TREASURY DEPARTMENT
LIBRARY
ROOM 5013
TREASURY BULLETIN
NOVEMBER - 1946
LIBRARY ROOM 5013 NOV 18 1946 TREASURY DEPARTMENT
UNITED STATES TREASURY DEPARTMENT
OFFICE OF THE SECRETARY
November 1946
1
Table of Contents
Page
<table><tr><td>Cumulative table of contents</td><td>11</td></tr><tr><td>Articles:</td><td></td></tr><tr><td>The budget and the problems of managing the public debt (speech by the Secretary of the Treasury)</td><td>A-1</td></tr><tr><td>Other speeches by Treasury officials</td><td>A-5</td></tr><tr><td>Treasury market financing</td><td>A-6</td></tr><tr><td>Statistical section:</td><td></td></tr><tr><td>Summary of fiscal statistics</td><td>1</td></tr><tr><td>Receipts and expenditures and appropriations</td><td>4</td></tr><tr><td>General fund of the Treasury</td><td>16</td></tr><tr><td>Public debt and guaranteed obligations of the United States Government</td><td>19</td></tr><tr><td>Ownership of United States Government securities</td><td>45</td></tr><tr><td>Prices and yields of Government securities (including securities issued by Federal agencies)</td><td>53</td></tr><tr><td>Internal revenue statistics</td><td>60</td></tr><tr><td>Monetary statistics</td><td>65</td></tr><tr><td>Capital movements between the United States and foreign countries and net position in foreign currencies</td><td>72</td></tr></table>
Note: In those tables where figures have been rounded to a specified unit, all calculations (including percentages) have been made from unrounded figures. Consequently the details may not add to the totals shown.
11
Treasury Bulletin
Cumulative Table of Contents
<table><tr><th></th><th colspan="12">Issue and page number</th></tr><tr><th></th><th colspan="12">1946</th><th>1945</th></tr><tr><th></th><th>Nov.</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></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><td></td></tr><tr><td>The budget and the problems of managing the public debt (speech by Secretary Snyder).</td><td>A-1</td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Banking and Government (speech by Under Secretary Gardner).</td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></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>Leading the way to enduring peace and prosperity (speech by Secretary Vineson).</td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vineson on the extension of the Price Control Act, before the Senate Committee on Banking and Currency.</td><td></td><td></td><td></td><td></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vineson on the proposed financial agreement with Britain, before the House Banking and Currency Committee.</td><td></td><td></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></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></td><td></td><td>A-12</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vineson 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></td><td></td><td>A-1</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vineson 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></td><td></td><td>A-4</td><td></td><td></td><td></td><td></td></tr><tr><td>American prosperity and world prosperity are interlinked (speech by Secretary Vineson).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-7</td><td></td><td></td><td></td><td></td></tr><tr><td>Statement by Secretary Vineson 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></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 Vineson).</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><td></td></tr><tr><td>Our system of government has stood the test (speech by Secretary Vineson).</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-5</td><td></td><td></td><td></td></tr><tr><td>Transition from war to peace and prosperity (speech by Secretary Vineson).</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><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></td><td>A-1</td><td></td></tr><tr><td>Other speeches by Treasury officials.</td><td>A-5</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Financial operations of the United States Government, fiscal year 1946.</td><td></td><td></td><td></td><td></td><td>A-3</td><td>A-9</td><td>A-18</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></td><td></td><td></td><td></td><td>A-11</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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-6</td></tr><tr><td>Federal wartime financing and growth of liquid assets.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Procedure for redemption of United States excess profits tax refund bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Victory Loan Drive, October-December 1945:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-1</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></td><td>A-22</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></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings bonds:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-27</td><td></td></tr><tr><td>Maturity of Series B bonds.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-28</td><td></td></tr><tr><td>Continuation of the savings bond program.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>A-11</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></td><td></td><td></td><td></td></tr><tr><td>December 31, 1939-June 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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><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><td></td></tr><tr><td>Returns for 1941 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>A-10</td><td></td></tr><tr><td>Income and tax liability.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-21</td><td></td></tr><tr><td>Marital and dependency status and number of employees.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-21</td><td></td></tr><tr><td>Publication of Statistic of Income for 1942, Part I.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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><td></td></tr><tr><td>Preliminary statistic for 1943.</td><td></td><td></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></tr><tr><td>Financial statistic of certain tax-exempt organizations for 1943.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>A-23</td><td></td><td></td></tr><tr><td>Federal land bank financing.</td><td></td><td></td><td></td><td></td><td></td><td>A-17</td><td></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></tr><tr><td>Treasury market financing.</td><td>A-6</td><td>A-5</td><td>A-1</td><td>A-2</td><td>A-8</td><td>A-16</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
(Continued on following page)
November 1946
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Cumulative Table of Contents - (Continued)
<table><tr><th></th><th colspan="12">Issue and page number</th><th>1945</th></tr><tr><th></th><th>Nov.</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></tr><tr><td>Summary of fiscal statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>/</td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Public debt and guaranteed obligations outstanding</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Means of financing cash requirements</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td></tr><tr><td>Receipts and expenditures and appropriations</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td></td><td></td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td></tr><tr><td>Changes in classification of expenditures in Treasury reports effective July 1, 1946</td><td>5</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>6</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 receipts from internal revenue</td><td>7</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 general expenditures</td><td>7</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>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>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>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>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>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><td></td></tr><tr><td>Budgetary receipts and expenditures:</td><td>12</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>Social Security Act</td><td>13</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 Retirement Act</td><td>13</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>14</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>Statement of trust accounts:</td><td>14</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>Federal Old-age and Survivors Insurance Trust Fund</td><td>14</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>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>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 not contract authorizations for the war activities program</td><td></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>15</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>Analysis by major classifications</td><td>15</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>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><td></td></tr><tr><td>Assets, liabilities, and balance in General Fund</td><td>17</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>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><td></td></tr><tr><td>Issuance and retirement of the public debt</td><td>20</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>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><td></td></tr><tr><td>Detailed statement:</td><td>21</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>Fiscal years, 1936-1945</td><td>22</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>Monthly data</td><td>23</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>Chart</td><td>24</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>Computed interest charge and computed interest rate</td><td>24</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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>28</td><td></td></tr><tr><td>October 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>28</td><td></td><td></td></tr><tr><td>December 31, 1945</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 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><td></td></tr><tr><td>February 28, 1946</td><td></td><td></td><td></td><td></td><td></td><td>28</td><td>28</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>28</td><td>28</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></td><td>28</td><td>28</td><td>28</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>May 31, 1946</td><td></td><td></td><td></td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</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>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1946</td><td></td><td></td><td>25</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 31, 1946</td><td></td><td></td><td>25</td><td>27</td><td>27</td><td>27</td><td>27</td><td>27</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 30, 1946</td><td>26-28</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>Maturity schedule of interest-bearing public marketable securities issued or guaranteed by the United States</td><td>26-28</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>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 natural marketable issues of Treasury bonds, notes, and certificates of indebtedness</td><td>30</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>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 rowspan="2"></th><th colspan="12">Issue and page number</th></tr><tr><th>Nov.</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></tr><tr><td colspan="13">Public debt and guaranteed obligations of United States Government (continued)</td></tr><tr><td>United States savings bonds: Summary of sales and redemptions, by series.</td><td>31-36</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></tr><tr><td>History of sales and redemptions.</td><td>37</td><td>57</td><td>39</td><td>40</td><td>41</td><td>40</td><td>41</td><td>40</td><td>41</td><td>38</td><td>38</td><td>38</td></tr><tr><td>Sale by series, classified by denominations.</td><td>38</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></tr><tr><td>Number of pieces sold, classified by denominations.</td><td>39-40</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></tr><tr><td>Sale by series, classified by States.</td><td>41</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></tr><tr><td>Redemptions of series A-E, classified by States.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury notes - tax and savings series: Summary of sales and redemptions, by series.</td><td>42</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></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>43</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></tr><tr><td>Type of purchaser.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps: Summary of sales and redemptions.</td><td>44</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></tr><tr><td>Sales, classified by denominations.</td><td>44</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></tr><tr><td colspan="13">Ownership of United States Government securities</td></tr><tr><td>Summary distribution, by holders.</td><td>46</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></tr><tr><td>Estimated ownership by various classes of banks and non-bank investors.</td><td>47</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></tr><tr><td>Market transactions in Government securities for Treasury investment accounts, monthly beginning January 1937.</td><td>47</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></tr><tr><td>Treasury Survey of Ownership of United States Government securities (Federal land bank bonds included commencing January 31, 1945):</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>49-53</td><td>49-53</td></tr><tr><td>Ownership by banks and insurance companies:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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></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></td><td>51-55</td><td>51-55</td><td></td><td></td></tr><tr><td>December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td>51-55</td><td>51-55</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>February 28, 1946.</td><td></td><td></td><td></td><td></td><td>51-55</td><td>51-55</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>51-55</td><td>51-55</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>April 30, 1946.</td><td></td><td></td><td>50-54</td><td>51-55</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>48-52</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></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></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>August 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>56-60</td><td>56-60</td><td>54-58</td><td>54-58</td></tr><tr><td>September 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td>56-60</td><td>56-60</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1946.</td><td></td><td></td><td>55-59</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>50-62</td><td>50-62</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>55-57</td><td>55-57</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></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>52-64</td><td>52-64</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>51-59</td><td>51-59</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>57-59</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>62-64</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>57-59</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></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>51-56</td><td>51-56</td><td>51-56</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>July 31, 1946.</td><td>51-56</td><td>51-56</td><td>61-63</td><td>61-63</td><td>61-63</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>September 30, 1946.</td><td>57</td><td>57</td><td>61</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></tr><tr><td>Chart showing yield structure of Treasury bonds and notes.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Average yields of long-term Treasury bonds and high-grade corporate bonds: Yields beginning with 1937. Chart.</td><td>58</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></tr><tr><td></td><td>59</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></tr></table>
(Continued on following page)
November 1946
V
Cumulative Table of Contents
- (Continued)
<table><tr><th></th><th colspan="10">Issue and page number</th></tr><tr><th></th><th>1946</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>1945</th></tr><tr><th></th><th>Nov.</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></tr><tr><td>Corporations and certain other agencies of the U. S. Government</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>69,73-77</td><td></td><td></td><td>61,71-75</td><td></td></tr><tr><td>December 31, 1945.</td><td></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>61,65-69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>June 30, 1946.</td><td></td><td></td><td>62-64</td><td></td><td></td><td>70-72</td><td></td><td></td><td>70-72</td><td></td><td></td><td>68-70</td><td></td></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><td></td></tr><tr><td>December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946.</td><td></td><td></td><td></td><td></td><td></td><td>70-72</td><td></td><td></td><td></td><td></td><td></td><td></td><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></td><td></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></td><td></td><td></td><td></td><td>61-69</td><td></td><td></td><td>62-67</td><td></td><td></td></tr><tr><td>First six months, fiscal year 1946.</td><td></td><td></td><td>70-75</td><td></td><td>61-69</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First nine months, fiscal year 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><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><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>70-75</td><td></td><td>70-75</td><td></td><td></td><td>68-73</td><td></td><td></td></tr><tr><td>First six months, fiscal year 1946.</td><td></td><td></td><td>76-81</td><td></td><td>70-75</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>First nine months, fiscal year 1946.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fiscal year 1946.</td><td></td><td>82</td><td></td><td></td><td>76</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><td></td></tr><tr><td>Internal revenue statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Collections of internal revenue: Summary data.</td><td>61,62</td><td>84,85</td><td>69,70</td><td>54,55</td><td>78,79</td><td>79,80</td><td>64,65</td><td>77,78</td><td>79,80</td><td>62,63</td><td>75,76</td><td>77,78</td><td></td></tr><tr><td>Charts.</td><td>63-64</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>75-80</td><td></td></tr><tr><td>Comparative details for current periods.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Monetary statistics</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Balance sheet of the Exchange Stabilization Fund: September 30, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>69-70</td><td></td><td></td><td>67-68</td><td></td><td></td><td></td></tr><tr><td>December 31, 1945.</td><td></td><td></td><td></td><td>69-70</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>66-67</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></td></tr><tr><td>June 30, 1946.</td><td>68</td><td></td><td></td><td>71</td><td></td><td></td><td>71</td><td></td><td></td><td>69</td><td></td><td></td><td></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><td></td></tr><tr><td>Increase from reduction in weight of gold dollar, cumulative to: December 31, 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>March 31, 1946.</td><td>68</td><td>74</td><td>71</td><td>81</td><td>84</td><td>84</td><td>71</td><td>82</td><td>84</td><td>69</td><td>80</td><td>82</td><td></td></tr><tr><td>June 30, 1946.</td><td>69</td><td>89</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></td></tr><tr><td>Treasury gold receipts, for recent quarterly periods.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Monetary stocks of gold and silver.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Components of silver monetary stock.</td><td>69</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></td></tr><tr><td>Silver production in the United States and silver acquisition by mints and assay offices.</td><td>70</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></td></tr><tr><td>Seigniorage on silver, by types.</td><td>71</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></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><td></td></tr><tr><td>Capital movements between the United States and foreign countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Historical summary of net capital movement since 1935.</td><td>73-75</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></td></tr><tr><td>Summary by countries.</td><td>76-83</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></td></tr><tr><td>Details:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>105-109</td><td>105-109</td><td></td></tr><tr><td>June 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>92-94</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>107-109</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>August 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td>94-96</td><td>105-107</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>September 1945.</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>October 1945.</td><td></td><td></td><td></td><td></td><td></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></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>December 1945.</td><td></td><td></td><td></td><td></td><td>94-99</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>January-February 1946.</td><td></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>March 1946.</td><td></td><td>103-105</td><td></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>88-90</td><td></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>84-86</td><td></td><td></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 1946.</td><td></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></td></tr><tr><td>Position in foreign currencies.</td><td>87-93</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr></table>
November 1946
A-1
The Budget and the Problems of Managing the Public Debt
The following address was delivered by Secretary Snyder before the American Bankers Association at Chicago, Illinois on September 24, 1946.
It is a genuine pleasure for me to be here today to talk with the bankers of America. I feel myself to be among colleagues and, if I may say so, among friends. This is by no means the first meeting of the American Bankers Association I have been privileged to attend. But it is the first I have been privileged to address in an official capacity as Secretary of the Treasury.
I welcome this opportunity for two reasons: first, I want to thank the bankers for the magnificent service they have rendered the country; and, second, I want to talk about some important matters that are of mutual interest.
On the first score, this meeting seems a fitting occasion for me to express again my personal appreciation for the help and cooperation which I have received from the banking profession, during my tours of duty as Federal Loan Administrator, as Director of War Mobilization and Reconversion, and as Secretary of the Treasury since my appointment to that office.
During the past two months, in particular, I have met with the Committee on Government Borrowing and the Savings Bond Committee of your Association, and with groups representing the savings banks, the insurance companies, and other types of financial institutions. These meetings have provided an opportunity for a frank interchange of ideas. They have again confirmed my long-held conviction that the financial community is able and willing to look beyond its immediate self-interest, and to consider the financial problems of the country from the point of view of the well-being of the whole people.
The tradition of cooperation between the banking system and the Treasury is one of long standing: But I need go back no further than the war to illustrate how well it has worked.
During the war, the banks threw themselves wholeheartedly into the sale of United States securities. They gave generously of the time of their executives and their staffs and their facilities in the War Loan campaigns and in the continuous sale of savings bonds. They cooper-
ated with industrial corporations in the establishmen and maintenance of payroll savings plans. In addition, the magnificent job which they did in setting up a special system of banking for handling ration coupons contributed in no small measure to the ability of the Government to carry through its vast program of wartime rationing.
This cooperation of the banking system with the Government is continuing in the postwar period. Almost every bank has a sales desk for United States savings bonds, which is manned by bank employees at no cost to the Government. Bankers are heavily represented throughout the state organizations in the present savings bond sales program, just as they were in the days of the War Loans. Many large industrial corporations have continued the payroll savings plan into the postwar period primarily because of the influence, economic vision, and public spiritedness of the bankers on its board of directors.
I want you to know that this cooperation is deeply appreciated in the Treasury. Indeed, it seems to me a condition indispensable to the economic health of the nation. The Government's need of assistance from the banks has certainly not ended with the termination of the war. You know the magnitude of the fiscal problems which still confront us. We shall continue to need your help in solving these problems. You know the immense difficulties of collecting a large volume of taxes. I am sure we shall continue to need, for a considerable period of time, the tax depository facilities you have provided us during the war. It is a great benefit to the Treasury to have tax collections paid through deposits in local banks.
Now, as for the terminal leave bonds which will soon be in the hands of 13 million veterans of the war. You know that there will be a lot of problems involved. One of them will concern re-deemption facilities. We shall need your help in this connection. We are counting upon your bankers to provide our veterans with the same fine service on their terminal leave bonds when they mature as you are now offering them on the
A-2
Treasury Bulletin
billions of dollars of savings bonds they own.
All of this is, of course, in addition to the work that you are doing for us on savings bonds which is so important to the success of that program.
Just a little over a year ago we celebrated the end of the war. Today we have largely converted from the ways of war to the ways of peace and this conversion has been so rapid and so successful that our levels of production, income, and employment are all closely comparable to the high levels we reached during total war.
It was no small part that the bankers played in this rapid and successful reconversion. If this spirit and this performance can continue, it will ease materially the difficult problems that all of us still must face.
I want to speak to you today about two important subjects. One of these is the need for balancing the budget. The other is the public debt and the problems of managing it. These subjects are interrelated and, in fact, one common policy should be the rule for both.
In the present economic environment, the Federal Government should direct its primary effort on the fiscal front to achieving a balanced budget. Better yet, it should strive to achieve a substantial surplus of taxes over expenditures to apply to debt reduction. These are the views I expressed the first day I entered the Treasury; and they have the full support of the President.
Early in August, the President released revised budget estimates for the fiscal year 1947, estimating the budget deficit at $1.9 billion. However, considering that there are certain non-cash expenditures included in the budget, the Government, in current cash transactions, will take in more money this year than it will spend.
Thus, for example, most of the terminal leave pay - that is, over $2 billion of it - will not be paid in cash, but rather in terminal leave bonds. Also, the interest accruing on savings bonds which amounts to about $700 million for the fiscal year, is treated as a budgetary expenditure, but it will actually go to increase the value of the bonds, and will not be paid out in cash until the bonds are redeemed. In addition, interest earned by Government trust funds - which, in the aggregate, amounts to about $600
million represents a noncash transaction. As a result of these and other items, there will be what we may call a cash operating surplus of almost $3 billion.
The noncash items have to be paid when due, but it is helpful that they do not involve cash outlays to the public at the present time.
While none of us likes the prospective budget deficit of $1.9 billion, yet it is a great improvement over the estimate made last January. At that time, the deficit was estimated at $4.5 billion for this fiscal year. Many of us had hoped that the improvement would be even greater. But a tremendous change has nevertheless taken place from the deficit of $21 billion in the last fiscal year, and $54 billion in fiscal 1945. Naturally there should be an improvement, for the war, as far as the gunfire is concerned, is over. But, frankly, we have actually done much better than most people expected could be done in the first year after the cessation of hostilities.
You know, it is easy to sit back and say that Government expenditures ought to be cut sharply to balance the budget. It is much harder, however, to put your finger on where the cuts ought to be made. There are people, unencumbered by the responsibilities of office, who blandly say "reduce Government spending by such and such percent right across the board". They never get very specific about it. But a butchering job like that would create more troubles than it would solve. It was recently suggested, for example, that no less than two million persons be fired from the Federal pay roll - as though essential Government agencies and services could be carried on without personnel. Yet I think it will be interesting news to you when I tell you that the Federal Government has already released nearly one million civilian employees since VJ-Day. And we have done this without increasing unemployment in the land or hurting the conduct of Government business. It is worth noting, too, for the sake of realism, that total Federal expenditures for the operation of the Legislative and Judicial Branches and for administration of the Executive Branch aside from military and veterans activities is about $2 billion for the fiscal year 1947 or around 5% of all Federal expenditures. We want, of course, to reduce these expenses as much as possible, but obviously any cuts large enough to have any significant effect must come elsewhere.
November 1946
A-3
Public works is an area in which cuts in expenditures are often urged during times of inflationary pressures. This counsel is sound, but total Federal expenditures for nonmilitary public works are estimated at only a little over $1 billion for the present fiscal year. This includes the badly needed housing program.
One of the larger areas of Government expenditures is that composed of interest on the public debt, refunds of taxes, and veterans' benefits. Expenditures for these purposes are estimated at $13 billion this year. This is made up of $5 billion of interest on the public debt, $6.2 billion of veterans' benefits, and $1.9 billion of tax refunds. There is little prospect of any substantial reduction in these expenditures since they represent commitments already made in accordance with Congressional mandates.
Expenditures for international finance are estimated at $4.2 billion. These expenditures are investments for the most part, but the figure does not make any allowance for future repayments and recoveries. International finance represents about 10% of total expenditures; and, while this is a lot of money, there is no doubt that these are wise outlays in the interest of our international responsibilities.
The new estimate for national defense for this fiscal year is $18.5 billion in a total budget of $41.5 billion. The January budget estimate was about $15 billion. There are two principal reasons for the increase. One of these is the payment of terminal leave to enlisted men—amounting to nearly $2.5 billion — most of which, as I have said, will be paid in terminal leave bonds. The other amounts to more than $500 million for the increase in pay of the armed forces provided for in legislation recently enacted.
The determination of the amount or the necessity of particular expenditures does not lie within the province of the Treasury Department. I am not in a position to say whether national defense expenditures could be reduced without impairing our national security. I certainly want a strong America. I certainly do not want to repeat the mistake we made after the First World War. But I do want to emphasize that the size of this group of expenditures singles it out for special attention in looking for areas in which to reduce expenditures - keeping in mind, of course, that budgetary considerations must be
secondary in the determination of our needs for national defense.
Let me assure you that there is no man in this country more anxious than President Truman to accomplish the major objective of balancing the budget and reducing the public debt. This the President feels, can be done without sacrifice of the forward looking policy he so persistently advocates. The President believes our great hope for the future lies in the vitality of our system of individual enterprise and in the enormous capacity of our country to produce and consume.
Turning from expenditures to receipts, tax collections continue to run at a high level. As a result of the rapid reconversion from war to peacetime production, our net receipts in this fiscal year are estimated at almost $40 billion. This is only about $7 billion less than the peak collections reached during the war.
The maintenance of the present level of taxes has served to reduce the deficit sharply. I believe, and I think that the Congress and the American people believe, that for our common good our present tax levels must be maintained for some time. This is inescapable if we are to achieve a balanced budget and a surplus to be used to reduce the public debt. I know you will agree that the debt should be cut as much as possible in exceptionally prosperous times such as these; and, as bankers, you will agree also, I think, that it is pure fantasy, if not plain demagogy, to talk of tax reduction and debt reduction in the same breath.
In the tax field, it is the role of the Treasury to make recommendations. What the law is, will depend upon the action of Congress.
Let us turn now to the management of the public debt. I use the term in an economic sense, rather than in a narrow, bookkeeping sense.
The public debt today is so big that it dwarfs all other debts in comparison. This debt is of vital significance to banks - and other investors, too - because Government securities are now one of their largest asset items.
Fifty-five percent of the total assets of all insured commercial banks are in United States
A-4
Treasury Bulletin
For mutual savings banks, Federal securities constitute nearly two-thirds of all assets; and for insurance companies, the ratio is almost one-half. For nonfinancial corporations, about one-half of their liquid assets consists of Federal securities. Individuals also hold a large volume of United States securities - in fact, hold twice as many as all life insurance companies and mutual savings banks combined.
So, it is no wonder that the management of the public debt involves many issues. No wonder that there are many ideas as to what should be done. Frank discussion of these ideas - competition among them for survival - is a healthy manifestation of the democratic process in operation.
One aspect of public debt management which is frequently discussed has to do with the size of the short-term debt. The distribution of the debt by maturity classes is primarily a function of the distribution of ownership - that is to say, securities are tailored to the needs of the various investor classes as much as possible. Thus, short-term securities go to the banks and to business organizations. Almost half of bank holdings of securities are due or callable in less than one year. In the case of nonfinancial corporations, four-fifths of United States Government security holdings are either presentable on demand or fall due within one year.
In contrast, longer-term securities are designed for long-term savings investors, such as insurance companies, savings banks, and individuals. Three-fourths of the Federal securities held by insurance companies and savings banks are not due or callable for more than ten years. In the case of individuals, more than two-thirds of United States securities held are savings bonds, which were designed to avoid the risks of market fluctuations which proved so disastrous to the small holder of bonds after World War I.
Accordingly, this tailoring of securities to meet investors' needs sets the maturity structure almost automatically; and has resulted in a substantial volume of short-term securities. It may be noted in passing that the same idea was followed by the British and Canadian Governments in their war financing.
On the question of the short-term debt, I wonder if you know the extent of the Treasury's program of debt reduction in recent months.
February 28 through September 1, the Treasury reduced the public debt by about $14 billion as a result of the heavy pay-offs made on maturities of marketable securities each month. Preliminary figures indicate that commercial banks and Federal Reserve Banks reduced their holdings of Federal securities by about seven-eighths of the total debt reduction during the period. This is an example of public debt management tied in to the fiscal program of the Government with the objective of aiding the control of inflationary forces.
Now let's spend a minute on the savings bond program. In my opinion, this program is of prime importance to our postwar financing and is vital on the fiscal front at the present time. I do not believe that it would be helpful under present conditions to promote an all-out bond selling campaign like the War Loans or the Victory Loan. It is possible, however, to do a day-to-day job selling bonds in order to maintain and extend the payroll savings plan and to sell the American people on the idea of investing in savings bonds for their own good. Savings bond promotion actually is doing this. Sales this fiscal year will be about $3 billion if the present rate of sale continues. This program is absorbing a considerable volume of funds which would otherwise have been spent, and is helping to achieve a broader distribution of the public debt. I urge your continued support of the savings bond program - especially of the payroll savings plan and other efforts of the savings bond sales group to absorb spendable money through the sale of Series E bonds.
Let us turn now for a moment to the subject of interest rates. It is sometimes urged that higher interest rates would aid in the control of inflationary forces.
It is my view that, for the present, no anti-inflationary purpose would be served by increasing interest rates. This is because it would interfere with the stability of the Government bond market and would introduce uncertainty, which themselves might contribute to inflation. The immediate effect of higher interest rates might very well be to increase, rather than to decrease, the volume of currency and deposits. This is because the typical investor's reaction to the higher rates might be "wait and see", rather than "run and invest".
November 1946
A-5
The stability of the bond market since the end of the war has eased the financial problems of reconversion, both for the Government and for business firms. The stability of the Government bond market results in a degree of business confidence which is of tremendous value in achieving and maintaining full production. It contributes to the confidence of the public in the credit of the United States and in the enduring stability of the currency. We must not impair this confidence.
In closing, there is one thought I would leave with you - so general in its nature as to be applicable, not only to the problems discussed with you today, but also to any problem important in the formulation of a sound public policy.
is - that all our major problems can best be met if we Americans, all of us, remembering our heritage of accomplishment, of achievement over adversity, approach the future with confidence.
Not because the path is easy, but because we as Americans have thrived and will thrive under conditions that call for extra effort and united effort on the part of all of us.
I appreciate the opportunity to speak to you today. Again, I extend the sincere thanks of the Treasury Department for the cooperation which the banks of the country, as a vital and integrated element in the nation's economic structure, have given to the conquest of our common economic problems.
Other Speeches by Treasury Officials
On September 23, 1946 Secretary Snyder addressed the Executives' Club of Milwaukee, Wisconsin. He spoke about inflation and the Federal Government's fiscal program.
On September 27, 1946 Secretary Snyder addressed the meeting of the Boards of Governors of the International Bank for Reconstruction and Development and the International Monetary Fund at Washington, D. C. The Secretary spoke in his capacity as Chairman of the two Boards of Governors.
Mr. Joseph J. O'Connell, Jr., General Counsel of the Treasury Department, spoke before a panel discussion on "Current Trends in Taxation," at the convention of the California State Bar at Coronado on September 25, 1946. Mr. O'Connell reviewed the transition toward a peacetime tax structure, and discussed long-run tax problems with particular emphasis on corporation taxes.
Copies of these speeches are available from the Office of the Director of Public Relations, Treasury Department, Washington 25, D. C.
A-6
Treasury Bulletin
Treasury Market Financing in September
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 18, 1946 Secretary of the Treasury Snyder announced that payment would be made in cash for about $2,000 million of the $3,440 million of 7/8 certificates of indebtedness maturing on October 1, 1946. At the same time he announced that an offering of a new, one-year 7/8 certificate 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 October 1, 1946 and will mature October 1, 1947. They bear interest at 7.5% per annum, which will be subject to all Federal income taxes. Following the procedure instituted last month Secretary Snyder announced that interest on the new certificates will be paid with the principal at maturity.
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 September 18 and closed at the end of business on September 20, except for the receipt of subscriptions from holders of $25,000 or less of the maturing certificates, for which the books remained open through September 23.
On September 30, the Secretary of the Treasury announced that exchange subscriptions for the new issue aggregated $3,203 million. Subscriptions in amounts of $25,000 or less were allotted in full in the amount of $38 million. Subscriptions in amounts over $25,000 were allotted 4½ 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 $1,440 million with $2,000 million paid off in cash.
Reports to the Treasury on the ownership of Government securities indicate that on August 31, 1946 about 78% of the $3.4 billion of maturing certificates was owned by reporting commercial banks and Federal Reserve Banks.
large part of the maturing certificates owned by banks, the $2.0 billion pay-off had the direct effect of substantially reducing bank holdings of Government securities. The ownership figures for August 31, are the latest available.
Total Cash Pay-Offs to Date
On February 28, 1946 the public debt reached a new peak of $279.8 billion reflecting the wind-up of deferred purchases of securities during the Victory Loan. On the same date the cash balance of the Treasury stood at $26.0 billion. Subscriptions to the Victory Loan had exceeded the goal by a wide margin. Meanwhile, the budgetary outlook of the Government had improved considerably as compared with the expectations at the time of V-J day. Expenditures of the Government were running a little lower than expected while receipts ran well ahead, primarily because income payments to individuals continued at close to wartime peaks.
Starting in March, the Treasury Department instituted a debt reduction program by paying in cash each month some part of the securities which matured or were called for payment. With the payment in cash of $2.0 billion on the October 1, 1946 maturing certificate, the total of cash pay-offs since February 28, 1946 has amounted to $17.5 billion, or about 50% of the $34.1 billion of securities maturing or called for payment since that date. The following table shows the details for each month:
Cash Pay-Offs on Maturing or Called Securities March-October 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>October...</td><td>3.4</td><td>2.0</td><td>58</td></tr><tr><td>Total.....</td><td>34.1</td><td>17.5</td><td>51</td></tr></table>
November 1946
A-7
Net Decline in the Public Debt
By October 1, 1946 there had been a net reduction in the public debt of $16.0 billion from its peak of $279.8 billion on February 28, 1946. Thus on October 1, 1946 the debt had been reduced to $263.8 billion. The net decline in the debt was about $1.5 billion less than the total cash pay-offs of $17.5 billion. 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. The following table presents a reconciliation of cash pay-offs and the net decline in the debt from February 28, 1946 through October 1, 1946. Figures for August 31, 1946 are also shown since this is the latest date for which the ownership data presented in the next section are available.
Composition of Gross Public Debt and Guaranteed Obligations 1/
<table><tr><th></th><th>Feb. 28, 1946</th><th>Aug. 31, 1946</th><th>Oct. 1, 1946</th></tr><tr><td>Marketable interest-bearing public debt:</td><td colspan="3">(In billions of dollars)</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>32.5</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>49.6 3/</td></tr><tr><td>Bank-eligible.......</td><td>68.2</td><td>65.9</td><td>69.7 3/</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>182.3</td></tr><tr><td>Net change from Feb. 28 (cash pay-offs).......</td><td></td><td>-13.5</td><td>-17.5</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>Saving notes.......</td><td>8.0</td><td>6.7</td><td>6.1</td></tr><tr><td>Special issues.......</td><td>20.9</td><td>23.4</td><td>23.9</td></tr><tr><td>All other 4/.......</td><td>2.3</td><td>2.0</td><td>1.9</td></tr><tr><td>Subtotal</td><td>80.0</td><td>81.6</td><td>81.4</td></tr><tr><td>Net change from Feb. 28.......</td><td></td><td>+1.6</td><td>+1.5</td></tr><tr><td>Total public debt and guaranteed obligations 1/.......</td><td>279.8</td><td>267.9</td><td>263.8</td></tr><tr><td>Net change in debt from Feb. 28.......</td><td></td><td>-11.8</td><td>-16.0</td></tr><tr><td>Cash balance.......</td><td>26.0</td><td>11.0</td><td>8.1</td></tr></table>
1/ Excludes guaranteed securities held by the Treasury.
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/ On September 15, 1946, a bank-restricted Treasury bond issue, in the amount of $3.8 billion, became eligible for bank ownership, since the specified period of restriction had elapsed.
4/ Includes matured debt, excess profits tax refund bonds, depositary bonds, and guaranteed obligations.
As the table shows, the cash balance of the Treasury declined from $26.0 billion on February 28, 1946 to $8.1 billion on October 1, 1946, a decrease of $17.9 billion. The reduction in the debt during the period accounted for $16.0 billion of the decline, while other net outlays of the Federal Government made up the remainder.
Ownership of the Debt
The debt reduction program has effectively furthered the Treasury policy of reducing bank ownership of the debt as a part of the fight against inflationary pressures. Thus from February 28, 1946 to August 31, 1946, the latest date for which complete ownership data are available, the interest-bearing debt declined $11.7 billion. Of this decline, 95% occurred in the holdings of banks, and 5% in the holdings of nonbank investors.
The following table presents the estimated distribution of the ownership of the interest-bearing debt as of February 28, 1946 and August 31, 1946, and the change over the period. The figures for August 1946 are the latest complete ownership data available. Further historical data are available on page 47 of the statistical section of this issue.
Estimated Ownership of the Interest-Bearing Public Debt and Guaranteed Obligations 1/
<table><tr><th></th><th>Feb. 28, 1946</th><th>Aug. 31, 1946</th><th>Change Amount</th><th>Percent of total</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>80.4</td><td>-12.1</td><td></td></tr><tr><td>Federal Reserve Banks</td><td>22.9</td><td>23.9</td><td>+1.0</td><td></td></tr><tr><td>Total banks</td><td>115.4</td><td>104.3</td><td>-11.1</td><td>95</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>-.4</td><td></td></tr><tr><td>Insurance companies</td><td>24.8</td><td>25.4</td><td>+ .5</td><td></td></tr><tr><td>Mutual savings banks</td><td>11.1</td><td>11.7</td><td>+ .6</td><td></td></tr><tr><td>Other corporations and associations</td><td>29.0</td><td>26.1</td><td>-3.0</td><td></td></tr><tr><td>State and local governments</td><td>6.4</td><td>6.0</td><td>-.4</td><td></td></tr><tr><td>Federal agencies and trust funds</td><td>28.0</td><td>30.0</td><td>+2.1</td><td></td></tr><tr><td>Total nonbank investors</td><td>163.0</td><td>162.4</td><td>-.6</td><td>5</td></tr><tr><td>Total interest-bearing debt</td><td>278.5</td><td>266.7</td><td>-11.7</td><td>100</td></tr></table>
1/ Excludes guaranteed securities held by the Treasury.
Treasury Bulletin
A-8
As the table shows, there were substantial differences in the changes that occurred in the holdings of the various nonbank investors during the period of cash pay-offs. "Other corporations and associations" showed a decline of $3.0 billion. This decrease reflects primarily payments on heavy 1945 tax liabilities and the need for funds for reconversion and expansion.
The largest increase, on the other hand, occurred in the securities held by "Federal agencies and trust funds." The $2.1 billion increase in their holdings is a result for the most part
of sales of special issues to (1) the Federal old-age and survivors insurance trust fund, and (2) military insurance funds. Insurance companies and mutual savings banks also increased their holdings of Federal securities during the period primarily as the result of purchases in the market.
Individuals continue to be the largest non-bank holders of the Federal debt, accounting for more than $63 billion, or about one-fourth of the total.
November 1946
1
SUMMARY OF FISCAL STATISTICS
Treasury Bulletin
2
Budgetary Receipts and Expenditures
(In millions of dollars)
<table><tr><th></th><th colspan="4">First 3 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>Actual 1945</th><th>Actual 1946</th><th>Estimated 1947 3/</th><th>Change Actual 1946 to estimated 1947 3/</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 revenue:</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>7,972</td><td>7,616</td><td>6,552</td><td>-1,064</td><td>35,173</td><td>30,895</td><td>27,105</td><td>-3,100</td></tr><tr><td>Employment taxes</td><td>437</td><td>438</td><td>454</td><td>+16</td><td>1,780</td><td>1,701</td><td>1,856</td><td>+155</td></tr><tr><td>Miscellaneous internal revenue 2/</td><td>2,027</td><td>2,168</td><td>2,031</td><td>-137</td><td>6,949</td><td>7,725</td><td>7,746</td><td>+21</td></tr><tr><td>Customs</td><td>76</td><td>94</td><td>127</td><td>+32</td><td>355</td><td>435</td><td>463</td><td>+28</td></tr><tr><td>Other receipts 3/</td><td>486</td><td>910</td><td>635</td><td>-275</td><td>3,483</td><td>3,493</td><td>3,398</td><td>-95</td></tr><tr><td>Total receipts</td><td>10,998</td><td>11,226</td><td>9,799</td><td>-1,428</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>342</td><td>345</td><td>348</td><td>+4</td><td>1,283</td><td>1,201</td><td>1,329</td><td>+128</td></tr><tr><td>Net receipts</td><td>10,657</td><td>10,882</td><td>9,450</td><td>-1,432</td><td>46,457</td><td>43,038</td><td>39,590</td><td>-3,148</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>11,919</td><td>11,079</td><td>1,359</td><td>-9,720</td><td>50,337</td><td>27,800</td><td>8,000</td><td>-19,800</td></tr><tr><td>Navy Department</td><td>7,359</td><td>6,070</td><td>1,556</td><td>-4,513</td><td>30,047</td><td>15,161</td><td>5,150</td><td>-10,011</td></tr><tr><td>Armed Forces Leave Act of 1946: 4/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bonds issued</td><td>-</td><td>-</td><td>2</td><td>+2</td><td>-</td><td>-</td><td>2,418</td><td>+2,418</td></tr><tr><td>Cash payments</td><td>2,462</td><td>1,942</td><td>882</td><td>-1,061</td><td>9,645</td><td>5,581</td><td>3,410</td><td>-2,171</td></tr><tr><td>Miscellaneous war and defense activities 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total</td><td>21,770</td><td>19,091</td><td>3,799</td><td>-15,292</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/ 7/</td><td>316</td><td>626</td><td>1,731</td><td>+1,105</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>744</td><td>902</td><td>1,019</td><td>+117</td><td>3,617</td><td>4,722</td><td>5,000</td><td>+278</td></tr><tr><td>Refunds of taxes and duties 8/</td><td>352</td><td>914</td><td>645</td><td>-269</td><td>1,707</td><td>3,027</td><td>1,857</td><td>-1,170</td></tr><tr><td>Total</td><td>1,412</td><td>2,442</td><td>3,395</td><td>+953</td><td>7,384</td><td>12,002</td><td>13,062</td><td>+1,060</td></tr><tr><td>International finances:</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></td><td></td></tr><tr><td>Export-Import Bank - capital stock</td><td>-</td><td>-</td><td>200</td><td>+200</td><td>-</td><td>674</td><td>3,093</td><td>+2,260</td></tr><tr><td>Credit to United Kingdom</td><td>-</td><td>-</td><td>400</td><td>+400</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></td><td></td></tr><tr><td>Total</td><td>-</td><td>-</td><td>600</td><td>+600</td><td>-</td><td>833</td><td>3,093</td><td>+2,260</td></tr><tr><td>Aid to agriculture 6/</td><td>121</td><td>81</td><td>1,111</td><td>+1,030</td><td>762</td><td>980</td><td></td><td></td></tr><tr><td>Social security program 6/ 9/</td><td>341</td><td>322</td><td>365</td><td>+43</td><td>815</td><td>852</td><td>5,737</td><td>+8,205</td></tr><tr><td>Public works</td><td>93</td><td>95</td><td>264</td><td>+169</td><td>323</td><td>327</td><td></td><td></td></tr><tr><td>Other general expenditures 5/ 6/</td><td>422</td><td>491</td><td>527</td><td>+136</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 Corporations:</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>263</td><td>191</td><td>-13</td><td>-204</td><td>472</td><td>328</td><td></td><td></td></tr><tr><td>Other</td><td>-34</td><td>54</td><td>-13</td><td>-69</td><td>-288</td><td>-23</td><td></td><td></td></tr><tr><td>Commodity Credit Corporation</td><td>175</td><td>149</td><td>-761</td><td>-900</td><td>470</td><td>-1,044</td><td>509</td><td>+1,814</td></tr><tr><td>Other</td><td>-217</td><td>-118</td><td>-444</td><td>-774</td><td>-662</td><td>-566</td><td></td><td></td></tr><tr><td>Total</td><td>187</td><td>276</td><td>-831</td><td>-1,107</td><td>-7</td><td>-1,305</td><td>509</td><td>+1,814</td></tr><tr><td>Total expenditures</td><td>24,345</td><td>22,798</td><td>9,331</td><td>-13,467</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>13,689</td><td>11,917</td><td>-119</td><td>-12,036</td><td>53,941</td><td>20,676</td><td>1,949</td><td>-18,727</td></tr></table>
Source: Daily Treasury Statement, except as noted
1/ Based upon the 1916 Budget document as revised August 3, 1916. Includes chiefly alcohol, tobacco, and tobacco tax, manufacture* 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 hable of Daily Treasury Statements. On the hable of covering war- rant, such deposits were followed: fiscal year 1915, $2,011 million and fiscal year 1916, $1,053 million. These figures include so-called voluntary returns.
4/ Administrative expenses in carrying out provisions of Act are in- cluded in miscellaneous war and defense activities except for the estimated fiscal year 1917, amounts for which are included in the figure $2,112 million.
5/ Classification changed to reflect expenditures of surplus property disposal agencies for the fiscal years 1916 and 1917. 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 of capital impairment effected by the cancellation of notes pursuant to section 13 of title 20.
1/ Includes expenditures for public works undertaken by Veterans' Administration, except for the estimated fiscal year 1947, figures for which are not yet available.
5/ Includes amounts transferred to public debt accounts to cover increase of excess profits tax refund bonds and excludes refunds of tax under the National War Labor Board program. For discussion of excess profits tax refund bonds, see following chapter. Table 3.
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 Board, and Employment Service), under authority of the Social Security Act, which are included in "Miscellaneous war and defense activities."
November 1946
3
Public Debt and Guaranteed Obligations Outstanding
(In millions of dollars)
<table><tr><th></th><th colspan="4">End of first 3 months, fiscal years 1945 to 1947</th><th colspan="3">End of fiscal years, 1945 to 1947</th></tr><tr><th></th><th>Sept. 30, 1944</th><th>Sept. 30, 1945</th><th>Sept. 30, 1946</th><th>Change Sept. 30, 1945 to Sept. 30, 1946</th><th>Actual June 30, 1945</th><th>Estimated 1/ June 30, 1947</th><th>Change Actual June 30, 1946 to estimated June 30, 1947</th></tr><tr><td colspan="8">Securities issued by the United States</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>144,723</td><td>182,833</td><td>184,338</td><td>+1,505</td><td>181,319</td><td>189,606</td><td></td></tr><tr><td>Non-marketable</td><td>47,152</td><td>56,278</td><td>56,025</td><td>-253</td><td>56,226</td><td>56,173</td><td></td></tr><tr><td>Total public issues</td><td>191,875</td><td>239,111</td><td>240,364</td><td>+1,253</td><td>237,545</td><td>245,779</td><td>n.a.</td></tr><tr><td>Special issues</td><td>15,976</td><td>20,519</td><td>23,854</td><td>+3,335</td><td>18,812</td><td>22,332</td><td>n.a.</td></tr><tr><td>Total interest-bearing debt</td><td>207,850</td><td>259,630</td><td>264,217</td><td>+4,588</td><td>256,357</td><td>268,111</td><td></td></tr><tr><td>Matured debt and debt bearing no interest</td><td>1,645</td><td>2,391</td><td>1,152</td><td>-1,239</td><td>2,326</td><td>1,311</td><td></td></tr><tr><td>Total public debt outstanding</td><td>209,496</td><td>262,020</td><td>265,369</td><td>+3,348</td><td>258,682</td><td>269,422</td><td>-8,422</td></tr><tr><td colspan="8">Securities guaranteed by the United States 2/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable</td><td>1,192</td><td>37</td><td>44</td><td>+6</td><td>34</td><td>43</td><td></td></tr><tr><td>Non-marketable</td><td>289</td><td>490</td><td>347</td><td>-142</td><td>375</td><td>424</td><td></td></tr><tr><td>Total interest-bearing debt</td><td>1,480</td><td>527</td><td>391</td><td>-136</td><td>409</td><td>467</td><td></td></tr><tr><td>Matured debt</td><td>88</td><td>18</td><td>9</td><td>-10</td><td>24</td><td>10</td><td>n.a.</td></tr><tr><td>Total guaranteed securities outstanding</td><td>1,568</td><td>545</td><td>400</td><td>-145</td><td>433</td><td>476</td><td>n.a.</td></tr><tr><td>Total public debt and guaranteed securities outstanding</td><td>211,064</td><td>262,565</td><td>265,768</td><td>+3,203</td><td>259,115</td><td>269,898</td><td></td></tr></table>
Source: Daily Treasury Statement, except as noted. n.e. Not available.
1/ Based upon the 1947 Budget document as revised August 3, 1946. 2/ Excludes guaranteed securities held by the Treasury.
Means of Financing Cash Requirements
(In millions of dollars)
<table><tr><th></th><th colspan="3">First 3 months, fiscal years 1945 to 1947</th><th colspan="3">Complete fiscal years, 1945 to 1947</th></tr><tr><th></th><th>1945</th><th>1946</th><th>1947</th><th>Actual</th><th>1946</th><th>Estimated 1/1947</th></tr><tr><td>Amount required to be financed</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net budgetary deficit</td><td>13,689</td><td>11,917</td><td>-119</td><td>53,941</td><td>20,676</td><td>1,949</td></tr><tr><td>Net decrease in public debt</td><td>-</td><td>-</td><td>4,053</td><td>-</td><td>-</td><td>8,422</td></tr><tr><td>Net increase in General Fund balance</td><td>-</td><td>-</td><td>-</td><td>4,529</td><td>-</td><td>-</td></tr><tr><td>Net expenditures in trust accounts, etc. 2/</td><td>-</td><td>-</td><td>133</td><td>-</td><td>524</td><td>479</td></tr><tr><td>Total amount required to be financed</td><td>13,689</td><td>11,917</td><td>4,067</td><td>58,470</td><td>21,200</td><td>10,850</td></tr><tr><td>Means of financing</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Net increase in public debt</td><td>8,492</td><td>3,338</td><td>-</td><td>57,679</td><td>10,740</td><td>-</td></tr><tr><td>Net decrease in General Fund balance</td><td>5,051</td><td>8,563</td><td>4,067</td><td>-</td><td>10,460</td><td>10,850</td></tr><tr><td>Net receipts in trust accounts, etc. 2/</td><td>145</td><td>15</td><td>-</td><td>791</td><td>-</td><td>-</td></tr><tr><td>Total amount financed</td><td>13,689</td><td>11,917</td><td>4,067</td><td>58,470</td><td>21,200</td><td>10,850</td></tr></table>
Source: Daily Treasury Statement, except as noted.
1/ Based upon the 1947 Budget document as revised August 3, 1946.
2/ Co-prises trust accounts, sales and redemptions of obligations of Government corporations, etc., in the market (net), increment
on gold, seigniorage on silver, miscellaneous funds and accounts, and beginning with July, 1946, a clearing account for outstanding checks.
Treasury Bulletin
4
RECEIPTS AND EXPENDITURES AND APPROPRIATIONS
November 1946
5
Budgetary Receipts and Expenditures
Table 1.- Summary by Major Classifications
(10 millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="4">Receipts</th><th colspan="6">Expenditures 1/</th></tr><tr><th>Total receipts</th><th>Internal revenue 2/</th><th>Customs</th><th>Other receipts</th><th>Less: cost appropriation to Federal Old-Age and Survivors Insurance Trust Fund 3/</th><th>Net receipts</th><th>Total expenditures</th><th>General 1/</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><th>Net budgetary deficit 8/</th></tr><tr><td>1937</td><td>5,294</td><td>4,597</td><td>486</td><td>210</td><td>266</td><td>5,029</td><td>8,177</td><td>6,681</td><td>329</td><td>608</td><td>3/</td><td>1,140</td></tr><tr><td>1938</td><td>8,242</td><td>5,674</td><td>359</td><td>208</td><td>381</td><td>5,855</td><td>7,239</td><td>5,985</td><td>1,029</td><td>225</td><td>3/</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>3/</td><td>1,542</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>3/</td><td>1,611</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>3/</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>181</td><td>3/</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>72,699</td><td>495</td><td>3/</td><td>55,897</td></tr><tr><td>1944</td><td>45,408</td><td>41,685</td><td>411</td><td>1,292 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>3/</td><td>40,595</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>64,239</td><td>60,110</td><td>435</td><td>3,493 12/</td><td>1,201</td><td>63,034</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-September</td><td>5,192</td><td>4,647</td><td>30</td><td>315</td><td>2</td><td>5,189</td><td>6,687</td><td>1,210</td><td>5,367</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>1,165</td></tr><tr><td>November</td><td>2,609</td><td>2,583</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>2,306</td></tr><tr><td>December</td><td>4,122</td><td>3,948</td><td>32</td><td>142</td><td>6</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>731</td><td>3,417</td><td>684</td><td>-31</td><td>1,042</td></tr><tr><td>February</td><td>3,675</td><td>3,684</td><td>23</td><td>158</td><td>196</td><td>3,678</td><td>3,455</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>5,845</td><td>2,028</td><td>2,590</td><td>23</td><td>-757</td><td>-1,902</td></tr><tr><td>April</td><td>8,731</td><td>8,731</td><td>45</td><td>379</td><td>57</td><td>8,577</td><td>4,265</td><td>1,490</td><td>2,560</td><td>18</td><td>18</td><td>1,931</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>3,854</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>3,044</td><td>2,694</td><td>1,190</td><td>611</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>285</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><tr><td>September</td><td>4,481</td><td>4,291</td><td>42</td><td>147</td><td>3</td><td>4,478</td><td>2,755</td><td>1,718</td><td>1,100</td><td>32</td><td>-96</td><td>-1,723</td></tr></table>
Source: Daily Treasury Statement.
Note: Figures with five asterisks 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 1.
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, No. 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; $119 million in the fiscal year 1941; $110 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 $115 million.
12 Includes deposits resulting from the remagnetization 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, $10 million; fiscal year 1944, $35 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 rowspan="2">Fiscal year or month</th><th rowspan="2">Total</th><th colspan="3">Income and profits taxes</th><th colspan="3">Employment taxes</th><th rowspan="2">Carrier's Taxing Act of 1917 (Railroad retirement)</th><th rowspan="2">Miscellaneous internal revenue</th></tr><tr><th>Total</th><th>Withheld by employee 2/</th><th>Other 3/</th><th>Total</th><th>Social security taxes 1/</th><th>Federal Insurance Contributions Act (Old-age insurance)</th><th>Federal Unemployment Tax Act (Unemployment insurance)</th></tr><tr><td>1937</td><td>4,597</td><td>2,163</td><td>-</td><td>2,163</td><td>253</td><td>194</td><td>58</td><td>*</td><td>2,181 5/</td></tr><tr><td>1938</td><td>5,674</td><td>2,600</td><td>-</td><td>2,600</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>2,242</td></tr><tr><td>1940</td><td>5,303</td><td>2,125</td><td>-</td><td>2,125</td><td>831</td><td>604</td><td>108</td><td>121</td><td>2,195</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>22,114</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>7,125</td></tr><tr><td>1946-September</td><td>4,847</td><td>4,208</td><td>768</td><td>3,440</td><td>66</td><td>5</td><td>2</td><td>59</td><td>573</td></tr><tr><td>October</td><td>2,340</td><td>1,593</td><td>572</td><td>1,021</td><td>58</td><td>54</td><td>3</td><td>1</td><td>689</td></tr><tr><td>November</td><td>2,383</td><td>1,524</td><td>1,076</td><td>449</td><td>257</td><td>238</td><td>10</td><td>8</td><td>602</td></tr><tr><td>December</td><td>3,948</td><td>3,366</td><td>707</td><td>2,659</td><td>66</td><td>7</td><td>1</td><td>59</td><td>516</td></tr><tr><td>1946-January</td><td>3,451</td><td>2,755</td><td>554</td><td>2,201</td><td>51</td><td>33</td><td>13</td><td>5</td><td>685</td></tr><tr><td>February</td><td>1,684</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>699</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>682</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>515</td></tr><tr><td>June</td><td>4,080</td><td>3,392</td><td>650</td><td>2,742</td><td>73</td><td>7</td><td>1</td><td>65</td><td>613</td></tr><tr><td>July</td><td>2,251</td><td>1,489</td><td>514</td><td>971</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>579</td></tr><tr><td>September</td><td>4,291</td><td>3,550</td><td>705</td><td>2,845</td><td>85</td><td>8</td><td>1</td><td>76</td><td>696</td></tr></table>
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 1/ (in millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Total general expenditures</th><th colspan="3">Veterans' Administration, interest on public debt, and refunds of taxes and duties</th><th colspan="7">Other general expenditures</th></tr><tr><th></th><th></th><th>Total</th><th>Veterans' Administration 2/3/</th><th>Interest on the public debt</th><th>Refunds of taxes and duties 3/</th><th>Total</th><th>Aid to agriculture 3/5/</th><th>Social security program 3/5/</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>Misellaneous 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>925</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>3,611</td><td>1,107</td><td>2,472 12/</td><td>763 12/</td><td>497</td><td>323</td><td>788</td><td>*</td><td>101</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>13/</td><td>1,181 15/</td></tr><tr><td>1945-September</td><td>1,210</td><td>1,060</td><td>112</td><td>647</td><td>301</td><td>150</td><td>26</td><td>24</td><td>29</td><td>64</td><td>13/</td><td>13/</td><td>7</td></tr><tr><td>October</td><td>787</td><td>387</td><td>133</td><td>172</td><td>82</td><td>400</td><td>35</td><td>73</td><td>37</td><td>68</td><td>13/</td><td>13/</td><td>188 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>13/</td><td>13/</td><td>11</td></tr><tr><td>December</td><td>1,201</td><td>1,022</td><td>162</td><td>817</td><td>43</td><td>178</td><td>26</td><td>37</td><td>38</td><td>67</td><td>13/</td><td>13/</td><td>10</td></tr><tr><td>1946-January</td><td>791</td><td>582</td><td>220</td><td>309</td><td>53</td><td>209</td><td>18</td><td>65</td><td>30</td><td>83</td><td>13/</td><td>13/</td><td>13</td></tr><tr><td>February</td><td>660</td><td>467</td><td>255</td><td>118</td><td>94</td><td>193</td><td>40</td><td>50</td><td>25</td><td>65</td><td>13/</td><td>13/</td><td>14</td></tr><tr><td>March</td><td>2,028</td><td>1,215</td><td>318</td><td>616</td><td>251</td><td>813</td><td>562 13/</td><td>32</td><td>32</td><td>77</td><td>13/</td><td>13/</td><td>111 15/</td></tr><tr><td>April</td><td>1,990</td><td>1,103</td><td>406</td><td>174</td><td>523</td><td>387</td><td>98</td><td>67</td><td>36</td><td>75</td><td>13/</td><td>13/</td><td>111 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>13/</td><td>13/</td><td>216 13/</td></tr><tr><td>June</td><td>3,066</td><td>2,407</td><td>496</td><td>1,395</td><td>516</td><td>660</td><td>77</td><td>23</td><td>56</td><td>73</td><td>13/</td><td>13/</td><td>431 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>13/</td><td>13/</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>13/</td><td>13/</td><td>141</td></tr><tr><td>September</td><td>1,718</td><td>1,227</td><td>484</td><td>644</td><td>95</td><td>492</td><td>29</td><td>46</td><td>96</td><td>105</td><td>13/</td><td>13/</td><td>216</td></tr></table>
Daily Treasury Statement.
* Less than $500 thousand.
1/ General expenditures now include expenditures for reviving funds; these figures have been adjusted.
2/ Includes public works undertaken by the Veteran's Administrations. Does not include transfers to trust accounts, etc. These are shown in Table 5.
3/ "Refunds of taxes" include amounts transferred to public debt accounts to cover the issue of excess profits tax refund bonds and include 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 be treated as a payment of public debt.
4/ Consists of Department of Agriculture expenditures, except forest roads and trails which are included in Public works.
5/ Includes railroad retirement and railroad unemployment activities and excludes expenditures made by Department of Labor, U. S. Employment Service, Federal Works Agency, Federal Security and 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.
6/ Includes public buildings, public highways (including forest roads and trails), railroad retirement 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
8/ July 1941. Excludes expenditures for the U. S. Maritime Commission, departmental expenditures under the Social security program and the Department of Agriculture departmental expenditures. Beginning July, 1940, includes expenditures formerly classified as departmental.
9/ For additional information, see "Treasury Bulletin" for August 1945.
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/ Grosse expenditures have been reduced $315 million representing the repayment of capital funds by certain United States Government agencies. For further details see "Treasury Bulletin" for June 1943, page 9, footnote 12.
12/ Includes $257 million for restoration of capital impairment of Commonwealth Credit Corporation applicable to fiscal years 1943 and 1944. Includes $500 million for Commodity Credit Corporation - postwar price support of agriculture.
13/ Classified as miscellaneous expenditures commencing July 1, 1945.
14/ Expenditures during October 1945 include $174 million and during March and April, 1946, $100 million each for Export-Import Bank of Washington - capital stock. Expenditures for June 1946 also include $158 million for International Bank under Bretton Woods Agreements Act.
15/ Includes $921 million for restoration of capital impairment of Commodity Credit Corporation effected by cancellations of notes pursuant to the act of July 20, 1946.
16/ Includes expenditures of $100 million for credit to United Kingdom.
November 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>Very Department</th><th>Armed Forces Leave Act of 1946</th><th>Agriculture Department</th><th>Federal Security Agency</th><th>Federal Works Agency</th><th>Relational Housing Agency 2/</th><th>Selective Service (administrative)</th><th>Treasury Department</th><th>United States Maritime Commission</th><th>War Shipping Admin.</th><th>Aid to China</th><th>United Nations Relief and Rehabilitation Administration</th><th>Surplus and property disposal agencies</th><th>Other war and defense expenditures</th></tr><tr><td>1937</td><td>929</td><td>378</td><td>557</td><td>-</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>-</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>671</td><td>-</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>-</td><td>-</td><td>62</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>-</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>-</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>182</td></tr><tr><td>1943</td><td>72,109</td><td>42,265</td><td>20,888</td><td>-</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>-</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>140</td><td>114</td><td>1/</td><td>951</td></tr><tr><td>1945</td><td>90,029</td><td>50,137</td><td>30,047</td><td>-</td><td>1,195</td><td>122</td><td>185</td><td>70</td><td>61</td><td>1,462</td><td>3,227</td><td>2,082</td><td>140</td><td>664</td><td>105</td><td>1,022</td></tr><tr><td>1946</td><td>48,542</td><td>27,800</td><td>15,161</td><td>-</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>-</td><td>-</td><td>611</td></tr><tr><td>1945-September</td><td>5,367</td><td>3,264</td><td>1,659</td><td>-</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>-</td><td>51</td><td>4</td><td>10</td><td>11</td><td>5</td><td>105</td><td>88</td><td>178</td><td>-</td><td>42</td><td>2</td><td>62</td></tr><tr><td>November</td><td>4,226</td><td>2,552</td><td>1,239</td><td>-</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>4,285</td><td>2,476</td><td>990</td><td>-</td><td>445 5/</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>-</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>50</td><td>3</td><td>50</td></tr><tr><td>February</td><td>2,702</td><td>1,365</td><td>883</td><td>-</td><td>62</td><td>4</td><td>5</td><td>-13</td><td>3</td><td>41</td><td>15</td><td>72</td><td>2</td><td>74</td><td>1</td><td>39</td></tr><tr><td>March</td><td>2,950</td><td>1,482</td><td>734</td><td>-</td><td>29</td><td>4</td><td>4</td><td>48</td><td>4</td><td>37</td><td>17</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>-</td><td>10</td><td>5</td><td>5</td><td>-5</td><td>4</td><td>26</td><td>50</td><td>67</td><td>-</td><td>57</td><td>5</td><td>11</td></tr><tr><td>May</td><td>2,182</td><td>1,242</td><td>640</td><td>-</td><td>3</td><td>4</td><td>4</td><td>-3</td><td>3</td><td>24</td><td>4</td><td>47</td><td>-</td><td>96</td><td>36</td><td>11</td></tr><tr><td>June</td><td>2,442</td><td>1,469</td><td>590</td><td>-</td><td>131</td><td>2</td><td>7</td><td>4</td><td>4</td><td>29</td><td>4</td><td>37</td><td>-</td><td>91</td><td>53</td><td>40</td></tr><tr><td>July</td><td>1,190</td><td>300</td><td>519</td><td>-</td><td>12</td><td>2</td><td>4</td><td>4</td><td>3</td><td>32</td><td>-3</td><td>34</td><td>-</td><td>169</td><td>27</td><td>9</td></tr><tr><td>August</td><td>1,509</td><td>675</td><td>551</td><td>-</td><td>4</td><td>4</td><td>5</td><td>4</td><td>3</td><td>6</td><td>18</td><td>40</td><td>-</td><td>169</td><td>23</td><td>*</td></tr><tr><td>September</td><td>1,100</td><td>384</td><td>486</td><td>2</td><td>3</td><td>2</td><td>3</td><td>3</td><td>4</td><td>6</td><td>18</td><td>6/</td><td>-</td><td>108</td><td>29</td><td>53</td></tr></table>
Source: Daily Treasury Statement.
1. Less than $500 thousand.
2. Represents cash payments only, no bonds having been issued as of September 30, 1946. Administrative expenses in carrying out provisions of Act are included under War, Navy, and Treasury (Coast Guard) Departments.
3. Includes war public housing functions.
4. Includes war expenditures of Commerce, Justice, Interior, Labor, and State Departments; Civil Service Commission; Executive Office of the President (including Office for Emergency Management).
5. Represents a 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.
6. Classification changed to reflect expenditures for the fiscal year
1946 under "War activities". Prior year expenditures are included under "General". 5/ 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 lead-lease program and reflected in previous expenditures by the Commodity Credit Corporation. Total payments for the fiscal year 1946 amounted to $579 million. 6/ Effective September 1, 1946, expenditures of the War Shipping Administration are included with the expenditures of the U. S. Maritime Commission to which all functions were transferred for the purpose of liquidation by December 31, 1946, pursuant to Sec. 202, public law 492 approved July 5, 1946.
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 3/ 3/</th><th>Government employees' retirement fund (U. S. share)</th><th>Aid to agriculture 1/ 4/</th><th>Federal contribution to District of Columbia</th></tr><tr><td>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>1946-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>611</td><td>226</td><td>174</td><td>223</td><td>-</td><td>3</td></tr><tr><td>August</td><td>13</td><td>13</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>32</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td></tr></table>
Source: Daily Treasury Statement.
1/ Additional transactions are shown in Table 3. 
2/ Comprises Adjusted Service Certificate Fund and the National Service Life Insurance Fund, administered by the Veterans' Administration. 
3/ Includes railroad retirement and railroad unemployment activities.
For further explanation see tables which follow on social security program. Represents transactions in commodity food stamps by Department of Agriculture. This activity formerly came under the Office of Distribution and prior thereto under the Agricultural Marketing Administration.
Treasury Bulletin
8
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 colspan="2">Reconstruction Finance Corporation 1/ War and defense activities</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-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>-52</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>-16</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>-28</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>146</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><tr><td>September</td><td>-96</td><td>54</td><td>-30</td><td>-3</td><td>1</td><td>-16</td><td>-110</td><td>7</td><td>2</td><td>-2</td></tr></table>
Source: Daily Treasury Statement.
* Less than $500 thousand.
1/ Include transactions on account of RFC Mortgage Company, Federal National Mortgage Association, Office of Matala Reserve, Office of Rubber Reserve, Office of Defense Plants, Office of Defense Supply, U. S. Commercial Company, War Damage Corporation, and Rubber Development Corporation.
2/ Payments of $957 million have been made during the fiscal year 1945 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 lend-lease program and
3/ Represents payment to Commodity Credit Corporation under act of February 18, 1946.
4/ The act of July 20, 1946, authorised the Secretary of the Treasury to cancel notes of the Commodity Credit Corporation in the amount of $971 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="13">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>266</td><td>823</td><td>5,798</td></tr><tr><td>1938</td><td>294</td><td>308</td><td>916</td><td>262</td><td>373</td><td>774</td><td>273</td><td>449</td><td>678</td><td>300</td><td>350</td><td>672</td><td>5,650</td></tr><tr><td>1939</td><td>271</td><td>357</td><td>687</td><td>213</td><td>347</td><td>557</td><td>265</td><td>372</td><td>676</td><td>279</td><td>364</td><td>521</td><td>4,918</td></tr><tr><td>1940</td><td>315</td><td>444</td><td>799</td><td>304</td><td>400</td><td>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>1,547</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>2,165</td><td>2,568</td><td>5,926</td><td>2,001</td><td>2,240</td><td>5,416</td><td>44,421</td></tr><tr><td>1945</td><td>3,556</td><td>3,767</td><td>6,892</td><td>2,929</td><td>3,085</td><td>5,914</td><td>2,695</td><td>2,997</td><td>5,189</td><td>2,530</td><td>2,374</td><td>4,118</td><td>46,046</td></tr><tr><td>1946</td><td>3,819</td><td>3,678</td><td>5,747</td><td>2,617</td><td>2,733</td><td>4,479</td><td>2,539</td><td>2,434</td><td>4,478</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">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>614</td><td>718</td><td>737</td><td>646</td><td>830</td><td>8,097</td></tr><tr><td>1939</td><td>696</td><td>612</td><td>820</td><td>730</td><td>594</td><td>892</td><td>764</td><td>774</td><td>742</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>781</td><td>647</td><td>887</td><td>818</td><td>706</td><td>759</td><td>669</td><td>817</td><td>1,172</td><td>9,567</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>7,402</td><td>85,084</td></tr><tr><td>1944</td><td>7,570</td><td>7,662</td><td>8,525</td><td>7,959</td><td>8,293</td><td>8,625</td><td>8,100</td><td>8,344</td><td>7,902</td><td>8,139</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>6,587</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>3,475</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>2,755</td><td></td><td></td><td></td><td></td></tr><tr><td colspan="13">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>66</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>3,104</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>5,995</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>-1,723</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. Excludes public debt retirements. 3/ Total expenditures less net receipts.
November 1946
9
BUDGETARY RECEIPTS AND EXPENDITURES
Office of the Secretary of the Treasury, Division of Research and Statistics
B-168-1
Treasury Bulletin
10
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="2">Federal Old-Age and Survivors Insurance Trust Fund</th><th colspan="2">National Service Life Insurance Fund</th><th colspan="2">Unemployment Trust Fund</th><th colspan="2">Railroad Retirement Account</th></tr><tr><th></th><th></th><th>Net Receipts</th><th>Expenditures</th><th>Net Receipts</th><th>Expenditures</th><th>Net Receipts</th><th>Expenditures</th><th>Net Receipts</th><th>Expenditures</th></tr><tr><td>1937</td><td>+275</td><td>-</td><td>267</td><td>-</td><td>-</td><td>-</td><td>294</td><td>-</td><td>-</td></tr><tr><td>1938</td><td>+855</td><td>+1</td><td>402</td><td>401</td><td>-</td><td>-</td><td>+12</td><td>761</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>+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>+1</td><td>950</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>-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>891</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-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>-595</td><td>-184</td><td>24</td><td>509</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><tr><td>September</td><td>-414</td><td>-313</td><td>13</td><td>325</td><td>+4</td><td>74</td><td>70</td><td>-15</td><td>44</td><td>59</td><td>-</td><td>-</td><td>-</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="2">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.e.</td><td>n.e.</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.e.</td><td>n.e.</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>+314</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>668</td><td>567</td><td>*</td><td>-</td><td>+41</td><td>-2.194</td><td>-694</td><td>-1.500</td><td>-</td></tr><tr><td>1944</td><td>+129</td><td>919</td><td>820</td><td>*</td><td>-</td><td>+204</td><td>+4.103</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>+218</td><td>+647</td><td>+95</td><td>+95</td><td>-</td><td>-</td></tr><tr><td>1945-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><tr><td>September</td><td>-164</td><td>141</td><td>306</td><td>*</td><td>-</td><td>+102</td><td>+19</td><td>+19</td><td>-</td><td>+48</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.a. Not available.
a 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.
November 1946
11
Means of Financing Cash Requirements
(in millions of dollars)
<table><tr><th>Fiscal year or month</th><th colspan="5">Amount required to be financed</th><th colspan="4">Means of financing</th></tr><tr><th></th><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. 3/</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>1,364</td><td>1,364</td><td>-</td><td>-</td><td>-</td><td>1,364</td><td>740</td><td>318</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>3,611</td><td>2,528</td><td>947</td><td>136</td></tr><tr><td>1941</td><td>5,994</td><td>5,103</td><td>-</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-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>3,168</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>1,524</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>3,413</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>999</td><td>724</td><td>-</td><td>-</td><td>1,223</td><td>-</td><td>989</td><td>234</td></tr><tr><td>September</td><td>868</td><td>-1,723</td><td>2,171</td><td>-</td><td>314</td><td>868</td><td>-</td><td>868</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/ 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
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 1.- Budgetary Receipts and Expenditures
Table 1.- Social Security Act
(In millions of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Receipts</th><th rowspan="2">Less amounts credited to Federal Old-age and Survivors Insurance Trust Fund 2/</th><th rowspan="2">Net receipts</th></tr><tr><th>Total</th><th>Federal Insurance Contributions Act (Old-age Insurance) 1/</th><th>Social Security taxes Federal Unemployment Tax Act (Unemployment Insurance) 2/</th></tr><tr><td>1936</td><td>604.4</td><td>514.4</td><td>90.1</td><td>387.0</td><td>217.4</td></tr><tr><td>1939</td><td>611.2</td><td>530.4</td><td>100.9</td><td>503.0</td><td>128.2</td></tr><tr><td>1940</td><td>712.7</td><td>604.7</td><td>107.5</td><td>531.7</td><td>174.5</td></tr><tr><td>1941</td><td>766.2</td><td>690.6</td><td>91.7</td><td>661.1</td><td>126.9</td></tr><tr><td>1942</td><td>1,015.6</td><td>895.6</td><td>113.9</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>156.4</td><td>1,101.0</td><td>185.9</td></tr><tr><td>1944</td><td>1,412.0</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>1946-September</td><td>6.5</td><td>4.7</td><td>1.8</td><td>2.3</td><td>4.2</td></tr><tr><td>October</td><td>57.0</td><td>54.4</td><td>2.6</td><td>51.6</td><td>5.4</td></tr><tr><td>November</td><td>246.0</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>11.3</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>294.1</td><td>284.3</td><td>10.0</td><td>287.4</td><td>11.0</td></tr><tr><td>September</td><td>9.5</td><td>8.3</td><td>1.1</td><td>3.5</td><td>6.0</td></tr></table>
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="2">Total Administrative expenses</th><th colspan="5">Social Security Administration</th><th colspan="5">Grants to States</th><th rowspan="2">Refunds of taxes</th><th rowspan="2">Excess of expenditures</th></tr><tr><th>Total</th><th>Old-age assistance</th><th>Aid to dependent children</th><th>Aid to the blind</th><th>Unemployment compensation administration</th><th>Public health work</th><th>Maternal and child health services</th><th>Services for crippled children</th><th>Child welfare service</th><th>U. S. Employment Service</th></tr><tr><td>1938</td><td>132.5</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</td><td>115.1</td></tr><tr><td>1939</td><td>345.3</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>1.7</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>156.5</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>484.1</td><td>31.5</td><td>415.2</td><td>250.1</td><td>63.2</td><td>7.1</td><td>53.0</td><td>10.4</td><td>5.5</td><td>4.0</td><td>1.6</td><td>-</td><td>2.6</td><td>135.5</td></tr><tr><td>1942</td><td>504.4</td><td>31.5</td><td>469.5</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>3.8</td><td>1.6</td><td>20.7</td><td>3.5</td><td>157.5</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>1.4</td><td>1.3</td><td>4.2</td><td>311.7</td></tr><tr><td>1944</td><td>528.2</td><td>32.1</td><td>488.0</td><td>360.6</td><td>57.0</td><td>10.3</td><td>30.3</td><td>10.9</td><td>6.2</td><td>3.8</td><td>1.4</td><td>1.1</td><td>7.4</td><td>279.8</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>5.3</td><td>3.8</td><td>1.4</td><td>-</td><td>6.2</td><td>326.1</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>-</td><td>6.3</td><td>4.2</td><td>1.3</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1945-September</td><td>23.3</td><td>3.1</td><td>19.4</td><td>14.2</td><td>2.1</td><td>1.2</td><td>2.3</td><td>-</td><td>.4</td><td>.2</td><td>-</td><td>-</td><td>.8</td><td>19.0</td></tr><tr><td>October</td><td>72.0</td><td>3.1</td><td>68.2</td><td>47.4</td><td>7.1</td><td>1.5</td><td>11.8</td><td>-</td><td>.2</td><td>.1</td><td>.2</td><td>-</td><td>.6</td><td>66.6</td></tr><tr><td>November</td><td>30.9</td><td>3.7</td><td>27.1</td><td>21.2</td><td>3.4</td><td>1.5</td><td>1.2</td><td>-</td><td>.3</td><td>.1</td><td>.1</td><td>-</td><td>.5</td><td>11.6</td></tr><tr><td>December</td><td>36.0</td><td>3.4</td><td>32.4</td><td>26.2</td><td>2.7</td><td>.8</td><td>1.1</td><td>-</td><td>.9</td><td>.6</td><td>-</td><td>-</td><td>.2</td><td>32.4</td></tr><tr><td>1946-January</td><td>64.6</td><td>2.7</td><td>61.7</td><td>41.0</td><td>8.6</td><td>1.4</td><td>9.5</td><td>-</td><td>.7</td><td>.5</td><td>.2</td><td>-</td><td>.2</td><td>46.0</td></tr><tr><td>February</td><td>49.5</td><td>3.0</td><td>45.4</td><td>34.9</td><td>5.4</td><td>.7</td><td>2.8</td><td>-</td><td>.8</td><td>.7</td><td>.1</td><td>-</td><td>1.1</td><td>60.2</td></tr><tr><td>March</td><td>31.3</td><td>4.6</td><td>26.7</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>3.1</td><td>61.6</td><td>42.2</td><td>1.9</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>3.7</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>45.7</td><td>2.0</td><td>42.8</td><td>33.7</td><td>6.3</td><td>1.0</td><td>1.1</td><td>-</td><td>.8</td><td>.8</td><td>.2</td><td>-</td><td>.4</td><td>34.1</td></tr><tr><td>September</td><td>45.8</td><td>1.7</td><td>43.2</td><td>33.7</td><td>6.7</td><td>1.0</td><td>1.2</td><td>-</td><td>.5</td><td>.1</td><td>-</td><td>-</td><td>1.0</td><td>39.8</td></tr></table>
Source: Daily Treasury Statement.
* Less than $50 thousand.
1/ Formerly Title VII 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 5 of Section 1).
3/ Prior to January 1, 1940, figures represent amounts transferred to the Old-Age Reserve Account. From January 1 to July 1, 1940 "transfer" were made to the Federal Old-Age and Survivors Insurance Trust Fund. Subsequently receipts have been deposited in the General Fund of the Treasury and "appropriated" directly to the Federal Old-Age and Survivors Insurance Trust Fund. 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 11, 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, including, but not limited to, Section 1, which allocates administrative expenses under the Wagner-Peyser Act. Excludes administrative expenses payable free 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 Department of Health, Education, and Welfare. 
5/ The Beginning July 1, 1946, payments previously made under the Social Security Act were discontinued, and thereafter made under provisions of the Public Health Service Act of 1946.
6/ Classified as "Executive Agencies for Emergency Management, and Manpower Commissions" through July 31, 1946.
U/ Covered by appropriations by Congress.
7/ Second Deficiency Appropriation Act, fiscal year 1938, appropriated $41 million for refunding to certain States portions of Federal employer's tax for 1936 collected under the Social Security Act.
November 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>Fiscal year or month</th><th colspan="2">Receipts</th><th colspan="3">Expenditures</th><th>Excess of expenditures 2/</th></tr><tr><th></th><th>Carriers' Taring Act of 1937</th><th>Total</th><th>Administrative expenses 1/</th><th>Transfers to Railroad Retirement Account (trust account)</th><th>Refunds of taxes</th><th></th></tr><tr><td>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>2.1</td><td>308.8</td><td>.2</td><td>26.1</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-September</td><td>59.4</td><td>.3</td><td>.3</td><td>-</td><td>*</td><td>-59.1</td></tr><tr><td>October</td><td>1.5</td><td>37.2</td><td>.2</td><td>37.0</td><td>*</td><td>35.7</td></tr><tr><td>November</td><td>8.5</td><td>.1</td><td>.1</td><td>-</td><td>*</td><td>-8.4</td></tr><tr><td>December</td><td>58.5</td><td>.3</td><td>.2</td><td>-</td><td>.1</td><td>-58.2</td></tr><tr><td>1946-January</td><td>5.1</td><td>37.4</td><td>.3</td><td>37.0</td><td>.1</td><td>32.3</td></tr><tr><td>February</td><td>3.5</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-3.2</td></tr><tr><td>March</td><td>64.6</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-64.3</td></tr><tr><td>April</td><td>1.3</td><td>39.0</td><td>.2</td><td>38.0</td><td>.8</td><td>37.7</td></tr><tr><td>May</td><td>5.3</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-5.1</td></tr><tr><td>June</td><td>65.2</td><td>.2</td><td>.2</td><td>-</td><td>*</td><td>-65.0</td></tr><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><tr><td>September</td><td>75.5</td><td>.4</td><td>.3</td><td>-</td><td>*</td><td>-75.2</td></tr></table>
Source: Daily Treasury Statement. * Less than $50 thousand. 1/ includes only expenditures from appropriations made specifically for
2/ Covered by appropriations from the General Fund of the Treasury.
Table 3.- Railroad Unemployment Insurance Act 1/ (In millions of dollars)
<table><tr><th>Fiscal year or month</th><th>Receipts Railroad unemployment insurance contributions $</th><th>Total</th><th>Expenditures Administrative expenses (Railroad Unemployment Insurance Administration Fund) $</th><th>Transfers to Railroad Unemployment Insurance Account, Overemployment Trust Fund $</th><th>Excess of expenditures $</th></tr><tr><td>1938</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1939</td><td>4.9</td><td>5.5</td><td>5</td><td>-</td><td>.5</td></tr><tr><td>1940</td><td>6.8</td><td>10.9</td><td>5.0</td><td>7.5</td><td>4.1</td></tr><tr><td>1941</td><td>8.5</td><td>6.4</td><td>3.4</td><td>3.9</td><td>-2.1</td></tr><tr><td>1942</td><td>10.3</td><td>8.2</td><td>2.2</td><td>6.0</td><td>-2.1</td></tr><tr><td>1943</td><td>12.1</td><td>14.9</td><td>3.2</td><td>11.7</td><td>2.7</td></tr><tr><td>1944</td><td>13.2</td><td>12.6</td><td>3.7</td><td>8.9</td><td>-6</td></tr><tr><td>1945</td><td>12.9</td><td>13.1</td><td>3.5</td><td>9.6</td><td>.2</td></tr><tr><td>1946-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>.1</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>.1</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><tr><td>September</td><td>3.5</td><td>.2</td><td>.2</td><td>-</td><td>-3.3</td></tr></table>
Source: Daily Treasury Statement
1/2/
Less than $50 thousand.
Operated as Railroad Unemployment Insurance Administration Fund. Represents 10% of contributions under the Railroad Unemployment Insurance Act; the remaining 90% is deposited in the Railroad Unemployment Insurance Account, Unemployment Trust Fund (See Section 11, 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, $2.7 million; 1937, $5.3 million; 1938, $5.8 million; and for the first six months of the calendar year 1939, $2.9 million. These amounts are included in Table I under Federal Unemployment Tax Act (unemployment insurance). 3/ Includes only expenditures from appropriations made specifically for administrative expenses relating to the Railroad Unemployment Insurance Act. 4/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940). 5/ Covered by appropriations by Congress.
Treasury Bulletin
14
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>47.8</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>4,730.7</td><td>4,419.3</td><td>301.5</td><td>452.4</td><td>359.1</td><td>97.4</td><td>-</td><td>4,268.3</td><td>4,236.8</td><td>7.0</td><td>28.5</td></tr><tr><td>1944</td><td>5,116.0</td><td>5,711.4</td><td>404.7</td><td>669.6</td><td>543.7</td><td>128.0</td><td>-</td><td>5,146.4</td><td>5,108.9</td><td>15.1</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>8,395.8</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>1946-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>94.5</td><td>56.1</td></tr><tr><td>August</td><td>9,282.5</td><td>8,506.2</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><tr><td>September</td><td>9,300.0</td><td>8,614.5</td><td>685.5</td><td>1,403.2</td><td>1,205.3</td><td>193.3</td><td>4.7</td><td>7,896.8</td><td>7,838.7</td><td>1.5</td><td>56.6</td></tr></table>
Source: Daily Treasury Statement.
* Less 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.
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>End of fiscal year or month</th><th colspan="3">Receipts</th><th>Expenditures</th><th colspan="3">Balance</th></tr><tr><th></th><th>Total receipts</th><th>Appropriations by Congress</th><th>interest on investments</th><th>Benefit payments</th><th>Total</th><th>Investments</th><th colspan="2">Unexpended balance</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>In General Fund</th><th>In 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>266.4</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>381.9</td><td>5.9</td><td>298.7</td><td>92.1</td><td>79.1</td><td>10.8</td><td>1.8</td></tr><tr><td>1941</td><td>506.9</td><td>498.5</td><td>8.4</td><td>419.9</td><td>87.0</td><td>74.0</td><td>2.5</td><td>10.5</td></tr><tr><td>1942</td><td>650.9</td><td>639.4</td><td>11.6</td><td>546.1</td><td>104.8</td><td>91.5</td><td>1.6</td><td>11.7</td></tr><tr><td>1943</td><td>871.5</td><td>854.2</td><td>17.3</td><td>676.6</td><td>194.9</td><td>178.0</td><td>4.1</td><td>12.8</td></tr><tr><td>1944</td><td>1,144.1</td><td>1,116.9</td><td>27.2</td><td>811.0</td><td>333.0</td><td>318.5</td><td>1.1</td><td>15.4</td></tr><tr><td>1945</td><td>1,468.2</td><td>1,425.7</td><td>42.4</td><td>952.5</td><td>515.6</td><td>500.5</td><td>.5</td><td>14.7</td></tr><tr><td>1946</td><td>1,780.1</td><td>1,717.6</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-July</td><td>2,076.4</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><tr><td>September</td><td>2,078.5</td><td>2,016.1</td><td>62.5</td><td>1,147.1</td><td>931.4</td><td>782.0</td><td>131.4</td><td>16.0</td></tr></table>
Source: Daily Treasury Statement.
Table 3.- Unemployment Trust Fund
(Cumulative from organization - In millions of dollars)
<table><tr><th rowspan="2">End of fiscal year or month</th><th colspan="5">Receipts</th><th colspan="4">Expenditures</th><th colspan="3">Balance</th></tr><tr><th>Total receipts</th><th>State unemployment insurance activities</th><th>Railroad Unemployment Insurance Account 1/</th><th>Transfers from Railroad Unemployment Insurance Administration Fund1/</th><th>Interest on investments</th><th>Total expecteditures</th><th>State unemployment insurance activities</th><th>Transfers to Railroad Unemployment Insurance Account 3/</th><th>Railroad Unemployment Insurance Account 1/</th><th>Total</th><th>Investments</th><th>Unexpended balance</th></tr><tr><th></th><th></th><th>Deposits by States</th><th>Railroad unemployment insurance contributions 2/</th><th>Transfers from States 3/</th><th></th><th></th><th>With- drawable by States</th><th>Benefit payments</th><th></th><th></th><th>In General Fund (Special Deposit Account)</th><th>In die-burser officer's account 5/</th></tr><tr><td>1938</td><td>1,076.2</td><td>1,098.2</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>14.8</td><td>1.8</td><td>91.8</td><td>633.8</td><td>633.8</td><td>1.8</td><td>14.6</td><td>1,280.5</td><td>1,267.0</td><td>13.5</td><td>1.4</td></tr><tr><td>1940</td><td>2,057.9</td><td>2,729.3</td><td>105.6</td><td>105.9</td><td>7.5</td><td>1,113.1</td><td>1,116.7</td><td>105.9</td><td>32.3</td><td>2,129.9</td><td>1,710.0</td><td>43.4</td><td>2.7</td></tr><tr><td>1941</td><td>3,971.9</td><td>3,622.4</td><td>181.9</td><td>105.9</td><td>11.4</td><td>1,989.4</td><td>1,918.0</td><td>105.9</td><td>11.1</td><td>3,150.1</td><td>3,139.0</td><td>7.8</td><td>3.3</td></tr><tr><td>1942</td><td>5,215.5</td><td>4,717.3</td><td>274.3</td><td>105.9</td><td>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>4,367.6</td><td>4.0</td><td>1.5</td></tr><tr><td>1943</td><td>6,614.0</td><td>5,935.0</td><td>383.7</td><td>105.9</td><td>29.1</td><td>3,302.1</td><td>2,152.4</td><td>105.9</td><td>45.8</td><td>5,878.8</td><td>5,870.2</td><td>8.5</td><td>3.3</td></tr><tr><td>1944</td><td>8,180.9</td><td>7,284.3</td><td>902.5</td><td>106.7</td><td>38.0</td><td>5,373.4</td><td>2,822.5</td><td>106.7</td><td>44.6</td><td>7,325.3</td><td>7,307.2</td><td>7.8</td><td>5.3</td></tr><tr><td>1945</td><td>9,688.6</td><td>8,540.3</td><td>618.7</td><td>106.7</td><td>47.6</td><td>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</td><td>10,968.4</td><td>9,550.3</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>July</td><td>11,017.9</td><td>9,590.3</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><tr><td>August</td><td>11,226.6</td><td>9,798.2</td><td>651.1</td><td>106.8</td><td>56.9</td><td>3,754.9</td><td>3,574.9</td><td>106.8</td><td>73.2</td><td>7,515.5</td><td>7,489.0</td><td>20.4</td><td>6.0</td></tr><tr><td>September</td><td>11,270.4</td><td>9,806.6</td><td>651.1</td><td>106.8</td><td>56.9</td><td>3,754.9</td><td>3,574.9</td><td>106.8</td><td>73.2</td><td>7,515.5</td><td>7,489.0</td><td>20.4</td><td>6.0</td></tr></table>
Source: Daily Treasury Statement.
1/ Excludes advance of $15 million from the Treasury and subsequent repayment, both taking place in the fiscal year 1940.
2/ Represents 90% of contributions under the Railroad Unemployment Insurance Act; the remaining 10% is used for administrative expenses. (See Section I, Table 3.)
3/ Represents amounts transferred from States to Railroad Unemployment
Insurance Account equivalent to amounts of taxes collected, with respect to period from January 1936 to June 1939, inclusive, from employees and employers who come within the purview of the Railroad Unemployment Insurance Act.
1/ Represents excess funds of the Railroad Unemployment Insurance Administration Fund (under Act of Oct. 10, 1940).
5/ For railroad unemployment benefits and refunds.
November 1946
15
Cash Income and Outgo of the Treasury
Table 1.- Cash Income and Outgo, by Major Classification
(In millions of dollars)
<table><tr><th></th><th colspan="5">1945</th><th colspan="7">1946</th></tr><tr><th></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><th>Sept.</th></tr><tr><td>CASE INCOME</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Budgetary:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Income and profits taxes</td><td>4,208</td><td>1,593</td><td>1,528</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><td>3,990</td></tr><tr><td>Employment taxes</td><td>66</td><td>58</td><td>251</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><td>85</td></tr><tr><td>Recallaneous internal revenue</td><td>573</td><td>689</td><td>602</td><td>516</td><td>605</td><td>584</td><td>619</td><td>682</td><td>615</td><td>615</td><td>695</td><td>679</td><td>656</td></tr><tr><td>Customs</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>15</td><td>15</td><td>44</td><td>40</td><td>12</td></tr><tr><td>Other</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>618</td><td>362</td><td>256</td><td>182</td><td>147</td></tr><tr><td>Subtotal</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><td>4,461</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 (deposits by States and Railroad Retirement Board)</td><td>37</td><td>42</td><td>164</td><td>37</td><td>33</td><td>158</td><td>36</td><td>79</td><td>200</td><td>37</td><td>80</td><td>209</td><td>40</td></tr><tr><td>Other trust funds and accounts</td><td>369</td><td>282</td><td>295</td><td>257</td><td>162</td><td>265</td><td>153</td><td>162</td><td>294</td><td>221</td><td>112</td><td>91</td><td>177</td></tr><tr><td>Subtotal</td><td>406</td><td>324</td><td>459</td><td>295</td><td>195</td><td>423</td><td>189</td><td>241</td><td>494</td><td>259</td><td>152</td><td>300</td><td>217</td></tr><tr><td>Total cash income</td><td>5,597</td><td>2,905</td><td>3,067</td><td>4,407</td><td>3,993</td><td>4,277</td><td>5,950</td><td>2,973</td><td>3,492</td><td>4,736</td><td>2,703</td><td>3,016</td><td>4,698</td></tr><tr><td>CASE 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>5,357</td><td>5,126</td><td>4,226</td><td>4,285</td><td>3,417</td><td>2,702</td><td>2,590</td><td>2,550</td><td>2,182</td><td>2,462</td><td>1,190</td><td>1,509</td><td>1,100</td></tr><tr><td>Veterans' administration</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><td>484</td></tr><tr><td>Public works 2/</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><td>96</td></tr><tr><td>Aid to agriculture 3/</td><td>26</td><td>35</td><td>20</td><td>26</td><td>66</td><td>50</td><td>62</td><td>78</td><td>75</td><td>82</td><td>103</td><td>58</td><td>38</td></tr><tr><td>Social security program 3/</td><td>28</td><td>73</td><td>31</td><td>37</td><td>65</td><td>50</td><td>32</td><td>67</td><td>42</td><td>23</td><td>98</td><td>46</td><td>46</td></tr><tr><td>Interest on the public debt 2/</td><td>596</td><td>142</td><td>57</td><td>756</td><td>182</td><td>87</td><td>996</td><td>180</td><td>75</td><td>913</td><td>178</td><td>85</td><td>587</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>Reconstruction Finance Corporations:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>War and defense activities</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>118</td><td>-1</td><td>43</td><td>54</td><td>-110</td></tr><tr><td>Other</td><td>17</td><td>3</td><td>114</td><td>-34</td><td>-37</td><td>-41</td><td>-1</td><td>-11</td><td>-2</td><td>-32</td><td>-38</td><td>-24</td><td>7</td></tr><tr><td>Commodity Credit Corporation</td><td>518</td><td>562</td><td>-148</td><td>-101</td><td>2</td><td>-53</td><td>-132</td><td>55</td><td>185</td><td>-159</td><td>18</td><td>159</td><td>54</td></tr><tr><td>Other</td><td>-53</td><td>-51</td><td>-69</td><td>-31</td><td>-44</td><td>-13</td><td>74</td><td>55</td><td>101</td><td>85</td><td>28</td><td>56</td><td>46</td></tr><tr><td>Other 3/</td><td>354</td><td>159</td><td>115</td><td>124</td><td>159</td><td>186</td><td>342</td><td>612</td><td>577</td><td>921</td><td>791</td><td>335</td><td>317</td></tr><tr><td>Subtotal</td><td>6,582</td><td>5,621</td><td>4,535</td><td>4,938</td><td>4,035</td><td>3,269</td><td>3,774</td><td>4,035</td><td>3,790</td><td>4,860</td><td>2,892</td><td>2,868</td><td>2,661</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>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><td>64</td></tr><tr><td>Federal Old-Age and Survivors Insurance Trust</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Fund</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><td>35</td></tr><tr><td>Railroad Retirement Account</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><td>14</td></tr><tr><td>Other 1/</td><td>-31</td><td>-237</td><td>129</td><td>214</td><td>534</td><td>377</td><td>185</td><td>-148</td><td>420</td><td>37</td><td>-115</td><td>-61</td><td>-216</td></tr><tr><td>Subtotal</td><td>60</td><td>383</td><td>272</td><td>363</td><td>711</td><td>595</td><td>360</td><td>107</td><td>577</td><td>177</td><td>22</td><td>53</td><td>322</td></tr><tr><td>Redemption of adjusted service bonds</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><td>1</td></tr><tr><td>Redemption of excess profits tax refund bonds</td><td></td><td></td><td></td><td></td><td>879</td><td>94</td><td>35</td><td>27</td><td>14</td><td>9</td><td>8</td><td>6</td><td>1</td></tr><tr><td>Total cash outgo</td><td>6,648</td><td>6,009</td><td>4,811</td><td>5,303</td><td>5,629</td><td>3,921</td><td>4,169</td><td>4,171</td><td>4,383</td><td>5,046</td><td>2,983</td><td>2,928</td><td>2,988</td></tr><tr><td>EXCESS OF CASH OUTGO</td><td>1,051</td><td>3,104</td><td>1,724</td><td>896</td><td>1,636</td><td>-356</td><td>-1,782</td><td>1,237</td><td>891</td><td>310</td><td>219</td><td>-88</td><td>-1,710</td></tr></table>
Revised.
These figures are not intended to reflect the budgetary position of the Government, and will not agree with budgetary figures on receipts, expenditures, and deficit such as those appearing in the Intermediate 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/ Congress Public Buildings Administration, Public Roads Admin., Recreation, 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.
b/ Excludes transactions under transfers to trust accounts, etc.
5/ Includes accrued discount on United States savings bonds, and interest on trust fund investments.
6/ Revised to include "Work Projects Administration" and "Civilian Conservation Corps", and to exclude "Surplus property disposal agencies" which, beginning July 1, 1945 are included in "War and defense activities" above.
7/ Beginning July, 1945, includes clearing account for outstanding checks.
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 incoos</td><td></td><td></td><td></td><td></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>1,690</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>986</td><td>1,285</td><td>10,859</td></tr><tr><td>1942</td><td>714</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>1,675</td><td>2,098</td><td>4,687</td><td>2,198</td><td>3,402</td><td>5,589</td><td>2,242</td><td>2,794</td><td>5,882</td><td>38,206</td></tr><tr><td>1944</td><td>2,985</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>1,225</td><td>1,908</td><td>6,151</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>4,696</td><td></td><td></td><td></td><td></td></tr><tr><td>Cash outgo</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,179</td><td>1,150</td><td>1,555</td><td>1,475</td><td>1,431</td><td>1,518</td><td>1,518</td><td>1,748</td><td>2,046</td><td>2,439</td><td>1,973</td><td>2,778</td><td>20,601</td></tr><tr><td>1942</td><td>2,699</td><td>2,729</td><td>3,608</td><td>3,973</td><td>4,470</td><td>4,738</td><td>5,067</td><td>5,538</td><td>5,989</td><td>6,203</td><td>5,949</td><td>6,996</td><td>57,959</td></tr><tr><td>1943</td><td>6,521</td><td>6,422</td><td>7,647</td><td>7,460</td><td>7,449</td><td>8,012</td><td>7,045</td><td>7,766</td><td>7,710</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>8,204</td><td>95,449</td></tr><tr><td>1945</td><td>7,805</td><td>7,243</td><td>8,953</td><td>7,826</td><td>8,494</td><td>8,967</td><td>7,998</td><td>7,854</td><td>6,648</td><td>6,009</td><td>4,811</td><td>5,703</td><td>87,912</td></tr><tr><td>1946</td><td>5,630</td><td>3,921</td><td>4,169</td><td>4,171</td><td>4,387</td><td>5,046</td><td>2,923</td><td>2,928</td><td>2,988</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>-45</td><td>935</td><td>685</td><td>219</td><td>940</td><td>982</td><td>881</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>3,164</td><td>1,434</td><td>2,179</td><td>4,174</td><td>4,476</td><td>3,368</td><td>5,434</td><td>4,815</td><td>4,190</td><td>38,701</td></tr><tr><td>1943</td><td>5,603</td><td>4,919</td><td>2,328</td><td>5,785</td><td>5,352</td><td>3,325</td><td>4,847</td><td>4,304</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>1,051</td><td>3,104</td><td>1,724</td><td>896</td><td>36,537</td></tr><tr><td>1946</td><td>1,677</td><td>-356</td><td>-1,782</td><td>1,237</td><td>891</td><td>310</td><td>219</td><td>-88</td><td>-1,710</td><td></td><td></td><td></td><td></td></tr></table>
r Revised.
16
Treasury Bulletin
GENERAL FUND OF THE TREASURY
November 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>Pullion, coin, and currency</th><th>Deposits in Federal Reserve Banks</th><th>Special deposit account of sale of Government securities (War loan accounts)</th><th>Other deposits and collections</th></tr><tr><td>1937</td><td>2,709</td><td>1,863</td><td>141</td><td>649</td><td>55</td></tr><tr><td>1938</td><td>2,419</td><td>827</td><td>929</td><td>611</td><td>52</td></tr><tr><td>1939</td><td>3,087</td><td>1,194</td><td>1,022</td><td>776</td><td>95</td></tr><tr><td>1940</td><td>2,058</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-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>14,649</td><td>523</td><td>1,372</td><td>12,694</td><td>260</td></tr><tr><td>December</td><td>26,530</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>299</td></tr><tr><td>March</td><td>24,743</td><td>464</td><td>2,160</td><td>21,776</td><td>343</td></tr><tr><td>April</td><td>21,293</td><td>414</td><td>1,124</td><td>19,502</td><td>253</td></tr><tr><td>May</td><td>18,853</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>672</td><td>9,842</td><td>301</td></tr><tr><td>September</td><td>10,524</td><td>429</td><td>1,445</td><td>8,377</td><td>273</td></tr></table>
Source: Daily Treasury Statement.
Balance in the General Fund of the Treasury
(in millions of dollars)
<table><tr><th>End of fiscal year or month</th><th>Total assets</th><th>Total liabilities</th><th>Balance in the General Fund</th></tr><tr><td>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>2,832</td><td>179</td><td>2,653</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>25,113</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-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>399</td><td>20,895</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><tr><td>September</td><td>10,524</td><td>353</td><td>10,171</td></tr></table>
Source: Daily Treasury Statement.
18
Treasury Bulletin
Analysis of Change in Balance of General Fund of the Treasury
[In millions of dollars - Net increase or net decrease (-)]
<table><tr><th>Fiscal year or month</th><th>Total change in General Fund balance</th><th>General and special accounts and Government corporations (wholly owned), etc. (net) 1/</th><th>Public debt accounts</th><th colspan="5">Trust accounts, etc.</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Trust accounts 2/</th><th>Increment on gold 3/</th><th>Seigniorage on silver</th><th>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 8/</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 8/</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>-3,542</td><td>3,280 8/</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>57</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>-53,341</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-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>514</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>151</td><td>-9</td><td>-</td></tr><tr><td>May</td><td>-2,398</td><td>-1,131</td><td>-1,116</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><tr><td>September</td><td>-868</td><td>1,725</td><td>-2,177</td><td>-414</td><td>-487</td><td>-</td><td>-</td><td>102</td><td>19</td><td>-46</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.
Less than $500 thousand.
This is the net budgetary deficit (-) or surplus. Excludes amounts for public debt retirement which are chargeable to the sinking fund, etc., under special provision of law and beginning with fiscal year 1945 includes Government corporations (wholly owned) etc. (set).
Comprises Federal Old-Age and Survivors Insurance Trust Fund, National Service Life Insurance Fund, Unemployment Trust Fund, Railroad Retirement Account, Government Insurance and retirement funds and other trust accounts. (See footnote 8.)
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.)
Comprises Public Works Administration revolving fund, special de
5/ 5/ 8/ poeits (net), and, during the fiscal years 1910 through 1915, transactions in commodity food stamps by the Department of Agriculture. Commencing July 1, 1916, such transactions are classified in the column entitled "Net. 5/ 5/ 8/ 8/ Beginning with fiscal year 1915 represents sales and redemptions of obligations of Government corporations, etc., in the market (net). Represents outstanding checks, see Note Is an inactive gold deposit in the amount of $1,087 million. Expenditures for the retirement of national bank notes from increment on gold for the fiscal years 1937 to 1939 (as shown below) are not reflected herein, but are reflected under increment on gold as follows: 1937, $99 million; 1938, $51 million; and 1939, $5 million. The increase in the national debt shown in the table "Means of Financing Capital Requirement" for the above fiscal years will not agree for the reason stated above.
November 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 rowspan="2">Fiscal year or month</th><th rowspan="2">Public debt outstanding end of fiscal year or month</th><th rowspan="2">Net change in public debt during fiscal year or month</th><th colspan="6">Public debt receipts (Issueance of public debt)</th><th colspan="6">Public debt expenditures (Retirement of public debt)</th></tr><tr><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Adjusted service bonds</th><th>Excess profits tax refund bonds</th><th>Ex- changes</th><th>Special issues</th><th>Total</th><th>Cash 1/</th><th>Certificates of indebtedness, special series 2/</th><th>Ex- changes</th><th>Special issues</th></tr><tr><td>1937</td><td>16,425</td><td>2,646</td><td>9,589</td><td>6,199</td><td>-</td><td>141</td><td>-</td><td>1,751</td><td>1,499</td><td>6,943</td><td>4,625</td><td>-</td><td>1,751</td><td>567</td></tr><tr><td>1938</td><td>37,165</td><td>740</td><td>9,621</td><td>4,776</td><td>-</td><td>13</td><td>-</td><td>2,674</td><td>2,159</td><td>8,882</td><td>5,166</td><td>-</td><td>2,674</td><td>1,041</td></tr><tr><td>1939</td><td>40,440</td><td>3,275</td><td>13,084</td><td>7,475</td><td>-</td><td>7</td><td>-</td><td>3,035</td><td>2,567</td><td>9,809</td><td>5,301</td><td>-</td><td>3,035</td><td>1,473</td></tr><tr><td>1940</td><td>42,368</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>10,862</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>23,161</td><td>37,164</td><td>30,388</td><td>303</td><td>1</td><td>-</td><td>595</td><td>5,876</td><td>13,703</td><td>8,693</td><td>303</td><td>595</td><td>4,111</td></tr><tr><td>1943</td><td>136,696</td><td>68,274</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>31,674</td><td>17,911</td><td>1,442</td><td>5,332</td></tr><tr><td>1944</td><td>201,003</td><td>61,307</td><td>153,785</td><td>123,958</td><td>491</td><td>1</td><td>134</td><td>18,790</td><td>10,611</td><td>89,478</td><td>61,202</td><td>491</td><td>18,790</td><td>6,994</td></tr><tr><td>1945</td><td>258,682</td><td>57,579</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>105,116</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-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>3,777</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>26,048</td><td>22,300</td><td>484</td><td>-</td><td>4</td><td>3,777</td><td>91</td><td>13,876</td><td>8,815</td><td>484</td><td>3,777</td><td>800</td></tr><tr><td>1946-January</td><td>278,887</td><td>772</td><td>12,938</td><td>8,854</td><td>-</td><td>-</td><td>4</td><td>3,332</td><td>761</td><td>12,166</td><td>8,728</td><td>-</td><td>3,332</td><td>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>-3</td><td>3,133</td><td>372</td><td>12,844</td><td>9,578</td><td>-</td><td>3,133</td><td>133</td></tr><tr><td>April</td><td>273,898</td><td>-2,114</td><td>9,309</td><td>6,283</td><td>-</td><td>-</td><td>-</td><td>2,820</td><td>207</td><td>11,423</td><td>8,485</td><td>-</td><td>2,820</td><td>118</td></tr><tr><td>May</td><td>272,583</td><td>-1,116</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>258,270</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>8,235</td><td>-</td><td>2,916</td><td>63</td></tr><tr><td>August</td><td>267,546</td><td>-124</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>8,996</td><td>-</td><td>1,223</td><td>24</td></tr><tr><td>September</td><td>265,369</td><td>-2,171</td><td>8,818</td><td>6,024</td><td>-</td><td>-</td><td>-1</td><td>2,341</td><td>455</td><td>10,995</td><td>8,610</td><td>-</td><td>2,341</td><td>44</td></tr></table>
Source: Daily Treasury Statement. Less than $500 thousand. 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>Certificate of indebtedness</th><th>Bill</th><th colspan="7">Public Issues</th></tr><tr><th></th><th></th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</th><th></th><th>Special issues</th><th>Total</th><th>Market-able</th><th>Non-market-able</th><th>Market-able</th><th>Non-market-able</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>6.4</td><td>4.3</td></tr><tr><td>1938</td><td>35,575</td><td>22,043</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>4.4</td><td>25.0</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>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>3.1</td><td>11.3</td></tr><tr><td>1941</td><td>45,387</td><td>30,411</td><td>4,555</td><td>5,698</td><td>-</td><td>-</td><td>1,603</td><td>6,120</td><td>100.0</td><td>62.8</td><td>9.4</td><td>11.8</td><td>-</td><td>3.3</td><td>12.6</td></tr><tr><td>1942</td><td>71,968</td><td>38,281</td><td>10,496</td><td>6,589</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>11.0</td></tr><tr><td>1943</td><td>135,380</td><td>57,715</td><td>21,704</td><td>9,168</td><td>7,495</td><td>16,561</td><td>11,864</td><td>10,871</td><td>100.0</td><td>42.6</td><td>16.0</td><td>6.8</td><td>5.5</td><td>12.2</td><td>8.0</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>7.2</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></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></tr><tr><td>1945-September</td><td>259,630</td><td>107,244</td><td>47,257</td><td>23,498</td><td>9,021</td><td>35,072</td><td>17,018</td><td>20,519</td><td>100.0</td><td>41.3</td><td>18.2</td><td>9.0</td><td>3.5</td><td>13.5</td><td>6.6</td><td>7.9</td></tr><tr><td>October</td><td>259,439</td><td>107,244</td><td>47,236</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>262,489</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>271,956</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>45.8</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>37,120</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><tr><td>September</td><td>264,217</td><td>119,502</td><td>49,930</td><td>13,351</td><td>6,096</td><td>34,478</td><td>17,007</td><td>23,854</td><td>100.0</td><td>45.2</td><td>19.0</td><td>5.1</td><td>2.3</td><td>13.0</td><td>6.4</td><td>9.0</td></tr></table>
Source: Daily Treasury Statement.
November 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>35,800</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>199,583</td><td>296,357</td><td>266,111</td></tr><tr><td>Guaranteed obligations</td><td>4,665</td><td>4,853</td><td>5,490</td><td>5,498</td><td>6,360</td><td>4,949</td><td>4,092</td><td>1,516</td><td>609</td><td>667</td></tr><tr><td>Total</td><td>40,465</td><td>41,428</td><td>45,376</td><td>47,874</td><td>54,747</td><td>76,917</td><td>139,472</td><td>201,099</td><td>296,766</td><td>266,578</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>1,967</td><td>2,390</td><td>1,321</td></tr><tr><td>Total outstanding</td><td>41,089</td><td>42,018</td><td>45,930</td><td>48,496</td><td>55,332</td><td>76,991</td><td>140,796</td><td>202,626</td><td>299,115</td><td>269,898</td></tr></table>
Pablo debt
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</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>1,158</td><td>1,308</td><td>1,302</td><td>1,603</td><td>2,908</td><td>11,664</td><td>14,734</td><td>17,042</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>28,622</td><td>34,804</td></tr><tr><td>Treasury notes</td><td>10,617</td><td>9,147</td><td>7,243</td><td>6,183</td><td>5,698</td><td>6,689</td><td>9,168</td><td>17,405</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>882</td><td>8,711</td><td>21,161</td><td>53,499</td></tr><tr><td>Treasury bonds - bank eligible</td><td>19,916</td><td>21,846</td><td>25,218</td><td>26,555</td><td>30,215</td><td>37,202</td><td>46,809</td><td>58,083</td><td>65,864</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>180</td></tr><tr><td>Total marketable issues</td><td>33,094</td><td>32,344</td><td>33,965</td><td>34,436</td><td>37,713</td><td>50,573</td><td>95,310</td><td>140,401</td><td>181,319</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>189,606</td></tr><tr><td>U. S. savings bonds</td><td>800</td><td>1,238</td><td>1,858</td><td>2,905</td><td>4,314</td><td>10,188</td><td>21,256</td><td>34,606</td><td>45,585 1/2</td></tr><tr><td>Treasury notes - tax and savings</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6,711</td></tr><tr><td>series</td><td>389</td><td>319</td><td>283</td><td>261</td><td>241</td><td>3,018</td><td>7,495</td><td>9,557</td><td>10,136</td></tr><tr><td>Adjusted service bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>229</td><td>222</td><td>217</td><td>905</td></tr><tr><td>Depositary bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>79</td><td>226</td><td>474</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>44,895</td><td>56,226</td></tr><tr><td>Total public issues</td><td>34,282</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>185,296</td><td>237,545</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>7,685</td><td>10,871</td><td>14,287</td><td>18,812</td></tr><tr><td>Total interest-bearing debt</td><td>35,800</td><td>36,576</td><td>39,886</td><td>42,377</td><td>48,387</td><td>71,968</td><td>135,380</td><td>199,583</td><td>256,357</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>142</td><td>201</td><td>269</td></tr><tr><td>Debt bearing no interest:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>376</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></tr><tr><td>Excess profits tax refund bonds</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td><td>1,028</td></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></tr><tr><td>Deposits for retirement of national bank</td><td>310</td><td>252</td><td>215</td><td>190</td><td>173</td><td>159</td><td>766</td><td>732</td><td>655</td></tr><tr><td>and Federal Reserve Bank notes</td><td>9</td><td>5</td><td>5</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td><td>6</td></tr><tr><td>Other debt bearing no interest</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>395</td><td>1,175</td><td>1,259</td><td>2,057</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></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>269,422</td></tr></table>
Guaranteed obligations 1/
<table><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</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></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>912</td><td>912</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>24</td><td>24</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>27</td><td>24</td><td>43</td></tr><tr><td>Federal Public Housing Authority</td><td>-</td><td>114</td><td>114</td><td>114</td><td>226</td><td>114</td><td>114</td><td>-</td><td>-</td></tr><tr><td>Home Owners' Loan Corporation</td><td>2,987</td><td>2,937</td><td>2,928</td><td>2,603</td><td>2,409</td><td>1,963</td><td>1,533</td><td>755</td><td>-</td></tr><tr><td>Reconstruction Finance Corporations</td><td>255</td><td>299</td><td>820</td><td>1,096</td><td>1,741</td><td>1,219</td><td>896</td><td>-</td><td>-</td></tr><tr><td>Total marketable issues</td><td>4,665</td><td>4,853</td><td>5,450</td><td>5,498</td><td>6,360</td><td>4,549</td><td>3,908</td><td>1,190</td><td>34</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 3/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>68</td><td>150</td><td>375</td></tr><tr><td>Reconstruction Finance Corporation 5/</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>115</td><td>176</td><td>-</td></tr><tr><td>Total non-marketable issues</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>183</td><td>326</td><td>375</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></tr><tr><td>Natured 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></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>476</td></tr></table>
(Continued on following page)
22
Treasury Bulletin
Detailed Statement of the Public Debt and Guaranteed Obligations of the United States Government - (Continued)
PART B - MONTHLY DATA
(In millions of dollars)
<table><tr><th></th><th colspan="7">1945</th><th colspan="7">1946</th></tr><tr><th></th><th>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><th>Sept. 30</th></tr><tr><td colspan="13">Public debt and guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public debt</td><td>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>267,019</td><td>265,359</td><td>264,217</td></tr><tr><td>Guaranteed obligations</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><td>391</td></tr><tr><td>Total</td><td>260,156</td><td>259,980</td><td>263,385</td><td>276,246</td><td>278,001</td><td>278,451</td><td>275,290</td><td>273,244</td><td>271,883</td><td>268,578</td><td>267,363</td><td>266,729</td><td>264,608</td></tr><tr><td>Matured debt and debt bearing no interest</td><td>2,409</td><td>2,395</td><td>2,509</td><td>2,436</td><td>1,444</td><td>1,313</td><td>1,275</td><td>1,199</td><td>1,153</td><td>1,321</td><td>1,240</td><td>1,196</td><td>1,160</td></tr><tr><td>Total outstanding</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><td>265,768</td></tr><tr><td colspan="13">Public debt</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td>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><td>17,024</td><td>17,007</td></tr><tr><td>Treasury bills</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><td>36,473</td><td>34,478</td></tr><tr><td>Certificates of indebtedness</td><td>23,498</td><td>23,498</td><td>23,498</td><td>22,967</td><td>19,551</td><td>19,551</td><td>18,261</td><td>18,261</td><td>18,261</td><td>18,261</td><td>13,351</td><td>13,351</td><td>13,351</td></tr><tr><td>Treasury notes - bank restricted 2/</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><td>53,459</td><td>49,636</td></tr><tr><td>Treasury bonds - bank eligible</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><td>65,864</td><td>69,686</td></tr><tr><td>Postal savings and other bonds</td><td>195</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><td>179</td><td>179</td></tr><tr><td>Total marketable issues</td><td>182,833</td><td>182,790</td><td>185,112</td><td>198,778</td><td>199,633</td><td>199,810</td><td>197,053</td><td>195,079</td><td>193,847</td><td>189,606</td><td>187,596</td><td>186,350</td><td>184,338</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>U. S. savings bonds 3/</td><td>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><td>49,477</td><td>49,545</td></tr><tr><td>Treasury notes - tax and earnings series 3/</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><td>6,668</td><td>6,096</td></tr><tr><td>Depository bonds</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><td>400</td><td>385</td></tr><tr><td>Total non-marketable issues</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><td>56,566</td><td>56,025</td></tr><tr><td>Total public issues</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><td>242,916</td><td>240,364</td></tr><tr><td>Special issues</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><td>23,443</td><td>23,854</td></tr><tr><td>Total interest-bearing debt</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>267,019</td><td>265,359</td><td>264,217</td></tr><tr><td>Prepayments on securities</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><td>-</td><td>-</td></tr><tr><td>Matured debt on which interest has ceased</td><td>305</td><td>242</td><td>209</td><td>343</td><td>260</td><td>238</td><td>244</td><td>209</td><td>191</td><td>376</td><td>313</td><td>285</td><td>262</td></tr><tr><td>Debt bearing no interest</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United States savings stamps</td><td>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><td>88</td><td>85</td></tr><tr><td>Excess profit tax refund bonds</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><td>44</td><td>39</td></tr><tr><td>United States notes (less gold reserve)</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td><td>191</td></tr><tr><td>Deposits for retirement of national bank and Federal Reserve Bank notes</td><td>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><td>574</td><td>569</td></tr><tr><td>Other debt bearing no interest</td><td>6</td><td>6</td><td>6</td><td>6</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>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><td>902</td><td>890</td></tr><tr><td>Total public debt outstanding</td><td>262,020</td><td>261,817</td><td>265,342</td><td>278,115</td><td>278,877</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><td>267,546</td><td>265,369</td></tr><tr><td colspan="13">Guaranteed obligations 1/</td></tr><tr><td>Interest-bearing debt:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Public issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration</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><td>43</td><td>44</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Commodity Credit Corporation 4/</td><td>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><td>347</td></tr><tr><td>Total interest-bearing debt</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><td>391</td></tr><tr><td>Matured debt on which interest has ceased</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><td>9</td></tr><tr><td>Total guaranteed obligations outstanding</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><td>400</td></tr></table>
Source: Daily Treasury Statement
1. Less than $500 thousand.
2. Guaranteed securities held by the Treasury and securities guaranteed as to interest are generally available to commercial banks.
3. 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 listed investments of their savings deposits; (2) commercial banks may temporarily acquire such issues through forfeiture of collateral; (3) commercial banks may hold a limited amount of such issues for trading purposes. (See "Treasury Bulletin" July 1946, pages 4-9, A-10.)
3. The face value of any yearly series of United States savings bonds
and Treasury savings notes maturing from month to month which are not currently presented for retirement are included in the interest-bearing debt until all the bonds or notes of the series have matured. 
4/ Demand Obligations stated as of the previous month to agree with the Statement of Guaranteed Obligations in the Daily Treasury Statement. 
5/ Consists of Reconstruction Finance Corporation notes, Series X-4, X-5, and X-6, which were held by United States Government corporations and credit agencies. 
6/ Includes prepayments on securities. 
1/ On September 15, 1946, the 2-1/4% bank restricted Treasury bond 1956-59, in the amount of $3.8 billion, became eligible for bank ownership, since the specified period of restriction had elapsed.
November 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
8-462-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>End of fiscal year or month</th><th colspan="3">Public debt and guaranteed obligations</th><th colspan="3">Public debt 1/</th><th colspan="3">Guaranteed obligations 2/</th></tr><tr><th></th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th><th>Interest-bearing debt outstanding</th><th>Computed annual interest charge</th><th>Computed annual rate of interest (Percent)</th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td>1937</td><td>40,465</td><td>1,047</td><td>2.588</td><td>35,800</td><td>924</td><td>2.582</td><td>4,665</td><td>123</td><td>2.633</td></tr><tr><td>1938</td><td>41,428</td><td>1,068</td><td>2.579</td><td>36,576</td><td>947</td><td>2.589</td><td>4,853</td><td>121</td><td>2.498</td></tr><tr><td>1939</td><td>45,336</td><td>1,149</td><td>2.534</td><td>39,886</td><td>1,037</td><td>2.600</td><td>5,450</td><td>112</td><td>2.052</td></tr><tr><td>1940</td><td>47,874</td><td>1,203</td><td>2.514</td><td>42,376</td><td>1,095</td><td>2.583</td><td>5,498</td><td>109</td><td>1.978</td></tr><tr><td>1941</td><td>54,747</td><td>1,335</td><td>2.438</td><td>48,387</td><td>1,218</td><td>2.518</td><td>6,360</td><td>117</td><td>1.834</td></tr><tr><td>1942</td><td>76,517</td><td>1,729</td><td>2.260</td><td>71,968</td><td>1,644</td><td>2.285</td><td>4,949</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>201,099</td><td>3,869</td><td>1.925</td><td>199,943</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>296,766</td><td>4,969</td><td>1.935</td><td>296,357</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>1946-September</td><td>260,196</td><td>5,051</td><td>1.942</td><td>259,630</td><td>5,044</td><td>1.943</td><td>527</td><td>7</td><td>1.275</td></tr><tr><td>October</td><td>259,980</td><td>5,052</td><td>1.943</td><td>259,439</td><td>5,045</td><td>1.945</td><td>511</td><td>7</td><td>1.294</td></tr><tr><td>November</td><td>263,386</td><td>5,133</td><td>1.949</td><td>262,849</td><td>5,126</td><td>1.950</td><td>536</td><td>7</td><td>1.322</td></tr><tr><td>December</td><td>276,246</td><td>5,424</td><td>1.963</td><td>275,694</td><td>5,416</td><td>1.965</td><td>553</td><td>7</td><td>1.338</td></tr><tr><td>1946-January</td><td>278,001</td><td>5,472</td><td>1.968</td><td>277,456</td><td>5,465</td><td>1.970</td><td>545</td><td>7</td><td>1.338</td></tr><tr><td>February</td><td>278,451</td><td>5,487</td><td>1.970</td><td>277,912</td><td>5,479</td><td>1.972</td><td>539</td><td>7</td><td>1.349</td></tr><tr><td>March</td><td>275,230</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>267,353</td><td>5,368</td><td>2.008</td><td>267,039</td><td>5,363</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>370</td><td>6</td><td>1.517</td></tr><tr><td>September</td><td>264,608</td><td>5,358</td><td>2.025</td><td>264,217</td><td>5,353</td><td>2.026</td><td>391</td><td>6</td><td>1.473</td></tr></table>
Source: Daily Treasury Statement. 1/ Treasury bills are included in interest-bearing debt figures at face amount, but for purposes of calculating the computed annual interest charge and the computed rate of interest, the discount value is used. For the purposes of computing the annual interest charge and rate of
interest on United States savings bonds. Series A-E are considered to yield 2.90% per annum and Series F is considered to yield 2.53% Guaranteed securities held by the Treasury, and securities guaranteed as to interest only, are not included in this table.
Guaranteed Obligations Held by the Treasury
(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>283</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-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>98</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>9,116</td><td>57</td></tr><tr><td>June</td><td>11,873</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>9,835</td><td>59</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><tr><td>September</td><td>10,721</td><td>500</td><td>-</td><td>360</td><td>675</td><td>9,129</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.
November 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 September 30, 1946
(In millions of dollars)
<table><tr><td>Maximum amount of securities which may be outstanding at any one time, under limitations imposed by Section 21 of the Second Liberty Bond Act, as amended</td><td>275,000</td></tr><tr><td>Amount of securities outstanding subject to such statutory debt limitation:</td><td></td></tr><tr><td>U. S. Government securities issued under the Second Liberty Bond Act, as amended 1/</td><td>264,419</td></tr><tr><td>Guaranteed securities 2/</td><td>400</td></tr><tr><td>Total amount of securities outstanding subject to statutory debt limitation</td><td>264,819</td></tr><tr><td>Balance issuable under such authority</td><td>10,182</td></tr></table>
Source: Public Debt Service. 1/ For comparison with the public debt outstanding, see following 2/ Excludes guaranteed securities held by the Treasury.
Table 2.- Analysis of U. S. Government Securities Outstanding Subject to Statutory Debt Limitation and Comparison with the Public Debt Outstanding, September 30, 1946
(In millions of dollars)
<table><tr><th></th><th>U. S. Government securities outstanding subject to statutory debt limitation 1/</th><th>Total public debt outstanding</th></tr><tr><td>Interest-bearing securities:</td><td></td><td></td></tr><tr><td>Marketable issues:</td><td></td><td></td></tr><tr><td>Treasury bills.</td><td>17,007</td><td>17,007</td></tr><tr><td>Certificates of indebtedness.</td><td>34,478</td><td>34,478</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>57,459</td><td>57,459</td></tr><tr><td>Treasury bonds - bank eligible.</td><td>65,864</td><td>65,864</td></tr><tr><td>Postal savings and other bonds.</td><td>-</td><td>179</td></tr><tr><td>Total marketable issues.</td><td>184,159</td><td>184,338</td></tr><tr><td>Non-marketable issues:</td><td></td><td></td></tr><tr><td>U. S. savings bonds (current redemption values).</td><td>49,545</td><td>49,545</td></tr><tr><td>Treasury savings notes.</td><td>6,096</td><td>6,096</td></tr><tr><td>Depository bonds.</td><td>385</td><td>385</td></tr><tr><td>Total non-marketable issues.</td><td>56,025</td><td>56,025</td></tr><tr><td>Special issues to Government agencies and trust funds.</td><td>23,854</td><td>23,854</td></tr><tr><td>Total interest-bearing securities.</td><td>264,038</td><td>264,217</td></tr><tr><td>Matured securities on which interest has ceased.</td><td>256</td><td>262</td></tr><tr><td>Obligations bearing no interest:</td><td></td><td></td></tr><tr><td>United States savings stamps.</td><td>85</td><td>85</td></tr><tr><td>Excise profit tax refund bonds.</td><td>39</td><td>39</td></tr><tr><td>Currency items, etc. 3/.</td><td>-</td><td>765</td></tr><tr><td>Total obligations bearing no interest.</td><td>125</td><td>890</td></tr><tr><td>Total.</td><td>264,419</td><td>265,369</td></tr></table>
Sources: Public Debt Service. 1/ Limitations are established by Section 21 of the Second Liberty Bond Act, as amended. 2/ Issues which commercial banks may not acquire prior to a speci-
3/ Consists of United States notes (less gold reserve); deposits for retirement of national bank and Federal Reserve Bank notes; and other obligations bearing no interest.
26
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of September 30, 1946
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1946-Oct.</td><td>Treasury bills 7/8% Certificate - 10/1/46</td><td>6,545</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</td><td>.....</td><td>.....</td><td>Various 12/1/45</td><td>taxable</td><td>.....</td></tr><tr><td>Dec.</td><td>Treasury bills 7/8% Certificate - 1-1/2% Treasury note - 12/15/46</td><td>5,223 3,765 3,261</td><td>.....</td><td>.....</td><td>Various 12/3/45 5/5/42</td><td>taxable taxable taxable</td><td>.....</td></tr><tr><td>Total</td><td></td><td>31,255</td><td>.....</td><td>.....</td><td></td><td>.....</td><td>.....</td></tr><tr><td>1947-Jan.</td><td>1/2% Conversion bond 7/8% Certificate - 1/1/47 - 1/1/47</td><td>13 3,330</td><td>.....</td><td>.....</td><td>1/1/17 1/1/46</td><td>wholly taxable</td><td>.....</td></tr><tr><td>Feb.</td><td>7/8% Certificate - 2/1/47</td><td>4,954</td><td>.....</td><td>.....</td><td>2/1/46</td><td>taxable</td><td>.....</td></tr><tr><td>Mar.</td><td>7/8% Certificate - 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>7/8% Certificate - 9/1/47 1-1/2% Treasury note - 9/15/47 1-1/4% Treasury note - 9/15/47</td><td>2,341 2,701 1,687</td><td>.....</td><td>.....</td><td>9/1/46 7/12/43 12/1/44</td><td>taxable taxable taxable</td><td>.....</td></tr><tr><td>Oct.</td><td>1-1/4% Treasury bond - 10/15/47-52</td><td>759</td><td>.....</td><td>.....</td><td>10/16/22</td><td>partially</td><td>.....</td></tr><tr><td>Dec.</td><td>2/4% 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>30,549</td><td>759</td><td>.....</td><td></td><td>.....</td><td>.....</td></tr><tr><td>1948-Mar.</td><td>2/4% Treasury bond - 3/15/48-50</td><td>1,115</td><td>.....</td><td>.....</td><td>3/15/41</td><td>taxable</td><td>.....</td></tr><tr><td></td><td>2-3/4% Treasury bond - 3/15/48-51</td><td>1,223</td><td>.....</td><td>.....</td><td>3/16/36</td><td>partially</td><td>.....</td></tr><tr><td>June.</td><td>1-3/4% Treasury bond - 6/15/48</td><td>3,062</td><td>.....</td><td>.....</td><td>12/1/42</td><td>taxable</td><td>.....</td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/48 1-1/2% Treasury note - 9/15/48</td><td>451 3,748</td><td>.....</td><td>.....</td><td>3/15/38 3/15/44</td><td>partially taxable</td><td>.....</td></tr><tr><td>Dec.</td><td>2/4% 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>2/4% Treasury bond - 6/15/49-51</td><td>1,014</td><td>.....</td><td>.....</td><td>1/15/42</td><td>taxable</td><td>.....</td></tr><tr><td>Sept.</td><td>2/4% Treasury bond - 9/15/49-51</td><td>1,292</td><td>.....</td><td>.....</td><td>5/15/42</td><td>taxable</td><td>.....</td></tr><tr><td>Deco.</td><td>2/4% Treasury bond - 12/15/49-52 3-1/8% Treasury bond - 12/15/49-52 2-1/2% Treasury bond - 12/15/49-53</td><td>2,098 431 1,786</td><td>.....</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>6,682</td><td>.....</td><td>.....</td><td></td><td>.....</td><td>.....</td></tr><tr><td>1950-Mar.</td><td>2/4% Treasury bond - 3/15/48-50 2/4% Treasury bond - 3/15/50-52</td><td>1,953 1,115</td><td>.....</td><td>.....</td><td>3/15/41 10/15/42</td><td>taxable taxable</td><td>.....</td></tr><tr><td>Sept.</td><td>2-1/2% Treasury bond - 9/15/50-52</td><td>1,186</td><td>.....</td><td>.....</td><td>9/15/38</td><td>partially</td><td>.....</td></tr><tr><td></td><td>2/4% Treasury bond - 9/15/50-52</td><td>4,939</td><td>.....</td><td>.....</td><td>4/15/43</td><td>taxable</td><td>.....</td></tr><tr><td>Deco.</td><td>2/4% Treasury bond - 12/15/48-50 1-1/2% Treasury bond - 12/15/50</td><td>571 2,635</td><td>.....</td><td>.....</td><td>12/6/39 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)
November 1946
27
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States 1/
As of September 30, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 3/</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 - 3/15/54-51</td><td>....</td><td>....</td><td>1,223</td><td>3/16/36</td><td>partially</td><td>....</td></tr><tr><td>June....</td><td>2-3/4 Treasury bond - 6/15/49-51</td><td>....</td><td>1,627</td><td>1,014</td><td>1/15/42 6/15/36</td><td>taxable partially</td><td>....</td></tr><tr><td>Sept....</td><td>2-3/4 Treasury bond - 9/15/51-53</td><td>....</td><td>1,986</td><td>1,292</td><td>5/15/42 9/15/43</td><td>taxable taxable</td><td>....</td></tr><tr><td>Dec....</td><td>2-3/4 Treasury bond - 12/15/51-53</td><td>....</td><td>1,115</td><td>2,098</td><td>9/15/41 12/15/39</td><td>partially taxable</td><td>....</td></tr><tr><td></td><td>2-1/4 Treasury bond - 12/15/51-55</td><td>....</td><td>510</td><td>....</td><td>12/15/41</td><td>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</td><td>....</td><td>....</td><td>1,963</td><td>10/19/42</td><td>taxable</td><td>....</td></tr><tr><td>June....</td><td>2-1/2 Treasury bond - 6/15/52-54</td><td>....</td><td>1,024</td><td>....</td><td>3/31/41</td><td>taxable</td><td>....</td></tr><tr><td>Sept....</td><td>2-1/4 Treasury bond - 9/15/52-55</td><td>....</td><td>5,825</td><td>1,165</td><td>6/25/44 9/15/38</td><td>taxable partially</td><td>....</td></tr><tr><td>Oct....</td><td>2-1/4 Treasury bond - 10/15/47-52</td><td>....</td><td>1,501</td><td>1,939</td><td>9/15/43</td><td>taxable</td><td>....</td></tr><tr><td>Dec....</td><td>2-1/4 Treasury bond - 12/15/49-52</td><td>....</td><td>....</td><td>759</td><td>10/16/22</td><td>partially</td><td>....</td></tr><tr><td></td><td>2-1/8 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>2-3/4 Treasury bond - 6/15/53-55</td><td>....</td><td>725</td><td>....</td><td>10/7/40</td><td>partially</td><td>....</td></tr><tr><td>Sept....</td><td>2-3/4 Treasury bond - 9/15/51-53</td><td>....</td><td>....</td><td>7,986</td><td>9/15/43</td><td>taxable</td><td>....</td></tr><tr><td>Dec....</td><td>2-1/2 Treasury bond - 12/15/49-53</td><td>....</td><td>....</td><td>1,785</td><td>12/15/36</td><td>partially</td><td>....</td></tr><tr><td></td><td>2-1/4 Treasury bond - 12/15/51-53</td><td>....</td><td>....</td><td>1,118</td><td>12/22/39</td><td>partially</td><td>....</td></tr><tr><td>Total</td><td>....</td><td>....</td><td>725</td><td>10,890</td><td>....</td><td>....</td><td>....</td></tr><tr><td>1954-Mar....</td><td>2-1/2 Treasury bond - 3/15/52-54</td><td>....</td><td>....</td><td>1,024</td><td>3/31/41</td><td>taxable</td><td>....</td></tr><tr><td>June....</td><td>2-3/4 Treasury bond - 6/15/51-53</td><td>....</td><td>....</td><td>1,627</td><td>6/15/36</td><td>partially taxable</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>5,825</td><td>7/22/40</td><td>partially</td><td>....</td></tr><tr><td></td><td>2-1/4 Treasury bond - 12/15/52-54</td><td>....</td><td>....</td><td>8,662</td><td>12/1/44</td><td>taxable</td><td>....</td></tr><tr><td>Total</td><td>....</td><td>....</td><td>681</td><td>17,138</td><td>....</td><td>....</td><td>....</td></tr><tr><td>1955-Mar....</td><td>2-1/8 Treasury bond - 3/15/55-60</td><td>....</td><td>2,611</td><td>....</td><td>3/15/35</td><td>partially</td><td>....</td></tr><tr><td>June....</td><td>2-1/4 Treasury bond - 6/15/52-55</td><td>....</td><td>....</td><td>1,501</td><td>2/25/42 10/7/40</td><td>taxable partially</td><td>....</td></tr><tr><td>Sept....</td><td>2-3/4 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>2-3/4 Treasury bond - 12/15/51-55</td><td>....</td><td>....</td><td>510</td><td>12/15/40</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 - 3/15/55-58</td><td>....</td><td>1,449</td><td>....</td><td>6/2/41</td><td>taxable</td><td>....</td></tr><tr><td>June....</td><td>2-1/4 Treasury bond - 6/15/54-56</td><td>....</td><td>....</td><td>681</td><td>7/22/40</td><td>partially</td><td>....</td></tr><tr><td>Sept....</td><td>2-3/4 Treasury bond - 9/15/56-59</td><td>....</td><td>982</td><td>....</td><td>9/15/36</td><td>partially</td><td>....</td></tr><tr><td></td><td>2-1/4 Treasury bond - 9/15/56-59</td><td>....</td><td>3,823</td><td>....</td><td>2/1/44</td><td>taxable</td><td>5/</td></tr><tr><td>Total</td><td>....</td><td>....</td><td>6,253</td><td>681</td><td>....</td><td>....</td><td>....</td></tr><tr><td>1958-Mar....</td><td>2-1/2 Treasury bond - 3/15/56-58</td><td>....</td><td>....</td><td>1,449</td><td>6/2/41</td><td>taxable</td><td>....</td></tr><tr><td>June....</td><td>2-3/4 Treasury bond - 6/15/58-63</td><td>....</td><td>919</td><td>....</td><td>6/15/38</td><td>partially</td><td>....</td></tr><tr><td>Total</td><td>....</td><td>....</td><td>919</td><td>1,449</td><td>....</td><td>....</td><td>....</td></tr><tr><td>1959-June....</td><td>2-1/4 Treasury bond - 6/15/59-62</td><td>....</td><td>5,284</td><td>....</td><td>6/1/45</td><td>taxable</td><td>6/15/52</td></tr><tr><td>Sept....</td><td>2-3/4 Treasury bond - 9/15/56-59</td><td>....</td><td>....</td><td>982</td><td>9/15/36 2/1/44</td><td>partially taxable</td><td>9/15/46</td></tr><tr><td>Dec....</td><td>2-1/4 Treasury bond - 12/15/59-62</td><td>....</td><td>3,470</td><td>3,823</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)
28
Treasury Bulletin
Maturity Schedule of Interest-Bearing Public Marketable Securities
Issued by the United States
As of September 30, 1946 - (Continued)
(In millions of dollars)
<table><tr><th>Year and month</th><th>Description of security 2/</th><th colspan="3">Amount of maturities</th><th>Date of issue</th><th>Tax status 3/</th><th>Earliest date on which commercial banks may own bank restricted issues 4/</th></tr><tr><th></th><th></th><th>Fixed-maturity issues</th><th colspan="2">Callable issues classified by year of:</th><th></th><th></th><th></th></tr><tr><th></th><th></th><th></th><th>First call</th><th>Final maturity</th><th></th><th></th><th></th></tr><tr><td>1960-Mar.... Dec....</td><td>2-7/8% Treasury bond - 2-3/4% Treasury bond</td><td>- 3/15/55-60. - 12/15/60-65.</td><td>.....</td><td>1,485</td><td>2,611</td><td>3/15/35 12/15/38</td><td>partially 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><td>.....</td></tr><tr><td>1961-June....</td><td>3% Panama Canal bond- 6/1/61</td><td>50</td><td>.....</td><td>.....</td><td>.....</td><td>6/1/11</td><td>wholly</td><td>.....</td></tr><tr><td>1962-June.... Dec....</td><td>2-1/4% Treasury bond - 2-1/2% Treasury bond - 2-1/4% Treasury bond</td><td>- 6/15/59-62. - 6/15/62-67. - 12/15/59-62.</td><td>.....</td><td>2,118</td><td>5,284 3,470</td><td>6/1/45 5/5/42 11/15/45</td><td>taxable taxable taxable</td><td>6/15/52 5/5/52 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><td>.....</td></tr><tr><td>1963-June.... Dec....</td><td>2-3/4% Treasury bond - 2-1/2% Treasury bond</td><td>- 6/15/58-63. - 12/15/63-68.</td><td>.....</td><td>2,831</td><td>919</td><td>6/15/38 12/1/42</td><td>partially taxable</td><td>..... 12/1/52</td></tr><tr><td></td><td>Total</td><td>.....</td><td>2,831</td><td>919</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1964-June.... Dec....</td><td>2-1/2% Treasury bond - 2-1/2% Treasury bond</td><td>- 6/15/64-69. - 12/15/64-69.</td><td>.....</td><td>3,761 3,838</td><td>.....</td><td>4/15/43 9/15/43</td><td>taxable taxable</td><td>4/15/53 9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1965-Mar.... Dec....</td><td>2-1/2% Treasury bond - 2-3/4% Treasury bond</td><td>- 3/15/65-70. - 12/15/60-65.</td><td>.....</td><td>5,197</td><td>1,485</td><td>2/1/44 12/15/38</td><td>taxable 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><td>.....</td></tr><tr><td>1966-Mar....</td><td>2-1/2% Treasury bond</td><td>- 3/15/66-71.</td><td>.....</td><td>3,451</td><td>.....</td><td>12/1/44</td><td>taxable</td><td>12/1/54</td></tr><tr><td>1967-June.... Sept.... Dec....</td><td>2-1/2% Treasury bond - 2-1/2% Treasury bond - 2-1/2% Treasury bond</td><td>- 6/15/62-67. - 9/15/67-72. - 12/15/67-72.</td><td>.....</td><td>7,967 2,716 11,689</td><td>2,118</td><td>5/5/42 6/1/45 10/20/41 11/15/45</td><td>taxable taxable taxable</td><td>5/5/52 6/15/62 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><td>.....</td></tr><tr><td>1968-Dec....</td><td>2-1/2% Treasury bond</td><td>- 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.... Dec....</td><td>2-1/2% Treasury bond - 2-1/2% Treasury bond</td><td>- 6/15/64-69. - 12/15/64-69.</td><td>.....</td><td>.....</td><td>3,761 3,838</td><td>4/15/43 9/15/43</td><td>taxable taxable</td><td>4/15/53 9/15/53</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>7,600</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr><tr><td>1970-Mar....</td><td>2-1/2% Treasury bond</td><td>- 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</td><td>- 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.... Sept.... Dec....</td><td>2-1/2% Treasury bond - 2-1/2% Treasury bond - 2-1/2% Treasury bond</td><td>- 6/15/67-72. - 9/15/67-72. - 12/15/67-72.</td><td>.....</td><td>7,967 2,716 11,689</td><td>.....</td><td>6/1/45 10/20/41 11/15/45</td><td>taxable taxable taxable</td><td>6/15/62</td></tr><tr><td></td><td>Total</td><td>.....</td><td>.....</td><td>22,372</td><td>.....</td><td>.....</td><td>.....</td><td>.....</td></tr></table>
Source: Daily Treasury Statement, and reports to the Treasury.
1/ Excludes (1) postal earnings bonds and (2) Federal Housing Administration debentures (the only interest-bearing public marketable guarantee 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, and from which no one holder is also exempt from the surtax rates. "Taxable" securities are subject to the normal surtax rates. Bank restricted leases may not be acquired by commercial banks (with minor exceptions) prior to a specified date. See footnote 2. On September 15, 1946 this bond issue became eligible for bank ownership since the specific period of restriction had elapsed.
November 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 is first call shown in parentheses)</th><th>Amount of subscriptions tendered</th><th>Amount issued</th><th> allot-ment ratio</th></tr><tr><td>5th War Loan securities: 3/</td><td></td><td></td><td></td><td>Cash Exchange</td><td>For cash In exchange for other securities</td><td></td></tr><tr><td>4/11/44</td><td>6/12/44</td><td>2-1/2% Treas. bond- 3/15/65-70 5/.....(12/1/44) 2% Treas. bond- 6/15/52-54 5/.....(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 5,855 1,948 4,770</td><td>2,909 5,825 1,948 4,770</td><td>100 100 100 100</td></tr><tr><td>7/20/44</td><td>7/30/44</td><td>7/8% Certificates - 8/1/45.....(8/1/44)</td><td>1 yr</td><td>-</td><td>2,511</td><td>100</td></tr><tr><td>8/24/44</td><td>8/24/44</td><td>7/8% Certificates - 9/1/45.....(9/1/44)</td><td>1 yr</td><td>-</td><td>3,694</td><td>100</td></tr><tr><td>8/24/44</td><td>8/24/44</td><td>7/8% Treas. notes - 3/15/46 5/.....(11/1/44)</td><td>1 yr.6 = 1/</td><td>-</td><td>788</td><td>100</td></tr><tr><td>9/20/44</td><td>9/25/44</td><td>7/8% Certificate - 10/1/45.....(10/1/44)</td><td>1 yr</td><td>-</td><td>3,492</td><td>100</td></tr><tr><td>6th War Loan securities: 3/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>10/23/44</td><td>11/20/44</td><td>2-1/2% Treas. bond- 3/15/66-72 5/.....(12/1/44) 2% Treas. bond-12/15/52-54 5/.....(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>3,448 7,922 1,550 4,395</td><td>100 100 100 100</td></tr><tr><td>11/17/44</td><td>11/20/44</td><td>90% Treas. note - 1/1/46.....(12/1/44) 2-1/2% Treas. bond - 3/15/66-72 5/.....(12/1/44) 2% Treas. bond - 12/15/52-54 5/.....(12/1/44) 1-1/4% Treas. note - 9/15/47.....(12/1/44)</td><td>1 yr.1 m 26 yr.3 m (21 yr.3 m) 10 yr (8 yr) 2 yr.9 m 1 yr</td><td>- 3,416 33 740 137 5,043 4,117</td><td>3,416 33 740 137 5,043 4,117</td><td>100 100 100 100 100 100</td></tr><tr><td>1/22/45</td><td>1/22/45</td><td>7/8% Certificates - 2/1/46.....(2/1/45)</td><td>1 yr</td><td>-</td><td>5,043</td><td>100</td></tr><tr><td>2/19/45</td><td>2/19/45</td><td>7/8% Certificate - 3/1/46.....(3/1/45)</td><td>1 yr</td><td>-</td><td>4,811</td><td>100</td></tr><tr><td>3/22/45</td><td>3/25/45</td><td>7/8% Certificate - 4/1/46.....(4/1/45)</td><td>1 yr</td><td>-</td><td>4,811</td><td>100</td></tr><tr><td>4/19/45</td><td>4/19/45</td><td>7/8% Certificate - 5/1/46.....(5/1/45)</td><td>1 yr</td><td>-</td><td>1,579</td><td>100</td></tr><tr><td>7th War Loan securities: 3/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>4/11/45</td><td>5/11/45</td><td>2-1/2% Treas. bond- 5/15/67-72 5/.....(6/1/45) 2-1/4% Treas. bond- 6/15/59-62 5/.....(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 (11 yr) 5 yr.6 m 1 yr</td><td>7,967 5,284 2,635 4,799</td><td>7,967 5,284 2,635 4,799</td><td>100 100 100 100</td></tr><tr><td>5/21/45</td><td>5/21/45</td><td>90% Treas. note - 7/1/46.....(6/1/45)</td><td>1 yr.1 m</td><td>-</td><td>4,910</td><td>100</td></tr><tr><td>7/23/45</td><td>7/23/45</td><td>7/8% Certificate - 8/1/46.....(8/1/45)</td><td>1 yr</td><td>-</td><td>2,470</td><td>100</td></tr><tr><td>8/20/45</td><td>8/20/45</td><td>7/8% Certificate - 9/1/46.....(9/1/45)</td><td>1 yr</td><td>-</td><td>4,336</td><td>100</td></tr><tr><td>Victory Loan securities: 3/</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>9/12/45</td><td>10/29/45</td><td>2-1/2% Treas. bond-12/15/67-72 5/.....(11/15/45) 2-1/4% Treas. bond-12/15/59-62 5/.....(11/15/45) 7/8% Certificate - 12/1/46.....(12/1/45)</td><td>27 yr.1 m (22 yr.1 m) 17 yr.1 m (11 yr.1 m) 1 yr</td><td>11,689 3,470 3,768</td><td>11,689 3,470 3,768</td><td>100 100 100</td></tr><tr><td>9/24/45</td><td>9/24/45</td><td>7/8% Certificate - 10/1/46.....(10/1/45)</td><td>1 yr</td><td>-</td><td>3,440</td><td>100</td></tr><tr><td>11/19/45</td><td>11/19/45</td><td>7/8% Certificate - 11/1/46.....(12/1/45)</td><td>11 m</td><td>-</td><td>3,778</td><td>100</td></tr><tr><td>12/17/45</td><td>12/17/45</td><td>7/8% Certificate - 1/1/47.....(1/1/46)</td><td>1 yr</td><td>-</td><td>3,330</td><td>100</td></tr><tr><td>1/21/46</td><td>1/21/46</td><td>7/8% Certificate - 2/1/47.....(2/1/46)</td><td>1 yr</td><td>-</td><td>4,954</td><td>100</td></tr><tr><td>2/18/46</td><td>2/18/46</td><td>7/8% Certificate - 3/1/47.....(3/1/46)</td><td>1 yr</td><td>-</td><td>4,106</td><td>76</td></tr><tr><td>3/20/46</td><td>3/20/46</td><td>7/8% Certificate - 4/1/47.....(4/1/46)</td><td>1 yr</td><td>-</td><td>4,742</td><td>59</td></tr><tr><td>5/20/46</td><td>5/20/46</td><td>7/8% Certificate - 6/1/47.....(6/1/46)</td><td>1 yr</td><td>-</td><td>4,168</td><td>66</td></tr><tr><td>6/11/46</td><td>6/11/46</td><td>7/8% Certificate - 7/1/47.....(7/1/46)</td><td>1 yr</td><td>-</td><td>4,673</td><td>62</td></tr><tr><td>7/17/46</td><td>7/17/46</td><td>7/8% Certificate - 8/1/47.....(8/1/46)</td><td>1 yr</td><td>-</td><td>2,307</td><td>52</td></tr><tr><td>8/19/46</td><td>8/19/46</td><td>7/8% Certificate - 9/1/47.....(9/1/46)</td><td>1 yr</td><td>-</td><td>4,145</td><td>56</td></tr><tr><td>9/18/46</td><td>9/18/46</td><td>7/8% Certificate - 10/1/47.....(10/1/46)</td><td>1 yr</td><td>-</td><td>3,203</td><td>44</td></tr><tr><td>10/21/46</td><td>10/21/46</td><td>7/8% Certificate - 11/1/47.....(11/1/46)</td><td>1 yr</td><td>-</td><td>n.a.</td><td>n.a.</td></tr></table>
Source: Bureau of the Public Debt.
1/ 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
3/ S. Government against and trust funds.
3/ Figures on amount of War loan securities issued consist both of
amounts issued in connection with the Drive, and of amounts issued concurrently with Drive to commercial banks and Treasury Invest-
Bank restricted issue. See preceding table (maturity schedule of interest-bearing public marketable securities) for earliest date on which commercial banks may acquire this issue. Reopening of previously offered security. Interest commenced on June 26, 1944. Interest commenced on September 15, 1944. This is the same security that was offered in the Sixth War Loan. Exchanged as of December 15, 1944 and accrued interest charged from December 1 to December 15.
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 out-standing</th><th colspan="2">Disposition of Treasury offers</th><th colspan="2">Results of exchange offers</th><th colspan="2">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% 7/8%</td><td>Certificate - 8/1/44............(8/2/43) Certificate - 9/1/44............(9/15/43)</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% 1%</td><td>Treas. note - 9/15/44............(1/31/41) 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 colspan="2">Totals for exchange transaction of 9/15/44</td><td></td><td>918</td><td>-</td><td>918</td><td>788</td><td>130</td><td>86</td><td></td></tr><tr><td>10/1/44 12/1/44</td><td>7/8% 7/8%</td><td>Certificate - 10/1/44............(10/15/43) Certificate - 12/1/44............(12/1/43)</td><td>3,519 3,940</td><td>-</td><td>3,519 3,940</td><td>3,492 3,416</td><td>27 124</td><td>92 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%</td><td>Treas. bond - 12/15/44-54............(12/15/24)</td><td>1,037</td><td>-</td><td>1,037</td><td>911</td><td>126</td><td>88</td><td>1-1/4% Treas. note - 9/15/47 2-1/2% Treas. bond - 3/15/66-71 2/</td></tr><tr><td>2/1/45</td><td>7/8% 1-1/8% CCC note</td><td>Certificate - 2/1/45............(2/1/44) CCC note - 2/1/45............(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 colspan="2">Totals for exchange transaction of 2/1/45</td><td></td><td>5,460</td><td>-</td><td>5,460</td><td>5,043</td><td>416</td><td>92</td><td></td></tr><tr><td>3/1/45</td><td>.90% 3/4% 1-1/4%</td><td>Treas. note - 3/1/45............(2/1/44) Treas. note - 3/1/45............(3/15/42) Treas. note - 3/15/45............(9/25/42)</td><td>2,127 1,606</td><td>-</td><td>2,127 1,606</td><td>2,109 1,546</td><td>18 304</td><td>93 93</td><td>7/8% Certificate - 3/1/46</td></tr><tr><td colspan="2">Totals for exchange transaction of 3/1/45</td><td></td><td>4,451</td><td>-</td><td>4,451</td><td>4,147</td><td>304</td><td>93</td><td></td></tr><tr><td>4/1/45 5/1/45</td><td>7/8% 7/8%</td><td>Certificate - 4/1/45............(4/1/44) 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% 1-1/2% IOLO bond</td><td>Certificate - 6/1/45............(6/26/44) IOLO 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 colspan="2">Totals for exchange transaction of 6/1/45</td><td></td><td>5,525</td><td>-</td><td>5,525</td><td>4,910</td><td>615</td><td>89</td><td></td></tr><tr><td>8/1/45</td><td>7/8%</td><td>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% 2-3/4%</td><td>Certificate - 9/1/45............(9/1/44) 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 colspan="2">Totals for exchange transaction of 9/1/45</td><td></td><td>4,908</td><td>-</td><td>4,908</td><td>4,336</td><td>572</td><td>88</td><td></td></tr><tr><td>10/1/45</td><td>7/8%</td><td>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% 3/4% 2-1/2%</td><td>Certificate - 12/1/45............(12/1/44) Treas. note - 12/15/45............(12/18/40) 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 colspan="2">Totals for exchange transaction of 12/1/45</td><td></td><td>5,467</td><td>-</td><td>5,467</td><td>3,778</td><td>1,689</td><td>69</td><td></td></tr><tr><td>1/1/46</td><td>3%</td><td>Conversion bond - 1/1/46............(1/1/16)</td><td>16</td><td>16</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>1/1/46 2/1/46</td><td>.90% 7/8%</td><td>Treas. note - 1/1/46............(12/1/44) 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%</td><td>Certificate - 3/1/46............(3/1/45)</td><td>1,014</td><td>1,014</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7/8% Certificate - 3/1/47</td></tr><tr><td>3/15/46</td><td>3-3/4% 1%</td><td>Treas. note - 3/15/46-56............(3/15/26) Treas. note - 3/15/46............(11/1/41)</td><td>4,147 1,291</td><td>-</td><td>4,147 1,291</td><td>3,133 -</td><td>-</td><td>3/ -</td><td>7/8% Certificate - 3/1/47</td></tr><tr><td>4/1/46 5/1/46</td><td>7/8% 7/8%</td><td>Certificate - 4/1/46............(4/1/45) Certificate - 5/1/46............(5/1/45)</td><td>4,811 1,579</td><td>-</td><td>4,811 1,579</td><td>2,820 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%</td><td>Certificate - 6/1/46............(6/1/45)</td><td>2,025 1,036</td><td>2,025 1,036</td><td>-</td><td>-</td><td>-</td><td>-</td><td>7/8% Certificate - 6/1/47</td></tr><tr><td>6/15/46</td><td>3%</td><td>Treas. bond - 6/15/46-48............(6/15/34)</td><td>1,036</td><td>1,036</td><td>-</td><td>-</td><td>-</td><td>-</td><td></td></tr><tr><td>7/1/46</td><td>.90% 7/8%</td><td>Treas. note - 7/1/46............(6/1/45) Certificate - 8/1/46............(8/1/45)</td><td>4,910 2,470</td><td>1,994 1,282</td><td>4,910 2,470</td><td>2,916 2,916</td><td>-</td><td>3/ 3/</td><td>7/8% Certificate - 7/1/47 7/8% Certificate - 8/1/47</td></tr><tr><td>8/1/46 9/1/46</td><td>7/8% 7/8%</td><td>Certificate - 9/1/46............(9/1/45) Certificate - 10/1/46............(10/1/45)</td><td>4,336 3,440</td><td>1,995 2,000</td><td>4,336 3,440</td><td>2,341 1,440</td><td>2,341 1,440</td><td>3/ 3/</td><td>7/8% Certificate - 9/1/47 7/8% Certificate - 10/1/47</td></tr><tr><td>10/1/46 11/1/46</td><td>7/8% 7/8%</td><td>Certificate - 11/1/46............(12/1/45) Certificate - 11/1/46............(12/1/45)</td><td>3,778 2,000</td><td>p</td><td>3,778 2,000</td><td>p</td><td>n.a.</td><td>-</td><td>7/8% Certificate - 11/1/47</td></tr></table>
Source: Bureau of the Public Debt.
p Preliminary.
n.e. Not available.
1/ Original call and maturity dates are used.
2/ Bank restricted issue.
3/ Prior to the refunding operation of March 1, 1946, maturing
issues were either paid off in full or the holders were given the privilege to exchange into another security in full. Beginning with that operation, some maturities have been split by the Treasury into a stated portion for cash retirement with the remainder covered by an offering of an exchange security.
November 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 issue (as of date shown in first column)</th><th rowspan="2">Total bills outstanding (as of date shown in first column)</th></tr><tr><th>Maturity date</th><th>Number of days to maturity</th><th>Amount of bids tendered</th><th>Amount of bids accepted</th><th>Amount on competitive basis</th></tr><tr><th></th><th></th><th></th><th></th><th>Total amount</th><th>Amount on fixed-price basis 1/</th><th></th><th></th></tr><tr><td>1945-Sept. 6</td><td>1945-Deo. 6</td><td>91</td><td>1,932.4</td><td>1,306.1</td><td>1,257.6</td><td>48.5</td><td>1,302.3</td><td>17,041.9</td></tr><tr><td>Sept. 13</td><td>Dec. 13</td><td>91</td><td>2,024.7</td><td>1,302.0</td><td>1,241.0</td><td>61.0</td><td>1,309.8</td><td>17,034.1</td></tr><tr><td>Sept. 20</td><td>Dec. 20</td><td>91</td><td>2,093.7</td><td>1,306.1</td><td>1,252.1</td><td>54.6</td><td>1,305.3</td><td>17,035.5</td></tr><tr><td>Sept. 27</td><td>Dec. 27</td><td>91</td><td>2,073.5</td><td>1,300.6</td><td>1,247.6</td><td>53.0</td><td>1,317.8</td><td>17,018.3</td></tr><tr><td>Oct. 4</td><td>1946-Jan. 3</td><td>91</td><td>2,159.1</td><td>1,310.5</td><td>1,263.3</td><td>47.1</td><td>1,304.9</td><td>17,023.9</td></tr><tr><td>Oct. 11</td><td>Jan. 10</td><td>91</td><td>2,157.5</td><td>1,311.0</td><td>1,256.1</td><td>54.9</td><td>1,310.6</td><td>17,024.3</td></tr><tr><td>Oct. 18</td><td>Jan. 17</td><td>91</td><td>2,048.0</td><td>1,309.6</td><td>1,256.1</td><td>53.6</td><td>1,305.5</td><td>17,028.5</td></tr><tr><td>Oct. 25</td><td>Jan. 24</td><td>91</td><td>2,084.7</td><td>1,310.0</td><td>1,251.1</td><td>59.0</td><td>1,312.1</td><td>17,026.4</td></tr><tr><td>Nov. 1</td><td>Jan. 31</td><td>91</td><td>2,210.5</td><td>1,318.2</td><td>1,257.0</td><td>61.3</td><td>1,317.0</td><td>17,027.6</td></tr><tr><td>Nov. 8</td><td>Feb. 7</td><td>91</td><td>2,076.8</td><td>1,316.7</td><td>1,261.6</td><td>55.1</td><td>1,318.7</td><td>17,025.6</td></tr><tr><td>Nov. 15</td><td>Feb. 14</td><td>91</td><td>1,940.7</td><td>1,316.7</td><td>1,273.8</td><td>42.9</td><td>1,314.5</td><td>17,027.9</td></tr><tr><td>Nov. 23</td><td>Feb. 21</td><td>90</td><td>2,178.5</td><td>1,302.1</td><td>1,242.1</td><td>60.0</td><td>1,310.6</td><td>17,019.4</td></tr><tr><td>Nov. 29</td><td>Feb. 28</td><td>91</td><td>2,154.7</td><td>1,316.0</td><td>1,269.8</td><td>46.2</td><td>1,309.0</td><td>17,026.3</td></tr><tr><td>Dec. 6</td><td>Mar. 7</td><td>91</td><td>2,163.0</td><td>1,303.5</td><td>1,254.7</td><td>48.8</td><td>1,306.1</td><td>17,023.7</td></tr><tr><td>Dec. 13</td><td>Mar. 14</td><td>91</td><td>2,085.4</td><td>1,301.8</td><td>1,246.2</td><td>55.6</td><td>1,302.0</td><td>17,023.5</td></tr><tr><td>Dec. 20</td><td>Mar. 21</td><td>91</td><td>2,030.9</td><td>1,316.5</td><td>1,262.1</td><td>54.4</td><td>1,306.7</td><td>17,033.3</td></tr><tr><td>Dec. 27</td><td>Mar. 28</td><td>91</td><td>2,038.4</td><td>1,304.4</td><td>1,265.0</td><td>39.3</td><td>1,300.6</td><td>17,037.1</td></tr><tr><td>1946-Jan. 3</td><td>Apr. 4</td><td>91</td><td>2,905.0</td><td>1,302.9</td><td>1,294.4</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>2,293.5</td><td>1,316.1</td><td>1,293.6</td><td>62.5</td><td>1,314.0</td><td>17,034.6</td></tr><tr><td>Jan. 17</td><td>Apr. 18</td><td>91</td><td>2,003.3</td><td>1,312.1</td><td>1,293.9</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>1,296.9</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>1,283.1</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>1,853.6</td><td>1,312.0</td><td>1,277.7</td><td>34.3</td><td>1,302.9</td><td>17,056.3</td></tr><tr><td>Apr. 11</td><td>July 11</td><td>91</td><td>2,050.1</td><td>1,317.1</td><td>1,272.7</td><td>44.4</td><td>1,316.1</td><td>17,057.2</td></tr><tr><td>Apr. 18</td><td>July 18</td><td>91</td><td>1,989.7</td><td>1,310.3</td><td>1,263.1</td><td>47.2</td><td>1,312.1</td><td>17,055.4</td></tr><tr><td>Apr. 25</td><td>July 25</td><td>91</td><td>1,902.1</td><td>1,315.3</td><td>1,272.8</td><td>42.5</td><td>1,316.9</td><td>17,053.7</td></tr><tr><td>May 2</td><td>Aug. 1</td><td>91</td><td>1,850.1</td><td>1,309.2</td><td>1,265.5</td><td>43.7</td><td>1,315.9</td><td>17,047.1</td></tr><tr><td>May 9</td><td>Aug. 8</td><td>91</td><td>1,961.0</td><td>1,308.2</td><td>1,265.8</td><td>42.5</td><td>1,314.8</td><td>17,040.5</td></tr><tr><td>May 16</td><td>Aug. 15</td><td>91</td><td>1,900.9</td><td>1,301.3</td><td>1,260.5</td><td>40.9</td><td>1,309.0</td><td>17,032.9</td></tr><tr><td>May 23</td><td>Aug. 22</td><td>91</td><td>1,927.6</td><td>1,313.7</td><td>1,274.5</td><td>39.4</td><td>1,301.3</td><td>17,045.3</td></tr><tr><td>May 31</td><td>Aug. 29</td><td>90</td><td>1,951.2</td><td>1,312.5</td><td>1,288.0</td><td>24.5</td><td>1,316.7</td><td>17,041.1</td></tr><tr><td>June 6</td><td>Sept. 5</td><td>91</td><td>1,922.8</td><td>1,312.9</td><td>1,277.2</td><td>35.7</td><td>1,309.0</td><td>17,045.0</td></tr><tr><td>June 13</td><td>Sept. 12</td><td>91</td><td>1,990.7</td><td>1,310.1</td><td>1,272.2</td><td>38.0</td><td>1,303.8</td><td>17,051.8</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>17,046.8</td></tr><tr><td>June 27</td><td>Sept. 26</td><td>91</td><td>1,854.8</td><td>1,305.9</td><td>1,272.4</td><td>33.5</td><td>1,313.4</td><td>17,038.9</td></tr><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>17,028.7</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>17,032.8</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>40.5</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>1,828.0</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>1,815.5</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><tr><td>Sept. 5</td><td>Dec. 5</td><td>91</td><td>1,812.3</td><td>1,309.0</td><td>1,281.0</td><td>28.0</td><td>1,312.9</td><td>17,019.8</td></tr><tr><td>Sept. 12</td><td>Dec. 12</td><td>91</td><td>1,802.0</td><td>1,305.3</td><td>1,270.7</td><td>34.6</td><td>1,310.1</td><td>17,015.0</td></tr><tr><td>Sept. 19</td><td>Dec. 19</td><td>91</td><td>1,777.3</td><td>1,304.8</td><td>1,270.2</td><td>34.6</td><td>1,310.4</td><td>17,009.5</td></tr><tr><td>Sept. 26</td><td>Dec. 26</td><td>91</td><td>1,831.0</td><td>1,303.4</td><td>1,273.5</td><td>30.0</td><td>1,305.9</td><td>17,007.0</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
Tenders for $200 thousand or less from any one bidder are accepted in full at 99.905 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 bide accepted</th><th colspan="4">Competitive bide accepted</th></tr><tr><th>Average price per hundred</th><th>Equivalent average rate 1/</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th>(Percent)</th><th>Price per hundred</th><th>Equivalent rate 1/</th><th>Price per hundred</th><th>Equivalent rate 1/</th></tr><tr><td>1945-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>99.908</td><td>0.376</td><td>99.908</td><td>0.364</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>99.908</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>0.354</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>0.354</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>0.354</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><tr><td>Sep. 5</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Sep. 12</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr><tr><td>Sep. 19</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>Sep. 26</td><td>99.905</td><td>0.375</td><td>99.907</td><td>0.368</td><td>99.905</td><td>0.376</td></tr></table>
Source: Public Debt Service. Note: See Annual Reports of the Secretary of the Treasury for back figures.
1/ Bank discount basis.
2/ Except $100 thousand at 99.925.
3/ Except $500 thousand at 99.930.
November 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 September 30, 1946
<table><tr><th>United States savings bonds</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th>Redemptions</th><th colspan="2">Amounts outstanding</th><th>Percent of redemptions to sales plus accrued discount</th></tr><tr><th></th><th></th><th></th><th>(In millions of dollars)</th><th></th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td>Matured series: Series A.</td><td>204</td><td>52</td><td>255</td><td>240</td><td>15</td><td>-</td><td>1/</td></tr><tr><td>Unmatured series: Series B.</td><td>370</td><td>91</td><td>461</td><td>305</td><td>-</td><td>156</td><td>66.18</td></tr><tr><td>Series C.</td><td>1,010</td><td>207</td><td>1,217</td><td>290</td><td>-</td><td>927</td><td>23.82</td></tr><tr><td>Series D.</td><td>2,365</td><td>327</td><td>2,692</td><td>467</td><td>-</td><td>2,225</td><td>17.36</td></tr><tr><td>Total, Series B, C, and D.</td><td>3,745</td><td>625</td><td>4,370</td><td>1,062</td><td>-</td><td>3,307</td><td>24.31</td></tr><tr><td>Series E.</td><td>43,155</td><td>975</td><td>44,131</td><td>13,852 2/</td><td>-</td><td>30,279</td><td>31.39</td></tr><tr><td>Series F.</td><td>3,225</td><td>74</td><td>3,299</td><td>366</td><td>-</td><td>2,932</td><td>11.10</td></tr><tr><td>Series G.</td><td>13,904</td><td>-</td><td>13,904</td><td>877</td><td>-</td><td>13,026</td><td>6.31</td></tr><tr><td>Total, Series E, F, and G.</td><td>60,283</td><td>1,049</td><td>61,333</td><td>15,095</td><td>-</td><td>46,237</td><td>24.61</td></tr><tr><td>Total, Series B-G.</td><td>64,028</td><td>1,674</td><td>65,702</td><td>16,157</td><td>-</td><td>49,545</td><td>24.59</td></tr><tr><td>Total, Series A-G.</td><td>64,332</td><td>1,725</td><td>65,958</td><td>16,398</td><td>15</td><td>49,545</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.
34
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions
<table><tr><th>Period</th><th>Sales</th><th>Accrued discount</th><th>Sales plus accrued discount</th><th colspan="3">Redemptions 1/</th><th colspan="2">Amount outstanding</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sales price</th><th>Accrued discount</th><th>Matured debt</th><th>Interest-bearing debt</th><th></th></tr><tr><td colspan="10">(In millions of dollars)</td></tr><tr><td colspan="10">All series</td></tr><tr><td>Total, inception to Sept. 30, 1946.</td><td>64,232</td><td>1,725</td><td>65,958</td><td>16,398</td><td>o.a.</td><td>n.a.</td><td>15</td><td>49,545</td><td>-</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940.</td><td>3,120</td><td>96</td><td>3,215</td><td>311</td><td>304</td><td>7</td><td>-</td><td>2,905</td><td>-</td></tr><tr><td>1941.</td><td>1,492</td><td>65</td><td>1,557</td><td>148</td><td>143</td><td>5</td><td>-</td><td>4,314</td><td>-</td></tr><tr><td>1942.</td><td>5,994</td><td>88</td><td>6,082</td><td>207</td><td>201</td><td>6</td><td>-</td><td>10,188</td><td>-</td></tr><tr><td>1943.</td><td>11,789</td><td>128</td><td>11,916</td><td>848</td><td>841</td><td>7</td><td>-</td><td>21,256</td><td>-</td></tr><tr><td>1944.</td><td>15,498</td><td>223</td><td>15,721</td><td>2,371</td><td>2,358</td><td>13</td><td>-</td><td>14,606</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>o.a.</td><td>o.a.</td><td>18</td><td>49,035</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1935-1940.</td><td>3,449</td><td>124</td><td>3,573</td><td>379</td><td>369</td><td>9</td><td>-</td><td>3,195</td><td>-</td></tr><tr><td>1941.</td><td>3,036</td><td>77</td><td>3,113</td><td>168</td><td>162</td><td>6</td><td>-</td><td>6,140</td><td>-</td></tr><tr><td>1942.</td><td>9,157</td><td>102</td><td>9,259</td><td>349</td><td>343</td><td>6</td><td>-</td><td>15,050</td><td>-</td></tr><tr><td>1943.</td><td>13,723</td><td>169</td><td>13,892</td><td>1,585</td><td>1,576</td><td>9</td><td>-</td><td>27,353</td><td>-</td></tr><tr><td>1944.</td><td>16,044</td><td>295</td><td>16,339</td><td>3,341</td><td>3,321</td><td>20</td><td>-</td><td>40,361</td><td>-</td></tr><tr><td>1945.</td><td>12,337</td><td>484</td><td>13,421</td><td>5,558</td><td>5,472</td><td>86</td><td>41</td><td>48,183</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>658</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>538</td><td>14</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>48,035</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><tr><td>September</td><td>494</td><td>54</td><td>548</td><td>482</td><td>n.a.</td><td>n.a.</td><td>15</td><td>49,545</td><td>.97</td></tr><tr><td colspan="10">Series A-D</td></tr><tr><td>Total, inception to Sept. 30, 1946.</td><td>3,949</td><td>676</td><td>4,625</td><td>1,303</td><td>n.a.</td><td>n.a.</td><td>15</td><td>3,307</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>838</td><td>65</td><td>893</td><td>148</td><td>142</td><td>5</td><td>-</td><td>3,690</td><td>-</td></tr><tr><td>1942.</td><td>1</td><td>86</td><td>87</td><td>133</td><td>126</td><td>6</td><td>-</td><td>3,604</td><td>-</td></tr><tr><td>1943.</td><td>*</td><td>92</td><td>92</td><td>88</td><td>82</td><td>6</td><td>-</td><td>3,608</td><td>-</td></tr><tr><td>1944.</td><td>*</td><td>96</td><td>96</td><td>79</td><td>72</td><td>8</td><td>-</td><td>3,625</td><td>-</td></tr><tr><td>1945.</td><td>*</td><td>103</td><td>103</td><td>143</td><td>117</td><td>25</td><td>-</td><td>3,585</td><td>-</td></tr><tr><td>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-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>22</td><td>6</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><tr><td>September</td><td>-</td><td>7</td><td>7</td><td>26</td><td>n.a.</td><td>n.a.</td><td>15</td><td>3,307</td><td>.70</td></tr></table>
(Continued on following page)
November 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 colspan="3">Redemptions 1/</th><th>Amount outstanding (interest-bearing debt)</th><th>Percent of monthly redemptions to amount outstanding</th></tr><tr><th></th><th></th><th></th><th></th><th>Total</th><th>Sale price</th><th>Accrued discount</th><th></th><th></th></tr><tr><td colspan="8">(In millions of dollars)</td><td></td></tr></table>
<table><tr><th></th><th colspan="7">Series E, F, and G</th></tr><tr><td>Total, inception to Sept. 30, 1946.</td><td>60,283</td><td>1,049</td><td>61,333</td><td>15,095</td><td>n.a.</td><td>n.a.</td><td>46,237</td><td>-</td></tr><tr><td>Piecals years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>664</td><td>-</td><td>664</td><td>1</td><td>1</td><td>-</td><td>664</td><td>-</td></tr><tr><td>1942</td><td>5,993</td><td>2</td><td>5,995</td><td>75</td><td>75</td><td>*</td><td>6,584</td><td>-</td></tr><tr><td>1943</td><td>11,789</td><td>36</td><td>11,824</td><td>160</td><td>160</td><td>1</td><td>11,948</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>457</td><td>10,078</td><td>6,408</td><td>n.a.</td><td>n.a.</td><td>45,670</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>2,537</td><td>-</td><td>2,537</td><td>14</td><td>14</td><td>-</td><td>2,524</td><td>-</td></tr><tr><td>1942</td><td>9,157</td><td>12</td><td>9,169</td><td>246</td><td>245</td><td>*</td><td>11,447</td><td>-</td></tr><tr><td>1943</td><td>13,729</td><td>74</td><td>13,804</td><td>1,504</td><td>1,502</td><td>2</td><td>23,746</td><td>-</td></tr><tr><td>1944</td><td>16,044</td><td>195</td><td>16,239</td><td>3,263</td><td>3,251</td><td>12</td><td>36,723</td><td>-</td></tr><tr><td>1945</td><td>12,937</td><td>379</td><td>13,315</td><td>5,332</td><td>5,293</td><td>39</td><td>44,706</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-September</td><td>514</td><td>33</td><td>548</td><td>514</td><td>510</td><td>h</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>516</td><td>8</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>September</td><td>494</td><td>47</td><td>541</td><td>455</td><td>n.a.</td><td>n.a.</td><td>46,237</td><td>.98</td></tr></table>
<table><tr><th colspan="9">Series E</th></tr><tr><td>Total, inception to Sept. 30, 1946..</td><td>43,155</td><td>975</td><td>44,131</td><td>13,852</td><td>13,742</td><td>110</td><td>30,279</td><td>-</td></tr><tr><td>Miscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td>-</td><td>203</td><td>*</td><td>*</td><td>-</td><td>203</td><td>-</td></tr><tr><td>1942</td><td>3,526</td><td>1</td><td>3,528</td><td>60</td><td>60</td><td>*</td><td>3,671</td><td>-</td></tr><tr><td>1943</td><td>8,271</td><td>33</td><td>8,304</td><td>689</td><td>688</td><td>1</td><td>11,287</td><td>-</td></tr><tr><td>1944</td><td>11,820</td><td>118</td><td>11,938</td><td>2,100</td><td>2,095</td><td>5</td><td>21,125</td><td>-</td></tr><tr><td>1945</td><td>11,553</td><td>266</td><td>11,818</td><td>3,846</td><td>3,825</td><td>20</td><td>29,097</td><td>-</td></tr><tr><td>1946</td><td>6,739</td><td>434</td><td>7,173</td><td>5,912</td><td>5,848</td><td>64</td><td>30,358</td><td>-</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td>-</td><td>1,145</td><td>11</td><td>11</td><td>-</td><td>1,134</td><td>-</td></tr><tr><td>1942</td><td>5,989</td><td>10</td><td>5,999</td><td>209</td><td>209</td><td>*</td><td>6,923</td><td>-</td></tr><tr><td>1943</td><td>10,344</td><td>70</td><td>10,414</td><td>1,380</td><td>1,378</td><td>2</td><td>15,957</td><td>-</td></tr><tr><td>1944</td><td>12,380</td><td>182</td><td>12,562</td><td>3,005</td><td>2,993</td><td>11</td><td>29,515</td><td>-</td></tr><tr><td>1945</td><td>9,822</td><td>353</td><td>10,175</td><td>4,963</td><td>4,925</td><td>38</td><td>30,727</td><td>-</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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</td><td>8</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</td><td>8</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>462 r</td><td>8 r</td><td>30,425</td><td>1.58</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>1.48</td></tr><tr><td>July</td><td>366</td><td>46</td><td>413</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><tr><td>September</td><td>309</td><td>43</td><td>352</td><td>406</td><td>402</td><td>5</td><td>30,279</td><td>1.34</td></tr></table>
(Continued on following page)
36
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 2.- History of Sales and Redemptions - (Continued)
<table><tr><th rowspan="2">Period</th><th rowspan="2">Sales</th><th rowspan="2">Accrued discount</th><th rowspan="2">Sales plus accrued discount</th><th colspan="3">Redemptions</th><th rowspan="2">Amount outstanding (interest-bearing debt)</th><th rowspan="2">Percent of monthly redemptions to amount outstanding</th></tr><tr><th>Total</th><th>Sales price</th><th>Accrued discount</th></tr><tr><td colspan="8">(In millions of dollars)</td><td></td></tr></table>
<table><tr><th colspan="8">Series F</th></tr><tr><td>Total, inception to Sept. 30, 1946.</td><td>3,225</td><td>74</td><td>3,299</td><td>366</td><td>n.a.</td><td>n.a.</td><td>2,932</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>1,212</td><td>-</td></tr><tr><td>1944</td><td>802</td><td>9</td><td>811</td><td>58</td><td>57</td><td>*</td><td>1,996</td><td>-</td></tr><tr><td>1945</td><td>679</td><td>19</td><td>698</td><td>89</td><td>88</td><td>1</td><td>2,604</td><td>-</td></tr><tr><td>1946</td><td>407</td><td>33</td><td>440</td><td>149</td><td>n.a.</td><td>n.a.</td><td>2,895</td><td>-</td></tr><tr><td>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>662</td><td>2</td><td>664</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>2,178</td><td>-</td></tr><tr><td>1945</td><td>595</td><td>29</td><td>624</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-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>2,120</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>17</td><td>*</td><td>2,883</td><td>.60</td></tr><tr><td>June</td><td>24</td><td>4</td><td>28</td><td>16</td><td>n.a.</td><td>n.a.</td><td>2,895</td><td>.59</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>September</td><td>30</td><td>3</td><td>43</td><td>16</td><td>n.a.</td><td>n.a.</td><td>2,932</td><td>.53</td></tr></table>
<table><tr><th colspan="7">Series G</th></tr><tr><td>Total, inception to Sept. 30, 1946.</td><td>13,904</td><td>-</td><td>13,904</td><td>877</td><td>877</td><td>-</td><td>13,026</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>2,179</td><td>-</td><td>2,179</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>3,169</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-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>11,618</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>12,018</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><tr><td>September</td><td>165</td><td>-</td><td>165</td><td>34</td><td>34</td><td>-</td><td>13,026</td><td>.26</td></tr></table>
Source: Daily Treasury Statement
n.a. Not available.
r. Revised.
Less than $500 thousand.
1/ Beginning October 1944 series I redemptions include unclassified redemptions which contain small amounts of series A-D.
November 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="6">Percentage distribution of sales</th></tr><tr><th>Total all denominations</th><th>$10 1/2</th><th>$25 1/2</th><th>$50</th><th>$100 1/2</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 1/2</th><th>$50</th><th>$100 and $200 1/2</th><th>$500 and $1,000</th><th>$5,000 and $10,000</th></tr><tr><td colspan="12">Series I</td></tr><tr><td>Total, inception through Sept. 30, 1946.</td><td>43,155</td><td>139</td><td>14,046</td><td>5,823</td><td>8,806</td><td>225</td><td>5,326</td><td>8,790</td><td></td><td></td><td>100.0</td><td>32.9</td><td>13.5</td><td>20.9</td><td>32.7</td><td></td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>203</td><td></td><td>14</td><td>13</td><td>41</td><td></td><td>41</td><td>93</td><td></td><td></td><td>100.0</td><td>7.1</td><td>6.5</td><td>20.4</td><td>66.0</td><td></td></tr><tr><td>1942</td><td>3,989</td><td></td><td>1,769</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>1,391</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>11,551</td><td>69</td><td>1,928</td><td>1,785</td><td>2,406</td><td></td><td>1,126</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>6,719</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>19.7</td><td>35.1</td><td></td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,145</td><td></td><td>114</td><td>93</td><td>258</td><td></td><td>289</td><td>490</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>312</td><td>1,318</td><td></td><td>856</td><td>1,313</td><td></td><td></td><td>100.0</td><td>29.5</td><td>11.9</td><td>22.4</td><td>36.2</td><td></td></tr><tr><td>1943</td><td>10,344</td><td></td><td>3,179</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>115</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>1,642</td><td></td><td>1,119</td><td>2,002</td><td></td><td></td><td>100.0</td><td>33.9</td><td>14.4</td><td>19.9</td><td>31.8</td><td></td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-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>5</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>130</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>361</td><td>4</td><td>168</td><td>73</td><td>53</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>371</td><td>4</td><td>117</td><td>49</td><td>54</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></td><td></td><td></td><td></td><td></td><td></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>Sept.</td><td>309</td><td>2</td><td>75</td><td>33</td><td>45</td><td>9</td><td>43</td><td>103</td><td></td><td></td><td>100.0</td><td>24.9</td><td>10.8</td><td>17.3</td><td>47.0</td><td></td></tr><tr><td colspan="12">Series F and O</td></tr><tr><td>Total, inception through Sept. 30, 1946.</td><td>17,128</td><td></td><td>19</td><td>499</td><td></td><td>1,156</td><td>5,151</td><td>3,294</td><td>7,010</td><td></td><td>100.0</td><td>.1</td><td></td><td>2.9</td><td>36.9</td><td>60.1</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>461</td><td></td><td>1</td><td>6</td><td>71</td><td></td><td>13</td><td>96</td><td>84</td><td>263</td><td>100.0</td><td></td><td></td><td>1.2</td><td>21.7</td><td>75.1</td></tr><tr><td>1942</td><td>2,467</td><td></td><td>1</td><td>106</td><td>1,141</td><td></td><td>702</td><td>498</td><td>1,095</td><td></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>134</td><td>291</td><td></td><td>1,016</td><td>696</td><td>1,466</td><td></td><td>100.0</td><td>.1</td><td></td><td>3.0</td><td>35.4</td><td>61.5</td></tr><tr><td>1944</td><td>3,678</td><td></td><td>5</td><td>109</td><td>255</td><td></td><td>1,156</td><td>683</td><td>1,409</td><td></td><td>100.0</td><td>.2</td><td></td><td>3.6</td><td>39.3</td><td>56.9</td></tr><tr><td>1945</td><td>3,377</td><td></td><td>5</td><td>61</td><td>179</td><td></td><td>1,012</td><td>595</td><td>1,362</td><td></td><td>100.0</td><td>.2</td><td></td><td>3.3</td><td>37.9</td><td>58.8</td></tr><tr><td>1946</td><td>2,673</td><td></td><td>2</td><td>1</td><td>179</td><td></td><td>896</td><td>555</td><td>1,179</td><td></td><td>100.0</td><td>.1</td><td></td><td>2.1</td><td>37.4</td><td>60.4</td></tr><tr><td>Calendar years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,393</td><td></td><td>26</td><td>57</td><td>355</td><td></td><td>279</td><td>676</td><td></td><td></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>3,158</td><td></td><td>3</td><td>123</td><td>196</td><td></td><td>906</td><td>634</td><td>1,331</td><td></td><td>100.0</td><td>.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>5</td><td>131</td><td>293</td><td></td><td>1,119</td><td>670</td><td>1,445</td><td></td><td>100.0</td><td>.1</td><td></td><td>3.6</td><td>40.9</td><td>55.4</td></tr><tr><td>1944</td><td>3,604</td><td></td><td>6</td><td>84</td><td>215</td><td></td><td>533</td><td>537</td><td>1,342</td><td></td><td>100.0</td><td>.2</td><td></td><td>3.7</td><td>36.8</td><td>59.5</td></tr><tr><td>1945</td><td>3,115</td><td></td><td>4</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td>100.0</td><td>.1</td><td></td><td>2.7</td><td>36.8</td><td>60.4</td></tr><tr><td>Months:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-Sept.-</td><td>94</td><td></td><td></td><td>3</td><td>8</td><td>37</td><td>20</td><td>25</td><td></td><td></td><td>100.0</td><td>.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>9</td><td>45</td><td>23</td><td>34</td><td></td><td></td><td>100.0</td><td>.1</td><td></td><td>3.2</td><td>47.3</td><td>49.4</td></tr><tr><td>Nov.</td><td>319</td><td></td><td></td><td>10</td><td>28</td><td>124</td><td>69</td><td>87</td><td></td><td></td><td>100.0</td><td>.1</td><td></td><td>3.2</td><td>47.6</td><td>49.2</td></tr><tr><td>Dec.</td><td>345</td><td></td><td></td><td>8</td><td>22</td><td>103</td><td>62</td><td>148</td><td></td><td></td><td>100.0</td><td>.1</td><td></td><td>2.5</td><td>36.4</td><td>61.0</td></tr><tr><td>1946-Jan.</td><td>319</td><td></td><td></td><td>5</td><td>16</td><td>86</td><td>52</td><td>159</td><td></td><td></td><td>100.0</td><td>.1</td><td></td><td>1.6</td><td>32.0</td><td>66.3</td></tr><tr><td>Feb.</td><td>255</td><td></td><td></td><td>4</td><td>11</td><td>63</td><td>43</td><td>135</td><td></td><td></td><td>100.0</td><td></td><td></td><td>1.4</td><td>29.2</td><td>69.4</td></tr><tr><td>Mar.</td><td>255</td><td></td><td></td><td>4</td><td>13</td><td>72</td><td>45</td><td>119</td><td></td><td></td><td>100.0</td><td></td><td></td><td>1.4</td><td>33.0</td><td>65.6</td></tr><tr><td>Apr.</td><td>280</td><td></td><td></td><td>4</td><td>14</td><td>81</td><td>56</td><td>125</td><td></td><td></td><td>100.0</td><td></td><td></td><td>1.4</td><td>33.9</td><td>64.7</td></tr><tr><td>May</td><td>250</td><td></td><td></td><td>3</td><td>13</td><td>71</td><td>53</td><td>103</td><td></td><td></td><td>100.0</td><td></td><td></td><td>1.5</td><td>35.9</td><td>62.6</td></tr><tr><td>June</td><td>250</td><td></td><td></td><td>3</td><td>12</td><td>72</td><td>54</td><td>108</td><td></td><td></td><td>100.0</td><td></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>22</td><td>122</td><td>84</td><td>134</td><td></td><td></td><td>100.0</td><td></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>15</td><td>85</td><td>55</td><td>83</td><td></td><td></td><td>100.0</td><td></td><td></td><td>1.6</td><td>41.4</td><td>57.0</td></tr><tr><td>Sept.</td><td>185</td><td></td><td></td><td>4</td><td>12</td><td>66</td><td>42</td><td>62</td><td></td><td></td><td>100.0</td><td></td><td></td><td>1.8</td><td>42.2</td><td>56.0</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. r Revised. * Less than $500 thousand or less than .05 percent. 1/ Sale of $10 denomination Series E bonds was authorized beginning
June 1944 for sale to the armed forces only. 2/ Sale of $25 denomination Series F bonds was authorized in December 1941. 3/ Sale of $200 denomination Series E bonds began in October 1945.
38
Treasury Bulletin
Sales and Redemptions of United States Savings Bonds - (Continued)
Table 4.- Number of Pieces Sold, Classified by Denominations
<table><tr><th>Period</th><th>Total all denominations</th><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">(Thousands of pieces sold)</td></tr><tr><td colspan="11">Series E</td></tr><tr><td>Total, inception through September 30, 1946.</td><td>1,067,818</td><td>18,585</td><td>743,129</td><td>155,272</td><td>117,409</td><td>1,501</td><td>14,203</td><td>11,720</td><td>.....</td><td>.....</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>1,905</td><td>.....</td><td>767</td><td>353</td><td>552</td><td>.....</td><td>108</td><td>125</td><td>.....</td><td>.....</td></tr><tr><td>1942</td><td>55,967</td><td>.....</td><td>32,832</td><td>9,107</td><td>10,837</td><td>.....</td><td>1,698</td><td>1,493</td><td>.....</td><td>.....</td></tr><tr><td>1943</td><td>215,709</td><td>.....</td><td>159,369</td><td>28,828</td><td>22,851</td><td>.....</td><td>2,686</td><td>1,975</td><td>.....</td><td>.....</td></tr><tr><td>1944</td><td>305,985</td><td>.....</td><td>221,284</td><td>43,800</td><td>34,101</td><td>.....</td><td>3,725</td><td>2,130</td><td>.....</td><td>.....</td></tr><tr><td>1945</td><td>303,116</td><td>9,223</td><td>209,480</td><td>45,995</td><td>32,083</td><td>.....</td><td>3,535</td><td>2,800</td><td>.....</td><td>.....</td></tr><tr><td>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>172,918</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: 1945-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>17,369</td><td>785</td><td>11,207</td><td>2,511</td><td>1,849</td><td>165</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>13,852</td><td>620</td><td>8,985</td><td>1,947</td><td>1,240</td><td>189</td><td>212</td><td>259</td><td>.....</td><td>.....</td></tr><tr><td>February</td><td>9,255</td><td>516</td><td>6,404</td><td>1,365</td><td>674</td><td>74</td><td>99</td><td>124</td><td>.....</td><td>.....</td></tr><tr><td>March</td><td>9,081</td><td>509</td><td>6,246</td><td>1,294</td><td>723</td><td>77</td><td>103</td><td>130</td><td>.....</td><td>.....</td></tr><tr><td>April</td><td>9,238</td><td>523</td><td>6,222</td><td>1,421</td><td>743</td><td>78</td><td>111</td><td>140</td><td>.....</td><td>.....</td></tr><tr><td>May</td><td>7,730</td><td>299</td><td>5,355</td><td>1,128</td><td>637</td><td>68</td><td>110</td><td>134</td><td>.....</td><td>.....</td></tr><tr><td>June</td><td>6,848</td><td>299</td><td>4,666</td><td>971</td><td>613</td><td>56</td><td>109</td><td>133</td><td>.....</td><td>.....</td></tr><tr><td>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>6,347</td><td>276</td><td>4,572</td><td>1,015</td><td>842</td><td>61</td><td>126</td><td>156</td><td>.....</td><td>.....</td></tr><tr><td>September</td><td>6,033</td><td>239</td><td>3,997</td><td>890</td><td>599</td><td>57</td><td>114</td><td>137</td><td>.....</td><td>.....</td></tr><tr><td colspan="11">Series F and G</td></tr><tr><td>Total, inception through September 30, 1946.</td><td>15,693</td><td>.....</td><td>1,018</td><td>.....</td><td>5,343</td><td>.....</td><td>2,427</td><td>5,449</td><td>705</td><td>751</td></tr><tr><td>Fiscal years:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1941</td><td>233</td><td>.....</td><td>72</td><td>.....</td><td>60</td><td>.....</td><td>28</td><td>100</td><td>18</td><td>28</td></tr><tr><td>1942</td><td>2,110</td><td>.....</td><td>216</td><td>.....</td><td>774</td><td>.....</td><td>300</td><td>745</td><td>106</td><td>112</td></tr><tr><td>1943</td><td>3,251</td><td>.....</td><td>303</td><td>.....</td><td>1,149</td><td>.....</td><td>587</td><td>1,050</td><td>151</td><td>157</td></tr><tr><td>1944</td><td>1,869</td><td>.....</td><td>291</td><td>.....</td><td>1,425</td><td>.....</td><td>610</td><td>1,331</td><td>148</td><td>153</td></tr><tr><td>1945</td><td>3,326</td><td>.....</td><td>125</td><td>.....</td><td>1,156</td><td>.....</td><td>532</td><td>1,071</td><td>128</td><td>148</td></tr><tr><td>1946</td><td>2,314</td><td>.....</td><td>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>156</td><td>.....</td><td>277</td><td>.....</td><td>121</td><td>373</td><td>59</td><td>71</td></tr><tr><td>1942</td><td>2,902</td><td>.....</td><td>270</td><td>.....</td><td>1,077</td><td>.....</td><td>449</td><td>971</td><td>137</td><td>142</td></tr><tr><td>1943</td><td>3,624</td><td>.....</td><td>325</td><td>.....</td><td>1,317</td><td>.....</td><td>255</td><td>1,195</td><td>149</td><td>128</td></tr><tr><td>1944</td><td>1,821</td><td>.....</td><td>224</td><td>.....</td><td>1,394</td><td>.....</td><td>623</td><td>1,188</td><td>118</td><td>157</td></tr><tr><td>1945</td><td>2,807</td><td>.....</td><td>125</td><td>.....</td><td>899</td><td>.....</td><td>447</td><td>978</td><td>115</td><td>115</td></tr><tr><td>Months: 1945-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>r</td><td>5</td><td>.....</td><td>42</td><td>r</td><td>23</td><td>83</td><td>12</td><td>13</td></tr><tr><td>May</td><td>171</td><td>r</td><td>3</td><td>.....</td><td>36</td><td>r</td><td>26</td><td>79</td><td>11</td><td>11</td></tr><tr><td>June</td><td>160</td><td>.....</td><td>3</td><td>.....</td><td>35</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>3</td></tr><tr><td>September</td><td>146</td><td>.....</td><td>3</td><td>.....</td><td>35</td><td>.....</td><td>25</td><td>68</td><td>9</td><td>6</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. Revise. 1/ Sale of $10 denomination Series E bonds was authorized beginning June 1944 for sale to the armed forces only.
2/ Sale of $25 denomination Series P bonds was authorized in December 1941.
3/ Sale of $200 denomination Series E bonds began in October 1945.
November 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 September 30, 1946</th><th colspan="5">1945</th><th colspan="9">1946</th></tr><tr><th></th><th></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</th><th>September</th></tr><tr><td>Alabama</td><td>514,280</td><td>5,763</td><td>4,574</td><td>12,029</td><td>15,701</td><td>10,886</td><td>3,644</td><td>3,658</td><td>3,586</td><td>3,327</td><td>3,958</td><td>3,458</td><td>3,536</td><td>3,354</td></tr><tr><td>Arkansas</td><td>154,952</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><td>1,028</td></tr><tr><td>Arizona</td><td>276,354</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><td>2,118</td></tr><tr><td>California</td><td>3,480,062</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><td>23,957</td></tr><tr><td>Colorado</td><td>330,381</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><td>3,488</td></tr><tr><td>Connecticut</td><td>806,483</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><td>4,830</td></tr><tr><td>Delaware</td><td>103,303</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><td>604</td></tr><tr><td>District of Columbia</td><td>523,936</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>6,122</td><td>6,976</td><td>6,265</td><td>6,206</td><td>5,694</td></tr><tr><td>Florida</td><td>531,567</td><td>5,161</td><td>6,771</td><td>8,415</td><td>11,326</td><td>10,375</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><td>3,882</td></tr><tr><td>Georgia</td><td>539,692</td><td>5,580</td><td>6,128</td><td>9,476</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>3,980</td><td>4,495</td><td>4,010</td><td>4,070</td></tr><tr><td>Idaho</td><td>139,071</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>865</td><td>858</td><td>931</td><td>940</td><td>700</td><td>828</td></tr><tr><td>Illinois</td><td>3,098,360</td><td>36,154</td><td>35,517</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><td>25,844</td></tr><tr><td>Indiana</td><td>1,138,702</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><td>8,365</td></tr><tr><td>Iowa</td><td>952,724</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>9,790</td><td>8,803</td><td>9,222</td><td>10,089</td><td>10,394</td><td>8,454</td></tr><tr><td>Kansas</td><td>950,970</td><td>5,150</td><td>4,751</td><td>15,630</td><td>14,678</td><td>9,859</td><td>7,707</td><td>9,585</td><td>5,477</td><td>4,757</td><td>4,805</td><td>5,804</td><td>5,764</td><td>4,970</td></tr><tr><td>Kentucky</td><td>461,561</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><td>3,654</td></tr><tr><td>Louisiana</td><td>491,426</td><td>4,815</td><td>4,719</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>3,430</td><td>3,324</td></tr><tr><td>Maine</td><td>195,235</td><td>1,475</td><td>1,782</td><td>3,446</td><td>4,154</td><td>2,465</td><td>1,425</td><td>1,536</td><td>1,367</td><td>1,384</td><td>1,606</td><td>1,504</td><td>1,267</td><td>1,358</td></tr><tr><td>Maryland</td><td>574,042</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>3,938</td><td>3,938</td></tr><tr><td>Massachusetts</td><td>1,455,686</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><td>10,014</td></tr><tr><td>Michigan</td><td>2,315,657</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>15,390</td><td>12,957</td><td>14,581</td><td>14,217</td><td>15,572</td><td>13,987</td></tr><tr><td>Minnesota</td><td>896,886</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><td>7,087</td></tr><tr><td>Mississippi</td><td>639,748</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><td>2,100</td></tr><tr><td>Missouri</td><td>1,061,245</td><td>9,954</td><td>9,897</td><td>22,267</td><td>24,529</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><td>9,008</td></tr><tr><td>Montana</td><td>203,526</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><td>1,815</td></tr><tr><td>Nebraska</td><td>460,179</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>5,782</td><td>5,227</td></tr><tr><td>Nevada</td><td>52,705</td><td>511</td><td>619</td><td>1,153</td><td>1,098</td><td>796</td><td>383</td><td>332</td><td>315</td><td>395</td><td>304</td><td>388</td><td>346</td><td>312</td></tr><tr><td>New Hampshire</td><td>124,759</td><td>1,093</td><td>1,320</td><td>2,528</td><td>2,475</td><td>1,866</td><td>961</td><td>1,069</td><td>909</td><td>913</td><td>1,078</td><td>915</td><td>777</td><td>888</td></tr><tr><td>New Jersey</td><td>1,385,745</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>13,165</td><td>11,122</td><td>10,760</td></tr><tr><td>New Mexico</td><td>100,551</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><td>760</td></tr><tr><td>New York</td><td>5,205,348</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>37,993</td><td>35,557</td></tr><tr><td>North Carolina</td><td>569,340</td><td>5,571</td><td>5,965</td><td>12,967</td><td>15,878</td><td>9,046</td><td>4,784</td><td>5,476</td><td>5,102</td><td>4,738</td><td>4,894</td><td>4,652</td><td>3,666</td><td>4,926</td></tr><tr><td>North Dakota</td><td>204,539</td><td>1,149</td><td>1,560</td><td>12,467</td><td>4,102</td><td>2,042</td><td>1,769</td><td>1,509</td><td>1,546</td><td>1,494</td><td>1,795</td><td>1,904</td><td>1,882</td><td>1,741</td></tr><tr><td>Ohio</td><td>2,606,978</td><td>29,028</td><td>25,757</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><td>18,383</td></tr><tr><td>Oklahoma</td><td>495,755</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><td>3,965</td></tr><tr><td>Oregon</td><td>552,665</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>3,348</td><td>3,254</td><td>3,107</td></tr><tr><td>Pennsylvania</td><td>3,247,511</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><td>24,776</td></tr><tr><td>Rhode Island</td><td>244,035</td><td>1,798</td><td>2,262</td><td>5,826</td><td>1,879</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>1,755</td><td>1,617</td></tr><tr><td>South Carolina</td><td>283,653</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><td>2,379</td></tr><tr><td>South Dakota</td><td>190,931</td><td>1,401</td><td>1,331</td><td>7,361</td><td>5,956</td><td>2,746</td><td>1,826</td><td>2,222</td><td>2,160</td><td>2,464</td><td>2,576</td><td>2,294</td><td>2,958</td><td>2,043</td></tr><tr><td>Tennessee</td><td>531,547</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><td>4,086</td></tr><tr><td>Texas</td><td>1,722,770</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>13,883</td><td>11,911</td><td>11,705</td></tr><tr><td>Utah</td><td>192,548</td><td>2,342</td><td>2,122</td><td>5,098</td><td>5,812</td><td>3,044</td><td>1,709</td><td>1,436</td><td>1,863</td><td>1,284</td><td>1,754</td><td>1,493</td><td>1,193</td><td>1,410</td></tr><tr><td>Vermont</td><td>71,459</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><td>572</td></tr><tr><td>Virginia</td><td>748,802</td><td>6,998</td><td>9,537</td><td>16,980</td><td>17,871</td><td>14,656</td><td>6,283</td><td>6,717</td><td>7,303</td><td>6,364</td><td>6,561</td><td>6,398</td><td>5,376</td><td>5,916</td></tr><tr><td>Washington</td><td>879,753</td><td>8,275</td><td>9,656</td><td>17,660</td><td>16,790</td><td>12,350</td><td>6,667</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><td>5,520</td></tr><tr><td>West Virginia</td><td>399,456</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>3,594</td><td>4,043</td><td>3,226</td><td>3,751</td></tr><tr><td>Wisconsin</td><td>947,069</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>8,594</td><td>8,531</td><td>9,128</td><td>7,974</td></tr><tr><td>Wyoming</td><td>86,981</td><td>1,025</td><td>766</td><td>2,228</td><td>2,158</td><td>1,390</td><td>784</td><td>784</td><td>723</td><td>694</td><td>713</td><td>735</td><td>733</td><td>658</td></tr><tr><td>Alaska</td><td>28,707</td><td>33</td><td>302</td><td>642</td><td>505</td><td>422</td><td>141</td><td>144</td><td>212</td><td>178</td><td>278</td><td>239</td><td>178</td><td>161</td></tr><tr><td>Canal Zone</td><td>25,274</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>268</td><td>219</td></tr><tr><td>Hawaii</td><td>250,467</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><td>1,130</td></tr><tr><td>Puerto Rico</td><td>35,462</td><td>655</td><td>700</td><td>743</td><td>1,285</td><td>653</td><td>238</td><td>266</td><td>223</td><td>305</td><td>
Source: Daily Treasury Statement and reports of Federal Reserve Banks. p Preliminary. r Revised.
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 Sept. 30, 1946</th><th colspan="6">1945</th><th colspan="7">1946</th></tr><tr><th></th><th></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><th>Sept.</th></tr><tr><td>Alabama.</td><td>128,346</td><td>512</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><td>1,498</td></tr><tr><td>Arizona.</td><td>39,362</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><td>342</td></tr><tr><td>Arkansas.</td><td>78,128</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><td>702</td></tr><tr><td>California.</td><td>1,105,649</td><td>7,317</td><td>8,089</td><td>21,377</td><td>20,391</td><td>18,347</td><td>16,232</td><td>16,509</td><td>16,722</td><td>15,501</td><td>15,080</td><td>25,547</td><td>16,767</td><td>12,878</td></tr><tr><td>Colorado.</td><td>138,739</td><td>637</td><td>27</td><td>4,546</td><td>2,337</td><td>2,200</td><td>1,885</td><td>2,198</td><td>2,221</td><td>1,975</td><td>2,961</td><td>3,229</td><td>4,028</td><td>4,098</td></tr><tr><td>Connecticut.</td><td>340,892</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><td>2,693</td></tr><tr><td>Delaware.</td><td>66,188</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><td>495</td></tr><tr><td>Dist. of Columbia.</td><td>146,471</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>2,563</td><td>1,718</td></tr><tr><td>Florida.</td><td>185,197</td><td>1,201</td><td>1,351</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>4,465</td><td>2,850</td><td>2,935</td></tr><tr><td>Georgia.</td><td>164,772</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><td>2,003</td></tr><tr><td>Idaho.</td><td>37,425</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><td>395</td></tr><tr><td>Illinois.</td><td>1,292,678</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>22,633</td><td>20,078</td><td>18,789</td><td>24,266</td><td>27,431</td><td>18,324</td><td>14,066</td></tr><tr><td>Indiana.</td><td>381,938</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>8,439</td><td>8,971</td><td>6,190</td><td>5,365</td></tr><tr><td>Iowa.</td><td>387,033</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><td>5,169</td></tr><tr><td>Kansas.</td><td>187,310</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><td>3,054</td></tr><tr><td>Kentucky.</td><td>207,697</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><td>2,578</td></tr><tr><td>Louisiana.</td><td>172,571</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><td>1,727</td></tr><tr><td>Maine.</td><td>103,815</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>2,121</td><td>1,629</td><td>861</td></tr><tr><td>Maryland.</td><td>251,890</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><td>2,463</td></tr><tr><td>Massachusetts.</td><td>844,389</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><td>6,527</td></tr><tr><td>Michigan.</td><td>493,388</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>5,984</td><td>6,461</td><td>6,481</td><td>9,400</td><td>8,770</td><td>7,339</td><td>4,998</td></tr><tr><td>Minnesota.</td><td>336,502</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><td>4,733</td></tr><tr><td>Mississippi.</td><td>89,308</td><td>386</td><td>467</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><td>1,052</td></tr><tr><td>Missouri.</td><td>457,239</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><td>6,795</td></tr><tr><td>Montana.</td><td>54,674</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><td>762</td></tr><tr><td>Nebraska.</td><td>168,595</td><td>1,110</td><td>1,109</td><td>5,057</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><td>3,106</td></tr><tr><td>Nevada.</td><td>17,226</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><td>155</td></tr><tr><td>New Hampshire.</td><td>70,741</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><td>534</td></tr><tr><td>New Jersey.</td><td>540,137</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><td>5,612</td></tr><tr><td>New Mexico.</td><td>33,437</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><td>969</td></tr><tr><td>New York.</td><td>2,791,476</td><td>10,882</td><td>16,743</td><td>44,262</td><td>34,370</td><td>50,872</td><td>45,564</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><td>24,003</td></tr><tr><td>North Carolina.</td><td>194,516</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><td>2,201</td></tr><tr><td>North Dakota.</td><td>64,032</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><td>988</td></tr><tr><td>Ohio.</td><td>934,581</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><td>10,682</td></tr><tr><td>Oklahoma.</td><td>119,381</td><td>607</td><td>552</td><td>3,212</td><td>2,703</td><td>2,699</td><td>1,634</td><td>1,717</td><td>1,699</td><td>1,727</td><td>3,042</td><td>2,052</td><td>1,817</td><td>1,775</td></tr><tr><td>Oregon.</td><td>138,543</td><td>707</td><td>701</td><td>2,708</td><td>2,858</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><td>2,211</td></tr><tr><td>Pennsylvania.</td><td>1,379,069</td><td>7,332</td><td>8,769</td><td>24,029</td><td>20,108</td><td>20,886</td><td>19,454</td><td>25,584</td><td>27,459</td><td>35,803</td><td>27,321</td><td>33,133</td><td>22,594</td><td>15,557</td></tr><tr><td>Rhode Island.</td><td>134,495</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>2,382</td><td>2,148</td><td>2,727</td><td>5,590</td><td>2,274</td><td>1,574</td></tr><tr><td>South Carolina.</td><td>91,974</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><td>1,160</td></tr><tr><td>South Dakota.</td><td>51,857</td><td>314</td><td>321</td><td>2,184</td><td>1,331</td><td>1,049</td><td>824</td><td>916</td><td>971</td><td>1,263</td><td>1,514</td><td>1,169</td><td>883</td><td>999</td></tr><tr><td>Tennessee.</td><td>168,949</td><td>979</td><td>1,175</td><td>3,852</td><td>3,105</td><td>3,510</td><td>1,692</td><td>2,301</td><td>2,714</td><td>2,664</td><td>3,025</td><td>3,691</td><td>1,864</td><td>2,145</td></tr><tr><td>Texas.</td><td>468,664</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><td>5,209</td></tr><tr><td>Utah.</td><td>34,984</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><td>486</td></tr><tr><td>Vermont.</td><td>38,751</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>785</td><td>457</td><td>1,001</td><td>611</td><td>379</td></tr><tr><td>Virginia.</td><td>228,185</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><td>3,381</td></tr><tr><td>Washington.</td><td>233,191</td><td>1,291</td><td>1,467</td><td>5,402</td><td>4,446</td><td>3,945</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><td>2,451</td></tr><tr><td>West Virginia.</td><td>85,186</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><td>1,121</td></tr><tr><td>Wisconsin.</td><td>421,311</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>7,666</td><td>7,003</td><td>8,535</td><td>9,161</td><td>7,583</td><td>5,487</td></tr><tr><td>Wyoming.</td><td>27,945</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>185</td><td>445</td><td>399</td><td>523</td></tr><tr><td>Alaska.</td><td>5,290</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><td>10</td></tr><tr><td>Canal Zone.</td><td>6,175</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><td>22</td></tr><tr><td>Hawaii.</td><td>53,460</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>465</td><td>536</td></tr><tr><td>Puerto Rico.</td><td>13,489</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>78</td><td>26</td><td>2</td><td>13</td><td>1</td></tr><tr><td>Virgin Islands.</td><td>812</td><td>-</td><td>-</td><td>8</td><td>20</td><td>-</td><td>-</td><td>-</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>20</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Selee to commercial banks 1/.</td><td>895,480</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><td>-</td></tr><tr><td>Adjustment to Daily Treasury Statement.</td><td>-16,193</td><td>+1,493</td><td>+1,753</td><td>-1,248</td><td>-4,758</td><td>+8,714</td><td>+8,914</
Source: Daily Treasury Statement and reports from Federal Reserve Banks.
p Preliminary.
* Less than $500.
1/ State figures exclude sales of Series F and G bonds to commercial banks. Commercial banks were permitted to purchase Series F and G
bonds under certain conditions during the calendar year 1944 ("Treasury Bulletin" for December 1944, page 36, footnote 9); from June 18 through June 30, 1945 ("Treasury Bulletin" for February 1946, page 37, footnote 9); and from December 3 through December 8, 1945 ("Treasury Bulletin" for February 1946, page A-22).
November 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. 1945 Sept.1946</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><th>Sept.</th></tr><tr><td>Alabama</td><td>148,684</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><td>5,528</td></tr><tr><td>Arizona</td><td>49,713</td><td>2,168</td><td>2,456</td><td>2,308</td><td>2,893</td><td>2,826</td><td>2,698</td><td>3,008</td><td>2,504</td><td>2,867</td><td>2,201</td><td>1,911</td><td>2,041</td><td>2,036</td></tr><tr><td>Arkansas</td><td>79,608</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><td>3,238</td></tr><tr><td>California</td><td>1,025,706</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>52,293</td><td>48,855</td><td>37,698</td><td>42,835</td><td>42,601</td><td>40,927</td></tr><tr><td>Colorado</td><td>90,540</td><td>4,230</td><td>4,851</td><td>3,987</td><td>4,128</td><td>5,345</td><td>4,880</td><td>5,532</td><td>5,137</td><td>4,996</td><td>4,357</td><td>3,904</td><td>4,064</td><td>4,818</td></tr><tr><td>Connecticut</td><td>173,993</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>7,906</td><td>7,017</td><td>7,114</td></tr><tr><td>Delaware</td><td>24,674</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><td>1,117</td></tr><tr><td>District of Columbia</td><td>120,995</td><td>5,051</td><td>5,953</td><td>5,741</td><td>6,118</td><td>6,301</td><td>5,413</td><td>7,377</td><td>5,368</td><td>5,647</td><td>6,475</td><td>4,890</td><td>4,834</td><td>6,037</td></tr><tr><td>Florida</td><td>171,351</td><td>7,578</td><td>8,823</td><td>8,550</td><td>8,773</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><td>7,042</td></tr><tr><td>Georgia</td><td>150,960</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>7,906</td><td>7,465</td><td>6,214</td><td>6,384</td></tr><tr><td>Idaho</td><td>31,897</td><td>1,440</td><td>1,481</td><td>1,309</td><td>1,580</td><td>1,776</td><td>1,871</td><td>2,083</td><td>2,021</td><td>1,867</td><td>1,594</td><td>1,376</td><td>1,516</td><td>1,488</td></tr><tr><td>Illinois</td><td>802,249</td><td>35,074</td><td>39,566</td><td>35,175</td><td>35,800</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><td>34,057</td></tr><tr><td>Indiana</td><td>330,883</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>13,188</td><td>11,926</td><td>11,032</td></tr><tr><td>Iowa</td><td>185,446</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>9,525</td><td>8,400</td><td>8,011</td><td>7,514</td><td>8,255</td></tr><tr><td>Kansas</td><td>126,398</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><td>7,030</td></tr><tr><td>Kentucky</td><td>132,231</td><td>6,957</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><td>6,035</td></tr><tr><td>Louisiana</td><td>130,850</td><td>6,637</td><td>6,781</td><td>6,557</td><td>6,508</td><td>7,051</td><td>6,209</td><td>6,719</td><td>6,231</td><td>5,943</td><td>5,298</td><td>5,352</td><td>4,734</td><td>5,397</td></tr><tr><td>Maine</td><td>42,642</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>2,299</td><td>2,160</td><td>1,892</td><td>2,027</td><td>1,762</td><td>1,913</td></tr><tr><td>Maryland</td><td>139,735</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><td>5,348</td></tr><tr><td>Massachusetts</td><td>109,048</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><td>12,583</td></tr><tr><td>Michigan</td><td>694,931</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><td>24,734</td></tr><tr><td>Minnesota</td><td>211,104</td><td>9,738</td><td>10,370</td><td>9,362</td><td>9,279</td><td>12,120</td><td>7,237</td><td>12,204</td><td>11,612</td><td>11,370</td><td>10,272</td><td>10,211</td><td>9,176</td><td>8,795</td></tr><tr><td>Mississippi</td><td>68,428</td><td>3,534</td><td>3,815</td><td>3,292</td><td>3,521</td><td>4,102</td><td>4,135</td><td>4,431</td><td>3,505</td><td>3,312</td><td>2,535</td><td>3,422</td><td>2,722</td><td>2,893</td></tr><tr><td>Missouri</td><td>295,301</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><td>13,124</td></tr><tr><td>Montana</td><td>38,785</td><td>1,569</td><td>1,728</td><td>1,584</td><td>1,728</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><td>1,888</td></tr><tr><td>Nebraska</td><td>92,057</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>4,956</td><td>3,555</td><td>2,878</td><td>6,080</td></tr><tr><td>Nevada</td><td>15,182</td><td>645</td><td>739</td><td>720</td><td>786</td><td>868</td><td>777</td><td>838</td><td>772</td><td>764</td><td>885</td><td>638</td><td>691</td><td>568</td></tr><tr><td>New Hampshire</td><td>26,795</td><td>1,267</td><td>1,377</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><td>1,199</td></tr><tr><td>New Jersey</td><td>363,615</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>19,231</td><td>18,787</td><td>16,854</td><td>14,821</td><td>13,596</td><td>14,438</td><td>15,343</td></tr><tr><td>New Mexico</td><td>29,361</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><td>1,427</td></tr><tr><td>New York</td><td>1,038,416</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><td>47,404</td></tr><tr><td>North Carolina</td><td>143,088</td><td>6,496</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><td>6,004</td></tr><tr><td>North Dakota</td><td>28,102</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><td>1,231</td></tr><tr><td>Ohio</td><td>703,485</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>33,988</td><td>30,276</td><td>27,980</td><td>29,087</td><td>26,463</td><td>25,313</td></tr><tr><td>Oklahoma</td><td>142,957</td><td>8,195</td><td>7,168</td><td>6,566</td><td>6,258</td><td>9,690</td><td>7,730</td><td>8,485</td><td>7,034</td><td>7,152</td><td>6,373</td><td>6,388</td><td>5,900</td><td>6,045</td></tr><tr><td>Oregon</td><td>157,225</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>6,889</td><td>6,943</td><td>6,260</td><td>5,647</td></tr><tr><td>Pennsylvania</td><td>840,696</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><td>32,332</td></tr><tr><td>Rhode Island</td><td>56,909</td><td>2,869</td><td>3,268</td><td>2,731</td><td>2,836</td><td>2,622</td><td>2,184</td><td>2,776</td><td>2,600</td><td>2,494</td><td>2,315</td><td>2,315</td><td>2,046</td><td>2,185</td></tr><tr><td>South Carolina</td><td>70,882</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><td>2,723</td></tr><tr><td>South Dakota</td><td>29,585</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><td>1,419</td></tr><tr><td>Tennessee</td><td>151,032</td><td>8,040</td><td>9,397</td><td>6,957</td><td>7,425</td><td>7,679</td><td>7,262</td><td>8,021</td><td>7,309</td><td>6,995</td><td>5,386</td><td>6,934</td><td>5,595</td><td>5,981</td></tr><tr><td>Texas</td><td>487,889</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><td>24,817</td></tr><tr><td>Utah</td><td>51,628</td><td>2,381</td><td>2,610</td><td>2,463</td><td>2,509</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><td>2,113</td></tr><tr><td>Vermont</td><td>12,872</td><td>613</td><td>759</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>6,73</td><td>590</td><td>6,543</td></tr><tr><td>Virginia</td><td>187,192</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>11,945</td><td>8,163</td><td>8,104</td><td>8,990</td><td>6,051</td><td>7,254</td><td>8,543</td></tr><tr><td>Washington</td><td>224,132</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><td>8,944</td></tr><tr><td>West Virginia</td><td>102,327</td><td>5,140</td><td>5,983</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>3,817</td><td>4,010</td><td>4,161</td></tr><tr><td>Wisconsin</td><td>216,258</td><td>10,225</td><td>10,796</td><td>9,324</td><td>10,315</td><td>10,855</td><td>10,090</td><td>10,591</td><td>11,125</td><td>10,723</td><td>10,054</td><td>9,688</td><td>9,195</td><td>8,858</td></tr><tr><td>Wyoming</td><td>19,559</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>1,054</td><td>820</td><td>634</td><td>1,335</td></tr><tr><td>Alaska</td><td>5,803</td><td>259</td><td>318</td><td>268</td><td>268</td><td>239</td><td>220</td><td>325</td><td>305</td><td>318</td><td>265</td><td>244</td><td>316</td><td>244</td></tr><tr><td>Canal Zone</td><td>2,519</td><td></td><td></td><td></td><td></td><td></td><td></td><td>361</td><td>332</td><td>476</td><td>464</td><td>758</td><td>303</td><td>238</td></tr><tr><td>Hawaii</td><td>53,926</td><td>3,255</td><td>3,871</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>2,533</td><td>1,861</td></tr><tr><td>Puerto Rico</td><td>13,882</td><td>456</td><td>896</td><td>593</td><td>732</td><td>694</td><td>593</td><td>1,367</td><td>786</td><td>972</td><td>796</td><td>473</td><td>677</td><td>447</td></tr><tr><td>Virgin Islands
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. 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 25, 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
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. Coupon 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. - S
mmary of Sales and Redemptions, by Series, as of September 30, 1946
(in millions of dollars)
<table><tr><th>Treasury savings notes</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxes</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Series A</td><td>407</td><td>398</td><td>63 1/2</td><td>335</td><td>8</td><td>-</td></tr><tr><td>Series B</td><td>4,944</td><td>4,943</td><td>182 1/2</td><td>4,760</td><td>1</td><td>-</td></tr><tr><td>Series C</td><td>27,779</td><td>21,676</td><td>4,302</td><td>17,374</td><td>7</td><td>6,096</td></tr><tr><td>Total</td><td>33,130</td><td>27,017</td><td>4,548</td><td>22,470</td><td>17</td><td>6,096</td></tr></table>
Source: Daily Treasury Statement 1/ Includes exchanges.
Table 2.
Sales and Redemptions of Series C Treasury Savings Notes
(In millions of dollars)
<table><tr><th>Period</th><th>Sales</th><th colspan="3">Redemptions</th><th colspan="2">Amount outstanding</th></tr><tr><th></th><th></th><th>Total</th><th>For cash</th><th>For taxee</th><th>Matured debt</th><th>Interest-bearing debt</th></tr><tr><td>Piecals 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>943</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-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>662</td><td>224</td><td>639</td><td>16</td><td>7,365</td></tr><tr><td>April</td><td>299</td><td>524</td><td>335</td><td>190</td><td>12</td><td>7,144</td></tr><tr><td>May</td><td>198</td><td>216</td><td>143</td><td>74</td><td>11</td><td>7,127</td></tr><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><tr><td>September</td><td>248</td><td>841</td><td>407</td><td>435</td><td>7</td><td>6,096</td></tr></table>
Source: Daily Treasury Statement
November 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 colspan="7">Denomination</th></tr><tr><th></th><th></th><th>$100</th><th>$500</th><th>$1,000</th><th>$5,000</th><th>$10,000</th><th>$100,000</th><th>$500,000</th><th>$1,000,000</th></tr><tr><td>1944</td><td>8,953.7</td><td>10.5</td><td>24.2</td><td>398.5</td><td>507.6</td><td>1,858.5</td><td>3,086.7</td><td>1,259.5</td><td>1,808.0</td></tr><tr><td>1945</td><td>7,015.8</td><td>13.6</td><td>32.8</td><td>264.3</td><td>414.0</td><td>1,488.0</td><td>2,378.2</td><td>827.0</td><td>1,598.0</td></tr><tr><td>1946</td><td>3,535.9</td><td>5.4</td><td>13.6</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-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>7.6</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>22.8</td><td>40.4</td><td>11.5</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</td><td>196.4</td><td>.3</td><td>.6</td><td>4.2</td><td>7.2</td><td>32.1</td><td>74.3</td><td>27.5</td><td>58.0</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><tr><td>September p</td><td>246.2</td><td>.3</td><td>.7</td><td>3.2</td><td>9.0</td><td>40.2</td><td>93.0</td><td>34.5</td><td>65.0</td></tr></table>
Source: Daily Treasury Statement and reports from Federal Reserve Banks. p Preliminary.
Table 4.- Sales of Series C, Classified by Type of Purchaser
<table><tr><th rowspan="2">Fiscal year or month</th><th colspan="3">Sales in millions of dollars</th><th colspan="3">Percentage distribution of sales</th></tr><tr><th>Total</th><th>Individuals, partnerships and personal trust accounts</th><th>Corporations</th><th>Total</th><th>Individuals, partnerships and personal trust accounts</th><th>Corporations</th></tr><tr><td>1944</td><td>8,953.7</td><td>654.9</td><td>8,298.7</td><td>100.0</td><td>7.3</td><td>92.7</td></tr><tr><td>1945</td><td>7,015.8</td><td>434.7</td><td>6,581.3</td><td>100.0</td><td>6.2</td><td>93.8</td></tr><tr><td>1946</td><td>3,525.5</td><td>270.7</td><td>3,254.8</td><td>100.0</td><td>7.7</td><td>92.3</td></tr><tr><td>1945-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><tr><td>September</td><td>248.2</td><td>15.4</td><td>232.8</td><td>100.0</td><td>6.2</td><td>93.8</td></tr></table>
Source: Daily Treasury Statement and reports 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>Total</th><th>Redemptions Exchanged for United States savings bonds 2/</th><th>Cash 2/</th><th>Total</th><th>Percentage distribution of redemptions Exchanged for United States savings bonds 2/</th><th>Cash 2/</th></tr><tr><td>1945</td><td>213,350</td><td>+45,620 3/4</td><td>590,266 1/4</td><td>544,647</td><td>474,168</td><td>70,480 2/</td><td>100.0</td><td>87.1</td><td>12.9 5/</td></tr><tr><td>1946</td><td>196,518</td><td>-15,832</td><td>408,930</td><td>425,752</td><td>352,532</td><td>73,130</td><td>100.0</td><td>82.8</td><td>17.2</td></tr><tr><td>1947</td><td>177,598</td><td>-18,920</td><td>266,611</td><td>281,331</td><td>211,693</td><td>55,738</td><td>100.0</td><td>80.6</td><td>19.4</td></tr><tr><td>1948</td><td>95,976</td><td>-81,822</td><td>109,952</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>1949-September</td><td>144,679</td><td>-4,966</td><td>8,438</td><td>13,405</td><td>8,922</td><td>4,483</td><td>100.0</td><td>66.6</td><td>33.4</td></tr><tr><td>October</td><td>141,372</td><td>-3,307</td><td>10,587</td><td>13,893</td><td>9,349</td><td>4,544</td><td>100.0</td><td>67.3</td><td>32.7</td></tr><tr><td>November</td><td>139,356</td><td>-2,016</td><td>11,396</td><td>13,312</td><td>9,830</td><td>3,582</td><td>100.0</td><td>73.3</td><td>26.7</td></tr><tr><td>December</td><td>133,229</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>130,204</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>11,361</td><td>8,999</td><td>5,367</td><td>100.0</td><td>62.6</td><td>37.4</td></tr><tr><td>April</td><td>104,497</td><td>-7,838</td><td>9,309</td><td>17,118</td><td>10,051</td><td>7,097</td><td>100.0</td><td>58.6</td><td>41.4</td></tr><tr><td>May</td><td>99,252</td><td>-5,245</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>3,998</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><tr><td>September</td><td>85,284</td><td>-2,465</td><td>2,240</td><td>4,705</td><td>2,473</td><td>2,232</td><td>100.0</td><td>52.6</td><td>47.4</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 footnats 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>608,930</td><td>102,531</td><td>209,121</td><td>32,511</td><td>46,972</td><td>17,692</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>20,982</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-September</td><td>8,438</td><td>1,573</td><td>4,410</td><td>751</td><td>1,272</td><td>432</td><td>100.0</td><td>18.6</td><td>52.3</td><td>8.5</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>21.2</td><td>51.2</td><td>7.8</td><td>12.3</td><td>4.5</td></tr><tr><td>November</td><td>11,396</td><td>2,986</td><td>5,696</td><td>855</td><td>1,350</td><td>999</td><td>100.0</td><td>26.2</td><td>50.0</td><td>7.5</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>25.1</td><td>49.4</td><td>8.2</td><td>12.1</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>6,352</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>50.2</td><td>9.5</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><tr><td>September</td><td>2,240</td><td>316</td><td>1,105</td><td>284</td><td>401</td><td>156</td><td>100.0</td><td>14.1</td><td>49.3</td><td>11.8</td><td>17.9</td><td>6.9</td></tr></table>
Source: (1) Total sales: Daily Treasury Statement; (2) Distribution by denominations: Based upon Post Office Department data.
November 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 colspan="2">Securities issued by United States Government</th><th colspan="6">Distribution by classes of holders</th><th colspan="2">Securities guaranteed by United States 1/</th><th colspan="4">Distribution by classes of holders</th></tr><tr><th>End of fiscal year or month</th><th>Total amount outstanding</th><th colspan="3">U. S. Government agencies and trust funds</th><th>Federal Reserve Banks</th><th colspan="2">Private investors 2/</th><th>Total amount outstanding</th><th colspan="2">U. S. Government agencies and trust funds and Federal Reserve Banks</th><th colspan="2">Private investors 2/</th></tr><tr><th></th><th></th><th>Total public and special issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Special issues</th><th>Public marketable issues</th><th>Total public issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues</th><th>Public marketable issues</th><th>Public non-marketable issues</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>36,575</td><td>4,666</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>39,885</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>5,490</td><td>286</td><td>-</td><td>5,184</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>29,350</td><td>3,166</td><td>5,998</td><td>286</td><td>-</td><td>5,712</td><td>-</td></tr><tr><td>1941</td><td>48,387</td><td>8,225</td><td>2,104</td><td>1</td><td>6,130</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>1</td><td>10,872</td><td>1,199</td><td>114,131</td><td>84,948</td><td>39,193</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>14,899</td><td>14,899</td><td>169,725</td><td>120,880</td><td>48,845</td><td>1,916</td><td>4</td><td>176</td><td>1,186</td><td>150</td></tr><tr><td>1945</td><td>295,357</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>133,421</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>215,806</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-Sept.</td><td>259,630</td><td>26,535</td><td>6,087</td><td>29</td><td>20,519</td><td>23,328</td><td>209,667</td><td>153,118</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>299,439</td><td>26,715</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>262,649</td><td>26,837</td><td>6,098</td><td>29</td><td>20,710</td><td>23,472</td><td>212,511</td><td>155,592</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>277,956</td><td>27,591</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>159,884</td><td>57,176</td><td>539</td><td>8</td><td>-</td><td>32</td><td>499</td></tr><tr><td>Mar.</td><td>274,748</td><td>28,173</td><td>7,008</td><td>30</td><td>21,135</td><td>22,501</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>Apr.</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>223,718</td><td>165,390</td><td>56,178</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>28,580</td><td>7,009</td><td>30</td><td>21,481</td><td>22,932</td><td>219,988</td><td>163,566</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>23,673</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>Aug.</td><td>266,359</td><td>30,054</td><td>6,575</td><td>35</td><td>23,343</td><td>23,904</td><td>212,359</td><td>155,829</td><td>56,530</td><td>370</td><td>9</td><td>-</td><td>34</td><td>326</td></tr><tr><td>Sept.</td><td>264,217</td><td>30,351</td><td>6,502</td><td>35 p</td><td>23,854</td><td>24,049</td><td>209,177</td><td>153,787</td><td>55,990</td><td>391</td><td>9 p</td><td>-</td><td>34 p</td><td>347</td></tr></table>
Sources: (1) Daily Treasury Statement for total amounts outstanding; (2) reports of agencies and trust funds for securities held by U. S. Government agencies and trust funds; and (3) Federal Reserve System for securities held by Federal Reserve Banks. Preliminary. Less than $500 thousand.
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. Stated as of close of previous month.
November 1946
47
Estimated Ownership of Interest-Bearing Securities Issued or Guaranteed by the United States Government
(Par values 1/ - in billions of dollars)
<table><tr><th>End of month</th><th>Total amount outstanding $/</th><th colspan="3">Held by banks</th><th colspan="6">Held by non-bank investors</th></tr><tr><th></th><th></th><th>Total</th><th>Commercial banks $/</th><th>Federal Reserve Banks</th><th>Total</th><th>Individuals $/</th><th>Insurance companies</th><th>Mutual savings banks</th><th>Other corporations and associations $/</th><th>State and local governments $/</th><th>U. S. Government agencies and trust funds</th></tr><tr><td>1939-December</td><td>47.1</td><td>18.4</td><td>15.9</td><td>2.5</td><td>28.7</td><td>9.8</td><td>6.3</td><td>3.1</td><td>2.7</td><td>.3</td><td>6.5</td></tr><tr><td>1940-June</td><td>47.9</td><td>18.6</td><td>16.1</td><td>2.5</td><td>29.3</td><td>9.7</td><td>6.5</td><td>3.1</td><td>2.6</td><td>.3</td><td>7.1</td></tr><tr><td>December</td><td>50.4</td><td>19.5</td><td>17.3</td><td>2.2</td><td>30.9</td><td>10.4</td><td>6.9</td><td>3.2</td><td>2.4</td><td>.4</td><td>7.6</td></tr><tr><td>1941-June</td><td>54.7</td><td>21.8</td><td>19.7</td><td>2.2</td><td>32.9</td><td>11.1</td><td>7.1</td><td>3.4</td><td>2.4</td><td>.4</td><td>8.5</td></tr><tr><td>December</td><td>63.8</td><td>23.7</td><td>21.4</td><td>2.3</td><td>40.1</td><td>13.8</td><td>8.2</td><td>3.7</td><td>4.4</td><td>.5</td><td>9.5</td></tr><tr><td>1942-June</td><td>76.5</td><td>28.7</td><td>26.0</td><td>2.6</td><td>47.8</td><td>18.2</td><td>9.2</td><td>3.9</td><td>5.4</td><td>.6</td><td>10.6</td></tr><tr><td>December</td><td>111.6</td><td>47.3</td><td>41.1</td><td>6.2</td><td>64.3</td><td>23.8</td><td>11.3</td><td>4.5</td><td>11.6</td><td>.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>133.6</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>51.6</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>21.8</td><td>150.8</td><td>58.5</td><td>22.7</td><td>9.6</td><td>29.9</td><td>5.3</td><td>24.9</td></tr><tr><td>August</td><td>261.3</td><td>107.2</td><td>84.7</td><td>22.5</td><td>154.0</td><td>59.8</td><td>22.5</td><td>10.0</td><td>30.0</td><td>5.5</td><td>26.2</td></tr><tr><td>September</td><td>260.2</td><td>107.1</td><td>83.7</td><td>23.3</td><td>153.1</td><td>59.5</td><td>22.5</td><td>10.0</td><td>28.9</td><td>5.5</td><td>26.6</td></tr><tr><td>October</td><td>260.0</td><td>107.7</td><td>84.4</td><td>23.3</td><td>152.3</td><td>59.3</td><td>22.4</td><td>10.0</td><td>28.3</td><td>5.5</td><td>26.8</td></tr><tr><td>November</td><td>263.4</td><td>109.3</td><td>85.9</td><td>23.5</td><td>154.0</td><td>62.0</td><td>22.2</td><td>9.8</td><td>27.8</td><td>5.3</td><td>26.8</td></tr><tr><td>December</td><td>276.2</td><td>114.3</td><td>90.1</td><td>24.3</td><td>161.9</td><td>63.6</td><td>24.4</td><td>10.7</td><td>29.9</td><td>6.3</td><td>27.0</td></tr><tr><td>1946-January</td><td>278.0</td><td>115.1</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>61.7</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>28.1</td></tr><tr><td>May</td><td>272.0</td><td>109.8</td><td>85.9</td><td>22.9</td><td>162.2</td><td>61.2 r</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</td><td>267.4</td><td>105.6</td><td>81.9</td><td>23.6</td><td>161.8</td><td>63.1</td><td>25.4</td><td>11.6</td><td>26.0</td><td>6.1</td><td>29.7</td></tr><tr><td>August p</td><td>266.7</td><td>104.3</td><td>80.4</td><td>23.9</td><td>162.4</td><td>63.2</td><td>25.4</td><td>11.7</td><td>26.1</td><td>6.0</td><td>30.0</td></tr></table>
1/ United States savings bonds, Series A-D, E, and F are included at current redemption values.
2/ Guaranteed securities held by the Treasury are excluded.
3/ Consists of commercial banks, trust companies, and stock savings banks in the United States and in territories and insular possessions
4/ Excludes securities held in trust departments.
5/ Includes partnerships and personal trust accounts.
6/ Includes savings and loan associations, dealers and brokers, and investments of foreign balances in this country.
Comprises trust, sinking, and investment funds of State and local governments and their agencies, and territories and insular possessions.
Net Market Purchases or Sales of Government Securities for Treasury Investment Accounts
(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>Sov.</th><th>Dec.</th></tr><tr><td>1936</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>18.5</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>-40.6</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>-3.3</td><td>-4.4</td><td>-3</td><td>-1.1</td></tr><tr><td>1941</td><td>-2.8</td><td>12.0</td><td>-</td><td>-7</td><td>-2</td><td>.4</td><td>*</td><td>-</td><td>*</td><td>-2</td><td>-</td><td>60.0</td></tr><tr><td>1942</td><td>-5</td><td>30.0</td><td>5.8</td><td>3</td><td>*</td><td>.3</td><td>-2.3</td><td>-8.4</td><td>-4.5</td><td>-1.0</td><td>-</td><td>-</td></tr><tr><td>1943</td><td>-14.5</td><td>-90.3</td><td>-72.9</td><td>.4</td><td>-35.2</td><td>-145.8</td><td>-67.8</td><td>-15.8</td><td>-2.7</td><td>-</td><td>-5.0</td><td>4.8</td></tr><tr><td>1944</td><td>-9.9</td><td>-105.1</td><td>-11.5</td><td>-16.5</td><td>-10.0</td><td>20.5</td><td>-18.5</td><td>-19.0</td><td>-28.1</td><td>*</td><td>-5.9</td><td>-12.0</td></tr><tr><td>1945</td><td>-67.5</td><td>-48.1</td><td>-5.9</td><td>-55.5</td><td>-34.4</td><td>-56.4</td><td>-17.0</td><td>-2</td><td>-12.5</td><td>.3</td><td>-</td><td>-</td></tr><tr><td>1946</td><td>-81</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>-74.1</td><td>-</td><td>-</td><td>-</td></tr></table>
Less than $50 thousand. 1/ Consists of purchases or sales made by the Treasury. Treasury investment accounts comprise (1) trust funds which by law are under the control of the Secretary of the Treasury or of the Treasurer of the United States, and (2) accounts under the control of certain
U. S. Government agencies whose investments are handled through the facilities of the Treasury Department. This table also includes purchases under Section 19 of the Second Liberty Bond Act, as amended, and excludes the Exchange Stabilization Fund.
48
Treasury Bulletin
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, August 31, 1946
The tables in Section I present summary data as of August 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="5">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>7,356 commercial banks 2/</th><th>34 stock savings banks</th><th>500 mutual savings banks</th><th>311 life insurance companies</th><th>642 fire, casualty, and marine insurance companies</th></tr><tr><td>Public securities:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Marketable securities 1/</td><td>186,394 96,892</td><td>73,511 1,352</td><td>482 11</td><td>11,422 244</td><td>21,523 119</td><td>2,858 210</td><td>30,510 35</td><td>46,088 54,595</td></tr><tr><td>Non-marketable securities 1/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total public securities</td><td>243,286</td><td>74,863</td><td>493</td><td>11,665</td><td>21,642</td><td>3,068</td><td>30,545</td><td>100,683</td></tr><tr><td>Special issues</td><td>23,443</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>23,443</td><td>-</td></tr><tr><td>Total interest-bearing securities issued or guaranteed by the United States 5/</td><td>266,729</td><td>74,863</td><td>493</td><td>11,665</td><td>21,642</td><td>3,068</td><td>53,988</td><td>100,683</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.
4/ C.C.C. demand obligations in the amount of $326 million held by all commercial banks are shown only in total amount outstanding. 5/ Guaranteed securities held by the Treasury are not included.
Table 2.-
Public Marketable Interest-Bearing Securities
PART A - ANALYSIS OF OWNERSHIP BY TYPES OF SECURITY, BY CALL CLASSES, AND BY TAX STATUS
<table><tr><th rowspan="2">Classification</th><th rowspan="2">Total amount outstanding</th><th colspan="3">Held by investors covered in Treasury Survey</th><th colspan="2">Insurance companies</th><th rowspan="2">All U.S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors</th></tr><tr><th>7,356 commercial banks</th><th>74 stock savings banks</th><th>500 mutual savings banks</th><th>311 life insurance companies</th><th>642 fire, casualty, and marine insurance companies</th></tr><tr><td colspan="9">Par values - in millions of dollars</td></tr><tr><td>Types of security:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></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 - indebtedness</td><td>17,024</td><td>924</td><td>1</td><td>8</td><td>8</td><td>14,746</td><td>1,352</td></tr><tr><td>Certificates of indebtedness</td><td>35,413</td><td>16,315</td><td>26</td><td>302</td><td>423</td><td>7,930</td><td>11,289</td></tr><tr><td>Treasury notes</td><td>13,351</td><td>8,810</td><td>33</td><td>222</td><td>440</td><td>607</td><td>3,074</td></tr><tr><td>Treasury bonds - bank restricted</td><td>53,459</td><td>1,694</td><td>223</td><td>8,683</td><td>17,269</td><td>1,230</td><td>19,285</td></tr><tr><td>Treasury bonds - bank eligible</td><td>65,864</td><td>45,782</td><td>197</td><td>2,210</td><td>3,377</td><td>1,271</td><td>10,955</td></tr><tr><td>Postal savings and other bonds</td><td>179</td><td>14</td><td>*</td><td>1</td><td>*</td><td>36</td><td>128</td></tr><tr><td>Guaranteed by United States</td><td>43</td><td>12</td><td>1</td><td>3</td><td>13</td><td>9</td><td>5</td></tr><tr><td>Total</td><td>186,394</td><td>73,511</td><td>482</td><td>11,422</td><td>21,523</td><td>2,858</td><td>30,510</td><td>46,088</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>58,835</td><td>20,368</td><td>43</td><td>409</td><td>839</td><td>22,993</td><td>13,933</td></tr><tr><td>1 to 5 years</td><td>35,057</td><td>25,244</td><td>63</td><td>719</td><td>940</td><td>1,223</td><td>6,321</td></tr><tr><td>5 to 10 years</td><td>32,847</td><td>22,122</td><td>115</td><td>1,528</td><td>2,097</td><td>812</td><td>5,567</td></tr><tr><td>10 to 15 years</td><td>16,012</td><td>3,106</td><td>119</td><td>3,383</td><td>1,882</td><td>501</td><td>6,177</td></tr><tr><td>15 to 20 years</td><td>21,227</td><td>140</td><td>70</td><td>2,750</td><td>9,680</td><td>2,840</td><td>5,492</td></tr><tr><td>Over 20 years</td><td>22,372</td><td>2,519</td><td>71</td><td>2,690</td><td>6,072</td><td>355</td><td>8,593</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>9</td><td>5</td></tr><tr><td>Total</td><td>186,394</td><td>73,511</td><td>482</td><td>11,422</td><td>21,523</td><td>2,858</td><td>30,510</td><td>46,088</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>Entirely exempt from Federal income taxes</td><td>179</td><td>14</td><td>*</td><td>1</td><td>*</td><td>36</td><td>128</td></tr><tr><td>Partially exempt from Federal income taxes</td><td>18,079</td><td>12,811</td><td>87</td><td>83</td><td>166</td><td>1,424</td><td>2,887</td></tr><tr><td>Subject to Federal income taxes</td><td>166,135</td><td>60,686</td><td>395</td><td>11,338</td><td>21,351</td><td>2,336</td><td>29,051</td><td>43,073</td></tr><tr><td>Total</td><td>186,394</td><td>73,511</td><td>482</td><td>11,422</td><td>21,523</td><td>2,858</td><td>30,510</td><td>46,088</td></tr></table>
(Continued on following page)
November 1946
49
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, August 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="6">Held by investors covered in Treasury Survey</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th colspan="3">Banks 1/</th><th colspan="2">Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th></tr><tr><td></td><td></td><td>7,355 commercial banks 2/</td><td>3% stock savings banks</td><td>5%0 mutual savings banks</td><td>312 life insurance companies</td><td>642 fire, casualty, and marine insurance companies</td><td></td><td></td></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></tr><tr><td>Securities issued by United States</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Treasury bills....................</td><td>9.1</td><td>1.3</td><td>.2</td><td>*</td><td>*</td><td>48.3</td><td>2.9</td></tr><tr><td>Certificates of indebtedness......</td><td>19.6</td><td>22.2</td><td>5.5</td><td>2.6</td><td>2.0</td><td>6.6</td><td>24.5</td></tr><tr><td>Treasury notes....................</td><td>7.2</td><td>12.0</td><td>6.9</td><td>1.9</td><td>2.0</td><td>5.9</td><td>6.7</td></tr><tr><td>Treasury bonds - bank restricted $/....</td><td>28.7</td><td>2.2</td><td>46.3</td><td>76.0</td><td>80.2</td><td>43.0</td><td>41.8</td></tr><tr><td>Treasury bonds - bank eligible</td><td>35.3</td><td>62.3</td><td>40.9</td><td>19.4</td><td>15.7</td><td>44.5</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>*</td><td>.1</td></tr><tr><td>Guaranteed by United States $/......</td><td>*</td><td>*</td><td>.2</td><td>*</td><td>.1</td><td>*</td><td>*</td></tr><tr><td>Total....................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Call classes:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Due or first becoming callable</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Within 1 year....................</td><td>31.6</td><td>27.7</td><td>8.9</td><td>3.6</td><td>3.9</td><td>8.8</td><td>30.2</td></tr><tr><td>1 to 5 years....................</td><td>18.8</td><td>34.3</td><td>13.0</td><td>6.3</td><td>4.4</td><td>19.1</td><td>13.7</td></tr><tr><td>5 to 10 years....................</td><td>17.6</td><td>30.1</td><td>28.0</td><td>13.4</td><td>9.7</td><td>21.2</td><td>12.1</td></tr><tr><td>10 to 15 years....................</td><td>8.6</td><td>4.2</td><td>28.7</td><td>29.6</td><td>8.7</td><td>29.5</td><td>13.4</td></tr><tr><td>15 to 20 years....................</td><td>11.4</td><td>.2</td><td>14.6</td><td>24.1</td><td>45.0</td><td>8.9</td><td>11.9</td></tr><tr><td>Over 20 years....................</td><td>12.0</td><td>3.4</td><td>14.7</td><td>23.0</td><td>28.2</td><td>12.4</td><td>18.6</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></tr><tr><td>Total....................</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td><td>100.0</td></tr><tr><th>Tax status: $/</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></tr><tr><td>Wholly exempt from Federal income taxes....</td><td>.1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>.1</td></tr><tr><td>Partially exempt from Federal income taxes $/....</td><td>9.7</td><td>17.4</td><td>18.0</td><td>.7</td><td>.8</td><td>21.8</td><td>6.3</td></tr><tr><td>Subject to Federal income taxes $/.........</td><td>90.2</td><td>82.6</td><td>81.9</td><td>99.3</td><td>99.2</td><td>78.2</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></tr></table>
Percentage distribution by groups of investors
<table><tr><th>Types of security:</th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th></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>5.4</td><td>*</td><td>*</td><td>*</td><td>*</td><td>66.6</td><td>7.9</td></tr><tr><td>Certificates of indebtedness</td><td>100.0</td><td>44.7</td><td>.1</td><td>.8</td><td>1.2</td><td>.5</td><td>21.7</td><td>31.0</td></tr><tr><td>Treasury notes</td><td>100.0</td><td>66.0</td><td>.2</td><td>1.7</td><td>3.3</td><td>1.3</td><td>4.5</td><td>23.0</td></tr><tr><td>Treasury bonds - bank restricted ½</td><td>100.0</td><td>3.1</td><td>.4</td><td>16.2</td><td>32.3</td><td>2.3</td><td>9.6</td><td>36.1</td></tr><tr><td>Treasury bonds - bank eligible</td><td>100.0</td><td>69.5</td><td>.3</td><td>3.4</td><td>5.1</td><td>1.9</td><td>3.1</td><td>16.6</td></tr><tr><td>Postal earnings and other bonds</td><td>100.0</td><td>7.7</td><td>*</td><td>.3</td><td>.1</td><td>.2</td><td>20.0</td><td>71.5</td></tr><tr><td>Guaranteed by United States ½</td><td>100.0</td><td>27.5</td><td>2.3</td><td>7.7</td><td>29.3</td><td>1.1</td><td>21.3</td><td>10.9</td></tr><tr><td>Total</td><td>100.0</td><td>39.4</td><td>.3</td><td>6.1</td><td>11.5</td><td>1.5</td><td>16.4</td><td>24.7</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>34.6</td><td>.1</td><td>.7</td><td>1.4</td><td>.4</td><td>39.1</td><td>23.7</td></tr><tr><td>1 to 5 years</td><td>100.0</td><td>72.0</td><td>.2</td><td>2.0</td><td>2.7</td><td>1.6</td><td>3.5</td><td>18.0</td></tr><tr><td>5 to 10 years</td><td>100.0</td><td>67.3</td><td>.4</td><td>4.7</td><td>6.4</td><td>1.6</td><td>2.5</td><td>16.9</td></tr><tr><td>10 to 15 years</td><td>100.0</td><td>19.4</td><td>.7</td><td>21.1</td><td>11.8</td><td>5.3</td><td>3.1</td><td>38.6</td></tr><tr><td>15 to 20 years</td><td>100.0</td><td>.7</td><td>.3</td><td>13.0</td><td>45.6</td><td>1.2</td><td>13.4</td><td>25.9</td></tr><tr><td>Over 20 years</td><td>100.0</td><td>11.3</td><td>.3</td><td>11.8</td><td>27.1</td><td>1.6</td><td>9.5</td><td>38.4</td></tr><tr><td>Various (Federal Housing Administration debentures)</td><td>100.0</td><td>27.5</td><td>2.3</td><td>7.7</td><td>29.3</td><td>1.1</td><td>21.3</td><td>10.9</td></tr><tr><td>Total</td><td>100.0</td><td>39.4</td><td>.3</td><td>6.1</td><td>11.5</td><td>1.5</td><td>16.4</td><td>24.7</td></tr><tr><td>Tax status: ½</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Wholly exempt from Federal income taxes</td><td>100.0</td><td>7.7</td><td>*</td><td>.3</td><td>.1</td><td>.2</td><td>20.0</td><td>71.5</td></tr><tr><td>Partially exempt from Federal income taxes ½</td><td>100.0</td><td>70.9</td><td>.5</td><td>.5</td><td>.9</td><td>3.4</td><td>7.9</td><td>16.0</td></tr><tr><td>Subject to Federal income taxes ½</td><td>100.0</td><td>36.1</td><td>.2</td><td>6.7</td><td>12.7</td><td>1.3</td><td>17.3</td><td>25.6</td></tr><tr><td>Total</td><td>100.0</td><td>39.4</td><td>.3</td><td>6.1</td><td>11.5</td><td>1.5</td><td>16.4</td><td>24.7</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, August 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<br/>(Tax status $/ is shown in parentheses)</th><th>Total amount<br/>outstanding</th><th colspan="6">Held by investors covered in Treasury Survey</th><th>All U. S.<br/>Government<br/>agencies and<br/>trust funds,<br/>and Federal<br/>Reserve<br/>Banks</th><th>Held by<br/>all other<br/>investors</th></tr><tr><th></th><th></th><th>7,356<br/>commercial<br/>banks</th><th>34<br/>stock<br/>savings<br/>banke</th><th>540<br/>mutual<br/>savings<br/>banke</th><th>311<br/>life<br/>insurance<br/>companies</th><th>642<br/>fire,<br/>casualty,<br/>and marine<br/>insurance<br/>companies</th><th></th><th></th></tr><tr><td>Treasury bills....................(taxable)</td><td>17,024</td><td>924</td><td>1</td><td>*</td><td>*</td><td>*</td><td>14,746</td><td>1,152</td></tr><tr><td>Certificates of indebtedness</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>7/8% September 1946............(taxable)</td><td>4,336</td><td>1,592</td><td>3</td><td>56</td><td>5</td><td>13</td><td>1,697</td><td>971</td></tr><tr><td>7/8% October 1946............(taxable)</td><td>3,440</td><td>1,816</td><td>2</td><td>35</td><td>7</td><td>12</td><td>868</td><td>700</td></tr><tr><td>7/8% November 1946............(taxable)</td><td>3,778</td><td>1,944</td><td>2</td><td>37</td><td>51</td><td>27</td><td>590</td><td>1,127</td></tr><tr><td>7/8% December 1946............(taxable)</td><td>3,768</td><td>681</td><td>2</td><td>14</td><td>9</td><td>19</td><td>44</td><td>2,999</td></tr><tr><td>7/8% January 1947............(taxable)</td><td>3,330</td><td>2,036</td><td>2</td><td>31</td><td>151</td><td>16</td><td>400</td><td>695</td></tr><tr><td>7/8% February 1947............(taxable)</td><td>4,954</td><td>2,243</td><td>4</td><td>42</td><td>74</td><td>24</td><td>1,538</td><td>1,029</td></tr><tr><td>7/8% March 1947............(taxable)</td><td>3,133</td><td>1,930</td><td>2</td><td>22</td><td>47</td><td>27</td><td>395</td><td>710</td></tr><tr><td>7/8% April 1947............(taxable)</td><td>2,820</td><td>1,437</td><td>2</td><td>17</td><td>9</td><td>9</td><td>662</td><td>683</td></tr><tr><td>7/8% June 1947............(taxable)</td><td>2,775</td><td>789</td><td>2</td><td>17</td><td>28</td><td>24</td><td>464</td><td>1,450</td></tr><tr><td>7/8% July 1947............(taxable)</td><td>2,916</td><td>1,306</td><td>3</td><td>17</td><td>41</td><td>11</td><td>841</td><td>696</td></tr><tr><td>7/8% August 1947............(taxable)</td><td>1,223</td><td>543</td><td>2</td><td>13</td><td>*</td><td>5</td><td>432</td><td>229</td></tr><tr><td>Total certificates of indebtedness</td><td>36,473</td><td>16,316</td><td>26</td><td>302</td><td>423</td><td>187</td><td>7,930</td><td>11,289</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>2,222</td><td>3</td><td>67</td><td>139</td><td>25</td><td>277</td><td>529</td></tr><tr><td>1-1/4% March 1947............(taxable)</td><td>1,948</td><td>893</td><td>12</td><td>39</td><td>277</td><td>38</td><td>4</td><td>685</td></tr><tr><td>1-1/4% September 1947............(taxable)</td><td>1,687</td><td>796</td><td>9</td><td>37</td><td>13</td><td>40</td><td>10</td><td>783</td></tr><tr><td>1-1/2% September 1947............(taxable)</td><td>2,707</td><td>2,099</td><td>4</td><td>47</td><td>4</td><td>23</td><td>12</td><td>519</td></tr><tr><td>1-1/2% September 1948............(taxable)</td><td>3,748</td><td>2,801</td><td>5</td><td>33</td><td>7</td><td>44</td><td>301</td><td>558</td></tr><tr><td>Total Treasury notes</td><td>13,351</td><td>8,810</td><td>33</td><td>222</td><td>440</td><td>169</td><td>603</td><td>3,074</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 %</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>278</td><td>20</td><td>1,039</td><td>828</td><td>144</td><td>128</td><td>1,385</td></tr><tr><td>2-1/4% June 1959-62............(taxable)</td><td>5,284</td><td>97</td><td>40</td><td>1,748</td><td>626</td><td>273</td><td>219</td><td>2,281</td></tr><tr><td>2-1/4% December 1959-62............(taxable)</td><td>3,470</td><td>320</td><td>25</td><td>579</td><td>325</td><td>234</td><td>3</td><td>1,983</td></tr><tr><td>2-1/2% June 1962-67............(taxable)</td><td>2,118</td><td>10</td><td>4</td><td>423</td><td>1,104</td><td>45</td><td>193</td><td>339</td></tr><tr><td>2-1/2% December 1963-68............(taxable)</td><td>2,831</td><td>1</td><td>4</td><td>940</td><td>1,351</td><td>53</td><td>261</td><td>621</td></tr><tr><td>2-1/2% June 1964-69............(taxable)</td><td>3,761</td><td>2</td><td>17</td><td>738</td><td>1,580</td><td>38</td><td>402</td><td>984</td></tr><tr><td>2-1/2% December 1964-69............(taxable)</td><td>3,838</td><td>4</td><td>16</td><td>574</td><td>1,594</td><td>51</td><td>488</td><td>1,151</td></tr><tr><td>2-1/2% March 1965-70............(taxable)</td><td>5,197</td><td>61</td><td>17</td><td>309</td><td>2,448</td><td>47</td><td>826</td><td>1,489</td></tr><tr><td>2-1/2% March 1966-71............(taxable)</td><td>3,941</td><td>61</td><td>12</td><td>205</td><td>1,602</td><td>21</td><td>671</td><td>908</td></tr><tr><td>2-1/2% June 1967-72............(taxable)</td><td>7,967</td><td>120</td><td>24</td><td>1,061</td><td>3,136</td><td>98</td><td>891</td><td>2,617</td></tr><tr><td>2-1/2% December 1967-72............(taxable)</td><td>11,689</td><td>698</td><td>44</td><td>1,507</td><td>2,675</td><td>226</td><td>1,034</td><td>5,506</td></tr><tr><td>Total bank restricted %</td><td>53,459</td><td>1,654</td><td>223</td><td>8,683</td><td>17,269</td><td>1,230</td><td>5,114</td><td>19,285</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>4-1/4% October 1947-52............(partially)</td><td>759</td><td>278</td><td>*</td><td>14</td><td>11</td><td>22</td><td>75</td><td>360</td></tr><tr><td>2% December 1947............(partially)</td><td>701</td><td>543</td><td>1</td><td>1</td><td>-</td><td>20</td><td>*</td><td>136</td></tr><tr><td>2% March 1948-50............(taxable)</td><td>1,115</td><td>771</td><td>1</td><td>77</td><td>42</td><td>10</td><td>40</td><td>176</td></tr><tr><td>2-3/4% March 1948-51............(partially)</td><td>1,223</td><td>859</td><td>2</td><td>7</td><td>5</td><td>29</td><td>155</td><td>167</td></tr><tr><td>1-3/4% June 1948............(taxable)</td><td>3,062</td><td>2,326</td><td>4</td><td>71</td><td>49</td><td>34</td><td>25</td><td>553</td></tr><tr><td>2-1/2% September 1948............(partially)</td><td>451</td><td>377</td><td>1</td><td>1</td><td>*</td><td>8</td><td>-</td><td>64</td></tr></table>
(Continued on following page)
November 1946
51
Treasury Survey of Ownership of Securities Issued by the United States Government and by Federal Agencies, August 31, 1946 - (Continued)
Section I - Securities Issued or Guaranteed by the United States Government - (Continued)
Table 2.- Public Marketable Interest-Bearing Securities - (Continued)
PART B - DISTRIBUTION OF OWNERSHIP FOR EACH ISSUE OUTSTANDING-(Continued) (Par values - in millions of dollars)
<table><tr><th rowspan="2">Issue (Tax status 6/ is shown in parentheses)</th><th rowspan="2">Total amount outstanding</th><th colspan="6">Held by investors covered in Treasury Survey</th><th rowspan="2">All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th rowspan="2">Held by all other investors 3/</th></tr><tr><th>7,355 commercial banks 2/</th><th>311 stock savings banks</th><th>510 mutual savings banks</th><th>311 life insurance companies</th><th>642 fire, casualty, and marine insurance companies</th></tr><tr><td>Treasury bonds-(continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Bank eligible (continued)</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>2§ December 1948-50......(partially)</td><td>571</td><td>463</td><td>*</td><td>2</td><td>*</td><td>12</td><td>44</td><td>50</td></tr><tr><td>2§ June 1949-51......(taxable)</td><td>1,014</td><td>744</td><td>1</td><td>55</td><td>100</td><td>14</td><td>8</td><td>92</td></tr><tr><td>2§ September 1949-51......(taxable)</td><td>1,292</td><td>1,032</td><td>2</td><td>34</td><td>95</td><td>19</td><td>1</td><td>109</td></tr><tr><td>2§ December 1949-51......(taxable)</td><td>2,098</td><td>1,967</td><td>5</td><td>56</td><td>125</td><td>20</td><td>2</td><td>322</td></tr><tr><td>1-1/8§ December 1949-52......(partially)</td><td>991</td><td>372</td><td>1</td><td>4</td><td>11</td><td>16</td><td>40</td><td>88</td></tr><tr><td>1-1/2§ December 1949-53......(partially)</td><td>1,786</td><td>1,316</td><td>2</td><td>8</td><td>3</td><td>19</td><td>223</td><td>194</td></tr><tr><td>2§ March 1950-52......(taxable)</td><td>1,963</td><td>1,539</td><td>5</td><td>69</td><td>157</td><td>26</td><td>3</td><td>164</td></tr><tr><td>2§ September 1950-52......(taxable)</td><td>4,939</td><td>3,404</td><td>8</td><td>173</td><td>314</td><td>64</td><td>46</td><td>930</td></tr><tr><td>2-1/2§ September 1950-52......(partially)</td><td>1,186</td><td>1,022</td><td>2</td><td>8</td><td>2</td><td>46</td><td>90</td><td>15</td></tr><tr><td>1-1/2§ December 1950......(taxable)</td><td>2,635</td><td>1,689</td><td>3</td><td>16</td><td>*</td><td>20</td><td>*</td><td>906</td></tr><tr><td>2-1/4§ June 1951-54......(partially)</td><td>1,624</td><td>1,248</td><td>8</td><td>6</td><td>2</td><td>42</td><td>148</td><td>173</td></tr><tr><td>2§ September 1951-53......(taxable)</td><td>7,986</td><td>5,467</td><td>23</td><td>327</td><td>547</td><td>131</td><td>111</td><td>1,380</td></tr><tr><td>2§ September 1951-55......(partially)</td><td>755</td><td>426</td><td>*</td><td>4</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>397</td><td>2</td><td>10</td><td>24</td><td>6</td><td>7</td><td>62</td></tr><tr><td>2-1/4§ December 1951-53......(partially)</td><td>1,118</td><td>913</td><td>2</td><td>2</td><td>3</td><td>28</td><td>98</td><td>72</td></tr><tr><td>2-1/2§ March 1952-54......(taxable)</td><td>1,024</td><td>568</td><td>*</td><td>193</td><td>41</td><td>13</td><td>58</td><td>150</td></tr><tr><td>2§ June 1952-54......(taxable)</td><td>5,825</td><td>4,158</td><td>19</td><td>239</td><td>383</td><td>88</td><td>6</td><td>933</td></tr><tr><td>2§ December 1952-54......(taxable)</td><td>8,682</td><td>5,839</td><td>23</td><td>530</td><td>587</td><td>142</td><td>11</td><td>1,589</td></tr><tr><td>2-1/4§ June 1953-55......(taxable)</td><td>1,501</td><td>978</td><td>3</td><td>149</td><td>130</td><td>20</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>1</td><td>2</td><td>25</td><td>14</td><td>37</td></tr><tr><td>2-1/4§ June 1954-56......(partially)</td><td>681</td><td>537</td><td>2</td><td>1</td><td>1</td><td>32</td><td>35</td><td>72</td></tr><tr><td>2-7/8§ March 1955-60......(partially)</td><td>2,611</td><td>1,599</td><td>31</td><td>7</td><td>20</td><td>80</td><td>278</td><td>796</td></tr><tr><td>2-1/2§ March 1955-58......(taxable)</td><td>1,449</td><td>193</td><td>9</td><td>64</td><td>360</td><td>10</td><td>52</td><td>161</td></tr><tr><td>2-1/4§ September 1955-59......(partially)</td><td>982</td><td>708</td><td>13</td><td>6</td><td>14</td><td>48</td><td>60</td><td>133</td></tr><tr><td>2-3/4§ June 1958-63......(partially)</td><td>919</td><td>699</td><td>12</td><td>6</td><td>52</td><td>54</td><td>11</td><td>94</td></tr><tr><td>2-3/4§ December 1960-65......(partially)</td><td>1,485</td><td>1,042</td><td>9</td><td>5</td><td>38</td><td>91</td><td>50</td><td>251</td></tr><tr><td>2-1/2§ September 1967-72......(taxable)</td><td>2,716</td><td>1,701</td><td>3</td><td>63</td><td>261</td><td>31</td><td>208</td><td>449</td></tr><tr><td>Total bank eligible</td><td>65,864</td><td>45,782</td><td>197</td><td>2,210</td><td>3,377</td><td>1,271</td><td>2,072</td><td>10,955</td></tr><tr><td>Total Treasury bonds</td><td>119,323</td><td>47,435</td><td>420</td><td>10,893</td><td>20,647</td><td>2,501</td><td>7,186</td><td>30,240</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>1</td><td>*</td><td>*</td><td>36</td><td>66</td></tr><tr><td>Panama Canal bonds......(wholly)</td><td>50</td><td>1</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>49</td></tr><tr><td>Conversion bonds......(wholly)</td><td>13</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td><td>13</td></tr><tr><td>Total postal savings and other bonds</td><td>179</td><td>14</td><td>*</td><td>1</td><td>*</td><td>*</td><td>36</td><td>128</td></tr><tr><td>Guaranteed securities 5/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Federal Housing Administration debentures 5/......(partially)</td><td>7</td><td>12</td><td>1</td><td>3</td><td>13</td><td>*</td><td>9</td><td>5</td></tr><tr><td>(taxable)</td><td>36</td><td></td><td></td><td></td><td></td><td></td><td></td><td></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>186,394</td><td>73,511</td><td>482</td><td>11,422</td><td>21,523</td><td>2,858</td><td>30,510</td><td>46,088</td></tr></table>
Note: The Treasury Survey commenced with data for March 31,1940 and has been published regularly in the "Treasury Bulletin" since May 1940. Previous issues for September 30, 1940 appeared in the February 1945 issue, page 53; reclassification of data on banks for the period November 1943 through February 1944 appeared in the May 1944 issue, pages 52-57; revisions of data on insurance companies for May 31, 1943 and prior months appeared in the November 1943 issue, pages 52-53. Less than $500 thousand or less than .05% of 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. /Securities which commercial banks may not acquire prior to a specified
5/ Tax (with minor exceptions). See footnote 2, page 22. Guaranteed securities held by the Treasury are not included. Federal tax-exempt securities 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. 7/ Information estimated amount of Federal Housing Administration structures. 8/ 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, August 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="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 2/</th></tr><tr><th></th><th></th><th>7,356 commercial banks 3/</th><th>3½ stock savings banks</th><th>5½ mutual savings banks</th><th>31½ life insurance companies</th><th>6½ 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>3,325</td><td>176</td><td>*</td><td>5</td><td>3</td><td>7</td><td>*</td><td>3,133</td></tr><tr><td>Series E......(taxable)</td><td>30,333</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>30,332</td></tr><tr><td>Series F......(taxable)</td><td>2,925</td><td>220</td><td>1</td><td>10</td><td>16</td><td>25</td><td>1</td><td>2,692</td></tr><tr><td>Series G......(taxable)</td><td>12,895</td><td>479</td><td>6</td><td>228</td><td>99</td><td>171</td><td>12</td><td>11,899</td></tr><tr><td>Total United States savings bonds......</td><td>49,477</td><td>875</td><td>8</td><td>244</td><td>119</td><td>203</td><td>14</td><td>48,016</td></tr><tr><td>Treasury savings notes......(taxable)</td><td>6,688</td><td>104</td><td>3</td><td>*</td><td>*</td><td>7</td><td>21</td><td>6,592</td></tr><tr><td>Depository bonds......(taxable)</td><td>400</td><td>373</td><td>*</td><td>*</td><td>-</td><td>-</td><td>-</td><td>27</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>326</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>56,892</td><td>1,352</td><td>11</td><td>244</td><td>119</td><td>210</td><td>35</td><td>54,595</td></tr></table>
1/ Federal securities fall into three broad groups with respect to imposition of Federal income taxes on income derived therefrom. "Whole tax-exempt securities are exempt from both the normal and special rates. Partial 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. Includes trust companies.
This column includes securities held by these banks and insurance companies which are not covered in the Treasury Survey. See heading to this section.
Under the general bonds, Series B-D, E, and F are shown at current redemption values. They were reported at maturity value by insurance and insurance companies covered in the Treasury Survey but have been adjusted to current redemption values for use in this statement.
Series B-D savings bonds sold prior to March 1, 1941 are partially tax-exempt; those sold on and after that date are fully tax-exempt.
Earnings on securities held by the banks are not included.
C.C.C. demand obligations in the amount of $126 million held by all commercial banks are shown only in total amount outstanding.
Section II - Interest-Bearing Securities Issued by Federal Agencies But not Guaranteed by the United States
(Par value - in millions of dollars)
<table><tr><th>Issue (Tax status 1/ is shown in parentheses)</th><th>Total amount outstanding</th><th colspan="4">Banks 2/</th><th>Insurance companies</th><th>All U. S. Government agencies and trust funds, and Federal Reserve Banks</th><th>Held by all other investors 3/</th></tr><tr><th></th><th></th><th>7.356 commercial banks 2/</th><th>34 stock savings banks</th><th>500 mutual savings banks</th><th>311 life insurance companies</th><th>648 fire, casualty, and marine insurance companies</th><th></th><th></th></tr><tr><td>Federal land bank bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1-1/2$ October 1948-50.........(taxable)</td><td>176</td><td>150</td><td>1</td><td>*</td><td>*</td><td>1</td><td>-</td><td>24</td></tr><tr><td>1-1/4$ May 1950-52.........(taxable)</td><td>214</td><td>150</td><td>-</td><td>4</td><td>*</td><td>*</td><td>-</td><td>59</td></tr><tr><td>1-1/2$ January 1951-53.........(taxable)</td><td>214</td><td>177</td><td>*</td><td>*</td><td>*</td><td>1</td><td>-</td><td>36</td></tr><tr><td>2-1/4$ February 1953-55.........(taxable)</td><td>114</td><td>91</td><td>*</td><td>2</td><td>1</td><td>1</td><td>-</td><td>19</td></tr><tr><td>Total Federal land bank bonds</td><td>718</td><td>569</td><td>1</td><td>7</td><td>1</td><td>3</td><td>-</td><td>137</td></tr><tr><td>Federal intermediate credit bank debentures</td><td>122</td><td>280</td><td>-</td><td>*</td><td>-</td><td>2</td><td>-</td><td>40</td></tr><tr><td>Federal home loan bank debentures</td><td>102</td><td>93</td><td>-</td><td>-</td><td>-</td><td>*</td><td>-</td><td>9</td></tr><tr><td>Total interest-bearing securities issued by Federal agencies but not guaranteed by the United States</td><td>1,143</td><td>941</td><td>2</td><td>7</td><td>1</td><td>5</td><td>-</td><td>187</td></tr></table>
1 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.
November 1946
53
PRICES AND YIELDS OF GOVERNMENT SECURITIES (Including securities issued by Federal agencies)
Treasury Bulletin
54
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
September 30, 1946
Table I.- Securities Issued or Guaranteed by the United States Government
PART A - TAXABLE BONDS, NOTES, AND CERTIFICATES
<table><tr><th>Amount outstanding (Millions)</th><th>Description</th><th colspan="3">Price data (Price decimals are thirty-econds)</th><th colspan="2">Yield data</th><th rowspan="2">Date of issue</th><th colspan="3">Price range since first traded 2/ (Price decimals are thirty-econds)</th><th colspan="3">1986 price range 2/ (Price decimals are thirty-econds)</th></tr><tr><th></th><th></th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Aug. 20, 1986</th><th>Change to earliest yield from Aug. 20, 1986</th><th>High</th><th>Low</th><th>High</th><th>Low</th></tr><tr><td colspan="14">Treasury bonds - bank eligible</td></tr><tr><td>1,115</td><td>2/4 - 3/15/85-50</td><td>101.09</td><td>101.11</td><td>101.10</td><td>-.05</td><td>1.09%</td><td>+0.06%</td><td>1.61%</td><td>3/15/81</td><td>104.05</td><td>8/2/81</td><td>100.22</td><td>2/25/82</td><td>102.12</td><td>3/11</td><td>101.10</td><td>9/30</td></tr><tr><td>3,062</td><td>1-3/4/86 - 6/15/86</td><td>101.01</td><td>101.03</td><td>101.02</td><td>-.06</td><td>1.12</td><td>+0.08</td><td>1.12</td><td>12/1/82</td><td>102.02</td><td>3/2/82</td><td>100.01</td><td>12/23/82</td><td>102.02</td><td>3/2</td><td>101.02</td><td>9/30</td></tr><tr><td>1,014</td><td>2/4 - 6/15/86-51</td><td>102.03</td><td>102.05</td><td>102.04</td><td>-.09</td><td>1.20</td><td>+0.08</td><td>1.53</td><td>1/15/82</td><td>103.22</td><td>3/7/82</td><td>100.06</td><td>8/5/82</td><td>103.22</td><td>3/7</td><td>102.04</td><td>9/30</td></tr><tr><td>1,292</td><td>2/4 - 9/15/86-51</td><td>102.08</td><td>102.10</td><td>102.09</td><td>-.07</td><td>1.21</td><td>+0.05</td><td>1.52</td><td>5/15/82</td><td>105.28</td><td>3/2/82</td><td>100.04</td><td>10/6/82</td><td>105.28</td><td>3/2</td><td>102.09</td><td>9/30</td></tr><tr><td>2,098</td><td>2/4 - 12/15/86-51</td><td>102.12</td><td>102.14</td><td>102.13</td><td>-.09</td><td>1.23</td><td>+0.07</td><td>1.52</td><td>7/15/82</td><td>104.00</td><td>3/16/82</td><td>100.03</td><td>8/5/82</td><td>104.00</td><td>3/2</td><td>102.13</td><td>9/30</td></tr><tr><td>1,963</td><td>2/4 - 3/15/87-52</td><td>102.13</td><td>102.15</td><td>102.14</td><td>-.11</td><td>1.28</td><td>+0.09</td><td>1.53</td><td>10/19/82</td><td>104.01</td><td>11/1/82</td><td>100.01</td><td>11/2/82</td><td>104.01</td><td>3/11</td><td>102.11</td><td>9/30</td></tr><tr><td>4,399</td><td>2/4 - 9/15/87-50</td><td>102.14</td><td>102.16</td><td>102.15</td><td>-.14</td><td>1.36</td><td>+0.10</td><td>1.56</td><td>4/15/83</td><td>104.07</td><td>3/11/83</td><td>100.08</td><td>5/3/83</td><td>104.07</td><td>3/11</td><td>102.15</td><td>9/30</td></tr><tr><td>2,635</td><td>1-1/2/87 - 12/15/87-50</td><td>101.01</td><td>101.03</td><td>101.02</td><td>-.19</td><td>1.26</td><td>+0.07</td><td>1.26</td><td>6/15/83</td><td>102.15</td><td>3/11/83</td><td>100.29</td><td>8/21/83</td><td>102.15</td><td>3/11</td><td>101.00</td><td>9/30</td></tr><tr><td>7,985</td><td>2/4 - 9/15/87-53</td><td>102.22</td><td>102.24</td><td>102.23</td><td>-.16</td><td>1.43</td><td>+0.09</td><td>1.59</td><td>9/15/83</td><td>104.18</td><td>3/11/83</td><td>100.03</td><td>11/8/83</td><td>104.18</td><td>3/11</td><td>102.20</td><td>9/19</td></tr><tr><td>510</td><td>2/4 - 12/15/87-55</td><td>102.26</td><td>102.28</td><td>102.27</td><td>-.16</td><td>1.43</td><td>+0.09</td><td>1.67</td><td>12/15/83</td><td>104.26</td><td>3/11/83</td><td>100.01</td><td>12/5/83</td><td>104.26</td><td>3/11</td><td>102.25</td><td>9/19</td></tr><tr><td>1,024</td><td>3-1/2/87 - 3/15/87-52</td><td>105.04</td><td>105.06</td><td>105.05</td><td>-.13</td><td>1.51</td><td>+0.06</td><td>1.76</td><td>3/11/84</td><td>107.14</td><td>3/11/84</td><td>101.04</td><td>3/30/84</td><td>107.14</td><td>3/11</td><td>105.00</td><td>9/19</td></tr><tr><td>5,872</td><td>2/4 - 6/15/87-55</td><td>103.29</td><td>103.31</td><td>103.30</td><td>-.15</td><td>1.48</td><td>+0.07</td><td>1.51</td><td>6/26/84</td><td>104.27</td><td>2/15/84</td><td>100.08</td><td>1/29/84</td><td>104.27</td><td>2/15</td><td>102.20</td><td>9/19</td></tr><tr><td>8,662</td><td>2/4 - 12/15/87-55</td><td>102.28</td><td>102.30</td><td>102.29</td><td>-.15</td><td>1.51</td><td>+0.07</td><td>1.76</td><td>2/25/84</td><td>106.08</td><td>2/25/84</td><td>100.16</td><td>2/18/84</td><td>106.08</td><td>2/9</td><td>103.25</td><td>9/19</td></tr><tr><td>1,449</td><td>2-1/2/87 - 3/15/87-58</td><td>105.27</td><td>105.29</td><td>105.28</td><td>-.08</td><td>1.71</td><td>+0.02</td><td>1.83</td><td>6/2/81</td><td>110.22</td><td>2/8/81</td><td>101.30</td><td>12/15/81</td><td>110.22</td><td>2/8</td><td>105.20</td><td>9/19</td></tr><tr><td>3,873</td><td>2-1/2/87 - 9/15/87-58</td><td>104.23</td><td>104.25</td><td>104.24</td><td>-.06</td><td>1.73</td><td>+0.02</td><td>1.84</td><td>2/1/81</td><td>107.16</td><td>1/6/81</td><td>100.01</td><td>2/29/81</td><td>107.16</td><td>1/6</td><td>104.08</td><td>9/19</td></tr><tr><td>2,716</td><td>2-1/2/87 - 9/15/87-721/2</td><td>105.04</td><td>105.06</td><td>105.05</td><td>-.10</td><td>2.19</td><td>+0.02</td><td>2.24</td><td>10/30/81</td><td>109.18</td><td>1/6/81</td><td>100.01</td><td>1/2/82</td><td>109.18</td><td>1/6</td><td>104.22</td><td>9/19</td></tr><tr><td colspan="14">Treasury bonds - bank restricted 5/</td></tr><tr><td>5,284</td><td>2-1/2/87 - 6/15/89-52</td><td>101.16</td><td>101.18</td><td>101.17</td><td>-.16</td><td>2.11</td><td>+0.04</td><td>2.13</td><td>5/1/85</td><td>104.20</td><td>4/6/85</td><td>100.15</td><td>9/12/85</td><td>104.20</td><td>4/6</td><td>100.30</td><td>1/2</td></tr><tr><td>3,470</td><td>2-1/2/87 - 12/15/89-62</td><td>101.16</td><td>101.18</td><td>101.17</td><td>-.16</td><td>2.12</td><td>+0.05</td><td>2.14</td><td>11/15/85</td><td>104.21</td><td>1/6/85</td><td>100.14</td><td>12/11/85</td><td>104.21</td><td>1/6</td><td>100.30</td><td>1/2</td></tr><tr><td>2,118</td><td>2-1/2/87 - 6/15/92-67</td><td>104.09</td><td>104.11</td><td>104.10</td><td>-.15</td><td>2.17</td><td>+0.01</td><td>2.24</td><td>5/5/82</td><td>108.12</td><td>4/6/82</td><td>100.00</td><td>8/17/82</td><td>108.12</td><td>4/6</td><td>103.28</td><td>1/2</td></tr><tr><td>2,811</td><td>2-1/2/87 - 12/15/93-68</td><td>103.24</td><td>103.26</td><td>103.25</td><td>-.10</td><td>2.23</td><td>+0.02</td><td>2.28</td><td>12/1/82</td><td>108.03</td><td>4/6/82</td><td>100.00</td><td>2/17/82</td><td>108.03</td><td>4/6</td><td>103.02</td><td>1/2</td></tr><tr><td>3,761</td><td>2-1/2/87 - 6/15/94-69</td><td>103.10</td><td>103.12</td><td>103.11</td><td>-.13</td><td>2.27</td><td>+0.03</td><td>2.31</td><td>1/15/83</td><td>107.25</td><td>4/6/83</td><td>100.00</td><td>3/2/83</td><td>107.25</td><td>4/6</td><td>102.23</td><td>1/2</td></tr><tr><td>3,838</td><td>2-1/2/87 - 12/15/94-69</td><td>103.08</td><td>103.10</td><td>103.09</td><td>-.13</td><td>2.28</td><td>+0.03</td><td>2.32</td><td>2/1/83</td><td>107.24</td><td>4/6/83</td><td>100.00</td><td>3/2/83</td><td>107.24</td><td>4/6</td><td>102.21</td><td>1/2</td></tr><tr><td>3,197</td><td>2-1/2/87 - 3/15/95-70</td><td>103.04</td><td>103.06</td><td>103.05</td><td>-.15</td><td>2.29</td><td>+0.03</td><td>2.32</td><td>2/1/84</td><td>107.23</td><td>4/6/84</td><td>100.00</td><td>2/16/84</td><td>107.23</td><td>4/6</td><td>102.13</td><td>1/2</td></tr><tr><td>3,461</td><td>2-1/2/87 - 3/15/95-71</td><td>103.01</td><td>103.03</td><td>103.02</td><td>-.14</td><td>2.30</td><td>+0.02</td><td>2.34</td><td>12/1/84</td><td>107.22</td><td>4/6/84</td><td>100.05</td><td>12/19/84</td><td>107.22</td><td>4/6</td><td>102.10</td><td>1/2</td></tr><tr><td>7,967</td><td>2-1/2/87 - 6/15/97-72</td><td>102.00</td><td>102.02</td><td>102.01</td><td>-.18</td><td>2.38</td><td>+0.04</td><td>2.39</td><td>6/1/85</td><td>106.16</td><td>4/6/85</td><td>100.21</td><td>9/29/85</td><td>106.16</td><td>4/6</td><td>101.16</td><td>1/3</td></tr><tr><td>11,689</td><td>2-1/2/87 - 12/15/97-72</td><td>102.00</td><td>102.02</td><td>102.01</td><td>-.17</td><td>2.38</td><td>+0.03</td><td>2.40</td><td>11/15/85</td><td>106.16</td><td>4/6/85</td><td>100.21</td><td>12/11/85</td><td>106.16</td><td>4/6</td><td>101.16</td><td>1/3</td></tr><tr><td colspan="14">Treasury notes</td></tr><tr><td>3,261</td><td>1-1/2/87 B-12/15/86</td><td>100.03*</td><td>100.04*</td><td>100.04</td><td>-.02</td><td>.88</td><td>+0.05</td><td>.88</td><td>6/5/82</td><td>101.00</td><td>4/4/82</td><td>100.01</td><td>1/2/83</td><td>100.20</td><td>2/25</td><td>100.04</td><td>9/30</td></tr><tr><td>1,908</td><td>1-1/2/87 B-3/15/87</td><td>100.04*</td><td>100.05*</td><td>100.05</td><td>-.01</td><td>.91</td><td>+0.01</td><td>.91</td><td>6/26/82</td><td>100.30</td><td>3/5/82</td><td>100.05</td><td>9/30/82</td><td>100.17</td><td>2/18</td><td>100.05</td><td>9/30</td></tr><tr><td>2,707</td><td>1-1/2/87 A-9/15/87</td><td>100.17</td><td>100.18</td><td>100.18</td><td>-.02</td><td>.91</td><td>+0.02</td><td>.91</td><td>7/12/83</td><td>101.06</td><td>3/5/83</td><td>100.15</td><td>10/12/83</td><td>101.02</td><td>3/1</td><td>100.18</td><td>9/30</td></tr><tr><td>1,687</td><td>1-1/2/87 C-9/15/87</td><td>100.09*</td><td>100.10*</td><td>100.10</td><td>-.02</td><td>.92</td><td>+0.04</td><td>.92</td><td>12/1/84</td><td>100.23</td><td>2/15/84</td><td>100.06</td><td>12/27/84</td><td>100.23</td><td>2/16</td><td>100.10</td><td>9/30</td></tr><tr><td>3,748</td><td>1-1/2/87 A-9/15/88</td><td>100.24</td><td>100.25</td><td>100.24</td><td>-.08</td><td>1.11</td><td>+1.11</td><td>1.11</td><td>3/15/84</td><td>101.22</td><td>3/2/84</td><td>100.05</td><td>3/8/84</td><td>101.22</td><td>3/2</td><td>100.24</td><td>9/30</td></tr><tr><td colspan="14">Certificates of indebtedness 6/</td></tr><tr><td>3,440</td><td>7/8% B-10/1/86 1/1</td><td>1/1</td><td>1/1</td><td>1/1</td><td>1/1</td><td>1/1</td><td>1/1</td><td>1/1</td><td>10/1/85</td><td>.718</td><td>9/17/85</td><td>.87%</td><td>9/27/86</td><td>.718</td><td>9/17</td><td>.87%</td><td>9/21</td></tr><tr><td>3,778</td><td>7/8% J-11/1/86</td><td>.83%</td><td>.79%</td><td>.81%</td><td>-.015</td><td>-</td><td>-</td><td>-</td><td>12/1/85</td><td>.73%</td><td>2/25/85</td><td>.85%</td><td>12/1/86</td><td>.73%</td><td>2/25</td><td>.84%</td><td>9/26</td></tr><tr><td>3,768</td><td>7/8% K-12/1/86</td><td>.83%</td><td>.79%</td><td>.81%</td><td>-.015</td><td>-</td><td>-</td><td>-</td><td>12/3/85</td><td>.73%</td><td>2/21/85</td><td>.84%</td><td>8/12/86</td><td>.73%</td><td>2/21</td><td>.84%</td><td>8/13</td></tr><tr><td>3,350</td><td>7/8% A-1/1/87</td><td>.84%</td><td>.81%</td><td>.82%</td><td>-.026</td><td>-</td><td>-</td><td>-</td><td>1/1/86</td><td>.76%</td><td>3/1/86</td><td>.84%</td><td>9/30/86</td><td>.76%</td><td>3/4</td><td>.84%</td><td>9/30</td></tr><tr><td>4,994</td><td>7/8% B-2/1/87</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.006</td><td>-</td><td>-</td><td>-</td><td>2/1/86</td><td>.76%</td><td>3/1/86</td><td>.84%</td><td>9/30/86</td><td>.76%</td><td>3/4</td><td>.84%</td><td>9/30</td></tr><tr><td>3,133</td><td>7/8% C-3/1/87</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.006</td><td>-</td><td>-</td><td>-</td><td>3/1/86</td><td>.778</td><td>3/1/86</td><td>.84%</td><td>9/30/86</td><td>.778</td><td>3/4</td><td>.84%</td><td>9/30</td></tr><tr><td>2,820</td><td>7/8% D-5/1/87</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.006</td><td>-</td><td>-</td><td>-</td><td>5/1/86</td><td>.808</td><td>5/1/86</td><td>.84%</td><td>9/30/86</td><td>.808</td><td>3/22</td><td>.84%</td><td>9/30</td></tr><tr><td>2,918</td><td>7/8% P-7/1/87</td><td>.85%</td><td>.83%</td><td>.84%</td><td>.006</td><td>-</td><td>-</td><td>-</td><td>7/1/86</td><td>.828</td><td>5/2/86</td><td>.85%</td><td>9/30/86</td><td>.828</td><td>5/20</td><td>.85%</td><td>9/30</td></tr><tr><td>1,223</td><td>7/8% O-8/1/87</td><td>.85%</td><td>.84%</td><td>.85%</td><td>.014</td><td>-</td><td>-</td><td>-</td><td>8/1/86</td><td>.838</td><td>8/26/86</td><td>.85%</td><td>9/30/86</td><td>.838</td><td>8/26</td><td>.85%</td><td>9/30</td></tr><tr><td>2,941</td><td>7/8% B-9/1/87</td><td>.85%</td><td>.84%</td><td>.85%</td><td>.006</td><td>-</td><td>-</td><td>-</td><td>9/1/86</td><td>.84%</td><td>8/25/86</td><td>.85%</td><td>9/30/86</td><td>.84%</td><td>8/29</td><td>.85%</td><td>9/30</td></tr><tr><td>3/1</td><td>7/8% J-10/1/87</td><td>.85%</td><td>.84%</td><td>.85%</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10/1/86</td><td>.85%</td><td>9/30/86</td
(Continued on following page)
November 1946
55
Over-the-Counter Closing Quotations on Public Marketable Securities Issued by the United States Government and by Federal Agencies
September 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 Aug. 30, 1946</th><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Aug. 30, 1946</th></tr><tr><td>$1,308</td><td>10/3/46</td><td>7/5/46</td><td>.375%</td><td>.30%</td><td>.29%</td><td>-.05%</td><td>$1,308</td><td>11/21/46</td><td>8/22/46</td><td>.375%</td><td>.32%</td><td>.35%</td><td>-.01%</td></tr><tr><td>1,315</td><td>10/10/46</td><td>7/11/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.03</td><td>1,302</td><td>11/29/46</td><td>8/29/46</td><td>.375</td><td>.34</td><td>.36</td><td>-.00</td></tr><tr><td>1,311</td><td>10/17/46</td><td>7/18/46</td><td>.375</td><td>.25</td><td>.31</td><td>-.04</td><td>1,309</td><td>12/5/46</td><td>9/5/46</td><td>.375</td><td>.34</td><td>.36</td><td>–</td></tr><tr><td>1,305</td><td>10/24/46</td><td>7/25/46</td><td>.375</td><td>.25</td><td>.31</td><td>–.04</td><td>1,305</td><td>12/12/46</td><td>9/12/46</td><td>.375</td><td>.35</td><td>.36</td><td>–</td></tr><tr><td>1,306</td><td>10/31/46</td><td>8/1/46</td><td>.375</td><td>.30</td><td>.34</td><td>–.02</td><td>1,305</td><td>12/19/46</td><td>9/19/46</td><td>.375</td><td>.35</td><td>.36</td><td>–</td></tr><tr><td>1,315</td><td>11/7/46</td><td>8/8/46</td><td>.375</td><td>.30</td><td>.34</td><td>–.02</td><td>1,303</td><td>12/26/46</td><td>9/26/46</td><td>.375</td><td>.35</td><td>.36</td><td>–</td></tr><tr><td>1,314</td><td>11/11/46</td><td>8/15/46</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 date (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 Aug. 30, 1946</th><th>Yield to earliest call 2/</th><th>Change in yield from Aug. 30, 1946</th><th>Yield to maturity 3/</th><th></th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr><tr><td colspan="2">Treasury bonds</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>$ 759</td><td>1-1/16$ - 10/15/17-52</td><td>103.19</td><td>103.21</td><td>103.20</td><td>-.09</td><td>.74%</td><td>.02%</td><td>3.56%</td><td>10/16/22</td><td>122.22</td><td>12/11/40</td><td>98.18</td><td>10/8/23</td><td>106.12</td><td>1/24</td><td>103.20</td><td>9/30</td></tr><tr><td>701</td><td>2-3/4$ - 12/15/17-7</td><td>101.15</td><td>101.17</td><td>101.16</td><td>-.02</td><td>.75</td><td>-.02</td><td>.75</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>101.16</td><td>9/30</td></tr><tr><td>1,223</td><td>2-3/4$ - 3/15/18-51</td><td>102.22</td><td>102.24</td><td>102.23</td><td>-.10</td><td>.87</td><td>+.11</td><td>2.11</td><td>3/15/36</td><td>111.18</td><td>12/12/40</td><td>99.10</td><td>8/1/37</td><td>104.13</td><td>1/29</td><td>102.23</td><td>9/30</td></tr><tr><td>451</td><td>2-1/2$ - 9/15/18-50</td><td>103.05</td><td>103.07</td><td>103.06</td><td>-.09</td><td>.85</td><td>-.07</td><td>.85</td><td>3/15/38</td><td>111.01</td><td>12/12/40</td><td>100.30</td><td>8/2/58</td><td>104.24</td><td>3/11</td><td>103.06</td><td>9/30</td></tr><tr><td>571</td><td>2-1/2$ - 12/15/18-50</td><td>102.16</td><td>102.18</td><td>102.17</td><td>-.08</td><td>.84</td><td>+.07</td><td>1.38</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>102.17</td><td>9/30</td></tr><tr><td>491</td><td>1-1/8$ - 12/15/19-52</td><td>106.26</td><td>106.28</td><td>106.27</td><td>-.11</td><td>.95</td><td>+.05</td><td>1.95</td><td>12/15/31</td><td>115.04</td><td>12/12/40</td><td>101.07</td><td>12/15/31</td><td>108.30</td><td>1/28</td><td>106.27</td><td>9/30</td></tr><tr><td>1,186</td><td>2-1/2$ - 12/15/19-52</td><td>104.25</td><td>104.27</td><td>104.26</td><td>-.11</td><td>.97</td><td>+.07</td><td>1.79</td><td>12/15/35</td><td>108.28</td><td>12/10/40</td><td>96.19</td><td>8/8/37</td><td>106.18</td><td>3/12</td><td>104.26</td><td>9/30</td></tr><tr><td>1,186</td><td>2-1/2$ - 9/15/50-52</td><td>105.19</td><td>105.21</td><td>105.20</td><td>-.14</td><td>1.04</td><td>-.08</td><td>1.51</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>105.20</td><td>9/30</td></tr><tr><td>1,527</td><td>2-1/4$ - 6/15/51-54</td><td>107.12</td><td>107.14</td><td>107.13</td><td>-.10</td><td>1.13</td><td>-.04</td><td>1.72</td><td>6/15/36</td><td>110.26</td><td>11/2/41</td><td>98.16</td><td>4/1/37</td><td>109.77</td><td>1/28</td><td>107.13</td><td>9/30</td></tr><tr><td>755</td><td>3-1/4$ - 9/15/51-55</td><td>108.29</td><td>108.31</td><td>108.30</td><td>-.14</td><td>1.14</td><td>+.06</td><td>1.91</td><td>9/15/37</td><td>113.24</td><td>12/30/41</td><td>82.08</td><td>1/11/32</td><td>111.21</td><td>1/15</td><td>108.30</td><td>9/30</td></tr><tr><td>1,118</td><td>2-1/16$ - 12/15/51-53</td><td>105.15</td><td>105.17</td><td>105.16</td><td>-.17</td><td>1.16</td><td>+.09</td><td>1.44</td><td>12/22/39</td><td>108.01</td><td>3/10/45</td><td>101.08</td><td>5/24/40</td><td>107.25</td><td>3/12</td><td>105.16</td><td>9/30</td></tr><tr><td>759</td><td>2-1/4$ - 6/15/51-53</td><td>106.07</td><td>106.09</td><td>106.08</td><td>-.24</td><td>1.18</td><td>-.10</td><td>1.35</td><td>10/17/40</td><td>107.25</td><td>1/12/46</td><td>101.19</td><td>2/15/41</td><td>107.25</td><td>3/12</td><td>106.08</td><td>9/30</td></tr><tr><td>681</td><td>2-1/16$ - 6/15/51-56</td><td>106.30</td><td>107.00</td><td>106.31</td><td>-.11</td><td>1.30</td><td>+.13</td><td>1.48</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>106.31</td><td>9/30</td></tr><tr><td>2,611</td><td>2-7/8$ - 3/15/55-60</td><td>111.13</td><td>111.15</td><td>111.14</td><td>-.12</td><td>1.43</td><td>+.11</td><td>1.91</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>111.13</td><td>9/19</td></tr><tr><td>982</td><td>2-3/4$ - 9/15/55-59</td><td>111.19</td><td>111.21</td><td>111.20</td><td>-.12</td><td>1.49</td><td>+.13</td><td>1.74</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>111.20</td><td>9/30</td></tr><tr><td>319</td><td>2-3/16$ - 6/15/58-63</td><td>112.02</td><td>112.04</td><td>112.03</td><td>-.16</td><td>1.61</td><td>+.15</td><td>1.90</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>112.03</td><td>9/30</td></tr><tr><td>1,485</td><td>2-3/4$ - 12/15/60-65</td><td>113.15</td><td>113.17</td><td>113.16</td><td>-.20</td><td>1.68</td><td>+.15</td><td>1.91</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>113.16</td><td>9/30</td></tr><tr><td colspan="2">Other bonds 2/</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>13</td><td>3% Conversion -1/1/47</td><td>100.18</td><td>-</td><td>100.18</td><td>-.02</td><td>.75</td><td>-.33</td><td>.75</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>100.18</td><td>9/30</td></tr><tr><td>50</td><td>5% Panama Canal-6/1/61</td><td>127.00</td><td>129.00</td><td>128.00</td><td>-2.00</td><td>.95</td><td>+.11</td><td>.95</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>128.00</td><td>9/30</td></tr></table>
1/ Exclude Federal Housing Administration debentures (the only interest-bearing public marketable guaranteed securities outstanding). 
2/ For purposes of this notice, the market price of a security is 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. Rates of highs and lows, in case of recurrence, are the latest dates. 
3/ Market quotations, if available, to be 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/ Not quoted on September 30, 1946; quoted on a price basis at par from September 20 through September 27, 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 September 30, 1946 - (Continued)
Table II.- Securities Issued by Federal Agencies but not Guaranteed by the United States
<table><tr><th rowspan="2">Amount outstanding (Millions)</th><th rowspan="2">Description</th><th colspan="3">Price data (Price decimals are thirty-seconds)</th><th colspan="3">Yield data</th><th rowspan="2">Date of issue</th><th colspan="4">Price range since first traded 1/ (Price decimals are thirty-seconds)</th><th colspan="4">1946 price range 1/ (Price decimals are thirty-seconds)</th></tr><tr><th>Bid</th><th>Ask</th><th>Mean</th><th>Change in mean from Aug. 30, 1946</th><th>Yield to earliest call 1/ Aug. 30, 1946</th><th>Change in yield from maturity 1/</th><th colspan="2">High</th><th colspan="2">Low</th><th colspan="2">High</th><th colspan="2">Low</th></tr><tr><th colspan="11"></th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th><th>Price</th><th>Date</th></tr></table>
Taxable securities
<table><tr><th colspan="14">Federal Home Loan Bank debentures 3/</th></tr><tr><td>$67 35</td><td>90% B- 10/15/46 1.00% D- 10/15/46</td><td>1.10%</td><td>-</td><td>1.10%</td><td>.00%</td><td>-</td><td>-</td><td>4/15/46 8/15/46</td><td>.85%</td><td>7/22/46</td><td>1.10%</td><td>9/30/46</td><td>.85%</td><td>7/22</td><td>1.10%</td><td>9/30</td></tr><tr><td></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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><th colspan="14">Federal Intermediate Credit Bank debentures 1/</th></tr><tr><td>43</td><td>90% - 10/1/46</td><td>100.00</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/</td><td>5/1/46</td><td>100.00</td><td>9/27/46</td><td>100.00</td><td>9/27/46</td><td>100.00</td><td>9/27</td><td>100.00</td><td>9/27</td></tr><tr><td>31</td><td>7/8% - 11/1/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875%</td><td>.000%</td><td>2/1/46</td><td>100.00</td><td>9/30/46</td><td>100.00</td><td>9/30/46</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td>38</td><td>.825% - 12/2/46</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.825</td><td>.000</td><td>3/1/46</td><td>100.00</td><td>9/30/46</td><td>100.00</td><td>9/30/46</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td>39</td><td>7/8% - 1/2/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>.875</td><td>.000</td><td>4/1/46</td><td>100.00</td><td>9/30/46</td><td>100.00</td><td>9/30/46</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td>22 24</td><td>.90% - 2/1/47 3/1/47</td><td>100.00 100.00</td><td>-</td><td>100.00 100.00</td><td>.00 .00</td><td>.90 .90</td><td>.00 .90</td><td>5/1/46 6/1/46</td><td>100.00 100.00</td><td>9/30/46 9/30/46</td><td>100.00 100.00</td><td>9/30/46 9/30/46</td><td>100.00 100.00</td><td>9/30</td><td>100.00</td><td>9/30</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>7/1/46</td><td>100.00</td><td>9/30/46</td><td>100.00</td><td>9/30/46</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</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>8/1/46</td><td>100.00</td><td>9/30/46</td><td>100.00</td><td>9/30/46</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><td>33</td><td>1.00% - 6/2/47</td><td>100.00</td><td>-</td><td>100.00</td><td>.00</td><td>1.00</td><td>.00</td><td>9/3/46</td><td>100.00</td><td>9/30/46</td><td>100.00</td><td>9/30/46</td><td>100.00</td><td>9/30</td><td>100.00</td><td>9/30</td></tr><tr><th colspan="14">Federal Land Bank bonds 5/</th></tr><tr><td>176</td><td>1-1/2% - 10/1/48-50</td><td>100.08</td><td>100.12</td><td>100.10</td><td>-.08</td><td>1.74</td><td>+.12</td><td>1.42</td><td>8/1/45</td><td>101.10</td><td>3/6/46</td><td>100.10</td><td>9/30/46</td><td>101.10</td><td>3/6</td><td>100.10</td><td>9/30</td></tr><tr><td>213</td><td>1-1/4% - 5/1/50-52</td><td>99.08</td><td>99.14</td><td>99.11</td><td>-.11</td><td>1.44</td><td>+.10</td><td>1.37</td><td>5/1/46</td><td>100.02</td><td>4/17/46</td><td>99.10</td><td>9/25/46</td><td>100.02</td><td>4/17</td><td>99.10</td><td>9/25</td></tr><tr><td>214</td><td>1-1/2% - 1/1/51-53</td><td>99.28</td><td>100.02</td><td>99.31</td><td>-.09</td><td>1.51</td><td>+.07</td><td>1.51</td><td>1/2/46</td><td>101.22</td><td>3/11/46</td><td>99.70</td><td>9/27/46</td><td>101.22</td><td>3/11</td><td>99.70</td><td>9/27</td></tr><tr><td>114</td><td>2-1/4% - 2/1/53-55</td><td>103.08</td><td>103.16</td><td>103.12</td><td>-.16</td><td>1.69</td><td>+.08</td><td>1.81</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>103.10</td><td>9/25</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 high and low, in case of recurrence, are the latest dates.
2/ Market convention treats the yield to earliest call date as more significant when an issue is selling above par; the yield to maturity as more significant when an issue is selling at or below par.
3/ Quoted on a yield basis. Series D debentures were issued to refund
a like amount of series C debentures which were issued on July 1, and matured on August 15, 1946. Series C and D were inadvertently, quoted from this table for July 31 and August 30, respectively. Prices quoted are subject to a dealer's commission. These occurries are not shown until date of issue. Not quoted on September 30, 1946. Excludes issues completely held by Farm Credit Administration agencies.
November 1946
57
YIELDS OF TREASURY SECURITIES SEPT. 30, 1946
Based on Mean of Closing Bid and Asked Quotations
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 corporate bonds 1/</th><th>High-grade corporate bonds 2/</th><th>Date</th><th>Partially tax-exempt Treasury bonds 2/</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></table>
Monthly series 3/
<table><tr><td>1938-Jan.</td><td>2.69</td><td>3.17</td><td>1941-Jan.</td><td>2.12</td><td>2.57</td><td>1944-Jan.</td><td>1.95</td><td>2.49</td></tr><tr><td>Feb.</td><td>2.68</td><td>3.15</td><td>Feb.</td><td>2.22</td><td>2.71</td><td>Feb.</td><td>1.93</td><td>2.49</td></tr><tr><td>Mar.</td><td>2.67</td><td>3.16</td><td>Mar.</td><td>2.12</td><td>2.73</td><td>Mar.</td><td>1.91</td><td>2.48</td></tr><tr><td>Apr.</td><td>2.66</td><td>3.25</td><td>Apr.</td><td>2.07</td><td>2.76</td><td>Apr.</td><td>1.94</td><td>2.48</td></tr><tr><td>May</td><td>2.56</td><td>3.14</td><td>May</td><td>2.04</td><td>2.75</td><td>May</td><td>1.94</td><td>2.49</td></tr><tr><td>June.</td><td>2.58</td><td>3.15</td><td>June.</td><td>2.01</td><td>2.70</td><td>June.</td><td>1.91</td><td>2.48</td></tr><tr><td>July.</td><td>2.58</td><td>3.12</td><td>July.</td><td>1.98</td><td>2.66</td><td>July.</td><td>1.89</td><td>2.49</td></tr><tr><td>Aug.</td><td>2.57</td><td>3.10</td><td>Aug.</td><td>2.01</td><td>2.65</td><td>Aug.</td><td>1.90</td><td>2.57</td></tr><tr><td>Sept.</td><td>2.53</td><td>3.12</td><td>Sept.</td><td>2.02</td><td>2.64</td><td>Sept.</td><td>1.93</td><td>2.47</td></tr><tr><td>Oct.</td><td>2.52</td><td>3.05</td><td>Oct.</td><td>1.98</td><td>2.61</td><td>Oct.</td><td>1.93</td><td>2.45</td></tr><tr><td>Nov.</td><td>2.50</td><td>3.04</td><td>Nov.</td><td>1.97</td><td>2.58</td><td>Nov.</td><td>1.90</td><td>2.48</td></tr><tr><td>Dec.</td><td>2.56</td><td>3.02</td><td>Dec.</td><td>2.06</td><td>2.57</td><td>Dec.</td><td>1.87</td><td>2.59</td></tr><tr><td>1939-Jan.</td><td>2.51</td><td>2.96</td><td>1942-Jan.</td><td>2.10</td><td>2.85</td><td>1945-Jan.</td><td>1.81</td><td>2.48</td></tr><tr><td>Feb.</td><td>2.51</td><td>2.90</td><td>Feb.</td><td>2.17</td><td>2.86</td><td>Feb.</td><td>1.75</td><td>2.38</td></tr><tr><td>Mar.</td><td>2.43</td><td>2.87</td><td>Mar.</td><td>2.10</td><td>2.80</td><td>Mar.</td><td>1.70</td><td>2.51</td></tr><tr><td>Apr.</td><td>2.38</td><td>2.92</td><td>Apr.</td><td>2.07</td><td>2.77</td><td>Apr.</td><td>1.68</td><td>2.39</td></tr><tr><td>May.</td><td>2.27</td><td>2.86</td><td>May.</td><td>2.06</td><td>2.76</td><td>May.</td><td>1.68</td><td>2.53</td></tr><tr><td>June.</td><td>2.22</td><td>2.78</td><td>June.</td><td>2.04</td><td>2.75</td><td>June.</td><td>1.63</td><td>2.35</td></tr><tr><td>July.</td><td>2.23</td><td>2.76</td><td>July.</td><td>2.04</td><td>2.74</td><td>July.</td><td>1.63</td><td>2.53</td></tr><tr><td>Aug.</td><td>2.27</td><td>2.79</td><td>Aug.</td><td>2.06</td><td>2.73</td><td>Aug.</td><td>1.68</td><td>2.56</td></tr><tr><td>Sept.</td><td>2.67</td><td>3.29</td><td>Sept.</td><td>2.08</td><td>2.73</td><td>Sept.</td><td>1.68</td><td>2.56</td></tr><tr><td>Oct.</td><td>2.60</td><td>3.14</td><td>Oct.</td><td>2.09</td><td>2.72</td><td>Oct.</td><td>1.62</td><td>2.54</td></tr><tr><td>Nov.</td><td>2.46</td><td>2.93</td><td>Nov.</td><td>2.10</td><td>2.72</td><td>Nov.</td><td>1.56</td><td>2.54</td></tr><tr><td>Dec.</td><td>2.35</td><td>2.89</td><td>Dec.</td><td>2.11</td><td>2.70</td><td>Dec.</td><td>1.53</td><td>2.54</td></tr><tr><td>1940-Jan.</td><td>2.30</td><td>2.81</td><td>1943-Jan.</td><td>2.11</td><td>2.68</td><td>1946-Jan.</td><td>2.21</td><td>2.43</td></tr><tr><td>Feb.</td><td>2.32</td><td>2.79</td><td>Feb.</td><td>2.11</td><td>2.65</td><td>Feb.</td><td>2.12</td><td>2.36</td></tr><tr><td>Mar.</td><td>2.26</td><td>2.77</td><td>Mar.</td><td>2.12</td><td>2.70</td><td>Mar.</td><td>2.09</td><td>2.35</td></tr><tr><td>Apr.</td><td>2.26</td><td>2.74</td><td>Apr.</td><td>2.05</td><td>2.68</td><td>Apr.</td><td>2.08</td><td>2.37</td></tr><tr><td>May.</td><td>2.29</td><td>2.87</td><td>May.</td><td>1.96</td><td>2.65</td><td>May.</td><td>2.19</td><td>2.54</td></tr><tr><td>June.</td><td>2.30</td><td>2.93</td><td>June.</td><td>1.91</td><td>2.63</td><td>June.</td><td>2.16</td><td>2.42</td></tr><tr><td>July.</td><td>2.30</td><td>2.85</td><td>July.</td><td>1.91</td><td>2.58</td><td>July.</td><td>2.18</td><td>2.43</td></tr><tr><td>Aug.</td><td>2.31</td><td>2.80</td><td>Aug.</td><td>1.92</td><td>2.57</td><td>August.</td><td>2.23</td><td>2.44</td></tr><tr><td>Sept.</td><td>2.25</td><td>2.71</td><td>Sept.</td><td>1.90</td><td>2.59</td><td>Sept.</td><td>2.28</td><td>2.50</td></tr><tr><td>Oct.</td><td>2.21</td><td>2.70</td><td>Oct.</td><td>1.90</td><td>2.60</td><td></td><td></td><td></td></tr><tr><td>Nov.</td><td>2.09</td><td>2.55</td><td>Nov.</td><td>1.94</td><td>2.61</td><td></td><td></td><td></td></tr><tr><td>Dec.</td><td>2.01</td><td>2.59</td><td>Dec.</td><td>1.95</td><td>2.63</td><td></td><td></td><td></td></tr></table>
Weekly series - Saturday riguroo 5/
<table><tr><td>1946-Apr.</td><td>6</td><td>13</td><td>20</td><td>27</td><td>May</td><td>1</td><td>8</td><td>15</td><td>22</td><td>29</td></tr><tr><td></td><td>2.01</td><td>2.05</td><td>2.10</td><td>2.15</td><td></td><td>2.18</td><td>2.20</td><td>2.17</td><td>2.19</td><td>2.17</td></tr><tr><td></td><td>2.37</td><td>2.36</td><td>2.37</td><td>2.39</td><td></td><td>2.44</td><td>2.43</td><td>2.45</td><td>2.44</td><td>2.44</td></tr><tr><td>1946-June</td><td>7</td><td>14</td><td>21</td><td>28</td><td>July</td><td>5</td><td>12</td><td>19</td><td>26</td><td></td></tr><tr><td></td><td>2.17</td><td>2.15</td><td>2.16</td><td>2.16</td><td></td><td>2.14</td><td>2.17</td><td>2.19</td><td>2.21</td><td></td></tr><tr><td></td><td>2.44</td><td>2.42</td><td>2.40</td><td>2.40</td><td></td><td>2.40</td><td>2.41</td><td>2.42</td><td>2.42</td><td></td></tr><tr><td>1946-Aug.</td><td>2</td><td>9</td><td>16</td><td>23</td><td>30</td><td>Sept.</td><td>6</td><td>13</td><td>20</td><td>27</td></tr><tr><td></td><td>2.23</td><td>2.22</td><td>2.23</td><td>2.24</td><td>2.25</td><td></td><td>2.27</td><td>2.29</td><td>2.30</td><td>2.28</td></tr><tr><td></td><td>2.43</td><td>2.44</td><td>2.44</td><td>2.46</td><td></td><td></td><td>2.49</td><td>2.49</td><td>2.50</td><td>2.49</td></tr></table>
Daily earlss
<table><tr><td>1946-Sept.</td><td>2</td><td>3</td><td>4</td><td>5</td><td>6</td><td>7</td><td>8</td><td>9</td><td>10</td><td>11</td></tr><tr><td></td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td><td>......</td></tr><tr><td></td><td>2.26</td><td>2.27</td><td>2.27</td><td>2.27</td><td>2.27</td><td>2.27</td><td>2.30</td><td>2.30</td><td>2.29</td><td>2.29</td></tr><tr><td>6/</td><td>6/</td><td>2.47</td><td>2.49</td><td>2.49</td><td>2.49</td><td>2.49</td><td>2.49</td><td>2.49</td><td>2.50</td><td>2.50</td></tr><tr><td>Sept.12</td><td>13</td><td>14</td><td>15</td><td>16</td><td>17</td><td>18</td><td>19</td><td>20</td><td>21</td><td>22</td></tr><tr><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td><td>1/</td></tr><tr><td>2.26</td><td>2.29</td><td>2.31</td><td>2.29</td><td>2.30</td><td>2.30</td><td>2.31</td><td>2.30</td><td>2.30</td><td>2.30</td><td>2.30</td></tr><tr><td>2.49</td><td>2.49</td><td>2.51</td><td>2.51</td><td>2.50</td><td>2.50</td><td>2.50</td><td>2.50</td><td>2.50</td><td>2.50</td><td>2.50</td></tr><tr><td>Sept.23</td><td>24</td><td>25</td><td>26</td><td>27</td><td>28</td><td>29</td><td>30</td><td>......</td><td>......</td><td>......</td></tr><tr><td>2.29</td><td>2.28</td><td>2.27</td><td>2.28</td><td>2.28</td><td>2.28</td><td>2.28</td><td>2.28</td><td>......</td><td>......</td><td>......</td></tr><tr><td>2.51</td><td>2.51</td><td>2.49</td><td>2.49</td><td>2.49</td><td>2.49</td><td>2.49</td><td>2.49</td><td>......</td><td>......</td><td>......</td></tr></table>
1: Treasury bond yields are computed on the basis of the mean of closing bid and ask quotations in the over-the-counter market, beginning December 1, 1936. For all bonds sold 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 average of closing prices on the New York Stock 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. 1/ Average of Treasury bonds neither due nor callable for fifteen years. For discussion of composition of average see "Treasury Bulletin" of January 1944, page 3. For explanation of why the average 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 is 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 51. 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 2.54. See footnote 2. 5/ On days when the exchanges are closed, the date and prices of the previous day are used. 6/ Bolliday. 7/ Market closed.
AVERAGE YIELDS OF LONG-TERM TREASURY AND CORPORATE BONDS
Monthly Series
November 1946
59
$\downarrow$ 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
INTERNAL REVENUE STATISTICS
November 1946
61
Summary of Internal Revenue Collections
(In thousands of dollars)
<table><tr><th rowspan="2">Fiscal year or month</th><th rowspan="2">Total receipts from internal revenue (Daily Treasury Statement)</th><th rowspan="2">Adjustment to Daily Treasury Statement</th><th rowspan="2">Total internal revenue collections</th><th colspan="4">Income and profit taxes</th><th colspan="4">Employment taxes</th></tr><tr><th>Total income and profit taxes</th><th>individual</th><th>Corporation income and excess profit tax</th><th>Miscellaneous profit taxes</th><th>Total employment taxes</th><th>Social Security taxes</th><th>Old-age insurance</th><th>Unemployment insurance</th><th>Railroad retirement</th></tr><tr><td>1937</td><td>4,597,140</td><td>-17,168</td><td>4,579,972</td><td>2,179,828</td><td>1,091,741</td><td>1,056,909</td><td>31,178</td><td>265,705</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>119,476</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>1,028,874</td><td>1,122,591</td><td>33,740</td><td>740,829</td><td>529,836</td><td>101,167</td><td>109,827</td></tr><tr><td>1940</td><td>5,303,134</td><td>-19,637</td><td>5,322,771</td><td>2,129,509</td><td>982,017</td><td>1,120,582</td><td>27,010</td><td>833,521</td><td>505,350</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>100,058</td><td>137,871</td></tr><tr><td>1942</td><td>12,993,118</td><td>-36,197</td><td>13,029,915</td><td>8,006,884</td><td>1,262,800</td><td>4,687,462</td><td>56,621</td><td>1,185,362</td><td>895,336</td><td>119,517</td><td>170,409</td></tr><tr><td>1943</td><td>22,143,959</td><td>-224,755</td><td>22,368,724</td><td>16,948,888</td><td>6,629,972</td><td>9,984,715</td><td>84,201</td><td>1,498,705</td><td>1,131,946</td><td>196,308</td><td>211,351</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>14,629,334</td><td>117,452</td><td>1,738,172</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>186,089</td><td>284,758</td></tr><tr><td>1946</td><td>40,310,333</td><td>-361,585</td><td>40,671,919</td><td>31,258,138</td><td>18,704,536</td><td>12,462,437</td><td>91,165</td><td>1,700,828</td><td>1,237,825</td><td>178,745</td><td>284,258</td></tr><tr><td>1945-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>6,119</td><td>243,313</td><td>197,920</td><td>9,990</td><td>35,433</td></tr><tr><td>December</td><td>3,948,437</td><td>+656,276</td><td>3,922,161</td><td>2,741,561</td><td>586,112</td><td>2,142,631</td><td>12,817</td><td>39,012</td><td>4,455</td><td>818</td><td>33,739</td></tr><tr><td>1946-January</td><td>3,451,384</td><td>-473,348</td><td>3,928,731</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>3,683,888</td><td>-418,288</td><td>4,102,106</td><td>3,206,274</td><td>2,839,049</td><td>363,553</td><td>3,672</td><td>293,140</td><td>183,229</td><td>98,737</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>19,633</td></tr><tr><td>April</td><td>2,310,098</td><td>-105,735</td><td>2,415,833</td><td>1,703,02</td><td>1,216,546</td><td>481,232</td><td>5,095</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>-268,165</td><td>2,571,957</td><td>1,662,967</td><td>1,420,591</td><td>239,044</td><td>3,332</td><td>269,869</td><td>238,062</td><td>10,530</td><td>21,277</td></tr><tr><td>June</td><td>4,080,492</td><td>+578,679</td><td>3,501,813</td><td>2,836,577</td><td>1,083,189</td><td>1,737,770</td><td>15,618</td><td>54,673</td><td>3,770</td><td>1,213</td><td>49,630</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>521,214</td><td>4,095</td><td>115,696</td><td>109,960</td><td>3,269</td><td>2,457</td></tr><tr><td>August</td><td>2,494,499</td><td>-281,431</td><td>2,735,890</td><td>1,765,699</td><td>1,415,371</td><td>316,082</td><td>4,196</td><td>280,853</td><td>239,705</td><td>8,475</td><td>32,674</td></tr><tr><td>September</td><td>4,291,209</td><td>+680,214</td><td>3,610,995</td><td>2,907,267</td><td>1,227,325</td><td>1,669,691</td><td>10,052</td><td>57,335</td><td>5,523</td><td>1,624</td><td>90,188</td></tr></table>
<table><tr><th>Fiscal year or month</th><th>Total miscellaneous internal revenue</th><th>Capital stock tax</th><th>Estate and gift taxes</th><th>Alcoholic beverage taxes</th><th>Tobacco taxes</th><th>Stamp taxes</th><th>Manufacturers' and retailers' excise taxes</th><th>Miscellaneous taxes</th></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></tr><tr><td>1938</td><td>2,272,158</td><td>139,349</td><td>416,874</td><td>567,669</td><td>567,777</td><td>46,233</td><td>416,754</td><td>117,502</td></tr><tr><td>1939</td><td>2,235,821</td><td>127,203</td><td>360,715</td><td>587,605</td><td>579,784</td><td>41,083</td><td>396,891</td><td>143,540</td></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></tr><tr><td>1941</td><td>2,994,553</td><td>166,653</td><td>407,058</td><td>819,869</td><td>697,712</td><td>39,057</td><td>617,373</td><td>206,831</td></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></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></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></tr><tr><td>1945</td><td>6,999,634</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>1,430,438</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></tr><tr><td>1945-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>93,411</td><td>92,888</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></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></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></tr><tr><td>1946-January</td><td>642,520</td><td>192</td><td>60,793</td><td>221,156</td><td>95,736</td><td>7,952</td><td>135,869</td><td>120,821</td></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></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></tr><tr><td>April</td><td>614,484</td><td>1,158</td><td>65,599</td><td>218,055</td><td>96,468</td><td>7,371</td><td>111,281</td><td>118,553</td></tr><tr><td>May</td><td>647,121</td><td>742</td><td>63,980</td><td>218,151</td><td>112,601</td><td>8,486</td><td>123,387</td><td>119,260</td></tr><tr><td>June</td><td>610,563</td><td>182</td><td>62,867</td><td>198,494</td><td>99,624</td><td>8,219</td><td>130,962</td><td>110,215</td></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>148,437</td><td>143,126</td></tr><tr><td>August</td><td>689,388</td><td>62</td><td>57,974</td><td>236,146</td><td>109,617</td><td>1,528</td><td>143,051</td><td>135,011</td></tr><tr><td>September</td><td>646,393</td><td>230</td><td>42,885</td><td>226,205</td><td>101,834</td><td>6,631</td><td>140,722</td><td>127,927</td></tr></table>
(1) Total receipts from internal revenue: Daily Treasury Statement; (2) Detailed collections by type of tax: Reports of collections made by collectors of internal revenue.
1/ Excludes collections for credit to certain trust accounts for territories and insular possessions, etc.
2/ Includes collections of tax withheld by employers pursuant to the Revenue Act of 1942 and the Current Tax Payment Act of 1943.
3/ Includes income tax collections on Alaskan Railroads. The excess profits tax included in this column is that imposed under the Second Revenue Act of 1940, as amended.
4/ Consists of the declared value excess profits tax, the profit limit
5/ Represents collections under the Federal Insurance Contributions Act commencing September 1939; prior thereto, collections under Title VIII of the Social Security Act.
6/ Represents collections under the Federal Unemployment Tax Act commencing September 1939; prior thereto, collections under Title IX of the Social Security Act.
7/ Represents collections under the Carriers Taxing Act of 1937.
8/ Includes tax collections under the Sugar Act of 1937 and under the dividends tax imposed by the Act of June 16, 1933.
62
Treasury Bulletin
COLLECTIONS OF INTERNAL REVENUE
Includes miscellaneous profits taxes
Office of the Secretary of the Treasury, Division of Research and Statistics
B-165-G
November 1946
63
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 3 months</th><th>September 1945</th><th>September 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>Income and profits taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Individual:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Withheld by employers:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Current Tax Payment Act of 1943 2/</td><td>10,263,418</td><td>9,857,466</td><td>2,741,901</td><td>2,255,757</td><td>31,758</td><td>29,160</td></tr><tr><td>Revenue Act of 1942</td><td>802</td><td>123</td><td>54</td><td>172</td><td>6</td><td>159</td></tr><tr><td>Current 3/</td><td>8,567,147</td><td>8,430,377</td><td>1,517,001</td><td>1,546,394</td><td>1,111,706</td><td>1,162,805</td></tr><tr><td>Back</td><td>202,947</td><td>416,571</td><td>61,177</td><td>102,506</td><td>18,806</td><td>34,871</td></tr><tr><td>Total individual income taxes</td><td>19,034,313</td><td>18,704,536</td><td>4,320,133</td><td>3,874,839</td><td>1,162,276</td><td>1,207,325</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>1,003,572</td><td>925,160</td><td>768,229</td><td>656,083</td></tr><tr><td>Back</td><td>458,034</td><td>738,032</td><td>122,334</td><td>100,566</td><td>26,962</td><td>36,024</td></tr><tr><td>Excess profit taxes (Second Revenue Act of 1940, as amended)</td><td>11,003,520</td><td>7,822,888</td><td>2,241,688</td><td>1,511,360</td><td>1,584,363</td><td>977,784</td></tr><tr><td>Total corporation taxes</td><td>15,883,235</td><td>12,462,837</td><td>3,367,594</td><td>2,537,086</td><td>2,379,553</td><td>1,669,891</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>114,798</td><td>91,130</td><td>23,357</td><td>18,333</td><td>11,020</td><td>10,047</td></tr><tr><td>Wines Act</td><td>180</td><td>35</td><td>7</td><td>10</td><td>2</td><td>1</td></tr><tr><td>Unjust enrichment</td><td>180</td><td>35</td><td>7</td><td>10</td><td>2</td><td>1</td></tr><tr><td>Total miscellaneous profit taxes</td><td>114,978</td><td>91,165</td><td>23,369</td><td>18,343</td><td>11,022</td><td>10,057</td></tr><tr><td>Total income and profit taxes</td><td>35,061,526</td><td>31,258,238</td><td>7,711,092</td><td>6,430,268</td><td>3,552,851</td><td>2,907,267</td></tr><tr><td>Employment taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Social Security taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Old-age insurance 2/</td><td>1,307,931</td><td>1,237,825</td><td>351,289</td><td>355,188</td><td>3,352</td><td>5,223</td></tr><tr><td>Unemployment insurance 3/</td><td>186,469</td><td>178,745</td><td>14,501</td><td>13,167</td><td>619</td><td>1,624</td></tr><tr><td>Total Social Security taxes</td><td>1,494,400</td><td>1,416,570</td><td>365,793</td><td>368,356</td><td>3,971</td><td>7,117</td></tr><tr><td>Railroad retirement 1/</td><td>284,758</td><td>284,258</td><td>71,168</td><td>85,329</td><td>33,358</td><td>50,188</td></tr><tr><td>Total employment taxes</td><td>1,779,177</td><td>1,700,828</td><td>436,961</td><td>453,684</td><td>37,339</td><td>57,335</td></tr><tr><td>Miscellaneous internal revenue:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Capital stock tax</td><td>371,999</td><td>352,121</td><td>320,602</td><td>528</td><td>6,742</td><td>330</td></tr><tr><td>Estate tax</td><td>596,137</td><td>629,601</td><td>148,154</td><td>172,957</td><td>31,872</td><td>42,212</td></tr><tr><td>Gift tax</td><td>46,918</td><td>47,232</td><td>3,287</td><td>2,119</td><td>1,044</td><td>633</td></tr><tr><td>Alcoholic beverage taxes:</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Distilled spirit (imported, excise)</td><td>199,691</td><td>143,060</td><td>25,029</td><td>35,201</td><td>8,509</td><td>11,738</td></tr><tr><td>Distilled spirit (domestic, excise)</td><td>1,284,613</td><td>1,603,897</td><td>356,777</td><td>444,678</td><td>124,443</td><td>112,776</td></tr><tr><td>Distilled spirit rectification tax</td><td>32,549</td><td>41,880</td><td>8,451</td><td>13,722</td><td>3,073</td><td>4,808</td></tr><tr><td>Wines, cordials, etc. (imported, excise)</td><td>2,122</td><td>2,594</td><td>299</td><td>985</td><td>81</td><td>166</td></tr><tr><td>Wines, cordials, etc. (domestic, excise)</td><td>45,269</td><td>58,250</td><td>8,625</td><td>16,909</td><td>2,929</td><td>5,611</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>8,306</td><td>8,061</td><td>4,486</td><td>5,532</td><td>208</td><td>362</td></tr><tr><td>Stamps for distilled spirits intended for export</td><td>6</td><td>35</td><td>5</td><td>1</td><td>*</td><td>*</td></tr><tr><td>Case stamps for distilled spirits bottled in bond</td><td>886</td><td>840</td><td>203</td><td>195</td><td>66</td><td>52</td></tr><tr><td>Container stamps</td><td>11,213</td><td>13,309</td><td>2,687</td><td>3,543</td><td>856</td><td>1,266</td></tr><tr><td>Floor taxes</td><td>83,343</td><td>696</td><td>304</td><td>319</td><td>66</td><td>196</td></tr><tr><td>Perfumated malt liquors</td><td>638,682</td><td>650,824</td><td>186,893</td><td>176,917</td><td>58,172</td><td>58,908</td></tr><tr><td>Brewers: dealers in malt liquors (special taxes)</td><td>3,130</td><td>3,106</td><td>1,743</td><td>2,130</td><td>95</td><td>121</td></tr><tr><td>Total alcoholic beverage taxes</td><td>2,309,804</td><td>2,526,162</td><td>595,452</td><td>701,232</td><td>198,497</td><td>226,205</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>9,024</td><td>11,434</td><td>3,226</td><td>1,830</td></tr><tr><td>Cigars (small)</td><td>84</td><td>70</td><td>17</td><td>17</td><td>5</td><td>5</td></tr><tr><td>Cigarettes (large)</td><td>695</td><td>172</td><td>164</td><td>124</td><td>15</td><td>11</td></tr><tr><td>Cigarettes (small)</td><td>836,058</td><td>1,072,799</td><td>268,292</td><td>284,407</td><td>92,263</td><td>94,026</td></tr><tr><td>Snuff</td><td>7,741</td><td>7,373</td><td>1,862</td><td>1,652</td><td>608</td><td>559</td></tr><tr><td>Tobacco (chewing and smoking)</td><td>49,574</td><td>41,361</td><td>12,708</td><td>10,112</td><td>4,351</td><td>3,741</td></tr><tr><td>Cigarette papers and tubes</td><td>1,390</td><td>1,757</td><td>799</td><td>50</td><td>280</td><td>2</td></tr><tr><td>Leaf dealer penalties, etc.</td><td>1</td><td>3</td><td>2</td><td>1</td><td>*</td><td>*</td></tr><tr><td>Cigarette and cigar floor taxes</td><td>8</td><td>*</td><td>*</td><td>*</td><td>*</td><td>*</td></tr><tr><td>Total tobacco taxes</td><td>932,145</td><td>1,165,519</td><td>292,868</td><td>307,715</td><td>100,738</td><td>101,834</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>8,804</td><td>13,107</td><td>3,027</td><td>3,703</td></tr><tr><td>Transfers of capital stock and similar interest</td><td>24,852</td><td>30,369</td><td>5,937</td><td>5,592</td><td>1,601</td><td>1,958</td></tr><tr><td>Playing cards</td><td>7,493</td><td>9,766</td><td>2,105</td><td>2,395</td><td>871</td><td>830</td></tr><tr><td>Silver bullion sales or transfers</td><td>25</td><td>149</td><td>3</td><td>280</td><td>1</td><td>140</td></tr><tr><td>Total stamp taxes</td><td>65,528</td><td>87,676</td><td>16,849</td><td>21,374</td><td>5,500</td><td>6,631</td></tr></table>
(Continued on following page)
64
Treasury Bulletin
Detailed Analysis of Internal Revenue Collections 1/- (Continued)
(In thousands of dollars)
<table><tr><th>Type of tax</th><th colspan="2">Fiscal years</th><th colspan="2">First 3 months</th><th>September 1945</th><th>September 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>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 oil.</td><td>92,865</td><td>74,602</td><td>25,809</td><td>22,054</td><td>5,952</td><td>6,890</td></tr><tr><td>Gasoline.</td><td>405,953</td><td>405,695</td><td>110,956</td><td>116,494</td><td>38,232</td><td>40,675</td></tr><tr><td>Tires and tubes.</td><td>75,057</td><td>118,072</td><td>20,615</td><td>41,634</td><td>6,396</td><td>13,774</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>12,254</td><td>10,636</td><td>1,979</td><td>3,795</td></tr><tr><td>Other automobiles and motorcycles.</td><td>2,558</td><td>25,893</td><td>2,163</td><td>35,566</td><td>599</td><td>10,984</td></tr><tr><td>Parts and accessories for automobiles.</td><td>49,440</td><td>68,871</td><td>16,958</td><td>19,770</td><td>4,572</td><td>5,944</td></tr><tr><td>Electrical energy.</td><td>57,004</td><td>59,112</td><td>12,556</td><td>15,091</td><td>3,712</td><td>4,985</td></tr><tr><td>Electric gas, gas appliances.</td><td>12,060</td><td>25,492</td><td>3,498</td><td>13,193</td><td>885</td><td>4,965</td></tr><tr><td>Electric light bulbs and tubes.</td><td>11,035</td><td>17,781</td><td>2,890</td><td>5,234</td><td>1,560</td><td>966</td></tr><tr><td>Electric stirs (repealed as of 11/1/42).</td><td>55</td><td>56</td><td>108</td><td>12</td><td>98</td><td>1</td></tr><tr><td>Radio sets, phonographs, components, etc.</td><td>4,753</td><td>13,385</td><td>920</td><td>11,824</td><td>257</td><td>4,474</td></tr><tr><td>Photograph records.</td><td>2,015</td><td>3,902</td><td>508</td><td>1,501</td><td>164</td><td>282</td></tr><tr><td>Musical instruments.</td><td>327</td><td>2,839</td><td>302</td><td>1,113</td><td>111</td><td>107</td></tr><tr><td>Mechanical refrigerators, air-conditioners, etc.</td><td>1,967</td><td>9,239</td><td>826</td><td>1,848</td><td>204</td><td>2,417</td></tr><tr><td>Matches.</td><td>9,349</td><td>10,247</td><td>2,786</td><td>1,524</td><td>813</td><td>790</td></tr><tr><td>Floor taxes on matches.</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Business and store machines.</td><td>10,120</td><td>15,732</td><td>3,117</td><td>6,106</td><td>845</td><td>2,339</td></tr><tr><td>Pure - retailers' excise.</td><td>79,418</td><td>91,706</td><td>9,890</td><td>12,051</td><td>3,612</td><td>5,361</td></tr><tr><td>Jewelry - retailers' excise.</td><td>184,220</td><td>223,316</td><td>43,333</td><td>52,123</td><td>10,829</td><td>19,651</td></tr><tr><td>Luggage - retailers' excise (effective 1/1/44).</td><td>73,951</td><td>81,423</td><td>17,007</td><td>20,553</td><td>3,889</td><td>5,651</td></tr><tr><td>Luggage - manufacturers' excise (repealed as of 4/1/44).</td><td>6</td><td>15</td><td>7</td><td>7</td><td>-</td><td>3</td></tr><tr><td>Optical equipment (repealed as of 11/1/42).</td><td>73</td><td>18</td><td>2</td><td>6</td><td>-</td><td>3</td></tr><tr><td>Photographic apparatus.</td><td>19,288</td><td>21,184</td><td>7,471</td><td>8,623</td><td>2,400</td><td>2,835</td></tr><tr><td>Rubber articles (repealed as of 11/1/42).</td><td>235</td><td>125</td><td>24</td><td>4</td><td>24</td><td>3</td></tr><tr><td>Sporting goods.</td><td>4,288</td><td>7,878</td><td>1,482</td><td>3,914</td><td>429</td><td>1,089</td></tr><tr><td>Toilet preparations - retailers' excise.</td><td>86,615</td><td>95,574</td><td>20,001</td><td>22,086</td><td>5,018</td><td>6,551</td></tr><tr><td>Washing machines (repealed as of 11/1/42).</td><td>4</td><td>1</td><td>1</td><td>1</td><td>1</td><td>-</td></tr><tr><td>Piraries, shells and cartridges.</td><td>3,132</td><td>5,232</td><td>891</td><td>2,271</td><td>338</td><td>870</td></tr><tr><td>Pistols and revolvers.</td><td>5</td><td>61</td><td>585</td><td>52</td><td>584</td><td>(-207)</td></tr><tr><td>Repealed taxes not listed above.</td><td>35</td><td>25</td><td>2</td><td>3</td><td>2</td><td>3</td></tr><tr><td>Total manufacturers' and retailers' excise taxes.</td><td>1,206,616</td><td>1,441,717</td><td>316,534</td><td>432,210</td><td>93,471</td><td>140,722</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 (expired 8/23/43).</td><td>35</td><td>34</td><td>13</td><td>3</td><td>6</td><td>1</td></tr><tr><td>Sugar Act of 1937.</td><td>73,294</td><td>56,732</td><td>16,473</td><td>16,286</td><td>4,361</td><td>6,769</td></tr><tr><td>Telephone, telegraph, radio, and cable, leased.</td><td>208,018</td><td>234,393</td><td>52,299</td><td>61,159</td><td>14,025</td><td>21,241</td></tr><tr><td>wires, etc.</td><td>137,569</td><td>145,689</td><td>31,481</td><td>40,923</td><td>7,084</td><td>12,741</td></tr><tr><td>Local telephone service.</td><td>15,285</td><td>14,824</td><td>3,798</td><td>3,759</td><td>1,201</td><td>1,198</td></tr><tr><td>Transportation of oil by pipe line.</td><td>234,182</td><td>226,750</td><td>50,270</td><td>68,460</td><td>16,614</td><td>23,699</td></tr><tr><td>Transportation of persons, steat, berths.</td><td>221,088</td><td>220,121</td><td>53,916</td><td>63,183</td><td>14,255</td><td>13,173</td></tr><tr><td>Transportation of property (effective 12/1/42).</td><td>128,701</td><td>115,960</td><td>113,895</td><td>232</td><td>2,422</td><td>7</td></tr><tr><td>Use of motor vehicles (repealed as of 6/30/46).</td><td>336</td><td>182</td><td>170</td><td>7</td><td>8</td><td>7</td></tr><tr><td>Use of boats (repealed as of 6/30/46).</td><td>7,311</td><td>7,857</td><td>1,855</td><td>1,959</td><td>551</td><td>556</td></tr><tr><td>Leases of safe-deposit boxes.</td><td>300,589</td><td>343,191</td><td>79,756</td><td>100,621</td><td>25,106</td><td>32,755</td></tr><tr><td>Admissions to theaters, concerts, etc.</td><td>56,877</td><td>72,077</td><td>16,456</td><td>17,724</td><td>4,480</td><td>5,807</td></tr><tr><td>Admissions to cabarets, roof gardens, etc.</td><td>14,160</td><td>18,899</td><td>4,232</td><td>5,799</td><td>1,104</td><td>1,553</td></tr><tr><td>Club dues and initiation fees.</td><td>4,160</td><td>4,011</td><td>2,815</td><td>3,228</td><td>248</td><td>295</td></tr><tr><td>Bowling alleys, pool tables, etc.</td><td>19,100</td><td>17,092</td><td>12,094</td><td>15,079</td><td>762</td><td>1,096</td></tr><tr><td>Coal operated devices.</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Adulterated and processed or renovated butter.</td><td>58</td><td>144</td><td>37</td><td>22</td><td>196</td><td>18</td></tr><tr><td>Mixed flour &amp; filled cheese.</td><td>5,503</td><td>4,932</td><td>1,583</td><td>1,919</td><td>16</td><td>238</td></tr><tr><td>Disinorganic, including special taxes.</td><td>756</td><td>694</td><td>192</td><td>278</td><td>16</td><td>44</td></tr><tr><td>Herbicides, including marlumans and special taxes.</td><td>6,208</td><td>6,268</td><td>1,289</td><td>2,428</td><td>433</td><td>741</td></tr><tr><td>Coconut and other vegetable oils processed.</td><td>15</td><td>6</td><td>3</td><td>3</td><td>7</td><td>7</td></tr><tr><td>National Firearms Act.</td><td>180</td><td>171</td><td>2</td><td>9</td><td>1</td><td>1</td></tr><tr><td>All other, including repealed taxes not listed above.</td><td>1,410,428</td><td>1,489,925</td><td>452,659</td><td>406,063</td><td>92,888</td><td>127,927</td></tr><tr><td>Total miscellaneous taxes.</td><td>1,410,428</td><td>1,489,925</td><td>452,659</td><td>406,063</td><td>92,888</td><td>127,927</td></tr><tr><td>Total miscellaneous internal revenue.</td><td>6,959,634</td><td>7,712,953</td><td>2,116,405</td><td>2,044,198</td><td>531,352</td><td>646,393</td></tr><tr><td>Total internal revenue collections.</td><td>43,800,338</td><td>40,671,919</td><td>10,294,498</td><td>8,928,350</td><td>4,121,542</td><td>3,610,995</td></tr><tr><td>Adjustment to Daily Treasury Statement.</td><td>+101,604</td><td>-361,585</td><td>-72,504</td><td>+108,215</td><td>+725,043</td><td>+680,214</td></tr><tr><td>Total receipt from internal revenue (Daily Treasury Statement).</td><td>43,902,002</td><td>40,310,333</td><td>10,221,934</td><td>9,036,556</td><td>4,846,585</td><td>4,291,209</td></tr></table>
(1) Total receipts from internal revenue: Daily Treasury Statements; (2) Detailed collections by type of tax: Reports of collectors and by collectors of internal revenue. Less than $500. Excludes collections for credit to certain trust accounts for territories and insular possessions, etc. Collections under the Internal Revenue Act of 1913 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.
Current collections consist in general of taxes paid within twelve months after the close of the taxable year for which the return was filed.
Current individual income tax collections for the fiscal year 1945 include payments on unforfeited portion of 1942 tax, due March 15, 1945, of $308,605 thousand for the period, January 1, 1945 through April 30, 1945.
Represents collections under the Federal Insurance Contributions Act.
Represents collections under the Federal Unemployment Tax Act.
Tax imposed upon the manufacture and sale of, and the occupational tax on, mixed flour repealed as of November 1, 1942.
November 1946
65
MONETARY STATISTICS
66
Treasury Bulletin
Balance Sheet of the Exchange Stabilization Fund
As of June 30, 1945 and June 30, 1946
<table><tr><th></th><th>June 30, 1945</th><th>June 30, 1946</th></tr><tr><td>Assets</td><td></td><td></td></tr><tr><td>Cash:</td><td></td><td></td></tr><tr><td>Treasurer of the United States, gold</td><td>$1,500,000,000.00</td><td>$1,800,000,000.00</td></tr><tr><td>Treasurer of the United States, checking account</td><td>1,226,238.59</td><td>1,687,057.54</td></tr><tr><td>Federal Reserve Bank of New York, special account</td><td>163,900,911.08</td><td>194,374,299.94</td></tr><tr><td>Disbursing officers' balances and advance accounts</td><td>7,143.13</td><td>25,873.62</td></tr><tr><td>Total cash</td><td>$1,965,134,292.80</td><td>$1,996,087,231.10</td></tr><tr><td>Special amounts of Secretary of the Treasury in Federal Reserve Bank of New York: Special account No. 1, gold (Schedule 1)</td><td>80,618,147.77</td><td>71,362,261.18</td></tr><tr><td>Due from foreign banks (foreign exchange):</td><td></td><td></td></tr><tr><td>Swiss francs</td><td>$4,439,237.32</td><td>$29,238.06</td></tr><tr><td>French francs</td><td>17.88</td><td>7.49</td></tr><tr><td>Belgian</td><td>505.06</td><td>363.08</td></tr><tr><td>Sterling</td><td>2,980.05</td><td>2,980.05</td></tr><tr><td>All other</td><td>14,594,516.42</td><td>3,905,971.35</td></tr><tr><td>Foreign depositories</td><td>42,929.77</td><td>-</td></tr><tr><td>Total due from foreign banks</td><td>19,080,186.50</td><td>3,938,560.03</td></tr><tr><td>Due from the Government of the Republic of Cuba</td><td>5,011,705.27</td><td>-</td></tr><tr><td>Investments in United States Government securities (Schedule 2)</td><td>20,448,723.13</td><td>20,000,000.00</td></tr><tr><td>Accrued interest receivable (Schedule 2)</td><td>82,420.95</td><td>82,936.12</td></tr><tr><td>Other accounts (deferred charges)</td><td>18.30</td><td>24.88</td></tr><tr><td>Commodity sales contracts (deferred charges)</td><td>2,636.00</td><td>2,636.00</td></tr><tr><td>Total assets</td><td>$2,090,378,130.72</td><td>$2,091,473,049.31</td></tr><tr><td>Liabilities and Capital</td><td></td><td></td></tr><tr><td>Accounts payable:</td><td></td><td></td></tr><tr><td>Youthful payable</td><td>$422.09</td><td>$1,476.72</td></tr><tr><td>Employees' pay-roll allotment account, United States savings bonds</td><td>1,125.15</td><td>1,942.17</td></tr><tr><td>Withholding taxes</td><td>-</td><td>23,545.10</td></tr><tr><td>Miscellaneous</td><td>5,980,011.16</td><td>337,475.40</td></tr><tr><td>Total accounts payable</td><td>$5,981,558.40</td><td>$304,439.39</td></tr><tr><td>Reserve for expenses and contingencies (net)</td><td>9,459,790.24</td><td>12,203,560.70</td></tr><tr><td>Capital account</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td></tr><tr><td>Deduct - Subscription to International Monetary Fund</td><td>2,000,000,000.00</td><td>275,000.00</td></tr><tr><td></td><td></td><td>1,999,725,000.00</td></tr><tr><td>Earnings less administrative expenses (Schedules 3 and 4)</td><td>74,936,782.08</td><td>79,180,649.22</td></tr><tr><td>Total liabilities and capital</td><td>$2,090,378,130.72</td><td>$2,091,473,049.31</td></tr></table>
Note: Annual balance sheets for the years 1934 through 1940 may be found in the "Annual Report of the Secretary of the Treasury
for 1940". Quarterly balance sheets commencing December 31, 1938 may be found in previous issues of the "Treasury Bulletin".
Schedules for Balance Sheet of the Exchange Stabilization Fund
Schedule 1
Location of gold held by and for account of the Exchange Stabilization Fund 1/
<table><tr><th></th><th colspan="2">June 30, 1945</th><th colspan="2">June 30, 1946</th></tr><tr><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>Federal Reserve Bank of New York</td><td>247,635.715</td><td>$8,667,250.01</td><td>1,178,735.090</td><td>$41,255,728.21</td></tr><tr><td>U. S. Assay Office, New York</td><td>2,055,739.968</td><td>71,950,897.76</td><td>850,186.663</td><td>30,106,532.97</td></tr><tr><td>Total</td><td>2,303,375.683</td><td>$80,618,147.77</td><td>2,038,921.753</td><td>$71,362,261.18</td></tr></table>
1/ Excludes gold held by Treasurer of the United States.
November 1946
67
Schedules for Balance Sheet of the Exchange Stabilization Fund - (Continued) Schedule 2
United States Government securities held by the Exchange Stabilization Fund
<table><tr><th rowspan="2">Issue</th><th colspan="4">June 30, 1945</th><th colspan="4">June 30, 1946</th></tr><tr><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th><th>Face value</th><th>Cost</th><th>Average price</th><th>Accrued interest</th></tr><tr><td>2-1/4% Treasury bonds, 1951-53...</td><td>$10,000,000</td><td>$10,000,000.00</td><td>100.0000</td><td>$9,221.31</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2-3/4% Treasury bonds, 1958-63...</td><td>50,000</td><td>49,640.63</td><td>99.2813</td><td>56.35</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2-3/4% Treasury bonds, 1960-65...</td><td>402,000</td><td>399,082.50</td><td>99.2743</td><td>$53.07</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>2-1/2% Treasury bonds, 1965-70...</td><td>10,000,000</td><td>10,000,000.00</td><td>100.0000</td><td>72,690.22</td><td>$10,000,000</td><td>$10,000,000</td><td>100.0000</td><td>$72,690.22</td></tr><tr><td>2-1/2% Treasury bonds, 1967-72...</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10,000,000</td><td>10,000,000</td><td>100.0000</td><td>10,245.90</td></tr><tr><td>Total United States Government securities</td><td>$20,452,000</td><td>$20,448,723.13</td><td></td><td>$82,420.95</td><td>$20,000,000</td><td>$20,000,000</td><td></td><td>$82,936.12</td></tr></table>
Schedule 3
Earnings of the Exchange Stabilization Fund
<table><tr><th>Source</th><th>January 31, 1934 through June 30, 1945</th><th>January 31, 1934 through June 30, 1946</th></tr><tr><td>Profits on British sterling transactions</td><td>$310,638.09</td><td>$310,638.09</td></tr><tr><td>Profits on French franco transactions</td><td>351,537.99</td><td>351,527.60</td></tr><tr><td>Profits on gold bullion (including profits from handling charges on gold)</td><td>27,340,105.45</td><td>29,074,704.72</td></tr><tr><td>Profits on other gold and exchange transactions</td><td>38,000,000.00</td><td>40,000,000.00</td></tr><tr><td>Profits on silver transactions</td><td>105,371.27</td><td>105,371.27</td></tr><tr><td>Profits on sale of silver bullion to Treasury (nationalised)</td><td>3,473,362.29</td><td>3,473,362.29</td></tr><tr><td>Profits on investments</td><td>1,019,326.18</td><td>1,876,790.55</td></tr><tr><td>Interest on investments</td><td>4,676,016.53</td><td>5,198,066.90</td></tr><tr><td>Miscellaneous profits</td><td>744,549.85</td><td>750,398.69</td></tr><tr><td>Interest earned on foreign balances</td><td>123,888.59</td><td>123,888.59</td></tr><tr><td>Interest earned on Chinese yuan</td><td>1,975,317.07</td><td>1,975,317.07</td></tr><tr><td>Total earnings</td><td>$78,120,113.31</td><td>$83,240,065.77</td></tr></table>
Schedule 4
Administrative expenses of the Exchange Stabilisation Fund
<table><tr><th>Classification</th><th>January 31, 1934 through June 30, 1945</th><th>January 31, 1934 through June 30, 1946</th></tr><tr><td>Salaries</td><td>$2,016,800.59</td><td>$2,584,401.41</td></tr><tr><td>Travel</td><td>90,191.56</td><td>118,521.85</td></tr><tr><td>Subsistence</td><td>83,592.40</td><td>111,282.81</td></tr><tr><td>Telephone and telegraph</td><td>420,678.64</td><td>451,317.50</td></tr><tr><td>Stationery, etc.</td><td>23,690.79</td><td>27,399.96</td></tr><tr><td>All other</td><td>548,377.25</td><td>766,493.02</td></tr><tr><td>Total administrative expenses</td><td>$3,183,331.23</td><td>$4,059,416.55</td></tr></table>
68
Treasury Bulletin
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>562.4</td></tr><tr><td>1939</td><td>17,643.4</td><td>15,218.5</td><td>156.0</td><td>1,800.0</td><td>408.7</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>22,735.1</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-September</td><td>20,072.8</td><td>17,949.4</td><td>156.0</td><td>1,800.0</td><td>167.3</td></tr><tr><td>October</td><td>20,035.9</td><td>17,930.8</td><td>156.0</td><td>1,800.0</td><td>149.0</td></tr><tr><td>November</td><td>20,029.7</td><td>17,921.0</td><td>156.0</td><td>1,800.0</td><td>152.6</td></tr><tr><td>December</td><td>20,064.9</td><td>17,914.1</td><td>156.0</td><td>1,800.0</td><td>194.8</td></tr><tr><td>1946-January</td><td>20,156.0</td><td>18,034.0</td><td>156.0</td><td>1,800.0</td><td>155.9</td></tr><tr><td>February</td><td>20,232.2</td><td>18,099.7</td><td>156.0</td><td>1,800.0</td><td>176.5</td></tr><tr><td>March</td><td>20,256.1</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</td><td>20,280.0</td><td>18,147.4</td><td>156.0</td><td>1,800.0</td><td>176.5</td></tr><tr><td>September p.</td><td>20,305.1</td><td>18,134.8</td><td>156.0</td><td>1,800.0</td><td>204.3</td></tr></table>
Sources: Daily Treasury Statement and Circulation Statement of United States Money. Preliminary. p 1/ Comprises (1) gold certificates held by the public and in Federal Reserve Banks; and (2) gold certificate credits in (a) the Gold Cer-
2/ and (b) the Redemption Fund - Federal Reserve notes. 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 ($15 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>3,006.4</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>19,961.1</td><td>5,339.6</td><td>16.5</td></tr><tr><td>1941</td><td>22,626.2</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-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</td><td>20,280.0</td><td>3,508.7</td><td>14.7</td></tr><tr><td>September p</td><td>20,305.1</td><td>3,509.1</td><td>14.7</td></tr></table>
Sources: Daily Treasury Statement and Circulation Statement of United States Money. p. Preliminary.
Increment Resulting from the Reduction in the Weight of the Gold Dollar, September 30, 1946
<table><tr><th></th><th>Allocations of increment</th><th>Charges against increment</th><th>Unexpended balance of allocated increment</th></tr><tr><td>Exchange Stabilization Fund</td><td>$2,000,000,000.00</td><td>$2,000,000,000.00</td><td></td></tr><tr><td>Payments to Federal Reserve Banks for industrial loans</td><td>139,299,556.93</td><td>27,546,110.97</td><td>$111,753,246.02</td></tr><tr><td>Philippine currency reserve</td><td>23,862,750.78</td><td>-</td><td>23,862,750.78</td></tr><tr><td>Melting losses on gold coin</td><td>2,175,121.93</td><td>1,851,793.89</td><td>323,328.04</td></tr><tr><td>Retirement of National Bank notes</td><td>645,387,965.45</td><td>645,387,965.45</td><td>-</td></tr><tr><td>Unassigned</td><td>8,176,371.84</td><td>-</td><td>8,176,371.84</td></tr><tr><td>Total increment</td><td>$2,818,901,766.99</td><td>$2,674,786,070.31</td><td>$144,115,696.68</td></tr></table>
November 1946
69
Components of Silver Monetary Stock
(In millions of dollars)
<table><tr><th>End of calendar year or month</th><th colspan="2">Securing silver certificates 1/</th><th colspan="3">In General Fund</th><th colspan="2">Silver outside Treasury</th><th>Total silver at $1.29 per ounce</th></tr><tr><th></th><th>Silver bullion</th><th>Silver dollars</th><th>Subsidiary coin 2/</th><th>Bullion for recoinage 1/</th><th>Bullion at cost</th><th>Silver dollars 1/</th><th>Subsidiary coin 2/</th><th></th></tr><tr><td>1937</td><td>938.8</td><td>503.7</td><td>5.4</td><td>*</td><td>428.6</td><td>43.4</td><td>366.9</td><td>2,806.5</td></tr><tr><td>1938</td><td>1,137.6</td><td>502.7</td><td>3.5</td><td>.2</td><td>535.3</td><td>44.4</td><td>372.8</td><td>3,346.8</td></tr><tr><td>1939</td><td>1,298.2</td><td>499.0</td><td>5.3</td><td>*</td><td>616.0</td><td>48.1</td><td>394.1</td><td>3,790.2</td></tr><tr><td>1940</td><td>1,398.1</td><td>494.6</td><td>2.3</td><td>*</td><td>657.4</td><td>52.5</td><td>422.4</td><td>4,060.0</td></tr><tr><td>1941</td><td>1,476.1</td><td>494.1</td><td>3.5</td><td>*</td><td>662.3</td><td>61.0</td><td>493.5</td><td>4,244.8</td></tr><tr><td>1942</td><td>1,516.2</td><td>488.3</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-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>3,566.3</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>3,508.9</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</td><td>1,909.1</td><td>347.9</td><td>13.4</td><td>.6</td><td>99.1</td><td>145.7</td><td>875.5</td><td>3,509.7</td></tr><tr><td>September p</td><td>1,909.1</td><td>346.6</td><td>11.6</td><td>.7</td><td>97.9</td><td>146.9</td><td>881.0</td><td>3,509.1</td></tr></table>
Source: Daily Treasury Statement and Circulation Statement of United States Money.
p Preliminary.
* Less than $50 thousand.
1/ Valued at $1.29+ per ounce.
2/ Valued at $1.38+ per ounce.
3/ Valued at $1.38+ per ounce or at $1.29 per ounce according to whether the bullion is held for recoinage of subsidiary silver coins or for recoinage of standard silver dollars.
Silver Production in the United States and Silver Acquisition by Mints and Assay Offices
(In millions of ounces or dollars)
<table><tr><th>Calendar year or month</th><th>Silver production in United States</th><th colspan="6">Silver acquired by mines and assay offices</th></tr><tr><th></th><th>Ounces</th><th colspan="2">Newly mined domestic silver 2/</th><th colspan="2">Nationalised silver 3/</th><th colspan="2">Foreign silver 4/</th><th>Total</th></tr><tr><th></th><th></th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th><th>Ounces</th><th>Dollars</th></tr><tr><td>1936</td><td>63.4</td><td>61.1</td><td>47.3</td><td>.4</td><td>.2</td><td>271.9</td><td>150.3</td><td>333.4</td><td>197.8</td></tr><tr><td>1937</td><td>71.3</td><td>70.6</td><td>54.6</td><td>-</td><td>-</td><td>241.5</td><td>108.7</td><td>312.2</td><td>163.3</td></tr><tr><td>1938</td><td>61.1</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-August 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><tr><td>August</td><td>2.6</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. 1/ Less than 50,000 ounces or $50 thousand. 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 64.5+ cents per fine ounce until April 9, 1935; at
71.11¢ cents per fine ounce from that date until April 25, 1935; at 77.57¢ cents from April 25, 1935 to December 31, 1937; at 64.84¢ cents per fine ounce from December 31, 1937 to July 1, 1939; and at 71.11¢ cents since July 1, 1939.
Acquired at 50.01 cents per fine ounce. Executive Proclamation of August 9, 1934, repealed April 30, 1938.
Acquired at various prices averaging approximately 51 cents per ounce.
Treasury Bulletin
70
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>Misc. silver (incl. silver bullion held June 14, 1934)</th><th>Newly-mined silver (Proc. Dec. 21, 1933)</th><th>Newly-mined silver (Act July 6, 1939)</th><th>Silver Purchase Act of June 19, 1939</th><th>Nationalized silver (Proc. of Aug. 9, 1934)</th><th>Total seigniorage on silver revealed</th><th>Potential seigniorage on silver bullion at cost in General Fund 2/</th></tr><tr><td>1935</td><td>15.5</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-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>604.4</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>371.6</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>273.2</td></tr><tr><td>February</td><td>434.1</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>436.2</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>186.9</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>464.1</td><td>48.7</td><td>87.6</td><td>65.9</td><td>832.1</td><td>34.7</td><td>1,068.9</td><td>175.3</td></tr><tr><td>September</td><td>470.7</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>173.0</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.
November 1946
71
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>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 Back notes 1/</th><th>National bank notes 1/</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>7,698</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>6,604</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>21,478</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>26,796</td><td>25,941</td><td>52</td><td>1,651</td><td>1</td><td>321</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-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>26,557</td><td>51</td><td>1,827</td><td>1</td><td>307</td><td>23,857</td><td>487</td><td>117</td></tr><tr><td>February</td><td>27,954</td><td>26,691</td><td>51</td><td>1,864</td><td>1</td><td>307</td><td>23,868</td><td>484</td><td>116</td></tr><tr><td>March</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>27,685</td><td>26,605</td><td>51</td><td>1,978</td><td>1</td><td>303</td><td>23,605</td><td>473</td><td>115</td></tr><tr><td>May</td><td>28,120</td><td>26,859</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>28,204</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</td><td>28,448</td><td>27,129</td><td>50</td><td>2,002</td><td>1</td><td>317</td><td>24,192</td><td>454</td><td>113</td></tr><tr><td>September p.</td><td>28,509</td><td>27,179</td><td>50</td><td>2,008</td><td>1</td><td>315</td><td>24,261</td><td>451</td><td>112</td></tr></table>
<table><tr><th>End of fiscal year or month</th><th colspan="4">Coin</th><th>Money in circulation per capita (in dollars)</th></tr><tr><th></th><th>Total coin</th><th>Standard silver dollars</th><th>Subsidiary silver</th><th>Minor coin</th><th></th></tr><tr><td>1937</td><td>523</td><td>38</td><td>341</td><td>144</td><td>$49.68</td></tr><tr><td>1938</td><td>527</td><td>39</td><td>342</td><td>146</td><td>49.62</td></tr><tr><td>1939</td><td>558</td><td>42</td><td>361</td><td>155</td><td>53.72</td></tr><tr><td>1940</td><td>599</td><td>46</td><td>384</td><td>169</td><td>59.47</td></tr><tr><td>1941</td><td>680</td><td>53</td><td>433</td><td>194</td><td>72.16</td></tr><tr><td>1942</td><td>783</td><td>66</td><td>504</td><td>213</td><td>91.88</td></tr><tr><td>1943</td><td>929</td><td>84</td><td>610</td><td>236</td><td>127.64</td></tr><tr><td>1944</td><td>1,066</td><td>103</td><td>700</td><td>263</td><td>162.96</td></tr><tr><td>1945</td><td>1,205</td><td>125</td><td>788</td><td>292</td><td>191.57</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-September</td><td>1,243</td><td>130</td><td>812</td><td>301</td><td>198.66 r</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</td><td>1,319</td><td>143</td><td>853</td><td>323</td><td>201.42</td></tr><tr><td>September p</td><td>1,331</td><td>144</td><td>861</td><td>325</td><td>201.71</td></tr></table>
Source: (1) Circulation Statement of United States Money; and (2) Annual Report of the Secretary of the Treasury for 1945, pages 674-677. p Preliminary. r Revised. 1/ Includes (1) money held by the Treasury, (2) money held by or for the account of the Federal Reserve Banks and their agents, and (3) coin estimated to be held outside the continental limits of
the United States. Includes paper currency held outside the continental limits of the United States. 2/ Gold certificates and Treasury notes of 1890 in circulation are being canceled and retired upon receipt by the Treasury. 3/ Federal Reserve Bank notes and National bank notes are covered by deposits of lawful money and are in process of retirement.
72
Treasury Bulletin
CAPITAL MOVEMENTS BETWEEN THE UNITED STATES AND FOREIGN COUNTRIES AND NET POSITION IN FOREIGN CURRENCIES
November 1946
73
Capital Movements Between the United States and Foreign Countries
This chapter on Capital Movements between the United States and Foreign Countries and Position in Foreign Currencies is divided into four main groups. Section I of Capital Movements, the Historical Summary, contains data regarding capital movements, by the principal types of data and by years, starting with 1935. The last thirteen months are also shown. Each type of data is then broken down into its chief components in the same chronological detail.
Section II supplies a geographic breakdown by principal countries for the last thirteen months. The total capital movements are given first and then the principal categories are shown separately. In addition, at this point, the total outstanding claims on and liabilities to foreign countries are each presented.
Details with respect to capital movements and short-term claims and liabilities are presented in Section III as of the latest month for which the data are
available
The last group contains information regarding the net position in foreign currencies of United States banks and brokers, their outstanding foreign exchange contracts and purchases and sales of foreign exchange, both spot and forward. This section covers a twelve-month period.
Figures for previous periods may be obtained from the following sources:
Supplement to the "Treasury Bulletin" on "Capital Movements between the United States and Foreign Countries, January 1942 through April 1945", for details during that period.
"Treasury Bulletin", November 1945, for capital movements, and position in foreign currencies by months, 1942-1945.
"Treasury Bulletins", March 1942 and earlier, for details covering years back to January 2, 1935.
Section I. - Historical Summary
Table 1.- Net Capital Movement
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th>Calendar year or month</th><th>Net capital movement</th><th colspan="4">Analysis of net capital movement in:</th></tr><tr><th></th><th></th><th>Short-term banking funds</th><th>Brokerage balances</th><th>Transactions in domestic securities</th><th>Transactions in foreign securities</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>1,440,686</td><td>992,829</td><td>6,079</td><td>316,660</td><td>125,158</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936)</td><td>1,236,722</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>284,626</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>-85,427</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>-295,062</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>210,775</td><td>93,846</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-June 30, 1946)</td><td>-699,540</td><td>-625,019</td><td>-2,689</td><td>-183,724</td><td>111,892</td></tr><tr><td>Total (Jan. 2, 1935-June 30, 1946)</td><td>8,103,274</td><td>6,262,231</td><td>141,389</td><td>615,003</td><td>1,084,651</td></tr><tr><td>1945-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>-23,358</td><td>-51,679</td></tr><tr><td>November</td><td>-132,120</td><td>-157,225</td><td>4,635</td><td>-15,985</td><td>35,455</td></tr><tr><td>December</td><td>4,857</td><td>-9,691</td><td>5,075</td><td>19,559</td><td>-10,205</td></tr><tr><td>1945-January</td><td>20,049</td><td>76,683</td><td>-8,932</td><td>-172,787</td><td>125,095</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>-27,130</td><td>5,822</td></tr><tr><td>April</td><td>-29,452</td><td>-20,073</td><td>1,793</td><td>-14,126</td><td>1,154</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><tr><td>June</td><td>-233,459</td><td>-209,598</td><td>446</td><td>-4,719</td><td>-19,588</td></tr></table>
Treasury Bulletin
74
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>Mad of calendar year or month</th><th colspan="3">Short-term cleses</th><th colspan="3">Short-term liabilities</th><th>Net short-term liabilities</th></tr><tr><th></th><th>Total</th><th>Payable to foreign currencies</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars Deposits of foreigners</th><th>Other</th><th>Payable in foreign currencies</th></tr><tr><td>1935 (Dec. 31, 1935)</td><td>778,579</td><td>128,951</td><td>161,263</td><td>488,365</td><td>1,301,142</td><td>1,156,496</td><td>46,795</td><td>97,851</td><td>582,563</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>1,283,317</td><td>1,456,885</td><td>66,478</td><td>99,994</td><td>950,703</td></tr><tr><td>1937 (Dec. 29, 1937)</td><td>694,990</td><td>158,437</td><td>116,917</td><td>385,636</td><td>1,283,087</td><td>1,600,307</td><td>209,597</td><td>88,983</td><td>1,236,097</td></tr><tr><td>1938 (Dec. 28, 1938)</td><td>626,042</td><td>150,048</td><td>165,521</td><td>310,473</td><td>2,203,185</td><td>1,985,025</td><td>114,751</td><td>103,369</td><td>1,517,117</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>3,025,199</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>3,338,232</td><td>3,786,182</td><td>121,001</td><td>31,049</td><td>3,594,254</td></tr><tr><td>1941</td><td>361,786</td><td>47,068</td><td>118,533</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>30,216</td><td>12,048</td><td>143,709</td><td>4,205,389</td><td>3,253,325</td><td>668,168</td><td>13,893</td><td>3,585,716</td></tr><tr><td>1943</td><td>251,929</td><td>34,387</td><td>86,378</td><td>137,164</td><td>5,374,901</td><td>4,134,412</td><td>1,222,580</td><td>17,911</td><td>3,116,974</td></tr><tr><td>1944</td><td>329,694</td><td>54,603</td><td>105,821</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>382,766</td><td>47,489</td><td>100,267</td><td>285,010</td><td>6,683,058</td><td>4,946,628</td><td>1,910,898</td><td>25,546</td><td>6,940,302</td></tr><tr><td>1945-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>325,213</td><td>49,859</td><td>95,020</td><td>179,334</td><td>6,584,784</td><td>4,804,741</td><td>1,761,008</td><td>19,035</td><td>6,259,581</td></tr><tr><td>August</td><td>308,460</td><td>50,727</td><td>120,228</td><td>135,505</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>43,996</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>6,630,108</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>4,946,628</td><td>1,910,898</td><td>25,546</td><td>6,940,302</td></tr><tr><td>1946-January</td><td>406,286</td><td>50,124</td><td>108,336</td><td>247,766</td><td>6,973,271</td><td>5,007,098</td><td>1,944,372</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>253,315</td><td>6,870,302</td><td>4,903,506</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><tr><td>June</td><td>511,024</td><td>58,460</td><td>228,235</td><td>224,328</td><td>6,376,307</td><td>4,527,132</td><td>1,820,061</td><td>29,114</td><td>5,855,283</td></tr></table>
Note: Adjusted to include Philippine Government accounts with the U. S. Treasury. See "Treasury Bulletin" July 1946, page 89 for details.
Table 3.- Net Movement of Short-Term Banking Funds
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th rowspan="2">Calendar year or month</th><th colspan="4">Short-term claims</th><th colspan="4">Short-term liabilities</th><th rowspan="2">Net short-term liabilities</th></tr><tr><th>Total</th><th>Payable in foreign currencies</th><th>Payable in dollars</th><th>Loans to foreign banks</th><th>Other</th><th>Total</th><th>Payable in dollars</th><th>Deposite of foreigners</th><th>Other</th><th>Payable to foreign currencies</th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>361,350</td><td>228,132</td><td>13,552</td><td>136,780</td><td>631,409</td><td>587,334</td><td>6,333</td><td>37,602</td><td>992,629</td></tr><tr><td>1936 (Jan. 2, 1935-Dec. 30, 1936)</td><td>70,119</td><td>-11,788</td><td>31,808</td><td>53,019</td><td>358,023</td><td>373,507</td><td>19,663</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>153,682</td><td>143,119</td><td>-16,971</td><td>287,394</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>28,948</td><td>2,393</td><td>-48,604</td><td>75,159</td><td>300,020</td><td>374,340</td><td>-94,806</td><td>20,386</td><td>388,968</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>117,340</td><td>87,299</td><td>-7,717</td><td>41,758</td><td>1,018,183</td><td>1,040,164</td><td>20,520</td><td>-42,551</td><td>1,135,485</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>716,304</td><td>760,993</td><td>-14,310</td><td>-23,779</td><td>681,628</td></tr><tr><td>1941</td><td>16,192</td><td>409</td><td>-3,519</td><td>19,298</td><td>-259,714</td><td>-433,595</td><td>145,617</td><td>-11,372</td><td>-241,522</td></tr><tr><td>1942</td><td>97,503</td><td>15,933</td><td>20,671</td><td>60,899</td><td>845,870</td><td>105,607</td><td>385,369</td><td>-5,102</td><td>563,373</td></tr><tr><td>1943</td><td>-11,256</td><td>-3,472</td><td>-14,330</td><td>6,545</td><td>1,179,314</td><td>620,884</td><td>554,412</td><td>4,018</td><td>1,168,058</td></tr><tr><td>1944</td><td>-71,765</td><td>-20,216</td><td>-13,043</td><td>-32,506</td><td>220,359</td><td>220,578</td><td>-3,947</td><td>3,730</td><td>148,594</td></tr><tr><td>1945 (Jan. 1, 1946-June 30, 1946)</td><td>-63,072</td><td>7,114</td><td>5,154</td><td>-75,340</td><td>1,779,375</td><td>583,203</td><td>692,265</td><td>3,905</td><td>1,216,303</td></tr><tr><td>1946 (Jan. 2, 1935-June 30, 1946)</td><td>-118,298</td><td>-10,971</td><td>-127,969</td><td>20,682</td><td>-506,761</td><td>-413,992</td><td>-90,837</td><td>3,568</td><td>-659,019</td></tr><tr><td>Total (Jan. 2, 1935-June 30, 1946)</td><td>569,459</td><td>295,576</td><td>-129,108</td><td>402,991</td><td>5,692,772</td><td>3,916,761</td><td>1,803,414</td><td>-27,483</td><td>6,262,331</td></tr><tr><td>1945-June</td><td>-65,217</td><td>-6,889</td><td>-14,106</td><td>-94,222</td><td>335,604</td><td>186,723</td><td>152,651</td><td>-3,770</td><td>290,387</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>-26,198</td><td>13,819</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>-4,285</td><td>76,683</td></tr><tr><td>February</td><td>-515</td><td>906</td><td>6,128</td><td>-7,999</td><td>-102,969</td><td>-103,892</td><td>-1,513</td><td>2,121</td><td>-101,164</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>-285,919</td></tr><tr><td>June</td><td>-20,321</td><td>-496</td><td>-10,990</td><td>-8,985</td><td>-189,277</td><td>-144,312</td><td>-43,167</td><td>-1,798</td><td>-299,598</td></tr></table>
Note: Adjusted to include Philippine Government accounts with the U. S. Treasury. See "Treasury Bulletin" July 1946, page 89 for details.
November 1946
75
Capital Movements Between the United States and Foreign Countries - (Continued)
Section I - Historical Summary - (Continued)
Table 4.- Purchases and Sales of Long-Term Domestic Securities by Foreigners, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Domestic stocks</th><th colspan="3">Domestic bonds</th><th>Total Purchases</th><th>Total Sales</th><th>Net domestic stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,302,684</td><td>986,024</td><td>316,660</td></tr><tr><td>1936 (Jan. 2, 1936-Dec. 30, 1936).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,684,391</td><td>2,083,698</td><td>600,693</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>2,273,381</td><td>2,028,755</td><td>244,626</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938).</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,200,119</td><td>1,122,923</td><td>77,196</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>194,218</td><td>138,514</td><td>55,704</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>171,132</td><td>-34,579</td><td>513,558</td><td>266,244</td><td>245,314</td><td>650,411</td><td>439,416</td><td>211,795</td></tr><tr><td>1945</td><td>260,223</td><td>357,655</td><td>-97,432</td><td>371,717</td><td>393,390</td><td>-15,673</td><td>631,940</td><td>751,045</td><td>-113,105</td></tr><tr><td>1946 (Jan. 1, 1946-June 30, 1946).</td><td>203,113</td><td>254,969</td><td>-51,856</td><td>275,315</td><td>407,213</td><td>-131,898</td><td>478,428</td><td>662,182</td><td>-183,754</td></tr><tr><td>Total (Jan. 2, 1935-June 30, 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>11,742,414</td><td>11,127,111</td><td>615,003</td></tr><tr><td>1945-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>21,532</td><td>-3,802</td><td>24,896</td><td>26,338</td><td>-1,442</td><td>42,726</td><td>47,970</td><td>-5,244</td></tr><tr><td>August.</td><td>12,915</td><td>19,697</td><td>-6,782</td><td>19,624</td><td>24,112</td><td>-4,488</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>27,538</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>80,712</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>23,384</td><td>39,071</td><td>-15,093</td><td>41,946</td><td>54,183</td><td>-12,237</td><td>65,930</td><td>93,260</td><td>-27,330</td></tr><tr><td>April.</td><td>33,553</td><td>44,124</td><td>-10,571</td><td>40,316</td><td>44,101</td><td>-3,755</td><td>73,839</td><td>88,225</td><td>-14,386</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>78,399</td><td>-11,009</td></tr><tr><td>June.</td><td>27,392</td><td>34,946</td><td>-7,154</td><td>38,390</td><td>35,955</td><td>2,435</td><td>65,782</td><td>70,501</td><td>-4,719</td></tr></table>
n.a. Not available.
Table 5.- Purchases and Sales of Long-Term Foreign Securities by Foreigners, as Reported by Banks, Brokers, and Dealers in the United States
(In thousands of dollars)
<table><tr><th>Calendar year or month</th><th colspan="3">Foreign stocks</th><th colspan="3">Foreign bonds</th><th>Total Purchases</th><th>Total Sales</th><th>Net foreign stocks and bonds</th></tr><tr><th></th><th>Purchases</th><th>Sales</th><th>Net</th><th>Purchases</th><th>Sales</th><th>Net</th><th></th><th></th><th></th></tr><tr><td>1935 (Jan. 2, 1935-Jan. 1, 1936)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>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>705,013</td><td>191,016</td></tr><tr><td>1937 (Dec. 31, 1936-Dec. 29, 1937)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>1,016,188</td><td>749,180</td><td>267,008</td></tr><tr><td>1938 (Dec. 30, 1937-Dec. 28, 1938)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>482,809</td><td>456,051</td><td>26,758</td></tr><tr><td>1939 (Dec. 29, 1938-Jan. 3, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>561,236</td><td>445,547</td><td>115,689</td></tr><tr><td>1940 (Jan. 4, 1940-Dec. 31, 1940)</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>205,289</td><td>127,133</td><td>78,156</td></tr><tr><td>1941</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>185,261</td><td>133,558</td><td>51,703</td></tr><tr><td>1942</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>n.a.</td><td>220,253 1/</td><td>227,897 2/</td><td>-7,104</td></tr><tr><td>1943</td><td>23,278</td><td>19,791</td><td>3,487</td><td>346,357</td><td>372,158</td><td>74,209</td><td>460,635</td><td>391,945</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-June 30, 1946)</td><td>33,854</td><td>43,719</td><td>-9,865</td><td>337,794</td><td>216,037</td><td>121,757</td><td>371,648</td><td>259,756</td><td>111,892</td></tr><tr><td>Total (Jan. 2, 1935-June 30, 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>5,766,318</td><td>4,681,667</td><td>1,084,651</td></tr><tr><td>1945-June</td><td>3,975</td><td>7,489</td><td>-3,514</td><td>16,194</td><td>33,481</td><td>-17,287</td><td>20,169</td><td>40,970</td><td>-20,801</td></tr><tr><td>July</td><td>2,303</td><td>2,040</td><td>263</td><td>30,921</td><td>27,363</td><td>3,558</td><td>33,224</td><td>29,403</td><td>3,821</td></tr><tr><td>August</td><td>2,605</td><td>2,182</td><td>423</td><td>11,169</td><td>25,868</td><td>-15,699</td><td>13,774</td><td>29,090</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>31,072</td><td>61,758</td><td>-30,687</td></tr><tr><td>March</td><td>3,928</td><td>5,939</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>4,694</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>3,592</td><td>-1,187</td><td>48,216</td><td>18,623</td><td>29,593</td><td>55,981</td><td>22,215</td><td>33,766</td></tr><tr><td>June</td><td>5,221</td><td>8,232</td><td>-1,011</td><td>25,504</td><td>44,081</td><td>-18,577</td><td>30,725</td><td>50,313</td><td>-19,588</td></tr></table>
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.
76
Treasury Bulletin
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)
1945
1946
<table><tr><th></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><th>June</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>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>-14,226</td><td>-53,553</td><td>-85,679</td><td>-9,572</td><td>-123,667</td><td>-100,467</td></tr><tr><td>France</td><td>68,634</td><td>20,696</td><td>-42,548</td><td>-35,906</td><td>46,534</td><td>-31,088</td><td>-5,580</td><td>85,394</td><td>-21,942</td><td>-16,533</td><td>-61,838</td><td>10,872</td><td>-31,605</td></tr><tr><td>Belgium</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>-2,996</td><td>8,043</td><td>1,350</td><td>-4,023</td></tr><tr><td>Denmark</td><td>623</td><td>49</td><td>521</td><td>2,314</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><td>1,255</td></tr><tr><td>Finland</td><td>-170</td><td>-24</td><td>116</td><td>1,168</td><td>-937</td><td>-466</td><td>-250</td><td>-189</td><td>4,030</td><td>594</td><td>-578</td><td>425</td><td>-3,105</td></tr><tr><td>Germany</td><td>33</td><td>34</td><td></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>-123</td><td>94</td></tr><tr><td>Greece</td><td>2,928</td><td>3,870</td><td>2,807</td><td>2,930</td><td>2,509</td><td>3,456</td><td>-234</td><td>-845</td><td>-210</td><td>5,205</td><td>526</td><td>-619</td><td>-2,166</td></tr><tr><td>Italy</td><td>2,462</td><td>5,189</td><td>4,381</td><td>4,600</td><td>3,839</td><td>2,812</td><td>5,672</td><td>772</td><td>1,221</td><td>2,705</td><td>27,681</td><td>3,107</td><td>3,508</td></tr><tr><td>Luxembourg</td><td>270</td><td>3,554</td><td>72</td><td>114</td><td>-84</td><td>186</td><td>357</td><td>-22</td><td>194</td><td>143</td><td>-350</td><td>67</td><td>270</td></tr><tr><td>Netherlands</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>-101,834</td><td>-14,414</td></tr><tr><td>Norway</td><td>6,933</td><td>-4,441</td><td>-7,022</td><td>-2,186</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><td>1,101</td></tr><tr><td>Portugal</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><td>-833</td></tr><tr><td>Rumania</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><td>-135</td></tr><tr><td>Spain</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><td>-3,942</td></tr><tr><td>Sweden</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><td>-6,723</td></tr><tr><td>Switzerland</td><td>2,564</td><td>10,251</td><td>5,645</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>4,975</td><td>11,558</td></tr><tr><td>U. S. S. R.</td><td>3,340</td><td>1,470</td><td>3,395</td><td>-374</td><td>-997</td><td>401</td><td>3,230</td><td>1,737</td><td>-1,271</td><td>-1,543</td><td>19,969</td><td>12,540</td><td>2,101</td></tr><tr><td>Yugoslavia</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><td>170</td></tr><tr><td>Other Europe</td><td>-1,133</td><td>-6,406</td><td>1,694</td><td>-2,213</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><td>2,815</td></tr><tr><td>Total Europe</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>-99,928</td><td>-27,229</td><td>-204,476</td><td>-145,196</td></tr><tr><td>Canada</td><td>70,300</td><td>84,727</td><td>80,399</td><td>28,035</td><td>7,997</td><td>15,177</td><td>-38,529</td><td>-53,142</td><td>14,396</td><td>13,474</td><td>-22,784</td><td>-41,500</td><td>-12,205</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>3,686</td><td>3,369</td><td>-3,747</td><td>1,747</td><td>809</td><td>8,184</td><td>-4,646</td><td>14,251</td><td>-7,130</td><td>-1,991</td><td>2,268</td><td>16,389</td><td>27,111</td></tr><tr><td>Bolivia</td><td>1,501</td><td>-1,639</td><td>866</td><td>-95</td><td>-628</td><td>-1,588</td><td>-1,296</td><td>-1,401</td><td>165</td><td>-1,004</td><td>-1,020</td><td>118</td><td>-2,312</td></tr><tr><td>Brazil</td><td>4,453</td><td>21,839</td><td>1,573</td><td>21,350</td><td>2,411</td><td>2,262</td><td>7,938</td><td>-4,867</td><td>5,081</td><td>11,176</td><td>-5,016</td><td>15,754</td><td>1,444</td></tr><tr><td>Chile</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>-581</td><td>-1,820</td><td>-3,551</td><td>-2,831</td><td>2,952</td></tr><tr><td>Colombia</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><td>-4,875</td></tr><tr><td>Costa Rica</td><td>-820</td><td>456</td><td>-958</td><td>-1,159</td><td>471</td><td>720</td><td>-105</td><td>-1,039</td><td>-332</td><td>687</td><td>-271</td><td>1,060</td><td>-463</td></tr><tr><td>Cuba</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><td>3,610</td></tr><tr><td>French West Indies and Guiana</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><td>11</td></tr><tr><td>Mexico</td><td>5,507</td><td>12,035</td><td>-17,418</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>16,896</td><td>-16,156</td><td>-1,188</td><td>11,652</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-3,554</td><td>2,565</td><td>38</td><td>1,204</td><td>1,073</td><td>-2,024</td><td>-3,669</td><td>-7,285</td><td>1,958</td><td>-2,338</td><td>1,133</td><td>-2,554</td><td>-2,446</td></tr><tr><td>Panama</td><td>2,137</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><td>-4,009</td></tr><tr><td>Peru</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><td>637</td></tr><tr><td>Venezuela</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><td>-1,857</td></tr><tr><td>Other Latin America</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><td>10,654</td></tr><tr><td>Total Latin America</td><td>29,498</td><td>57,822</td><td>-19,529</td><td>21,044</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>9,408</td><td>30,608</td><td>40,119</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>-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><td>-41,137</td></tr><tr><td>French Indo-China</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><td>4,538</td></tr><tr><td>Hong Kong</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><td>2,227</td></tr><tr><td>India, Burma, and Ceylon</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><td>-1,932</td></tr><tr><td>British Malaya</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><td>440</td></tr><tr><td>Japan (including Korea and Manchuria)</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><td>-140</td></tr><tr><td>Netherlands East Indies</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>1,548</td><td>-1,417</td></tr><tr><td>Philippine Islands</td><td>4,530</td><td>2,341</td><td>-14,160</td><td>54,137</td><td>-18,419</td><td>1,175</td><td>8,128</td><td>5,351</td><td>-32,174</td><td>17,168</td><td>-37,842</td><td>-74,525</td><td></td></tr><tr><td>Turkey</td><td>201</td><td>861</td><td>443</td><td>-628</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><td>-2,770</td></tr><tr><td>Other Asia</td><td>-11,571</td><td>497</td><td>4,060</td><td>13,315</td><td>-1,259</td><td>-1,318</td><td>4,314</td><td>-2,701</td><td>2,985</td><td>7,429</td><td>-4,828</td><td>5,755</td><td>-472</td></tr><tr><td>Total Asia</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>-3,996</td><td>-15,653</td><td>-48,309</td><td>6,943</td><td>-45,568</td><td>-117,198</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-1,232</td><td>-4,009</td><td>1,126</td><td>1,158</td><td>645</td><td>1,053</td><td>-2,014</td><td>205</td><td>-3,083</td><td>-1,532</td><td>2,275</td><td>-3,005</td><td>501</td></tr><tr><td>New Zealand</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>942</td><td>2,752</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>1,562</td><td>-228</td><td>2,685</td><td>89</td><td>3,971</td><td>2,263</td><td>-806</td><td>591</td><td>159</td><td>-579</td><td>-1,021</td><td>-1,198</td><td>884</td></tr><tr><td>French Morocco</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><td>-1,267</td></tr><tr><td>Union of South Africa</td><td>487</td><td>-950</td><td>1,224</td><td>3,116</td><td>-1,586</td><td>727</td><td>-1,471</td><td>-312</td><td>2,466</td><td>-123</td><td>-1,453</td><td>1,187</td><td>794</td></tr><tr><td>All other</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><td>-3,122</td></tr><tr><td>Total other countries</td><td>387</td><td>-664</td><td>13,120</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><td>542</td></tr><tr><td>Unidentified</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>-2,232</td><td>479</td></tr><tr><td>Grand total</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>-88,534</td><td>-98,680</td><td>-29,482</td><td>-269,064</td><td>-233,459</td></tr></table>
November 1946
77
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>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><th>June</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>32,373</td><td>13,177</td><td>-54,759</td><td>-71,064</td><td>-2,555</td><td>-45,051</td><td>8,585</td><td>-29,060</td><td>-49,091</td><td>-79,000</td><td>-3,387</td><td>-119,998</td><td>-97,186</td></tr><tr><td>France</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><td>-33,759</td></tr><tr><td>Belgium</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><td>-4,793</td></tr><tr><td>Denmark</td><td>290</td><td>5</td><td>736</td><td>2,405</td><td>1,731</td><td>4,299</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><td>1,136</td></tr><tr><td>Finland</td><td>-171</td><td>-32</td><td>145</td><td>82</td><td>-473</td><td>-183</td><td>-662</td><td>-191</td><td>4,005</td><td>679</td><td>-556</td><td>-21</td><td>-3,017</td></tr><tr><td>Germany</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><td>-150</td></tr><tr><td>Greece</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><td>-2,842</td></tr><tr><td>Italy</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><td>3,811</td></tr><tr><td>Luxembourg</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><td>502</td></tr><tr><td>Netherlands</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><td>-13,153</td></tr><tr><td>Norway</td><td>6,589</td><td>-4,332</td><td>-9,216</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><td>308</td></tr><tr><td>Portugal</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><td>-875</td></tr><tr><td>Rumania</td><td>-14</td><td>30</td><td>401</td><td>-455</td><td>14</td><td>14</td><td>17</td><td>17</td><td>-78</td><td>4</td><td>692</td><td>194</td><td>-135</td></tr><tr><td>Spain</td><td>-5,059</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>-2,244</td><td>913</td><td>-1,388</td><td>-3,963</td></tr><tr><td>Sweden</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><td>-6,851</td></tr><tr><td>Switzerland</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><td>10,785</td></tr><tr><td>U. S. A.</td><td>3,339</td><td>1,470</td><td>3,388</td><td>-374</td><td>-965</td><td>399</td><td>3,252</td><td>1,736</td><td>-1,271</td><td>-3,056</td><td>20,056</td><td>12,510</td><td>2,017</td></tr><tr><td>Turcology</td><td>33</td><td>-503</td><td>257</td><td>103</td><td>14</td><td>218</td><td>299</td><td>1,174</td><td>196</td><td>214</td><td>914</td><td>-416</td><td>173</td></tr><tr><td>Other Europe</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>1,800</td><td>5,011</td></tr><tr><td>Total Europe</td><td>103,957</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>97,250</td><td>-95,882</td><td>-82,258</td><td>-13,736</td><td>-193,389</td><td>-142,980</td></tr><tr><td>Canada</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><td>12,040</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>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><td>23,970</td></tr><tr><td>Bolivia</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><td>-2,294</td></tr><tr><td>Brazil</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><td>-663</td></tr><tr><td>Chile</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><td>2,662</td></tr><tr><td>Colombia</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><td>-5,198</td></tr><tr><td>Costa Rica</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><td>-453</td></tr><tr><td>Cuba</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><td>4,229</td></tr><tr><td>French West Indies and Guiana</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><td>-9</td></tr><tr><td>Mexico</td><td>5,138</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><td>15,793</td></tr><tr><td>Netherlands West Indies</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><td>-2,415</td></tr><tr><td>and Surinam</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><td>-2,465</td></tr><tr><td>Panama</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>1,481</td><td>1,413</td><td>-3,443</td><td>-1,938</td><td>341</td><td>623</td></tr><tr><td>Peru</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><td>-4,469</td></tr><tr><td>Venezuela</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>-4,358</td><td>13,506</td><td>7,194</td></tr><tr><td>Other Latino America</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><td>36,505</td></tr><tr><td>Total Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>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>-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>167,271</td><td>-20,339</td><td>-18,983</td><td>-17,823</td><td>-18,623</td><td>-39,672</td></tr><tr><td>French Indo-China</td><td>-22</td><td>7</td><td>13</td><td>17</td><td>-64</td><td>-212</td><td>725</td><td>160</td><td>6,336</td><td>3,221</td><td>220</td><td>1,024</td><td>4,538</td></tr><tr><td>Hong Kong</td><td>224</td><td>-78</td><td>-214</td><td>114</td><td>-151</td><td>396</td><td>5,218</td><td>2,824</td><td>1,682</td><td>2,316</td><td>1,528</td><td>-1,471</td><td>2,310</td></tr><tr><td>India, Burma, and Ceylon</td><td>-836</td><td>3,203</td><td>631</td><td>10,581</td><td>5,278</td><td>1,432</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><td>-2,236</td></tr><tr><td>British Malaya</td><td>113</td><td>-39</td><td>2</td><td>4</td><td>67</td><td>86</td><td>173</td><td>442</td><td>-197</td><td>-75</td><td>191</td><td>-359</td><td>443</td></tr><tr><td>Japan (including Korea and Manchuria)</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><td>-141</td></tr><tr><td>Netherlands East Indies</td><td>-6,414</td><td>1,414</td><td>-3,871</td><td>-9,494</td><td>5,155</td><td>-680</td><td>9,975</td><td>-3,712</td><td>-9,270</td><td>-1,717</td><td>3,076</td><td>1,545</td><td>-3,414</td></tr><tr><td>Philippine Islands</td><td>4,612</td><td>2,573</td><td>-14,184</td><td>54,120</td><td>-1,761</td><td>18,883</td><td>-647</td><td>9,010</td><td>-6,725</td><td>-33,159</td><td>18,475</td><td>-37,414</td><td>-74,654</td></tr><tr><td>Turkey</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><td>-2,803</td></tr><tr><td>Other Asia</td><td>-11,595</td><td>1,316</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><td>-644</td></tr><tr><td>Total Asia</td><td>-35,218</td><td>-11,418</td><td>64,049</td><td>77,755</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><td>-116,073</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>-1,274</td><td>-4,089</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><td>429</td></tr><tr><td>New Zealand</td><td>-690</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>948</td><td>2,715</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>892</td></tr><tr><td>French Morocco</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><td>-1,267</td></tr><tr><td>Union of South Africa</td><td>466</td><td>-644</td><td>1,226</td><td>3,114</td><td>-1,581</td><td>788</td><td>1,436</td><td>-279</td><td>2,446</td><td>-339</td><td>-1,362</td><td>1,206</td><td>825</td></tr><tr><td>All other</td><td>499</td><td>4,041</td><td>6,336</td><td>10,276</td><td>22,969</td><td>-17,124</td><td>-464</td><td>-1,119</td><td>8,089</td><td>-2,923</td><td>930</td><td>-5,067</td><td>-3,167</td></tr><tr><td>Total other countries</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><td>450</td></tr><tr><td>Unidentified</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><td>460</td></tr><tr><td>Grand total</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>-9,591</td><td>76,583</td><td>-103,434</td><td>-83,128</td><td>-20,073</td><td>-285,419</td><td>-209,598</td></tr></table>
78
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 3.- Net Movement in Brokerage Balances
(In thousands of dollars; negative figures indicate a net outflow of capital from the United States)
<table><tr><th></th><th colspan="6">1945</th><th colspan="6">1946</th></tr><tr><th></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><th>June</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>2,538</td><td>-3,128</td><td>-790</td><td>823</td><td>28</td><td>250</td><td>897</td><td>1,484</td><td>-587</td><td>-697</td><td>-804</td><td>-96</td><td>187</td></tr><tr><td>France</td><td>254</td><td>-23</td><td>293</td><td>-53</td><td>129</td><td>-126</td><td>160</td><td>781</td><td>477</td><td>-595</td><td>174</td><td>-51</td><td>59</td></tr><tr><td>Belgium</td><td>-54</td><td>246</td><td>-205</td><td>101</td><td>-115</td><td>-199</td><td>256</td><td>91</td><td>-100</td><td>-17</td><td>88</td><td>-108</td><td>-28</td></tr><tr><td>Denmark</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><td>-2</td></tr><tr><td>Finland</td><td>1</td><td>5</td><td>-</td><td>1</td><td>-</td><td>5</td><td>13</td><td>16</td><td>-16</td><td>-20</td><td>-33</td><td>23</td><td>-1</td></tr><tr><td>Germany</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>23</td><td>-1</td></tr><tr><td>Greece</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>62</td><td>1</td><td>-60</td></tr><tr><td>Italy</td><td>18</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><td>-215</td></tr><tr><td>Luxembourg</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><td>-215</td></tr><tr><td>Netherlands</td><td>411</td><td>677</td><td>173</td><td>385</td><td>452</td><td>-1,067</td><td>1,904</td><td>-9,847</td><td>-18</td><td>-30</td><td>-480</td><td>283</td><td>-18</td></tr><tr><td>Norway</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>68</td><td>13</td><td>-42</td><td>-180</td><td>369</td></tr><tr><td>Portugal</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><td>27</td></tr><tr><td>Bosnia</td><td>-</td><td>1</td><td>-3</td><td>18</td><td>2</td><td>3</td><td>35</td><td>-16</td><td>-39</td><td>-37</td><td>-14</td><td>-6</td><td>1</td></tr><tr><td>Spain</td><td>2</td><td>5</td><td>-38</td><td>-67</td><td>-33</td><td>99</td><td>92</td><td>34</td><td>-134</td><td>263</td><td>-14</td><td>-56</td><td>-115</td></tr><tr><td>Sweden</td><td>148</td><td>-42</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>77</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Switzerland</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><td>1,181</td></tr><tr><td>U. S. S. R.</td><td>1</td><td>-</td><td>2</td><td>-2</td><td>-</td><td>-19</td><td>20</td><td>1</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>21</td></tr><tr><td>Tugorilia</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>Other Europe</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><td>-63</td></tr><tr><td>Total Europe</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>-7,592</td><td>345</td><td>87</td><td>-1,228</td><td>204</td><td>1,342</td></tr><tr><td>Canada</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><td>-1,031</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>-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><td>26</td></tr><tr><td>Bolivia</td><td>14</td><td>-1</td><td>-22</td><td>-7</td><td>10</td><td>-43</td><td>61</td><td>-166</td><td>118</td><td>39</td><td>-13</td><td>-2</td><td>19</td></tr><tr><td>Brazil</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><td>602</td></tr><tr><td>Chile</td><td>-235</td><td>33</td><td>239</td><td>-148</td><td>-25</td><td>-100</td><td>18</td><td>-110</td><td>-9</td><td>-235</td><td>-518</td><td>-6</td><td>-342</td></tr><tr><td>Colombia</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>-11</td><td>-1</td><td>70</td><td>-4</td><td>54</td></tr><tr><td>Costa Rica</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>90</td><td>-21</td></tr><tr><td>Cuba</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>-669</td><td>1,408</td><td>-195</td><td>-336</td><td>-955</td></tr><tr><td>French West Indies and Guiana</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><td>3</td></tr><tr><td>Mexico</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><td>-858</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>-365</td><td>104</td><td>86</td><td>52</td><td>694</td><td>12</td><td>-609</td><td>-3</td><td>44</td><td>-111</td><td>-13</td><td>-20</td><td>780</td></tr><tr><td>Peru</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><td>-92</td></tr><tr><td>Panama</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><td>-</td></tr><tr><td>Venezuela</td><td>-1,475</td><td>-295</td><td>-212</td><td>482</td><td>-57</td><td>1,518</td><td>-307</td><td>877</td><td>-1,284</td><td>219</td><td>512</td><td>1,124</td><td>106</td></tr><tr><td>Other Latin America</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>-549</td><td>1,060</td><td>-356</td><td>-542</td><td>104</td></tr><tr><td>Total Latin America</td><td>-3,326</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><td>-632</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>-728</td><td>-233</td><td>381</td><td>-75</td><td>424</td><td>-278</td><td>256</td><td>-20</td><td>-76</td><td>-345</td><td>550</td><td>-409</td><td>345</td></tr><tr><td>French Indo-China</td><td>5</td><td>5</td><td>-6</td><td>6</td><td>8</td><td>-8</td><td>5</td><td>3</td><td>65</td><td>-38</td><td>78</td><td>53</td><td>43</td></tr><tr><td>Hong Kong</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><td>43</td></tr><tr><td>India, Burma, and Ceylon</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><td>179</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>-3</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>1</td><td>5</td><td>-9</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Netherlands East Indies</td><td>-56</td><td>-</td><td>112</td><td>-112</td><td>153</td><td>-152</td><td>1</td><td>1</td><td>-1</td><td>2</td><td>3</td><td>-1</td><td>-1</td></tr><tr><td>Philippine Islands</td><td>-44</td><td>-28</td><td>-39</td><td>80</td><td>-169</td><td>251</td><td>39</td><td>-60</td><td>222</td><td>837</td><td>-339</td><td>-233</td><td>164</td></tr><tr><td>Turkey</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><td>-</td></tr><tr><td>Other Asia</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><td>-41</td></tr><tr><td>Total Asia</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><td>687</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>-4</td><td>22</td><td>17</td><td>-35</td><td>9</td><td>7</td><td>11</td><td>23</td><td>22</td><td>11</td><td>-37</td><td>21</td><td>-12</td></tr><tr><td>New Zealand</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><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>-12</td></tr><tr><td>French Morocco</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><td>-</td></tr><tr><td>Union of South Africa</td><td>4</td><td>6</td><td>33</td><td>2</td><td>-1</td><td>-11</td><td>-6</td><td>4</td><td>13</td><td>-13</td><td>-4</td><td>-12</td><td>13</td></tr><tr><td>All other</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><td>91</td></tr><tr><td>Total other countries</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><td>80</td></tr><tr><td>Unidentified</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><td>-</td></tr><tr><td>Grand total</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>5,286</td><td>1,733</td><td>-742</td><td>446</td></tr></table>
November 1946
79
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>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><th>June</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>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><td>-3,468</td></tr><tr><td>France</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><td>2,095</td></tr><tr><td>Belgium</td><td>2,022</td><td>-82</td><td>-195</td><td>138</td><td>604</td><td>742</td><td>813</td><td>-393</td><td>-8</td><td>-195</td><td>-615</td><td>675</td><td>798</td></tr><tr><td>Denmark</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><td>131</td></tr><tr><td>Finland</td><td>37</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><td>240</td></tr><tr><td>Germany</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><td></td></tr><tr><td>Greece</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><td>56</td></tr><tr><td>Italy</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><td>-243</td></tr><tr><td>Luxembourg</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><td>-71</td></tr><tr><td>Netherlands</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><td>-1,273</td></tr><tr><td>Norway</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><td>429</td></tr><tr><td>Portugal</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><td>15</td></tr><tr><td>Romania</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><td></td></tr><tr><td>Spain</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><td>20</td></tr><tr><td>Sweden</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><td>243</td></tr><tr><td>Switzerland</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><td>-408</td></tr><tr><td>U. S. S. R.</td><td>1</td><td>6</td><td>1</td><td>2</td><td></td><td></td><td>2</td><td>1</td><td></td><td>100</td><td>-91</td><td></td><td>3</td></tr><tr><td>Yugoslavia</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><td>-7</td></tr><tr><td>Other Europe</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><td>-2,133</td></tr><tr><td>Total Europe</td><td>23,430</td><td>-8,581</td><td>-2,053</td><td>1,875</td><td>-7,726</td><td>-16,856</td><td>6,461</td><td>-17,846</td><td>-6,464</td><td>-17,751</td><td>-12,265</td><td>-11,291</td><td>-3,558</td></tr><tr><td>Canada</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>4446</td><td>139,826</td><td>12,470</td><td>-5,957</td><td>4,959</td><td>39,684</td><td>-23,214</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>1,685</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><td>3,115</td></tr><tr><td>Bolivia</td><td>-46</td><td>451</td><td>13</td><td>-16</td><td>-1</td><td>-248</td><td>-117</td><td></td><td>19</td><td>31</td><td>4</td><td>16</td><td></td></tr><tr><td>Brazil</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><td>1,505</td></tr><tr><td>Chile</td><td>204</td><td>23</td><td>-95</td><td>-57</td><td>401</td><td>1,313</td><td>109</td><td>705</td><td>348</td><td>27</td><td>492</td><td>1,895</td><td>632</td></tr><tr><td>Colombia</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><td>269</td></tr><tr><td>Costa Rica</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><td>11</td></tr><tr><td>Cuba</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><td>336</td></tr><tr><td>French West Indies and Guiana</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><td>17</td></tr><tr><td>Mexico</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><td>-3,283</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>-11</td></tr><tr><td>Panama</td><td>604</td><td>-1,212</td><td>-1,616</td><td>-898</td><td>-2,657</td><td>-585</td><td>2,234</td><td>523</td><td>-996</td><td>-243</td><td>3,737</td><td>-1,431</td><td>-2,384</td></tr><tr><td>Peru</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><td>106</td></tr><tr><td>Venezuela</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><td>506</td></tr><tr><td>Other Latin America</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><td>3,366</td></tr><tr><td>Total Latin America</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><td>4,246</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>16,541</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><td>-1,810</td></tr><tr><td>French Indo-China</td><td>-10</td><td>2</td><td>-34</td><td>18</td><td>-54</td><td>23</td><td>-3</td><td>-250</td><td>-131</td><td>-1</td><td>-94</td><td>-183</td><td>-126</td></tr><tr><td>Hong Kong</td><td></td><td></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><td>125</td></tr><tr><td>India, Burma, and Ceylon</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>-2</td><td>-2</td><td>119</td><td>125</td></tr><tr><td>British Malaya</td><td>3</td><td></td><td></td><td></td><td>-4</td><td>-69</td><td>-19</td><td>-2</td><td>-8</td><td>2</td><td></td><td></td><td></td></tr><tr><td>Japan (including Korea and Manchuria)</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><td>-2</td></tr><tr><td>Netherlands East Indies</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><td>-45</td></tr><tr><td>Philippine Islands</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><td>33</td></tr><tr><td>Turkey</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><td>13</td></tr><tr><td>Other Asia</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>-3,904</td><td>-3,968</td><td>-1,812</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>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><td>31</td></tr><tr><td>New Zealand</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><td></td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>4</td></tr><tr><td>French Morocco</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><td></td></tr><tr><td>Union of South Africa</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>1</td><td>-1</td><td>-87</td><td>-7</td><td>-46</td></tr><tr><td>All other</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><td></td></tr><tr><td>Total other countries</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><td>12</td></tr><tr><td>Unidentified</td><td>-</td><td>-1</td><td>-</td><td>-1</td><td>-</td><td>-</td><td>-</td><td>-6</td><td>1</td><td>-</td><td>-</td><td>19</td><td>-</td></tr><tr><td>Grand total</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><td>-24,307</td></tr></table>
80
Treasury Bulletin
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>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><th>June</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>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><td>30,456</td></tr><tr><td>France</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>157</td><td>660</td><td>728</td><td>859</td><td>879</td><td>940</td></tr><tr><td>Belgium</td><td>759</td><td>159</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><td>7,107</td></tr><tr><td>Denmark</td><td>8</td><td>8</td><td>9</td><td>9</td><td>1,583</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><td>108</td></tr><tr><td>Finland</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><td>4,429</td></tr><tr><td>Germany</td><td>33,866</td><td>33,866</td><td>33,866</td><td>33,850</td><td>35,854</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><td>33,851</td></tr><tr><td>Greece</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><td>1,101</td></tr><tr><td>Italy</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>455</td><td>575</td><td>1,033</td><td>2,435</td></tr><tr><td>Luxembourg</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><td>64</td></tr><tr><td>Netherlands</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><td>119,365</td></tr><tr><td>Norway</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>6,288</td><td>199</td><td>1,176</td><td>274</td></tr><tr><td>Portugal</td><td>488</td><td>242</td><td>282</td><td>256</td><td>216</td><td>290</td><td>467</td><td>410</td><td>411</td><td>433</td><td>398</td><td>552</td><td>521</td></tr><tr><td>Romania</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><td>58</td></tr><tr><td>Spain</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>1,350</td><td>1,512</td><td>1,441</td><td>2,091</td><td>2,917</td></tr><tr><td>Sweden</td><td>326</td><td>660</td><td>1,498</td><td>331</td><td>532</td><td>1,011</td><td>915</td><td>1,133</td><td>1,102</td><td>1,280</td><td>2,419</td><td>2,958</td><td>5,552</td></tr><tr><td>Switzerland</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>4,933</td><td>5,573</td><td>6,496</td><td>7,960</td><td>6,482</td></tr><tr><td>U. S. S. R.</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><td>8</td></tr><tr><td>Yugoslavia</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>11</td><td>9</td><td>7</td><td>6</td></tr><tr><td>Other Europe</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><td>4,953</td></tr><tr><td>Total Europe</td><td>117,638</td><td>112,978</td><td>19,145</td><td>71,681</td><td>69,763</td><td>109,558</td><td>140,714</td><td>115,842</td><td>120,192</td><td>126,057</td><td>134,796</td><td>215,312</td><td>221,231</td></tr><tr><td>Canada</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><td>53,552</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>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><td>20,417</td></tr><tr><td>Bolivia</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>2,862</td><td>1,975</td><td>3,059</td></tr><tr><td>Brazil</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><td>28,396</td></tr><tr><td>Chile</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>6,959</td><td>6,197</td><td>7,062</td><td>7,017</td><td>6,728</td><td>8,024</td></tr><tr><td>Colombia</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>21,284</td><td>23,189</td></tr><tr><td>Costa Rica</td><td>1,114</td><td>1,285</td><td>1,206</td><td>1,514</td><td>2,115</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>1,282</td><td>1,524</td></tr><tr><td>Cuba</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><td>29,336</td></tr><tr><td>French West Indies and Guiana</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><td>19</td></tr><tr><td>Mexico</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>13,887</td><td>14,252</td><td>14,111</td><td>13,528</td><td>15,045</td></tr><tr><td>Netherlands East Indies and Surinam</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><td>414</td></tr><tr><td>Panama</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><td>1,780</td></tr><tr><td>Peru</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><td>3,488</td></tr><tr><td>Venezuela</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><td>7,909</td></tr><tr><td>Other Latino America</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>25,935</td><td>26,089</td><td>26,580</td><td>21,189</td><td>22,124</td></tr><tr><td>Total Latino America</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><td>164,724</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>1,199</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>22,444</td><td>25,610</td><td>22,581</td><td>23,920</td></tr><tr><td>French Indo-China</td><td>1</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>19</td><td>176</td><td>19</td><td>46</td><td>20</td></tr><tr><td>Hong Kong</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><td>2,038</td></tr><tr><td>Indie, Burma, and Ceylon</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><td>7,366</td></tr><tr><td>British Malaya</td><td>141</td><td>140</td><td>142</td><td>140</td><td>140</td><td>139</td><td>135</td><td>149</td><td>333</td><td>235</td><td>190</td><td>336</td><td>88</td></tr><tr><td>Japan (including Korea and Manchuria)</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><td>300</td></tr><tr><td>Netherlands East Indies</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><td>1,381</td></tr><tr><td>Philippine Islands</td><td>13,046</td><td>13,943</td><td>26,022</td><td>13,517</td><td>13,028</td><td>13,558</td><td>13,647</td><td>18,459</td><td>20,080</td><td>15,967</td><td>16,085</td><td>16,696</td><td>16,667</td></tr><tr><td>Turkey</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><td>939</td></tr><tr><td>Other Asia</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><td>3,517</td></tr><tr><td>Total Asia</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><td>56,236</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>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>1,451</td><td>1,790</td><td>1,904</td></tr><tr><td>New Zealand</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><td>517</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</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><td>296</td></tr><tr><td>French Morocco</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><td>154</td></tr><tr><td>Union of South Africa</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><td>8,453</td></tr><tr><td>All other</td><td>2,151</td><td>1,378</td><td>1,448</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>2,524</td><td>2,397</td><td>2,389</td><td>3,840</td></tr><tr><td>Total other countries</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>10,960</td><td>10,315</td><td>10,608</td><td>11,245</td><td>12,814</td><td>15,226</td></tr><tr><td>Unidentified</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><td>55</td></tr><tr><td>Grand total</td><td>175,038</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><td>511,024</td></tr></table>
November 1946
81
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="7">1945</th><th colspan="7">1946</th></tr><tr><th></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><th>June</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>861,834</td><td>871,952</td><td>823,952</td><td>746,157</td><td>740,221</td><td>699,617</td><td>707,694</td><td>679,045</td><td>670,499</td><td>553,759</td><td>553,420</td><td>434,360</td><td>335,059</td></tr><tr><td>France</td><td>372,259</td><td>398,964</td><td>356,684</td><td>313,417</td><td>350,321</td><td>327,256</td><td>310,040</td><td>398,293</td><td>380,667</td><td>364,453</td><td>305,782</td><td>319,659</td><td>285,961</td></tr><tr><td>Belgium</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>184,855</td><td>167,558</td><td>166,263</td><td>176,442</td><td>177,786</td><td>175,748</td></tr><tr><td>Denmark</td><td>13,678</td><td>13,583</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>42,555</td><td>44,243</td><td>47,375</td><td>48,554</td><td>49,745</td></tr><tr><td>Finland</td><td>6,658</td><td>6,627</td><td>6,671</td><td>7,153</td><td>6,579</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><td>11,179</td></tr><tr><td>Germany</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><td>6,359</td></tr><tr><td>Greece</td><td>56,584</td><td>60,501</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>69,665</td><td>74,332</td><td>76,677</td><td>75,514</td><td>72,279</td></tr><tr><td>Italy</td><td>43,926</td><td>49,485</td><td>51,886</td><td>58,479</td><td>51,980</td><td>55,360</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><td>112,012</td></tr><tr><td>Luxembourg</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><td>22,613</td></tr><tr><td>Netherlands</td><td>213,306</td><td>215,807</td><td>217,958</td><td>220,553</td><td>228,051</td><td>269,642</td><td>281,567</td><td>293,914</td><td>282,182</td><td>294,959</td><td>294,909</td><td>268,366</td><td>256,090</td></tr><tr><td>Norway</td><td>240,599</td><td>236,635</td><td>187,118</td><td>188,354</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><td>161,051</td></tr><tr><td>Portugal</td><td>40,546</td><td>46,385</td><td>39,040</td><td>45,464</td><td>45,166</td><td>46,497</td><td>47,881</td><td>47,861</td><td>45,294</td><td>45,378</td><td>45,667</td><td>49,468</td><td>48,582</td></tr><tr><td>Rumania</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>5,313</td><td>9,291</td><td>9,218</td><td>9,222</td><td>10,029</td><td>10,151</td><td>10,001</td></tr><tr><td>Spain</td><td>31,846</td><td>36,554</td><td>40,376</td><td>32,589</td><td>24,443</td><td>31,208</td><td>31,712</td><td>37,117</td><td>37,355</td><td>35,363</td><td>36,205</td><td>35,467</td><td>32,330</td></tr><tr><td>Sweden</td><td>165,349</td><td>183,704</td><td>194,338</td><td>199,062</td><td>213,466</td><td>217,195</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><td>191,700</td></tr><tr><td>Switzerland</td><td>261,182</td><td>268,582</td><td>273,781</td><td>277,558</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><td>328,538</td></tr><tr><td>U. S. S. R.</td><td>20,853</td><td>22,338</td><td>25,724</td><td>25,404</td><td>24,373</td><td>24,818</td><td>28,012</td><td>29,743</td><td>28,479</td><td>24,829</td><td>44,882</td><td>57,428</td><td>59,499</td></tr><tr><td>Yugoslavia</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><td>7,429</td></tr><tr><td>Other Europe</td><td>50,293</td><td>45,271</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><td>62,326</td></tr><tr><td>Total Europe</td><td>2,562,302</td><td>2,653,317</td><td>2,538,551</td><td>2,503,012</td><td>2,544,956</td><td>2,529,934</td><td>2,582,962</td><td>2,655,350</td><td>2,553,818</td><td>2,487,425</td><td>2,482,428</td><td>2,39,555</td><td>2,332,494</td></tr><tr><td>Canada</td><td>1,267,262</td><td>1,349,750</td><td>1,449,865</td><td>1,492,073</td><td>1,454,790</td><td>1,454,733</td><td>1,522,155</td><td>1,550,718</td><td>1,349,736</td><td>2,359,712</td><td>2,344,138</td><td>1,248,229</td><td>1,263,755</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>73,220</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><td>116,589</td></tr><tr><td>Bolivia</td><td>19,219</td><td>17,164</td><td>18,045</td><td>17,858</td><td>17,879</td><td>15,641</td><td>14,498</td><td>13,596</td><td>13,381</td><td>13,571</td><td>12,693</td><td>11,910</td><td>10,700</td></tr><tr><td>Brazil</td><td>146,202</td><td>164,350</td><td>162,971</td><td>181,504</td><td>179,157</td><td>185,503</td><td>195,138</td><td>192,252</td><td>199,522</td><td>210,531</td><td>206,827</td><td>222,014</td><td>218,846</td></tr><tr><td>Chile</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><td>59,262</td></tr><tr><td>Colombia</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><td>66,344</td></tr><tr><td>Costa Rica</td><td>7,477</td><td>8,049</td><td>7,031</td><td>6,246</td><td>6,531</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><td>6,730</td></tr><tr><td>Cuba</td><td>190,366</td><td>153,894</td><td>156,935</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><td>169,636</td></tr><tr><td>French West Indies and Guiana</td><td>6,345</td><td>8,605</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><td>6,985</td></tr><tr><td>Mexico</td><td>163,785</td><td>177,209</td><td>158,720</td><td>154,449</td><td>154,306</td><td>111,818</td><td>115,358</td><td>125,881</td><td>128,287</td><td>140,729</td><td>122,317</td><td>119,755</td><td>137,075</td></tr><tr><td>Netherlands West Indies and Surinam</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><td>16,738</td></tr><tr><td>Panama</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><td>87,083</td></tr><tr><td>Peru</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><td>40,586</td></tr><tr><td>Venezuela</td><td>41,443</td><td>50,213</td><td>43,041</td><td>44,327</td><td>48,482</td><td>38,323</td><td>49,688</td><td>35,950</td><td>42,374</td><td>41,304</td><td>49,477</td><td>50,339</td><td>46,060</td></tr><tr><td>Other Latin America</td><td>134,799</td><td>134,947</td><td>145,278</td><td>138,514</td><td>138,105</td><td>138,334</td><td>144,704</td><td>150,316</td><td>145,988</td><td>156,300</td><td>152,393</td><td>160,508</td><td>168,577</td></tr><tr><td>Total Latin America</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><td>1,151,271</td></tr><tr><td>Africa</td><td></td><td></td><td></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>519,515</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><td>657,045</td></tr><tr><td>French Indo-China</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>28,016</td><td>28,196</td><td>34,550</td><td>37,928</td><td>37,991</td><td>39,042</td><td>43,554</td></tr><tr><td>Hong Kong</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><td>37,755</td></tr><tr><td>India, Burma, and Ceylon</td><td>23,232</td><td>24,093</td><td>25,250</td><td>28,857</td><td>33,243</td><td>34,561</td><td>33,330</td><td>29,367</td><td>36,729</td><td>25,654</td><td>34,620</td><td>37,585</td><td>36,097</td></tr><tr><td>British Malaya, and Java (including Korea and Menchuri)</td><td>9,066</td><td>4,322</td><td>3,941</td><td>4,214</td><td>4,158</td><td>4,077</td><td>4,137</td><td>3,983</td><td>3,853</td><td>3,805</td><td>3,661</td><td>3,670</td><td>3,526</td></tr><tr><td>Netherlands East Indies</td><td>111,257</td><td>112,646</td><td>108,775</td><td>99,295</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><td>100,222</td></tr><tr><td>Philippine Islands</td><td>511,905</td><td>528,775</td><td>540,470</td><td>612,146</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><td>505,588</td></tr><tr><td>Turkey</td><td>51,536</td><td>50,833</td><td>51,178</td><td>50,475</td><td>50,454</td><td>47,185</td><td>52,477</td><td>57,275</td><td>52,184</td><td>66,067</td><td>66,918</td><td>71,598</td><td>59,278</td></tr><tr><td>Other Asia</td><td>58,609</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>87,359</td><td>86,817</td></tr><tr><td>Total Asia</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>1,685,592</td><td>1,699,285</td><td>1,655,668</td><td>1,541,421</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>30,657</td><td>27,827</td><td>27,559</td><td>28,466</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>23,830</td><td>29,355</td></tr><tr><td>New Zealand</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><td>7,528</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>10,973</td><td>10,843</td><td>13,597</td><td>13,609</td><td>17,292</td><td>19,627</td><td>18,895</td><td>19,359</td><td>19,585</td><td>18,923</td><td>17,878</td><td>16,768</td><td>17,743</td></tr><tr><td
1/ Adjusted to include Philippine Government accounts with the U. S. Treasury. See "Treasury Bulletin", July 1946, page 89 for details.
82
Treasury Bulletin
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 7.- Foreign Debit Balances (Balances Due From Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Position at end of month in thousands of dollars)
<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><th>June</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><td></td></tr><tr><td>United Kingdom</td><td>1,429</td><td>1,910</td><td>1,461</td><td>898</td><td>842</td><td>871</td><td>1,024</td><td>1,798</td><td>1,730</td><td>2,067</td><td>1,800</td><td>2,079</td><td>1,928</td><td>1,825</td></tr><tr><td>France</td><td>338</td><td>335</td><td>314</td><td>374</td><td>317</td><td>294</td><td>255</td><td>398</td><td>351</td><td>354</td><td>347</td><td>337</td><td>267</td><td>268</td></tr><tr><td>Belgium</td><td>112</td><td>121</td><td>130</td><td>124</td><td>126</td><td>115</td><td>94</td><td>109</td><td>159</td><td>130</td><td>127</td><td>75</td><td>68</td><td>118</td></tr><tr><td>Denmark</td><td>7</td><td>7</td><td>2</td><td>98</td><td>57</td><td>7</td><td>29</td><td>9</td><td>126</td><td>107</td><td>109</td><td>82</td><td>78</td><td>80</td></tr><tr><td>Finland</td><td>2</td><td>1</td><td>5</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>3</td><td>8</td><td>8</td><td>8</td><td>8</td><td>8</td><td>7</td><td>7</td></tr><tr><td>Greece</td><td>3</td><td>2</td><td>2</td><td>2</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Italy</td><td>11</td><td>4</td><td>2</td><td>4</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>3</td><td>2</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Luxembourg</td><td>137</td><td>133</td><td>133</td><td>33</td><td>43</td><td>31</td><td>12</td><td>12</td><td>12</td><td>12</td><td>11</td><td>11</td><td>11</td><td>-</td></tr><tr><td>Netherlands</td><td>167</td><td>148</td><td>208</td><td>141</td><td>136</td><td>140</td><td>139</td><td>110</td><td>235</td><td>140</td><td>128</td><td>113</td><td>118</td><td>152</td></tr><tr><td>Norway</td><td>216</td><td>252</td><td>227</td><td>201</td><td>187</td><td>177</td><td>159</td><td>144</td><td>615</td><td>568</td><td>502</td><td>466</td><td>386</td><td>252</td></tr><tr><td>Portugal</td><td>57</td><td>53</td><td>46</td><td>35</td><td>35</td><td>35</td><td>40</td><td>40</td><td>40</td><td>40</td><td>8</td><td>8</td><td>8</td><td>8</td></tr><tr><td>Switzerland</td><td>210</td><td>101</td><td>184</td><td>232</td><td>255</td><td>227</td><td>201</td><td>180</td><td>140</td><td>209</td><td>133</td><td>123</td><td>106</td><td>175</td></tr><tr><td>Spain</td><td>73</td><td>71</td><td>71</td><td>71</td><td>69</td><td>70</td><td>69</td><td>66</td><td>1</td><td>1</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Sweden</td><td>1,129</td><td>1,170</td><td>1,015</td><td>1,143</td><td>904</td><td>797</td><td>686</td><td>869</td><td>1,179</td><td>1,036</td><td>1,071</td><td>920</td><td>1,058</td><td>825</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>444</td><td>433</td><td>460</td><td>427</td><td>427</td><td>425</td><td>429</td><td>409</td><td>409</td><td>404</td><td>353</td><td>320</td><td>275</td></tr><tr><td>Other Europe</td><td>162</td><td>104</td><td>433</td><td>460</td><td>427</td><td>427</td><td>425</td><td>429</td><td>409</td><td>409</td><td>404</td><td>353</td><td>320</td><td>275</td></tr><tr><td>Total Europe</td><td>4,384</td><td>4,761</td><td>4,241</td><td>3,827</td><td>3,411</td><td>3,206</td><td>3,147</td><td>4,176</td><td>5,009</td><td>5,065</td><td>4,652</td><td>4,577</td><td>4,357</td><td>3,987</td></tr><tr><td>Canada</td><td>6,291</td><td>8,192</td><td>6,987</td><td>6,438</td><td>6,154</td><td>7,366</td><td>7,495</td><td>7,541</td><td>8,754</td><td>7,912</td><td>6,374</td><td>7,260</td><td>6,729</td><td>7,188</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><td></td></tr><tr><td>Argentina</td><td>1,872</td><td>2,192</td><td>1,627</td><td>1,497</td><td>1,349</td><td>1,509</td><td>1,472</td><td>1,419</td><td>2,132</td><td>1,649</td><td>1,770</td><td>1,766</td><td>1,895</td><td>2,040</td></tr><tr><td>Bolivia</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>3</td><td>54</td><td>149</td><td>149</td><td>80</td><td>1</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>1,948</td><td>2,204</td><td>2,130</td><td>2,105</td><td>2,060</td><td>831</td><td>1,439</td><td>1,435</td><td>1,552</td><td>1,564</td><td>1,519</td><td>1,602</td><td>1,635</td><td>1,753</td></tr><tr><td>Chile</td><td>250</td><td>367</td><td>292</td><td>289</td><td>202</td><td>254</td><td>269</td><td>242</td><td>735</td><td>594</td><td>808</td><td>1,290</td><td>1,173</td><td>1,499</td></tr><tr><td>Colombia</td><td>171</td><td>257</td><td>279</td><td>303</td><td>296</td><td>230</td><td>226</td><td>178</td><td>271</td><td>297</td><td>211</td><td>160</td><td>151</td><td>99</td></tr><tr><td>Costa Rica</td><td>11</td><td>61</td><td>3</td><td>8</td><td>8</td><td>8</td><td>11</td><td>30</td><td>23</td><td>19</td><td>21</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>3,468</td><td>3,799</td><td>4,423</td><td>4,700</td><td>4,420</td><td>4,909</td><td>5,025</td><td>5,598</td><td>4,859</td><td>5,331</td><td>4,056</td><td>4,224</td><td>4,442</td><td>5,707</td></tr><tr><td>French West Indies and Guiana</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38</td><td>43</td><td>38</td><td>33</td></tr><tr><td>Mexico</td><td>1,716</td><td>1,717</td><td>1,842</td><td>1,750</td><td>1,556</td><td>1,473</td><td>1,508</td><td>1,819</td><td>1,818</td><td>1,941</td><td>1,778</td><td>1,580</td><td>1,469</td><td>1,805</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>30</td><td>22</td><td>31</td><td>19</td><td>22</td><td>19</td><td>21</td><td>15</td><td>13</td><td>30</td><td>4</td><td>3</td><td>89</td><td>55</td></tr><tr><td>Panama</td><td>449</td><td>335</td><td>306</td><td>356</td><td>418</td><td>426</td><td>470</td><td>571</td><td>465</td><td>362</td><td>394</td><td>245</td><td>89</td><td>55</td></tr><tr><td>Peru</td><td>1,045</td><td>1,044</td><td>1,022</td><td>1,023</td><td>1,073</td><td>873</td><td>932</td><td>877</td><td>711</td><td>537</td><td>301</td><td>111</td><td>3</td><td>4</td></tr><tr><td>Yucatec</td><td>755</td><td>2,080</td><td>2,312</td><td>2,299</td><td>2,448</td><td>3,777</td><td>2,784</td><td>3,683</td><td>2,522</td><td>3,561</td><td>3,372</td><td>3,132</td><td>2,156</td><td>2,362</td></tr><tr><td>Other Latin America</td><td>3,220</td><td>3,697</td><td>3,693</td><td>3,789</td><td>3,861</td><td>4,023</td><td>3,467</td><td>2,840</td><td>4,948</td><td>5,313</td><td>4,209</td><td>4,194</td><td>4,585</td><td>4,596</td></tr><tr><td>Total Latin America</td><td>14,935</td><td>17,195</td><td>17,960</td><td>18,138</td><td>17,718</td><td>18,335</td><td>17,678</td><td>18,657</td><td>20,198</td><td>21,038</td><td>18,482</td><td>18,317</td><td>17,636</td><td>19,913</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><td></td></tr><tr><td>China</td><td>5,017</td><td>5,252</td><td>5,952</td><td>5,265</td><td>5,371</td><td>5,389</td><td>5,386</td><td>5,669</td><td>6,089</td><td>6,090</td><td>5,815</td><td>6,051</td><td>6,272</td><td>6,472</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Hong Kong</td><td>237</td><td>232</td><td>224</td><td>214</td><td>218</td><td>150</td><td>137</td><td>134</td><td>131</td><td>108</td><td>70</td><td>40</td><td>10</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>52</td><td>32</td><td>80</td><td>59</td><td>60</td><td>59</td><td>61</td><td>60</td><td>142</td><td>117</td><td>68</td><td>73</td><td>175</td><td>31</td></tr><tr><td>British Malaya, British Borneo, and Singapore (including Korea and Manchuria)</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Netherlands East Indies</td><td>6</td><td>-</td><td>-</td><td>-</td><td>45</td><td>88</td><td>14</td><td>3</td><td>148</td><td>85</td><td>346</td><td>5</td><td>6</td><td>6</td></tr><tr><td>Philippine Islands</td><td>9</td><td>23</td><td>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>Turkey</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>87</td><td>52</td><td>26</td><td>47</td><td>43</td><td>43</td><td>63</td><td>72</td><td>130</td><td>43</td><td>41</td><td>37</td><td>36</td><td>6</td></tr><tr><td>Total Asia</td><td>5,410</td><td>5,593</td><td>5,946</td><td>5,599</td><td>5,740</td><td>5,731</td><td>5,663</td><td>5,939</td><td>6,641</td><td>6,444</td><td>6,341</td><td>6,207</td><td>6,500</td><td>6,516</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><td></td></tr><tr><td>Australia</td><td>45</td><td>43</td><td>43</td><td>42</td><td>41</td><td>29</td><td>28</td><td>25</td><td>24</td><td>24</td><td>18</td><td>15</td><td>16</td><td>14</td></tr><tr><td>New Zealand</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>4</td><td>5</td><td>19</td><td>22</td><td>23</td><td>20</td><td>23</td><td>23</td><td>21</td><td>29</td><td>28</td><td>25</td><td>24</td><td>15</td></tr><tr><td>French Morocco</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>2</td><td>2</td><td>2</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>3</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>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>All other</td><td>4</td><td>5</td><td>3</td><td>5</td><td>3</td><td>3</td><td>3</td><td>24</td><td>16</td><td>17</td><td>41</td><td>44</td><td>53</td><td>42</td></tr><tr><td>Total other countries</td><td>56</td><td>55</td><td>67</td><td>71</td><td>69</td><td>54</td><td>57</td><td>74</td><td>63</td><td>72</td><td>87</td><td>84</td><td>93</td><td>71</td></tr><tr><td>Unidentified</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>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>31,085</td><td>35,806</td><td>35,211</td><td>34,053</td><td>33,102</td><td>34,702</td><td>34,010</td><td>36,397</td><td>40,665</td><td>40,531</td><td>35,936</td><td>36,445</td><td>35,315</td><td>37,675</td></tr></table>
November 1946
83
Capital Movements Between the United States and Foreign Countries - (Continued)
Section II - Summary by Countries - (Continued)
Table 8.- Foreign Credit Balances (Balances Due to Foreigners) in Brokerage Accounts as Reported by Brokers and Dealers in the United States
(Position at end of month in thousands of dollars)
<table><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><th>June</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>4,506</td><td>7,525</td><td>3,948</td><td>3,095</td><td>3,852</td><td>3,922</td><td>4,322</td><td>5,593</td><td>7,009</td><td>6,759</td><td>5,735</td><td>5,270</td><td>5,023</td><td>5,107</td></tr><tr><td>France</td><td>8,956</td><td>9,208</td><td>9,163</td><td>9,516</td><td>9,406</td><td>9,512</td><td>9,347</td><td>9,850</td><td>10,564</td><td>11,044</td><td>10,462</td><td>10,626</td><td>10,505</td><td>10,565</td></tr><tr><td>Belgium</td><td>1,504</td><td>1,499</td><td>1,714</td><td>1,503</td><td>1,606</td><td>1,480</td><td>1,260</td><td>1,531</td><td>1,672</td><td>1,533</td><td>1,523</td><td>1,599</td><td>1,444</td><td>1,466</td></tr><tr><td>Denmark</td><td>171</td><td>176</td><td>201</td><td>187</td><td>217</td><td>219</td><td>163</td><td>274</td><td>281</td><td>280</td><td>167</td><td>166</td><td>161</td><td>161</td></tr><tr><td>Finland</td><td>1</td><td>1</td><td>10</td><td>5</td><td>6</td><td>6</td><td>18</td><td>24</td><td>70</td><td>54</td><td>34</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Germany</td><td>162</td><td>163</td><td>164</td><td>173</td><td>312</td><td>286</td><td>298</td><td>321</td><td>306</td><td>290</td><td>275</td><td>297</td><td>319</td><td>319</td></tr><tr><td>Greece</td><td>10</td><td>9</td><td>21</td><td>22</td><td>12</td><td>22</td><td>25</td><td>58</td><td>67</td><td>65</td><td>25</td><td>25</td><td>26</td><td>26</td></tr><tr><td>Italy</td><td>146</td><td>160</td><td>172</td><td>179</td><td>179</td><td>190</td><td>191</td><td>235</td><td>247</td><td>245</td><td>254</td><td>316</td><td>342</td><td>282</td></tr><tr><td>Luxembourg</td><td>472</td><td>473</td><td>468</td><td>668</td><td>756</td><td>766</td><td>823</td><td>861</td><td>806</td><td>824</td><td>893</td><td>768</td><td>769</td><td>543</td></tr><tr><td>Netherlands</td><td>16,381</td><td>17,373</td><td>18,110</td><td>18,219</td><td>18,596</td><td>19,052</td><td>17,984</td><td>19,899</td><td>10,137</td><td>10,028</td><td>9,986</td><td>9,491</td><td>9,779</td><td>9,795</td></tr><tr><td>Norway</td><td>644</td><td>767</td><td>696</td><td>875</td><td>955</td><td>910</td><td>1,023</td><td>1,563</td><td>1,604</td><td>1,661</td><td>1,608</td><td>1,530</td><td>1,270</td><td>1,500</td></tr><tr><td>Portugal</td><td>183</td><td>181</td><td>180</td><td>185</td><td>171</td><td>160</td><td>146</td><td>145</td><td>201</td><td>125</td><td>113</td><td>69</td><td>63</td><td>90</td></tr><tr><td>Romania</td><td>58</td><td>58</td><td>59</td><td>59</td><td>99</td><td>89</td><td>59</td><td>59</td><td>13</td><td>13</td><td>15</td><td>145</td><td>145</td><td>145</td></tr><tr><td>Spain</td><td>97</td><td>97</td><td>102</td><td>99</td><td>115</td><td>118</td><td>120</td><td>152</td><td>121</td><td>160</td><td>124</td><td>108</td><td>102</td><td>103</td></tr><tr><td>Sweden</td><td>383</td><td>422</td><td>463</td><td>473</td><td>439</td><td>368</td><td>441</td><td>512</td><td>519</td><td>484</td><td>671</td><td>647</td><td>574</td><td>528</td></tr><tr><td>Switzerland</td><td>21,745</td><td>21,973</td><td>22,199</td><td>22,552</td><td>23,508</td><td>22,887</td><td>23,637</td><td>25,965</td><td>26,274</td><td>26,689</td><td>27,920</td><td>27,720</td><td>28,088</td><td>29,036</td></tr><tr><td>U.S.S.R.</td><td>12</td><td>43</td><td>43</td><td>43</td><td>43</td><td>43</td><td>24</td><td>44</td><td>45</td><td>44</td><td>44</td><td>44</td><td>44</td><td>21</td></tr><tr><td>Yugoslavia</td><td>352</td><td>376</td><td>207</td><td>271</td><td>245</td><td>582</td><td>1,679</td><td>1,648</td><td>1,519</td><td>1,638</td><td>1,635</td><td>1,625</td><td>1,736</td><td>1,628</td></tr><tr><td>Other Europe</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total Europe</td><td>56,413</td><td>50,464</td><td>57,920</td><td>58,132</td><td>60,477</td><td>60,581</td><td>61,560</td><td>68,694</td><td>61,535</td><td>61,936</td><td>61,610</td><td>60,307</td><td>60,291</td><td>61,263</td></tr><tr><td>Canada</td><td>6,207</td><td>6,741</td><td>4,925</td><td>5,242</td><td>5,326</td><td>5,615</td><td>6,872</td><td>7,696</td><td>8,386</td><td>7,437</td><td>6,907</td><td>7,322</td><td>6,919</td><td>6,347</td></tr><tr><td>Latin America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>4,468</td><td>4,230</td><td>4,006</td><td>4,207</td><td>4,519</td><td>4,358</td><td>5,196</td><td>4,370</td><td>5,075</td><td>4,785</td><td>5,590</td><td>6,469</td><td>6,229</td><td>6,400</td></tr><tr><td>Bolivia</td><td>67</td><td>81</td><td>80</td><td>58</td><td>96</td><td>64</td><td>66</td><td>73</td><td>56</td><td>65</td><td>65</td><td>51</td><td>49</td><td>30</td></tr><tr><td>Brazil</td><td>846</td><td>2,063</td><td>1,622</td><td>1,633</td><td>1,581</td><td>1,448</td><td>1,870</td><td>1,790</td><td>1,750</td><td>1,541</td><td>1,436</td><td>1,443</td><td>929</td><td>1,649</td></tr><tr><td>Chile</td><td>783</td><td>665</td><td>623</td><td>859</td><td>624</td><td>661</td><td>576</td><td>567</td><td>950</td><td>800</td><td>779</td><td>713</td><td>620</td><td>604</td></tr><tr><td>Colombia</td><td>211</td><td>175</td><td>163</td><td>157</td><td>80</td><td>132</td><td>133</td><td>126</td><td>361</td><td>346</td><td>259</td><td>278</td><td>265</td><td>257</td></tr><tr><td>Costa Rica</td><td>32</td><td>53</td><td>19</td><td>72</td><td>23</td><td>29</td><td>41</td><td>24</td><td>38</td><td>40</td><td>80</td><td>38</td><td>87</td><td>66</td></tr><tr><td>Cuba</td><td>1,046</td><td>1,022</td><td>1,329</td><td>1,331</td><td>1,549</td><td>1,596</td><td>1,747</td><td>1,691</td><td>1,280</td><td>1,087</td><td>1,220</td><td>1,193</td><td>1,075</td><td>1,385</td></tr><tr><td>French West Indies and Guiana</td><td>75</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>14</td><td>-</td><td>3</td><td>3</td><td>1</td></tr><tr><td>Mexico</td><td>2,743</td><td>3,077</td><td>2,905</td><td>2,251</td><td>2,561</td><td>2,074</td><td>1,814</td><td>2,113</td><td>1,822</td><td>2,268</td><td>3,431</td><td>5,305</td><td>5,310</td><td>4,788</td></tr><tr><td>Netherlands West Indies and Surinam</td><td>480</td><td>107</td><td>220</td><td>294</td><td>349</td><td>800</td><td>814</td><td>199</td><td>194</td><td>255</td><td>221</td><td>209</td><td>193</td><td>173</td></tr><tr><td>Panama</td><td>7,103</td><td>5,581</td><td>5,176</td><td>5,660</td><td>6,163</td><td>6,505</td><td>6,798</td><td>7,838</td><td>7,959</td><td>7,998</td><td>7,877</td><td>8,249</td><td>7,970</td><td>8,716</td></tr><tr><td>Peru</td><td>127</td><td>136</td><td>108</td><td>91</td><td>132</td><td>104</td><td>140</td><td>140</td><td>181</td><td>186</td><td>118</td><td>187</td><td>274</td><td>183</td></tr><tr><td>Venezuela</td><td>1,550</td><td>1,400</td><td>1,337</td><td>1,112</td><td>1,743</td><td>2,115</td><td>2,640</td><td>2,632</td><td>2,348</td><td>2,103</td><td>2,133</td><td>2,405</td><td>2,963</td><td>2,875</td></tr><tr><td>Other Latin America</td><td>938</td><td>808</td><td>783</td><td>828</td><td>940</td><td>1,016</td><td>828</td><td>1,095</td><td>1,746</td><td>1,566</td><td>1,522</td><td>1,111</td><td>1,000</td><td>1,075</td></tr><tr><td>Total Latin America</td><td>20,469</td><td>19,401</td><td>18,374</td><td>18,556</td><td>20,323</td><td>20,905</td><td>22,666</td><td>22,661</td><td>23,764</td><td>23,054</td><td>24,741</td><td>27,681</td><td>26,567</td><td>28,212</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>1,048</td><td>595</td><td>632</td><td>716</td><td>747</td><td>1,189</td><td>908</td><td>1,449</td><td>1,849</td><td>1,774</td><td>1,154</td><td>1,940</td><td>1,752</td><td>2,297</td></tr><tr><td>French Indo-China</td><td>-</td><td>-</td><td>-</td><td>6</td><td>48</td><td>52</td><td>44</td><td>47</td><td>47</td><td>89</td><td>13</td><td>61</td><td>84</td><td>117</td></tr><tr><td>Hong Kong</td><td>68</td><td>68</td><td>65</td><td>57</td><td>48</td><td>52</td><td>44</td><td>47</td><td>47</td><td>89</td><td>13</td><td>61</td><td>84</td><td>117</td></tr><tr><td>India, Burma, and Ceylon</td><td>83</td><td>52</td><td>32</td><td>34</td><td>33</td><td>25</td><td>33</td><td>26</td><td>27</td><td>25</td><td>24</td><td>25</td><td>33</td><td>68</td></tr><tr><td>British Malaya</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>5</td><td>2</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>28</td><td>33</td><td>24</td><td>25</td><td>25</td><td>25</td><td>26</td></tr><tr><td>Netherlands East Indies</td><td>68</td><td>6</td><td>6</td><td>118</td><td>6</td><td>159</td><td>7</td><td>7</td><td>8</td><td>7</td><td>9</td><td>12</td><td>12</td><td>11</td></tr><tr><td>Philippine Islands</td><td>1,389</td><td>1,359</td><td>1,360</td><td>1,369</td><td>1,395</td><td>1,268</td><td>1,445</td><td>1,533</td><td>1,618</td><td>1,777</td><td>2,875</td><td>2,195</td><td>1,963</td><td>2,127</td></tr><tr><td>Turkey</td><td>12</td><td>9</td><td>10</td><td>10</td><td>11</td><td>11</td><td>60</td><td>6</td><td>2</td><td>2</td><td>1</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Other Asia</td><td>140</td><td>109</td><td>99</td><td>146</td><td>195</td><td>159</td><td>131</td><td>171</td><td>223</td><td>212</td><td>263</td><td>329</td><td>301</td><td>330</td></tr><tr><td>Total Asia</td><td>2,801</td><td>2,191</td><td>2,237</td><td>2,389</td><td>2,468</td><td>2,901</td><td>2,661</td><td>3,272</td><td>3,812</td><td>3,915</td><td>4,369</td><td>4,589</td><td>4,176</td><td>4,879</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>49</td><td>43</td><td>65</td><td>81</td><td>45</td><td>42</td><td>46</td><td>56</td><td>84</td><td>106</td><td>111</td><td>71</td><td>93</td><td>73</td></tr><tr><td>New Zealand</td><td>11</td><td>10</td><td>7</td><td>8</td><td>6</td><td>5</td><td>6</td><td>31</td><td>38</td><td>36</td><td>35</td><td>50</td><td>42</td><td>42</td></tr><tr><td>Kept and Anglo-Egyptian Sudan</td><td>87</td><td>98</td><td>87</td><td>93</td><td>95</td><td>94</td><td>93</td><td>106</td><td>109</td><td>107</td><td>141</td><td>175</td><td>161</td><td>190</td></tr><tr><td>French Morocco</td><td>65</td><td>75</td><td>66</td><td>67</td><td>67</td><td>67</td><td>71</td><td>73</td><td>73</td><td>75</td><td>80</td><td>78</td><td>85</td><td>85</td></tr><tr><td>Union of South Africa</td><td>5</td><td>6</td><td>8</td><td>11</td><td>93</td><td>1,871</td><td>2,078</td><td>934</td><td>1,056</td><td>832</td><td>879</td><td>891</td><td>970</td><td>1,050</td></tr><tr><td>All other</td><td>1,646</td><td>1,653</td><td>1,657</td><td>1,673</td><td>1,922</td><td>1,887</td><td>2,078</td><td>934</td><td>1,056</td><td>832</td><td>879</td><td>891</td><td>970</td><td>1,050</td></tr><tr><td>Total other countries</td><td>1,865</td><td>1,887</td><td>1,890</td><td>1,963</td><td>2,178</td><td>2,137</td><td>2,327</td><td>1,225</td><td>1,389</td><td>1,198</td><td>1,273</td><td>1,288</td><td>1,362</td><td>1,420</td></tr><tr><td>Unidentified</td><td>-</td><td>-</td><td>54</td><td>54</td><td>52</td><td>55</td><td>55</td><td>55</td><td>53</td><td>55</td><td>56</td><td>71</td><td>71</td><td>71</td></tr><tr><td>Grand total</td><td>87,795</td><td>90,684</td><td>85,400</td><td>86,336</td><td>90,824</td><td>92,197</td><td>96,141</td><td>101,607</td><td>98,939</td><td>97,595</td><td>98,956</td><td>101,258</td><td>99,186</td><td>102,192</td></tr></table>
Treasury Bulletin
84
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III - Details for Month of June 1946
Table 1.- Short-Term Claims on Foreigners as Reported by Banks and Bankers in the United States
(In thousands of dollars)
<table><tr><th></th><th>Total short-term claims</th><th colspan="4">Short-term claims payable in foreign currencies</th><th colspan="3">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 cliente 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>30,456</td><td>25,019</td><td>18,635</td><td>1,297</td><td>5,087</td><td>5,437</td><td>2,256</td><td>1,803</td><td>1,378</td></tr><tr><td>France</td><td>940</td><td>169</td><td>87</td><td>39</td><td>43</td><td>171</td><td>168</td><td>6</td><td>577</td></tr><tr><td>Belgium</td><td>7,107</td><td>126</td><td>107</td><td>8</td><td>11</td><td>7,581</td><td>4</td><td>3,503</td><td>4,074</td></tr><tr><td>Denmark</td><td>108</td><td>51</td><td>33</td><td>16</td><td>2</td><td>57</td><td>3</td><td>34</td><td>20</td></tr><tr><td>Finland</td><td>4,429</td><td>2</td><td>1</td><td>-</td><td>1</td><td>4,427</td><td>2,349</td><td>1,513</td><td>565</td></tr><tr><td>Germany</td><td>33,851</td><td>51</td><td>6</td><td>28</td><td>17</td><td>33,800</td><td>20,556</td><td>67</td><td>13,117</td></tr><tr><td>Greece</td><td>1,105</td><td>12</td><td>-</td><td>8</td><td>4</td><td>1,093</td><td>23</td><td>-</td><td>1,070</td></tr><tr><td>Italy</td><td>2,435</td><td>270</td><td>54</td><td>209</td><td>7</td><td>2,165</td><td>55</td><td>-</td><td>2,110</td></tr><tr><td>Luxembourg</td><td>64</td><td>-</td><td>-</td><td>-</td><td>-</td><td>64</td><td>-</td><td>-</td><td>64</td></tr><tr><td>Netherlands</td><td>119,365</td><td>96</td><td>99</td><td>45</td><td>2</td><td>119,269</td><td>110,271</td><td>44</td><td>8,954</td></tr><tr><td>Norway</td><td>274</td><td>59</td><td>18</td><td>14</td><td>21</td><td>215</td><td>6</td><td>-</td><td>215</td></tr><tr><td>Portugal</td><td>521</td><td>108</td><td>105</td><td>-</td><td>3</td><td>413</td><td>65</td><td>-</td><td>348</td></tr><tr><td>Romania</td><td>58</td><td>3</td><td>-</td><td>3</td><td>-</td><td>55</td><td>1</td><td>-</td><td>54</td></tr><tr><td>Spain</td><td>2,917</td><td>159</td><td>12</td><td>30</td><td>117</td><td>2,758</td><td>1,851</td><td>-</td><td>907</td></tr><tr><td>Sweden</td><td>5,552</td><td>1,002</td><td>816</td><td>121</td><td>5</td><td>4,550</td><td>191</td><td>3,246</td><td>1,113</td></tr><tr><td>Switzerland</td><td>6,482</td><td>338</td><td>203</td><td>104</td><td>31</td><td>6,114</td><td>287</td><td>-</td><td>5,857</td></tr><tr><td>U. S. A.</td><td>8</td><td>8</td><td>8</td><td>-</td><td>-</td><td>3</td><td>1</td><td>-</td><td>2</td></tr><tr><td>Yugoslavia</td><td>6</td><td>3</td><td>1</td><td>3</td><td>3</td><td>3</td><td>1</td><td>-</td><td>2</td></tr><tr><td>Other Europe</td><td>4,953</td><td>168</td><td>119</td><td>37</td><td>12</td><td>4,785</td><td>1,393</td><td>-</td><td>3,392</td></tr><tr><td>Total Europe</td><td>221,231</td><td>27,644</td><td>20,313</td><td>1,959</td><td>5,372</td><td>193,587</td><td>139,494</td><td>10,816</td><td>43,877</td></tr><tr><td>Canada</td><td>53,552</td><td>20,175</td><td>15,376</td><td>3,326</td><td>1,473</td><td>33,377</td><td>6,304</td><td>2,401</td><td>24,672</td></tr><tr><td>Latino America</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Argentina</td><td>20,417</td><td>951</td><td>224</td><td>682</td><td>45</td><td>19,466</td><td>12,132</td><td>292</td><td>7,042</td></tr><tr><td>Bolivia</td><td>3,059</td><td>1</td><td>1</td><td>-</td><td>-</td><td>3,058</td><td>803</td><td>-</td><td>2,255</td></tr><tr><td>Brazil</td><td>28,396</td><td>49</td><td>46</td><td>3</td><td>-</td><td>28,347</td><td>1,597</td><td>1,515</td><td>25,235</td></tr><tr><td>Chile</td><td>8,024</td><td>2</td><td>-</td><td>130</td><td>2</td><td>8,022</td><td>150</td><td>1,037</td><td>6,835</td></tr><tr><td>Colombia</td><td>23,189</td><td>131</td><td>-</td><td>130</td><td>1</td><td>23,058</td><td>8,077</td><td>3,486</td><td>11,495</td></tr><tr><td>Costa Rica</td><td>1,524</td><td>2</td><td>-</td><td>-</td><td>2</td><td>1,522</td><td>190</td><td>118</td><td>1,214</td></tr><tr><td>Cuba</td><td>29,336</td><td>196</td><td>156</td><td>-</td><td>-</td><td>29,180</td><td>21,827</td><td>2,545</td><td>4,808</td></tr><tr><td>French West Indies and Guiana</td><td>19</td><td>-</td><td>-</td><td>48</td><td>115</td><td>19</td><td>-</td><td>-</td><td>19</td></tr><tr><td>Mexico</td><td>15,045</td><td>1,210</td><td>1,047</td><td>48</td><td>115</td><td>13,835</td><td>1,412</td><td>2,272</td><td>10,151</td></tr><tr><td>Netherlands West Indies and Buriram</td><td>414</td><td>6</td><td>3</td><td>-</td><td>3</td><td>408</td><td>-</td><td>43</td><td>408</td></tr><tr><td>Panama</td><td>1,780</td><td>1</td><td>-</td><td>1</td><td>1</td><td>1,779</td><td>-</td><td>3</td><td>1,736</td></tr><tr><td>Peru</td><td>3,488</td><td>15</td><td>5</td><td>-</td><td>70</td><td>3,413</td><td>37</td><td>3</td><td>3,373</td></tr><tr><td>Venezuela</td><td>7,909</td><td>164</td><td>131</td><td>2</td><td>31</td><td>7,745</td><td>2,494</td><td>170</td><td>5,081</td></tr><tr><td>Other Lat. America</td><td>22,124</td><td>427</td><td>401</td><td>-</td><td>26</td><td>21,697</td><td>13,035</td><td>639</td><td>1,803</td></tr><tr><td>Total Lat. America</td><td>164,724</td><td>3,175</td><td>2,014</td><td>865</td><td>296</td><td>161,593</td><td>61,754</td><td>12,340</td><td>87,455</td></tr><tr><td>Asia</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>China</td><td>23,920</td><td>355</td><td>308</td><td>4</td><td>43</td><td>23,565</td><td>8,685</td><td>1,916</td><td>12,964</td></tr><tr><td>French Indo-China</td><td>20</td><td>1</td><td>-</td><td>-</td><td>1</td><td>19</td><td>2</td><td>-</td><td>19</td></tr><tr><td>Hong Kong</td><td>2,038</td><td>419</td><td>255</td><td>128</td><td>36</td><td>1,619</td><td>506</td><td>172</td><td>941</td></tr><tr><td>India, Burma, and Ceylon</td><td>7,366</td><td>4,495</td><td>562</td><td>3,925</td><td>8</td><td>2,871</td><td>781</td><td>124</td><td>1,366</td></tr><tr><td>British Malaya</td><td>88</td><td>10</td><td>10</td><td>-</td><td>-</td><td>78</td><td>5</td><td>47</td><td>26</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>300</td><td>3</td><td>2</td><td>1</td><td>-</td><td>297</td><td>282</td><td>-</td><td>15</td></tr><tr><td>Netherlands East Indies</td><td>1,381</td><td>5</td><td>5</td><td>-</td><td>-</td><td>1,376</td><td>-</td><td>1,315</td><td>61</td></tr><tr><td>Philippine Islands</td><td>16,657</td><td>313</td><td>68</td><td>-</td><td>245</td><td>16,354</td><td>8,058</td><td>1,903</td><td>6,393</td></tr><tr><td>Turkey</td><td>939</td><td>7</td><td>17</td><td>-</td><td>17</td><td>932</td><td>145</td><td>-</td><td>787</td></tr><tr><td>Other Asia</td><td>3,517</td><td>141</td><td>132</td><td>-</td><td>9</td><td>3,376</td><td>287</td><td>-</td><td>3,089</td></tr><tr><td>Total Asia</td><td>56,236</td><td>5,749</td><td>1,342</td><td>4,065</td><td>342</td><td>50,487</td><td>18,749</td><td>6,077</td><td>25,661</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>1,904</td><td>134</td><td>98</td><td>-</td><td>36</td><td>1,770</td><td>538</td><td>626</td><td>606</td></tr><tr><td>New Zealand</td><td>579</td><td>23</td><td>5</td><td>-</td><td>18</td><td>556</td><td>-</td><td>27</td><td>529</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>296</td><td>54</td><td>43</td><td>-</td><td>11</td><td>242</td><td>19</td><td>-</td><td>223</td></tr><tr><td>French Morocco</td><td>154</td><td>2</td><td>2</td><td>-</td><td>-</td><td>152</td><td>129</td><td>-</td><td>23</td></tr><tr><td>Union of South Africa</td><td>8,453</td><td>1,486</td><td>12</td><td>357</td><td>1,117</td><td>6,967</td><td>-</td><td>180</td><td>6,787</td></tr><tr><td>All other</td><td>3,840</td><td>18</td><td>9</td><td>-</td><td>9</td><td>3,822</td><td>1,289</td><td>13</td><td>2,560</td></tr><tr><td>Total other countries</td><td>15,226</td><td>1,717</td><td>169</td><td>357</td><td>1,191</td><td>13,509</td><td>1,935</td><td>846</td><td>10,728</td></tr><tr><td>Unidentified</td><td>55</td><td>-</td><td>-</td><td>-</td><td>-</td><td>55</td><td>-</td><td>-</td><td>55</td></tr><tr><td>Grand total</td><td>511,024</td><td>58,460</td><td>39,214</td><td>10,572</td><td>8,674</td><td>452,564</td><td>228,236</td><td>31,880</td><td>192,448</td></tr></table>
November 1946
85
Capital Movements Between the United States and Foreign Countries - (Continued) Section III - Details for Month of June 1946 - (Continued)
Table 2.- Short-Term Liabilities to Foreigners as Reported by Banks and Bankers in the United States
(Poetion at and of month in thousande of dollars)
<table><tr><th></th><th>Total short-term liabilities</th><th colspan="5">Short-term liabilities payable in dollars</th><th colspan="4">Short-term liabilities payable in foreign currencies</th></tr><tr><th></th><th></th><th>Total</th><th>Deposits of foreigners</th><th>Bills held for account of foreigners</th><th>U.S. Government Treasury bills and certificates of indebtedness</th><th>Other</th><th>Total</th><th>Borrowed from foreign banks</th><th>Liabilities on acceptances made by foreigners for e/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>375,059</td><td>320,995</td><td>306,643</td><td>2,271</td><td>9,583</td><td>2,498</td><td>14,004</td><td>72</td><td>9,933</td><td>4,099</td></tr><tr><td>France</td><td>285,961</td><td>285,590</td><td>241,439</td><td>810</td><td>40,511</td><td>2,790</td><td>411</td><td>89</td><td>184</td><td>138</td></tr><tr><td>Belgium</td><td>175,748</td><td>175,681</td><td>165,857</td><td>204</td><td>8,795</td><td>765</td><td>67</td><td>54</td><td>-</td><td>13</td></tr><tr><td>Denmark</td><td>49,745</td><td>49,741</td><td>49,059</td><td>15</td><td>502</td><td>165</td><td>4</td><td>4</td><td>-</td><td>-</td></tr><tr><td>Finland</td><td>11,179</td><td>11,176</td><td>10,439</td><td>7</td><td>14</td><td>750</td><td>3</td><td>3</td><td>-</td><td>2</td></tr><tr><td>Germany</td><td>6,354</td><td>6,339</td><td>6,208</td><td>70</td><td>-</td><td>147</td><td>15</td><td>13</td><td>-</td><td>-</td></tr><tr><td>Greece</td><td>72,277</td><td>72,290</td><td>69,291</td><td>394</td><td>352</td><td>2,213</td><td>27</td><td>25</td><td>-</td><td>2</td></tr><tr><td>Italy</td><td>112,012</td><td>112,003</td><td>111,174</td><td>329</td><td>300</td><td>200</td><td>9</td><td>9</td><td>-</td><td>-</td></tr><tr><td>Luxembourg</td><td>22,613</td><td>22,613</td><td>21,821</td><td>1</td><td>791</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands</td><td>295,090</td><td>295,486</td><td>245,557</td><td>65</td><td>9,849</td><td>15</td><td>604</td><td>46</td><td>-</td><td>558</td></tr><tr><td>Norway</td><td>161,051</td><td>161,044</td><td>84,779</td><td>31</td><td>75,341</td><td>893</td><td>7</td><td>4</td><td>-</td><td>1</td></tr><tr><td>Portugal</td><td>48,582</td><td>48,114</td><td>46,970</td><td>686</td><td>13</td><td>145</td><td>168</td><td>2</td><td>-</td><td>166</td></tr><tr><td>Romania</td><td>10,001</td><td>10,001</td><td>9,972</td><td>29</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spain</td><td>32,330</td><td>32,235</td><td>31,580</td><td>541</td><td>100</td><td>14</td><td>95</td><td>94</td><td>-</td><td>1</td></tr><tr><td>Sweden</td><td>191,700</td><td>191,490</td><td>76,457</td><td>10,964</td><td>104,000</td><td>69</td><td>210</td><td>161</td><td>-</td><td>49</td></tr><tr><td>Switzerland</td><td>332,538</td><td>332,201</td><td>310,628</td><td>4,740</td><td>14,945</td><td>1,888</td><td>337</td><td>129</td><td>-</td><td>208</td></tr><tr><td>U.S.S.R.</td><td>59,499</td><td>59,499</td><td>59,475</td><td>24</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Yugoslavia</td><td>7,429</td><td>7,429</td><td>7,397</td><td>11</td><td>20</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Europe</td><td>62,325</td><td>62,275</td><td>61,830</td><td>116</td><td>160</td><td>169</td><td>51</td><td>24</td><td>-</td><td>27</td></tr><tr><td>Total Europe</td><td>2,232,494</td><td>2,216,122</td><td>1,916,576</td><td>21,368</td><td>265,276</td><td>12,902</td><td>16,372</td><td>(29)</td><td>10,117</td><td>5,526</td></tr><tr><td>Canada</td><td>1,263,755</td><td>1,261,344</td><td>357,254</td><td>1,526</td><td>902,297</td><td>267</td><td>2,411</td><td>319</td><td>6</td><td>2,086</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>116,589</td><td>116,553</td><td>109,690</td><td>2,966</td><td>3,890</td><td>7</td><td>36</td><td>23</td><td>-</td><td>13</td></tr><tr><td>Bolivia</td><td>10,700</td><td>10,700</td><td>10,694</td><td>6</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Brazil</td><td>218,846</td><td>218,680</td><td>199,478</td><td>16,289</td><td>-</td><td>2,913</td><td>166</td><td>166</td><td>-</td><td>-</td></tr><tr><td>Chile</td><td>59,262</td><td>59,243</td><td>57,779</td><td>1,428</td><td>-</td><td>46</td><td>19</td><td>19</td><td>-</td><td>-</td></tr><tr><td>Colombia</td><td>66,344</td><td>66,343</td><td>66,243</td><td>100</td><td>-</td><td>-</td><td>1</td><td>1</td><td>-</td><td>-</td></tr><tr><td>Costa Rica</td><td>6,730</td><td>6,730</td><td>6,452</td><td>278</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Cuba</td><td>169,636</td><td>169,629</td><td>166,206</td><td>2,404</td><td>1,004</td><td>15</td><td>7</td><td>-</td><td>-</td><td>7</td></tr><tr><td>French West Indies and Panama</td><td>6,985</td><td>6,985</td><td>6,982</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Oulana</td><td>137,075</td><td>136,887</td><td>135,746</td><td>1,041</td><td>20</td><td>80</td><td>188</td><td>167</td><td>-</td><td>21</td></tr><tr><td>Mexico</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 West Indies and Surinam</td><td>16,735</td><td>16,738</td><td>14,726</td><td>-</td><td>2,011</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Panama</td><td>87,083</td><td>87,082</td><td>57,946</td><td>16</td><td>19,120</td><td>1</td><td>1</td><td>-</td><td>-</td><td>1</td></tr><tr><td>Peru</td><td>40,586</td><td>40,572</td><td>39,691</td><td>740</td><td>140</td><td>1</td><td>14</td><td>13</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>46,060</td><td>46,060</td><td>46,008</td><td>44</td><td>7</td><td>1</td><td>7</td><td>3</td><td>-</td><td>4</td></tr><tr><td>Other Latin America</td><td>168,637</td><td>168,630</td><td>151,994</td><td>1,946</td><td>14,060</td><td>630</td><td>7</td><td>3</td><td>-</td><td>-</td></tr><tr><td>Total Latin America</td><td>1,151,271</td><td>1,150,832</td><td>1,079,635</td><td>27,251</td><td>40,252</td><td>3,694</td><td>439</td><td>392</td><td>-</td><td>47</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>657,045</td><td>654,446</td><td>233,490</td><td>2,788</td><td>406,374</td><td>11,796</td><td>2,597</td><td>726</td><td>-</td><td>1,871</td></tr><tr><td>French Indo-China</td><td>43,954</td><td>43,554</td><td>30,271</td><td>5</td><td>13,253</td><td>25</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Bong Kong</td><td>37,755</td><td>35,046</td><td>32,094</td><td>277</td><td>580</td><td>95</td><td>4,709</td><td>4,709</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>36,097</td><td>35,688</td><td>33,831</td><td>1,726</td><td>50</td><td>81</td><td>409</td><td>132</td><td>230</td><td>47</td></tr><tr><td>British Malaya</td><td>1,599</td><td>1,541</td><td>1,107</td><td>-</td><td>426</td><td>8</td><td>58</td><td>58</td><td>-</td><td>-</td></tr><tr><td>Japan (including Korea and Manchuria)</td><td>3,526</td><td>3,490</td><td>2,777</td><td>466</td><td>22</td><td>235</td><td>36</td><td>24</td><td>-</td><td>12</td></tr><tr><td>Netherlands East Indies</td><td>100,222</td><td>100,220</td><td>31,924</td><td>295</td><td>67,989</td><td>12</td><td>2</td><td>2</td><td>-</td><td>-</td></tr><tr><td>Philippines Islands</td><td>505,528</td><td>505,373</td><td>496,150</td><td>6,104</td><td>433</td><td>2,626</td><td>155</td><td>155</td><td>-</td><td>-</td></tr><tr><td>Turkey</td><td>69,278</td><td>69,278</td><td>67,528</td><td>433</td><td>-</td><td>1,317</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Other Asia</td><td>86,817</td><td>86,711</td><td>72,087</td><td>312</td><td>13,760</td><td>552</td><td>106</td><td>106</td><td>-</td><td>-</td></tr><tr><td>Total Asia</td><td>1,541,421</td><td>1,533,349</td><td>1,001,259</td><td>12,495</td><td>502,887</td><td>16,747</td><td>8,072</td><td>5,912</td><td>230</td><td>1,930</td></tr><tr><td>Other countries</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Australia</td><td>24,366</td><td>24,182</td><td>21,861</td><td>1,750</td><td>507</td><td>64</td><td>184</td><td>18</td><td>7</td><td>152</td></tr><tr><td>New Zealand</td><td>7,528</td><td>7,484</td><td>7,423</td><td>61</td><td>-</td><td>-</td><td>44</td><td>44</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>17,743</td><td>17,611</td><td>14,132</td><td>301</td><td>-</td><td>3,178</td><td>132</td><td>-</td><td>-</td><td>132</td></tr><tr><td>French Morocco</td><td>11,228</td><td>11,228</td><td>10,100</td><td>87</td><td>5</td><td>1,036</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Union of South Africa</td><td>12,761</td><td>11,654</td><td>11,567</td><td>59</td><td>10</td><td>18</td><td>1,107</td><td>1,031</td><td>-</td><td>76</td></tr><tr><td>All other</td><td>94,524</td><td>94,171</td><td>88,112</td><td>85</td><td>5,708</td><td>265</td><td>353</td><td>99</td><td>-</td><td>254</td></tr><tr><td>Total other countries</td><td>168,150</td><td>166,130</td><td>153,195</td><td>2,314</td><td>6,230</td><td>4,561</td><td>1,820</td><td>1,192</td><td>7</td><td>621</td></tr><tr><td>Unidentified</td><td>19,216</td><td>19,216</td><td>19,213</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>6,376,307</td><td>6,347,193</td><td>4,527,132</td><td>64,948</td><td>1,716,942</td><td>38,171</td><td>29,114</td><td>8,914</td><td>10,360</td><td>10,210</td></tr></table>
Treasury Bulletin
86
Capital Movements Between the United States and Foreign Countries - (Continued)
Section III -
etails for Month of June 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="5">Purchases by "foreigners"</th><th colspan="5">Sales by "foreigners"</th></tr><tr><th></th><th>Total purchases</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th><th>Total sales</th><th colspan="3">Domestic securities</th><th colspan="3">Foreign securities</th></tr><tr><th></th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th><th></th><th>Total</th><th>Stocks</th><th>Bonds</th><th>Total</th><th>Stocks</th><th>Bonds</th></tr><tr><td>Europe:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>United Kingdom</td><td>2,497</td><td>1,683</td><td>819</td><td>864</td><td>814</td><td>269</td><td>525</td><td>5,965</td><td>3,998</td><td>2,296</td><td>1,702</td><td>1,967</td><td>291</td><td>1,676</td></tr><tr><td>France</td><td>7,114</td><td>7,571</td><td>1,414</td><td>6,157</td><td>143</td><td>13</td><td>130</td><td>5,619</td><td>5,369</td><td>2,072</td><td>3,297</td><td>250</td><td>110</td><td>140</td></tr><tr><td>Belgium</td><td>1,308</td><td>620</td><td>193</td><td>627</td><td>468</td><td>-</td><td>468</td><td>510</td><td>328</td><td>123</td><td>205</td><td>182</td><td>-</td><td>182</td></tr><tr><td>Denmark</td><td>154</td><td>98</td><td>98</td><td>-</td><td>56</td><td>-</td><td>56</td><td>23</td><td>17</td><td>2</td><td>15</td><td>6</td><td>-</td><td>6</td></tr><tr><td>Finland</td><td>8</td><td>-</td><td>-</td><td>-</td><td>8</td><td>-</td><td>8</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Germany</td><td>263</td><td>55</td><td>41</td><td>14</td><td>208</td><td>-</td><td>208</td><td>16</td><td>11</td><td>8</td><td>3</td><td>5</td><td>5</td><td>-</td></tr><tr><td>Greece</td><td>60</td><td>46</td><td>36</td><td>10</td><td>14</td><td>-</td><td>14</td><td>4</td><td>4</td><td>4</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Italy</td><td>612</td><td>612</td><td>140</td><td>472</td><td>-</td><td>-</td><td>-</td><td>855</td><td>854</td><td>180</td><td>674</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Luxembourg</td><td>30</td><td>30</td><td>30</td><td>-</td><td>-</td><td>-</td><td>-</td><td>101</td><td>89</td><td>82</td><td>7</td><td>12</td><td>-</td><td>12</td></tr><tr><td>Netherlands</td><td>290</td><td>276</td><td>200</td><td>76</td><td>14</td><td>-</td><td>14</td><td>1,563</td><td>1,485</td><td>900</td><td>585</td><td>78</td><td>46</td><td>32</td></tr><tr><td>Norway</td><td>719</td><td>280</td><td>152</td><td>128</td><td>439</td><td>-</td><td>439</td><td>290</td><td>163</td><td>62</td><td>101</td><td>127</td><td>4</td><td>123</td></tr><tr><td>Portugal</td><td>47</td><td>37</td><td>37</td><td>-</td><td>10</td><td>10</td><td>-</td><td>32</td><td>31</td><td>31</td><td>-</td><td>1</td><td>1</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>78</td><td>75</td><td>16</td><td>59</td><td>3</td><td>-</td><td>3</td><td>58</td><td>56</td><td>20</td><td>36</td><td>2</td><td>1</td><td>1</td></tr><tr><td>Sweden</td><td>675</td><td>668</td><td>117</td><td>551</td><td>7</td><td>-</td><td>7</td><td>432</td><td>272</td><td>259</td><td>13</td><td>160</td><td>2</td><td>158</td></tr><tr><td>Switzerland</td><td>9,885</td><td>9,227</td><td>4,970</td><td>4,257</td><td>658</td><td>129</td><td>529</td><td>10,293</td><td>9,139</td><td>5,634</td><td>4,105</td><td>554</td><td>116</td><td>438</td></tr><tr><td>O. S. I. Yugoslavia</td><td>5</td><td>7</td><td>-</td><td>7</td><td>5</td><td>-</td><td>5</td><td>2</td><td>2</td><td>2</td><td>-</td><td>1</td><td>-</td><td>1</td></tr><tr><td>Other Europe</td><td>161</td><td>142</td><td>125</td><td>17</td><td>19</td><td>15</td><td>4</td><td>2,294</td><td>2,226</td><td>161</td><td>2,065</td><td>68</td><td>23</td><td>45</td></tr><tr><td>Total Europe</td><td>24,513</td><td>21,627</td><td>8,188</td><td>13,239</td><td>2,886</td><td>456</td><td>2,430</td><td>28,071</td><td>24,658</td><td>11,836</td><td>12,822</td><td>3,413</td><td>598</td><td>2,815</td></tr><tr><td>Canada</td><td>41,999</td><td>20,493</td><td>7,789</td><td>12,704</td><td>21,106</td><td>2,463</td><td>18,643</td><td>64,813</td><td>20,952</td><td>6,715</td><td>14,237</td><td>43,861</td><td>3,538</td><td>40,323</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>8,615</td><td>7,700</td><td>2,202</td><td>5,498</td><td>915</td><td>151</td><td>764</td><td>5,500</td><td>4,992</td><td>2,226</td><td>2,766</td><td>508</td><td>159</td><td>349</td></tr><tr><td>Bolivia</td><td>10</td><td>9</td><td>9</td><td>1</td><td>1</td><td>1</td><td>1</td><td>9</td><td>8</td><td>8</td><td>-</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Brazil</td><td>2,264</td><td>717</td><td>579</td><td>138</td><td>1,567</td><td>64</td><td>1,503</td><td>779</td><td>641</td><td>588</td><td>53</td><td>138</td><td>18</td><td>120</td></tr><tr><td>Chile</td><td>1,237</td><td>585</td><td>569</td><td>16</td><td>652</td><td>28</td><td>624</td><td>605</td><td>587</td><td>247</td><td>340</td><td>18</td><td>2</td><td>16</td></tr><tr><td>Colombia</td><td>332</td><td>83</td><td>49</td><td>34</td><td>249</td><td>4</td><td>245</td><td>63</td><td>56</td><td>51</td><td>5</td><td>7</td><td>2</td><td>5</td></tr><tr><td>Costa Rica</td><td>17</td><td>17</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>6</td><td>2</td><td>2</td><td>-</td><td>4</td><td>-</td><td>4</td></tr><tr><td>Cuba</td><td>2,844</td><td>2,217</td><td>1,707</td><td>510</td><td>627</td><td>127</td><td>500</td><td>2,508</td><td>2,331</td><td>2,096</td><td>235</td><td>177</td><td>98</td><td>79</td></tr><tr><td>French West Indies and Guiana</td><td>17</td><td>17</td><td>-</td><td>17</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Mexico</td><td>1,582</td><td>1,260</td><td>1,244</td><td>36</td><td>302</td><td>48</td><td>254</td><td>4,665</td><td>4,765</td><td>3,730</td><td>1,035</td><td>100</td><td>10</td><td>90</td></tr><tr><td>Netherlands West Indies and Buruana</td><td>96</td><td>96</td><td>92</td><td>4</td><td>1,118</td><td>1,045</td><td>73</td><td>1,074</td><td>1,053</td><td>1,040</td><td>83</td><td>1,121</td><td>1,090</td><td>31</td></tr><tr><td>Panama</td><td>1,750</td><td>632</td><td>629</td><td>3</td><td>1,118</td><td>1,045</td><td>73</td><td>4,074</td><td>2,953</td><td>2,870</td><td>83</td><td>1,121</td><td>1,090</td><td>31</td></tr><tr><td>Peru</td><td>399</td><td>397</td><td>339</td><td>58</td><td>2</td><td>2</td><td>-</td><td>293</td><td>293</td><td>271</td><td>22</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Venezuela</td><td>832</td><td>675</td><td>394</td><td>281</td><td>157</td><td>157</td><td>-</td><td>326</td><td>286</td><td>286</td><td>-</td><td>40</td><td>3</td><td>37</td></tr><tr><td>Other Lat. America</td><td>7,352</td><td>7,029</td><td>1,446</td><td>5,583</td><td>323</td><td>145</td><td>178</td><td>3,386</td><td>3,855</td><td>1,193</td><td>2,662</td><td>131</td><td>27</td><td>104</td></tr><tr><td>Total Lat. America</td><td>27,367</td><td>21,454</td><td>9,276</td><td>12,178</td><td>5,931</td><td>1,772</td><td>4,141</td><td>23,121</td><td>20,875</td><td>13,674</td><td>7,201</td><td>2,246</td><td>1,411</td><td>835</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>Ceylon</td><td>1,661</td><td>1,631</td><td>1,587</td><td>44</td><td>30</td><td>11</td><td>19</td><td>3,471</td><td>3,337</td><td>1,741</td><td>1,596</td><td>134</td><td>117</td><td>17</td></tr><tr><td>French Indo-China</td><td>40</td><td>40</td><td>40</td><td>-</td><td>-</td><td>-</td><td>-</td><td>166</td><td>152</td><td>152</td><td>-</td><td>14</td><td>14</td><td>-</td></tr><tr><td>Hong Kong</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>India, Burma, and Ceylon</td><td>172</td><td>172</td><td>56</td><td>116</td><td>-</td><td>-</td><td>-</td><td>47</td><td>21</td><td>8</td><td>13</td><td>26</td><td>-</td><td>26</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 Manchurie)</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Netherlands East Indies</td><td>3</td><td>3</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>5</td><td>5</td><td>1</td><td>4</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Philippine Islands</td><td>39</td><td>33</td><td>33</td><td>-</td><td>6</td><td>6</td><td>-</td><td>84</td><td>57</td><td>43</td><td>14</td><td>27</td><td>27</td><td>1</td></tr><tr><td>Turkey</td><td>60</td><td>57</td><td>39</td><td>18</td><td>3</td><td>2</td><td>1</td><td>27</td><td>25</td><td>24</td><td>1</td><td>2</td><td>2</td><td>2</td></tr><tr><td>Other Asia</td><td>254</td><td>127</td><td>105</td><td>22</td><td>127</td><td>43</td><td>84</td><td>241</td><td>185</td><td>151</td><td>34</td><td>56</td><td>5</td><td>51</td></tr><tr><td>Total Asia</td><td>2,229</td><td>2,063</td><td>1,863</td><td>200</td><td>166</td><td>62</td><td>104</td><td>4,041</td><td>3,782</td><td>2,120</td><td>1,662</td><td>259</td><td>163</td><td>96</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>224</td><td>75</td><td>19</td><td>56</td><td>149</td><td>-</td><td>149</td><td>133</td><td>126</td><td>121</td><td>5</td><td>7</td><td>-</td><td>7</td></tr><tr><td>New Zealand</td><td>7</td><td>-</td><td>-</td><td>-</td><td>7</td><td>-</td><td>7</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Egypt and Anglo-Egyptian Sudan</td><td>19</td><td>19</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>15</td><td>15</td><td>5</td><td>10</td><td>-</td><td>-</td><td>-</td></tr><tr><td>French Morocco</td><td>4</td><td>4</td><td>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>4</td><td>4</td><td>4</td><td>-</td><td>1</td><td>1</td><td>1</td></tr><tr><td>Union of South Africa</td><td>32</td><td>32</td><td>32</td><td>-</td><td>-</td><td>-</td><td>-</td><td>16</td><td>13</td><td>55</td><td>18</td><td>1</td><td>2</td><td>14</td></tr><tr><td>All other</td><td>494</td><td>15</td><td>15</td><td>13</td><td>479</td><td>468</td><td>11</td><td>940</td><td>16</td><td>16</td><td>16</td><td>524</td><td>520</td><td>4</td></tr><tr><td>Total other countries</td><td>780</td><td>145</td><td>76</td><td>69</td><td>635</td><td>468</td><td>167</td><td>768</td><td>234</td><td>201</td><td>33</td><td>534</td><td>522</td><td>12</td></tr><tr><td>Unidentified</td><td>19</td><td>-</td><td>-</td><td>-</td><td>19</td><td>-</td><td>19</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Grand total</td><td>96,507</td><td>65,782</td><td>21,392</td><td>38,390</td><td>30,125</td><td>5,221</td><td>25,504</td><td>120,814</td><td>70,501</td><td>34,546</td><td>35,955</td><td>50,313</td><td>6,232</td><td>44,081</td></tr></table>
November 1946
87
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="6">1945</th><th colspan="6">1946</th></tr><tr><th></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><th>June</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>6,534</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><td>-2,159</td></tr><tr><td>France</td><td>-170</td><td>-171</td><td>-170</td><td>-168</td><td>-164</td><td>-182</td><td>-90</td><td>140</td><td>-56</td><td>-13</td><td>-58</td><td>-50</td><td>-73</td></tr><tr><td>Belgium</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><td>-145</td></tr><tr><td>Germany</td><td>-28</td><td>-19</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><td>-26</td></tr><tr><td>Italy</td><td>-61</td><td>-19</td><td>-62</td><td>-60</td><td>-61</td><td>-61</td><td>-61</td><td>-61</td><td>-61</td><td>-61</td><td>-54</td><td>-53</td><td>-53</td></tr><tr><td>Netherlands</td><td>-946</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><td>33</td></tr><tr><td>Portugal</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><td>74</td></tr><tr><td>Spain</td><td>-86</td><td>-90</td><td>-92</td><td>-94</td><td>-39</td><td>-103</td><td>-96</td><td>-88</td><td>-93</td><td>-94</td><td>-111</td><td>-109</td><td>-95</td></tr><tr><td>Sweden</td><td>61</td><td>356</td><td>-6</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><td>196</td></tr><tr><td>Switzerland</td><td>-53</td><td>-24</td><td>-45</td><td>39</td><td>24</td><td>359</td><td>56</td><td>228</td><td>88</td><td>264</td><td>138</td><td>132</td><td>132</td></tr><tr><td>Other Europe</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><td>36</td></tr><tr><td>Total Europe</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>-3,124</td><td>-2,220</td><td>-835</td><td>-782</td><td>-2,080</td></tr><tr><td><b>Canada</b></td><td>4,021</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><td>5,137</td></tr><tr><td><b>Latin America</b></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><td>484</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>-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><td>-199</td></tr><tr><td>Hong Kong</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>-3,663</td><td>-3,673</td><td>-3,598</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>-15</td><td>-15</td><td>-15</td><td>-15</td><td>-15</td></tr><tr><td>Other Asia</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><td>-2,108</td></tr><tr><td>Total Asia</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>-2,899</td><td>-3,931</td><td>-5,293</td><td>-5,390</td><td>-5,693</td><td>-5,515</td><td>-5,920</td></tr><tr><td>All other</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><td>183</td></tr><tr><td><b>Grand total</b></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><td>-2,196</td></tr></table>
86
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 2.- Outstanding Forward Exchange Contracts
(In thousands of dollars)
<table><tr><th>Contracts as of end of month</th><th>Grand total</th><th 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><th>Sweden</th></tr><tr><th colspan="11">Purchase contracts</th></tr><tr><td>Total:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>6,088</td><td>2,454</td><td>2,338</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>8,394</td><td>5,105</td><td>5,006</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>13,276</td><td>10,397</td><td>10,107</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>19,421</td><td>12,301</td><td>12,400</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>21,996</td><td>13,605</td><td>13,375</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>17</td></tr><tr><td>December</td><td>18,943</td><td>12,391</td><td>12,190</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>111</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>19,946</td><td>11,444</td><td>11,193</td><td>6</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>45</td></tr><tr><td>February</td><td>20,190</td><td>12,781</td><td>12,589</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>-</td></tr><tr><td>March</td><td>20,433</td><td>14,663</td><td>14,696</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>April</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>10</td><td>-</td><td>-</td></tr><tr><td>May</td><td>21,309</td><td>16,599</td><td>16,532</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>21</td></tr><tr><td>June</td><td>28,178</td><td>18,759</td><td>18,690</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td colspan="11">From foreign customers:</td></tr><tr><td>1945-July</td><td>2,119</td><td>68</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>2,406</td><td>143</td><td>143</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>2,575</td><td>911</td><td>721</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>2,379</td><td>619</td><td>619</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>2,043</td><td>822</td><td>712</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td><td>-</td></tr><tr><td>December</td><td>2,257</td><td>950</td><td>840</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>110</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>2,227</td><td>453</td><td>157</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>1,590</td><td>380</td><td>180</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</td><td>1,072</td><td>313</td><td>313</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</td><td>1,302</td><td>191</td><td>112</td><td>1</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>78</td></tr><tr><td>May</td><td>518</td><td>86</td><td>86</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>1,488</td><td>388</td><td>367</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>21</td></tr><tr><td colspan="11">From domestic customers:</td></tr><tr><td>1945-July</td><td>3,939</td><td>2,385</td><td>2,270</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>5,988</td><td>4,662</td><td>4,963</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>10,701</td><td>9,166</td><td>9,368</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>17,082</td><td>12,282</td><td>12,181</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>-</td></tr><tr><td>November</td><td>19,953</td><td>13,783</td><td>13,663</td><td>3</td><td>13</td><td>-</td><td>-</td><td>81</td><td>-</td><td>-</td><td>17</td></tr><tr><td>December</td><td>16,576</td><td>11,441</td><td>11,390</td><td>3</td><td>-</td><td>-</td><td>-</td><td>81</td><td>1</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>17,719</td><td>10,991</td><td>10,740</td><td>6</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>45</td></tr><tr><td>February</td><td>18,840</td><td>12,301</td><td>12,109</td><td>-</td><td>-</td><td>-</td><td>-</td><td>81</td><td>110</td><td>-</td><td>-</td></tr><tr><td>March</td><td>19,361</td><td>14,350</td><td>14,343</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>April</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><td>-</td><td>-</td></tr><tr><td>May</td><td>20,761</td><td>16,463</td><td>16,446</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>June</td><td>22,690</td><td>18,367</td><td>18,283</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</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><td></td></tr><tr><td>1945-July</td><td>9,000</td><td>3,527</td><td>3,019</td><td>2</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>August</td><td>10,934</td><td>5,673</td><td>5,165</td><td>32</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>September</td><td>16,983</td><td>11,531</td><td>10,532</td><td>2</td><td>51</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>October</td><td>28,769</td><td>16,661</td><td>15,758</td><td>2</td><td>59</td><td>-</td><td>10</td><td>412</td><td>35</td><td>1</td><td>350</td></tr><tr><td>November</td><td>28,802</td><td>19,985</td><td>18,989</td><td>2</td><td>51</td><td>-</td><td>11</td><td>383</td><td>158</td><td>1</td><td>394</td></tr><tr><td>December</td><td>29,286</td><td>19,668</td><td>18,961</td><td>2</td><td>51</td><td>-</td><td>11</td><td>379</td><td>200</td><td>1</td><td>51</td></tr><tr><td>1946-January</td><td>37,281</td><td>23,613</td><td>22,843</td><td>6</td><td>51</td><td>-</td><td>10</td><td>379</td><td>154</td><td>1</td><td>150</td></tr><tr><td>February</td><td>41,509</td><td>30,155</td><td>29,528</td><td>5</td><td>52</td><td>-</td><td>10</td><td>379</td><td>124</td><td>1</td><td>173</td></tr><tr><td>March</td><td>43,387</td><td>36,158</td><td>36,036</td><td>-</td><td>53</td><td>-</td><td>11</td><td>5</td><td>25</td><td>1</td><td>30</td></tr><tr><td>April</td><td>49,539</td><td>40,450</td><td>40,221</td><td>9</td><td>52</td><td>-</td><td>12</td><td>5</td><td>37</td><td>1</td><td>120</td></tr><tr><td>May</td><td>45,833</td><td>38,535</td><td>38,148</td><td>9</td><td>2</td><td>-</td><td>11</td><td>5</td><td>14</td><td>1</td><td>137</td></tr><tr><td>June</td><td>52,636</td><td>40,900</td><td>40,447</td><td>2</td><td>2</td><td>-</td><td>12</td><td>5</td><td>24</td><td>1</td><td>401</td></tr><tr><td colspan="11">To foreign customers:</td></tr><tr><td>1945-July</td><td>640</td><td>567</td><td>517</td><td>-</td><td>90</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>991</td><td>596</td><td>506</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>1,598</td><td>1,562</td><td>1,512</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>2,000</td><td>1,605</td><td>1,249</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>146</td></tr><tr><td>November</td><td>2,384</td><td>1,594</td><td>1,198</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>346</td></tr><tr><td>December</td><td>2,593</td><td>1,017</td><td>916</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>51</td></tr><tr><td>1946-January</td><td>2,327</td><td>1,115</td><td>941</td><td>-</td><td>50</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>134</td></tr><tr><td>February</td><td>1,636</td><td>594</td><td>631</td><td>-</td><td>90</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>73</td></tr><tr><td>March</td><td>926</td><td>773</td><td>703</td><td>-</td><td>90</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>30</td></tr><tr><td>April</td><td>1,034</td><td>1,002</td><td>832</td><td>-</td><td>90</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>120</td></tr><tr><td>May</td><td>764</td><td>728</td><td>591</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>137</td></tr><tr><td>June</td><td>1,284</td><td>1,280</td><td>879</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>401</td></tr><tr><td colspan="11">To domestic customers:</td></tr><tr><td>1945-July</td><td>6,360</td><td>2,950</td><td>2,502</td><td>2</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>August</td><td>9,509</td><td>5,117</td><td>4,459</td><td>32</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>September</td><td>15,025</td><td>9,969</td><td>9,320</td><td>2</td><td>1</td><td>-</td><td>10</td><td>412</td><td>-</td><td>1</td><td>-</td></tr><tr><td>October</td><td>22,769</td><td>15,016</td><td>14,509</td><td>2</td><td>9</td><td>-</td><td>10</td><td>412</td><td>35</td><td>1</td><td>4</td></tr><tr><td>November</td><td>26,418</td><td>18,391</td><td>17,791</td><td>2</td><td>1</td><td>-</td><td>11</td><td>383</td><td>158</td><td>1</td><td>8</td></tr><tr><td>December</td><td>26,633</td><td>18,651</td><td>18,051</td><td>2</td><td>1</td><td>-</td><td>11</td><td>379</td><td>200</td><td>1</td><td>-</td></tr><tr><td>1946-January</td><td>31,914</td><td>22,498</td><td>21,902</td><td>6</td><td>1</td><td>-</td><td>10</td><td>379</td><td>164</td><td>1</td><td>26</td></tr><tr><td>February</td><td>40,273</td><td>29,611</td><td>29,095</td><td>6</td><td>1</td><td>-</td><td>10</td><td>379</td><td>124</td><td>1</td><td>-</td></tr><tr><td>March</td><td>42,461</td><td>35,385</td><td>35,333</td><td>-</td><td>3</td><td>-</td><td>11</td><td>5</td><td>25</td><td>1</td><td>-</td></tr><tr><td>April</td><td>48,505</td><td>39,462</td><td>39,389</td><td>9</td><td>2</td><td>-</td><td>12</td><td>5</td><td>37</td><td>1</td><td>-</td></tr><tr><td>May</td><td>45,069</td><td>37,807</td><td>37,757</td><td>9</td><td>2</td><td>-</td><td>11</td><td>5</td><td>14</td><td>1</td><td>-</td></tr><tr><td>June</td><td>51,352</td><td>39,620</td><td>39,568</td><td>2</td><td>2</td><td>-</td><td>12</td><td>5</td><td>24</td><td>1</td><td>-</td></tr></table>
(Continued on following page)
89
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>Contracts as of end of month</th><th colspan="2">Europe - (continued)</th><th>Canada</th><th>Latin America</th><th colspan="5">Currency of: Asia</th><th>All other</th></tr><tr><th></th><th>Switzer-land</th><th>Other Europe</th><th></th><th></th><th>Total Asia</th><th>China</th><th>Hong Kong</th><th>Japan (in-cluding Korea and Manchuria)</th><th>Other Asia</th><th></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-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>5</td></tr><tr><td>August</td><td>-</td><td>2</td><td>1,866</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>81</td><td>149</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>111</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>103</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>5</td><td>3,713</td><td>1,531</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>9</td><td>4,909</td><td>1,511</td><td>1,997</td><td>380</td><td>990</td><td>-</td><td>527</td><td>52</td></tr><tr><td>February</td><td>-</td><td>1</td><td>4,848</td><td>1,511</td><td>1,929</td><td>380</td><td>389</td><td>-</td><td>566</td><td>52</td></tr><tr><td>March</td><td>-</td><td>7</td><td>3,100</td><td>992</td><td>1,826</td><td>2</td><td>961</td><td>-</td><td>663</td><td>52</td></tr><tr><td>April</td><td>-</td><td>1</td><td>3,567</td><td>918</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>1</td><td>3,288</td><td>237</td><td>1,175</td><td>18</td><td>986</td><td>-</td><td>171</td><td>50</td></tr><tr><td>June</td><td>-</td><td>6</td><td>2,691</td><td>134</td><td>2,574</td><td>322</td><td>1,418</td><td>-</td><td>834</td><td>24</td></tr><tr><td>From foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>-</td><td>-</td><td>665</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>547</td><td>129</td><td>1,287</td><td>380</td><td>824</td><td>-</td><td>83</td><td>129</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>-</td></tr><tr><td>October</td><td>-</td><td>-</td><td>490</td><td>-</td><td>1,230</td><td>380</td><td>824</td><td>-</td><td>26</td><td>-</td></tr><tr><td>November</td><td>-</td><td>-</td><td>17</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>65</td></tr><tr><td>December</td><td>-</td><td>-</td><td>48</td><td>-</td><td>1,204</td><td>380</td><td>824</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>-</td><td>-</td><td>73</td><td>-</td><td>1,774</td><td>380</td><td>864</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>52</td></tr><tr><td>March</td><td>-</td><td>-</td><td>105</td><td>1</td><td>703</td><td>-</td><td>182</td><td>-</td><td>521</td><td>52</td></tr><tr><td>April</td><td>-</td><td>-</td><td>-</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>810</td><td>-</td><td>281</td><td>-</td><td>169</td><td>52</td></tr><tr><td>June</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1,076</td><td>-</td><td>514</td><td>-</td><td>562</td><td>24</td></tr><tr><td>From domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>17</td><td>2</td><td>1,531</td><td>-</td><td>22</td><td>-</td><td>-</td><td>-</td><td>22</td><td>5</td></tr><tr><td>August</td><td>-</td><td>2</td><td>1,381</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>20</td></tr><tr><td>September</td><td>-</td><td>3</td><td>1,192</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>111</td></tr><tr><td>October</td><td>-</td><td>4</td><td>4,666</td><td>3</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>35</td></tr><tr><td>November</td><td>-</td><td>6</td><td>5,601</td><td>1,534</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>38</td></tr><tr><td>December</td><td>-</td><td>6</td><td>3,666</td><td>1,531</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>65</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>4,815</td><td>1,531</td><td>328</td><td>-</td><td>328</td><td>-</td><td>-</td><td>-</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>8</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>-</td></tr><tr><td>June</td><td>-</td><td>6</td><td>2,691</td><td>134</td><td>1,938</td><td>322</td><td>904</td><td>-</td><td>272</td><td>-</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-July</td><td>30</td><td>2</td><td>4,592</td><td>650</td><td>230</td><td>19</td><td>-</td><td>4</td><td>207</td><td>1</td></tr><tr><td>August</td><td>-</td><td>2</td><td>3,974</td><td>591</td><td>254</td><td>19</td><td>-</td><td>4</td><td>231</td><td>2</td></tr><tr><td>September</td><td>220</td><td>3</td><td>4,729</td><td>392</td><td>302</td><td>19</td><td>-</td><td>4</td><td>279</td><td>29</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,565</td><td>155</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>8,107</td><td>686</td><td>56</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</td></tr><tr><td>December</td><td>-</td><td>6</td><td>8,569</td><td>627</td><td>50</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>5,289</td><td>218</td><td>1,778</td><td>19</td><td>-</td><td>4</td><td>1,755</td><td>53</td></tr><tr><td>June</td><td>-</td><td>6</td><td>8,029</td><td>395</td><td>3,251</td><td>19</td><td>-</td><td>4</td><td>3,228</td><td>61</td></tr><tr><td>To foreign customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>-</td><td>-</td><td>73</td><td>435</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>August</td><td>-</td><td>-</td><td>9</td><td>387</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>-</td><td>-</td><td>-</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>-</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>26</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>4</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>-</td><td>-</td><td>-</td><td>391</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>To domestic customers:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>30</td><td>2</td><td>4,519</td><td>650</td><td>230</td><td>19</td><td>-</td><td>4</td><td>207</td><td>1</td></tr><tr><td>August</td><td>-</td><td>2</td><td>3,974</td><td>156</td><td>254</td><td>19</td><td>-</td><td>4</td><td>231</td><td>2</td></tr><tr><td>September</td><td>220</td><td>3</td><td>4,720</td><td>5</td><td>302</td><td>19</td><td>-</td><td>4</td><td>279</td><td>29</td></tr><tr><td>October</td><td>30</td><td>4</td><td>7,565</td><td>163</td><td>163</td><td>19</td><td>-</td><td>4</td><td>140</td><td>25</td></tr><tr><td>November</td><td>30</td><td>6</td><td>7,849</td><td>104</td><td>56</td><td>19</td><td>-</td><td>4</td><td>33</td><td>18</td></tr><tr><td>December</td><td>-</td><td>6</td><td>7,729</td><td>109</td><td>60</td><td>19</td><td>-</td><td>4</td><td>37</td><td>84</td></tr><tr><td>1946-January</td><td>-</td><td>9</td><td>9,829</td><td>1,072</td><td>1,441</td><td>19</td><td>126</td><td>4</td><td>1,292</td><td>74</td></tr><tr><td>February</td><td>-</td><td>1</td><td>8,127</td><td>420</td><td>2,022</td><td>19</td><td>277</td><td>4</td><td>1,722</td><td>93</td></tr><tr><td>March</td><td>-</td><td>7</td><td>4,958</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>-</td><td>4</td><td>1,755</td><td>53</td></tr><tr><td>June</td><td>-</td><td>6</td><td>8,029</td><td>391</td><td>3,251</td><td>19</td><td>-</td><td>4</td><td>3,228</td><td>61</td></tr></table>
90
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)
(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>Netherlands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Purchases</td></tr><tr><td>Total purchases: 1945-July</td><td>51,160</td><td>26,844</td><td>19,098</td><td>106</td><td>531</td><td>-</td><td>20</td><td>504</td><td>259</td><td>-</td></tr><tr><td>Spot</td><td>3,956</td><td>2,392</td><td>2,392</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>58,112</td><td>32,782</td><td>23,068</td><td>268</td><td>365</td><td>-</td><td>-</td><td>629</td><td>338</td><td>-</td></tr><tr><td>August</td><td>4,985</td><td>3,103</td><td>3,103</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>72,184</td><td>39,946</td><td>31,449</td><td>117</td><td>267</td><td>-</td><td>-</td><td>531</td><td>239</td><td>-</td></tr><tr><td>Forward</td><td>7,306</td><td>5,809</td><td>5,809</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td><td>-</td></tr><tr><td>September</td><td>79,149</td><td>38,056</td><td>28,728</td><td>268</td><td>92</td><td>-</td><td>44</td><td>849</td><td>511</td><td>-</td></tr><tr><td>Spot</td><td>11,432</td><td>7,770</td><td>7,765</td><td>5</td><td>312</td><td>-</td><td>-</td><td>604</td><td>699</td><td>-</td></tr><tr><td>Forward</td><td>84,122</td><td>50,087</td><td>40,377</td><td>324</td><td>-</td><td>-</td><td>196</td><td>110</td><td>-</td><td>-</td></tr><tr><td>October</td><td>14,823</td><td>6,169</td><td>6,042</td><td>-</td><td>-</td><td>-</td><td>-</td><td>594</td><td>601</td><td>-</td></tr><tr><td>Spot</td><td>98,936</td><td>54,562</td><td>42,821</td><td>946</td><td>363</td><td>-</td><td>78</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>9,927</td><td>5,250</td><td>5,250</td><td>-</td><td>-</td><td>-</td><td>-</td><td>587</td><td>509</td><td>-</td></tr><tr><td>November</td><td>107,608</td><td>58,154</td><td>47,630</td><td>908</td><td>563</td><td>-</td><td>371</td><td>409</td><td>335</td><td>-</td></tr><tr><td>Spot</td><td>11,118</td><td>5,777</td><td>5,698</td><td>4</td><td>599</td><td>3</td><td>315</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>105,317</td><td>66,691</td><td>57,744</td><td>582</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>9,587</td><td>6,552</td><td>6,552</td><td>-</td><td>777</td><td>20</td><td>573</td><td>821</td><td>356</td><td>-</td></tr><tr><td>1946-January</td><td>137,076</td><td>73,868</td><td>60,592</td><td>741</td><td>-</td><td>-</td><td>-</td><td>6</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>15,833</td><td>8,960</td><td>8,943</td><td>11</td><td>654</td><td>25</td><td>163</td><td>1,732</td><td>329</td><td>-</td></tr><tr><td>Forward</td><td>138,241</td><td>69,819</td><td>57,369</td><td>1,113</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>March</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>April</td><td>129,496</td><td>73,040</td><td>59,076</td><td>1,492</td><td>898</td><td>17</td><td>626</td><td>1,024</td><td>369</td><td>-</td></tr><tr><td>Spot</td><td>12,989</td><td>8,657</td><td>8,638</td><td>7</td><td>2</td><td>-</td><td>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>123,739</td><td>67,383</td><td>54,232</td><td>1,388</td><td>779</td><td>10</td><td>206</td><td>1,654</td><td>370</td><td>-</td></tr><tr><td>May</td><td>13,898</td><td>8,319</td><td>8,230</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>32,816</td><td>18,129</td><td>11,132</td><td>97</td><td>428</td><td>-</td><td>20</td><td>446</td><td>259</td><td>-</td></tr><tr><td>Purchases from banks: 1945-July</td><td>2,536</td><td>1,220</td><td>1,220</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>31,652</td><td>18,995</td><td>10,458</td><td>266</td><td>339</td><td>-</td><td>-</td><td>608</td><td>327</td><td>-</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>13,729</td><td>114</td><td>255</td><td>-</td><td>-</td><td>528</td><td>236</td><td>-</td></tr><tr><td>Spot</td><td>4,783</td><td>3,789</td><td>3,789</td><td>-</td><td>-</td><td>-</td><td>44</td><td>809</td><td>482</td><td>-</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>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>9,937</td><td>6,747</td><td>6,747</td><td>5</td><td>1</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>191</td><td>575</td><td>601</td><td>-</td></tr><tr><td>November</td><td>7,414</td><td>5,136</td><td>5,009</td><td>-</td><td>347</td><td>-</td><td>76</td><td>592</td><td>597</td><td>-</td></tr><tr><td>December</td><td>62,666</td><td>41,111</td><td>30,871</td><td>248</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>65,161</td><td>39,315</td><td>29,490</td><td>859</td><td>537</td><td>-</td><td>368</td><td>543</td><td>453</td><td>-</td></tr><tr><td>Spot</td><td>7,289</td><td>2,783</td><td>2,704</td><td>1</td><td>506</td><td>1</td><td>224</td><td>407</td><td>320</td><td>-</td></tr><tr><td>Forward</td><td>73,184</td><td>52,693</td><td>44,196</td><td>528</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>1,102</td><td>4,490</td><td>4,490</td><td>1</td><td>742</td><td>20</td><td>198</td><td>820</td><td>351</td><td>-</td></tr><tr><td>March</td><td>95,259</td><td>55,383</td><td>43,123</td><td>667</td><td>742</td><td>8</td><td>163</td><td>1,706</td><td>302</td><td>-</td></tr><tr><td>April</td><td>10,068</td><td>5,072</td><td>5,055</td><td>11</td><td>519</td><td>12</td><td>624</td><td>973</td><td>352</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>-</td><td>10</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>6,214</td><td>3,407</td><td>3,328</td><td>1</td><td>779</td><td>10</td><td>198</td><td>1,649</td><td>312</td><td>-</td></tr><tr><td>May</td><td>73,167</td><td>44,850</td><td>31,663</td><td>1,230</td><td>779</td><td>12</td><td>624</td><td>973</td><td>352</td><td>-</td></tr><tr><td>June</td><td>81,782</td><td>47,898</td><td>35,405</td><td>1,276</td><td>676</td><td>10</td><td>198</td><td>1,649</td><td>312</td><td>-</td></tr><tr><td>Spot</td><td>10,889</td><td>6,601</td><td>6,580</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Purchases from others: 1945-July</td><td>21,344</td><td>8,715</td><td>7,956</td><td>9</td><td>103</td><td>-</td><td>-</td><td>58</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>1,422</td><td>1,172</td><td>1,172</td><td>-</td><td>26</td><td>-</td><td>-</td><td>21</td><td>11</td><td>-</td></tr><tr><td>August</td><td>26,460</td><td>13,787</td><td>13,370</td><td>2</td><td>26</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</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>3</td><td>3</td><td>-</td></tr><tr><td>September</td><td>35,590</td><td>20,370</td><td>20,120</td><td>3</td><td>12</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>2,523</td><td>2,060</td><td>2,060</td><td>-</td><td>55</td><td>-</td><td>-</td><td>40</td><td>29</td><td>-</td></tr><tr><td>Forward</td><td>31,106</td><td>12,210</td><td>11,439</td><td>80</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>3,495</td><td>1,023</td><td>1,023</td><td>-</td><td>210</td><td>-</td><td>5</td><td>29</td><td>38</td><td>-</td></tr><tr><td>November</td><td>27,934</td><td>12,274</td><td>11,144</td><td>83</td><td>16</td><td>-</td><td>2</td><td>2</td><td>4</td><td>-</td></tr><tr><td>December</td><td>7,409</td><td>1,033</td><td>1,033</td><td>298</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>36,270</td><td>13,451</td><td>11,950</td><td>298</td><td>16</td><td>-</td><td>-</td><td>44</td><td>56</td><td>-</td></tr><tr><td>Spot</td><td>42,447</td><td>18,839</td><td>18,140</td><td>49</td><td>26</td><td>-</td><td>3</td><td>44</td><td>56</td><td>-</td></tr><tr><td>Forward</td><td>3,889</td><td>2,998</td><td>2,998</td><td>54</td><td>93</td><td>-</td><td>91</td><td>2</td><td>15</td><td>-</td></tr><tr><td>February</td><td>32,133</td><td>13,998</td><td>13,584</td><td>54</td><td>93</td><td>-</td><td>91</td><td>2</td><td>15</td><td>-</td></tr><tr><td>March</td><td>3,390</td><td>2,062</td><td>2,062</td><td>74</td><td>35</td><td>21</td><td>375</td><td>1</td><td>5</td><td>-</td></tr><tr><td>April</td><td>52,442</td><td>24,440</td><td>23,745</td><td>101</td><td>135</td><td>21</td><td>-</td><td>26</td><td>27</td><td>-</td></tr><tr><td>May</td><td>56,329</td><td>28,190</td><td>27,413</td><td>262</td><td>119</td><td>5</td><td>2</td><td>51</td><td>17</td><td>-</td></tr><tr><td>June</td><td>47,957</td><td>19,885</td><td>18,827</td><td>112</td><td>103</td><td>-</td><td>8</td><td>5</td><td>58</td><td>-</td></tr><tr><td>Spot</td><td>3,009</td><td>1,718</td><td>1,650</td><td>-</td><td>68</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>47,957</td><td>19,885</td><td>18,827</td><td>112</td><td>103</td><td>-</td><td>8</td><td>5</td><td>58</td><td>-</td></tr></table>
(Continued on following page)
November 1946
91
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (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"></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 colspan="3">Asia</th></tr><tr><td></td><td></td><td></td><td></td><td></td><td></td><th>Total Asia</th><th>Japan (in- cludog Korea and Manchurie)</th><th>Other Asia</th></tr></table>
<table><tr><th colspan="9">Purchases</th></tr><tr><td>Total purchases:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>Spot</td><td>1,042</td><td>5,066</td><td>218</td><td>18,945</td><td>4,015</td><td>738</td><td>738</td><td>3,618</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>1,551</td><td></td><td></td><td></td><td>15</td></tr><tr><td>August</td><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>865</td><td>4,101</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>1,836</td><td></td><td>46</td><td>46</td><td>1,135</td></tr><tr><td>September</td><td>Spot</td><td>665</td><td>4,576</td><td>102</td><td>23,759</td><td>2,739</td><td>1,305</td><td>1,305</td><td>4,204</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>1,353</td><td></td><td></td><td></td><td>1,161</td></tr><tr><td>October</td><td>Spot</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>1,254</td><td>5,204</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>5,646</td><td></td><td>13</td><td>13</td><td>1,168</td></tr><tr><td>November</td><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>1,188</td><td>5,178</td></tr><tr><td></td><td>Forward</td><td>17</td><td></td><td></td><td>7,123</td><td>1,531</td><td></td><td></td><td>1,161</td></tr><tr><td>December</td><td>Spot</td><td>1,358</td><td>5,421</td><td>2,180</td><td>32,228</td><td>4,245</td><td>2,367</td><td>2,367</td><td>5,534</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>4,112</td><td></td><td>100</td><td>100</td><td>69</td></tr><tr><td>1946-January</td><td>Spot</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>3,875</td><td>6,624</td></tr><tr><td></td><td>Forward</td><td>75</td><td></td><td></td><td>4,497</td><td></td><td>844</td><td>844</td><td>1,561</td></tr><tr><td>February</td><td>Spot</td><td>1,940</td><td>4,562</td><td>242</td><td>20,510</td><td>6,292</td><td>5,038</td><td>5,029</td><td>6,786</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>1,421</td><td></td><td>9</td><td>9</td><td>1,519</td></tr><tr><td>March</td><td>Spot</td><td>2,481</td><td>6,931</td><td>616</td><td>43,379</td><td>4,331</td><td>1,519</td><td>1,523</td><td>8,275</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>4,452</td><td>537</td><td></td><td></td><td>1,884</td></tr><tr><td>April</td><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>8,690</td><td>9,886</td></tr><tr><td></td><td>Forward</td><td>78</td><td></td><td></td><td>3,581</td><td>248</td><td>637</td><td>637</td><td>1,161</td></tr><tr><td>May</td><td>Spot</td><td>3,052</td><td>5,242</td><td>1,244</td><td>33,768</td><td>4,895</td><td>7,240</td><td>7,240</td><td>10,613</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>3,305</td><td>114</td><td>912</td><td>912</td><td>1,161</td></tr><tr><td>June</td><td>Spot</td><td>2,867</td><td>5,502</td><td>375</td><td>38,895</td><td>6,114</td><td>7,281</td><td>7,281</td><td>9,766</td></tr><tr><td></td><td>Forward</td><td>21</td><td></td><td></td><td>3,306</td><td>370</td><td>1,903</td><td>1,903</td><td>1,161</td></tr><tr><td colspan="9">Purchases from banks:</td></tr><tr><td>1945-July</td><td>Spot</td><td>588</td><td>5,030</td><td>129</td><td>9,195</td><td>2,970</td><td>737</td><td>737</td><td>1,785</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>1,301</td><td></td><td></td><td></td><td>15</td></tr><tr><td>August</td><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>768</td><td>1,771</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>1,176</td><td></td><td>46</td><td>46</td><td>1,176</td></tr><tr><td>September</td><td>Spot</td><td>539</td><td>4,539</td><td>36</td><td>11,916</td><td>2,037</td><td>1,270</td><td>1,270</td><td>1,795</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>994</td><td></td><td></td><td></td><td>40</td></tr><tr><td>October</td><td>Spot</td><td>1,675</td><td>5,214</td><td>92</td><td>16,479</td><td>2,191</td><td>1,191</td><td>1,191</td><td>2,336</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>3,174</td><td></td><td>13</td><td>13</td><td>3</td></tr><tr><td>November</td><td>Spot</td><td>1,222</td><td>5,480</td><td>168</td><td>13,862</td><td>1,999</td><td>1,178</td><td>1,178</td><td>1,336</td></tr><tr><td></td><td>Forward</td><td>17</td><td></td><td></td><td>2,278</td><td></td><td></td><td></td><td>1,136</td></tr><tr><td>December</td><td>Spot</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>2,353</td><td>1,320</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>2,914</td><td></td><td>100</td><td>100</td><td>69</td></tr><tr><td>1946-January</td><td>Spot</td><td>1,670</td><td>5,275</td><td>119</td><td>16,011</td><td>4,381</td><td>3,633</td><td>3,633</td><td>1,821</td></tr><tr><td></td><td>Forward</td><td>75</td><td></td><td></td><td>3,602</td><td></td><td>844</td><td>844</td><td>1,161</td></tr><tr><td>February</td><td>Spot</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>4,297</td><td>1,803</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>1,093</td><td></td><td>1,519</td><td>1,519</td><td>1,161</td></tr><tr><td>March</td><td>Spot</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>6,580</td><td>1,893</td></tr><tr><td></td><td>Forward</td><td>78</td><td></td><td></td><td>2,811</td><td></td><td>1,884</td><td>1,884</td><td>1,161</td></tr><tr><td>April</td><td>Spot</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>7,574</td><td>1,632</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>2,170</td><td></td><td>637</td><td>637</td><td>1,161</td></tr><tr><td>May</td><td>Spot</td><td>2,953</td><td>5,195</td><td>1,069</td><td>15,165</td><td>3,704</td><td>6,737</td><td>6,737</td><td>2,110</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>2,660</td><td></td><td>432</td><td>432</td><td>1,161</td></tr><tr><td>June</td><td>Spot</td><td>2,727</td><td>5,350</td><td>295</td><td>20,188</td><td>5,284</td><td>6,820</td><td>6,820</td><td>1,592</td></tr><tr><td></td><td>Forward</td><td>21</td><td></td><td></td><td>2,125</td><td></td><td>1,563</td><td>1,563</td><td>1,161</td></tr><tr><td colspan="9">Purchases from others:</td></tr><tr><td>1945-July</td><td>Spot</td><td>454</td><td>36</td><td>89</td><td>9,750</td><td>1,045</td><td>1</td><td>1</td><td>1,833</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>250</td><td></td><td></td><td></td><td>1</td></tr><tr><td>August</td><td>Spot</td><td>38</td><td>228</td><td>91</td><td>9,191</td><td>855</td><td>97</td><td>97</td><td>2,330</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>660</td><td></td><td></td><td></td><td>1</td></tr><tr><td>September</td><td>Spot</td><td>126</td><td>37</td><td>66</td><td>11,843</td><td>702</td><td>35</td><td>35</td><td>2,640</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>359</td><td>3</td><td></td><td></td><td>101</td></tr><tr><td>October</td><td>Spot</td><td>151</td><td>330</td><td>82</td><td>15,026</td><td>939</td><td>63</td><td>63</td><td>2,868</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>2,472</td><td></td><td></td><td></td><td>1</td></tr><tr><td>November</td><td>Spot</td><td>100</td><td>573</td><td>92</td><td>10,052</td><td>1,156</td><td>10</td><td>10</td><td>4,442</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>4,845</td><td>1,564</td><td></td><td></td><td>14</td></tr><tr><td>December</td><td>Spot</td><td>83</td><td>148</td><td>948</td><td>17,027</td><td>1,564</td><td>14</td><td>14</td><td>4,214</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>1,198</td><td></td><td></td><td></td><td>1</td></tr><tr><td>1946-January</td><td>Spot</td><td>189</td><td>277</td><td>55</td><td>17,592</td><td>971</td><td>242</td><td>242</td><td>4,801</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>895</td><td></td><td></td><td></td><td>1</td></tr><tr><td>February</td><td>Spot</td><td>90</td><td>35</td><td>68</td><td>11,540</td><td>880</td><td>732</td><td>732</td><td>4,981</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>328</td><td></td><td></td><td></td><td>1</td></tr><tr><td>March</td><td>Spot</td><td>262</td><td>289</td><td>73</td><td>15,341</td><td>966</td><td>643</td><td>643</td><td>6,382</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>1,641</td><td>236</td><td></td><td></td><td>1</td></tr><tr><td>April</td><td>Spot</td><td>162</td><td>120</td><td>103</td><td>17,385</td><td>1,247</td><td>1,116</td><td>1,116</td><td>8,254</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>1,411</td><td>248</td><td></td><td></td><td>1</td></tr><tr><td>May</td><td>Spot</td><td>99</td><td>47</td><td>175</td><td>17,342</td><td>1,191</td><td>503</td><td>503</td><td>8,503</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>546</td><td>134</td><td>460</td><td>460</td><td>1</td></tr><tr><td>June</td><td>Spot</td><td>140</td><td>152</td><td>80</td><td>18,707</td><td>1,130</td><td>461</td><td>461</td><td>8,174</td></tr><tr><td></td><td>Forward</td><td></td><td></td><td></td><td>581</td><td>370</td><td>340</td><td>340</td><td>1</td></tr></table>
(Continued on following page)
92
Treasury Bulletin
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued
(Io thousands of dollars)
<table><tr><th>Transactions during month</th><th>Grand total</th><th colspan="7">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>Netherlands</th><th>Portugal</th><th>Spain</th></tr><tr><td colspan="11">Sales</td></tr><tr><td>Total sales: 1945-July</td><td>54,613</td><td>31,826</td><td>24,143</td><td>106</td><td>581</td><td>-</td><td>176</td><td>533</td><td>265</td></tr><tr><td>Spot</td><td>7,342</td><td>2,292</td><td>2,592</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>51,157</td><td>30,109</td><td>20,791</td><td>270</td><td>383</td><td>-</td><td>2</td><td>650</td><td>340</td></tr><tr><td>August</td><td>6,298</td><td>3,156</td><td>3,139</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Spot</td><td>75,980</td><td>46,874</td><td>40,421</td><td>118</td><td>267</td><td>-</td><td>17</td><td>533</td><td>238</td></tr><tr><td>Forward</td><td>9,626</td><td>5,419</td><td>5,418</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>1</td></tr><tr><td>September</td><td>78,309</td><td>37,995</td><td>28,814</td><td>261</td><td>83</td><td>-</td><td>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>35</td><td>-</td></tr><tr><td>Forward</td><td>83,516</td><td>49,665</td><td>40,432</td><td>343</td><td>212</td><td>-</td><td>148</td><td>552</td><td>642</td></tr><tr><td>October</td><td>17,715</td><td>9,958</td><td>8,957</td><td>-</td><td>-</td><td>1</td><td>-</td><td>124</td><td>-</td></tr><tr><td>Spot</td><td>17,715</td><td>9,958</td><td>8,957</td><td>316</td><td>364</td><td>-</td><td>64</td><td>615</td><td>595</td></tr><tr><td>Forward</td><td>19,340</td><td>7,964</td><td>7,209</td><td>516</td><td>-</td><td>-</td><td>49</td><td>41</td><td>-</td></tr><tr><td>November</td><td>96,696</td><td>53,247</td><td>43,318</td><td>857</td><td>583</td><td>2</td><td>-</td><td>575</td><td>504</td></tr><tr><td>December</td><td>23,782</td><td>13,154</td><td>13,051</td><td>4</td><td>-</td><td>4</td><td>272</td><td>373</td><td>335</td></tr><tr><td>1946-January</td><td>98,862</td><td>64,621</td><td>55,683</td><td>598</td><td>517</td><td>-</td><td>-</td><td>-</td><td>-</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>264</td><td>861</td><td>358</td></tr><tr><td>Forward</td><td>127,548</td><td>68,094</td><td>55,372</td><td>739</td><td>729</td><td>21</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>23,495</td><td>14,958</td><td>14,957</td><td>1,118</td><td>680</td><td>26</td><td>155</td><td>1,738</td><td>347</td></tr><tr><td>March</td><td>130,055</td><td>66,797</td><td>54,299</td><td>1,118</td><td>680</td><td>26</td><td>155</td><td>1,738</td><td>347</td></tr><tr><td>April</td><td>19,599</td><td>12,141</td><td>12,019</td><td>9</td><td>-</td><td>16</td><td>617</td><td>1,008</td><td>370</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>16</td><td>617</td><td>1,008</td><td>370</td></tr><tr><td>June</td><td>123,222</td><td>68,943</td><td>55,471</td><td>1,398</td><td>677</td><td>12</td><td>185</td><td>1,603</td><td>356</td></tr><tr><td>Sales to banks: 1945-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>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></tr><tr><td>Forward</td><td>22,635</td><td>13,309</td><td>10,951</td><td>8</td><td>16</td><td>-</td><td>-</td><td>343</td><td>276</td></tr><tr><td>August</td><td>2,180</td><td>1,741</td><td>1,741</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></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>171</td><td>189</td><td>-</td></tr><tr><td>Spot</td><td>8,806</td><td>3,905</td><td>3,905</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>Forward</td><td>34,291</td><td>15,775</td><td>12,971</td><td>73</td><td>40</td><td>2</td><td>438</td><td>431</td><td>-</td></tr><tr><td>October</td><td>8,129</td><td>4,423</td><td>4,077</td><td>-</td><td>-</td><td>2</td><td>-</td><td>-</td><td>-</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>3</td><td>136</td><td>433</td><td>-</td></tr><tr><td>December</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></tr><tr><td>1946-January</td><td>34,499</td><td>18,922</td><td>15,551</td><td>290</td><td>75</td><td>-</td><td>27</td><td>228</td><td>329</td></tr><tr><td>Spot</td><td>8,259</td><td>5,112</td><td>4,720</td><td>82</td><td>17</td><td>-</td><td>27</td><td>228</td><td>329</td></tr><tr><td>Forward</td><td>37,088</td><td>19,137</td><td>16,195</td><td>4</td><td>-</td><td>-</td><td>1</td><td>67</td><td>229</td></tr><tr><td>February</td><td>16,936</td><td>24,504</td><td>21,672</td><td>106</td><td>271</td><td>1</td><td>5</td><td>590</td><td>215</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>5</td><td>1,473</td><td>249</td><td>-</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>-</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>3</td><td>5</td><td>681</td><td>228</td></tr><tr><td>June</td><td>53,182</td><td>30,367</td><td>26,585</td><td>246</td><td>165</td><td>135</td><td>-</td><td>475</td><td>191</td></tr><tr><td>Sale to others: 1945-July</td><td>31,762</td><td>17,361</td><td>11,553</td><td>93</td><td>400</td><td>176</td><td>-</td><td>288</td><td>27</td></tr><tr><td>Spot</td><td>4,433</td><td>1,193</td><td>1,193</td><td>-</td><td>-</td><td>2</td><td>-</td><td>307</td><td>64</td></tr><tr><td>Forward</td><td>30,532</td><td>16,800</td><td>9,840</td><td>262</td><td>367</td><td>2</td><td>-</td><td>281</td><td>27</td></tr><tr><td>August</td><td>4,118</td><td>1,415</td><td>1,398</td><td>-</td><td>253</td><td>15</td><td>-</td><td>359</td><td>87</td></tr><tr><td>September</td><td>32,162</td><td>19,596</td><td>14,705</td><td>105</td><td>253</td><td>15</td><td>35</td><td>49</td><td>1</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>15</td><td>359</td><td>87</td><td>-</td></tr><tr><td>November</td><td>7,178</td><td>3,682</td><td>3,635</td><td>12</td><td>135</td><td>145</td><td>416</td><td>209</td><td>-</td></tr><tr><td>December</td><td>50,384</td><td>31,778</td><td>25,224</td><td>268</td><td>289</td><td>64</td><td>302</td><td>75</td><td>-</td></tr><tr><td>1946-January</td><td>59,608</td><td>34,110</td><td>21,123</td><td>785</td><td>566</td><td>22</td><td>347</td><td>175</td><td>-</td></tr><tr><td>February</td><td>61,926</td><td>40,117</td><td>14,011</td><td>492</td><td>246</td><td>271</td><td>306</td><td>106</td><td>-</td></tr><tr><td>March</td><td>75,893</td><td>40,915</td><td>32,176</td><td>562</td><td>479</td><td>259</td><td>273</td><td>143</td><td>-</td></tr><tr><td>April</td><td>73,440</td><td>37,252</td><td>29,271</td><td>671</td><td>501</td><td>155</td><td>265</td><td>98</td><td>-</td></tr><tr><td>May</td><td>72,033</td><td>43,792</td><td>34,670</td><td>1,051</td><td>695</td><td>612</td><td>327</td><td>142</td><td>-</td></tr><tr><td>June</td><td>70,040</td><td>38,576</td><td>29,886</td><td>1,152</td><td>512</td><td>50</td><td>1,128</td><td>165</td><td>-</td></tr></table>
(Continued on following page)
November 1946
93
Position in Foreign Currencies as Reported by Banks and Bankers in the United States - (Continued)
Table 3.- Purchases and Sales of Foreign Exchange (Spot and Forward) - (Continued)
(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:</td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>1945-July</td><td>Spot</td><td>768</td><td>5,047</td><td>207</td><td>15,078</td><td>3,591</td><td>815</td><td>-</td><td>3,303</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,233</td><td>487</td><td>-</td><td>-</td><td>10</td></tr><tr><td>August</td><td>Spot</td><td>1,315</td><td>6,189</td><td>169</td><td>15,987</td><td>2,728</td><td>985</td><td>-</td><td>3,358</td></tr><tr><td></td><td>Forward</td><td>-</td><td>17</td><td>-</td><td>2,991</td><td>41</td><td>110</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>661</td><td>4,489</td><td>147</td><td>21,044</td><td>2,117</td><td>1,274</td><td>-</td><td>3,771</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,052</td><td>88</td><td>47</td><td>-</td><td>20</td></tr><tr><td>October</td><td>Spot</td><td>1,716</td><td>5,579</td><td>180</td><td>31,202</td><td>3,146</td><td>1,331</td><td>-</td><td>4,635</td></tr><tr><td></td><td>Forward</td><td>346</td><td>-</td><td>-</td><td>6,956</td><td>187</td><td>56</td><td>-</td><td>3</td></tr><tr><td>November</td><td>Spot</td><td>1,347</td><td>5,723</td><td>264</td><td>24,243</td><td>4,480</td><td>1,220</td><td>-</td><td>3,910</td></tr><tr><td></td><td>Forward</td><td>8</td><td>-</td><td>-</td><td>8,328</td><td>356</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>Spot</td><td>1,132</td><td>5,725</td><td>1,654</td><td>23,472</td><td>3,445</td><td>2,800</td><td>-</td><td>3,859</td></tr><tr><td></td><td>Forward</td><td>52</td><td>-</td><td>622</td><td>10,174</td><td>1,015</td><td>122</td><td>-</td><td>85</td></tr><tr><td>1946-January</td><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>4,528</td></tr><tr><td></td><td>Forward</td><td>99</td><td>-</td><td>-</td><td>8,373</td><td>969</td><td>1,262</td><td>-</td><td>24</td></tr><tr><td>February</td><td>Spot</td><td>1,982</td><td>4,663</td><td>194</td><td>18,683</td><td>5,100</td><td>6,272</td><td>9</td><td>4,177</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,437</td><td>630</td><td>2,008</td><td>-</td><td>19</td></tr><tr><td>March</td><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>-</td><td>5,170</td></tr><tr><td></td><td>Forward</td><td>19</td><td>-</td><td>-</td><td>6,557</td><td>428</td><td>1,752</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot</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>6,184</td></tr><tr><td></td><td>Forward</td><td>101</td><td>-</td><td>-</td><td>5,270</td><td>26</td><td>2,162</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot</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>6,599</td></tr><tr><td></td><td>Forward</td><td>132</td><td>-</td><td>-</td><td>5,139</td><td>123</td><td>1,077</td><td>-</td><td>173</td></tr><tr><td>June</td><td>Spot</td><td>2,309</td><td>5,516</td><td>416</td><td>35,016</td><td>5,900</td><td>7,562</td><td>-</td><td>5,802</td></tr><tr><td></td><td>Forward</td><td>264</td><td>-</td><td>-</td><td>8,468</td><td>530</td><td>1,859</td><td>-</td><td>33</td></tr><tr><td colspan="10">Sales to banks:</td></tr><tr><td>1945-July</td><td>Spot</td><td>361</td><td>761</td><td>76</td><td>6,776</td><td>268</td><td>126</td><td>-</td><td>1,216</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,475</td><td>-</td><td>-</td><td>-</td><td>15</td></tr><tr><td>August</td><td>Spot</td><td>783</td><td>882</td><td>50</td><td>7,355</td><td>311</td><td>209</td><td>-</td><td>1,451</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>439</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>398</td><td>759</td><td>19</td><td>14,184</td><td>292</td><td>170</td><td>-</td><td>1,894</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>901</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>October</td><td>Spot</td><td>750</td><td>1,023</td><td>44</td><td>15,799</td><td>387</td><td>218</td><td>-</td><td>2,112</td></tr><tr><td></td><td>Forward</td><td>346</td><td>-</td><td>-</td><td>3,703</td><td>-</td><td>-</td><td>-</td><td>3</td></tr><tr><td>November</td><td>Spot</td><td>689</td><td>1,200</td><td>64</td><td>12,618</td><td>302</td><td>163</td><td>-</td><td>2,164</td></tr><tr><td></td><td>Forward</td><td>8</td><td>-</td><td>-</td><td>2,762</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><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>2,278</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>392</td><td>3,142</td><td>5</td><td>-</td><td>-</td><td>-</td></tr><tr><td>1946-January</td><td>Spot</td><td>899</td><td>1,311</td><td>49</td><td>13,775</td><td>877</td><td>608</td><td>-</td><td>2,691</td></tr><tr><td></td><td>Forward</td><td>99</td><td>-</td><td>-</td><td>2,058</td><td>182</td><td>-</td><td>-</td><td>-</td></tr><tr><td>February</td><td>Spot</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>2,403</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>1,378</td><td>31</td><td>431</td><td>-</td><td>-</td></tr><tr><td>March</td><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>3,065</td></tr><tr><td></td><td>Forward</td><td>19</td><td>-</td><td>-</td><td>4,510</td><td>-</td><td>530</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot</td><td>976</td><td>1,081</td><td>112</td><td>21,674</td><td>632</td><td>654</td><td>-</td><td>4,110</td></tr><tr><td></td><td>Forward</td><td>101</td><td>-</td><td>-</td><td>3,058</td><td>-</td><td>-</td><td>-</td><td>-</td></tr><tr><td>May</td><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>4,018</td></tr><tr><td></td><td>Forward</td><td>132</td><td>-</td><td>-</td><td>2,034</td><td>103</td><td>-</td><td>-</td><td>-</td></tr><tr><td>June</td><td>Spot</td><td>1,072</td><td>1,408</td><td>90</td><td>17,068</td><td>1,274</td><td>534</td><td>-</td><td>3,939</td></tr><tr><td></td><td>Forward</td><td>264</td><td>-</td><td>-</td><td>2,458</td><td>53</td><td>133</td><td>-</td><td>-</td></tr><tr><td colspan="10">Sales to others:</td></tr><tr><td>1945-July</td><td>Spot</td><td>407</td><td>4,286</td><td>131</td><td>8,302</td><td>3,323</td><td>689</td><td>-</td><td>2,087</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,758</td><td>487</td><td>-</td><td>-</td><td>15</td></tr><tr><td>August</td><td>Spot</td><td>532</td><td>5,307</td><td>119</td><td>8,632</td><td>2,417</td><td>776</td><td>-</td><td>1,907</td></tr><tr><td></td><td>Forward</td><td>-</td><td>17</td><td>-</td><td>2,552</td><td>41</td><td>110</td><td>-</td><td>-</td></tr><tr><td>September</td><td>Spot</td><td>263</td><td>3,730</td><td>128</td><td>7,460</td><td>2,125</td><td>1,104</td><td>-</td><td>1,877</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,151</td><td>88</td><td>47</td><td>-</td><td>20</td></tr><tr><td>October</td><td>Spot</td><td>996</td><td>4,556</td><td>136</td><td>15,403</td><td>2,759</td><td>1,113</td><td>-</td><td>2,523</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,253</td><td>187</td><td>56</td><td>-</td><td>-</td></tr><tr><td>November</td><td>Spot</td><td>658</td><td>4,523</td><td>200</td><td>11,629</td><td>4,178</td><td>1,057</td><td>-</td><td>1,746</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>5,566</td><td>356</td><td>-</td><td>-</td><td>-</td></tr><tr><td>December</td><td>Spot</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>1,581</td></tr><tr><td></td><td>Forward</td><td>52</td><td>-</td><td>270</td><td>7,032</td><td>1,010</td><td>122</td><td>-</td><td>65</td></tr><tr><td>1946-January</td><td>Spot</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>1,837</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>6,315</td><td>787</td><td>1,262</td><td>-</td><td>24</td></tr><tr><td>February</td><td>Spot</td><td>906</td><td>1,617</td><td>158</td><td>10,845</td><td>4,486</td><td>4,704</td><td>9</td><td>1,774</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>3,059</td><td>630</td><td>1,577</td><td>-</td><td>19</td></tr><tr><td>March</td><td>Spot</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>2,105</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,047</td><td>428</td><td>1,222</td><td>-</td><td>-</td></tr><tr><td>April</td><td>Spot</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>2,074</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>2,212</td><td>26</td><td>2,162</td><td>-</td><td>-</td></tr><tr><td>May</td><td>Spot</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>2,581</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>4,105</td><td>20</td><td>307</td><td>-</td><td>173</td></tr><tr><td>June</td><td>Spot</td><td>1,237</td><td>4,108</td><td>326</td><td>17,948</td><td>4,626</td><td>7,028</td><td>-</td><td>1,862</td></tr><tr><td></td><td>Forward</td><td>-</td><td>-</td><td>-</td><td>6,010</td><td>477</td><td>1,726</td><td>-</td><td>33</td></tr></table>