COPY No.2
1reas. H 5 10 A2 C. 2
TREASURY BULLETIN
OCTOBER-1946
Licence: RCW 59.100.100
Cmrs: 1946
LIBRARY ROOM 5030 JUN 2,1 1972 TREASURY DEPARTMENT.
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
October 1946
1
Table of Contents
Pago
Cumulative table of contents 11
Articles:
Banking and Government (speech by the Under Secretary of the Treasury)
Treasury market financing A-5
Statistical section:
Summary of fiscal statistics 1
Receipts and expenditures and appropriations
General fund of the Treasury 16
Public debt and guaranteed obligations of the United States Government
Ownership of United States Government securities
Prices and yields of Government securities (including securities issued by Federal agencies)
Corporations and certain other agencies of the United States Government
Internal revenue statistics
Monetary statistics 88
Capital movements between the United States and foreign countries and net position in foreign currencies 93
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentage) 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"></th><th colspan="12">Issue and page number</th></tr><tr><th>Oct.</th><th>Sept.</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></tr><tr><td>Articles</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banking and Government (speech by Under Secretary Gardner).</td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Letter from Secretary Snyder on the financial agreement with Britain to the Chairman of the House Committee on Banking and Currency.</td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Leading the way to enduring peace and prosperity (speech by Secretary Vinson).</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 extension of the Price Control Act, before the Senate Committee on Banking and Currency.</td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the House Banking and Currency Committee.</td><td></td><td></td><td></td><td></td><td>A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Looking ahead, one year after VE-Day (speech by Assistant Secretary Foley).</td><td></td><td></td><td></td><td></td><td>A-12</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></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the reduction of the debt limitation, before the Senate Committee on Finance.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-4</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>American prosperity and world prosperity are interlinked (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-7</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vinson on the proposed financial agreement with Britain, before the Senate Committee on Banking and Currency.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td></tr><tr><td>What we gain from the proposed financial agreement with Britain (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td></tr><tr><td>Our system of government has stood the test (speech by Secretary Vinson).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-5</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></td><td></td><td></td><td></td><td>A-1</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></td><td></td><td></td><td>A-1</td><td></td></tr><tr><td>Financial operations of the United States Government, fiscal year 1946.</td><td></td><td></td><td>A-3</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank purchases of restricted Treasury bonds.</td><td></td><td></td><td></td><td>A-9</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Recent trends in corporate profits.</td><td></td><td></td><td></td><td></td><td>A-18</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal wartime financing and growth of liquid assets.</td><td></td><td></td><td></td><td></td><td></td><td>A-11</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Procedure for redemption of United States excess profit tax refund bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-6</td><td></td></tr><tr><td>Victory Loan Drive, October-December 1945:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales by issues, by investor classes, and by States.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td></tr><tr><td>Concurrent purchases by banks.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-22</td><td></td><td></td><td></td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Maturity of Series B bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-27</td><td></td><td></td></tr><tr><td>Continuation of the savings bond program.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-28</td><td></td><td></td></tr><tr><td>Assets and liabilities of all active banks in the United States:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1939-December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-11</td><td></td><td></td></tr><tr><td>December 31, 1939-June 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-7</td></tr><tr><td>Statistics of income:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual income tax returns:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Returns for 1944 with adjusted gross income under $25,000 (sample survey).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and tax liability.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-10</td><td></td><td></td><td></td></tr><tr><td>Marital and dependency status and number of employers.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-21</td><td></td><td></td><td></td><td></td></tr><tr><td>Publication of Statistics of Income for 1942, Part I.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-21</td><td></td><td></td><td></td><td></td></tr><tr><td>Corporation income and taxable excess profits tax returns:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Preliminary statistics for 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-26</td><td></td><td></td><td></td><td></td></tr><tr><td>Complete returns for 1942.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td></tr><tr><td>Financial statistics of certain tax-exempt organizations for 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-23</td><td></td><td></td><td></td></tr><tr><td>Federal land bank bonds.</td><td></td><td></td><td></td><td></td><td></td><td>A-17</td><td></td><td></td><td></td><td>A-6</td><td></td><td></td></tr><tr><td>Treasury market financing.</td><td>A-5</td><td>A-1</td><td>A-2</td><td>A-8</td><td>A-16</td><td>A-13</td><td>A-32</td><td>A-21</td><td>A-28</td><td>A-5</td><td>A-16</td><td>A-9</td></tr></table>
(Continued on following page)
October 1946
111
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="11">Issue and page number</th></tr><tr><th></th><th>Oct.</th><th>Sept.</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></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>Changes in classification of expenditures in Treasury reports effective July 1, 1946</td><td>5</td><td>6</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>Summary by major classifications</td><td>5</td><td>6</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>7</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Analysis of general expenditures</td><td>7</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of expenditures for war activities</td><td>7</td><td>8</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td><td>7</td></tr><tr><td>Analysis of expenditures for (1) revolving funds and (2) transfers to trust accounts, etc.</td><td>8</td><td>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></tr><tr><td>Analysis of expenditures of Government corporations (wholly owned), etc. (net)</td><td>8-9</td><td>9-10</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td><td>8-9</td></tr><tr><td>Total budgetary receipts and expenditures, by months, for recent years</td><td>10</td><td>11</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></tr><tr><td>Trust accounts, etc., receipts and expenditures</td><td>10</td><td>11</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></tr><tr><td>Means of financing cash requirements</td><td>11</td><td>12</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></tr><tr><td>Social security program:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security Act</td><td>12</td><td>13</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td><td>12</td></tr><tr><td>Railroad Retirement Act</td><td>13</td><td>14</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></tr><tr><td>Railroad Unemployment Insurance Act</td><td>13</td><td>14</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></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>15</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></tr><tr><td>Railroad Retirement Account</td><td>14</td><td>15</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></tr><tr><td>Unemployment Trust Fund</td><td>14</td><td>15</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></tr><tr><td>Appropriations and net contract authorisations for the war activities program</td><td></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></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>15</td><td>16</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></tr><tr><td>Total cash income and outgo by months and calendar years beginning with January 1940</td><td>15</td><td>16</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></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>17</td><td>18</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></tr><tr><td>Analysis of changes in balance of General Fund</td><td>18</td><td>19</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></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>20</td><td>21</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></tr><tr><td>Composition of the interest-bearing public debt</td><td>20</td><td>21</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></tr><tr><td>Public debt and guaranteed obligations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Detailed statement:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal years, 1936-1945</td><td>21</td><td>22-23</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></tr><tr><td>Monthly data</td><td>22</td><td>23-24</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></tr><tr><td>Chart</td><td>23</td><td>25</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></tr><tr><td>Computed interest charge and computed interest rate</td><td>24</td><td>26</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></tr><tr><td>Guaranteed obligations held by Treasury</td><td>24</td><td>26</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></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>September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td></tr><tr><td>October 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td></tr><tr><td>November 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td></tr><tr><td>January 31, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td>28</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>28</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></td><td></td><td>28</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>28</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></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>July 31, 1946</td><td>27</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1946</td><td>25</td><td></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>26-28</td><td>28-30</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></tr><tr><td>Offerings of marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>29</td><td>31</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></tr><tr><td>Disposition of matured marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>30</td><td>32</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></tr><tr><td>Offerings and maturities of Treasury bills</td><td>31-32</td><td>33-34</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></tr></table>
(Continued on following page)
1v
Treasury Bulletin
Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="11">Issue and page number</th></tr><tr><th></th><th colspan="11">1946</th><th colspan="2">1945</th></tr><tr><th></th><th>Oct.</th><th>Sept.</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></tr><tr><td colspan="13">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>33</td><td>35</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></tr><tr><td>History of sales and redemptions.</td><td>34-36</td><td>36-38</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></tr><tr><td>Sales by series, classified by denominations.</td><td>37</td><td>39</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></tr><tr><td>Number of pieces sold, classified by denominations.</td><td>38</td><td>40</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>41</td><td>39-40</td><td>39-40</td><td>39-40</td><td>39-40</td></tr><tr><td>Sales by series, classified by States.</td><td>39-40</td><td>41-42</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></tr><tr><td>Redemptions of series A-E, classified by States.</td><td>41</td><td>43</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></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>42</td><td>44</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></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>42</td><td>44</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></tr><tr><td>Type of purchaser.</td><td>43</td><td>45</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></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>44</td><td>46</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></tr><tr><td>Sales, classified by denominations.</td><td>44</td><td>46</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></tr><tr><td colspan="13">Ownership of United States Government securities</td></tr><tr><td>Summary distribution, by holders.</td><td>46</td><td>48</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></tr><tr><td>Estimated ownership by various classes of banks and non-bank investors.</td><td>47</td><td>49</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></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>47</td><td>49</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></tr><tr><td colspan="13">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>49-53</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>49-53</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>49-53</td><td></td><td></td></tr><tr><td>October 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</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>51-55</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1946.</td><td></td><td></td><td></td><td></td><td>51-55</td><td>51-55</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></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>April 30, 1946.</td><td></td><td>51-55</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1946.</td><td>50-54</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>June 30, 1946.</td><td>48-52</td><td></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, 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>September 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>54-58</td><td></td><td></td><td></td><td></td><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></td><td>56-60</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>55-59</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 colspan="13">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>55-57</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></td><td></td><td>55-57</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>60-62</td><td></td><td></td><td></td><td></td></tr><tr><td>November 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>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></td><td></td><td>62-64</td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57-59</td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>57-59</td><td></td><td></td><td></td><td></td></tr><tr><td>March 30, 1946.</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>April 30, 1946.</td><td></td><td></td><td></td><td></td><td>57-59</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 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>June 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>July 31, 1946.</td><td>54-56</td><td>61-63</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 30, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Chart showing yield structure of Treasury bonds and notes.</td><td>57</td><td>64</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></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>58</td><td>65</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></tr><tr><td>Chart.</td><td>59</td><td>66</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></tr></table>
(Continued on following page)
October 1946
V
Cumulative Table of Contents - (Continued)
<table><tr><th rowspan="2"></th><th colspan="12">Issue and page number</th></tr><tr><th>Oct.</th><th>Sept.</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></tr><tr><td colspan="13">Corporations and certain other agencies of the U. S. Government</td></tr><tr><td>Assets, liabilities, and capital: 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>67, 71-75</td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td></td><td>69, 73-77</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td></td><td></td><td></td><td>61, 65-69</td><td>69, 73-77</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>70-72</td><td></td><td></td><td>68-70</td><td></td></tr><tr><td>Loans outstanding, classified by type of loan: September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>70-72</td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td></td><td></td><td></td><td>62-64</td><td>70-72</td><td></td><td>64-69</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>62-67</td><td></td><td></td></tr><tr><td>Income and expense: First three months, fiscal year 1946</td><td></td><td></td><td></td><td>70-75</td><td>64-69</td><td></td><td>64-69</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First six months, fiscal year 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>70-75</td><td></td><td>68-73</td><td></td><td></td></tr><tr><td>First nine 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>Fiscal year 1946</td><td></td><td></td><td></td><td>76-81</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: First three 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>First six months, fiscal year 1946</td><td></td><td></td><td></td><td>82</td><td>76</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>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>Footnotes</td><td></td><td></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>84</td><td>69</td><td>64</td><td>78</td><td>79</td><td>84</td><td>77</td><td>79</td><td>62</td><td>75</td><td>77</td><td>62</td></tr><tr><td>Chart</td><td>85</td><td>70</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></tr><tr><td>Comparative details for current periods</td><td>86-87</td><td>71-72</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></tr><tr><td colspan="13">Monetary statistics</td></tr><tr><td>Balance sheet of the Exchange Stabilisation Fund: June 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>67-68</td><td></td><td>67-68</td><td></td></tr><tr><td>September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td>69-70</td><td></td><td>69-70</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td>89</td><td>74</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></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>Increase from reduction in weight of gold dollar, cumulative to: September 30, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>69</td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td>71</td><td></td><td>84</td><td>71</td><td></td><td>69</td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946</td><td></td><td>74</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></tr><tr><td>June 30, 1946</td><td>89</td><td>74</td><td>71</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></tr><tr><td>Treasury gold receipts, for recent quarterly periods</td><td>90</td><td>75</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></tr><tr><td>Monetary stocks of gold and silver</td><td>91</td><td>76</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></tr><tr><td>Components of silver monetary stock</td><td>92</td><td>77</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></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Seigniorage on silver, by types</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Money in circulation</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">Capital movements between the United States and foreign countries</td></tr><tr><td>Discussion of composition of statistics</td><td>94-96</td><td>79-81</td><td>76-78</td><td>88-89</td><td>89</td><td>76</td><td>87</td><td>89</td><td>74</td><td>85</td><td>87</td><td>74-75 76</td></tr><tr><td>Historical summary of net capital movement since 1935</td><td>97-102</td><td>82-87</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>88-104</td><td>77-93</td></tr><tr><td>Summary by countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Details: May 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>91-96</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>105-107</td><td></td><td></td><td></td><td></td></tr><tr><td>July 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>103-105</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>107-109</td><td>92-94</td><td></td><td></td><td></td><td></td></tr><tr><td>September 1945</td><td></td><td></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></tr><tr><td>October 1945</td><td></td><td></td><td></td><td>91-99</td><td>107-109</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>85-87</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>103-105</td><td>88-90</td><td></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></tr><tr><td>January-February 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>March 1946</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 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>May 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>Position in foreign currencies</td><td>106-112</td><td>91-97</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></tr></table>
October 1946
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Banking and Government
The following address was delivered by O. Max Gardner, Under Secretary of the Treasury, before the National Association of Supervisors of State Banks at Cleveland, Ohio on September 19, 1946.
When I received the invitation to speak before this distinguished group, I was very much constrained to decline, not from lack of appreciation, but for fear of my ability in this period to interpret the kaleidoscopic changes that are taking place throughout the world affecting your interest. However, I consider it a high honor and privilege to be here. I have known some of you personally and others by reputation, by virtue of having been Governor of North Carolina. As a former bank director and business executive, I feel that I know something of the banking problems of your respective States. I know I am in sympathy with sound banking, and I feel very definitely that this group has a large part in the preservation of the economic security of our country.
It has been my fortune - or misfortune - to have spent many years in public office. As Governor of North Carolina, I experienced economic chills and fever, the delirium of boom and the agony of bust. I know how it feels to believe that you are living in a period of perpetual prosperity and how it feels suddenly to tumble into the basement of bankruptcy. Having experienced all these vicissitudes in State government, I learned the hard lesson that, whether things look good or bad, we must face the facts.
If you will pardon me, I would like to tell you of some of the conditions that prevailed in the late '20's after the last war, as they may have some bearing on our action with respect to the problems now facing the States and the nation in this period. There is real value in remembering the lessons of the past. We are all prone to forget.
I do not contend that conditions of this period are similar to or identical with the conditions of the late '20's, but there are people who think that we are afflicted with some of the same symptoms that prevailed in that period.
When I came into office as Governor in 1929, the eight years preceding had been years of uninterrupted expansion of public service and public spending. In these eventful eight years North Carolina had been lifted from lethargy to perhaps the most dynamic commonwealth in the sisterhood
of States. Schools, roads, institutions, all departments and agencies of government, had been touched with the stimulation of unprecedented growth. At the end of 1920, the State debt was $13 million. When I went into office, the first of 1929, it was $178 million. The pride of the people and their hopes were boundless. Neither the General Assembly nor business nor industry saw a cloud on the horizon.
In October of 1929, without warning, the bubble burst; the joy ride was over. Thereafter, each successive six months of the remainder of my administration saw the economic trend in the nation as a whole and in my State in retreat. The bold stream of revenue dwindled to a trickle.
During the past three to four years, and especially in the past year, you and I have heard and learned a great deal about the dangers of inflation and deflation. Both are bad. But I am here to tell you that in the period from 1929 to 1933, I learned, through struggle and personal and official punishment, that, of the two evils, deflation is equally as deadly as inflation, if not more so. For myself, I am a bull on America and have complete confidence in the economic stability of this country.
In this period of nightmare, as Director of the Budget of North Carolina, I was confronted on the one hand with dwindling revenue and on the other hand with the necessity of maintaining essential public service, as well as the character and the credit of my State. What was I to do in such a dilemma? I decided that it was necessary, in the public interest, for me to forget all political ambitions and assume the risk. I recalled the divine injunction and tried to apply it: "That he who would save his life must be willing to lose it." It was a question of how I would use the power that had been granted to me. As Director of the Budget, I cut legislative appropriations for the first biennium in the amount of $3-1/2 million and in the second biennium was compelled to reduce the cost of government an additional $6 million. This sounds like chicken feed now, but it was blood money then - money out of the arteries and veins of public service.
I am happy to say that our essential public
Treasury Bulletin
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services continued to function and the credit of North Carolina was saved. The State today is so prosperous that I fear it may forget the agonies of the period just described. In this connection, I am proud to say that North Carolina never failed to meet a payroll on time and never defaulted on any debt in this period. And I am more than happy to add that today, North Carolina, like a number of other States, has provided out of its surplus for the retirement of all of its presently outstanding general fund debt. In fact, all forty-eight State governments, by generally holding firm their tax rates and by moderately increasing their expenditures during the past six years, have participated in an expanding economy in which the national income has increased from $77-1/2 billion in 1940 to that which is currently running at an annual rate of approximately $160 billion. In these ways the States have contributed powerfully to the national battle against inflation. They have retired large amounts of public debt and they have built their cash reserves far beyond the dream of any preceding generation.
The Executive Director of the Council of State Governments reported last year as follows:
".....today the States are in better financial condition than they have been at any other time during the past half-century. The States have reduced their over-all indebtedness by approximately 25%; in general, they have maintained tax rates to assist in the anti-inflation program; they have accumulated within the past two years and they have invested in Government bonds, more than $4 billion; and they now have in their unemployment compensation reserve funds of more than $6 billion."
This is a grand record and the States today are in splendid condition to render still greater service to their citizens. We must never forget that much of this accumulated State revenue is also blood money. It came out of the veins and arteries of a nation at war. To my mind, one of our gravest dangers in this period is that we are likely to regard this unprecedented stream of State revenue as the natural flow. The day may come when the high peaks of the war period will appear as dim outlines against stark realities, just as it did ten years after the last war. It will then dawn upon all of us that wars do not make wealth - they destroy it; that States do not make money - they spend it.
There is much discussion today as to the value of our dollar. I believe it is the sound-est money in the world. There are, roughly speaking, two ways to make money, one by way of the printing press, the other by work. I am a disciple of the divine doctrine of work. It must have been in mercy and not in wrath that man was commanded to eat his bread in the sweat of his face.
I believe that the bankers of America and the members of this Association should assume the leadership as we descend from the attic of wartime revenues to the plateau of matching revenues and expenditures.
Our present period is also unlike the period just described in this respect: that period marked the end of an era; we are now at the beginning of an era of peace after war. No matter what may lie ahead, we are infinitely better fortified to stabilize the future in banking, commerce and business than we were at the end of the '20's, when we had no effective shock absorber.
Business is good today. Any man who wants a job can find one - perhaps not exactly the one he wants, or even the one he deserves, but a good one.
Business is good for employers also. Most of them are glad to hire all the labor they can get. They are making money.
Business with the banker is good. The banker is the businessman's businessman. When business is good for other businessmen, it is generally good for bankers. Today it seems easy to be a good banker; in 1932 it seemed hard. But I know that you are not taken in by appearances. If you are, you are not real bankers, and sooner or later, both you and the public are going to find it out.
The fact is that it is just as hard to be a good banker today as it was in 1932. It would be even harder if your Government had not supplied some very important services that were utterly lacking in the period of the '20's.
The establishment of aids to navigation is one of the oldest functions of Government. Your Government has made a tremendous contribution in the past fifteen years in installing constructive aids to banking navigation.
October 1946
A-3
First, there is the FDIC. The FDIC insures you that it will be your own sailing, and not the other fellow's which determines whether you cross the finish line.
The FDIC does not insure you as a banker against loss. It insures your small depositors against loss. Formerly, they were expected to judge for themselves the quality of your assets. Now, all that they have to know is that your bank gives them good service and that it is insured by the FDIC.
But, more important to you as a banker, the FDIC insures you against the consequences of the mistakes of your small depositors - mistakes which they used to make in the evaluation of your assets. In pre-FDIC days, many a bank went down when it was really set on the right course and would have paid out handsomely if its depositors had only given it a chance. The FDIC insures you against depositor panic.
The second innovation of the past fifteen years is the SEC. The SEC improves the visibility of the channel in which you must navigate.
Many of you remember the bond salesmen who used to call on you in the '20's. They had a line of bonds, some of which turned out to be good and some of which did not. The blue sky was his horizon.
No one ever heard of a registration statement; and a prospectus might contain anything, or more likely, might not be forthcoming at all. If you inquired too closely about an issue, you might be cut off the preferred list of the offering house. You were expected to take a few not-so-good offerings in order to get your share of the choice and extra special ones.
The SEC has not dispelled the mystery of the future. The future will always be uncertain. But the SEC has given you better data upon which to base your judgments. It has required that the seller of securities find out the real facts about them and that he reveal these facts to the buyer.
Another innovation in Government during the past fifteen years has made banking a less uncertain business. This is the FHA.
The commercial banker is and always has been
confronted with a dilemma. One horn is the liability side of his balance sheet. A very small portion of the funds which he employs are the property of his stockholders. Most of them are funds which have been left with him for safekeeping - funds which their owners consider to be cash. The other horn is the asset side of his balance sheet. The community is looking to him to provide a portion of the funds necessary, not only for its working capital, but also for some of its fixed assets.
The FHA has contributed materially to the solution of this dilemma, as far as housing loans are concerned. Moreover, while it has made housing loans safe enough for conservative bank investment, it has still left to the bank, subject to the supervision of the FHA, the responsibility of choosing them, servicing them, and - when worse comes to worse - of enforcing the liens.
The FDIC, the SEC, and the FHA are not the only new aids which the Government has installed in the past fifteen years to make banking a safer and more certain business.
I should have mentioned, in passing, the separation of the functions of commercial banking and of underwriting private securities. This was effected by the Banking Act of 1933. In addition, the Banking Acts of 1933 and 1935 extended the scope of the Federal Reserve System by broadening the definitions of paper which the Federal Reserve Banks can accept as collateral, and by providing an over-all control for the open-market operations of the System.
The past fifteen years have also seen the birth and development of the RFC. The RFC commenced operations as an emergency corporation, called into being by adversity. It did its job well in the banking crisis. But, fortunately, we now have at our disposal instruments which are designed - and which I believe are able - to prevent such crises, rather than merely palliating them after they occur.
The RFC has now liquidated almost all of its advances to banks and the greater part of its holdings of bank preferred stock. It has shown in this liquidation a record of which its directors have a right to be proud.
But we must never lose sight of the fact that the RFC was created to serve in a period of
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Treasury Bulletin
grave emergency and that its greatest value is that of a stand-by facility.
Finally, I should like to mention the change which has taken place in the past fifteen years in the position of the American banking system in respect to storms in the world economy. In many respects, this change is the most important of all.
Many of you remember reading in your newspapers in the Spring of 1931 of the troubles of the Credit Anstalt in Austria. You also remember that the wave of liquidation, which started in Austria and swept through Germany and England, hit the United States in the Fall of 1931, aggravating an already growing domestic crisis. That is the way the old gold standard worked. It acted as a medium - almost a perfect conductor - for transmitting crises from country to country.
Congress, by the monumental legislation of 1933 and 1934, culminating in the Gold Reserve Act, changed the entire character of the gold standard and ended forever this exposure of the American banking system to waves of liquidation coming from abroad. In recent years we have gone further; and, through the international institutions set up by the Bretton Woods Agreements Act, we are now endeavoring to stop these waves of liquidation at their source and to establish an orderly world economy in which all forms of private trade and investment can go forward with assurance.
I have not attempted to discuss the fiscal policy of the Treasury. This important subject will be fully discussed by Secretary Snyder at the meeting of the American Bankers Association in Chicago on September 24. I shall only say that I am in hearty sympathy with President Truman and Secretary Snyder in their firm purpose to balance the budget at the earliest possible moment and to make provision as quickly as conditions will warrant for the beginning of an orderly retirement of our public debt.
I am not a pessimist on the future of this nation. I believe in the capacity of the American people to solve every problem that duty
brings before them. In every great hour of crisis, the people of this country have met the test. When the chips are down, we always find some of strength to respond to this nation's need. Ours is a nation built on the doctrine that nothing is more precious than human freedom. I agree with Benjamin Franklin that those who give up essential liberty in order to secure a little safety deserve neither liberty nor safety.
I know what our critics say about us, but we do not pretend that America has a perfect system of government. Nobody knows better than our people how inefficient and reckless we sometimes become. But these signs are superficial and not fundamental. You and I know that the heart of this nation is sound. Its intentions and instincts are in the right direction and are honest and wholesome. It is the real character of a people, not the occasional slips and falls, that ultimately determines the fate of a nation and the terminal of the road upon which they travel.
In some way, somehow, in God's divine economy, our country falls within the marvelous simile of Fisher Ames when he said that a dictatorship is like a battleship - beautiful in motion, irresistible when under way, but a single hidden rock may send her to the bottom; while Democracy is a raft - always in trouble, your feet are always wet, but nothing, thank God, can sink her.
Notwithstanding the intimate relationship of international affairs to our domestic economy, I have not attempted to explore this field. To me, there are certain eternal and universal principles in the relations of man with man and nation with nation that should never be forgotten. These principles were not created by constitutions and world charters. They inhere in free government itself, for human freedom is impossible without them. Among these rights there is none more fundamental than this: "No citizen shall be deprived of his life, liberty or property except by the judgment of the law and after trial before an independent and impartial tribunal." To me, this represents the Ark of the Covenant of our national and international salvation.
October 1946
A-5
Treasury Market Financing During August
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 29 and 30. Details of weekly Treasury bill offerings are shown on pages 31 and 32.
Cash Pay-Off and Refunding
On September 1, 1946 there was a maturity of 7/8% certificates of indebtedness in the amount of $4,336 million. Secretary of the Treasury Snyder announced on August 19, 1946 that about $2.0 billion of this would be paid off in cash, and that an offering of new one-year 7/8% certificates was being made, par for par, in exchange for the remainder. 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 new certificates were dated September 1, 1946 and will mature September 1, 1947. They will bear interest at the rate of 7/8% per annum, which will be subject to all Federal income taxes. Secretary Snyder stated that interest on the new certificates will be paid with the principal at maturity, rather than in the form of two semi-annual interest coupons, as on certificate issues heretofore. He stated that the purpose of this change is to simplify the procedure and avoid the inconvenience of handling coupons twice a year, thereby effecting an economy in clerical and accounting expenses to certificate holders, the Federal Reserve Banks, and the Treasury. The change was made after consultation with the Federal Reserve System and a number of representative holders of certificates.
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 August 19 and closed at the end of business on August 21, except for the receipt of subscriptions from holders of $25,000 or less of the maturing certificates, for which the books remained open through August 22.
On August 30, 1946, the Secretary of the Treasury announced that exchange subscriptions for the new issue aggregated $4,145 million. Subscriptions in amounts of $25,000 or less were allotted in full in the amount of $39 million. Subscriptions in amounts over $25,000 were allotted 56% 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 $2,341 million with $1,995 million paid off in cash.
Reports to the Treasury on the ownership of Government securities indicate that on July 31, 1946 about 78% of the $4.3 billion of maturing certificates was owned by reporting commercial banks and Federal Reserve Banks. The ownership figures for July 31 are the latest available. Trading in the market after that date may have resulted in some shifts in ownership between banks and nonbank investors. It is clear, nevertheless, that a large proportion of the cash pay-off of $2 billion went directly to reduce the holdings of Government securities by banks.
Total Cash Pay-Offs to Date
With the payment in cash of $2.0 billion on the certificates maturing on September 1, 1946, the Treasury had paid off $15.5 billion on $30.7 billion of maturing and called securities since the debt pay-off program began on March 1, 1946. Thus, about 50% of the total was paid off in cash. The following table shows the amount maturing or called for payment, and the amount of cash pay-offs, in each month starting with March.
Cash Pay-Offs on Maturing or Called Securities March-September 1946
<table><tr><th rowspan="2">1946</th><th rowspan="2">Amount maturing or called (In billions of dollars)</th><th colspan="2">Cash pay-off</th></tr><tr><th>Amount</th><th>Percent of amount maturing or called (Percent)</th></tr><tr><td>March</td><td>5.9</td><td>2.8</td><td>47</td></tr><tr><td>April</td><td>4.8</td><td>2.0</td><td>41</td></tr><tr><td>May</td><td>1.6</td><td>1.6</td><td>100</td></tr><tr><td>June</td><td>6.7</td><td>3.9</td><td>58</td></tr><tr><td>July</td><td>4.9</td><td>2.0</td><td>41</td></tr><tr><td>August</td><td>2.5</td><td>1.2</td><td>50</td></tr><tr><td>September</td><td>4.3</td><td>2.0</td><td>46</td></tr><tr><td>Total</td><td>30.7</td><td>15.5</td><td>50</td></tr></table>
By September 3, 1946, the public debt had been reduced by a net amount of $13.8 billion, from its peak of $279.3 billion on February 28, 1946 to a new total of $266.0 billion. The net decline in the debt was thus about $1.6 billion less than the total of $15.5 billion of cash pay-offs. The difference was accounted for by other public debt transactions such as the continued sale of savings bonds and the sale of special issues to United States Government trust funds.
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Treasury Bulletin
The following table presents a reconciliation of the cash pay-offs and the net decline in the debt from February 28, 1946 to August 31, 1946, and September 3, 1946.
Composition of Gross Public Debt and Guaranteed Obligations 1/
(In billions of dollars)
<table><tr><th></th><th>Feb. 28, 1946</th><th>Aug. 31, 1946</th><th>Sep. 3, 1946</th></tr><tr><td>Marketable interest-bearing public debt:</td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17.0</td><td>17.0</td><td>17.0</td></tr><tr><td>Certificates of indebtedness and 0.90% notes</td><td>46.3</td><td>36.5</td><td>34.5</td></tr><tr><td>Other Treasury notes</td><td>14.6</td><td>13.4</td><td>13.4</td></tr><tr><td>Treasury bonds:</td><td></td><td></td><td></td></tr><tr><td>Bank-restricted 2/</td><td>53.4</td><td>53.5</td><td>53.5</td></tr><tr><td>Bank-eligible</td><td>68.2</td><td>65.9</td><td>65.9</td></tr><tr><td>Postal savings and other bonds</td><td>.2</td><td>.2</td><td>.2</td></tr><tr><td>Subtotal</td><td>199.8</td><td>186.4</td><td>184.4</td></tr><tr><td>Net change from Feb. 28 (cash pay-offs)</td><td></td><td>-13.5</td><td>-15.5</td></tr><tr><td>Other public debt and guaranteed obligations 1/</td><td></td><td></td><td></td></tr><tr><td>Savings bonds</td><td>48.7</td><td>49.5</td><td>49.5</td></tr><tr><td>Savings notes</td><td>8.0</td><td>6.7</td><td>6.7</td></tr><tr><td>Special issues</td><td>20.9</td><td>23.4</td><td>23.4</td></tr><tr><td>All other 3/</td><td>2.3</td><td>2.0</td><td>2.0</td></tr><tr><td>Subtotal</td><td>80.0</td><td>81.6</td><td>81.6</td></tr><tr><td>Net change from Feb. 28</td><td></td><td>+1.6</td><td>+1.6</td></tr><tr><td>Total public debt and guaranteed obligations 1/</td><td>279.8</td><td>267.9</td><td>266.0</td></tr><tr><td>Net change in debt from Feb. 28</td><td></td><td>-11.8</td><td>-13.8</td></tr></table>
The program of cash pay-offs has had a significant effect upon the distribution of the ownership of the debt between banks and nonbank investors. From February 28, 1946, the peak of the debt, to July 31, 1946, the latest date for which complete ownership data are available, the interest-bearing debt declined by $11.1 billion. About 89% of this decline occurred in the holdings of banks while only 11% occurred in the
1/ Excludes guaranteed securities held by the Treasury.
2/ Bank restricted issues may not be acquired by commercial banks (with minor exceptions) prior to specified dates. See footnote 2 on page 22 of this issue.
3/ Includes matured debt, excess profits tax refund bonds, depository bonds, and guaranteed obligations.
holdings of nonbank investors. This indicates that the debt reduction program of the Treasury has been effective in furthering the policy of reducing bank ownership of the debt as an aid to the control of inflationary pressures.
The following table presents the estimated distribution of the ownership of the interest-bearing debt as of February 28, 1946 and July 31, 1946. Historical data are available in a regular table in the statistical section on page 47 of this issue.
Estimated Ownership of the Interest-Bearing Public Debt
<table><tr><th></th><th>Feb. 28, 1946</th><th>July 31, 1946</th><th>Change Amount</th><th>Percent</th></tr><tr><td colspan="5">(In billions of dollars)</td></tr><tr><td>Banks:</td><td></td><td></td><td></td><td></td></tr><tr><td>Commercial banks</td><td>92.5</td><td>81.9</td><td>-10.6</td><td></td></tr><tr><td>Federal Reserve Banks</td><td>22.9</td><td>23.6</td><td>+0.7</td><td></td></tr><tr><td>Total banks</td><td>115.4</td><td>105.6</td><td>-9.9</td><td>89</td></tr><tr><td>Nonbank investors:</td><td></td><td></td><td></td><td></td></tr><tr><td>Individuals</td><td>63.7</td><td>63.2</td><td>-0.5</td><td></td></tr><tr><td>Insurance companies</td><td>24.8</td><td>25.4</td><td>+0.5</td><td></td></tr><tr><td>Mutual savings banks</td><td>11.1</td><td>11.6</td><td>+0.5</td><td></td></tr><tr><td>Other corporations and associations</td><td>29.0</td><td>25.8</td><td>-3.2</td><td></td></tr><tr><td>State and local governments</td><td>6.4</td><td>6.1</td><td>-0.3</td><td></td></tr><tr><td>Federal agencies and trust funds</td><td>28.0</td><td>29.7</td><td>+1.8</td><td></td></tr><tr><td>Total nonbank investors</td><td>163.0</td><td>161.8</td><td>-1.2</td><td>11</td></tr><tr><td>Total interest-bearing debt</td><td>278.5</td><td>267.4</td><td>-11.1</td><td>100</td></tr></table>
The table shows that three nonbank investor groups increased their holdings of Federal securities during the period while three others reduced them. The sharpest change occurred in the case of "other corporations and associations," which reduced their holdings by $3.2 billion during the period. This reduction reflects primarily payments on heavy 1945 tax liabilities and the need to raise funds for reconversion and expansion purposes. Almost half of the decline in these holdings was in the form of savings notes.
October 1946
1
SUMMARY OF FISCAL STATISTICS
2
Treasury Bulletin
Budgetary Receipts and Expenditures
(In millions of dollars)
<table><tr><th></th><th colspan="4">First 2 months, fiscal years 1945 to 1947</th><th colspan="4">Complete fiscal years. 1945 to 1947</th></tr><tr><th></th><th>1945</th><th>1946</th><th>1947</th><th>Change 1946 to 1947</th><th colspan="2">Actual</th><th>Estimated</th><th>Change</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>1945</th><th>1946</th><th>1947 1/</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><td></td></tr><tr><td>Internal revenues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>2,799</td><td>3,408</td><td>3,002</td><td>-407</td><td>35,173</td><td>30,885</td><td>27,445</td><td>-3,440</td></tr><tr><td>Employment taxes</td><td>375</td><td>372</td><td>369</td><td>-3</td><td>1,780</td><td>1,701</td><td>1,866</td><td>+165</td></tr><tr><td>Miscellaneous internal revenue 2/</td><td>1,513</td><td>1,595</td><td>1,375</td><td>-220</td><td>6,949</td><td>7,725</td><td>7,746</td><td>+21</td></tr><tr><td>Customs</td><td>51</td><td>65</td><td>84</td><td>+19</td><td>355</td><td>435</td><td>463</td><td>+28</td></tr><tr><td>Other receipts 3/</td><td>333</td><td>595</td><td>488</td><td>-107</td><td>3,483</td><td>3,493</td><td>3,398</td><td>-95</td></tr><tr><td>Total receipts</td><td>5,071</td><td>6,035</td><td>5,317</td><td>-717</td><td>47,740</td><td>44,239</td><td>40,919</td><td>-3,320</td></tr><tr><td>Less:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net appropriations to Federal Old-Age and Survivors Insurance Trust Fund</td><td>340</td><td>342</td><td>345</td><td>+2</td><td>1,283</td><td>1,201</td><td>1,329</td><td>+128</td></tr><tr><td>Net receipts</td><td>4,731</td><td>5,692</td><td>4,973</td><td>-720</td><td>46,457</td><td>43,038</td><td>39,590</td><td>-3,448</td></tr><tr><td>Expenditures:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War Department</td><td>8,014</td><td>7,815</td><td>975</td><td>-6,840</td><td>50,337</td><td>27,800</td><td>8,000</td><td>-19,800</td></tr><tr><td>Navy Department</td><td>5,093</td><td>4,411</td><td>1,070</td><td>-3,340</td><td>30,047</td><td>15,161</td><td>5,150</td><td>-10,011</td></tr><tr><td>Miscellaneous war and defense activities 4/</td><td>1,664</td><td>1,498</td><td>654</td><td>-845</td><td>9,645</td><td>5,581</td><td>5,828</td><td>+247</td></tr><tr><td>Total</td><td>14,772</td><td>13,725</td><td>2,699</td><td>-11,026</td><td>90,029</td><td>48,542</td><td>18,978</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><td></td></tr><tr><td>Veterans' Administration 5/ 6/</td><td>226</td><td>480</td><td>1,214</td><td>+734</td><td>2,060</td><td>4,253</td><td>6,205</td><td>+1,952</td></tr><tr><td>Interest on the public debt</td><td>162</td><td>255</td><td>371</td><td>+116</td><td>3,617</td><td>4,722</td><td>5,000</td><td>+278</td></tr><tr><td>Refunds of taxes and duties 7/</td><td>227</td><td>613</td><td>590</td><td>-62</td><td>1,707</td><td>3,027</td><td>1,857</td><td>-1,170</td></tr><tr><td>Total</td><td>615</td><td>1,348</td><td>2,136</td><td>+788</td><td>7,384</td><td>12,002</td><td>13,062</td><td>+1,060</td></tr><tr><td>International finance:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bretton Woods Agreements Act:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>International Bank</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>159</td><td></td><td></td></tr><tr><td>International Monetary Fund</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,093</td><td>+2,260</td></tr><tr><td>Expert-Import Bank - capital stock</td><td>-</td><td>-</td><td>100</td><td>+100</td><td>-</td><td>674</td><td></td><td></td></tr><tr><td>Credit to United Kingdom</td><td>-</td><td>-</td><td>300</td><td>+300</td><td>-</td><td>-</td><td></td><td></td></tr><tr><td>All other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>833</td><td>+2,260</td></tr><tr><td>Total</td><td>-</td><td>-</td><td>400</td><td>+400</td><td>-</td><td>833</td><td>3,093</td><td>+2,260</td></tr><tr><td>Aid to agriculture 5/</td><td>92</td><td>55</td><td>1,083</td><td>+1,027</td><td>762</td><td>980</td><td></td><td></td></tr><tr><td>Social security program 5/ 8/</td><td>305</td><td>298</td><td>319</td><td>+21</td><td>815</td><td>852</td><td>5,737</td><td>+2,095</td></tr><tr><td>Public works</td><td>62</td><td>66</td><td>169</td><td>+103</td><td>323</td><td>407</td><td></td><td></td></tr><tr><td>Other general expenditures 4/ 5/</td><td>383</td><td>420</td><td>506</td><td>+86</td><td>1,093</td><td>1,403</td><td></td><td></td></tr><tr><td>Expenditures from anticipated supplemental appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>160</td><td>+160</td></tr><tr><td>Government corporations (wholly owned), etc. (net):</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></tr><tr><td>War and defense activities</td><td>206</td><td>134</td><td>97</td><td>-37</td><td>472</td><td>328</td><td></td><td></td></tr><tr><td>Other</td><td>-22</td><td>37</td><td>-21</td><td>-58</td><td>-288</td><td>-23</td><td>509</td><td>+1,814</td></tr><tr><td>Commodity Credit Corporation</td><td>145</td><td>94</td><td>-814</td><td>-909</td><td>470</td><td>-1,044</td><td></td><td></td></tr><tr><td>Other</td><td>-114</td><td>-65</td><td>3</td><td>+68</td><td>-662</td><td>-566</td><td></td><td></td></tr><tr><td>Total</td><td>215</td><td>201</td><td>-734</td><td>-935</td><td>-7</td><td>-1,305</td><td>509</td><td>+1,814</td></tr><tr><td>Total expenditures</td><td>16,444</td><td>16,112</td><td>6,576</td><td>-9,536</td><td>100,397</td><td>63,714</td><td>41,539</td><td>-22,175</td></tr><tr><td>Net budgetary deficit</td><td>11,713</td><td>10,419</td><td>1,603</td><td>-8,816</td><td>53,941</td><td>20,676</td><td>1,949</td><td>-18,727</td></tr></table>
of capital impairment affected by the cancellation of notes pursuant to the Act of July 20, 1946. Includes expenditures for public works undertaken by Veterans' Administration, except for the estimated fiscal year 1947, figures for which are not yet available. Includes amounts transferred to public debt accounts to cover instances 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. Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly Office for Emergency Management, War Manpower Commission, U. S. Employment Service), under authority of the Social Security Act, which are included in "Miscellaneous war and defense activities."
Source: Daily Treasury Statement, except as noted.
1/ Based upon the 1947 Budget document as revised August 3, 1946.
2/ Includes chiefly alcoholic beverage taxes, tobacco taxes, manufac-turers' and retailers' excise taxes, and estate taxes.
3/ 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 war- rante, such deposits were as follows: fiscal year 1945, $2,041 million and fiscal year 1946, $1,063 million. 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. Expenditures for Aid to Agriculture in fiscal year 1947 include $921 million for restoration
October 1946
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 2 months, fiscal years 1945 to 1947</th><th colspan="4">End of fiscal years, 1945 to 1947</th></tr><tr><th></th><th>August 31, 1944</th><th>August 31, 1945</th><th>August 31, 1946</th><th>Change Aug. 31, 1945 to Aug. 31, 1946</th><th colspan="2">Actual</th><th>Estimated 1/</th><th>Change</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th>June 30, 1945</th><th>June 30, 1946</th><th>June 30, 1947</th><th>Actual June 30, 1946 to estimated June 30, 1947 1/</th></tr><tr><td>Securities issued by the United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>interest-bearing debt:</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></tr><tr><td>Marketable.</td><td>145,213</td><td>183,334</td><td>186,350</td><td>+3,017</td><td>181,319</td><td>189,606</td><td rowspan="2">n.a.</td><td rowspan="2">n.a.</td></tr><tr><td>Non-marketable.</td><td>47,614</td><td>57,379</td><td>56,566</td><td>-814</td><td>56,226</td><td>56,173</td></tr><tr><td>Total public issues.</td><td>192,827</td><td>240,713</td><td>242,916</td><td>+2,203</td><td>237,545</td><td>245,779</td><td></td><td></td></tr><tr><td>Special issues.</td><td>15,461</td><td>20,033</td><td>23,443</td><td>+3,410</td><td>18,812</td><td>22,332</td><td></td><td></td></tr><tr><td>Total interest-bearing debt.</td><td>208,289</td><td>260,746</td><td>266,359</td><td>+5,613</td><td>256,357</td><td>268,111</td><td></td><td></td></tr><tr><td>Matured debt and debt bearing no interest.</td><td>1,514</td><td>2,255</td><td>1,187</td><td>-1,068</td><td>2,326</td><td>1,311</td><td></td><td></td></tr><tr><td>Total public debt outstanding.</td><td>209,802</td><td>263,001</td><td>267,546</td><td>+4,545</td><td>258,682</td><td>269,422</td><td>261,000</td><td>-8,422</td></tr><tr><td>Securities guaranteed by the United States 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable.</td><td>1,191</td><td>35</td><td>43</td><td>+8</td><td>34</td><td>43</td><td rowspan="2">n.a.</td><td rowspan="2">n.a.</td></tr><tr><td>Non-marketable.</td><td>284</td><td>479</td><td>326</td><td>-153</td><td>375</td><td>424</td></tr><tr><td>Total interest-bearing debt.</td><td>1,475</td><td>515</td><td>370</td><td>-145</td><td>409</td><td>467</td><td></td><td></td></tr><tr><td>Matured debt.</td><td>92</td><td>19</td><td>9</td><td>-10</td><td>24</td><td>10</td><td></td><td></td></tr><tr><td>Total guaranteed securities outstanding.</td><td>1,566</td><td>534</td><td>379</td><td>-155</td><td>433</td><td>476</td><td></td><td></td></tr><tr><td>Total public debt and guaranteed securities outstanding.</td><td>211,369</td><td>263,535</td><td>267,924</td><td>+4,390</td><td>259,115</td><td>269,898</td><td></td><td></td></tr></table>
Source: Daily Treasury Statement, except as noted. 1/ Based upon the 1947 Budget document as revised August 3, 1946. n.a. Not available. 2/ Excludes guaranteed securities held by the Treasury.
4
Treasury Bulletin
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
October 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">Net budgetary deficit 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 and defense activities 5/</th><th>Transfers to trust accounts, etc. 6/</th><th>Government corporations (wholly owned), etc. (net) 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>9/</td><td>3,149</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>9/</td><td>1,384</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>9/</td><td>3,542</td></tr><tr><td>1940</td><td>5,925</td><td>5,303</td><td>349</td><td>273 10/</td><td>538</td><td>5,387</td><td>8,998</td><td>7,109</td><td>1,657</td><td>232</td><td>9/</td><td>3,611</td></tr><tr><td>1941</td><td>8,269</td><td>7,362</td><td>392</td><td>515 10/</td><td>661</td><td>7,607</td><td>12,711</td><td>6,079 11/</td><td>6,301</td><td>331</td><td>9/</td><td>5,103</td></tr><tr><td>1942</td><td>13,668</td><td>12,993</td><td>389</td><td>286 10/</td><td>869</td><td>12,799</td><td>32,397</td><td>6,005</td><td>26,011</td><td>381</td><td>9/</td><td>19,598</td></tr><tr><td>1943</td><td>23,385</td><td>22,144</td><td>324</td><td>916 10/ 12/</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>9/</td><td>55,897</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>431</td><td>3,292 12/</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>9/</td><td>49,595</td></tr><tr><td>1945</td><td>47,740</td><td>43,902</td><td>355</td><td>3,483 12/</td><td>1,283</td><td>46,457</td><td>100,397</td><td>8,730</td><td>90,029</td><td>1,646</td><td>-7</td><td>53,941</td></tr><tr><td>1946</td><td>44,239</td><td>40,310</td><td>435</td><td>3,493 12/</td><td>1,201</td><td>43,038</td><td>63,714</td><td>14,559</td><td>48,542</td><td>1,918</td><td>-1,305</td><td>20,676</td></tr><tr><td>1945-August</td><td>3,281</td><td>2,849</td><td>32</td><td>400</td><td>283</td><td>2,997</td><td>7,291</td><td>793</td><td>6,399</td><td>162</td><td>-63</td><td>4,293</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>6,687</td><td>1,210</td><td>5,357</td><td>34</td><td>75</td><td>1,497</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>5,695</td><td>787</td><td>5,126</td><td>38</td><td>-255</td><td>3,165</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>4,581</td><td>430</td><td>4,226</td><td>-</td><td>-74</td><td>2,208</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>5,013</td><td>1,201</td><td>4,245</td><td>-</td><td>-432</td><td>895</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>4,860</td><td>791</td><td>3,417</td><td>684</td><td>-31</td><td>1,042</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>3,435</td><td>660</td><td>2,702</td><td>148</td><td>-75</td><td>-243</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>3,845</td><td>2,028</td><td>2,550</td><td>23</td><td>-757</td><td>-1,902</td></tr><tr><td>April</td><td>2,734</td><td>2,310</td><td>45</td><td>179</td><td>57</td><td>2,677</td><td>4,268</td><td>1,490</td><td>2,560</td><td>200</td><td>18</td><td>1,591</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>3,864</td><td>1,400</td><td>2,182</td><td>95</td><td>187</td><td>1,131</td></tr><tr><td>June</td><td>4,482</td><td>4,080</td><td>35</td><td>367</td><td>3</td><td>4,479</td><td>5,352</td><td>3,066</td><td>2,442</td><td>5</td><td>-161</td><td>873</td></tr><tr><td>July</td><td>2,600</td><td>2,251</td><td>44</td><td>305</td><td>61</td><td>2,539</td><td>3,644</td><td>2,694</td><td>1,190</td><td>631</td><td>-870</td><td>1,105</td></tr><tr><td>August</td><td>2,717</td><td>2,494</td><td>40</td><td>183</td><td>283</td><td>2,434</td><td>2,932</td><td>1,274</td><td>1,509</td><td>13</td><td>136</td><td>499</td></tr></table>
Source: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5.
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/ For further details, see Table 6.
8/ Total expenditures less net receipts.
9/ For expenditures of Government corporations, etc. (net) see table on "Trust Accounts, Etc. Receipts and Expenditures" showing transactions in checking accounts of Government agencies, etc. (net).
10/ 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.
11/ 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.
12/ 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, $1,063 million. These figures include so-called voluntary returns.
Table 2.- Analysis of Receipts from Internal Revenue
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th colspan="3">Income and profits taxes</th><th colspan="3">Employment taxes</th><th>Carriers' Taxing Act of 1937 (Railroad retirement)</th><th>Miscellaneous internal revenue</th></tr><tr><th></th><th></th><th>Total</th><th>Withheld by employers (Current Tax Payment Act of 1943)</th><th>Other 3/</th><th>Total</th><th>Social security taxes 4/ Federal insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th><th></th><th></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>2,232</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>-</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-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>3</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>690</td><td>2,742</td><td>73</td><td>7</td><td>1</td><td>65</td><td>615</td></tr><tr><td>July</td><td>2,251</td><td>1,489</td><td>514</td><td>974</td><td>67</td><td>62</td><td>2</td><td>2</td><td>695</td></tr><tr><td>August</td><td>2,494</td><td>1,513</td><td>1,070</td><td>443</td><td>302</td><td>284</td><td>10</td><td>8</td><td>679</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ For further details, see chapter entitled "Internal Revenue Statistics".
2/ Excludes receipt of victory taxes withheld pursuant to the Revenue Act of 1942. Such receipts have been classified as "Other" income and profits taxes.
3/ Includes unjust enrichment tax.
4/ For the period prior to September 1939, the data in the columns entitled "Federal Insurance Contributions Act" and "Federal Unemployment Tax Act" represent collections under Titles VIII and IX, respectively, of the Social Security Act.
5/ Includes less than $500 thousand in receipts from "Agricultural Adjustment taxes".
6
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 3.- Analysis of General Expenditures
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditure</th><th colspan="3">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 1/ 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>13/</td><td>14/</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 13/</td><td>550</td><td>407</td><td>842</td><td>13/</td><td>14/</td><td>1,141 15/</td></tr><tr><td>1945-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>14/</td><td>14/</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>14/</td><td>14/</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>14/</td><td>14/</td><td>188 15/</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>14/</td><td>14/</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>14/</td><td>14/</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>14/</td><td>14/</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>14/</td><td>14/</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 13/</td><td>32</td><td>32</td><td>77</td><td>14/</td><td>14/</td><td>111 15/</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>14/</td><td>14/</td><td>111 15/</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>14/</td><td>14/</td><td>216 15/</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>14/</td><td>14/</td><td>431 15/</td></tr><tr><td>July</td><td>2,694</td><td>1,074</td><td>463</td><td>249</td><td>361</td><td>1,620</td><td>1,024 16/</td><td>98</td><td>67</td><td>118</td><td>14/</td><td>14/</td><td>311 17/</td></tr><tr><td>August</td><td>1,274</td><td>823</td><td>512</td><td>122</td><td>189</td><td>451</td><td>58</td><td>46</td><td>101</td><td>104</td><td>14/</td><td>14/</td><td>141</td></tr></table>
Source: Daily Treasury Statement.
1/ General expenditures now include expenditures for revolving funds; back figures have been revised accordingly.
2/ Includes public works undertaken by the Veteran's Administration.
3/ Does not include transfers to trust accounts, etc. These are shown in Table 5.
4/ Refunds of taxes* include amounts transferred to public debt accounts to cover issuance of excess profits tax refund bonds and exclude refunds of taxes under the Social security program. Excess profits tax refund bonds were formerly issued to corporations entitling them to a post-war credit equal to 10% of the excess profits tax paid. The Tax Adjustment Act of 1945 reduced by 10% the amount of excess profits tax to be paid and abolished the post-war credit. For amounts of excess profits tax refund bonds issued, see the first table in chapter entitled "Public Debt and Guaranteed Obligations of the United States Government". Outstanding excess profits tax refund bonds may be redeemed at the option of the holder commencing January 1, 1946; when such redemptions occur, they will appear as retirements of public debt.
5/ Consists of Department of Agriculture expenditures, except forest roads and trails which are included in Public works.
6/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service (formerly 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/ Includes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social security program and the Department of Agriculture departmental expenditures. Beginning July, 1946, includes expenditures formerly classified as departmental.
9/ For additional information, see "Treasury Bulletin" for August 1945, page 6.
10/ Includes expenditures for the following: Office of Education, and Public Health Service of the Federal Security Agency; Post Office Department postal deficiencies; Federal Housing Administration; Treasury Department investments in Federal savings and loan associations; certain expenditures of the Panama Canal; and capital stock of the Federal Deposit Insurance Corporation, Home Owners' Loan Corporation, Federal home loan banks, and Disaster Loan Corporation.
11/ Gross expenditures have been reduced $115 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
12/ Includes $257 million for restoration of capital impairment of Commodity Credit Corporation applicable to fiscal years 1943 and 1944.
13/ Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
14/ Classified as miscellaneous expenditure commencing July 1, 1945.
15/ Expenditures during October 1945 include $174 million and during March and April, 1946, $100 million each for Export-Import Bank of Washington - capital stock. Expenditures for June 1945 also include $158 million for International Bank under Bretton Woods Agreements Act.
16/ Includes $921 million for restoration of capital impairment of Commodity Credit Corporation effected by cancellation of notes pursuant to the act of July 20, 1946.
17/ Includes expenditures of $300 million for credit to United Kingdom.
October 1946
7
Budgetary Receipts and Expenditures - (Continued)
Table 4.- Analysis of Expenditures for War and Defense Activities
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>War Department</th><th>Navy Department</th><th>Total miscellaneous war and defense 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 (admit- trative)</th><th>Treasury Department</th><th>United States Maritime Commis- sion</th><th>War Ship- ping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabili- tation Admin.</th><th>Surplus property disposal agencies</th><th>Other war and de- fenses ac- tivities expendi- tures 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>1,367</td><td>120</td><td>664</td><td>106</td><td>611</td></tr><tr><td>1945-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>83</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 4/</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>3</td><td>41</td><td>-73</td><td>72</td><td>2</td><td>74</td><td>3</td><td>29</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>132</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>50</td></tr><tr><td>July</td><td>1,190</td><td>300</td><td>519</td><td>370</td><td>12</td><td>2</td><td>7</td><td>4</td><td>4</td><td>29</td><td>4</td><td>34</td><td>-</td><td>169</td><td>27</td><td>79</td></tr><tr><td>August</td><td>1,509</td><td>675</td><td>551</td><td>283</td><td>4</td><td>4</td><td>5</td><td>4</td><td>3</td><td>35</td><td>-3</td><td>40</td><td>-</td><td>169</td><td>23</td><td>°</td></tr></table>
Source: Daily Treasury Statement. Lose than $500 thousand. 1/ Includes war public housing functions. 2/ 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 million 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. Total payments for the fiscal year 1946 amounted to $957 million.
Table 5.- Analysis of Expenditures for Transfers to Trust Accounts, Etc.
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Veterans' Administration 1/2/</th><th>Social security program 1/3/</th><th>Government employees' retirement fund (U. S. share)</th><th>Aid to agriculture 1/3/</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>*</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>6</td></tr><tr><td>1945-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><tr><td>July</td><td>631</td><td>226</td><td>174</td><td>223</td><td>-</td><td>8</td></tr><tr><td>August</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Additional transactions are shown in Table 3.
2/ Compriees 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.
g
Treasury Bulletin
Budgetary Receipts and Expenditures - (Continued)
Table 6. - Analysis of Expenditures of Government Corporations (Wholly Owned), Etc. (Net)
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total</th><th>Commodity Credit Corporation</th><th>Export-Import Bank of Washington</th><th>Federal Housing Administration</th><th>Federal Public Housing Authority</th><th>Home Owners' Loan Corporation</th><th>Reconstruction Finance Corporation 1/ War and defense activities</th><th>Other</th><th>Rural Electrification Administration</th><th>Other</th></tr><tr><td>1945</td><td>-7</td><td>471 2/</td><td>*</td><td>-5</td><td>12</td><td>-323</td><td>472</td><td>-288</td><td>-3</td><td>-342</td></tr><tr><td>1946</td><td>-1,305</td><td>-1,044 2/</td><td>-106</td><td>-20</td><td>1</td><td>-275</td><td>328</td><td>-23</td><td>-7</td><td>-159</td></tr><tr><td>1945-August</td><td>-63</td><td>137</td><td>*</td><td>-4</td><td>-2</td><td>-27</td><td>63</td><td>-1</td><td>*</td><td>-229</td></tr><tr><td>September</td><td>75</td><td>54</td><td>*</td><td>-2</td><td>1</td><td>-22</td><td>57</td><td>17</td><td>1</td><td>-31</td></tr><tr><td>October</td><td>-255</td><td>-62</td><td>-1</td><td>-2</td><td>*</td><td>-23</td><td>34</td><td>-165</td><td>-4</td><td>-31</td></tr><tr><td>November</td><td>-74</td><td>-47</td><td>-10</td><td>-2</td><td>-2</td><td>-21</td><td>-76</td><td>118</td><td>*</td><td>-34</td></tr><tr><td>December</td><td>-432</td><td>-394</td><td>9</td><td>5</td><td>5</td><td>-21</td><td>15</td><td>-34</td><td>1</td><td>-18</td></tr><tr><td>1946-January</td><td>-31</td><td>2</td><td>2</td><td>-2</td><td>*</td><td>-22</td><td>4</td><td>24</td><td>3</td><td>-34</td></tr><tr><td>February</td><td>-75</td><td>-53</td><td>-9</td><td>-1</td><td>-1</td><td>-21</td><td>31</td><td>-33</td><td>-1</td><td>12</td></tr><tr><td>March</td><td>-757</td><td>-631 3/</td><td>-39</td><td>-5</td><td>9</td><td>-24</td><td>-96</td><td>-28</td><td>*</td><td>2</td></tr><tr><td>April</td><td>18</td><td>-3</td><td>-11</td><td>-2</td><td>-6</td><td>-22</td><td>85</td><td>-1</td><td>-3</td><td>-21</td></tr><tr><td>May</td><td>187</td><td>146</td><td>-66</td><td>-3</td><td>-1</td><td>-22</td><td>148</td><td>-11</td><td>-1</td><td>-3</td></tr><tr><td>June</td><td>-161</td><td>-151</td><td>20</td><td>-3</td><td>3</td><td>-25</td><td>-1</td><td>-2</td><td>1</td><td>-2</td></tr><tr><td>July</td><td>-870</td><td>-959 4/</td><td>64</td><td>*</td><td>-2</td><td>-18</td><td>43</td><td>13</td><td>3</td><td>-14</td></tr><tr><td>August</td><td>136</td><td>145</td><td>-15</td><td>11</td><td>2</td><td>-22</td><td>54</td><td>-34</td><td>-2</td><td>-4</td></tr></table>
source: Dolly Treasury Statement.
Less than $500 thousand.
1/ Includes transactions on account of RFC Mortgage Company, Federal National Mortgage Association, Office of Metals Reserve, Office of Rubber Reserve, Office of Defense Plants, Office of Defense Supplies, U. S. Commercial Company, War Damage Corporation, and Rubber Development Corporation.
2/ Payments of $957 million have been made during the fiscal year 1946 by the Agriculture Department (charged as war and defense activities) to the Commodity Credit Corporation in reimbursement for agricultural commodities procured in connection with the lead-lease program and
3/ Represents payment to Commodity Credit Corporation under act of February 18, 1946.
4/ The act of July 20, 1946, authorized the Secretary of the Treasury to cancel notes of the Commodity Credit Corporation in the amount of $921 million for the restoration of its capital impairment. This amount is treated as a general expenditure with a corresponding credit under Government corporations (wholly-owned), etc. (net).
Table 7. - Total Budgetary Receipts and Expenditures by Months, Beginning with 1937
(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>1937</td><td>239</td><td>230</td><td>967</td><td>318</td><td>290</td><td>828</td><td>367</td><td>412</td><td>747</td><td>292</td><td>286</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>367</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>649</td><td>331</td><td>447</td><td>711</td><td>333</td><td>362</td><td>740</td><td>5,834</td></tr><tr><td>1941</td><td>340</td><td>541</td><td>1,566</td><td>565</td><td>394</td><td>1,276</td><td>413</td><td>397</td><td>1,135</td><td>445</td><td>564</td><td>1,212</td><td>8,849</td></tr><tr><td>1942</td><td>578</td><td>758</td><td>3,547</td><td>695</td><td>563</td><td>2,492</td><td>747</td><td>587</td><td>2,527</td><td>607</td><td>601</td><td>2,701</td><td>16,403</td></tr><tr><td>1943</td><td>788</td><td>955</td><td>5,206</td><td>1,514</td><td>1,480</td><td>4,569</td><td>2,007</td><td>2,721</td><td>5,447</td><td>2,030</td><td>2,099</td><td>5,736</td><td>34,554</td></tr><tr><td>1944</td><td>2,747</td><td>2,503</td><td>6,573</td><td>3,087</td><td>2,950</td><td>6,247</td><td>2,163</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,911</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>2,539</td><td>2,434</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Budgetary expenditures 2/</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>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>869</td><td>817</td><td>1,172</td><td>9,657</td></tr><tr><td>1941</td><td>1,111</td><td>1,075</td><td>1,399</td><td>1,315</td><td>1,141</td><td>1,528</td><td>1,598</td><td>1,529</td><td>1,874</td><td>2,083</td><td>1,858</td><td>2,542</td><td>19,053</td></tr><tr><td>1942</td><td>2,628</td><td>2,629</td><td>3,421</td><td>3,753</td><td>3,953</td><td>4,530</td><td>5,160</td><td>5,215</td><td>5,931</td><td>5,937</td><td>6,363</td><td>6,500</td><td>56,020</td></tr><tr><td>1943</td><td>6,372</td><td>6,119</td><td>7,354</td><td>7,466</td><td>7,435</td><td>8,327</td><td>7,112</td><td>7,617</td><td>7,535</td><td>7,456</td><td>7,839</td><td>7,452</td><td>88,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,862</td><td>8,525</td><td>7,859</td><td>8,292</td><td>8,625</td><td>8,100</td><td>8,344</td><td>7,902</td><td>8,135</td><td>7,946</td><td>8,420</td><td>97,578</td></tr><tr><td>1945</td><td>8,239</td><td>7,281</td><td>9,266</td><td>7,901</td><td>9,112</td><td>9,752</td><td>8,821</td><td>7,291</td><td>6,687</td><td>5,695</td><td>4,581</td><td>5,013</td><td>89,640</td></tr><tr><td>1946</td><td>4,860</td><td>3,435</td><td>3,845</td><td>4,268</td><td>3,864</td><td>5,352</td><td>3,644</td><td>2,932</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td colspan="14">Net budgetary deficit 3/</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>4,413</td><td>4,628</td><td>3,404</td><td>5,331</td><td>5,761</td><td>3,799</td><td>39,618</td></tr><tr><td>1943</td><td>5,584</td><td>5,164</td><td>2,147</td><td>5,952</td><td>5,955</td><td>3,758</td><td>5,105</td><td>4,896</td><td>2,087</td><td>5,426</td><td>5,740</td><td>1,716</td><td>53,530</td></tr><tr><td>1944</td><td>4,823</td><td>5,359</td><td>1,952</td><td>4,772</td><td>5,342</td><td>2,378</td><td>5,937</td><td>5,776</td><td>1,976</td><td>6,134</td><td>5,706</td><td>3,004</td><td>53,157</td></tr><tr><td>1945</td><td>4,683</td><td>3,514</td><td>2,373</td><td>4,972</td><td>6,028</td><td>3,838</td><td>6,126</td><td>4,293</td><td>1,497</td><td>3,165</td><td>2,208</td><td>895</td><td>43,594</td></tr><tr><td>1946</td><td>1,042</td><td>-243</td><td>-1,902</td><td>1,591</td><td>1,131</td><td>873</td><td>1,105</td><td>499</td><td></td><td></td><td></td><td></td><td></td></tr></table>
Source: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5.
1/ Total receipts less net amounts transferred to Federal Old-Age
2/ and Survivors Insurance Trust Fund. Exclude public debt retirements. 3/ Total expenditures less net receipts
October 1946
9
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
1-891-8
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>+884</td><td>+1</td><td>530</td><td>529</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>838</td><td>837</td><td>+2</td><td>109</td><td>107</td></tr><tr><td>1940</td><td>+136</td><td>+3</td><td>580</td><td>577</td><td>-</td><td>-</td><td>-</td><td>+1</td><td>959</td><td>957</td><td>-2</td><td>123</td><td>125</td></tr><tr><td>1941</td><td>-148</td><td>+10</td><td>717</td><td>707</td><td>+1</td><td>4</td><td>3</td><td>-4</td><td>1,114</td><td>1,118</td><td>+11</td><td>127</td><td>116</td></tr><tr><td>1942</td><td>-3,506</td><td>+9</td><td>940</td><td>931</td><td>+11</td><td>46</td><td>36</td><td>*</td><td>1,244</td><td>1,243</td><td>*</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>1,363</td><td>1,357</td><td>+11</td><td>905</td><td>893</td><td>+3</td><td>1,567</td><td>1,564</td><td>-2</td><td>273</td><td>275</td></tr><tr><td>1945</td><td>+791</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>-524</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-August</td><td>-114</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>-20</td><td>-286</td><td>11</td><td>296</td><td>-48</td><td>120</td><td>169</td><td>+6</td><td>41</td><td>35</td><td>*</td><td>*</td><td>*</td></tr><tr><td>October</td><td>+47</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>+315</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>-319</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>-307</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>-36</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>-295</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>+272</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>+48</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>-265</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><tr><td>July</td><td>+48</td><td>+28</td><td>61</td><td>33</td><td>+147</td><td>277</td><td>130</td><td>+11</td><td>49</td><td>39</td><td>-2</td><td>165</td><td>167</td></tr><tr><td>August</td><td>+234</td><td>+246</td><td>283</td><td>37</td><td>-161</td><td>53</td><td>214</td><td>-10</td><td>209</td><td>218</td><td>-1</td><td>*</td><td>1</td></tr></table>
Trust Accounts, Etc. Receipts and Expenditures - (Continued)
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Other trust accounts 1/</th><th rowspan="2">Increment on gold Net</th><th rowspan="2">Seigniorage on silver Net</th><th rowspan="2">Special deposit accounts and miscellaneous funds 2/ Net</th><th colspan="3">Transactions in checking accounts of Government agencies, etc. (net)</th><th rowspan="2">Clearing account</th></tr><tr><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>+314</td><td>n.a.</td><td>n.a.</td><td>-</td></tr><tr><td>1938</td><td>-4</td><td>323</td><td>327</td><td>-51</td><td>+90</td><td>-</td><td>+204</td><td>n.a.</td><td>n.a.</td><td>-</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>+768</td><td>+1,106</td><td>-337</td><td>-</td></tr><tr><td>1940</td><td>+35</td><td>366</td><td>331</td><td>*</td><td>+19</td><td>+16</td><td>+34</td><td>+288</td><td>-254</td><td>-</td></tr><tr><td>1941</td><td>+20</td><td>406</td><td>386</td><td>*</td><td>+20</td><td>+11</td><td>-218</td><td>+852</td><td>-1,069</td><td>-</td></tr><tr><td>1942</td><td>+46</td><td>472</td><td>426</td><td>*</td><td>+14</td><td>+39</td><td>-3,625</td><td>-1,809</td><td>-1,815</td><td>-</td></tr><tr><td>1943</td><td>+92</td><td>658</td><td>567</td><td>*</td><td>-</td><td>+241</td><td>-2,194</td><td>-694</td><td>-1,500</td><td>-</td></tr><tr><td>1944</td><td>+129</td><td>949</td><td>820</td><td>*</td><td>-</td><td>+204</td><td>-4,403</td><td>-2,874</td><td>-1,529</td><td>-</td></tr><tr><td>1945</td><td>+620</td><td>1,693</td><td>1,072</td><td>*</td><td>-</td><td>+1,669</td><td>-1,553</td><td>-1,553</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-110</td><td>2,126</td><td>2,237</td><td>*</td><td>+248</td><td>-647</td><td>-95</td><td>-95</td><td>-</td><td>-</td></tr><tr><td>1945-August</td><td>-313</td><td>82</td><td>394</td><td>*</td><td>+8</td><td>-325</td><td>+201</td><td>+201</td><td>-</td><td>-</td></tr><tr><td>September</td><td>+209</td><td>266</td><td>58</td><td>*</td><td>+21</td><td>+89</td><td>-10</td><td>-10</td><td>-</td><td>-</td></tr><tr><td>October</td><td>+84</td><td>179</td><td>95</td><td>*</td><td>+17</td><td>-127</td><td>+29</td><td>+29</td><td>-</td><td>-</td></tr><tr><td>November</td><td>+81</td><td>194</td><td>113</td><td>*</td><td>+17</td><td>+4</td><td>-24</td><td>-24</td><td>-</td><td>-</td></tr><tr><td>December</td><td>+57</td><td>138</td><td>81</td><td>*</td><td>+21</td><td>-101</td><td>-10</td><td>-10</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>-356</td><td>74</td><td>429</td><td>*</td><td>+43</td><td>-167</td><td>+46</td><td>+46</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-51</td><td>168</td><td>219</td><td>*</td><td>+30</td><td>-138</td><td>-11</td><td>-11</td><td>-</td><td>-</td></tr><tr><td>March</td><td>+1</td><td>58</td><td>57</td><td>*</td><td>+21</td><td>-87</td><td>-4</td><td>-4</td><td>-</td><td>-</td></tr><tr><td>April</td><td>+3</td><td>66</td><td>63</td><td>*</td><td>+37</td><td>+153</td><td>-9</td><td>-9</td><td>-</td><td>-</td></tr><tr><td>May</td><td>*</td><td>255</td><td>255</td><td>*</td><td>-</td><td>-190</td><td>+57</td><td>+57</td><td>-</td><td>-</td></tr><tr><td>June</td><td>+121</td><td>292</td><td>171</td><td>*</td><td>*</td><td>-37</td><td>-93</td><td>-93</td><td>-</td><td>-</td></tr><tr><td>July</td><td>-165</td><td>309</td><td>474</td><td>*</td><td>-</td><td>-174</td><td>-114</td><td>-114</td><td>-</td><td>+318</td></tr><tr><td>August</td><td>-5</td><td>55</td><td>60</td><td>*</td><td>-</td><td>+94</td><td>+42</td><td>+42</td><td>-</td><td>+27</td></tr></table>
Source: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5.
n.e. Not available.
* 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.
October 1946
11
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="5">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 decrease in public debt</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>-</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>-</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>-</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>-</td><td>3,612</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>-</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>-</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>-</td><td>6,515</td><td>1,861</td><td>64,274</td><td>64,274</td><td>-</td><td>-</td></tr><tr><td>1944</td><td>64,307</td><td>49,595</td><td>-</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>58,470</td><td>53,941</td><td>-</td><td>4,529</td><td>-</td><td>58,470</td><td>57,679</td><td>-</td><td>791</td></tr><tr><td>1946</td><td>21,200</td><td>20,676</td><td>-</td><td>-</td><td>524</td><td>21,200</td><td>10,740</td><td>10,460</td><td>-</td></tr><tr><td>1945-August</td><td>4,407</td><td>4,293</td><td>-</td><td>-</td><td>114</td><td>4,407</td><td>956</td><td>3,451</td><td>-</td></tr><tr><td>September</td><td>2,497</td><td>1,497</td><td>980</td><td>-</td><td>20</td><td>2,497</td><td>-</td><td>2,497</td><td>-</td></tr><tr><td>October</td><td>3,368</td><td>3,165</td><td>203</td><td>-</td><td>-</td><td>3,368</td><td>-</td><td>3,321</td><td>47</td></tr><tr><td>November</td><td>3,840</td><td>2,208</td><td>-</td><td>1,632</td><td>-</td><td>3,840</td><td>3,524</td><td>-</td><td>315</td></tr><tr><td>December</td><td>12,773</td><td>895</td><td>-</td><td>11,558</td><td>319</td><td>12,773</td><td>12,773</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>1,349</td><td>1,042</td><td>-</td><td>-</td><td>307</td><td>1,349</td><td>772</td><td>577</td><td>-</td></tr><tr><td>February</td><td>327</td><td>-243</td><td>-</td><td>534</td><td>36</td><td>327</td><td>327</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,593</td><td>-1,902</td><td>3,201</td><td>-</td><td>295</td><td>1,593</td><td>-</td><td>1,593</td><td>-</td></tr><tr><td>April</td><td>3,705</td><td>1,591</td><td>2,114</td><td>-</td><td>-</td><td>3,705</td><td>-</td><td>3,433</td><td>272</td></tr><tr><td>May</td><td>2,447</td><td>1,131</td><td>1,316</td><td>-</td><td>-</td><td>2,447</td><td>-</td><td>2,398</td><td>48</td></tr><tr><td>June</td><td>4,298</td><td>873</td><td>3,161</td><td>-</td><td>265</td><td>4,298</td><td>-</td><td>4,298</td><td>-</td></tr><tr><td>July</td><td>2,257</td><td>1,105</td><td>1,152</td><td>-</td><td>-</td><td>2,257</td><td>-</td><td>2,209</td><td>48</td></tr><tr><td>August</td><td>1,223</td><td>499</td><td>724</td><td>-</td><td>-</td><td>1,223</td><td>-</td><td>989</td><td>234</td></tr></table>
Source: Daily Treasury Statement. Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5. 1/ Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provisions of law, and beginning with fiscal year 1945, includes Government corporations
(wholly-owned), etc. (net). 2/ Comprises trust accounts, checking accounts of Government agencies, etc., increment on gold, seigniorage on silver, miscellaneous funds and accounts, and beginning with July, 1946, a clearing account for outstanding checks. Increment on gold excludes expenditures for national bank note retirements.
12
Treasury Bulletin
Social Security Program: Section I.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Gross receipts</th><th rowspan="2">Less amounts credited to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal insurance Contributions Act (Old-age insurance) 1/</th><th>Federal Unemployment Tax Act (Unemployment insurance) 2/</th></tr><tr><td>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-August September</td><td>297.9 6.5</td><td>285.8 4.7</td><td>12.1 1.8</td><td>283.3 2.3</td><td>14.5 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><tr><td>July</td><td>64.6</td><td>62.3</td><td>2.2</td><td>61.3</td><td>3.2</td></tr><tr><td>August</td><td>294.3</td><td>284.3</td><td>10.0</td><td>283.4</td><td>11.0</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th rowspan="2">Administrative expenses 4/</th><th colspan="7">Expenditures Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures 7/</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work 5/</th><th>Maternal and child health services</th><th>Department of Labor Services for crippled children</th><th>Child welfare service</th><th>U. S. Employment Service 6/</th></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 8/</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>3.5</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>38.8</td><td>498.4</td><td>361.2</td><td>59.3</td><td>10.3</td><td>55.6</td><td>1.2</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-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>.3</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>1.1</td><td>*</td><td>.5</td><td>17.8</td></tr><tr><td>December</td><td>36.0</td><td>3.4</td><td>32.4</td><td>26.2</td><td>2.7</td><td>.8</td><td>1.1</td><td>-</td><td>.9</td><td>.6</td><td>*</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>1.1</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><tr><td>July</td><td>97.3</td><td>3.0</td><td>94.0</td><td>63.1</td><td>12.8</td><td>1.8</td><td>16.0</td><td>-</td><td>*</td><td>.1</td><td>.2</td><td>*</td><td>.3</td><td>94.1</td></tr><tr><td>August</td><td>45.3</td><td>2.0</td><td>42.8</td><td>33.7</td><td>6.3</td><td>1.0</td><td>.1</td><td>-</td><td>.8</td><td>.8</td><td>.2</td><td>*</td><td>.4</td><td>34.3</td></tr></table>
Source: Daily Treasury Statement.
* Less than $50 thousand.
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 "transfers" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. Amounts shown as transfers reflect deductions made for reimbursement to the General Fund account to cover administrative expenses, which are shown as expenditures in Section II, Table 1.
4/ Includes only expenditures from appropriations made specifically for
administrative expenses relating to the Social Security Act; namely, Social Security Administration, Department of Commerce, and Department of Labor; and administrative expenses reimbursed to the General Fund of the Treasury under Section 201 (f) of the Social Security Act, as amended. Beginning July 1, 1940, includes also administrative expense 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/ Classified as "Executive Office, Office for Emergency Management, War Manpower Commission" through July 31, 1946.
1/ Covered by appropriations by Congress.
8/ 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.
October 1946
13
Social Security Program - (Continued)
Section I
- Budgetary Receipts and Expenditures - (Continued)
Table 2. - Railroad Retirement Account
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Receipts Carriers' Taxing Act of 1937</th><th colspan="4">Expenditures</th><th rowspan="2">Excess of expenditures 2/</th></tr><tr><th>Total</th><th>Administrative expenses 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th></tr><tr><td>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-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>6.5</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><tr><td>July</td><td>2.3</td><td>165.5</td><td>.2</td><td>165.2</td><td>*</td><td>163.2</td></tr><tr><td>August</td><td>7.6</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-7.4</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 colspan="3">Expenditures</th><th>Excess of expenditures 5/</th></tr><tr><th></th><th></th><th>Total</th><th>Administrative expenses (Railroad Unemployment Insurance Administration Fund) 3/</th><th>Transfers to Railroad Unemployment Insurance Account, Unemployment Trust Fund 4/</th><th></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>14.5</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>-4.6</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 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><tr><td>July.</td><td>-</td><td>9.7</td><td>.5</td><td>9.2</td><td>9.7</td></tr><tr><td>August.</td><td>-</td><td>.5</td><td>.5</td><td>-</td><td>.5</td></tr></table>
Source: Daily Treasury Statement.
Less than $50 thousand.
1/ Operated as Railroad Unemployment Insurance Administration Fund.
2/ Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section II, Table 3). Excludes amounts appropriated to Railroad Unemployment Insurance Administration Fund equivalent to amounts of taxes collected for the period January 1936 through June 1939 from employers subject to the Railroad Unemployment Insurance Act. These amounts aggregated $17.7 million and were distributed by calendar
years, as follows: 1936, $.7 million; 1937, $.3 million; 1938, $.6 million; and for the first six months of the calendar year 1939, $.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance).
3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act.
b/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ Covered by appropriations by Congress.
Treasury Bulletin
14
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="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total expenditures</th><th>Old-age benefit payments</th><th>Reimbursement for administrative expenses 2/</th><th>Salaries, Bureau of Old-age and Survivors Insurance 3/</th><th>Total investments</th><th>Unexpended balance In General Fund</th><th>In disbursing 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>-</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>-</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>-</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>-</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>-</td><td>3,227.2</td><td>3,201.6</td><td>5.2</td><td>20.4</td></tr><tr><td>1943</td><td>4,720.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>93.4</td><td>-</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>-</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>-</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>8,935.3</td><td>8,299.5</td><td>676.3</td><td>1,294.4</td><td>1,104.0</td><td>190.4</td><td>-</td><td>7,641.4</td><td>7,548.7</td><td>43.5</td><td>49.2</td></tr><tr><td>1946-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>-</td><td>7,641.4</td><td>7,548.7</td><td>43.5</td><td>49.2</td></tr><tr><td>July</td><td>8,998.1</td><td>8,321.8</td><td>676.3</td><td>1,328.7</td><td>1,137.3</td><td>191.3</td><td>*</td><td>7,669.4</td><td>7,548.7</td><td>64.5</td><td>56.1</td></tr><tr><td>August</td><td>9,282.5</td><td>8,606.2</td><td>676.3</td><td>1,366.9</td><td>1,171.9</td><td>192.3</td><td>2.7</td><td>7,915.5</td><td>7,548.7</td><td>314.0</td><td>52.8</td></tr></table>
Source: Daily Treasury Statement. * Liece than $50 thousand. 1/ Includes transactions effected under the predecessor Old-Age Reserve Account. 2/ Under Section 201 (f) of the Social Security Act amendments of 1939.
3/ Under provisions of the Labor-Federal Security Act, 1947, salaries for the Bureau of Old-Age and Survivors Insurance are payable directly from the Federal Old-Age and Survivors Insurance Trust Fund.
Table 2.- Railroad Retirement Account
(Cumulative from organization - in millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Receipts</th><th rowspan="2">Expenditures Benefit payments</th><th colspan="4">Balance</th></tr><tr><th>Total receipts</th><th>Appropriations by Congress</th><th>Interest on investments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></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>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.9</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>11.7</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-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><tr><td>July</td><td>2,078.4</td><td>2,016.1</td><td>62.3</td><td>1,119.4</td><td>959.0</td><td>809.5</td><td>133.3</td><td>16.2</td></tr><tr><td>August</td><td>2,078.4</td><td>2,016.1</td><td>62.4</td><td>1,133.6</td><td>944.9</td><td>796.0</td><td>133.4</td><td>15.5</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 rowspan="2">Total receipts</th><th colspan="4">Receipts</th><th colspan="3">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>State unemployment insurance activities</th><th>Railroad unemployment insurance Account 1/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund 2/</th><th>Interest on investments</th><th>Total expenditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/ Benefit payments</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposits by States</th><th>Railroad unemployment insurance contributions</th><th>Transfers from States 3/</th><th></th><th></th><th>With-drawals by States</th><th></th><th></th><th></th><th>In General Fund (Special Deposit Account)</th><th>In disbursing 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>18.0</td><td>192.0</td><td>192.0</td><td>-</td><td>-</td><td>884.2</td><td>872.0</td><td>12.2</td><td>-</td></tr><tr><td>1939</td><td>1,914.3</td><td>1,869.5</td><td>44.2</td><td>1.8</td><td>44.8</td><td>633.8</td><td>633.8</td><td>-</td><td>-</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>-</td></tr><tr><td>1940</td><td>2,857.9</td><td>2,729.3</td><td>105.6</td><td>105.9</td><td>82.6</td><td>1,133.1</td><td>1,116.7</td><td>1.8</td><td>14.6</td><td>1,724.9</td><td>1,710.0</td><td>13.4</td><td>1.4</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,621.4</td><td>181.9</td><td>105.9</td><td>131.5</td><td>1,688.2</td><td>1,590.0</td><td>105.9</td><td>32.3</td><td>2,283.7</td><td>2,273.0</td><td>8.0</td><td>2.7</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>274.3</td><td>105.9</td><td>198.9</td><td>2,065.4</td><td>1,918.0</td><td>105.9</td><td>41.4</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>383.7</td><td>105.9</td><td>17.4</td><td>2,241.5</td><td>2,092.4</td><td>105.9</td><td>43.2</td><td>4,372.5</td><td>4,357.0</td><td>4.0</td><td>1.5</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>502.5</td><td>106.7</td><td>39.1</td><td>2,302.1</td><td>2,152.4</td><td>106.7</td><td>43.8</td><td>5,878.8</td><td>5,870.0</td><td>8.5</td><td>.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>618.7</td><td>106.7</td><td>38.0</td><td>2,373.4</td><td>2,222.5</td><td>106.7</td><td>44.6</td><td>7,315.3</td><td>7,307.2</td><td>7.8</td><td>.3</td></tr><tr><td>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>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-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>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>July</td><td>11,017.9</td><td>9,590.3</td><td>618.7</td><td>106.8</td><td>56.9</td><td>3,608.0</td><td>3,434.6</td><td>106.8</td><td>66.6</td><td>7,409.9</td><td>7,359.0</td><td>44.7</td><td>6.2</td></tr><tr><td>August</td><td>11,226.6</td><td>9,798.2</td><td>619.5</td><td>106.8</td><td>56.9</td><td>3,691.3</td><td>3,515.0</td><td>106.8</td><td>69.5</td><td>7,535.3</td><td>7,494.0</td><td>36.5</td><td>4.8</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who came 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.
October 1946
15
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="5">1945</th><th colspan="9">1946</th></tr><tr><th></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><th>July</th><th>Aug.</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>1,665</td><td>4,208</td><td>1,593</td><td>1,524</td><td>3,366</td><td>2,755</td><td>2,790</td><td>4,838</td><td>1,603</td><td>1,407</td><td>3,392</td><td>1,489</td><td>1,513</td></tr><tr><td>Employment taxes</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><td>67</td><td>302</td></tr><tr><td>Miscellaneous internal revenue</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><td>695</td><td>679</td></tr><tr><td>Customs</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><td>44</td><td>40</td></tr><tr><td>Other</td><td>199</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>162</td><td>256</td><td>182</td></tr><tr><td>Subtotal</td><td>3,280</td><td>5,192</td><td>2,581</td><td>2,608</td><td>4,112</td><td>3,798</td><td>3,874</td><td>5,762</td><td>2,732</td><td>2,998</td><td>4,478</td><td>2,551</td><td>2,717</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>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><td>40</td><td>209</td></tr><tr><td>Other trust funds and accounts</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><td>112</td><td>91</td></tr><tr><td>Subtotal</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><td>152</td><td>300</td></tr><tr><td>Total cash income</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><td>2,703</td><td>3,016</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 and defense activities</td><td>6,399</td><td>5,357</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>2,442</td><td>1,190</td><td>1,509</td></tr><tr><td>Veterans' Administration</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><td>463</td><td>512</td></tr><tr><td>Public works 2/</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><td>67</td><td>101</td></tr><tr><td>Aid to agriculture 3/</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><td>103</td><td>58</td></tr><tr><td>Social security program 4/</td><td>61</td><td>24</td><td>73</td><td>32</td><td>37</td><td>65</td><td>50</td><td>32</td><td>67</td><td>42</td><td>23</td><td>98</td><td>46</td></tr><tr><td>Interest on the public debt 5/</td><td>67</td><td>596</td><td>142</td><td>57</td><td>756</td><td>181</td><td>87</td><td>591</td><td>143</td><td>77</td><td>911</td><td>178</td><td>85</td></tr><tr><td>Government corporations (wholly-owned), 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>(net):</td><td></td><td></td><td></td><td></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 and defense activities</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><td>43</td><td>54</td></tr><tr><td>Other</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><td>-32</td><td>-34</td></tr><tr><td>Commodity Credit Corporation</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><td>-38</td><td>145</td></tr><tr><td>Other</td><td>-249</td><td>-53</td><td>-57</td><td>-65</td><td>-31</td><td>-71</td><td>-13</td><td>74</td><td>55</td><td>101</td><td>85</td><td>28</td><td>56</td></tr><tr><td>Other 6/</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><td>791</td><td>335</td></tr><tr><td>Subtotal</td><td>7,073</td><td>6,581</td><td>5,621</td><td>4,536</td><td>4,937</td><td>4,006</td><td>3,259</td><td>3,766</td><td>4,035</td><td>3,790</td><td>4,857</td><td>2,892r</td><td>2,868</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</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><td>89</td><td>83</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust Fund</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><td>33</td><td>37</td></tr><tr><td>Railroad Retirement Account</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><td>15</td><td>14</td></tr><tr><td>Other 7/</td><td>711</td><td>-31</td><td>237</td><td>129</td><td>214</td><td>561</td><td>377</td><td>185</td><td>-48</td><td>420</td><td>37</td><td>-115</td><td>-81</td></tr><tr><td>Subtotal</td><td>767</td><td>60</td><td>383</td><td>272</td><td>363</td><td>739</td><td>555</td><td>360</td><td>107</td><td>577</td><td>177</td><td>22</td><td>53</td></tr><tr><td>Redemption of adjusted service bonds</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><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>879</td><td>94</td><td>33</td><td>27</td><td>14</td><td>9</td><td>8</td><td>6</td></tr><tr><td>Total cash outgo</td><td>7,854</td><td>6,649</td><td>6,009</td><td>4,811</td><td>5,303</td><td>5,628</td><td>3,910</td><td>4,161</td><td>4,171</td><td>4,382</td><td>5,044</td><td>2,923r</td><td>2,928</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>4,141</td><td>1,052</td><td>3,104</td><td>1,724</td><td>896</td><td>1,635</td><td>-367</td><td>-1,789</td><td>1,237</td><td>890</td><td>308</td><td>219r</td><td>-88</td></tr></table>
Revised.
1/ These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditure, 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 trails, and reclamation projects.
3/ Consists of Department of Agriculture expenditures, except forest roads and trails which are included in public works. Excludes non-cash transactions.
4/ Excludes transactions under transfer to trust accounts, etc.
5/ Excludes accrued discount on United States earnings bonds, and interest on trust fund investments.
6/ Revised to include "Work Projects Administration" and "Civilian Conservation Corps", and to exclude "Surplus property disposal agencies" which, beginning July 1, 1945 are included in "War and defense activities" above.
7/ Beginning July, 1946, includes clearing account for outstanding checks.
Table 2.- Total Cash Income and Outgo, by Months
(In millions of dollars)
<table><tr><th>Calendar year</th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th><th>Total</th></tr><tr><td>Cash income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>475</td><td>724</td><td>1,640</td><td>540</td><td>749</td><td>1,329</td><td>576</td><td>766</td><td>1,205</td><td>611</td><td>956</td><td>1,288</td><td>10,859</td></tr><tr><td>1942</td><td>734</td><td>1,180</td><td>3,635</td><td>829</td><td>1,036</td><td>2,558</td><td>893</td><td>1,062</td><td>2,621</td><td>770</td><td>1,133</td><td>2,806</td><td>19,257</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>2,282</td><td>2,739</td><td>5,881</td><td>38,286</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>2,703</td><td>3,016</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>1,279</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,434</td><td>1,548</td><td>1,516</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,778</td><td>20,841</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,765</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>7,998</td><td>7,854</td><td>6,649</td><td>6,009</td><td>4,811</td><td>5,303</td><td>87,912</td></tr><tr><td>1946</td><td>5,628</td><td>3,910</td><td>4,161</td><td>4,171</td><td>4,382</td><td>5,044</td><td>2,923r</td><td>2,928</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>4,176</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,364</td><td>2,121</td><td>5,412</td><td>5,061</td><td>1,971</td><td>51,089</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>4,987</td><td>4,141</td><td>1,052</td><td>3,104</td><td>1,724</td><td>896</td><td>36,537</td></tr><tr><td>1946</td><td>1,635</td><td>-367</td><td>-1,789</td><td>1,237</td><td>890</td><td>308</td><td>219r</td><td>-88</td><td></td><td></td><td></td><td></td><td></td></tr></table>
r Revised.
16
Treasury Bulletin
GENERAL FUND OF THE TREASURY
October 1946
17
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 collectios</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-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>243</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><tr><td>July</td><td>12,444</td><td>404</td><td>702</td><td>10,961</td><td>377</td></tr><tr><td>August</td><td>11,431</td><td>416</td><td>872</td><td>9,842</td><td>301</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-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><tr><td>July</td><td>12,444</td><td>415</td><td>12,029</td></tr><tr><td>August</td><td>11,431</td><td>391</td><td>11,040</td></tr></table>
Source: Daily Treasury Statement.
Treasury Bulletin
18
Analysis of Change in Balance of General Fund of the Treasury
In millions of dollars - Net increase or net decrease (-)
<table><tr><th>Fiscal year or month</th><th>Total change in General Fund balance</th><th>General and special accounts and Government corporations, (wholly owned) etc. (inst. 1)</th><th>Public debt accounts</th><th colspan="6">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>Special deposit accounts and miscellaneous funds 4/</th><th>Checking accounts of Government agencies, etc. 5/</th><th>Clearing account 6/</th></tr><tr><td>1937</td><td>-128</td><td>-3,149 1/</td><td>2,746 g/</td><td>275</td><td>19</td><td>-99</td><td>40</td><td>-</td><td>314</td><td>-</td></tr><tr><td>1938</td><td>-338</td><td>-1,384</td><td>792 g/</td><td>255</td><td>11</td><td>-51</td><td>90</td><td>-</td><td>204</td><td>-</td></tr><tr><td>1939</td><td>622</td><td>-3,512</td><td>3,280 g/</td><td>884</td><td>29</td><td>-5</td><td>90</td><td>2</td><td>768</td><td>-</td></tr><tr><td>1940</td><td>-947</td><td>-3,611</td><td>2,528</td><td>136</td><td>37</td><td>*</td><td>49</td><td>16</td><td>34</td><td>-</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>-218</td><td>-</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><td>-</td></tr><tr><td>1943</td><td>6,515</td><td>-55,897</td><td>64,274</td><td>-1,861</td><td>92</td><td>*</td><td>-</td><td>241</td><td>-2,194</td><td>-</td></tr><tr><td>1944</td><td>10,662</td><td>-49,595</td><td>64,307</td><td>-4,051</td><td>148</td><td>*</td><td>-</td><td>204</td><td>-4,403</td><td>-</td></tr><tr><td>1945</td><td>4,529</td><td>-53,941</td><td>57,679</td><td>791</td><td>675</td><td>*</td><td>-</td><td>1,669</td><td>-1,553</td><td>-</td></tr><tr><td>1946</td><td>-10,460</td><td>-20,676</td><td>10,740</td><td>-524</td><td>-30</td><td>*</td><td>248</td><td>-647</td><td>-95</td><td>-</td></tr><tr><td>1945-August</td><td>-3,451</td><td>-4,293</td><td>956</td><td>-114</td><td>2</td><td>*</td><td>8</td><td>-325</td><td>201</td><td>-</td></tr><tr><td>September</td><td>-2,497</td><td>-1,497</td><td>-980</td><td>-20</td><td>-119</td><td>*</td><td>21</td><td>89</td><td>-10</td><td>-</td></tr><tr><td>October</td><td>-3,321</td><td>-3,165</td><td>-203</td><td>47</td><td>129</td><td>*</td><td>17</td><td>-127</td><td>29</td><td>-</td></tr><tr><td>November</td><td>1,632</td><td>-2,208</td><td>3,524</td><td>315</td><td>318</td><td>*</td><td>17</td><td>4</td><td>-24</td><td>-</td></tr><tr><td>December</td><td>11,558</td><td>-895</td><td>12,773</td><td>-319</td><td>-228</td><td>*</td><td>21</td><td>-101</td><td>-10</td><td>-</td></tr><tr><td>1946-January</td><td>-577</td><td>-1,042</td><td>772</td><td>-307</td><td>-229</td><td>*</td><td>43</td><td>-167</td><td>46</td><td>-</td></tr><tr><td>February</td><td>534</td><td>243</td><td>327</td><td>-36</td><td>83</td><td>*</td><td>30</td><td>-138</td><td>-11</td><td>-</td></tr><tr><td>March</td><td>-1,593</td><td>1,902</td><td>-3,201</td><td>-295</td><td>-224</td><td>*</td><td>21</td><td>-87</td><td>-4</td><td>-</td></tr><tr><td>April</td><td>-3,433</td><td>-1,591</td><td>-2,114</td><td>272</td><td>91</td><td>*</td><td>37</td><td>153</td><td>-9</td><td>-</td></tr><tr><td>May</td><td>-2,398</td><td>-1,131</td><td>-1,316</td><td>48</td><td>181</td><td>*</td><td>-</td><td>-190</td><td>57</td><td>-</td></tr><tr><td>June</td><td>-4,298</td><td>-873</td><td>-3,161</td><td>-265</td><td>-135</td><td>*</td><td>*</td><td>-37</td><td>-93</td><td>-</td></tr><tr><td>July</td><td>-2,209</td><td>-1,105</td><td>-1,152</td><td>48</td><td>18</td><td>*</td><td>-</td><td>-174</td><td>-114</td><td>318</td></tr><tr><td>August</td><td>-989</td><td>-499</td><td>-724</td><td>234</td><td>70</td><td>*</td><td>-</td><td>94</td><td>42</td><td>27</td></tr></table>
Source: Daily Treasury Statement.
Note: Beginning with fiscal year 1945 certain revisions have been made in this table. See "Treasury Bulletin," September 1946, page 5.
1/ 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 and beginning with fiscal year 1945 includes Government corporations (wholly owned) etc. (net).
2/ Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insur. Fund, Unemployment Trust Fund, Rail-Road Retirement Account, etc., under 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 8.)
4/ Comprises Public Works Administration revolving fund, special de-
5/ Beginning with fiscal year 1945 represents sales and redemptions of obligations of Government corporations, etc., in the market (net). 6/ Represents outstanding checks, see Note. 7/ Includes inactive gold in the amount of $1,087 million. 8/ 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 in the public debt shown in the table "Means of Financing Cash Requirements" for the above fiscal years will not agree for the reason stated above.
October 1946
19
PUBLIC DEBT AND GUARANTEED OBLIGATIONS OF THE UNITED STATES GOVERNMENT
20
Treasury Bulletin
Analysis of Issuance and Retirement of Public Debt
(In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Public debt outstanding end of fiscal year or month</th><th>Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (Issuance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th></th><th></th><th></th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profits tax refund bonds</th><th>Ex-changee</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Ex-changee</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>9,521</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>13,088</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,968</td><td>2,528</td><td>13,166</td><td>7,194</td><td>-</td><td>8</td><td>-</td><td>2,812</td><td>3,151</td><td>10,638</td><td>5,680</td><td>-</td><td>2,812</td><td>2,146</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-August</td><td>263,001</td><td>956</td><td>10,741</td><td>7,760</td><td>-</td><td>-</td><td>24</td><td>2,470</td><td>488</td><td>9,785</td><td>7,303</td><td>-</td><td>2,470</td><td>13</td></tr><tr><td>September</td><td>262,020</td><td>-980</td><td>10,837</td><td>5,964</td><td>-</td><td>-</td><td>19</td><td>4,336</td><td>519</td><td>11,818</td><td>7,448</td><td>-</td><td>4,336</td><td>34</td></tr><tr><td>October</td><td>261,817</td><td>-203</td><td>9,915</td><td>6,308</td><td>-</td><td>-</td><td>5</td><td>3,441</td><td>161</td><td>10,118</td><td>6,575</td><td>-</td><td>3,441</td><td>103</td></tr><tr><td>November</td><td>265,342</td><td>3,524</td><td>11,168</td><td>10,969</td><td>-</td><td>-</td><td>19</td><td>-</td><td>180</td><td>7,643</td><td>7,596</td><td>-</td><td>-</td><td>47</td></tr><tr><td>December</td><td>278,115</td><td>12,773</td><td>26,648</td><td>22,300</td><td>484</td><td>-</td><td>-4</td><td>3,777</td><td>91</td><td>13,876</td><td>8,815</td><td>484</td><td>3,777</td><td>800</td></tr><tr><td>1946-January</td><td>278,887</td><td>772</td><td>12,938</td><td>8,854</td><td>-</td><td>-</td><td>-8</td><td>3,332</td><td>761</td><td>12,166</td><td>8,728</td><td>-</td><td>3,332</td><td>107</td></tr><tr><td>February</td><td>279,214</td><td>327</td><td>11,600</td><td>6,376</td><td>-</td><td>-</td><td>-3</td><td>4,954</td><td>273</td><td>11,273</td><td>6,288</td><td>-</td><td>4,954</td><td>31</td></tr><tr><td>March</td><td>276,012</td><td>-3,201</td><td>9,643</td><td>6,138</td><td>-</td><td>-</td><td>-</td><td>3,133</td><td>372</td><td>12,844</td><td>9,578</td><td>-</td><td>3,133</td><td>133</td></tr><tr><td>April</td><td>273,898</td><td>-2,114</td><td>9,309</td><td>6,283</td><td>-</td><td>-</td><td>-</td><td>2,820</td><td>207</td><td>11,423</td><td>8,485</td><td>-</td><td>2,820</td><td>113</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><tr><td>July</td><td>268,270</td><td>-1,152</td><td>10,062</td><td>6,371</td><td>-</td><td>-</td><td>-</td><td>2,916</td><td>776</td><td>11,214</td><td>8,236</td><td>-</td><td>2,916</td><td>63</td></tr><tr><td>August</td><td>267,546</td><td>-724</td><td>9,019</td><td>7,374</td><td>-</td><td>-</td><td>-</td><td>1,223</td><td>422</td><td>9,743</td><td>8,496</td><td>-</td><td>1,223</td><td>24</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>Hills</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>Certificate of indebtedness</th><th>Bill</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>22,013</td><td>1,556</td><td>9,117</td><td>-</td><td>-</td><td>1,154</td><td>2,676</td><td>100.0</td><td>60.3</td><td>4.3</td><td>25.0</td><td>-</td><td>-</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>11,804</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-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>20,529</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.0</td><td>3.5</td><td>13.5</td><td>6.6</td><td>7.9</td></tr><tr><td>October</td><td>259,439</td><td>107,244</td><td>47,296</td><td>23,498</td><td>8,776</td><td>35,021</td><td>17,026</td><td>20,577</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.1</td><td>3.4</td><td>13.5</td><td>6.6</td><td>7.9</td></tr><tr><td>November</td><td>262,849</td><td>109,566</td><td>47,970</td><td>23,498</td><td>9,058</td><td>35,021</td><td>17,026</td><td>20,710</td><td>100.0</td><td>41.7</td><td>18.2</td><td>8.9</td><td>3.4</td><td>13.3</td><td>6.5</td><td>7.9</td></tr><tr><td>December</td><td>275,694</td><td>120,619</td><td>48,679</td><td>22,967</td><td>8,235</td><td>38,155</td><td>17,037</td><td>20,000</td><td>100.0</td><td>43.8</td><td>17.6</td><td>8.3</td><td>3.0</td><td>13.8</td><td>6.2</td><td>7.3</td></tr><tr><td>1946-January</td><td>277,456</td><td>121,538</td><td>49,061</td><td>19,551</td><td>8,107</td><td>41,502</td><td>17,042</td><td>20,655</td><td>100.0</td><td>43.8</td><td>17.7</td><td>7.0</td><td>2.9</td><td>15.0</td><td>6.1</td><td>7.5</td></tr><tr><td>February</td><td>277,912</td><td>121,814</td><td>49,163</td><td>19,551</td><td>8,043</td><td>41,413</td><td>17,032</td><td>20,897</td><td>100.0</td><td>43.8</td><td>17.6</td><td>7.0</td><td>3.0</td><td>15.0</td><td>6.1</td><td>7.5</td></tr><tr><td>March</td><td>274,748</td><td>121,357</td><td>49,184</td><td>18,261</td><td>7,365</td><td>40,399</td><td>17,047</td><td>21,135</td><td>100.0</td><td>44.2</td><td>17.9</td><td>6.6</td><td>2.7</td><td>14.7</td><td>6.2</td><td>7.7</td></tr><tr><td>April</td><td>272,711</td><td>121,357</td><td>49,264</td><td>18,261</td><td>7,144</td><td>38,408</td><td>17,054</td><td>21,224</td><td>100.0</td><td>44.5</td><td>18.1</td><td>6.7</td><td>2.6</td><td>14.1</td><td>6.2</td><td>7.8</td></tr><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><tr><td>July</td><td>267,039</td><td>119,502</td><td>49,730</td><td>13,351</td><td>6,669</td><td>37,720</td><td>17,023</td><td>23,045</td><td>100.0</td><td>44.8</td><td>18.6</td><td>5.0</td><td>2.5</td><td>14.1</td><td>6.4</td><td>8.6</td></tr><tr><td>August</td><td>266,359</td><td>119,502</td><td>49,878</td><td>13,351</td><td>6,688</td><td>36,473</td><td>17,024</td><td>23,443</td><td>100.0</td><td>44.9</td><td>18.7</td><td>5.0</td><td>2.5</td><td>13.7</td><td>6.4</td><td>8.8</td></tr></table>
Source: Daily Treasury Statement.
October 1946
21
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></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">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>35,500</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>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><td>467</td></tr><tr><td>Total</td><td>40,165</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><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><td>1,321</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><td>269,898</td></tr><tr><td colspan="11">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>2,303</td><td>1,154</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,908</td><td>11,864</td><td>14,734</td><td>17,041</td><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>5,693</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 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>832</td><td>8,711</td><td>21,161</td><td>36,756</td><td>53,459</td></tr><tr><td>Treasury bonds - bank eligible</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>65,854</td></tr><tr><td>Postal savings and other bonds</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>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>1,858</td><td>2,909</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td><td>45,986 3/</td><td>49,035 3/</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>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>142</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 savings 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 profit 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 reserves)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>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><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 2/</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>
(Continued on following page)
22
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations
the United States Government - (Continued)
PART B - MONTHLY DATA
(In millions of dollars)
<table><tr><th></th><th colspan="5">1945</th><th colspan="8">1946</th></tr><tr><th></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><th>July 31</th><th>Aug. 31</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>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>267,039</td><td>266,359</td></tr><tr><td>Guaranteed obligations</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><td>324</td><td>370</td></tr><tr><td>Total</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><td>267,363</td><td>266,729</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>2,274</td><td>2,409</td><td>2,395 6/</td><td>2,509 6/</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><td>1,240</td><td>1,196</td></tr><tr><td>Total outstanding</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><td>268,603</td><td>267,924</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><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><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,038</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><td>17,023</td></tr><tr><td>Certificates of indebtedness</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><td>37,720</td></tr><tr><td>Treasury notes</td><td>23,498</td><td>23,498</td><td>23,498</td><td>23,498</td><td>22,961</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><td>13,351</td></tr><tr><td>Treasury bonds - bank restricted 2/</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><td>53,459</td></tr><tr><td>Treasury bonds - bank eligible</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><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>180</td><td>180</td><td>180</td><td>180</td><td>180</td><td>180</td><td>179</td></tr><tr><td>Total marketable issues</td><td>183,334</td><td>182,633</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><td>187,596</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>U.S. savings bonds 3/</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><td>49,320</td></tr><tr><td>Treasury notes - tax and savings series 3/</td><td>10,148</td><td>9,021</td><td>8,776</td><td>9,058</td><td>8,235</td><td>8,107</td><td>8,043</td><td>7,365</td><td>7,144</td><td>7,127</td><td>6,711</td><td>6,669</td></tr><tr><td>Depository bonds</td><td>516</td><td>516</td><td>510</td><td>497</td><td>497</td><td>474</td><td>471</td><td>451</td><td>436</td><td>429</td><td>427</td><td>410</td></tr><tr><td>Total non-marketable issues</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><td>56,399</td></tr><tr><td>Total public issues</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><td>243,994</td></tr><tr><td>Special issues</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>21,481</td><td>22,332</td><td>23,045</td></tr><tr><td>Total interest-bearing debt</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>267,039</td></tr><tr><td>Prepayments on securities</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>178</td><td>305</td><td>242</td><td>279</td><td>343</td><td>260</td><td>238</td><td>244</td><td>209</td><td>191</td><td>376</td><td>313</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></tr><tr><td>United States savings stamps</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>92</td></tr><tr><td>Excess profits tax refund bonds</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>50</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></tr><tr><td>Deposit for retirement of national bank and Federal Reserve Bank notes</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>579</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></tr><tr><td>Total debt bearing no interest</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>918</td></tr><tr><td>Total public debt outstanding</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>268,270</td></tr></table>
Guaranteed obligations 1/
<table><tr><td>Interest-bearing debt: Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues: Federal Housing Administration</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><td>43</td><td>43</td></tr><tr><td>Non-marketable issues: Commodity Credit Corporation</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><td>424</td><td>281</td><td>326</td></tr><tr><td>Total interest-bearing debt</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><td>324</td><td>370</td></tr><tr><td>Matured debt on which interest has ceased</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><td>10</td><td>9</td><td>9</td></tr><tr><td>Total guaranteed obligations outstanding</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><td>476</td><td>333</td><td>379</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 three 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 foreclosure of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. (See "Treasury Bulletin" July 1946, pages 4-9, 4-10.)
3) The face value of any yearly series of United States earnings bonds and Treasury savings notes maturing from month to month which are not currently presented for retirement are included in the interest-bearing debt until all the bonds or notes of the series have matured.
4) Demand obligations stated as of the previous month to agree with the Statement of Guaranteed Obligations 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.
October 1946
23
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-C
24
Treasury Bulletin
Computed Interest Charge and Computed Interest Rate on the Public Debt and Guaranteed Obligations of the United States Government
(Amounts in millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>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>1,119</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,549</td><td>85</td><td>1.861</td></tr><tr><td>1943</td><td>139,472</td><td>2,759</td><td>1.978</td><td>135,380</td><td>2,679</td><td>1.979</td><td>4,092</td><td>81</td><td>1.968</td></tr><tr><td>1944</td><td>201,059</td><td>3,889</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-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>253,385</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>1.955</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><tr><td>July</td><td>267,363</td><td>5,368</td><td>2.008</td><td>267,039</td><td>5,362</td><td>2.008</td><td>324</td><td>5</td><td>1.618</td></tr><tr><td>August</td><td>266,729</td><td>5,371</td><td>2.014</td><td>266,359</td><td>5,366</td><td>2.015</td><td>570</td><td>6</td><td>1.517</td></tr></table>
Source: Daily Treasury Statement. 1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds, Series A-I are considered to yield 2.90% per annum and Series F is considered to yield 2.57%. 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>8,416</td><td>57</td></tr><tr><td>1945</td><td>12,169</td><td>1,591</td><td>108</td><td>383</td><td>1,010</td><td>9,020</td><td>57</td></tr><tr><td>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-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><tr><td>July</td><td>10,871</td><td>500</td><td>6</td><td>360</td><td>713</td><td>9,235</td><td>57</td></tr><tr><td>August</td><td>10,826</td><td>500</td><td>-</td><td>360</td><td>694</td><td>9,215</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.
October 1946
25
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 August 31, 1946
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended....</td><td>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>266,591</td></tr><tr><td>Guaranteed securities 2/</td><td>379</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>266,970</td></tr><tr><td>Balance issuable under such authority</td><td>5,030</td></tr></table>
1/ For comparison with the public debt outstanding, see following
2/ Excludes guaranteed securities held by the Treasury.
Table 2.- Analysis of U. S. Government Securities Outstanding Subject to Statutory Debt Limitation and Comparison with the Public Debt Outstanding, August 31, 1946
(In millions of dollars)
<table><tr><th></th><th>U. S. Government securities outstanding subject to statutory debt limitation 1/</th><th>Total public debt outstanding</th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td></tr><tr><td>Treasury bills</td><td>17,024</td><td>17,024</td></tr><tr><td>Certificates of indebtedness</td><td>36,473</td><td>36,473</td></tr><tr><td>Treasury notes</td><td>13,351</td><td>13,351</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>65,804</td><td>65,804</td></tr><tr><td>Postal savings and other bonds</td><td>-</td><td>179</td></tr><tr><td>Total marketable issues</td><td>186,171</td><td>186,350</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td></tr><tr><td>U. S. savings bonds (current redemption value)</td><td>49,477</td><td>49,477</td></tr><tr><td>Treasury savings notes</td><td>6,688</td><td>6,688</td></tr><tr><td>Depositary bonds</td><td>400</td><td>400</td></tr><tr><td>Total non-marketable issues</td><td>56,566</td><td>56,566</td></tr><tr><td>Special issues to Government agencies and trust funds</td><td>23,443</td><td>23,443</td></tr><tr><td>Total interest-bearing securities</td><td>266,180</td><td>266,359</td></tr><tr><td>Matured securities on which interest has ceased</td><td>279</td><td>285</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>88</td><td>88</td></tr><tr><td>Excess profit tax refund bonds</td><td>44</td><td>44</td></tr><tr><td>Currency items, etc. 3/</td><td>-</td><td>770</td></tr><tr><td>Total obligations bearing no interest</td><td>132</td><td>902</td></tr><tr><td>Total</td><td>266,591</td><td>267,546</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/ fixed date (with minor exceptions). See footnote 2, page 25. Consists of United States notes (less gold reserves); deposits for retirement of national bank and Federal Reserve Bank notes; and other obligations bearing an interest.
26
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of August 31, 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 issues</th><th colspan="2">Callable issues reclassified 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-Sept.</td><td>Treasury bills 7/8% Certificate - 9/1/46</td><td>5,239 4,336</td><td></td><td></td><td>Various 9/1/45</td><td>taxable</td><td></td></tr><tr><td>Oct.</td><td>Treasury bills 7/8% Certificate - 10/1/46</td><td>6,545 3,440</td><td></td><td></td><td>Various 10/1/45</td><td>taxable</td><td></td></tr><tr><td>Nov.</td><td>Treasury bills 7/8% Certificate - 11/1/46</td><td>5,240 3,778</td><td></td><td></td><td>Various 12/1/45</td><td>taxable</td><td></td></tr><tr><td>Deco.</td><td>7/8% Certificate - 12/1/46 1-1/2% Treasury note - 12/15/46</td><td>3,768 3,261</td><td></td><td></td><td>12/3/45 6/5/42</td><td>taxable taxable</td><td></td></tr><tr><td>Total</td><td></td><td>35,607</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1947-Jan.</td><td>3% Conversion bond - 1/1/47 7/8% Certificate - 1/1/47</td><td>13 3,330</td><td></td><td></td><td>1/1/17 1/1/46</td><td>wholly taxable</td><td></td></tr><tr><td>Feb.</td><td>7/8% Certificate - 2/1/47</td><td>4,954</td><td></td><td></td><td>2/1/46</td><td>taxable</td><td></td></tr><tr><td>Mar.</td><td>7/8% Certificate - 3/1/47 1-1/4% Treasury note - 3/15/47</td><td>3,133 1,948</td><td></td><td></td><td>3/1/46 6/26/44</td><td>taxable taxable</td><td></td></tr><tr><td>Apr.</td><td>7/8% Certificate - 4/1/47</td><td>2,820</td><td></td><td></td><td>4/1/46</td><td>taxable</td><td></td></tr><tr><td>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>July.</td><td>7/8% Certificate - 7/1/47</td><td>2,916</td><td></td><td></td><td>7/1/46</td><td>taxable</td><td></td></tr><tr><td>Aug.</td><td>7/8% Certificate - 8/1/47</td><td>1,223</td><td></td><td></td><td>8/1/46</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>1-1/2% Treasury note - 9/15/47 1-1/4% Treasury note - 9/15/47</td><td>2,707 1,687</td><td></td><td></td><td>7/12/43 12/1/44</td><td>taxable taxable</td><td></td></tr><tr><td>Oct.</td><td>4-1/4% Treasury bond - 10/15/47-52</td><td>759</td><td></td><td></td><td>10/16/42</td><td>partially</td><td></td></tr><tr><td>Dec.</td><td>2% Treasury bond - 12/15/47</td><td>701</td><td></td><td></td><td>12/15/38</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td>28,208</td><td>759</td><td></td><td></td><td></td><td></td></tr><tr><td>1948-Mar.</td><td>2% Treasury bond - 3/15/48-50 2-3/4% Treasury bond - 3/15/48-51</td><td>1,115 1,223</td><td></td><td></td><td>3/15/41 3/16/36</td><td>taxable partially</td><td></td></tr><tr><td>June.</td><td>1-3/4% Treasury bond - 6/15/48</td><td>3,062</td><td></td><td></td><td>12/1/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/48 1-1/2% Treasury note - 9/15/48</td><td>451 3,748</td><td></td><td></td><td>3/15/38 3/15/44</td><td>partially taxable</td><td></td></tr><tr><td>Deco.</td><td>2% Treasury bond - 12/15/48-50</td><td>571</td><td></td><td></td><td>12/8/39</td><td>partially</td><td></td></tr><tr><td>Total</td><td></td><td>7,261</td><td>2,910</td><td></td><td></td><td></td><td></td></tr><tr><td>1949-June.</td><td>2% Treasury bond - 6/15/49-51</td><td></td><td>1,014</td><td></td><td>1/15/42</td><td>taxable</td><td></td></tr><tr><td>Sept.</td><td>2% Treasury bond - 9/15/49-51</td><td></td><td>1,832</td><td></td><td>5/15/42</td><td>taxable</td><td></td></tr><tr><td>Deco.</td><td>2% Treasury bond - 12/15/49-51 3-1/8% Treasury bond - 12/15/49-52 2-1/2% Treasury bond - 12/15/49-53</td><td></td><td>2,098 491 1,786</td><td></td><td>7/15/42 12/15/34 12/15/36</td><td>taxable partially partially</td><td></td></tr><tr><td>Total</td><td></td><td></td><td>6,682</td><td></td><td></td><td></td><td></td></tr><tr><td>1950-Mar.</td><td>2% Treasury bond - 3/15/48-50 2% Treasury bond - 3/15/50-52</td><td></td><td>1,115 1,963</td><td></td><td>3/15/41 10/19/42</td><td>taxable taxable</td><td></td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52 2% Treasury bond - 9/15/50-52</td><td></td><td>1,186 4,939</td><td></td><td>9/15/38 4/15/43</td><td>partially taxable</td><td></td></tr><tr><td>Deco.</td><td>2% Treasury bond - 12/15/48-50 1-1/2% Treasury bond - 12/15/50</td><td>2,635</td><td>571</td><td></td><td>12/8/39 6/1/45</td><td>partially taxable</td><td></td></tr><tr><td>Total</td><td></td><td>2,635</td><td>8,088</td><td>1,687</td><td></td><td></td><td></td></tr></table>
(Continued on following page)
October 1946
27
Maturity Schedule of Interest-Bearing Public Marketable Securities
sued by the United States
As of August 31, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1951-Mar....</td><td>2-3/4% Treasury bond - 3/15/46-51</td><td></td><td></td><td>1,223</td><td>3/15/36</td><td>partially</td><td></td></tr><tr><td>June....</td><td>2-3/4% Treasury bond - 6/15/49-51</td><td></td><td>1,627</td><td>1,014</td><td>1/15/42 6/15/35</td><td>taxable partially</td><td></td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond - 9/15/49-51 3-1/4% Treasury bond - 9/15/51-55</td><td></td><td>7,986 755</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>Dec....</td><td>2-3/4% Treasury bond - 12/15/49-51 2-1/4% Treasury bond - 12/15/51-55</td><td></td><td>1,118 510</td><td>2,098</td><td>7/15/42 12/22/39 12/15/41</td><td>taxable partially taxable</td><td></td></tr><tr><td>Total....</td><td></td><td></td><td>11,996</td><td>5,628</td><td></td><td></td><td></td></tr><tr><td>1952-Mar....</td><td>2-1/2% Treasury bond - 3/15/50-52 2-1/2% Treasury bond - 3/15/52-54</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>June....</td><td>2-1/4% 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>Sept....</td><td>2-1/2% Treasury bond - 9/15/50-52 2-1/2% Treasury bond - 9/15/52-54</td><td></td><td>1,501</td><td>1,186 4,939</td><td>9/15/38 4/15/43</td><td>partially taxable</td><td></td></tr><tr><td>Oct....</td><td>4-1/4% Treasury bond - 10/15/47-52</td><td></td><td></td><td>759</td><td>10/16/22</td><td>partially</td><td></td></tr><tr><td>Dec....</td><td>3-1/8% Treasury bond - 12/15/49-52 2-3/4% Treasury bond - 12/15/52-54</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>Total....</td><td></td><td></td><td>17,012</td><td>9,338</td><td></td><td></td><td></td></tr><tr><td>1953-June....</td><td>2-1/2% 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>2-1/2% 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 2-1/4% Treasury bond - 12/15/51-53</td><td></td><td></td><td>1,786 1,118</td><td>12/15/36 12/22/39</td><td>partially partially</td><td></td></tr><tr><td>Total....</td><td></td><td></td><td>725</td><td>10,890</td><td></td><td></td><td></td></tr><tr><td>1954-Mar....</td><td>2-1/2% Treasury bond - 3/15/52-54</td><td></td><td></td><td>1,024</td><td>3/31/41</td><td>taxable</td><td></td></tr><tr><td>June....</td><td>2-3/4% Treasury bond - 6/15/51-54 2-3/4% Treasury bond - 6/15/52-54 2-1/4% Treasury bond - 6/15/54-56</td><td></td><td></td><td>1,627 5,825 681</td><td>6/15/36 6/26/44 7/22/40</td><td>partially taxable partially</td><td></td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond - 12/15/52-54</td><td></td><td>681</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 2-1/4% Treasury bond - 6/15/53-55</td><td></td><td></td><td>1,501 725</td><td>2/25/42 10/7/40</td><td>taxable partially</td><td></td></tr><tr><td>Sept....</td><td>3-1% 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>2-1/4% Treasury bond - 12/15/51-55</td><td></td><td></td><td>510</td><td>12/15/41</td><td>taxable</td><td></td></tr><tr><td>Total....</td><td></td><td></td><td>2,611</td><td>3,491</td><td></td><td></td><td></td></tr><tr><td>1956-Mar....</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td></td><td>1,449</td><td></td><td>6/2/41</td><td>taxable</td><td></td></tr><tr><td>June....</td><td>2-1/4% Treasury bond - 6/15/54-56</td><td></td><td></td><td>681</td><td>7/22/40</td><td>partially</td><td></td></tr><tr><td>Sept....</td><td>2-3/4% Treasury bond - 9/15/56-59 2-1/4% Treasury bond - 9/15/56-59</td><td></td><td>982 3,823</td><td></td><td>9/15/36 2/1/44</td><td>partially taxable</td><td>9/15/46</td></tr><tr><td>Total....</td><td></td><td></td><td>6,253</td><td>681</td><td></td><td></td><td></td></tr><tr><td>1958-Mar....</td><td>2-1/2% Treasury bond - 3/15/56-58</td><td></td><td></td><td>1,449</td><td>6/2/41</td><td>taxable</td><td></td></tr><tr><td>June....</td><td>2-3/4% Treasury bond - 6/15/58-63</td><td></td><td>919</td><td></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 2-1/4% Treasury bond - 9/15/56-59</td><td></td><td></td><td>982 3,823</td><td>9/15/36 2/1/44</td><td>partially taxable</td><td>9/15/46</td></tr><tr><td>Dec....</td><td>2-1/4% Treasury bond - 12/15/59-62</td><td></td><td>3,470</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)
Treasury Bulletin
28
Maturity Schedule of Interest-Bearing Public Marketable Securities
ed by the United States
As of August 31, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1960-Mar....<br>Dec....</td><td>2-7/8% Treasury bond - 3/15/55-60<br>2-3/4% Treasury bond - 12/15/60-65</td><td>......</td><td>......</td><td>2,611<br>1,485</td><td>3/15/35<br>12/15/38</td><td>partially<br>partially</td><td>......</td></tr><tr><td></td><td>Total</td><td>......</td><td>1,485</td><td>2,611</td><td>......</td><td>......</td><td>......</td></tr><tr><td>1961-June...</td><td>3% Pecana 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<br>2-1/2% Treasury bond - 6/15/62-67</td><td>......</td><td>......</td><td>5,284<br>2,118</td><td>6/1/45<br>5/5/42</td><td>taxable<br>taxable</td><td>6/15/52<br>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<br>2-1/2% Treasury bond - 12/15/63-68</td><td>......</td><td>......</td><td>919<br>2,831</td><td>6/15/38<br>12/1/42</td><td>partially<br>taxable</td><td>......<br>12/1/52</td></tr><tr><td>Dec....</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<br>2-1/2% Treasury bond - 12/15/64-69</td><td>......</td><td>3,761<br>3,838</td><td>......</td><td>4/15/43<br>9/15/43</td><td>taxable<br>taxable</td><td>4/15/53<br>9/15/53</td></tr><tr><td>Dec....</td><td>Total</td><td>......</td><td>7,600</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>1965-Mar....<br>Dec....</td><td>2-1/2% Treasury bond - 3/15/65-70<br>2-3/4% Treasury bond - 12/15/60-65</td><td>......</td><td>5,197<br>1,485</td><td>......</td><td>2/1/44<br>12/15/38</td><td>taxable<br>partially</td><td>2/1/54</td></tr><tr><td></td><td>Total</td><td>......</td><td>5,197</td><td>1,485</td><td>......</td><td>......</td><td>......</td></tr><tr><td>1966-Mar....</td><td>2-1/2% Treasury bond - 3/15/66-71</td><td>......</td><td>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<br>2-1/2% Treasury bond - 6/15/67-72</td><td>......</td><td>1,961<br>2,716</td><td>2,118</td><td>5/5/42<br>6/1/45</td><td>taxable<br>taxable</td><td>5/5/52<br>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<br>2-1/2% Treasury bond - 12/15/64-69</td><td>......</td><td>3,761<br>3,838</td><td>......</td><td>4/15/43<br>9/15/43</td><td>taxable<br>taxable</td><td>4/15/53<br>9/15/53</td></tr><tr><td>Dec....</td><td>Total</td><td>......</td><td>7,600</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treasury bond - 3/15/65-70</td><td>......</td><td>......</td><td>5,197</td><td>2/1/44</td><td>taxable</td><td>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 leases may not be acquired by commercial banks (with minor exceptions) prior to a specified date. See footnote 2, page 22.
October 1946
29
Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness
<table><tr><th>Date terms of offering were announced</th><th>Date subscription books were opened</th><th>Description of security (Date of issue is shown in parentheses)</th><th>Period to maturity (Period to first call shown in parentheses)</th><th colspan="2">Amount of subscriptions tendered</th><th colspan="2">Amount issued</th><th>Allotment ratio</th></tr><tr><th></th><th></th><th></th><th>1/</th><th>Cash 2/</th><th>Exchange</th><th>For cash</th><th>In exchange for other securities</th><th></th></tr><tr><td>4/14/44</td><td>6/12/44</td><td>5th War Loan securities: 3/ 2-1/2% Treas. bond- 3/15/65-70 1/2 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 1,948 4,770</td><td>- - - -</td><td>2,909 5,825 1,948 4,770</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>7/20/44 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) 7/8% Certificate - 9/1/45 (9/1/44) 1% Treas. note - 3/15/46 5/ (11/1/41) 7/8% Certificate - 10/1/45 (10/1/44)</td><td>1 yr 1 yr 1 yr.6m 1/ 1 yr</td><td>- - - -</td><td>2,511 3,694 788 3,492</td><td>- - - -</td><td>2,511 3,694 788 3,492</td><td>100 100 100 100</td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>6th War Loan securities: 3/ 2-1/2% Treas. bond- 3/15/66-71 1/2 (12/1/44) 2% Treas. bond-12/15/52-54 (12/1/44) 1-1/4% Treas. note- 9/15/47 (12/1/44) 7/8% Certificate- 12/1/45 (12/1/44)</td><td>26 yr.3 m (21 yr.3 m) 10 yr (8 yr) 2 yr.9 m 1 yr</td><td>3,448 7,922 1,550 4,395</td><td>- - - -</td><td>3,448 7,922 1,550 4,395</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>11/17/44 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 1/2 (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) 7/8% Certificate - 2/1/46 (12/1/45) 7/8% Certificate - 3/1/46 (3/1/45) 7/8% Certificate - 4/1/46 (4/1/45) 7/8% Certificate - 5/1/46 (5/1/45)</td><td>1 yr.1 m 26 yr.3 m (21 yr.3 m) 9/ 10 yr (8 yr) 9/ 2 yr.9m 9/ 1 yr 1 yr 1 yr 1 yr</td><td>- - - - - - - -</td><td>3,416 33 740 137 5,043 4,117 4,811 1,579</td><td>- - - - - - - -</td><td>3,416 33 740 137 5,043 4,117 4,811 1,579</td><td>100 100 100 100 100 100 100 100</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 1/2 (6/1/45) 2-1/4% Treas. bond- 6/15/59-62 1/2 (6/1/45) 1-1/2% Treas. bond-12/15/50 (6/1/45) 7/8% Certificate - 6/1/46 (6/1/45)</td><td>27 yr (22 yr) 17 yr (14 yr) 5 yr.6 m 1 yr</td><td>7,967 5,284 2,635 4,799</td><td>- - - -</td><td>7,967 5,284 2,635 4,799</td><td>- - - -</td><td>100 100 100 100</td></tr><tr><td>5/21/45 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>- - -</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 1/2 (11/15/45) 2-1/4% Treas. bond-12/15/59-62 1/2 (11/15/45) 7/8% Certificate - 12/1/46 (12/3/45)</td><td>27 yr.1 m (22 yr.1 m) 17 yr.1 m (14 yr.1 m) 1 yr</td><td>11,689 3,470 3,768</td><td>- - -</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>- - -</td><td>3,440 3,778 3,350</td><td>- - -</td><td>3,440 3,778 3,350</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 8/19/46 9/18/46</td><td>1/21/46 2/18/46 3/20/46 5/20/46 6/14/46 7/17/46 8/19/46 9/18/46</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 - 5/1/47 (5/1/46) 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) 7/8% Certificate - 9/1/47 (9/1/46) 7/8% Certificate - 10/1/47 (10/1/46)</td><td>1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr 1 yr</td><td>- - - - - - - -</td><td>4,954 4,106 4,742 4,168 4,673 2,307 4,145 n.a.</td><td>- - - - - - - -</td><td>4,954 4,106 4,742 4,168 4,673 2,307 4,145 n.a.</td><td>100 76 59 66 62 52 56 o.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-
4/ Bank restricted issue. See preceding table (maturity schedule of interest-bearing public marketable securities) for earliest date on which commercial banks may acquire this issue.
5/ Reopening of previously offered security.
6/ Interest commenced on June 26, 1944.
7/ Interest commenced on September 15, 1944.
8/ This is the same security that was offered in the Sixth War Loan.
9/ Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
30
Treasury Bulletin
Disposition of Matured Marketable Issues of Treasury Bonds, Notes, and Certificates
of Indebtedness and Securities Guaranteed by the United States
<table><tr><th>Date of refunding for exchange transaction, or of retirement for cash transaction</th><th colspan="2">Description of called or maturing security 1/ (Date of issue is shown in parentheses)</th><th>Amount outstanding</th><th colspan="2">Disposition offers by Treasury</th><th colspan="3">Results of exchange offers</th><th>Description of new security offered</th></tr><tr><th></th><th></th><th></th><th></th><th>Cash retirement</th><th>Exchange security offered</th><th>Exchanged</th><th>Turned in for cash</th><th>Percent exchanged</th><th></th></tr><tr><td>8/1/44 9/1/44</td><td>7/8% Certificate - 8/1/44............(8/2/43)</td><td>2,545 4,122</td><td>-</td><td>2,545 4,122</td><td>2,511 3,694</td><td>34 428</td><td>99 90</td><td>7/8% Certificate - 8/1/45 7/8% Certificate - 9/1/45</td></tr><tr><td>9/15/44</td><td>3/4% Treas. note - 9/15/44............(12/31/41) 1% Treas. note - 9/15/44............(12/22/39)</td><td>635 283</td><td>-</td><td>635 283</td><td>602 185</td><td>33 98</td><td>95 66</td><td>1% Treas. note - 3/15/46</td></tr><tr><td></td><td>Total for exchange transaction of 9/15/44...</td><td>918</td><td>-</td><td>918</td><td>788</td><td>130</td><td>86</td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% Certificate - 10/1/44............(10/15/43) 7/8% Certificate - 12/1/44............(12/1/43)</td><td>3,519 3,540</td><td>-</td><td>3,519 3,540</td><td>3,492 3,416</td><td>27 124</td><td>99 96</td><td>7/8% Certificate - 10/1/45 90% Treas. note - 1/1/46</td></tr><tr><td>12/15/44</td><td>4% Treas. bond - 12/15/44-54............(12/15/24)</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% Treas. bond - 12/15/52-54 2-1/2% Treas. bond - 3/15/66-71 2/</td></tr><tr><td>2/1/45</td><td>7/8% Certificate - 2/1/45............(2/1/44) 1-1/8% CCC note - 2/15/45............(7/21/41)</td><td>5,048 412</td><td>-</td><td>5,048 412</td><td>4,649 395</td><td>400 17</td><td>92 96</td><td>7/8% Certificate - 2/1/46</td></tr><tr><td></td><td>Total for exchange transaction of 2/1/45...</td><td>5,460</td><td>-</td><td>5,460</td><td>5,043</td><td>416</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>.90% Treas. note - 3/1/45............(2/1/44) 3/4% Treas. note - 3/15/45............(3/15/40) 1-1/4% Treas. note - 3/15/45............(9/25/42)</td><td>2,127 718 1,606</td><td>-</td><td>2,127 718 1,606</td><td>2,109 493 1,546</td><td>18 225 60</td><td>99 69 96</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td></td><td>Total for exchange transaction of 3/1/45...</td><td>4,451</td><td>-</td><td>4,451</td><td>4,117</td><td>304</td><td>93</td><td></td></tr><tr><td>4/1/45 5/1/45</td><td>7/8% Certificate - 4/1/45............(4/1/44) 7/8% Certificate - 5/1/45............(5/1/44)</td><td>4,877 1,615</td><td>-</td><td>4,877 1,615</td><td>4,811 1,579</td><td>66 35</td><td>99 98</td><td>7/8% Certificate - 4/1/46 7/8% Certificate - 5/1/46</td></tr><tr><td>6/1/45</td><td>7/8% Certificate - 6/1/45............(6/26/44) 1-1/2% HOLD bond - 6/1/45-47............(6/1/39)</td><td>4,770 755</td><td>-</td><td>4,770 755</td><td>4,187 723</td><td>583 32</td><td>88 96</td><td>.90% Treas. note - 7/1/46</td></tr><tr><td></td><td>Total for exchange transaction of 6/1/45...</td><td>5,525</td><td>-</td><td>5,525</td><td>4,910</td><td>615</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8% Certificate - 8/1/45............(8/1/44)</td><td>2,511</td><td>-</td><td>2,511</td><td>2,470</td><td>41</td><td>98</td><td>7/8% Certificate - 8/1/46</td></tr><tr><td>9/1/45</td><td>7/8% Certificate - 9/1/45............(9/1/44) 2-3/4 Treas. bond - 9/15/45-47............(9/16/35)</td><td>3,694 1,214</td><td>-</td><td>3,694 1,214</td><td>3,429 907</td><td>265 307</td><td>93 75</td><td>7/8% Certificate - 9/1/46</td></tr><tr><td></td><td>Total for exchange transaction of 9/1/45...</td><td>4,908</td><td>-</td><td>4,908</td><td>4,336</td><td>572</td><td>88</td><td></td></tr><tr><td>10/1/45</td><td>7/8% Certificate - 10/1/45............(10/1/44)</td><td>3,492</td><td>-</td><td>3,492</td><td>3,440</td><td>52</td><td>99</td><td>7/8% Certificate - 10/1/46</td></tr><tr><td>12/1/45</td><td>7/8% Certificate - 12/1/45............(12/1/44) 3/4% Treas. note - 12/15/45............(12/18/40) 2-1/2% Treas. bond - 12/15/45............(12/15/37)</td><td>4,395 531 541</td><td>-</td><td>4,395 531 541</td><td>2,932 438 408</td><td>1,463 93 133</td><td>67 82 75</td><td>7/8% Certificate - 11/1/46</td></tr><tr><td></td><td>Total for exchange transaction of 12/1/45...</td><td>5,467</td><td>-</td><td>5,467</td><td>3,778</td><td>1,689</td><td>69</td><td></td></tr><tr><td>1/1/46</td><td>3% Cooverelion bond - 1/1/46............(1/1/16)</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>1/1/46 2/1/46</td><td>.90% Treas. note - 1/1/46............(12/1/44) 7/8% Certificate - 2/1/46............(2/1/45)</td><td>3,416 5,043</td><td>-</td><td>3,416 5,043</td><td>3,330 4,954</td><td>85 89</td><td>98 98</td><td>7/8% Certificate - 1/1/47 7/8% Certificate - 2/1/47</td></tr><tr><td>3/1/46</td><td>7/8% Certificate - 3/1/46............(3/1/45) 3-3/4% Treas. bond - 3/15/46-56............(3/15/26)</td><td>4,147 489</td><td>1,014 489</td><td>3,133</td><td>3,133</td><td>-</td><td>3/</td><td>7/8% Certificate - 3/1/47</td></tr><tr><td>3/15/46</td><td>1% Treas. note - 3/15/46............(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 5/1/46</td><td>7/8% Certificate - 4/1/46............(4/1/45) 7/8% Certificate - 5/1/46............(5/1/45)</td><td>4,811 1,579</td><td>1,991 1,579</td><td>2,820</td><td>2,820</td><td>-</td><td>3/</td><td>7/8% Certificate - 4/1/47</td></tr><tr><td>6/1/46</td><td>7/8% Certificate - 6/1/46............(6/1/45) 3% Treas. bond - 6/15/46-48............(6/15/34)</td><td>4,799 1,036</td><td>2,025 1,036</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>3-1/8% Treas. bond - 6/15/46-49............(6/15/31)</td><td>819</td><td>819</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>7/1/46</td><td>.90% Treas. note - 7/1/46............(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............(8/1/45)</td><td>2,470</td><td>1,246</td><td>1,223</td><td>1,223</td><td>-</td><td>3/</td><td>7/8% Certificate - 8/1/47</td></tr><tr><td>9/1/46</td><td>7/8% Certificate - 9/1/46............(9/1/45)</td><td>4,336</td><td>1,995</td><td>2,341</td><td>2,341</td><td>-</td><td>3/</td><td>7/8% Certificate - 9/1/47</td></tr><tr><td>10/1/46</td><td>7/8% Certificate - 10/1/46............(10/1/45)</td><td>3,440</td><td>2,000 p 1,440</td><td>p o.a.</td><td>-</td><td>-</td><td>3/</td><td>7/8% Certificate - 10/1/47</td></tr></table>
Source
Bureau of the Public Debt
Preliminary. Not available. Original call and maturity dates are need. Bank restricted issue. 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.
October 1946
31
Offerings and Maturities of Treasury Bills
Table 1.- Description of Treasury Bill Offerings and Amount of Maturities
(Amounts in millions of dollars)
<table><tr><th rowspan="2">Date of issue</th><th colspan="5">Description of new issue</th><th rowspan="2">Amount of maturing issues (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th colspan="3">Amount of bids accepted</th></tr><tr><th></th><th></th><th></th><th></th><th>Total amount</th><th>amount on competitive basis</th><th>Amount on fixed-prices basis 1/</th><th></th></tr><tr><td>1945-Aug. 2.....</td><td>1945-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>2,006.2</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>2,095.7</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>1,317.6</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>2,064.7</td><td>1,310.0</td><td>1,251.1</td><td>59.0</td><td>1,312.1</td><td>17,026.4</td></tr><tr><td>Nov. 1.....</td><td>Jan. 31.....</td><td>91</td><td>2,210.5</td><td>1,318.2</td><td>1,267.0</td><td>51.3</td><td>1,317.0</td><td>17,027.6</td></tr><tr><td>Nov. 8.....</td><td>Feb. 7.....</td><td>91</td><td>2,076.8</td><td>1,316.7</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>2,925.0</td><td>1,302.9</td><td>1,264.4</td><td>38.5</td><td>1,310.5</td><td>17,029.5</td></tr><tr><td>Jan. 10.....</td><td>Apr. 11.....</td><td>91</td><td>2,259.5</td><td>1,316.1</td><td>1,253.6</td><td>62.5</td><td>1,311.0</td><td>17,034.6</td></tr><tr><td>Jan. 17.....</td><td>Apr. 18.....</td><td>91</td><td>2,005.3</td><td>1,312.1</td><td>1,250.9</td><td>61.2</td><td>1,309.6</td><td>17,037.1</td></tr><tr><td>Jan. 24.....</td><td>Apr. 25.....</td><td>91</td><td>2,016.3</td><td>1,316.9</td><td>1,256.9</td><td>60.0</td><td>1,310.0</td><td>17,044.0</td></tr><tr><td>Jan. 31.....</td><td>May 2.....</td><td>91</td><td>2,025.2</td><td>1,315.9</td><td>1,262.1</td><td>53.7</td><td>1,318.2</td><td>17,041.6</td></tr><tr><td>Feb. 7.....</td><td>May 9.....</td><td>91</td><td>1,928.2</td><td>1,314.8</td><td>1,268.1</td><td>46.7</td><td>1,316.7</td><td>17,039.7</td></tr><tr><td>Feb. 14.....</td><td>May 16.....</td><td>91</td><td>1,987.8</td><td>1,309.0</td><td>1,257.5</td><td>51.5</td><td>1,316.7</td><td>17,032.0</td></tr><tr><td>Feb. 21.....</td><td>May 23.....</td><td>91</td><td>2,037.3</td><td>1,301.3</td><td>1,253.1</td><td>48.1</td><td>1,302.1</td><td>17,031.2</td></tr><tr><td>Feb. 28.....</td><td>May 31.....</td><td>92</td><td>2,006.1</td><td>1,316.7</td><td>1,275.1</td><td>41.6</td><td>1,316.0</td><td>17,031.8</td></tr><tr><td>Mar. 7.....</td><td>June 6.....</td><td>91</td><td>2,015.0</td><td>1,309.0</td><td>1,261.2</td><td>47.8</td><td>1,303.5</td><td>17,037.4</td></tr><tr><td>Mar. 14.....</td><td>June 13.....</td><td>91</td><td>2,084.6</td><td>1,303.8</td><td>1,249.2</td><td>54.6</td><td>1,301.8</td><td>17,039.4</td></tr><tr><td>Mar. 21.....</td><td>June 20.....</td><td>91</td><td>2,074.8</td><td>1,315.3</td><td>1,265.5</td><td>49.8</td><td>1,316.5</td><td>17,038.2</td></tr><tr><td>Mar. 28.....</td><td>June 27.....</td><td>91</td><td>1,984.5</td><td>1,313.4</td><td>1,268.6</td><td>44.8</td><td>1,304.4</td><td>17,047.2</td></tr><tr><td>Apr. 4.....</td><td>July 5.....</td><td>92</td><td>1,863.6</td><td>1,312.0</td><td>1,277.7</td><td>34.3</td><td>1,302.9</td><td>17,056.3</td></tr><tr><td>Apr. 11.....</td><td>July 11.....</td><td>91</td><td>2,050.1</td><td>1,317.1</td><td>1,272.7</td><td>44.4</td><td>1,316.1</td><td>17,057.2</td></tr><tr><td>Apr. 18.....</td><td>July 18.....</td><td>91</td><td>1,989.7</td><td>1,310.3</td><td>1,263.1</td><td>47.2</td><td>1,312.1</td><td>17,055.4</td></tr><tr><td>Apr. 25.....</td><td>July 25.....</td><td>91</td><td>1,902.1</td><td>1,315.3</td><td>1,272.8</td><td>42.5</td><td>1,316.9</td><td>17,053.7</td></tr><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>17,040.9</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>1,301.5</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>1,272.8</td><td>37.0</td><td>1,303.8</td><td>17,051.8</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>1,851.8</td><td>1,305.9</td><td>1,272.4</td><td>33.5</td><td>1,313.4</td><td>17,036.9</td></tr><tr><td>July 5.....</td><td>Oct. 3.....</td><td>90</td><td>1,803.5</td><td>1,307.7</td><td>1,278.1</td><td>29.7</td><td>1,312.0</td><td>17,034.7</td></tr><tr><td>July 11.....</td><td>Oct. 10.....</td><td>91</td><td>1,892.0</td><td>1,315.1</td><td>1,278.1</td><td>37.0</td><td>1,317.1</td><td>17,038.8</td></tr><tr><td>July 18.....</td><td>Oct. 17.....</td><td>91</td><td>1,895.0</td><td>1,310.6</td><td>1,270.2</td><td>40.8</td><td>1,310.3</td><td>17,033.2</td></tr><tr><td>July 25.....</td><td>Oct. 24.....</td><td>91</td><td>1,767.8</td><td>1,305.1</td><td>1,269.8</td><td>35.3</td><td>1,315.3</td><td>17,023.0</td></tr><tr><td>Aug. 1.....</td><td>Oct. 31.....</td><td>91</td><td>1,796.3</td><td>1,306.1</td><td>1,272.2</td><td>33.9</td><td>1,309.2</td><td>17,019.9</td></tr><tr><td>Aug. 8.....</td><td>Nov. 7.....</td><td>91</td><td>1,624.0</td><td>1,315.4</td><td>1,279.8</td><td>35.5</td><td>1,308.2</td><td>17,027.0</td></tr><tr><td>Aug. 15.....</td><td>Nov. 14.....</td><td>91</td><td>1,816.5</td><td>1,313.7</td><td>1,275.6</td><td>38.2</td><td>1,301.3</td><td>17,039.4</td></tr><tr><td>Aug. 22.....</td><td>Nov. 21.....</td><td>91</td><td>1,803.9</td><td>1,308.4</td><td>1,272.3</td><td>36.0</td><td>1,313.7</td><td>17,034.0</td></tr><tr><td>Aug. 29.....</td><td>Nov. 29.....</td><td>92</td><td>1,804.8</td><td>1,302.2</td><td>1,274.5</td><td>27.7</td><td>1,312.5</td><td>17,023.8</td></tr></table>
Source: Public Debt Service for data on new issues; Daily Treasury Statement for data on maturing issues and amounts outstanding. Note: See annual reports of the Secretary of the Treasury for back
1/ Tenders for $200 thousand or less from any one bidder are accepted in full at $9.905 per hundred.
32
Treasury Bulletin
Offerings and Maturities of Treasury Bills - (Continued)
Table 2.- Prices and Rates of Treasury Bill Offerings
<table><tr><th rowspan="2">Date of issue</th><th colspan="2">Total bids accepted</th><th colspan="4">Competitive bids accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/ (Percent)</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/ (Percent)</th></tr><tr><td>1945-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 2/</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 3/</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><tr><td>July 5</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>July 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>July 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>July 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>Aug. 1</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 8</td><td>99.905</td><td>0.376</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 15</td><td>99.905</td><td>0.376</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 22</td><td>99.905</td><td>0.375</td><td>99.908</td><td>0.364</td><td>99.905</td><td>0.376</td></tr><tr><td>Aug. 29</td><td>99.904</td><td>0.375</td><td>99.907</td><td>0.364</td><td>99.904</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 $100 thousand at 99.925. 3/ Except $500 thousand at 99.930.
October 1946
33
Sales and Redemptions of United States Savings Bonds
United States savings bonds were first offered for sale in March 1935. Bonds of series A-D were sold between March 1935 and April 1941. Series E, F, and G bonds have been on sale since May 1, 1941.
Series A-E bonds are 10-year discount bonds sold at 75% of maturity value, and yield 2.90% per annum if held to maturity. Series F bonds are 12-year discount bonds sold at 74% of maturity value, and yield 2.53% per annum if held to maturity. Series G bonds are 12-year current income bonds, sold at par, bearing interest at 2-1/2% per annum, and redeemable at par at maturity or at stated prices less than par before maturity.
Purchases of series A-D bonds were limited to $7,500 issue price in any one calendar year. These bonds were available to all subscribers prior to April 1, 1940, and to individuals only after that date. Purchases of series E bonds are limited to $3,750 issue price in any one calendar year, and may be made only by individuals (defined as natural persons only). The limit for series F and G combined is $100,000 issue price in any one calendar year ($50,000 in calendar year 1941). Series F and G bonds are available to all
subscribers except commercial banks. Commercial banks, however, were permitted to purchase these bonds during certain periods and with certain restrictions. For details concerning these periods and restrictions see "Treasury Bulletin" for December 1944, page 36, footnote 9, and "Treasury Bulletin" for February 1946, page 37, footnote 9, and page A-22. For details concerning features, investment yields, and redemption values see "Treasury Bulletin" for October 1945, pages A-4 and A-5.
Series A bonds matured in 1945, and bonds of series B began to mature in January 1946. Matured bonds turned in for redemption are included in the figures on redemptions. Matured bonds outstanding are reflected in the interest-bearing debt until all bonds of the series have matured, when they are transferred to matured debt upon which interest has ceased, in accordance with the practice of the Daily Treasury Statement.
In the following tables sales figures are quoted at issue price, and redemptions and amounts outstanding at current redemption values. Amounts of series G outstanding are quoted at par.
Table 1.- Summary of Sales and Redemptions, by Series, as of August 31, 1946
<table><tr><th>United States savings bonds</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th></th><th>(In millions of dollars)</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>Matured series: Series A</td><td>204</td><td>52</td><td>255</td><td>240</td><td>16</td><td>-</td><td>1/</td></tr><tr><td>Unmatured series: Series B</td><td>370</td><td>91</td><td>461</td><td>287</td><td>-</td><td>174</td><td>62.22</td></tr><tr><td>Series C</td><td>1,010</td><td>204</td><td>1,214</td><td>288</td><td>-</td><td>926</td><td>23.72</td></tr><tr><td>Series D</td><td>2,365</td><td>323</td><td>2,688</td><td>462</td><td>-</td><td>2,225</td><td>17.20</td></tr><tr><td>Total, Series B, C, and D</td><td>3,745</td><td>617</td><td>4,362</td><td>1,037</td><td>-</td><td>3,325</td><td>23.77</td></tr><tr><td>Series E</td><td>42,846</td><td>932</td><td>43,778</td><td>13,446 2/</td><td>-</td><td>30,333</td><td>30.71</td></tr><tr><td>Series F</td><td>3,205</td><td>71</td><td>3,275</td><td>351</td><td>-</td><td>2,925</td><td>10.70</td></tr><tr><td>Series G</td><td>13,738</td><td>-</td><td>13,738</td><td>844</td><td>-</td><td>12,895</td><td>6.14</td></tr><tr><td>Total, Series E, F, and G</td><td>59,789</td><td>1,002</td><td>60,792</td><td>14,640</td><td>-</td><td>46,152</td><td>24.08</td></tr><tr><td>Total, Series B-G</td><td>63,534</td><td>1,620</td><td>65,154</td><td>15,676</td><td>-</td><td>49,477</td><td>24.06</td></tr><tr><td>Total, Series A-O</td><td>63,738</td><td>1,671</td><td>65,409</td><td>15,916</td><td>16</td><td>49,477</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.
Treasury Bulletin
34
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 1/</th><th colspan="2">Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="10">(In millions of dollars)</td></tr></table>
<table><tr><th colspan="9">All series</th></tr><tr><td>Total, inception to August 31, 1946.</td><td>63,738</td><td>1,671</td><td>65,409</td><td>15,916</td><td>n.a.</td><td>n.a.</td><td>16</td><td>49,477</td><td>-</td></tr><tr><th colspan="9">Fiscal years:</th></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><th colspan="9">Calendar years:</th></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><th colspan="9">Months:</th></tr><tr><td>1945-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</td><td>16</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>620</td><td>15</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>605</td><td>15</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><tr><td>July</td><td>753</td><td>67</td><td>820</td><td>537</td><td>n.a.</td><td>n.a.</td><td>17</td><td>49,320</td><td>1.09</td></tr><tr><td>August</td><td>590</td><td>45</td><td>635</td><td>478</td><td>n.a.</td><td>n.a.</td><td>16</td><td>49,477</td><td>.97</td></tr></table>
<table><tr><th colspan="10">Series A-D</th></tr><tr><td>Total, inception to August 31, 1946.</td><td>3,949</td><td>669</td><td>4,618</td><td>1,276</td><td>n.a.</td><td>n.a.</td><td>16</td><td>3,325</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-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>24</td><td>7</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>24</td><td>7</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><tr><td>July.</td><td>(*)</td><td>16</td><td>16</td><td>37</td><td>n.a.</td><td>n.a.</td><td>17</td><td>3,346</td><td>1.09</td></tr><tr><td>August.</td><td>-</td><td>9</td><td>9</td><td>30</td><td>n.a.</td><td>n.a.</td><td>16</td><td>3,325</td><td>.89</td></tr></table>
(Continued on following page)
October 1946
35
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/ Salee 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 August 31, 1946.</td><td>59,789</td><td>1,002</td><td>60,792</td><td>14,640</td><td>n.a.</td><td>n.a.</td><td>46,152</td><td>-</td></tr><tr><td colspan="9">Fiscal years:</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 colspan="9">Calendar years:</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 colspan="9">Months:</td></tr><tr><td>1945-August</td><td>700</td><td>29</td><td>729</td><td>515</td><td>511</td><td>4</td><td>43,143</td><td>1.19</td></tr><tr><td>September</td><td>514</td><td>33</td><td>548</td><td>514</td><td>520</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</td><td>7</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>596</td><td>8</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>581</td><td>8</td><td>45,424</td><td>1.30</td></tr><tr><td>May</td><td>594</td><td>39</td><td>634</td><td>524</td><td>n.a.</td><td>n.a.</td><td>45,534</td><td>1.15</td></tr><tr><td>June</td><td>571</td><td>55</td><td>627</td><td>491</td><td>n.a.</td><td>n.a.</td><td>45,670</td><td>1.08</td></tr><tr><td>July</td><td>753</td><td>51</td><td>804</td><td>500</td><td>n.a.</td><td>n.a.</td><td>45,974</td><td>1.09</td></tr><tr><td>August</td><td>590</td><td>36</td><td>626</td><td>449</td><td>n.a.</td><td>n.a.</td><td>46,152</td><td>.97</td></tr><tr><td colspan="9">Series I</td></tr><tr><td>Total, inception to August 31, 1946.</td><td>42,846</td><td>932</td><td>43,778</td><td>13,446</td><td>13,341</td><td>104</td><td>30,333</td><td>-</td></tr><tr><td colspan="9">Fiscal years:</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 colspan="9">Calendar years:</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 colspan="9">Months:</td></tr><tr><td>1945-August</td><td>571</td><td>28</td><td>599</td><td>485</td><td>481</td><td>4</td><td>29,905</td><td>1.62</td></tr><tr><td>September</td><td>420</td><td>31</td><td>451</td><td>487</td><td>483</td><td>4</td><td>29,869</td><td>1.63</td></tr><tr><td>October</td><td>510</td><td>28</td><td>537</td><td>562</td><td>557</td><td>5</td><td>29,844</td><td>1.88</td></tr><tr><td>November</td><td>865</td><td>28</td><td>893</td><td>474</td><td>470</td><td>5</td><td>30,263</td><td>1.57</td></tr><tr><td>December</td><td>908</td><td>45</td><td>953</td><td>490</td><td>485</td><td>5</td><td>30,727</td><td>1.59</td></tr><tr><td>1946-January</td><td>641</td><td>44</td><td>685</td><td>541</td><td>535</td><td>7</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</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>543 r</td><td>8 r</td><td>30,635</td><td>1.80</td></tr><tr><td>April</td><td>388</td><td>36</td><td>424</td><td>546</td><td>538 r</td><td>8 r</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><tr><td>July</td><td>386</td><td>46</td><td>433</td><td>442</td><td>435</td><td>7</td><td>30,349</td><td>1.46</td></tr><tr><td>August</td><td>347</td><td>34</td><td>381</td><td>397</td><td>393</td><td>4</td><td>30,333</td><td>1.31</td></tr></table>
(Continued on following page)
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="9">(in millions of dollars)</td></tr><tr><td colspan="9">Series F</td></tr><tr><td>Total, inception to August 31, 1946.</td><td>3,205</td><td>71</td><td>3,275</td><td>351</td><td>n.a.</td><td>n.a.</td><td>2,925</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>67</td><td>-</td><td>67</td><td>*</td><td>*</td><td>-</td><td>67</td><td>-</td></tr><tr><td>1942</td><td>435</td><td>*</td><td>435</td><td>3</td><td>3</td><td>*</td><td>499</td><td>-</td></tr><tr><td>1943</td><td>758</td><td>2</td><td>760</td><td>17</td><td>17</td><td>*</td><td>1,242</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>58</td><td>57</td><td>*</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>68</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>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>208</td><td>-</td><td>208</td><td>*</td><td>*</td><td>-</td><td>207</td><td>-</td></tr><tr><td>1942</td><td>652</td><td>2</td><td>654</td><td>7</td><td>7</td><td>*</td><td>854</td><td>-</td></tr><tr><td>1943</td><td>745</td><td>4</td><td>750</td><td>35</td><td>35</td><td>*</td><td>1,569</td><td>-</td></tr><tr><td>1944</td><td>773</td><td>13</td><td>786</td><td>77</td><td>77</td><td>1</td><td>2,278</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>25</td><td>621</td><td>106</td><td>104</td><td>1</td><td>2,793</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>16</td><td>*</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>13</td><td>*</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>2,853</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>July</td><td>31</td><td>5</td><td>36</td><td>18</td><td>n.a.</td><td>n.a.</td><td>2,914</td><td>.60</td></tr><tr><td>August</td><td>25</td><td>3</td><td>28</td><td>17</td><td>n.a.</td><td>n.a.</td><td>2,925</td><td>.58</td></tr><tr><td colspan="9">Series O</td></tr><tr><td>Total, inception to August 31, 1946.</td><td>13,738</td><td>-</td><td>13,738</td><td>844</td><td>844</td><td>-</td><td>12,895</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>395</td><td>-</td><td>395</td><td>1</td><td>1</td><td>-</td><td>394</td><td>-</td></tr><tr><td>1942</td><td>2,032</td><td>-</td><td>2,032</td><td>12</td><td>12</td><td>-</td><td>2,414</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>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,185</td><td>-</td><td>1,185</td><td>2</td><td>2</td><td>-</td><td>1,183</td><td>-</td></tr><tr><td>1942</td><td>2,516</td><td>-</td><td>2,516</td><td>29</td><td>29</td><td>-</td><td>3,669</td><td>-</td></tr><tr><td>1943</td><td>2,640</td><td>-</td><td>2,640</td><td>89</td><td>89</td><td>-</td><td>6,221</td><td>-</td></tr><tr><td>1944</td><td>2,891</td><td>-</td><td>2,891</td><td>181</td><td>181</td><td>-</td><td>8,931</td><td>-</td></tr><tr><td>1945</td><td>2,520</td><td>-</td><td>2,520</td><td>264</td><td>264</td><td>-</td><td>11,186</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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><tr><td>July</td><td>335</td><td>-</td><td>335</td><td>40</td><td>40</td><td>-</td><td>12,711</td><td>.32</td></tr><tr><td>August</td><td>217</td><td>-</td><td>217</td><td>34</td><td>34</td><td>-</td><td>12,895</td><td>.27</td></tr></table>
Source: Daily Treasury Statement. n.a. Not available. r Revised.
Less than $500 thousand. 1/ Beginning October 1944 series E redemptions include unclassified redemptions which contain small amounts of series A-D.
October 1946
37
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/</th><th>$50</th><th>$100</th><th>$200 1/2</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/</th><th>$50</th><th>$100 and $200 1/2</th><th>$500 and $1,000</th><th>$10,000</th></tr><tr><td colspan="12">Series I</td><td colspan="5">Denominations</td></tr><tr><td>Total, inception through Aug. 31, 1946.</td><td>42,846</td><td>138</td><td>13,971</td><td>5,789</td><td>8,761</td><td>216</td><td>5,284</td><td>8,687</td><td>.....</td><td>.....</td><td>100.0</td><td>33.0</td><td>13.5</td><td>20.9</td><td>32.6</td><td>.....</td></tr><tr><td colspan="12">Fiscal years:</td><td colspan="5"></td></tr><tr><td>1941.</td><td>203</td><td>.....</td><td>14</td><td>13</td><td>41</td><td>.....</td><td>41</td><td>93</td><td>.....</td><td>.....</td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>66.0</td><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 colspan="12">Calendar years:</td><td colspan="5"></td></tr><tr><td>1941.</td><td>1,145</td><td>.....</td><td>114</td><td>93</td><td>258</td><td>.....</td><td>229</td><td>450</td><td>.....</td><td>.....</td><td>100.0</td><td>10.0</td><td>8.1</td><td>22.6</td><td>59.3</td><td>.....</td></tr><tr><td>1942.</td><td>5,989</td><td>.....</td><td>1,769</td><td>712</td><td>1,338</td><td>.....</td><td>856</td><td>1,313</td><td>.....</td><td>.....</td><td>100.0</td><td>29.5</td><td>11.9</td><td>22.4</td><td>36.2</td><td>.....</td></tr><tr><td>1943.</td><td>10,344</td><td>.....</td><td>3,719</td><td>1,390</td><td>2,169</td><td>.....</td><td>1,253</td><td>1,815</td><td>.....</td><td>.....</td><td>100.0</td><td>36.0</td><td>13.4</td><td>21.0</td><td>29.6</td><td>.....</td></tr><tr><td>1944.</td><td>12,380</td><td>27</td><td>4,241</td><td>1,797</td><td>2,706</td><td>.....</td><td>1,446</td><td>2,163</td><td>.....</td><td>.....</td><td>100.0</td><td>34.4</td><td>14.5</td><td>21.9</td><td>29.2</td><td>.....</td></tr><tr><td>1945.</td><td>9,822</td><td>85</td><td>3,243</td><td>1,416</td><td>1,842</td><td>115</td><td>1,119</td><td>2,002</td><td>.....</td><td>.....</td><td>100.0</td><td>33.9</td><td>14.4</td><td>19.9</td><td>31.8</td><td>.....</td></tr><tr><td colspan="12">Months:</td><td colspan="5"></td></tr><tr><td>1945-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>48</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>16.8</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>July.</td><td>386</td><td>3</td><td>89</td><td>38</td><td>53</td><td>11</td><td>55</td><td>138</td><td>.....</td><td>.....</td><td>100.0</td><td>23.8</td><td>9.8</td><td>16.5</td><td>49.9</td><td>.....</td></tr><tr><td>Aug.</td><td>347</td><td>2</td><td>86</td><td>38</td><td>48</td><td>9</td><td>47</td><td>117</td><td>.....</td><td>.....</td><td>100.0</td><td>25.3</td><td>11.0</td><td>16.5</td><td>47.2</td><td>.....</td></tr><tr><td colspan="12">Series J and O</td><td colspan="5"></td></tr><tr><td>Total, inception through Aug. 31, 1946.</td><td>16,943</td><td>.....</td><td>19</td><td>.....</td><td>495</td><td>.....</td><td>1,144</td><td>5,083</td><td>3,251</td><td>6,951</td><td>100.0</td><td>1.1</td><td>.....</td><td>2.9</td><td>36.8</td><td>60.2</td></tr><tr><td colspan="12">Fiscal years:</td><td colspan="5"></td></tr><tr><td>1941.</td><td>461</td><td>.....</td><td>.....</td><td>6</td><td>.....</td><td>13</td><td>.....</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>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>106</td><td>.....</td><td>229</td><td>1,016</td><td>696</td><td>1,466</td><td>100.0</td><td>1.1</td><td>.....</td><td>3.0</td><td>35.4</td><td>61.5</td></tr><tr><td>1944.</td><td>3,678</td><td>.....</td><td>6</td><td>134</td><td>.....</td><td>291</td><td>1,156</td><td>683</td><td>1,409</td><td>100.0</td><td>2.2</td><td>.....</td><td>3.6</td><td>39.3</td><td>56.9</td></tr><tr><td>1945.</td><td>3,337</td><td>.....</td><td>5</td><td>109</td><td>.....</td><td>255</td><td>1,012</td><td>595</td><td>1,362</td><td>100.0</td><td>2.2</td><td>.....</td><td>3.3</td><td>37.9</td><td>58.6</td></tr><tr><td>1946.</td><td>2,873</td><td>.....</td><td>2</td><td>61</td><td>.....</td><td>179</td><td>896</td><td>555</td><td>1,179</td><td>100.0</td><td>1.1</td><td>.....</td><td>2.1</td><td>37.4</td><td>60.4</td></tr><tr><td colspan="12">Calendar years:</td><td colspan="5"></td></tr><tr><td>1941.</td><td>1,393</td><td>.....</td><td>.....</td><td>26</td><td>.....</td><td>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>98</td><td>.....</td><td>196</td><td>906</td><td>634</td><td>1,331</td><td>100.0</td><td>1.1</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>3</td><td>123</td><td>.....</td><td>267</td><td>1,116</td><td>667</td><td>1,187</td><td>100.0</td><td>1.1</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>131</td><td>.....</td><td>293</td><td>1,119</td><td>670</td><td>1,445</td><td>100.0</td><td>2.2</td><td>.....</td><td>3.6</td><td>38.5</td><td>57.7</td></tr><tr><td>1945.</td><td>3,115</td><td>.....</td><td>4</td><td>84</td><td>.....</td><td>215</td><td>933</td><td>537</td><td>1,342</td><td>100.0</td><td>1.1</td><td>.....</td><td>2.7</td><td>36.8</td><td>60.4</td></tr><tr><td colspan="12">Months:</td><td colspan="5"></td></tr><tr><td>1945-Aug.</td><td>128</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>1.1</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>3</td><td>.....</td><td>8</td><td>37</td><td>20</td><td>25</td><td>100.0</td><td>1.2</td><td>.....</td><td>3.6</td><td>48.2</td><td>48.0</td></tr><tr><td>Oct.</td><td>115</td><td>.....</td><td>.....</td><td>4</td><td>.....</td><td>9</td><td>45</td><td>23</td><td>34</td><td>100.0</td><td>1.1</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>10</td><td>.....</td><td>28</td><td>124</td><td>69</td><td>87</td><td>100.0</td><td>1.1</td><td>.....</td><td>3.2</td><td>47.8</td><td>48.9</td></tr><tr><td>Dec.</td><td>345</td><td>.....</td><td>.....</td><td>8</td><td>.....</td><td>22</td><td>103</td><td>62</td><td>148</td><td>100.0</td><td>1.1</td><td>.....</td><td>2.5</td><td>36.4</td><td>61.0</td></tr><tr><td>1946-Jan.</td><td>319</td><td>.....</td><td>.....</td><td>5</td><td>.....</td><td>16</td><td>86</td><td>52</td><td>159</td><td>100.0</td><td>1.1</td><td>.....</td><td>1.6</td><td>32.0</td><td>66.3</td></tr><tr><td>Feb.</td><td>255</td><td>.....</td><td>.....</td><td>4</td><td>.....</td><td>11</td><td>63</td><td>43</td><td>135</td><td>100.0</td><td>1.1</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>4</td><td>.....</td><td>13</td><td>72</td><td>48</td><td>119</td><td>100.0</td><td>1.1</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>4</td><td>.....</td><td>14</td><td>81</td><td>56</td><td>125</td><td>100.0</td><td>1.1</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>3</td><td>.....</td><td>13</td><td>75</td><td>52</td><td>106</td><td>100.0</td><td>1.1</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>3</td><td>.....</td><td>12</td><td>72</td><td>54</td><td>108</td><td>100.0</td><td>1.1</td><td>.....</td><td>1.4</td><td>33.7</td><td>64.9</td></tr><tr><td>July.</td><td>367</td><td>.....</td><td>.....</td><td>5</td><td>.....</td><td>22</td><td>122</td><td>84</td><td>134</td><td>100.0</td><td>1.1</td><td>.....</td><td>1.5</td><td>39.1</td><td>59.4</td></tr><tr><td>Aug.</td><td>243</td><td>.....</td><td>.....</td><td>4</td><td>.....</td><td>15</td><td>85</td><td>55</td><td>83</td><td>100.0</td><td>1.1</td><td>.....</td><td>1.6</td><td>41.4</td><td>57.0</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 I bonds was authorised in December 1941.
3/ Sale of $200 denomination Series I bonds began in October 1945.
38
Treasury Bulletin
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 denomination</th><th colspan="8">Denomination (Thousands of pieces sold)</th></tr><tr><th>$10 1/</th><th>$25 2/</th><th>$50</th><th>$100</th><th>$200 3/</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th></tr><tr><td colspan="11">Series E</td></tr><tr><td>Total, inception through August 31, 1946</td><td>1,061,785</td><td>18,346</td><td>745,132</td><td>154,381</td><td>116,810</td><td>1,443</td><td>14,089</td><td>11,583</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>305,986</td><td>......</td><td>221,284</td><td>43,800</td><td>34,147</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>8,505</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>2,485</td><td>3,446</td><td>......</td><td>612</td><td>600</td><td>......</td><td>......</td></tr><tr><td>1942</td><td>135,227</td><td>......</td><td>94,354</td><td>18,999</td><td>17,042</td><td>......</td><td>2,282</td><td>1,751</td><td>......</td><td>......</td></tr><tr><td>1943</td><td>270,068</td><td>......</td><td>198,333</td><td>37,060</td><td>28,915</td><td>......</td><td>3,340</td><td>2,420</td><td>......</td><td>......</td></tr><tr><td>1944</td><td>320,527</td><td>3,582</td><td>226,213</td><td>47,915</td><td>36,077</td><td>......</td><td>3,856</td><td>2,884</td><td>......</td><td>......</td></tr><tr><td>1945</td><td>253,078</td><td>11,381</td><td>172,948</td><td>37,773</td><td>24,554</td><td>769</td><td>2,984</td><td>2,669</td><td>......</td><td>......</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>7,130</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>July</td><td>7,216</td><td>343</td><td>4,756</td><td>1,008</td><td>706</td><td>72</td><td>146</td><td>185</td><td>......</td><td>......</td></tr><tr><td>August</td><td>6,847</td><td>276</td><td>4,572</td><td>1,015</td><td>642</td><td>61</td><td>126</td><td>156</td><td>......</td><td>......</td></tr><tr><td colspan="11">Series F and O</td></tr><tr><td>Total, inception through August 31, 1946</td><td>15,545</td><td>......</td><td>1,015</td><td>......</td><td>5,308</td><td>......</td><td>2,402</td><td>5,379</td><td>696</td><td>745</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>233</td><td>......</td><td>......</td><td>......</td><td>60</td><td>......</td><td>28</td><td>100</td><td>18</td><td>28</td></tr><tr><td>1942</td><td>2,110</td><td>......</td><td>72</td><td>......</td><td>774</td><td>......</td><td>300</td><td>745</td><td>106</td><td>112</td></tr><tr><td>1943</td><td>3,251</td><td>......</td><td>216</td><td>......</td><td>1,149</td><td>......</td><td>487</td><td>1,090</td><td>151</td><td>157</td></tr><tr><td>1944</td><td>3,869</td><td>......</td><td>303</td><td>......</td><td>1,425</td><td>......</td><td>610</td><td>1,231</td><td>148</td><td>153</td></tr><tr><td>1945</td><td>3,326</td><td>......</td><td>291</td><td>......</td><td>1,156</td><td>......</td><td>532</td><td>1,071</td><td>128</td><td>148</td></tr><tr><td>1946</td><td>2,314</td><td>......</td><td>125</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>......</td><td>......</td><td>277</td><td>......</td><td>121</td><td>373</td><td>59</td><td>71</td></tr><tr><td>1942</td><td>2,902</td><td>......</td><td>156</td><td>......</td><td>1,077</td><td>......</td><td>419</td><td>971</td><td>137</td><td>142</td></tr><tr><td>1943</td><td>3,624</td><td>......</td><td>270</td><td>......</td><td>1,317</td><td>......</td><td>565</td><td>1,195</td><td>149</td><td>128</td></tr><tr><td>1944</td><td>3,821</td><td>......</td><td>325</td><td>......</td><td>1,394</td><td>......</td><td>613</td><td>1,188</td><td>145</td><td>157</td></tr><tr><td>1945</td><td>2,807</td><td>......</td><td>224</td><td>......</td><td>899</td><td>......</td><td>447</td><td>978</td><td>115</td><td>145</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-August</td><td>136</td><td>......</td><td>10</td><td>......</td><td>43</td><td>......</td><td>22</td><td>51</td><td>5</td><td>4</td></tr><tr><td>September</td><td>112</td><td>......</td><td>12</td><td>......</td><td>36</td><td>......</td><td>17</td><td>39</td><td>4</td><td>3</td></tr><tr><td>October</td><td>116</td><td>......</td><td>6</td><td>......</td><td>38</td><td>......</td><td>19</td><td>46</td><td>5</td><td>3</td></tr><tr><td>November</td><td>343</td><td>......</td><td>21</td><td>......</td><td>109</td><td>......</td><td>58</td><td>131</td><td>15</td><td>9</td></tr><tr><td>December</td><td>298</td><td>......</td><td>22</td><td>......</td><td>90</td><td>......</td><td>47</td><td>109</td><td>13</td><td>17</td></tr><tr><td>1946-January</td><td>215</td><td>......</td><td>10</td><td>......</td><td>55</td><td>......</td><td>33</td><td>89</td><td>11</td><td>17</td></tr><tr><td>February</td><td>155</td><td>......</td><td>5</td><td>......</td><td>38</td><td>......</td><td>23</td><td>65</td><td>9</td><td>14</td></tr><tr><td>March</td><td>164</td><td>......</td><td>5</td><td>......</td><td>38</td><td>......</td><td>26</td><td>74</td><td>10</td><td>12</td></tr><tr><td>April</td><td>184</td><td>......</td><td>5</td><td>......</td><td>42</td><td>......</td><td>29</td><td>83</td><td>12</td><td>13</td></tr><tr><td>May</td><td>170</td><td>......</td><td>5</td><td>......</td><td>40</td><td>......</td><td>26</td><td>77</td><td>11</td><td>11</td></tr><tr><td>June</td><td>160</td><td>......</td><td>3</td><td>......</td><td>36</td><td>......</td><td>25</td><td>74</td><td>11</td><td>11</td></tr><tr><td>July</td><td>259</td><td>......</td><td>4</td><td>......</td><td>55</td><td>......</td><td>44</td><td>124</td><td>17</td><td>14</td></tr><tr><td>August</td><td>183</td><td>......</td><td>3</td><td>......</td><td>41</td><td>......</td><td>32</td><td>87</td><td>12</td><td>9</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. 1/ Sale of $10 denomination Series B bonds was authorised beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series F bonds was authorised in December 1941.
3/ Sale of $200 denomination Series E bonds began in October 1945.
October 1946
39
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 5.- Sales of Series E Savings Bonds, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, inception through August 31, 1946</th><th colspan="5">1945</th><th colspan="8">1946</th></tr><tr><th></th><th></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><th>April</th><th>May</th><th>June</th><th>July</th><th>August P</th></tr><tr><td>Alabama</td><td>510,927</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><td>3,458</td><td>3,536</td></tr><tr><td>Arkansas</td><td>153,924</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><td>1,224</td><td>1,268</td></tr><tr><td>Arkansas</td><td>274,236</td><td>3,555</td><td>2,507</td><td>2,373</td><td>5,827</td><td>6,617</td><td>4,910</td><td>2,228</td><td>2,351</td><td>2,291</td><td>2,015</td><td>2,197</td><td>2,217</td><td>1,973</td></tr><tr><td>California</td><td>3,456,809</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><td>29,542</td><td>26,581</td></tr><tr><td>Colorado</td><td>326,514</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>3,333</td><td>3,161</td><td>3,207</td></tr><tr><td>Connecticut</td><td>801,592</td><td>11,586</td><td>7,775</td><td>6,364</td><td>13,624</td><td>13,812</td><td>8,911</td><td>5,356</td><td>5,951</td><td>5,654</td><td>5,089</td><td>5,059</td><td>5,084</td><td>4,557</td></tr><tr><td>Delaware</td><td>102,639</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><td>765</td><td>854</td></tr><tr><td>Dist. of Columbia</td><td>523,205</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><td>6,265</td><td>6,206</td></tr><tr><td>Florida</td><td>521,685</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><td>4,470</td><td>3,607</td></tr><tr><td>Georgia</td><td>535,622</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><td>4,495</td><td>4,010</td></tr><tr><td>Idaho</td><td>138,243</td><td>1,215</td><td>865</td><td>1,089</td><td>3,309</td><td>5,035</td><td>1,404</td><td>842</td><td>875</td><td>866</td><td>868</td><td>921</td><td>910</td><td>720</td></tr><tr><td>Illinois</td><td>3,072,517</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><td>30,891</td><td>29,193</td></tr><tr><td>Indiana</td><td>1,130,357</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><td>9,705</td><td>8,986</td></tr><tr><td>Iowa</td><td>944,270</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><td>10,089</td><td>10,394</td></tr><tr><td>Kansas</td><td>586,000</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><td>5,804</td><td>5,764</td></tr><tr><td>Kentucky</td><td>457,907</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><td>4,638</td><td>4,059</td></tr><tr><td>Louisiana</td><td>488,103</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>4,137</td><td>3,710</td><td>3,490</td></tr><tr><td>Maine</td><td>193,464</td><td>2,390</td><td>1,475</td><td>1,782</td><td>3,446</td><td>4,154</td><td>2,465</td><td>1,332</td><td>1,470</td><td>1,307</td><td>1,335</td><td>1,552</td><td>1,460</td><td>1,219</td></tr><tr><td>Maryland</td><td>570,104</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><td>4,338</td><td>3,848</td></tr><tr><td>Massachusetts</td><td>1,445,672</td><td>18,882</td><td>16,795</td><td>16,489</td><td>25,860</td><td>27,840</td><td>26,731</td><td>12,878</td><td>13,358</td><td>11,123</td><td>11,478</td><td>12,095</td><td>10,578</td><td>9,343</td></tr><tr><td>Michigan</td><td>2,302,671</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>14,581</td><td>14,217</td><td>15,572</td></tr><tr><td>Minnesota</td><td>889,799</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><td>8,072</td><td>8,658</td></tr><tr><td>Mississippi</td><td>297,048</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><td>2,245</td><td>1,907</td></tr><tr><td>Missouri</td><td>1,052,235</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><td>10,808</td><td>9,326</td></tr><tr><td>Montana</td><td>201,712</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><td>2,058</td><td>1,483</td></tr><tr><td>Nebraska</td><td>454,952</td><td>5,569</td><td>4,104</td><td>3,774</td><td>13,282</td><td>13,327</td><td>8,143</td><td>4,415</td><td>6,463</td><td>6,973</td><td>5,557</td><td>4,608</td><td>5,319</td><td>5,762</td></tr><tr><td>Nevada</td><td>52,393</td><td>753</td><td>511</td><td>649</td><td>1,157</td><td>1,098</td><td>796</td><td>383</td><td>332</td><td>345</td><td>395</td><td>404</td><td>388</td><td>346</td></tr><tr><td>New Hampshire</td><td>124,285</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><td>989</td><td>326</td></tr><tr><td>New Jersey</td><td>1,575,985</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><td>13,166</td><td>11,122</td></tr><tr><td>New Mexico</td><td>99,791</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><td>846</td><td>926</td></tr><tr><td>New York</td><td>5,209,791</td><td>63,497</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><td>43,376</td><td>31,993</td></tr><tr><td>North Carolina</td><td>564,414</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><td>4,652</td><td>3,646</td></tr><tr><td>North Dakota</td><td>202,598</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><td>1,904</td><td>1,832</td></tr><tr><td>Ohio</td><td>2,588,595</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><td>19,828</td><td>21,832</td></tr><tr><td>Oklahoma</td><td>491,790</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><td>4,622</td><td>5,011</td></tr><tr><td>Oregon</td><td>549,556</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><td>3,748</td><td>3,254</td></tr><tr><td>Pennsylvania</td><td>3,222,735</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><td>28,440</td><td>26,970</td></tr><tr><td>Rhode Island</td><td>242,417</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><td>1,635</td><td>1,355</td></tr><tr><td>South Carolina</td><td>281,273</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><td>2,304</td><td>1,741</td></tr><tr><td>South Dakota</td><td>188,888</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><td>2,254</td><td>2,568</td></tr><tr><td>Tennessee</td><td>527,461</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><td>4,314</td><td>3,666</td></tr><tr><td>Texas</td><td>1,711,064</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><td>13,823</td><td>11,911</td></tr><tr><td>Utah</td><td>191,139</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>1,353</td><td>1,284</td><td>1,754</td><td>1,493</td><td>1,193</td></tr><tr><td>Vermont</td><td>70,887</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><td>635</td><td>528</td></tr><tr><td>Virginia</td><td>742,886</td><td>9,913</td><td>6,598</td><td>9,537</td><td>10,930</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><td>6,398</td><td>5,376</td></tr><tr><td>Washington</td><td>874,234</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><td>5,716</td><td>5,361</td></tr><tr><td>West Virginia</td><td>355,705</td><td>6,164</td><td>4,442</td><td>4,459</td><td>7,098</td><td>8,063</td><td>7,495</td><td>3,563</td><td>3,843</td><td>4,153</td><td>3,075</td><td>3,544</td><td>4,043</td><td>1,226</td></tr><tr><td>Wisconsin</td><td>939,095</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><td>8,531</td><td>1,128</td></tr><tr><td>Wyoming</td><td>86,323</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><td>735</td><td>733</td></tr><tr><td>Alaska</td><td>28,546</td><td>549</td><td>313</td><td>302</td><td>642</td><td>505</td><td>422</td><td>141</td><td>114</td><td>212</td><td>178</td><td>278</td><td>239</td><td>178</td></tr><tr><td>Canal Zone</td><td>26,060</td><td>550</td><td>448</td><td>472</td><td>425</td><td>992</td><td>500</td><td>299</td><td>257</td><td>246</td><td>258</td><td>233</td><td>227</td><td>264</td></tr><tr><td>Sawaii</td><td>249,288</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>1,075</td><td>1,461</td><td>1,077</td></tr><tr><td>Puerto Rico</td><td>35,387</td><td>484</td><td>655</td><td>700</td><td>743</td><td>1,285</td><td>653</td><td>23
Sources: Daily Treasury Statement and reports of Federal Reserve Banks. p. Preliminary.
r Revised to include unallocated sales, previously reported as a separate item.
40
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 6.- Sales of Series F and G Savings Bonds Combined, Classified by States
(In thousands of dollars)
<table><tr><th>State</th><th>Total, Inception through Aug. 31, 1946</th><th colspan="5">1945</th><th colspan="8">1946</th><th>Aug.</th></tr><tr><th></th><th></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><th>July</th><th></th></tr><tr><td>Alabama</td><td>126,848</td><td>1,200</td><td>612</td><td>796</td><td>2,800</td><td>2,210</td><td>2,075</td><td>1,893</td><td>1,633</td><td>1,956</td><td>1,835</td><td>2,191</td><td>1,909</td><td>1,478</td></tr><tr><td>Arizona</td><td>39,020</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>474</td><td>884</td><td>571</td></tr><tr><td>Arkansas</td><td>77,426</td><td>461</td><td>421</td><td>401</td><td>1,624</td><td>899</td><td>1,822</td><td>760</td><td>1,098</td><td>945</td><td>860</td><td>1,355</td><td>1,019</td><td>1,107</td></tr><tr><td>California</td><td>1,092,773</td><td>11,357</td><td>7,317</td><td>5,089</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><td>25,547</td><td>16,767</td></tr><tr><td>Colorado</td><td>134,687</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><td>3,229</td><td>88</td></tr><tr><td>Connecticut</td><td>338,193</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><td>4,937</td><td>4,020</td></tr><tr><td>Delaware</td><td>65,693</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><td>889</td><td>1,137</td></tr><tr><td>Dist. of Columbia</td><td>144,845</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><td>2,893</td><td>2,655</td></tr><tr><td>Florida</td><td>182,262</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><td>4,455</td><td>2,850</td></tr><tr><td>Georgia</td><td>162,770</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><td>2,489</td><td>2,439</td></tr><tr><td>Idaho</td><td>37,030</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><td>432</td><td>529</td></tr><tr><td>Illinois</td><td>1,278,612</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><td>27,431</td><td>18,324</td></tr><tr><td>Indiana</td><td>376,634</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><td>8,971</td><td>6,190</td></tr><tr><td>Iowa</td><td>381,864</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><td>8,601</td><td>6,201</td></tr><tr><td>Kansas</td><td>184,256</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><td>4,046</td><td>2,131</td></tr><tr><td>Kentucky</td><td>205,119</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><td>5,536</td><td>3,715</td></tr><tr><td>Louisiana</td><td>170,845</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><td>2,912</td><td>1,662</td></tr><tr><td>Maine</td><td>102,953</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><td>2,114</td><td>1,629</td></tr><tr><td>Maryland</td><td>249,427</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><td>5,475</td><td>3,591</td></tr><tr><td>Massachusetts</td><td>838,401</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><td>19,858</td><td>12,175</td></tr><tr><td>Michigan</td><td>488,391</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><td>8,770</td><td>7,339</td></tr><tr><td>Minnesota</td><td>331,869</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><td>8,675</td><td>5,587</td></tr><tr><td>Mississippi</td><td>88,256</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><td>1,978</td><td>1,092</td></tr><tr><td>Missouri</td><td>450,444</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><td>10,372</td><td>8,058</td></tr><tr><td>Montana</td><td>53,912</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><td>986</td><td>918</td></tr><tr><td>Nebraska</td><td>165,489</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><td>3,848</td><td>3,180</td></tr><tr><td>Nevada</td><td>17,071</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><td>422</td><td>290</td></tr><tr><td>New Hampshire</td><td>70,206</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><td>1,383</td><td>754</td></tr><tr><td>New Jersey</td><td>534,525</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><td>10,085</td><td>7,614</td></tr><tr><td>New Mexico</td><td>32,469</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><td>410</td><td>144</td></tr><tr><td>New York</td><td>2,773,474</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><td>42,144</td><td>36,236</td></tr><tr><td>North Carolina</td><td>192,416</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><td>3,653</td><td>3,276</td></tr><tr><td>North Dakota</td><td>63,043</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><td>1,264</td><td>946</td></tr><tr><td>Ohio</td><td>923,899</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><td>23,515</td><td>14,429</td></tr><tr><td>Oklahoma</td><td>117,606</td><td>951</td><td>607</td><td>592</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><td>2,092</td><td>1,817</td></tr><tr><td>Oregon</td><td>136,332</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><td>2,316</td><td>1,834</td></tr><tr><td>Pennsylvania</td><td>1,363,512</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>27,499</td><td>35,803</td><td>27,321</td><td>33,133</td><td>22,994</td></tr><tr><td>Rhode Island</td><td>132,921</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><td>5,550</td><td>2,274</td></tr><tr><td>South Carolina</td><td>90,815</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><td>2,183</td><td>1,182</td></tr><tr><td>South Dakota</td><td>50,857</td><td>486</td><td>344</td><td>321</td><td>2,184</td><td>1,332</td><td>1,049</td><td>824</td><td>916</td><td>971</td><td>1,263</td><td>1,514</td><td>1,169</td><td>883</td></tr><tr><td>Tennessee</td><td>166,804</td><td>1,953</td><td>279</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>2,604</td><td>3,029</td><td>1,691</td><td>1,864</td></tr><tr><td>Texas</td><td>463,455</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><td>6,918</td><td>6,456</td></tr><tr><td>Utah</td><td>34,498</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><td>507</td><td>403</td></tr><tr><td>Vermont</td><td>38,371</td><td>268</td><td>249</td><td>189</td><td>807</td><td>493</td><td>990</td><td>540</td><td>563</td><td>508</td><td>786</td><td>457</td><td>1,001</td><td>611</td></tr><tr><td>Virginia</td><td>224,805</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><td>4,148</td><td>3,137</td></tr><tr><td>Washington</td><td>230,740</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><td>4,894</td><td>2,674</td></tr><tr><td>West Virginia</td><td>84,665</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><td>2,306</td><td>1,421</td></tr><tr><td>Wisconsin</td><td>415,824</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><td>9,161</td><td>7,583</td></tr><tr><td>Wyoming</td><td>27,022</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>389</td><td>445</td><td>399</td></tr><tr><td>Alaska</td><td>5,280</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><td>18</td><td>6</td></tr><tr><td>Canal Zone</td><td>6,153</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><td>12</td><td>6</td></tr><tr><td>Hawaii</td><td>52,924</td><td>316</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><td>901</td><td>165</td></tr><tr><td>Puerto Rico</td><td>13,489</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>26</td><td>2</td><td>19</td></tr><tr><td>Virgin Islands</td><td>812</td><td>20</td><td>-</td><td>-</td><td>8</td><td>20</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other possessions</td><td>903</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales to commercial banks 1/</td><td>895,480</td><td>-</td><td>-</td><td>-</td><td>-</td><td>90,703</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+14,517</td><td>-13,372</td><td>+1,493</td><td>+1,763</td><td>-3,248</td><td>-4,758</td><td>+8,714</td><td>+
Source: Daily Treasury Statement and reports from Federal Reserve Banks. p Preliminary. Less than $500. r Revised to include unallocated sales, previously reported as a separate item. 1/ State figures exclude sales of Series I and O bonds to commercial banks. Commercial banks were permitted to purchase Series I and O
bonde under certain conditions during the calendar year 1944 ("Treasury Bulletin" for December 1944, page 36, footnote 9); from June 18 through June 30, 1945 ("Treasury Bulletin" for February 1946, page 37, footnote 9); and from December 3 through December 8, 1945 ("Treasury Bulletin" for February 1946, page 4-22).
October 1946
41
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-Aug. 1946</th><th colspan="5">1945</th><th colspan="8">1946</th></tr><tr><th></th><th></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><th>July</th><th>Aug.</th></tr><tr><td>Alabama</td><td>143,156</td><td>8,558</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><td>5,853</td><td>5,644</td></tr><tr><td>Arizona</td><td>47,677</td><td>2,195</td><td>2,168</td><td>2,456</td><td>2,308</td><td>2,493</td><td>2,826</td><td>2,698</td><td>3,008</td><td>2,594</td><td>2,467</td><td>2,201</td><td>1,911</td><td>2,041</td></tr><tr><td>Arkansas</td><td>76,370</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><td>3,320</td><td>3,129</td></tr><tr><td>California</td><td>984,780</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>48,855</td><td>37,698</td><td>42,836</td><td>42,601</td></tr><tr><td>Colorado</td><td>85,722</td><td>3,327</td><td>4,230</td><td>4,854</td><td>3,987</td><td>4,128</td><td>5,346</td><td>4,880</td><td>5,532</td><td>5,137</td><td>4,596</td><td>4,357</td><td>3,964</td><td>4,064</td></tr><tr><td>Connecticut</td><td>166,853</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>7,336</td><td>7,506</td><td>7,017</td></tr><tr><td>Delaware</td><td>23,557</td><td>1,078</td><td>1,106</td><td>1,302</td><td>1,130</td><td>1,110</td><td>1,286</td><td>1,181</td><td>1,372</td><td>1,329</td><td>1,222</td><td>1,141</td><td>1,160</td><td>1,082</td></tr><tr><td>District of Columbia</td><td>114,958</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>5,617</td><td>6,475</td><td>4,890</td><td>4,834</td></tr><tr><td>Florida</td><td>164,309</td><td>7,762</td><td>7,578</td><td>8,820</td><td>8,590</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>7,145</td><td>7,109</td><td>6,969</td></tr><tr><td>Georgia</td><td>144,575</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><td>7,465</td><td>6,214</td></tr><tr><td>Idaho</td><td>30,409</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>1,857</td><td>1,594</td><td>1,376</td><td>1,516</td></tr><tr><td>Illinois</td><td>768,192</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><td>35,892</td><td>34,530</td></tr><tr><td>Indiana</td><td>319,851</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><td>12,188</td><td>11,926</td></tr><tr><td>Iowa</td><td>178,190</td><td>8,992</td><td>7,854</td><td>9,213</td><td>8,032</td><td>7,858</td><td>10,119</td><td>11,811</td><td>10,785</td><td>9,271</td><td>9,825</td><td>8,490</td><td>8,011</td><td>7,514</td></tr><tr><td>Kansas</td><td>119,369</td><td>4,597</td><td>7,038</td><td>5,863</td><td>5,377</td><td>5,432</td><td>7,252</td><td>6,427</td><td>8,257</td><td>6,885</td><td>6,619</td><td>6,078</td><td>4,171</td><td>6,277</td></tr><tr><td>Kentucky</td><td>127,196</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><td>5,684</td><td>5,145</td></tr><tr><td>Louisiana</td><td>125,453</td><td>6,350</td><td>6,537</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>5,933</td><td>5,298</td><td>5,352</td><td>4,734</td></tr><tr><td>Maine</td><td>40,728</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><td>2,027</td><td>1,762</td></tr><tr><td>Maryland</td><td>134,387</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><td>6,155</td><td>6,134</td></tr><tr><td>Massachusetts</td><td>296,464</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><td>13,621</td><td>12,139</td></tr><tr><td>Michigan</td><td>670,198</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><td>26,900</td><td>22,966</td></tr><tr><td>Minnesota</td><td>202,349</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><td>10,211</td><td>9,176</td></tr><tr><td>Mississippi</td><td>65,535</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>4,451</td><td>3,505</td><td>3,512</td><td>2,535</td><td>3,422</td><td>2,722</td></tr><tr><td>Missouri</td><td>282,177</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><td>11,682</td><td>12,424</td></tr><tr><td>Montana</td><td>36,897</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><td>2,062</td><td>1,930</td></tr><tr><td>Nebraska</td><td>85,977</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><td>3,555</td><td>2,873</td></tr><tr><td>Nevada</td><td>14,594</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><td>638</td><td>691</td></tr><tr><td>New Hampshire</td><td>25,596</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><td>1,313</td><td>1,198</td></tr><tr><td>New Jersey</td><td>348,272</td><td>16,444</td><td>17,115</td><td>18,579</td><td>17,971</td><td>19,332</td><td>19,016</td><td>17,162</td><td>19,210</td><td>18,787</td><td>16,854</td><td>14,821</td><td>13,596</td><td>14,438</td></tr><tr><td>New Mexico</td><td>27,934</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><td>914</td><td>1,402</td></tr><tr><td>New York</td><td>991,011</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><td>39,204</td><td>38,554</td></tr><tr><td>North Carolina</td><td>137,084</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><td>5,920</td><td>6,011</td></tr><tr><td>North Dakota</td><td>26,871</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><td>1,649</td><td>1,384</td></tr><tr><td>Ohio</td><td>678,172</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>36,298</td><td>33,928</td><td>30,276</td><td>27,980</td><td>29,087</td><td>26,463</td></tr><tr><td>Oklahoma</td><td>136,908</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>7,024</td><td>7,152</td><td>6,373</td><td>6,382</td><td>5,900</td></tr><tr><td>Oregon</td><td>151,578</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><td>6,543</td><td>6,260</td></tr><tr><td>Pennsylvania</td><td>808,264</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><td>35,883</td><td>33,257</td></tr><tr><td>Rhode Island</td><td>54,724</td><td>2,957</td><td>2,669</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>2,844</td><td>2,315</td><td>2,315</td><td>2,046</td></tr><tr><td>South Carolina</td><td>68,159</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><td>2,643</td><td>2,699</td></tr><tr><td>South Dakota</td><td>28,165</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><td>1,418</td><td>1,407</td></tr><tr><td>Tennessee</td><td>145,051</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><td>6,934</td><td>5,595</td></tr><tr><td>Texas</td><td>463,072</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><td>18,933</td><td>15,310</td></tr><tr><td>Utah</td><td>49,486</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><td>2,403</td><td>2,444</td></tr><tr><td>Vermont</td><td>12,222</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><td>673</td><td>678</td></tr><tr><td>Virginia</td><td>178,648</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><td>6,651</td><td>7,254</td></tr><tr><td>Washington</td><td>215,188</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><td>9,687</td><td>9,273</td></tr><tr><td>West Virginia</td><td>98,165</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><td>3,837</td><td>4,010</td></tr><tr><td>Wisconsin</td><td>207,400</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><td>9,658</td><td>9,195</td></tr><tr><td>Wyoming</td><td>18,203</td><td>777</td><td>886</td><td>947</td><td>794</td><td>832</td><td>1,153</td><td>963</td><td>1,298</td><td>1,144</td><td>1,098</td><td>1,094</td><td>820</td><td>634</td></tr><tr><td>Alaska</td><td>5,559</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><td>244</td><td>316</td></tr><tr><td>Canal Zone</td><td>2,302</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>351</td><td>332</td><td>476</td><td>464</td><td>358</td><td>303</td></tr><tr><td>Hawaii</td><td>52,065</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><td>1,468</td><td>2,633</td></tr><tr><td>Puerto Rico</td><td>13,435</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><
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. Preliminary. Revised to include unallocated sales, previously reported as a separate item. Less than $500.
42
Treasury Bulletin
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 August 31, 1946
(In millions of dollars)
<table><tr><th>Treasury savings notes</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>398</td><td>63 1/2</td><td>335</td><td>9</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>1</td><td>-</td></tr><tr><td>Series C</td><td>27,531</td><td>20,835</td><td>3,896</td><td>16,939</td><td>8</td><td>6,688</td></tr><tr><td>Total</td><td>32,881</td><td>26,175</td><td>4,141</td><td>22,035</td><td>18</td><td>6,688</td></tr></table>
Source: Daily Treasury Statement. 1/ Includee exchanges.
Table 2.- Sales and Redemptions of Series C Treasury Savings Notes
(In millions of dollars)
<table><tr><th>Period</th><th>Salee</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>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-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><tr><td>July</td><td>300</td><td>345</td><td>154</td><td>190</td><td>8</td><td>6,669</td></tr><tr><td>August</td><td>188</td><td>170</td><td>100</td><td>70</td><td>8</td><td>6,688</td></tr></table>
Source: Daily Treasury Statement.
October 1946
43
Sales and Redemptions of Treasury Savings Notes - (Continued)
Table 3.- Sales of Series C, Classified by Denominations
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total all denominations</th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>907.6</td><td>1,058.5</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>13.8</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-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>.6</td><td>3.8</td><td>5.3</td><td>22.4</td><td>57.4</td><td>46.0</td><td>43.0</td></tr><tr><td>April</td><td>299.0</td><td>.3</td><td>.7</td><td>5.1</td><td>7.8</td><td>36.7</td><td>90.8</td><td>66.0</td><td>92.0</td></tr><tr><td>May p</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>51.0</td><td>59.0</td></tr><tr><td>June p</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><tr><td>July p</td><td>300.5</td><td>.4</td><td>.9</td><td>6.4</td><td>9.0</td><td>37.6</td><td>96.5</td><td>76.5</td><td>73.0</td></tr><tr><td>August p</td><td>188.4</td><td>.2</td><td>.4</td><td>3.2</td><td>4.9</td><td>23.1</td><td>57.2</td><td>41.5</td><td>58.0</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>6.953.7</td><td>654.9</td><td>6.298.7</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-August</td><td>145.4</td><td>14.7</td><td>130.7</td><td>100.0</td><td>10.1</td><td>89.9</td></tr><tr><td>September</td><td>91.6</td><td>9.6</td><td>82.0</td><td>100.0</td><td>10.5</td><td>89.5</td></tr><tr><td>October</td><td>336.1</td><td>29.7</td><td>306.4</td><td>100.0</td><td>8.8</td><td>91.2</td></tr><tr><td>November</td><td>704.1</td><td>56.0</td><td>648.1</td><td>100.0</td><td>8.0</td><td>92.0</td></tr><tr><td>December</td><td>598.0</td><td>40.6</td><td>557.4</td><td>100.0</td><td>6.8</td><td>93.2</td></tr><tr><td>1946-January</td><td>301.8</td><td>20.4</td><td>281.4</td><td>100.0</td><td>6.8</td><td>93.2</td></tr><tr><td>February</td><td>181.0</td><td>9.9</td><td>171.1</td><td>100.0</td><td>5.4</td><td>94.6</td></tr><tr><td>March</td><td>178.7</td><td>13.5</td><td>165.2</td><td>100.0</td><td>7.6</td><td>92.4</td></tr><tr><td>April</td><td>299.0</td><td>19.4</td><td>279.6</td><td>100.0</td><td>6.5</td><td>93.5</td></tr><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><tr><td>July</td><td>300.5</td><td>31.6</td><td>268.9</td><td>100.0</td><td>10.5</td><td>89.5</td></tr><tr><td>August</td><td>188.4</td><td>10.8</td><td>177.6</td><td>100.0</td><td>5.7</td><td>94.3</td></tr></table>
Source: Daily Treasury Statement and reporte from Federal Reserve Banks
44
Treasury Bulletin
Sales of United States Savings Stamps
Table 1.- Summary of Sales and Redemptions
(In thousands of dollars)
<table><tr><th>Fiscal year or month</th><th>Amount outstanding end of fiscal year or month</th><th>Net change during fiscal year or month</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="3">Percentage distribution of redemptions</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1943</td><td>213,350</td><td>+45,620 3/4</td><td>590,268 1/</td><td>514,647</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>19.1</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-August</td><td>149,645</td><td>-6,268</td><td>17,686</td><td>23,955</td><td>16,841</td><td>7,114</td><td>100.0</td><td>70.3</td><td>29.7</td></tr><tr><td>September</td><td>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>17,148</td><td>10,051</td><td>7,097</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>May</td><td>99,252</td><td>-5,245</td><td>6,362</td><td>11,607</td><td>6,804</td><td>4,803</td><td>100.0</td><td>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><tr><td>July</td><td>91,988</td><td>-3,988</td><td>3,283</td><td>7,271</td><td>4,158</td><td>3,113</td><td>100.0</td><td>57.2</td><td>42.8</td></tr><tr><td>August</td><td>87,750</td><td>-4,239</td><td>1,674</td><td>5,912</td><td>3,289</td><td>2,623</td><td>100.0</td><td>55.6</td><td>44.4</td></tr></table>
Source: 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 Savings 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>1945-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>52.7</td><td>8.5</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>12.7</td><td>4.5</td></tr><tr><td>November</td><td>11,396</td><td>2,986</td><td>5,696</td><td>865</td><td>1,350</td><td>499</td><td>100.0</td><td>26.2</td><td>50.0</td><td>7.6</td><td>11.8</td><td>4.4</td></tr><tr><td>December</td><td>5,259</td><td>1,204</td><td>2,643</td><td>398</td><td>692</td><td>322</td><td>100.0</td><td>22.9</td><td>50.2</td><td>7.6</td><td>13.2</td><td>6.1</td></tr><tr><td>1946-January</td><td>3,689</td><td>946</td><td>1,839</td><td>271</td><td>478</td><td>157</td><td>100.0</td><td>25.6</td><td>49.8</td><td>7.3</td><td>13.0</td><td>4.3</td></tr><tr><td>February</td><td>7,273</td><td>1,859</td><td>3,507</td><td>559</td><td>1,006</td><td>343</td><td>100.0</td><td>25.6</td><td>48.2</td><td>7.7</td><td>13.8</td><td>4.7</td></tr><tr><td>March</td><td>9,847</td><td>2,502</td><td>4,868</td><td>806</td><td>1,218</td><td>453</td><td>100.0</td><td>25.4</td><td>49.4</td><td>8.2</td><td>12.0</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><tr><td>July</td><td>3,283</td><td>423</td><td>1,638</td><td>372</td><td>632</td><td>218</td><td>100.0</td><td>12.9</td><td>49.9</td><td>11.3</td><td>19.3</td><td>6.6</td></tr><tr><td>August</td><td>1,674</td><td>183</td><td>843</td><td>182</td><td>331</td><td>135</td><td>100.0</td><td>10.9</td><td>50.5</td><td>10.9</td><td>19.7</td><td>8.0</td></tr></table>
Source: (1) Total sales: Daily Treasury Statement; (2) Distribution by denominations: Based upon Post Office Department data.
October 1946
45
OWNERSHIP OF GOVERNMENT SECURITIES
46
Treasury Bulletin
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 out-standing</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 out-standing</th><th colspan="3">U. S. Government agencies and trust funds and Federal Reserve Banks</th><th colspan="3">Private investors 2/</th></tr><tr><th></th><th></th><th>Total public and special issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public market-able issues</th><th>Total public issues</th><th>Public market-able issues</th><th>Public non-marketable issues</th><th></th><th>Public market-able issues</th><th>Public non-marketable issues</th><th>Public market-able issues</th><th>Public non-marketable issues 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>7,119</td><td>114,141</td><td>84,948</td><td>29,193</td><td>4,092</td><td>170</td><td>115</td><td>3,738</td><td>68</td></tr><tr><td>1944</td><td>199,543</td><td>18,920</td><td>4,623</td><td>10</td><td>14,287</td><td>14,899</td><td>165,725</td><td>120,880</td><td>44,845</td><td>1,516</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>256,357</td><td>24,934</td><td>6,105</td><td>17</td><td>18,812</td><td>21,792</td><td>209,630</td><td>153,421</td><td>56,209</td><td>409</td><td>6</td><td>-</td><td>28</td><td>375</td></tr><tr><td>1946</td><td>268,111</td><td>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>1945-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>27,041</td><td>7,012</td><td>29</td><td>20,000</td><td>24,262</td><td>224,390</td><td>167,505</td><td>56,886</td><td>553</td><td>7</td><td>-</td><td>34</td><td>512</td></tr><tr><td>1946-Jan.</td><td>277,456</td><td>27,691</td><td>7,006</td><td>30</td><td>20,655</td><td>23,264</td><td>226,501</td><td>169,363</td><td>57,138</td><td>545</td><td>7</td><td>-</td><td>32</td><td>506</td></tr><tr><td>Feb.</td><td>277,912</td><td>27,949</td><td>7,023</td><td>30</td><td>20,897</td><td>22,904</td><td>227,059</td><td>169,884</td><td>57,176</td><td>539</td><td>8</td><td>-</td><td>32</td><td>499</td></tr><tr><td>Mar.</td><td>274,743</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>271,440</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>29,121</td><td>6,759</td><td>30</td><td>22,332</td><td>23,783</td><td>215,206</td><td>159,064</td><td>56,143</td><td>467</td><td>9</td><td>-</td><td>34</td><td>424</td></tr><tr><td>July</td><td>267,039</td><td>29,703</td><td>6,627</td><td>30</td><td>23,045</td><td>23,633</td><td>213,704</td><td>157,336</td><td>56,368</td><td>324</td><td>9</td><td>-</td><td>34</td><td>281</td></tr><tr><td>August</td><td>266,359</td><td>30,061 p</td><td>6,586 p</td><td>31 p</td><td>23,443</td><td>23,946</td><td>212,353 p</td><td>155,818 p</td><td>56,534 p</td><td>370</td><td>9 p</td><td>-</td><td>35 p</td><td>326</td></tr></table>
1/ Excludes obligations held by the Treasury and matured securities. 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.
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.
October 1946
47
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(For values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding 2/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks 3/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals 4/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations 5/</th><th>State and local governments 6/</th><th>U. S. Government agencies and trust funds</th></tr><tr><td>1939-December......</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.7</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June.........</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.6</td><td>.3</td><td>7.1</td></tr><tr><td>December......</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.4</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.4</td><td>7.6</td></tr><tr><td>1941-June.........</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>11.1</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.4</td><td>8.5</td></tr><tr><td>December......</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.8</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.5</td><td>9.5</td></tr><tr><td>1942-June.........</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</td><td>18.2</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.6</td><td>10.6</td></tr><tr><td>December......</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.8</td><td>11.3</td><td>4.5</td><td>11.6</td><td>.8</td><td>12.2</td></tr><tr><td>1943-March.........</td><td>118.6</td><td>50.1</td><td>44.2</td><td>5.9</td><td>68.6</td><td>26.6</td><td>11.2</td><td>4.6</td><td>12.2</td><td>.8</td><td>13.1</td></tr><tr><td>June.........</td><td>139.5</td><td>59.4</td><td>52.2</td><td>7.2</td><td>80.0</td><td>30.3</td><td>13.1</td><td>5.3</td><td>15.7</td><td>1.3</td><td>14.3</td></tr><tr><td>September.....</td><td>161.0</td><td>67.2</td><td>58.3</td><td>8.9</td><td>93.8</td><td>34.7</td><td>14.7</td><td>5.9</td><td>20.8</td><td>1.9</td><td>15.8</td></tr><tr><td>December......</td><td>168.7</td><td>71.5</td><td>59.9</td><td>11.5</td><td>97.3</td><td>37.1</td><td>15.1</td><td>6.1</td><td>20.1</td><td>2.0</td><td>16.9</td></tr><tr><td>1944-March.........</td><td>185.6</td><td>76.2</td><td>64.0</td><td>12.1</td><td>109.4</td><td>42.2</td><td>16.4</td><td>6.8</td><td>23.4</td><td>2.6</td><td>18.1</td></tr><tr><td>June.........</td><td>201.1</td><td>83.3</td><td>68.4</td><td>14.9</td><td>117.7</td><td>45.1</td><td>17.3</td><td>7.3</td><td>25.7</td><td>3.2</td><td>19.1</td></tr><tr><td>September.....</td><td>209.3</td><td>87.1</td><td>70.5</td><td>16.7</td><td>122.2</td><td>47.8</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>June.........</td><td>256.8</td><td>105.9</td><td>84.1</td><td>21.3</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>267.4</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>26.3</td></tr><tr><td>December......</td><td>276.2</td><td>114.3</td><td>90.1</td><td>24.3</td><td>161.9</td><td>63.6</td><td>24.4</td><td>10.7</td><td>29.9</td><td>6.3</td><td>27.0</td></tr><tr><td>1946-January.....</td><td>278.0</td><td>115.3</td><td>92.0</td><td>23.3</td><td>162.7</td><td>63.7</td><td>24.7</td><td>10.9</td><td>29.3</td><td>6.4</td><td>27.7</td></tr><tr><td>February.....</td><td>278.5</td><td>115.4</td><td>92.5</td><td>22.9</td><td>163.0</td><td>63.7</td><td>24.8</td><td>11.1</td><td>29.0</td><td>6.4</td><td>28.0</td></tr><tr><td>March.........</td><td>275.3</td><td>111.6</td><td>89.0</td><td>22.6</td><td>163.7</td><td>63.8</td><td>25.0</td><td>11.2</td><td>29.2</td><td>6.4</td><td>28.2</td></tr><tr><td>April.........</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.........</td><td>272.0</td><td>109.8</td><td>86.9</td><td>22.9</td><td>162.2</td><td>63.3</td><td>25.2</td><td>11.3</td><td>27.5</td><td>6.4</td><td>28.5</td></tr><tr><td>June.........</td><td>268.6</td><td>107.1</td><td>83.3</td><td>23.8</td><td>161.5</td><td>63.0</td><td>25.3</td><td>11.5</td><td>26.5</td><td>6.2</td><td>29.1</td></tr><tr><td>July p.........</td><td>267.4</td><td>105.6</td><td>81.9</td><td>23.6</td><td>161.8</td><td>63.2</td><td>25.4</td><td>11.6</td><td>25.8</td><td>6.1</td><td>29.7</td></tr></table>
p Preliminary. 1/ United States savings bonds, Series A-D, E, and F are included at current redemption values. 2/ Guaranteed securities held by the Treasury are excluded. 3/ Consists of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular possessions. Excludes securities held in trust departments.
4/ Includes partnerships and personal trust accounts.
5/ Includes savings and loan associations, dealers and brokers, and investments of foreign balances in this country.
6/ Comprises trust, sinking, and investment funds of State &'t local governments and their agencies, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts 1/
(In millions of dollars)
<table><tr><th></th><th>Jan.</th><th>Feb.</th><th>Mar.</th><th>Apr.</th><th>May</th><th>June</th><th>July</th><th>Aug.</th><th>Sept.</th><th>Oct.</th><th>Nov.</th><th>Dec.</th></tr><tr><td>1938</td><td>-12.0</td><td>-3.0</td><td>23.3</td><td>2.5</td><td>-4.9</td><td>.8</td><td>1.2</td><td>-3.9</td><td>38.5</td><td>1.0</td><td>.4</td><td>6.5</td></tr><tr><td>1939</td><td>1.6</td><td>.1</td><td>-12.5</td><td>-37.1</td><td>-40.4</td><td>5.0</td><td>3.0</td><td>3.3</td><td>71.9</td><td>-1.2</td><td>-2.8</td><td>-3.2</td></tr><tr><td>1940</td><td>-9.5</td><td>-20.9</td><td>-5.7</td><td>-1.6</td><td>.4</td><td>.9</td><td>-</td><td>-</td><td>-3</td><td>-4.8</td><td>-3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-1.7</td><td>-2</td><td>.4</td><td>*</td><td>-</td><td>*</td><td>-1.2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-5</td><td>30.0</td><td>5.3</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>-1145.8</td><td>-67.3</td><td>-15.3</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>-1.2</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>-157.8</td><td>-41.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
1/ Coneslits 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.
48
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, July 31, 1946
The tables in Section I present summary data as of July 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="4">Held by investors covered in Treasury Survey</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,354 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>Insurance companies 312 life insurance companies 643 fire, casualty, and marine insurance companies</th></tr><tr><td>Public securities: Marketable securities....</td><td>187,638</td><td>74,982</td><td>483</td><td>11,337</td><td>21,569</td><td>2,824</td><td>30,269</td><td>46,174</td></tr><tr><td>Non-marketable securities 4/</td><td>56,680</td><td>1,358</td><td>11</td><td>243</td><td>118</td><td>207</td><td>30</td><td>54,431</td></tr><tr><td>Total public securities</td><td>244,318</td><td>76,340</td><td>494</td><td>11,580</td><td>21,687</td><td>3,032</td><td>30,299</td><td>100,605</td></tr><tr><td>Special issues</td><td>23,045</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23,045</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/</td><td>267,363</td><td>76,340</td><td>494</td><td>11,580</td><td>21,687</td><td>3,032</td><td>53,344</td><td>100,605</td></tr></table>
1/ Securities held in trust departments are excluded.
2/ Includes trust companies.
3/ This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See headnote
4/ C.C.C. demand obligations in the amount of $281 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>Classification</th><th>Total amount outstanding</th><th colspan="3">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 3/</th></tr><tr><th></th><th></th><th>7,354 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>643 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td colspan="9">Per values - in millions of dollars</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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>17,023</td><td>1,224</td><td>1</td><td>1</td><td>*</td><td>-</td><td>14,413</td><td>1,384</td></tr><tr><td>Certificates of indebtedness</td><td>37,720</td><td>17,558</td><td>28</td><td>272</td><td>428</td><td>175</td><td>7,959</td><td>11,270</td></tr><tr><td>Treasury notes</td><td>13,351</td><td>8,904</td><td>34</td><td>206</td><td>140</td><td>164</td><td>603</td><td>3,000</td></tr><tr><td>Treasury bonds - bank restricted 1/</td><td>53,459</td><td>1,651</td><td>225</td><td>8,592</td><td>17,220</td><td>1,220</td><td>5,151</td><td>19,400</td></tr><tr><td>Treasury bonds - bank eligible</td><td>65,864</td><td>45,589</td><td>195</td><td>2,263</td><td>3,468</td><td>1,263</td><td>2,098</td><td>10,988</td></tr><tr><td>Postal savings and other bonds</td><td>179</td><td>15</td><td>*</td><td>*</td><td>1</td><td>2</td><td>36</td><td>126</td></tr><tr><td>Guaranteed by United States 5/</td><td>43</td><td>12</td><td>1</td><td>3</td><td>13</td><td>*</td><td>9</td><td>5</td></tr><tr><td>Total</td><td>187,638</td><td>74,982</td><td>483</td><td>11,337</td><td>21,569</td><td>2,824</td><td>30,269</td><td>46,174</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year</td><td>60,081</td><td>21,996</td><td>45</td><td>366</td><td>844</td><td>239</td><td>22,683</td><td>13,904</td></tr><tr><td>1 to 5 years</td><td>35,057</td><td>25,270</td><td>63</td><td>714</td><td>938</td><td>543</td><td>1,223</td><td>6,306</td></tr><tr><td>5 to 10 years</td><td>32,847</td><td>21,977</td><td>115</td><td>1,576</td><td>2,162</td><td>610</td><td>815</td><td>5,592</td></tr><tr><td>10 to 15 years</td><td>16,012</td><td>3,070</td><td>118</td><td>3,398</td><td>1,876</td><td>814</td><td>524</td><td>6,213</td></tr><tr><td>15 to 20 years</td><td>21,227</td><td>141</td><td>69</td><td>2,695</td><td>9,706</td><td>271</td><td>2,866</td><td>5,478</td></tr><tr><td>Over 20 years</td><td>22,372</td><td>2,517</td><td>73</td><td>2,586</td><td>6,031</td><td>348</td><td>2,143</td><td>8,675</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>43</td><td>12</td><td>1</td><td>3</td><td>13</td><td>*</td><td>9</td><td>5</td></tr><tr><td>Total</td><td>187,638</td><td>74,982</td><td>483</td><td>11,337</td><td>21,569</td><td>2,824</td><td>30,269</td><td>46,174</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>179</td><td>15</td><td>*</td><td>*</td><td>1</td><td>2</td><td>36</td><td>126</td></tr><tr><td>Partially exempt from Federal income taxes 7/</td><td>18,079</td><td>12,777</td><td>85</td><td>25</td><td>182</td><td>622</td><td>1,449</td><td>2,879</td></tr><tr><td>Subject to Federal income taxes 7/</td><td>169,380</td><td>62,191</td><td>398</td><td>11,252</td><td>21,386</td><td>2,200</td><td>28,785</td><td>43,169</td></tr><tr><td>Total</td><td>187,638</td><td>74,982</td><td>483</td><td>11,337</td><td>21,569</td><td>2,824</td><td>30,269</td><td>46,174</td></tr></table>
(Continued on following page)
October 1946
49
Treasury Survey of Ownership of Securities Issued by the United States
Government and by Federal Agencies, July 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="5">Hold by investors covered in Treasury Survey</th><th rowspan="2">Hold by all other investors 3/</th></tr><tr><th>1.354 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>643 fire, casualty, and marine insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr></table>
Percentage distribution by classes of securities
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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>9.1</td><td>1.6</td><td>.2</td><td>*</td><td>*</td><td>-</td><td>47.6</td><td>3.0</td></tr><tr><td>Certificates of indebtedness......</td><td>20.1</td><td>23.5</td><td>5.8</td><td>2.4</td><td>2.0</td><td>6.2</td><td>26.3</td><td>24.4</td></tr><tr><td>Treasury notes....................</td><td>7.1</td><td>11.9</td><td>7.0</td><td>1.8</td><td>2.0</td><td>5.8</td><td>2.0</td><td>6.5</td></tr><tr><td>Treasury bonds - bank restricted 4/</td><td>28.5</td><td>2.2</td><td>46.5</td><td>75.8</td><td>79.8</td><td>43.2</td><td>17.0</td><td>42.0</td></tr><tr><td>Treasury bonds - bank eligible....</td><td>35.1</td><td>60.8</td><td>40.3</td><td>20.0</td><td>16.1</td><td>44.7</td><td>6.9</td><td>23.8</td></tr><tr><td>Postal savings and other bonds.....</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.1</td><td>.3</td></tr><tr><td>Guaranteed by United States 5/.....</td><td>*</td><td>*</td><td>.2</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total.........................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year....................</td><td>32.0</td><td>29.3</td><td>9.2</td><td>3.2</td><td>3.9</td><td>8.4</td><td>75.0</td><td>30.1</td></tr><tr><td>1 to 5 years.....................</td><td>18.7</td><td>33.7</td><td>12.9</td><td>6.3</td><td>4.4</td><td>19.2</td><td>4.0</td><td>13.7</td></tr><tr><td>5 to 10 years....................</td><td>17.5</td><td>29.3</td><td>23.8</td><td>13.9</td><td>10.0</td><td>21.6</td><td>2.7</td><td>12.1</td></tr><tr><td>10 to 15 years....................</td><td>8.5</td><td>4.1</td><td>24.4</td><td>30.0</td><td>8.7</td><td>28.8</td><td>1.7</td><td>13.5</td></tr><tr><td>15 to 20 years....................</td><td>11.3</td><td>.2</td><td>14.3</td><td>23.8</td><td>45.0</td><td>9.6</td><td>9.5</td><td>11.9</td></tr><tr><td>Over 20 years....................</td><td>11.9</td><td>3.4</td><td>15.1</td><td>22.8</td><td>28.0</td><td>12.3</td><td>7.1</td><td>18.8</td></tr><tr><td>Various (Federal Housing Administration debentures)............</td><td>*</td><td>*</td><td>.2</td><td>*</td><td>.1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total.........................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes....</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td><td>.1</td><td>.3</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>9.6</td><td>17.0</td><td>17.7</td><td>.7</td><td>.8</td><td>22.0</td><td>4.8</td><td>6.2</td></tr><tr><td>Subject to Federal income taxes 7/.........</td><td>90.3</td><td>82.9</td><td>82.3</td><td>99.2</td><td>99.2</td><td>77.9</td><td>95.1</td><td>93.5</td></tr><tr><td>Total.........................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr></table>
Percentage distribution by groups of investors
<table><tr><td>Type of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills....................</td><td>100.0</td><td>7.2</td><td>*</td><td>*</td><td>*</td><td>-</td><td>84.7</td><td>8.1</td></tr><tr><td>Certificates of indebtedness.......</td><td>100.0</td><td>46.6</td><td>.1</td><td>.7</td><td>1.1</td><td>.5</td><td>21.1</td><td>29.9</td></tr><tr><td>Treasury notes....................</td><td>100.0</td><td>66.7</td><td>.3</td><td>1.5</td><td>3.3</td><td>1.2</td><td>4.5</td><td>22.5</td></tr><tr><td>Treasury notes - bank restricted 1/.</td><td>100.0</td><td>3.1</td><td>.4</td><td>16.1</td><td>32.2</td><td>2.3</td><td>9.6</td><td>36.3</td></tr><tr><td>Treasury bonds - bank eligible.....</td><td>100.0</td><td>69.2</td><td>.3</td><td>3.4</td><td>5.3</td><td>1.9</td><td>3.2</td><td>16.7</td></tr><tr><td>Postal savings and other bonds.....</td><td>100.0</td><td>8.2</td><td>*</td><td>.2</td><td>.4</td><td>.9</td><td>19.9</td><td>70.3</td></tr><tr><td>Guaranteed by United States 5/.....</td><td>100.0</td><td>27.2</td><td>2.3</td><td>7.8</td><td>29.5</td><td>.8</td><td>20.4</td><td>12.0</td></tr><tr><td>Total................................</td><td>100.0</td><td>40.0</td><td>.3</td><td>6.0</td><td>11.5</td><td>1.5</td><td>16.1</td><td>24.6</td></tr><tr><td>Call classes:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year.....................</td><td>100.0</td><td>36.6</td><td>.1</td><td>.6</td><td>1.4</td><td>.4</td><td>37.8</td><td>23.1</td></tr><tr><td>1 to 5 years.....................</td><td>100.0</td><td>72.1</td><td>.2</td><td>2.0</td><td>2.7</td><td>1.5</td><td>3.5</td><td>18.0</td></tr><tr><td>5 to 10 years.....................</td><td>100.0</td><td>66.9</td><td>.4</td><td>4.8</td><td>6.6</td><td>1.9</td><td>2.5</td><td>17.0</td></tr><tr><td>10 to 15 years....................</td><td>100.0</td><td>19.2</td><td>.7</td><td>21.2</td><td>11.7</td><td>5.1</td><td>3.3</td><td>38.8</td></tr><tr><td>15 to 20 years....................</td><td>100.0</td><td>.7</td><td>.3</td><td>12.7</td><td>45.7</td><td>1.3</td><td>13.5</td><td>25.8</td></tr><tr><td>Over 20 years.....................</td><td>100.0</td><td>11.2</td><td>.3</td><td>11.6</td><td>27.0</td><td>1.6</td><td>9.6</td><td>38.8</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>27.2</td><td>2.3</td><td>7.8</td><td>29.5</td><td>.8</td><td>20.4</td><td>12.0</td></tr><tr><td>Total................................</td><td>100.0</td><td>40.0</td><td>.3</td><td>6.0</td><td>11.5</td><td>1.5</td><td>16.1</td><td>24.6</td></tr><tr><td>Tax status: 6/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes.</td><td>100.0</td><td>8.2</td><td>*</td><td>.2</td><td>.4</td><td>.9</td><td>19.9</td><td>70.3</td></tr><tr><td>Partially exempt from Federal income taxes 1/</td><td>100.0</td><td>70.7</td><td>.5</td><td>.5</td><td>1.0</td><td>3.4</td><td>8.0</td><td>15.9</td></tr><tr><td>Subject to Federal income taxes 1/.....</td><td>100.0</td><td>36.7</td><td>.2</td><td>6.6</td><td>12.6</td><td>1.3</td><td>17.0</td><td>25.5</td></tr><tr><td>Total................................</td><td>100.0</td><td>40.0</td><td>.3</td><td>6.0</td><td>11.5</td><td>1.5</td><td>16.1</td><td>24.6</td></tr></table>
(Continued on following page)
50
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, July 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING
(Par values - in millions of dollars)
<table><tr><th>- Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Held by investore 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 3/</th></tr><tr><th></th><th></th><th>7,354 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>643 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bills.....(taxable)</td><td>17,023</td><td>1,224</td><td>1</td><td>1</td><td>*</td><td>-</td><td>14,413</td><td>1,384</td></tr><tr><td>Certificatee of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8 August 1946.....(taxable)</td><td>2,170</td><td>1,173</td><td>4</td><td>34</td><td>1</td><td>7</td><td>827</td><td>424</td></tr><tr><td>7/8 September 1946.....(taxable)</td><td>4,336</td><td>1,745</td><td>3</td><td>57</td><td>5</td><td>13</td><td>1,648</td><td>864</td></tr><tr><td>7/8 October 1946.....(taxable)</td><td>3,440</td><td>1,823</td><td>2</td><td>29</td><td>7</td><td>12</td><td>845</td><td>722</td></tr><tr><td>7/8 November 1946.....(taxable)</td><td>3,778</td><td>2,052</td><td>2</td><td>32</td><td>67</td><td>25</td><td>572</td><td>1,028</td></tr><tr><td>7/8 December 1946.....(taxable)</td><td>3,768</td><td>655</td><td>2</td><td>11</td><td>5</td><td>19</td><td>124</td><td>3,032</td></tr><tr><td>7/8 January 1947.....(taxable)</td><td>3,330</td><td>2,119</td><td>2</td><td>14</td><td>145</td><td>12</td><td>374</td><td>665</td></tr><tr><td>7/8 February 1947.....(taxable)</td><td>4,954</td><td>2,344</td><td>4</td><td>23</td><td>76</td><td>23</td><td>1,466</td><td>1,017</td></tr><tr><td>7/8 March 1947.....(taxable)</td><td>3,133</td><td>2,003</td><td>2</td><td>15</td><td>45</td><td>24</td><td>346</td><td>698</td></tr><tr><td>7/8 April 1947.....(taxable)</td><td>2,820</td><td>1,455</td><td>2</td><td>15</td><td>10</td><td>9</td><td>632</td><td>697</td></tr><tr><td>7/8 June 1947.....(taxable)</td><td>2,775</td><td>821</td><td>2</td><td>17</td><td>28</td><td>23</td><td>445</td><td>1,438</td></tr><tr><td>7/8 July 1947.....(taxable)</td><td>2,916</td><td>1,397</td><td>3</td><td>24</td><td>40</td><td>8</td><td>760</td><td>684</td></tr><tr><td>Total certificatee of indebtedness.....</td><td>37,720</td><td>17,588</td><td>28</td><td>272</td><td>428</td><td>175</td><td>7,959</td><td>11,270</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>1-1/2 December 1946.....(taxable)</td><td>3,261</td><td>2,250</td><td>3</td><td>65</td><td>138</td><td>25</td><td>277</td><td>503</td></tr><tr><td>1-1/4 March 1947.....(taxable)</td><td>1,948</td><td>920</td><td>13</td><td>28</td><td>277</td><td>37</td><td>4</td><td>670</td></tr><tr><td>1-1/4 September 1947.....(taxable)</td><td>1,687</td><td>819</td><td>9</td><td>37</td><td>15</td><td>39</td><td>10</td><td>759</td></tr><tr><td>1-1/2 September 1947.....(taxable)</td><td>2,707</td><td>2,107</td><td>4</td><td>42</td><td>3</td><td>24</td><td>12</td><td>516</td></tr><tr><td>1-1/2 September 1948.....(taxable)</td><td>3,748</td><td>2,809</td><td>5</td><td>33</td><td>7</td><td>40</td><td>301</td><td>553</td></tr><tr><td>Total Treasury notes.....</td><td>13,351</td><td>8,904</td><td>34</td><td>206</td><td>440</td><td>164</td><td>603</td><td>3,000</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 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2-1/4 September 1956-59.....(taxable)</td><td>3,823</td><td>280</td><td>20</td><td>1,058</td><td>819</td><td>142</td><td>129</td><td>1,375</td></tr><tr><td>2-1/4 June 1959-62.....(taxable)</td><td>5,284</td><td>99</td><td>39</td><td>1,759</td><td>612</td><td>282</td><td>219</td><td>2,276</td></tr><tr><td>2-1/4 December 1959-62.....(taxable)</td><td>3,470</td><td>309</td><td>25</td><td>564</td><td>326</td><td>209</td><td>3</td><td>2,034</td></tr><tr><td>2-1/2 June 1962-67.....(taxable)</td><td>2,118</td><td>9</td><td>4</td><td>411</td><td>1,156</td><td>50</td><td>194</td><td>294</td></tr><tr><td>2-1/2 December 1963-68.....(taxable)</td><td>2,831</td><td>1</td><td>3</td><td>534</td><td>1,349</td><td>57</td><td>261</td><td>626</td></tr><tr><td>2-1/2 June 1964-69.....(taxable)</td><td>3,761</td><td>2</td><td>17</td><td>736</td><td>1,577</td><td>43</td><td>409</td><td>977</td></tr><tr><td>2-1/2 December 1964-69.....(taxable)</td><td>3,838</td><td>4</td><td>16</td><td>518</td><td>1,594</td><td>50</td><td>493</td><td>1,164</td></tr><tr><td>2-1/2 March 1965-70.....(taxable)</td><td>5,197</td><td>63</td><td>17</td><td>304</td><td>2,445</td><td>49</td><td>839</td><td>1,480</td></tr><tr><td>2-1/2 March 1966-71.....(taxable)</td><td>3,481</td><td>62</td><td>12</td><td>191</td><td>1,585</td><td>23</td><td>671</td><td>937</td></tr><tr><td>2-1/2 June 1967-72.....(taxable)</td><td>7,967</td><td>128</td><td>24</td><td>1,024</td><td>3,153</td><td>96</td><td>891</td><td>2,651</td></tr><tr><td>2-1/2 December 1967-72.....(taxable)</td><td>11,689</td><td>694</td><td>47</td><td>1,493</td><td>2,605</td><td>220</td><td>1,044</td><td>5,586</td></tr><tr><td>Total bank restricted 1/.....</td><td>53,459</td><td>1,651</td><td>225</td><td>8,592</td><td>17,220</td><td>1,220</td><td>5,151</td><td>19,400</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>1-7/16 October 1947-52.....(partially)</td><td>759</td><td>279</td><td>*</td><td>14</td><td>11</td><td>22</td><td>75</td><td>358</td></tr><tr><td>2/4 December 1947.....(partially)</td><td>701</td><td>540</td><td>*</td><td>1</td><td>*</td><td>21</td><td>*</td><td>139</td></tr><tr><td>2/4 March 1948-50.....(taxable)</td><td>1,115</td><td>768</td><td>1</td><td>76</td><td>42</td><td>10</td><td>40</td><td>179</td></tr><tr><td>2-3/4 March 1948-51.....(partially)</td><td>1,223</td><td>852</td><td>1</td><td>7</td><td>5</td><td>29</td><td>155</td><td>176</td></tr><tr><td>1-3/4 June 1948.....(taxable)</td><td>3,062</td><td>2,342</td><td>4</td><td>70</td><td>48</td><td>40</td><td>25</td><td>533</td></tr><tr><td>2-1/2 September 1948.....(partially)</td><td>451</td><td>368</td><td>*</td><td>1</td><td>*</td><td>9</td><td>-</td><td>72</td></tr></table>
(Continued on following page)
October 1946
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, July 31, 1946 - (Continued)
Section
- Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2
Public Marketable Interest-Bearing Securities - (Continued)
PART 8 - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued)
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status 6/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="5">Held by investors covered in Treasury Survey</th><th>All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7,354 commercial banks 2/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>643 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank eligible-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2% December 1948-50....(partially)</td><td>571</td><td>467</td><td>*</td><td>2</td><td>*</td><td>12</td><td>44</td><td>47</td></tr><tr><td>2% June 1949-51....(taxable)</td><td>1,014</td><td>732</td><td>1</td><td>52</td><td>98</td><td>8</td><td>8</td><td>113</td></tr><tr><td>2% September 1949-51....(taxable)</td><td>1,292</td><td>1,032</td><td>2</td><td>38</td><td>93</td><td>23</td><td>1</td><td>103</td></tr><tr><td>2% December 1949-51....(taxable)</td><td>2,098</td><td>1,577</td><td>5</td><td>56</td><td>125</td><td>22</td><td>2</td><td>310</td></tr><tr><td>3-1/8% December 1949-52....(partially)</td><td>491</td><td>380</td><td>1</td><td>5</td><td>11</td><td>16</td><td>40</td><td>39</td></tr><tr><td>2-1/2% December 1949-53....(partially)</td><td>1,785</td><td>1,310</td><td>2</td><td>5</td><td>3</td><td>39</td><td>223</td><td>203</td></tr><tr><td>2% March 1950-52....(taxable)</td><td>1,963</td><td>1,514</td><td>5</td><td>69</td><td>159</td><td>19</td><td>3</td><td>164</td></tr><tr><td>2% September 1950-52....(taxable)</td><td>4,939</td><td>3,397</td><td>8</td><td>175</td><td>314</td><td>39</td><td>46</td><td>940</td></tr><tr><td>2-1/2% September 1950-52....(partially)</td><td>1,186</td><td>1,027</td><td>2</td><td>7</td><td>2</td><td>44</td><td>90</td><td>13</td></tr><tr><td>1-1/2% December 1950....(taxable)</td><td>2,635</td><td>1,681</td><td>3</td><td>16</td><td>*</td><td>26</td><td>*</td><td>909</td></tr><tr><td>2-3/4% June 1951-54....(partially)</td><td>1,627</td><td>1,240</td><td>8</td><td>6</td><td>2</td><td>42</td><td>118</td><td>180</td></tr><tr><td>2% September 1951-53....(taxable)</td><td>7,985</td><td>5,398</td><td>23</td><td>335</td><td>598</td><td>131</td><td>111</td><td>1,390</td></tr><tr><td>3% September 1951-55....(partially)</td><td>755</td><td>425</td><td>*</td><td>5</td><td>1</td><td>31</td><td>71</td><td>222</td></tr><tr><td>2% December 1951-55....(taxable)</td><td>510</td><td>387</td><td>2</td><td>10</td><td>25</td><td>6</td><td>9</td><td>71</td></tr><tr><td>2-1/4% December 1951-53....(partially)</td><td>1,118</td><td>924</td><td>2</td><td>1</td><td>3</td><td>28</td><td>98</td><td>61</td></tr><tr><td>2-1/2% March 1952-54....(taxable)</td><td>1,024</td><td>565</td><td>*</td><td>200</td><td>42</td><td>14</td><td>58</td><td>144</td></tr><tr><td>2% June 1952-54....(taxable)</td><td>5,825</td><td>4,131</td><td>19</td><td>250</td><td>384</td><td>83</td><td>6</td><td>953</td></tr><tr><td>2% December 1952-54....(taxable)</td><td>8,662</td><td>5,817</td><td>23</td><td>544</td><td>588</td><td>136</td><td>11</td><td>1,544</td></tr><tr><td>2-1/4% June 1952-55....(taxable)</td><td>1,501</td><td>969</td><td>3</td><td>151</td><td>136</td><td>21</td><td>67</td><td>153</td></tr><tr><td>2% June 1953-55....(partially)</td><td>725</td><td>646</td><td>*</td><td>5</td><td>2</td><td>25</td><td>14</td><td>33</td></tr><tr><td>2-1/4% June 1954-56....(partially)</td><td>681</td><td>542</td><td>2</td><td>1</td><td>1</td><td>32</td><td>35</td><td>67</td></tr><tr><td>2-7/8% March 1955-60....(partially)</td><td>2,611</td><td>1,333</td><td>31</td><td>7</td><td>20</td><td>91</td><td>281</td><td>787</td></tr><tr><td>2-1/2% March 1956-58....(taxable)</td><td>1,449</td><td>782</td><td>9</td><td>67</td><td>363</td><td>10</td><td>53</td><td>166</td></tr><tr><td>2-3/4% September 1956-59....(partially)</td><td>982</td><td>687</td><td>13</td><td>6</td><td>25</td><td>49</td><td>74</td><td>127</td></tr><tr><td>2-3/4% June 1958-63....(partially)</td><td>919</td><td>661</td><td>12</td><td>5</td><td>53</td><td>54</td><td>43</td><td>92</td></tr><tr><td>2-3/4% December 1960-65....(partially)</td><td>1,485</td><td>1,034</td><td>9</td><td>6</td><td>41</td><td>77</td><td>57</td><td>261</td></tr><tr><td>2-1/2% September 1967-72....(taxable)</td><td>2,716</td><td>1,695</td><td>1</td><td>69</td><td>273</td><td>32</td><td>209</td><td>437</td></tr><tr><td>Total bank eligible</td><td>65,864</td><td>45,589</td><td>195</td><td>2,263</td><td>3,468</td><td>1,263</td><td>2,098</td><td>10,988</td></tr><tr><td>Total Treasury bonds</td><td>119,323</td><td>47,240</td><td>419</td><td>10,855</td><td>20,688</td><td>2,483</td><td>7,250</td><td>30,388</td></tr><tr><td>Postal savings and other bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Postal savings bonds....(wholly)</td><td>116</td><td>13</td><td>*</td><td>*</td><td>1</td><td>2</td><td>36</td><td>65</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>1</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>12</td></tr><tr><td>Total postal savings and other bonds</td><td>179</td><td>15</td><td>*</td><td>*</td><td>1</td><td>2</td><td>36</td><td>126</td></tr><tr><td>Guaranteed securities 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures 8/....(partially) (taxable)</td><td>7 36</td><td>12</td><td>1</td><td>3</td><td>13</td><td>*</td><td>9</td><td>5</td></tr><tr><td>Total guaranteed securities</td><td>43</td><td>12</td><td>1</td><td>3</td><td>13</td><td>*</td><td>9</td><td>5</td></tr><tr><td>Total public marketable securities</td><td>187,638</td><td>74,982</td><td>483</td><td>11,337</td><td>21,569</td><td>2,824</td><td>30,269</td><td>46,174</td></tr></table>
Site: The Treasury Survey commenced with date for March 31, 1941 and has been published regularly in the "Treasury Bulletin" since May 1941. Revisions of data for September 30, 1944 appeared in the February 1945 issue, page 53; reclassification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-63.
Less than $500 thousand or less than .05%.
Securities held in trust departments are excluded.
Includes trust companies.
This column includes securities held by those banks and insurance companies which are not covered in the Treasury Survey. See head-note to this section.
Issues which commercial banks may not acquire prior to a specified
5/ Guaranteed securities held by the Treasurer 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.
52
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, July 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 3.- Public Non-Marketable Interest-Bearing Securities
(Par values - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="3">Held by investors covered in Treasury Survey</th><th colspan="3">Held by all other investors 1/</th></tr><tr><th></th><th></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></th></tr><tr><th></th><th></th><th>7,354 commercial banks 3/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>643 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>United States savings bonds 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Series B-D.................... (6/)</td><td>3,346</td><td>177</td><td>*</td><td>5</td><td>3</td><td>7</td><td>*</td><td>3,152</td></tr><tr><td>Series E.................... (taxable)</td><td>30,349</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,348</td></tr><tr><td>Series F.................... (taxable)</td><td>2,914</td><td>219</td><td>1</td><td>9</td><td>16</td><td>24</td><td>1</td><td>2,843</td></tr><tr><td>Series G.................... (taxable)</td><td>12,711</td><td>478</td><td>6</td><td>228</td><td>99</td><td>169</td><td>11</td><td>11,721</td></tr><tr><td>Total United States savings bonds............</td><td>49,320</td><td>874</td><td>8</td><td>243</td><td>118</td><td>200</td><td>13</td><td>47,864</td></tr><tr><td>Treasury savings notes.................... (taxable)</td><td>6,669</td><td>104</td><td>3</td><td>*</td><td>*</td><td>7</td><td>17</td><td>6,537</td></tr><tr><td>Depositary bonds.................... (taxable)</td><td>410</td><td>380</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>281</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>56,680</td><td>1,358</td><td>11</td><td>243</td><td>118</td><td>207</td><td>30</td><td>54,431</td></tr></table>
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 headnote to this section.
5/ United States savings bonds, Series B-D, E, and F are shown at current redemption values. They were reported at maturity value by the banks and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
6/ Series B-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are taxable.
7/ Guaranteed securities held by the Treasury are not included.
8/ C.C.C. demand obligations in the amount of $281 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>7,354 commercial banks 3/</th><th>34 stock savings banks</th><th>540 mutual savings banks</th><th>312 life insurance companies</th><th>643 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>1-1/3 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>1-1/4 May 1950-52.....(taxable)</td><td>215</td><td>151</td><td>-</td><td>4</td><td>*</td><td>*</td><td>-</td><td>59</td></tr><tr><td>1-1/4 January 1951-53.....(taxable)</td><td>214</td><td>180</td><td>-</td><td>*</td><td>*</td><td>1</td><td>-</td><td>33</td></tr><tr><td>2-1/4 February 1953-55.....(taxable)</td><td>114</td><td>93</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>17</td></tr><tr><td>Total Federal land bank bonds</td><td>719</td><td>572</td><td>1</td><td>7</td><td>1</td><td>3</td><td>-</td><td>135</td></tr><tr><td>Federal intermediate credit bank debentures</td><td>316</td><td>281</td><td>-</td><td>*</td><td>-</td><td>3</td><td>-</td><td>31</td></tr><tr><td>Federal home loan bank debentures</td><td>102</td><td>100</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>2</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>1,137</td><td>953</td><td>1</td><td>7</td><td>1</td><td>6</td><td>-</td><td>169</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.
October 1946
53
PRICES AND YIELDS OF GOVERNMENT SECURITIES
(Including securities issued by Federal agencies)
54
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
August 30, 1946
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (mil-lions)</th><th>Description</th><th colspan="4">Price date (Price decimals are thirty-seconds)</th><th colspan="3">Yield date</th><th rowspan="2">Date of issue</th><th colspan="3">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="3">1946 price range 2/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from July 31, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from July 31, 1946</th><th>Yield to maturity 3/</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td colspan="16">Treasury bonds - bank eligible</td></tr><tr><td>$1.115</td><td>2/4 - 3/15/46-50</td><td>101.14</td><td>101.16</td><td>101.15</td><td>-.07</td><td>1.03%</td><td>+.08%</td><td>1.57%</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>101.15</td><td>8/30</td></tr><tr><td>3,062</td><td>1-3/4% - 6/15/48</td><td>101.07</td><td>101.09</td><td>101.08</td><td>-.06</td><td>1.04</td><td>+.07</td><td>1.04</td><td>12/1/42</td><td>102.02</td><td>3/2/46</td><td>100.01</td><td>-2/23/42</td><td>102.02</td><td>3/2</td><td>101.08</td><td>8/30</td></tr><tr><td>1,014</td><td>2/4 - 6/15/49-51</td><td>102.12</td><td>102.14</td><td>102.13</td><td>-.04</td><td>1.12</td><td>+.02</td><td>1.48</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>102.12</td><td>8/28</td></tr><tr><td>1,292</td><td>2/4 - 9/15/49-51</td><td>102.15</td><td>102.17</td><td>102.16</td><td>-.07</td><td>1.16</td><td>+.05</td><td>1.48</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>102.15</td><td>8/28</td></tr><tr><td>2,098</td><td>2/4 -12/15/49-51</td><td>102.21</td><td>102.23</td><td>102.22</td><td>-.06</td><td>1.16</td><td>+.03</td><td>1.47</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>2/4 - 3/15/50-52</td><td>102.24</td><td>102.26</td><td>102.25</td><td>-.07</td><td>1.19</td><td>+.04</td><td>1.47</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>2/4 - 9/15/50-52</td><td>102.28</td><td>102.30</td><td>102.29</td><td>-.10</td><td>1.26</td><td>+.06</td><td>1.49</td><td>4/15/43</td><td>104.07</td><td>3/11/46</td><td>100.08</td><td>5/3/43</td><td>104.07</td><td>3/11</td><td>102.23</td><td>5/13</td></tr><tr><td>2,635</td><td>1-1/2% -12/15/50</td><td>101.08</td><td>101.10</td><td>101.09</td><td>-.11</td><td>1.19</td><td>+.07</td><td>1.19</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>2/4 - 9/15/51-53</td><td>103.06</td><td>103.08</td><td>103.07</td><td>-.08</td><td>1.34</td><td>+.04</td><td>1.52</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>2/4 -12/15/51-55</td><td>103.10</td><td>103.12</td><td>103.11</td><td>-.08</td><td>1.34</td><td>+.03</td><td>1.61</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>8/28</td></tr><tr><td>1,024</td><td>2-1/2% - 3/15/52-54</td><td>105.17</td><td>105.19</td><td>105.18</td><td>-.21</td><td>1.45</td><td>+.10</td><td>1.71</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>105.12</td><td>8/28</td></tr><tr><td>5,825</td><td>2/4 - 6/15/52-54</td><td>103.08+</td><td>103.10+</td><td>103.09</td><td>-.16</td><td>1.41</td><td>+.08</td><td>1.55</td><td>6/26/41</td><td>104.27</td><td>2/18/46</td><td>100.08</td><td>7/21/41</td><td>104.27</td><td>2/18</td><td>103.04</td><td>8/27</td></tr><tr><td>1,501</td><td>2-1/4% - 6/15/52-55</td><td>104.14</td><td>104.16</td><td>104.15</td><td>-.14</td><td>1.44</td><td>+.06</td><td>1.70</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>104.08</td><td>8/27</td></tr><tr><td>8,662</td><td>2/4 -12/15/52-54</td><td>103.11+</td><td>103.13+</td><td>103.12</td><td>-.14</td><td>1.44</td><td>+.07</td><td>1.56</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>103.06</td><td>8/27</td></tr><tr><td>1,449</td><td>2-1/2% - 3/15/56-58</td><td>107.03</td><td>107.05</td><td>107.04</td><td>-.22</td><td>1.69</td><td>+.07</td><td>1.81</td><td>6/2/42</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>107.00</td><td>8/28</td></tr><tr><td>2,716</td><td>2-1/2% - 9/15/67-72%</td><td>105.14</td><td>105.16</td><td>105.15</td><td>-.13</td><td>2.17</td><td>+.07</td><td>2.22</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>105.10</td><td>8/28</td></tr><tr><td colspan="16">Treasury bonds - bank restricted 5/</td></tr><tr><td>3,823</td><td>2-1/4% - 9/15/56-59</td><td>104.29</td><td>104.31</td><td>104.30</td><td>-.03</td><td>1.71</td><td>.00</td><td>1.82</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>102.00</td><td>102.02</td><td>102.01</td><td>-.06</td><td>2.07</td><td>+.02</td><td>2.10</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>102.00</td><td>102.02</td><td>102.01</td><td>-.06</td><td>2.07</td><td>+.01</td><td>2.10</td><td>11/15/45</td><td>104.21</td><td>4/6/46</td><td>100.11</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>104.16</td><td>104.18</td><td>104.17</td><td>-.18</td><td>2.16</td><td>+.04</td><td>2.23</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>104.02</td><td>104.04</td><td>104.03</td><td>-.12</td><td>2.21</td><td>+.02</td><td>2.27</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>103.23</td><td>103.25</td><td>103.24</td><td>-.11</td><td>2.24</td><td>+.02</td><td>2.29</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>103.21</td><td>103.23</td><td>103.22</td><td>-.11</td><td>2.25</td><td>+.02</td><td>2.29</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>103.19</td><td>103.21</td><td>103.20</td><td>-.10</td><td>2.26</td><td>+.02</td><td>2.30</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>3,451</td><td>2-1/2% - 3/15/66-71%</td><td>103.15</td><td>103.17</td><td>103.16</td><td>-.11</td><td>2.28</td><td>+.02</td><td>2.31</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>102.18</td><td>102.20</td><td>102.19</td><td>-.07</td><td>2.34</td><td>+.01</td><td>2.37</td><td>6/1/45</td><td>106.16</td><td>4/6/46</td><td>100.21</td><td>9/29/45</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>102.17</td><td>102.19</td><td>102.18</td><td>-.08</td><td>2.35</td><td>+.02</td><td>2.37</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="16">Treasury notes</td></tr><tr><td>3,261</td><td>1-1/2% 8-12/15/46</td><td>100.05+</td><td>100.06+</td><td>100.06</td><td>-.02</td><td>.83</td><td>+.01</td><td>.83</td><td>6/5/42</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>100.06</td><td>8/30</td></tr><tr><td>1,948</td><td>1-1/4% 8-3/15/47</td><td>100.06</td><td>100.07</td><td>100.06</td><td>-.02</td><td>.90</td><td>+.05</td><td>.90</td><td>6/26/44</td><td>100.20</td><td>3/5/45</td><td>100.06</td><td>8/30/46</td><td>100.17</td><td>2/18</td><td>100.06</td><td>8/30</td></tr><tr><td>2,707</td><td>1-1/2% A- 9/15/47</td><td>100.19</td><td>100.20</td><td>100.20</td><td>-.02</td><td>.89</td><td>+.01</td><td>.89</td><td>7/12/43</td><td>101.06</td><td>3/5/45</td><td>100.16</td><td>10/11/43</td><td>101.02</td><td>3/1</td><td>100.20</td><td>8/30</td></tr><tr><td>1,687</td><td>1-1/4% C- 9/15/47</td><td>100.11</td><td>100.12</td><td>100.12</td><td>-.02</td><td>.88</td><td>+.02</td><td>.88</td><td>12/1/44</td><td>100.23</td><td>2/16/46</td><td>100.06</td><td>12/27/44</td><td>100.23</td><td>2/16</td><td>100.12</td><td>8/30</td></tr><tr><td>3,748</td><td>1-1/2% A- 9/15/48</td><td>100.31</td><td>101.00</td><td>101.00</td><td>-.03</td><td>1.00</td><td>+.02</td><td>1.00</td><td>3/15/44</td><td>101.22</td><td>3/2/46</td><td>100.05</td><td>3/8/44</td><td>101.22</td><td>3/2</td><td>101.00</td><td>8/30</td></tr><tr><td colspan="16">Certificates of Indebtedness 6/</td></tr><tr><td>4,336</td><td>7/8% 0- 9/1/46 7/1</td><td>100.00</td><td>-</td><td>100.00</td><td>-</td><td>.87</td><td>+.06</td><td>.87</td><td>9/1/45</td><td>.50%</td><td>8/20/46</td><td>.87%</td><td>8/30/46</td><td>.50%</td><td>8/20</td><td>.87%</td><td>8/30</td></tr><tr><td>3,440</td><td>7/8% H- 10/1/46</td><td>.84%</td><td>.79%</td><td>.82%</td><td>-.02%</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>8/12</td></tr><tr><td>3,778</td><td>7/8% J- 11/1/46</td><td>.84%</td><td>.80%</td><td>.82%</td><td>-.00%</td><td>-</td><td>-</td><td>-</td><td>12/1/45</td><td>.73%</td><td>2/25/46</td><td>.85%</td><td>12/1/45</td><td>.73%</td><td>2/25</td><td>.84%</td><td>8/12</td></tr><tr><td>3,768</td><td>7/8% K- 12/1/46</td><td>.82%</td><td>.79%</td><td>.80%</td><td>-.00%</td><td>-</td><td>-</td><td>-</td><td>12/3/45</td><td>.73%</td><td>2/21/46</td><td>.84%</td><td>8/12/46</td><td>.73%</td><td>2/21</td><td>.84%</td><td>8/12</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>-.00%</td><td>-</td><td>-</td><td>-</td><td>1/1/46</td><td>.76%</td><td>3/4/46</td><td>.85%</td><td>12/29/45</td><td>.76%</td><td>3/4</td><td>.84%</td><td>8/30</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>-.00%</td><td>-</td><td>-</td><td>-</td><td>2/1/46</td><td>.76%</td><td>3/4/46</td><td>.84%</td><td>8/30/46</td><td>.76%</td><td>3/4</td><td>.84%</td><td>8/30</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>-.00%</td><td>-</td><td>-</td><td>-</td><td>3/1/46</td><td>.77%</td><td>3/4/46</td><td>.84%</td><td>8/30/46</td><td>.77%</td><td>3/4</td><td>.84%</td><td>8/30</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>-.00%</td><td>-</td><td>-</td><td>-</td><td>4/1/46</td><td>.80%</td><td>4/22/46</td><td>.81%</td><td>8/30/46</td><td>.80%</td><td>4/22</td><td>.84%</td><td>8/30</td></tr><tr><td>2,775</td><td>7/8% E- 6/1/47</td><td>.86%</td><td>.84%</td><td>.85%</td><td>+.01%</td><td>-</td><td>-</td><td>-</td><td>6/1/46</td><td>.82%</td><td>6/20/46</td><td>.85%</td><td>8/30/46</td><td>.82%</td><td>6/20</td><td>.85%</td><td>8/30</td></tr><tr><td>2,916</td><td>7/8% F- 7/1/47</td><td>.86%</td><td>.84%</td><td>.85%</td><td>+.01%</td><td>-</td><td>-</td><td>-</td><td>7/1/46</td><td>.83%</td><td>8/26/46</td><td>.85%</td><td>8/30
(Continued on following page)
October 1946
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies August 30, 1946 - (Continued)
Table I.-Securities Issued or Guaranteed by the United States Government 1/-(Continued)
PART B - TAXABLE TREASURY BILLS
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Maturity date</th><th rowspan="2">Issue date</th><th colspan="4">Discount</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from July 31, 1946</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from July 31, 1946</th></tr><tr><td>$1,313</td><td>9/5/46</td><td>6/6/46</td><td>.375%</td><td>.20%</td><td>.29%</td><td>-.05%</td><td>$1,305</td><td>10/24/46</td><td>7/25/46</td><td>.375%</td><td>.32%</td><td>.35%</td><td>-.01%</td></tr><tr><td>1,310</td><td>9/12/46</td><td>6/13/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.03</td><td>1,306</td><td>10/31/46</td><td>8/1/46</td><td>.375</td><td>.34</td><td>.36</td><td>.00</td></tr><tr><td>1,310</td><td>9/19/46</td><td>6/20/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,315</td><td>11/7/46</td><td>8/8/46</td><td>.375</td><td>.34</td><td>.36</td><td>-</td></tr><tr><td>1,306</td><td>9/26/46</td><td>6/27/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,314</td><td>11/14/46</td><td>8/15/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,308</td><td>10/3/46</td><td>7/5/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,308</td><td>11/21/46</td><td>8/22/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,315</td><td>10/10/46</td><td>7/11/46</td><td>.375</td><td>.30</td><td>.34</td><td>-.02</td><td>1,302</td><td>11/29/46</td><td>8/29/46</td><td>.375</td><td>.35</td><td>.36</td><td>-</td></tr><tr><td>1,311</td><td>10/17/46</td><td>7/18/46</td><td>.375</td><td>.32</td><td>.35</td><td>-.01</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
PART C - TAX-EXEMPT BONDS
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield date</th><th>Date of issue</th><th colspan="4">Price range since first traded 2/ (Price decimals are thirty-seconds)</th><th colspan="4">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 July 31, 1946</th><th>Yield to earliest call 3/</th><th>Change in yield from July 31, 1946</th><th>Yield to maturity 3/</th><th></th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><tr><td colspan="18">Treasury bonds</td></tr><tr><td>$ 759</td><td>4-1/4% - 10/15/47-52</td><td>103.28</td><td>103.30</td><td>103.29</td><td>-.10</td><td>.72%</td><td>-.01%</td><td>3.57%</td><td>10/16/22</td><td>122.22</td><td>12/14/40</td><td>98.18</td><td>10/5/23</td><td>106.12</td><td>1/24</td><td>103.29</td><td>8/30</td></tr><tr><td>701</td><td>2-1/2% - 12/15/47</td><td>101.17</td><td>101.19</td><td>101.18</td><td>-.05</td><td>.77</td><td>+.03</td><td>.77</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>101.18</td><td>8/30</td></tr><tr><td>1,223</td><td>2-3/4% - 3/15/48-51</td><td>103.00</td><td>103.02</td><td>103.01</td><td>-.04</td><td>.76</td><td>-.03</td><td>2.05</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>103.01</td><td>8/30</td></tr><tr><td>451</td><td>2-1/2% - 9/15/48</td><td>103.14</td><td>103.16</td><td>103.15</td><td>-.05</td><td>.78</td><td>+.01</td><td>.78</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>103.15</td><td>8/30</td></tr><tr><td>571</td><td>2-1/2% - 12/15/48-50</td><td>102.24</td><td>102.26</td><td>102.25</td><td>-.01</td><td>.77</td><td>-.03</td><td>1.33</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>102.23</td><td>7/17</td></tr><tr><td>491</td><td>3-1/8% - 12/15/49-52</td><td>107.05</td><td>107.07</td><td>107.06</td><td>-.05</td><td>.90</td><td>-.01</td><td>1.91</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>107.06</td><td>8/30</td></tr><tr><td>1,786</td><td>2-1/2% - 12/15/49-53</td><td>105.04</td><td>105.06</td><td>105.05</td><td>-.04</td><td>.90</td><td>-.01</td><td>1.74</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>105.05</td><td>8/30</td></tr><tr><td>1,186</td><td>2-1/2% - 9/15/50-52</td><td>106.01</td><td>106.03</td><td>106.02</td><td>-.07</td><td>.96</td><td>+.02</td><td>1.45</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>106.02</td><td>8/30</td></tr><tr><td>1,627</td><td>2-3/4% - 6/15/51-54</td><td>107.22</td><td>107.24</td><td>107.23</td><td>-.13</td><td>1.09</td><td>+.05</td><td>1.69</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>107.23</td><td>8/30</td></tr><tr><td>755</td><td>3% - 9/15/51-55</td><td>109.11</td><td>109.13</td><td>109.12</td><td>-.10</td><td>1.08</td><td>+.03</td><td>1.87</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>109.12</td><td>8/30</td></tr><tr><td>1,118</td><td>2-1/4% - 12/15/51-53</td><td>106.00</td><td>106.02</td><td>106.01</td><td>-.13</td><td>1.07</td><td>+.05</td><td>1.38</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>7/12</td><td>106.01</td><td>8/30</td></tr><tr><td>725</td><td>2-1/4% - 6/15/51-55</td><td>105.31</td><td>106.01</td><td>105.00</td><td>-.14</td><td>1.08</td><td>+.05</td><td>1.28</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>681</td><td>2-1/4% - 6/15/54-56</td><td>107.31</td><td>108.01</td><td>108.00</td><td>-.16</td><td>1.17</td><td>+.05</td><td>1.37</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>108.00</td><td>8/30</td></tr><tr><td>2,611</td><td>2-7/8% - 3/15/55-60</td><td>112.15</td><td>112.17</td><td>112.16</td><td>-.19</td><td>1.32</td><td>+.05</td><td>1.83</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>112.16</td><td>8/30</td></tr><tr><td>982</td><td>2-3/4% - 9/15/56-59</td><td>112.31</td><td>113.01</td><td>113.00</td><td>-.14</td><td>1.36</td><td>+.03</td><td>1.64</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>112.31</td><td>8/28</td></tr><tr><td>919</td><td>2-3/4% - 6/15/58-63</td><td>113.28</td><td>113.30</td><td>113.29</td><td>-.17</td><td>1.46</td><td>+.04</td><td>1.79</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>113.29</td><td>8/30</td></tr><tr><td>1,485</td><td>2-3/4% - 12/15/60-65</td><td>115.17</td><td>115.19</td><td>115.18</td><td>-.18</td><td>1.53</td><td>+.03</td><td>1.79</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>115.18</td><td>8/30</td></tr><tr><td colspan="18">Other bonds 2/</td></tr><tr><td>13</td><td>3% Conversion -1/1/47</td><td>100.20</td><td>100.20</td><td>100.20</td><td>-.12</td><td>1.08</td><td>+.49</td><td>1.08</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>100.20</td><td>8/30</td></tr><tr><td>50</td><td>3% Panama Canal-6/1/61</td><td>123.00</td><td>131.00</td><td>130.00</td><td>-1.00</td><td>.84</td><td>-.05</td><td>.84</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>130.00</td><td>8/30</td></tr></table>
1/ Excludes Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding). 2/ Prices represent the mean of closing bid and ask quotations in the over-the-counter market, except that prices of Treasury bonds for the period prior to October 1, 1939, represent closing prices on the New York Stock Exchange. "When issued" prices are included in history beginning October 1, 1939. Dates of highs and lows, in case of recurrence, are the latest dates. 3/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
4/ Included in the Average Yield of Long-Term Taxable Treasury Bonds.
5/ Issues which commercial banks may not acquire prior to a specified date (with minor exceptions).
6/ Quoted on a yield basis.
7/ Quoted on a price basis at par from August 21 through August 30, 1946; prior thereto quoted on a yield basis.
8/ For amount of this security issued on September 1, 1946, see table entitled "Offerings of Marketable Issues of Treasury Bonds, Notes, and Certificates of Indebtedness" in the section on the "Public Debt and Guaranteed obligations of the United States Government".
9/ Excludes postal savings bonds.
56
Treasury Bulletin
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the
United States Government and by Federal Agencies
August 30, 1946 - (Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th>Account outstanding (Millions)</th><th>Description</th><th colspan="3">Price date (Price decimals are thirty-seconds)</th><th colspan="3">Yield date</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Price decimals are thirty-seconds)</th><th colspan="4">1946 price range 1/ (Price decimals are thirty-seconds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from July 11, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from July 31, 1946</th><th>Yield to maturity 2/</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th><th>High Price</th><th>Date</th><th>Low Price</th><th>Date</th></tr><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>1.10%</td><td>-</td><td>1.10%</td><td>.00%</td><td>-</td><td>-</td><td>-</td><td>4/15/46</td><td>.85%</td><td>7/22/46</td><td>1.10%</td><td>8/30/46</td><td>.85%</td><td>7/22</td><td>1.10%</td><td>8/30</td></tr><tr><td>44</td><td>Federal Intermediate Credit Bank debentures 4/ .90% - 9/3/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.90%</td><td>.00%</td><td>.90%</td><td>12/1/45</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30</td><td>100.00</td><td>8/30</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>.00</td><td>.90</td><td>5/1/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30</td><td>100.00</td><td>8/30</td></tr><tr><td>31</td><td>7/8% - 11/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>2/1/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30</td><td>100.00</td><td>8/30</td></tr><tr><td>38</td><td>.825% - 12/2/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.825</td><td>.000</td><td>.825</td><td>3/1/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30</td><td>100.00</td><td>8/30</td></tr><tr><td>39</td><td>7/8% - 1/2/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>.875</td><td>4/1/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30</td><td>100.00</td><td>8/30</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>.00</td><td>.90</td><td>5/1/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30</td><td>100.00</td><td>8/30</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>.00</td><td>.90</td><td>6/3/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30</td><td>100.00</td><td>8/30</td></tr><tr><td>50</td><td>.95% - 4/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.95</td><td>.00</td><td>.95</td><td>7/1/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30</td><td>100.00</td><td>8/30</td></tr><tr><td>33</td><td>1.00% - 5/1/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>1.00</td><td>8/1/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30/46</td><td>100.00</td><td>8/30</td><td>100.00</td><td>8/30</td></tr><tr><td>176</td><td>Federal Land Bank bonds 5/ 1-1/2% - 10/1/48-50</td><td>100.16</td><td>100.20</td><td>100.18</td><td>-.02</td><td>1.22</td><td>+.01</td><td>1.36</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>100.17</td><td>7/18</td></tr><tr><td>215</td><td>1-1/4% - 5/1/50-52</td><td>99.20</td><td>99.24</td><td>99.22</td><td>-.04</td><td>1.34</td><td>+.04</td><td>1.31</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>99.22</td><td>8/30/46</td><td>100.02</td><td>4/17</td><td>99.22</td><td>8/30</td></tr><tr><td>214</td><td>1-1/2% - 1/1/51-53</td><td>100.06</td><td>100.10</td><td>100.08</td><td>-.06</td><td>1.44</td><td>+.04</td><td>1.46</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>100.08</td><td>8/30/46</td><td>101.22</td><td>3/11</td><td>100.08</td><td>8/30</td></tr><tr><td>114</td><td>2-1/4% - 2/1/53-55</td><td>103.24</td><td>104.00</td><td>103.28</td><td>-.16</td><td>1.61</td><td>+.07</td><td>1.75</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>103.28</td><td>8/30</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 matur
3/ Quoted on a yield basis. Prices quoted are subject to a dealer's commission. These securities are not shown until date of issue. 5/ Exclude issues completely held by Farm Credit Administration agencies.
October 1946
57
YIELDS OF TREASURY SECURITIES AUG. 30, 1946
Based on Mean of Closing Bid and Asked Quotations
Explanation: The points represent yields to call date when prices are above par, and to maturity date when prices are at par or below. The smooth curves for the various classes of points are fitted by eye. Issues for which an exchange offer has been made or which are due or callable in less than 3 months are excluded
Office of the Secretary of the Treasury, Division of Research and Statistics
F-235-C
58
Treasury Bulletin
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>2.75</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 4/</td></tr><tr><td>Nov.</td><td>2.56</td><td></td><td>3.04</td><td>Nov.</td><td>1.95</td><td>2.34</td><td>2.57</td><td>Nov.</td><td>1.90</td><td>2.48</td><td>2.51</td></tr><tr><td>Dec.</td><td>2.56</td><td></td><td>3.02</td><td>Dec.</td><td>2.06</td><td>2.47</td><td>2.58</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>2.18</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>2.18</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>2.16</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.10</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.38</td><td></td><td>2.92</td><td>Apr.</td><td>2.07</td><td>2.14</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td><td>2.49</td></tr><tr><td>May</td><td>2.27</td><td></td><td>2.86</td><td>May</td><td>2.06</td><td>2.15</td><td>2.76</td><td>May</td><td>1.68</td><td>2.39</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td></td><td>2.78</td><td>June.</td><td>2.04</td><td>2.14</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>2.16</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.34</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td></td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.17</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.36</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.67</td><td></td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.16</td><td>2.73</td><td>Sept.</td><td>1.68</td><td>2.37</td><td>2.56</td></tr><tr><td>Oct.</td><td>2.60</td><td></td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.15</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.35</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td></td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.14</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>2.13</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>2.16</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>2.16</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>2.18</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>2.18</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>2.16</td><td>2.65</td><td>May</td><td></td><td>2.19</td><td>2.44</td></tr><tr><td>June.</td><td>2.40</td><td></td><td>2.93</td><td>June.</td><td>1.91</td><td>2.15</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>2.95</td><td>July.</td><td>1.91</td><td>2.15</td><td>2.58</td><td>July.</td><td></td><td>2.18</td><td>2.41</td></tr><tr><td>Aug.</td><td>2.31</td><td></td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.16</td><td>2.57</td><td>August.</td><td></td><td>2.23</td><td>2.44</td></tr><tr><td>Sept.</td><td>2.25</td><td></td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.18</td><td>2.59</td><td></td><td></td><td></td><td></td></tr><tr><td>Oct.</td><td>2.21</td><td></td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.18</td><td>2.60</td><td></td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>2.09</td><td></td><td>2.65</td><td>Nov.</td><td>1.94</td><td>2.18</td><td>2.61</td><td></td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.01</td><td></td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.19</td><td>2.63</td><td></td><td></td><td></td><td></td></tr></table>
Weekly series - Saturday figures 5/
<table><tr><td>1946-Mar.</td><td>2</td><td>2.10</td><td>2.35</td><td>1946-May</td><td>4</td><td>2.18</td><td>2.44</td><td>1946-July</td><td>5</td><td>2.14</td><td>2.40</td></tr><tr><td>9</td><td>2.09</td><td>2.35</td><td>11</td><td>2.20</td><td>2.43</td><td>12</td><td>2.17</td><td>2.41</td></tr><tr><td>16</td><td>2.09</td><td>2.35</td><td>18</td><td>2.17</td><td>2.45</td><td>19</td><td>2.19</td><td>2.42</td></tr><tr><td>23</td><td>2.09</td><td>2.34</td><td>24</td><td>2.19</td><td>2.44</td><td>26</td><td>2.21</td><td>2.42</td></tr><tr><td>30</td><td>2.07</td><td>2.34</td><td>31</td><td>2.17</td><td>2.44</td><td>Aug.</td><td>2</td><td>2.23</td><td>2.43</td></tr><tr><td>Apr.</td><td>6</td><td>2.01</td><td>2.37</td><td>June</td><td>7</td><td>2.17</td><td>2.44</td><td>9</td><td>2.22</td><td>2.44</td></tr><tr><td>13</td><td>2.05</td><td>2.36</td><td>14</td><td>2.15</td><td>2.42</td><td>16</td><td>2.23</td><td>2.44</td></tr><tr><td>20</td><td>2.10</td><td>2.37</td><td>21</td><td>2.16</td><td>2.40</td><td>23</td><td>2.24</td><td>2.44</td></tr><tr><td>27</td><td>2.15</td><td>2.39</td><td>28</td><td>2.16</td><td>2.40</td><td>30</td><td>2.25</td><td>2.46</td></tr></table>
Daily series
<table><tr><td>1946-Aug.</td><td>1</td><td>2.22</td><td>2.43</td><td>1946-Aug.</td><td>12</td><td>2.22</td><td>2.44</td><td>1946-Aug.</td><td>22</td><td>2.24</td><td>2.44</td></tr><tr><td></td><td>2</td><td>2.23</td><td>2.43</td><td></td><td>13</td><td>2.22</td><td>2.44</td><td></td><td>23</td><td>2.24</td><td>2.44</td></tr><tr><td></td><td>3</td><td>5</td><td>6</td><td></td><td>14</td><td>2.22</td><td>2.44</td><td></td><td>24</td><td>6</td><td>6</td></tr><tr><td></td><td>5</td><td>2.22</td><td>2.43</td><td></td><td>15</td><td>2.23</td><td>2.44</td><td></td><td>25</td><td>2.24</td><td>2</td></tr><tr><td></td><td>6</td><td>2.22</td><td>2.42</td><td></td><td>16</td><td>2.23</td><td>6</td><td></td><td>26</td><td>2.25</td><td>2.44</td></tr><tr><td></td><td>7</td><td>2.22</td><td>2.43</td><td></td><td>17</td><td>6</td><td>6</td><td></td><td>27</td><td>2.26</td><td>2.44</td></tr><tr><td></td><td>8</td><td>2.22</td><td>2.44</td><td></td><td>19</td><td>2.23</td><td>2.45</td><td></td><td>28</td><td>2.26</td><td>2.46</td></tr><tr><td></td><td>9</td><td>2.22</td><td>2.44</td><td></td><td>20</td><td>2.23</td><td>2.45</td><td></td><td>29</td><td>2.26</td><td>2.46</td></tr><tr><td></td><td>10</td><td>6</td><td>6</td><td></td><td>21</td><td>2.23</td><td>2.44</td><td></td><td>30</td><td>6</td><td>6</td></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>31</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 1944, pages 57-61. 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.
2/ For discussion of present composition of high-grade corporate bond average, see "Treasury Bulletin" for January 1945, page 56; for discussion of its previous composition, as well as the considerations underlying its construction, see "Treasury Bulletin" for April 1943, page 61.
3/ Monthly averages of daily figures. Prior to April 1, 1938, corporate bonds are averages of Saturday figures.
4/ The composition of the high-grade corporate bond average was revised commencing with November 1, 1944. The old average for November 1944 was 2.564. See footnote 2.
5/ On days when the exchanges are closed, the date and prices of the previous day are used.
6/ Market closed.
October 1946
59
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
Monthly average of daily yields
* Discontinued, see footnote 1 accompanying table
Office of the Secretary of the Treasury, Division of Research and Statistics
F-220-D
60
Treasury Bulletin
CORPORATIONS AND CERTAIN OTHER AGENCIES OF THE UNITED STATES GOVERNMENT
October 1946
61
Corporations and Certain Other Agencies of the United States Government
Quarterly data relating to corporations in which the United States has a proprietary interest, direct or indirect, and certain other agencies are published in three sections. Section I contains data on assets, liabilities, and capital; section II, data on income and expense; and section III, data on sources and applica-
tion of funds.
The tables in section I are compiled from mid-month "Daily Treasury Statements." The tables in sections II and III are obtained from reports of the corporations and other agencies, adjusted by the Treasury Department.
Section I
Assets, Liabilities, and Capital as of June 30, 1946
Table 1.- Summary la/
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td>Capital</td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>1,305.0</td><td>926.5</td><td>378.5</td><td>United States interest:</td><td></td><td></td><td></td></tr><tr><td>Deposits with Government corporations and agencies</td><td>238.1</td><td>238.1</td><td>-</td><td>Government Corporations and agencies</td><td>445.2</td><td>266.7</td><td>178.5</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td>Other</td><td>23,100.2</td><td>-1,772.9</td><td>24,873.1</td></tr><tr><td>Government corporations and agencies</td><td>934.9</td><td>934.7</td><td>.2</td><td>Total United States interest</td><td>23,545.4</td><td>-1,506.2</td><td>25,051.6</td></tr><tr><td>Others, less reserves</td><td>5,361.0</td><td>4,397.5</td><td>983.6</td><td>Private interests</td><td>482.1</td><td>482.1</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td>Total capital</td><td>24,027.4</td><td>-1,024.2</td><td>25,051.6</td></tr><tr><td>Government corporations and agencies</td><td>1,807.2</td><td>1,456.3</td><td>350.9</td><td>Total liabilities and capital</td><td>45,032.1</td><td>18,433.3</td><td>26,598.8</td></tr><tr><td>Others, less reserves</td><td>682.3</td><td>259.6</td><td>422.7</td><td>Analysis of investment of United States</td><td></td><td></td><td></td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td>Paid-in capital</td><td>39,785.3</td><td>3,927.8</td><td>35,857.5</td></tr><tr><td>Government corporations and agencies</td><td>57.0</td><td>12.0</td><td>45.0</td><td>Treasury loans to Government corporations</td><td>-</td><td>11,672.1</td><td>-11,672.1</td></tr><tr><td>Others, less reserves</td><td>88.1</td><td>48.8</td><td>39.3</td><td>Total investment of United States</td><td>39,785.3</td><td>15,599.9</td><td>24,185.4</td></tr><tr><td>Advances to contractors and agents</td><td>248.4</td><td>151.2</td><td>97.2</td><td>Earned surplus (or deficit [-])</td><td>-16,239.9</td><td>-5,434.0</td><td>-10,805.9</td></tr><tr><td>Commodities, supplies, and materials</td><td>1,549.7</td><td>1,483.0</td><td>66.7</td><td>(United States share)</td><td></td><td></td><td></td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td>Book value of United States interest, including interagency items</td><td>23,545.4</td><td>10,165.9</td><td>13,379.5</td></tr><tr><td>Public debt obligations of United States</td><td>1,767.2</td><td>1,664.1</td><td>103.1</td><td>Interagency items:</td><td></td><td></td><td></td></tr><tr><td>Securities of Government agencies guaranteed by United States</td><td>8.6</td><td>8.6</td><td>-</td><td>Amounts due to:</td><td></td><td></td><td></td></tr><tr><td>Other securities, less reserves</td><td>438.5</td><td>275.4</td><td>163.1</td><td>Government corporations</td><td>1,909.8</td><td>1,502.9</td><td>406.8</td></tr><tr><td>Guaranteed securities held by Treasury</td><td>11,672.1</td><td>-</td><td>11,672.1</td><td>Certain other Government agencies</td><td>59.4</td><td>53.8</td><td>5.6</td></tr><tr><td>Land, structures, and equipment, lease reserves</td><td>17,437.8</td><td>5,934.5</td><td>11,503.4</td><td>Government agencies not required to report</td><td>865.5</td><td>740.2</td><td>125.3</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>52.9</td><td>33.4</td><td>19.5</td><td>Total interagency liabilities</td><td>2,834.7</td><td>2,297.0</td><td>537.7</td></tr><tr><td>Deferred charges</td><td>366.0</td><td>37.5</td><td>328.5</td><td>Amounts due from:</td><td></td><td></td><td></td></tr><tr><td>Undistributed charges</td><td>385.3</td><td>266.1</td><td>119.1</td><td>Interagency proprietary interests</td><td>445.2</td><td>-266.7</td><td>-178.5</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>445.2</td><td>266.7</td><td>178.5</td><td>Government corporations</td><td>-1,556.7</td><td>-1,502.9</td><td>-53.8</td></tr><tr><td>Other assets</td><td>166.9</td><td>39.5</td><td>127.4</td><td>Certain other Government agencies</td><td>-412.5</td><td>-406.8</td><td>-5.6</td></tr><tr><td>Total assets</td><td>45,032.1</td><td>18,433.3</td><td>26,598.8</td><td>Government agencies not required to report</td><td>-1,076.6</td><td>-739.8</td><td>-336.7</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td>Total interagency assets</td><td>-3,490.9</td><td>-2,916.3</td><td>-574.6</td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td>Book value of United States interest after exclusion of interagency items</td><td>22,889.2</td><td>9,546.6</td><td>13,342.6</td></tr><tr><td>Government corporations and agencies</td><td>633.9</td><td>612.9</td><td>21.0</td><td>Contingent liabilities</td><td></td><td></td><td></td></tr><tr><td>Others</td><td>755.9</td><td>472.5</td><td>283.4</td><td>Guaranteed loans</td><td>48.3</td><td>.1</td><td>48.2</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td>Other</td><td>254.8</td><td>250.7</td><td>4.2</td></tr><tr><td>Government corporations and agencies</td><td>57.1</td><td>56.4</td><td>.7</td><td>Total liabilities</td><td>21,004.7</td><td>19,457.5</td><td>1,547.2</td></tr><tr><td>Others</td><td>225.4</td><td>221.2</td><td>4.2</td><td></td><td></td><td></td><td></td></tr><tr><td>Trust and deposit liabilities to:</td><td>1,200.3</td><td>1,088.8</td><td>111.5</td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>473.4</td><td>459.1</td><td>14.4</td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, debentures, and notes payable to: 2/</td><td></td><td></td><td></td><td>Guaranteed securities issued to U. S. Treasury</td><td>11,672.1</td><td>11,672.1</td><td>-</td></tr><tr><td>Government corporations and agencies</td><td></td><td></td><td></td><td>Guaranteed securities - public issues</td><td>8.6</td><td>-</td><td>8.6</td></tr><tr><td>Others</td><td>934.9</td><td>538.9</td><td>396.0</td><td>Not guaranteed 2/</td><td>325.0</td><td>291.1</td><td>33.9</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td>Not guaranteed 2/</td><td>1,234.2</td><td>1,234.2</td><td>-</td></tr><tr><td>Guaranteed securities</td><td>885.0</td><td>731.7</td><td>154.3</td><td>Deferred credits</td><td>529.2</td><td>421.2</td><td>107.9</td></tr><tr><td>Not guaranteed 2/</td><td>1,234.2</td><td>1,234.2</td><td>-</td><td>Undistributed credits</td><td>134.9</td><td>134.9</td><td>-</td></tr><tr><td>Obligations to purchase loans held by lending agencies</td><td>1,933.9</td><td>1,522.4</td><td>411.4</td><td>Other liabilities (including liability reserves)</td><td></td><td></td><td></td></tr><tr><td>Total liabilities</td><td>21,004.7</td><td>19,457.5</td><td>1,547.2</td><td></td><td></td><td></td><td></td></tr></table>
Note: See page 82 for footnotes.
62
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Assets, Liabilities, and Capital as of June 30, 1946 - (Continued)
Table 2.-- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, by Type of Loan for Recent Quarterly Periods
(In millions of dollars)
<table><tr><th></th><th colspan="3">1945</th><th colspan="2">1946</th><th>Change June 30, 1945- June 30, 1946</th></tr><tr><th></th><th>June 30</th><th>Sept. 30</th><th>Dec. 31</th><th>Mar. 31</th><th>June 30</th><th></th></tr><tr><td>To aid agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Agricultural credit corporations</td><td>294.3</td><td>279.3</td><td>229.4</td><td>276.0</td><td>330.9</td><td>+36.5</td></tr><tr><td>Cooperative associations</td><td>137.7</td><td>129.8</td><td>162.3</td><td>143.9</td><td>118.4</td><td>-19.3</td></tr><tr><td>Crop, livestock, and commodity loans</td><td>196.2</td><td>259.3</td><td>274.2</td><td>216.6</td><td>227.1</td><td>+30.9</td></tr><tr><td>Farm mortgage loans</td><td>1,908.7</td><td>1,838.7</td><td>1,757.2</td><td>1,714.2</td><td>1,695.0</td><td>-213.7</td></tr><tr><td>Loans held by lending agencies</td><td>261.7</td><td>148.3</td><td>197.5</td><td>118.6</td><td>9.0</td><td>-252.7</td></tr><tr><td>Other</td><td>434.0</td><td>441.1</td><td>454.6</td><td>465.2</td><td>492.8 2</td><td>+58.8</td></tr><tr><td>Total</td><td>3,232.6 r</td><td>3,096.6 r</td><td>3,075.2 r</td><td>2,934.5 r</td><td>2,873.2 2</td><td>-359.4</td></tr><tr><td>To aid home owners:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Savings and loan associations</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Mortgage loans</td><td>698.3</td><td>646.8</td><td>598.0</td><td>545.3</td><td>498.6 2</td><td>-199.7</td></tr><tr><td>Reconditioning loans</td><td>.3</td><td>.4</td><td>.7</td><td>.1</td><td>.8 2</td><td>-66.4</td></tr><tr><td>Other</td><td>328.2</td><td>314.4</td><td>297.7</td><td>280.1</td><td>261.8 2</td><td>-66.4</td></tr><tr><td>Total</td><td>1,026.9</td><td>961.3</td><td>895.8</td><td>825.5</td><td>760.5 2</td><td>-266.4</td></tr><tr><td>To aid industry:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Railroads</td><td>243.0</td><td>231.7</td><td>223.2</td><td>195.8</td><td>195.3 2</td><td>-47.8</td></tr><tr><td>Ship construction and reconditioning</td><td>6.7</td><td>6.7</td><td>6.7</td><td>3.0</td><td>2.9 2</td><td>-3.8</td></tr><tr><td>Other</td><td>178.6</td><td>178.1</td><td>225.3</td><td>196.6</td><td>194.3 2</td><td>+15.7</td></tr><tr><td>Total</td><td>428.3</td><td>416.5</td><td>455.2</td><td>395.4</td><td>392.5 2</td><td>-35.9</td></tr><tr><td>To aid States, Territories, etc.</td><td>489.2</td><td>484.2</td><td>483.6</td><td>478.4</td><td>467.0 2</td><td>-22.2</td></tr><tr><td>To aid financial institutions:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks</td><td>46.4</td><td>42.8</td><td>40.2</td><td>24.7</td><td>22.8 2</td><td>-23.6</td></tr><tr><td>Insurance companies</td><td>33.9</td><td>33.7</td><td>33.9</td><td>33.2</td><td>33.2 2</td><td>-.7</td></tr><tr><td>Mortgage loan companies</td><td>129.6</td><td>97.9</td><td>192.8</td><td>151.8</td><td>201.9 2</td><td>+72.3</td></tr><tr><td>Total</td><td>209.8</td><td>174.3</td><td>266.8</td><td>209.7</td><td>257.9 2</td><td>+48.1</td></tr><tr><td>Foreign loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Loans held by lending agencies</td><td>79.2</td><td>88.4</td><td>102.9</td><td>109.9</td><td>125.9 2</td><td>+46.7</td></tr><tr><td>Other</td><td>432.2</td><td>432.4</td><td>422.7</td><td>545.3</td><td>846.4 2</td><td>+414.1</td></tr><tr><td>Total</td><td>511.4 r</td><td>520.8 r</td><td>525.6 r</td><td>655.2 r</td><td>972.3 2</td><td>+460.9</td></tr><tr><td>Other loans:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Mortgage loans (not otherwise classified)</td><td>40.7</td><td>36.9</td><td>35.7</td><td>36.4</td><td>37.6 2</td><td>-3.1</td></tr><tr><td>Other</td><td>319.9</td><td>323.5</td><td>187.1</td><td>200.5</td><td>181.0 2</td><td>-138.8</td></tr><tr><td>Total</td><td>360.5</td><td>360.5</td><td>223.3</td><td>236.9</td><td>218.6 2</td><td>-141.9</td></tr><tr><td>Total loans</td><td>6,258.9 r</td><td>6,014.1 r</td><td>5,925.5 r</td><td>5,735.6 r</td><td>5,941.9 2</td><td>-316.9</td></tr></table>
Note: See page 82 for footnotes.
October 1946
63
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I -
Assets, Liabilities, and Capital as of June 30, 1946 - (Continued
Table 3. - Comparison of Gross Loans Outstanding, Excluding Interagency Loans.
by Agency and Type of Loan, June 30, 1945 and June 30, 1946
(In millions of dollars)
<table><tr><th>Corporation or other agency</th><th colspan="2">Total</th><th colspan="2">Loans to aid agriculture</th><th colspan="2">Loans to aid home owners</th><th colspan="2">Loans to aid industry</th></tr><tr><th></th><th>June 30, 1945</th><th>June 30, 1946</th><th>June 30, 1945</th><th>June 30, 1946</th><th>June 30, 1945</th><th>June 30, 1946</th><th>June 30, 1945</th><th>June 30, 1946</th></tr><tr><td>Corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Executive Office of the President: Office for Emergency Management: Smaller War Plants Corporation</td><td>40.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40.0</td><td>-</td></tr><tr><td>Department of Agriculture: Commodity Credit Corporation: Farm Credit Administration: Banks for cooperatives</td><td>300.9 r</td><td>47.9</td><td>300.9 r</td><td>47.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>135.4</td><td>162.5</td><td>135.4</td><td>162.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks</td><td>295.0</td><td>331.9</td><td>295.0</td><td>331.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C.</td><td>1,134.0</td><td>1,059.2</td><td>1,134.0</td><td>1,059.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>9.6</td><td>3.9</td><td>9.6</td><td>3.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce: Inland Waterways Corporation</td><td>326.6</td><td>185.6</td><td>326.6</td><td>185.6</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of State: Office of Inter-American Affairs: Prancinradio, Inc. 3/</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>214.3 r</td><td>734.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>15.8</td><td>8.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency: Reconstruction Finance Corporation and certain affiliates: Reconstruction Finance Corporation</td><td>1,034.1</td><td>897.4 4/</td><td>.3</td><td>.2</td><td>10.9</td><td>11.1</td><td>255.3</td><td>328.8</td></tr><tr><td>Disaster Loan Corporation</td><td>1.4</td><td>5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal National Mortgage Association</td><td>10.0</td><td>6.6 4/</td><td>-</td><td>-</td><td>10.0</td><td>6.6</td><td>-</td><td>-</td></tr><tr><td>The R P C Mortgage Company</td><td>59.0</td><td>20.8 4/</td><td>-</td><td>-</td><td>40.4</td><td>6.7</td><td>-</td><td>-</td></tr><tr><td>Defense Supplies Corporation</td><td>66.3</td><td>5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>48.2</td><td>5/</td></tr><tr><td>Rubber Development Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. Commercial Company</td><td>2.4</td><td>1.5 4/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency: Federal Home Loan Bank Administration: Federal home loan banks</td><td>131.7</td><td>203.3</td><td>-</td><td>-</td><td>964.6</td><td>735.3</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>964.6</td><td>735.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority and affiliates: Federal Public Housing Authority</td><td>289.6</td><td>279.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Defense Homes Corporatica</td><td>.9</td><td>.8</td><td>-</td><td>-</td><td>.9</td><td>.8</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>.2</td><td>.2</td><td>.2</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>2.8</td><td>1.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.4</td><td>.8</td></tr><tr><td>Total loans of Government corporations</td><td>5,034.9 r</td><td>4,680.9</td><td>2,202.0 r</td><td>1,791.3</td><td>1,026.9</td><td>760.5</td><td>345.9</td><td>329.5</td></tr><tr><td>Certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture: Farm Credit Administration 6/</td><td>150.3</td><td>139.9</td><td>150.3</td><td>139.9</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration</td><td>497.8</td><td>484.7</td><td>497.8</td><td>484.7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>377.0</td><td>453.2</td><td>377.0</td><td>453.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior 1/</td><td>13.4</td><td>11.7</td><td>5.6</td><td>4.2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Works Agency 8/</td><td>76.9</td><td>80.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency: Federal Housing Administration</td><td>21.3</td><td>22.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>United States Maritime Commission</td><td>6.7</td><td>2.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.7</td><td>2.9</td></tr><tr><td>Other 9/</td><td>80.5</td><td>65.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>75.7</td><td>60.0</td></tr><tr><td>Total loans of certain other Government agencies</td><td>1,224.0</td><td>1,261.0</td><td>1,030.7</td><td>1,081.8</td><td>-</td><td>-</td><td>82.4</td><td>62.9</td></tr><tr><td>Corporations and certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans</td><td>6,258.9 r</td><td>5,941.9</td><td>3,232.6 r</td><td>2,873.2</td><td>1,026.9</td><td>760.5</td><td>428.3</td><td>392.5</td></tr></table>
Note: See page 82 for footnotes.
(Continued on following page)
64
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Assets, Liabilities, and Capital as of June 30, 1946 - (Continued)
Table 3.- Comparison of Gross Loans Outstanding, Excluding Interagency Loans, by Agency and Type of Loan, June 30, 1945 and June 30, 1946 - (Continued)
(in millions of dollars)
<table><tr><th>Corporation or other agency</th><th colspan="2">Loans to aid States, Territories, etc.</th><th colspan="2">Loans to aid financial institutions</th><th colspan="2">Foreign loans</th><th colspan="2">Other loans</th></tr><tr><th></th><th>June 30, 1945</th><th>June 30, 1946</th><th>June 30, 1945</th><th>June 30, 1946</th><th>June 30, 1945</th><th>June 30, 1946</th><th>June 30, 1945</th><th>June 30, 1946</th></tr><tr><td>Corporations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Executive Office of the President:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Office for Emergency Management:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Smaller War Plants Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Credit Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banks for cooperatives</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal intermediate credit banks</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal land banks</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Regional Agricultural Credit Corporation of Washington, D. C.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Farm Mortgage Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of Commerce:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Inland Waterways Corporation</td><td>.3</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of State:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Office of Inter-American Affairs:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Premcinradio, Iao. 3/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>*</td><td>-</td></tr><tr><td>Export-Import Bank of Washington</td><td>-</td><td>-</td><td>-</td><td>-</td><td>214.1 r</td><td>733.8 10/</td><td>.2</td><td>.4</td></tr><tr><td>Federal Deposit Insurance Corporation</td><td>-</td><td>-</td><td>15.8</td><td>5.8</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Loan Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation and certain affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reconstruction Finance Corporation</td><td>123.5</td><td>107.7</td><td>62.4</td><td>45.8</td><td>276.9</td><td>236.9</td><td>304.5</td><td>166.9</td></tr><tr><td>Disaster Loan Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.4</td><td>5/</td></tr><tr><td>Federal National Mortgage Association</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>The RFC Mortgage Company</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18.6</td><td>14.2</td></tr><tr><td>Defense Supplies Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18.1</td><td>5/</td><td>-</td><td>-</td></tr><tr><td>Rubber Development Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>U. S. Commercial Company</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2.4</td><td>1.5</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Home Loan Bank Administration:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal home loan banks</td><td>-</td><td>-</td><td>131.7</td><td>203.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Federal Public Housing Authority and affiliates:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Public Housing Authority</td><td>288.1</td><td>278.2 11/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.5</td><td>1.4</td></tr><tr><td>Defense Home Corporation</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Associated Cooperatives, Inc.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Tennessee Valley Authority</td><td>.4</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total loans of Government corporations</td><td>412.3</td><td>386.5</td><td>209.8</td><td>257.9</td><td>511.4 r</td><td>972.3</td><td>326.6</td><td>182.8</td></tr><tr><td>Certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Department of Agriculture:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Farm Credit Administration 6/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Farm Security Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rural Electrification Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Department of the Interior 1/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7.8</td><td>7.5</td></tr><tr><td>Federal Works Agency 8/.</td><td>76.9</td><td>80.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>National Housing Agency:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21.3</td><td>22.9</td></tr><tr><td>United States Maritime Commission</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other 9/.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.8</td><td>5.3</td></tr><tr><td>Total loans of certain other Government agencies</td><td>76.9</td><td>80.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>34.0</td><td>35.8</td></tr><tr><td>Corporations and certain other agencies</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total loans</td><td>489.2</td><td>467.0</td><td>209.8</td><td>257.9</td><td>511.4 r</td><td>972.3</td><td>360.5</td><td>218.6</td></tr></table>
Note: See page 82 for footnotes.
October 1946
65
Corporations and Certain Other Agencies of the United States Government - (Continued) Section I - Assets, Liabilities, and Capital as of June 30, 1948 - (Continued)
Table 4.- Corporations
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management</th><th>Department of Agriculture (continued on following page)</th><th>Commodity Credit Corporation</th><th colspan="4">Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th>Smaller War Plants Corp. 12/ (as of 5/31/46)</th><th></th><th></th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 13/</th><th>Production credit corporations</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>926.5</td><td>-</td><td>554.8</td><td>19.7</td><td>12.1</td><td>51.2</td><td>.7</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>238.1</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>934.7</td><td>-</td><td>-</td><td>161.8</td><td>15.9</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>4,397.5</td><td>-</td><td>47.9 18/</td><td>-</td><td>331.9</td><td>986.915/16/</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>1,456.3</td><td>172.2 17/</td><td>496.9</td><td>-</td><td>-</td><td>6</td><td>-</td></tr><tr><td>Others, less reserves</td><td>259.6</td><td>-</td><td>137.8</td><td>*</td><td>.2</td><td>2.1</td><td>*</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>12.0</td><td>-</td><td>-</td><td>*</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>48.8</td><td>-</td><td>.1</td><td>1.0</td><td>2.0</td><td>13.2</td><td>.2</td></tr><tr><td>Advances to contractors and agents</td><td>151.2</td><td>-</td><td>21.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Commodities, supplies, and materials</td><td>1,483.0</td><td>-</td><td>598.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>1,664.1</td><td>-</td><td>-</td><td>54.4</td><td>43.2</td><td>136.9</td><td>67.8</td></tr><tr><td>Securities of Government agencies guaran- teed by United States</td><td>8.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>275.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>47.9</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>5,934.5</td><td>-</td><td>5.5</td><td>.1</td><td>-</td><td>5.3</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>33.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.8</td><td>-</td></tr><tr><td>Deferred charges</td><td>37.5</td><td>-</td><td>-</td><td>.1</td><td>.2</td><td>.8</td><td>.1</td></tr><tr><td>Undistributed charges</td><td>266.1</td><td>-</td><td>3.2</td><td>.4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Govern- ment corporations</td><td>266.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets</td><td>39.5</td><td>-</td><td>.1</td><td>*</td><td>.1</td><td>2.6</td><td>.1</td></tr><tr><td>Total assets</td><td>18,433.3</td><td>172.2</td><td>1,865.6</td><td>237.5</td><td>405.5</td><td>1,200.2</td><td>116.9</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>612.9</td><td>-</td><td>21.3</td><td>-</td><td>.3</td><td>.6</td><td>-</td></tr><tr><td>Others</td><td>472.5</td><td>-</td><td>318.9</td><td>.1</td><td>.1</td><td>3.0</td><td>*</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>56.4</td><td>-</td><td>.1</td><td>.1</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>221.2</td><td>-</td><td>203.1</td><td>*</td><td>1.0</td><td>4.1</td><td>*</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>1,088.8</td><td>-</td><td>363.5</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Others</td><td>459.1</td><td>-</td><td>294.2</td><td>*</td><td>.3</td><td>23.5</td><td>*</td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>11,672.1</td><td>-</td><td>1,301.0 18/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 2/</td><td>538.9</td><td>-</td><td>-</td><td>15.9</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities</td><td>291.1</td><td>-</td><td>281.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 2/</td><td>1,234.2</td><td>-</td><td>5.2</td><td>-</td><td>310.9</td><td>850.7</td><td>-</td></tr><tr><td>Deferred credits</td><td>731.7</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>.8</td><td>-</td></tr><tr><td>Undistributed credits</td><td>421.2</td><td>-</td><td>22.0</td><td>.2</td><td>*</td><td>4.3</td><td>-</td></tr><tr><td>Obligations to purchase loans held by lending agencies</td><td>134.9</td><td>-</td><td>9.0</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other liabilities (including liability reserves)</td><td>1,522.4</td><td>-</td><td>692.2</td><td>-</td><td>.4</td><td>2.7</td><td>*</td></tr><tr><td>Total liabilities</td><td>19,457.5</td><td>-</td><td>3,511.9</td><td>16.4</td><td>313.2</td><td>889.9</td><td>*</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>2,445.3</td><td>200.0</td><td>100.0</td><td>178.5</td><td>60.0</td><td>40.0</td><td>101.2</td></tr><tr><td>Paid-in surplus</td><td>645.0</td><td>-</td><td>400.7</td><td>-</td><td>-</td><td>36.9</td><td>-</td></tr><tr><td>Expanded appropriations</td><td>837.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>-5,434.0</td><td>-27.8</td><td>-2,147.0</td><td>34.8</td><td>32.4</td><td>-</td><td>15.6</td></tr><tr><td>Total United States owned</td><td>1,506.2</td><td>172.2</td><td>-1,646.3</td><td>213.3</td><td>92.4</td><td>76.9</td><td>116.8</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>291.1</td><td>-</td><td>-</td><td>6.5</td><td>-</td><td>65.8</td><td>-</td></tr><tr><td>Earned surplus</td><td>190.9</td><td>-</td><td>-</td><td>1.3</td><td>-</td><td>167.7</td><td>-</td></tr><tr><td>Total privately owned</td><td>482.1</td><td>-</td><td>-</td><td>7.7</td><td>-</td><td>233.5</td><td>-</td></tr><tr><td>Total capital</td><td>-1,024.2</td><td>172.2</td><td>-1,646.3</td><td>221.1</td><td>92.4</td><td>310.4</td><td>116.8</td></tr><tr><td>Total liabilities and capital</td><td>18,433.3</td><td>172.2</td><td>1,865.6</td><td>237.5</td><td>405.5</td><td>1,200.2</td><td>116.9</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 19/</td><td>10,165.9</td><td>172.2</td><td>-345.3</td><td>213.3</td><td>92.4</td><td>76.9</td><td>116.8</td></tr><tr><td>Interagency items (net), amounts due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-266.7</td><td>-172.2</td><td>6.4</td><td>16.0</td><td>-16.0</td><td>.2</td><td>-</td></tr><tr><td>Other Gov't agencies excluding Treasury loans to Government corporations</td><td>-352.7</td><td>-</td><td>-118.4</td><td>*</td><td>.3</td><td>-.1</td><td>*</td></tr><tr><td>Book value of United States interest after ex- clusion of interagency items</td><td>9,546.6</td><td>-</td><td>-457.2</td><td>229.3</td><td>76.1</td><td>77.0</td><td>116.8</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>250.7</td><td>-</td><td>1.7</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Note: See page 62 for footnotes.
(Continued on following page)
66
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Assets, Liabilities, and Capital as of June 30, 1946 - (Continued)
Table 4.- Corporations - (Continued) (in millions of dollars)
<table><tr><th></th><th colspan="4">Department of Agriculture - (continued)</th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th><th>Department of States 21/</th></tr><tr><th></th><th>Farm Credit Adm. (cont'd) Regional Agricultural Credit Corp. of Wash., D.C.</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation (in liquidation)</th><th>Inland Waterways Corporation 20/</th><th>The Virgin Islands Company</th><th>Federal Prison Industries, Inc.</th><th></th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>12.4</td><td>8.2</td><td>16.7</td><td>2.7</td><td>1.4</td><td>.1</td><td>10.1</td><td>10.0</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>2.1</td><td>156.515/16/</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>*</td><td>.6</td><td>5.2</td><td>*</td><td>.1</td><td>.3</td><td>1.1</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>.8</td><td>1.3</td><td>*</td><td>.4</td><td>.1</td><td>.1</td><td>*</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>3.0</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Advances to contractors and agents</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.4</td><td>.7</td><td>4.0</td><td>-</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>4.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government agencies guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>14.8</td><td>.3</td><td>4.1</td><td>.5</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>-</td><td>.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>.1</td><td>.1</td><td>-</td><td>-</td><td>*</td><td>*</td><td>*</td><td>-</td></tr><tr><td>Deferred charges</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Undistributed charges</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td>15.0</td><td>169.8</td><td>23.3</td><td>2.7</td><td>21.6</td><td>1.6</td><td>19.5</td><td>10.8</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>.4</td><td>.1</td><td>*</td><td>-</td><td>*</td><td>.4</td><td>*</td></tr><tr><td>Others</td><td>*</td><td>.4</td><td>2.0</td><td>-</td><td>.6</td><td>*</td><td>.3</td><td>8.3</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>.1</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>*</td><td>-</td><td>-</td><td>-</td><td>*</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>*</td><td>.3</td><td>*</td><td>-</td><td>.1</td><td>-</td><td>-</td><td>.4 22/</td></tr><tr><td>Others</td><td>.5</td><td>3.2</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Bonds, debentures, and notes payable 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>12.0 23/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities issued to Treasury Not guaranteed 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>-</td><td>3.7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>Deferred credits</td><td>-</td><td>.4</td><td>2.5</td><td>-</td><td>.3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Undistributed credits</td><td>*</td><td>.4</td><td>.1</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Obligations to purchase loans held by lending agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other liabilities (including liability reserves)</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td></tr><tr><td>Total liabilities</td><td>.6</td><td>20.5</td><td>4.8</td><td>*</td><td>1.0</td><td>.7</td><td>.9</td><td>8.8</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U.S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>.1</td><td>50.0</td><td>70.0</td><td>-</td><td>12.0</td><td>*</td><td>-</td><td>.6</td></tr><tr><td>Paid-in surplus</td><td>21.8 24/</td><td>-</td><td>38.9 25/</td><td>-</td><td>10.5</td><td>-</td><td>4.8</td><td>9.3 25/</td></tr><tr><td>Expanded appropriations</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.9</td><td>-</td><td>56.5</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>-7.5</td><td>99.3</td><td>-90.3</td><td>2.7</td><td>-1.9</td><td>*</td><td>13.7</td><td>-54.4</td></tr><tr><td>Total United States owned</td><td>14.4</td><td>149.3</td><td>18.6</td><td>2.7</td><td>20.6</td><td>.9</td><td>18.5</td><td>2.0</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>14.4</td><td>149.3</td><td>18.6</td><td>2.7</td><td>20.6</td><td>.9</td><td>18.5</td><td>2.0</td></tr><tr><td>Total liabilities and capital</td><td>15.0</td><td>169.8</td><td>23.3</td><td>2.7</td><td>21.6</td><td>1.6</td><td>19.5</td><td>10.8</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 19/</td><td>14.4</td><td>161.3</td><td>18.6</td><td>2.7</td><td>20.6</td><td>.9</td><td>18.5</td><td>2.0</td></tr><tr><td>Interagency items (nat), amounts due to (or from [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-</td><td>-.2</td><td>-5.2</td><td>*</td><td>-</td><td>-.4</td><td>.2</td><td>-</td></tr><tr><td>Other Gov't agencies excluding Treasury loans to Government corporations</td><td>.1</td><td>.4</td><td>.2</td><td>*</td><td>-</td><td>.2</td><td>-.9</td><td>.5</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>14.5</td><td>161.5</td><td>13.5</td><td>2.7</td><td>20.6</td><td>.7</td><td>17.9</td><td>2.5</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Note: See page 82 for footnotes.
(Continued on following page)
October 1946
67
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Assets, Liabilities, and Capital as of June 30, 1946 - (Continued)
Table 4.- Corporations - (Continued)
(In millions of dollars)
<table><tr><th></th><th colspan="2">War Department</th><th rowspan="2">Federal Deposit Insurance Corporation</th><th colspan="4">Federal Loan Agency</th></tr><tr><th></th><th>United States Spruce Production Corporation (in liquidation)</th><th>Export-Import Bank of Washington</th><th>Reconstruction Finance Corporation 27/28/ (as of 5/31/46)</th><th>Federal National Mortgage Association 28/ (as of 5/31/46)</th><th>The RFC Mortgage Company 28/ (as of 5/31/46)</th><th>Other 28/29/ (as of 5/31/46)</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>*</td><td>102.0</td><td>6.8</td><td>33.4</td><td>-</td><td>*</td><td>3.7</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>6.7</td><td>.3</td><td>229.6</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>700.510/11/</td><td>3.5</td><td>918.772.4 16/</td><td>6.6</td><td>19.5</td><td>*</td></tr><tr><td>Others, less reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>-</td><td>.1</td><td>305.3</td><td>*</td><td>*</td><td>471.7</td></tr><tr><td>Others, less reserves</td><td>.1</td><td>.1</td><td>.1</td><td>90.2</td><td>*</td><td>*</td><td>16.8</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>4.1</td><td>2.4</td><td>10.7</td><td>*</td><td>.1</td><td>.9</td></tr><tr><td>Others, less reserves</td><td>*</td><td>-</td><td>-</td><td>16.6</td><td>*</td><td>.1</td><td>*</td></tr><tr><td>Advances to contractors and agents</td><td>-</td><td>-</td><td>.1</td><td>117.4</td><td>-</td><td>-</td><td>12.5</td></tr><tr><td>Commodities, supplies, and materials</td><td>-</td><td>-</td><td>-</td><td>847.3</td><td>-</td><td>-</td><td>18.1</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>.1</td><td>-</td><td>976.2</td><td>48.0</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.6</td><td>8.0</td><td>-</td></tr><tr><td>Securities guaranteed by United States</td><td>-</td><td>-</td><td>-</td><td>206.4</td><td>-</td><td>-</td><td>3.0</td></tr><tr><td>Other securities, less reserves</td><td>*</td><td>*</td><td>*</td><td>4,847.6</td><td>-</td><td>7.0</td><td>9.2</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>-</td><td>-</td><td>5.6</td><td>20.3</td><td>-</td><td>4.1</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>-</td><td>-</td><td>-</td><td>32.5</td><td>*</td><td>.5</td><td>2.3</td></tr><tr><td>Deferred charges</td><td>-</td><td>-</td><td>-</td><td>238.0</td><td>*</td><td>.1</td><td>23.0</td></tr><tr><td>Undistributed charges</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td>-</td><td>-</td><td>-</td><td>166.7</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets</td><td>-</td><td>*</td><td>-</td><td>22.7</td><td>-</td><td>-</td><td>13.2 30/</td></tr><tr><td>Total assets</td><td>.3</td><td>806.6</td><td>994.8</td><td>8,694.3</td><td>13.9</td><td>39.7</td><td>804.0</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>*</td><td>*</td><td>518.3</td><td>*</td><td>.2</td><td>69.5</td></tr><tr><td>Others</td><td>-</td><td>*</td><td>.4</td><td>31.8</td><td>*</td><td>*</td><td>101.0</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>*</td><td>-</td><td>-</td><td>45.7</td><td>-</td><td>.2</td><td>9.7</td></tr><tr><td>Others</td><td>-</td><td>-</td><td>-</td><td>4.0</td><td>*</td><td>*</td><td>3.2</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>-</td><td>*</td><td>.1</td><td>627.8</td><td>-</td><td>-</td><td>96.1</td></tr><tr><td>Others</td><td>-</td><td>.3</td><td>.8</td><td>53.7</td><td>.2</td><td>.4</td><td>6.3</td></tr><tr><td>Bonds, debentures, and notes payable 2/:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td>-</td><td>-</td><td>-</td><td>9,205.4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 2/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.9</td><td>464.4</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 2/</td><td>-</td><td>-</td><td>.7</td><td>472.5</td><td>*</td><td>.6</td><td>250.7</td></tr><tr><td>Deferred credits</td><td>-</td><td>-</td><td>-</td><td>376.6</td><td>*</td><td>2.8</td><td>5.4</td></tr><tr><td>Undistributed credits</td><td>-</td><td>125.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Obligations to purchase loans held by lending agencies</td><td>-</td><td>-</td><td>703.5</td><td>54.3</td><td>-</td><td>-</td><td>.6</td></tr><tr><td>Other liabilities (including liability reserves)</td><td>*</td><td>126.3</td><td>705.5</td><td>11,390.0</td><td>.2</td><td>11.1</td><td>1,006.9</td></tr><tr><td>Total liabilities</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>.1</td><td>675.0</td><td>150.0</td><td>325.0</td><td>10.0</td><td>25.0</td><td>6.1</td></tr><tr><td>Paid-in surplus</td><td>-</td><td>-</td><td>-</td><td>5.7</td><td>1.0</td><td>-</td><td>-</td></tr><tr><td>Expended appropriations</td><td>-</td><td>5.3</td><td>-</td><td>13.6</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus (or deficit [-])</td><td>.2</td><td>5.3</td><td>31/</td><td>-3,039.9</td><td>2.6</td><td>3.6</td><td>-209.0</td></tr><tr><td>Total United States owned</td><td>.3</td><td>680.3</td><td>150.0</td><td>-2,695.6</td><td>13.6</td><td>28.6</td><td>-202.9</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td>-</td><td>-</td><td>31/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td>-</td><td>-</td><td>139.3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td>.3</td><td>680.3</td><td>289.3</td><td>-2,695.6</td><td>13.6</td><td>28.6</td><td>-202.9</td></tr><tr><td>Total liabilities and capital</td><td>.3</td><td>806.6</td><td>994.8</td><td>8,694.3</td><td>13.9</td><td>39.7</td><td>804.0</td></tr><tr><td>Analysis of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 19/</td><td>.3</td><td>680.3</td><td>150.0</td><td>6,509.7</td><td>13.6</td><td>28.6</td><td>-202.9</td></tr><tr><td>Interagency items (net), amount due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td>-</td><td>*</td><td>-</td><td>64.7</td><td>-6.7</td><td>7.0</td><td>-111.4</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td>*</td><td>*</td><td>*</td><td>-274.4</td><td>-6.6</td><td>-8.1</td><td>48.8</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>.3</td><td>680.3</td><td>150.0</td><td>6,300.0</td><td>6.4</td><td>27.4</td><td>-265.4</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.1</td></tr><tr><td>Other</td><td>-</td><td>7.0 10/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10.5</td></tr></table>
Note: See page 82 for footnotes.
(Continued on following page)
68
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued
Section I
Assets, Liabilities, and Capital as of June 30, 1946 - (Continued)
Table 4.- Corporations - (Continued)
(in millions of dollars)
<table><tr><th colspan="2"></th><th colspan="3">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliate</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperative, Inc.</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th></th><th></th><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>Federal Public Housing Authority 32/</th><th>Defense Home Corporation</th></tr><tr><td colspan="10">Assets</td></tr><tr><td>Cash 1/</td><td></td><td>21.4</td><td>1.3</td><td>22.5</td><td>10.8</td><td>.8</td><td>8.9</td><td>*</td><td>14.9</td></tr><tr><td>Deposits with other Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>.3</td><td>1.1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td></td><td>203.3</td><td>-</td><td>722.5 16/</td><td>279.6 33/</td><td>.8</td><td>-</td><td>.2</td><td>1.1</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td></td><td>*</td><td>*</td><td>.1</td><td>*</td><td>-</td><td>.9</td><td>-</td><td>1.1</td></tr><tr><td>Others, less reserves</td><td></td><td>.1</td><td>1.7</td><td>.2</td><td>3.4</td><td>*</td><td>.3</td><td>-</td><td>3.8</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td></td><td>.7</td><td>.6</td><td>2.1</td><td>2.6</td><td>*</td><td>.1</td><td>-</td><td>*</td></tr><tr><td>Advances to contractors and agents</td><td></td><td>-</td><td>-</td><td>-</td><td>.1</td><td>*</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Commodities, supplies, and materials</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6.2</td><td>-</td><td>8.0</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td></td><td>122.5</td><td>166.0</td><td>15.0</td><td>7.9</td><td>-</td><td>21.8</td><td>-</td><td>-</td></tr><tr><td>Securities of Government</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>agencies guaranteed by United States</td><td></td><td>-</td><td>-</td><td>18.0</td><td>*</td><td>-</td><td>*</td><td>*</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td></td><td>*</td><td>-</td><td>2.4</td><td>226.0</td><td>59.9</td><td>29.1</td><td>-</td><td>722.5</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td></td><td>-</td><td>1.1</td><td>.8</td><td>*</td><td>-</td><td>*</td><td>-</td><td>-</td></tr><tr><td>Acquired security or collateral, less reserves</td><td></td><td>*</td><td>-</td><td>*</td><td>.5</td><td>.3</td><td>*</td><td>-</td><td>.1</td></tr><tr><td>Deferred charges</td><td></td><td>-</td><td>-</td><td>-</td><td>1.3</td><td>-</td><td>-</td><td>-</td><td>*</td></tr><tr><td>Undistributed charges</td><td></td><td>-</td><td>-</td><td>100.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Capital stock and paid-in surplus of Government corporations</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.6</td><td>-</td><td>-</td></tr><tr><td>Other assets</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total assets</td><td></td><td>348.1</td><td>170.7</td><td>883.6</td><td>532.6</td><td>62.9</td><td>67.9</td><td>.3</td><td>751.5</td></tr><tr><td colspan="10">Liabilities</td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td></td><td>.5</td><td>*</td><td>*</td><td>-</td><td>-</td><td>.5</td><td>-</td><td>.5</td></tr><tr><td>Others</td><td></td><td>.4</td><td>*</td><td>.7</td><td>.2</td><td>.2</td><td>1.0</td><td>-</td><td>3.1</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td></td><td>-</td><td>*</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Others</td><td></td><td>.2</td><td>*</td><td>.3</td><td>.1</td><td>.2</td><td>.3</td><td>-</td><td>4.5</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td></td><td>*</td><td>*</td><td>.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.2</td></tr><tr><td>Others</td><td></td><td>54.9</td><td>*</td><td>20.3</td><td>*</td><td>.1</td><td>-</td><td>-</td><td>.4</td></tr><tr><td>Bonds, debentures, and notes payable: 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities issued to Treasury</td><td></td><td>-</td><td>-</td><td>737.0</td><td>360.0</td><td>-</td><td>-</td><td>-</td><td>56.8</td></tr><tr><td>Not guaranteed 2/</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>49.4</td><td>-</td><td>-</td><td>2.0</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities</td><td></td><td>67.0</td><td>-</td><td>6.0</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Not guaranteed 2/</td><td></td><td>-</td><td>3.2</td><td>.1</td><td>*</td><td>.1</td><td>-</td><td>-</td><td>.3</td></tr><tr><td>Deferred credits</td><td></td><td>-</td><td>*</td><td>.6</td><td>1.3</td><td>-</td><td>7.5</td><td>-</td><td>-</td></tr><tr><td>Undistributed credit</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Obligations to purchase loans held by lending agencies</td><td></td><td>-</td><td>67.4</td><td>.2</td><td>-</td><td>.5</td><td>.4</td><td>-</td><td>-</td></tr><tr><td>Other liabilities (including liability reserves)</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total liabilities</td><td></td><td>122.9</td><td>70.7</td><td>765.3</td><td>361.6</td><td>50.6</td><td>9.7</td><td>-</td><td>68.0</td></tr><tr><td colspan="10">Capital</td></tr><tr><td>U. S. owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td></td><td>123.7</td><td>100.0</td><td>200.0</td><td>1.0</td><td>10.0</td><td>7.0</td><td>*</td><td>-</td></tr><tr><td>Paid-in surplus</td><td></td><td>-</td><td>-</td><td>-</td><td>114.8</td><td>-</td><td>-</td><td>.3</td><td>39.2</td></tr><tr><td>Expended appropriations</td><td></td><td>-</td><td>*</td><td>-</td><td>76.5</td><td>-</td><td>-</td><td>-</td><td>651.2</td></tr><tr><td>Earned surplus (or deficit [-])</td><td></td><td>-</td><td>31/</td><td>-81.7</td><td>-21.3</td><td>2.3</td><td>51.2</td><td>-*</td><td>-6.9</td></tr><tr><td>Total United States owned</td><td></td><td>123.7</td><td>100.0</td><td>118.3</td><td>171.0</td><td>12.3</td><td>58.2</td><td>.3</td><td>683.5</td></tr><tr><td>Privately owned:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock</td><td></td><td>79.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Earned surplus</td><td></td><td>22.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total privately owned</td><td></td><td>101.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital</td><td></td><td>225.2</td><td>100.0</td><td>118.3</td><td>171.0</td><td>12.3</td><td>58.2</td><td>.3</td><td>683.5</td></tr><tr><td>Total liabilities and capital</td><td></td><td>348.1</td><td>170.7</td><td>883.6</td><td>532.6</td><td>62.9</td><td>67.9</td><td>.3</td><td>751.5</td></tr><tr><td colspan="10">Analysis of investment of United States</td></tr><tr><td>Book value of United States interest, including interagency items 19/</td><td></td><td>123.7</td><td>100.0</td><td>855.3</td><td>531.0</td><td>12.3</td><td>58.2</td><td>.3</td><td>740.3</td></tr><tr><td>Interagency items (net), amounts due to (or from [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations</td><td></td><td>.5</td><td>*</td><td>-100.0</td><td>-</td><td>48.6</td><td>-</td><td>-</td><td>1.8</td></tr><tr><td>Other Government agencies excluding Treasury loans to Government corporations</td><td></td><td>-*</td><td>*</td><td>-*</td><td>-.4</td><td>-</td><td>-.4</td><td>-</td><td>.1</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td></td><td>124.2</td><td>100.0</td><td>755.3</td><td>530.6</td><td>60.9</td><td>57.8</td><td>.3</td><td>742.1</td></tr><tr><td colspan="10">Contingent liabilities</td></tr><tr><td>Guaranteed loans</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other</td><td></td><td>-</td><td>-</td><td>-</td><td>231.5</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Note: See page 82 for footnotes.
October 1946
69
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section I - Assets, Liabilities, and Capital as of June 30, 1946 - (Continued)
Table 5.- Certain Other Agencies
(In millions of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management War Shipping Administration</th><th>Department of Agriculture Farm Credit Administration</th><th>Department of Agriculture Farm Security Administration</th><th>Department of Agriculture Rural Electrification Administration</th><th>Department of the Interior</th><th>Federal Works Agency 8/</th><th>National Housing Agency Federal Housing Administration</th><th>United States Maritime Commission</th><th>Other 14/</th></tr><tr><td>Assets</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cash 1/</td><td>378.5</td><td>221.9</td><td>.7</td><td>38.6</td><td>5.0</td><td>.1</td><td>1.5</td><td>38.1</td><td>59.0</td><td>13.6</td></tr><tr><td>Loans receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others, less reserves</td><td>983.6</td><td>-</td><td>23.4</td><td>327.5</td><td>452.7</td><td>10.4</td><td>80.5</td><td>22.9</td><td>2.9</td><td>63.3</td></tr><tr><td>Accounts and notes receivable from:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>350.9</td><td>61.0</td><td>*</td><td>5.5</td><td>*</td><td>*</td><td>.1</td><td>.1</td><td>233.8</td><td>.4</td></tr><tr><td>Others, less reserves</td><td>422.7</td><td>223.0</td><td>.4</td><td>.8</td><td>-</td><td>.1</td><td>1.9</td><td>*</td><td>177.6</td><td>13.7</td></tr><tr><td>Accrued assets:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>45.0</td><td>-</td><td>-</td><td>-</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>45.0</td></tr><tr><td>Others, less reserves</td><td>39.3</td><td>-</td><td>-</td><td>32.1</td><td>4.6</td><td>.2</td><td>.1</td><td>.5</td><td>1.1</td><td>.6</td></tr><tr><td>Advances to contractors and agents</td><td>97.2</td><td>76.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20.9</td></tr><tr><td>Commodities, supplies, and materials</td><td>66.7</td><td>12.1</td><td>-</td><td>*</td><td>-</td><td>*</td><td>-</td><td>.1</td><td>53.8</td><td>.7</td></tr><tr><td>Investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>103.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>103.1</td><td>-</td><td>-</td></tr><tr><td>Other securities, less reserves</td><td>163.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>2.7</td><td>160.4</td></tr><tr><td>Guaranteed securities, held by Treasury</td><td>11,672.1</td><td>7,755.4</td><td>-</td><td>19.6</td><td>.2</td><td>13.1</td><td>145.2</td><td>.7</td><td>1,898.5</td><td>1,670.7</td></tr><tr><td>Land, structures, and equipment, less reserves</td><td>11,503.4</td><td>7,755.4</td><td>-</td><td>19.6</td><td>.2</td><td>13.1</td><td>145.2</td><td>.7</td><td>1,898.5</td><td>1,670.7</td></tr><tr><td>Acquired security or collateral, less reserves</td><td>19.5</td><td>-</td><td>1.3</td><td>2.3</td><td>-</td><td>-</td><td>-</td><td>15.3</td><td>-</td><td>.5</td></tr><tr><td>Deferred charges</td><td>328.5</td><td>133.0</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>191.9</td><td>3.6</td></tr><tr><td>Undistributed charges</td><td>119.1</td><td>86.5</td><td>-</td><td>5.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23.5</td><td>3.8</td></tr><tr><td>Capital stock of Government corporations</td><td>178.5</td><td>-</td><td>178.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other assets</td><td>127.4</td><td>6.9</td><td>-</td><td>15.5</td><td>-</td><td>-</td><td>45.3</td><td>-</td><td>59.8</td><td>-</td></tr><tr><td>Total assets</td><td>26,598.8</td><td>8,581.1</td><td>204.3</td><td>447.3</td><td>462.8</td><td>24.0</td><td>274.7</td><td>180.8</td><td>2,754.5</td><td>13,669.4</td></tr><tr><td>Liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Accounts payable to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>21.0</td><td>16.7</td><td>-</td><td>-</td><td>*</td><td>-</td><td>*</td><td>.1</td><td>4.2</td><td>*</td></tr><tr><td>Others</td><td>283.4</td><td>259.1</td><td>-</td><td>*</td><td>*</td><td>.1</td><td>-</td><td>5.4</td><td>2.6</td><td>16.2</td></tr><tr><td>Accrued liabilities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>.7</td><td>-</td><td>-</td><td>.6</td><td>-</td><td>-</td><td>-</td><td>.1</td><td>-</td><td>-</td></tr><tr><td>Others</td><td>4.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1.2</td><td>-</td><td>2.9</td></tr><tr><td>Trust and deposit liabilities to:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>111.5</td><td>37.4</td><td>-</td><td>.6</td><td>.1</td><td>.1</td><td>1.6</td><td>.4</td><td>26.1</td><td>45.2</td></tr><tr><td>Others</td><td>14.4</td><td>-</td><td>*</td><td>3.7</td><td>*</td><td>*</td><td>*</td><td>1.0</td><td>7.6</td><td>2.0</td></tr><tr><td>Loans, debentures, and notes payable:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Government corporations and agencies</td><td>8.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8.6</td><td>-</td><td>-</td></tr><tr><td>Guaranteed securities - public issues</td><td>396.0</td><td>-</td><td>-</td><td>89.4</td><td>306.6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hot guaranteed</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Others:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed securities</td><td>33.9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>33.9</td><td>-</td><td>-</td></tr><tr><td>Deferred credits</td><td>154.3</td><td>153.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>.7</td><td>.3</td></tr><tr><td>Undistributed credit</td><td>107.9</td><td>64.2</td><td>.7</td><td>*</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38.3</td><td>4.7</td></tr><tr><td>Other liabilities (including liability reserves)</td><td>411.4</td><td>294.8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>86.4</td><td>30.2</td></tr><tr><td>Total liabilities</td><td>1,547.2</td><td>825.4</td><td>.7</td><td>94.3</td><td>306.7</td><td>.2</td><td>1.6</td><td>50.8</td><td>166.0</td><td>101.5</td></tr><tr><td>Proprietary interest</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Expended appropriations</td><td>35,857.5</td><td>15,106.4</td><td>35/</td><td>699.7</td><td>892.1</td><td>164.3</td><td>81.5</td><td>2,150.6</td><td>81.6</td><td>3,180.7</td></tr><tr><td>Excess of income (or expenses [-]) 37/</td><td>-10,805.9</td><td>-7,350.7</td><td>-496.1</td><td>-539.1</td><td>-8.2</td><td>-57.7</td><td>-1,877.5</td><td>48.4</td><td>-592.2</td><td>67.3</td></tr><tr><td>Total proprietary interest</td><td>25,051.6</td><td>7,755.7</td><td>203.6</td><td>353.0</td><td>156.0</td><td>23.8</td><td>273.0</td><td>130.0</td><td>2,588.5</td><td>13,567.9</td></tr><tr><td>Total liabilities and proprietary interest</td><td>26,598.8</td><td>8,581.1</td><td>204.3</td><td>447.3</td><td>462.8</td><td>24.0</td><td>274.7</td><td>180.8</td><td>2,754.5</td><td>13,669.4</td></tr><tr><td>Analyse of investment of United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Book value of United States interest, including interagency items 39/</td><td>13,379.5</td><td>7,755.7</td><td>203.6</td><td>353.0</td><td>156.0</td><td>23.8</td><td>273.0</td><td>130.0</td><td>2,588.5</td><td>1,895.8</td></tr><tr><td>Interagency items (net), amounts due to (or from [-]):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Certain other Government agencies, excluding Treasury loans to Government corporations</td><td>-</td><td>2.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-2.5</td><td>*</td></tr><tr><td>Government corporations and those Government agencies not required to report</td><td>-36.9</td><td>-9.5</td><td>-178.5</td><td>85.1</td><td>306.5</td><td>.1</td><td>1.5</td><td>9.1</td><td>-250.9</td><td>-2</td></tr><tr><td>Book value of United States interest after exclusion of interagency items</td><td>13,342.6</td><td>7,748.7</td><td>25.1</td><td>438.1</td><td>462.5</td><td>23.8</td><td>274.5</td><td>139.1</td><td>2,335.0</td><td>1,895.6</td></tr><tr><td>Contingent liabilities</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Guaranteed loans</td><td>48.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>*</td><td>48.2</td></tr><tr><td>Other</td><td>4.2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4.2</td><td>-</td></tr></table>
Note: See page 82 for footnotes
70
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government
Section II - Income and Expense for the Twelve Months Ended June 30, 1946
Table 1.- Summary
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Operating income and expense</b></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>204,923</td><td>168,948</td><td>35,976</td></tr><tr><td>Interest or dividends on investments</td><td>168,168</td><td>47,042</td><td>121,125</td></tr><tr><td>Guaranty and insurance premiums</td><td>151,773</td><td>116,920</td><td>34,852</td></tr><tr><td>Sales of commodities or services</td><td>5,510,245</td><td>5,510,193</td><td>52</td></tr><tr><td>Rents and royalties</td><td>114,945</td><td>8,399</td><td>106,547</td></tr><tr><td>Other interest and rental income</td><td>6,295</td><td>1,715</td><td>4,580</td></tr><tr><td>Premiums, fees, and assessments</td><td>47,449</td><td>47,449</td><td>-</td></tr><tr><td>Program operations income</td><td>1,236,081</td><td>12,845</td><td>1,223,236</td></tr><tr><td>Miscellaneous</td><td>15,626</td><td>14,827</td><td>799</td></tr><tr><td>Total operating income</td><td>7,455,505</td><td>5,928,338</td><td>1,527,167</td></tr><tr><td>Operating expense</td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>123,178</td><td>115,473</td><td>7,705</td></tr><tr><td>Guaranty and insurance losses</td><td>22,699</td><td>22,699</td><td>-</td></tr><tr><td>Cost of sales</td><td>5,468,331</td><td>5,468,331</td><td>-</td></tr><tr><td>General overhead expense</td><td>295,040</td><td>100,380</td><td>194,661</td></tr><tr><td>Depreciation and obsolescence</td><td>17,559</td><td>4,086</td><td>13,473</td></tr><tr><td>Program operations expense</td><td>2,085,265</td><td>99,165</td><td>1,986,100</td></tr><tr><td>Maintenance and operation of properties</td><td>37,914</td><td>1,635</td><td>36,279</td></tr><tr><td>Miscellaneous</td><td>148,874</td><td>129,620</td><td>19,255</td></tr><tr><td>Total operating expense</td><td>8,198,861</td><td>5,941,389</td><td>2,257,472</td></tr><tr><td>Net operating income (or loss [-])</td><td>-743,356</td><td>-13,050</td><td>-730,305</td></tr><tr><td><b>Non-operating income (or loss [-])</b></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-1,888,152</td><td>-1,773,759</td><td>-114,393</td></tr><tr><td>Loans receivable charged off</td><td>-7,711</td><td>-2,256</td><td>-5,456</td></tr><tr><td>Gain (or loss [-]) on acquired security or collateral</td><td>-2,117</td><td>-1,395</td><td>-722</td></tr><tr><td>Gain (or loss [-]) on sale of miscellaneous assets</td><td>-107,599</td><td>-25,731</td><td>-81,868</td></tr><tr><td>Miscellaneous assets charged off (set)</td><td>-10,739</td><td>-2,083</td><td>-8,655</td></tr><tr><td>Miscellaneous</td><td>-117,961</td><td>-116,360</td><td>-1,601</td></tr><tr><td>Net non-operating income (or loss [-])</td><td>-2,134,279</td><td>-1,921,584</td><td>-212,695</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserves</td><td>-2,877,635</td><td>-1,934,634</td><td>-943,001</td></tr><tr><td><b>Adjustment of valuation reserves</b></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>27,389</td><td>31,165</td><td>-3,776</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-1,262</td><td>1,085</td><td>-2,347</td></tr><tr><td>Other reserves</td><td>-15,353</td><td>-6,432</td><td>-8,921</td></tr><tr><td>Net adjustment of valuation reserves</td><td>10,774</td><td>25,818</td><td>-15,045</td></tr><tr><td>Net income (or loss [-])</td><td>-2,866,861</td><td>-1,908,816</td><td>-958,045</td></tr><tr><td><b>Analysis of unreserved earned surplus (or deficit [-])</b></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-]), June 30, 1945</td><td>-12,387,440 r</td><td>-3,518,641 r</td><td>-8,868,799 r 1/</td></tr><tr><td>Net income (or loss [-]) for the twelve months ended June 30, 1946</td><td>-2,866,861</td><td>-1,908,816</td><td>-958,045</td></tr><tr><td>Surplus adjustments</td><td>-328,472</td><td>50,551</td><td>-379,023</td></tr><tr><td>Unreserved earned surplus (or deficit [-]), June 30, 1946</td><td>-16,182,773</td><td>-5,376,906</td><td>-10,805,867 1/</td></tr></table>
Note: See page 82 for footnotes.
October 1946
71
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Twelve Months Ended June 30, 1946 - (Continued)
Table 2.- Corporations
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management Smaller War Plants Corporation (as of 5/31/46)</th><th>Commodity Credit Corporation</th><th colspan="4">Department of Agriculture (continued on following page) Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th></th><th></th><th>Banks for cooperatives</th><th>Federal intermediates credit banks</th><th>Federal land banks 2/</th><th>Production credit corporations</th></tr><tr><td>Operating income and expense</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>168,948</td><td>659</td><td>2,898</td><td>3,642</td><td>4,490</td><td>44,684</td><td></td></tr><tr><td>Interest or dividends on investments</td><td>47,042</td><td>-</td><td>-</td><td>996</td><td>973</td><td>3,234</td><td>1,746</td></tr><tr><td>Guaranty and insurance premiums</td><td>116,920</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>5,510,193</td><td>73</td><td>3,028,013</td><td>84</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>5,399</td><td>1,192</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>1,715</td><td>-</td><td>941</td><td>-</td><td>23</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>47,449</td><td>-</td><td>-</td><td>20</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>12,845</td><td>-</td><td>-</td><td>-</td><td>-</td><td>196</td><td>-</td></tr><tr><td>Miscellaneous</td><td>14,827</td><td>8</td><td>-5,168</td><td>4</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Total operating income</td><td>5,928,338</td><td>1,924</td><td>3,026,685</td><td>4,741</td><td>5,487</td><td>48,115</td><td>1,747</td></tr><tr><td>Operating expenses</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>115,473</td><td>-</td><td>19,534</td><td>384</td><td>2,654</td><td>16,811</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>22,699</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>5,468,331</td><td>-</td><td>2,922,106</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expenses</td><td>100,380</td><td>4,410</td><td>8,955</td><td>1,273</td><td>1,567</td><td>12,377</td><td>1,539</td></tr><tr><td>Depreciation and obsolescence</td><td>4,086</td><td>863</td><td>-</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>Program operations expense</td><td>99,165</td><td>-</td><td>43,969</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>1,635</td><td>-</td><td>-</td><td>-</td><td>-</td><td>84</td><td>-</td></tr><tr><td>Miscellaneous</td><td>129,620</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>5,941,389</td><td>5,275</td><td>2,994,565</td><td>1,656</td><td>4,305</td><td>29,211</td><td>1,539</td></tr><tr><td>Net operating income (or loss[-])</td><td>-13,050</td><td>-3,351</td><td>32,120</td><td>3,085</td><td>1,182</td><td>18,904</td><td>207</td></tr><tr><td>Non-operating income (or loss[-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-1,773,759</td><td>-</td><td>-807,681</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-2,256</td><td>-172</td><td>-341</td><td>3</td><td>-</td><td>-19</td><td>-</td></tr><tr><td>Gain (or loss[-]) on acquired security or collateral</td><td>-1,395</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>698</td><td>-</td></tr><tr><td>Gain (or loss[-]) on sale of miscellaneous assets</td><td>-25,731</td><td>-155</td><td>-32,015</td><td>253</td><td>-</td><td>1,741</td><td>3,318</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-2,083</td><td>-124</td><td>-</td><td>-</td><td>437</td><td>-1,616</td><td>-691</td></tr><tr><td>Miscellaneous</td><td>-116,360</td><td>-98</td><td>-</td><td>-</td><td>-178</td><td>128</td><td>-</td></tr><tr><td>Net non-operating income (or loss[-])</td><td>-1,921,584</td><td>-550</td><td>-840,037</td><td>253</td><td>259</td><td>932</td><td>2,657</td></tr><tr><td>Net income (or loss[-]) before adjustment of valuation reserves</td><td>-1,934,634</td><td>-3,901</td><td>-807,917</td><td>3,338</td><td>1,441</td><td>19,837</td><td>2,865</td></tr><tr><td>Adjustment of valuation reserves</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>31,165</td><td>-74</td><td>-</td><td>85</td><td>2</td><td>-812</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>1,085</td><td>-</td><td>-</td><td>-</td><td>4</td><td>600</td><td>-</td></tr><tr><td>Other reserves</td><td>-6,432</td><td>-</td><td>-19,668</td><td>-1</td><td>24</td><td>-</td><td>-23</td></tr><tr><td>Net adjustment of valuation reserves</td><td>25,818</td><td>-74</td><td>-19,668</td><td>85</td><td>26</td><td>-212</td><td>-23</td></tr><tr><td>Net income (or loss[-])</td><td>-1,908,816</td><td>-3,975</td><td>-827,585 3/</td><td>3,422</td><td>1,467</td><td>19,625</td><td>2,842</td></tr><tr><td>Analysis of unreserved earned surplus (or deficit[-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit[-]) June 30, 1945</td><td>-3,518,641 r</td><td>-20,811</td><td>-1,319,455 r</td><td>26,813</td><td>22,422</td><td>71,556</td><td>12,716</td></tr><tr><td>Net income (or loss[-]) for twelve months ended June 30, 1946</td><td>-1,908,816</td><td>-3,975</td><td>-827,585</td><td>3,422</td><td>1,467</td><td>19,625</td><td>2,842</td></tr><tr><td>Surplus adjustments</td><td>50,551</td><td>-3,061 4/</td><td>-</td><td>-200</td><td>-603</td><td>-7,271</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit[-]) June 30, 1946</td><td>-5,376,906</td><td>-27,847</td><td>-2,147,040</td><td>30,036</td><td>23,286</td><td>83,911</td><td>15,558</td></tr></table>
Note: See page 82 for footnotes.
(Continued on following page)
72
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued
Section II - Income and Expense for the Twelve Months Ended June 30, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th></th><th colspan="4">Department of Agriculture - (continued)</th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th><th>Department of State</th></tr><tr><th></th><th>Farm Credit Administration - (continued)</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation (in liquidation)</th><th>Inland Waterway Corporation 5/</th><th>The Virginia Ielande Company</th><th>Federal Prison Industries, Inc.</th><th>6/</th></tr><tr><th colspan="9">Department of Agriculture - (continued)</th></tr><tr><td colspan="9">Operating income and expenses</td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>398</td><td>12,660</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Interest or dividends on investments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>69</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>-</td><td>-</td><td>9,288</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>3,702</td><td>-</td><td>95</td><td>624</td><td>10,693</td><td>-</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>189</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other interest and rental income</td><td>-</td><td>-</td><td>93</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>30</td><td>56</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>-</td><td>2</td><td>-</td><td>-</td><td>5,684</td><td>-</td><td>-</td><td>199</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating income</td><td>427</td><td>12,718</td><td>13,083</td><td>-</td><td>6,036</td><td>624</td><td>10,693</td><td>199</td></tr><tr><td colspan="9">Operating expense</td></tr><tr><td>Interest on borrowed funds</td><td>-</td><td>1,046</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>22,601</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>3,454</td><td>-</td><td>-</td><td>631</td><td>9,108</td><td>-</td></tr><tr><td>General overhead expense</td><td>511</td><td>4,912</td><td>6,677 1/14</td><td>*</td><td>630</td><td>25</td><td>351 8/8/</td><td>1,019</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>-</td><td>-</td><td>100</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5,616</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,575</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>1</td><td>-</td><td>-</td><td>-</td><td>16</td><td>36</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>512</td><td>5,958</td><td>32,745</td><td>*</td><td>8,536</td><td>702</td><td>9,460</td><td>1,019</td></tr><tr><td>Net operating income (or lose[-])</td><td>-84</td><td>6,759</td><td>-19,662</td><td>*</td><td>-2,500</td><td>-78</td><td>1,233</td><td>-821</td></tr><tr><td colspan="9">Non-operating income (or lose[-])</td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-9,426</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>110</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or lose[-]) on acquired security or collateral</td><td>-</td><td>-146</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or lose[-]) on sale of miscellaneous assets</td><td>-</td><td>-</td><td>-</td><td>-</td><td>104</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (ast)</td><td>-1,084</td><td>-</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-55</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>2</td><td>*</td><td>-</td><td>-</td><td>64</td><td>-</td></tr><tr><td>Net non-operating income (or lose[-])</td><td>-1,084</td><td>-34</td><td>-2</td><td>*</td><td>104</td><td>-</td><td>64</td><td>-9,481</td></tr><tr><td>Net income (or lose[-]) before adjustment of valuation reserves</td><td>-1,168</td><td>6,724</td><td>-19,663</td><td>*</td><td>-2,396</td><td>-78</td><td>1,297</td><td>-10,301</td></tr><tr><td colspan="9">Adjustment of valuation reserves</td></tr><tr><td>Reserve for losses on loans</td><td>1,208</td><td>37,355</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserves for losses on acquired security or collateral</td><td>-80</td><td>565</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>1,133</td><td>37,921</td><td>-</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td></tr><tr><td>Net income (or lose[-])</td><td>-34</td><td>44,644</td><td>-19,663</td><td>*</td><td>-2,396</td><td>-79</td><td>1,297</td><td>-10,301</td></tr><tr><td colspan="9">Analysis of unreserved earned surplus (or deficit[-])</td></tr><tr><td>Unreserved earned surplus (or deficit[-]) June 30, 1945</td><td>-7,449</td><td>54,704</td><td>-70,634 r</td><td>2,673</td><td>172</td><td>-11 r</td><td>17,394</td><td>-54,119</td></tr><tr><td>Net income (or lose[-]) for twelve months ended June 30, 1946</td><td>-34</td><td>44,644</td><td>-19,663</td><td>*</td><td>-2,395</td><td>-79</td><td>1,297</td><td>-10,301</td></tr><tr><td>Surplus adjustments</td><td>-</td><td>-</td><td>-3</td><td>-</td><td>2</td><td>52</td><td>-5,008</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit[-]) June 30, 1946</td><td>-7,483</td><td>99,349</td><td>-90,300</td><td>2,673</td><td>-2,222</td><td>-37</td><td>13,683</td><td>-64,420</td></tr></table>
Note: See page 82 for footnotes
(Continued on following page)
October 1946
73
Corporations and Certain Other Agencies of the United States Government - (Continued) Section II - Income and Expense for the Twelve Months Ended June 30, 1946 - (Continued)
Table 2.- Corporations - (Continued) (In thousands of dollars)
<table><tr><th></th><th>War Department</th><th></th><th></th><th colspan="5">Federal Loan Agency</th></tr><tr><th></th><th>United States Spruce Production Corporation (in liquidation)</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th>Reconstruction Finance Corporation</th><th>Reconstruction Finance Corporation and certain affiliates</th><th>Federal National Mortgage Association (as of 5/31/46)</th><th>The RFC Mortgage Company (as of 5/31/46)</th><th>Other 10/ (as of 5/31/46)</th></tr><tr><th>Operating income and expense</th><td></td><td></td><td></td><td colspan="5">Exclusive of Merged War Affiliates (as of 5/31/46)</td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td>2/ (as of 5/31/46)</td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>-</td><td>9,509</td><td>6</td><td>38,569</td><td>1,332</td><td>313</td><td>1,353</td><td>-</td></tr><tr><td>Interest or dividends on investments</td><td>3</td><td>-</td><td>21,978</td><td>9,818</td><td>-</td><td>15</td><td>208</td><td>90</td></tr><tr><td>Guaranty and insurance premiums</td><td>-</td><td>-</td><td>101,214</td><td>303</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,552,499</td><td>*</td><td>92</td><td>825,201</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>37</td><td>102</td></tr><tr><td>Other interest and rental income</td><td>6</td><td>341</td><td>154</td><td>-</td><td>-</td><td>-</td><td>-</td><td>155</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>-</td><td>163</td><td>398</td><td>41,860</td><td>-11</td><td>666</td><td>4,262</td></tr><tr><td>Program operations income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,033</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>19</td><td>30</td><td>159</td><td>15,814</td><td>-</td><td>*</td><td>631</td></tr><tr><td>Total operating income</td><td>9</td><td>9,869</td><td>123,546</td><td>49,247</td><td>1,613,541</td><td>317</td><td>2,356</td><td>830,441</td></tr><tr><th>Operating expense</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>-</td><td>-</td><td>*</td><td>8,132</td><td>47,095</td><td>-</td><td>536</td><td>3,847</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>*</td><td>98</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,637,008</td><td>-</td><td>-</td><td>845,116</td></tr><tr><td>General overhead expense</td><td>21</td><td>471</td><td>3,973</td><td>10,853</td><td>13,763</td><td>269</td><td>655</td><td>4,730</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>1</td><td>-</td><td>-</td><td>8/</td><td>-</td><td>115</td><td>-</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13,015</td><td>-</td><td>-</td><td>11,619</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>20</td><td>10</td><td>128,456</td><td>-</td><td>9</td><td>15</td></tr><tr><td>Total operating expense</td><td>21</td><td>472</td><td>3,993</td><td>19,093</td><td>1,839,337</td><td>269</td><td>1,315</td><td>865,327</td></tr><tr><td>Net operating income (or loss [-])</td><td>-12</td><td>9,397</td><td>119,552</td><td>30,155</td><td>-225,796</td><td>48</td><td>1,040</td><td>-34,886</td></tr><tr><th>Non-operating income (or loss [-])</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-948,614</td><td>-</td><td>-</td><td>-901</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>-</td><td>-1,821</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss [-]) on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-7</td><td>-</td></tr><tr><td>Gain (or loss [-]) on sale of miscellaneous assets</td><td>-</td><td>-</td><td>21</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (nat)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-16</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-114,754</td><td>-</td><td>-8</td><td>-2,499</td></tr><tr><td>Net non-operating income (or loss [-])</td><td>-</td><td>-</td><td>21</td><td>-1,821</td><td>-1,063,384</td><td>5</td><td>-15</td><td>-3,400</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserves</td><td>-12</td><td>9,397</td><td>119,573</td><td>28,334</td><td>-1,289,180</td><td>53</td><td>1,026</td><td>-38,286</td></tr><tr><th>Adjustment of valuation reserves</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for leases on loans</td><td>-</td><td>-6,738</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-10</td><td>-</td></tr><tr><td>Reserve for leases on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,907</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-</td><td>-6,738</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-10</td><td>12,907</td></tr><tr><td>Net income (or loss [-])</td><td>-12</td><td>2,659</td><td>119,573</td><td>28,334</td><td>-1,289,180</td><td>53</td><td>1,017</td><td>-25,379</td></tr><tr><th>Analysis of unreserved earned surplus (or deficit [-])</th><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-]) June 30, 1945</td><td>105</td><td>24,446</td><td>11/</td><td>460,492</td><td>-2,471,109 r</td><td>1,949</td><td>2,579</td><td>-183,395 r</td></tr><tr><td>Net income (or loss [-]) for twelve months ended June 30, 1946</td><td>-12</td><td>2,659</td><td>119,573</td><td>28,334</td><td>-1,289,180</td><td>53</td><td>1,017</td><td>-25,379</td></tr><tr><td>Surplus adjustments</td><td>-</td><td>-21,822</td><td>-119,573</td><td>-</td><td>227,886</td><td>-1,667</td><td>-</td><td>-203</td></tr><tr><td>Unreserved earned surplus (or deficit [-]) June 30, 1946</td><td>94</td><td>5,282</td><td>11/</td><td>488,826</td><td>-3,532,403</td><td>335</td><td>3,595</td><td>-208,977</td></tr></table>
Note: See page 82 for footnotes.
(Continued on following page)
Treasury Bulletin
74
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II
- Income ar
Expense for the Twelve M
Months Ended June 30, 1940
- (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th rowspan="2"></th><th colspan="4">National Housing Agency</th><th rowspan="2">Panama Railroad Company</th><th rowspan="2">Tennessee Valley Associated Cooperatives, Inc.</th><th rowspan="2">Tennessee Valley Authority</th></tr><tr><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>Federal Public Housing Authority 12/ Defense Homee Corporation</th></tr><tr><td><strong>Operating income and expense</strong></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>2,501</td><td>-</td><td>38,236</td><td>7,582</td><td>36</td><td>2</td><td>79</td></tr><tr><td>Interest or dividends on investments</td><td>2,817</td><td>3,764</td><td>878</td><td>195</td><td>-</td><td>258</td><td>-</td></tr><tr><td>Guaranty and insurance premiums</td><td>-</td><td>6,115</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sales of commodities or services</td><td>-</td><td>-</td><td>-</td><td>-</td><td>595</td><td>-</td><td>43,282</td></tr><tr><td>Rents and royalties</td><td>-</td><td>-</td><td>108</td><td>-</td><td>6,418</td><td>45,242</td><td>350</td></tr><tr><td>Other interest and rental income</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Premiums, fees, and assessments</td><td>2</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>-</td><td>-</td><td>-</td><td>4,733</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,338</td></tr><tr><td>Total operating income</td><td>5,320</td><td>9,883</td><td>39,222</td><td>12,510</td><td>7,049</td><td>45,500</td><td>2</td><td>47,048</td></tr><tr><td><strong>Operating expense</strong></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on borrowed funds</td><td>834</td><td>-</td><td>8,750</td><td>3,827</td><td>1,366</td><td>-</td><td>648</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>384</td><td>31,764</td><td>18,760</td></tr><tr><td>General overhead expense</td><td>891</td><td>492</td><td>5,521</td><td>1,886</td><td>98</td><td>10,204</td><td>3</td><td>2,305</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>63</td><td>-</td><td>1,470</td><td>840</td><td>8/</td><td>20,496</td></tr><tr><td>Program operations expense</td><td>-</td><td>-</td><td>-</td><td>698</td><td>3,751</td><td>-</td><td>-</td></tr><tr><td>Maintenance and operation of properties</td><td>-</td><td>60</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>473</td><td>8</td><td>490</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total operating expense</td><td>2,197</td><td>499</td><td>14,392</td><td>6,900</td><td>7,069</td><td>42,808</td><td>3</td><td>42,209</td></tr><tr><td>Net operating income (or loss [-])</td><td>3,122</td><td>9,384</td><td>24,829</td><td>5,610</td><td>-20</td><td>2,692</td><td>-1</td><td>4,839</td></tr><tr><td><strong>Non-operating income (or loss [-])</strong></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-</td><td>-</td><td>-11</td><td>-7,137</td><td>-</td><td>-</td><td>-5</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss [-]) on acquired security or collateral</td><td>-</td><td>-1,938</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-2</td><td>-</td></tr><tr><td>Gain (or loss [-]) on sale of miscellaneous assets</td><td>1,561</td><td>-</td><td>-</td><td>-</td><td>495</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (net)</td><td>-17</td><td>147</td><td>863</td><td>-7</td><td>-</td><td>-21</td><td>-</td><td>-</td></tr><tr><td>Miscellaneous</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net non-operating income (or loss [-])</td><td>1,544</td><td>147</td><td>-1,086</td><td>-7,143</td><td>495</td><td>-21</td><td>-7</td><td>-</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserves</td><td>4,666</td><td>9,530</td><td>23,743</td><td>-1,532</td><td>474</td><td>2,672</td><td>-8</td><td>4,839</td></tr><tr><td><strong>Adjustment of valuation reserves</strong></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Reserve for losses on loans</td><td>-</td><td>-</td><td>149</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other reserves</td><td>-</td><td>326</td><td>-4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-</td><td>326</td><td>145</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Net income (or loss [-])</td><td>4,666</td><td>9,857</td><td>23,888</td><td>-1,532</td><td>474</td><td>2,672</td><td>-8</td><td>4,839 13/</td></tr><tr><td><strong>Analysis of unreserved earned surplus (or deficit [-])</strong></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Unreserved earned surplus (or deficit [-]) June 30, 1945</td><td>8,053</td><td>11/</td><td>-106,089</td><td>-29,352</td><td>1,969</td><td>47,438</td><td>-</td><td>-11,699</td></tr><tr><td>Net income (or loss [-]) for twelve months ended June 30, 1946</td><td>4,666</td><td>9,857</td><td>23,888</td><td>-1,532</td><td>474</td><td>2,672</td><td>-8</td><td>4,839 13/</td></tr><tr><td>Surplus adjustments</td><td>4,309</td><td>-9,857</td><td>514</td><td>129</td><td>-125</td><td>-4,332</td><td>-</td><td>-</td></tr><tr><td>Unreserved earned surplus (or deficit [-]) June 30, 1946</td><td>8,410</td><td>11/</td><td>-81,686</td><td>-30,755</td><td>2,319</td><td>45,777</td><td>-7</td><td>-6,860</td></tr></table>
Note: See page 82 for footnotes.
October 1946
75
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section II - Income and Expense for the Twelve Months Ended June 30, 1946 - (Continued)
Table 3.- Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President</th><th colspan="3">Department of Agriculture</th><th>Department of the Interior 15/</th><th>Federal Works Agency 16/</th><th>National Housing Agency</th><th>United States Maritime Commission</th><th>Other 17/</th></tr><tr><th></th><th></th><th>Office for Emergency Management War Shipping Administration</th><th>Farm Credit Administration 1b/</th><th>Farm Security Administration</th><th>Emral Electri- fication Administration</th><th></th><th></th><th>Federal Housing Administration</th><th></th><th></th></tr><tr><td colspan="11">Operating income and expense</td></tr><tr><td>Operating income</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Interest on loans</td><td>35,976</td><td>-</td><td>4,514</td><td>20,809</td><td>8,052</td><td>167</td><td>1,927</td><td>18</td><td>103</td><td>385</td></tr><tr><td>Interest or dividends on investments</td><td>121,125</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,841</td><td>-</td><td>118,285</td></tr><tr><td>Guaranty and insurance premium</td><td>34,852</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>29,198</td><td>-</td><td>5,655</td></tr><tr><td>Sales of commodities or services</td><td>52</td><td>-</td><td>-</td><td>-</td><td>-</td><td>52</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Rents and royalties</td><td>106,547</td><td>-</td><td>-</td><td>718</td><td>-</td><td>116</td><td>-</td><td>-</td><td>-</td><td>105,413</td></tr><tr><td>Other interest and rental income</td><td>4,580</td><td>-</td><td>-</td><td>55</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,482</td><td>43</td></tr><tr><td>Premiums, fees, and assessments</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Program operations income</td><td>1,223,236</td><td>1,222,290</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>946</td><td>-</td></tr><tr><td>Miscellaneous</td><td>799</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40</td><td>-</td><td>505</td><td>91</td><td>162</td></tr><tr><td>Total operating income</td><td>1,527,167</td><td>1,222,290</td><td>4,514</td><td>21,582</td><td>8,052</td><td>675</td><td>1,927</td><td>32,562</td><td>5,622</td><td>229,942</td></tr><tr><td colspan="11">Operating expense</td></tr><tr><td>Interest on borrowed funds</td><td>7,705</td><td>-</td><td>-</td><td>2,619</td><td>4,644</td><td>-</td><td>-</td><td>442</td><td>-</td><td>-</td></tr><tr><td>Guaranty and insurance losses</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cost of sales</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>General overhead expense</td><td>194,661</td><td>105,906</td><td>4,385</td><td>29,112</td><td>4,050</td><td>1,137</td><td>3,408</td><td>11,176</td><td>25,752</td><td>9,734</td></tr><tr><td>Depreciation and obsolescence</td><td>13,473</td><td>-</td><td>-</td><td>-</td><td>40</td><td>48</td><td>-</td><td>106</td><td>8/</td><td>13,279</td></tr><tr><td>Program operations expense</td><td>1,986,100</td><td>1,969,200</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16,851</td><td>649</td></tr><tr><td>Maintenance and operation of properties</td><td>36,279</td><td>-</td><td>-</td><td>463</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,947</td><td>33,668</td></tr><tr><td>Miscellaneous</td><td>19,255</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,535</td><td>-</td><td>17,720</td></tr><tr><td>Total operating expense</td><td>2,257,472</td><td>2,075,106</td><td>4,385</td><td>32,194</td><td>8,733</td><td>1,185</td><td>3,408</td><td>13,260</td><td>43,951</td><td>75,251</td></tr><tr><td>Net operating income (or loss [-])</td><td>-730,305</td><td>-852,815</td><td>128</td><td>-10,612</td><td>-681</td><td>-509</td><td>-1,481</td><td>19,302</td><td>-38,329</td><td>154,691</td></tr><tr><td colspan="11">Non-operating income (or loss [-])</td></tr><tr><td>Direct grants, subsidies, and contributions</td><td>-114,393</td><td>-</td><td>2</td><td>-246</td><td>-</td><td>-</td><td>-39,076</td><td>-</td><td>-75,073</td><td>-</td></tr><tr><td>Loans receivable charged off</td><td>-5,456</td><td>-</td><td>-4,833</td><td>-145</td><td>-</td><td>-458</td><td>-</td><td>-</td><td>-</td><td>-20</td></tr><tr><td>Gain (or loss [-]) on acquired security or collateral</td><td>-722</td><td>-</td><td>-34</td><td>-70</td><td>-</td><td>-</td><td>-</td><td>-619</td><td>-</td><td>-</td></tr><tr><td>Gain (or loss [-]) on sale of miscellaneous assets</td><td>-81,868</td><td>-</td><td>-</td><td>-3,850</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-78,021</td><td>-</td></tr><tr><td>Miscellaneous assets charged off (mat)</td><td>-8,655</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-153</td><td>-</td><td>-</td><td>-</td><td>-8,502</td></tr><tr><td>Miscellaneous</td><td>-1,601</td><td>-</td><td>-</td><td>4</td><td>0</td><td>-</td><td>4,227</td><td>-</td><td>-4,949</td><td>-883</td></tr><tr><td>Net non-operating income (or loss [-])</td><td>-212,695</td><td>-</td><td>-4,865</td><td>-4,306</td><td>0</td><td>-610</td><td>-34,850</td><td>-615</td><td>-158,044</td><td>-9,405</td></tr><tr><td>Net income (or loss [-]) before adjustment of valuation reserves</td><td>-943,001</td><td>-852,815</td><td>-4,737</td><td>-14,918</td><td>-681</td><td>-1,120</td><td>-36,330</td><td>18,687</td><td>-196,372</td><td>145,286</td></tr><tr><td colspan="11">Adjustment of valuation reserves</td></tr><tr><td>Reserve for losses on loans</td><td>-3,776</td><td>-</td><td>10,596</td><td>-13,740</td><td>-398</td><td>9</td><td>-</td><td>0</td><td>-</td><td>-245</td></tr><tr><td>Reserve for losses on acquired security or collateral</td><td>-2,347</td><td>-</td><td>48</td><td>-</td><td>-</td><td>-</td><td>-</td><td>811</td><td>-</td><td>-3,207</td></tr><tr><td>Other reserves</td><td>-8,921</td><td>-</td><td>-4</td><td>201</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-9,118</td></tr><tr><td>Net adjustment of valuation reserves</td><td>-15,045</td><td>-</td><td>10,641</td><td>-13,539</td><td>-398</td><td>9</td><td>-</td><td>812</td><td>-</td><td>-12,570</td></tr><tr><td>Net income (or loss [-])</td><td>-958,045</td><td>-852,815</td><td>5,903</td><td>-28,456</td><td>-1,079</td><td>-1,111</td><td>-36,330</td><td>19,498</td><td>-196,372</td><td>132,716</td></tr><tr><td colspan="11">Analysis of earned surplus (or deficit [-])</td></tr><tr><td>Earned surplus (or deficit [-]) June 30, 1945</td><td>-8,868,799</td><td>-5,683,103</td><td>-497,535</td><td>-510,604</td><td>-7,154</td><td>-56,132</td><td>-1,839,285</td><td>28,895</td><td>-387,751</td><td>83,929</td></tr><tr><td>Net income (or loss [-]) for twelve months ended June 30, 1946</td><td>-958,045</td><td>-852,815</td><td>5,903</td><td>-28,456</td><td>-1,079</td><td>-1,111</td><td>-36,330</td><td>19,498</td><td>-196,372</td><td>132,716</td></tr><tr><td>Surplus adjustments</td><td>-979,023</td><td>-814,763</td><td>-4,440</td><td>-</td><td>6</td><td>-463</td><td>-1,927</td><td>-</td><td>-8,121</td><td>-149,315</td></tr><tr><td>Earned surplus (or deficit [-]) June 30, 1946</td><td>-10,805,867</td><td>-7,350,681</td><td>-496,071</td><td>-539,120</td><td>-8,226</td><td>-57,706</td><td>-1,877,542</td><td>48,393</td><td>-592,244</td><td>67,331</td></tr></table>
Note: See page 82 for footnotes.
76
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Twelve Months Ended June 30, 1946
Table 1.- Summary (In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Corporations</th><th>Certain other agencies</th></tr><tr><td><b>Sources of funds</b></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>3,519,300</td><td>3,519,300 1/</td><td>-</td></tr><tr><td>From Government corporations and agencies</td><td>1,004,757</td><td>841,006</td><td>163,751</td></tr><tr><td>From public</td><td>1,823,493</td><td>1,814,949</td><td>8,544</td></tr><tr><td>Total borrowings</td><td>6,347,550</td><td>6,175,255</td><td>172,295</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>530,550</td><td>530,550</td><td>-</td></tr><tr><td>By Government corporations and agencies</td><td>4,099</td><td>4,099</td><td>-</td></tr><tr><td>By public</td><td>32,036</td><td>32,036</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>566,685</td><td>566,685</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td>1,441,202</td><td>38,897</td><td>1,402,306</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>512,851</td><td>510,009</td><td>2,842</td></tr><tr><td>Securities of Government corporations and agencies</td><td>4,016,877</td><td>1,004</td><td>4,015,874</td></tr><tr><td>Other securities</td><td>73,451</td><td>72,204</td><td>1,247</td></tr><tr><td>Total sale or collection of investments</td><td>4,603,179</td><td>583,216</td><td>4,019,963</td></tr><tr><td>Repayments on loans</td><td>4,136,927</td><td>3,887,126</td><td>249,801</td></tr><tr><td>Sale of acquired security or collateral</td><td>54,210</td><td>32,617</td><td>21,593</td></tr><tr><td>Decrease in working capital and deferred items</td><td>1,781,553</td><td>1,463,405</td><td>318,149</td></tr><tr><td>Funds provided by profit on operations</td><td>407,258</td><td>221,384</td><td>185,874</td></tr><tr><td>Other sources</td><td>3,047,551</td><td>843,318</td><td>2,204,233</td></tr><tr><td>Total funds provided</td><td>22,386,115</td><td>13,811,902</td><td>8,574,212</td></tr><tr><td><b>Application of funds</b></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>4,015,874</td><td>4,015,874 1/</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>925,656</td><td>824,724</td><td>100,932</td></tr><tr><td>To public</td><td>2,176,629</td><td>2,174,133</td><td>2,496</td></tr><tr><td>Total repayment of borrowings</td><td>7,118,159</td><td>7,014,731</td><td>103,428</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>217,906</td><td>181,596</td><td>36,310</td></tr><tr><td>To Government corporations and agencies</td><td>859</td><td>859</td><td>-</td></tr><tr><td>To public</td><td>25,733</td><td>25,733</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>244,497</td><td>208,188</td><td>36,310</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>593,435</td><td>584,035</td><td>9,400</td></tr><tr><td>Securities of Government corporations and agencies</td><td>3,521,851</td><td>2,551</td><td>3,519,300</td></tr><tr><td>Other securities</td><td>159,365</td><td>338</td><td>159,027</td></tr><tr><td>Total purchase of investments</td><td>4,274,651</td><td>586,924</td><td>3,687,721</td></tr><tr><td>Loans made</td><td>3,842,279</td><td>3,553,042</td><td>289,236</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>27,579</td><td>6,478</td><td>21,101</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>1,316,019</td><td>50,467</td><td>1,265,551</td></tr><tr><td>Increase in working capital and deferred items</td><td>357,919</td><td>172,778</td><td>185,141</td></tr><tr><td>Funds applied to loss on operations</td><td>4,115,965</td><td>2,190,907</td><td>1,925,058</td></tr><tr><td>Other applications</td><td>1,089,047</td><td>28,387</td><td>1,060,660</td></tr><tr><td>Total funds applied</td><td>22,386,115</td><td>13,811,902</td><td>8,574,212</td></tr><tr><td><b>Adjustments of net income (or loss [-1])</b></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss [-1])</td><td>-2,866,861</td><td>-1,908,816</td><td>-958,045</td></tr><tr><td>Depreciation and obsolescence</td><td>30,733</td><td>17,232</td><td>13,501</td></tr><tr><td>Assets charged off</td><td>19,248</td><td>4,829</td><td>14,419</td></tr><tr><td>Capital gains [-1] and losses</td><td>5,678</td><td>-2,214</td><td>7,892</td></tr><tr><td>Adjustments of valuation reserves</td><td>106,852</td><td>101,057</td><td>5,806</td></tr><tr><td>Other adjustments</td><td>-1,004,366</td><td>-181,610</td><td>-822,756</td></tr><tr><td>Funds provided by profit on operations</td><td>407,258</td><td>221,384</td><td>185,874</td></tr><tr><td>Funds applied to loss on operations</td><td>4,115,965</td><td>2,190,907</td><td>1,925,058</td></tr></table>
Note: See page 82 for footnotes.
October 1946
77
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Twelve Months Ended June 30, 1946 - (Continued)
Table 2.- Corporations
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management Smaller War Plants Corporation (as of 5/31/46)</th><th>Department of Agriculture (continued on following page) Commodity Credit Corporation</th><th colspan="4">Farm Credit Administration (continued on following page)</th></tr><tr><th></th><th></th><th></th><th></th><th>Banks for cooperatives</th><th>Federal intermediate credit banks</th><th>Federal land banks 1/</th><th>Production credit corporations</th></tr><tr><td>Sources of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>3,519,300 1/</td><td>-</td><td>2,516,000 1/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government corporations and agencies</td><td>841,006</td><td>-</td><td>-</td><td>39,271</td><td>-</td><td>172,300</td><td>-</td></tr><tr><td>From public</td><td>1,814,949</td><td>-</td><td>382,389</td><td>8,450</td><td>465,155</td><td>791,135</td><td>-</td></tr><tr><td>Total borrowings</td><td>6,175,255</td><td>-</td><td>2,898,389</td><td>47,727</td><td>465,155</td><td>963,435</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>530,550</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government corporations and agencies</td><td>4,099</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>32,036</td><td>-</td><td>-</td><td>7,433</td><td>-</td><td>13,039</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>566,685</td><td>-</td><td>-</td><td>7,433</td><td>-</td><td>13,039</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td>38,897</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>510,009</td><td>-</td><td>-</td><td>11,154</td><td>17,860</td><td>66,507</td><td>95,251</td></tr><tr><td>Securities of Government corporations and agencies</td><td>1,004</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,000</td><td>-</td></tr><tr><td>Other securities</td><td>72,204</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,117</td></tr><tr><td>Total sale or collection of investments</td><td>583,216</td><td>-</td><td>-</td><td>11,154</td><td>17,860</td><td>67,507</td><td>103,368</td></tr><tr><td>Repayments on loans</td><td>3,887,126</td><td>42,356</td><td>445,624</td><td>370,461</td><td>877,273</td><td>263,650</td><td>-</td></tr><tr><td>Sale of acquired security or collateral</td><td>32,617</td><td>-</td><td>-</td><td>11</td><td>-</td><td>4,452</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td>1,463,405</td><td>-</td><td>708,480</td><td>16,529</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>221,384</td><td>-</td><td>-</td><td>3,088</td><td>1,025</td><td>17,459</td><td>1</td></tr><tr><td>Other sources</td><td>843,318</td><td>41,370</td><td>561,486</td><td>2 4/</td><td>48 4/</td><td>312 4/</td><td>1 4/</td></tr><tr><td>Total funds provided</td><td>13,811,902</td><td>83,726</td><td>4,613,978</td><td>456,405</td><td>1,361,362</td><td>1,329,854</td><td>103,368</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>4,015,874 1/</td><td>-</td><td>2,806,000 1/</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>824,724</td><td>-</td><td>-</td><td>43,962</td><td>1,000</td><td>172,300</td><td>-</td></tr><tr><td>To public</td><td>2,174,133</td><td>-</td><td>793,840</td><td>8,450</td><td>426,235</td><td>780,836</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>7,014,731</td><td>-</td><td>3,599,840</td><td>52,412</td><td>427,235</td><td>953,136</td><td>-</td></tr><tr><td>Repayment of paid-in capital</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>181,596</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110,758</td><td>7,050</td></tr><tr><td>To Government corporations and agencies</td><td>859</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>25,733</td><td>-</td><td>-</td><td>6,470</td><td>-</td><td>18,277</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>208,188</td><td>-</td><td>-</td><td>6,470</td><td>-</td><td>129,035</td><td>7,050</td></tr><tr><td>Purchase of investments</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>584,035</td><td>-</td><td>-</td><td>21,970</td><td>24,064</td><td>40,821</td><td>95,494</td></tr><tr><td>Securities of Government corporations and agencies</td><td>2,551</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>338</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>337</td></tr><tr><td>Total purchase of investments</td><td>586,924</td><td>-</td><td>-</td><td>21,970</td><td>24,064</td><td>40,821</td><td>95,832</td></tr><tr><td>Loans made</td><td>3,553,042</td><td>31,053</td><td>179,553</td><td>375,544</td><td>909,299</td><td>188,903</td><td>-</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>6,478</td><td>-</td><td>-</td><td>9</td><td>-</td><td>1,047</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>50,467</td><td>543</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Increase in working capital and deferred items</td><td>172,778</td><td>46,483</td><td>-</td><td>-</td><td>476</td><td>9,527</td><td>3</td></tr><tr><td>Funds applied to loss on operations</td><td>2,190,907</td><td>5,648</td><td>834,585</td><td>-</td><td>-</td><td>-</td><td>484</td></tr><tr><td>Other applications</td><td>28,387</td><td>-</td><td>-</td><td>288</td><td>-</td><td>7,385 4/</td><td>-</td></tr><tr><td>Total funds applied</td><td>13,811,902</td><td>83,726</td><td>4,613,978</td><td>456,405</td><td>1,361,362</td><td>1,329,854</td><td>103,368</td></tr><tr><td>Adjustments of net income (or loss [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss [-])</td><td>-1,908,816</td><td>-3,975</td><td>-827,585</td><td>3,422</td><td>1,467</td><td>19,625</td><td>2,842</td></tr><tr><td>Depreciation and obsolescence</td><td>17,232</td><td>863</td><td>341</td><td>-</td><td>-</td><td>22</td><td>-</td></tr><tr><td>Assets charged off</td><td>4,829</td><td>296</td><td>-</td><td>1</td><td>-</td><td>29</td><td>-</td></tr><tr><td>Capital gains [-] and losses</td><td>-2,214</td><td>155</td><td>-</td><td>-250</td><td>-436</td><td>-2,429</td><td>-3,348</td></tr><tr><td>Adjustments of valuation reserves</td><td>101,057</td><td>74</td><td>-7,342</td><td>-86</td><td>-5</td><td>212</td><td>23</td></tr><tr><td>Other adjustments</td><td>-181,610</td><td>-3,061</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>221,384</td><td>-</td><td>-</td><td>3,088</td><td>1,025</td><td>17,459</td><td>-</td></tr><tr><td>Funds applied to loss on operations</td><td>2,190,907</td><td>5,648</td><td>834,585</td><td>-</td><td>-</td><td>-</td><td>484</td></tr></table>
Note: See page 82 for footnotes.
(Continued on following page)
78
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - Sources and Application of Funds for the Twelve Months Ended June 30, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th></th><th colspan="4">Department of Agriculture - (continued)</th><th>Department of Commerce</th><th>Department of Interior</th><th>Department of Justice</th><th>Department of State</th></tr><tr><th></th><th>Farm Credit Administration - (continued)</th><th>Federal Farm Mortgage Corporation</th><th>Federal Crop Insurance Corporation</th><th>Federal Surplus Commodities Corporation (in liquidation)</th><th>Inland Waterways Corporation-5/</th><th>The Virgin Islands Company</th><th>Federal Prison Industries, Inc.</th><th>6/</th></tr><tr><th colspan="9">Department of Agriculture - (continued)</th></tr><tr><td colspan="9">Sources of funds</td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>222,300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>320</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>222,300</td><td>-</td><td>-</td><td>-</td><td>320</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>550</td><td>-</td><td>30,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-</td><td>4,091</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>222</td></tr><tr><td>Total capital and surplus subscriptions</td><td>550</td><td>-</td><td>30,000</td><td>-</td><td>-</td><td>8</td><td>-</td><td>4,313</td></tr><tr><td>Appropriations (net expenditures)</td><td>-</td><td>-</td><td>6,441</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>326</td><td>-</td><td>-</td><td>-</td><td>6,272</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td>326</td><td>-</td><td>-</td><td>-</td><td>6,272</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayments on loans</td><td>10,622</td><td>156,564</td><td>-</td><td>-</td><td>34</td><td>-</td><td>-</td><td>49</td></tr><tr><td>Sale of acquired security or collateral</td><td>66</td><td>2,785</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td>-</td><td>627</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,638</td><td>7,452</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>6,895</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,567</td><td>-</td></tr><tr><td>Other sources</td><td>27 4/</td><td>-</td><td>-</td><td>30</td><td>11</td><td>-</td><td>98</td><td>116</td></tr><tr><td>Total funds provided</td><td>11,591</td><td>389,172</td><td>36,441</td><td>30</td><td>6,317</td><td>328</td><td>5,303</td><td>11,931</td></tr><tr><td colspan="9">Application of funds</td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>318,300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>4,115</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>322,415</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>50,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,190 7/</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>-</td><td>50,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,190</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>350</td><td>-</td><td>-</td><td>-</td><td>3,650</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td>350</td><td>-</td><td>-</td><td>-</td><td>3,650</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Loans made</td><td>6,018</td><td>15,519</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>13</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>128</td><td>1,235</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>-</td><td>16</td><td>-</td><td>704</td><td>54</td><td>290</td><td>34</td></tr><tr><td>Increase in working capital and deferred items</td><td>5,055</td><td>-</td><td>16,773</td><td>30</td><td>166</td><td>209</td><td>-</td><td>-</td></tr><tr><td>Funds applied to loss on operations</td><td>40</td><td>-</td><td>19,650</td><td>4</td><td>1,797</td><td>56</td><td>5,013</td><td>10,246</td></tr><tr><td>Other applications</td><td>-</td><td>2 4/</td><td>2</td><td>-</td><td>-</td><td>8</td><td>-</td><td>447 8/</td></tr><tr><td>Total funds applied</td><td>11,591</td><td>389,172</td><td>36,441</td><td>30</td><td>6,317</td><td>328</td><td>5,303</td><td>11,931</td></tr><tr><td colspan="9">Adjustments of net income (or loss [-])</td></tr><tr><td>Net income (or loss [-])</td><td>-34</td><td>44,644</td><td>-19,663</td><td>-</td><td>-2,396</td><td>-79</td><td>1,297</td><td>-10,301</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>-</td><td>14</td><td>-</td><td>700</td><td>31</td><td>265</td><td>-</td></tr><tr><td>Assets charged off</td><td>1,129</td><td>84</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>55</td></tr><tr><td>Capital gains[-]and losses</td><td>-1</td><td>87</td><td>-</td><td>-</td><td>-104</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-1,133</td><td>-37,921</td><td>-</td><td>-</td><td>2</td><td>-9</td><td>5</td><td>-</td></tr><tr><td>Other adjustments</td><td>-</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>6,895</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,567</td><td>-</td></tr><tr><td>Funds applied to loss on operations</td><td>40</td><td>-</td><td>19,650</td><td>-</td><td>1,797</td><td>56</td><td>-</td><td>10,246</td></tr></table>
Note: See page 82 for footnotes.
(Continued on following page)
October 1946
79
Corporations and Certain Other Agencies of the United States Government - (Continued) Section III - Sources and Application of Funds for the Twelve Months Ended June 30, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(in thousands of dollars)
<table><tr><th></th><th>War Department</th><th></th><th></th><th colspan="4">Federal Loan Agency</th></tr><tr><th></th><th>United States Spruce Production Corporation (in liquidation)</th><th>Export-Import Bank of Washington</th><th>Federal Deposit Insurance Corporation</th><th>Reconstruction Finance Corporation 9/10/ (as of 5/31/46)</th><th>Federal National Mortgage Association 10/ (as of 5/31/46)</th><th>The RFC Mortgage Company 10/ (as of 5/31/46)</th><th>Other 10/ 11/ (as of 5/31/46)</th></tr><tr><td><b>Sources of funds</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>781,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,257</td><td>627,921</td></tr><tr><td>From public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td>-</td><td>-</td><td>-</td><td>781,000</td><td>-</td><td>1,257</td><td>627,921</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td>-</td><td>500,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td>-</td><td>500,000</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td>-</td><td>-</td><td>-</td><td>29</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>-</td><td>-</td><td>32,320</td><td>27,097</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>55,837</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Total sale or collection of investments</td><td>-</td><td>-</td><td>32,320</td><td>82,934</td><td>4</td><td>-</td><td>1</td></tr><tr><td>Repayments on loans</td><td>-</td><td>28,465 12/</td><td>8,489</td><td>1,150,050</td><td>3,502</td><td>40,704</td><td>205</td></tr><tr><td>Sale of acquired security or collateral</td><td>-</td><td>-</td><td>10,152</td><td>10,730</td><td>11</td><td>1,132</td><td>-</td></tr><tr><td>Decrease in working capital and deferred items</td><td>11</td><td>-</td><td>4,684</td><td>680,712</td><td>-</td><td>1,826</td><td>93</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>10,183</td><td>119,740</td><td>-</td><td>51</td><td>1,147</td><td>-</td></tr><tr><td>Other sources</td><td>-</td><td>-</td><td>-</td><td>216,523</td><td>-</td><td>-</td><td>13,866</td></tr><tr><td>Total funds provided</td><td>12</td><td>538,648</td><td>175,385</td><td>2,921,977</td><td>3,568</td><td>46,067</td><td>642,086</td></tr><tr><td><b>Application of funds</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>595,592</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>39,059</td><td>558,705</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>11</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td>-</td><td>-</td><td>-</td><td>595,603</td><td>-</td><td>39,059</td><td>558,705</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td>-</td><td>-</td><td>173,000</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,551</td><td>-</td></tr><tr><td>Other securities</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Total purchase of investments</td><td>-</td><td>-</td><td>173,000</td><td>-</td><td>-</td><td>2,551</td><td>1</td></tr><tr><td>Loans made</td><td>-</td><td>501,653 12/</td><td>1,599</td><td>1,019,112</td><td>26</td><td>2,573</td><td>2,570</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td>-</td><td>-</td><td>774</td><td>1,069</td><td>-</td><td>1,858</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td>-</td><td>6</td><td>-</td><td>22,252</td><td>-</td><td>25</td><td>239</td></tr><tr><td>Increase in working capital and deferred items</td><td>-</td><td>34,376</td><td>-</td><td>-</td><td>2,041</td><td>-</td><td>42,971</td></tr><tr><td>Funds applied to loss on operations</td><td>12</td><td>-</td><td>-</td><td>1,280,414</td><td>-</td><td>-</td><td>37,600</td></tr><tr><td>Other applications</td><td>-</td><td>2,612</td><td>12</td><td>3,526</td><td>1,500</td><td>-</td><td>-</td></tr><tr><td>Total funds applied</td><td>12</td><td>538,648</td><td>175,385</td><td>2,921,977</td><td>3,568</td><td>46,067</td><td>642,086</td></tr><tr><td><b>Adjustments of net income (or loss [-])</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss [-])</td><td>-12</td><td>2,659</td><td>119,573</td><td>-1,260,846</td><td>53</td><td>1,017</td><td>-25,379</td></tr><tr><td>Depreciation and obsolescence</td><td>-</td><td>1</td><td>-</td><td>104</td><td>-</td><td>115</td><td>-</td></tr><tr><td>Assets charged off</td><td>-</td><td>-</td><td>-</td><td>1,821</td><td>-</td><td>-</td><td>889</td></tr><tr><td>Capital gains [-] and losses</td><td>-</td><td>-</td><td>-21</td><td>4,440</td><td>-2</td><td>7</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td>-</td><td>6,738</td><td>109</td><td>154,528</td><td>-</td><td>9</td><td>-12,907</td></tr><tr><td>Other adjustments</td><td>-</td><td>784</td><td>78</td><td>-180,461</td><td>-</td><td>-</td><td>-203</td></tr><tr><td>Funds provided by profit on operations</td><td>-</td><td>10,183</td><td>119,740</td><td>-</td><td>51</td><td>1,147</td><td>-</td></tr><tr><td>Funds applied to loss on operations</td><td>12</td><td>-</td><td>-</td><td>1,280,414</td><td>-</td><td>-</td><td>37,600</td></tr></table>
Note: See page 82 for footnotes.
(Continued on following page)
80
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued) Section III - Sources and Application of Funds for the Twelve Months Ended June 30, 1946 - (Continued)
Table 2.- Corporations - (Continued)
(In thousands of dollars)
<table><tr><th colspan="2"></th><th colspan="2">Federal Home Loan Bank Administration</th><th colspan="2">Federal Public Housing Authority and affiliate</th><th>Panama Railroad Company</th><th>Tennessee Valley Associated Cooperatives, Inc.</th><th>Tennessee Valley Authority</th></tr><tr><th>Sources of funds</th><th></th><th>Federal home loan banks</th><th>Federal Savings and Loan Insurance Corporation</th><th>Home Owners' Loan Corporation</th><th>Federal Public Housing Authority 13/</th><th>Defense Homes Corporation</th><th></th><th></th></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From U. S. Treasury</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>From Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>250</td><td>-</td><td>-</td></tr><tr><td>From public</td><td></td><td>167,500</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total borrowings</td><td></td><td>167,500</td><td>-</td><td>-</td><td>-</td><td>250</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>By public</td><td></td><td>11,342</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total capital and surplus subscriptions</td><td></td><td>11,342</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations (net expenditures)</td><td></td><td>-</td><td>-</td><td>-</td><td>7,137</td><td>-</td><td>-</td><td>25,290</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td></td><td>250,638</td><td>1,500</td><td>-</td><td>-</td><td>-</td><td>1,083</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>8,249</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total sale or collection of investments</td><td></td><td>250,638</td><td>1,500</td><td>8,249</td><td>1</td><td>-</td><td>1,083</td><td>-</td></tr><tr><td>Repayments on loans</td><td></td><td>243,248</td><td>-</td><td>232,302</td><td>11,731</td><td>111</td><td>-</td><td>16</td></tr><tr><td>Sale of acquired security or collateral</td><td></td><td>-</td><td>821</td><td>2,456</td><td>-</td><td>-</td><td>854</td><td>14</td></tr><tr><td>Decrease in working capital and deferred items</td><td></td><td>5,628</td><td>155</td><td>17,992</td><td>14,711</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Funds provided by profit on operations</td><td></td><td>3,276</td><td>9,532</td><td>25,472</td><td>-</td><td>557</td><td>3,609</td><td>17,785</td></tr><tr><td>Other sources</td><td></td><td>-</td><td>-</td><td>16</td><td>-</td><td>7,353</td><td>77</td><td>1,973</td></tr><tr><td>Total funds provided</td><td></td><td>681,631</td><td>12,007</td><td>286,485</td><td>33,579</td><td>8,280</td><td>5,623</td><td>30</td></tr><tr><td>Application of funds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td></td><td>-</td><td>-</td><td>272,982</td><td>23,000</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>7,398</td><td>-</td><td>2,300</td></tr><tr><td>To public</td><td></td><td>150,500</td><td>-</td><td>10,146</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings</td><td></td><td>150,500</td><td>-</td><td>283,128</td><td>23,000</td><td>7,398</td><td>-</td><td>2,300</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,598</td></tr><tr><td>To Government corporations and agencies</td><td></td><td>859</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To public</td><td></td><td>985</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total repayment of paid-in capital</td><td></td><td>1,844</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12,598</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States</td><td></td><td>211,996</td><td>12,000</td><td>-</td><td>-</td><td>-</td><td>690</td><td>-</td></tr><tr><td>Securities of Government corporations and agencies</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other securities</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Total purchase of investments</td><td></td><td>211,996</td><td>12,000</td><td>-</td><td>-</td><td>-</td><td>690</td><td>-</td></tr><tr><td>Loans made</td><td></td><td>314,878</td><td>-</td><td>3,001</td><td>1,700</td><td>-</td><td>-</td><td>27</td></tr><tr><td>Acquisition and improvement of acquired security or collateral</td><td></td><td>-</td><td>7</td><td>350</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment</td><td></td><td>-</td><td>-</td><td>7</td><td>8,507</td><td>138</td><td>33</td><td>17,619</td></tr><tr><td>Increase in working capital and deferred items</td><td></td><td>-</td><td>-</td><td>-</td><td>373</td><td>667</td><td>-</td><td>14,001</td></tr><tr><td>Funds applied to loss on operations</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,900</td><td>3</td></tr><tr><td>Other applications</td><td></td><td>2,414</td><td>-</td><td>-</td><td>-</td><td>76</td><td>-</td><td>200</td></tr><tr><td>Total funds applied</td><td></td><td>681,631</td><td>12,007</td><td>286,485</td><td>33,579</td><td>8,280</td><td>5,623</td><td>30</td></tr><tr><td>Adjustments of net income (or loss [-])</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net income (or loss [-])</td><td></td><td>4,666</td><td>9,857</td><td>23,888</td><td>-1,532</td><td>474</td><td>2,672</td><td>-8</td></tr><tr><td>Depreciation and obsolescence</td><td></td><td>-</td><td>-</td><td>60</td><td>-</td><td>1,470</td><td>840</td><td>12,746</td></tr><tr><td>Assets charged off</td><td></td><td>168</td><td>-</td><td>10</td><td>-</td><td>-</td><td>-</td><td>5</td></tr><tr><td>Capital gains [-] and losses</td><td></td><td>-1,559</td><td>-326</td><td>1,666</td><td>-1</td><td>-495</td><td>76</td><td>-</td></tr><tr><td>Adjustments of valuation reserves</td><td></td><td>-</td><td>1</td><td>-149</td><td>-</td><td>-769</td><td>-</td><td>-</td></tr><tr><td>Other adjustments</td><td></td><td>-</td><td>-</td><td>-4</td><td>1,161</td><td>-125</td><td>21</td><td>200</td></tr><tr><td>Funds provided by profit on operations</td><td></td><td>3,276</td><td>9,532</td><td>25,472</td><td>373</td><td>557</td><td>3,609</td><td>17,785</td></tr><tr><td>Funds applied to loss on operations</td><td></td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td></tr></table>
Note: See page 82 for footnotes.
October 1946
81
Corporations and Certain Other Agencies of the United States Government - (Continued)
Section III - S
ources and Application of Funds for the Twelve Months Ended June 30, 1946 - (Continued)
Table 3.- Certain Other Agencies
(In thousands of dollars)
<table><tr><th></th><th>Total</th><th>Executive Office of the President Office for Emergency Management War Shipping Administration</th><th>Department of Agriculture Farm Credit Administration 14/</th><th>Farm Security Administration</th><th>Sural Electrification Administration</th><th>Department of the Interior 15/</th><th>Federal Works Agency 16/</th><th>National Housing Agency Federal Housing Administration</th><th>United States Maritime Commission</th><th>Other 17/</th></tr><tr><td colspan="11">Sources of funds</td></tr><tr><td>Borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From Government corporations.</td><td>163,751</td><td>-</td><td>-</td><td>79,200</td><td>82,000</td><td>-</td><td>-</td><td>2,551</td><td>-</td><td>-</td></tr><tr><td>From public.</td><td>8,544</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>8,544</td><td>-</td><td>-</td></tr><tr><td>Total borrowings.</td><td>172,295</td><td>-</td><td>-</td><td>79,200</td><td>82,000</td><td>-</td><td>-</td><td>11,095</td><td>-</td><td>-</td></tr><tr><td>Capital and surplus subscriptions:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>By U. S. Treasury.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Appropriations (net expenditures).</td><td>1,402,306</td><td>1,589,467</td><td>-1,893</td><td>30,418</td><td>11,210</td><td>-706</td><td>58,176</td><td>-</td><td>-8,081</td><td>-276,285</td></tr><tr><td>Sale or collection of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>2,842</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,842</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations.</td><td>4,015,874</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4,015,874</td></tr><tr><td>Other securities.</td><td>1,247</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>1,244</td></tr><tr><td>Total sale or collection of investments.</td><td>4,019,963</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,845</td><td>-</td><td>4,017,118</td></tr><tr><td>Repayments on loans.</td><td>249,801</td><td>-</td><td>23,577</td><td>126,495</td><td>11,096</td><td>2,207</td><td>534</td><td>6,092</td><td>10,342</td><td>69,459</td></tr><tr><td>Sale of acquired security or collateral.</td><td>21,593</td><td>-</td><td>212</td><td>1,005</td><td>-</td><td>-</td><td>-</td><td>20,350</td><td>-</td><td>25</td></tr><tr><td>Decrease in working capital and deferred items.</td><td>318,149</td><td>-</td><td>-</td><td>-</td><td>-</td><td>153</td><td>46,591</td><td>-</td><td>270,445</td><td>960</td></tr><tr><td>Funds provided by profit on operations.</td><td>185,874</td><td>-</td><td>129</td><td>-</td><td>-</td><td>-</td><td>4,256</td><td>19,411</td><td>-</td><td>162,078</td></tr><tr><td>Other sources.</td><td>2,204,233</td><td>694,780</td><td>28,343</td><td>1</td><td>521</td><td>2,910</td><td>-</td><td>1,470,464</td><td>7,213</td><td>-</td></tr><tr><td>Total funds provided.</td><td>8,574,212</td><td>2,284,247</td><td>22,024</td><td>265,461</td><td>104,307</td><td>2,175</td><td>112,467</td><td>59,794</td><td>1,743,170</td><td>3,980,567</td></tr><tr><td colspan="11">Application of funds</td></tr><tr><td>Repayment of borrowings:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To Government corporations.</td><td>100,932</td><td>-</td><td>-</td><td>85,326</td><td>15,602</td><td>-</td><td>-</td><td>4</td><td>-</td><td>-</td></tr><tr><td>To public.</td><td>2,496</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2,496</td><td>-</td><td>-</td></tr><tr><td>Total repayment of borrowings.</td><td>103,428</td><td>-</td><td>-</td><td>85,326</td><td>15,602</td><td>-</td><td>-</td><td>2,500</td><td>-</td><td>-</td></tr><tr><td>Repayment of paid-in capital:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>To U. S. Treasury.</td><td>36,310</td><td>-</td><td>-</td><td>30,770</td><td>69</td><td>-</td><td>3,457</td><td>1,407</td><td>-</td><td>607</td></tr><tr><td>Purchase of investments:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt obligations of United States.</td><td>9,400</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,400</td><td>-</td><td>-</td></tr><tr><td>Securities of Government corporations.</td><td>3,519,300</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3,519,300</td></tr><tr><td>Other securities.</td><td>159,027</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>159,025</td></tr><tr><td>Total purchase of investments.</td><td>3,687,727</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9,402</td><td>-</td><td>3,678,325</td></tr><tr><td>Loans made.</td><td>289,236</td><td>-</td><td>17,982</td><td>113,500</td><td>87,253</td><td>910</td><td>4,400</td><td>7,671</td><td>-</td><td>57,520</td></tr><tr><td>Acquisition and improvement of acquired security or collateral.</td><td>21,101</td><td>-</td><td>13</td><td>1,370</td><td>-</td><td>-</td><td>-</td><td>19,578</td><td>-</td><td>140</td></tr><tr><td>Acquisition and improvement of land, structures, and equipment.</td><td>1,265,551</td><td>482,082</td><td>-</td><td>3,025</td><td>43</td><td>-</td><td>57,868</td><td>210</td><td>613,146</td><td>109,176</td></tr><tr><td>Increase in working capital and deferred items.</td><td>185,141</td><td>129,660</td><td>16</td><td>16,091</td><td>704</td><td>44</td><td>1</td><td>19,026</td><td>-</td><td>19,599</td></tr><tr><td>Funds applied to loss on operations.</td><td>1,925,058</td><td>1,667,579</td><td>-</td><td>11,205</td><td>623</td><td>1,063</td><td>40,586</td><td>-</td><td>203,915</td><td>87</td></tr><tr><td>Other applications.</td><td>1,060,660</td><td>4,926</td><td>4,013</td><td>4,174</td><td>14</td><td>157</td><td>6,154</td><td>-</td><td>926,108</td><td>115,113</td></tr><tr><td>Total funds applied.</td><td>8,574,212</td><td>2,284,247</td><td>22,024</td><td>265,461</td><td>104,307</td><td>2,175</td><td>112,467</td><td>59,794</td><td>1,743,170</td><td>3,980,567</td></tr><tr><td colspan="11">Adjustments of net income (or loss [ - ])</td></tr><tr><td>Net income (or loss[ - ]).</td><td>-958,045</td><td>-852,815</td><td>5,903</td><td>-28,456</td><td>-1,079</td><td>-1,111</td><td>-36,330</td><td>19,498</td><td>-196,372</td><td>132,716</td></tr><tr><td>Depreciation and obsolescence.</td><td>13,501</td><td>-</td><td>4,837</td><td>145</td><td>40</td><td>48</td><td>-</td><td>106</td><td>28</td><td>13,279</td></tr><tr><td>Assets charged off.</td><td>17,934</td><td>-</td><td>31</td><td>3,568</td><td>-</td><td>458</td><td>-</td><td>-</td><td>-</td><td>12,495</td></tr><tr><td>Capital gains [ - ] and losses.</td><td>4,377</td><td>-</td><td>13,539</td><td>-</td><td>398</td><td>-9</td><td>-</td><td>619</td><td>-</td><td>159</td></tr><tr><td>Adjustments of valuation reserves.</td><td>5,806</td><td>-10,640</td><td>-2</td><td>-</td><td>19</td><td>-448</td><td>-</td><td>-812</td><td>-</td><td>3,330</td></tr><tr><td>Other adjustments.</td><td>-822,756</td><td>-814,763</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-7,570</td><td>10</td></tr><tr><td>Funds provided by profit on operations.</td><td>185,874</td><td>1,667,579</td><td>129</td><td>11,205</td><td>623</td><td>1,063</td><td>40,586</td><td>19,411</td><td>203,915</td><td>162,078</td></tr><tr><td>Funds applied to lose on operations.</td><td>1,925,058</td><td>1,667,579</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>87</td></tr></table>
Note: See page 82 for footnotes.
82
Treasury Bulletin
Corporations and Certain Other Agencies of the United States Government - (Continued)
Footnotes to Section I
1. Revise. Less than $50 thousand.
1/ Excludes unexpended balances of appropriated funds.
1e/ With respect to Smaller War Plants Corporation and RFC and affil-iate, figures are as of May 31, 1946 (the latest available at time of publication).
2/ Includes notes for short-term borrowings.
2e/ With respect to RFC, RFC Mortgage Company, Federal National Mort-gage Association, and U. S. Commercial Company, figures are as of May 31, 1946 (the latest available at time of publication).
3/ Transferred to Department of State under E. O. 9710, dated April 10, 1946, effective May 20, 1945.
4/ Figures are as of May 31, 1946 (the latest available at time of publication).
5/ Merged with the Reconstruction Finance Corporation as of July 1, 1945.
6/ Consists of Agricultural Marketing Act Revolving Fund and Emergency Crop and Feed Loans.
7/ Consists of Indian Loans, Puerto Rican Hurricane Relief Loan Sec-tion, and Puerto Rico Reconstruction Administration.
8/ Consists of Public Works Administration and Bureau of Community Facilities.
9/ Consists of Federal Public Housing Authority - Farm Security Admin-istration program and Public war housing program; Federal Security Agency - loans to students; Navy Department - guaranteed loans (World War II); Treasury Department - miscellaneous loans; and War Department - guaranteed loans (World War II).
10/ Includes participation by other agencies of $7.0 million in loans of Export-Import Bank of Washington.
11/ Commits to purchase loans amounted to an additional $58.9 mil-lion on June 30, 1946.
12/ Figures are as of May 31, 1946 (the latest available at time of publication). The June 30, 1946 figures will appear in the "Annual Report of the Secretary of the Treasury" and the "Combined Statement of Receipts, Expenditures, and Balances of the United States Government" for the fiscal year ended June 30, 1946.
13/ Includes the Federal land banks of Springfield, Mass., Baltimore, Md., Columbia, S. C., Louisville, Ky., New Orleans, La., St. Louis, Mo., Omaha, Nebr., Wichita, Kane., Houston, Tex., Berkeley, Calif., and Spokane, Wash., which have retired the capital stock and paid-in surplus previously held by the United States Government.
14/ Includes guaranteed loans held by lending agencies.
15/ Includes real estate sales contracts.
16/ The reserve for losses on loans receivable includes other loss re-serves which cannot be distributed to the assets to which they apply.
17/ Represents excess of assets over liabilities transferred to RFC.
18/ Public Law 519, July 24, 1946, authorized the Secretary of the Treasury to cancel notes in the amount of $921.5 million, pursuant to act of March 5, 1935, as amended. Cancellation of this amount was effected on July 25, 1946.
19/ Consists of paid-in capital (U. S. owned), Treasury loans to Gov-ernment corporations, and earned surplus or deficit (U. S. share).
20/ Includes Warrior River Terminal Company, Inc., a wholly owned sub-sidiary.
21/ Consists of Institute of Inter-American Affairs, Institute of Inter-American Transportation, Inter-American Educational Foundation, Inc., Inter-American Navigation Corporation, and Frenclinarado, Inc.
22/ Represents liability for excess funds to be deposited pursuant to
23/ Excludes $1.0 million in transit for redemptions. Represents advances from the RFC for the payment of operating expenses.
25/ Net of return of excess funds pursuant to Public Law 301, approved February 18, 1946, and Public Law 391, approved May 27, 1946. Includes administrative expense costs of $39.6 million advanced from Federal funds.
26/ Effective July 1, 1945, pursuant to Public Law 109 approved June 30, 1945, Defense Plant Corporation, Defense Supplies Corporation, Metals Reserve Company, Rubber Reserve Company, and Disaster Loan Corporation were dissolved and merged within the RFC.
27/ Figures are as of May 31, 1946 (the latest available at time of publication), with Treasury Department adjustments for interagency issues to June 30, 1946. figures for other corporations and agencies. The June 30, 1946 figures will appear in the "Annual Report of the Secretary of the Treasury" and the "Combined Statement of Receipts, Expenditures, and Balances of the United States Government" for the fiscal year ended June 30, 1946.
28/ Consists of Rubber Development Corporation and U. S. Commercial Company, which were transferred to RFC from Foreign Economic Administration under E. O. 9630, and War Damage Corporation. War Assets Corporation was dissolved on June 30, 1946.
29/ Net of $125.3 million reserve for losses against other assets of U. S. Commercial Company.
30/ For purposes of this report the entire amount of earned surplus of this Corporation is reported as a liability reserve to cover possible insurance losses.
31/ Figures represent activities under U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 5 of this section.
32/ Loan commitments amount to $337.0 million against which advances of $278.2 million have been made, leaving commitments to purchase loans of $58.9 million.
33/ Consists of Federal Public Housing Authority - Homee conversion program, Farm Security Administration program, Public war housing program, and Veterans' housing program; Federal Security Agency - loans to students; Navy Department - guaranteed loans (World War II) and sale of surplus supplies (World War I); Treasury Department - miscellaneous loans and certain other assets; War Department - guarantee loans (World War II).
34/ Includes the value of vessels and other expenses transferred from the U. S. Maritime Commission.
35/ Excludes the value of vessels and other expenses transferred to the War Shipping Administration for which no transfer of funds will be required.
36/ Represents excess of expenditures incurred pursuant to legislation for such activities as: construction and operation of merchant marine fleet in interest of the war effort; relief to farmers; loans and grants for rural rehabilitation and subsistence home- steads; relief and rehabilitation in Puerto Rico; loans, grants, and relief in construction of housing, public works, and community facilities; and others.
37/ Includes $77.4 million representing equity of mortgagees in earnings of group accounts of the Mutual Mortgage Insurance Fund.
38/ Consists of paid-in capital (U. S. owned), less Treasury loans to Government corporations, plus excess of income (or expense).
Footnotes to Section II
Revised.
1/ Represents excess of expenses, and include surplus reserves as well as unreserved surplus or deficit.
2/ Same as footnote 13, section I.
3/ Includes indirect grants, subsidies, and contributions.
4/ Includes adjustment by Treasury Department to give effect to results of operations from December 31, 1945 to January 28, 1946, and not costs of liquidation of corporation by R.P.C. from January 29, 1946 to May 31, 1946 pursuant to I. O. 9665 dated December 27, 1945.
5/ Same as footnote 20, section I.
6/ Same as footnote 21, section I.
7/ Represents administrative expenses paid from General Fund appropriations.
8/ Depreciation charges for the period included within various operating
9/ Same as footnote 27, section I.
10/ Same as footnote 29, section I.
11/ Same as footnote 31, section I.
12/ Figures represent activities under U. S. Housing Act, as amended. War housing and other operations of the Authority are reflected in the classification "Other" in Table 3 of this section.
13/ The net income from power operations has been reduced by the net outlay for nonrevenue producing programs such as flood control, navigation, and experimental projects.
14/ Same as footnote 6, section I.
15/ Same as footnote 7, section I.
16/ Same as footnote 8, section I.
17/ Same as footnote 34, section I.
Footnotes to Section III
Less than $500.
1/ Includes exchanges of securities in the amount of $799,000 thousand for Commodity Credit Corporation.
2/ Figures are as of May 31, 1946 (the latest available at time of publication). Statement has been constructed by the Treasury Department to give effect to corporation transactions through December 31, 1945, and thereafter to transfer of assets and liabilities to RFC pursuant to E. O. 9665, dated December 27, 1945. The June 30, 1946 figures will appear in the "Annual Report of the Secretary of the Treasury" for the fiscal year ended June 30, 1946.
3/ Same as footnote 13, section I.
4/ Figures shown are net.
5/ Same as footnote 20, section I.
6/ Same as footnote 21, section I.
7/ Represents deposits of excess funds pursuant to Public Law 301, ap-
8/ Represents excess funds to be deposited pursuant to Public Law 391, approved May 27, 1946.
9/ Same as footnote 27, section I.
10/ Figures are as of May 31, 1946 (the latest available at time of publication). The June 30, 1946 figures will appear in the "Annual Report of the Secretary of the Treasury" for the fiscal year ended June 30, 1946.
11/ Same as footnote 29, section I.
12/ Excludes transactions in guaranteed loans held by lending agencies.
13/ Same as footnote 12, section II.
14/ Same as footnote 6, section I.
15/ Same as footnote 7, section I.
16/ Same as footnote 8, section I.
17/ Same as footnote 34, section I.
October 1946
83
INTERNAL REVENUE STATISTICS
Treasury Bulletin
48
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Piecayear 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 profit 3/</th><th>Miscellaneous profit taxes 4/</th><th>Total employment taxes</th><th colspan="2">Social Security taxes</th><th>Railroad retirement 1/</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Old-age insurance 5/</th><th>Unemployment insurance 6/</th><th></th></tr><tr><td>1937</td><td>4,597,130</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>43,800,338</td><td>35,061,526</td><td>19,034,313</td><td>15,883,235</td><td>143,978</td><td>1,779,177</td><td>1,307,931</td><td>186,489</td><td>284,758</td></tr><tr><td>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>1946-August</td><td>2,848,726</td><td>-165,959</td><td>3,014,684</td><td>1,916,334</td><td>1,569,985</td><td>341,598</td><td>4,751</td><td>274,151</td><td>230,282</td><td>8,791</td><td>35,078</td></tr><tr><td>September</td><td>4,846,585</td><td>+725,043</td><td>4,121,542</td><td>3,552,851</td><td>1,162,276</td><td>2,379,553</td><td>11,022</td><td>37,339</td><td>3,352</td><td>619</td><td>33,368</td></tr><tr><td>October</td><td>2,340,240</td><td>-498,887</td><td>2,839,127</td><td>2,030,951</td><td>1,388,792</td><td>636,181</td><td>5,978</td><td>102,270</td><td>96,706</td><td>3,595</td><td>1,969</td></tr><tr><td>November</td><td>2,383,156</td><td>-320,902</td><td>2,704,058</td><td>1,856,041</td><td>1,466,568</td><td>383,325</td><td>6,149</td><td>243,343</td><td>197,920</td><td>9,990</td><td>35,433</td></tr><tr><td>December</td><td>3,948,437</td><td>+656,276</td><td>3,292,161</td><td>2,741,561</td><td>586,112</td><td>2,114,631</td><td>12,817</td><td>39,012</td><td>4,455</td><td>818</td><td>33,739</td></tr><tr><td>1946-January</td><td>3,451,384</td><td>-473,348</td><td>3,924,731</td><td>3,189,493</td><td>2,346,821</td><td>836,516</td><td>6,156</td><td>92,718</td><td>61,849</td><td>28,172</td><td>2,698</td></tr><tr><td>February</td><td>3,683,858</td><td>-418,248</td><td>4,102,106</td><td>3,206,274</td><td>2,839,049</td><td>363,553</td><td>3,672</td><td>299,140</td><td>183,229</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>7,920</td><td>49,633</td></tr><tr><td>April</td><td>2,310,098</td><td>-105,735</td><td>2,415,833</td><td>1,703,072</td><td>1,216,546</td><td>481,232</td><td>5,295</td><td>98,277</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>21,271</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><tr><td>July</td><td>2,250,898</td><td>-330,568</td><td>2,581,465</td><td>1,757,352</td><td>1,232,143</td><td>521,114</td><td>4,095</td><td>115,696</td><td>109,960</td><td>3,269</td><td>2,467</td></tr><tr><td>August</td><td>2,494,459</td><td>-241,431</td><td>2,735,890</td><td>1,765,649</td><td>1,415,371</td><td>346,082</td><td>4,196</td><td>280,853</td><td>239,705</td><td>8,475</td><td>32,674</td></tr></table>
Miscellaneous internal revenue
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estates 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>449,854</td><td>80,161</td><td>-</td></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,374</td><td>567,669</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502</td><td>-</td></tr><tr><td>1939</td><td>2,236,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td><td>-</td></tr><tr><td>1940</td><td>2,359,641</td><td>132,739</td><td>360,071</td><td>624,064</td><td>608,073</td><td>38,681</td><td>447,088</td><td>148,925</td><td>-</td></tr><tr><td>1941</td><td>2,954,553</td><td>166,653</td><td>407,058</td><td>819,859</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>511,210</td><td>1,618,045</td><td>988,483</td><td>50,800</td><td>728,694</td><td>1,075,401</td><td>-</td></tr><tr><td>1945</td><td>6,959,634</td><td>371,999</td><td>643,055</td><td>2,309,804</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-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>135,869</td><td>120,821</td><td>-</td></tr><tr><td>February</td><td>596,692</td><td>111</td><td>53,690</td><td>210,021</td><td>89,496</td><td>8,139</td><td>141,929</td><td>93,306</td><td>-</td></tr><tr><td>March</td><td>638,998</td><td>169</td><td>84,471</td><td>212,322</td><td>99,436</td><td>8,848</td><td>113,798</td><td>119,953</td><td>-</td></tr><tr><td>April</td><td>614,484</td><td>1,158</td><td>65,599</td><td>214,055</td><td>96,468</td><td>7,371</td><td>111,281</td><td>118,553</td><td>-</td></tr><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>198,499</td><td>99,624</td><td>8,219</td><td>130,962</td><td>110,215</td><td>-</td></tr><tr><td>July</td><td>708,417</td><td>236</td><td>74,257</td><td>238,881</td><td>96,264</td><td>7,215</td><td>148,477</td><td>143,126</td><td>-</td></tr><tr><td>August</td><td>689,373</td><td>62</td><td>57,974</td><td>236,146</td><td>109,617</td><td>7,528</td><td>143,051</td><td>135,011</td><td>-</td></tr></table>
Source: (1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue.
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 Alaska Railroads. The excess profit 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.
October 1946
85
COLLECTIONS OF INTERNAL REVENUE
U Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-185-0
36
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 2 months</th><th>August 1945</th><th>August 1946</th></tr><tr><th></th><th>1945</th><th>1946</th><th>Fiscal year 1946</th><th>Fiscal year 1947</th><th></th><th></th></tr><tr><td colspan="7">Income and profit taxes:</td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>10,263,418</td><td>9,857,466</td><td>2,710,143</td><td>2,196,287</td><td>1,460,844</td><td>1,338,765</td></tr><tr><td>Revenue Act of 1942</td><td>802</td><td>123</td><td>48</td><td>3</td><td>(-913)</td><td>2</td></tr><tr><td>Other:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>8,567,147</td><td>8,430,377</td><td>405,295</td><td>383,589</td><td>86,905</td><td>42,407</td></tr><tr><td>Back</td><td>202,947</td><td>416,571</td><td>42,571</td><td>67,633</td><td>23,148</td><td>34,197</td></tr><tr><td>Total individual income taxes</td><td>19,034,313</td><td>18,704,536</td><td>3,157,858</td><td>2,647,514</td><td>1,569,985</td><td>1,415,371</td></tr><tr><td>Corporation:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current 3/</td><td>4,421,682</td><td>3,901,917</td><td>235,343</td><td>269,077</td><td>74,389</td><td>109,926</td></tr><tr><td>Back</td><td>458,034</td><td>738,032</td><td>95,372</td><td>64,542</td><td>39,332</td><td>32,186</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>657,126</td><td>533,576</td><td>227,877</td><td>203,969</td></tr><tr><td>Total corporation taxes</td><td>15,883,235</td><td>12,462,437</td><td>988,041</td><td>867,196</td><td>341,598</td><td>346,082</td></tr><tr><td>Miscellaneous profit taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Declared value</td><td>143,798</td><td>91,130</td><td>12,337</td><td>8,286</td><td>4,747</td><td>4,192</td></tr><tr><td>Vinegar Act</td><td>180</td><td>35</td><td>5</td><td>5</td><td>1</td><td>3</td></tr><tr><td>Unjust enrichment</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total miscellaneous profit taxes</td><td>143,978</td><td>91,165</td><td>12,342</td><td>8,291</td><td>4,751</td><td>4,196</td></tr><tr><td>Total income and profit taxes</td><td>35,061,526</td><td>31,258,138</td><td>4,158,241</td><td>3,523,001</td><td>1,916,334</td><td>1,765,649</td></tr><tr><td colspan="7">Employment taxes:</td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 5/</td><td>1,307,931</td><td>1,237,825</td><td>347,937</td><td>349,665</td><td>230,282</td><td>239,705</td></tr><tr><td>Unemployment insurance 6/</td><td>186,889</td><td>178,745</td><td>13,885</td><td>11,744</td><td>8,791</td><td>8,475</td></tr><tr><td>Total Social Security taxes</td><td>1,494,420</td><td>1,416,570</td><td>361,822</td><td>361,409</td><td>239,073</td><td>248,180</td></tr><tr><td>Railroad retirement 7/</td><td>284,758</td><td>284,258</td><td>37,800</td><td>35,141</td><td>35,078</td><td>32,674</td></tr><tr><td>Total employment taxes</td><td>1,779,177</td><td>1,700,828</td><td>399,622</td><td>396,550</td><td>274,151</td><td>280,853</td></tr><tr><td colspan="7">Miscellaneous internal revenues:</td></tr><tr><td>Capital stock tax</td><td>372,999</td><td>352,121</td><td>313,860</td><td>298</td><td>208,936</td><td>62</td></tr><tr><td>Estates tax</td><td>596,137</td><td>629,601</td><td>116,282</td><td>130,745</td><td>68,187</td><td>57,349</td></tr><tr><td>Gift tax</td><td>46,918</td><td>47,232</td><td>1,042</td><td>1,487</td><td>414</td><td>625</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirits (imported, excise)</td><td>199,691</td><td>143,080</td><td>16,521</td><td>23,463</td><td>6,809</td><td>9,661</td></tr><tr><td>Distilled spirits (domestic, excise)</td><td>1,284,613</td><td>1,603,497</td><td>232,334</td><td>301,901</td><td>116,705</td><td>153,394</td></tr><tr><td>Distilled spirits rectification tax</td><td>32,549</td><td>41,880</td><td>5,378</td><td>7,914</td><td>2,734</td><td>4,092</td></tr><tr><td>Wine, cordials, etc. (imported, excise)</td><td>2,122</td><td>2,594</td><td>168</td><td>519</td><td>141</td><td>106</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>45,269</td><td>58,250</td><td>5,697</td><td>11,298</td><td>2,854</td><td>5,536</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><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>4,279</td><td>5,369</td><td>973</td><td>1,434</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>6</td><td>25</td><td>5</td><td></td><td></td><td></td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>886</td><td>840</td><td>137</td><td>144</td><td>67</td><td>69</td></tr><tr><td>Container stamps</td><td>11,213</td><td>13,309</td><td>1,831</td><td>2,277</td><td>1,016</td><td>1,166</td></tr><tr><td>Floor taxes</td><td>83,343</td><td>696</td><td>238</td><td>123</td><td>123</td><td>73</td></tr><tr><td>Fermented malt liquors</td><td>638,682</td><td>650,824</td><td>128,721</td><td>120,009</td><td>66,787</td><td>60,042</td></tr><tr><td>Brewers; dealers in malt liquors (special taxes)</td><td>3,130</td><td>3,106</td><td>1,648</td><td>2,009</td><td>411</td><td>572</td></tr><tr><td>Total alcoholic beverage taxes</td><td>2,309,894</td><td>2,526,162</td><td>396,956</td><td>475,027</td><td>198,621</td><td>236,146</td></tr><tr><td>Tobacco taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigars (large)</td><td>36,593</td><td>41,384</td><td>5,798</td><td>7,604</td><td>3,209</td><td>4,173</td></tr><tr><td>Cigars (small)</td><td>84</td><td>70</td><td>11</td><td>11</td><td>6</td><td>6</td></tr><tr><td>Cigarettes (large)</td><td>695</td><td>172</td><td>160</td><td>1</td><td>58</td><td></td></tr><tr><td>Cigarettes (small)</td><td>836,058</td><td>1,072,799</td><td>176,029</td><td>190,378</td><td>99,675</td><td>101,315</td></tr><tr><td>Souff</td><td>7,741</td><td>7,373</td><td>1,253</td><td>1,092</td><td>679</td><td>597</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>49,574</td><td>41,961</td><td>8,357</td><td>6,771</td><td>4,524</td><td>3,496</td></tr><tr><td>Cigarette papers and tubes</td><td>1,390</td><td>1,757</td><td>519</td><td>22</td><td>319</td><td>10</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Cigarette and cigar floor taxes</td><td>8</td><td>3</td><td>2</td><td></td><td>2</td><td>1</td></tr><tr><td>Total tobacco taxes</td><td>932,145</td><td>1,165,519</td><td>192,129</td><td>205,881</td><td>108,472</td><td>109,617</td></tr><tr><td>Stamp taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds, issues of capital stock, deeds of conveyance, etc.</td><td>33,157</td><td>47,393</td><td>5,777</td><td>9,404</td><td>2,989</td><td>4,766</td></tr><tr><td>Transfers of capital stock and similar interest</td><td>24,852</td><td>30,369</td><td>4,336</td><td>3,634</td><td>1,779</td><td>1,752</td></tr><tr><td>Playing cards</td><td>7,493</td><td>9,766</td><td>1,235</td><td>1,565</td><td>710</td><td>882</td></tr><tr><td>Silver bullion sales or transfers</td><td>25</td><td>149</td><td>2</td><td>140</td><td>1</td><td>127</td></tr><tr><td>Total stamp taxes</td><td>65,528</td><td>87,676</td><td>11,349</td><td>14,743</td><td>5,479</td><td>7,528</td></tr></table>
(Continued on following page)
October 1946
87
Detailed Analysis of Internal Revenue Collections 1/- (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 2 months</th><th colspan="2"></th></tr><tr><th></th><th>1945</th><th>1946</th><th>Fiscal year 1946</th><th>Fiscal year 1947</th><th>August 1945</th><th>August 1946</th></tr><tr><td>Miscellaneous internal revenue (continued):</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Manufacturers' and retailers' excise taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Lubricating oils</td><td>92,865</td><td>74,602</td><td>19,858</td><td>15,164</td><td>6,214</td><td>6,093</td></tr><tr><td>Gasoline</td><td>405,563</td><td>405,695</td><td>72,324</td><td>75,819</td><td>32,806</td><td>39,197</td></tr><tr><td>Tires and tubes</td><td>75,257</td><td>118,072</td><td>14,259</td><td>28,060</td><td>5,334</td><td>10,867</td></tr><tr><td>Floor taxes on tires and tubes</td><td></td><td>19</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Automobile trucks and buses</td><td>20,847</td><td>37,144</td><td>10,276</td><td>6,841</td><td>6,189</td><td>3,163</td></tr><tr><td>Other automobiles and motorcycles</td><td>2,558</td><td>25,893</td><td>1,564</td><td>24,562</td><td>785</td><td>13,386</td></tr><tr><td>Parts and accessories for automobiles</td><td>49,440</td><td>68,871</td><td>12,386</td><td>13,826</td><td>6,477</td><td>6,521</td></tr><tr><td>Electrical energy</td><td>57,004</td><td>59,112</td><td>8,877</td><td>10,106</td><td>4,695</td><td>5,062</td></tr><tr><td>Electric, gas, and oil appliances</td><td>12,060</td><td>25,492</td><td>2,711</td><td>8,627</td><td>1,139</td><td>4,379</td></tr><tr><td>Electric light bulbs and tubes</td><td>11,035</td><td>17,781</td><td>1,329</td><td>4,268</td><td>565</td><td>2,519</td></tr><tr><td>Electric signs (repealed as of 11/1/42)</td><td>55</td><td>56</td><td>11</td><td>10</td><td>7</td><td>7</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>4,753</td><td>13,385</td><td>662</td><td>7,351</td><td>299</td><td>4,551</td></tr><tr><td>Phonograph records</td><td>2,015</td><td>3,902</td><td>344</td><td>1,219</td><td>147</td><td>605</td></tr><tr><td>Musical instruments</td><td>927</td><td>2,839</td><td>191</td><td>1,166</td><td>88</td><td>674</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>1,637</td><td>9,229</td><td>621</td><td>5,401</td><td>413</td><td>2,573</td></tr><tr><td>Matches</td><td>9,349</td><td>10,247</td><td>1,973</td><td>733</td><td>1,223</td><td>459</td></tr><tr><td>Floor taxes on matches</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Business and store machines</td><td>10,120</td><td>15,792</td><td>2,272</td><td>3,766</td><td>1,024</td><td>1,625</td></tr><tr><td>Furs - retailers' excise</td><td>79,418</td><td>91,706</td><td>6,278</td><td>6,808</td><td>3,338</td><td>3,629</td></tr><tr><td>Jewelry - retailers' excise</td><td>154,220</td><td>223,342</td><td>32,379</td><td>37,038</td><td>15,599</td><td>17,793</td></tr><tr><td>Luggage - retailers' excise (effective 4/1/44)</td><td>73,051</td><td>81,423</td><td>13,118</td><td>14,909</td><td>6,353</td><td>7,204</td></tr><tr><td>Luggage - manufacturers' excise (suspended as of 4/1/44)</td><td>6</td><td>15</td><td>7</td><td>*</td><td>1</td><td>*</td></tr><tr><td>Optical equipment (repealed as of 11/1/42)</td><td>73</td><td>18</td><td>2</td><td>3</td><td>1</td><td>3</td></tr><tr><td>Photographic apparatus</td><td>19,288</td><td>21,184</td><td>5,070</td><td>5,788</td><td>1,390</td><td>2,692</td></tr><tr><td>Rubber articles (repealed as of 11/1/42)</td><td>228</td><td>125</td><td>*</td><td>4</td><td>*</td><td>3</td></tr><tr><td>Sporting goods</td><td>4,248</td><td>7,878</td><td>1,053</td><td>2,825</td><td>541</td><td>1,500</td></tr><tr><td>Toilet preparations - retailers' excise</td><td>86,615</td><td>95,574</td><td>14,982</td><td>15,534</td><td>7,372</td><td>7,469</td></tr><tr><td>Washing machines (repealed as of 11/1/42)</td><td>4</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Firearms, shells and cartridges</td><td>3,132</td><td>5,232</td><td>553</td><td>1,400</td><td>320</td><td>533</td></tr><tr><td>Pistols and revolvers</td><td>5</td><td>61</td><td>1</td><td>259</td><td>1</td><td>244</td></tr><tr><td>Repeated taxes not listed above</td><td>35</td><td>25</td><td>1</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total manufacturers' and retailers' excise taxes</td><td>1,206,616</td><td>1,414,717</td><td>223,063</td><td>291,488</td><td>102,324</td><td>143,051</td></tr><tr><td>Miscellaneous taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bituminous Coal Act of 1937</td><td>35</td><td>34</td><td>7</td><td>1</td><td>6</td><td>1</td></tr><tr><td>Sugar Act of 1937</td><td>73,294</td><td>56,732</td><td>12,112</td><td>9,517</td><td>5,989</td><td>4,184</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>wires, etc.</td><td>208,018</td><td>234,393</td><td>38,275</td><td>42,918</td><td>16,778</td><td>20,194</td></tr><tr><td>Local telephone service</td><td>133,569</td><td>145,689</td><td>24,397</td><td>28,182</td><td>10,813</td><td>11,454</td></tr><tr><td>Transportation of oil by pipe line</td><td>16,286</td><td>14,824</td><td>2,597</td><td>2,561</td><td>1,269</td><td>1,169</td></tr><tr><td>Transportation of persons, seats, berths</td><td>234,182</td><td>226,750</td><td>45,856</td><td>44,764</td><td>23,588</td><td>24,343</td></tr><tr><td>Transportation of property (effective 12/1/42)</td><td>221,088</td><td>220,121</td><td>39,651</td><td>44,011</td><td>18,961</td><td>22,160</td></tr><tr><td>Use of motor vehicles (effective 2/1/42)</td><td>128,701</td><td>115,960</td><td>111,473</td><td>224</td><td>12,999</td><td>30</td></tr><tr><td>Use of boats (effective 2/1/42)</td><td>336</td><td>182</td><td>162</td><td>*</td><td>30</td><td>*</td></tr><tr><td>Leases of safe-deposit boxes</td><td>7,311</td><td>7,857</td><td>1,333</td><td>1,403</td><td>601</td><td>721</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>300,589</td><td>343,191</td><td>54,650</td><td>67,865</td><td>27,133</td><td>33,748</td></tr><tr><td>Admissions to cabarets, rock gardens, etc.</td><td>56,877</td><td>72,077</td><td>11,972</td><td>11,921</td><td>6,157</td><td>5,790</td></tr><tr><td>Club dues and initiation fees</td><td>14,160</td><td>18,899</td><td>3,128</td><td>4,246</td><td>1,634</td><td>2,329</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>4,160</td><td>4,011</td><td>2,567</td><td>2,933</td><td>1,069</td><td>1,349</td></tr><tr><td>Coin operated devices</td><td>19,100</td><td>17,092</td><td>11,332</td><td>13,983</td><td>3,924</td><td>5,798</td></tr><tr><td>Adulterated and processed or renovated butter, mixed flour & filled cheese</td><td>58</td><td>44</td><td>37</td><td>4</td><td>28</td><td>2</td></tr><tr><td>Oleomargarine, including special taxes</td><td>5,503</td><td>4,932</td><td>1,387</td><td>1,680</td><td>353</td><td>485</td></tr><tr><td>Mariotice, including marijuana and special taxes</td><td>756</td><td>694</td><td>176</td><td>224</td><td>26</td><td>42</td></tr><tr><td>Coconut and other vegetable oils processed</td><td>6,208</td><td>6,268</td><td>856</td><td>1,686</td><td>408</td><td>907</td></tr><tr><td>National Firearms Act</td><td>16</td><td>6</td><td>3</td><td>3</td><td>1</td><td>2</td></tr><tr><td>All other, including repealed taxes not listed above</td><td>180</td><td>171</td><td>1</td><td>g</td><td>1</td><td>4</td></tr><tr><td>Total miscellaneous taxes</td><td>1,430,428</td><td>1,489,925</td><td>359,772</td><td>278,137</td><td>131,767</td><td>135,011</td></tr><tr><td>Total miscellaneous internal revenue</td><td>6,959,634</td><td>7,712,953</td><td>1,615,053</td><td>1,397,805</td><td>824,199</td><td>683,388</td></tr><tr><td>Total internal revenue collections</td><td>43,800,338</td><td>40,671,919</td><td>6,172,916</td><td>5,317,356</td><td>3,014,684</td><td>2,735,890</td></tr><tr><td>Adjustment to Daily Treasury Statement</td><td>+101,664</td><td>-361,585</td><td>-797,567</td><td>-571,999</td><td>-165,959</td><td>-241,431</td></tr><tr><td>Total receipts from internal revenue (Daily Treasury Statement)</td><td>43,902,002</td><td>40,310,333</td><td>5,375,349</td><td>4,745,357</td><td>2,848,726</td><td>2,494,459</td></tr></table>
Source: (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. Less than $500. 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 $308,505 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
88
MONETARY STATISTICS
October 1946
89
Gold Assets and Liabilities of the Treasury
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Gold assets</th><th colspan="4">Liabilities</th></tr><tr><th></th><th></th><th>Gold certificates 1/</th><th>Gold reserve against U.S. notes, etc. 2/</th><th>Exchange Stabilization Fund 3/</th><th>Gold in General Fund</th></tr><tr><td>1936</td><td>11,257.6</td><td>8,959.6</td><td>156.0</td><td>1,800.0</td><td>341.9</td></tr><tr><td>1937</td><td>12,760.0</td><td>9,212.3</td><td>156.0</td><td>1,800.0</td><td>1,591.6</td></tr><tr><td>1938</td><td>14,511.2</td><td>11,872.8</td><td>156.0</td><td>1,800.0</td><td>682.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,278.6</td><td>156.0</td><td>1,800.0</td><td>408.9</td></tr><tr><td>1940</td><td>21,994.5</td><td>19,825.4</td><td>156.0</td><td>1,800.0</td><td>213.2</td></tr><tr><td>1941</td><td>22,736.1</td><td>20,564.8</td><td>156.0</td><td>1,800.0</td><td>215.3</td></tr><tr><td>1942</td><td>22,726.3</td><td>20,611.9</td><td>156.0</td><td>1,800.0</td><td>158.4</td></tr><tr><td>1943</td><td>21,937.8</td><td>19,821.0</td><td>156.0</td><td>1,800.0</td><td>160.7</td></tr><tr><td>1944</td><td>20,618.8</td><td>18,497.4</td><td>156.0</td><td>1,800.0</td><td>165.4</td></tr><tr><td>1945</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1945-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</td><td>20,269.9</td><td>18,153.3</td><td>156.0</td><td>1,800.0</td><td>160.6</td></tr><tr><td>July</td><td>20,266.7</td><td>18,155.6</td><td>156.0</td><td>1,800.0</td><td>155.1</td></tr><tr><td>August p</td><td>20,280.1</td><td>18,147.5</td><td>156.0</td><td>1,800.0</td><td>176.6</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. Preliminary. 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Cen
(c) the Certificate Fund - Board of Governors, Federal Reserve System, and (b) the Redemption Fund - Federal Reserve notes. 2/ Reserve against United States notes and Treasury notes of 1890. 3/ Excludes gold in active portion of Exchange Stabilization Fund.
Monetary Stocks of Gold and Silver
(In millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Gold ($35 per fine ounce)</th><th>Silver ($1.29+ per fine ounce)</th><th>Ratio of silver to gold and silver in monetary stocks</th></tr><tr><td>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</td><td>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>1945-August</td><td>20,087.8</td><td>3,633.2</td><td>15.3</td></tr><tr><td>September</td><td>20,072.8</td><td>3,626.9</td><td>15.3</td></tr><tr><td>October</td><td>20,035.9</td><td>3,565.3</td><td>15.1</td></tr><tr><td>November</td><td>20,029.7</td><td>3,552.2</td><td>15.1</td></tr><tr><td>December</td><td>20,064.9</td><td>3,512.8</td><td>14.9</td></tr><tr><td>1946-January</td><td>20,156.0</td><td>3,508.3</td><td>14.8</td></tr><tr><td>February</td><td>20,232.2</td><td>3,508.3</td><td>14.8</td></tr><tr><td>March</td><td>20,256.1</td><td>3,508.4</td><td>14.8</td></tr><tr><td>April</td><td>20,250.9</td><td>3,508.5</td><td>14.8</td></tr><tr><td>May</td><td>20,241.9</td><td>3,508.7</td><td>14.8</td></tr><tr><td>June</td><td>20,269.9</td><td>3,508.4</td><td>14.8</td></tr><tr><td>July</td><td>20,266.7</td><td>3,508.7</td><td>14.8</td></tr><tr><td>August p</td><td>20,280.1</td><td>3,509.1</td><td>14.8</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money. p Preliminary.
90
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>Billion 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>43.1</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>481.1</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-August</td><td>1,587.5</td><td>363.3</td><td>14.9</td><td>-</td><td>277.3</td><td>130.6</td><td>822.7</td><td>3,633.2</td></tr><tr><td>September</td><td>1,619.9</td><td>361.7</td><td>13.9</td><td>*</td><td>261.4</td><td>132.2</td><td>829.5</td><td>3,626.9</td></tr><tr><td>October</td><td>1,645.7</td><td>360.3</td><td>14.5</td><td>-</td><td>228.3</td><td>133.6</td><td>833.5</td><td>3,565.3</td></tr><tr><td>November</td><td>1,671.6</td><td>358.5</td><td>11.7</td><td>.2</td><td>212.9</td><td>135.4</td><td>840.5</td><td>3,552.2</td></tr><tr><td>December</td><td>1,703.9</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>350.9</td><td>13.3</td><td>.6</td><td>102.3</td><td>142.7</td><td>865.6</td><td>3,508.4</td></tr><tr><td>July</td><td>1,909.1</td><td>349.4</td><td>11.5</td><td>.6</td><td>101.1</td><td>144.1</td><td>871.3</td><td>3,508.7</td></tr><tr><td>August p</td><td>1,909.1</td><td>348.2</td><td>14.1</td><td>.6</td><td>99.3</td><td>145.4</td><td>874.8</td><td>3,509.1</td></tr></table>
Source: Daily Treasury Statement end Circulation Statement of United States Money.
p Preliminary.
* Less than $50 thousand.
1/ Valued at $1.29+ per ounce.
2/ Valued at $1.38+ per ounce.
3/ Valued at $1.38+ per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(in millions of ounces or dollars)
<table><tr><th rowspan="2">Calendar year or month</th><th rowspan="2">Silver production in United States Ounces</th><th colspan="6">Silver acquired by mints and assay offices</th></tr><tr><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalized silver 3/</th><th colspan="2">Foreign silver 4/</th><th colspan="2">Total</th></tr><tr><th></th><th>Ounces</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-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>1.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>.5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>.3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>.4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1.1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>1.4</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.
* 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 17.57* cents from April 23, 1935 to December 31, 1937; at 64.64* cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11* cents since July 1, 1939.
3/ Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 28, 1938.
4/ Acquired at various prices averaging approximately 51 cents per ounce.
October 1946
91
Seigniorage on Silver
(Cumulative from January 1, 1935 - In millions of dollars)
<table><tr><th>End of calendar year or month</th><th>Seigniorage on coins (silver and minor)</th><th colspan="5">Sources of seigniorage on silver bullion revalued 1/</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><th></th><th></th><th>Miso. silver (incl. silver bullion held June 1st, 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>Metropolitanised silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revalued</th></tr><tr><td>1935</td><td>18.5</td><td>48.7</td><td>16.8</td><td>....</td><td>226.2</td><td>34.5</td><td>326.2</td><td>274.9</td></tr><tr><td>1936</td><td>46.1</td><td>48.7</td><td>36.0</td><td>....</td><td>302.7</td><td>34.7</td><td>422.1</td><td>397.5</td></tr><tr><td>1937</td><td>63.7</td><td>48.7</td><td>58.0</td><td>....</td><td>366.7</td><td>34.7</td><td>508.1</td><td>541.6</td></tr><tr><td>1938</td><td>69.5</td><td>48.7</td><td>74.9</td><td>....</td><td>457.7</td><td>34.7</td><td>616.0</td><td>758.8</td></tr><tr><td>1939</td><td>91.7</td><td>48.7</td><td>87.3</td><td>4.2</td><td>530.7</td><td>34.7</td><td>705.6</td><td>950.6</td></tr><tr><td>1940</td><td>122.2</td><td>48.7</td><td>87.6</td><td>25.7</td><td>562.7</td><td>34.7</td><td>759.4</td><td>1,055.8</td></tr><tr><td>1941</td><td>182.1</td><td>48.7</td><td>87.6</td><td>48.3</td><td>580.4</td><td>34.7</td><td>799.7</td><td>1,089.0</td></tr><tr><td>1942</td><td>245.7</td><td>48.7</td><td>87.6</td><td>63.6</td><td>584.3</td><td>34.7</td><td>818.9</td><td>1,048.2</td></tr><tr><td>1943</td><td>299.6</td><td>48.7</td><td>87.6</td><td>65.3</td><td>584.3</td><td>34.7</td><td>820.6</td><td>967.3</td></tr><tr><td>1944</td><td>362.3</td><td>48.7</td><td>87.6</td><td>65.4</td><td>584.3</td><td>34.7</td><td>820.7</td><td>717.3</td></tr><tr><td>1945</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1945-August</td><td>409.9</td><td>48.7</td><td>87.6</td><td>65.5</td><td>627.2</td><td>34.7</td><td>853.7</td><td>491.6</td></tr><tr><td>September</td><td>414.7</td><td>48.7</td><td>87.6</td><td>65.5</td><td>647.9</td><td>34.7</td><td>884.4</td><td>463.2</td></tr><tr><td>October</td><td>419.6</td><td>48.7</td><td>87.6</td><td>65.5</td><td>664.4</td><td>34.7</td><td>900.9</td><td>404.8</td></tr><tr><td>November</td><td>424.3</td><td>48.7</td><td>87.6</td><td>65.5</td><td>680.9</td><td>34.7</td><td>917.4</td><td>377.6</td></tr><tr><td>December</td><td>429.5</td><td>48.7</td><td>87.6</td><td>65.5</td><td>701.6</td><td>34.7</td><td>938.1</td><td>333.2</td></tr><tr><td>1946-January</td><td>432.4</td><td>48.7</td><td>87.6</td><td>65.7</td><td>744.6</td><td>34.7</td><td>981.3</td><td>279.2</td></tr><tr><td>February</td><td>436.0</td><td>48.7</td><td>87.6</td><td>65.8</td><td>774.3</td><td>34.7</td><td>1,011.1</td><td>246.7</td></tr><tr><td>March</td><td>438.2</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><tr><td>July</td><td>457.8</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>178.8</td></tr><tr><td>August</td><td>464.7</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>175.3</td></tr></table>
Source: Daily Treasury Statement. 1/ These items represent the difference between the cost value and the monetary value of silver bullion revalued and held to secure
2/ The figures in this column are not cumulative; as the amount of bullion held changes, the potential seigniorage thereon changes.
92
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>5,934</td><td>78</td><td>1,230</td><td>1</td><td>262</td><td>4,114</td><td>30</td><td>217</td></tr><tr><td>1939</td><td>7,047</td><td>6,488</td><td>72</td><td>1,454</td><td>1</td><td>266</td><td>4,484</td><td>26</td><td>186</td></tr><tr><td>1940</td><td>7,848</td><td>7,248</td><td>67</td><td>1,582</td><td>1</td><td>248</td><td>5,163</td><td>22</td><td>165</td></tr><tr><td>1941</td><td>9,612</td><td>8,932</td><td>63</td><td>1,714</td><td>1</td><td>300</td><td>6,684</td><td>20</td><td>150</td></tr><tr><td>1942</td><td>12,383</td><td>11,600</td><td>59</td><td>1,754</td><td>1</td><td>317</td><td>9,310</td><td>19</td><td>139</td></tr><tr><td>1943</td><td>17,421</td><td>16,492</td><td>57</td><td>1,649</td><td>1</td><td>322</td><td>13,747</td><td>584</td><td>132</td></tr><tr><td>1944</td><td>22,504</td><td>21,438</td><td>54</td><td>1,588</td><td>1</td><td>322</td><td>18,750</td><td>597</td><td>126</td></tr><tr><td>1945</td><td>26,746</td><td>25,541</td><td>52</td><td>1,651</td><td>1</td><td>323</td><td>22,867</td><td>527</td><td>120</td></tr><tr><td>1946</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>1945-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</td><td>28,245</td><td>26,945</td><td>50</td><td>2,025</td><td>1</td><td>317</td><td>23,973</td><td>464</td><td>114</td></tr><tr><td>July</td><td>28,254</td><td>26,943</td><td>50</td><td>1,996</td><td>1</td><td>314</td><td>24,010</td><td>458</td><td>113</td></tr><tr><td>August p</td><td>28,432</td><td>27,115</td><td>50</td><td>1,999</td><td>1</td><td>317</td><td>24,180</td><td>454</td><td>113</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (in dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subeldiary silver</th><th>Minor coin</th><th></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>782</td><td>292</td><td>191.57</td></tr><tr><td>1946</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>200.34</td></tr><tr><td>1945-August</td><td>1,236</td><td>129</td><td>808</td><td>299</td><td>197.86 r</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</td><td>1,300</td><td>140</td><td>843</td><td>317</td><td>200.34</td></tr><tr><td>July</td><td>1,311</td><td>142</td><td>849</td><td>320</td><td>200.23</td></tr><tr><td>August p</td><td>1,317</td><td>143</td><td>852</td><td>322</td><td>201.31</td></tr></table>
Sources: (1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1945, pages 674-677. Preliminary. Rev.ued. L./ (1) money held by the Treasury. (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of
the United States. Include paper currency held outside the continental limits of the United States.
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.
October 1946
93
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
94
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 deteils 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 in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balancee</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,440,686</td><td>992,829</td><td>6,039</td><td>716,660</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>244,626</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>-85,127</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-May 31, 1946)</td><td>-466,081</td><td>-415,421</td><td>-3,135</td><td>-179,005</td><td>131,480</td></tr><tr><td>Total (Jan. 2, 1935-May 31, 1946)</td><td>8,336,733</td><td>6,471,829</td><td>140,943</td><td>619,722</td><td>1,104,239</td></tr><tr><td>1945-May</td><td>52,304</td><td>47,306</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>-5,244</td><td>3,821</td></tr><tr><td>August</td><td>56,350</td><td>81,132</td><td>2,064</td><td>-11,570</td><td>-15,276</td></tr><tr><td>September</td><td>116,732</td><td>125,994</td><td>5,469</td><td>-13,202</td><td>-1,529</td></tr><tr><td>October</td><td>71,193</td><td>146,467</td><td>-227</td><td>-23,368</td><td>-51,679</td></tr><tr><td>November</td><td>-132,120</td><td>-157,226</td><td>4,636</td><td>-15,985</td><td>36,455</td></tr><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><tr><td>April</td><td>-29,452</td><td>-20,073</td><td>1,793</td><td>-14,326</td><td>3,154</td></tr><tr><td>May</td><td>-269,064</td><td>-285,419</td><td>-742</td><td>-11,009</td><td>28,106</td></tr></table>
October 1946
95
Capital Movements Between the United States and Foreign Countries - (Continued
Section I - 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="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th>Not short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable in foreign currencies</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th><th></th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>178,579</td><td>128,951</td><td>161,263</td><td>488,365</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>434,977</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>367,186</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>86,378</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>5,596,775</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-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>6,409,594</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>1,930,504</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><tr><td>April</td><td>434,270</td><td>62,072</td><td>101,531</td><td>270,667</td><td>6,794,570</td><td>4,839,453</td><td>1,926,596</td><td>28,521</td><td>6,360,300</td></tr><tr><td>May</td><td>490,703</td><td>57,964</td><td>217,396</td><td>215,343</td><td>6,565,584</td><td>4,671,444</td><td>1,863,228</td><td>30,912</td><td>6,074,881</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>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 currency</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars</th><th>Payable in foreign currency</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>426,142</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>287,994</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>28,948</td><td>2,393</td><td>-18,604</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>1,179,714</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>118,594</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-May 31, 1946)</td><td>-97,937</td><td>-10,475</td><td>-117,129</td><td>29,667</td><td>-317,484</td><td>-275,180</td><td>-47,670</td><td>5,366</td><td>-415,421</td></tr><tr><td>Total (Jan. 2, 1935-May 31, 1946)</td><td>589,780</td><td>296,072</td><td>-118,268</td><td>411,976</td><td>5,882,049</td><td>4,061,093</td><td>1,846,581</td><td>-25,625</td><td>6,471,829</td></tr><tr><td>1945-May</td><td>956</td><td>-9,779</td><td>6,067</td><td>4,678</td><td>85,940</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>-75,683</td><td>-91,058</td><td>-59,048</td><td>-35,281</td><td>3,271</td><td>-162,426</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>76,667</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>-103,198</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><tr><td>April</td><td>-2,340</td><td>-8,739</td><td>10,545</td><td>-4,146</td><td>-17,733</td><td>-4,752</td><td>-16,980</td><td>3,999</td><td>-20,073</td></tr><tr><td>May</td><td>-56,433</td><td>4,108</td><td>-115,865</td><td>55,324</td><td>-228,986</td><td>-168,009</td><td>-63,368</td><td>2,391</td><td>-285,419</td></tr></table>
Note: Adjusted to include Philippine Government accounts with the U. S. Treasury. See "Treasury Bulletin" July 1946, page 89 for details
96
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 rowspan="2">Total Purchasee</th><th rowspan="2">Total Sales</th><th rowspan="2">Net domestic stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchasee</th><th>Sales</th><th>Net</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>2,624,391</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>1,112,923</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>365,171</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-May 31, 1946).</td><td>175,721</td><td>220,423</td><td>-44,702</td><td>236,955</td><td>371,258</td><td>-134,303</td><td>412,676</td><td>591,681</td><td>-179,005</td></tr><tr><td>Total (Jan. 2, 1935-May 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>11,676,632</td><td>11,056,910</td><td>619,722</td></tr><tr><td>1945-May.</td><td>20,439</td><td>27,004</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>19,597</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>29,529</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>66,930</td><td>93,260</td><td>-27,330</td></tr><tr><td>April.</td><td>33,553</td><td>44,124</td><td>-10,571</td><td>40,386</td><td>44,101</td><td>-3,755</td><td>73,899</td><td>88,225</td><td>-14,326</td></tr><tr><td>May.</td><td>31,784</td><td>39,660</td><td>-7,876</td><td>35,566</td><td>38,699</td><td>-3,133</td><td>67,350</td><td>78,359</td><td>-11,009</td></tr></table>
c.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>Purchasee</th><th>Sales</th><th>Net</th><th>Purchasee</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>661,256</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>456,052</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 1/2</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>26,601</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-May 31, 1946).</td><td>28,633</td><td>37,487</td><td>-8,854</td><td>312,290</td><td>171,956</td><td>140,334</td><td>340,923</td><td>209,443</td><td>131,480</td></tr><tr><td>Total (Jan 2, 1935-May 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>5,735,593</td><td>4,631,354</td><td>1,104,239</td></tr><tr><td>1945-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>27,353</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>11,163</td><td>26,868</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><tr><td>April.</td><td>4,527</td><td>4,654</td><td>-127</td><td>48,236</td><td>44,955</td><td>3,281</td><td>52,763</td><td>49,609</td><td>3,154</td></tr><tr><td>May.</td><td>7,765</td><td>9,252</td><td>-1,487</td><td>48,216</td><td>18,623</td><td>29,593</td><td>55,981</td><td>27,875</td><td>28,106</td></tr></table>
n.s. Not available. 1/ Adjusted for the inclusion on July 1 of $14,787 thousand representing the sale of Province of Ontario Bonds.
2/ Adjusted for the inclusion of $2,564 thousand representing redemption on July 1 of Province of Cordoba Bonds.
October 1946
97
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 colspan="8">1945</th><th colspan="6">1946</th></tr><tr><th></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><th>April</th><th>May</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><td></td></tr><tr><td>United Kingdom</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>-31,226</td><td>-53,553</td><td>-85,679</td><td>-9,572</td><td>-123,667</td></tr><tr><td>France</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><td>-61,838</td><td>10,872</td></tr><tr><td>Belgium</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><td>8,643</td><td>1,350</td></tr><tr><td>Denmark</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><td>3,147</td><td>2,244</td></tr><tr><td>Finland</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><td>-578</td><td>425</td></tr><tr><td>Germany</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><td>20</td><td>-121</td></tr><tr><td>Greece</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><td>526</td><td>-619</td></tr><tr><td>Italy</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>712</td><td>1,223</td><td>2,705</td><td>27,681</td><td>3,107</td></tr><tr><td>Luxembourg</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><td>-350</td><td>67</td></tr><tr><td>Netherlands</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><td>-8,371</td><td>-101,844</td></tr><tr><td>Norway</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>-8,677</td><td>-4,930</td><td>-2,715</td><td>-8,526</td><td>835</td></tr><tr><td>Portugal</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><td>4,199</td><td>-310</td></tr><tr><td>Romania</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><td>692</td><td>194</td></tr><tr><td>Spain</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><td>990</td><td>-1,273</td></tr><tr><td>Sweden</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><td>-6,388</td><td>-4,804</td></tr><tr><td>Switzerland</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><td>1,555</td><td>-4,375</td></tr><tr><td>U. S. S. R.</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><td>19,965</td><td>12,540</td></tr><tr><td>Yugoslavia</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><td>852</td><td>-428</td></tr><tr><td>Other Europe</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><td>124</td><td>1,923</td></tr><tr><td>Total Europe</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><td>-27,229</td><td>-204,476</td></tr><tr><td>Canada</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><td>-22,784</td><td>-41,500</td></tr><tr><td><b>Latino America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</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><td>2,268</td><td>16,389</td></tr><tr><td>Bolivia</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><td>-1,020</td><td>118</td></tr><tr><td>Brazil</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><td>-5,016</td><td>15,754</td></tr><tr><td>Chile</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><td>-3,551</td><td>-2,831</td></tr><tr><td>Colombia</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><td>-4,785</td><td>-3,749</td></tr><tr><td>Costa Rica</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><td>-271</td><td>1,060</td></tr><tr><td>Cuba</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><td>27,101</td><td>6,099</td></tr><tr><td>French West Indies and Guiana</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><td>34</td><td>428</td></tr><tr><td>Mexico</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><td>-16,156</td><td>-1,188</td></tr><tr><td>Netherlands West Indies and Surinam</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>-7,265</td><td>1,958</td><td>-2,338</td><td>1,133</td><td>-2,554</td></tr><tr><td>Panama</td><td>559</td><td>2,337</td><td>1,766</td><td>-2,745</td><td>918</td><td>-1,003</td><td>-221</td><td>1,065</td><td>623</td><td>-3,685</td><td>3,233</td><td>5,132</td><td>-2,976</td></tr><tr><td>Peru</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><td>-1,590</td><td>588</td></tr><tr><td>Venezuela</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><td>8,964</td><td>1,720</td></tr><tr><td>Other Latino America</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><td>-2,835</td><td>1,750</td></tr><tr><td>Total Latino America</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><td>9,406</td><td>30,608</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><td></td></tr><tr><td>China</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><td>-20,767</td><td>-22,721</td></tr><tr><td>French Indo-China</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><td>220</td><td>1,024</td></tr><tr><td>Hong Kong</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><td>1,512</td><td>-1,601</td></tr><tr><td>India, Burma, and Ceylon</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><td>8,589</td><td>3,587</td></tr><tr><td>British Malaya</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><td>189</td><td>-359</td></tr><tr><td>Japan (including Korea and Manchuria)</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><td>-141</td><td>8</td></tr><tr><td>Netherlands East Indies</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><td>2,884</td><td>1,546</td></tr><tr><td>Philippine Islands</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><td>17,768</td><td>-37,842</td></tr><tr><td>Turkey</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><td>1,117</td><td>5,033</td></tr><tr><td>Other Asia</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>7,429</td><td>-4,628</td><td>5,755</td></tr><tr><td>Total Asia</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>-48,309</td><td>6,547</td><td>-45,568</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><td></td></tr><tr><td>Australia</td><td>-2,773</td><td>-1,232</td><td>-4,009</td><td>1,125</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><td>2,275</td><td>-3,005</td></tr><tr><td>New Zealand</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><td>190</td><td>94</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>-228</td><td>1,502</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><td>-1,021</td><td>-1,198</td></tr><tr><td>French Morocco</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><td>711</td><td>1,178</td></tr><tr><td>Union of South Africa</td><td>-554</td><td>467</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><td>-1,453</td><td>1,187</td></tr><tr><td>All other</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>7,858</td><td>-2,836</td><td>920</td><td>-5,000</td></tr><tr><td>Total other countries</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><td>1,622</td><td>-5,896</td></tr><tr><td>Unidentified</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><td>2,988</td><td>-2,332</td></tr><tr><td>Grand total</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><td>-29,452</td><td>-269,064</td></tr></table>
98
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="7">1945</th><th colspan="7">1946</th></tr><tr><th></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><th>April</th><th>May</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>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><td>-3,387</td><td>-119,998</td></tr><tr><td>France</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>88,551</td><td>-17,529</td><td>-16,282</td><td>-58,802</td><td>13,857</td></tr><tr><td>Belgium</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><td>9,170</td><td>983</td></tr><tr><td>Denmark</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><td>3,111</td><td>2,206</td></tr><tr><td>Finland</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><td>-556</td><td>417</td></tr><tr><td>Germany</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><td>21</td><td>-125</td></tr><tr><td>Greece</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><td>518</td><td>-638</td></tr><tr><td>Italy</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><td>27,683</td><td>3,011</td></tr><tr><td>Luxembourg</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><td>-301</td><td>18</td></tr><tr><td>Netherlands</td><td>554</td><td>3,767</td><td>2,844</td><td>2,030</td><td>2,466</td><td>7,429</td><td>5,734</td><td>12,085</td><td>12,949</td><td>-12,092</td><td>13,101</td><td>-7,643</td><td>-101,671</td></tr><tr><td>Norway</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><td>-8,693</td><td>1,374</td></tr><tr><td>Portugal</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><td>4,324</td><td>-333</td></tr><tr><td>Rumania</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><td>692</td><td>194</td></tr><tr><td>Spain</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><td>913</td><td>-1,388</td></tr><tr><td>Sweden</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><td>-6,312</td><td>-4,573</td></tr><tr><td>Switzerland</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><td>2,336</td><td>-2,647</td></tr><tr><td>U.S.S.R.</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><td>20,056</td><td>12,540</td></tr><tr><td>Yugoslavia</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><td>914</td><td>416</td></tr><tr><td>Other Europe</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><td>2,220</td><td>3,800</td></tr><tr><td>Total Europe</td><td>6,047</td><td>103,961</td><td>93,675</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>-95,882</td><td>-82,258</td><td>-13,736</td><td>-193,389</td></tr><tr><td>Canada</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><td>-17,354</td><td>-81,312</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>-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><td>-1,838</td><td>14,835</td></tr><tr><td>Bolivia</td><td>-764</td><td>1,633</td><td>-2,089</td><td>875</td><td>-72</td><td>-637</td><td>-1,691</td><td>-1,240</td><td>-1,234</td><td>-2</td><td>-1,074</td><td>-1,011</td><td>104</td></tr><tr><td>Brazil</td><td>4,061</td><td>2,306</td><td>21,836</td><td>1,165</td><td>21,155</td><td>1,202</td><td>2,595</td><td>6,913</td><td>-5,035</td><td>4,502</td><td>10,700</td><td>-5,701</td><td>16,163</td></tr><tr><td>Chile</td><td>3,876</td><td>13,346</td><td>-3,640</td><td>1,945</td><td>-2,418</td><td>1,027</td><td>7,472</td><td>-4,541</td><td>-138</td><td>-1,120</td><td>-1,612</td><td>-3,525</td><td>-4,720</td></tr><tr><td>Colombia</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><td>-4,969</td><td>-4,107</td></tr><tr><td>Costa Rica</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>652</td><td>-230</td><td>1,013</td></tr><tr><td>Cuba</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><td>27,439</td><td>6,283</td></tr><tr><td>French West Indies and Guiana</td><td>1,135</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><td>38</td><td>420</td></tr><tr><td>Mexico</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><td>-18,271</td><td>-1,969</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>1,124</td><td>-2,535</td></tr><tr><td>Panama</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>-2,821</td><td>3,619</td><td>884</td><td>-1,422</td></tr><tr><td>Peru</td><td>35</td><td>1,559</td><td>-77</td><td>2,809</td><td>656</td><td>3,803</td><td>2,941</td><td>-2,241</td><td>-1,881</td><td>1,413</td><td>-3,443</td><td>-1,938</td><td>341</td></tr><tr><td>Venezuela</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><td>8,480</td><td>535</td></tr><tr><td>Other Latin America</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><td>-4,398</td><td>13,506</td></tr><tr><td>Total Latin America</td><td>58,678</td><td>25,229</td><td>58,514</td><td>-20,098</td><td>19,217</td><td>-5,820</td><td>-84,262</td><td>-12,389</td><td>-1,315</td><td>-3,912</td><td>33,212</td><td>-3,916</td><td>38,447</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>-4,992</td><td>-22,220</td><td>-18,344</td><td>77,528</td><td>9,784</td><td>3,125</td><td>-10,831</td><td>1,616</td><td>167,871</td><td>-20,339</td><td>-18,983</td><td>-17,823</td><td>-18,623</td></tr><tr><td>French Indo-China</td><td>76</td><td>-82</td><td>7</td><td>43</td><td>47</td><td>-84</td><td>-212</td><td>125</td><td>160</td><td>6,336</td><td>3,221</td><td>220</td><td>1,024</td></tr><tr><td>Hong Kong</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>1,682</td><td>2,316</td><td>1,588</td><td>-1,471</td></tr><tr><td>India, Burma, and Ceylon</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><td>8,563</td><td>3,562</td></tr><tr><td>British Malaya</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><td>191</td><td>-359</td></tr><tr><td>Japan (including Korea and Manchuria)</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><td>-141</td><td>8</td></tr><tr><td>Netherlands East Indies</td><td>2,202</td><td>-6,414</td><td>1,414</td><td>-1,871</td><td>-9,494</td><td>5,155</td><td>-680</td><td>9,975</td><td>-3,712</td><td>-9,270</td><td>-1,717</td><td>3,076</td><td>1,545</td></tr><tr><td>Philippine Islands</td><td>1,504</td><td>4,612</td><td>2,573</td><td>-14,184</td><td>54,120</td><td>-1,761</td><td>18,883</td><td>-547</td><td>9,010</td><td>-8,725</td><td>-33,159</td><td>18,475</td><td>-37,414</td></tr><tr><td>Turkey</td><td>-1,032</td><td>804</td><td>-862</td><td>442</td><td>-935</td><td>659</td><td>-3,328</td><td>4,958</td><td>5,787</td><td>4,814</td><td>3,920</td><td>1,068</td><td>5,090</td></tr><tr><td>Other Asia</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><td>-5,004</td><td>5,744</td></tr><tr><td>Total Asia</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><td>10,153</td><td>-40,894</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>-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><td>2,183</td><td>-3,149</td></tr><tr><td>New Zealand</td><td>-16</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><td>165</td><td>946</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>-1,033</td><td>-1,125</td></tr><tr><td>French Morocco</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><td>924</td><td>1,148</td></tr><tr><td>Union of South Africa</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>-139</td><td>-1,362</td><td>1,206</td></tr><tr><td>All other</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><td>930</td><td>-5,067</td></tr><tr><td>Total other countries</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><td>1,807</td><td>-6,039</td></tr><tr><td>Unidentified</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><td>2,973</td><td>-2,232</td></tr><tr><td>Grand total</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>76,683</td><td>-103,484</td><td>-83,128</td><td>-20,073</td><td>-285,419</td></tr></table>
October 1946
99
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>Key</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><th>April</th><th>May</th></tr><tr><td colspan="14">1945</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>683</td><td>2,538</td><td>-3,128</td><td>-290</td><td>623</td><td>28</td><td>250</td><td>497</td><td>1,484</td><td>-587</td><td>-697</td><td>-804</td><td>-96</td></tr><tr><td>France</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><td>174</td><td>-51</td></tr><tr><td>Belgium</td><td>74</td><td>-94</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><td>88</td><td>-108</td></tr><tr><td>Denmark</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><td>26</td><td>-1</td></tr><tr><td>Finland</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><td>-33</td><td>-</td></tr><tr><td>Germany</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><td>22</td><td>21</td></tr><tr><td>Greece</td><td>-</td><td>-</td><td>12</td><td>1</td><td>-10</td><td>11</td><td>3</td><td>33</td><td>9</td><td>-2</td><td>-39</td><td>-</td><td>1</td></tr><tr><td>Italy</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><td>62</td><td>26</td></tr><tr><td>Luxembourg</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><td>-131</td><td>1</td></tr><tr><td>Netherlands</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>-9,447</td><td>-114</td><td>-30</td><td>-480</td><td>283</td></tr><tr><td>Norway</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><td>-42</td><td>-180</td></tr><tr><td>Portugal</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><td>-74</td><td>-6</td></tr><tr><td>Rumania</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><td>-</td><td>-</td></tr><tr><td>Spain</td><td>6</td><td>2</td><td>5</td><td>-3</td><td>18</td><td>2</td><td>3</td><td>35</td><td>34</td><td>39</td><td>-37</td><td>-14</td><td>-6</td></tr><tr><td>Sweden</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><td>-14</td><td>-56</td></tr><tr><td>Switzerland</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><td>-49</td><td>230</td></tr><tr><td>U. S. S. R.</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><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-19</td><td>-</td><td>20</td><td>1</td><td>-1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</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><td>41</td><td>144</td></tr><tr><td>Total Europe</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><td>-1,228</td><td>204</td></tr><tr><td>Canada</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><td>-471</td><td>128</td></tr><tr><td colspan="14">Latin America</td></tr><tr><td>Argentina</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><td>883</td><td>-369</td></tr><tr><td>Bolivia</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><td>-13</td><td>-2</td></tr><tr><td>Brazil</td><td>-940</td><td>961</td><td>-367</td><td>36</td><td>-7</td><td>1,096</td><td>-186</td><td>-76</td><td>-167</td><td>-211</td><td>-60</td><td>-76</td><td>-547</td></tr><tr><td>Chile</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><td>-518</td><td>-6</td></tr><tr><td>Colombia</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><td>70</td><td>-4</td></tr><tr><td>Costa Rica</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><td>-22</td><td>50</td></tr><tr><td>Cuba</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><td>-195</td><td>-336</td></tr><tr><td>French West Indies and Guiana</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><td>-5</td><td>8</td></tr><tr><td>Mexico</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><td>2,072</td><td>116</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-11</td><td>-13</td></tr><tr><td>Panama</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><td>511</td><td>-123</td></tr><tr><td>Peru</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><td>253</td><td>201</td></tr><tr><td>Venezuela</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><td>512</td><td>1,134</td></tr><tr><td>Other Latin America</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><td>-356</td><td>-542</td></tr><tr><td>Total Latin America</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><td>3,105</td><td>-433</td></tr><tr><td colspan="14">Asia</td></tr><tr><td>China</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><td>550</td><td>-409</td></tr><tr><td>French Indo-China</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><td>-</td><td>-</td></tr><tr><td>Hong Kong</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><td>78</td><td>53</td></tr><tr><td>India, Burma, and Ceylon</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><td>-4</td><td>-94</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>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><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</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><td>3</td><td>-</td></tr><tr><td>Philippine Islands</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><td>-339</td><td>-233</td></tr><tr><td>Turkey</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><td>-</td><td>-</td></tr><tr><td>Other Asia</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><td>66</td><td>-23</td></tr><tr><td>Total Asia</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><td>354</td><td>-706</td></tr><tr><td colspan="14">Other countries</td></tr><tr><td>Australia</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><td>-37</td><td>21</td></tr><tr><td>New Zealand</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><td>15</td><td>-8</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>37</td><td>-13</td></tr><tr><td>French Morocco</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><td>-2</td><td>7</td></tr><tr><td>Union of South Africa</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><td>-4</td><td>-12</td></tr><tr><td>All other</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><td>9</td><td>70</td></tr><tr><td>Total other countries</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><td>18</td><td>65</td></tr><tr><td>Unidentified</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><td>15</td><td>-</td></tr><tr><td>Grand total</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><td>1,793</td><td>-742</td></tr></table>
Treasury Bulletin
100
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="7">1946</th></tr><tr><th></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><th>April</th><th>May</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>-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><td>-5,381</td><td>-3,573</td></tr><tr><td>France</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><td>-3,210</td><td>-2,934</td></tr><tr><td>Belgium</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><td>-615</td><td>475</td></tr><tr><td>Denmark</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><td>10</td><td>39</td></tr><tr><td>Finland</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><td>11</td><td>8</td></tr><tr><td>Germany</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><td>-23</td><td>-21</td></tr><tr><td>Greece</td><td>-86</td><td>-</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><td>8</td><td>18</td></tr><tr><td>Italy</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><td>-64</td><td>70</td></tr><tr><td>Luxembourg</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><td>82</td><td>48</td></tr><tr><td>Netherlands</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><td>-248</td><td>-446</td></tr><tr><td>Norway</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><td>209</td><td>-359</td></tr><tr><td>Portugal</td><td>13</td><td>.6</td><td>8</td><td>-2</td><td>3</td><td>-50</td><td>102</td><td>7</td><td>-41</td><td>12</td><td>-21</td><td>-51</td><td>29</td></tr><tr><td>Rumania</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><td>-</td><td>-</td></tr><tr><td>Spain</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><td>91</td><td>121</td></tr><tr><td>Sweden</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><td>-62</td><td>-175</td></tr><tr><td>Switzerland</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><td>-732</td><td>-2,558</td></tr><tr><td>U.S.S.R.</td><td>-</td><td>1</td><td>-</td><td>6</td><td>2</td><td>-</td><td>2</td><td>1</td><td>1</td><td>-</td><td>100</td><td>-91</td><td>-</td></tr><tr><td>Yugoslavia</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><td>-62</td><td>-12</td></tr><tr><td>Other Europe</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><td>-2,137</td><td>-2,021</td></tr><tr><td>Total Europe</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><td>-12,265</td><td>-11,291</td></tr><tr><td>Canada</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><td>-4,959</td><td>39,684</td></tr><tr><td><b>Latin America</b></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>1,634</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><td>3,223</td><td>1,923</td></tr><tr><td>Bolivia</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><td>4</td><td>16</td></tr><tr><td>Brazil</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><td>761</td><td>138</td></tr><tr><td>Chile</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><td>492</td><td>1,895</td></tr><tr><td>Colombia</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><td>114</td><td>362</td></tr><tr><td>Costa Rica</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><td>-19</td><td>-3</td></tr><tr><td>Cuba</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><td>-143</td><td>152</td></tr><tr><td>French West Indies and Guiana</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><td>1</td><td>-</td></tr><tr><td>Mexico</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><td>43</td><td>665</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>20</td><td>-6</td></tr><tr><td>Panama</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><td>3,137</td><td>-1431</td></tr><tr><td>Peru</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><td>95</td><td>46</td></tr><tr><td>Venezuela</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><td>-28</td><td>51</td></tr><tr><td>Other Latin America</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><td>1,919</td><td>-11,214</td></tr><tr><td>Total Latin America</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><td>10,219</td><td>-7,406</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>785</td><td>16,541</td><td>11,837</td><td>-1,100</td><td>-90</td><td>3,244</td><td>174</td><td>-11,844</td><td>-177,105</td><td>-501</td><td>-752</td><td>-3,494</td><td>-3,689</td></tr><tr><td>French Indo-China</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><td>-</td><td>-</td></tr><tr><td>Hong Kong</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><td>-94</td><td>-183</td></tr><tr><td>India, Burma, and Ceylon</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><td>30</td><td>119</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>-2</td><td>-2</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</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><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</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><td>-195</td><td>3</td></tr><tr><td>Philippine Islands</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>-452</td><td>-368</td><td>-195</td></tr><tr><td>Turkey</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><td>49</td><td>-57</td></tr><tr><td>Other Asia</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><td>110</td><td>34</td></tr><tr><td>Total Asia</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><td>-3,964</td><td>-3,968</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>-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><td>129</td><td>123</td></tr><tr><td>New Zealand</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>3</td><td>10</td><td>2</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>-25</td><td>-60</td></tr><tr><td>French Morocco</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><td>-211</td><td>23</td></tr><tr><td>Union of South Africa</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><td>-87</td><td>-7</td></tr><tr><td>All other</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><td>-19</td><td>-3</td></tr><tr><td>Total other countries</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><td>-203</td><td>78</td></tr><tr><td>Unidentified</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><td>-</td><td>-</td></tr><tr><td>Grand total</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><td>-11,172</td><td>17,097</td></tr></table>
October 1946
101
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="8">1945</th><th colspan="6">1946</th></tr><tr><th></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><th>April</th><th>May</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>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><td>31,633</td><td>32,571</td></tr><tr><td>France</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><td>859</td><td>879</td></tr><tr><td>Belgium</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><td>4,591</td><td>4,952</td></tr><tr><td>Denmark</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><td>1,080</td><td>53</td></tr><tr><td>Finland</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><td>647</td><td>2,021</td></tr><tr><td>Germany</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><td>33,842</td><td>33,852</td></tr><tr><td>Greece</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><td>2,025</td><td>1,500</td></tr><tr><td>Italy</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><td>575</td><td>1,033</td></tr><tr><td>Luxembourg</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><td>72</td><td>72</td></tr><tr><td>Netherlands</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><td>43,360</td><td>118,488</td></tr><tr><td>Norway</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><td>195</td><td>1,176</td></tr><tr><td>Portugal</td><td>604</td><td>488</td><td>242</td><td>282</td><td>256</td><td>216</td><td>390</td><td>457</td><td>410</td><td>411</td><td>433</td><td>398</td><td>552</td></tr><tr><td>Rumania</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><td>145</td><td>73</td></tr><tr><td>Spain</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><td>1,441</td><td>2,091</td></tr><tr><td>Sweden</td><td>290</td><td>326</td><td>660</td><td>1,498</td><td>333</td><td>532</td><td>1,011</td><td>915</td><td>1,133</td><td>1,102</td><td>1,280</td><td>2,419</td><td>2,958</td></tr><tr><td>Switzerland</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><td>6,496</td><td>7,960</td></tr><tr><td>U. S. S. R.</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><td>8</td><td>14</td></tr><tr><td>Yugoslavia</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><td>9</td><td>7</td></tr><tr><td>Other Europe</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><td>5,001</td><td>5,060</td></tr><tr><td>Total Europe</td><td>76,159</td><td>117,638</td><td>112,978</td><td>79,145</td><td>71,661</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><td>134,796</td><td>215,312</td></tr><tr><td>Canada</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><td>64,663</td><td>50,066</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>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><td>26,768</td><td>20,421</td></tr><tr><td>Bolivia</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><td>2,852</td><td>1,975</td></tr><tr><td>Brazil</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><td>31,877</td><td>30,901</td></tr><tr><td>Chile</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><td>7,017</td><td>6,728</td></tr><tr><td>Colombia</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><td>19,953</td><td>21,244</td></tr><tr><td>Costa Rica</td><td>1,081</td><td>1,144</td><td>1,225</td><td>1,206</td><td>1,524</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><td>1,359</td><td>1,242</td></tr><tr><td>Cuba</td><td>39,130</td><td>49,667</td><td>10,328</td><td>14,491</td><td>18,303</td><td>16,993</td><td>27,246</td><td>33,315</td><td>33,865</td><td>32,936</td><td>37,124</td><td>22,904</td><td>27,582</td></tr><tr><td>French West Indies and Guiana</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><td>72</td><td>54</td></tr><tr><td>Mexico</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><td>14,111</td><td>13,528</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>446</td><td>457</td></tr><tr><td>Panama</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><td>1,135</td><td>1,145</td></tr><tr><td>Peru</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><td>3,646</td><td>3,845</td></tr><tr><td>Venezuela</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><td>7,392</td><td>7,719</td></tr><tr><td>Other Latin America</td><td>12,584</td><td>12,335</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>29,935</td><td>26,089</td><td>26,580</td><td>21,189</td></tr><tr><td>Total Latin America</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><td>166,122</td><td>158,030</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>1,099</td><td>1,199</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><td>25,610</td><td>22,587</td></tr><tr><td>French Indo-China</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><td>19</td><td>46</td></tr><tr><td>Hong Kong</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><td>1,548</td><td>1,953</td></tr><tr><td>India, Burma, and Ceylon</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><td>7,215</td><td>6,618</td></tr><tr><td>British Malaya</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>139</td><td>333</td><td>235</td><td>190</td><td>336</td></tr><tr><td>Japan (including Korea and Manchuria)</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><td>302</td><td>303</td></tr><tr><td>Netherlands East Indies</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><td>1,374</td><td>1,390</td></tr><tr><td>Philippine Islands</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><td>16,085</td><td>16,696</td></tr><tr><td>Turkey</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><td>866</td><td>856</td></tr><tr><td>Other Asia</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><td>3,924</td><td>3,625</td></tr><tr><td>Total Asia</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><td>57,133</td><td>54,410</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>972</td><td>874</td><td>2,073</td><td>980</td><td>741</td><td>738</td><td>907</td><td>1,682</td><td>2,086</td><td>1,787</td><td>1,317</td><td>1,453</td><td>1,790</td></tr><tr><td>New Zealand</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><td>585</td><td>591</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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>210</td><td>198</td><td>213</td></tr><tr><td>French Morocco</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><td>62</td><td>34</td></tr><tr><td>Union of South Africa</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><td>6,650</td><td>7,797</td></tr><tr><td>All other</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><td>2,397</td><td>2,389</td></tr><tr><td>Total other countries</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><td>11,345</td><td>12,814</td></tr><tr><td>Unidentified</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><td>211</td><td>71</td></tr><tr><td>Grand total</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><td>434,270</td><td>490,703</td></tr></table>
102
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 colspan="8">1945</th><th colspan="6">1946</th></tr><tr><th></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><th>April</th><th>May</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>832,079</td><td>861,831</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><td>553,420</td><td>434,360</td></tr><tr><td>France</td><td>315,124</td><td>372,299</td><td>398,984</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>304,453</td><td>305,782</td><td>319,559</td></tr><tr><td>Belgium</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><td>176,442</td><td>177,786</td></tr><tr><td>Denmark</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><td>47,375</td><td>48,554</td></tr><tr><td>Finland</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>10,737</td><td>11,244</td><td>10,116</td><td>11,907</td></tr><tr><td>Germany</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><td>6,620</td><td>6,505</td></tr><tr><td>Greece</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><td>76,677</td><td>75,514</td></tr><tr><td>Italy</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><td>103,330</td><td>106,799</td></tr><tr><td>Luxembourg</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><td>22,041</td><td>22,059</td></tr><tr><td>Netherlands</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>269,042</td><td>281,567</td><td>293,914</td><td>282,182</td><td>294,959</td><td>294,909</td><td>268,366</td></tr><tr><td>Norway</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><td>159,290</td><td>161,645</td></tr><tr><td>Portugal</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><td>49,667</td><td>49,488</td></tr><tr><td>Rumania</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><td>10,029</td><td>10,151</td></tr><tr><td>Spain</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>35,353</td><td>36,205</td><td>35,467</td></tr><tr><td>Sweden</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><td>199,991</td><td>195,957</td></tr><tr><td>Switzerland</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><td>324,414</td><td>323,231</td></tr><tr><td>U.S.S.R.</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>24,848</td><td>28,012</td><td>29,743</td><td>28,479</td><td>24,829</td><td>44,882</td><td>57,288</td></tr><tr><td>Yugoslavia</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><td>7,675</td><td>7,257</td></tr><tr><td>Other Europe</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><td>53,563</td><td>57,422</td></tr><tr><td>Total Europe</td><td>2,416,856</td><td>2,562,302</td><td>2,651,317</td><td>2,538,551</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><td>2,482,428</td><td>2,369,555</td></tr><tr><td>Canada</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><td>1,344,138</td><td>1,248,229</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>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><td>84,135</td><td>92,623</td></tr><tr><td>Bolivia</td><td>17,672</td><td>19,219</td><td>17,104</td><td>18,045</td><td>17,858</td><td>17,879</td><td>15,041</td><td>14,498</td><td>13,596</td><td>13,381</td><td>13,571</td><td>12,693</td><td>11,910</td></tr><tr><td>Brazil</td><td>138,765</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><td>206,827</td><td>222,014</td></tr><tr><td>Chile</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><td>60,313</td><td>55,304</td></tr><tr><td>Colombia</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><td>72,413</td><td>69,597</td></tr><tr><td>Costa Rica</td><td>8,228</td><td>7,477</td><td>8,049</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><td>6,005</td><td>6,901</td></tr><tr><td>Cuba</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><td>152,692</td><td>163,653</td></tr><tr><td>French West Indies and Guiana</td><td>6,334</td><td>6,345</td><td>8,606</td><td>7,335</td><td>7,820</td><td>7,329</td><td>6,634</td><td>7,120</td><td>7,234</td><td>7,098</td><td>6,582</td><td>6,627</td><td>7,029</td></tr><tr><td>Mexico</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><td>122,317</td><td>119,765</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>21,720</td><td>19,196</td></tr><tr><td>Panama</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><td>90,325</td><td>88,913</td></tr><tr><td>Peru</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><td>39,780</td><td>40,320</td></tr><tr><td>Venezuela</td><td>48,193</td><td>41,483</td><td>50,213</td><td>43,041</td><td>44,327</td><td>48,452</td><td>38,323</td><td>49,638</td><td>35,950</td><td>42,374</td><td>41,304</td><td>49,477</td><td>50,339</td></tr><tr><td>Other Latin America</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><td>152,393</td><td>160,508</td></tr><tr><td>Total Latin America</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><td>1,077,717</td><td>1,108,072</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>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><td>717,030</td><td>695,384</td></tr><tr><td>French Indo-China</td><td>21,533</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><td>37,991</td><td>39,042</td></tr><tr><td>Hong Kong</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><td>36,426</td><td>35,360</td></tr><tr><td>India, Burma, and Ceylon</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><td>34,620</td><td>37,585</td></tr><tr><td>British Malaya</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><td>1,617</td><td>1,404</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>4,002</td><td>4,066</td><td>4,322</td><td>3,941</td><td>4,214</td><td>4,258</td><td>4,077</td><td>4,137</td><td>3,983</td><td>3,853</td><td>3,805</td><td>3,661</td><td>3,570</td></tr><tr><td>Netherlands East Indies</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><td>102,084</td><td>103,645</td></tr><tr><td>Philippine Islands 1/</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><td>617,014</td><td>580,211</td></tr><tr><td>Turkey</td><td>50,734</td><td>51,536</td><td>50,833</td><td>51,178</td><td>50,475</td><td>50,404</td><td>47,186</td><td>52,477</td><td>57,275</td><td>62,184</td><td>66,067</td><td>66,918</td><td>71,998</td></tr><tr><td>Other Asia</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><td>81,924</td><td>87,369</td></tr><tr><td>Total Asia 1/</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><td>1,699,285</td><td>1,655,668</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>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>24,323</td><td>26,642</td><td>27,839</td></tr><tr><td>New Zealand</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><td>3,841</td><td>4,795</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>9,528</td><td>10,973</td><td>1
1/ Adjusted to include Philippine Government accounts with the U. S. Treasury. See "Treasury Bulletin", July 1946, page 89 for details.
October 1946
103
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III
- Details for Month of May 1946 - (Continued)
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>42,571</td><td>28,740</td><td>20,185</td><td>1,007</td><td>7,548</td><td>3,871</td><td>2,008</td><td>611</td><td>1,212</td></tr><tr><td>France</td><td>879</td><td>181</td><td>98</td><td>48</td><td>35</td><td>698</td><td>126</td><td>-</td><td>572</td></tr><tr><td>Belgium</td><td>4,952</td><td>163</td><td>131</td><td>9</td><td>23</td><td>4,789</td><td>58</td><td>2,718</td><td>2,013</td></tr><tr><td>Denmark</td><td>53</td><td>33</td><td>16</td><td>12</td><td>5</td><td>20</td><td>-</td><td>3</td><td>17</td></tr><tr><td>Finland</td><td>2,021</td><td>5</td><td>4</td><td>-</td><td>1</td><td>2,016</td><td>427</td><td>1,058</td><td>531</td></tr><tr><td>Germany</td><td>33,852</td><td>51</td><td>7</td><td>26</td><td>18</td><td>33,801</td><td>20,556</td><td>67</td><td>13,178</td></tr><tr><td>Greece</td><td>1,500</td><td>12</td><td>-</td><td>8</td><td>4</td><td>1,488</td><td>675</td><td>-</td><td>813</td></tr><tr><td>Italy</td><td>1,033</td><td>238</td><td>22</td><td>209</td><td>7</td><td>795</td><td>44</td><td>-</td><td>751</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>118,488</td><td>99</td><td>53</td><td>45</td><td>1</td><td>118,389</td><td>110,685</td><td>151</td><td>7,553</td></tr><tr><td>Norway</td><td>1,176</td><td>68</td><td>27</td><td>15</td><td>26</td><td>1,108</td><td>-</td><td>-</td><td>1,108</td></tr><tr><td>Portugal</td><td>552</td><td>57</td><td>55</td><td>-</td><td>2</td><td>495</td><td>135</td><td>-</td><td>360</td></tr><tr><td>Romanie</td><td>73</td><td>3</td><td>-</td><td>3</td><td>-</td><td>70</td><td>1</td><td>-</td><td>69</td></tr><tr><td>Spain</td><td>2,091</td><td>136</td><td>14</td><td>30</td><td>92</td><td>1,955</td><td>1,128</td><td>-</td><td>827</td></tr><tr><td>Sweden</td><td>2,958</td><td>428</td><td>277</td><td>148</td><td>3</td><td>2,530</td><td>71</td><td>1,774</td><td>685</td></tr><tr><td>Switzerland</td><td>7,960</td><td>1,058</td><td>264</td><td>756</td><td>38</td><td>6,902</td><td>220</td><td>-</td><td>6,682</td></tr><tr><td>U. S. S. R.</td><td>14</td><td>13</td><td>13</td><td>-</td><td>-</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Yugoslavia</td><td>7</td><td>4</td><td>-</td><td>-</td><td>4</td><td>3</td><td>1</td><td>-</td><td>2</td></tr><tr><td>Other Europe</td><td>5,060</td><td>164</td><td>111</td><td>34</td><td>19</td><td>4,896</td><td>1,440</td><td>-</td><td>3,456</td></tr><tr><td>Total Europe</td><td>215,312</td><td>31,453</td><td>21,277</td><td>2,350</td><td>7,826</td><td>183,859</td><td>137,575</td><td>6,382</td><td>39,302</td></tr><tr><td>Canada</td><td>50,066</td><td>17,507</td><td>13,627</td><td>3,146</td><td>734</td><td>32,559</td><td>4,803</td><td>2,221</td><td>25,535</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>20,421</td><td>850</td><td>129</td><td>676</td><td>45</td><td>19,571</td><td>13,557</td><td>224</td><td>5,790</td></tr><tr><td>Bolivia</td><td>1,975</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,974</td><td>195</td><td>-</td><td>1,779</td></tr><tr><td>Brazil</td><td>30,901</td><td>20</td><td>11</td><td>9</td><td>-</td><td>30,881</td><td>4,053</td><td>1,513</td><td>25,315</td></tr><tr><td>Chile</td><td>6,728</td><td>3</td><td>1</td><td>111</td><td>2</td><td>6,725</td><td>94</td><td>877</td><td>5,754</td></tr><tr><td>Colombia</td><td>21,244</td><td>119</td><td>-</td><td>111</td><td>8</td><td>21,125</td><td>6,927</td><td>2,496</td><td>11,802</td></tr><tr><td>Costa Rica</td><td>1,242</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,242</td><td>126</td><td>97</td><td>1,019</td></tr><tr><td>Cuba</td><td>27,582</td><td>165</td><td>159</td><td>-</td><td>6</td><td>27,417</td><td>19,382</td><td>2,831</td><td>5,204</td></tr><tr><td>French West Indies and Guiana</td><td>54</td><td>-</td><td>-</td><td>-</td><td>-</td><td>54</td><td>-</td><td>-</td><td>54</td></tr><tr><td>Mexico</td><td>13,528</td><td>904</td><td>788</td><td>42</td><td>74</td><td>12,624</td><td>1,701</td><td>1,752</td><td>9,171</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>457</td><td>3</td><td>-</td><td>-</td><td>3</td><td>454</td><td>13</td><td>-</td><td>441</td></tr><tr><td>Panama</td><td>1,145</td><td>1</td><td>-</td><td>-</td><td>1</td><td>1,144</td><td>-</td><td>15</td><td>1,129</td></tr><tr><td>Peru</td><td>3,845</td><td>81</td><td>7</td><td>-</td><td>74</td><td>3,754</td><td>18</td><td>11</td><td>3,735</td></tr><tr><td>Venezuela</td><td>7,719</td><td>122</td><td>81</td><td>2</td><td>39</td><td>7,597</td><td>3,148</td><td>170</td><td>4,279</td></tr><tr><td>Other Latin America</td><td>21,189</td><td>100</td><td>85</td><td>-</td><td>15</td><td>21,089</td><td>12,126</td><td>452</td><td>8,511</td></tr><tr><td>Total Latin America</td><td>158,030</td><td>2,369</td><td>1,261</td><td>840</td><td>268</td><td>155,661</td><td>61,240</td><td>10,438</td><td>83,983</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>Chioa</td><td>22,587</td><td>223</td><td>207</td><td>4</td><td>12</td><td>22,354</td><td>3,485</td><td>1,082</td><td>17,797</td></tr><tr><td>French Indo-China</td><td>46</td><td>1</td><td>-</td><td>-</td><td>1</td><td>45</td><td>-</td><td>-</td><td>45</td></tr><tr><td>Hong Kong</td><td>1,953</td><td>452</td><td>317</td><td>128</td><td>7</td><td>1,501</td><td>476</td><td>194</td><td>831</td></tr><tr><td>India, Burma, and Ceylon</td><td>6,618</td><td>4,346</td><td>327</td><td>4,010</td><td>9</td><td>2,272</td><td>88</td><td>845</td><td>1,339</td></tr><tr><td>British Malaya</td><td>336</td><td>25</td><td>25</td><td>-</td><td>-</td><td>311</td><td>280</td><td>42</td><td>29</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>303</td><td>3</td><td>2</td><td>1</td><td>-</td><td>300</td><td>285</td><td>-</td><td>15</td></tr><tr><td>Netherlands East Indies</td><td>1,390</td><td>5</td><td>5</td><td>-</td><td>-</td><td>1,385</td><td>-</td><td>1,315</td><td>70</td></tr><tr><td>Philippine Islands</td><td>16,696</td><td>216</td><td>103</td><td>-</td><td>113</td><td>16,480</td><td>8,109</td><td>1,899</td><td>6,472</td></tr><tr><td>Turkey</td><td>856</td><td>9</td><td>-</td><td>9</td><td>-</td><td>847</td><td>223</td><td>-</td><td>624</td></tr><tr><td>Other Asia</td><td>3,625</td><td>179</td><td>170</td><td>-</td><td>9</td><td>3,446</td><td>289</td><td>-</td><td>3,157</td></tr><tr><td>Total Asia</td><td>54,410</td><td>5,459</td><td>1,156</td><td>4,152</td><td>151</td><td>48,951</td><td>13,195</td><td>5,377</td><td>30,379</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>1,790</td><td>267</td><td>186</td><td>-</td><td>81</td><td>1,523</td><td>53</td><td>678</td><td>732</td></tr><tr><td>New Zealand</td><td>591</td><td>9</td><td>5</td><td>-</td><td>4</td><td>582</td><td>-</td><td>22</td><td>560</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>213</td><td>1</td><td>-</td><td>-</td><td>1</td><td>212</td><td>12</td><td>-</td><td>200</td></tr><tr><td>French Morocco</td><td>34</td><td>1</td><td>1</td><td>-</td><td>-</td><td>33</td><td>-</td><td>-</td><td>33</td></tr><tr><td>Union of South Africa</td><td>7,797</td><td>885</td><td>348</td><td>537</td><td>9</td><td>6,912</td><td>146</td><td>180</td><td>6,555</td></tr><tr><td>All other</td><td>2,389</td><td>13</td><td>4</td><td>9</td><td>-</td><td>2,376</td><td>372</td><td>-</td><td>2,004</td></tr><tr><td>Total other countries</td><td>12,814</td><td>1,176</td><td>196</td><td>348</td><td>632</td><td>11,638</td><td>583</td><td>880</td><td>10,175</td></tr><tr><td>Unidentified</td><td>71</td><td>-</td><td>-</td><td>-</td><td>-</td><td>71</td><td>-</td><td>-</td><td>71</td></tr><tr><td>Grand total</td><td>490,703</td><td>57,964</td><td>37,517</td><td>10,836</td><td>9,611</td><td>432,739</td><td>217,396</td><td>25,298</td><td>190,045</td></tr></table>
104
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of May 1946 - (Continued)
Table 2.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Poetion at end of month in thousands of dollars)
<table><tr><th></th><th>Total short-term liabilities</th><th colspan="4">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bill held for account of foreigners</th><th>U.S. Government Treasury bills and certificate of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for a/c of reporting banks and bankers</th><th>Other</th></tr><tr><td>Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>434,360</td><td>418,181</td><td>402,505</td><td>2,227</td><td>9,928</td><td>3,521</td><td>16,179</td><td>346</td><td>10,106</td><td>5,727</td></tr><tr><td>France</td><td>319,659</td><td>319,356</td><td>266,939</td><td>902</td><td>49,811</td><td>1,704</td><td>303</td><td>118</td><td>175</td><td>10</td></tr><tr><td>Belgium</td><td>177,786</td><td>177,595</td><td>168,429</td><td>133</td><td>8,708</td><td>325</td><td>191</td><td>186</td><td>-</td><td>5</td></tr><tr><td>Denmark</td><td>48,554</td><td>48,551</td><td>47,903</td><td>4</td><td>487</td><td>157</td><td>3</td><td>2</td><td>-</td><td>1</td></tr><tr><td>Finland</td><td>11,907</td><td>11,904</td><td>11,146</td><td>-</td><td>14</td><td>758</td><td>3</td><td>3</td><td>-</td><td>1</td></tr><tr><td>Germany</td><td>6,505</td><td>6,490</td><td>6,363</td><td>70</td><td>14</td><td>43</td><td>15</td><td>13</td><td>-</td><td>2</td></tr><tr><td>Greece</td><td>75,514</td><td>75,445</td><td>73,044</td><td>395</td><td>402</td><td>1,604</td><td>69</td><td>47</td><td>-</td><td>22</td></tr><tr><td>Italy</td><td>106,799</td><td>106,791</td><td>105,358</td><td>323</td><td>700</td><td>410</td><td>8</td><td>8</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>22,059</td><td>22,059</td><td>22,024</td><td>5</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>268,366</td><td>267,750</td><td>253,087</td><td>57</td><td>14,594</td><td>16</td><td>616</td><td>57</td><td>-</td><td>559</td></tr><tr><td>Norway</td><td>161,645</td><td>161,630</td><td>16,648</td><td>236</td><td>83,880</td><td>866</td><td>15</td><td>5</td><td>-</td><td>10</td></tr><tr><td>Portugal</td><td>49,488</td><td>49,010</td><td>47,875</td><td>669</td><td>13</td><td>453</td><td>478</td><td>1</td><td>-</td><td>477</td></tr><tr><td>Romania</td><td>10,151</td><td>10,151</td><td>10,108</td><td>43</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>35,467</td><td>35,361</td><td>34,767</td><td>482</td><td>100</td><td>12</td><td>106</td><td>104</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>195,957</td><td>195,752</td><td>83,931</td><td>9,720</td><td>102,000</td><td>101</td><td>205</td><td>139</td><td>6</td><td>60</td></tr><tr><td>Switzerland</td><td>323,231</td><td>322,863</td><td>304,835</td><td>4,940</td><td>12,187</td><td>901</td><td>358</td><td>148</td><td>-</td><td>220</td></tr><tr><td>U. S. S. R.</td><td>57,428</td><td>57,428</td><td>57,396</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>7,257</td><td>7,257</td><td>7,226</td><td>11</td><td>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>57,422</td><td>57,414</td><td>57,059</td><td>62</td><td>160</td><td>133</td><td>8</td><td>2</td><td>-</td><td>6</td></tr><tr><td>Total Europe</td><td>2,369,555</td><td>2,350,988</td><td>2,036,643</td><td>20,307</td><td>283,034</td><td>11,004</td><td>18,567</td><td>1,179</td><td>10,287</td><td>7,101</td></tr><tr><td>Canada</td><td>1,248,229</td><td>1,245,834</td><td>328,265</td><td>1,707</td><td>912,673</td><td>3,189</td><td>2,395</td><td>145</td><td>6</td><td>2,244</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>92,623</td><td>92,580</td><td>85,811</td><td>2,877</td><td>3,885</td><td>7</td><td>43</td><td>30</td><td>-</td><td>13</td></tr><tr><td>Bolivia</td><td>11,910</td><td>11,910</td><td>11,904</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>222,014</td><td>221,942</td><td>202,098</td><td>16,649</td><td>-</td><td>3,195</td><td>72</td><td>72</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>55,304</td><td>55,284</td><td>53,600</td><td>1,338</td><td>300</td><td>46</td><td>20</td><td>20</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>69,597</td><td>69,597</td><td>69,376</td><td>221</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>6,901</td><td>6,901</td><td>6,424</td><td>477</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>163,653</td><td>163,653</td><td>160,361</td><td>2,694</td><td>579</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French West Indies and Guiana</td><td>7,029</td><td>7,029</td><td>7,028</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>119,765</td><td>119,493</td><td>117,941</td><td>954</td><td>545</td><td>53</td><td>272</td><td>35</td><td>-</td><td>237</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>19,196</td><td>19,196</td><td>17,109</td><td>81</td><td>2,006</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Panama</td><td>88,913</td><td>88,912</td><td>68,928</td><td>11</td><td>19,973</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Pern</td><td>40,320</td><td>40,297</td><td>39,390</td><td>765</td><td>140</td><td>2</td><td>23</td><td>23</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>50,339</td><td>50,291</td><td>49,953</td><td>330</td><td>7</td><td>1</td><td>48</td><td>48</td><td>-</td><td>-</td></tr><tr><td>Other Latin America</td><td>160,508</td><td>160,182</td><td>141,991</td><td>1,779</td><td>15,660</td><td>752</td><td>326</td><td>324</td><td>-</td><td>2</td></tr><tr><td>Total Latin America</td><td>1,108,072</td><td>1,107,267</td><td>1,031,914</td><td>28,183</td><td>43,095</td><td>4,075</td><td>805</td><td>552</td><td>-</td><td>253</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>695,384</td><td>692,813</td><td>260,731</td><td>1,606</td><td>426,684</td><td>3,792</td><td>2,571</td><td>689</td><td>-</td><td>1,882</td></tr><tr><td>French Indo-China</td><td>39,042</td><td>39,042</td><td>27,617</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>35,360</td><td>30,913</td><td>30,184</td><td>109</td><td>580</td><td>40</td><td>4,447</td><td>4,447</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>37,585</td><td>37,326</td><td>35,386</td><td>1,809</td><td>50</td><td>81</td><td>259</td><td>8</td><td>221</td><td>30</td></tr><tr><td>British Malaya</td><td>1,404</td><td>1,275</td><td>841</td><td>-</td><td>426</td><td>8</td><td>129</td><td>129</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>3,670</td><td>3,634</td><td>2,920</td><td>456</td><td>22</td><td>236</td><td>36</td><td>24</td><td>-</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>103,645</td><td>103,643</td><td>27,320</td><td>126</td><td>76,185</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>580,211</td><td>579,882</td><td>570,728</td><td>6,176</td><td>433</td><td>2,545</td><td>329</td><td>304</td><td>-</td><td>25</td></tr><tr><td>Turkey</td><td>71,998</td><td>71,998</td><td>69,432</td><td>407</td><td>-</td><td>2,159</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>87,369</td><td>87,279</td><td>79,139</td><td>162</td><td>7,460</td><td>518</td><td>90</td><td>90</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>1,655,668</td><td>1,647,805</td><td>1,104,298</td><td>10,851</td><td>523,240</td><td>9,416</td><td>7,863</td><td>5,693</td><td>221</td><td>1,949</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>23,870</td><td>23,698</td><td>23,696</td><td>1,381</td><td>507</td><td>114</td><td>132</td><td>20</td><td>3</td><td>109</td></tr><tr><td>New Zealand</td><td>4,795</td><td>4,769</td><td>4,634</td><td>135</td><td>-</td><td>-</td><td>26</td><td>23</td><td>-</td><td>3</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>16,768</td><td>16,676</td><td>13,677</td><td>162</td><td>-</td><td>2,837</td><td>92</td><td>-</td><td>-</td><td>92</td></tr><tr><td>French Morocco</td><td>12,375</td><td>12,375</td><td>11,268</td><td>71</td><td>-</td><td>1,036</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>11,280</td><td>10,590</td><td>10,543</td><td>16</td><td>15</td><td>16</td><td>690</td><td>606</td><td>-</td><td>84</td></tr><tr><td>All other</td><td>96,240</td><td>95,898</td><td>89,737</td><td>221</td><td>5,725</td><td>215</td><td>342</td><td>68</td><td>-</td><td>274</td></tr><tr><td>Total other countries</td><td>165,288</td><td>164,006</td><td>151,555</td><td>1,986</td><td>6,247</td><td>4,218</td><td>1,282</td><td>717</td><td>3</td><td>562</td></tr><tr><td>Unidentified</td><td>18,772</td><td>18,772</td><td>18,769</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,565,584</td><td>6,534,672</td><td>4,671,444</td><td>63,037</td><td>1,768,289</td><td>31,902</td><td>30,912</td><td>8,286</td><td>10,517</td><td>12,109</td></tr></table>
October 1946
105
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of May 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>3,393</td><td>974</td><td>717</td><td>257</td><td>2,419</td><td>971</td><td>1,488</td><td>6,966</td><td>4,679</td><td>2,738</td><td>1,901</td><td>2,327</td><td>508</td><td>1,819</td></tr><tr><td>France</td><td>3,010</td><td>2,933</td><td>1,920</td><td>1,013</td><td>77</td><td>23</td><td>54</td><td>5,944</td><td>5,756</td><td>1,675</td><td>4,081</td><td>188</td><td>115</td><td>73</td></tr><tr><td>Belgium</td><td>1,134</td><td>1,042</td><td>168</td><td>874</td><td>92</td><td>3</td><td>89</td><td>659</td><td>597</td><td>526</td><td>71</td><td>62</td><td>3</td><td>59</td></tr><tr><td>Denmark</td><td>252</td><td>196</td><td>92</td><td>104</td><td>56</td><td>-</td><td>56</td><td>213</td><td>212</td><td>166</td><td>46</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Finland</td><td>8</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-</td><td>8</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>30</td><td>30</td><td>1</td><td>29</td><td>-</td><td>-</td><td>-</td><td>51</td><td>51</td><td>39</td><td>12</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>23</td><td>-</td><td>-</td><td>-</td><td>23</td><td>-</td><td>23</td><td>5</td><td>4</td><td>1</td><td>3</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Italy</td><td>720</td><td>719</td><td>54</td><td>665</td><td>1</td><td>1</td><td>10</td><td>650</td><td>649</td><td>572</td><td>77</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Luxembourg</td><td>213</td><td>203</td><td>203</td><td>10</td><td>-</td><td>-</td><td>-</td><td>165</td><td>161</td><td>105</td><td>56</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Netherlands</td><td>1,533</td><td>1,374</td><td>1,257</td><td>117</td><td>159</td><td>89</td><td>70</td><td>1,979</td><td>1,906</td><td>1,636</td><td>270</td><td>73</td><td>14</td><td>59</td></tr><tr><td>Norway</td><td>504</td><td>271</td><td>188</td><td>83</td><td>233</td><td>-</td><td>233</td><td>863</td><td>729</td><td>176</td><td>553</td><td>134</td><td>43</td><td>91</td></tr><tr><td>Portugal</td><td>196</td><td>179</td><td>171</td><td>8</td><td>17</td><td>17</td><td>-</td><td>167</td><td>166</td><td>67</td><td>99</td><td>1</td><td>-</td><td>1</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>386</td><td>379</td><td>335</td><td>44</td><td>7</td><td>-</td><td>7</td><td>265</td><td>263</td><td>255</td><td>8</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Sweden</td><td>192</td><td>190</td><td>189</td><td>1</td><td>2</td><td>-</td><td>2</td><td>367</td><td>348</td><td>308</td><td>40</td><td>19</td><td>-</td><td>19</td></tr><tr><td>Switzerland</td><td>7,665</td><td>7,072</td><td>5,705</td><td>1,367</td><td>593</td><td>200</td><td>393</td><td>10,223</td><td>9,450</td><td>7,450</td><td>2,000</td><td>773</td><td>64</td><td>709</td></tr><tr><td>U.S.S.R.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>-</td><td>-</td><td>-</td><td>-</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>188</td><td>149</td><td>135</td><td>14</td><td>39</td><td>1</td><td>38</td><td>2,209</td><td>2,170</td><td>105</td><td>2,065</td><td>39</td><td>13</td><td>26</td></tr><tr><td>Total Europe</td><td>19,447</td><td>15,711</td><td>11,135</td><td>4,576</td><td>3,736</td><td>1,265</td><td>2,471</td><td>30,738</td><td>27,111</td><td>15,829</td><td>11,282</td><td>3,627</td><td>762</td><td>2,865</td></tr><tr><td>Canada</td><td>79,215</td><td>36,899</td><td>6,994</td><td>29,905</td><td>42,316</td><td>3,016</td><td>39,300</td><td>39,531</td><td>19,257</td><td>9,762</td><td>9,495</td><td>20,274</td><td>5,646</td><td>14,628</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>5,626</td><td>2,959</td><td>2,905</td><td>54</td><td>2,667</td><td>340</td><td>2,327</td><td>3,703</td><td>3,145</td><td>2,395</td><td>750</td><td>558</td><td>184</td><td>374</td></tr><tr><td>Bolivia</td><td>31</td><td>31</td><td>31</td><td>21</td><td>319</td><td>32</td><td>287</td><td>15</td><td>14</td><td>14</td><td>71</td><td>137</td><td>45</td><td>92</td></tr><tr><td>Brazil</td><td>943</td><td>624</td><td>603</td><td>21</td><td>-</td><td>-</td><td>-</td><td>805</td><td>668</td><td>597</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>2,173</td><td>438</td><td>420</td><td>18</td><td>1,735</td><td>8</td><td>1,735</td><td>278</td><td>204</td><td>202</td><td>2</td><td>74</td><td>7</td><td>67</td></tr><tr><td>Colombia</td><td>525</td><td>92</td><td>92</td><td>-</td><td>433</td><td>-</td><td>425</td><td>163</td><td>155</td><td>152</td><td>3</td><td>8</td><td>4</td><td>4</td></tr><tr><td>Costa Rica</td><td>64</td><td>64</td><td>64</td><td>-</td><td>-</td><td>-</td><td>-</td><td>67</td><td>59</td><td>59</td><td>-</td><td>8</td><td>8</td><td>-</td></tr><tr><td>Cuba</td><td>2,189</td><td>1,840</td><td>1,837</td><td>3</td><td>349</td><td>126</td><td>223</td><td>2,037</td><td>1,881</td><td>1,818</td><td>63</td><td>156</td><td>87</td><td>69</td></tr><tr><td>French West Indies and Guiana</td><td>39</td><td>39</td><td>39</td><td>-</td><td>-</td><td>-</td><td>-</td><td>39</td><td>-</td><td>-</td><td>-</td><td>39</td><td>-</td><td>39</td></tr><tr><td>Mexico</td><td>1,482</td><td>1,062</td><td>970</td><td>92</td><td>420</td><td>143</td><td>277</td><td>817</td><td>751</td><td>700</td><td>51</td><td>66</td><td>26</td><td>40</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>108</td><td>104</td><td>104</td><td>-</td><td>4</td><td>4</td><td>-</td><td>114</td><td>92</td><td>81</td><td>11</td><td>22</td><td>22</td><td>-</td></tr><tr><td>Panama</td><td>3,951</td><td>1,442</td><td>1,083</td><td>359</td><td>2,509</td><td>2,341</td><td>168</td><td>5,382</td><td>3,353</td><td>1,763</td><td>1,590</td><td>2,029</td><td>1,980</td><td>49</td></tr><tr><td>Peru</td><td>639</td><td>630</td><td>612</td><td>18</td><td>9</td><td>5</td><td>4</td><td>593</td><td>580</td><td>577</td><td>3</td><td>13</td><td>13</td><td>-</td></tr><tr><td>Venezuela</td><td>722</td><td>665</td><td>665</td><td>438</td><td>57</td><td>57</td><td>373</td><td>671</td><td>535</td><td>426</td><td>109</td><td>136</td><td>133</td><td>3</td></tr><tr><td>Other Latin America</td><td>3,858</td><td>3,182</td><td>2,744</td><td>438</td><td>676</td><td>303</td><td>373</td><td>15,072</td><td>14,746</td><td>2,229</td><td>12,517</td><td>326</td><td>164</td><td>162</td></tr><tr><td>Total Latin America</td><td>22,350</td><td>13,172</td><td>12,169</td><td>1,003</td><td>9,178</td><td>3,359</td><td>5,819</td><td>29,756</td><td>26,183</td><td>11,013</td><td>15,170</td><td>3,573</td><td>2,673</td><td>900</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>951</td><td>863</td><td>816</td><td>47</td><td>88</td><td>77</td><td>11</td><td>4,640</td><td>4,469</td><td>2,050</td><td>2,419</td><td>171</td><td>44</td><td>127</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>29</td><td>29</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>212</td><td>212</td><td>212</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>128</td><td>128</td><td>128</td><td>-</td><td>-</td><td>-</td><td>-</td><td>9</td><td>9</td><td>6</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>British Malaya</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>6</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>296</td><td>292</td><td>283</td><td>9</td><td>4</td><td>4</td><td>-</td><td>491</td><td>407</td><td>227</td><td>180</td><td>84</td><td>84</td><td>-</td></tr><tr><td>Turkey</td><td>7</td><td>5</td><td>5</td><td>19</td><td>2</td><td>2</td><td>113</td><td>64</td><td>63</td><td>60</td><td>3</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Other Asia</td><td>286</td><td>132</td><td>113</td><td>19</td><td>154</td><td>41</td><td>113</td><td>252</td><td>198</td><td>137</td><td>61</td><td>54</td><td>5</td><td>49</td></tr><tr><td>Total Asia</td><td>1,703</td><td>1,455</td><td>1,380</td><td>75</td><td>248</td><td>124</td><td>124</td><td>5,671</td><td>5,361</td><td>2,695</td><td>2,666</td><td>310</td><td>133</td><td>177</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>146</td><td>24</td><td>24</td><td>-</td><td>422</td><td>-</td><td>422</td><td>323</td><td>312</td><td>303</td><td>9</td><td>11</td><td>-</td><td>11</td></tr><tr><td>New Zealand</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>35</td><td>34</td><td>34</td><td>-</td><td>1</td><td>-</td><td>1</td><td>95</td><td>94</td><td>22</td><td>72</td><td>1</td><td>-</td><td>1</td></tr><tr><td>French Morocco</td><td>31</td><td>31</td><td>30</td><td>1</td><td>-</td><td>-</td><td>-</td><td>8</td><td>6</td><td>6</td><td>-</td><td>2</td><td>-</td><td>2</td></tr><tr><td>Union of South Africa</td><td>8</td><td>8</td><td>8</td><td>6</td><td>-</td><td>-</td><td>-</td><td>15</td><td>8</td><td>8</td><td>-</td><td>7</td><td>-</td><td>7</td></tr><tr><td>All other</td><td>92</td><td>12</td><td>6</td><td>6</td><td>80</td><td>1</td><td>79</td><td>95</td><td>25</td><td>20</td><td>5</td><td>70</td><td>38</td><td>32</td></tr><tr><td>Total other countries</td><td>616</td><td>113</td><td>106</td><td>7</td><td>503</td><td>1</td><td>502</td><td>538</td><td>447</td><td>361</td><td>86</td><td>91</td><td>38</td><td>53</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>123,331</td><td>67,350</td><td>31,784</td><td>35,566</td><td>55,981</td><td>7,765</td><td>48,216</td><td>106,234</td><td>78,359</td><td>39,660</td><td>38,699</td><td>27,875</td><td>9,352</td><td>18,623</td></tr></table>
106
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="8">1945</th><th colspan="6">1946</th></tr><tr><th></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><th>April</th><th>May</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>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><td>-727</td><td>-289</td></tr><tr><td>France</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><td>-58</td><td>-50</td></tr><tr><td>Belgium</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><td>-99</td><td>-322</td></tr><tr><td>Germany</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><td>-27</td><td>-26</td></tr><tr><td>Italy</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><td>-54</td><td>-53</td></tr><tr><td>Netherlands</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><td>8</td><td>15</td></tr><tr><td>Portugal</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><td>8</td><td>22</td></tr><tr><td>Spain</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><td>-111</td><td>-109</td></tr><tr><td>Sweden</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><td>87</td><td>-133</td></tr><tr><td>Switzerland</td><td>14</td><td>-53</td><td>-24</td><td>-15</td><td>39</td><td>24</td><td>359</td><td>56</td><td>228</td><td>88</td><td>264</td><td>138</td><td>132</td></tr><tr><td>Other Europe</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><td>-</td><td>31</td></tr><tr><td>Total Europe</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><td>-835</td><td>-782</td></tr><tr><td>Canada</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><td>5,054</td><td>6,394</td></tr><tr><td>Latin America</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><td>565</td><td>361</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>-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><td>-363</td><td>-479</td></tr><tr><td>Hong Kong</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><td>-3,683</td><td>-3,673</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>-15</td><td>-15</td><td>-15</td><td>-15</td></tr><tr><td>Other Asia</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><td>-1,632</td><td>-1,348</td></tr><tr><td>Total Asia</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>-5,293</td><td>-5,390</td><td>-5,693</td><td>-5,515</td></tr><tr><td>All other</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><td>246</td><td>231</td></tr><tr><td>Grand total</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><td>-663</td><td>689</td></tr></table>
October 1946
207
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 rowspan="2">Contracts as of end of month</th><th rowspan="2">Grand total</th><th colspan="9">Currency of: Europe (continued on following page)</th></tr><tr><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th><th>Sweden</th></tr></table>
<table><tr><th colspan="10">Purchase contracts</th></tr><tr><td>Total:</td><td>4,394</td><td>715</td><td>377</td><td>3</td><td>79</td><td>-</td><td>37</td><td>-</td><td>-</td></tr><tr><td>1945-June</td><td>6,088</td><td>2,454</td><td>2,338</td><td>3</td><td>13</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>July</td><td>8,394</td><td>5,105</td><td>5,006</td><td>3</td><td>13</td><td>-</td><td>81</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>81</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>81</td><td>-</td><td>-</td></tr><tr><td>October</td><td>21,996</td><td>13,605</td><td>13,375</td><td>3</td><td>13</td><td>-</td><td>81</td><td>110</td><td>17</td></tr><tr><td>November</td><td>18,943</td><td>12,391</td><td>12,190</td><td>3</td><td>-</td><td>-</td><td>81</td><td>111</td><td>-</td></tr><tr><td>December</td><td>19,986</td><td>11,444</td><td>11,193</td><td>6</td><td>-</td><td>-</td><td>81</td><td>110</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>81</td><td>110</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></tr><tr><td>March</td><td>23,997</td><td>17,466</td><td>17,379</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>April</td><td>21,309</td><td>16,549</td><td>16,532</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>May</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>From foreign customers:</td><td>2,817</td><td>383</td><td>161</td><td>-</td><td>66</td><td>-</td><td>156</td><td>-</td><td>-</td></tr><tr><td>1945-June</td><td>2,149</td><td>68</td><td>68</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></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></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></tr><tr><td>October</td><td>2,043</td><td>822</td><td>712</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</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>110</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></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></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></tr><tr><td>March</td><td>1,302</td><td>191</td><td>112</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>April</td><td>548</td><td>86</td><td>86</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</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>1,577</td><td>332</td><td>216</td><td>3</td><td>13</td><td>-</td><td>81</td><td>-</td><td>-</td></tr><tr><td>1945-June</td><td>3,939</td><td>2,386</td><td>2,270</td><td>3</td><td>13</td><td>-</td><td>81</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>81</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>81</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>81</td><td>-</td><td>-</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>81</td><td>-</td><td>17</td></tr><tr><td>November</td><td>16,676</td><td>11,441</td><td>11,350</td><td>3</td><td>-</td><td>-</td><td>81</td><td>1</td><td>-</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>81</td><td>110</td><td>45</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>81</td><td>110</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></tr><tr><td>March</td><td>22,695</td><td>17,275</td><td>17,267</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>20,761</td><td>16,463</td><td>16,446</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>May</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
<table><tr><th colspan="12">Sales contracts</th></tr><tr><td>Total:</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>1</td><td>-</td></tr><tr><td>1945-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>1</td><td>-</td></tr><tr><td>July</td><td>10,494</td><td>5,673</td><td>5,165</td><td>32</td><td>51</td><td>10</td><td>412</td><td>1</td><td>-</td></tr><tr><td>August</td><td>16,983</td><td>11,531</td><td>10,832</td><td>2</td><td>51</td><td>10</td><td>412</td><td>1</td><td>-</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></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></tr><tr><td>November</td><td>29,286</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></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></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></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></tr><tr><td>March</td><td>49,539</td><td>40,464</td><td>40,221</td><td>9</td><td>52</td><td>12</td><td>5</td><td>37</td><td>1</td></tr><tr><td>April</td><td>45,833</td><td>38,535</td><td>38,348</td><td>9</td><td>2</td><td>11</td><td>5</td><td>14</td><td>1</td></tr><tr><td>May</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>137</td></tr><tr><td>To foreign customers:</td><td>1,138</td><td>678</td><td>628</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-June</td><td>640</td><td>567</td><td>517</td><td>-</td><td>50</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></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></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>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>346</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>51</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>124</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>73</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>20</td></tr><tr><td>March</td><td>1,034</td><td>1,002</td><td>632</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>120</td></tr><tr><td>April</td><td>764</td><td>728</td><td>591</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>137</td></tr><tr><td>May</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>10,061</td><td>1,041</td><td>583</td><td>2</td><td>1</td><td>10</td><td>412</td><td>1</td><td>-</td></tr><tr><td>1945-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>1</td><td>-</td></tr><tr><td>July</td><td>9,503</td><td>5,117</td><td>4,659</td><td>32</td><td>1</td><td>10</td><td>412</td><td>1</td><td>-</td></tr><tr><td>August</td><td>15,025</td><td>9,969</td><td>9,320</td><td>2</td><td>1</td><td>10</td><td>412</td><td>1</td><td>-</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></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></tr><tr><td>November</td><td>26,633</td><td>18,651</td><td>18,051</td><td>2</td><td>1</td><td>11</td><td>379</td><td>200</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></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></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></tr><tr><td>March</td><td>48,505</td><td>39,462</td><td>39,389</td><td>9</td><td>2</td><td>12</td><td>5</td><td>37</td><td>1</td></tr><tr><td>April</td><td>45,069</td><td>37,807</td><td>37,757</td><td>9</td><td>2</td><td>11</td><td>5</td><td>14</td><td>1</td></tr><tr><td>May</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)
10g
Treasury Bulletin
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:</th><th rowspan="2">All other</th></tr><tr><th>Switzerland</th><th>Other Europe</th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (including Korea and Manchuria)</th><th>Other Asia</th></tr><tr><td colspan="11">Purchase contracts</td></tr><tr><td>Total:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-June</td><td>17</td><td>2</td><td>2,219</td><td>129</td><td>1,331</td><td>380</td><td>824</td><td>-</td><td>127</td><td>-</td></tr><tr><td>July</td><td>17</td><td>2</td><td>2,196</td><td>129</td><td>1,309</td><td>380</td><td>824</td><td>-</td><td>105</td><td>-</td></tr><tr><td>August</td><td>-</td><td>2</td><td>1,868</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>5</td></tr><tr><td>September</td><td>190</td><td>3</td><td>1,427</td><td>3</td><td>1,300</td><td>380</td><td>824</td><td>-</td><td>96</td><td>149</td></tr><tr><td>October</td><td>-</td><td>4</td><td>5,156</td><td>3</td><td>1,230</td><td>380</td><td>824</td><td>-</td><td>26</td><td>131</td></tr><tr><td>November</td><td>-</td><td>6</td><td>5,618</td><td>1,534</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>35</td></tr><tr><td>December</td><td>-</td><td>6</td><td>3,714</td><td>1,531</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>103</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>4,909</td><td>1,531</td><td>1,997</td><td>380</td><td>990</td><td>-</td><td>627</td><td>65</td></tr><tr><td>February</td><td>-</td><td>1</td><td>4,488</td><td>1,531</td><td>1,325</td><td>380</td><td>389</td><td>-</td><td>556</td><td>65</td></tr><tr><td>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>April</td><td>-</td><td>7</td><td>3,567</td><td>938</td><td>1,974</td><td>-</td><td>1,595</td><td>-</td><td>379</td><td>52</td></tr><tr><td>May</td><td>-</td><td>7</td><td>3,288</td><td>237</td><td>1,175</td><td>18</td><td>986</td><td>-</td><td>171</td><td>60</td></tr><tr><td>From foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>48</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>65</td></tr><tr><td>1946-January</td><td>-</td><td>-</td><td>73</td><td>-</td><td>1,774</td><td>380</td><td>854</td><td>-</td><td>530</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>103</td><td>-</td><td>182</td><td>-</td><td>521</td><td>52</td></tr><tr><td>April</td><td>-</td><td>-</td><td>105</td><td>-</td><td>954</td><td>-</td><td>675</td><td>-</td><td>279</td><td>52</td></tr><tr><td>May</td><td>-</td><td>-</td><td>-</td><td>-</td><td>410</td><td>-</td><td>241</td><td>-</td><td>169</td><td>52</td></tr><tr><td>From domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>1,534</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td></tr><tr><td>December</td><td>-</td><td>6</td><td>3,666</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>4,909</td><td>1,531</td><td>223</td><td>-</td><td>126</td><td>-</td><td>97</td><td>65</td></tr><tr><td>February</td><td>-</td><td>1</td><td>4,415</td><td>1,531</td><td>328</td><td>-</td><td>328</td><td>-</td><td>-</td><td>65</td></tr><tr><td>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>April</td><td>-</td><td>7</td><td>3,462</td><td>938</td><td>1,020</td><td>-</td><td>920</td><td>-</td><td>100</td><td>-</td></tr><tr><td>May</td><td>-</td><td>7</td><td>3,288</td><td>237</td><td>765</td><td>18</td><td>745</td><td>-</td><td>2</td><td>8</td></tr><tr><td colspan="11">Sales contracts</td></tr><tr><td>Total:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>89</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,565</td><td>355</td><td>163</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr><tr><td>November</td><td>30</td><td>6</td><td>8,077</td><td>666</td><td>56</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</td></tr><tr><td>December</td><td>30</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>April</td><td>-</td><td>7</td><td>5,987</td><td>171</td><td>2,853</td><td>19</td><td>379</td><td>4</td><td>2,451</td><td>64</td></tr><tr><td>May</td><td>-</td><td>8</td><td>5,249</td><td>218</td><td>1,778</td><td>19</td><td>379</td><td>4</td><td>1,755</td><td>53</td></tr><tr><td>To foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>9</td><td>355</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>-</td><td>-</td><td>228</td><td>562</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>18</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>-</td></tr><tr><td>December</td><td>-</td><td>-</td><td>840</td><td>372</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>-</td><td>-</td><td>840</td><td>242</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>-</td><td>-</td><td>840</td><td>153</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>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>-</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td>-</td><td>-</td><td>10</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-June</td><td>30</td><td>2</td><td>8,466</td><td>206</td><td>289</td><td>19</td><td>-</td><td>4</td><td>266</td><td>59</td></tr><tr><td>July</td><td>30</td><td>2</td><td>4,519</td><td>650</td><td>230</td><td>19</td><td>-</td><td>4</td><td>207</td><td>1</td></tr><tr><td>August</td><td>-</td><td>2</td><td>3,974</td><td>156</td><td>254</td><td>19</td><td>-</td><td>4</td><td>231</td><td>2</td></tr><tr><td>September</td><td>220</td><td>3</td><td>4,720</td><td>5</td><td>302</td><td>19</td><td>-</td><td>4</td><td>279</td><td>29</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,565</td><td>-</td><td>163</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr><tr><td>November</td><td>30</td><td>6</td><td>7,849</td><td>104</td><td>56</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</td></tr><tr><td>December</td><td>30</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><tr><td>April</td><td>-</td><td>7</td><td>5,987</td><td>139</td><td>2,853</td><td>19</td><td>379</td><td>4</td><td>2,451</td><td>64</td></tr><tr><td>May</td><td>-</td><td>8</td><td>5,239</td><td>192</td><td>1,778</td><td>19</td><td>379</td><td>4</td><td>1,755</td><td>53</td></tr></table>
October 1946
109
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>Mother-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Purchases</td></tr><tr><td>Total purchases: 1945-June</td><td>71,280</td><td>29,527</td><td>22,298</td><td>81</td><td>304</td><td>-</td><td>-</td><td>219</td><td>342</td><td>472</td></tr><tr><td>Spot</td><td>3,700</td><td>224</td><td>224</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>54,160</td><td>26,844</td><td>19,093</td><td>106</td><td>531</td><td>-</td><td>-</td><td>20</td><td>504</td><td>259</td></tr><tr><td>July</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>Spot</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>Forward</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>August</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>Spot</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>Forward</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>September</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>Spot</td><td>84,122</td><td>50,087</td><td>40,377</td><td>324</td><td>312</td><td>-</td><td>-</td><td>196</td><td>604</td><td>639</td></tr><tr><td>Forward</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>October</td><td>98,936</td><td>54,562</td><td>42,821</td><td>546</td><td>363</td><td>-</td><td>-</td><td>78</td><td>594</td><td>601</td></tr><tr><td>Spot</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>Forward</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>November</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>December</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>1946-January</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>Spot</td><td>138,241</td><td>69,819</td><td>57,369</td><td>1,113</td><td>654</td><td>-</td><td>25</td><td>163</td><td>1,732</td><td>329</td></tr><tr><td>Forward</td><td>13,002</td><td>8,536</td><td>8,457</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>129,496</td><td>73,040</td><td>59,076</td><td>1,492</td><td>898</td><td>-</td><td>17</td><td>626</td><td>1,024</td><td>369</td></tr><tr><td>March</td><td>12,989</td><td>8,657</td><td>8,638</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td>April</td><td colspan="11">Purchases from banks:</td></tr><tr><td>1945-June</td><td>46,522</td><td>19,501</td><td>12,460</td><td>71</td><td>295</td><td>-</td><td>-</td><td>210</td><td>334</td><td>461</td></tr><tr><td>Spot</td><td>3,456</td><td>218</td><td>218</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</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>July</td><td>2,516</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>Spot</td><td>31,652</td><td>18,995</td><td>10,498</td><td>266</td><td>339</td><td>-</td><td>-</td><td>-</td><td>608</td><td>327</td></tr><tr><td>Forward</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>August</td><td>36,594</td><td>19,576</td><td>13,329</td><td>114</td><td>255</td><td>-</td><td>-</td><td>-</td><td>528</td><td>236</td></tr><tr><td>Spot</td><td>4,783</td><td>3,749</td><td>3,748</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Forward</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>September</td><td>9,937</td><td>6,747</td><td>6,742</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>56,188</td><td>37,813</td><td>29,233</td><td>241</td><td>102</td><td>-</td><td>-</td><td>191</td><td>575</td><td>601</td></tr><tr><td>Spot</td><td>7,414</td><td>5,136</td><td>5,009</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td></tr><tr><td>Forward</td><td>62,666</td><td>41,111</td><td>30,871</td><td>248</td><td>347</td><td>-</td><td>-</td><td>76</td><td>592</td><td>597</td></tr><tr><td>November</td><td>6,115</td><td>3,036</td><td>3,036</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>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>1946-January</td><td>7,229</td><td>2,783</td><td>2,104</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>73,184</td><td>52,693</td><td>44,196</td><td>528</td><td>506</td><td>-</td><td>1</td><td>224</td><td>407</td><td>320</td></tr><tr><td>Forward</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>February</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>March</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>Spot</td><td>85,799</td><td>45,379</td><td>33,624</td><td>1,012</td><td>519</td><td>-</td><td>4</td><td>163</td><td>1,706</td><td>302</td></tr><tr><td>Forward</td><td>6,214</td><td>3,407</td><td>3,328</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>73,167</td><td>44,850</td><td>31,663</td><td>1,230</td><td>779</td><td>-</td><td>12</td><td>624</td><td>973</td><td>352</td></tr><tr><td>May</td><td>7,257</td><td>4,165</td><td>4,146</td><td>7</td><td>2</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td></tr><tr><td colspan="11">Purchases from others:</td></tr><tr><td>1945-June</td><td>24,758</td><td>10,026</td><td>9,838</td><td>10</td><td>9</td><td>-</td><td>-</td><td>9</td><td>8</td><td>11</td></tr><tr><td>Spot</td><td>244</td><td>6</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>21,344</td><td>8,715</td><td>7,966</td><td>9</td><td>103</td><td>-</td><td>-</td><td>-</td><td>58</td><td>-</td></tr><tr><td>July</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>Spot</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>Forward</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>August</td><td>35,590</td><td>20,370</td><td>20,120</td><td>3</td><td>12</td><td>-</td><td>-</td><td>-</td><td>3</td><td>3</td></tr><tr><td>September</td><td>2,523</td><td>2,060</td><td>2,060</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>31,106</td><td>12,210</td><td>11,439</td><td>84</td><td>55</td><td>-</td><td>-</td><td>-</td><td>40</td><td>29</td></tr><tr><td>Forward</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>October</td><td>27,934</td><td>12,274</td><td>11,144</td><td>83</td><td>210</td><td>-</td><td>-</td><td>5</td><td>29</td><td>38</td></tr><tr><td>November</td><td>7,409</td><td>1,033</td><td>1,033</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>36,270</td><td>13,451</td><td>11,950</td><td>298</td><td>16</td><td>-</td><td>2</td><td>2</td><td>2</td><td>4</td></tr><tr><td>Forward</td><td>3,412</td><td>2,214</td><td>2,214</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</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>1946-January</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>Spot</td><td>32,133</td><td>13,998</td><td>13,548</td><td>54</td><td>93</td><td>-</td><td>2</td><td>91</td><td>2</td><td>15</td></tr><tr><td>Forward</td><td>2,390</td><td>2,062</td><td>2,062</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>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><tr><td>Spot</td><td>52,442</td><td>24,440</td><td>23,745</td><td>101</td><td>135</td><td>-</td><td>21</td><td>-</td><td>26</td><td>27</td></tr><tr><td>Forward</td><td>6,788</td><td>5,129</td><td>5,129</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>56,329</td><td>28,190</td><td>27,413</td><td>262</td><td>119</td><td>-</td><td>5</td><td>2</td><td>51</td><td>17</td></tr><tr><td>May</td><td>5,732</td><td>4,492</td><td>4,492</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td colspan="10">Forward</td></tr></table>
(Continued on following page)
110
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="5">Currency of:</th><th rowspan="2">All other</th></tr><tr><th>Sweden</th><th>Switzer-land</th><th>Other Europe</th><th>Canada</th><th>Latin America</th><th>Total Asia</th><th>Japan (in-cluding Korea and Manchuria)</th><th>Other Asia</th></tr><tr><td colspan="9">Purchases</td></tr><tr><td>Total purchasees: 1945-June</td><td>814</td><td>4,821</td><td>176</td><td>32,636</td><td>4,023</td><td>1,056</td><td>-</td><td>1,056</td><td>4,038</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>3,417</td><td>-</td><td>59</td><td>-</td><td>59</td><td>-</td></tr><tr><td>Forward</td><td>1,042</td><td>5,066</td><td>218</td><td>18,945</td><td>4,015</td><td>738</td><td>-</td><td>738</td><td>3,618</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-</td><td>1,551</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td>Spot</td><td>957</td><td>6,195</td><td>162</td><td>17,742</td><td>2,622</td><td>865</td><td>-</td><td>865</td><td>4,101</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,836</td><td>-</td><td>46</td><td>-</td><td>46</td><td>-</td></tr><tr><td>August</td><td>665</td><td>4,576</td><td>102</td><td>23,759</td><td>2,739</td><td>1,305</td><td>-</td><td>1,305</td><td>4,435</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,353</td><td>3</td><td>-</td><td>-</td><td>-</td><td>141</td></tr><tr><td>Forward</td><td>1,826</td><td>5,564</td><td>174</td><td>31,505</td><td>3,130</td><td>1,254</td><td>-</td><td>1,254</td><td>5,204</td></tr><tr><td>October</td><td>-</td><td>-</td><td>-</td><td>5,646</td><td>-</td><td>13</td><td>-</td><td>13</td><td>3</td></tr><tr><td>Spot</td><td>1,322</td><td>6,053</td><td>260</td><td>23,914</td><td>3,155</td><td>1,188</td><td>-</td><td>1,188</td><td>5,778</td></tr><tr><td>Forward</td><td>17</td><td>-</td><td>-</td><td>7,123</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</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>Spot</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>Forward</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>1946-January</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>Spot</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>February</td><td>1,941</td><td>-</td><td>-</td><td>1,421</td><td>-</td><td>1,519</td><td>-</td><td>1,519</td><td>-</td></tr><tr><td>Spot</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>March</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>Spot</td><td>2,209</td><td>5,590</td><td>635</td><td>44,906</td><td>4,940</td><td>8,690</td><td>-</td><td>8,690</td><td>9,886</td></tr><tr><td>April</td><td>78</td><td>-</td><td>-</td><td>3,581</td><td>248</td><td>637</td><td>-</td><td>637</td><td>-</td></tr><tr><td>Spot</td><td>3,052</td><td>5,242</td><td>1,244</td><td>33,708</td><td>4,895</td><td>7,240</td><td>-</td><td>7,240</td><td>10,613</td></tr><tr><td>May</td><td>-</td><td>-</td><td>-</td><td>3,306</td><td>114</td><td>912</td><td>-</td><td>912</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="9">Purchasee from banks:</td></tr><tr><td>1945-June</td><td>776</td><td>4,788</td><td>106</td><td>20,997</td><td>3,385</td><td>1,031</td><td>-</td><td>1,031</td><td>1,608</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>3,179</td><td>-</td><td>59</td><td>-</td><td>59</td><td>-</td></tr><tr><td>Forward</td><td>588</td><td>5,030</td><td>129</td><td>9,195</td><td>2,970</td><td>737</td><td>-</td><td>737</td><td>1,785</td></tr><tr><td>July</td><td>-</td><td>-</td><td>-</td><td>1,301</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td>Spot</td><td>919</td><td>5,967</td><td>71</td><td>8,351</td><td>1,767</td><td>768</td><td>-</td><td>768</td><td>1,771</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,176</td><td>-</td><td>46</td><td>-</td><td>46</td><td>-</td></tr><tr><td>August</td><td>539</td><td>4,539</td><td>36</td><td>11,916</td><td>2,037</td><td>1,270</td><td>-</td><td>1,270</td><td>1,795</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>994</td><td>-</td><td>-</td><td>-</td><td>-</td><td>40</td></tr><tr><td>Forward</td><td>1,675</td><td>5,234</td><td>92</td><td>16,479</td><td>2,191</td><td>1,191</td><td>-</td><td>1,191</td><td>2,336</td></tr><tr><td>September</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>3</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>October</td><td>1,670</td><td>5,276</td><td>119</td><td>16,011</td><td>4,381</td><td>3,633</td><td>-</td><td>3,633</td><td>1,821</td></tr><tr><td>Spot</td><td>75</td><td>-</td><td>-</td><td>3,602</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>1946-January</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>February</td><td>2,047</td><td>5,470</td><td>532</td><td>27,521</td><td>3,693</td><td>7,574</td><td>-</td><td>7,574</td><td>1,632</td></tr><tr><td>Spot</td><td>78</td><td>-</td><td>-</td><td>2,170</td><td>-</td><td>637</td><td>-</td><td>637</td><td>-</td></tr><tr><td>March</td><td>2,953</td><td>5,195</td><td>1,069</td><td>15,766</td><td>3,704</td><td>6,737</td><td>-</td><td>6,737</td><td>2,110</td></tr><tr><td>April</td><td>-</td><td>-</td><td>-</td><td>2,660</td><td>-</td><td>432</td><td>-</td><td>432</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>May</td><td colspan="9">Purchases from others:</td></tr><tr><td>1945-June</td><td>38</td><td>33</td><td>70</td><td>11,659</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>July</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>August</td><td>126</td><td>37</td><td>66</td><td>11,843</td><td>702</td><td>35</td><td>-</td><td>35</td><td>2,640</td></tr><tr><td>Forward</td><td>151</td><td>330</td><td>82</td><td>15,026</td><td>939</td><td>63</td><td>-</td><td>63</td><td>2,868</td></tr><tr><td>September</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>Spot</td><td>-</td><td>-</td><td>-</td><td>4,845</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</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>Forward</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>November</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>Spot</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>December</td><td>162</td><td>120</td><td>103</td><td>17,385</td><td>1,247</td><td>1,116</td><td>-</td><td>1,116</td><td>8,254</td></tr><tr><td>1946-January</td><td>99</td><td>47</td><td>175</td><td>17,942</td><td>1,191</td><td>503</td><td>-</td><td>503</td><td>8,503</td></tr><tr><td>February</td><td>-</td><td>-</td><td>-</td><td>646</td><td>114</td><td>480</td><td>-</td><td>480</td><td>-</td></tr><tr><td>March</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</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)
October 1946
111
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)
(1a thousands of dollars)
<table><tr><th>Transactions during month</th><th>Grand total</th><th colspan="8">Currency of: Europe (continued on following page)</th></tr><tr><th></th><th></th><th>Total Europe</th><th>United Kingdom</th><th>France</th><th>Belgium</th><th>Germany</th><th>Italy</th><th>Nether-lands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Sales</td></tr><tr><td>Total sales: 1945-June</td><td>60,938</td><td>28,314</td><td>21,284</td><td>82</td><td>256</td><td>-</td><td>-</td><td>-</td><td>356</td><td>471</td></tr><tr><td>Spot</td><td>11,020</td><td>495</td><td>495</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>49,918</td><td>23,819</td><td>17,789</td><td>82</td><td>256</td><td>-</td><td>-</td><td>-</td><td>356</td><td>471</td></tr><tr><td>July</td><td>54,613</td><td>31,826</td><td>24,143</td><td>106</td><td>581</td><td>-</td><td>-</td><td>176</td><td>533</td><td>265</td></tr><tr><td>Spot</td><td>7,342</td><td>2,592</td><td>2,592</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>47,271</td><td>29,234</td><td>21,551</td><td>106</td><td>581</td><td>-</td><td>-</td><td>176</td><td>533</td><td>265</td></tr><tr><td>August</td><td>53,167</td><td>30,109</td><td>20,791</td><td>270</td><td>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>46,869</td><td>26,953</td><td>17,652</td><td>270</td><td>383</td><td>-</td><td>-</td><td>2</td><td>650</td><td>340</td></tr><tr><td>September</td><td>75,980</td><td>46,874</td><td>40,421</td><td>118</td><td>267</td><td>-</td><td>-</td><td>-</td><td>533</td><td>238</td></tr><tr><td>Spot</td><td>9,626</td><td>5,419</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Forward</td><td>66,354</td><td>41,455</td><td>34,003</td><td>118</td><td>267</td><td>-</td><td>-</td><td>-</td><td>533</td><td>238</td></tr><tr><td>October</td><td>78,309</td><td>37,995</td><td>28,814</td><td>261</td><td>83</td><td>-</td><td>-</td><td>17</td><td>797</td><td>518</td></tr><tr><td>Spot</td><td>15,307</td><td>8,105</td><td>7,712</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td><td>-</td></tr><tr><td>Forward</td><td>63,002</td><td>29,890</td><td>21,102</td><td>249</td><td>83</td><td>-</td><td>-</td><td>17</td><td>797</td><td>518</td></tr><tr><td>November</td><td>83,516</td><td>49,663</td><td>40,432</td><td>343</td><td>212</td><td>-</td><td>-</td><td>148</td><td>552</td><td>642</td></tr><tr><td>Spot</td><td>17,775</td><td>9,091</td><td>8,958</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td><td>124</td><td>-</td></tr><tr><td>Forward</td><td>65,741</td><td>40,572</td><td>31,474</td><td>343</td><td>212</td><td>-</td><td>-</td><td>148</td><td>552</td><td>642</td></tr><tr><td>December</td><td>85,433</td><td>51,857</td><td>41,192</td><td>516</td><td>364</td><td>-</td><td>-</td><td>64</td><td>615</td><td>595</td></tr><tr><td>Spot</td><td>19,340</td><td>7,964</td><td>7,209</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>Forward</td><td>66,093</td><td>43,893</td><td>33,983</td><td>516</td><td>364</td><td>-</td><td>-</td><td>64</td><td>615</td><td>595</td></tr><tr><td>1946-January</td><td>96,696</td><td>53,247</td><td>43,318</td><td>867</td><td>583</td><td>-</td><td>-</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>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>72,914</td><td>40,093</td><td>30,267</td><td>867</td><td>583</td><td>-</td><td>-</td><td>49</td><td>575</td><td>504</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>-</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>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>79,568</td><td>52,421</td><td>43,483</td><td>598</td><td>517</td><td>-</td><td>-</td><td>272</td><td>373</td><td>335</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>-</td><td>21</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>103,853</td><td>53,136</td><td>40,435</td><td>739</td><td>729</td><td>-</td><td>-</td><td>21</td><td>863</td><td>358</td></tr><tr><td>April</td><td>130,055</td><td>66,797</td><td>54,299</td><td>1,118</td><td>680</td><td>-</td><td>-</td><td>26</td><td>1,738</td><td>347</td></tr><tr><td>Spot</td><td>19,599</td><td>12,141</td><td>12,019</td><td>9</td><td>-</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td></tr><tr><td>Forward</td><td>110,456</td><td>54,656</td><td>42,280</td><td>1,118</td><td>680</td><td>-</td><td>-</td><td>26</td><td>1,738</td><td>347</td></tr><tr><td>May</td><td>124,190</td><td>75,340</td><td>61,123</td><td>1,489</td><td>1,119</td><td>-</td><td>-</td><td>16</td><td>1,008</td><td>370</td></tr><tr><td>Spot</td><td>16,965</td><td>10,223</td><td>10,077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>14</td><td>-</td></tr><tr><td>Forward</td><td>107,225</td><td>65,117</td><td>51,046</td><td>1,489</td><td>1,119</td><td>-</td><td>-</td><td>16</td><td>1,008</td><td>370</td></tr><tr><td colspan="11">Sales to banks: 1945-June</td></tr><tr><td>Spot</td><td>22,715</td><td>10,895</td><td>9,432</td><td>8</td><td>35</td><td>-</td><td>-</td><td>-</td><td>92</td><td>246</td></tr><tr><td>Forward</td><td>2,132</td><td>319</td><td>319</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>22,851</td><td>14,465</td><td>12,590</td><td>13</td><td>181</td><td>-</td><td>-</td><td>-</td><td>245</td><td>238</td></tr><tr><td>Spot</td><td>2,889</td><td>1,399</td><td>1,399</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>20,962</td><td>13,066</td><td>11,191</td><td>13</td><td>181</td><td>-</td><td>-</td><td>-</td><td>245</td><td>238</td></tr><tr><td>August</td><td>22,635</td><td>13,309</td><td>10,951</td><td>8</td><td>16</td><td>-</td><td>-</td><td>-</td><td>343</td><td>276</td></tr><tr><td>Spot</td><td>2,180</td><td>1,741</td><td>1,741</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>20,455</td><td>11,568</td><td>9,210</td><td>8</td><td>16</td><td>-</td><td>-</td><td>-</td><td>343</td><td>276</td></tr><tr><td>September</td><td>43,818</td><td>27,278</td><td>25,715</td><td>13</td><td>14</td><td>-</td><td>-</td><td>-</td><td>171</td><td>189</td></tr><tr><td>Spot</td><td>4,806</td><td>3,905</td><td>3,905</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>39,012</td><td>23,373</td><td>21,810</td><td>13</td><td>14</td><td>-</td><td>-</td><td>-</td><td>171</td><td>189</td></tr><tr><td>October</td><td>34,291</td><td>15,775</td><td>12,974</td><td>73</td><td>40</td><td>-</td><td>-</td><td>2</td><td>438</td><td>431</td></tr><tr><td>Spot</td><td>8,129</td><td>4,423</td><td>4,077</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>26,162</td><td>11,352</td><td>8,897</td><td>73</td><td>40</td><td>-</td><td>-</td><td>2</td><td>438</td><td>431</td></tr><tr><td>November</td><td>33,132</td><td>17,885</td><td>15,208</td><td>75</td><td>77</td><td>-</td><td>-</td><td>3</td><td>136</td><td>433</td></tr><tr><td>Spot</td><td>8,010</td><td>5,248</td><td>5,240</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>25,122</td><td>12,637</td><td>10,008</td><td>75</td><td>77</td><td>-</td><td>-</td><td>3</td><td>136</td><td>433</td></tr><tr><td>December</td><td>34,499</td><td>18,922</td><td>15,551</td><td>290</td><td>75</td><td>-</td><td>-</td><td>-</td><td>313</td><td>520</td></tr><tr><td>Spot</td><td>8,259</td><td>5,112</td><td>4,720</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>26,240</td><td>13,810</td><td>10,831</td><td>290</td><td>75</td><td>-</td><td>-</td><td>-</td><td>313</td><td>520</td></tr><tr><td>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>Forward</td><td>30,868</td><td>15,157</td><td>12,318</td><td>82</td><td>17</td><td>-</td><td>-</td><td>27</td><td>228</td><td>329</td></tr><tr><td>February</td><td>36,936</td><td>24,504</td><td>21,672</td><td>106</td><td>271</td><td>-</td><td>-</td><td>1</td><td>67</td><td>229</td></tr><tr><td>Spot</td><td>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>Forward</td><td>29,017</td><td>18,394</td><td>15,562</td><td>106</td><td>271</td><td>-</td><td>-</td><td>1</td><td>67</td><td>229</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>38,749</td><td>18,688</td><td>14,546</td><td>177</td><td>250</td><td>-</td><td>-</td><td>5</td><td>590</td><td>215</td></tr><tr><td>April</td><td>56,515</td><td>29,545</td><td>25,028</td><td>447</td><td>179</td><td>-</td><td>-</td><td>-</td><td>1,473</td><td>249</td></tr><tr><td>Spot</td><td>10,219</td><td>7,161</td><td>7,060</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>46,296</td><td>22,384</td><td>17,968</td><td>447</td><td>179</td><td>-</td><td>-</td><td>-</td><td>1,473</td><td>249</td></tr><tr><td>May</td><td>52,157</td><td>31,548</td><td>26,453</td><td>438</td><td>424</td><td>-</td><td>-</td><td>3</td><td>681</td><td>228</td></tr><tr><td>Spot</td><td>9,349</td><td>7,212</td><td>7,080</td><td>-</td><td>-</td><td>-</td><td>3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>42,808</td><td>24,336</td><td>19,373</td><td>438</td><td>424</td><td>-</td><td>-</td><td>3</td><td>681</td><td>228</td></tr><tr><td colspan="11">Sales to others: 1945-June</td></tr><tr><td>Spot</td><td>38,223</td><td>17,419</td><td>11,852</td><td>74</td><td>221</td><td>-</td><td>-</td><td>-</td><td>264</td><td>225</td></tr><tr><td>Forward</td><td>8,888</td><td>176</td><td>176</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>31,762</td><td>17,361</td><td>11,553</td><td>93</td><td>400</td><td>-</td><td>-</td><td>176</td><td>288</td><td>27</td></tr><tr><td>Spot</td><td>4,453</td><td>1,193</td><td>1,193</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>27,309</td><td>16,168</td><td>10,360</td><td>93</td><td>400</td><td>-</td><td>-</td><td>176</td><td>288</td><td>27</td></tr><tr><td>August</td><td>30,532</td><td>16,800</td><td>9,840</td><td>262</td><td>367</td><td>-</td><td>-</td><td>2</td><td>307</td><td>64</td></tr><tr><td>Spot</td><td>4,118</td><td>1,415</td><td>1,398</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>26,414</td><td>15,385</td><td>8,442</td><td>262</td><td>367</td><td>-</td><td>-</td><td>2</td><td>307</td><td>64</td></tr><tr><td>September</td><td>32,162</td><td>19,596</td><td>14,706</td><td>105</td><td>253</td><td>-</td><td>-</td><td>-</td><td>362</td><td>49</td></tr><tr><td>Spot</td><td>4,820</td><td>1,514</td><td>1,513</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Forward</td><td>27,342</td><td>18,082</td><td>13,193</td><td>105</td><td>253</td><td>-</td><td>-</td><td>-</td><td>362</td><td>49</td></tr><tr><td>October</td><td>44,018</td><td>22,220</td><td>15,840</td><td>188</td><td>43</td><td>-</td><td>-</td><td>15</td><td>359</td><td>87</td></tr><tr><td>Spot</td><td>7,178</td><td>3,682</td><td>3,635</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>36,840</td><td>18,538</td><td>12,205</td><td>188</td><td>43</td><td>-</td><td>-</td><td>15</td><td>359</td><td>87</td></tr><tr><td>November</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>Spot</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>-</td><td>-</td></tr><tr><td>Forward</td><td>40,619</td><td>27,935</td><td>21,506</td><td>268</td><td>135</td><td>-</td><td>-</td><td>145</td><td>416</td><td>209</td></tr><tr><td>December</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>Spot</td><td>11,081</td><td>2,852</td><td>2,489</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>41</td><td>-</td></tr><tr><td>Forward</td><td>39,853</td><td>30,083</td><td>23,152</td><td>226</td><td>289</td><td>-</td><td>-</td><td>64</td><td>302</td><td>75</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>2</td><td>347</td><td>175</td></tr><tr><td>Spot</td><td>17,562</td><td>9,174</td><td>9,174</td><td>-</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>42,
(Continued on following page)
112
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>Latin America</th><th>Total Asia</th><th>Japan (in-cluding Korea and Manchuria)</th><th>Other Asia</th></tr><tr><td colspan="10">Sales</td></tr><tr><td>Total sales: 1945-June</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Spot</td><td>633</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>10,394</td><td>41</td><td>90</td><td>-</td><td>90</td><td>-</td></tr><tr><td>July</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>1,233</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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Spot</td><td>1,746</td><td>5,579</td><td>180</td><td>31,202</td><td>3,146</td><td>1,331</td><td>-</td><td>1,331</td><td>4,635</td></tr><tr><td>Forward</td><td>346</td><td>-</td><td>-</td><td>6,956</td><td>187</td><td>56</td><td>-</td><td>56</td><td>3</td></tr><tr><td>October</td><td>1,347</td><td>5,723</td><td>204</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>Spot</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>Forward</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>3,859</td></tr><tr><td>November</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>Spot</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>Forward</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>December</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>1946-January</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Spot</td><td>2,319</td><td>6,759</td><td>670</td><td>41,452</td><td>4,387</td><td>8,445</td><td>9</td><td>8,445</td><td>5,170</td></tr><tr><td>Forward</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>February</td><td>2,145</td><td>5,704</td><td>585</td><td>44,875</td><td>4,827</td><td>7,372</td><td>-</td><td>7,372</td><td>6,184</td></tr><tr><td>Spot</td><td>101</td><td>-</td><td>-</td><td>5,270</td><td>26</td><td>2,162</td><td>-</td><td>2,162</td><td>-</td></tr><tr><td>Forward</td><td>3,129</td><td>5,245</td><td>1,224</td><td>29,480</td><td>5,234</td><td>7,537</td><td>-</td><td>7,537</td><td>6,599</td></tr><tr><td>March</td><td>132</td><td>-</td><td>-</td><td>6,139</td><td>123</td><td>307</td><td>-</td><td>307</td><td>173</td></tr><tr><td>April</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales to banks: 1945-June</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Spot</td><td>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>Forward</td><td>-</td><td>-</td><td>-</td><td>1,813</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>July</td><td>361</td><td>761</td><td>76</td><td>6,776</td><td>268</td><td>126</td><td>-</td><td>126</td><td>1,216</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>1,475</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td>Forward</td><td>783</td><td>882</td><td>50</td><td>7,355</td><td>311</td><td>209</td><td>-</td><td>209</td><td>1,451</td></tr><tr><td>August</td><td></td><td></td><td></td><td>139</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>398</td><td>759</td><td>19</td><td>14,184</td><td>292</td><td>170</td><td>-</td><td>170</td><td>1,894</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>901</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>750</td><td>1,023</td><td>44</td><td>15,799</td><td>387</td><td>218</td><td>-</td><td>218</td><td>2,112</td></tr><tr><td>Spot</td><td>346</td><td>-</td><td>-</td><td>3,703</td><td>-</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td>Forward</td><td>689</td><td>1,200</td><td>64</td><td>12,618</td><td>302</td><td>163</td><td>-</td><td>163</td><td>2,164</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>Spot</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>Forward</td><td>-</td><td>-</td><td>392</td><td>3,142</td><td>5</td><td>250</td><td>-</td><td>250</td><td>-</td></tr><tr><td>November</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>December</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>1946-January</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>Spot</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>Forward</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>March</td><td>976</td><td>1,081</td><td>112</td><td>21,674</td><td>632</td><td>654</td><td>-</td><td>654</td><td>4,110</td></tr><tr><td>April</td><td>101</td><td>-</td><td>-</td><td>3,058</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>1,516</td><td>877</td><td>923</td><td>14,673</td><td>927</td><td>991</td><td>-</td><td>991</td><td>4,018</td></tr><tr><td>Forward</td><td>132</td><td>-</td><td>-</td><td>2,034</td><td>103</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Sales to others: 1945-June</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Spot</td><td>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>Forward</td><td>-</td><td>-</td><td>-</td><td>8,581</td><td>41</td><td>90</td><td>-</td><td>90</td><td>-</td></tr><tr><td>July</td><td>407</td><td>4,286</td><td>131</td><td>8,302</td><td>3,323</td><td>689</td><td>-</td><td>689</td><td>2,087</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>2,758</td><td>487</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td>Forward</td><td>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>August</td><td>-</td><td>17</td><td>-</td><td>2,552</td><td>41</td><td>110</td><td>-</td><td>110</td><td>-</td></tr><tr><td>Spot</td><td>263</td><td>3,730</td><td>128</td><td>7,460</td><td>2,125</td><td>1,104</td><td>-</td><td>1,104</td><td>1,877</td></tr><tr><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,151</td><td>88</td><td>47</td><td>-</td><td>47</td><td>20</td></tr><tr><td>September</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>October</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>November</td><td>906</td><td>3,617</td><td>158</td><td>10,845</td><td>4,486</td><td>4,704</td><td>9</td><td>4,695</td><td>1,774</td></tr><tr><td>December</td><td>1,243</td><td>4,978</td><td>603</td><td>21,338</td><td>3,865</td><td>7,045</td><td>-</td><td>7,045</td><td>2,105</td></tr><tr><td>1946-January</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>-</td></tr><tr><td>February</td><td>1,169</td><td>4,623</td><td>473</td><td>23,201</td><td>4,195</td><td>6,718</td><td>-</td><td>6,718</td><td>2,074</td></tr><tr><td>Spot</td><td>-</td><td>-</td><td>-</td><td>2,212</td><td>26</td><td>2,162</td><td>-</td><td>2,162</td><td>-</td></tr><tr><td>Forward</td><td>1,613</td><td>4,368</td><td>301</td><td>14,807</td><td>4,307</td><td>6,546</td><td>-</td><td>6,546</td><td>2,581</td></tr><tr><td>March</td><td>-</td><td>-</td><td>-</td><td>4,105</td><td>20</td><td>307</td><td>-</td><td>307</td><td>173</td></tr><tr><td>April</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
<table><tr><td>Treas.</td><td>U.S. Treasury Dept.</td></tr><tr><td>HJ</td><td></td></tr><tr><td>10</td><td>Treasury Bulletin</td></tr><tr><td>.A2</td><td></td></tr><tr><td>1946</td><td></td></tr><tr><td>c.2</td><td></td></tr></table>