th colspan="2">Amount outstanding</th><th rowspan="2">Percent of monthly redemptions to amount outstanding</th></tr><tr><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td></td><td colspan="8">(In millions of dollars)</td><td></td></tr></table>
All series
<table><tr><td>Total, inception to June 30, 1946...</td><td>62,395</td><td>1,559</td><td>63,954</td><td>14,901</td><td>n.a.</td><td>n.a.</td><td>18</td><td>49,035</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941</td><td>1,492</td><td>65</td><td>1,557</td><td>148</td><td>143</td><td>5</td><td>-</td><td>4,314</td><td>-</td></tr><tr><td>1942</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>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>1946</td><td>9,612</td><td>573</td><td>10,184</td><td>6,717</td><td>n.a.</td><td>n.a.</td><td>18</td><td>49,035</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941</td><td>3,036</td><td>77</td><td>3,113</td><td>168</td><td>162</td><td>6</td><td>-</td><td>6,140</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>102</td><td>9,259</td><td>349</td><td>343</td><td>6</td><td>-</td><td>15,050</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>169</td><td>13,898</td><td>1,585</td><td>1,576</td><td>9</td><td>-</td><td>27,363</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>3,321</td><td>20</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>484</td><td>13,421</td><td>5,558</td><td>5,472</td><td>86</td><td>41</td><td>48,183</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>1,184</td><td>36</td><td>1,220</td><td>533</td><td>524</td><td>10</td><td>-</td><td>47,473</td><td>1.12</td></tr><tr><td>December</td><td>1,254</td><td>57</td><td>1,310</td><td>559</td><td>549</td><td>11</td><td>41</td><td>48,183</td><td>1.16</td></tr><tr><td>1946-January</td><td>960</td><td>64</td><td>1,023</td><td>629</td><td>613 r</td><td>16 r</td><td>30</td><td>48,588</td><td>1.29</td></tr><tr><td>February</td><td>622</td><td>44</td><td>666</td><td>565</td><td>552</td><td>13</td><td>26</td><td>48,692</td><td>1.16</td></tr><tr><td>March</td><td>626</td><td>46</td><td>672</td><td>634</td><td>n.a.</td><td>n.a.</td><td>23</td><td>48,733</td><td>1.30</td></tr><tr><td>April</td><td>668</td><td>45</td><td>713</td><td>621</td><td>n.a.</td><td>n.a.</td><td>21</td><td>48,828</td><td>1.27</td></tr><tr><td>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>48,917</td><td>1.13</td></tr><tr><td>June</td><td>571</td><td>64</td><td>635</td><td>519</td><td>n.a.</td><td>n.a.</td><td>18</td><td>49,035</td><td>1.06</td></tr></table>
Series A-D
<table><tr><td>Total, inception to June 30, 1946....</td><td>3,949</td><td>644</td><td>4,593</td><td>1,210</td><td>n.a.</td><td>n.a.</td><td>18</td><td>3,365</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940.............</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941....................</td><td>828</td><td>65</td><td>893</td><td>148</td><td>142</td><td>5</td><td>-</td><td>3,650</td><td>-</td></tr><tr><td>1942....................</td><td>1</td><td>86</td><td>87</td><td>133</td><td>126</td><td>6</td><td>-</td><td>3,604</td><td>-</td></tr><tr><td>1943....................</td><td>*</td><td>92</td><td>92</td><td>88</td><td>82</td><td>6</td><td>-</td><td>3,608</td><td>-</td></tr><tr><td>1944....................</td><td>*</td><td>96</td><td>96</td><td>79</td><td>72</td><td>8</td><td>-</td><td>3,625</td><td>-</td></tr><tr><td>1945....................</td><td>*</td><td>103</td><td>103</td><td>143</td><td>117</td><td>25</td><td>-</td><td>3,585</td><td>-</td></tr><tr><td>1946....................</td><td>*</td><td>106</td><td>106</td><td>309</td><td>n.a.</td><td>n.a.</td><td>18</td><td>3,365</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940.............</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941....................</td><td>499</td><td>77</td><td>576</td><td>155</td><td>148</td><td>6</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1942....................</td><td>*</td><td>90</td><td>91</td><td>104</td><td>97</td><td>6</td><td>-</td><td>3,603</td><td>-</td></tr><tr><td>1943....................</td><td>*</td><td>94</td><td>94</td><td>81</td><td>74</td><td>7</td><td>-</td><td>3,616</td><td>-</td></tr><tr><td>1944....................</td><td>*</td><td>100</td><td>100</td><td>78</td><td>70</td><td>8</td><td>-</td><td>3,638</td><td>-</td></tr><tr><td>1945....................</td><td>*</td><td>105</td><td>105</td><td>226</td><td>179</td><td>47</td><td>41</td><td>3,477</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>22</td><td>6</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><tr><td>June....................</td><td>-</td><td>9</td><td>9</td><td>28</td><td>n.a.</td><td>n.a.</td><td>18</td><td>3,365</td><td>.82</td></tr></table>
(Continued on following page)
38
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Total</th><th>Redemptions 1/ Sales price</th><th>Accrued discount</th><th>Amount outstanding (interest-bearing debt)</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">Series E, F, and G</td></tr><tr><td>Total, inception to June 30, 1946...</td><td>58,446</td><td>915</td><td>59,361</td><td>13,591</td><td>a.a.</td><td>n.a.</td><td>45,570</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>6,584</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>760</td><td>760</td><td>1</td><td>17,048</td><td>-</td></tr><tr><td>1944</td><td>15,498</td><td>127</td><td>15,625</td><td>2,292</td><td>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>1946</td><td>9,612</td><td>467</td><td>10,078</td><td>6,408</td><td>n.a.</td><td>n.a.</td><td>45,670</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,524</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>12</td><td>9,169</td><td>246</td><td>245</td><td>*</td><td>11,447</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>1,502</td><td>2</td><td>23,746</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>195</td><td>16,239</td><td>3,263</td><td>3,251</td><td>12</td><td>36,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-June</td><td>2,178</td><td>35</td><td>2,213</td><td>383</td><td>380</td><td>3</td><td>42,000</td><td>.91</td></tr><tr><td>July</td><td>1,294</td><td>41</td><td>1,335</td><td>406</td><td>403</td><td>3</td><td>42,929</td><td>.95</td></tr><tr><td>August</td><td>700</td><td>29</td><td>729</td><td>515</td><td>511</td><td>4</td><td>43,113</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>1,184</td><td>30</td><td>1,214</td><td>511</td><td>506</td><td>5</td><td>43,938</td><td>1.16</td></tr><tr><td>December</td><td>1,254</td><td>48</td><td>1,301</td><td>534</td><td>529</td><td>5</td><td>44,706</td><td>1.19</td></tr><tr><td>1946-January</td><td>960</td><td>48</td><td>1,008</td><td>587</td><td>581 r</td><td>7 r</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>530</td><td>7</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>a.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>a.a.</td><td>a.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>45,514</td><td>1.15</td></tr><tr><td>June</td><td>571</td><td>55</td><td>627</td><td>491</td><td>n.a.</td><td>a.a.</td><td>45,570</td><td>1.08</td></tr><tr><td colspan="9">Series E</td></tr><tr><td>Total, inception to June 30, 1946...</td><td>42,113</td><td>852</td><td>42,964</td><td>12,506</td><td>12,516</td><td>90</td><td>30,358</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>*</td><td>-</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>60</td><td>*</td><td>3,671</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>688</td><td>1</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,820</td><td>118</td><td>11,938</td><td>2,100</td><td>2,095</td><td>5</td><td>21,125</td><td>-</td></tr><tr><td>1945</td><td>11,553</td><td>265</td><td>11,818</td><td>3,846</td><td>3,825</td><td>20</td><td>29,097</td><td>-</td></tr><tr><td>1946</td><td>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,848</td><td>64</td><td>30,358</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>11</td><td>-</td><td>1,134</td><td>-</td></tr><tr><td>1942</td><td>5,989</td><td>10</td><td>5,999</td><td>209</td><td>209</td><td>*</td><td>6,923</td><td>-</td></tr><tr><td>1943</td><td>10,344</td><td>70</td><td>10,414</td><td>1,380</td><td>1,378</td><td>2</td><td>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>2,993</td><td>11</td><td>25,515</td><td>-</td></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>4,925</td><td>38</td><td>30,727</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-June</td><td>1,468</td><td>33</td><td>1,501</td><td>352</td><td>349</td><td>2</td><td>29,097</td><td>1.21</td></tr><tr><td>July</td><td>1,032</td><td>37</td><td>1,069</td><td>375</td><td>373</td><td>3</td><td>29,791</td><td>1.26</td></tr><tr><td>August</td><td>571</td><td>28</td><td>599</td><td>485</td><td>481</td><td>4</td><td>29,905</td><td>1.62</td></tr><tr><td>September</td><td>420</td><td>31</td><td>451</td><td>487</td><td>483</td><td>4</td><td>29,869</td><td>1.63</td></tr><tr><td>October</td><td>510</td><td>28</td><td>537</td><td>562</td><td>557</td><td>5</td><td>29,844</td><td>1.68</td></tr><tr><td>November</td><td>865</td><td>28</td><td>893</td><td>474</td><td>470</td><td>5</td><td>30,263</td><td>1.57</td></tr><tr><td>December</td><td>908</td><td>45</td><td>953</td><td>490</td><td>485</td><td>5</td><td>30,727</td><td>1.59</td></tr><tr><td>1946-January</td><td>641</td><td>44</td><td>685</td><td>541</td><td>535 r</td><td>7 r</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>486 r</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>516</td><td>n.a.</td><td>n.a.</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>463</td><td>7</td><td>30,425</td><td>1.54</td></tr><tr><td>June</td><td>321</td><td>52</td><td>373</td><td>439</td><td>433</td><td>6</td><td>30,358</td><td>1.45</td></tr></table>
(Continued on following page)
August 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>Total</th><th>Sales price</th><th>Accrued discount</th><th>Amount outstanding (interest-bearing debt)</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">Series I</td></tr><tr><td>Total, inception to June 30, 1946...</td><td>3,148</td><td>63</td><td>3,211</td><td>316</td><td>n.a.</td><td>n.a.</td><td>2,895</td><td>-</td></tr><tr><td colspan="9">Fiscal years:</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>1946</td><td>407</td><td>33</td><td>440</td><td>149</td><td>n.a.</td><td>n.a.</td><td>2,895</td><td>-</td></tr><tr><td colspan="9">Calendar years:</td></tr><tr><td>1941</td><td>208</td><td>*</td><td>208</td><td>*</td><td>*</td><td>-</td><td>207</td><td>-</td></tr><tr><td>1942</td><td>652</td><td>2</td><td>654</td><td>7</td><td>7</td><td>*</td><td>854</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td colspan="9">Months:</td></tr><tr><td>1945-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>2,647</td><td>.32</td></tr><tr><td>August</td><td>22</td><td>2</td><td>23</td><td>8</td><td>8</td><td>*</td><td>2,662</td><td>.31</td></tr><tr><td>September</td><td>18</td><td>2</td><td>20</td><td>8</td><td>8</td><td>*</td><td>2,674</td><td>.30</td></tr><tr><td>October</td><td>8</td><td>2</td><td>10</td><td>10</td><td>10</td><td>*</td><td>2,674</td><td>.37</td></tr><tr><td>November</td><td>54</td><td>2</td><td>56</td><td>10</td><td>10</td><td>*</td><td>2,720</td><td>.37</td></tr><tr><td>December</td><td>83</td><td>3</td><td>86</td><td>13</td><td>13</td><td>*</td><td>2,793</td><td>.48</td></tr><tr><td>1946-January</td><td>40</td><td>4</td><td>44</td><td>14</td><td>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>15</td><td>15</td><td>*</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>June</td><td>24</td><td>4</td><td>28</td><td>16</td><td>n.a.</td><td>n.a.</td><td>2,895</td><td>.55</td></tr><tr><td colspan="9">Series Q</td></tr><tr><td>Total, inception to June 30, 1946...</td><td>13,185</td><td>-</td><td>13,185</td><td>769</td><td>769</td><td>-</td><td>12,416</td><td>-</td></tr><tr><td colspan="9">Fiscal years:</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>1946</td><td>2,465</td><td>*</td><td>2,465</td><td>348</td><td>348</td><td>-</td><td>12,416</td><td>-</td></tr><tr><td colspan="9">Calendar years:</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>1,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>*</td><td>2,640</td><td>89</td><td>89</td><td>-</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>*</td><td>2,891</td><td>181</td><td>181</td><td>-</td><td>8,931</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 colspan="9">Months:</td></tr><tr><td>1945-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>10,633</td><td>.19</td></tr><tr><td>October</td><td>107</td><td>*</td><td>107</td><td>23</td><td>23</td><td>-</td><td>10,717</td><td>.22</td></tr><tr><td>November</td><td>265</td><td>*</td><td>265</td><td>26</td><td>26</td><td>-</td><td>10,955</td><td>.24</td></tr><tr><td>December</td><td>262</td><td>*</td><td>262</td><td>31</td><td>31</td><td>-</td><td>11,186</td><td>.28</td></tr><tr><td>1946-January</td><td>278</td><td>*</td><td>278</td><td>33</td><td>33</td><td>-</td><td>11,432</td><td>.28</td></tr><tr><td>February</td><td>225</td><td>*</td><td>225</td><td>30</td><td>30</td><td>-</td><td>11,628</td><td>.26</td></tr><tr><td>March</td><td>228</td><td>*</td><td>228</td><td>37</td><td>37</td><td>-</td><td>11,818</td><td>.31</td></tr><tr><td>April</td><td>250</td><td>*</td><td>250</td><td>31</td><td>31</td><td>-</td><td>12,038</td><td>.26</td></tr><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><tr><td>June</td><td>226</td><td>*</td><td>226</td><td>36</td><td>36</td><td>-</td><td>12,416</td><td>.29</td></tr></table>
1/ Beginning October 1944 series E redemptions include unclassified redemptions which contain small amounts of series A-D.
Source: Daily Treasury Statement. n.a. Not available. r Revised. * Less than $500 thousand.
40
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 3.- Sales by Series, Classified by Denominations
<table><tr><th rowspan="2">Period</th><th colspan="9">Sales in millions of dollars at issue price</th><th colspan="5">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25 2/3</th><th>$50</th><th>$100</th><th>$200 3/3</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>Total all denominations</th><th>$10 1/2 and $25 2/3</th><th>$50</th><th>$100 and $200 3/3</th><th>$500 and $1,000</th><th>$10,000</th></tr><tr><td colspan="12">Series B</td></tr><tr><td>Total, inception through June 30, 1946.</td><td>42,113</td><td>133</td><td>13,796</td><td>5,713</td><td>8,660</td><td>197</td><td>5,182</td><td>8,432</td><td>......</td><td>......</td><td>100.0</td><td>33.0</td><td>13.6</td><td>21.1</td><td>32.3</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><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>......</td><td>14</td><td>13</td><td>41</td><td>......</td><td>41</td><td>93</td><td>......</td><td>......</td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>66.0</td><td>......</td></tr><tr><td>1942</td><td>3,526</td><td>......</td><td>616</td><td>342</td><td>813</td><td>......</td><td>637</td><td>1,119</td><td>......</td><td>......</td><td>100.0</td><td>17.5</td><td>9.7</td><td>23.0</td><td>49.8</td><td>......</td></tr><tr><td>1943</td><td>8,271</td><td>......</td><td>2,988</td><td>1,081</td><td>1,714</td><td>......</td><td>1,007</td><td>1,481</td><td>......</td><td>......</td><td>100.0</td><td>36.1</td><td>13.1</td><td>20.7</td><td>30.1</td><td>......</td></tr><tr><td>1944</td><td>11,820</td><td>......</td><td>4,149</td><td>1,642</td><td>2,584</td><td>......</td><td>1,397</td><td>2,048</td><td>......</td><td>......</td><td>100.0</td><td>35.1</td><td>13.9</td><td>21.9</td><td>29.1</td><td>......</td></tr><tr><td>1945</td><td>11,553</td><td>69</td><td>3,928</td><td>1,725</td><td>2,406</td><td>......</td><td>1,326</td><td>2,100</td><td>......</td><td>......</td><td>100.0</td><td>34.6</td><td>14.9</td><td>20.8</td><td>29.7</td><td>......</td></tr><tr><td>1946</td><td>6,739</td><td>64</td><td>2,101</td><td>910</td><td>1,102</td><td>197</td><td>774</td><td>1,591</td><td>......</td><td>......</td><td>100.0</td><td>32.1</td><td>13.5</td><td>19.3</td><td>35.1</td><td>......</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td>......</td><td>114</td><td>93</td><td>258</td><td>......</td><td>229</td><td>450</td><td>......</td><td>......</td><td>100.0</td><td>10.0</td><td>8.1</td><td>22.6</td><td>59.3</td><td>......</td></tr><tr><td>1942</td><td>5,989</td><td>......</td><td>1,769</td><td>712</td><td>1,318</td><td>......</td><td>856</td><td>1,313</td><td>......</td><td>......</td><td>100.0</td><td>29.5</td><td>11.9</td><td>22.4</td><td>36.2</td><td>......</td></tr><tr><td>1943</td><td>10,344</td><td>......</td><td>3,719</td><td>1,390</td><td>2,169</td><td>......</td><td>1,253</td><td>1,815</td><td>......</td><td>......</td><td>100.0</td><td>36.0</td><td>13.4</td><td>21.0</td><td>29.6</td><td>......</td></tr><tr><td>1944</td><td>12,380</td><td>27</td><td>4,241</td><td>1,797</td><td>2,706</td><td>......</td><td>1,446</td><td>2,163</td><td>......</td><td>......</td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td><td>......</td></tr><tr><td>1945</td><td>9,822</td><td>85</td><td>3,243</td><td>1,416</td><td>1,842</td><td>115</td><td>1,119</td><td>2,002</td><td>......</td><td>......</td><td>100.0</td><td>33.9</td><td>14.4</td><td>19.9</td><td>31.8</td><td>......</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td><td></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-June</td><td>1,468</td><td>9</td><td>358</td><td>179</td><td>318</td><td>......</td><td>227</td><td>376</td><td>......</td><td>......</td><td>100.0</td><td>25.0</td><td>12.2</td><td>21.7</td><td>41.1</td><td>......</td></tr><tr><td>July</td><td>1,032</td><td>8</td><td>323</td><td>146</td><td>205</td><td>......</td><td>128</td><td>222</td><td>......</td><td>......</td><td>100.0</td><td>32.1</td><td>14.1</td><td>19.9</td><td>33.9</td><td>......</td></tr><tr><td>Aug</td><td>571</td><td>8</td><td>234</td><td>96</td><td>104</td><td>......</td><td>47</td><td>82</td><td>......</td><td>......</td><td>100.0</td><td>42.3</td><td>16.8</td><td>18.2</td><td>22.7</td><td>......</td></tr><tr><td>Sept.</td><td>420</td><td>9</td><td>183</td><td>76</td><td>74</td><td>......</td><td>30</td><td>49</td><td>......</td><td>......</td><td>100.0</td><td>45.6</td><td>18.1</td><td>17.5</td><td>18.8</td><td>......</td></tr><tr><td>Oct.</td><td>510</td><td>7</td><td>214</td><td>87</td><td>91</td><td>......</td><td>41</td><td>70</td><td>......</td><td>......</td><td>100.0</td><td>43.2</td><td>17.0</td><td>18.0</td><td>21.8</td><td>......</td></tr><tr><td>Nov.</td><td>865</td><td>6</td><td>210</td><td>94</td><td>139</td><td>55</td><td>124</td><td>238</td><td>......</td><td>......</td><td>100.0</td><td>25.0</td><td>10.9</td><td>22.3</td><td>41.8</td><td>......</td></tr><tr><td>Dec.</td><td>908</td><td>5</td><td>228</td><td>107</td><td>143</td><td>60</td><td>126</td><td>240</td><td>......</td><td>......</td><td>100.0</td><td>25.6</td><td>11.8</td><td>22.3</td><td>40.3</td><td>......</td></tr><tr><td>1946-Jan.</td><td>641</td><td>5</td><td>168</td><td>73</td><td>93</td><td>28</td><td>80</td><td>194</td><td>......</td><td>......</td><td>100.0</td><td>27.0</td><td>11.4</td><td>18.9</td><td>42.7</td><td>......</td></tr><tr><td>Feb.</td><td>367</td><td>4</td><td>120</td><td>51</td><td>51</td><td>11</td><td>37</td><td>93</td><td>......</td><td>......</td><td>100.0</td><td>33.8</td><td>13.9</td><td>16.8</td><td>35.5</td><td>......</td></tr><tr><td>Mar.</td><td>371</td><td>4</td><td>117</td><td>49</td><td>54</td><td>11</td><td>39</td><td>98</td><td>......</td><td>......</td><td>100.0</td><td>32.5</td><td>13.1</td><td>17.7</td><td>36.7</td><td>......</td></tr><tr><td>Apr.</td><td>388</td><td>4</td><td>117</td><td>53</td><td>56</td><td>12</td><td>42</td><td>105</td><td>......</td><td>......</td><td>100.0</td><td>31.1</td><td>13.7</td><td>17.4</td><td>37.8</td><td>......</td></tr><tr><td>May</td><td>345</td><td>2</td><td>100</td><td>42</td><td>46</td><td>10</td><td>41</td><td>101</td><td>......</td><td>......</td><td>100.0</td><td>29.7</td><td>12.3</td><td>16.2</td><td>41.2</td><td>......</td></tr><tr><td>June</td><td>321</td><td>2</td><td>87</td><td>36</td><td>46</td><td>8</td><td>41</td><td>100</td><td>......</td><td>......</td><td>100.0</td><td>28.0</td><td>11.3</td><td>16.9</td><td>43.8</td><td>......</td></tr><tr><td colspan="12">Series Y and O</td></tr><tr><td>Total, inception through June 30, 1946.</td><td>16,334</td><td>......</td><td>19</td><td>......</td><td>486</td><td>......</td><td>1,107</td><td>4,877</td><td>3,112</td><td>6,733</td><td>100.0</td><td>.1</td><td>......</td><td>3.0</td><td>36.6</td><td>60.3</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>1</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>.1</td><td>......</td><td>3.0</td><td>35.4</td><td>61.5</td></tr><tr><td>1944</td><td>3,678</td><td>......</td><td>6</td><td>......</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>.2</td><td>......</td><td>3.6</td><td>39.3</td><td>56.9</td></tr><tr><td>1945</td><td>3,337</td><td>......</td><td>5</td><td>......</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>.2</td><td>......</td><td>3.3</td><td>31.9</td><td>58.6</td></tr><tr><td>1946</td><td>2,873</td><td>......</td><td>2</td><td>......</td><td>61</td><td>......</td><td>179</td><td>896</td><td>555</td><td>1,179</td><td>100.0</td><td>.1</td><td>......</td><td>2.1</td><td>37.4</td><td>60.4</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,393</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>.1</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>.2</td><td>......</td><td>3.6</td><td>38.5</td><td>57.7</td></tr><tr><td>1945</td><td>3,115</td><td>......</td><td>4</td><td>......</td><td>84</td><td>......</td><td>215</td><td>933</td><td>537</td><td>1,342</td><td>100.0</td><td>.1</td><td>......</td><td>2.7</td><td>36.8</td><td>60.4</td></tr><tr><td>Month:</td><td></td><td></td><td></td><td></td><td></td><td></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-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>424</td><td>100.0</td><td>.1</td><td>......</td><td>2.1</td><td>25.2</td><td>72.6</td></tr><tr><td>July</td><td>263</td><td>......</td><td>......</td><td>......</td><td>8</td><td>......</td><td>21</td><td>89</td><td>50</td><td>94</td><td>100.0</td><td>.2</td><td>......</td><td>3.0</td><td>42.0</td><td>54.8</td></tr><tr><td>Aug</td><td>128</td><td>......</td><td>......</td><td>......</td><td>4</td><td>......</td><td>11</td><td>49</td><td>26</td><td>39</td><td>100.0</td><td>.1</td><td>......</td><td>3.2</td><td>46.4</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>.2</td><td>......</td><td>3.6</td><td>48.2</td><td>48.2</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>.1</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>.1</td><td>......</td><td>3.2</td><td>47.8</td><td>48.9</td></tr><tr><td>Dec.</td><td>345</td><td>......</td><td>......</td><td>......</td><td>8</td><td>......</td><td>22</td><td>103</td><td>62</td><td>148</td><td>100.0</td><td>.1</td><td>......</td><td>2.5</td><td>36.4</td><td>61.0</td></tr><tr><td>1946-Jan.</td><td>319</td><td>......</td><td>......</td><td>......</td><td>5</td><td>......</td><td>16</td><td>86</td><td>52</td><td>159</td><td>100.0</td><td>.1</td><td>......</td><td>1.6</td><td>32.0</td><td>66.3</td></tr><tr><td>Feb.</td><td>255</td><td>......</td><td>......</td><td>......</td><td>4</td><td>......</td><td>11</td><td>63</td><td>43</td><td>135</td><td>100.0</td><td>......</td><td>......</td><td>1.4</td><td>29.2</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><tr><td>June</td><td>250</td><td>......</td><td>......</td><td>......</td><td>3</td><td>......</td><td>12</td><td>72</td><td>54</td><td>108</td><td>100.0</td><td>......</td><td>......</td><td>1.4</td><td>33.7</td><td>64.9</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
* Less than $500 thousand or less than .05 percent.
1/ Sale of $10 denomination Series X bonds was authorised beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series P bonds was authorised in December 1941. 3/ Sale of $200 denomination Series E bonds began in October 1945.
August 1946
41
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Number of Pieces Sold, Classified by Denominations
<table><tr><th rowspan="2">Period</th><th rowspan="2">Total all denominations</th><th colspan="8">Denominations (Thousands of pieces sold)</th></tr><tr><th>$10 1/2</th><th>$25 2/3</th><th>$50</th><th>$100</th><th>$200 3/3</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="11">Series I</td></tr><tr><td>Total, inception through June 30, 1946</td><td>1,047,722</td><td>17,728</td><td>735,804</td><td>752,358</td><td>115,462</td><td>1,311</td><td>13,818</td><td>11,243</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>10,837</td><td></td><td>1,698</td><td>1,493</td><td></td><td></td></tr><tr><td>1943</td><td>215,709</td><td></td><td>159,369</td><td>28,828</td><td>22,851</td><td></td><td>2,686</td><td>1,975</td><td></td><td></td></tr><tr><td>1944</td><td>305,985</td><td></td><td>221,284</td><td>43,800</td><td>34,447</td><td></td><td>3,725</td><td>2,730</td><td></td><td></td></tr><tr><td>1945</td><td>303,116</td><td>9,223</td><td>209,480</td><td>45,995</td><td>32,083</td><td></td><td>3,535</td><td>2,800</td><td></td><td></td></tr><tr><td>1946</td><td>165,039</td><td>5,505</td><td>112,071</td><td>24,274</td><td>14,693</td><td>1,311</td><td>2,065</td><td>2,121</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>2,435</td><td>3,446</td><td></td><td>612</td><td>600</td><td></td><td></td></tr><tr><td>1942</td><td>135,227</td><td></td><td>94,354</td><td>18,999</td><td>17,842</td><td></td><td>2,282</td><td>1,751</td><td></td><td></td></tr><tr><td>1943</td><td>270,068</td><td></td><td>198,333</td><td>37,060</td><td>28,915</td><td></td><td>3,340</td><td>2,420</td><td></td><td></td></tr><tr><td>1944</td><td>320,527</td><td>3,582</td><td>226,213</td><td>47,915</td><td>36,077</td><td></td><td>3,856</td><td>2,884</td><td></td><td></td></tr><tr><td>1945</td><td>253,078</td><td>11,381</td><td>172,948</td><td>37,773</td><td>24,554</td><td>769</td><td>2,984</td><td>2,669</td><td></td><td></td></tr><tr><td>Montie:</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-June</td><td>30,413</td><td>1,191</td><td>19,108</td><td>4,768</td><td>4,238</td><td></td><td>606</td><td>502</td><td></td><td></td></tr><tr><td>July</td><td>25,582</td><td>1,116</td><td>17,209</td><td>3,886</td><td>2,734</td><td></td><td>341</td><td>296</td><td></td><td></td></tr><tr><td>August</td><td>17,748</td><td>1,103</td><td>12,460</td><td>2,566</td><td>1,383</td><td></td><td>126</td><td>109</td><td></td><td></td></tr><tr><td>September</td><td>14,088</td><td>1,187</td><td>9,748</td><td>2,028</td><td>981</td><td></td><td>79</td><td>66</td><td></td><td></td></tr><tr><td>October</td><td>16,040</td><td>904</td><td>11,404</td><td>2,313</td><td>1,214</td><td>2</td><td>109</td><td>94</td><td></td><td></td></tr><tr><td>November</td><td>17,364</td><td>785</td><td>11,207</td><td>2,511</td><td>1,849</td><td>365</td><td>330</td><td>317</td><td></td><td></td></tr><tr><td>December</td><td>18,613</td><td>645</td><td>12,164</td><td>2,845</td><td>1,902</td><td>401</td><td>335</td><td>320</td><td></td><td></td></tr><tr><td>1946-January</td><td>13,452</td><td>620</td><td>8,985</td><td>1,947</td><td>1,240</td><td>189</td><td>212</td><td>259</td><td></td><td></td></tr><tr><td>February</td><td>9,255</td><td>516</td><td>6,404</td><td>1,365</td><td>674</td><td>74</td><td>99</td><td>124</td><td></td><td></td></tr><tr><td>March</td><td>9,081</td><td>509</td><td>6,246</td><td>1,294</td><td>723</td><td>77</td><td>103</td><td>130</td><td></td><td></td></tr><tr><td>April</td><td>9,238</td><td>523</td><td>6,222</td><td>1,421</td><td>743</td><td>78</td><td>111</td><td>140</td><td></td><td></td></tr><tr><td>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>June</td><td>6,848</td><td>299</td><td>4,666</td><td>971</td><td>613</td><td>56</td><td>109</td><td>133</td><td></td><td></td></tr><tr><td colspan="11">Series Y and O</td></tr><tr><td>Total, inception through June 30, 1946</td><td>15,103</td><td></td><td>1,008</td><td></td><td>5,211</td><td></td><td>2,327</td><td>5,168</td><td>667</td><td>723</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>216</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>303</td><td></td><td>1,149</td><td></td><td>487</td><td>1,090</td><td>151</td><td>157</td></tr><tr><td>1944</td><td>3,859</td><td></td><td>291</td><td></td><td>1,425</td><td></td><td>610</td><td>1,231</td><td>148</td><td>153</td></tr><tr><td>1945</td><td>3,326</td><td></td><td>125</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>1946</td><td>2,314</td><td></td><td></td><td></td><td>647</td><td></td><td>369</td><td>931</td><td>116</td><td>125</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>270</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>325</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>224</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></td><td></td><td>899</td><td></td><td>447</td><td>978</td><td>115</td><td>145</td></tr><tr><td>Montie:</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-June</td><td>492</td><td></td><td>42</td><td></td><td>158</td><td></td><td>75</td><td>152</td><td>20</td><td>47</td></tr><tr><td>July</td><td>263</td><td></td><td>21</td><td></td><td>84</td><td></td><td>44</td><td>94</td><td>11</td><td>10</td></tr><tr><td>August</td><td>136</td><td></td><td>10</td><td></td><td>43</td><td></td><td>22</td><td>51</td><td>5</td><td>4</td></tr><tr><td>September</td><td>112</td><td></td><td>12</td><td></td><td>36</td><td></td><td>17</td><td>39</td><td>4</td><td>3</td></tr><tr><td>October</td><td>116</td><td></td><td>6</td><td></td><td>38</td><td></td><td>19</td><td>46</td><td>5</td><td>3</td></tr><tr><td>November</td><td>343</td><td></td><td>21</td><td></td><td>109</td><td></td><td>58</td><td>132</td><td>15</td><td>9</td></tr><tr><td>December</td><td>298</td><td></td><td>22</td><td></td><td>90</td><td></td><td>47</td><td>109</td><td>13</td><td>17</td></tr><tr><td>1946-January</td><td>215</td><td></td><td>10</td><td></td><td>55</td><td></td><td>33</td><td>89</td><td>11</td><td>17</td></tr><tr><td>February</td><td>155</td><td></td><td>5</td><td></td><td>38</td><td></td><td>23</td><td>65</td><td>9</td><td>14</td></tr><tr><td>March</td><td>164</td><td></td><td>5</td><td></td><td>38</td><td></td><td>26</td><td>74</td><td>10</td><td>12</td></tr><tr><td>April</td><td>184</td><td></td><td>5</td><td></td><td>42</td><td></td><td>29</td><td>83</td><td>12</td><td>13</td></tr><tr><td>May</td><td>170</td><td></td><td>3</td><td></td><td>40</td><td></td><td>26</td><td>77</td><td>11</td><td>11</td></tr><tr><td>June</td><td>160</td><td></td><td></td><td></td><td>36</td><td></td><td>25</td><td>74</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 location through June 30, 1945</th><th colspan="6">1945</th><th colspan="7">1946</th></tr><tr><th></th><th></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><th>June</th></tr><tr><td>Alabama</td><td>503,933</td><td>17,238</td><td>16,474</td><td>7,821</td><td>5,763</td><td>4,574</td><td>12,029</td><td>15,701</td><td>10,848</td><td>3,644</td><td>3,658</td><td>3,586</td><td>3,327</td><td>3,558</td></tr><tr><td>Arizona</td><td>151,433</td><td>5,921</td><td>4,483</td><td>2,045</td><td>1,653</td><td>1,297</td><td>3,314</td><td>4,924</td><td>2,661</td><td>1,215</td><td>1,239</td><td>1,227</td><td>1,006</td><td>1,323</td></tr><tr><td>Arkansas</td><td>270,046</td><td>11,444</td><td>7,524</td><td>3,555</td><td>2,507</td><td>2,373</td><td>5,827</td><td>6,517</td><td>4,910</td><td>2,228</td><td>2,351</td><td>2,291</td><td>2,015</td><td>2,197</td></tr><tr><td>California</td><td>3,400,687</td><td>125,414</td><td>100,749</td><td>47,030</td><td>33,692</td><td>37,439</td><td>60,472</td><td>73,966</td><td>54,984</td><td>28,180</td><td>29,627</td><td>28,750</td><td>25,199</td><td>28,494</td></tr><tr><td>Colorado</td><td>320,146</td><td>11,527</td><td>8,612</td><td>5,423</td><td>3,478</td><td>3,240</td><td>8,572</td><td>7,535</td><td>5,797</td><td>2,738</td><td>3,487</td><td>3,361</td><td>2,958</td><td>3,331</td></tr><tr><td>Connecticut</td><td>791,952</td><td>24,653</td><td>20,169</td><td>11,586</td><td>7,775</td><td>6,304</td><td>13,624</td><td>13,812</td><td>8,911</td><td>5,356</td><td>5,951</td><td>5,654</td><td>5,089</td><td>5,059</td></tr><tr><td>Delaware</td><td>101,020</td><td>3,241</td><td>2,639</td><td>1,658</td><td>1,328</td><td>1,057</td><td>1,932</td><td>1,996</td><td>1,938</td><td>751</td><td>1,019</td><td>710</td><td>835</td><td>961</td></tr><tr><td>Diet. of Columbia</td><td>510,735</td><td>17,092</td><td>15,085</td><td>8,388</td><td>6,658</td><td>5,610</td><td>13,856</td><td>12,747</td><td>8,192</td><td>6,395</td><td>8,693</td><td>11,884</td><td>7,994</td><td>10,071</td></tr><tr><td>Florida</td><td>519,608</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><td>4,856</td></tr><tr><td>Georgia</td><td>527,117</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><td>3,949</td></tr><tr><td>Idaho</td><td>116,583</td><td>5,852</td><td>3,453</td><td>1,215</td><td>865</td><td>1,089</td><td>3,309</td><td>5,035</td><td>1,404</td><td>842</td><td>875</td><td>666</td><td>868</td><td>921</td></tr><tr><td>Illinois</td><td>3,012,433</td><td>106,406</td><td>79,403</td><td>45,962</td><td>36,154</td><td>35,617</td><td>58,518</td><td>68,804</td><td>58,136</td><td>33,920</td><td>34,573</td><td>33,329</td><td>29,463</td><td>29,096</td></tr><tr><td>Indiana</td><td>1,111,666</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><td>9,313</td></tr><tr><td>Iowa</td><td>923,787</td><td>40,277</td><td>22,438</td><td>8,561</td><td>6,883</td><td>6,591</td><td>27,024</td><td>28,979</td><td>16,828</td><td>7,784</td><td>10,231</td><td>9,750</td><td>8,803</td><td>9,222</td></tr><tr><td>Kansas</td><td>574,433</td><td>23,487</td><td>13,815</td><td>8,463</td><td>5,150</td><td>4,751</td><td>15,630</td><td>14,678</td><td>9,854</td><td>7,707</td><td>9,585</td><td>5,477</td><td>4,737</td><td>4,845</td></tr><tr><td>Kentucky</td><td>449,210</td><td>17,272</td><td>13,443</td><td>5,709</td><td>4,091</td><td>4,263</td><td>7,338</td><td>9,005</td><td>9,642</td><td>4,492</td><td>4,851</td><td>4,095</td><td>3,782</td><td>4,518</td></tr><tr><td>Louisiana</td><td>480,903</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><td>4,117</td></tr><tr><td>Maine</td><td>190,785</td><td>6,756</td><td>5,103</td><td>2,330</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><td>1,552</td></tr><tr><td>Maryland</td><td>561,918</td><td>18,138</td><td>14,553</td><td>8,886</td><td>6,544</td><td>6,117</td><td>9,550</td><td>9,978</td><td>13,979</td><td>4,714</td><td>4,491</td><td>5,012</td><td>4,267</td><td>4,482</td></tr><tr><td>Massachusetts</td><td>1,425,751</td><td>48,310</td><td>37,745</td><td>18,382</td><td>16,795</td><td>16,489</td><td>25,860</td><td>27,840</td><td>26,731</td><td>12,878</td><td>13,358</td><td>11,123</td><td>11,478</td><td>12,095</td></tr><tr><td>Michigan</td><td>2,272,882</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><td>14,561</td></tr><tr><td>Minnesota</td><td>873,069</td><td>35,553</td><td>19,831</td><td>10,201</td><td>7,405</td><td>7,003</td><td>23,154</td><td>22,623</td><td>12,578</td><td>7,235</td><td>7,721</td><td>7,504</td><td>7,125</td><td>7,343</td></tr><tr><td>Mississippi</td><td>293,496</td><td>10,447</td><td>7,388</td><td>2,768</td><td>2,573</td><td>1,993</td><td>9,513</td><td>7,196</td><td>4,820</td><td>2,150</td><td>2,401</td><td>2,351</td><td>2,090</td><td>1,926</td></tr><tr><td>Missouri</td><td>1,032,102</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><td>10,041</td></tr><tr><td>Montana</td><td>198,170</td><td>7,927</td><td>3,194</td><td>1,922</td><td>1,613</td><td>2,445</td><td>8,200</td><td>3,800</td><td>3,268</td><td>1,716</td><td>1,728</td><td>1,733</td><td>1,577</td><td>1,588</td></tr><tr><td>Nebraska</td><td>443,851</td><td>20,484</td><td>12,803</td><td>5,569</td><td>4,104</td><td>3,774</td><td>13,282</td><td>13,327</td><td>8,113</td><td>4,415</td><td>6,463</td><td>6,973</td><td>5,557</td><td>4,608</td></tr><tr><td>Nevada</td><td>51,659</td><td>2,080</td><td>1,510</td><td>753</td><td>511</td><td>619</td><td>1,153</td><td>1,098</td><td>796</td><td>383</td><td>332</td><td>345</td><td>395</td><td>404</td></tr><tr><td>New Hampshire</td><td>122,470</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>963</td><td>1,132</td></tr><tr><td>New Jersey</td><td>1,551,697</td><td>49,078</td><td>41,442</td><td>23,127</td><td>16,885</td><td>14,676</td><td>27,599</td><td>31,167</td><td>22,087</td><td>12,635</td><td>13,943</td><td>12,377</td><td>11,771</td><td>12,983</td></tr><tr><td>New Mexico</td><td>98,020</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><td>785</td></tr><tr><td>New York</td><td>5,128,422</td><td>161,305</td><td>150,744</td><td>68,497</td><td>51,310</td><td>48,303</td><td>103,378</td><td>132,671</td><td>76,489</td><td>45,439</td><td>46,233</td><td>43,972</td><td>40,701</td><td>41,369</td></tr><tr><td>North Carolina</td><td>556,116</td><td>19,357</td><td>15,624</td><td>7,126</td><td>5,571</td><td>5,244</td><td>12,565</td><td>15,838</td><td>9,046</td><td>4,784</td><td>5,476</td><td>5,101</td><td>4,338</td><td>4,894</td></tr><tr><td>North Dakota</td><td>198,812</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><td>1,785</td></tr><tr><td>Ohio</td><td>2,546,935</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><td>23,224</td></tr><tr><td>Oklahoma</td><td>482,156</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><td>4,345</td></tr><tr><td>Oregon</td><td>542,954</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><td>3,275</td></tr><tr><td>Pennsylvania</td><td>3,167,325</td><td>102,456</td><td>85,444</td><td>47,665</td><td>35,959</td><td>38,242</td><td>58,341</td><td>69,156</td><td>53,564</td><td>28,681</td><td>30,314</td><td>29,703</td><td>27,446</td><td>28,391</td></tr><tr><td>Rhode Island</td><td>239,427</td><td>8,172</td><td>6,961</td><td>2,703</td><td>1,798</td><td>2,262</td><td>3,826</td><td>4,874</td><td>4,626</td><td>1,841</td><td>1,901</td><td>1,497</td><td>1,793</td><td>1,890</td></tr><tr><td>South Carolina</td><td>277,228</td><td>9,602</td><td>8,229</td><td>3,959</td><td>3,045</td><td>3,601</td><td>5,895</td><td>5,249</td><td>6,181</td><td>2,331</td><td>2,378</td><td>2,514</td><td>2,098</td><td>2,553</td></tr><tr><td>South Dakota</td><td>184,066</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><td>2,534</td></tr><tr><td>Tennessee</td><td>519,481</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><td>3,941</td></tr><tr><td>Texas</td><td>1,685,271</td><td>62,828</td><td>48,290</td><td>22,475</td><td>18,074</td><td>16,662</td><td>33,377</td><td>35,043</td><td>34,145</td><td>13,332</td><td>13,394</td><td>12,709</td><td>12,379</td><td>12,476</td></tr><tr><td>Utah</td><td>188,453</td><td>9,050</td><td>5,186</td><td>2,439</td><td>2,342</td><td>2,122</td><td>5,098</td><td>5,812</td><td>3,044</td><td>1,709</td><td>1,436</td><td>1,863</td><td>1,284</td><td>1,754</td></tr><tr><td>Vermont</td><td>69,724</td><td>2,444</td><td>2,015</td><td>914</td><td>584</td><td>534</td><td>1,397</td><td>1,603</td><td>1,101</td><td>566</td><td>606</td><td>445</td><td>536</td><td>491</td></tr><tr><td>Virginia</td><td>731,113</td><td>26,040</td><td>25,060</td><td>9,973</td><td>6,998</td><td>9,537</td><td>16,980</td><td>17,871</td><td>14,656</td><td>6,283</td><td>6,717</td><td>7,303</td><td>6,364</td><td>6,561</td></tr><tr><td>Washington</td><td>863,157</td><td>29,333</td><td>26,083</td><td>11,345</td><td>8,276</td><td>9,656</td><td>17,660</td><td>16,790</td><td>12,350</td><td>6,657</td><td>5,850</td><td>6,222</td><td>5,727</td><td>6,089</td></tr><tr><td>West Virginia</td><td>348,436</td><td>10,951</td><td>10,625</td><td>6,164</td><td>4,442</td><td>4,459</td><td>7,098</td><td>8,063</td><td>7,495</td><td>3,963</td><td>3,843</td><td>4,153</td><td>3,075</td><td>3,544</td></tr><tr><td>Wisconsin</td><td>921,436</td><td>36,765</td><td>24,705</td><td>12,915</td><td>9,770</td><td>8,620</td><td>20,263</td><td>22,678</td><td>15,426</td><td>8,159</td><td>8,531</td><td>8,624</td><td>7,636</td><td>8,554</td></tr><tr><td>Wyoming</td><td>84,855</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><td>713</td></tr><tr><td>Alaska</td><td>28,129</td><td>888</td><td>1,448</td><td>549</td><td>313</td><td>302</td><td>642</td><td>505</td><td>422</td><td>141</td><td>144</td><td>212</td><td>178</td><td>278</td></tr><tr><td>Canal Zone</td><td>25,564</td><td>557</td><td>2,133</td><td>560</td><td>448</td><td>472</td><td>425</td><td>992</td><td>500</td><td>299</td><td>257</td><td>246</td><td>258</td><td>211</td></tr><tr><td>Hawaii</td><td>246,749</td><td>8,605</td><td>8,671</td><td>5,411</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>1,363</td><td>1,383</td><td>1,073</
Source: Daily Treasury Statement and reports of Federal Reserve Banks.
p Preliminary
August 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 interception through June 30, 1946</th><th colspan="7">1945</th><th colspan="7">1946</th></tr><tr><th></th><th></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><th>June p</th></tr><tr><td>Alabama</td><td>123,461</td><td>2,673</td><td>2,105</td><td>1,200</td><td>612</td><td>736</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><td>2,191</td></tr><tr><td>Arizona</td><td>77,565</td><td>1,647</td><td>597</td><td>296</td><td>260</td><td>302</td><td>802</td><td>1,101</td><td>633</td><td>441</td><td>409</td><td>411</td><td>417</td><td>1,355</td></tr><tr><td>Arkansas</td><td>75,300</td><td>2,282</td><td>813</td><td>481</td><td>421</td><td>401</td><td>1,624</td><td>893</td><td>1,822</td><td>760</td><td>1,098</td><td>945</td><td>860</td><td>1,355</td></tr><tr><td>California</td><td>1,050,459</td><td>29,362</td><td>22,126</td><td>11,357</td><td>7,317</td><td>8,089</td><td>21,377</td><td>20,391</td><td>18,347</td><td>16,232</td><td>16,509</td><td>16,722</td><td>15,501</td><td>15,080</td></tr><tr><td>Colorado</td><td>131,370</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>1,975</td><td>2,961</td></tr><tr><td>Connecticut</td><td>329,236</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>4,492</td><td>3,825</td></tr><tr><td>Delaware</td><td>61,668</td><td>1,492</td><td>1,256</td><td>404</td><td>608</td><td>746</td><td>1,527</td><td>1,778</td><td>2,222</td><td>1,148</td><td>1,607</td><td>1,006</td><td>931</td><td>1,180</td></tr><tr><td>Dist. of Columbia</td><td>139,297</td><td>3,377</td><td>1,712</td><td>1,319</td><td>523</td><td>1,433</td><td>2,582</td><td>2,253</td><td>2,331</td><td>1,225</td><td>2,442</td><td>2,208</td><td>1,906</td><td>2,596</td></tr><tr><td>Florida</td><td>174,946</td><td>3,948</td><td>2,996</td><td>1,895</td><td>1,201</td><td>1,361</td><td>3,314</td><td>3,216</td><td>3,511</td><td>2,871</td><td>3,158</td><td>3,900</td><td>3,762</td><td>3,244</td></tr><tr><td>Georgia</td><td>157,841</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><td>2,559</td></tr><tr><td>Iowa</td><td>36,069</td><td>997</td><td>410</td><td>206</td><td>135</td><td>239</td><td>779</td><td>557</td><td>586</td><td>265</td><td>705</td><td>859</td><td>752</td><td>629</td></tr><tr><td>Illinois</td><td>1,232,857</td><td>32,736</td><td>15,710</td><td>12,705</td><td>8,254</td><td>9,409</td><td>25,384</td><td>18,810</td><td>31,088</td><td>19,851</td><td>22,613</td><td>20,078</td><td>18,789</td><td>24,266</td></tr><tr><td>Indiana</td><td>361,473</td><td>11,518</td><td>6,365</td><td>3,465</td><td>2,928</td><td>3,191</td><td>9,168</td><td>6,728</td><td>8,213</td><td>5,378</td><td>7,086</td><td>6,030</td><td>5,741</td><td>8,839</td></tr><tr><td>Idaho</td><td>367,063</td><td>9,342</td><td>5,126</td><td>3,433</td><td>2,239</td><td>2,320</td><td>11,780</td><td>7,608</td><td>7,859</td><td>5,734</td><td>8,937</td><td>7,158</td><td>7,031</td><td>7,135</td></tr><tr><td>Kansas</td><td>178,079</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><td>3,673</td></tr><tr><td>Kentucky</td><td>195,868</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><td>5,281</td></tr><tr><td>Louisiana</td><td>166,271</td><td>3,952</td><td>3,303</td><td>1,133</td><td>1,042</td><td>1,139</td><td>3,186</td><td>2,959</td><td>2,158</td><td>1,981</td><td>2,635</td><td>2,083</td><td>2,048</td><td>2,791</td></tr><tr><td>Malone</td><td>99,211</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><td>1,527</td></tr><tr><td>Maryland</td><td>240,361</td><td>6,262</td><td>3,272</td><td>2,522</td><td>1,516</td><td>1,584</td><td>3,879</td><td>3,141</td><td>4,286</td><td>3,409</td><td>4,680</td><td>4,716</td><td>4,370</td><td>5,173</td></tr><tr><td>Massachusetts</td><td>806,368</td><td>18,313</td><td>12,646</td><td>6,698</td><td>4,566</td><td>6,690</td><td>14,980</td><td>12,420</td><td>19,876</td><td>17,079</td><td>17,912</td><td>20,792</td><td>20,107</td><td>11,425</td></tr><tr><td>Michigan</td><td>472,282</td><td>14,163</td><td>9,369</td><td>5,169</td><td>3,360</td><td>3,172</td><td>10,835</td><td>12,288</td><td>9,193</td><td>6,733</td><td>5,988</td><td>6,461</td><td>6,481</td><td>9,400</td></tr><tr><td>Minnesota</td><td>317,608</td><td>1,750</td><td>4,972</td><td>2,423</td><td>1,881</td><td>1,958</td><td>8,055</td><td>5,711</td><td>6,612</td><td>5,371</td><td>5,974</td><td>5,574</td><td>5,200</td><td>6,795</td></tr><tr><td>Mississippi</td><td>85,186</td><td>1,665</td><td>841</td><td>656</td><td>386</td><td>497</td><td>1,844</td><td>1,650</td><td>1,342</td><td>1,100</td><td>1,083</td><td>1,158</td><td>1,360</td><td>1,226</td></tr><tr><td>Missouri</td><td>432,014</td><td>10,742</td><td>5,463</td><td>3,904</td><td>3,121</td><td>4,490</td><td>10,305</td><td>7,080</td><td>9,615</td><td>6,805</td><td>7,301</td><td>7,711</td><td>7,469</td><td>10,752</td></tr><tr><td>Montana</td><td>52,008</td><td>1,590</td><td>878</td><td>343</td><td>441</td><td>501</td><td>1,800</td><td>900</td><td>937</td><td>580</td><td>1,011</td><td>936</td><td>587</td><td>706</td></tr><tr><td>Nebraska</td><td>158,461</td><td>5,759</td><td>2,274</td><td>1,596</td><td>1,110</td><td>1,109</td><td>5,067</td><td>4,021</td><td>3,594</td><td>2,900</td><td>4,424</td><td>3,442</td><td>3,440</td><td>2,747</td></tr><tr><td>Nevada</td><td>16,359</td><td>414</td><td>270</td><td>84</td><td>44</td><td>82</td><td>374</td><td>212</td><td>264</td><td>76</td><td>202</td><td>316</td><td>192</td><td>268</td></tr><tr><td>New Hampshire</td><td>68,069</td><td>1,744</td><td>1,157</td><td>623</td><td>329</td><td>409</td><td>1,376</td><td>824</td><td>1,298</td><td>1,643</td><td>1,570</td><td>1,231</td><td>1,305</td><td>759</td></tr><tr><td>New Jersey</td><td>516,825</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><td>9,146</td></tr><tr><td>New Mexico</td><td>31,915</td><td>477</td><td>287</td><td>188</td><td>117</td><td>44</td><td>992</td><td>657</td><td>199</td><td>201</td><td>285</td><td>300</td><td>202</td><td>560</td></tr><tr><td>New York</td><td>2,695,094</td><td>53,405</td><td>32,896</td><td>23,827</td><td>10,882</td><td>16,743</td><td>44,262</td><td>34,370</td><td>50,872</td><td>46,564</td><td>45,537</td><td>45,362</td><td>44,943</td><td>50,082</td></tr><tr><td>North Carolina</td><td>185,487</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><td>4,131</td></tr><tr><td>North Dakota</td><td>60,833</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><td>853</td></tr><tr><td>Ohio</td><td>885,955</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>17,772</td><td>15,584</td><td>20,095</td></tr><tr><td>Oklahoma</td><td>113,737</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>1,727</td><td>3,042</td></tr><tr><td>Oregon</td><td>132,182</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><td>1,668</td></tr><tr><td>Pennsylvania</td><td>1,307,785</td><td>31,252</td><td>16,352</td><td>10,381</td><td>7,332</td><td>8,769</td><td>24,029</td><td>20,108</td><td>20,886</td><td>19,454</td><td>25,584</td><td>27,459</td><td>35,803</td><td>27,321</td></tr><tr><td>Rhode Island</td><td>125,097</td><td>2,113</td><td>2,503</td><td>1,347</td><td>441</td><td>960</td><td>1,927</td><td>1,573</td><td>2,172</td><td>2,440</td><td>2,057</td><td>2,322</td><td>2,148</td><td>2,727</td></tr><tr><td>South Carolina</td><td>87,450</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><td>1,722</td></tr><tr><td>South Dakota</td><td>48,805</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><td>1,514</td></tr><tr><td>Tennessee</td><td>161,249</td><td>4,254</td><td>2,204</td><td>1,963</td><td>979</td><td>1,175</td><td>3,852</td><td>3,105</td><td>3,510</td><td>1,692</td><td>2,301</td><td>2,714</td><td>2,664</td><td>3,025</td></tr><tr><td>Texas</td><td>450,081</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><td>7,151</td></tr><tr><td>Utah</td><td>33,589</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><td>517</td></tr><tr><td>Vermont</td><td>36,759</td><td>954</td><td>925</td><td>268</td><td>249</td><td>189</td><td>807</td><td>493</td><td>990</td><td>540</td><td>561</td><td>508</td><td>786</td><td>457</td></tr><tr><td>Virginia</td><td>217,520</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><td>3,420</td></tr><tr><td>Washington</td><td>223,173</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><td>2,865</td></tr><tr><td>West Virginia</td><td>80,937</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><td>1,552</td></tr><tr><td>Wisconsin</td><td>399,079</td><td>13,616</td><td>5,851</td><td>3,872</td><td>2,957</td><td>2,638</td><td>10,717</td><td>8,610</td><td>9,203</td><td>5,962</td><td>8,125</td><td>7,656</td><td>7,003</td><td>8,535</td></tr><tr><td>Wyoming</td><td>26,178</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><td>385</td></tr><tr><td>Alaska</td><td>5,256</td><td>91</td><td>263</td><td>10</td><td>15</td><td>6</td><td>188</td><td>37</td><td>79</td><td>24</td><td>35</td><td>6</td><td>2</td><td>11</td></tr><tr><td>Canal Zone</td><td>6,135</td><td>110</td><td>382</td><td>38</td><td>22</td><td>26</td><td>99</td><td>51</td><td>122</td><td>13</td><td>53</td><td>6</td><td>8</td><td>9</td></tr><tr><td>Hawaii</td><td>51,558</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>422</td><td>555</td></tr><tr><td>Puerto Rico</td><td>13,468</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>76</td><td>28</td></tr><tr><td>Virgin Island</td><td>812</td><td>3</td><td>2</td><td>20</td><td>-</td><td>-</td><td>8</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Possession</td><td>903</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unallocated</td><td>11,632</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><td>8</td></tr><tr><td>Sales to commercial banks</td><td>895,480</td><td>327,591</td><td>22,585</td><td>-</td><td>-</td><td>-</
bonds 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 5, 1945 ("Treasury Bulletin" for February 1946, page 4-22.)
Source: Daily Treasury Statement and reports from Federal Reserve Banks. p Preliminary. Less than $500. 1/ State figures exclude sales of Series I and O bonds to commercial banks. Commercial banks were permitted to purchase Series I and O
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-June 1946</th><th colspan="6">1945</th><th colspan="7">1946</th></tr><tr><th></th><th></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><th>June</th></tr><tr><td>Alabama</td><td>131,659</td><td>5,017</td><td>5,423</td><td>8,568</td><td>7,964</td><td>7,975</td><td>6,991</td><td>7,354</td><td>7,892</td><td>8,532</td><td>7,927</td><td>7,163</td><td>6,316</td><td>5,368</td></tr><tr><td>Arizona</td><td>43,726</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>2,167</td><td>2,201</td></tr><tr><td>Arkansas</td><td>69,921</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><td>3,206</td></tr><tr><td>California</td><td>899,343</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><td>37,698</td></tr><tr><td>Colorado</td><td>77,695</td><td>2,783</td><td>2,990</td><td>3,327</td><td>4,230</td><td>4,854</td><td>3,987</td><td>4,128</td><td>5,316</td><td>4,880</td><td>5,532</td><td>5,137</td><td>4,596</td><td>4,357</td></tr><tr><td>Connecticut</td><td>152,329</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><td>7,335</td></tr><tr><td>Delaware</td><td>21,316</td><td>784</td><td>836</td><td>1,078</td><td>1,105</td><td>1,302</td><td>1,130</td><td>1,110</td><td>1,286</td><td>1,181</td><td>1,372</td><td>1,329</td><td>1,222</td><td>1,141</td></tr><tr><td>District of Columbia</td><td>105,234</td><td>4,331</td><td>4,050</td><td>4,891</td><td>5,051</td><td>5,953</td><td>5,741</td><td>6,118</td><td>6,301</td><td>5,413</td><td>7,377</td><td>5,368</td><td>5,647</td><td>6,475</td></tr><tr><td>Florida</td><td>150,231</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><td>7,115</td></tr><tr><td>Georgia</td><td>130,897</td><td>4,807</td><td>5,189</td><td>7,898</td><td>7,529</td><td>8,209</td><td>7,012</td><td>7,153</td><td>8,977</td><td>7,474</td><td>8,525</td><td>6,628</td><td>4,480</td><td>7,506</td></tr><tr><td>Idaho</td><td>27,517</td><td>907</td><td>978</td><td>1,404</td><td>1,440</td><td>1,481</td><td>1,309</td><td>1,580</td><td>1,776</td><td>1,871</td><td>2,083</td><td>2,021</td><td>1,867</td><td>1,594</td></tr><tr><td>Illinois</td><td>697,770</td><td>29,427</td><td>30,200</td><td>40,854</td><td>36,074</td><td>39,566</td><td>35,175</td><td>36,800</td><td>41,292</td><td>38,926</td><td>38,658</td><td>39,897</td><td>38,296</td><td>35,391</td></tr><tr><td>Indiana</td><td>295,737</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><td>12,653</td></tr><tr><td>Iowa</td><td>162,664</td><td>6,038</td><td>5,926</td><td>8,992</td><td>7,604</td><td>9,213</td><td>8,032</td><td>7,858</td><td>10,119</td><td>11,811</td><td>10,755</td><td>9,271</td><td>9,525</td><td>8,490</td></tr><tr><td>Kansas</td><td>108,920</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>6,685</td><td>6,619</td><td>6,078</td></tr><tr><td>Kentucky</td><td>116,367</td><td>4,446</td><td>4,887</td><td>7,207</td><td>6,967</td><td>7,557</td><td>6,399</td><td>6,376</td><td>6,721</td><td>6,314</td><td>7,028</td><td>6,499</td><td>5,335</td><td>5,372</td></tr><tr><td>Louisiana</td><td>115,367</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><td>5,298</td></tr><tr><td>Maine</td><td>36,939</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><td>1,892</td></tr><tr><td>Maryland</td><td>122,097</td><td>4,958</td><td>5,145</td><td>6,678</td><td>6,781</td><td>7,685</td><td>6,673</td><td>6,626</td><td>7,124</td><td>5,940</td><td>7,378</td><td>7,369</td><td>6,578</td><td>6,681</td></tr><tr><td>Massachusetts</td><td>270,705</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>14,557</td><td>12,597</td></tr><tr><td>Michigan</td><td>620,332</td><td>28,377</td><td>30,600</td><td>37,242</td><td>38,143</td><td>33,979</td><td>29,566</td><td>34,000</td><td>32,316</td><td>30,106</td><td>32,634</td><td>31,513</td><td>27,307</td><td>27,839</td></tr><tr><td>Minnesota</td><td>182,961</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><td>10,272</td></tr><tr><td>Mississippi</td><td>59,391</td><td>2,028</td><td>2,239</td><td>3,013</td><td>3,534</td><td>3,815</td><td>3,292</td><td>3,521</td><td>4,102</td><td>4,135</td><td>4,431</td><td>3,505</td><td>3,312</td><td>2,535</td></tr><tr><td>Missouri</td><td>258,071</td><td>10,774</td><td>11,181</td><td>13,575</td><td>14,694</td><td>13,954</td><td>13,746</td><td>14,016</td><td>17,790</td><td>14,835</td><td>17,256</td><td>15,853</td><td>13,127</td><td>12,934</td></tr><tr><td>Montana</td><td>32,906</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><td>2,117</td></tr><tr><td>Nebraska</td><td>79,544</td><td>2,897</td><td>2,977</td><td>4,430</td><td>4,021</td><td>4,325</td><td>4,061</td><td>4,062</td><td>4,628</td><td>4,587</td><td>6,102</td><td>4,925</td><td>4,911</td><td>4,456</td></tr><tr><td>Nevada</td><td>13,265</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><td>485</td></tr><tr><td>New Hampshire</td><td>23,085</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><td>1,227</td></tr><tr><td>New Jersey</td><td>320,237</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><td>14,821</td></tr><tr><td>New Mexico</td><td>25,618</td><td>898</td><td>946</td><td>1,329</td><td>1,433</td><td>1,633</td><td>1,369</td><td>1,368</td><td>1,769</td><td>1,644</td><td>1,874</td><td>1,572</td><td>1,525</td><td>1,497</td></tr><tr><td>New York</td><td>913,253</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><td>44,960</td></tr><tr><td>North Carolina</td><td>125,153</td><td>4,642</td><td>4,967</td><td>6,400</td><td>6,456</td><td>7,213</td><td>6,985</td><td>7,061</td><td>8,217</td><td>7,053</td><td>9,439</td><td>7,205</td><td>6,738</td><td>6,515</td></tr><tr><td>North Dakota</td><td>23,839</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><td>1,690</td></tr><tr><td>Ohio</td><td>622,622</td><td>26,357</td><td>27,951</td><td>37,439</td><td>34,434</td><td>37,282</td><td>31,664</td><td>31,851</td><td>34,031</td><td>32,144</td><td>36,258</td><td>33,928</td><td>30,276</td><td>27,980</td></tr><tr><td>Oklahoma</td><td>124,626</td><td>4,574</td><td>4,546</td><td>6,360</td><td>8,195</td><td>7,168</td><td>6,666</td><td>6,252</td><td>9,650</td><td>7,724</td><td>8,486</td><td>7,034</td><td>7,152</td><td>6,373</td></tr><tr><td>Oregon</td><td>138,775</td><td>5,305</td><td>6,189</td><td>8,447</td><td>7,588</td><td>7,717</td><td>7,007</td><td>7,200</td><td>8,691</td><td>7,530</td><td>8,329</td><td>8,163</td><td>7,429</td><td>6,689</td></tr><tr><td>Pennsylvania</td><td>739,124</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><td>36,386</td></tr><tr><td>Rhode Island</td><td>50,362</td><td>2,156</td><td>2,260</td><td>2,957</td><td>2,869</td><td>3,268</td><td>2,731</td><td>2,836</td><td>2,622</td><td>2,184</td><td>2,776</td><td>2,600</td><td>2,494</td><td>2,315</td></tr><tr><td>South Carolina</td><td>62,817</td><td>2,439</td><td>2,516</td><td>3,709</td><td>3,466</td><td>4,115</td><td>3,649</td><td>3,773</td><td>3,955</td><td>3,180</td><td>4,123</td><td>3,272</td><td>2,929</td><td>2,974</td></tr><tr><td>South Dakota</td><td>25,340</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><td>1,588</td></tr><tr><td>Tennessee</td><td>132,523</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><td>5,386</td></tr><tr><td>Texas</td><td>428,828</td><td>15,289</td><td>16,210</td><td>19,458</td><td>24,622</td><td>27,585</td><td>26,094</td><td>23,573</td><td>28,480</td><td>26,466</td><td>29,998</td><td>24,512</td><td>22,946</td><td>21,028</td></tr><tr><td>Utah</td><td>44,639</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><td>2,505</td></tr><tr><td>Vermont</td><td>10,871</td><td>396</td><td>474</td><td>532</td><td>613</td><td>755</td><td>623</td><td>665</td><td>622</td><td>536</td><td>719</td><td>726</td><td>757</td><td>719</td></tr><tr><td>Virginia</td><td>164,743</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><td>8,990</td></tr><tr><td>Washington</td><td>196,228</td><td>7,347</td><td>8,145</td><td>11,650</td><td>11,052</td><td>11,612</td><td>10,063</td><td>10,452</td><td>12,043</td><td>10,452</td><td>12,211</td><td>11,584</td><td>10,955</td><td>9,299</td></tr><tr><td>West Virginia</td><td>90,318</td><td>3,464</td><td>3,500</td><td>4,999</td><td>5,140</td><td>5,989</td><td>4,910</td><td>4,647</td><td>5,470</td><td>4,040</td><td>6,277</td><td>5,614</td><td>5,758</td><td>4,696</td></tr><tr><td>Wisconsin</td><td>188,547</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><td>10,054</td></tr><tr><td>Wyoming</td><td>16,748</td><td>591</td><td>625</td><td>777</td><td>866</td><td>947</td><td>794</td><td>832</td><td>1,153</td><td>953</td><td>1,298</td><td>1,144</td><td>1,098</td><td>1,094</td></tr><tr><td>Alaska</td><td>4,998</td><td>253</td><td>255</td><td>273</td><td>259</td><td>318</td><td>268</td><td>268</td><td>299</td><td>220</td><td>325</td><td>305</td><td>318</td><td>265</td></tr><tr><td>Canal Zone</td><td>1,640</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>361</td><td>332</td><td>476</td><td>461</td></tr><tr><td>Hawaii</td><td>47,964</td><td>1,161</td><td>1,974</td><td>1,892</td><td>3,255</td><td>3,873</td><td>3,506</td><td>3,164</td><td>3,359</td><td>3,719</td><td>2,442</td><td>2,730</td><td>2,068</td><td>1,592</td></tr><tr><td>Puerto Rico</td><td>12,284</td><td>237</td><td>304</td><td>347</td><td>456</td><td>896</td><td>593</td><td>732</td><td>654</td><td>593</td><td>1,367</td><td>786</td><td>972</td><td>796</td></tr><tr
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.
August 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 June 30, 1946
(In millions of dollars)
<table><tr><th>Treasury savings notes</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>397</td><td>62 1/2</td><td>335</td><td>10</td><td>-</td></tr><tr><td>Series B</td><td>4,944</td><td>4,942</td><td>182 1/2</td><td>4,760</td><td>2</td><td>-</td></tr><tr><td>Series C</td><td>27,042</td><td>20,321</td><td>3,642</td><td>16,679</td><td>9</td><td>6,711</td></tr><tr><td>Total</td><td>32,392</td><td>25,661</td><td>3,886</td><td>21,774</td><td>20</td><td>6,711</td></tr></table>
Source: Daily Treasury Statement. 1/ Includes exchange.
Table 2.- Sales and Redemptions of Series C Treasury Savings Notes
(In millions of dollars)
<table><tr><th rowspan="2">Period</th><th rowspan="2">Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></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>1946</td><td>3,525</td><td>6,873</td><td>2,602</td><td>4,271</td><td>9</td><td>6,711</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></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-June</td><td>1,114</td><td>1,002</td><td>54</td><td>948</td><td>-</td><td>10,068</td></tr><tr><td>July</td><td>307</td><td>323</td><td>36</td><td>287</td><td>-</td><td>10,052</td></tr><tr><td>August</td><td>145</td><td>115</td><td>18</td><td>97</td><td>-</td><td>10,082</td></tr><tr><td>September</td><td>92</td><td>1,153</td><td>276</td><td>877</td><td>-</td><td>9,021</td></tr><tr><td>October</td><td>336</td><td>581</td><td>291</td><td>290</td><td>-</td><td>8,776</td></tr><tr><td>November</td><td>704</td><td>423</td><td>295</td><td>128</td><td>-</td><td>9,058</td></tr><tr><td>December</td><td>598</td><td>1,370</td><td>494</td><td>875</td><td>51</td><td>8,235</td></tr><tr><td>1946-January</td><td>302</td><td>451</td><td>166</td><td>285</td><td>30</td><td>8,107</td></tr><tr><td>February</td><td>181</td><td>252</td><td>152</td><td>100</td><td>22</td><td>8,043</td></tr><tr><td>March</td><td>179</td><td>862</td><td>224</td><td>639</td><td>16</td><td>7,365</td></tr><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><tr><td>June</td><td>184</td><td>602</td><td>171</td><td>430</td><td>9</td><td>6,711</td></tr></table>
Source: Daily Treasury Statement.
46
Treasury Bulletin
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 3. - Sales of Series C, Classified by Denominations
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total bill denominations</th><th colspan="7">Denomination</th></tr><tr><th></th><th></th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,858.5</td><td>3,086.7</td><td>1,259.5</td><td>1,808.0</td></tr><tr><td>1945</td><td>7,015.8</td><td>13.6</td><td>32.8</td><td>264.3</td><td>414.0</td><td>1,488.0</td><td>2,378.2</td><td>827.0</td><td>1,598.0</td></tr><tr><td>1946</td><td>3,525.5</td><td>5.4</td><td>13.0</td><td>102.7</td><td>160.3</td><td>617.4</td><td>1,120.8</td><td>588.0</td><td>917.0</td></tr><tr><td>1945-June</td><td>1,113.5</td><td>2.2</td><td>5.6</td><td>42.3</td><td>71.3</td><td>249.4</td><td>372.2</td><td>121.5</td><td>249.0</td></tr><tr><td>July</td><td>307.4</td><td>.6</td><td>1.2</td><td>10.7</td><td>16.3</td><td>52.6</td><td>94.0</td><td>58.0</td><td>74.0</td></tr><tr><td>August</td><td>145.4</td><td>.2</td><td>.5</td><td>4.7</td><td>7.2</td><td>26.5</td><td>44.3</td><td>16.0</td><td>46.0</td></tr><tr><td>September</td><td>91.6</td><td>.2</td><td>.4</td><td>3.2</td><td>4.6</td><td>16.5</td><td>29.7</td><td>9.0</td><td>28.0</td></tr><tr><td>October</td><td>336.1</td><td>.4</td><td>.9</td><td>7.3</td><td>12.8</td><td>57.8</td><td>120.9</td><td>83.0</td><td>53.0</td></tr><tr><td>November</td><td>704.1</td><td>1.3</td><td>4.0</td><td>34.6</td><td>52.3</td><td>182.7</td><td>254.2</td><td>66.0</td><td>109.0</td></tr><tr><td>December</td><td>598.0</td><td>.7</td><td>2.5</td><td>17.1</td><td>32.4</td><td>111.8</td><td>185.0</td><td>51.5</td><td>197.0</td></tr><tr><td>1946-January</td><td>301.8</td><td>.5</td><td>1.3</td><td>7.8</td><td>11.3</td><td>52.6</td><td>91.3</td><td>50.0</td><td>87.0</td></tr><tr><td>February</td><td>181.0</td><td>.2</td><td>.5</td><td>3.4</td><td>4.7</td><td>22.2</td><td>49.4</td><td>33.5</td><td>67.0</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</td><td>299.0</td><td>.4</td><td>.9</td><td>4.8</td><td>6.5</td><td>32.9</td><td>57.6</td><td>77.0</td><td>89.0</td></tr><tr><td>May</td><td>198.4</td><td>.3</td><td>.6</td><td>3.2</td><td>4.3</td><td>21.8</td><td>58.1</td><td>52.0</td><td>59.0</td></tr><tr><td>June</td><td>184.0</td><td>.3</td><td>.5</td><td>3.0</td><td>4.0</td><td>20.3</td><td>53.9</td><td>47.0</td><td>55.0</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 rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Individuals, partnerships and personal trust accounts</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships and personal trust accounts</th><th>Corporations</th></tr><tr><td>1944</td><td>8.953.7</td><td>654.9</td><td>8.298.7</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>1945</td><td>7.015.8</td><td>434.7</td><td>6.581.3</td><td>100.0</td><td>6.2</td><td>93.8</td></tr><tr><td>1946</td><td>3.525.5</td><td>270.7</td><td>3.254.8</td><td>100.0</td><td>7.7</td><td>92.3</td></tr><tr><td>1945-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>144.4</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>161.9</td><td>9.9</td><td>171.1</td><td>100.0</td><td>5.5</td><td>94.6</td></tr><tr><td>March</td><td>178.7</td><td>13.5</td><td>165.2</td><td>100.0</td><td>7.6</td><td>92.4</td></tr><tr><td>April</td><td>299.0</td><td>19.4</td><td>279.6</td><td>100.0</td><td>6.5</td><td>93.5</td></tr><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><tr><td>June</td><td>184.0</td><td>14.1</td><td>169.9</td><td>100.0</td><td>7.7</td><td>92.3</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
August 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">Redemption</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>1943</td><td>213,350</td><td>+45,620 3/4/</td><td>590,268 4/</td><td>544,647</td><td>474,168</td><td>70,480 5/</td><td>100.0</td><td>87.1</td><td>12.9 5/</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>1946</td><td>95,976</td><td>-81,622</td><td>109,852</td><td>191,474</td><td>130,422</td><td>61,052</td><td>100.0</td><td>68.1</td><td>31.9</td></tr><tr><td>1945-June</td><td>177,598</td><td>-8,699</td><td>19,069</td><td>27,767</td><td>22,910</td><td>4,857</td><td>100.0</td><td>82.5</td><td>17.5</td></tr><tr><td>July</td><td>155,914</td><td>-21,685</td><td>16,406</td><td>38,091</td><td>29,653</td><td>8,438</td><td>100.0</td><td>77.8</td><td>22.2</td></tr><tr><td>August</td><td>134,645</td><td>-6,268</td><td>17,686</td><td>23,955</td><td>16,841</td><td>7,114</td><td>100.0</td><td>70.3</td><td>29.7</td></tr><tr><td>September</td><td>114,679</td><td>-4,966</td><td>8,438</td><td>13,405</td><td>8,922</td><td>4,483</td><td>100.0</td><td>66.6</td><td>33.4</td></tr><tr><td>October</td><td>141,372</td><td>-3,307</td><td>10,587</td><td>13,893</td><td>9,349</td><td>4,544</td><td>100.0</td><td>67.3</td><td>32.7</td></tr><tr><td>November</td><td>139,356</td><td>-2,016</td><td>11,396</td><td>13,412</td><td>9,830</td><td>3,582</td><td>100.0</td><td>73.3</td><td>26.7</td></tr><tr><td>December</td><td>133,229</td><td>-6,128</td><td>5,259</td><td>11,387</td><td>7,990</td><td>3,397</td><td>100.0</td><td>70.2</td><td>29.8</td></tr><tr><td>1946-January</td><td>120,204</td><td>-13,024</td><td>3,689</td><td>16,713</td><td>11,229</td><td>5,484</td><td>100.0</td><td>67.2</td><td>32.8</td></tr><tr><td>February</td><td>116,855</td><td>-3,350</td><td>7,273</td><td>10,623</td><td>6,751</td><td>3,873</td><td>100.0</td><td>63.5</td><td>36.5</td></tr><tr><td>March</td><td>112,335</td><td>-4,519</td><td>9,847</td><td>14,367</td><td>8,999</td><td>5,367</td><td>100.0</td><td>62.6</td><td>37.4</td></tr><tr><td>April</td><td>104,497</td><td>-7,838</td><td>9,309</td><td>17,118</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>-5,215</td><td>6,362</td><td>11,607</td><td>6,804</td><td>4,803</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>June</td><td>95,976</td><td>-3,275</td><td>3,598</td><td>6,874</td><td>4,004</td><td>2,870</td><td>100.0</td><td>58.2</td><td>41.8</td></tr></table>
Daily Treasury Statement. 
Note: See "Treasury Bulletin", July 1946 for back figures. 
1/ Stamps sold prior to October 1, 1942 were known as postal savings stamps and were obligations of the Postal Savings System but subsequently became public debt obligations. 
2/ Estimated on the basis of samples made by the Post Office Department.
3/ Net of sales less redemptions. See footnote 1.
4/ Does not include amounts transferred from Postal Saviing System to the Treasury to cover outstanding stamps.
5/ Includes minor amounts which were exchanged for postal savings certificates. These aggregated $55 thousand for the period July 1, 1942 through October 31, 1942.
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>1943</td><td>590.268</td><td>126.327</td><td>313.691</td><td>52.508</td><td>71.693</td><td>26.048</td><td>100.0</td><td>21.4</td><td>53.1</td><td>8.9</td><td>12.2</td><td>4.4</td></tr><tr><td>1944</td><td>408.930</td><td>102.534</td><td>209.121</td><td>32.611</td><td>46.972</td><td>17.691</td><td>100.0</td><td>25.1</td><td>51.1</td><td>8.0</td><td>11.5</td><td>4.3</td></tr><tr><td>1945</td><td>268,411</td><td>68.727</td><td>135.277</td><td>20.942</td><td>32.583</td><td>10.882</td><td>100.0</td><td>25.6</td><td>50.4</td><td>7.8</td><td>12.1</td><td>4.1</td></tr><tr><td>1946</td><td>109,852</td><td>22.680</td><td>56.115</td><td>9.619</td><td>15.755</td><td>5.683</td><td>100.0</td><td>20.6</td><td>51.1</td><td>8.8</td><td>14.3</td><td>5.2</td></tr><tr><td>1946-June</td><td>19,069</td><td>3,891</td><td>9,832</td><td>1,665</td><td>2.720</td><td>961</td><td>100.0</td><td>20.4</td><td>51.6</td><td>8.7</td><td>14.3</td><td>5.0</td></tr><tr><td>July</td><td>16,406</td><td>2,521</td><td>8,809</td><td>1,591</td><td>2,659</td><td>825</td><td>100.0</td><td>15.4</td><td>53.7</td><td>9.7</td><td>16.2</td><td>5.0</td></tr><tr><td>August</td><td>17,686</td><td>2,479</td><td>9,324</td><td>1,768</td><td>2,994</td><td>1,121</td><td>100.0</td><td>14.0</td><td>52.7</td><td>10.0</td><td>16.9</td><td>6.4</td></tr><tr><td>September</td><td>8,438</td><td>1,573</td><td>4,410</td><td>751</td><td>1,272</td><td>432</td><td>100.0</td><td>18.6</td><td>52.3</td><td>8.9</td><td>15.1</td><td>5.1</td></tr><tr><td>October</td><td>10,587</td><td>2,565</td><td>5,422</td><td>827</td><td>1,303</td><td>470</td><td>100.0</td><td>24.2</td><td>51.2</td><td>7.8</td><td>12.3</td><td>4.5</td></tr><tr><td>November</td><td>11,396</td><td>2,986</td><td>5,696</td><td>865</td><td>1,350</td><td>499</td><td>100.0</td><td>26.2</td><td>50.0</td><td>7.6</td><td>11.8</td><td>4.4</td></tr><tr><td>December</td><td>5,259</td><td>1,204</td><td>2,643</td><td>398</td><td>692</td><td>322</td><td>100.0</td><td>22.9</td><td>50.2</td><td>7.6</td><td>13.2</td><td>6.1</td></tr><tr><td>1946-January</td><td>3,689</td><td>946</td><td>1,839</td><td>271</td><td>478</td><td>157</td><td>100.0</td><td>25.6</td><td>49.8</td><td>7.3</td><td>13.0</td><td>4.3</td></tr><tr><td>February</td><td>7,273</td><td>1,859</td><td>3,507</td><td>599</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>4,858</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>6,362</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><tr><td>June</td><td>3,598</td><td>552</td><td>1,828</td><td>357</td><td>602</td><td>259</td><td>100.0</td><td>15.3</td><td>50.8</td><td>9.9</td><td>16.8</td><td>7.2</td></tr></table>
Sources: (1) Total sales: Daily Treasury Statement; (2) Distribution by denominations: Based upon Post Office Department data.
48
Treasury Bulletin
OWNERSHIP OF GOVERNMENT SECURITIES
August 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="6">Securities issued by United States Government</th><th colspan="6">Securities guaranteed by United States 1/</th></tr><tr><th>Total amount outstanding</th><th colspan="3">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th colspan="3">Private investors 2/</th><th>Total amount unmatured outstanding</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve Banke</th><th>Private investors 2/</th></tr><tr><th></th><th></th><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th></th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public non-marketable issues 3/</th></tr><tr><td>1937</td><td>35,800</td><td>3,251</td><td>1,693</td><td>*</td><td>1,558</td><td>2,526</td><td>30,023</td><td>28,835</td><td>1,188</td><td>4,665</td><td>363</td><td>-</td><td>4,302</td><td>-</td></tr><tr><td>1938</td><td>36,576</td><td>4,466</td><td>1,791</td><td>*</td><td>2,676</td><td>2,564</td><td>29,545</td><td>27,989</td><td>1,556</td><td>4,853</td><td>325</td><td>-</td><td>4,528</td><td>-</td></tr><tr><td>1939</td><td>39,886</td><td>5,605</td><td>1,835</td><td>*</td><td>3,770</td><td>2,551</td><td>31,730</td><td>29,579</td><td>2,151</td><td>5,450</td><td>286</td><td>-</td><td>5,164</td><td>-</td></tr><tr><td>1940</td><td>42,376</td><td>6,803</td><td>2,028</td><td>*</td><td>4,775</td><td>2,458</td><td>33,115</td><td>29,950</td><td>3,166</td><td>5,498</td><td>286</td><td>-</td><td>5,212</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,120</td><td>2,180</td><td>37,982</td><td>33,428</td><td>4,554</td><td>6,360</td><td>275</td><td>-</td><td>6,085</td><td>-</td></tr><tr><td>1942</td><td>71,968</td><td>10,340</td><td>2,452</td><td>3</td><td>7,885</td><td>2,640</td><td>58,988</td><td>45,481</td><td>13,507</td><td>4,549</td><td>287</td><td>-</td><td>4,262</td><td>-</td></tr><tr><td>1943</td><td>135,380</td><td>14,091</td><td>3,213</td><td>7</td><td>10,871</td><td>7,149</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1946</td><td>268,111</td><td>29,155p</td><td>6,793p</td><td>30p</td><td>22,332</td><td>23,783</td><td>215,172p</td><td>159,030p</td><td>56,143p</td><td>467</td><td>9p</td><td>-</td><td>34p</td><td>424</td></tr><tr><td>1945-June</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>July</td><td>259,781</td><td>25,657</td><td>6,077</td><td>22</td><td>19,558</td><td>21,717</td><td>212,407</td><td>155,286</td><td>57,121</td><td>484</td><td>6</td><td>-</td><td>28</td><td>450</td></tr><tr><td>Aug.</td><td>260,746</td><td>26,147</td><td>6,085</td><td>29</td><td>20,033</td><td>22,530</td><td>212,069</td><td>154,719</td><td>57,350</td><td>515</td><td>7</td><td>-</td><td>29</td><td>479</td></tr><tr><td>Sept.</td><td>259,630</td><td>26,635</td><td>6,087</td><td>29</td><td>20,519</td><td>23,328</td><td>209,667</td><td>153,418</td><td>56,249</td><td>527</td><td>7</td><td>-</td><td>30</td><td>490</td></tr><tr><td>Oct.</td><td>259,439</td><td>26,745</td><td>6,139</td><td>29</td><td>20,577</td><td>23,276</td><td>209,418</td><td>153,375</td><td>56,043</td><td>541</td><td>7</td><td>-</td><td>32</td><td>502</td></tr><tr><td>Nov.</td><td>262,849</td><td>26,837</td><td>6,098</td><td>29</td><td>20,710</td><td>23,472</td><td>212,541</td><td>155,542</td><td>56,998</td><td>536</td><td>7</td><td>-</td><td>32</td><td>497</td></tr><tr><td>Dec.</td><td>275,694</td><td>27,031</td><td>7,002</td><td>29</td><td>20,000</td><td>24,262</td><td>224,400</td><td>167,515</td><td>56,885</td><td>553</td><td>7</td><td>-</td><td>34</td><td>512</td></tr><tr><td>1946-Jan.</td><td>277,456</td><td>27,691</td><td>7,006</td><td>30</td><td>20,655</td><td>23,264</td><td>226,501</td><td>169,353</td><td>57,138</td><td>545</td><td>7</td><td>-</td><td>32</td><td>506</td></tr><tr><td>Feb.</td><td>277,912</td><td>27,949</td><td>7,023</td><td>30</td><td>20,897</td><td>22,904</td><td>227,059</td><td>169,884</td><td>57,176</td><td>539</td><td>8</td><td>-</td><td>32</td><td>499</td></tr><tr><td>Mar.</td><td>274,748</td><td>28,173</td><td>7,008</td><td>30</td><td>21,135</td><td>22,601</td><td>223,975</td><td>167,455</td><td>56,520</td><td>542</td><td>8</td><td>-</td><td>32</td><td>501</td></tr><tr><td>April</td><td>272,711</td><td>28,261</td><td>7,007</td><td>30</td><td>21,224</td><td>22,732</td><td>221,718</td><td>165,340</td><td>56,378</td><td>533</td><td>8</td><td>-</td><td>33</td><td>492</td></tr><tr><td>May</td><td>271,140</td><td>28,520</td><td>7,009</td><td>30</td><td>21,481</td><td>22,932</td><td>219,988</td><td>163,546</td><td>56,442</td><td>542</td><td>9</td><td>-</td><td>33</td><td>500</td></tr><tr><td>June</td><td>268,111</td><td>29,155 p</td><td>6,793 p</td><td>30 p</td><td>22,332</td><td>23,783</td><td>215,172 p</td><td>159,030p</td><td>56,143 p</td><td>467</td><td>9 p</td><td>-</td><td>34 p</td><td>424</td></tr></table>
Source: (1) Daily Treasury Statement for total amounts outstanding; (2) reports of agencies and trust funds for securities held by U. S. Government agencies and trust funds; and (3) Federal Reserve System for securities held by Federal Reserve Banks. p * Preliminary. Less than $500 thousand.
1/ Excludes obligations held by the Treasury and matured securities.
2/ The total amount of securities held by private investors is calculated by deducting from the total amount of securities outstanding, the securities held by U. S. Government agencies and trust funds and by Federal Reserve Banks.
3/ Stated as of close of previous month.
50
Treasury Bulletin
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total 1</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/</th><th>State and local governments 6/</th><th>U. S. Government agencies and trust funds</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.7</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.6</td><td>.3</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.4</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.4</td><td>7.6</td></tr><tr><td>1941-June</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>11.1</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.4</td><td>8.5</td></tr><tr><td>December</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.8</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.5</td><td>9.5</td></tr><tr><td>1942-June</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</td><td>18.2</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.6</td><td>10.6</td></tr><tr><td>December</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.8</td><td>11.3</td><td>4.5</td><td>11.6</td><td>.8</td><td>12.2</td></tr><tr><td>1943-March</td><td>118.6</td><td>50.1</td><td>44.2</td><td>5.9</td><td>68.6</td><td>26.6</td><td>11.2</td><td>4.6</td><td>12.2</td><td>.8</td><td>13.1</td></tr><tr><td>June</td><td>139.5</td><td>59.4</td><td>52.2</td><td>7.2</td><td>80.0</td><td>30.3</td><td>13.1</td><td>5.3</td><td>15.7</td><td>1.3</td><td>14.3</td></tr><tr><td>September</td><td>161.0</td><td>67.2</td><td>58.3</td><td>8.9</td><td>93.8</td><td>34.7</td><td>14.7</td><td>5.9</td><td>20.8</td><td>1.9</td><td>15.8</td></tr><tr><td>December</td><td>168.7</td><td>71.5</td><td>59.9</td><td>11.5</td><td>97.3</td><td>37.1</td><td>15.1</td><td>6.1</td><td>20.1</td><td>2.0</td><td>16.9</td></tr><tr><td>1944-March</td><td>185.6</td><td>76.2</td><td>64.0</td><td>12.1</td><td>109.4</td><td>42.2</td><td>16.4</td><td>6.8</td><td>23.4</td><td>2.6</td><td>18.1</td></tr><tr><td>June</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.7</td><td>3.2</td><td>19.1</td></tr><tr><td>September</td><td>209.3</td><td>87.1</td><td>70.5</td><td>16.7</td><td>122.2</td><td>47.8</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>May</td><td>236.9</td><td>98.9</td><td>77.9</td><td>21.0</td><td>138.0</td><td>54.6</td><td>20.1</td><td>8.7</td><td>26.4</td><td>4.4</td><td>23.8</td></tr><tr><td>June</td><td>256.8</td><td>105.9</td><td>84.1</td><td>21.8</td><td>150.8</td><td>58.5</td><td>22.7</td><td>9.6</td><td>29.9</td><td>5.3</td><td>24.9</td></tr><tr><td>July</td><td>260.3</td><td>107.2</td><td>85.5</td><td>21.7</td><td>153.1</td><td>59.7</td><td>22.7</td><td>9.8</td><td>29.7</td><td>5.5</td><td>25.7</td></tr><tr><td>August</td><td>261.3</td><td>107.2</td><td>84.7</td><td>22.5</td><td>154.0</td><td>59.8</td><td>22.5</td><td>10.0</td><td>30.0</td><td>5.5</td><td>26.2</td></tr><tr><td>September</td><td>260.2</td><td>107.1</td><td>83.7</td><td>23.3</td><td>153.1</td><td>59.5</td><td>22.5</td><td>10.0</td><td>28.9</td><td>5.5</td><td>26.6</td></tr><tr><td>October</td><td>260.0</td><td>107.7</td><td>84.4</td><td>23.3</td><td>152.3</td><td>59.3</td><td>22.4</td><td>10.0</td><td>28.3</td><td>5.5</td><td>26.8</td></tr><tr><td>November</td><td>263.4</td><td>109.3</td><td>85.9</td><td>23.5</td><td>154.0</td><td>62.0</td><td>22.2</td><td>9.8</td><td>27.8</td><td>5.3</td><td>26.8</td></tr><tr><td>December</td><td>276.2</td><td>114.3</td><td>90.1</td><td>24.3</td><td>161.9</td><td>63.6</td><td>24.4</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>111.5</td><td>89.0</td><td>22.5</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</td><td>273.2</td><td>111.3</td><td>88.6</td><td>22.7</td><td>161.9</td><td>63.3</td><td>25.0</td><td>11.3</td><td>27.7</td><td>6.4</td><td>28.3</td></tr><tr><td>May p</td><td>272.0</td><td>109.3</td><td>86.9</td><td>22.9</td><td>162.1</td><td>63.3</td><td>25.2</td><td>11.3</td><td>27.4</td><td>6.4</td><td>28.5</td></tr></table>
1/ United States savings bonds. Series A-D, E, and F are included at current redemption values.
2/ Guaranteed securities held by the Treasury are excluded.
3/ Consists of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular possessions. Excludes securities held in trust departments.
4/ Includes partnerships and personal trust accounts.
5/ Includes savings and loan associations, dealers and brokers, and investments of foreign balances in this country.
6/ Comprises trust, sinking, and investment funds of State and local governments and their agencies, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts 1/
(in millions of dollars)
<table><tr><th colspan="13">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>1.5</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>-2.2</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-3</td><td>-4.4</td><td>-3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-7</td><td>-2</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-5</td><td>30.0</td><td>5.8</td><td>-3</td><td>-</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.5</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>-55.5</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-8.1</td><td>-7</td><td>-</td><td>3.3</td><td>.4</td><td>-69.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
* Less than $50 thousand.
1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U.S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund.
August 1946
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, May 31, 1946
The tables in Section I present summary data as of May 31, 1946 from the Treasury Survey of Ownership of Securities Issued or Guaranteed by the United States. The banks and insurance companies covered in the survey account for approximately 95 percent of the amount of
such securities owned by all banks and insurance companies in the United States.
Section II presents summary data on the ownership of Federal land bank bonds, 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="3">Banks 1/</th><th colspan="2">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,368 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>644 fires, casualty, and marine insurance companies</th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities</td><td>193,529</td><td>79,411</td><td>473</td><td>11,087</td><td>21,413</td><td>2,816</td><td>29,950</td><td>48,379</td></tr><tr><td>Non-marketable securities 4/</td><td>56,973</td><td>1,390</td><td>11</td><td>240</td><td>118</td><td>204</td><td>30</td><td>54,479</td></tr><tr><td>Total public securities</td><td>250,502</td><td>80,801</td><td>483</td><td>11,327</td><td>21,532</td><td>3,020</td><td>29,979</td><td>102,859</td></tr><tr><td>Special issues</td><td>21,451</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21,451</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/</td><td>271,953</td><td>80,801</td><td>483</td><td>11,327</td><td>21,532</td><td>3,020</td><td>51,460</td><td>102,859</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
to this section.
4/ C.C.C. demand obligations in the amount of $500 million held by all commercial banks are shown only in total amount outstanding.
5/ Guaranteed securities held by the Treasury are not included.
Table 2.- Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,368 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</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><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,041</td><td>1,715</td><td>-</td><td>1</td><td>1</td><td>*</td><td>13,903</td><td>1,421</td></tr><tr><td>Certificates of indebtedness</td><td>36,828</td><td>18,126</td><td>31</td><td>211</td><td>408</td><td>171</td><td>6,470</td><td>11,410</td></tr><tr><td>Treasury notes</td><td>18,261</td><td>11,793</td><td>35</td><td>224</td><td>412</td><td>172</td><td>1,751</td><td>3,674</td></tr><tr><td>Treasury bonds - bank restricted b.</td><td>53,459</td><td>1,677</td><td>213</td><td>8,325</td><td>16,948</td><td>1,125</td><td>5,209</td><td>19,961</td></tr><tr><td>Treasury bonds - bank eligible</td><td>67,718</td><td>46,073</td><td>192</td><td>2,322</td><td>3,632</td><td>1,347</td><td>2,571</td><td>11,580</td></tr><tr><td>Postal savings and other bonds</td><td>180</td><td>15</td><td>*</td><td>*</td><td>*</td><td>1</td><td>36</td><td>128</td></tr><tr><td>Guaranteed by United States 5/</td><td>42</td><td>13</td><td>1</td><td>3</td><td>12</td><td>*</td><td>9</td><td>4</td></tr><tr><td>Total</td><td>193,529</td><td>79,411</td><td>473</td><td>11,087</td><td>21,413</td><td>2,816</td><td>29,950</td><td>48,379</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>65,972</td><td>26,779</td><td>50</td><td>340</td><td>796</td><td>276</td><td>22,130</td><td>15,601</td></tr><tr><td>1 to 5 years</td><td>33,430</td><td>24,133</td><td>69</td><td>698</td><td>940</td><td>495</td><td>1,110</td><td>6,005</td></tr><tr><td>5 to 10 years</td><td>34,474</td><td>22,952</td><td>122</td><td>1,623</td><td>2,275</td><td>669</td><td>1,031</td><td>5,801</td></tr><tr><td>10 to 15 years</td><td>15,962</td><td>2,926</td><td>113</td><td>3,367</td><td>1,811</td><td>777</td><td>571</td><td>6,396</td></tr><tr><td>15 to 20 years</td><td>21,276</td><td>142</td><td>67</td><td>2,606</td><td>9,041</td><td>263</td><td>2,933</td><td>5,624</td></tr><tr><td>Over 20 years</td><td>22,372</td><td>2,466</td><td>70</td><td>2,449</td><td>5,938</td><td>336</td><td>2,166</td><td>8,948</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>42</td><td>13</td><td>1</td><td>3</td><td>12</td><td>*</td><td>9</td><td>4</td></tr><tr><td>Total</td><td>193,529</td><td>79,411</td><td>473</td><td>11,087</td><td>21,413</td><td>2,816</td><td>29,950</td><td>48,379</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>180</td><td>15</td><td>*</td><td>*</td><td>*</td><td>1</td><td>36</td><td>128</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>19,933</td><td>13,479</td><td>89</td><td>99</td><td>237</td><td>730</td><td>1,877</td><td>3,423</td></tr><tr><td>Subject to Federal income taxes 1/</td><td>173,416</td><td>65,918</td><td>364</td><td>10,988</td><td>21,176</td><td>2,086</td><td>28,037</td><td>44,828</td></tr><tr><td>Total</td><td>193,529</td><td>79,411</td><td>473</td><td>11,087</td><td>21,413</td><td>2,816</td><td>29,950</td><td>48,379</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, May 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS-(Continued)
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Held by investore covered in Treasury Survey</th><th colspan="2">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors</th></tr><tr><th>7,368 commercial banks</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="9">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><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>8.8</td><td>2.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>46.4</td><td>2.9</td></tr><tr><td>Certificates of indebtedness</td><td>19.0</td><td>22.8</td><td>6.6</td><td>1.9</td><td>1.9</td><td>6.1</td><td>21.6</td><td>23.6</td></tr><tr><td>Treasury notes</td><td>9.4</td><td>14.8</td><td>7.5</td><td>2.0</td><td>1.9</td><td>6.1</td><td>5.8</td><td>8.0</td></tr><tr><td>Treasury bonds - bank restricted</td><td>27.6</td><td>2.1</td><td>45.0</td><td>75.1</td><td>79.1</td><td>39.9</td><td>17.4</td><td>41.3</td></tr><tr><td>Treasury bonds - bank eligible</td><td>35.0</td><td>58.0</td><td>40.7</td><td>20.9</td><td>17.0</td><td>47.8</td><td>8.6</td><td>23.9</td></tr><tr><td>Postal savings and other bonds</td><td>.1</td><td>-</td><td>.2</td><td>-</td><td>.1</td><td>-</td><td>.1</td><td>.3</td></tr><tr><td>Guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>34.1</td><td>33.7</td><td>10.5</td><td>3.1</td><td>3.7</td><td>9.8</td><td>73.9</td><td>32.2</td></tr><tr><td>1 to 5 years</td><td>17.3</td><td>30.4</td><td>10.3</td><td>6.3</td><td>4.4</td><td>17.6</td><td>3.7</td><td>12.4</td></tr><tr><td>5 to 10 years</td><td>17.8</td><td>28.9</td><td>25.8</td><td>14.6</td><td>10.6</td><td>23.8</td><td>3.4</td><td>12.0</td></tr><tr><td>10 to 15 years</td><td>8.2</td><td>3.7</td><td>24.0</td><td>30.4</td><td>8.5</td><td>27.6</td><td>1.9</td><td>13.2</td></tr><tr><td>15 to 20 years</td><td>11.0</td><td>.2</td><td>14.2</td><td>23.5</td><td>45.0</td><td>9.3</td><td>9.8</td><td>11.6</td></tr><tr><td>Over 20 years</td><td>11.6</td><td>3.1</td><td>14.9</td><td>22.1</td><td>27.7</td><td>11.9</td><td>7.2</td><td>18.5</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:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>10.3</td><td>17.0</td><td>18.7</td><td>.9</td><td>1.1</td><td>25.9</td><td>6.3</td><td>7.1</td></tr><tr><td>Subject to Federal income taxes</td><td>89.6</td><td>83.0</td><td>81.3</td><td>99.1</td><td>98.9</td><td>74.1</td><td>93.6</td><td>92.7</td></tr><tr><td>Total</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td colspan="9">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><th></th></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>100.0</td><td>10.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81.6</td><td>8.3</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>49.2</td><td>.1</td><td>.6</td><td>1.1</td><td>.5</td><td>17.6</td><td>31.0</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>64.6</td><td>.2</td><td>1.2</td><td>2.3</td><td>.9</td><td>9.6</td><td>21.2</td></tr><tr><td>Treasury bonds - bank restricted</td><td>100.0</td><td>3.1</td><td>.4</td><td>15.6</td><td>31.7</td><td>2.1</td><td>9.7</td><td>37.3</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>68.0</td><td>.3</td><td>3.4</td><td>5.4</td><td>2.0</td><td>3.8</td><td>17.1</td></tr><tr><td>Postal savings and other bonds</td><td>100.0</td><td>8.2</td><td>-</td><td>-</td><td>.2</td><td>.3</td><td>19.9</td><td>7.3</td></tr><tr><td>Guaranteed by United States</td><td>100.0</td><td>29.9</td><td>2.4</td><td>7.9</td><td>28.8</td><td>1.2</td><td>20.4</td><td>9.5</td></tr><tr><td>Total</td><td>100.0</td><td>41.0</td><td>.2</td><td>5.7</td><td>11.1</td><td>1.5</td><td>15.5</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><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>40.6</td><td>.1</td><td>.5</td><td>1.2</td><td>.4</td><td>33.5</td><td>23.6</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>72.2</td><td>.1</td><td>2.1</td><td>2.8</td><td>1.5</td><td>3.3</td><td>18.0</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>66.6</td><td>.4</td><td>4.7</td><td>6.6</td><td>1.9</td><td>3.0</td><td>16.8</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>18.3</td><td>.7</td><td>21.1</td><td>11.3</td><td>4.9</td><td>3.6</td><td>40.1</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>.7</td><td>.3</td><td>12.2</td><td>45.3</td><td>1.2</td><td>13.8</td><td>26.4</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>11.0</td><td>.3</td><td>10.9</td><td>26.5</td><td>1.5</td><td>9.7</td><td>40.0</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>29.9</td><td>2.4</td><td>7.9</td><td>28.8</td><td>1.2</td><td>20.4</td><td>9.5</td></tr><tr><td>Total</td><td>100.0</td><td>41.0</td><td>.2</td><td>5.7</td><td>11.1</td><td>1.5</td><td>15.5</td><td>25.0</td></tr><tr><th>Tax status:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>8.2</td><td>-</td><td>-</td><td>.2</td><td>.3</td><td>19.9</td><td>7.3</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>100.0</td><td>67.6</td><td>.4</td><td>.5</td><td>1.2</td><td>3.7</td><td>9.4</td><td>17.2</td></tr><tr><td>Subject to Federal income taxes</td><td>100.0</td><td>38.0</td><td>.2</td><td>6.3</td><td>12.2</td><td>1.2</td><td>16.2</td><td>25.9</td></tr><tr><td>Total</td><td>100.0</td><td>41.0</td><td>.2</td><td>5.7</td><td>11.1</td><td>1.5</td><td>15.5</td><td>25.0</td></tr></table>
(Continued on following page)
August 1946
53
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, May 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstading</th><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,368 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills......(taxable)</td><td>17,041</td><td>1,715</td><td>-</td><td>1</td><td>1</td><td>*</td><td>13,903</td><td>1,421</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8/46 June 1946......(taxable)</td><td>4,799</td><td>1,430</td><td>2</td><td>26</td><td>10</td><td>33</td><td>590</td><td>2,708</td></tr><tr><td>7/8/46 August 1946......(taxable)</td><td>2,470</td><td>1,337</td><td>5</td><td>36</td><td>1</td><td>7</td><td>723</td><td>361</td></tr><tr><td>7/8/46 September 1946......(taxable)</td><td>4,336</td><td>1,935</td><td>3</td><td>55</td><td>30</td><td>13</td><td>1,535</td><td>765</td></tr><tr><td>7/8/46 October 1946......(taxable)</td><td>3,440</td><td>2,041</td><td>2</td><td>21</td><td>*</td><td>12</td><td>821</td><td>543</td></tr><tr><td>7/8/46 November 1946......(taxable)</td><td>3,778</td><td>2,167</td><td>2</td><td>25</td><td>124</td><td>28</td><td>434</td><td>997</td></tr><tr><td>7/8/46 December 1946......(taxable)</td><td>3,768</td><td>568</td><td>2</td><td>7</td><td>1</td><td>18</td><td>15</td><td>3,157</td></tr><tr><td>7/8/46 January 1947......(taxable)</td><td>3,330</td><td>2,284</td><td>2</td><td>8</td><td>135</td><td>9</td><td>315</td><td>577</td></tr><tr><td>7/8/46 February 1947......(taxable)</td><td>4,954</td><td>2,616</td><td>4</td><td>9</td><td>48</td><td>23</td><td>1,203</td><td>1,022</td></tr><tr><td>7/8/46 March 1947......(taxable)</td><td>3,133</td><td>2,172</td><td>4</td><td>11</td><td>44</td><td>21</td><td>236</td><td>646</td></tr><tr><td>7/8/46 April 1947......(taxable)</td><td>2,820</td><td>1,547</td><td>5</td><td>13</td><td>15</td><td>7</td><td>598</td><td>634</td></tr><tr><td>Total certificates of indebtedness......</td><td>36,828</td><td>18,126</td><td>31</td><td>211</td><td>408</td><td>171</td><td>6,470</td><td>11,410</td></tr><tr><td>Treasury notes</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>9/30/46 July 1946......(taxable)</td><td>4,910</td><td>2,710</td><td>3</td><td>33</td><td>4</td><td>12</td><td>1,148</td><td>1,000</td></tr><tr><td>1-1/4/46 December 1946......(taxable)</td><td>3,261</td><td>2,332</td><td>3</td><td>56</td><td>115</td><td>31</td><td>277</td><td>447</td></tr><tr><td>1-1/4/46 March 1947......(taxable)</td><td>1,948</td><td>926</td><td>13</td><td>23</td><td>267</td><td>37</td><td>4</td><td>678</td></tr><tr><td>1-1/4/46 September 1947......(taxable)</td><td>1,687</td><td>825</td><td>9</td><td>37</td><td>14</td><td>39</td><td>10</td><td>753</td></tr><tr><td>1-1/4/46 September 1947......(taxable)</td><td>2,707</td><td>2,124</td><td>4</td><td>41</td><td>4</td><td>24</td><td>12</td><td>499</td></tr><tr><td>1-1/4/46 September 1948......(taxable)</td><td>3,748</td><td>2,874</td><td>4</td><td>33</td><td>8</td><td>29</td><td>301</td><td>498</td></tr><tr><td>Total Treasury notes......</td><td>18,261</td><td>11,793</td><td>35</td><td>224</td><td>412</td><td>172</td><td>1,751</td><td>3,874</td></tr><tr><td>Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank restricted 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4/46 September 1956-59......(taxable)</td><td>3,823</td><td>255</td><td>18</td><td>1,097</td><td>775</td><td>151</td><td>130</td><td>1,397</td></tr><tr><td>2-1/4/46 June 1959-62......(taxable)</td><td>5,284</td><td>84</td><td>38</td><td>1,754</td><td>584</td><td>236</td><td>216</td><td>2,372</td></tr><tr><td>2-1/4/46 December 1959-62......(taxable)</td><td>3,470</td><td>317</td><td>22</td><td>495</td><td>307</td><td>165</td><td>2</td><td>2,162</td></tr><tr><td>2-1/4/46 June 1962-67......(taxable)</td><td>2,118</td><td>9</td><td>4</td><td>393</td><td>1,099</td><td>50</td><td>208</td><td>355</td></tr><tr><td>2-1/4/46 December 1963-68......(taxable)</td><td>2,831</td><td>1</td><td>3</td><td>528</td><td>1,350</td><td>55</td><td>264</td><td>630</td></tr><tr><td>2-1/4/46 June 1964-69......(taxable)</td><td>3,761</td><td>3</td><td>16</td><td>728</td><td>1,580</td><td>38</td><td>418</td><td>978</td></tr><tr><td>2-1/4/46 December 1964-69......(taxable)</td><td>3,838</td><td>3</td><td>16</td><td>503</td><td>1,583</td><td>51</td><td>504</td><td>1,179</td></tr><tr><td>2-1/4/46 March 1965-70......(taxable)</td><td>5,197</td><td>63</td><td>16</td><td>268</td><td>2,439</td><td>48</td><td>868</td><td>1,496</td></tr><tr><td>2-1/4/46 March 1966-71......(taxable)</td><td>3,481</td><td>63</td><td>11</td><td>186</td><td>1,591</td><td>22</td><td>672</td><td>937</td></tr><tr><td>2-1/4/46 June 1967-72......(taxable)</td><td>7,967</td><td>229</td><td>24</td><td>1,006</td><td>3,157</td><td>104</td><td>889</td><td>2,557</td></tr><tr><td>2-1/4/46 December 1967-72......(taxable)</td><td>11,689</td><td>651</td><td>45</td><td>1,366</td><td>2,485</td><td>205</td><td>1,039</td><td>5,898</td></tr><tr><td>Total bank restricted 4/......</td><td>53,459</td><td>1,677</td><td>213</td><td>8,325</td><td>16,948</td><td>1,125</td><td>5,209</td><td>19,961</td></tr><tr><td>Bank eligible</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>3/3/46 June 1946-48......(partially)</td><td>1,036</td><td>530</td><td>*</td><td>5</td><td>1</td><td>16</td><td>205</td><td>279</td></tr><tr><td>3-1/8/46 June 1946-49......(partially)</td><td>819</td><td>425</td><td>*</td><td>10</td><td>1</td><td>8</td><td>87</td><td>287</td></tr><tr><td>4-1/4/46 October 1947-52......(partially)</td><td>759</td><td>278</td><td>*</td><td>9</td><td>11</td><td>22</td><td>81</td><td>358</td></tr><tr><td>2/4/47 December 1947......(partially)</td><td>701</td><td>554</td><td>*</td><td>1</td><td>*</td><td>22</td><td>*</td><td>123</td></tr><tr><td>2/4/48 March 1948-50......(taxable)</td><td>1,115</td><td>778</td><td>1</td><td>75</td><td>42</td><td>10</td><td>40</td><td>170</td></tr><tr><td>2-3/4/48 March 1948-51......(partially)</td><td>1,223</td><td>859</td><td>1</td><td>9</td><td>5</td><td>28</td><td>160</td><td>160</td></tr></table>
(Continued on following page)
54
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, May 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART I - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued) (Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="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 1/</th></tr><tr><th></th><th></th><th>7,368 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th><th></th><th></th><th></th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank eligible-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-3/4% June 1948......(taxable)</td><td>3,062</td><td>2,340</td><td>3</td><td>70</td><td>48</td><td>39</td><td>25</td><td>536</td></tr><tr><td>2-1/2% September 1948.....(partially)</td><td>451</td><td>370</td><td></td><td>1</td><td></td><td>9</td><td>-</td><td>70</td></tr><tr><td>2% December 1948-50.....(partially)</td><td>571</td><td>469</td><td></td><td>1</td><td></td><td>12</td><td>44</td><td>45</td></tr><tr><td>2% June 1949-51......(taxable)</td><td>1,014</td><td>743</td><td></td><td>52</td><td>99</td><td>8</td><td>8</td><td>103</td></tr><tr><td>2% September 1949-51.....(taxable)</td><td>1,292</td><td>1,026</td><td>1</td><td>38</td><td>93</td><td>23</td><td>1</td><td>110</td></tr><tr><td>2% December 1949-51.....(taxable)</td><td>2,098</td><td>1,587</td><td>4</td><td>55</td><td>125</td><td>21</td><td>2</td><td>303</td></tr><tr><td>3-1/8% December 1949-52.....(partially)</td><td>491</td><td>365</td><td>1</td><td>5</td><td>11</td><td>20</td><td>40</td><td>50</td></tr><tr><td>2-1/2% December 1949-53.....(partially)</td><td>1,786</td><td>1,302</td><td>2</td><td>6</td><td>3</td><td>40</td><td>223</td><td>210</td></tr><tr><td>2% March 1950-52.....(taxable)</td><td>1,963</td><td>1,546</td><td>5</td><td>69</td><td>155</td><td>19</td><td>4</td><td>165</td></tr><tr><td>2% September 1950-52.....(taxable)</td><td>4,939</td><td>3,428</td><td>8</td><td>170</td><td>318</td><td>59</td><td>47</td><td>909</td></tr><tr><td>2-1/2% September 1950-52.....(partially)</td><td>1,186</td><td>987</td><td>2</td><td>7</td><td>2</td><td>48</td><td>112</td><td>27</td></tr><tr><td>1-1/2% December 1950.....(taxable)</td><td>2,635</td><td>1,677</td><td>2</td><td>17</td><td>4</td><td>23</td><td></td><td>916</td></tr><tr><td>2-3/4% June 1951-54.....(partially)</td><td>1,627</td><td>1,215</td><td>8</td><td>6</td><td>2</td><td>56</td><td>163</td><td>177</td></tr><tr><td>2% September 1951-53.....(taxable)</td><td>7,986</td><td>5,444</td><td>22</td><td>335</td><td>599</td><td>119</td><td>115</td><td>1,353</td></tr><tr><td>3% September 1951-55.....(partially)</td><td>755</td><td>404</td><td></td><td>4</td><td>1</td><td>32</td><td>77</td><td>237</td></tr><tr><td>2% December 1951-55.....(taxable)</td><td>510</td><td>379</td><td>2</td><td>10</td><td>24</td><td>7</td><td>12</td><td>78</td></tr><tr><td>2-1/4% December 1951-53.....(partially)</td><td>1,118</td><td>928</td><td>2</td><td>2</td><td>3</td><td>28</td><td>98</td><td>57</td></tr><tr><td>2-1/2% March 1952-54.....(taxable)</td><td>1,024</td><td>555</td><td></td><td>195</td><td>42</td><td>13</td><td>61</td><td>157</td></tr><tr><td>2% June 1952-54.....(taxable)</td><td>5,825</td><td>4,062</td><td>20</td><td>254</td><td>444</td><td>74</td><td>7</td><td>965</td></tr><tr><td>2% December 1952-54.....(taxable)</td><td>8,662</td><td>5,714</td><td>23</td><td>590</td><td>595</td><td>139</td><td>15</td><td>1,587</td></tr><tr><td>2-1/4% June 1952-55.....(taxable)</td><td>1,501</td><td>960</td><td>2</td><td>155</td><td>139</td><td>22</td><td>68</td><td>154</td></tr><tr><td>2% June 1953-55.....(partially)</td><td>725</td><td>643</td><td></td><td>1</td><td>22</td><td>26</td><td>14</td><td>19</td></tr><tr><td>2-1/4% June 1954-56.....(partially)</td><td>681</td><td>532</td><td>2</td><td>1</td><td>1</td><td>32</td><td>35</td><td>76</td></tr><tr><td>2-7/8% March 1955-60.....(partially)</td><td>2,611</td><td>1,343</td><td>31</td><td>8</td><td>26</td><td>105</td><td>315</td><td>782</td></tr><tr><td>2-1/2% March 1956-58.....(taxable)</td><td>1,449</td><td>772</td><td>8</td><td>62</td><td>377</td><td>16</td><td>53</td><td>160</td></tr><tr><td>2-3/4% September 1956-59.....(partially)</td><td>982</td><td>649</td><td>16</td><td>10</td><td>43</td><td>67</td><td>96</td><td>100</td></tr><tr><td>2-3/4% June 1958-63.....(partially)</td><td>919</td><td>614</td><td>12</td><td>5</td><td>58</td><td>66</td><td>52</td><td>112</td></tr><tr><td>2-3/4% December 1960-65.....(partially)</td><td>1,485</td><td>1,007</td><td>9</td><td>6</td><td>45</td><td>92</td><td>75</td><td>253</td></tr><tr><td>2-1/2% September 1967-72.....(taxable)</td><td>2,716</td><td>1,586</td><td>1</td><td>76</td><td>296</td><td>26</td><td>238</td><td>493</td></tr><tr><td>Total bank eligible....................</td><td>67,718</td><td>46,073</td><td>192</td><td>2,322</td><td>3,632</td><td>1,347</td><td>2,571</td><td>11,580</td></tr><tr><td>Total Treasury bonds....................</td><td>121,177</td><td>47,751</td><td>405</td><td>10,647</td><td>20,580</td><td>2,472</td><td>7,781</td><td>31,542</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds.....(wholly)</td><td>117</td><td>14</td><td></td><td></td><td></td><td></td><td>36</td><td>66</td></tr><tr><td>Panama Canal bonds.....(wholly)</td><td>50</td><td>1</td><td></td><td></td><td></td><td></td><td>-</td><td>49</td></tr><tr><td>Conversion bonds.....(wholly)</td><td>13</td><td></td><td></td><td></td><td></td><td></td><td>-</td><td>13</td></tr><tr><td>Total postal savings and other bonds....</td><td>180</td><td>15</td><td></td><td></td><td></td><td>1</td><td>36</td><td>128</td></tr><tr><td>Guaranteed securities 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures 6/.....(partially)</td><td>7</td><td></td><td></td><td>3</td><td>12</td><td></td><td>9</td><td>4</td></tr><tr><td>(taxable)</td><td>35</td><td>13</td><td>1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total guaranteed securities</td><td>42</td><td>13</td><td>1</td><td>3</td><td>12</td><td></td><td>9</td><td>4</td></tr><tr><td>Total public marketable securities.....</td><td>193,529</td><td>79,411</td><td>473</td><td>11,087</td><td>21,413</td><td>2,816</td><td>29,950</td><td>48,379</td></tr></table>
Note: The Treasury Survey commenced with data for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of data for September 30, 1944 appeared in the February 1945 issue, page 53; reclassification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-53.
* Less than $500 thousand or less than .05%.
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
4/ Issues which commercial banks may not acquire prior to a specified
5/ Guaranteed securities held by the Treasury are not included. Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5 thousand 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 debentures. 3/ Actual figures by tax status are available only for total amount outstanding.
August 1946
55
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, May 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 1/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Banks 2/</th><th colspan="2">Insurance companies</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 4/</th></tr><tr><th>7,368 commercial banks 3/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th></tr><tr><td>United States savings bonds 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series B-D.....................(6/)</td><td>3,382</td><td>176</td><td>*</td><td>5</td><td>3</td><td>7</td><td>*</td><td>3,189</td></tr><tr><td>Series E.....................(taxable)</td><td>30,425</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,424</td></tr><tr><td>Series F.....................(taxable)</td><td>2,853</td><td>218</td><td>1</td><td>9</td><td>15</td><td>24</td><td>1</td><td>2,615</td></tr><tr><td>Series G.....................(taxable)</td><td>12,226</td><td>478</td><td>6</td><td>226</td><td>98</td><td>167</td><td>10</td><td>11,240</td></tr><tr><td>Total United States savings bonds.....................</td><td>48,917</td><td>873</td><td>7</td><td>240</td><td>118</td><td>198</td><td>13</td><td>47,468</td></tr><tr><td>Treasury savings notes.....................(taxable)</td><td>7,127</td><td>118</td><td>3</td><td>*</td><td>1</td><td>6</td><td>17</td><td>6,982</td></tr><tr><td>Depositary bonds.....................(taxable)</td><td>429</td><td>399</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>500</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>56,973</td><td>1,390</td><td>11</td><td>240</td><td>118</td><td>204</td><td>30</td><td>54,479</td></tr></table>
* Less than $500 thousand.
1/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Wholly" tax-exempt securities are exempt from both the normal and surtax rates. "Partially" tax-exempt securities are exempt from the normal rates except that in the case of partially tax-exempt Treasury and savings bonds, interest derived from $5 thousand of principal amount owned by any one holder is also exempt from the surtax rates. "Taxable" securities are subject to both normal and surtax rates.
2/ Securities held in trust departments are excluded.
3/ Includes trust companies.
4/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
5/ United States savings bonds, Series B-D, M, and P are shown at current redemption values. They were reported at maturity value by the banks and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
6/ Series B-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable.
7/ Guaranteed securities held by the Treasury are not included.
8/ C.C.C. demand obligations in the amount of $500 million held by all commercial banks are shown only in total amount outstanding.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Banks 2/</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 4/</th></tr><tr><th></th><th></th><th>7,368 commercial banks 3/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>644 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Federal land bank bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/24 October 1948-50......(taxable)</td><td>176</td><td>148</td><td>1</td><td>*</td><td>*</td><td>1</td><td>-</td><td>26</td></tr><tr><td>1-1/44 May 1950-52......(taxable)</td><td>217</td><td>138</td><td>*</td><td>4</td><td>*</td><td>*</td><td>-</td><td>74</td></tr><tr><td>1-1/24 January 1951-53......(taxable)</td><td>214</td><td>179</td><td>*</td><td>1</td><td>*</td><td>*</td><td>-</td><td>34</td></tr><tr><td>2-1/44 February 1953-55......(taxable)</td><td>114</td><td>90</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>20</td></tr><tr><td>Total Federal land bank bonds</td><td>721</td><td>556</td><td>1</td><td>6</td><td>1</td><td>3</td><td>-</td><td>154</td></tr><tr><td>Federal intermediate credit bank debentures</td><td>300</td><td>267</td><td>-</td><td>*</td><td>-</td><td>3</td><td>-</td><td>30</td></tr><tr><td>Federal home loan bank debentures</td><td>67</td><td>56</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>11</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>1,088</td><td>879</td><td>1</td><td>7</td><td>1</td><td>6</td><td>-</td><td>195</td></tr></table>
Less than $500 thousand. 1/ 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.
3/ Includes trust companies.
4/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey.
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
56
57
August 1946
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies June 28, 1946
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (millions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th>Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">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 May 31, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from May 31, 1946</th><th></th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td colspan="18">Treasury bonds - bank eligible</td></tr><tr><td>$1,115</td><td>2 3/16 - 3/15/48-50</td><td>101.23</td><td>101.25</td><td>101.24</td><td>.00</td><td>.96%</td><td>-.05%</td><td>1.51%</td><td>3/15/41</td><td>104.05</td><td>8/2/41</td><td>100.22</td><td>2/25/41</td><td>102.12</td><td>3/11</td><td>101.22</td><td>5/14</td></tr><tr><td>3,062</td><td>1-3/4 - 6/15/48</td><td>101.14</td><td>101.16</td><td>101.15</td><td>.01</td><td>.99</td><td>-.04</td><td>.99</td><td>12/1/42</td><td>102.02</td><td>3/2/46</td><td>100.01</td><td>12/23/42</td><td>102.02</td><td>3/2</td><td>101.11</td><td>5/13</td></tr><tr><td>1,014</td><td>2 6/15/49-51</td><td>102.25</td><td>102.27</td><td>102.26</td><td>+.06</td><td>1.03</td><td>-.09</td><td>1.41</td><td>1/15/42</td><td>103.22</td><td>3/7/46</td><td>100.06</td><td>8/5/42</td><td>103.22</td><td>3/7</td><td>102.15</td><td>5/13</td></tr><tr><td>1,292</td><td>2 9/15/49-51</td><td>102.28</td><td>102.30</td><td>102.29</td><td>+.05</td><td>1.08</td><td>-.06</td><td>1.42</td><td>5/15/42</td><td>103.28</td><td>3/2/46</td><td>100.04</td><td>10/6/42</td><td>103.28</td><td>3/2</td><td>102.18</td><td>5/13</td></tr><tr><td>2,098</td><td>2 12/15/49-51</td><td>103.00</td><td>103.02</td><td>103.01</td><td>+.05</td><td>1.10</td><td>-.07</td><td>1.42</td><td>7/15/42</td><td>104.00</td><td>3/2/46</td><td>100.03</td><td>8/5/42</td><td>104.00</td><td>3/2</td><td>102.20</td><td>5/13</td></tr><tr><td>1,963</td><td>2 3/15/50-52</td><td>103.05</td><td>103.07</td><td>103.06</td><td>+.07</td><td>1.12</td><td>-.07</td><td>1.42</td><td>10/19/42</td><td>104.01</td><td>3/11/46</td><td>100.01</td><td>11/2/42</td><td>104.01</td><td>3/11</td><td>102.20</td><td>5/13</td></tr><tr><td>4,939</td><td>2 9/15/50-52</td><td>103.13</td><td>103.15</td><td>103.14</td><td>+.11</td><td>1.16</td><td>-.10</td><td>1.42</td><td>4/15/43</td><td>104.07</td><td>3/11/46</td><td>100.08</td><td>5/3/43</td><td>104.07</td><td>3/11</td><td>102.23</td><td>5/13</td></tr><tr><td>2,635</td><td>1-1/2 12/15/50</td><td>101.20</td><td>101.22</td><td>101.21</td><td>+.09</td><td>1.12</td><td>-.07</td><td>1.12</td><td>6/1/45</td><td>102.15</td><td>3/11/46</td><td>100.29</td><td>8/21/45</td><td>102.15</td><td>3/11</td><td>101.08</td><td>5/27</td></tr><tr><td>7,986</td><td>2 9/15/51-53</td><td>103.21</td><td>103.23</td><td>103.22</td><td>+.13</td><td>1.27</td><td>-.08</td><td>1.46</td><td>9/15/43</td><td>104.18</td><td>3/11/46</td><td>100.03</td><td>11/8/43</td><td>104.18</td><td>3/11</td><td>103.00</td><td>5/13</td></tr><tr><td>510</td><td>2 12/15/51-55</td><td>103.24</td><td>103.26</td><td>103.25</td><td>+.08</td><td>1.28</td><td>-.06</td><td>1.57</td><td>12/15/41</td><td>104.26</td><td>3/11/46</td><td>100.01</td><td>12/5/42</td><td>104.26</td><td>3/11</td><td>103.09</td><td>5/13</td></tr><tr><td>1,024</td><td>2-1/2 3/15/52-54</td><td>106.07</td><td>106.09</td><td>106.08</td><td>+.07</td><td>1.36</td><td>-.05</td><td>1.63</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>2 6/15/52-54</td><td>103.26</td><td>103.28</td><td>103.27</td><td>+.10</td><td>1.33</td><td>-.06</td><td>1.49</td><td>6/26/44</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/24/44</td><td>104.27</td><td>2/18</td><td>103.08</td><td>5/13</td></tr><tr><td>1,501</td><td>2-1/4 6/15/52-55</td><td>105.02</td><td>105.04</td><td>105.03</td><td>+.10</td><td>1.36</td><td>-.06</td><td>1.64</td><td>2/25/42</td><td>106.08</td><td>2/9/46</td><td>100.16</td><td>2/18/42</td><td>106.08</td><td>2/9</td><td>104.14</td><td>5/13</td></tr><tr><td>8,662</td><td>2 12/15/52-54</td><td>103.30</td><td>104.00</td><td>103.31</td><td>+.11</td><td>1.36</td><td>-.06</td><td>1.90</td><td>12/1/44</td><td>105.00</td><td>3/11/46</td><td>100.09</td><td>12/19/44</td><td>105.00</td><td>3/11</td><td>103.09</td><td>5/13</td></tr><tr><td>1,449</td><td>2-1/2 3/15/56-58</td><td>108.12</td><td>108.14</td><td>108.13</td><td>+.09</td><td>1.56</td><td>-.04</td><td>1.71</td><td>6/2/41</td><td>110.22</td><td>2/8/46</td><td>101.30</td><td>12/26/41</td><td>110.22</td><td>2/8</td><td>107.21</td><td>5/13</td></tr><tr><td>2,716</td><td>2-1/2 9/15/67-72</td><td>107.16</td><td>107.18</td><td>107.17</td><td>+.18</td><td>2.06</td><td>-.03</td><td>2.12</td><td>10/20/41</td><td>109.18</td><td>4/6/46</td><td>100.01</td><td>1/2/42</td><td>109.18</td><td>4/6</td><td>106.19</td><td>5/27</td></tr><tr><td colspan="18">Treasury bonds - bank restricted 5/</td></tr><tr><td>3,823</td><td>2-1/4 9/15/56-59</td><td>105.26</td><td>105.28</td><td>105.27</td><td>+.15</td><td>1.63</td><td>-.05</td><td>1.75</td><td>2/1/44</td><td>107.16</td><td>4/6/46</td><td>100.01</td><td>2/29/44</td><td>107.16</td><td>4/6</td><td>104.22</td><td>5/13</td></tr><tr><td>5,284</td><td>2-1/4 6/15/59-62</td><td>102.25</td><td>102.27</td><td>102.26</td><td>+.09</td><td>2.00</td><td>-.03</td><td>2.04</td><td>6/1/45</td><td>104.20</td><td>4/6/46</td><td>100.16</td><td>9/12/45</td><td>104.20</td><td>4/6</td><td>100.30</td><td>1/2</td></tr><tr><td>3,470</td><td>2-1/4 12/15/59-62</td><td>102.25</td><td>102.27</td><td>102.26</td><td>+.09</td><td>2.01</td><td>-.03</td><td>2.05</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>100.14</td><td>12/11/45</td><td>104.21</td><td>4/6</td><td>100.30</td><td>1/2</td></tr><tr><td>2,118</td><td>2-1/2 6/15/62-67</td><td>105.30</td><td>106.00</td><td>105.31</td><td>+.06</td><td>2.06</td><td>-.01</td><td>2.15</td><td>5/5/42</td><td>108.12</td><td>4/6/46</td><td>100.00</td><td>8/17/42</td><td>108.12</td><td>4/6</td><td>103.24</td><td>1/2</td></tr><tr><td>2,831</td><td>2-1/2 12/15/63-68</td><td>105.17</td><td>105.19</td><td>105.18</td><td>+.04</td><td>2.12</td><td>-.01</td><td>2.19</td><td>12/1/42</td><td>108.03</td><td>4/6/46</td><td>100.00</td><td>2/17/44</td><td>108.03</td><td>4/6</td><td>103.02</td><td>1/2</td></tr><tr><td>3,761</td><td>2-1/2 6/15/64-69</td><td>105.05</td><td>105.07</td><td>105.06</td><td>+.04</td><td>2.15</td><td>-.01</td><td>2.21</td><td>4/15/43</td><td>107.25</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>107.25</td><td>4/6</td><td>102.23</td><td>1/2</td></tr><tr><td>3,838</td><td>2-1/2 12/15/64-69</td><td>105.04</td><td>105.06</td><td>105.05</td><td>+.04</td><td>2.16</td><td>-.01</td><td>2.22</td><td>9/15/43</td><td>107.24</td><td>4/6/46</td><td>100.00</td><td>3/2/44</td><td>107.24</td><td>4/6</td><td>102.21</td><td>1/2</td></tr><tr><td>5,197</td><td>2-1/2 3/15/65-70</td><td>104.70</td><td>104.71</td><td>104.71</td><td>+.04</td><td>2.18</td><td>.00</td><td>2.23</td><td>2/1/44</td><td>107.23</td><td>4/6/46</td><td>100.00</td><td>2/16/44</td><td>107.23</td><td>4/6</td><td>102.13</td><td>1/2</td></tr><tr><td>3,481</td><td>2-1/2 3/15/66-71</td><td>104.29</td><td>104.31</td><td>104.30</td><td>+.04</td><td>2.19</td><td>-.01</td><td>2.24</td><td>12/1/44</td><td>107.22</td><td>4/6/46</td><td>100.06</td><td>12/19/44</td><td>107.22</td><td>4/6</td><td>102.10</td><td>1/2</td></tr><tr><td>7,967</td><td>2-1/2 6/15/67-72</td><td>103.30</td><td>104.00</td><td>103.31</td><td>+.04</td><td>2.26</td><td>-.01</td><td>2.30</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.21</td><td>9/24/45</td><td>106.16</td><td>4/6</td><td>101.16</td><td>1/3</td></tr><tr><td>11,689</td><td>2-1/2 12/15/67-72</td><td>103.30</td><td>104.00</td><td>103.31</td><td>+.04</td><td>2.27</td><td>.00</td><td>2.30</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="18">Treasury notes</td></tr><tr><td>4,910</td><td>.90% D- 7/1/46 6/</td><td>100.08+</td><td>100.09+</td><td>100.09</td><td>-.02</td><td>.88</td><td>+.03</td><td>.88</td><td>6/1/45</td><td>.22%</td><td>6/19/46</td><td>.90%</td><td>6/27/46</td><td>.22%</td><td>6/19</td><td>.90%</td><td>6/27</td></tr><tr><td>3,261</td><td>1-1/2 12/15/46</td><td>100.08+</td><td>100.09+</td><td>100.08</td><td>-.01</td><td>.89</td><td>.00</td><td>.89</td><td>6/15/42</td><td>101.00</td><td>4/4/45</td><td>100.01</td><td>1/2/43</td><td>100.20</td><td>2/25</td><td>100.09</td><td>6/28</td></tr><tr><td>1,948</td><td>1-1/4 3/15/47</td><td>100.08</td><td>100.09</td><td>100.08</td><td>-.01</td><td>.89</td><td>.00</td><td>.89</td><td>6/26/44</td><td>100.20</td><td>3/5/45</td><td>100.07</td><td>12/28/44</td><td>100.17</td><td>2/18</td><td>100.08</td><td>6/28</td></tr><tr><td>2,707</td><td>1-1/2 9/15/47</td><td>100.23+</td><td>100.24+</td><td>100.24</td><td>.00</td><td>.87</td><td>-.04</td><td>.87</td><td>7/12/43</td><td>101.06</td><td>3/5/45</td><td>100.16</td><td>10/14/43</td><td>101.02</td><td>3/1</td><td>100.22</td><td>5/14</td></tr><tr><td>1,687</td><td>1-1/4 9/15/47</td><td>100.14</td><td>100.15</td><td>100.14</td><td>.00</td><td>.88</td><td>-.03</td><td>.88</td><td>12/1/43</td><td>100.23</td><td>2/16/45</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 9/15/48</td><td>101.03+</td><td>101.04+</td><td>101.04</td><td>+.02</td><td>.98</td><td>-.05</td><td>.98</td><td>3/15/44</td><td>101.22</td><td>3/2/45</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="18">Certificates of indebtedness 1/</td></tr><tr><td>2,470</td><td>7/8% I- 8/1/46</td><td>.84%</td><td>.80%</td><td>.824</td><td>-.024</td><td>-</td><td>-</td><td>-</td><td>8/1/45</td><td>.65%</td><td>3/2/46</td><td>.85%</td><td>7/26/45</td><td>.65%</td><td>3/2</td><td>.84%</td><td>5/18</td></tr><tr><td>4,336</td><td>7/8% D- 9/1/46</td><td>.84%</td><td>.81%</td><td>.824</td><td>-.014</td><td>-</td><td>-</td><td>-</td><td>9/1/45</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>.84%</td><td>5/27</td></tr><tr><td>3,440</td><td>7/8% B- 10/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.004</td><td>-</td><td>-</td><td>-</td><td>10/1/45</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>.84%</td><td>5/28</td></tr><tr><td>3,778</td><td>7/8% J- 11/1/46</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.004</td><td>-</td><td>-</td><td>-</td><td>12/1/45</td><td>.73%</td><td>2/25/46</td><td>.85%</td><td>12/14/45</td><td>.73%</td><td>2/25</td><td>.84%</td><td>5/28</td></tr><tr><td>3,768</td><td>7/8% K- 12/1/46</td><td>.84%</td><td>.82%</td><td>.834</td><td>-.014</td><td>-</td><td>-</td><td>-</td><td>12/3/45</td><td>.73%</td><td>2/21/46</td><td>.84%</td><td>6/27/46</td><td>.73%</td><td>2/21</td><td>.84%</td><td>5/27</td></tr><tr><td>3,330</td><td>7/8% A- 1/1/47</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.004</td><td>-</td><td>-</td><td>-</td><td>1/1/46</td><td>.76%</td><td>3/4/46</td><td>.95%</td><td>12/29/46</td><td>.76%</td><td>3/4</td><td>.84%</td><td>5/28</td></tr><tr><td>4,954</td><td>7/8% B- 2/1/47</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.004</td><td>-</td><td>-</td><td>-</td><td>2/1/46</td><td>.76%</td><td>3/4/46</td><td>.84%</td><td>6/28/46</td><td>.76%</td><td>3/4</td><td>.84%</td><td>5/28</td></tr><tr><td>3,133</td><td>7/8% C- 3/1/47</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.004</td><td>-</td><td>-</td><td>-</td><td>3/1/46</td><td>.77%</td><td>3/4/46</td><td>.84%</td><td>6/28/46</td><td>.77%</td><td>3/4</td><td>.84%</td><td>5/28</td></tr><tr><td>2,820</td><td>7/8% D- 4/1/47</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.004</td><td>-</td><td>-</td><td>-</td><td>4/1/46</td><td>.80%</td><td>4/22/46</td><td>.84%</td><td>6/28/46</td><td>.80%</td><td>4/22</td><td>.84%</td><td>5/28</td></tr><tr><td>2,773</td><td>7/8% E-
(Continued on following page)
58
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
June 28, 1946 - (Continued)
Table 1. - 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 May 31, 1946</th><th></th><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from May 31, 1946</th></tr><tr><td>$1,312</td><td>7/5/46</td><td>4/4/46</td><td>.375%</td><td>.20%</td><td>.29%</td><td>-.05%</td><td>$1,314</td><td>8/22/46</td><td>5/23/46</td><td>.375%</td><td>.32%</td><td>.35%</td><td>-.01%</td></tr><tr><td>1,317</td><td>7/11/46</td><td>4/11/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.03</td><td>1,313</td><td>8/29/46</td><td>5/31/46</td><td>.375</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,310</td><td>7/18/46</td><td>4/18/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,313</td><td>9/5/46</td><td>6/6/46</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,315</td><td>7/25/46</td><td>4/25/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,310</td><td>9/12/46</td><td>6/13/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,309</td><td>8/1/46</td><td>5/2/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,310</td><td>9/19/46</td><td>6/20/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,308</td><td>8/8/46</td><td>5/9/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,306</td><td>9/26/46</td><td>6/27/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,301</td><td>8/15/46</td><td>5/16/46</td><td>.375</td><td>.32</td><td>.35</td><td>-.01</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th>Amount outstanding (millions)</th><th>Description</th><th colspan="4">Price date (Price decimals are thirty-eccode)</th><th colspan="3">Yield data</th><th>Date of issue</th><th colspan="4">Prices range since first traded 2/ (Price decimals are thirty-eccode)</th><th colspan="4">1946 price range 2/ (Price decimals are thirty-eccode)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from May 31, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from May 31, 1946</th><th>Yield to maturity 2/</th><th></th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td colspan="18">Treasury bonds</td></tr><tr><td>$ 759</td><td>4-1/4% - 10/15/47-52</td><td>104.20</td><td>104.22</td><td>104.21</td><td>-.05</td><td>.624</td><td>-.08%</td><td>3.42%</td><td>10/16/22</td><td>122.22</td><td>12/14/40</td><td>98.18</td><td>10/8/23</td><td>106.12</td><td>1/24</td><td>104.21</td><td>6/28</td></tr><tr><td>701</td><td>2% - 12/15/47</td><td>101.28</td><td>101.30</td><td>101.29</td><td>-.02</td><td>.68</td><td>-.03</td><td>.68</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>101.29</td><td>6/28</td></tr><tr><td>1,223</td><td>2-3/4% - 3/15/48-51</td><td>103.13</td><td>103.15</td><td>103.14</td><td>-.02</td><td>.72</td><td>-.05</td><td>1.98</td><td>3/16/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>4/1/37</td><td>104.13</td><td>1/29</td><td>103.14</td><td>6/28</td></tr><tr><td>451</td><td>2-1/2% - 9/15/48</td><td>103.26</td><td>103.28</td><td>103.27</td><td>-.01</td><td>.74</td><td>-.04</td><td>.74</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>4/2/38</td><td>104.24</td><td>3/11</td><td>103.27</td><td>6/28</td></tr><tr><td>571</td><td>2% - 12/15/48-50</td><td>102.30</td><td>103.00</td><td>102.31</td><td>-.02</td><td>.78</td><td>-.01</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>4/25</td></tr><tr><td>491</td><td>3-1/8% - 12/15/49-52</td><td>107.19</td><td>107.21</td><td>107.20</td><td>+.02</td><td>.88</td><td>-.06</td><td>1.87</td><td>12/15/34</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/34</td><td>108.30</td><td>1/28</td><td>107.16</td><td>5/14</td></tr><tr><td>1,786</td><td>2-1/2% - 12/15/49-53</td><td>105.15</td><td>105.17</td><td>105.16</td><td>+.02</td><td>.88</td><td>-.05</td><td>1.71</td><td>12/15/36</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>4/8/37</td><td>106.18</td><td>3/12</td><td>105.12</td><td>5/14</td></tr><tr><td>1,186</td><td>2-1/2% - 9/15/50-52</td><td>106.15</td><td>106.17</td><td>106.16</td><td>+.05</td><td>.92</td><td>-.06</td><td>1.40</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>2-3/4% - 6/15/51-54</td><td>108.11</td><td>108.16</td><td>108.15</td><td>+.05</td><td>.99</td><td>-.06</td><td>1.61</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% - 9/15/51-55</td><td>110.01</td><td>110.03</td><td>110.02</td><td>+.05</td><td>1.01</td><td>-.06</td><td>1.81</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>2-1/4% - 12/15/51-53</td><td>106.21</td><td>106.23</td><td>106.22</td><td>+.11</td><td>.99</td><td>-.08</td><td>1.31</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>725</td><td>2% - 6/15/53-55</td><td>106.15</td><td>106.17</td><td>106.16</td><td>+.21</td><td>1.03</td><td>-.10</td><td>1.23</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>621</td><td>2-1/4% - 6/15/54-56</td><td>108.25</td><td>108.27</td><td>108.26</td><td>+.08</td><td>1.09</td><td>-.04</td><td>1.30</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% - 3/15/55-60</td><td>113.31</td><td>114.01</td><td>114.00</td><td>+.16</td><td>1.18</td><td>-.07</td><td>1.72</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>2-3/4% - 9/15/56-59</td><td>114.01</td><td>114.03</td><td>114.02</td><td>+.09</td><td>1.28</td><td>-.03</td><td>1.57</td><td>9/15/36</td><td>116.13</td><td>1/26/46</td><td>98.10</td><td>4/1/37</td><td>116.13</td><td>1/26</td><td>113.08</td><td>5/13</td></tr><tr><td>919</td><td>2-3/4% - 6/15/58-63</td><td>114.26</td><td>114.28</td><td>114.27</td><td>+.06</td><td>1.40</td><td>-.02</td><td>1.74</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>2-3/4% - 12/15/60-65</td><td>116.23</td><td>116.25</td><td>116.24</td><td>+.04</td><td>1.46</td><td>-.02</td><td>1.73</td><td>12/15/38</td><td>119.00</td><td>1/25/46</td><td>99.14</td><td>9/25/39</td><td>119.00</td><td>1/25</td><td>116.03</td><td>5/13</td></tr><tr><td colspan="18">Other bonds 9/</td></tr><tr><td>13</td><td>3% Conversion 1/1/47</td><td>101.08</td><td>101.08</td><td>101.08</td><td>-.08</td><td>.50</td><td>+.10</td><td>.50</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>101.08</td><td>6/28</td></tr><tr><td>50</td><td>3% Panama Canal-6/1/61</td><td>130.08</td><td>131.24</td><td>131.00</td><td>-1.08</td><td>.80</td><td>+.07</td><td>.80</td><td>6/1/11</td><td>134.00</td><td>9/5/44</td><td>75.00</td><td>6/18/21</td><td>133.24</td><td>3/13</td><td>131.00</td><td>6/28</td></tr></table>
1/ Excludes Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding). 
2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates. 
3/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to matu-
4/ Included in the Average Yield of Long-Term Taxable Treasury Bonds. 
5/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions). See footnote 2, page 25. 
6/ Not quoted on June 28, 1946; quoted on a price basis at par from June 21 through June 27, 1946; prior thereto quoted on a yield basis. 
7/ Quoted on a yield basis. 
8/ This security was issued on July 1, 1946, in the amount of $2,916 million. 
9/ Excludes postal savings bonds.
August 1946
59
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies June 28, 1946 - (Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-econds)</th><th colspan="3">Yield date</th><th>Date of issue</th><th colspan="4">Price range since first traded 1/ (Price decimals are thirty-econds)</th><th colspan="4">1946 price range 1/ (Price decimals are thirty-econds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from May 31, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from May 31, 1946</th><th>Yield to maturity 2/</th><th>High</th><th>Low</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><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="16">Taxable securities</td></tr><tr><td>67</td><td>Federal Home Loan Bank debentures 3/ .90% B- 10/15/46</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>6/28</td><td>.85%</td><td>6/28</td><td>.85%</td><td>6/28</td><td>.85%</td><td>6/28</td></tr><tr><td>41</td><td>Federal Intermediate Credit Bank debentures 4/ 7/8% - 7/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875%</td><td>.000%</td><td>.875%</td><td>1/2/46</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td></tr><tr><td>26</td><td>90% - 8/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.000%</td><td>.90</td><td>11/1/45</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td></tr><tr><td>44</td><td>90% - 9/3/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.000%</td><td>.90</td><td>12/1/45</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td></tr><tr><td>43</td><td>.90% - 10/1/46</td><td>100.00</td><td>-</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>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td></tr><tr><td>31</td><td>7/8% - 11/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000%</td><td>.875</td><td>2/1/46</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td></tr><tr><td>38</td><td>.825% - 12/2/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.825</td><td>.000%</td><td>.825</td><td>3/1/46</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td></tr><tr><td>39</td><td>7/8% - 1/2/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000%</td><td>.875</td><td>4/1/46</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td></tr><tr><td>22</td><td>.90% - 2/1/47</td><td>100.00</td><td>-</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>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td></tr><tr><td>24</td><td>.90% - 3/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90</td><td>.000%</td><td>.90</td><td>6/3/46</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td><td>100.00</td><td>6/28</td></tr><tr><td>176</td><td>Federal Land Bank bonds 5/ 1-1/2% - 10/1/48-50</td><td>100.18</td><td>100.22</td><td>100.20</td><td>-.02</td><td>1.22</td><td>+.02</td><td>1.35</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>100.12</td><td>9/19/45</td><td>101.10</td><td>3/6</td><td>100.18</td><td>5/15</td></tr><tr><td>217</td><td>1-1/4% - 5/1/50-52</td><td>99.26</td><td>99.28</td><td>99.27</td><td>-.01</td><td>1.29</td><td>+.01</td><td>1.28</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>99.26</td><td>6/12/46</td><td>100.02</td><td>4/17</td><td>99.26</td><td>6/12</td></tr><tr><td>214</td><td>1-1/2% - 1/1/51-53</td><td>100.10</td><td>100.14</td><td>100.12</td><td>.00</td><td>1.41</td><td>-.01</td><td>1.44</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>100.08</td><td>5/15/46</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% - 2/1/53-55</td><td>104.04</td><td>104.12</td><td>104.08</td><td>-.02</td><td>1.57</td><td>.00</td><td>1.72</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>104.08</td><td>6/28</td></tr></table>
1/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market. "When issued" prices for all securities, except Federal Intermediate Credit Bank debentures are included beginning November 1, 1941. Dates of highs and lows, in case of recurrence, are the latest dates.
2/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to matu-
3/ Quoted on a yield basis.
4/ Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue.
5/ Excludes issues completely held by Farm Credit Administration agencies.
60
Treasury Bulletin
YIELDS OF TREASURY SECURITIES JUNE 28,1946
Based on Mean of Closing Bid and Asked Quotations
Explanation. The points represent yields to call date when prices are above par, and to maturity date when prices are at par or below The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded
Office of the Secretary of the Treasury, Division of Research and Statistics
F-235-C
August 1946
61
Average Yields of Long-Term Treasury and Corporate Bonds
(Percent per annum)
<table><tr><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 1/</th><th>Taxable Treasury bonds 1/</th><th>High-grade corporate bonds 2/</th></tr><tr><td colspan="11">Monthly series 3/</td></tr><tr><td>1938-Jan.</td><td>2.69</td><td>...</td><td>3.17</td><td>1941-Jan.</td><td>2.12</td><td>...</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td><td>2.65</td></tr><tr><td>Feb.</td><td>2.68</td><td>...</td><td>3.15</td><td>Feb.</td><td>2.22</td><td>...</td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td><td>2.65</td></tr><tr><td>Mar.</td><td>2.67</td><td>...</td><td>3.16</td><td>Mar.</td><td>2.12</td><td>...</td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td><td>2.64</td></tr><tr><td>Apr.</td><td>2.66</td><td>...</td><td>3.25</td><td>Apr.</td><td>2.07</td><td>...</td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td><td>2.61</td></tr><tr><td>May</td><td>2.56</td><td>...</td><td>3.14</td><td>May</td><td>2.04</td><td>...</td><td>2.75</td><td>May</td><td>1.94</td><td>2.49</td><td>2.58</td></tr><tr><td>June</td><td>2.58</td><td>...</td><td>3.15</td><td>June</td><td>2.01</td><td>...</td><td>2.70</td><td>June</td><td>1.91</td><td>2.49</td><td>2.58</td></tr><tr><td>July</td><td>2.58</td><td>...</td><td>3.12</td><td>July</td><td>1.98</td><td>...</td><td>2.66</td><td>July</td><td>1.89</td><td>2.49</td><td>2.59</td></tr><tr><td>Aug.</td><td>2.57</td><td>...</td><td>3.10</td><td>Aug.</td><td>2.01</td><td>...</td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.48</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.63</td><td>...</td><td>3.12</td><td>Sept.</td><td>2.02</td><td>...</td><td>2.64</td><td>Sept.</td><td>1.93</td><td>2.47</td><td>2.55</td></tr><tr><td>Oct.</td><td>2.55</td><td>...</td><td>3.06</td><td>Oct.</td><td>1.98</td><td>2.34</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.48</td><td>2.55</td></tr><tr><td>Nov.</td><td>2.56</td><td>...</td><td>3.04</td><td>Nov.</td><td>1.95</td><td>2.34</td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.61</td></tr><tr><td>Dec.</td><td>2.56</td><td>...</td><td>3.02</td><td>Dec.</td><td>2.06</td><td>2.47</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>2.43</td><td>2.76</td><td>1945-Jan.</td><td>1.81</td><td>2.44</td><td>2.58</td></tr><tr><td>Feb.</td><td>2.51</td><td>...</td><td>2.90</td><td>Feb.</td><td>2.17</td><td>2.48</td><td>2.80</td><td>Feb.</td><td>1.75</td><td>2.38</td><td>2.56</td></tr><tr><td>Mar.</td><td>2.43</td><td>...</td><td>2.87</td><td>Mar.</td><td>2.10</td><td>2.46</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.40</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.38</td><td>...</td><td>2.92</td><td>Apr.</td><td>2.07</td><td>2.44</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May</td><td>2.27</td><td>...</td><td>2.86</td><td>May</td><td>2.06</td><td>2.45</td><td>2.76</td><td>May</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June</td><td>2.22</td><td>...</td><td>2.78</td><td>June</td><td>2.04</td><td>2.43</td><td>2.75</td><td>June</td><td>1.63</td><td>2.35</td><td>2.54</td></tr><tr><td>July</td><td>2.23</td><td>...</td><td>2.76</td><td>July</td><td>2.04</td><td>2.46</td><td>2.74</td><td>July</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td>...</td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.47</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.57</td><td>...</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.46</td><td>2.73</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct.</td><td>2.60</td><td>...</td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.45</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td>...</td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.47</td><td>2.71</td><td>Nov.</td><td>1.56</td><td>2.33</td><td>2.54</td></tr><tr><td>Dec.</td><td>2.35</td><td>...</td><td>2.86</td><td>Dec.</td><td>2.13</td><td>2.49</td><td>2.72</td><td>Dec.</td><td>...</td><td>2.33</td><td>2.54</td></tr><tr><td>1940-Jan.</td><td>2.30</td><td>...</td><td>2.81</td><td>1943-Jan.</td><td>2.11</td><td>2.46</td><td>2.70</td><td>1946-Jan.</td><td>...</td><td>2.21</td><td>2.43</td></tr><tr><td>Feb.</td><td>2.32</td><td>...</td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.46</td><td>2.68</td><td>Feb.</td><td>...</td><td>2.12</td><td>2.36</td></tr><tr><td>Mar.</td><td>2.26</td><td>...</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.48</td><td>2.70</td><td>Mar.</td><td>...</td><td>2.09</td><td>2.35</td></tr><tr><td>Apr.</td><td>2.26</td><td>...</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.48</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>2.46</td><td>2.65</td><td>May</td><td>...</td><td>2.19</td><td>2.34</td></tr><tr><td>June</td><td>2.40</td><td>...</td><td>2.93</td><td>June</td><td>1.91</td><td>2.45</td><td>2.63</td><td>June</td><td>...</td><td>2.16</td><td>2.42</td></tr><tr><td>July</td><td>2.30</td><td>...</td><td>2.85</td><td>July</td><td>1.91</td><td>2.45</td><td>2.58</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Aug.</td><td>2.31</td><td>...</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.46</td><td>2.57</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Sept.</td><td>2.25</td><td>...</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.48</td><td>2.59</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Oct.</td><td>2.21</td><td>...</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.48</td><td>2.60</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Nov.</td><td>2.09</td><td>...</td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.48</td><td>2.61</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td>Dec.</td><td>2.01</td><td>...</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.49</td><td>2.63</td><td>...</td><td>...</td><td>...</td><td>...</td></tr><tr><td colspan="11">Weekly series - Saturday figures 5/</td></tr><tr><td>1946-Jan. 5.</td><td>...</td><td>2.27</td><td>2.47</td><td>1946-Mar. 2.</td><td>...</td><td>2.10</td><td>2.35</td><td>1946-May 4.</td><td>...</td><td>2.18</td><td>2.44</td></tr><tr><td>12.</td><td>...</td><td>2.20</td><td>2.46</td><td>9.</td><td>...</td><td>2.09</td><td>2.35</td><td>11.</td><td>...</td><td>2.20</td><td>2.43</td></tr><tr><td>19.</td><td>...</td><td>2.19</td><td>2.42</td><td>16.</td><td>...</td><td>2.09</td><td>2.35</td><td>18.</td><td>...</td><td>2.17</td><td>2.45</td></tr><tr><td>26.</td><td>...</td><td>2.16</td><td>2.37</td><td>23.</td><td>...</td><td>2.09</td><td>2.34</td><td>24.</td><td>...</td><td>2.19</td><td>2.44</td></tr><tr><td>Feb. 2.</td><td>...</td><td>2.17</td><td>2.38</td><td>30.</td><td>...</td><td>2.07</td><td>2.34</td><td>31.</td><td>...</td><td>2.17</td><td>2.44</td></tr><tr><td>9.</td><td>...</td><td>2.10</td><td>2.36</td><td>Apr. 6.</td><td>...</td><td>2.01</td><td>2.37</td><td>June 7.</td><td>...</td><td>2.17</td><td>2.44</td></tr><tr><td>16.</td><td>...</td><td>2.09</td><td>2.35</td><td>13.</td><td>...</td><td>2.05</td><td>2.36</td><td>14.</td><td>...</td><td>2.15</td><td>2.42</td></tr><tr><td>21.</td><td>...</td><td>2.10</td><td>2.36</td><td>20.</td><td>...</td><td>2.10</td><td>2.37</td><td>21.</td><td>...</td><td>2.16</td><td>2.40</td></tr><tr><td>...</td><td>...</td><td>...</td><td>...</td><td>27.</td><td>...</td><td>2.15</td><td>2.39</td><td>28.</td><td>...</td><td>2.16</td><td>2.40</td></tr><tr><td colspan="11">Daily series</td></tr><tr><td>1946-June 1.</td><td>...</td><td>6/</td><td>6/</td><td>1946-June 10.</td><td>...</td><td>2.16</td><td>2.43</td><td>1946-June 20.</td><td>...</td><td>2.16</td><td>2.40</td></tr><tr><td>3.</td><td>...</td><td>2.16</td><td>2.45</td><td>11.</td><td>...</td><td>2.16</td><td>2.43</td><td>21.</td><td>...</td><td>2.16</td><td>2.40</td></tr><tr><td>4.</td><td>...</td><td>2.17</td><td>2.45</td><td>12.</td><td>...</td><td>2.15</td><td>2.42</td><td>22.</td><td>...</td><td>6/</td><td>6/</td></tr><tr><td>5.</td><td>...</td><td>2.17</td><td>2.44</td><td>13.</td><td>...</td><td>2.15</td><td>2.43</td><td>24.</td><td>...</td><td>2.16</td><td>2.40</td></tr><tr><td>6.</td><td>...</td><td>2.17</td><td>2.44</td><td>14.</td><td>...</td><td>2.15</td><td>2.42</td><td>25.</td><td>...</td><td>2.16</td><td>2.40</td></tr><tr><td>7.</td><td>...</td><td>2.17</td><td>2.44</td><td>15.</td><td>...</td><td>6/</td><td>6/</td><td>26.</td><td>...</td><td>2.16</td><td>2.40</td></tr><tr><td>8.</td><td>...</td><td>6/</td><td>6/</td><td>17.</td><td>...</td><td>2.15</td><td>2.41</td><td>27.</td><td>...</td><td>2.16</td><td>2.40</td></tr><tr><td>...</td><td>...</td><td>...</td><td>...</td><td>18.</td><td>...</td><td>2.15</td><td>2.39</td><td>28.</td><td>...</td><td>2.16</td><td>2.40</td></tr><tr><td>...</td><td>...</td><td>...</td><td>...</td><td>19.</td><td>...</td><td>2.15</td><td>2.40</td><td>29.</td><td>...</td><td>6/</td><td>6/</td></tr></table>
Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning September 2, 1941; previously, closing prices on the New York Stock Exchange were used on days when sales took place on the Exchange in a particular issue and the mean of closing bid and ask quotations on the New York Stock Exchange on days when no sales took place. Corporate bond yields are computed on the basis of closing prices on the New York Stock Exchange and the New York Curb Exchange; on days when an issue does not sell, the price of the last preceding sale is used. Monthly and weekly data for the period January 1933 through March 1944 appeared in the "Treasury Bulletin" for April
Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" for March 1944, page 58. The partially tax-exempt series was discontinued on December 15, 1945 because there were no longer any bonds of this classification due or callable in 15 or more years. Partially tax-exempt bonds are those the interest on which is exempt from the normal rates of the Federal income tax, except that in the
case of partially tax-exempt Treasury and United States savings bonds, interest derived from $5,000 of principal amount owned by any one holder is also exempt from the surtax rates of the Federal income tax. Taxable bonds are those the interest on which is subject to both the normal and surtax rates of the Federal income tax. For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for January 1945, page 56; for discussion of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1943, page 61. Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures. The composition of the high-grade corporate bond average was revised connecting with November 1, 1944. The old average for November 1944 was 2.56%. See footnote 2. On days when the exchanges are closed, the date and prices of the previous day are used. Market closed.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Treasury Bulletin
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 - 0
62
August 1946
63
INTERNAL REVENUE STATISTICS
64
Treasury Bulletin
Summary of Internal Revenue Collection
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Total receipts from internal revenue (Daily Treasury Statement)</th><th>Adjustment to Daily Treasury Statement</th><th>Total internal revenue collections</th><th colspan="4">Income and profits taxes</th><th colspan="4">Employment taxes</th></tr><tr><th></th><th></th><th></th><th></th><th>Total income and profits taxes</th><th>Individual 2/</th><th>Corporation income and excess profits 3/</th><th>Miscellaneous profits 4/</th><th>Total employment taxes</th><th>Social Security taxes</th><th>Unemployment insurance 6/</th><th>Railroad retirement 7/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Old-age insurance 5/</th><th></th><th></th></tr><tr><td>1937</td><td>4,597,140</td><td>-37,168</td><td>4,634,308</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,745</td><td>207,339</td><td>58,119</td><td>287</td></tr><tr><td>1938</td><td>5,674,318</td><td>+30,470</td><td>5,643,848</td><td>2,629,030</td><td>1,286,312</td><td>1,299,932</td><td>42,786</td><td>742,660</td><td>502,918</td><td>90,267</td><td>149,476</td></tr><tr><td>1939</td><td>5,161,231</td><td>-1,133</td><td>5,162,364</td><td>2,185,114</td><td>1,028,834</td><td>1,122,541</td><td>33,740</td><td>740,429</td><td>529,836</td><td>101,167</td><td>109,427</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,609</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>605,350</td><td>106,123</td><td>122,048</td></tr><tr><td>1941</td><td>7,361,675</td><td>+10,141</td><td>7,351,534</td><td>3,471,124</td><td>1,417,655</td><td>2,016,297</td><td>37,172</td><td>925,856</td><td>687,328</td><td>100,658</td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,797</td><td>13,029,915</td><td>8,006,884</td><td>3,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,617</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,969</td><td>-224,755</td><td>22,368,724</td><td>16,298,888</td><td>6,629,932</td><td>9,584,715</td><td>84,241</td><td>1,498,705</td><td>1,131,546</td><td>156,008</td><td>211,151</td></tr><tr><td>1944</td><td>41,684,987</td><td>+1,565,477</td><td>40,119,510</td><td>33,027,802</td><td>18,261,005</td><td>14,629,344</td><td>137,452</td><td>1,738,372</td><td>1,290,025</td><td>183,337</td><td>265,011</td></tr><tr><td>1945</td><td>43,902,002</td><td>+101,664</td><td>43,800,334</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,585</td><td>40,671,919</td><td>31,258,138</td><td>18,704,536</td><td>12,462,437</td><td>91,165</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>284,258</td></tr><tr><td>1945-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>125,472</td><td>117,656</td><td>5,093</td><td>2,722</td></tr><tr><td>August</td><td>2,848,726</td><td>-165,959</td><td>3,014,684</td><td>1,916,334</td><td>1,569,985</td><td>341,598</td><td>4,751</td><td>274,151</td><td>230,282</td><td>8,791</td><td>35,078</td></tr><tr><td>September</td><td>4,846,585</td><td>+725,043</td><td>4,121,542</td><td>3,952,852</td><td>1,162,276</td><td>2,379,553</td><td>11,022</td><td>37,339</td><td>3,352</td><td>619</td><td>33,368</td></tr><tr><td>October</td><td>2,340,240</td><td>-498,887</td><td>2,839,127</td><td>2,030,951</td><td>1,388,792</td><td>636,181</td><td>5,978</td><td>102,270</td><td>96,706</td><td>3,595</td><td>1,969</td></tr><tr><td>November</td><td>2,383,156</td><td>-320,902</td><td>2,704,058</td><td>1,856,041</td><td>1,466,568</td><td>383,325</td><td>6,149</td><td>243,313</td><td>197,920</td><td>9,990</td><td>35,433</td></tr><tr><td>December</td><td>3,948,437</td><td>+656,276</td><td>3,292,161</td><td>2,741,561</td><td>586,112</td><td>2,112,631</td><td>12,817</td><td>39,012</td><td>4,455</td><td>818</td><td>33,739</td></tr><tr><td>1946-January</td><td>3,451,334</td><td>-473,348</td><td>3,924,731</td><td>3,189,493</td><td>2,346,821</td><td>836,516</td><td>6,156</td><td>92,718</td><td>61,849</td><td>28,172</td><td>2,698</td></tr><tr><td>February</td><td>3,683,858</td><td>-418,248</td><td>4,102,106</td><td>3,206,274</td><td>2,839,049</td><td>363,553</td><td>3,672</td><td>239,140</td><td>183,229</td><td>98,737</td><td>17,175</td></tr><tr><td>March</td><td>5,582,943</td><td>+559,269</td><td>5,023,673</td><td>4,320,110</td><td>2,036,735</td><td>2,274,592</td><td>8,783</td><td>64,565</td><td>7,012</td><td>1,920</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>98,277</td><td>93,532</td><td>3,268</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>21,277</td></tr><tr><td>June</td><td>4,080,492</td><td>+578,679</td><td>3,501,813</td><td>2,836,577</td><td>1,083,189</td><td>1,737,770</td><td>15,618</td><td>54,673</td><td>3,770</td><td>1,213</td><td>49,690</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>1937</td><td>2,188,735</td><td>137,499</td><td>305,548</td><td>593,831</td><td>551,923</td><td>69,919</td><td>149,854</td><td>80,161</td><td>-</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,233</td><td>116,754</td><td>117,502</td><td>-</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,041</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>147,088</td><td>148,925</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,859</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td><td>-</td></tr><tr><td>1942</td><td>3,837,670</td><td>281,900</td><td>432,540</td><td>1,048,165</td><td>780,792</td><td>41,702</td><td>852,069</td><td>400,501</td><td>-</td></tr><tr><td>1943</td><td>4,571,131</td><td>328,795</td><td>447,496</td><td>1,423,480</td><td>923,857</td><td>45,155</td><td>670,015</td><td>732,332</td><td>-</td></tr><tr><td>1944</td><td>5,353,336</td><td>380,702</td><td>521,210</td><td>1,618,045</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,401</td><td>-</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,864</td><td>932,145</td><td>65,528</td><td>1,206,616</td><td>1,430,428</td><td>-</td></tr><tr><td>1946</td><td>7,712,953</td><td>352,121</td><td>676,832</td><td>2,526,162</td><td>1,165,519</td><td>87,676</td><td>1,414,717</td><td>1,489,925</td><td>-</td></tr><tr><td>1945-June</td><td>571,832</td><td>261</td><td>61,807</td><td>190,852</td><td>93,230</td><td>6,300</td><td>103,697</td><td>115,686</td><td>-</td></tr><tr><td>July</td><td>790,854</td><td>104,924</td><td>49,324</td><td>198,335</td><td>83,658</td><td>5,870</td><td>120,739</td><td>228,004</td><td>-</td></tr><tr><td>August</td><td>824,199</td><td>208,936</td><td>68,601</td><td>198,621</td><td>108,472</td><td>5,479</td><td>102,324</td><td>131,767</td><td>-</td></tr><tr><td>September</td><td>531,352</td><td>6,742</td><td>33,516</td><td>198,497</td><td>100,738</td><td>5,500</td><td>93,471</td><td>92,888</td><td>-</td></tr><tr><td>October</td><td>705,907</td><td>30,015</td><td>44,391</td><td>242,799</td><td>119,584</td><td>6,784</td><td>122,295</td><td>140,039</td><td>-</td></tr><tr><td>November</td><td>604,675</td><td>201</td><td>44,424</td><td>229,586</td><td>97,657</td><td>7,585</td><td>111,785</td><td>113,438</td><td>-</td></tr><tr><td>December</td><td>511,588</td><td>233</td><td>45,178</td><td>188,126</td><td>62,049</td><td>7,443</td><td>106,878</td><td>101,680</td><td>-</td></tr><tr><td>1946-January</td><td>642,520</td><td>192</td><td>60,793</td><td>221,156</td><td>95,735</td><td>7,952</td><td>135,369</td><td>120,821</td><td>-</td></tr><tr><td>February</td><td>596,692</td><td>111</td><td>53,690</td><td>210,021</td><td>89,496</td><td>8,139</td><td>141,929</td><td>93,306</td><td>-</td></tr><tr><td>March</td><td>638,998</td><td>169</td><td>84,471</td><td>212,322</td><td>99,436</td><td>8,848</td><td>113,798</td><td>119,953</td><td>-</td></tr><tr><td>April</td><td>614,484</td><td>1,158</td><td>65,599</td><td>214,055</td><td>96,468</td><td>7,371</td><td>111,281</td><td>118,553</td><td>-</td></tr><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><tr><td>June</td><td>610,563</td><td>182</td><td>62,867</td><td>198,494</td><td>99,624</td><td>8,219</td><td>130,962</td><td>110,215</td><td>-</td></tr></table>
(1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue. 1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 2/ Includes collection of taxes withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943. 3/ Includes income tax collections on Alaskan Railroads. The excess profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended. 4/ Consists of the declared value excess profits tax, the profit limit-
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the Carriers Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
August 1946
65
COLLECTIONS OF INTERNAL REVENUE
Fiscal Years, 1931-1946
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-F
66
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th>June 1945</th><th>June 1946</th></tr><tr><th></th><th>1945</th><th>1946</th><th></th><th></th></tr><tr><td>Income and profits taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>10,263,418</td><td>3,857,466</td><td>46,201</td><td>30,469</td></tr><tr><td>Revenue Act of 1942</td><td>802</td><td>123</td><td>(-8)</td><td>3</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>8,567,147 4/</td><td>8,430,377</td><td>1,126,550</td><td>1,025,647</td></tr><tr><td>Back</td><td>202,947</td><td>416,571</td><td>35,871</td><td>27,069</td></tr><tr><td>Total individual income taxes</td><td>19,034,313</td><td>18,704,536</td><td>1,208,613</td><td>1,083,189</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>4,421,682</td><td>3,901,917</td><td>857,610</td><td>702,966</td></tr><tr><td>Back</td><td>458,034</td><td>738,032</td><td>42,826</td><td>41,227</td></tr><tr><td>Excess profits taxes (Second Revenue Act of 1940, as amended)</td><td>11,003,520</td><td>7,822,488</td><td>1,895,264</td><td>993,517</td></tr><tr><td>Total corporation taxes</td><td>15,883,235</td><td>12,462,437</td><td>2,795,700</td><td>1,737,710</td></tr><tr><td>Miscellaneous profits taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value</td><td>143,798</td><td>91,130</td><td>20,979</td><td>15,617</td></tr><tr><td>Vinson Act</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Unjust enrichment</td><td>180</td><td>35</td><td>4</td><td>1</td></tr><tr><td>Total miscellaneous profits taxes</td><td>143,978</td><td>91,165</td><td>20,983</td><td>15,618</td></tr><tr><td>Total income and profits taxes</td><td>35,061,526</td><td>31,258,138</td><td>4,025,296</td><td>2,836,517</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 5/</td><td>1,307,931</td><td>1,237,825</td><td>4,428</td><td>3,770</td></tr><tr><td>Unemployment insurance 6/</td><td>186,489</td><td>178,745</td><td>1,129</td><td>1,213</td></tr><tr><td>Total Social Security taxes</td><td>1,494,420</td><td>1,416,570</td><td>5,557</td><td>4,983</td></tr><tr><td>Railroad retirement 7/</td><td>284,758</td><td>284,258</td><td>38,464</td><td>49,690</td></tr><tr><td>Total employment taxes</td><td>1,779,177</td><td>1,700,828</td><td>44,020</td><td>54,673</td></tr><tr><td>Miscellaneous internal revenues:</td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax</td><td>371,999</td><td>352,121</td><td>261</td><td>182</td></tr><tr><td>Betate tax</td><td>596,137</td><td>629,601</td><td>60,053</td><td>62,183</td></tr><tr><td>Gift tax</td><td>46,918</td><td>47,232</td><td>1,754</td><td>684</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)</td><td>199,691</td><td>143,080</td><td>19,626</td><td>15,130</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,284,613</td><td>1,603,497</td><td>101,127</td><td>120,482</td></tr><tr><td>Distilled spirits rectification tax</td><td>32,549</td><td>41,880</td><td>3,051</td><td>3,241</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>2,122</td><td>2,594</td><td>112</td><td>370</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>45,269</td><td>58,250</td><td>3,281</td><td>5,886</td></tr><tr><td>Brandy used for fortifying sweet wines (repealed as of July 1, 1940)</td><td>51</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Dealers in distilled spirits; rectifiers; manufacturers of stills (special taxes)</td><td>8,308</td><td>8,061</td><td>2,542</td><td>2,225</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>6</td><td>25</td><td>-</td><td>1</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>886</td><td>840</td><td>69</td><td>63</td></tr><tr><td>Container stamps</td><td>11,213</td><td>13,309</td><td>870</td><td>1,093</td></tr><tr><td>Floor taxes</td><td>83,343</td><td>696</td><td>114</td><td>(-28)</td></tr><tr><td>Fermented malt liquors</td><td>638,682</td><td>650,824</td><td>59,126</td><td>49,277</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,130</td><td>3,106</td><td>936</td><td>755</td></tr><tr><td>Total alcoholic beverage taxes</td><td>2,309,864</td><td>2,526,162</td><td>190,852</td><td>198,494</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>36,593</td><td>41,384</td><td>3,053</td><td>3,540</td></tr><tr><td>Cigars (small)</td><td>84</td><td>10</td><td>(-15)</td><td>5</td></tr><tr><td>Cigarettes (large)</td><td>695</td><td>172</td><td>133</td><td>1</td></tr><tr><td>Cigarettes (small)</td><td>836,058</td><td>1,072,799</td><td>85,112</td><td>92,261</td></tr><tr><td>Snuff</td><td>7,741</td><td>7,373</td><td>562</td><td>553</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>49,574</td><td>41,961</td><td>4,166</td><td>3,242</td></tr><tr><td>Cigarette papers and tubes</td><td>1,390</td><td>1,757</td><td>217</td><td>21</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>8</td><td>3</td><td>1</td><td>-</td></tr><tr><td>Total tobacco taxes</td><td>932,145</td><td>1,165,519</td><td>93,230</td><td>99,624</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>33,157</td><td>47,393</td><td>3,299</td><td>4,981</td></tr><tr><td>Transfers of capital stock and similar interest sales</td><td>24,852</td><td>30,369</td><td>2,471</td><td>2,537</td></tr><tr><td>Playing cards</td><td>7,493</td><td>9,766</td><td>529</td><td>699</td></tr><tr><td>Silver bullion sales or transfers</td><td>25</td><td>149</td><td>1</td><td>2</td></tr><tr><td>Total stamp taxes</td><td>65,528</td><td>87,676</td><td>6,300</td><td>8,219</td></tr></table>
(Continued on following page)
August 1946
67
Detailed Analysis of Internal Revenue Collections 1/ - (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th rowspan="2">June 1945</th><th rowspan="2">June 1946</th></tr><tr><th></th><th>1945</th><th>1946</th></tr><tr><td colspan="5">Miscellaneous internal revenue (continued):</td></tr><tr><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>92,865</td><td>74,602</td><td>13,537</td><td>6,239</td></tr><tr><td>Gasoline</td><td>405,563</td><td>405,695</td><td>35,027</td><td>39,037</td></tr><tr><td>Tires and tubes</td><td>75,257</td><td>118,072</td><td>5,897</td><td>15,060</td></tr><tr><td>Floor taxes on tires and tubes</td><td>-</td><td>19</td><td>-</td><td>-</td></tr><tr><td>Automobile trucks and buses</td><td>20,847</td><td>37,144</td><td>4,020</td><td>4,992</td></tr><tr><td>Other automobiles and motorcycles</td><td>2,558</td><td>25,893</td><td>238</td><td>7,346</td></tr><tr><td>Parts and accessories for automobiles</td><td>49,440</td><td>68,871</td><td>5,923</td><td>5,431</td></tr><tr><td>Electrical energy</td><td>57,004</td><td>59,112</td><td>4,372</td><td>4,598</td></tr><tr><td>Electric, gas, and oil appliances</td><td>12,060</td><td>25,492</td><td>1,151</td><td>3,006</td></tr><tr><td>Electric light bulbs and tubes</td><td>11,035</td><td>17,761</td><td>531</td><td>619</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>55</td><td>56</td><td>3</td><td>3</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>4,753</td><td>13,385</td><td>433</td><td>3,118</td></tr><tr><td>Phonograph records</td><td>2,015</td><td>3,902</td><td>211</td><td>597</td></tr><tr><td>Musical instruments</td><td>927</td><td>2,839</td><td>103</td><td>603</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>1,637</td><td>9,229</td><td>185</td><td>1,049</td></tr><tr><td>Matches</td><td>9,349</td><td>10,247</td><td>789</td><td>1,202</td></tr><tr><td>Floor taxes on matches</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Business and store machines</td><td>10,120</td><td>15,792</td><td>1,202</td><td>1,597</td></tr><tr><td>Furs - retailers' excise</td><td>79,418</td><td>91,706</td><td>2,493</td><td>2,713</td></tr><tr><td>Jewelry - retailers' excise</td><td>184,220</td><td>223,342</td><td>13,300</td><td>16,186</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>73,851</td><td>81,423</td><td>5,422</td><td>6,733</td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 4/1/44)</td><td>6</td><td>15</td><td>-</td><td>1</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>73</td><td>18</td><td>61</td><td>1</td></tr><tr><td>Photographic apparatus</td><td>19,288</td><td>21,184</td><td>1,468</td><td>2,234</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>228</td><td>125</td><td>17</td><td>12</td></tr><tr><td>Sporting goods</td><td>4,248</td><td>7,878</td><td>429</td><td>952</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>86,615</td><td>95,574</td><td>6,766</td><td>6,627</td></tr><tr><td>Washing machines (repealed as of 11/1/42)</td><td>4</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Firearms, shells and cartridges</td><td>3,132</td><td>5,232</td><td>101</td><td>939</td></tr><tr><td>Pistols and revolvers</td><td>5</td><td>61</td><td>1</td><td>26</td></tr><tr><td>Repealed taxes not listed above</td><td>35</td><td>25</td><td>2</td><td>11</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>1,206,616</td><td>1,414,717</td><td>103,697</td><td>130,962</td></tr><tr><td colspan="5">Miscellaneous taxes:</td></tr><tr><td>Bituminous Coal Act of 1937</td><td>35</td><td>34</td><td>4</td><td>1</td></tr><tr><td>Sugar Act of 1937</td><td>73,294</td><td>56,732</td><td>9,022</td><td>5,825</td></tr><tr><td>Telephones, telegraph, radio, and cable, leased</td><td></td><td></td><td></td><td></td></tr><tr><td>wires, etc.</td><td>208,018</td><td>214,393</td><td>18,235</td><td>20,878</td></tr><tr><td>Local telephone service</td><td>133,569</td><td>145,689</td><td>11,532</td><td>13,157</td></tr><tr><td>Transportation of oil by pipe line</td><td>16,286</td><td>14,824</td><td>1,306</td><td>1,082</td></tr><tr><td>Transportation of persons, seats, berths</td><td>234,182</td><td>226,750</td><td>17,284</td><td>15,271</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>221,088</td><td>220,121</td><td>18,044</td><td>14,424</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>128,701</td><td>115,960</td><td>8,424</td><td>45</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>336</td><td>182</td><td>122</td><td>1</td></tr><tr><td>Leases of safe-deposit boxes</td><td>7,311</td><td>7,857</td><td>637</td><td>578</td></tr><tr><td>Admissions to theatres, concerts, etc.</td><td>300,589</td><td>343,191</td><td>23,772</td><td>27,622</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>56,877</td><td>72,077</td><td>4,385</td><td>5,233</td></tr><tr><td>Club dues and initiation fees</td><td>14,160</td><td>18,899</td><td>1,578</td><td>2,206</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,160</td><td>4,011</td><td>632</td><td>910</td></tr><tr><td>Coin operated devices</td><td>19,100</td><td>17,092</td><td>3,086</td><td>2,002</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour & filled cheeses</td><td>58</td><td>44</td><td>14</td><td>1</td></tr><tr><td>Oleomargarines, including special taxes</td><td>5,503</td><td>4,932</td><td>730</td><td>685</td></tr><tr><td>Farcotice, including marijuana and special taxes</td><td>756</td><td>694</td><td>219</td><td>190</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>6,208</td><td>6,268</td><td>493</td><td>339</td></tr><tr><td>National Firearms Act</td><td>16</td><td>6</td><td>5</td><td>2</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>180</td><td>171</td><td>162</td><td>162</td></tr><tr><td>Total miscellaneous taxes</td><td>1,430,428</td><td>1,489,925</td><td>115,686</td><td>110,215</td></tr><tr><td>Total miscellaneous internal revenue</td><td>6,959,634</td><td>7,712,953</td><td>571,832</td><td>610,563</td></tr><tr><td>Total internal revenue collections</td><td>43,800,338</td><td>40,671,919</td><td>4,641,148</td><td>3,501,813</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+101,664</td><td>-361,585</td><td>+743,245</td><td>+578,679</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>43,902,002</td><td>40,310,333</td><td>5,384,393</td><td>4,080,492</td></tr></table>
Sources: (1) Total receipts from internal revenue; Daily Treasury Statements; (2) Detailed collections by type of tax; Reports of collections made by collectors of internal revenue. 
1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. 
2/ Collections under the Current Tax Payment Act of 1943 as shown in this table consist of those for which returns have been filed with the Collector of Internal Revenue; receipts under this act as shown in Daily Treasury Statements; consist of withholding taxes deposited in Government depositaries in addition to payments accompanying returns filed with the Collector of Internal Revenue. 
3/ Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed. 
4/ Current individual income tax collections for the fiscal year 1945 include payments on unforgiven portion of 1942 tax, due March 15, 1945, of $308,605 thousand for the period, January 1, 1945 through April 30, 1945. 
5/ Represents collections under the Federal Insurance Contributions Act. 
6/ Represents collections under the Federal Unemployment Tax Act. 
7/ Represents collections under the Carriers' Taxing Act of 1937. 
8/ Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
Treasury Bulletin
MONETARY STATISTICS
August 1946
69
Balance Sheet of the Exchange Stabilization Fund
As of June 30, 1945 and March 31, 1946
<table><tr><th></th><th>June 30, 1945</th><th>March 31, 1946</th></tr><tr><td><b>Assets</b></td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, gold.....................</td><td>$1,800,000,000.00</td><td>$1,800,000,000.00</td></tr><tr><td>Treasurer of the United States, checking account.....</td><td>1,226,238.59</td><td>1,723,141.13</td></tr><tr><td>Federal Reserve Bank of New York, special account..</td><td>163,900,911.08</td><td>210,642,015.55</td></tr><tr><td>Disbursing officers' balances and advance accounts..</td><td>7,143.13</td><td>16,054.52</td></tr><tr><td>Total cash.....................</td><td>$1,965,134,292.80</td><td>$2,012,381,211.20</td></tr><tr><td>Special accounts of Secretary of the Treasury in</td><td></td><td></td></tr><tr><td>Federal Reserve Bank of New York.....................</td><td>$0,618,147.77</td><td>$54,383,105.90</td></tr><tr><td>Special account No. 1, gold (Schedule 1).............</td><td></td><td></td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss france.....................</td><td>$4,439,237.32</td><td>$313,128.60</td></tr><tr><td>French france.....................</td><td>17.88</td><td>7.49</td></tr><tr><td>Belgac.....................</td><td>505.06</td><td>363.08 (1)</td></tr><tr><td>Sterling.....................</td><td>2,980.05</td><td>2,980.05</td></tr><tr><td>All other.....................</td><td>14,594,516.42</td><td>4,217,871.58</td></tr><tr><td>Foreign depositaries.....................</td><td>42,929.77</td><td>-</td></tr><tr><td>Total due from foreign banks.....................</td><td>$19,080,186.50</td><td>$4,534,350.80</td></tr><tr><td>Due from the Government of the Republic of Cuba.....</td><td>$5,011,705.27</td><td>-</td></tr><tr><td>Investments in United States Government securities (Schedule 2).....</td><td>$20,448,723.13</td><td>$20,000,000.00</td></tr><tr><td>Accrued interest receivable (Schedule 2).............</td><td>$82,420.95</td><td>$104,163.57</td></tr><tr><td>Other accounts (deferred charges).....................</td><td>$18.30</td><td>$24.88</td></tr><tr><td>Commodity sales contracts (deferred charges).............</td><td>$2,636.00</td><td>$2,636.00</td></tr><tr><td>Total assets.....................</td><td>$2,090,378,130.72</td><td>$2,091,405,492.35</td></tr><tr><td><b>Liabilities and Capital</b></td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Vouchers payable.....................</td><td>$422.09</td><td>$1,442.88</td></tr><tr><td>Employees' pay-roll allotment account, United States savings bonds.............</td><td>1,125.15</td><td>1,366.42</td></tr><tr><td>Withholding taxes.....................</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous.....................</td><td>5,980,011.16</td><td>515,093.48</td></tr><tr><td>Total accounts payable.....................</td><td>$5,981,558.40</td><td>$517,902.78</td></tr><tr><td>Reserve for expenses and contingencies (est).............</td><td>$9,459,790.24</td><td>$12,026,655.32</td></tr><tr><td>Capital account.....................</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td></tr><tr><td>Deduct - Subscription to international Monetary Fund.............</td><td>$2,000,000,000.00</td><td>$275,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)</td><td>$74,936,782.08</td><td>$79,135,934.25</td></tr><tr><td>Total liabilities and capital.....................</td><td>$2,090,378,130.72</td><td>$2,091,405,492.35</td></tr></table>
Note: Annual balance sheets for the years 1934 through 1940 may be found in the "Annual Report of the Secretary of the Treasury for 1940". Quarterly balance sheets commencing December 31.
1938 may be found in previous issues of the "Treasury Bulletin". (1) Belgian France.
Schedules for Balance Sheet of the Exchange Stabilization Fund Schedule l
Location of gold held by and for account of the Exchange Stabilisation Fund
<table><tr><th></th><th colspan="2">June 30, 1945</th><th colspan="2">March 31, 1946</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York</td><td>247,635,715</td><td>$ 8,667,250.01</td><td>578,759,066</td><td>$20,256,567.35</td></tr><tr><td>U. S. Assay Office, New York</td><td>2,055,739,968</td><td>71,950,897.76</td><td>975,043,970</td><td>34,126,538.55</td></tr><tr><td>Total</td><td>2,303,375,683</td><td>$80,618,147.77</td><td>1,553,803,036</td><td>$54,383,105.90</td></tr></table>
1/ Excludes gold held by Treasurer of the United States.
70
Treasury Bulletin
Schedules for Balance Sheet of the Exchange Stabilization Fund - (Continued)
Schedule 2
United States Government securities held by the Exchange Stabilization Fund
<table><tr><th rowspan="2">Issue</th><th colspan="4">June 30, 1945</th><th colspan="4">March 31, 1946</th></tr><tr><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/4% Treasury bonds, 1951-53..</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$ 9,221.31</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2-3/4% Treasury bonds, 1958-63..</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>56.35</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2-3/4% Treasury bonds, 1960-65..</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>453.07</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2-1/2% Treasury bonds, 1965-70..</td><td>10,000,000</td><td>10,000,000.00</td><td>100.0000</td><td>72,690.22</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>10,869.57</td></tr><tr><td>2-1/2% Treasury bonds, 1967-72..</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>93,294.00</td></tr><tr><td>Total United States Government securities.</td><td>$20,452,000</td><td>$20,448,723.13</td><td></td><td>$82,420.95</td><td>20,000,000</td><td>20,000,000</td><td></td><td>104,163.57</td></tr></table>
Schedule 3
Earnings of the Exchange Stabilization Fund
<table><tr><th>Source</th><th>January 31, 1934 through June 30, 1945</th><th>January 31, 1934 through March 31, 1946</th></tr><tr><td>Profit on British sterling transactions</td><td>$ 310,638.09</td><td>$ 310,638.09</td></tr><tr><td>Profit on French franc transactions</td><td>351,537.99</td><td>351,527.60</td></tr><tr><td>Profit on gold bullion (including profits from handling charges on gold)</td><td>27,340,105.45</td><td>28,929,412.78</td></tr><tr><td>Profits on other gold and exchange transactions</td><td>38,000,000.00</td><td>40,000,000.00</td></tr><tr><td>Profits on silver transactions</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profits on sale of silver bullion to Treasury (nationalized)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profits on investments</td><td>1,019,326.18</td><td>1,876,790.55</td></tr><tr><td>Interest on investments</td><td>4,676,016.53</td><td>5,073,802.55</td></tr><tr><td>Miscellaneous profits</td><td>744,549.85</td><td>750,393.31</td></tr><tr><td>Interest earned on foreign balances</td><td>123,888.59</td><td>123,888.59</td></tr><tr><td>Interest earned on Chinese yuan</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td>Total earnings</td><td>$78,120,113.31</td><td>$82,970,504.10</td></tr></table>
Schedule 4
Administrative expenses of the Exchange Stabilization Fund
<table><tr><th>Classification</th><th>January 31, 1934 through June 30, 1945</th><th>January 31, 1934 through March 31, 1946</th></tr><tr><td>Salaries</td><td>$2,016,800.59</td><td>$2,399,194.50</td></tr><tr><td>Travel</td><td>90,191.56</td><td>105,132.91</td></tr><tr><td>Subsistence</td><td>83,592.40</td><td>100,907.93</td></tr><tr><td>Telephones and telegraph</td><td>420,678.04</td><td>443,325.93</td></tr><tr><td>Stationery, etc.</td><td>23,690.79</td><td>26,277.46</td></tr><tr><td>All other</td><td>548,377.25</td><td>759,731.12</td></tr><tr><td>Total administrative expenses</td><td>$3,183,331.23</td><td>$3,834,569.85</td></tr></table>
August 1946
71
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U. S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,136.1</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>20,054.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1945-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</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><tr><td>June p</td><td>20,269.6</td><td>18,153.3</td><td>156.0</td><td>1,800.0</td><td>160.2</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. Preliminary. 1/ Compriises (1) gold certificates held by the public and in Federal Reserve banks; and (2) gold certificate credits in (a) the Gold Cer
2/ 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>1937</td><td>12,318.3</td><td>2,542.1</td><td>17.2</td></tr><tr><td>1938</td><td>12,963.0</td><td>3,066.4</td><td>19.1</td></tr><tr><td>1939</td><td>16,110.1</td><td>3,605.2</td><td>18.3</td></tr><tr><td>1940</td><td>19,963.1</td><td>3,939.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,624.2</td><td>4,148.7</td><td>15.5</td></tr><tr><td>1942</td><td>22,736.7</td><td>4,306.3</td><td>15.9</td></tr><tr><td>1943</td><td>22,387.5</td><td>4,298.5</td><td>16.1</td></tr><tr><td>1944</td><td>21,173.1</td><td>3,947.9</td><td>15.7</td></tr><tr><td>1945</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>1946 p</td><td>20,269.6</td><td>3,508.8</td><td>14.8</td></tr><tr><td>1945-June</td><td>20,213.0</td><td>3,685.8</td><td>15.4</td></tr><tr><td>July</td><td>20,152.4</td><td>3,642.1</td><td>15.3</td></tr><tr><td>August</td><td>20,087.8</td><td>3,633.2</td><td>15.3</td></tr><tr><td>September</td><td>20,072.8</td><td>3,626.9</td><td>15.3</td></tr><tr><td>October</td><td>20,035.9</td><td>3,555.3</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>20,155.0</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</td><td>20,241.9</td><td>3,508.7</td><td>14.8</td></tr><tr><td>June p</td><td>20,269.6</td><td>3,508.8</td><td>14.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p. Preliminary.
Increment Resulting from the Reduction in the Weight of the Gold Dollar, June 30, 1946
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilization Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td>-</td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.99</td><td>27,546,310.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>23,852,750.78</td><td>-</td><td>23,852,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,851,793.89</td><td>323,328.04</td></tr><tr><td>Retirement of National Bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>8,157,447.14</td><td>-</td><td>8,157,447.14</td></tr><tr><td>Total increment</td><td>$2,818,882,842.29</td><td>$2,674,786,070.31</td><td>$144,096,771.98</td></tr></table>
72
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>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>484.1</td><td>3.5</td><td>*</td><td>662.3</td><td>63.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>468.3</td><td>9.2</td><td>*</td><td>628.2</td><td>78.8</td><td>587.3</td><td>4,317.6</td></tr><tr><td>1943</td><td>1,520.0</td><td>400.4</td><td>14.4</td><td>19.1</td><td>551.8</td><td>96.8</td><td>684.7</td><td>4,207.3</td></tr><tr><td>1944</td><td>1,520.1</td><td>376.5</td><td>12.5</td><td>-</td><td>405.6</td><td>117.5</td><td>771.6</td><td>3,870.6</td></tr><tr><td>1945</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1945-June</td><td>1,520.3</td><td>366.8</td><td>24.2</td><td>.2</td><td>324.5</td><td>127.1</td><td>801.6</td><td>3,685.8</td></tr><tr><td>July</td><td>1,574.6</td><td>365.1</td><td>15.1</td><td>.2</td><td>287.8</td><td>128.8</td><td>814.6</td><td>3,642.1</td></tr><tr><td>August</td><td>1,587.5</td><td>361.3</td><td>14.9</td><td>-</td><td>277.3</td><td>130.6</td><td>832.7</td><td>3,633.2</td></tr><tr><td>September</td><td>1,619.9</td><td>361.7</td><td>13.9</td><td>*</td><td>261.4</td><td>132.2</td><td>829.5</td><td>3,626.9</td></tr><tr><td>October</td><td>1,645.7</td><td>360.3</td><td>14.5</td><td>-</td><td>228.3</td><td>133.6</td><td>833.5</td><td>3,565.3</td></tr><tr><td>November</td><td>1,671.6</td><td>358.5</td><td>11.7</td><td>.2</td><td>212.9</td><td>135.4</td><td>840.5</td><td>3,552.2</td></tr><tr><td>December</td><td>1,703.9</td><td>356.4</td><td>10.2</td><td>.1</td><td>185.6</td><td>137.5</td><td>846.7</td><td>3,512.8</td></tr><tr><td>1946-January</td><td>1,771.7</td><td>355.8</td><td>13.4</td><td>-</td><td>157.7</td><td>138.2</td><td>848.6</td><td>3,508.3</td></tr><tr><td>February</td><td>1,818.5</td><td>355.3</td><td>17.0</td><td>.1</td><td>139.4</td><td>138.7</td><td>848.9</td><td>3,508.3</td></tr><tr><td>March</td><td>1,850.8</td><td>354.5</td><td>17.7</td><td>.3</td><td>127.1</td><td>139.4</td><td>850.1</td><td>3,508.4</td></tr><tr><td>April</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>3,508.5</td></tr><tr><td>May</td><td>1,909.0</td><td>352.1</td><td>15.2</td><td>.6</td><td>104.5</td><td>141.8</td><td>857.5</td><td>3,508.7</td></tr><tr><td>June</td><td>1,909.1</td><td>351.2</td><td>15.0</td><td>.6</td><td>102.3</td><td>142.7</td><td>864.0</td><td>3,508.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary. Less than $50 thousand. 1/ Valued at $1.29 per ounce.
2/ Valued at $.38+ per ounce.
3/ Valued at $.38+ per ounce or at $.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices 1/
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th></th><th>Ounces</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 1/</th><th colspan="2">Foreign silver 3/</th><th colspan="2">Total</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.7</td><td>61.6</td><td>42.4</td><td>-</td><td>-</td><td>355.4</td><td>156.9</td><td>417.1</td><td>199.1</td></tr><tr><td>1939</td><td>63.9</td><td>60.7</td><td>40.1</td><td>-</td><td>-</td><td>282.8</td><td>120.5</td><td>343.3</td><td>160.6</td></tr><tr><td>1940</td><td>68.3</td><td>68.3</td><td>48.5</td><td>-</td><td>-</td><td>139.8</td><td>50.9</td><td>208.0</td><td>99.4</td></tr><tr><td>1941</td><td>71.1</td><td>70.5</td><td>50.1</td><td>-</td><td>-</td><td>72.6</td><td>27.1</td><td>143.1</td><td>77.2</td></tr><tr><td>1942</td><td>55.9</td><td>47.9</td><td>34.0</td><td>-</td><td>-</td><td>14.3</td><td>6.0</td><td>62.1</td><td>40.0</td></tr><tr><td>1943</td><td>40.8</td><td>5.5</td><td>3.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5.5</td><td>3.9</td></tr><tr><td>1944</td><td>35.7</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>1945</td><td>29.3</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-May</td><td>3.2</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>June</td><td>1.7</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>July</td><td>2.1</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>August</td><td>2.3</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>September</td><td>2.3</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>October</td><td>2.8</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>November</td><td>2.7</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>.3</td></tr><tr><td>December</td><td>2.0</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>.3</td></tr><tr><td>1946-January</td><td>2.2</td><td>.3</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>.2</td></tr><tr><td>February</td><td>n.a.</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>March</td><td>n.a.</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>April</td><td>n.a.</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr><tr><td>May</td><td>n.a.</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td></tr></table>
Source: Annual figures come from the Bureau of the Mint; monthly figures on U. S. silver production come from releases of the American Bureau of Metal Statistics and will not agree with the annual figures.
n.a. Not available.
* Less than 50,000 ounces or $50 thousand.
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 varivus prices averaging approximately 51 cents per ounce.
August 1946
73
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>Miso. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1934</th><th>Nationalised silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td></td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td></td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td></td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td></td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1945-June</td><td>400.0</td><td>48.7</td><td>87.6</td><td>65.5</td><td>584.3</td><td>34.7</td><td>820.8</td><td>575.0</td></tr><tr><td>July</td><td>403.2</td><td>48.7</td><td>87.6</td><td>65.5</td><td>619.0</td><td>34.7</td><td>855.5</td><td>510.7</td></tr><tr><td>August</td><td>409.9</td><td>48.7</td><td>87.6</td><td>65.5</td><td>627.2</td><td>34.7</td><td>863.7</td><td>491.6</td></tr><tr><td>September</td><td>414.7</td><td>48.7</td><td>87.6</td><td>65.5</td><td>647.9</td><td>34.7</td><td>884.4</td><td>463.2</td></tr><tr><td>October</td><td>419.6</td><td>48.7</td><td>87.6</td><td>65.5</td><td>664.4</td><td>34.7</td><td>900.9</td><td>404.8</td></tr><tr><td>November</td><td>424.3</td><td>48.7</td><td>87.6</td><td>65.5</td><td>680.9</td><td>34.7</td><td>917.4</td><td>377.6</td></tr><tr><td>December</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946-January</td><td>432.4</td><td>48.7</td><td>87.6</td><td>65.7</td><td>744.6</td><td>34.7</td><td>981.3</td><td>279.2</td></tr><tr><td>February</td><td>436.0</td><td>48.7</td><td>87.6</td><td>65.8</td><td>774.3</td><td>34.7</td><td>1,011.1</td><td>246.7</td></tr><tr><td>March</td><td>438.2</td><td>48.7</td><td>87.6</td><td>65.8</td><td>795.0</td><td>34.7</td><td>1,031.8</td><td>224.7</td></tr><tr><td>April</td><td>441.3</td><td>48.7</td><td>87.6</td><td>65.8</td><td>832.1</td><td>34.7</td><td>1,068.9</td><td>186.9</td></tr><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><tr><td>June</td><td>453.1</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,069.0</td><td>180.9</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
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential silverorage thereon changes.
74
Treasury Bulletin
Money in Circulation
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total money in circulation 1/</th><th colspan="7">Paper money</th></tr><tr><th></th><th></th><th>Total paper money</th><th>Gold certificates 2/</th><th>Silver certificates</th><th>Treasury notes of 1890 2/</th><th>United States notes</th><th>Federal Reserve notes</th><th>Federal Reserve Bank notes 3/</th><th>National bank notes 3/</th></tr><tr><td>1937</td><td>6,447</td><td>5,924</td><td>88</td><td>1,078</td><td>1</td><td>281</td><td>4,169</td><td>38</td><td>269</td></tr><tr><td>1938</td><td>6,461</td><td>5,931</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,468</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,484</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1946 p.</td><td>28,240</td><td>26,941</td><td>50</td><td>2,024</td><td>1</td><td>315</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>1945-June</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>July</td><td>27,108</td><td>25,885</td><td>52</td><td>1,731</td><td>1</td><td>322</td><td>23,139</td><td>521</td><td>119</td></tr><tr><td>August</td><td>27,685</td><td>26,449</td><td>52</td><td>1,754</td><td>1</td><td>322</td><td>23,685</td><td>517</td><td>119</td></tr><tr><td>September</td><td>27,826</td><td>26,582</td><td>52</td><td>1,762</td><td>1</td><td>318</td><td>23,818</td><td>513</td><td>119</td></tr><tr><td>October</td><td>28,049</td><td>26,797</td><td>51</td><td>1,796</td><td>1</td><td>316</td><td>24,008</td><td>506</td><td>118</td></tr><tr><td>November</td><td>28,211</td><td>26,948</td><td>51</td><td>1,827</td><td>1</td><td>316</td><td>24,136</td><td>499</td><td>118</td></tr><tr><td>December</td><td>28,515</td><td>27,240</td><td>51</td><td>1,872</td><td>1</td><td>316</td><td>24,388</td><td>494</td><td>117</td></tr><tr><td>1946-January</td><td>27,917</td><td>26,657</td><td>51</td><td>1,827</td><td>1</td><td>307</td><td>23,867</td><td>487</td><td>117</td></tr><tr><td>February</td><td>27,954</td><td>26,691</td><td>51</td><td>1,864</td><td>1</td><td>307</td><td>23,868</td><td>484</td><td>116</td></tr><tr><td>March</td><td>27,879</td><td>26,609</td><td>51</td><td>1,916</td><td>1</td><td>306</td><td>23,741</td><td>479</td><td>116</td></tr><tr><td>April</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</td><td>28,120</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>114</td></tr><tr><td>June p.</td><td>28,240</td><td>26,941</td><td>50</td><td>2,024</td><td>1</td><td>315</td><td>23,973</td><td>464</td><td>114</td></tr></table>
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="4">Coin</th><th rowspan="2">Mooey in circulation per capita (in dollars)</th></tr><tr><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th></tr><tr><td>1937</td><td>523</td><td>38</td><td>341</td><td>144</td><td>$49.88</td></tr><tr><td>1938</td><td>527</td><td>39</td><td>342</td><td>146</td><td>49.62</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>361</td><td>155</td><td>53.72</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>59.47</td></tr><tr><td>1941</td><td>680</td><td>53</td><td>433</td><td>194</td><td>72.16</td></tr><tr><td>1942</td><td>783</td><td>66</td><td>504</td><td>213</td><td>91.88</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>127.64</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>162.96</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.57 r</td></tr><tr><td>1946 p</td><td>1,298</td><td>140</td><td>841</td><td>317</td><td>200.30</td></tr><tr><td>1945-June</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.57 r</td></tr><tr><td>July</td><td>1,223</td><td>127</td><td>800</td><td>296</td><td>194.02</td></tr><tr><td>August</td><td>1,236</td><td>129</td><td>808</td><td>299</td><td>197.99</td></tr><tr><td>September</td><td>1,243</td><td>130</td><td>812</td><td>301</td><td>198.82</td></tr><tr><td>October</td><td>1,252</td><td>132</td><td>818</td><td>303</td><td>200.24</td></tr><tr><td>November</td><td>1,263</td><td>133</td><td>825</td><td>305</td><td>201.24</td></tr><tr><td>December</td><td>1,274</td><td>136</td><td>832</td><td>307</td><td>203.29</td></tr><tr><td>1946-January</td><td>1,261</td><td>136</td><td>819</td><td>306</td><td>198.68</td></tr><tr><td>February</td><td>1,264</td><td>136</td><td>820</td><td>307</td><td>198.83</td></tr><tr><td>March</td><td>1,269</td><td>137</td><td>824</td><td>309</td><td>198.16</td></tr><tr><td>April</td><td>1,280</td><td>138</td><td>830</td><td>312</td><td>198.08</td></tr><tr><td>May</td><td>1,291</td><td>139</td><td>837</td><td>315</td><td>199.61</td></tr><tr><td>June p</td><td>1,298</td><td>140</td><td>841</td><td>317</td><td>200.30</td></tr></table>
Source: (1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1945, pages 674-677. p r 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. Includes paper currency held outside the continental limits of the United States. 2/ Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury. 3/ Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
August 1946
75
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
76
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries
This chapter on Capital Movements between the United States and Foreign Countries and Position in Foreign Currencies is divided into four main groups. Section I of Capital Movements, the Historical Summary, contains data regarding capital movements, by the principal types of data and by years, starting with 1935. The last thirteen months are also shown. Each type of data is then broken down into its chief components in the same chronological detail.
Section II supplies a geographic breakdown by principal countries for the last thirteen months. The total capital movements are given first and then the principal categories are shown separately. In addition, at this point, the total outstanding claims on and liabilities to foreign countries are each presented.
Details with respect to capital movements and short-term claims and liabilities are presented in Section III as of the latest month for which the data are
available.
The last group contains information regarding the net position in foreign currencies of United States banks and brokers, their outstanding foreign exchange contracts and purchases and sales of foreign exchange, both spot and forward. This section covers a twelve-month period.
Figures for previous periods may be obtained from the following sources:
Supplement to the "Treasury Bulletin" on "Capital Movements between the United States and Foreign Countries, January 1942 through April 1945", for details during that period.
"Treasury Bulletin", November 1945, for capital movements, and position in foreign currencies by months, 1942-1945.
"Treasury Bulletins", March 1942 and earlier, for details covering years back to January 2, 1935.
Section I. - Historical Summary
Table 1.- Net Capital Movement
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement to:</th></tr><tr><th></th><th></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</td><td>992,829</td><td>6,039</td><td>316,560</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,226,722</td><td>428,142</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</td><td>287,394</td><td>34,687</td><td>244,526</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>412,956</td><td>328,968</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</td><td>1,135,483</td><td>32,990</td><td>-85,1427</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>695,080</td><td>841,628</td><td>20,358</td><td>-245,062</td><td>78,156</td></tr><tr><td>1941</td><td>-453,823</td><td>-243,522</td><td>-49</td><td>-261,955</td><td>51,703</td></tr><tr><td>1942</td><td>626,121</td><td>583,373</td><td>3,513</td><td>46,599</td><td>-7,364</td></tr><tr><td>1943</td><td>1,286,893</td><td>1,168,058</td><td>13,372</td><td>27,767</td><td>77,696</td></tr><tr><td>1944</td><td>461,354</td><td>148,594</td><td>8,529</td><td>210,735</td><td>93,496</td></tr><tr><td>1945</td><td>1,074,375</td><td>1,216,303</td><td>17,794</td><td>-113,105</td><td>-46,617</td></tr><tr><td>1946 (Jan. 1, 1946-Mar. 31, 1946)</td><td>-167,565</td><td>-109,929</td><td>4,186</td><td>-153,670</td><td>100,220</td></tr><tr><td>Total (Jan. 2, 1935-Mar. 31, 1946)</td><td>8,635,249</td><td>6,777,321</td><td>139,892</td><td>645,057</td><td>1,072,979</td></tr><tr><td>1945-March</td><td>-18,206</td><td>11,310</td><td>521</td><td>-24,388</td><td>-5,649</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>47,706</td><td>3,209</td><td>-17,489</td><td>19,338</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>-5,214</td><td>3,821</td></tr><tr><td>August</td><td>56,350</td><td>81,132</td><td>2,064</td><td>-11,570</td><td>-15,276</td></tr><tr><td>September</td><td>116,732</td><td>125,994</td><td>5,469</td><td>-13,202</td><td>-1,529</td></tr><tr><td>October</td><td>71,193</td><td>146,467</td><td>-227</td><td>-23,358</td><td>-51,679</td></tr><tr><td>November</td><td>-132,120</td><td>-157,226</td><td>4,616</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>76,683</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><tr><td>March</td><td>-98,680</td><td>-83,128</td><td>5,956</td><td>-27,330</td><td>5,822</td></tr></table>
August 1946
77
Capital Movements Between the United States and Foreign Countries - (Continued)
Section 1 - Historical Summary - (Continued)
Table 2.- Short-Term Claims on and Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of period in thousands of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="3">Short-term claims</th><th colspan="3">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars</th><th>Total</th><th>Payable in dollars</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>778,579</td><td>128,951</td><td>161,263</td><td>468,365</td><td>1,301,142</td><td>1,156,496</td><td>46,795</td><td>97,851</td><td>522,563</td></tr><tr><td>1936 (Dec. 30, 1936)</td><td>672,614</td><td>140,911</td><td>96,726</td><td>434,917</td><td>1,623,317</td><td>1,456,885</td><td>66,478</td><td>99,954</td><td>950,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>654,990</td><td>152,437</td><td>116,917</td><td>385,636</td><td>1,893,087</td><td>1,600,507</td><td>209,597</td><td>82,983</td><td>1,238,097</td></tr><tr><td>1938 (Dec. 28, 1938)</td><td>626,042</td><td>150,044</td><td>165,521</td><td>310,477</td><td>2,203,185</td><td>1,985,025</td><td>114,791</td><td>103,369</td><td>1,577,143</td></tr><tr><td>1939 (Jan. 3, 1940)</td><td>508,702</td><td>66,745</td><td>173,238</td><td>268,719</td><td>3,221,328</td><td>3,025,189</td><td>135,311</td><td>60,828</td><td>2,712,626</td></tr><tr><td>1940 (Dec. 31, 1940)</td><td>383,978</td><td>47,477</td><td>115,118</td><td>221,383</td><td>3,938,232</td><td>3,786,182</td><td>121,001</td><td>31,049</td><td>3,554,254</td></tr><tr><td>1941</td><td>367,786</td><td>47,068</td><td>118,633</td><td>202,085</td><td>3,678,518</td><td>3,352,223</td><td>306,618</td><td>19,677</td><td>3,310,732</td></tr><tr><td>1942</td><td>246,673</td><td>30,916</td><td>72,048</td><td>143,709</td><td>4,205,389</td><td>3,523,328</td><td>668,168</td><td>13,893</td><td>3,958,716</td></tr><tr><td>1943</td><td>257,929</td><td>34,387</td><td>80,378</td><td>137,164</td><td>5,374,903</td><td>4,134,412</td><td>1,222,580</td><td>17,911</td><td>5,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,421</td><td>169,670</td><td>5,596,175</td><td>4,356,501</td><td>1,218,633</td><td>21,641</td><td>5,267,081</td></tr><tr><td>1945</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1945-March</td><td>286,940</td><td>44,006</td><td>119,541</td><td>123,393</td><td>5,957,917</td><td>4,537,371</td><td>1,401,810</td><td>18,736</td><td>5,670,977</td></tr><tr><td>April</td><td>290,787</td><td>44,055</td><td>117,974</td><td>128,758</td><td>6,028,010</td><td>4,627,034</td><td>1,380,491</td><td>20,485</td><td>5,737,223</td></tr><tr><td>May</td><td>289,821</td><td>53,834</td><td>111,907</td><td>124,080</td><td>6,073,950</td><td>4,688,650</td><td>1,362,969</td><td>22,331</td><td>5,784,129</td></tr><tr><td>June</td><td>375,038</td><td>60,723</td><td>126,013</td><td>188,302</td><td>6,409,554</td><td>4,875,373</td><td>1,515,620</td><td>18,561</td><td>6,034,516</td></tr><tr><td>July</td><td>325,243</td><td>49,859</td><td>96,020</td><td>179,364</td><td>6,584,784</td><td>4,804,741</td><td>1,761,008</td><td>19,035</td><td>6,259,541</td></tr><tr><td>August</td><td>306,460</td><td>50,727</td><td>120,218</td><td>135,515</td><td>6,660,933</td><td>4,863,683</td><td>1,777,064</td><td>20,186</td><td>6,354,473</td></tr><tr><td>September</td><td>270,226</td><td>39,772</td><td>93,815</td><td>136,639</td><td>6,780,693</td><td>4,894,102</td><td>1,864,814</td><td>21,777</td><td>6,510,467</td></tr><tr><td>October</td><td>259,952</td><td>42,606</td><td>95,742</td><td>121,604</td><td>6,952,486</td><td>4,997,303</td><td>1,930,564</td><td>24,619</td><td>6,692,534</td></tr><tr><td>November</td><td>331,320</td><td>43,596</td><td>90,437</td><td>197,287</td><td>6,861,428</td><td>4,938,255</td><td>1,895,283</td><td>27,890</td><td>6,530,108</td></tr><tr><td>December</td><td>392,766</td><td>47,489</td><td>100,267</td><td>245,010</td><td>6,883,068</td><td>4,946,624</td><td>1,910,898</td><td>25,546</td><td>6,490,302</td></tr><tr><td>1946-January</td><td>406,286</td><td>50,124</td><td>108,396</td><td>247,766</td><td>6,973,271</td><td>5,007,098</td><td>1,944,872</td><td>21,301</td><td>6,566,985</td></tr><tr><td>February</td><td>406,801</td><td>49,218</td><td>102,268</td><td>255,315</td><td>6,870,302</td><td>4,903,606</td><td>1,943,274</td><td>23,422</td><td>6,463,501</td></tr><tr><td>March</td><td>431,930</td><td>53,333</td><td>112,076</td><td>266,521</td><td>6,812,303</td><td>4,844,205</td><td>1,943,576</td><td>24,522</td><td>6,380,373</td></tr></table>
Note: Adjusted to include Philippine Government accounts with the U. S. Treasury. See "Treasury Bulletin" July 1946, page 89 for details.
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th rowspan="2">Calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th colspan="2">Payable in dollars</th><th>Total</th><th colspan="2">Payable in dollars</th><th>Payable in foreign currencies</th></tr><tr><th></th><th></th><th></th><th>Loans to foreign banks</th><th>Other</th><th></th><th>Deposits of foreigners</th><th>Other</th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>-361,360</td><td>-228,132</td><td>3,552</td><td>-136,780</td><td>631,469</td><td>587,334</td><td>6,333</td><td>37,802</td><td>992,829</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>-70,119</td><td>14,788</td><td>-31,868</td><td>-53,039</td><td>358,023</td><td>333,407</td><td>19,683</td><td>4,933</td><td>428,142</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>-17,624</td><td>11,526</td><td>20,191</td><td>-49,341</td><td>269,770</td><td>143,622</td><td>143,119</td><td>-16,971</td><td>287,394</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>-28,948</td><td>-2,393</td><td>48,604</td><td>-75,159</td><td>300,020</td><td>374,440</td><td>-94,806</td><td>20,386</td><td>328,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>-117,340</td><td>-83,299</td><td>7,717</td><td>-41,758</td><td>1,018,143</td><td>1,040,164</td><td>20,520</td><td>-42,541</td><td>1,135,483</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>-124,724</td><td>-19,268</td><td>-58,120</td><td>-47,336</td><td>716,904</td><td>760,993</td><td>-14,310</td><td>-29,779</td><td>841,628</td></tr><tr><td>1941</td><td>-16,192</td><td>-409</td><td>3,515</td><td>-19,298</td><td>-259,714</td><td>-433,959</td><td>185,617</td><td>-11,372</td><td>-243,522</td></tr><tr><td>1942</td><td>-97,503</td><td>-15,933</td><td>-20,671</td><td>-60,899</td><td>485,870</td><td>105,607</td><td>385,365</td><td>-5,102</td><td>583,373</td></tr><tr><td>1943</td><td>11,256</td><td>3,471</td><td>14,330</td><td>-6,545</td><td>1,179,314</td><td>620,884</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>71,765</td><td>20,216</td><td>19,043</td><td>32,506</td><td>220,359</td><td>220,576</td><td>-3,947</td><td>3,730</td><td>148,594</td></tr><tr><td>1945</td><td>63,072</td><td>-7,114</td><td>-5,154</td><td>75,340</td><td>1,279,375</td><td>583,205</td><td>692,265</td><td>3,905</td><td>1,216,303</td></tr><tr><td>1946 (Jan. 1, 1946-Mar. 31, 1946)</td><td>39,164</td><td>5,844</td><td>11,809</td><td>21,511</td><td>-70,765</td><td>-102,419</td><td>32,678</td><td>-1,024</td><td>-109,929</td></tr><tr><td>Total (Jan. 2, 1935-Mar. 31, 1946)</td><td>-648,553</td><td>-300,703</td><td>12,948</td><td>-360,798</td><td>6,128,768</td><td>4,233,854</td><td>1,926,929</td><td>-32,015</td><td>6,777,321</td></tr><tr><td>1945-March</td><td>11,305</td><td>-1,239</td><td>9,581</td><td>2,963</td><td>59,815</td><td>-39,319</td><td>104,803</td><td>-5,669</td><td>48,510</td></tr><tr><td>April</td><td>3,847</td><td>49</td><td>-1,567</td><td>5,365</td><td>70,093</td><td>89,663</td><td>-21,319</td><td>1,749</td><td>66,246</td></tr><tr><td>May</td><td>-966</td><td>9,779</td><td>-6,067</td><td>-4,678</td><td>45,940</td><td>61,616</td><td>-17,522</td><td>1,846</td><td>46,906</td></tr><tr><td>June</td><td>85,217</td><td>6,889</td><td>14,106</td><td>64,222</td><td>335,604</td><td>186,723</td><td>152,651</td><td>-3,770</td><td>250,387</td></tr><tr><td>July</td><td>-49,795</td><td>-10,864</td><td>-29,993</td><td>-8,938</td><td>175,230</td><td>-70,632</td><td>245,388</td><td>474</td><td>225,025</td></tr><tr><td>August</td><td>-18,783</td><td>868</td><td>24,198</td><td>-43,849</td><td>76,149</td><td>58,942</td><td>16,056</td><td>1,151</td><td>94,932</td></tr><tr><td>September</td><td>-36,234</td><td>-10,955</td><td>-26,403</td><td>1,124</td><td>119,760</td><td>30,419</td><td>87,750</td><td>1,591</td><td>155,994</td></tr><tr><td>October</td><td>-10,274</td><td>2,834</td><td>1,927</td><td>-15,035</td><td>171,793</td><td>103,201</td><td>65,750</td><td>2,842</td><td>182,067</td></tr><tr><td>November</td><td>71,368</td><td>990</td><td>-5,305</td><td>75,663</td><td>-91,058</td><td>-59,048</td><td>-35,281</td><td>3,271</td><td>-162,425</td></tr><tr><td>December</td><td>61,446</td><td>3,893</td><td>9,830</td><td>47,723</td><td>21,640</td><td>8,369</td><td>15,615</td><td>-2,344</td><td>-39,806</td></tr><tr><td>1946-January</td><td>13,520</td><td>2,635</td><td>8,129</td><td>2,756</td><td>90,203</td><td>60,474</td><td>33,974</td><td>-4,245</td><td>76,683</td></tr><tr><td>February</td><td>-515</td><td>-906</td><td>-6,128</td><td>7,549</td><td>-102,969</td><td>-103,492</td><td>-1,598</td><td>2,121</td><td>-103,484</td></tr><tr><td>March</td><td>25,129</td><td>4,115</td><td>9,808</td><td>11,206</td><td>-57,999</td><td>-59,401</td><td>302</td><td>1,100</td><td>-83,128</td></tr></table>
Note: Adjusted to include Philippine Government accounts with the U. S. Treasury. See "Treasury Bulletin" July 1946, page 39 for details.
78
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Historical Summary - (Continued)
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total Purchases</th><th>Total Sales</th><th>Net domestic stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,684,391</td><td>2,083,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,273,381</td><td>2,028,755</td><td>244,626</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,200,119</td><td>1,142,923</td><td>57,196</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,034,478</td><td>1,119,905</td><td>-85,427</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940).</td><td>284,206</td><td>473,052</td><td>-188,846</td><td>221,816</td><td>278,032</td><td>-56,216</td><td>506,022</td><td>751,084</td><td>-245,062</td></tr><tr><td>1941</td><td>146,039</td><td>368,558</td><td>-222,519</td><td>174,952</td><td>214,388</td><td>-39,436</td><td>320,991</td><td>582,946</td><td>-261,955</td></tr><tr><td>1942</td><td>96,383</td><td>75,488</td><td>20,895</td><td>164,218</td><td>138,514</td><td>25,704</td><td>260,601</td><td>214,002</td><td>46,599</td></tr><tr><td>1943</td><td>151,639</td><td>194,616</td><td>-42,977</td><td>241,299</td><td>170,555</td><td>70,744</td><td>392,938</td><td>363,171</td><td>27,767</td></tr><tr><td>1944</td><td>136,853</td><td>171,432</td><td>-34,579</td><td>513,558</td><td>268,244</td><td>245,314</td><td>650,411</td><td>439,676</td><td>210,735</td></tr><tr><td>1945</td><td>260,223</td><td>357,655</td><td>-97,432</td><td>377,717</td><td>393,390</td><td>-15,673</td><td>637,940</td><td>751,045</td><td>-113,105</td></tr><tr><td>1946 (Jan. 1, 1946-Mar. 31, 1946).</td><td>110,384</td><td>136,639</td><td>-26,255</td><td>161,043</td><td>288,458</td><td>-127,415</td><td>271,427</td><td>425,097</td><td>-153,670</td></tr><tr><td>Total (Jan. 2, 1935-Mar. 31, 1946).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>11,535,383</td><td>10,890,326</td><td>645,057</td></tr><tr><td>1945-March</td><td>16,389</td><td>22,342</td><td>-5,953</td><td>22,030</td><td>40,465</td><td>-18,435</td><td>38,419</td><td>62,807</td><td>-24,388</td></tr><tr><td>April</td><td>17,227</td><td>22,389</td><td>-5,162</td><td>12,111</td><td>25,028</td><td>-12,917</td><td>29,338</td><td>47,417</td><td>-18,079</td></tr><tr><td>May</td><td>20,439</td><td>27,064</td><td>-6,625</td><td>6,716</td><td>17,580</td><td>-10,864</td><td>27,155</td><td>44,644</td><td>-17,489</td></tr><tr><td>June</td><td>26,752</td><td>28,085</td><td>-1,333</td><td>85,985</td><td>21,228</td><td>64,757</td><td>112,737</td><td>49,313</td><td>63,424</td></tr><tr><td>July</td><td>17,830</td><td>21,632</td><td>-3,802</td><td>24,896</td><td>26,338</td><td>-1,442</td><td>42,726</td><td>47,970</td><td>-5,244</td></tr><tr><td>August</td><td>12,915</td><td>19,697</td><td>-6,782</td><td>19,624</td><td>24,412</td><td>-4,788</td><td>32,539</td><td>44,109</td><td>-11,570</td></tr><tr><td>September</td><td>20,404</td><td>23,529</td><td>-9,125</td><td>23,451</td><td>27,528</td><td>-4,077</td><td>43,855</td><td>57,057</td><td>-13,202</td></tr><tr><td>October</td><td>26,324</td><td>43,024</td><td>-16,700</td><td>31,019</td><td>37,687</td><td>-6,668</td><td>57,343</td><td>80,711</td><td>-23,368</td></tr><tr><td>November</td><td>33,084</td><td>47,622</td><td>-14,538</td><td>29,318</td><td>30,765</td><td>-1,447</td><td>62,402</td><td>78,387</td><td>-15,985</td></tr><tr><td>December</td><td>30,180</td><td>41,569</td><td>-11,389</td><td>61,925</td><td>30,877</td><td>31,048</td><td>92,105</td><td>72,446</td><td>19,659</td></tr><tr><td>1946-January</td><td>47,558</td><td>54,782</td><td>-7,224</td><td>49,320</td><td>214,883</td><td>-165,563</td><td>96,878</td><td>269,665</td><td>-172,787</td></tr><tr><td>February</td><td>38,842</td><td>42,780</td><td>-3,938</td><td>69,777</td><td>19,392</td><td>50,385</td><td>108,619</td><td>62,172</td><td>46,447</td></tr><tr><td>March</td><td>23,984</td><td>39,077</td><td>-15,093</td><td>41,946</td><td>54,183</td><td>-12,237</td><td>65,930</td><td>93,260</td><td>-27,330</td></tr></table>
n.a. Not available
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total Purchases</th><th>Total Sales</th><th>Net foreign stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>651,256</td><td>536,098</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>896,149</td><td>705,073</td><td>191,076</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,016,188</td><td>749,180</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>482,809</td><td>456,051</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>561,236</td><td>445,547</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>205,289</td><td>127,133</td><td>78,156</td></tr><tr><td>1941.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>185,261</td><td>133,558</td><td>51,703</td></tr><tr><td>1942.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>220,533 1/</td><td>227,897 2/</td><td>-7,364</td></tr><tr><td>1943.</td><td>23,278</td><td>19,791</td><td>3,487</td><td>446,367</td><td>372,158</td><td>74,209</td><td>469,645</td><td>391,949</td><td>77,696</td></tr><tr><td>1944.</td><td>25,601</td><td>22,078</td><td>4,523</td><td>314,262</td><td>225,289</td><td>88,973</td><td>340,863</td><td>247,367</td><td>93,496</td></tr><tr><td>1945.</td><td>37,328</td><td>54,789</td><td>-17,461</td><td>318,113</td><td>347,269</td><td>-29,156</td><td>355,441</td><td>402,058</td><td>-46,617</td></tr><tr><td>1946 (Jan. 1, 1946-Mar. 31, 1946).</td><td>16,341</td><td>23,581</td><td>-7,240</td><td>215,838</td><td>108,378</td><td>107,460</td><td>232,179</td><td>131,959</td><td>100,220</td></tr><tr><td>Total (Jan. 2, 1935-Mar. 31, 1946).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>5,626,849</td><td>4,553,870</td><td>1,072,979</td></tr><tr><td>1945-March.</td><td>2,086</td><td>3,410</td><td>-1,324</td><td>17,572</td><td>21,897</td><td>-4,325</td><td>39,658</td><td>25,307</td><td>-5,649</td></tr><tr><td>April.</td><td>1,925</td><td>2,257</td><td>-332</td><td>42,299</td><td>12,982</td><td>29,317</td><td>44,224</td><td>15,239</td><td>28,985</td></tr><tr><td>May.</td><td>3,254</td><td>4,510</td><td>-1,256</td><td>45,615</td><td>25,021</td><td>20,594</td><td>48,869</td><td>29,531</td><td>19,338</td></tr><tr><td>June.</td><td>3,975</td><td>7,489</td><td>-3,514</td><td>16,194</td><td>33,481</td><td>-17,287</td><td>20,169</td><td>40,970</td><td>-20,801</td></tr><tr><td>July.</td><td>2,303</td><td>2,040</td><td>263</td><td>30,921</td><td>27,363</td><td>3,558</td><td>33,224</td><td>29,403</td><td>3,821</td></tr><tr><td>August.</td><td>2,605</td><td>2,182</td><td>423</td><td>11,169</td><td>26,863</td><td>-15,699</td><td>13,774</td><td>29,050</td><td>-15,276</td></tr><tr><td>September.</td><td>2,421</td><td>2,094</td><td>327</td><td>13,562</td><td>15,418</td><td>-1,856</td><td>15,983</td><td>17,512</td><td>-1,529</td></tr><tr><td>October.</td><td>3,533</td><td>4,333</td><td>-800</td><td>13,482</td><td>64,361</td><td>-50,879</td><td>17,015</td><td>68,694</td><td>-51,679</td></tr><tr><td>November.</td><td>4,397</td><td>8,216</td><td>-3,819</td><td>63,464</td><td>23,190</td><td>40,274</td><td>67,861</td><td>31,406</td><td>36,455</td></tr><tr><td>December.</td><td>5,354</td><td>11,150</td><td>-5,796</td><td>17,584</td><td>21,994</td><td>-4,410</td><td>22,938</td><td>33,144</td><td>-10,206</td></tr><tr><td>1946-January.</td><td>6,788</td><td>9,781</td><td>-2,993</td><td>161,145</td><td>33,067</td><td>128,078</td><td>167,933</td><td>42,848</td><td>125,085</td></tr><tr><td>February.</td><td>5,625</td><td>7,881</td><td>-2,256</td><td>25,446</td><td>53,877</td><td>-28,431</td><td>31,071</td><td>61,758</td><td>-30,687</td></tr><tr><td>March.</td><td>3,928</td><td>5,919</td><td>-1,991</td><td>29,247</td><td>21,434</td><td>7,813</td><td>33,175</td><td>27,353</td><td>5,822</td></tr></table>
n.n. Not available. 1/ Adjusted for the inclusion on July 1 of $14,787 thousand representing the sale of Province of Ontario Bonde.
2/ Adjusted for the inclusion of $2,504 thousand representing redemption on July 1 of Province of Cordoba Bonds.
August 1946
79
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries
Table 1.- Net Capital Movement
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></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><th>March</th></tr><tr><td colspan="14">1945</td><td colspan="3">1946</td></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>-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><td>-45,679</td></tr><tr><td>France</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><td>-16,533</td></tr><tr><td>Belgium</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><td>-2,496</td></tr><tr><td>Denmark</td><td>+610</td><td>-672</td><td>-346</td><td>+623</td><td>+49</td><td>+521</td><td>+2,334</td><td>+1,785</td><td>+4,227</td><td>+3,361</td><td>+13,082</td><td>+1,369</td><td>+2,554</td></tr><tr><td>Finland</td><td>+471</td><td>-50</td><td>-174</td><td>-170</td><td>-24</td><td>+44</td><td>+1,168</td><td>-437</td><td>-466</td><td>-560</td><td>-189</td><td>+4,030</td><td>+694</td></tr><tr><td>Germany</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>-156</td><td>-171</td></tr><tr><td>Greece</td><td>+1,829</td><td>+1,861</td><td>+1,096</td><td>+2,928</td><td>+3,870</td><td>+2,807</td><td>+2,930</td><td>+2,505</td><td>+3,456</td><td>-234</td><td>-845</td><td>-210</td><td>+5,205</td></tr><tr><td>Italy</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><td>+2,705</td></tr><tr><td>Luxembourg</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><td>+143</td></tr><tr><td>Netherlands</td><td>-569</td><td>+591</td><td>+527</td><td>+6,169</td><td>+3,038</td><td>+2,003</td><td>+31</td><td>+5,754</td><td>+2,434</td><td>+13,472</td><td>-1,340</td><td>-12,628</td><td>+10,765</td></tr><tr><td>Norway</td><td>+7,798</td><td>+5,376</td><td>-5,924</td><td>+6,933</td><td>+4,441</td><td>-7,022</td><td>-2,786</td><td>-1,786</td><td>+299</td><td>+1,714</td><td>-5,677</td><td>-4,930</td><td>-2,715</td></tr><tr><td>Portugal</td><td>-5,788</td><td>+3,923</td><td>-2,762</td><td>+4,194</td><td>+5,999</td><td>-7,371</td><td>+6,439</td><td>-319</td><td>+3,240</td><td>-687</td><td>-328</td><td>-2,292</td><td>+131</td></tr><tr><td>Rumania</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>-78</td><td>+6</td></tr><tr><td>Spain</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><td>-2,129</td></tr><tr><td>Sweden</td><td>+3,078</td><td>+69</td><td>+3,200</td><td>+5,290</td><td>+17,891</td><td>+9,666</td><td>+5,881</td><td>+14,167</td><td>+2,925</td><td>-7,246</td><td>+498</td><td>+1,461</td><td>-7,615</td></tr><tr><td>Switzerland</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><td>-2,262</td></tr><tr><td>U. S. R.</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>+1,737</td><td>-1,271</td><td>-3,543</td></tr><tr><td>Yugoslavia</td><td>+78</td><td>-46</td><td>-145</td><td>+34</td><td>-503</td><td>-56</td><td>+106</td><td>+14</td><td>+199</td><td>+350</td><td>+578</td><td>+195</td><td>+217</td></tr><tr><td>Other Europe</td><td>-2,315</td><td>-1,095</td><td>+62</td><td>-1,133</td><td>-6,406</td><td>+1,694</td><td>-2,219</td><td>-240</td><td>+479</td><td>-625</td><td>+1,534</td><td>+1,509</td><td>+801</td></tr><tr><td>Total Europe</td><td>-50,987</td><td>-27,081</td><td>+573</td><td>+131,071</td><td>+83,110</td><td>-80,370</td><td>-25,439</td><td>+38,445</td><td>-70,635</td><td>+34,438</td><td>+71,622</td><td>-102,001</td><td>-99,922</td></tr><tr><td>Canada</td><td>+52,126</td><td>+56,540</td><td>+1,775</td><td>+70,300</td><td>+84,727</td><td>+80,399</td><td>+28,036</td><td>+7,997</td><td>+15,177</td><td>-38,599</td><td>-53,142</td><td>+14,396</td><td>+13,474</td></tr><tr><td colspan="14">Latin America</td></tr><tr><td>Argentina</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><td>-1,991</td></tr><tr><td>Bolivia</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>-1,296</td><td>-1,401</td><td>+165</td><td>-1,004</td></tr><tr><td>Brazil</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><td>+11,176</td></tr><tr><td>Chile</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><td>-1,820</td></tr><tr><td>Colombia</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><td>-4,896</td></tr><tr><td>Costa Rica</td><td>+573</td><td>+577</td><td>+91</td><td>-820</td><td>+496</td><td>-958</td><td>-1,159</td><td>+471</td><td>+720</td><td>-305</td><td>-1,039</td><td>-332</td><td>+687</td></tr><tr><td>Cuba</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><td>+16,126</td></tr><tr><td>French West Indies and Guiana</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><td>-576</td></tr><tr><td>Mexico</td><td>+13,982</td><td>+10,850</td><td>+19,503</td><td>+5,507</td><td>+12,035</td><td>-17,438</td><td>+5,223</td><td>-5,253</td><td>-54,311</td><td>+3,024</td><td>+14,564</td><td>+5,229</td><td>+16,898</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-1,450</td><td>-373</td><td>-1,142</td><td>-3,554</td><td>+2,565</td><td>+38</td><td>+1,204</td><td>+1,073</td><td>-2,024</td><td>-3,669</td><td>-7,285</td><td>+1,958</td><td>-2,338</td></tr><tr><td>Panama</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>+1,069</td><td>+623</td><td>-3,685</td><td>+3,233</td></tr><tr><td>Peru</td><td>+3,200</td><td>+711</td><td>+571</td><td>+2,766</td><td>-552</td><td>+2,723</td><td>+812</td><td>+3,959</td><td>+3,129</td><td>-2,123</td><td>-1,878</td><td>+1,948</td><td>-3,296</td></tr><tr><td>Venezuela</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><td>-1,564</td></tr><tr><td>Other Latin America</td><td>+3,505</td><td>+4,489</td><td>+3,191</td><td>-388</td><td>+310</td><td>-158</td><td>-4,858</td><td>+794</td><td>-922</td><td>+9,821</td><td>+9,993</td><td>-402</td><td>+10,098</td></tr><tr><td>Total Latin America</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><td>+40,733</td></tr><tr><td colspan="14">Asia</td></tr><tr><td>China</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><td>-20,080</td></tr><tr><td>French Indo-China</td><td>-1</td><td>+16</td><td>+76</td><td>-22</td><td>+7</td><td>+37</td><td>+53</td><td>-77</td><td>-220</td><td>+725</td><td>+410</td><td>+6,336</td><td>+3,222</td></tr><tr><td>Hong Kong</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><td>+2,175</td></tr><tr><td>India, Burma, and Ceylon</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><td>-10,868</td></tr><tr><td>British Malaya</td><td>-2</td><td>+16</td><td>-53</td><td>+113</td><td>-39</td><td>+2</td><td>+4</td><td>+67</td><td>+46</td><td>+173</td><td>+442</td><td>-197</td><td>-77</td></tr><tr><td>Japan (including Korea and Manchuria)</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><td>-45</td></tr><tr><td>Netherlands East Indies</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><td>-1,256</td></tr><tr><td>Philippine Islands</td><td>-2,251</td><td>+3,375</td><td>+1,468</td><td>+4,530</td><td>+2,441</td><td>-14,360</td><td>+54,137</td><td>-2,243</td><td>+18,419</td><td>-1,175</td><td>+8,128</td><td>-9,357</td><td>-32,774</td></tr><tr><td>Turkey</td><td>+4,423</td><td>+1,187</td><td>-1,031</td><td>+801</td><td>+861</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><td>+3,965</td></tr><tr><td>Other Asia</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><td>+1,429</td></tr><tr><td>Total Asia</td><td>+5,168</td><td>-2,362</td><td>-9,080</td><td>-18,355</td><td>+43</td><td>+63,226</td><td>+77,528</td><td>+5,011</td><td>+2,572</td><td>+12,564</td><td>-3,596</td><td>-15,653</td><td>+8,309</td></tr><tr><td colspan="14">Other countries</td></tr><tr><td>Australia</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><td>-1,532</td></tr><tr><td>New Zealand</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><td>-160</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>-579</td></tr><tr><td>French Morocco</td><td>-165</td><td>+243</td><td>+132</td><td>-631</td><td>+344</td><td>+754</td><td>+966</td><td>+1,903</td><td>+1,474</td><td>+341</td><td>-284</td><td>+437</td><td>+175</td></tr><tr><td>Union of South Africa</td><td>-106</td><td>-444</td><td>-554</td><td>+487</td><td>-950</td><td>+1,224</td><td>+3,116</td><td>-1,586</td><td>+727</td><td>-1,471</td><td>-312</td><td>+2,466</td><td>-153</td></tr><tr><td>All other</td><td>+4,459</td><td>-1,027</td><td>+1,378</td><td>+492</td><td>+4,115</td><td>+6,354</td><td>+10,327</td><td>+23,043</td><td>-17,565</td><td>-622</td><td>-1,059</td><td>+1,858</td><td>-2,836</td></tr><tr><td>Total other countries</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><td>-5,085</td></tr><tr><td>Unidentified</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><td>+429</td></tr><tr><td>Grand total</td><td>-18,206</td><td>+55,274</td><td>+52,364</td><td>+212,479</td><td>+224,913</td><td>+56,350</td><td>+116,732</td><td>+71,193</td><td>-132,120</td><td>+4,837</td><td>+20,049</td><td>-88,934</td><td>-98,680</td></tr></table>
80
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 2.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th colspan="10">1945</th><th colspan="3">1946</th></tr><tr><th></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><th>March</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>+127</td><td>-16,524</td><td>+7,064</td><td>+32,373</td><td>+13,177</td><td>-54,769</td><td>-71,064</td><td>-2,565</td><td>-45,051</td><td>+8,585</td><td>-29,060</td><td>-49,021</td><td>-79,000</td></tr><tr><td>France</td><td>-43,194</td><td>-28,051</td><td>-23,190</td><td>+57,169</td><td>+26,721</td><td>-42,284</td><td>+43,280</td><td>+47,152</td><td>-33,141</td><td>-17,196</td><td>+68,551</td><td>-17,529</td><td>-16,282</td></tr><tr><td>Belgium</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><td>-2,284</td></tr><tr><td>Denmark</td><td>+215</td><td>-713</td><td>-293</td><td>+290</td><td>+5</td><td>+736</td><td>+2,405</td><td>+1,731</td><td>+4,259</td><td>+3,090</td><td>+13,154</td><td>+1,466</td><td>+2,668</td></tr><tr><td>Finland</td><td>+469</td><td>-54</td><td>-175</td><td>-171</td><td>-32</td><td>+45</td><td>+482</td><td>+473</td><td>+483</td><td>-662</td><td>-191</td><td>+4,005</td><td>+679</td></tr><tr><td>Germany</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><td>-158</td></tr><tr><td>Greece</td><td>+1,978</td><td>+1,846</td><td>+1,182</td><td>+2,928</td><td>+3,925</td><td>+2,664</td><td>+2,926</td><td>+2,584</td><td>+2,304</td><td>-246</td><td>-857</td><td>-346</td><td>+5,238</td></tr><tr><td>Italy</td><td>+2,276</td><td>+3,391</td><td>+3,419</td><td>+1,072</td><td>+5,559</td><td>+4,401</td><td>+4,591</td><td>+3,724</td><td>+3,160</td><td>+5,021</td><td>+742</td><td>+1,299</td><td>+2,993</td></tr><tr><td>Luxembourg</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><td>-4</td></tr><tr><td>Netherlands</td><td>-503</td><td>-131</td><td>+554</td><td>+3,767</td><td>+2,044</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><td>+13,101</td></tr><tr><td>Norway</td><td>+7,532</td><td>+5,279</td><td>-5,952</td><td>+6,589</td><td>-4,332</td><td>-9,116</td><td>-2,758</td><td>-1,700</td><td>-253</td><td>+1,629</td><td>-8,086</td><td>-5,628</td><td>-2,979</td></tr><tr><td>Portugal</td><td>-5,868</td><td>+3,927</td><td>-2,766</td><td>+4,186</td><td>+5,985</td><td>-7,385</td><td>+6,450</td><td>-258</td><td>+3,157</td><td>-693</td><td>-343</td><td>-2,228</td><td>+102</td></tr><tr><td>Rumania</td><td>+186</td><td>+36</td><td>-47</td><td>-34</td><td>+30</td><td>+401</td><td>-455</td><td></td><td>+14</td><td>+36</td><td>+17</td><td>-78</td><td>+4</td></tr><tr><td>Spain</td><td>-13,936</td><td>+4,669</td><td>+5,397</td><td>-5,099</td><td>+5,058</td><td>+2,927</td><td>-7,292</td><td>-8,216</td><td>+6,913</td><td>-234</td><td>+5,177</td><td>+708</td><td>-2,144</td></tr><tr><td>Sweden</td><td>+5,430</td><td>+297</td><td>+2,162</td><td>+5,176</td><td>+17,921</td><td>+9,796</td><td>+5,891</td><td>+14,203</td><td>+3,251</td><td>-6,955</td><td>+3,596</td><td>-1,048</td><td>-7,894</td></tr><tr><td>Switzerland</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><td>+4,295</td></tr><tr><td>U. S. S. R.</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><td>-3,643</td></tr><tr><td>Yugoslavia</td><td>+78</td><td>+71</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><td>+214</td></tr><tr><td>Other Europe</td><td>+4,231</td><td>-1,186</td><td>+112</td><td>-1,304</td><td>-5,221</td><td>+1.754</td><td>-2,174</td><td>-361</td><td>-66</td><td>-432</td><td>+2,651</td><td>+1,873</td><td>+2,836</td></tr><tr><td>Total Europe</td><td>-27,801</td><td>-17,391</td><td>+6,047</td><td>+103,967</td><td>+93,575</td><td>-78,933</td><td>-30,075</td><td>+45,862</td><td>-54,817</td><td>+21,872</td><td>+97,260</td><td>-95,382</td><td>-82,258</td></tr><tr><td>Canada</td><td>+59,763</td><td>+36,540</td><td>-6,083</td><td>+77,813</td><td>+91,059</td><td>+103,786</td><td>+44,155</td><td>+67,142</td><td>-11,925</td><td>-38,891</td><td>-192,445</td><td>+2,033</td><td>+18,423</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>-19,163</td><td>-3,410</td><td>-2,140</td><td>+2,559</td><td>+3,484</td><td>-4,318</td><td>+1,183</td><td>+1,118</td><td>-4,564</td><td>-5,404</td><td>+14,236</td><td>-8,610</td><td>-2,797</td></tr><tr><td>Bolivia</td><td>-1,936</td><td>+1,325</td><td>-764</td><td>+1,533</td><td>-2,089</td><td>+875</td><td>-72</td><td>-637</td><td>-1,691</td><td>-1,240</td><td>-1,234</td><td>-2</td><td>-1,074</td></tr><tr><td>Brazil</td><td>-27,524</td><td>+3,715</td><td>+4,061</td><td>+2,306</td><td>+21,536</td><td>+1,155</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><td>+10,700</td></tr><tr><td>Chile</td><td>-354</td><td>-1,575</td><td>+3,876</td><td>+13,146</td><td>-1,540</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><td>-1,512</td></tr><tr><td>Colombia</td><td>-1,834</td><td>-2,902</td><td>-1,020</td><td>-2,104</td><td>+6,552</td><td>+7,097</td><td>+3,476</td><td>-7,675</td><td>-3,778</td><td>-2,743</td><td>+2,579</td><td>-2,405</td><td>-5,108</td></tr><tr><td>Costa Rica</td><td>+568</td><td>+585</td><td>+103</td><td>-814</td><td>+491</td><td>-999</td><td>-1,093</td><td>+484</td><td>-680</td><td>-244</td><td>-1,081</td><td>-347</td><td>+692</td></tr><tr><td>Cuba</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><td>+14,797</td></tr><tr><td>French West Iodies and Guiana</td><td>+327</td><td>-244</td><td>+1,136</td><td>-77</td><td>+2,242</td><td>-1,229</td><td>+364</td><td>-308</td><td>-690</td><td>+444</td><td>+52</td><td>-65</td><td>-524</td></tr><tr><td>Mexico</td><td>+14,014</td><td>+11,365</td><td>+18,508</td><td>+5,198</td><td>+12,043</td><td>-16,949</td><td>+5,412</td><td>-798</td><td>-53,424</td><td>+4,154</td><td>+9,970</td><td>-932</td><td>+12,073</td></tr><tr><td>Netherlands West Iodies and Surinam</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>-7,214</td><td>+1,898</td><td>-2,321</td></tr><tr><td>Panama</td><td>+3,783</td><td>-633</td><td>+1,409</td><td>+2,941</td><td>+3,354</td><td>-1,563</td><td>+1,335</td><td>+1,330</td><td>+115</td><td>-2,108</td><td>-137</td><td>-2,321</td><td>+3,619</td></tr><tr><td>Peru</td><td>+3,117</td><td>+1,123</td><td>+35</td><td>+1,539</td><td>-77</td><td>+2,309</td><td>+656</td><td>+3,803</td><td>+2,941</td><td>-2,241</td><td>-1,381</td><td>+1,413</td><td>-3,443</td></tr><tr><td>Venezuela</td><td>+5,184</td><td>-7,040</td><td>+4,052</td><td>-6,532</td><td>+8,904</td><td>-6,946</td><td>+1,286</td><td>+3,679</td><td>-10,516</td><td>+11,371</td><td>-14,257</td><td>+6,133</td><td>-1,908</td></tr><tr><td>Other Latino America</td><td>+3,597</td><td>+4,089</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>+9,446</td><td>-751</td><td>+10,158</td></tr><tr><td>Total Latino America</td><td>-29,726</td><td>+28,530</td><td>+58,578</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><td>+33,212</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>-2,044</td><td>-7,466</td><td>-4,992</td><td>-22,220</td><td>-18,344</td><td>+77,528</td><td>+9,784</td><td>+3,125</td><td>-10,331</td><td>+1,616</td><td>+167,271</td><td>-20,339</td><td>-18,983</td></tr><tr><td>French Indo-China</td><td>-1</td><td>+16</td><td>+76</td><td>-22</td><td>+7</td><td>+413</td><td>+447</td><td>-84</td><td>-212</td><td>+725</td><td>+160</td><td>+6,336</td><td>+3,221</td></tr><tr><td>Hoong Kong</td><td>-916</td><td>-274</td><td>+252</td><td>+224</td><td>-78</td><td>-214</td><td>+144</td><td>-151</td><td>+396</td><td>+5,218</td><td>+2,824</td><td>+1,582</td><td>+2,316</td></tr><tr><td>Iodie, Burma, and Ceylon</td><td>+390</td><td>+1,985</td><td>-4,205</td><td>-836</td><td>+3,203</td><td>+641</td><td>+10,581</td><td>+5,278</td><td>+1,422</td><td>-1,619</td><td>-4,462</td><td>+8,344</td><td>-10,931</td></tr><tr><td>British Malaya</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><td>-75</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>+162</td><td>-17</td><td>-14</td><td>+66</td><td>+272</td><td>-391</td><td>+265</td><td>-49</td><td>-81</td><td>+63</td><td>+70</td><td>-130</td><td>-48</td></tr><tr><td>Netherlands East Iodies</td><td>+2,911</td><td>-999</td><td>+2,202</td><td>-6,414</td><td>+1,414</td><td>-3,872</td><td>-9,494</td><td>+5,155</td><td>-680</td><td>+9,975</td><td>-3,712</td><td>-9,270</td><td>-1,717</td></tr><tr><td>Philippine Islands</td><td>-2,409</td><td>+3,375</td><td>+1,504</td><td>+4,512</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><td>-33,159</td></tr><tr><td>Turkey</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>+559</td><td>-3,328</td><td>+4,958</td><td>+5,787</td><td>+4,814</td><td>+3,920</td></tr><tr><td>Other Asia</td><td>+3,529</td><td>-463</td><td>-2,879</td><td>-11,545</td><td>+436</td><td>+4,053</td><td>+13,249</td><td>-1,482</td><td>-1,311</td><td>+4,300</td><td>-2,662</td><td>+2,907</td><td>+7,452</td></tr><tr><td>Total Asia</td><td>+5,412</td><td>-2,641</td><td>-9,141</td><td>-35,218</td><td>-11,418</td><td>+64,049</td><td>+77,765</td><td>+10,757</td><td>+4,304</td><td>+24,762</td><td>+174,728</td><td>-14,578</td><td>-48,004</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>-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>-3,216</td><td>-1,285</td></tr><tr><td>New Zealand</td><td>-819</td><td>-491</td><td>-46</td><td>-290</td><td>+73</td><td>+1,179</td><td>-1,436</td><td>+399</td><td>+466</td><td>+12</td><td>-197</td><td>-150</td><td>-162</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>-621</td></tr><tr><td>French Morocco</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><td>+202</td></tr><tr><td>Union of South Africa</td><td>-54</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>+2,446</td><td>-1,139</td></tr><tr><td>All other</td><td>+4,413</td><td>-989</td><td>+1,264</td><td>+459</td><td>+4,041</td><td>+6,336</td><td>+10,276</td><td>+22,969</td><td>-17,194</td><td>-464</td><td>-1,119</td><td>+8,089</td><td>-2,923</td></tr><tr><td>Total other countries</td><td>+3,168</td><td>-908</td><td>-2,079</td><td>+318</td><td>-627</td><td>+13,024</td><td>+14,190</td><td>+28,068</td><td>-11,079</td><td>-4,117</td><td>-1,054</td><td>+7,784</td><td>-4,928</td></tr><tr><td>Uoidentified</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><td>+427</td></tr><tr><td>Grand total</td><td>+11,310</td><td>+44,446</td><td>+47,306</td><td>+171,687</td><td>+231,025</td><td>+81,132</td><td>+125,994</td><td>+146,467</td><td>-157,226</td><td>-9,691</td><td>+76,583</td><td>-103,484</td><td>-83,128</td></tr></table>
August 1946
81
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 3.- Net Movement in Brokerage Balances
(in thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th colspan="9">1945</th><th colspan="4">1946</th></tr><tr><th></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><th>March</th></tr><tr><td><b>Europe</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>-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>-587</td><td>-697</td></tr><tr><td>France</td><td>+229</td><td>+30</td><td>-552</td><td>+254</td><td>-23</td><td>+293</td><td>-53</td><td>+129</td><td>-126</td><td>+360</td><td>+781</td><td>+477</td><td>-595</td></tr><tr><td>Belgium</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><td>-17</td></tr><tr><td>Denmark</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><td>-75</td></tr><tr><td>Finland</td><td>+1</td><td>-</td><td>-</td><td>+1</td><td>+5</td><td>-</td><td>+1</td><td>-</td><td>+5</td><td>+13</td><td>+46</td><td>-16</td><td>-20</td></tr><tr><td>Germany</td><td>+20</td><td>+6</td><td>-13</td><td>+1</td><td>+1</td><td>+9</td><td>+139</td><td>-26</td><td>+17</td><td>+18</td><td>-15</td><td>-16</td><td>-15</td></tr><tr><td>Greece</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>+12</td><td>+1</td><td>-10</td><td>+11</td><td>+3</td><td>+13</td><td>+9</td><td>-2</td><td>-39</td></tr><tr><td>Italy</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><td>+10</td></tr><tr><td>Luxembourg</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><td>+76</td></tr><tr><td>Netherlands</td><td>-78</td><td>+424</td><td>+95</td><td>+411</td><td>+677</td><td>+173</td><td>+385</td><td>+452</td><td>-1,067</td><td>+1,904</td><td>-9,847</td><td>-14</td><td>-30</td></tr><tr><td>Norway</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><td>+13</td></tr><tr><td>Portugal</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><td>+50</td></tr><tr><td>Rumania</td><td>+13</td><td>-3</td><td>+2</td><td>-</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-16</td><td>-</td><td>+2</td></tr><tr><td>Spain</td><td>+7</td><td>-3</td><td>+8</td><td>+2</td><td>+5</td><td>-3</td><td>+18</td><td>+2</td><td>+3</td><td>+35</td><td>+34</td><td>+39</td><td>-17</td></tr><tr><td>Sweden</td><td>+11</td><td>+11</td><td>+94</td><td>+148</td><td>-42</td><td>-38</td><td>-67</td><td>-33</td><td>+99</td><td>+92</td><td>+77</td><td>-134</td><td>+263</td></tr><tr><td>Switzerland</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><td>+1,196</td></tr><tr><td>U. S. S. R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+2</td><td>-2</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>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-19</td><td>-20</td><td>-1</td><td>-1</td><td>-</td></tr><tr><td>Other Europe</td><td>-413</td><td>+4</td><td>-17</td><td>+42</td><td>-158</td><td>+43</td><td>+1</td><td>+336</td><td>+1,100</td><td>-35</td><td>-109</td><td>+119</td><td>+2</td></tr><tr><td><b>Total Europe</b></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>-7,992</td><td>+345</td><td>+87</td></tr><tr><td>Canada</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><td>+1,008</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>+741</td><td>+479</td><td>-965</td><td>-558</td><td>+341</td><td>+331</td><td>+460</td><td>-321</td><td>+875</td><td>-773</td><td>-7</td><td>+192</td><td>+684</td></tr><tr><td>Bolivia</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><td>+39</td></tr><tr><td>Brazil</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>-185</td><td>-76</td><td>-167</td><td>-211</td><td>-60</td></tr><tr><td>Chile</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><td>-235</td></tr><tr><td>Colombia</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><td>-1</td></tr><tr><td>Cuba</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><td>+38</td></tr><tr><td>Cuba</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><td>+1,408</td></tr><tr><td>French West Indies and Guiana</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><td>-52</td></tr><tr><td>Mexico</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><td>+1,326</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-183</td><td>+145</td><td>-2</td><td>-365</td><td>+104</td><td>+86</td><td>+52</td><td>+454</td><td>+12</td><td>-609</td><td>-3</td><td>+44</td><td>-8</td></tr><tr><td>Panama</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><td>-143</td></tr><tr><td>Peru</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><td>-32</td></tr><tr><td>Venezuela</td><td>+100</td><td>+197</td><td>+174</td><td>-1,475</td><td>-295</td><td>-212</td><td>+482</td><td>-957</td><td>+1,518</td><td>-907</td><td>+877</td><td>-1,284</td><td>+219</td></tr><tr><td>Other Latin America</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><td>+1,060</td></tr><tr><td><b>Total Latin America</b></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><td>+4,243</td></tr><tr><td><b>Asia</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>-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><td>-345</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>+6</td><td>+8</td><td>-8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bong Kong</td><td>+11</td><td>+18</td><td>+1</td><td>+5</td><td>+5</td><td>+2</td><td>-13</td><td>+72</td><td>+5</td><td>+6</td><td>+3</td><td>+65</td><td>-38</td></tr><tr><td>India, Burma, and Ceylon</td><td>-9</td><td>-8</td><td>-3</td><td>-11</td><td>-68</td><td>+23</td><td>-2</td><td>-7</td><td>+6</td><td>-6</td><td>-81</td><td>+23</td><td>+48</td></tr><tr><td>British Malaya</td><td>+1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</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><td>+1</td></tr><tr><td>Netherlands East Indies</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><td>+2</td></tr><tr><td>Philippine Islands</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><td>+837</td></tr><tr><td>Turkey</td><td>+4</td><td>-3</td><td>-6</td><td>-3</td><td>+1</td><td>-</td><td>+1</td><td>-</td><td>+49</td><td>-54</td><td>-4</td><td>-</td><td>-1</td></tr><tr><td>Other Asia</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><td>+53</td></tr><tr><td><b>Total Asia</b></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>+300</td><td>+557</td></tr><tr><td><b>Other countries</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</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><td>+11</td></tr><tr><td>New Zealand</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><td>-1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>+35</td></tr><tr><td>French Morocco</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>+2</td><td>+5</td></tr><tr><td>Union of South Africa</td><td>-11</td><td>-34</td><td>-3</td><td>+4</td><td>-</td><td>+33</td><td>+2</td><td>-1</td><td>-11</td><td>-6</td><td>+4</td><td>+13</td><td>-13</td></tr><tr><td>All other</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><td>+23</td></tr><tr><td><b>Total other countries</b></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><td>+60</td></tr><tr><td>Unidentified</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><td>+1</td></tr><tr><td><b>Grand total</b></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><td>+5,956</td></tr></table>
82
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued
Section II - Summary by Countries - (Continued)
Table 4.- Net Transactions by Foreigners in Long-Term Securities (Domestic and Foreign) as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars; negative figures indicate net sales by foreigners)
<table><tr><th></th><th colspan="8">1945</th><th colspan="4">1946</th></tr><tr><th></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><th>March</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>-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>-6,650</td><td>-3,945</td><td>-5,982</td></tr><tr><td>France</td><td>-8,828</td><td>-904</td><td>-771</td><td>+11,211</td><td>-6,002</td><td>-557</td><td>+7,427</td><td>-347</td><td>-7,821</td><td>+11,256</td><td>+62</td><td>-4,890</td><td>+344</td></tr><tr><td>Belgium</td><td>-739</td><td>-1,049</td><td>+96</td><td>+2,022</td><td>-82</td><td>-195</td><td>+138</td><td>+604</td><td>+742</td><td>+413</td><td>-393</td><td>-8</td><td>-195</td></tr><tr><td>Denmark</td><td>+398</td><td>+41</td><td>-38</td><td>+328</td><td>+14</td><td>-105</td><td>-142</td><td>+2</td><td>+46</td><td>+140</td><td>+78</td><td>-115</td><td>+39</td></tr><tr><td>Finland</td><td>+1</td><td>+4</td><td>+1</td><td>-</td><td>+3</td><td>-1</td><td>+685</td><td>+36</td><td>+12</td><td>+89</td><td>+44</td><td>+41</td><td>+35</td></tr><tr><td>Germany</td><td>-3</td><td>-14</td><td>+40</td><td>+37</td><td>+7</td><td>+8</td><td>+21</td><td>-2</td><td>+64</td><td>+191</td><td>-21</td><td>-2</td><td>+2</td></tr><tr><td>Greece</td><td>-150</td><td>+15</td><td>-86</td><td>+1,376</td><td>-67</td><td>+142</td><td>+14</td><td>-90</td><td>+1,149</td><td>-21</td><td>+3</td><td>+138</td><td>+6</td></tr><tr><td>Italy</td><td>-5</td><td>+40</td><td>-1,366</td><td>+1,376</td><td>-384</td><td>-25</td><td>+8</td><td>+104</td><td>-349</td><td>+607</td><td>+18</td><td>-74</td><td>-298</td></tr><tr><td>Luxembourg</td><td>-1</td><td>-41</td><td>-56</td><td>+19</td><td>+50</td><td>-313</td><td>+78</td><td>-63</td><td>-60</td><td>+1,074</td><td>+3</td><td>+141</td><td>+71</td></tr><tr><td>Netherlands</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><td>-2,306</td></tr><tr><td>Norway</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>-85</td><td>-470</td><td>-201</td><td>+634</td><td>+251</td></tr><tr><td>Portugal</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>+1</td><td>-41</td><td>+12</td><td>-21</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>+16</td><td>-</td><td>+15</td><td>+6</td><td>-</td><td>-2</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>+5</td><td>-236</td><td>+82</td><td>+240</td><td>+51</td><td>+84</td><td>-6</td><td>-37</td><td>-2</td><td>+2,085</td><td>-116</td><td>+34</td><td>+52</td></tr><tr><td>Sweden</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>+2,643</td><td>+16</td></tr><tr><td>Switzerland</td><td>-1,152</td><td>-2,155</td><td>-778</td><td>+3,840</td><td>+743</td><td>-1,491</td><td>-1,573</td><td>+897</td><td>-3,187</td><td>-2,614</td><td>-1,681</td><td>-68</td><td>-7,753</td></tr><tr><td>U. S. S. R.</td><td>+1</td><td>-</td><td>-</td><td>+1</td><td>-</td><td>+6</td><td>+2</td><td>-</td><td>+2</td><td>-</td><td>+1</td><td>-</td><td>+100</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-77</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>+3</td><td>-</td><td>-</td><td>+35</td><td>-37</td><td>-</td><td>+3</td></tr><tr><td>Other Europe</td><td>-6,133</td><td>+87</td><td>-33</td><td>+129</td><td>-1,027</td><td>-103</td><td>-46</td><td>-215</td><td>-555</td><td>-158</td><td>-1,008</td><td>-483</td><td>-2,037</td></tr><tr><td>Total Europe</td><td>-23,539</td><td>-10,354</td><td>-6,546</td><td>+23,430</td><td>-8,541</td><td>-2,063</td><td>+1,875</td><td>-7,726</td><td>-16,856</td><td>+6,461</td><td>-17,646</td><td>-6,464</td><td>-17,751</td></tr><tr><td>Canada</td><td>-7,551</td><td>+19,920</td><td>+5,602</td><td>-6,146</td><td>-5,721</td><td>-24,253</td><td>-16,487</td><td>-58,222</td><td>+25,934</td><td>-446</td><td>+139,826</td><td>+12,470</td><td>-5,957</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>-35</td><td>-49</td><td>+1,634</td><td>+1,685</td><td>-456</td><td>+240</td><td>+104</td><td>+12</td><td>+12,073</td><td>+1,529</td><td>+22</td><td>+1,288</td><td>+122</td></tr><tr><td>Bolivia</td><td>+5</td><td>+20</td><td>+2</td><td>+46</td><td>+451</td><td>+13</td><td>-16</td><td>-1</td><td>-248</td><td>-117</td><td>-1</td><td>+49</td><td>+31</td></tr><tr><td>Brazil</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><td>+536</td></tr><tr><td>Chile</td><td>+651</td><td>-89</td><td>+2,453</td><td>+264</td><td>+23</td><td>-95</td><td>-57</td><td>+401</td><td>+1,313</td><td>+447</td><td>+705</td><td>+448</td><td>+27</td></tr><tr><td>Colombia</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><td>+213</td></tr><tr><td>Costa Rica</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><td>-3</td></tr><tr><td>Cuba</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><td>-79</td></tr><tr><td>French West Indies and Guiana</td><td>+10</td><td>-3</td><td>-</td><td>-9</td><td>-</td><td>-47</td><td>-</td><td>-</td><td>-</td><td>-16</td><td>-5</td><td>-</td><td>-</td></tr><tr><td>Mexico</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><td>+3,499</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-9</td></tr><tr><td>Panama</td><td>-45</td><td>-547</td><td>-2,072</td><td>+804</td><td>-1,212</td><td>-1,616</td><td>-858</td><td>-2,667</td><td>-585</td><td>+2,234</td><td>+523</td><td>-996</td><td>-243</td></tr><tr><td>Peru</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><td>+179</td></tr><tr><td>Venezuela</td><td>+107</td><td>+67</td><td>-379</td><td>+20</td><td>+349</td><td>+117</td><td>-268</td><td>-122</td><td>+474</td><td>+982</td><td>+60</td><td>+656</td><td>+125</td></tr><tr><td>Other Latin America</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><td>+1,120</td></tr><tr><td>Total Latin America</td><td>+1,211</td><td>+857</td><td>+2,133</td><td>+7,597</td><td>+1,100</td><td>+565</td><td>+240</td><td>-3,240</td><td>+13,638</td><td>+15,295</td><td>+8,450</td><td>+11,103</td><td>+3,278</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>-27</td><td>+887</td><td>+785</td><td>+16,541</td><td>+11,837</td><td>-1,106</td><td>-90</td><td>+3,244</td><td>+174</td><td>-11,844</td><td>-177,105</td><td>-501</td><td>-752</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>+250</td><td>-</td><td>+1</td></tr><tr><td>Singapore</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><td>-103</td></tr><tr><td>India, Burma, and Ceylon</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><td>+15</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-</td><td>-</td><td>-</td><td>+3</td><td>-</td><td>-</td><td>-4</td><td>-4</td><td>-69</td><td>-19</td><td>-2</td><td>-8</td><td>+2</td></tr><tr><td>Netherlands East Indies</td><td>-</td><td>-</td><td>-25</td><td>-</td><td>-</td><td>-</td><td>-15</td><td>-9,232</td><td>-1,004</td><td>-</td><td>-399</td><td>-58</td><td>+459</td></tr><tr><td>Philippine Islands</td><td>+93</td><td>-34</td><td>+42</td><td>-38</td><td>-104</td><td>-137</td><td>-63</td><td>-313</td><td>-715</td><td>-627</td><td>-822</td><td>-854</td><td>-1,52</td></tr><tr><td>Turkey</td><td>+26</td><td>+4</td><td>+7</td><td>-</td><td>-</td><td>+1</td><td>+6</td><td>-1</td><td>-5</td><td>+19</td><td>-31</td><td>+5</td><td>+46</td></tr><tr><td>Other Asia</td><td>-161</td><td>-28</td><td>+29</td><td>-30</td><td>+45</td><td>-19</td><td>+13</td><td>+219</td><td>+41</td><td>-17</td><td>-39</td><td>+2</td><td>-76</td></tr><tr><td>Total Asia</td><td>-165</td><td>+542</td><td>+641</td><td>+17,696</td><td>+11,768</td><td>-1,322</td><td>-175</td><td>-6,191</td><td>-1,557</td><td>-12,533</td><td>-178,162</td><td>-1,375</td><td>-862</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>+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><td>-258</td></tr><tr><td>New Zealand</td><td>-</td><td>-6</td><td>+5</td><td>-</td><td>-6</td><td>-3</td><td>+6</td><td>-</td><td>-</td><td>-25</td><td>-</td><td>-69</td><td>+1</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-55</td><td>-8</td><td>+1</td><td>-41</td><td>+4</td><td>-11</td><td>+56</td><td>+110</td><td>-3</td><td>+12</td><td>+4</td><td>-4</td><td>+7</td></tr><tr><td>French Morocco</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><td>-32</td></tr><tr><td>Union of South Africa</td><td>-31</td><td>-87</td><td>-30</td><td>+15</td><td>-106</td><td>-35</td><td>-</td><td>-4</td><td>-10</td><td>-29</td><td>-37</td><td>+7</td><td>-1</td></tr><tr><td>All other</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><td>+64</td></tr><tr><td>Total other countries</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>+32</td><td>-217</td></tr><tr><td>Unidentified</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>-</td><td>-6</td><td>+1</td></tr><tr><td>Grand total</td><td>-30,037</td><td>+10,906</td><td>+1,849</td><td>+42,623</td><td>-1,423</td><td>-26,846</td><td>-14,731</td><td>-75,047</td><td>+20,470</td><td>+9,453</td><td>-47,702</td><td>+15,760</td><td>-21,508</td></tr></table>
August 1946
83
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II.- Summary by Countries - (Continued)
Table 5.- Short-Term Claims on Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th></th><th colspan="10">1945</th><th colspan="4">1946</th></tr><tr><th></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><th>March</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>23,209</td><td>25,375</td><td>30,510</td><td>27,892</td><td>24,833</td><td>31,602</td><td>24,871</td><td>21,500</td><td>25,947</td><td>25,439</td><td>25,850</td><td>26,325</td><td>28,585</td></tr><tr><td>France</td><td>1,478</td><td>1,441</td><td>1,280</td><td>1,286</td><td>1,230</td><td>1,234</td><td>1,247</td><td>999</td><td>1,075</td><td>1,055</td><td>757</td><td>660</td><td>728</td></tr><tr><td>Belgium</td><td>769</td><td>770</td><td>759</td><td>759</td><td>759</td><td>708</td><td>531</td><td>529</td><td>602</td><td>631</td><td>1,781</td><td>2,593</td><td>3,582</td></tr><tr><td>Denmark</td><td>9</td><td>8</td><td>6</td><td>8</td><td>8</td><td>9</td><td>9</td><td>1,523</td><td>1,521</td><td>25</td><td>1,033</td><td>1,039</td><td>1,059</td></tr><tr><td>Finland</td><td>2</td><td>2</td><td>5</td><td>3</td><td>4</td><td>3</td><td>3</td><td>2</td><td>8</td><td>6</td><td>1,265</td><td>1,391</td><td>1,219</td></tr><tr><td>Germany</td><td>33,866</td><td>33,867</td><td>33,866</td><td>33,866</td><td>33,866</td><td>33,866</td><td>33,850</td><td>33,854</td><td>33,854</td><td>33,853</td><td>33,854</td><td>33,855</td><td>33,856</td></tr><tr><td>Greece</td><td>638</td><td>641</td><td>641</td><td>642</td><td>640</td><td>640</td><td>640</td><td>628</td><td>632</td><td>691</td><td>722</td><td>770</td><td>798</td></tr><tr><td>Italy</td><td>344</td><td>344</td><td>343</td><td>344</td><td>345</td><td>344</td><td>346</td><td>123</td><td>343</td><td>333</td><td>328</td><td>401</td><td>435</td></tr><tr><td>Luxembourg</td><td>70</td><td>70</td><td>75</td><td>70</td><td>69</td><td>69</td><td>69</td><td>69</td><td>69</td><td>68</td><td>72</td><td>85</td><td>72</td></tr><tr><td>Netherlands</td><td>323</td><td>477</td><td>445</td><td>660</td><td>317</td><td>448</td><td>577</td><td>636</td><td>36,493</td><td>36,333</td><td>35,731</td><td>36,091</td><td>35,767</td></tr><tr><td>Norway</td><td>69</td><td>61</td><td>71</td><td>40,094</td><td>40,462</td><td>61</td><td>65</td><td>74</td><td>84</td><td>31,590</td><td>64</td><td>4,235</td><td>6,228</td></tr><tr><td>Portugal</td><td>549</td><td>617</td><td>604</td><td>488</td><td>242</td><td>282</td><td>256</td><td>216</td><td>390</td><td>467</td><td>410</td><td>411</td><td>433</td></tr><tr><td>Rumania</td><td>29</td><td>28</td><td>27</td><td>32</td><td>28</td><td>28</td><td>37</td><td>28</td><td>27</td><td>64</td><td>25</td><td>30</td><td>30</td></tr><tr><td>Spain</td><td>1,307</td><td>864</td><td>1,498</td><td>894</td><td>922</td><td>1,437</td><td>942</td><td>1,012</td><td>864</td><td>1,602</td><td>1,830</td><td>1,360</td><td>1,512</td></tr><tr><td>Sweden</td><td>238</td><td>248</td><td>290</td><td>326</td><td>660</td><td>1,498</td><td>331</td><td>532</td><td>1,011</td><td>915</td><td>1,133</td><td>1,102</td><td>1,280</td></tr><tr><td>Switzerland</td><td>924</td><td>871</td><td>832</td><td>5,435</td><td>3,648</td><td>1,976</td><td>2,710</td><td>3,036</td><td>1,645</td><td>2,926</td><td>6,204</td><td>4,931</td><td>5,573</td></tr><tr><td>U. S. S. R.</td><td>5</td><td>5</td><td>6</td><td>15</td><td>20</td><td>18</td><td>72</td><td>6</td><td>82</td><td>16</td><td>11</td><td>18</td><td>11</td></tr><tr><td>Yugoslavia</td><td>14</td><td>15</td><td>14</td><td>13</td><td>15</td><td>15</td><td>15</td><td>14</td><td>8</td><td>7</td><td>7</td><td>17</td><td>14</td></tr><tr><td>Other Europe</td><td>4,964</td><td>5,114</td><td>4,887</td><td>4,811</td><td>4,910</td><td>4,907</td><td>5,110</td><td>4,982</td><td>4,903</td><td>4,693</td><td>4,765</td><td>4,878</td><td>4,875</td></tr><tr><td>Total Europe</td><td>68,807</td><td>70,818</td><td>76,159</td><td>117,638</td><td>112,978</td><td>79,145</td><td>71,681</td><td>69,763</td><td>109,558</td><td>140,714</td><td>115,842</td><td>120,192</td><td>126,057</td></tr><tr><td>Canada</td><td>23,888</td><td>22,991</td><td>25,614</td><td>53,770</td><td>45,199</td><td>41,529</td><td>39,581</td><td>32,156</td><td>38,024</td><td>53,337</td><td>74,345</td><td>71,330</td><td>62,883</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>5,497</td><td>8,651</td><td>7,728</td><td>8,343</td><td>14,149</td><td>11,008</td><td>12,804</td><td>10,844</td><td>20,525</td><td>20,956</td><td>24,156</td><td>17,981</td><td>24,732</td></tr><tr><td>Bolivia</td><td>1,312</td><td>1,408</td><td>1,299</td><td>1,213</td><td>1,247</td><td>1,253</td><td>1,138</td><td>1,796</td><td>1,249</td><td>1,346</td><td>1,678</td><td>1,465</td><td>2,729</td></tr><tr><td>Brazil</td><td>22,682</td><td>24,051</td><td>25,451</td><td>30,584</td><td>26,896</td><td>24,352</td><td>21,730</td><td>18,181</td><td>22,032</td><td>24,654</td><td>26,803</td><td>29,671</td><td>29,980</td></tr><tr><td>Chile</td><td>7,755</td><td>8,698</td><td>8,388</td><td>6,988</td><td>8,359</td><td>6,336</td><td>7,475</td><td>6,797</td><td>7,179</td><td>6,590</td><td>6,999</td><td>6,197</td><td>7,062</td></tr><tr><td>Colombia</td><td>16,004</td><td>14,658</td><td>15,108</td><td>16,794</td><td>16,337</td><td>17,105</td><td>16,688</td><td>14,194</td><td>19,402</td><td>16,823</td><td>17,504</td><td>18,067</td><td>20,110</td></tr><tr><td>Costa Rica</td><td>949</td><td>1,049</td><td>1,081</td><td>1,144</td><td>1,225</td><td>1,206</td><td>1,514</td><td>1,415</td><td>1,183</td><td>1,237</td><td>1,382</td><td>1,469</td><td>1,421</td></tr><tr><td>Cuba</td><td>60,856</td><td>57,075</td><td>39,130</td><td>49,667</td><td>10,328</td><td>14,491</td><td>18,303</td><td>16,933</td><td>27,246</td><td>33,315</td><td>33,865</td><td>32,936</td><td>37,124</td></tr><tr><td>French West Indies and Guiana</td><td>29</td><td>29</td><td>26</td><td>114</td><td>133</td><td>91</td><td>212</td><td>29</td><td>24</td><td>66</td><td>128</td><td>57</td><td>65</td></tr><tr><td>Mexico</td><td>9,118</td><td>8,842</td><td>8,671</td><td>8,857</td><td>10,238</td><td>8,698</td><td>9,015</td><td>9,670</td><td>10,606</td><td>11,002</td><td>10,545</td><td>13,883</td><td>14,252</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>374</td><td>353</td><td>354</td><td>390</td><td>305</td><td>308</td><td>314</td><td>363</td><td>336</td><td>451</td><td>341</td><td>375</td><td>500</td></tr><tr><td>Panama</td><td>1,023</td><td>953</td><td>891</td><td>1,042</td><td>1,080</td><td>840</td><td>764</td><td>823</td><td>979</td><td>1,076</td><td>1,927</td><td>2,789</td><td>2,875</td></tr><tr><td>Peru</td><td>1,370</td><td>1,392</td><td>1,378</td><td>1,442</td><td>1,735</td><td>1,946</td><td>1,317</td><td>1,342</td><td>1,680</td><td>1,943</td><td>3,319</td><td>3,504</td><td>3,803</td></tr><tr><td>Venezuela</td><td>4,026</td><td>4,893</td><td>5,802</td><td>5,624</td><td>5,450</td><td>5,224</td><td>5,224</td><td>5,670</td><td>6,057</td><td>6,051</td><td>6,570</td><td>6,861</td><td>7,699</td></tr><tr><td>Other Latin America</td><td>13,090</td><td>12,976</td><td>12,584</td><td>13,335</td><td>12,365</td><td>23,720</td><td>24,072</td><td>25,446</td><td>27,330</td><td>33,406</td><td>29,512</td><td>25,935</td><td>26,089</td></tr><tr><td>Total Latin America</td><td>144,085</td><td>145,028</td><td>127,891</td><td>144,537</td><td>109,847</td><td>116,578</td><td>120,570</td><td>113,563</td><td>145,828</td><td>158,916</td><td>164,729</td><td>161,190</td><td>178,441</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>1,259</td><td>1,316</td><td>1,099</td><td>1,193</td><td>1,042</td><td>1,066</td><td>1,077</td><td>1,176</td><td>1,702</td><td>982</td><td>7,693</td><td>9,741</td><td>22,844</td></tr><tr><td>French Indo-China</td><td>1</td><td>1</td><td>2</td><td>1</td><td>2</td><td>1</td><td>1</td><td>1</td><td>190</td><td>1</td><td>1</td><td>19</td><td>176</td></tr><tr><td>Hong Kong</td><td>870</td><td>871</td><td>868</td><td>810</td><td>813</td><td>817</td><td>817</td><td>817</td><td>805</td><td>827</td><td>1,115</td><td>794</td><td>1,451</td></tr><tr><td>India, Burma, and Ceylon</td><td>11,809</td><td>12,061</td><td>19,403</td><td>16,847</td><td>14,511</td><td>15,021</td><td>8,047</td><td>7,155</td><td>7,051</td><td>7,489</td><td>7,938</td><td>6,956</td><td>6,812</td></tr><tr><td>British Malaya</td><td>149</td><td>148</td><td>148</td><td>141</td><td>140</td><td>142</td><td>140</td><td>140</td><td>139</td><td>135</td><td>149</td><td>333</td><td>235</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>538</td><td>539</td><td>539</td><td>537</td><td>521</td><td>531</td><td>539</td><td>532</td><td>532</td><td>529</td><td>305</td><td>305</td><td>305</td></tr><tr><td>Netherlands East Indies</td><td>1,411</td><td>1,401</td><td>1,400</td><td>1,423</td><td>1,398</td><td>1,398</td><td>1,413</td><td>1,409</td><td>1,400</td><td>1,393</td><td>1,392</td><td>1,394</td><td>1,394</td></tr><tr><td>Philippine Islands</td><td>13,941</td><td>13,942</td><td>13,891</td><td>13,646</td><td>13,943</td><td>26,022</td><td>13,577</td><td>13,024</td><td>13,658</td><td>13,847</td><td>18,459</td><td>20,080</td><td>15,967</td></tr><tr><td>Turkey</td><td>1,837</td><td>1,886</td><td>2,009</td><td>2,007</td><td>2,166</td><td>2,069</td><td>2,301</td><td>1,631</td><td>1,681</td><td>2,014</td><td>1,025</td><td>1,120</td><td>1,083</td></tr><tr><td>Other Asia</td><td>9,149</td><td>10,452</td><td>11,769</td><td>12,547</td><td>13,135</td><td>13,644</td><td>2,885</td><td>11,429</td><td>1,990</td><td>2,652</td><td>2,474</td><td>2,833</td><td>3,332</td></tr><tr><td>Total Asia</td><td>40,964</td><td>42,617</td><td>51,128</td><td>49,158</td><td>47,671</td><td>60,711</td><td>30,797</td><td>37,314</td><td>29,148</td><td>29,869</td><td>40,551</td><td>43,575</td><td>53,599</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>778</td><td>752</td><td>972</td><td>874</td><td>2,073</td><td>980</td><td>741</td><td>738</td><td>907</td><td>1,662</td><td>2,086</td><td>1,787</td><td>1,317</td></tr><tr><td>New Zealand</td><td>356</td><td>378</td><td>336</td><td>422</td><td>350</td><td>413</td><td>347</td><td>615</td><td>715</td><td>656</td><td>638</td><td>710</td><td>674</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>339</td><td>367</td><td>358</td><td>210</td><td>287</td><td>348</td><td>328</td><td>152</td><td>217</td><td>316</td><td>198</td><td>251</td><td>219</td></tr><tr><td>French Morocco</td><td>8</td><td>7</td><td>7</td><td>6</td><td>11</td><td>6</td><td>29</td><td>6</td><td>39</td><td>62</td><td>61</td><td>50</td><td>72</td></tr><tr><td>Union of South Africa</td><td>6,657</td><td>6,669</td><td>6,127</td><td>6,022</td><td>5,193</td><td>4,998</td><td>4,522</td><td>4,149</td><td>5,001</td><td>4,743</td><td>4,959</td><td>5,319</td><td>5,821</td></tr><tr><td>All other</td><td>778</td><td>1,048</td><td>1,058</td><td>2,151</td><td>1,378</td><td>1,484</td><td>1,352</td><td>1,214</td><td>1,676</td><td>2,243</td><td>2,618</td><td>2,198</td><td>2,514</td></tr><tr><td>Total other countries</td><td>8,916</td><td>9,221</td><td>8,858</td><td>9,685</td><td>9,292</td><td>8,229</td><td>7,319</td><td>6,874</td><td>8,555</td><td>9,702</td><td>10,560</td><td>10,315</td><td>10,608</td></tr><tr><td>Uidentified</td><td>280</td><td>112</td><td>171</td><td>250</td><td>256</td><td>268</td><td>278</td><td>282</td><td>207</td><td>228</td><td>259</td><td>199</td><td>342</td></tr><tr><td>Grand total</td><td>286,940</td><td>290,787</td><td>289,821</td><td>375,038</td><td>325,243</td><td>306,460</td><td>270,226</td><td>259,952</td><td>331,320</td><td>392,766</td><td>406,286</td><td>406,801</td><td>431,930</td></tr></table>
84
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 6.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States (Position at end of month in thousands of dollars)
<table><tr><th></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><th>March</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>834,238</td><td>819,880</td><td>832,079</td><td>861,834</td><td>871,952</td><td>823,952</td><td>746,157</td><td>740,221</td><td>699,617</td><td>707,694</td><td>679,045</td><td>630,499</td><td>553,759</td></tr><tr><td>France</td><td>366,563</td><td>338,475</td><td>315,124</td><td>372,299</td><td>398,964</td><td>356,684</td><td>313,417</td><td>360,321</td><td>327,256</td><td>310,040</td><td>398,293</td><td>380,667</td><td>364,453</td></tr><tr><td>Belgium</td><td>133,663</td><td>139,679</td><td>147,257</td><td>142,132</td><td>150,538</td><td>149,908</td><td>218,615</td><td>195,602</td><td>182,997</td><td>185,029</td><td>184,865</td><td>167,558</td><td>166,263</td></tr><tr><td>Denmark</td><td>14,395</td><td>13,681</td><td>13,386</td><td>13,678</td><td>13,683</td><td>14,420</td><td>16,825</td><td>20,070</td><td>24,327</td><td>25,921</td><td>40,083</td><td>41,555</td><td>44,243</td></tr><tr><td>Holland</td><td>7,057</td><td>7,003</td><td>6,831</td><td>6,658</td><td>6,627</td><td>6,671</td><td>7,153</td><td>6,679</td><td>6,202</td><td>5,538</td><td>6,606</td><td>10,137</td><td>11,243</td></tr><tr><td>Germany</td><td>6,934</td><td>6,986</td><td>6,739</td><td>6,734</td><td>6,760</td><td>6,859</td><td>6,856</td><td>7,051</td><td>6,884</td><td>6,963</td><td>6,907</td><td>6,770</td><td>6,613</td></tr><tr><td>Greece</td><td>50,624</td><td>52,473</td><td>53,655</td><td>56,584</td><td>60,507</td><td>63,171</td><td>66,097</td><td>68,669</td><td>70,977</td><td>70,790</td><td>69,964</td><td>69,666</td><td>74,932</td></tr><tr><td>Italy</td><td>36,044</td><td>39,435</td><td>42,853</td><td>43,926</td><td>49,486</td><td>53,886</td><td>58,479</td><td>61,980</td><td>65,360</td><td>70,371</td><td>71,108</td><td>72,480</td><td>75,507</td></tr><tr><td>Luxembourg</td><td>18,573</td><td>18,462</td><td>19,104</td><td>19,345</td><td>22,853</td><td>22,938</td><td>22,896</td><td>22,853</td><td>23,023</td><td>22,277</td><td>22,311</td><td>22,359</td><td>22,342</td></tr><tr><td>Netherlands</td><td>208,779</td><td>208,802</td><td>209,324</td><td>213,306</td><td>215,807</td><td>217,968</td><td>220,563</td><td>228,051</td><td>269,642</td><td>281,567</td><td>293,914</td><td>282,182</td><td>294,959</td></tr><tr><td>Norway</td><td>194,658</td><td>199,929</td><td>193,987</td><td>240,599</td><td>236,635</td><td>187,118</td><td>184,364</td><td>182,673</td><td>182,936</td><td>216,071</td><td>176,459</td><td>175,002</td><td>174,016</td></tr><tr><td>Portugal</td><td>35,360</td><td>39,355</td><td>36,576</td><td>40,646</td><td>46,385</td><td>39,040</td><td>45,464</td><td>45,166</td><td>48,497</td><td>47,881</td><td>47,481</td><td>45,254</td><td>45,378</td></tr><tr><td>Rumania</td><td>9,297</td><td>9,332</td><td>9,284</td><td>9,255</td><td>9,281</td><td>9,682</td><td>9,236</td><td>9,227</td><td>9,240</td><td>9,313</td><td>9,291</td><td>9,218</td><td>9,222</td></tr><tr><td>Spain</td><td>27,294</td><td>31,520</td><td>37,551</td><td>31,848</td><td>36,934</td><td>40,376</td><td>32,589</td><td>24,443</td><td>31,208</td><td>31,712</td><td>37,117</td><td>37,355</td><td>35,363</td></tr><tr><td>Sweden</td><td>157,726</td><td>158,033</td><td>160,237</td><td>165,449</td><td>183,704</td><td>194,338</td><td>199,062</td><td>213,466</td><td>217,196</td><td>210,145</td><td>213,959</td><td>212,880</td><td>205,164</td></tr><tr><td>Switzerland</td><td>252,467</td><td>252,039</td><td>258,042</td><td>261,182</td><td>268,522</td><td>273,781</td><td>277,668</td><td>284,420</td><td>289,966</td><td>304,228</td><td>315,457</td><td>316,218</td><td>321,155</td></tr><tr><td>U.S.S.R.</td><td>8,599</td><td>12,811</td><td>17,515</td><td>20,863</td><td>22,338</td><td>25,724</td><td>25,404</td><td>24,373</td><td>28,448</td><td>28,012</td><td>29,743</td><td>28,479</td><td>24,829</td></tr><tr><td>Yugoslavia</td><td>5,753</td><td>5,785</td><td>5,639</td><td>5,671</td><td>5,170</td><td>5,113</td><td>5,216</td><td>5,229</td><td>5,441</td><td>5,735</td><td>6,349</td><td>6,555</td><td>6,766</td></tr><tr><td>Other Europe</td><td>52,824</td><td>51,738</td><td>51,673</td><td>50,293</td><td>45,171</td><td>46,922</td><td>44,951</td><td>44,462</td><td>44,317</td><td>43,675</td><td>46,398</td><td>48,384</td><td>51,217</td></tr><tr><td>Total Europe</td><td>2,420,848</td><td>2,405,468</td><td>2,416,856</td><td>2,562,302</td><td>2,651,317</td><td>2,538,552</td><td>2,501,012</td><td>2,544,956</td><td>2,529,934</td><td>2,582,962</td><td>2,655,350</td><td>2,563,818</td><td>2,487,425</td></tr><tr><td>Canada</td><td>1,129,110</td><td>1,164,753</td><td>1,161,293</td><td>1,267,262</td><td>1,349,750</td><td>1,449,866</td><td>1,492,073</td><td>1,551,790</td><td>1,545,733</td><td>1,522,155</td><td>1,350,718</td><td>1,349,736</td><td>1,359,712</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>73,365</td><td>73,109</td><td>70,046</td><td>73,220</td><td>82,510</td><td>75,051</td><td>78,030</td><td>77,188</td><td>82,305</td><td>77,332</td><td>94,768</td><td>79,983</td><td>83,937</td></tr><tr><td>Bolivia</td><td>17,124</td><td>18,545</td><td>17,672</td><td>19,219</td><td>17,164</td><td>18,045</td><td>17,858</td><td>17,879</td><td>15,641</td><td>14,498</td><td>13,596</td><td>13,381</td><td>13,571</td></tr><tr><td>Brazil</td><td>128,218</td><td>133,302</td><td>138,763</td><td>146,202</td><td>164,350</td><td>162,971</td><td>181,504</td><td>179,157</td><td>185,603</td><td>195,138</td><td>192,252</td><td>199,622</td><td>210,631</td></tr><tr><td>Chile</td><td>52,054</td><td>51,322</td><td>54,888</td><td>66,834</td><td>64,565</td><td>64,487</td><td>63,208</td><td>63,557</td><td>71,411</td><td>66,281</td><td>66,552</td><td>64,630</td><td>63,883</td></tr><tr><td>Costa Rica</td><td>81,464</td><td>77,216</td><td>76,646</td><td>76,228</td><td>82,323</td><td>90,188</td><td>93,247</td><td>83,078</td><td>84,508</td><td>79,186</td><td>82,446</td><td>80,604</td><td>77,539</td></tr><tr><td>Costa Rica</td><td>7,408</td><td>8,093</td><td>8,228</td><td>7,477</td><td>8,089</td><td>7,031</td><td>6,246</td><td>6,631</td><td>7,079</td><td>6,889</td><td>5,953</td><td>5,693</td><td>6,297</td></tr><tr><td>Cuba</td><td>141,163</td><td>160,232</td><td>169,624</td><td>190,366</td><td>153,894</td><td>156,936</td><td>154,476</td><td>145,374</td><td>136,461</td><td>128,293</td><td>122,222</td><td>120,488</td><td>139,473</td></tr><tr><td>French West Indies and Guiana</td><td>5,445</td><td>5,201</td><td>6,334</td><td>6,145</td><td>8,606</td><td>7,335</td><td>7,820</td><td>7,329</td><td>6,614</td><td>7,120</td><td>7,234</td><td>7,098</td><td>6,582</td></tr><tr><td>Mexico</td><td>128,975</td><td>140,064</td><td>158,401</td><td>163,785</td><td>177,209</td><td>158,720</td><td>164,449</td><td>164,306</td><td>111,818</td><td>116,368</td><td>125,881</td><td>128,287</td><td>140,729</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>34,264</td><td>33,685</td><td>32,541</td><td>29,225</td><td>31,529</td><td>31,692</td><td>32,919</td><td>33,598</td><td>30,990</td><td>28,238</td><td>20,914</td><td>22,846</td><td>20,650</td></tr><tr><td>Panama</td><td>82,488</td><td>81,785</td><td>83,132</td><td>86,224</td><td>89,616</td><td>87,813</td><td>89,072</td><td>90,461</td><td>90,732</td><td>88,721</td><td>89,435</td><td>87,476</td><td>91,181</td></tr><tr><td>Peru</td><td>32,745</td><td>33,890</td><td>33,911</td><td>35,534</td><td>35,750</td><td>38,770</td><td>38,797</td><td>42,625</td><td>45,904</td><td>43,926</td><td>43,421</td><td>45,019</td><td>41,875</td></tr><tr><td>Venezuela</td><td>49,405</td><td>43,232</td><td>48,193</td><td>41,483</td><td>50,213</td><td>47,041</td><td>44,327</td><td>48,452</td><td>38,323</td><td>49,688</td><td>35,950</td><td>42,374</td><td>41,304</td></tr><tr><td>Other Latin America</td><td>129,894</td><td>133,809</td><td>136,647</td><td>134,759</td><td>134,947</td><td>145,278</td><td>138,614</td><td>138,105</td><td>138,334</td><td>144,764</td><td>150,316</td><td>145,988</td><td>156,300</td></tr><tr><td>Total Latin America</td><td>964,012</td><td>993,485</td><td>1,035,026</td><td>1,076,901</td><td>1,100,725</td><td>1,087,358</td><td>1,110,567</td><td>1,097,740</td><td>1,045,743</td><td>1,046,442</td><td>1,050,940</td><td>1,043,489</td><td>1,093,952</td></tr><tr><td>Ase</td><td></td><td></td><td></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>554,353</td><td>546,944</td><td>541,735</td><td>519,615</td><td>501,114</td><td>578,666</td><td>588,461</td><td>591,685</td><td>581,380</td><td>582,276</td><td>756,258</td><td>737,967</td><td>732,087</td></tr><tr><td>French Indo-China</td><td>27,440</td><td>27,456</td><td>27,533</td><td>27,510</td><td>27,518</td><td>27,560</td><td>27,607</td><td>27,523</td><td>27,500</td><td>28,036</td><td>28,196</td><td>34,550</td><td>37,928</td></tr><tr><td>Hong Kong</td><td>21,881</td><td>21,608</td><td>21,857</td><td>22,023</td><td>21,948</td><td>21,738</td><td>21,882</td><td>21,731</td><td>22,115</td><td>27,355</td><td>30,467</td><td>31,828</td><td>34,801</td></tr><tr><td>Indie, Burma, and Ceyloo</td><td>21,250</td><td>23,487</td><td>26,624</td><td>23,232</td><td>24,099</td><td>25,250</td><td>28,857</td><td>33,243</td><td>34,561</td><td>33,380</td><td>29,367</td><td>36,729</td><td>25,654</td></tr><tr><td>British Malaya</td><td>886</td><td>901</td><td>848</td><td>954</td><td>914</td><td>918</td><td>920</td><td>987</td><td>1,032</td><td>1,201</td><td>1,657</td><td>1,644</td><td>1,471</td></tr><tr><td>Japan (incl. Korea and Manchuria)</td><td>4,032</td><td>4,016</td><td>4,002</td><td>4,066</td><td>4,322</td><td>3,941</td><td>4,214</td><td>4,158</td><td>4,077</td><td>4,137</td><td>3,983</td><td>3,853</td><td>3,805</td></tr><tr><td>Netherlande East Indies</td><td>116,456</td><td>115,447</td><td>117,648</td><td>111,257</td><td>112,646</td><td>108,775</td><td>99,296</td><td>104,447</td><td>103,758</td><td>113,726</td><td>110,013</td><td>100,745</td><td>99,028</td></tr><tr><td>Philippine Islands</td><td>422,609</td><td>447,785</td><td>448,838</td><td>531,905</td><td>528,775</td><td>540,470</td><td>612,145</td><td>645,431</td><td>659,748</td><td>629,175</td><td>642,797</td><td>635,693</td><td>598,421</td></tr><tr><td>Turkey</td><td>50,408</td><td>51,643</td><td>50,734</td><td>51,536</td><td>50,833</td><td>51,178</td><td>50,475</td><td>50,464</td><td>47,186</td><td>52,477</td><td>57,275</td><td>62,184</td><td>66,067</td></tr><tr><td>Other Asia</td><td>80,098</td><td>80,938</td><td>79,376</td><td>68,609</td><td>69,633</td><td>74,195</td><td>76,685</td><td>83,747</td><td>72,997</td><td>77,959</td><td>75,119</td><td>78,385</td><td>86,336</td></tr><tr><td>Total Asia</td><td>1,299,413</td><td>1,320,225</td><td>1,319,195</td><td>1,360,707</td><td>1,341,802</td><td>1,432,691</td><td>1,510,542</td><td>1,563,416</td><td>1,554,354</td><td>1,549,722</td><td>1,735,132</td><td>1,723,578</td><td>1,685,598</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>34,644</td><td>34,486</td><td>32,029</td><td>30,657</td><td>27,827</td><td>27,559</td><td>28,496</td><td>29,005</td><td>30,154</td><td>28,944</td><td>29,593</td><td>26,078</td><td>24,321</td></tr><tr><td>New Zealand</td><td>4,090</td><td>3,621</td><td>3,533</td><td>3,329</td><td>3,330</td><td>4,572</td><td>3,070</td><td>3,737</td><td>4,303</td><td>4,256</td><td>4,041</td><td>3,963</td><td>3,765</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>8,954</td><td>9,764</td><td>9,528</td><td>10,973</td><td>10,843</td><td>13,597</td><td>13,609</td><
1/ Adjusted to include Philippines Government accounts with the U. S. Treasury. See "Treasury Bulletin". July 1946, page 89 for details.
August 1946
85
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of March 1946
Table 1.- Short-Term Claims on Foreigners as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in foreign currencies</th><th colspan="4">Short-term claims payable in dollars</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of reporting banks and bankers with foreigners</th><th>Deposits of domestic clients with foreigners</th><th>Other</th><th>Total</th><th>Loans to foreign banks</th><th>Liability of foreigners on acceptances made for their accounts</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>28,585</td><td>24,782</td><td>18,379</td><td>596</td><td>5,807</td><td>3,803</td><td>2,773</td><td>27</td><td>1,003</td></tr><tr><td>France</td><td>728</td><td>158</td><td>84</td><td>23</td><td>51</td><td>570</td><td>25</td><td>1,845</td><td>545</td></tr><tr><td>Belgium</td><td>3,582</td><td>56</td><td>39</td><td>13</td><td>4</td><td>3,526</td><td>33</td><td>1,648</td><td>1,648</td></tr><tr><td>Denmark</td><td>1,059</td><td>29</td><td>11</td><td>5</td><td>13</td><td>1,030</td><td>7</td><td>997</td><td>1,023</td></tr><tr><td>Finland</td><td>1,219</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1,217</td><td>-</td><td>67</td><td>220</td></tr><tr><td>Germany</td><td>33,856</td><td>52</td><td>7</td><td>28</td><td>17</td><td>33,804</td><td>20,556</td><td>-</td><td>13,181</td></tr><tr><td>France</td><td>798</td><td>13</td><td>-</td><td>8</td><td>5</td><td>785</td><td>46</td><td>-</td><td>739</td></tr><tr><td>Italy</td><td>435</td><td>238</td><td>22</td><td>209</td><td>7</td><td>191</td><td>-</td><td>-</td><td>197</td></tr><tr><td>Luxembourg</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>Netherlands</td><td>35,761</td><td>90</td><td>46</td><td>42</td><td>2</td><td>35,671</td><td>486</td><td>-</td><td>35,191</td></tr><tr><td>Norway</td><td>6,228</td><td>38</td><td>6</td><td>2</td><td>30</td><td>6,190</td><td>-</td><td>-</td><td>6,190</td></tr><tr><td>Portugal</td><td>433</td><td>118</td><td>103</td><td>-</td><td>15</td><td>315</td><td>99</td><td>-</td><td>256</td></tr><tr><td>Rumania</td><td>30</td><td>3</td><td>3</td><td>3</td><td>-</td><td>27</td><td>1</td><td>-</td><td>26</td></tr><tr><td>Spain</td><td>1,512</td><td>143</td><td>8</td><td>43</td><td>92</td><td>1,369</td><td>582</td><td>-</td><td>787</td></tr><tr><td>Sweden</td><td>1,280</td><td>351</td><td>201</td><td>129</td><td>21</td><td>929</td><td>35</td><td>295</td><td>599</td></tr><tr><td>Switzerland</td><td>5,571</td><td>699</td><td>297</td><td>389</td><td>13</td><td>4,874</td><td>347</td><td>-</td><td>4,527</td></tr><tr><td>U. S. R.</td><td>11</td><td>10</td><td>10</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Yugoslavia</td><td>14</td><td>6</td><td>-</td><td>-</td><td>6</td><td>8</td><td>5</td><td>-</td><td>3</td></tr><tr><td>Other Europe</td><td>4,875</td><td>157</td><td>66</td><td>33</td><td>58</td><td>4,718</td><td>1,318</td><td>-</td><td>3,400</td></tr><tr><td>Total Europe</td><td>126,057</td><td>26,945</td><td>19,280</td><td>1,523</td><td>6,142</td><td>99,112</td><td>26,473</td><td>3,231</td><td>69,608</td></tr><tr><td>Canada</td><td>62,883</td><td>17,647</td><td>14,051</td><td>3,004</td><td>592</td><td>45,236</td><td>9,110</td><td>2,321</td><td>33,805</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>24,732</td><td>1,037</td><td>294</td><td>694</td><td>49</td><td>23,695</td><td>9,500</td><td>134</td><td>14,061</td></tr><tr><td>Bolivia</td><td>2,729</td><td>-</td><td>-</td><td>1</td><td>-</td><td>2,729</td><td>598</td><td>-</td><td>2,131</td></tr><tr><td>Brazil</td><td>29,980</td><td>20</td><td>19</td><td>1</td><td>-</td><td>29,960</td><td>3,036</td><td>756</td><td>26,168</td></tr><tr><td>Chile</td><td>7,062</td><td>3</td><td>1</td><td>-</td><td>2</td><td>7,059</td><td>71</td><td>818</td><td>6,170</td></tr><tr><td>Colombia</td><td>20,110</td><td>82</td><td>-</td><td>81</td><td>1</td><td>20,028</td><td>7,153</td><td>1,502</td><td>11,373</td></tr><tr><td>Costa Rica</td><td>1,421</td><td>4</td><td>-</td><td>-</td><td>4</td><td>1,417</td><td>165</td><td>124</td><td>1,128</td></tr><tr><td>Cuba</td><td>37,124</td><td>69</td><td>67</td><td>-</td><td>2</td><td>37,055</td><td>26,490</td><td>5,543</td><td>5,022</td></tr><tr><td>French West Indies and Guiana</td><td>65</td><td>-</td><td>-</td><td>-</td><td>-</td><td>65</td><td>-</td><td>-</td><td>65</td></tr><tr><td>Mexico</td><td>14,252</td><td>1,356</td><td>1,001</td><td>260</td><td>95</td><td>12,896</td><td>3,290</td><td>1,301</td><td>8,305</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>500</td><td>3</td><td>-</td><td>-</td><td>3</td><td>497</td><td>198</td><td>-</td><td>299</td></tr><tr><td>Panama</td><td>2,875</td><td>1</td><td>-</td><td>-</td><td>1</td><td>2,874</td><td>-</td><td>13</td><td>2,861</td></tr><tr><td>Peru</td><td>3,803</td><td>21</td><td>2</td><td>-</td><td>19</td><td>3,782</td><td>11</td><td>32</td><td>3,719</td></tr><tr><td>Venezuela</td><td>7,699</td><td>88</td><td>80</td><td>2</td><td>6</td><td>7,611</td><td>2,911</td><td>90</td><td>4,610</td></tr><tr><td>Other Latin America</td><td>26,089</td><td>61</td><td>51</td><td>-</td><td>10</td><td>26,028</td><td>7,968</td><td>1,772</td><td>16,288</td></tr><tr><td>Total Latin America</td><td>178,441</td><td>2,745</td><td>1,515</td><td>1,038</td><td>192</td><td>175,696</td><td>61,411</td><td>12,055</td><td>102,200</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>22,844</td><td>30</td><td>13</td><td>4</td><td>13</td><td>22,814</td><td>6,432</td><td>38</td><td>16,344</td></tr><tr><td>French Indo-China</td><td>176</td><td>1</td><td>1</td><td>1</td><td>1</td><td>175</td><td>-</td><td>-</td><td>175</td></tr><tr><td>Hong Kong</td><td>1,452</td><td>579</td><td>447</td><td>129</td><td>3</td><td>872</td><td>183</td><td>174</td><td>515</td></tr><tr><td>India, Burma, and Ceylon</td><td>6,812</td><td>4,594</td><td>329</td><td>4,254</td><td>11</td><td>2,218</td><td>271</td><td>816</td><td>1,131</td></tr><tr><td>British Malaya</td><td>235</td><td>-</td><td>-</td><td>-</td><td>-</td><td>235</td><td>125</td><td>36</td><td>74</td></tr><tr><td>Japan (including Korea and Manchuria)</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>-</td><td>-</td><td>-</td><td>-</td><td>1,394</td><td>3</td><td>1,324</td><td>67</td></tr><tr><td>Philippine Islands</td><td>15,967</td><td>208</td><td>56</td><td>-</td><td>152</td><td>15,759</td><td>7,296</td><td>1,701</td><td>6,762</td></tr><tr><td>Turkey</td><td>1,083</td><td>12</td><td>1</td><td>11</td><td>1</td><td>1,071</td><td>144</td><td>-</td><td>927</td></tr><tr><td>Other Asia</td><td>3,332</td><td>255</td><td>246</td><td>-</td><td>9</td><td>3,077</td><td>305</td><td>-</td><td>2,772</td></tr><tr><td>Total Asia</td><td>53,529</td><td>5,683</td><td>1,095</td><td>4,399</td><td>189</td><td>47,916</td><td>15,044</td><td>4,089</td><td>28,783</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>1,317</td><td>158</td><td>90</td><td>-</td><td>68</td><td>1,159</td><td>-</td><td>547</td><td>612</td></tr><tr><td>New Zealand</td><td>674</td><td>11</td><td>5</td><td>-</td><td>6</td><td>663</td><td>-</td><td>29</td><td>634</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>210</td><td>-</td><td>-</td><td>-</td><td>-</td><td>210</td><td>-</td><td>-</td><td>210</td></tr><tr><td>French Morocco</td><td>72</td><td>4</td><td>4</td><td>-</td><td>-</td><td>68</td><td>5</td><td>-</td><td>63</td></tr><tr><td>Union of South Africa</td><td>5,821</td><td>54</td><td>39</td><td>9</td><td>6</td><td>5,761</td><td>-</td><td>259</td><td>5,508</td></tr><tr><td>All Other</td><td>2,514</td><td>82</td><td>3</td><td>-</td><td>19</td><td>2,432</td><td>233</td><td>27</td><td>2,172</td></tr><tr><td>Total other countries</td><td>10,608</td><td>309</td><td>141</td><td>9</td><td>152</td><td>10,299</td><td>238</td><td>862</td><td>9,199</td></tr><tr><td>Unidentified</td><td>442</td><td>4</td><td>-</td><td>-</td><td>4</td><td>338</td><td>-</td><td>-</td><td>338</td></tr><tr><td>Grand total</td><td>431,930</td><td>53,333</td><td>36,082</td><td>9,973</td><td>7,278</td><td>378,997</td><td>112,076</td><td>22,588</td><td>243,933</td></tr></table>
86
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued
Section III - Details for Month of March 1946 - (Continued
Table 2.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Position at end of month in thousands of dollars)
<table><tr><th rowspan="2"></th><th rowspan="2">Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th>Total</th><th>Deposits of foreigners</th><th>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>553,759</td><td>544,620</td><td>528,443</td><td>2,125</td><td>10,098</td><td>3,954</td><td>9,179</td><td>722</td><td>3,509</td><td>4,908</td></tr><tr><td>France</td><td>364,453</td><td>364,159</td><td>316,404</td><td>315</td><td>45,604</td><td>1,836</td><td>294</td><td>99</td><td>178</td><td>17</td></tr><tr><td>Belgium</td><td>166,263</td><td>166,175</td><td>157,430</td><td>122</td><td>8,379</td><td>244</td><td>88</td><td>72</td><td>7</td><td>9</td></tr><tr><td>Denmark</td><td>44,243</td><td>44,240</td><td>43,572</td><td>4</td><td>487</td><td>177</td><td>3</td><td>2</td><td>-</td><td>1</td></tr><tr><td>Finland</td><td>11,244</td><td>11,241</td><td>10,717</td><td>-</td><td>-</td><td>524</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>6,613</td><td>6,598</td><td>6,385</td><td>72</td><td>86</td><td>55</td><td>15</td><td>13</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>74,932</td><td>74,863</td><td>73,563</td><td>394</td><td>687</td><td>219</td><td>69</td><td>47</td><td>-</td><td>22</td></tr><tr><td>Italy</td><td>75,507</td><td>75,496</td><td>74,658</td><td>13</td><td>700</td><td>125</td><td>11</td><td>11</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>22,342</td><td>22,342</td><td>22,298</td><td>14</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>294,959</td><td>294,163</td><td>278,478</td><td>15</td><td>15,665</td><td>5</td><td>796</td><td>62</td><td>-</td><td>734</td></tr><tr><td>Borvay</td><td>174,016</td><td>173,999</td><td>72,825</td><td>23</td><td>100,419</td><td>732</td><td>17</td><td>5</td><td>-</td><td>12</td></tr><tr><td>Portugal</td><td>45,378</td><td>44,864</td><td>43,702</td><td>677</td><td>38</td><td>447</td><td>514</td><td>33</td><td>-</td><td>481</td></tr><tr><td>Rumania</td><td>9,222</td><td>9,222</td><td>9,193</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>35,363</td><td>35,263</td><td>34,763</td><td>393</td><td>100</td><td>7</td><td>100</td><td>98</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>205,164</td><td>205,079</td><td>90,079</td><td>8,466</td><td>106,500</td><td>34</td><td>85</td><td>63</td><td>-</td><td>22</td></tr><tr><td>Switzerland</td><td>321,155</td><td>320,666</td><td>304,920</td><td>3,863</td><td>11,462</td><td>415</td><td>489</td><td>93</td><td>-</td><td>396</td></tr><tr><td>U.S. S. B.</td><td>24,829</td><td>24,829</td><td>24,808</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>6,766</td><td>6,766</td><td>6,702</td><td>1</td><td>45</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>51,217</td><td>51,206</td><td>50,836</td><td>150</td><td>160</td><td>60</td><td>11</td><td>5</td><td>-</td><td>6</td></tr><tr><td>Total Europe</td><td>2,487,425</td><td>2,475,791</td><td>2,149,782</td><td>16,697</td><td>300,460</td><td>8,852</td><td>11,634</td><td>1,328</td><td>3,694</td><td>6,612</td></tr><tr><td>Canada</td><td>1,359,712</td><td>1,357,106</td><td>370,528</td><td>880</td><td>985,548</td><td>150</td><td>2,606</td><td>4</td><td>6</td><td>2,596</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>83,937</td><td>83,862</td><td>75,089</td><td>2,577</td><td>3,945</td><td>2,251</td><td>75</td><td>37</td><td>-</td><td>38</td></tr><tr><td>Bolivia</td><td>13,571</td><td>13,571</td><td>13,569</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>210,631</td><td>210,514</td><td>187,354</td><td>20,952</td><td>-</td><td>2,208</td><td>117</td><td>117</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>63,881</td><td>63,880</td><td>62,721</td><td>806</td><td>300</td><td>53</td><td>3</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>17,539</td><td>17,538</td><td>71,395</td><td>143</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>6,297</td><td>6,297</td><td>5,979</td><td>318</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>139,473</td><td>139,473</td><td>135,995</td><td>2,883</td><td>579</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>6,582</td><td>6,582</td><td>6,580</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>140,729</td><td>140,673</td><td>139,018</td><td>1,049</td><td>575</td><td>31</td><td>56</td><td>31</td><td>-</td><td>25</td></tr><tr><td>Netherlande West Indies and Surinam</td><td>20,650</td><td>20,610</td><td>18,964</td><td>-</td><td>1,636</td><td>10</td><td>40</td><td>-</td><td>-</td><td>40</td></tr><tr><td>Panama</td><td>91,181</td><td>91,180</td><td>72,824</td><td>20</td><td>18,336</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Peru</td><td>41,875</td><td>41,069</td><td>38,125</td><td>602</td><td>2,340</td><td>2</td><td>806</td><td>806</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>41,304</td><td>41,303</td><td>40,727</td><td>568</td><td>7</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>156,300</td><td>155,978</td><td>138,344</td><td>2,243</td><td>15,060</td><td>331</td><td>322</td><td>319</td><td>-</td><td>3</td></tr><tr><td>Total Latin America</td><td>1,093,952</td><td>1,092,530</td><td>1,012,684</td><td>32,163</td><td>42,778</td><td>4,905</td><td>1,422</td><td>1,315</td><td>-</td><td>107</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>Chico</td><td>732,087</td><td>729,816</td><td>291,290</td><td>178</td><td>436,666</td><td>1,682</td><td>2,271</td><td>318</td><td>-</td><td>1,953</td></tr><tr><td>Frsoch Iodo-China</td><td>37,928</td><td>37,928</td><td>26,503</td><td>-</td><td>11,400</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>34,801</td><td>29,615</td><td>28,893</td><td>101</td><td>580</td><td>41</td><td>5,186</td><td>5,186</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>25,654</td><td>25,393</td><td>23,566</td><td>1,683</td><td>50</td><td>94</td><td>261</td><td>69</td><td>162</td><td>30</td></tr><tr><td>British Malaya</td><td>1,471</td><td>1,427</td><td>993</td><td>-</td><td>426</td><td>8</td><td>44</td><td>44</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>3,805</td><td>3,769</td><td>3,055</td><td>457</td><td>22</td><td>235</td><td>36</td><td>24</td><td>-</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>99,028</td><td>99,026</td><td>27,408</td><td>208</td><td>71,398</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>598,421</td><td>598,203</td><td>594,502</td><td>66</td><td>433</td><td>3,202</td><td>218</td><td>153</td><td>-</td><td>65</td></tr><tr><td>Turkey</td><td>66,067</td><td>66,067</td><td>63,498</td><td>1,004</td><td>-</td><td>1,565</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>86,336</td><td>86,198</td><td>77,991</td><td>107</td><td>7,460</td><td>640</td><td>138</td><td>138</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>1,685,598</td><td>1,677,442</td><td>1,137,699</td><td>3,804</td><td>528,435</td><td>7,504</td><td>8,156</td><td>5,934</td><td>162</td><td>2,060</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>24,323</td><td>24,229</td><td>22,279</td><td>1,324</td><td>507</td><td>119</td><td>94</td><td>3</td><td>2</td><td>89</td></tr><tr><td>New Zealand</td><td>3,765</td><td>3,726</td><td>3,698</td><td>28</td><td>-</td><td>-</td><td>39</td><td>39</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>18,923</td><td>18,599</td><td>16,055</td><td>276</td><td>-</td><td>2,268</td><td>324</td><td>-</td><td>-</td><td>324</td></tr><tr><td>French Morocco</td><td>10,341</td><td>10,341</td><td>9,254</td><td>113</td><td>-</td><td>974</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>9,460</td><td>9,387</td><td>9,340</td><td>32</td><td>15</td><td>-</td><td>73</td><td>-</td><td>-</td><td>73</td></tr><tr><td>All other</td><td>100,502</td><td>100,328</td><td>94,587</td><td>160</td><td>5,325</td><td>256</td><td>174</td><td>79</td><td>-</td><td>95</td></tr><tr><td>Total other countries</td><td>167,314</td><td>166,610</td><td>155,213</td><td>1,933</td><td>5,847</td><td>3,617</td><td>704</td><td>121</td><td>2</td><td>581</td></tr><tr><td>Unidentified</td><td>18,302</td><td>18,302</td><td>18,299</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,812,301</td><td>6,787,781</td><td>4,844,205</td><td>55,480</td><td>1,863,068</td><td>25,028</td><td>24,522</td><td>8,702</td><td>3,864</td><td>11,956</td></tr></table>
August 1946
87
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of March 1946 - (Continued)
Table 3.- Purchases and Sales of Long-Term Securities by Foreigners as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th></th><th colspan="6">Purchases by "foreigners"</th><th colspan="6">Sales by "foreigners"</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>2,279</td><td>849</td><td>653</td><td>196</td><td>1,430</td><td>457</td><td>973</td><td>8,261</td><td>5,330</td><td>3,536</td><td>1,794</td><td>2,931</td><td>884</td><td>2,047</td></tr><tr><td>France</td><td>9,667</td><td>9,446</td><td>1,270</td><td>8,176</td><td>221</td><td>173</td><td>48</td><td>9,323</td><td>9,212</td><td>1,482</td><td>7,730</td><td>111</td><td>92</td><td>19</td></tr><tr><td>Belgium</td><td>660</td><td>538</td><td>369</td><td>169</td><td>122</td><td>19</td><td>103</td><td>859</td><td>849</td><td>768</td><td>81</td><td>6</td><td>3</td><td>3</td></tr><tr><td>Denmark</td><td>120</td><td>119</td><td>-</td><td>119</td><td>1</td><td>-</td><td>1</td><td>159</td><td>133</td><td>130</td><td>3</td><td>26</td><td>-</td><td>26</td></tr><tr><td>Finland</td><td>35</td><td>21</td><td>21</td><td>-</td><td>14</td><td>-</td><td>14</td><td>22</td><td>22</td><td>16</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>24</td><td>24</td><td>21</td><td>3</td><td>-</td><td>-</td><td>-</td><td>22</td><td>22</td><td>16</td><td>6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>42</td><td>42</td><td>42</td><td>-</td><td>-</td><td>-</td><td>-</td><td>36</td><td>36</td><td>33</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>405</td><td>404</td><td>5</td><td>399</td><td>1</td><td>1</td><td>-</td><td>703</td><td>701</td><td>126</td><td>575</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Luxembourg</td><td>135</td><td>134</td><td>134</td><td>-</td><td>1</td><td>-</td><td>1</td><td>64</td><td>64</td><td>59</td><td>5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>1,600</td><td>1,546</td><td>1,169</td><td>377</td><td>54</td><td>16</td><td>38</td><td>3,906</td><td>3,547</td><td>3,217</td><td>330</td><td>359</td><td>15</td><td>314</td></tr><tr><td>Norway</td><td>971</td><td>395</td><td>366</td><td>29</td><td>576</td><td>-</td><td>576</td><td>720</td><td>406</td><td>368</td><td>38</td><td>314</td><td>-</td><td>314</td></tr><tr><td>Portugal</td><td>30</td><td>30</td><td>25</td><td>5</td><td>-</td><td>-</td><td>-</td><td>51</td><td>51</td><td>23</td><td>28</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Romania</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>201</td><td>155</td><td>59</td><td>96</td><td>46</td><td>-</td><td>46</td><td>149</td><td>149</td><td>146</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sweden</td><td>305</td><td>286</td><td>286</td><td>-</td><td>19</td><td>-</td><td>19</td><td>289</td><td>217</td><td>205</td><td>12</td><td>72</td><td>3</td><td>69</td></tr><tr><td>Switzerland</td><td>28,372</td><td>27,888</td><td>3,387</td><td>24,501</td><td>484</td><td>112</td><td>372</td><td>36,125</td><td>35,598</td><td>5,696</td><td>29,902</td><td>527</td><td>113</td><td>414</td></tr><tr><td>U. S. S. R.</td><td>149</td><td>139</td><td>139</td><td>-</td><td>10</td><td>10</td><td>-</td><td>49</td><td>34</td><td>34</td><td>-</td><td>15</td><td>15</td><td>-</td></tr><tr><td>Yugoslavia</td><td>3</td><td>3</td><td>3</td><td>-</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>5</td><td>2</td><td>2</td><td>-</td><td>3</td><td>-</td><td>3</td><td>2,042</td><td>2,014</td><td>2</td><td>2,012</td><td>28</td><td>28</td><td>-</td></tr><tr><td>Total Europe</td><td>45,003</td><td>42,021</td><td>7,948</td><td>34,073</td><td>2,982</td><td>788</td><td>2,194</td><td>62,754</td><td>58,363</td><td>15,841</td><td>42,522</td><td>4,391</td><td>1,153</td><td>3,238</td></tr><tr><td>Canada</td><td>33,705</td><td>8,377</td><td>3,749</td><td>4,628</td><td>25,328</td><td>2,102</td><td>23,226</td><td>39,562</td><td>19,083</td><td>9,200</td><td>9,883</td><td>20,579</td><td>3,903</td><td>16,676</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>3,722</td><td>2,663</td><td>1,820</td><td>843</td><td>1,059</td><td>157</td><td>902</td><td>3,600</td><td>2,979</td><td>2,934</td><td>45</td><td>621</td><td>146</td><td>475</td></tr><tr><td>Bolivia</td><td>33</td><td>29</td><td>29</td><td>-</td><td>4</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>1,055</td><td>357</td><td>352</td><td>5</td><td>698</td><td>15</td><td>683</td><td>519</td><td>456</td><td>434</td><td>22</td><td>63</td><td>24</td><td>39</td></tr><tr><td>Chile</td><td>735</td><td>316</td><td>217</td><td>99</td><td>419</td><td>10</td><td>409</td><td>708</td><td>603</td><td>561</td><td>42</td><td>105</td><td>75</td><td>30</td></tr><tr><td>Colombia</td><td>280</td><td>62</td><td>62</td><td>-</td><td>218</td><td>7</td><td>211</td><td>67</td><td>58</td><td>58</td><td>-</td><td>9</td><td>7</td><td>2</td></tr><tr><td>Costa Rica</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>9</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>2,082</td><td>1,657</td><td>1,076</td><td>581</td><td>425</td><td>32</td><td>393</td><td>2,161</td><td>1,699</td><td>1,526</td><td>173</td><td>462</td><td>70</td><td>392</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>4,518</td><td>3,964</td><td>3,810</td><td>154</td><td>554</td><td>87</td><td>467</td><td>1,019</td><td>880</td><td>829</td><td>51</td><td>139</td><td>20</td><td>119</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>133</td><td>123</td><td>123</td><td>-</td><td>10</td><td>10</td><td>-</td><td>142</td><td>139</td><td>135</td><td>4</td><td>3</td><td>3</td><td>1</td></tr><tr><td>Panama</td><td>1,377</td><td>855</td><td>839</td><td>26</td><td>512</td><td>474</td><td>38</td><td>1,620</td><td>1,558</td><td>1,531</td><td>27</td><td>62</td><td>61</td><td>1</td></tr><tr><td>Peru</td><td>229</td><td>212</td><td>210</td><td>2</td><td>17</td><td>16</td><td>1</td><td>50</td><td>50</td><td>45</td><td>5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>676</td><td>673</td><td>673</td><td>-</td><td>3</td><td>3</td><td>-</td><td>551</td><td>536</td><td>338</td><td>198</td><td>15</td><td>15</td><td>-</td></tr><tr><td>Other Latin America</td><td>1,948</td><td>1,555</td><td>1,433</td><td>122</td><td>393</td><td>189</td><td>204</td><td>3,068</td><td>2,916</td><td>2,681</td><td>235</td><td>152</td><td>66</td><td>86</td></tr><tr><td>Total Latin America</td><td>16,794</td><td>12,482</td><td>10,650</td><td>1,832</td><td>4,312</td><td>1,002</td><td>3,310</td><td>13,516</td><td>11,885</td><td>11,083</td><td>802</td><td>1,531</td><td>487</td><td>1,114</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>1,589</td><td>1,311</td><td>930</td><td>391</td><td>278</td><td>14</td><td>264</td><td>2,341</td><td>2,199</td><td>1,725</td><td>474</td><td>142</td><td>-</td><td>142</td></tr><tr><td>French Indo-China</td><td>401</td><td>401</td><td>1</td><td>400</td><td>-</td><td>-</td><td>-</td><td>400</td><td>400</td><td>-</td><td>400</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>21</td><td>21</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>124</td><td>105</td><td>98</td><td>7</td><td>19</td><td>19</td><td>-</td></tr><tr><td>Iadia, Burma, and Ceylon</td><td>78</td><td>76</td><td>73</td><td>3</td><td>2</td><td>-</td><td>2</td><td>63</td><td>63</td><td>62</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>2</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>500</td><td>500</td><td>-</td><td>500</td><td>-</td><td>-</td><td>-</td><td>41</td><td>27</td><td>27</td><td>-</td><td>14</td><td>14</td><td>63</td></tr><tr><td>Philippine Islands</td><td>286</td><td>276</td><td>226</td><td>50</td><td>10</td><td>8</td><td>2</td><td>738</td><td>451</td><td>419</td><td>32</td><td>287</td><td>224</td><td>1</td></tr><tr><td>Turkey</td><td>47</td><td>47</td><td>47</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>181</td><td>142</td><td>112</td><td>30</td><td>39</td><td>14</td><td>25</td><td>257</td><td>176</td><td>118</td><td>58</td><td>81</td><td>2</td><td>79</td></tr><tr><td>Total Asia</td><td>3,105</td><td>2,774</td><td>1,400</td><td>1,374</td><td>331</td><td>36</td><td>295</td><td>3,967</td><td>3,423</td><td>2,449</td><td>974</td><td>544</td><td>259</td><td>285</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>156</td><td>29</td><td>26</td><td>3</td><td>127</td><td>-</td><td>127</td><td>414</td><td>384</td><td>384</td><td>-</td><td>30</td><td>-</td><td>30</td></tr><tr><td>New Zealand</td><td>11</td><td>11</td><td>-</td><td>11</td><td>-</td><td>-</td><td>-</td><td>8</td><td>8</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>15</td><td>15</td><td>6</td><td>9</td><td>-</td><td>-</td><td>-</td><td>8</td><td>8</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>18</td><td>18</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>50</td><td>50</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>8</td><td>8</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>9</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>289</td><td>194</td><td>179</td><td>15</td><td>95</td><td>-</td><td>95</td><td>225</td><td>47</td><td>45</td><td>2</td><td>178</td><td>117</td><td>61</td></tr><tr><td>Total other countries</td><td>497</td><td>275</td><td>237</td><td>38</td><td>222</td><td>-</td><td>222</td><td>714</td><td>506</td><td>504</td><td>2</td><td>208</td><td>117</td><td>91</td></tr><tr><td>Unidentified</td><td>1</td><td>1</td><td>-</td><td>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>Grand total</td><td>99,105</td><td>65,930</td><td>23,984</td><td>41,946</td><td>33,175</td><td>3,928</td><td>29,247</td><td>120,613</td><td>93,260</td><td>39,077</td><td>54,183</td><td>27,353</td><td>5,919</td><td>21,434</td></tr></table>
88
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States
Table 1.- Net Position by Countries
(In thousands of dollars; negative figures indicate short position)
<table><tr><th></th><th colspan="9">1945</th><th colspan="4">1946</th></tr><tr><th></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><th>March</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>6,499</td><td>6,985</td><td>7,212</td><td>8,534</td><td>3,542</td><td>6,993</td><td>930</td><td>-396</td><td>-1,082</td><td>429</td><td>-1,131</td><td>-2,773</td><td>-2,201</td></tr><tr><td>France</td><td>-195</td><td>-179</td><td>-168</td><td>-170</td><td>-171</td><td>-170</td><td>-168</td><td>-164</td><td>-182</td><td>-90</td><td>-40</td><td>-56</td><td>-43</td></tr><tr><td>Belgium</td><td>-479</td><td>-475</td><td>-333</td><td>-285</td><td>-331</td><td>-351</td><td>-352</td><td>-334</td><td>-231</td><td>-205</td><td>-251</td><td>-165</td><td>-72</td></tr><tr><td>Germany</td><td>-29</td><td>-29</td><td>-27</td><td>-28</td><td>-</td><td>-28</td><td>-28</td><td>-29</td><td>-28</td><td>-28</td><td>-27</td><td>-27</td><td>-27</td></tr><tr><td>Italy</td><td>-59</td><td>-59</td><td>-59</td><td>-61</td><td>-19</td><td>-62</td><td>-60</td><td>-61</td><td>-61</td><td>-61</td><td>-64</td><td>-64</td><td>-64</td></tr><tr><td>Netherlands</td><td>-853</td><td>-864</td><td>-863</td><td>-646</td><td>-808</td><td>-771</td><td>-801</td><td>-769</td><td>-613</td><td>-677</td><td>-356</td><td>-310</td><td>-6</td></tr><tr><td>Portugal</td><td>21</td><td>26</td><td>50</td><td>41</td><td>11</td><td>-3</td><td>5</td><td>-4</td><td>32</td><td>-33</td><td>21</td><td>56</td><td>19</td></tr><tr><td>Spain</td><td>-86</td><td>-88</td><td>-87</td><td>-86</td><td>-90</td><td>-92</td><td>-94</td><td>-99</td><td>-103</td><td>-96</td><td>-88</td><td>-93</td><td>-94</td></tr><tr><td>Sweden</td><td>23</td><td>46</td><td>99</td><td>81</td><td>356</td><td>-8</td><td>-2</td><td>-273</td><td>-285</td><td>-114</td><td>-35</td><td>-81</td><td>56</td></tr><tr><td>Switzerland</td><td>24</td><td>51</td><td>14</td><td>-53</td><td>-24</td><td>-45</td><td>39</td><td>24</td><td>359</td><td>56</td><td>228</td><td>88</td><td>264</td></tr><tr><td>Other Europe</td><td>-89</td><td>-89</td><td>-44</td><td>-13</td><td>23</td><td>-15</td><td>-50</td><td>-57</td><td>-54</td><td>231</td><td>-41</td><td>1</td><td>-52</td></tr><tr><td>Total Europe</td><td>4,777</td><td>5,325</td><td>5,794</td><td>7,314</td><td>2,489</td><td>5,448</td><td>-581</td><td>-2,162</td><td>-2,248</td><td>-588</td><td>-1,784</td><td>-3,424</td><td>-2,220</td></tr><tr><td>Canada</td><td>3,858</td><td>2,034</td><td>1,423</td><td>4,023</td><td>4,788</td><td>5,242</td><td>4,342</td><td>3,800</td><td>3,080</td><td>6,016</td><td>5,590</td><td>4,809</td><td>5,445</td></tr><tr><td>Latin America</td><td>721</td><td>1,028</td><td>908</td><td>698</td><td>677</td><td>481</td><td>672</td><td>446</td><td>224</td><td>-144</td><td>-79</td><td>283</td><td>237</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>-40</td><td>-41</td><td>-51</td><td>-51</td><td>-51</td><td>-51</td><td>-51</td><td>-53</td><td>-53</td><td>-53</td><td>-30</td><td>118</td><td>-153</td></tr><tr><td>Hong Kong</td><td>-2,124</td><td>-2,123</td><td>-2,123</td><td>-2,123</td><td>-2,123</td><td>-2,122</td><td>-2,122</td><td>-2,120</td><td>-2,138</td><td>-2,536</td><td>-3,297</td><td>-4,537</td><td>-4,515</td></tr><tr><td>Japan (including Korea and Manchuria)</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>-27</td><td>-15</td><td>-15</td></tr><tr><td>Other Asia</td><td>-4</td><td>77</td><td>74</td><td>166</td><td>91</td><td>-85</td><td>-83</td><td>-206</td><td>-225</td><td>-243</td><td>-637</td><td>-859</td><td>-707</td></tr><tr><td>Total Asia</td><td>-2,195</td><td>-2,114</td><td>-2,127</td><td>-2,035</td><td>-2,110</td><td>-2,285</td><td>-2,283</td><td>-2,406</td><td>-2,443</td><td>-2,859</td><td>-3,991</td><td>-5,893</td><td>-5,390</td></tr><tr><td>All other</td><td>-37</td><td>84</td><td>281</td><td>-39</td><td>46</td><td>175</td><td>31</td><td>62</td><td>116</td><td>88</td><td>115</td><td>158</td><td>74</td></tr><tr><td>Grand total</td><td>7,124</td><td>6,357</td><td>6,279</td><td>9,961</td><td>5,890</td><td>9,061</td><td>2,181</td><td>-260</td><td>-1,271</td><td>2,513</td><td>-149</td><td>-3,467</td><td>-1,854</td></tr></table>
August 1946
89
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts
(in thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th>Grand total</th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Netherlands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr><tr><td colspan="12">Purchase contracts</td></tr><tr><td>Total:</td><td>3,197</td><td>912</td><td>410</td><td>3</td><td>237</td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-April</td><td>5,661</td><td>763</td><td>316</td><td>3</td><td>188</td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>4,394</td><td>715</td><td>377</td><td>3</td><td>79</td><td>-</td><td>-</td><td>237</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>6,088</td><td>2,454</td><td>2,338</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>5,394</td><td>5,105</td><td>5,006</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>13,276</td><td>10,397</td><td>10,107</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>19,421</td><td>12,901</td><td>12,800</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>17</td></tr><tr><td>October</td><td>21,996</td><td>13,605</td><td>13,375</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>-</td></tr><tr><td>November</td><td>18,943</td><td>12,391</td><td>12,190</td><td>3</td><td>-</td><td>-</td><td>-</td><td>81</td><td>111</td><td>-</td><td>-</td></tr><tr><td>December</td><td>19,346</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>-</td><td>45</td></tr><tr><td>1946-January</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><td>-</td></tr><tr><td>February</td><td>20,433</td><td>14,663</td><td>14,656</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td></td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From foreign customers:</td><td>1,634</td><td>337</td><td>115</td><td>-</td><td>66</td><td>-</td><td>-</td><td>156</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-April</td><td>3,540</td><td>302</td><td>80</td><td>-</td><td>66</td><td>-</td><td>-</td><td>156</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>2,817</td><td>383</td><td>161</td><td>-</td><td>66</td><td>-</td><td>-</td><td>156</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>2,149</td><td>68</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>2,406</td><td>443</td><td>443</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>2,575</td><td>911</td><td>721</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>2,339</td><td>619</td><td>619</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>2,043</td><td>822</td><td>712</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td><td>-</td></tr><tr><td>November</td><td>2,267</td><td>950</td><td>840</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td><td>-</td></tr><tr><td>December</td><td>2,227</td><td>453</td><td>453</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</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><td>-</td></tr><tr><td>February</td><td>1,072</td><td>313</td><td>313</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td></td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From domestic customers:</td><td>1,763</td><td>575</td><td>295</td><td>3</td><td>171</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-April</td><td>2,121</td><td>461</td><td>236</td><td>3</td><td>122</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>1,577</td><td>332</td><td>216</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>3,339</td><td>2,386</td><td>2,270</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>5,988</td><td>4,662</td><td>4,563</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>10,701</td><td>9,486</td><td>9,386</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>17,082</td><td>12,282</td><td>12,181</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>17</td></tr><tr><td>October</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><td>-</td></tr><tr><td>November</td><td>16,676</td><td>11,441</td><td>11,350</td><td>3</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>45</td></tr><tr><td>December</td><td>17,719</td><td>10,991</td><td>10,740</td><td>6</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>-</td></tr><tr><td>1946-January</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><td>-</td></tr><tr><td>February</td><td>19,361</td><td>14,350</td><td>14,343</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td></td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="12">Sales contracts</td></tr><tr><td>Total:</td><td>4,859</td><td>2,491</td><td>1,354</td><td>82</td><td>379</td><td>10</td><td>622</td><td>5</td><td>1</td><td>-</td><td>-</td></tr><tr><td>1945-April</td><td>7,521</td><td>3,157</td><td>2,285</td><td>2</td><td>200</td><td>10</td><td>622</td><td>5</td><td>1</td><td>-</td><td>-</td></tr><tr><td>May</td><td>11,199</td><td>1,719</td><td>1,211</td><td>2</td><td>51</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>June</td><td>9,000</td><td>3,527</td><td>3,019</td><td>2</td><td>51</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>July</td><td>10,494</td><td>5,673</td><td>5,165</td><td>32</td><td>51</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>August</td><td>16,983</td><td>11,531</td><td>10,832</td><td>2</td><td>51</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td><td>350</td></tr><tr><td>September</td><td>24,769</td><td>16,661</td><td>15,758</td><td>2</td><td>59</td><td>10</td><td>412</td><td>35</td><td>1</td><td>-</td><td>354</td></tr><tr><td>October</td><td>28,802</td><td>19,985</td><td>18,989</td><td>2</td><td>51</td><td>11</td><td>383</td><td>158</td><td>1</td><td>-</td><td>51</td></tr><tr><td>November</td><td>29,226</td><td>19,668</td><td>18,967</td><td>2</td><td>51</td><td>11</td><td>379</td><td>200</td><td>1</td><td>-</td><td>150</td></tr><tr><td>December</td><td>37,241</td><td>23,613</td><td>22,843</td><td>6</td><td>51</td><td>10</td><td>379</td><td>164</td><td>1</td><td>-</td><td>73</td></tr><tr><td>1946-January</td><td>41,909</td><td>30,165</td><td>29,526</td><td>-</td><td>51</td><td>10</td><td>379</td><td>124</td><td>1</td><td>-</td><td>20</td></tr><tr><td>February</td><td>43,387</td><td>36,158</td><td>36,036</td><td>-</td><td>53</td><td>11</td><td>5</td><td>25</td><td>1</td><td>-</td><td>-</td></tr><tr><td>March</td><td></td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To foreign customers:</td><td>1,062</td><td>988</td><td>468</td><td>-</td><td>310</td><td>-</td><td>210</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-April</td><td>911</td><td>893</td><td>503</td><td>-</td><td>180</td><td>-</td><td>210</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>1,138</td><td>678</td><td>628</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>640</td><td>567</td><td>517</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>991</td><td>556</td><td>506</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>1,958</td><td>1,562</td><td>1,512</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>346</td></tr><tr><td>September</td><td>2,000</td><td>1,645</td><td>1,249</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>346</td></tr><tr><td>October</td><td>2,384</td><td>1,594</td><td>1,198</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>51</td></tr><tr><td>November</td><td>2,593</td><td>1,017</td><td>916</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>124</td></tr><tr><td>December</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>-</td><td>73</td></tr><tr><td>1946-January</td><td>1,636</td><td>554</td><td>431</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td></tr><tr><td>February</td><td>926</td><td>773</td><td>703</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td></td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To domestic customers:</td><td>3,797</td><td>1,503</td><td>886</td><td>82</td><td>69</td><td>10</td><td>412</td><td>5</td><td>1</td><td>-</td><td>-</td></tr><tr><td>1945-April</td><td>6,610</td><td>2,264</td><td>1,782</td><td>2</td><td>20</td><td>10</td><td>412</td><td>5</td><td>1</td><td>-</td><td>-</td></tr><tr><td>May</td><td>10,061</td><td>1,041</td><td>583</td><td>2</td><td>1</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>June</td><td>8,360</td><td>2,960</td><td>2,502</td><td>2</td><td>1</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>July</td><td>9,503</td><td>5,117</td><td>4,659</td><td>32</td><td>1</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td><td>-</td></tr><tr><td>August</td><td>15,025</td><td>9,969</td><td>9,320</td><td>2</td><td>1</td><td>10</td><td>412</td><td>1</td><td>1</td><td>-</td><td>4</td></tr><tr><td>September</td><td>22,769</td><td>15,016</td><td>14,509</td><td>2</td><td>9</td><td>10</td><td>412</td><td>35</td><td>1</td><td>-</td><td>8</td></tr><tr><td>October</td><td>26,418</td><td>18,391</td><td>17,791</td><td>2</td><td>1</td><td>11</td><td>383</td><td>158</td><td>1</td><td>-</td><td>1</td></tr><tr><td>November</td><td>26,633</td><td>18,551</td><td>18,051</td><td>2</td><td>1</td><td>11</td><td>379</td><td>200</td><td>1</td><td>-</td><td>1</td></tr><tr><td>December</td><td>34,914</td><td>22,498</td><td>21,902</td><td>6</td><td>1</td><td>10</td><td>379</td><td>164</td><td>1</td><td>-</td><td>26</td></tr><tr><td>1946-January</td><td>40,273</td><td>29,611</td><td>29,095</td><td>-</td><td>1</td><td>10</td><td>379</td><td>124</td><td>1</td><td>-</td><td>1</td></tr><tr><td>February</td><td>42,461</td><td>35,385</td><td>35,333</td><td>-</td><td>3</td><td>11</td><td>5</td><td>25</td><td>1</td><td>-</td><td>-</td></tr><tr><td>March</td><td></td><td></td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
Treasury Bulletin
90
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Contracts as of end of month</th><th colspan="2">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="5">Currency of: Asia</th><th rowspan="2">All other</th></tr><tr><th>Switzerland</th><th>Other Europe</th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (including Korea and Manchuria)</th><th>Other Asia</th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total: 1945-April</td><td>17</td><td>8</td><td>1,136</td><td>6</td><td>1,301</td><td>380</td><td>824</td><td>-</td><td>97</td><td>42</td></tr><tr><td>May</td><td>17</td><td>2</td><td>2,843</td><td>750</td><td>1,305</td><td>380</td><td>824</td><td>-</td><td>101</td><td>-</td></tr><tr><td>June</td><td>17</td><td>2</td><td>2,219</td><td>129</td><td>1,331</td><td>380</td><td>824</td><td>-</td><td>127</td><td>-</td></tr><tr><td>July</td><td>17</td><td>2</td><td>2,196</td><td>129</td><td>1,309</td><td>380</td><td>824</td><td>-</td><td>105</td><td>-</td></tr><tr><td>August</td><td>-</td><td>2</td><td>1,868</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>53</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>145</td></tr><tr><td>October</td><td>-</td><td>4</td><td>5,156</td><td>3</td><td>1,230</td><td>380</td><td>824</td><td>-</td><td>26</td><td>131</td></tr><tr><td>November</td><td>-</td><td>6</td><td>5,618</td><td>1,531</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>4,485</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>March</td><td>-</td><td>7</td><td>3,100</td><td>992</td><td>1,626</td><td>2</td><td>961</td><td>-</td><td>663</td><td>52</td></tr><tr><td colspan="11">From foreign customers:</td></tr><tr><td>1945-April</td><td>-</td><td>-</td><td>60</td><td>750</td><td>1,237</td><td>380</td><td>824</td><td>-</td><td>33</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>1,205</td><td>129</td><td>1,283</td><td>380</td><td>824</td><td>-</td><td>79</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>996</td><td>129</td><td>1,309</td><td>380</td><td>824</td><td>-</td><td>105</td><td>-</td></tr><tr><td>July</td><td>-</td><td>-</td><td>665</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>547</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>-</td></tr><tr><td>September</td><td>190</td><td>-</td><td>235</td><td>-</td><td>1,300</td><td>380</td><td>824</td><td>-</td><td>96</td><td>129</td></tr><tr><td>October</td><td>-</td><td>-</td><td>490</td><td>-</td><td>1,230</td><td>380</td><td>824</td><td>-</td><td>26</td><td>-</td></tr><tr><td>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>65</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>-</td></tr><tr><td>1946-January</td><td>-</td><td>-</td><td>73</td><td>-</td><td>1,774</td><td>380</td><td>804</td><td>-</td><td>550</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>-</td><td>4</td><td>997</td><td>380</td><td>61</td><td>-</td><td>556</td><td>-</td></tr><tr><td>March</td><td>-</td><td>-</td><td>-</td><td>4</td><td>703</td><td>-</td><td>182</td><td>-</td><td>521</td><td>52</td></tr><tr><td colspan="11">From domestic customers:</td></tr><tr><td>1945-April</td><td>17</td><td>8</td><td>1,076</td><td>6</td><td>64</td><td>-</td><td>-</td><td>-</td><td>64</td><td>42</td></tr><tr><td>May</td><td>17</td><td>2</td><td>1,638</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>June</td><td>17</td><td>2</td><td>1,223</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>July</td><td>17</td><td>2</td><td>1,531</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>August</td><td>-</td><td>2</td><td>1,321</td><td>-</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>1,531</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>March</td><td>-</td><td>7</td><td>3,100</td><td>988</td><td>923</td><td>2</td><td>779</td><td>-</td><td>142</td><td>-</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total: 1945-April</td><td>30</td><td>8</td><td>1,890</td><td>88</td><td>309</td><td>19</td><td>-</td><td>4</td><td>286</td><td>81</td></tr><tr><td>May</td><td>30</td><td>2</td><td>3,211</td><td>845</td><td>250</td><td>19</td><td>-</td><td>4</td><td>227</td><td>58</td></tr><tr><td>June</td><td>30</td><td>2</td><td>8,926</td><td>206</td><td>289</td><td>19</td><td>-</td><td>4</td><td>266</td><td>59</td></tr><tr><td>July</td><td>30</td><td>2</td><td>4,592</td><td>650</td><td>230</td><td>19</td><td>-</td><td>4</td><td>207</td><td>1</td></tr><tr><td>August</td><td>-</td><td>2</td><td>3,974</td><td>591</td><td>254</td><td>19</td><td>-</td><td>4</td><td>231</td><td>2</td></tr><tr><td>September</td><td>220</td><td>3</td><td>4,729</td><td>392</td><td>302</td><td>19</td><td>-</td><td>4</td><td>279</td><td>29</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,585</td><td>355</td><td>163</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr><tr><td>November</td><td>30</td><td>6</td><td>8,077</td><td>666</td><td>56</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</td></tr><tr><td>December</td><td>-</td><td>6</td><td>8,569</td><td>827</td><td>60</td><td>19</td><td>-</td><td>4</td><td>37</td><td>102</td></tr><tr><td>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>March</td><td>-</td><td>7</td><td>4,508</td><td>582</td><td>2,054</td><td>19</td><td>379</td><td>4</td><td>1,652</td><td>85</td></tr><tr><td colspan="11">To foreign customers:</td></tr><tr><td>1945-April</td><td>-</td><td>-</td><td>74</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>18</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>460</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-</td><td>-</td><td>73</td><td>435</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>9</td><td>387</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</td><td>355</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>-</td><td>-</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>372</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</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>March</td><td>-</td><td>-</td><td>-</td><td>153</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">To domestic customers:</td></tr><tr><td>1945-April</td><td>30</td><td>8</td><td>1,816</td><td>88</td><td>309</td><td>19</td><td>-</td><td>4</td><td>286</td><td>81</td></tr><tr><td>May</td><td>30</td><td>2</td><td>3,193</td><td>845</td><td>250</td><td>19</td><td>-</td><td>4</td><td>227</td><td>58</td></tr><tr><td>June</td><td>30</td><td>2</td><td>8,466</td><td>206</td><td>289</td><td>19</td><td>-</td><td>4</td><td>266</td><td>59</td></tr><tr><td>July</td><td>30</td><td>2</td><td>4,519</td><td>650</td><td>230</td><td>19</td><td>-</td><td>4</td><td>207</td><td>1</td></tr><tr><td>August</td><td>-</td><td>2</td><td>3,974</td><td>156</td><td>254</td><td>19</td><td>-</td><td>4</td><td>231</td><td>2</td></tr><tr><td>September</td><td>220</td><td>3</td><td>4,720</td><td>5</td><td>302</td><td>19</td><td>-</td><td>4</td><td>279</td><td>29</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,585</td><td>-</td><td>163</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr><tr><td>November</td><td>30</td><td>6</td><td>7,849</td><td>104</td><td>56</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</td></tr><tr><td>December</td><td>-</td><td>6</td><td>7,729</td><td>109</td><td>60</td><td>19</td><td>-</td><td>4</td><td>37</td><td>84</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>9,829</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><tr><td>March</td><td>-</td><td>7</td><td>4,508</td><td>429</td><td>2,054</td><td>19</td><td>379</td><td>4</td><td>1,652</td><td>85</td></tr></table>
August 1946
91
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward)
(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">Purchases</td></tr><tr><td>Total purchases: 1945-April</td><td>45,759</td><td>19,894</td><td>14,743</td><td>250</td><td>50</td><td>-</td><td>-</td><td>-</td><td>480</td><td>220</td></tr><tr><td>Spot</td><td>1,983</td><td>165</td><td>165</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>55,879</td><td>25,133</td><td>18,162</td><td>584</td><td>282</td><td>-</td><td>-</td><td>-</td><td>436</td><td>351</td></tr><tr><td>May</td><td>5,226</td><td>157</td><td>157</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>71,280</td><td>29,527</td><td>22,298</td><td>81</td><td>304</td><td>-</td><td>-</td><td>219</td><td>342</td><td>472</td></tr><tr><td>Forward</td><td>3,700</td><td>224</td><td>224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>54,160</td><td>26,804</td><td>19,098</td><td>106</td><td>531</td><td>-</td><td>-</td><td>20</td><td>504</td><td>259</td></tr><tr><td>Spot</td><td>3,958</td><td>2,392</td><td>2,392</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>58,112</td><td>32,782</td><td>23,868</td><td>268</td><td>365</td><td>-</td><td>-</td><td>-</td><td>629</td><td>338</td></tr><tr><td>August</td><td>4,985</td><td>3,103</td><td>3,103</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>72,184</td><td>39,946</td><td>33,449</td><td>117</td><td>267</td><td>-</td><td>-</td><td>-</td><td>531</td><td>239</td></tr><tr><td>Forward</td><td>7,306</td><td>5,809</td><td>5,808</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>September</td><td>79,149</td><td>38,056</td><td>28,728</td><td>268</td><td>92</td><td>-</td><td>-</td><td>44</td><td>849</td><td>511</td></tr><tr><td>Spot</td><td>13,432</td><td>7,770</td><td>7,765</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>64,122</td><td>50,087</td><td>40,377</td><td>324</td><td>312</td><td>-</td><td>-</td><td>196</td><td>604</td><td>639</td></tr><tr><td>October</td><td>14,823</td><td>6,169</td><td>6,042</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td>Spot</td><td>98,936</td><td>54,562</td><td>42,821</td><td>516</td><td>363</td><td>-</td><td>-</td><td>78</td><td>594</td><td>601</td></tr><tr><td>Forward</td><td>9,527</td><td>5,250</td><td>5,250</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>107,608</td><td>58,154</td><td>47,630</td><td>908</td><td>563</td><td>-</td><td>-</td><td>371</td><td>587</td><td>509</td></tr><tr><td>1946-January</td><td>11,118</td><td>5,777</td><td>5,698</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>105,317</td><td>66,691</td><td>57,744</td><td>582</td><td>599</td><td>-</td><td>3</td><td>315</td><td>409</td><td>335</td></tr><tr><td>Forward</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>137,076</td><td>73,868</td><td>60,552</td><td>741</td><td>777</td><td>-</td><td>20</td><td>573</td><td>821</td><td>356</td></tr><tr><td>March</td><td>15,833</td><td>8,960</td><td>8,943</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td colspan="11">Purchases from banks: 1945-April</td></tr><tr><td>Spot</td><td>27,016</td><td>12,138</td><td>7,388</td><td>225</td><td>50</td><td>-</td><td>-</td><td>-</td><td>472</td><td>187</td></tr><tr><td>Forward</td><td>1,416</td><td>104</td><td>104</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>31,232</td><td>14,440</td><td>7,811</td><td>410</td><td>281</td><td>-</td><td>-</td><td>-</td><td>409</td><td>350</td></tr><tr><td>Spot</td><td>4,873</td><td>142</td><td>142</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>46,522</td><td>19,501</td><td>12,460</td><td>71</td><td>295</td><td>-</td><td>-</td><td>210</td><td>334</td><td>461</td></tr><tr><td>June</td><td>3,456</td><td>218</td><td>218</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>32,816</td><td>18,129</td><td>11,132</td><td>97</td><td>428</td><td>-</td><td>-</td><td>20</td><td>446</td><td>259</td></tr><tr><td>Forward</td><td>2,536</td><td>1,220</td><td>1,220</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>31,652</td><td>18,995</td><td>10,498</td><td>265</td><td>339</td><td>-</td><td>-</td><td>-</td><td>608</td><td>327</td></tr><tr><td>Spot</td><td>2,896</td><td>1,674</td><td>1,674</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>36,594</td><td>19,576</td><td>13,329</td><td>114</td><td>255</td><td>-</td><td>-</td><td>-</td><td>528</td><td>236</td></tr><tr><td>August</td><td>4,783</td><td>3,749</td><td>3,748</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>Spot</td><td>48,043</td><td>25,846</td><td>17,289</td><td>184</td><td>37</td><td>-</td><td>-</td><td>44</td><td>809</td><td>482</td></tr><tr><td>Forward</td><td>9,937</td><td>6,747</td><td>6,742</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>56,188</td><td>37,813</td><td>29,233</td><td>241</td><td>102</td><td>-</td><td>-</td><td>191</td><td>575</td><td>601</td></tr><tr><td>October</td><td>7,414</td><td>5,136</td><td>5,009</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td>Spot</td><td>62,666</td><td>41,111</td><td>30,871</td><td>248</td><td>347</td><td>-</td><td>-</td><td>76</td><td>592</td><td>597</td></tr><tr><td>Forward</td><td>6,115</td><td>3,036</td><td>3,036</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>65,161</td><td>39,315</td><td>29,490</td><td>859</td><td>537</td><td>-</td><td>-</td><td>368</td><td>543</td><td>453</td></tr><tr><td>December</td><td>7,229</td><td>2,783</td><td>2,704</td><td>4</td><td>506</td><td>-</td><td>1</td><td>224</td><td>407</td><td>320</td></tr><tr><td>1946-January</td><td>73,184</td><td>52,693</td><td>44,196</td><td>528</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>7,102</td><td>4,490</td><td>4,490</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>95,259</td><td>55,383</td><td>43,121</td><td>667</td><td>742</td><td>-</td><td>20</td><td>198</td><td>820</td><td>351</td></tr><tr><td>February</td><td>10,068</td><td>5,072</td><td>5,055</td><td>11</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td>March</td><td colspan="10">Purchases from others: 1945-April</td></tr><tr><td>Spot</td><td>18,743</td><td>7,746</td><td>7,355</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>33</td></tr><tr><td>Forward</td><td>567</td><td>61</td><td>61</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>24,647</td><td>10,693</td><td>10,351</td><td>174</td><td>1</td><td>-</td><td>-</td><td>-</td><td>27</td><td>1</td></tr><tr><td>Spot</td><td>353</td><td>15</td><td>15</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>24,758</td><td>10,026</td><td>9,838</td><td>10</td><td>9</td><td>-</td><td>-</td><td>9</td><td>8</td><td>11</td></tr><tr><td>June</td><td>244</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>21,314</td><td>8,715</td><td>7,966</td><td>9</td><td>103</td><td>-</td><td>-</td><td>-</td><td>58</td><td>-</td></tr><tr><td>Forward</td><td>1,422</td><td>1,172</td><td>1,172</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>26,460</td><td>13,787</td><td>13,370</td><td>2</td><td>26</td><td>-</td><td>-</td><td>-</td><td>21</td><td>11</td></tr><tr><td>Spot</td><td>2,089</td><td>1,429</td><td>1,429</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>35,590</td><td>20,370</td><td>20,120</td><td>3</td><td>12</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td></tr><tr><td>August</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>11,439</td><td>84</td><td>55</td><td>-</td><td>-</td><td>-</td><td>40</td><td>29</td></tr><tr><td>Spot</td><td>3,495</td><td>1,023</td><td>1,023</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>27,934</td><td>12,274</td><td>11,114</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>7,409</td><td>1,033</td><td>1,033</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>36,270</td><td>13,451</td><td>11,950</td><td>298</td><td>16</td><td>-</td><td>-</td><td>2</td><td>2</td><td>4</td></tr><tr><td>December</td><td>3,412</td><td>2,214</td><td>2,214</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>42,447</td><td>18,839</td><td>18,140</td><td>49</td><td>26</td><td>-</td><td>-</td><td>3</td><td>44</td><td>56</td></tr><tr><td>Spot</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>Forward</td><td>32,133</td><td>13,998</td><td>13,548</td><td>54</td><td>93</td><td>-</td><td>-</td><td>91</td><td>2</td><td>15</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><tr><td>Spot</td><td>41,817</td><td>18,485</td><td>17,431</td><td>74</td><td>35</td><td>-</td><td>-</td><td>375</td><td>1</td><td>5</td></tr><tr><td>March</td><td>5,765</td><td>3,888</td><td>3,888</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
92
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th colspan="2">Currency of:</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latia America</th><th>Total Asia</th><th>Japan (in- cluding Korea and Manchuria)</th><th>Other Asia</th></tr><tr><td colspan="10">Purchases</td></tr><tr><td>Total purchases: 1945-April</td><td>328</td><td>3,687</td><td>126</td><td>17,493</td><td>4,074</td><td>940</td><td>-</td><td>940</td><td>3,368</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,748</td><td>21</td><td>49</td><td>-</td><td>49</td><td>-</td></tr><tr><td>Forward</td><td>530</td><td>4,613</td><td>175</td><td>21,338</td><td>4,597</td><td>909</td><td>-</td><td>909</td><td>3,902</td></tr><tr><td>May</td><td>-</td><td>-</td><td>-</td><td>3,999</td><td>956</td><td>114</td><td>-</td><td>114</td><td>-</td></tr><tr><td>Spot</td><td>814</td><td>4,821</td><td>176</td><td>32,636</td><td>4,023</td><td>1,056</td><td>-</td><td>1,056</td><td>4,038</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,417</td><td>-</td><td>59</td><td>-</td><td>59</td><td>-</td></tr><tr><td>June</td><td>1,042</td><td>5,066</td><td>218</td><td>18,945</td><td>4,015</td><td>738</td><td>-</td><td>738</td><td>3,618</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,551</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td>Forward</td><td>957</td><td>6,195</td><td>162</td><td>17,742</td><td>2,622</td><td>865</td><td>-</td><td>865</td><td>4,101</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-</td><td>1,836</td><td>-</td><td>46</td><td>-</td><td>46</td><td>-</td></tr><tr><td>Spot</td><td>665</td><td>4,576</td><td>102</td><td>23,759</td><td>2,739</td><td>1,305</td><td>-</td><td>1,305</td><td>4,435</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,353</td><td>3</td><td>-</td><td>-</td><td>-</td><td>141</td></tr><tr><td>August</td><td>1,826</td><td>5,564</td><td>174</td><td>31,505</td><td>3,130</td><td>1,254</td><td>-</td><td>1,254</td><td>5,204</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>5,646</td><td>-</td><td>13</td><td>-</td><td>13</td><td>3</td></tr><tr><td>Forward</td><td>1,322</td><td>6,053</td><td>260</td><td>23,914</td><td>3,155</td><td>1,188</td><td>-</td><td>1,188</td><td>5,778</td></tr><tr><td>September</td><td>17</td><td>-</td><td>-</td><td>7,123</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>1,358</td><td>5,421</td><td>2,780</td><td>32,228</td><td>4,245</td><td>2,367</td><td>-</td><td>2,367</td><td>5,534</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,112</td><td>-</td><td>100</td><td>-</td><td>100</td><td>65</td></tr><tr><td>October</td><td>1,859</td><td>5,553</td><td>174</td><td>33,603</td><td>5,352</td><td>3,875</td><td>-</td><td>3,875</td><td>6,624</td></tr><tr><td>Spot</td><td>75</td><td>-</td><td>-</td><td>4,497</td><td>-</td><td>844</td><td>-</td><td>844</td><td>-</td></tr><tr><td>Forward</td><td>1,940</td><td>4,522</td><td>242</td><td>20,510</td><td>6,292</td><td>5,038</td><td>9</td><td>5,029</td><td>6,786</td></tr><tr><td>November</td><td>2,481</td><td>6,931</td><td>616</td><td>43,379</td><td>4,331</td><td>7,223</td><td>-</td><td>7,223</td><td>8,275</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>4,452</td><td>537</td><td>1,884</td><td>-</td><td>1,884</td><td>-</td></tr><tr><td>December</td><td>287</td><td>3,481</td><td>48</td><td>9,279</td><td>3,292</td><td>933</td><td>-</td><td>933</td><td>1,374</td></tr><tr><td>Purchases from banks: 1945-April</td><td>473</td><td>4,588</td><td>118</td><td>10,348</td><td>3,880</td><td>909</td><td>-</td><td>909</td><td>1,655</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>3,695</td><td>956</td><td>80</td><td>-</td><td>80</td><td>-</td></tr><tr><td>Forward</td><td>776</td><td>4,788</td><td>106</td><td>20,997</td><td>3,385</td><td>1,031</td><td>-</td><td>1,031</td><td>1,608</td></tr><tr><td>May</td><td>588</td><td>5,030</td><td>129</td><td>3,179</td><td>-</td><td>59</td><td>-</td><td>59</td><td>-</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>9,195</td><td>2,970</td><td>737</td><td>-</td><td>737</td><td>1,785</td></tr><tr><td>Forward</td><td>919</td><td>5,967</td><td>71</td><td>1,176</td><td>1,767</td><td>768</td><td>-</td><td>768</td><td>1,771</td></tr><tr><td>June</td><td>539</td><td>4,539</td><td>36</td><td>11,916</td><td>2,037</td><td>1,270</td><td>-</td><td>1,270</td><td>1,795</td></tr><tr><td>Spot</td><td>1,575</td><td>5,234</td><td>92</td><td>16,479</td><td>2,191</td><td>1,191</td><td>-</td><td>1,191</td><td>2,336</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,174</td><td>-</td><td>13</td><td>-</td><td>13</td><td>3</td></tr><tr><td>July</td><td>1,222</td><td>5,480</td><td>168</td><td>13,862</td><td>1,999</td><td>1,178</td><td>-</td><td>1,178</td><td>1,336</td></tr><tr><td>Spot</td><td>17</td><td>-</td><td>-</td><td>2,278</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,275</td><td>5,273</td><td>1,832</td><td>15,201</td><td>2,681</td><td>2,353</td><td>-</td><td>2,353</td><td>1,320</td></tr><tr><td>August</td><td>1,670</td><td>5,276</td><td>119</td><td>16,011</td><td>4,381</td><td>3,533</td><td>-</td><td>3,533</td><td>1,821</td></tr><tr><td>Spot</td><td>75</td><td>-</td><td>-</td><td>3,502</td><td>-</td><td>844</td><td>-</td><td>844</td><td>-</td></tr><tr><td>Forward</td><td>1,850</td><td>4,487</td><td>174</td><td>8,970</td><td>5,412</td><td>4,306</td><td>9</td><td>4,297</td><td>1,803</td></tr><tr><td>September</td><td>2,219</td><td>6,702</td><td>543</td><td>28,038</td><td>3,365</td><td>6,580</td><td>-</td><td>6,580</td><td>1,893</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>2,811</td><td>301</td><td>1,884</td><td>-</td><td>1,884</td><td>-</td></tr><tr><td>Forward</td><td>1,850</td><td>4,487</td><td>174</td><td>8,970</td><td>5,412</td><td>4,306</td><td>9</td><td>4,297</td><td>1,803</td></tr><tr><td>Purchasee from others: 1945-April</td><td>41</td><td>206</td><td>78</td><td>8,214</td><td>782</td><td>7</td><td>-</td><td>7</td><td>1,994</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>485</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>57</td><td>25</td><td>57</td><td>10,990</td><td>717</td><td>-</td><td>-</td><td>-</td><td>2,247</td></tr><tr><td>May</td><td>38</td><td>33</td><td>70</td><td>11,639</td><td>638</td><td>25</td><td>-</td><td>25</td><td>2,430</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>238</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>454</td><td>36</td><td>89</td><td>9,750</td><td>1,045</td><td>1</td><td>-</td><td>1</td><td>1,833</td></tr><tr><td>June</td><td>38</td><td>228</td><td>91</td><td>9,391</td><td>855</td><td>97</td><td>-</td><td>97</td><td>2,330</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>660</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>126</td><td>37</td><td>66</td><td>11,843</td><td>702</td><td>35</td><td>-</td><td>35</td><td>2,640</td></tr><tr><td>July</td><td>151</td><td>330</td><td>82</td><td>15,026</td><td>939</td><td>63</td><td>-</td><td>63</td><td>2,858</td></tr><tr><td>Spot</td><td>100</td><td>573</td><td>92</td><td>10,052</td><td>1,156</td><td>10</td><td>-</td><td>10</td><td>4,442</td></tr><tr><td>Forward</td><td>83</td><td>148</td><td>948</td><td>17,027</td><td>1,564</td><td>14</td><td>-</td><td>14</td><td>4,214</td></tr><tr><td>August</td><td>189</td><td>277</td><td>55</td><td>17,592</td><td>971</td><td>242</td><td>-</td><td>242</td><td>4,803</td></tr><tr><td>Spot</td><td>90</td><td>35</td><td>68</td><td>11,540</td><td>880</td><td>732</td><td>-</td><td>732</td><td>4,983</td></tr><tr><td>Forward</td><td>262</td><td>229</td><td>73</td><td>15,341</td><td>966</td><td>643</td><td>-</td><td>643</td><td>6,382</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</td><td>1,641</td><td>236</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>1,670</td><td>5,276</td><td>119</td><td>16,011</td><td>4,381</td><td>3,533</td><td>-</td><td>3,533</td><td>1,821</td></tr></table>
(Continued on following page)
August 1946
93
Position in Foreign Currencies as Reported by Banks and Bankers In the United States - (Continued
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(To thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th rowspan="2">Grand total</th><th colspan="8">Curency 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-April</td><td>45,854</td><td>20,067</td><td>15,134</td><td>236</td><td>46</td><td>-</td><td>-</td><td>11</td><td>479</td><td>223</td></tr><tr><td>Spot</td><td>3,172</td><td>197</td><td>197</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>53,964</td><td>23,561</td><td>16,825</td><td>572</td><td>142</td><td>-</td><td>-</td><td>-</td><td>412</td><td>348</td></tr><tr><td>May</td><td>6,441</td><td>1,506</td><td>1,506</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>60,938</td><td>28,314</td><td>21,284</td><td>82</td><td>256</td><td>-</td><td>-</td><td>-</td><td>356</td><td>471</td></tr><tr><td>June</td><td>11,020</td><td>495</td><td>495</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>54,613</td><td>31,826</td><td>24,143</td><td>106</td><td>581</td><td>-</td><td>-</td><td>176</td><td>533</td><td>265</td></tr><tr><td>Forward</td><td>7,342</td><td>2,592</td><td>2,592</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>53,167</td><td>30,109</td><td>20,791</td><td>270</td><td>383</td><td>-</td><td>-</td><td>2</td><td>650</td><td>340</td></tr><tr><td>Spot</td><td>6,298</td><td>3,156</td><td>3,139</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>75,980</td><td>46,874</td><td>40,421</td><td>118</td><td>267</td><td>-</td><td>-</td><td>-</td><td>533</td><td>238</td></tr><tr><td>September</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>Spot</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>Forward</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>October</td><td>83,516</td><td>49,663</td><td>40,432</td><td>343</td><td>212</td><td>-</td><td>-</td><td>148</td><td>552</td><td>642</td></tr><tr><td>Spot</td><td>17,775</td><td>9,091</td><td>8,958</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>124</td><td>-</td></tr><tr><td>Forward</td><td>85,433</td><td>51,857</td><td>41,192</td><td>516</td><td>364</td><td>-</td><td>-</td><td>64</td><td>615</td><td>595</td></tr><tr><td>December</td><td>19,340</td><td>7,904</td><td>7,209</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>1946-January</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>504</td></tr><tr><td>Spot</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>February</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>Spot</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>March</td><td>127,548</td><td>68,094</td><td>55,372</td><td>739</td><td>729</td><td>-</td><td>21</td><td>264</td><td>863</td><td>358</td></tr><tr><td>Spot</td><td>23,695</td><td>14,958</td><td>14,937</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Sales to banks:</td></tr><tr><td>1945-April</td><td>18,000</td><td>7,532</td><td>6,639</td><td>-</td><td>26</td><td>-</td><td>-</td><td>11</td><td>231</td><td>118</td></tr><tr><td>Spot</td><td>1,031</td><td>114</td><td>114</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>21,137</td><td>9,599</td><td>8,259</td><td>192</td><td>26</td><td>-</td><td>-</td><td>-</td><td>133</td><td>204</td></tr><tr><td>May</td><td>1,325</td><td>282</td><td>282</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>22,715</td><td>10,895</td><td>9,432</td><td>8</td><td>35</td><td>-</td><td>-</td><td>-</td><td>92</td><td>246</td></tr><tr><td>June</td><td>2,132</td><td>319</td><td>319</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>22,851</td><td>14,465</td><td>12,590</td><td>13</td><td>181</td><td>-</td><td>-</td><td>-</td><td>245</td><td>238</td></tr><tr><td>July</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>Spot</td><td>22,635</td><td>13,309</td><td>10,951</td><td>8</td><td>16</td><td>-</td><td>-</td><td>-</td><td>343</td><td>276</td></tr><tr><td>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>43,818</td><td>27,278</td><td>25,715</td><td>13</td><td>14</td><td>-</td><td>-</td><td>-</td><td>171</td><td>189</td></tr><tr><td>September</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>Spot</td><td>34,291</td><td>15,775</td><td>12,974</td><td>73</td><td>40</td><td>-</td><td>-</td><td>2</td><td>438</td><td>431</td></tr><tr><td>October</td><td>8,129</td><td>4,423</td><td>4,077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>33,132</td><td>17,885</td><td>15,208</td><td>75</td><td>77</td><td>-</td><td>-</td><td>3</td><td>136</td><td>433</td></tr><tr><td>November</td><td>8,010</td><td>5,248</td><td>5,240</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>34,499</td><td>18,922</td><td>15,551</td><td>290</td><td>75</td><td>-</td><td>-</td><td>-</td><td>313</td><td>520</td></tr><tr><td>December</td><td>8,259</td><td>5,112</td><td>4,720</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>37,088</td><td>19,137</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>Spot</td><td>6,220</td><td>3,980</td><td>3,877</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>7,919</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>March</td><td>52,259</td><td>27,158</td><td>22,997</td><td>177</td><td>250</td><td>-</td><td>-</td><td>5</td><td>590</td><td>215</td></tr><tr><td>Spot</td><td>13,510</td><td>8,470</td><td>8,451</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">Sales to others:</td></tr><tr><td>1945-April</td><td>27,854</td><td>12,535</td><td>8,495</td><td>236</td><td>20</td><td>-</td><td>-</td><td>-</td><td>248</td><td>105</td></tr><tr><td>Spot</td><td>2,141</td><td>83</td><td>83</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>32,827</td><td>13,962</td><td>8,566</td><td>380</td><td>116</td><td>-</td><td>-</td><td>-</td><td>279</td><td>144</td></tr><tr><td>May</td><td>5,116</td><td>1,224</td><td>1,224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>38,223</td><td>17,419</td><td>11,852</td><td>74</td><td>221</td><td>-</td><td>-</td><td>-</td><td>264</td><td>225</td></tr><tr><td>June</td><td>8,888</td><td>176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>31,762</td><td>17,361</td><td>11,553</td><td>93</td><td>400</td><td>-</td><td>-</td><td>176</td><td>288</td><td>27</td></tr><tr><td>July</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>Spot</td><td>30,532</td><td>16,800</td><td>9,840</td><td>262</td><td>367</td><td>-</td><td>-</td><td>2</td><td>307</td><td>64</td></tr><tr><td>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>September</td><td>4,820</td><td>1,514</td><td>1,513</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Spot</td><td>44,018</td><td>22,220</td><td>15,640</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>268</td><td>135</td><td>-</td><td>-</td><td>145</td><td>416</td><td>209</td></tr><tr><td>November</td><td>9,765</td><td>3,843</td><td>3,718</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>124</td><td>-</td></tr><tr><td>Spot</td><td>50,934</td><td>32,935</td><td>25,641</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>2,852</td><td>2,489</td><td>-</td><td>-</td><td>-</td><td>2</td><td>22</td><td>347</td><td>175</td></tr><tr><td>1946-January</td><td>59,608</td><td>34,110</td><td>27,123</td><td>785</td><td>566</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>17,562</td><td>9,174</td><td>9,174</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td><td>-</td><td>106</td></tr><tr><td>February</td><td>61,926</td><td>40,117</td><td>34,011</td><td>492</td><td>246</td><td>-</td><td>4</td><td>271</td><td>306</td><td>-</td></tr><tr><td>Spot</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><tr><td>March</td><td>75,289</td><td>40,936</td><td>32,375</td><td>562</td><td>479</td><td>-</td><td>21</td><td>259</td><td>273</td><td>143</td></tr><tr><td>Spot</td><td>10,185</td><td>6,488</td><td>6,486</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
(Continued on following page)
94
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2">Transactions during month</th><th colspan="3">Europe - (continued)</th><th rowspan="2">Canada</th><th rowspan="2">Latin America</th><th colspan="3">Asia</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Total Asia</th><th>Japan (in- cluding Korea and Manchuria)</th><th>Other Asia</th></tr><tr><td colspan="10">Sales</td></tr><tr><td>Total sales: 1945-April</td><td>303</td><td>3,509</td><td>126</td><td>18,293</td><td>3,972</td><td>769</td><td>-</td><td>769</td><td>2,753</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>2,775</td><td>29</td><td>143</td><td>-</td><td>143</td><td>28</td></tr><tr><td>Forward</td><td>479</td><td>4,652</td><td>131</td><td>21,702</td><td>4,437</td><td>865</td><td>-</td><td>865</td><td>3,399</td></tr><tr><td>May</td><td>-</td><td>-</td><td>-</td><td>3,791</td><td>976</td><td>168</td><td>-</td><td>168</td><td>-</td></tr><tr><td>Spot</td><td>833</td><td>4,888</td><td>144</td><td>23,853</td><td>4,088</td><td>933</td><td>-</td><td>933</td><td>3,750</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>10,994</td><td>41</td><td>90</td><td>-</td><td>90</td><td>-</td></tr><tr><td>June</td><td>768</td><td>5,047</td><td>207</td><td>15,078</td><td>3,591</td><td>815</td><td>-</td><td>815</td><td>3,303</td></tr><tr><td>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>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>August</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>Spot</td><td>661</td><td>4,489</td><td>147</td><td>21,644</td><td>2,417</td><td>1,274</td><td>-</td><td>1,274</td><td>3,771</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,052</td><td>88</td><td>47</td><td>-</td><td>47</td><td>20</td></tr><tr><td>September</td><td>1,746</td><td>5,579</td><td>180</td><td>31,202</td><td>3,146</td><td>1,331</td><td>-</td><td>1,331</td><td>4,635</td></tr><tr><td>Spot</td><td>346</td><td>-</td><td>-</td><td>6,956</td><td>187</td><td>56</td><td>-</td><td>56</td><td>3</td></tr><tr><td>Forward</td><td>1,347</td><td>5,723</td><td>264</td><td>24,243</td><td>4,480</td><td>1,220</td><td>-</td><td>1,220</td><td>3,910</td></tr><tr><td>October</td><td>8</td><td>-</td><td>-</td><td>8,328</td><td>356</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>1,132</td><td>5,725</td><td>1,654</td><td>23,472</td><td>3,445</td><td>2,800</td><td>-</td><td>2,800</td><td>3,559</td></tr><tr><td>Forward</td><td>52</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>December</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>1946-January</td><td>99</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>Spot</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>Forward</td><td>-</td><td>-</td><td>-</td><td>4,437</td><td>630</td><td>2,008</td><td>-</td><td>2,008</td><td>19</td></tr><tr><td>February</td><td>2,319</td><td>6,759</td><td>670</td><td>41,452</td><td>4,387</td><td>8,445</td><td>-</td><td>8,445</td><td>5,170</td></tr><tr><td>March</td><td>19</td><td>-</td><td>-</td><td>6,557</td><td>428</td><td>1,752</td><td>-</td><td>1,752</td><td>-</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="10">Sales to banks: 1945-April</td></tr><tr><td>May</td><td>79</td><td>411</td><td>17</td><td>8,752</td><td>423</td><td>29</td><td>-</td><td>29</td><td>1,264</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>868</td><td>21</td><td>-</td><td>-</td><td>-</td><td>28</td></tr><tr><td>Forward</td><td>148</td><td>611</td><td>26</td><td>9,614</td><td>235</td><td>82</td><td>-</td><td>82</td><td>1,607</td></tr><tr><td>June</td><td>250</td><td>796</td><td>36</td><td>9,822</td><td>316</td><td>132</td><td>-</td><td>132</td><td>1,550</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,813</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>361</td><td>761</td><td>76</td><td>6,776</td><td>268</td><td>126</td><td>-</td><td>126</td><td>1,216</td></tr><tr><td>July</td><td>783</td><td>882</td><td>50</td><td>1,475</td><td>-</td><td>126</td><td>-</td><td>126</td><td>15</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>7,355</td><td>311</td><td>209</td><td>-</td><td>209</td><td>1,451</td></tr><tr><td>Forward</td><td>398</td><td>759</td><td>19</td><td>14,184</td><td>292</td><td>170</td><td>-</td><td>170</td><td>1,894</td></tr><tr><td>August</td><td>750</td><td>1,023</td><td>44</td><td>15,799</td><td>387</td><td>218</td><td>-</td><td>218</td><td>2,112</td></tr><tr><td>Spot</td><td>346</td><td>-</td><td>-</td><td>3,703</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Forward</td><td>689</td><td>1,800</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>October</td><td>8</td><td>-</td><td>-</td><td>2,762</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</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>December</td><td>-</td><td>392</td><td>-</td><td>3,142</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</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>99</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>1,076</td><td>1,046</td><td>36</td><td>7,838</td><td>614</td><td>1,577</td><td>-</td><td>1,577</td><td>2,403</td></tr><tr><td>February</td><td>-</td><td>-</td><td>-</td><td>1,378</td><td>-</td><td>431</td><td>-</td><td>431</td><td>-</td></tr><tr><td>March</td><td>1,076</td><td>1,781</td><td>67</td><td>20,114</td><td>522</td><td>1,400</td><td>-</td><td>1,400</td><td>3,065</td></tr><tr><td>Spot</td><td>19</td><td>-</td><td>-</td><td>4,510</td><td>-</td><td>530</td><td>-</td><td>530</td><td>-</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="10">Sales to others: 1945-April</td></tr><tr><td>May</td><td>224</td><td>3,098</td><td>109</td><td>9,541</td><td>3,549</td><td>740</td><td>-</td><td>740</td><td>1,489</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,907</td><td>8</td><td>143</td><td>-</td><td>143</td><td>-</td></tr><tr><td>Forward</td><td>331</td><td>4,041</td><td>105</td><td>12,088</td><td>4,202</td><td>783</td><td>-</td><td>783</td><td>1,792</td></tr><tr><td>June</td><td>583</td><td>4,092</td><td>108</td><td>14,031</td><td>3,772</td><td>801</td><td>-</td><td>801</td><td>2,200</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>8,581</td><td>41</td><td>90</td><td>-</td><td>90</td><td>-</td></tr><tr><td>Forward</td><td>407</td><td>4,286</td><td>131</td><td>8,302</td><td>3,723</td><td>689</td><td>-</td><td>689</td><td>2,087</td></tr><tr><td>July</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>15</td></tr><tr><td>Forward</td><td>263</td><td>3,730</td><td>128</td><td>7,460</td><td>2,125</td><td>1,104</td><td>-</td><td>1,104</td><td>1,877</td></tr><tr><td>August</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>-</td></tr><tr><td>Forward</td><td>658</td><td>4,523</td><td>200</td><td>11,625</td><td>4,178</td><td>1,057</td><td>-</td><td>1,057</td><td>1,746</td></tr><tr><td>September</td><td>465</td><td>4,707</td><td>1,166</td><td>11,016</td><td>2,852</td><td>2,550</td><td>-</td><td>2,550</td><td>1,581</td></tr><tr><td>Spot</td><td>52</td><td>-</td><td>270</td><td>7,032</td><td>1,010</td><td>122</td><td>-</td><td>122</td><td>65</td></tr><tr><td>Forward</td><td>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>October</td><td>906</td><td>3,617</td><td>158</td><td>10,245</td><td>4,486</td><td>1,262</td><td>9</td><td>1,262</td><td>24</td></tr><tr><td>November</td><td>1,243</td><td>4,978</td><td>603</td><td>21,338</td><td>3,865</td><td>1,045</td><td>-</td><td>1,045</td><td>1,774</td></tr><tr><td>December</td><td>-</td><td>-</td><td>-</td><td>2,047</td><td>428</td><td>1,222</td><td>-</td><td>1,222</td><td>2,105</td></tr><tr><td>1946-January</td><td>1,243</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Treasury Bulletin HJ 10 A2 1946 c.2